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COPYRIGHTED IN 1940 «r wrttUAM B. DANA COMPANY, NEW
VOL 150
,88Ued ^fs.'oo^Per^ea^ C°Py
•
YORK.
MATTER JUNE 23, 1B79, ATTHE POST OFFICE AT NEW YORK. NEW YORK,
ENTERED AS SECOND-CLASS
NEW
YORK,-FEBRUARY 10,1940
CHASE
THE
BANK
COMPANY
■NO. 3894
^5 Spru^St.? New York City '
TRUST
BROOKLYN
UNDER THE ACT OF MARCH S. 1B70.
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
NEW
respondent bank service
is
Member Federal Deposit Insurance
Corporation
a
traditional
YORK
Broaden your customer
Chase
service with
cor¬
respondent facilities.
BANK OF MONTREAL
Member Federal
l8l7
Established
policy of
the Chase National Bank.
Deposit Insurance
Corporation
Public Utility
Head
Montreal
Office
Bonds
-
$36,000,000
Undivided Profits
$40,265,700
Capital
•
-
Rest and
-
-
Total Assets in
\
■
\
Excess of $1,025,000,000
•
City of
President
Huntly R. Drummond
Vice-Presidents
Mewburn, C.M.G.
Bog
Mai.-Gen. The Hon. S. C.
W.
A.
General Managers
Jackson Dodds
—
G. W. Spinney
Philadelphia
The
FIRST BOSTON
Bonds
CORPORATION
h
BOSTON
NEW YORK
Branches and
In Canada
Agencies
CHICAGO
and Newfoundland—
SAN FRANCISCO
PHILADELPHIA
More than 500 Branches.
AND OTHER
In London:
PRINCIPAL CITIES
47 Threadneedle St., E.C. 2;
9 Waterloo Place, S.W. 1.
In the United States—New York,
Moncure Biddle & Co.
•
PHILADELPHIA
64 Wall St.;
Chicago: 27 South La Salle St.:
Francisco: Bank of Montreal
San
Francisco),
(San
333
California
Street.
The
Established 1856
New York Trust
Hallgart en & Co*
Company
H. Hentz & Co.
Members
New
Established 1850
Capiat Funds
.
$37,500,000
York
New
York
New
NEW
YORK
York
Chicago
London
IOO
BROADWAY
Exchange
Curb
Exchange
Exchange
of
Board
Trade
Exchange
Grain
Winnipeg
Chicago
Stock
Cotton
New Orleans Cotton Exchange
And other Exchanges
N. Y. Cotton Exchange
Bldg.
NEW YORK
MADISON AVENUE
CHICAGO
BOSTON
BEAR, STEARNS & CO,
AND 40TH STREET
AMSTERDAM
GENEVA
LONDON
ROTTERDAM
PARIS
ONE WALL STREET
DALLAS
PITTSBURGH
DETROIT
MONTE
CARLO
NEW YORK
ONE EAST
57TH STREET
De Haven & Townsend
Carl M. Loeb, Rhoades & Co.
61
Established 187 k
BROADWAY
Member
NEW YORK
Federal
London
Paris
Amsterdam
of the
Deposit
Insurance Corporation
NEW YORK
80 Broad St.
PHILADELPHIA
1611
Walnut St.
The Commercial &
II
Feb.
Financial Chronicle
10, 1940
Dividends
.<
11
SOCONY-VACUUM
The
City of New York
OIL COMPANY
INCORPORATED
willing to Buy for Cash...
is
Dividend
Feb. 6,
No. 127
1940
Brooklyn-Manhattan Transit Corporation
The Board of Directors has
Collateral Trust Bonds (Serial and 4'/2% Bonds)
Kings County Elevated Railroad Company
First Mortgage 4%
share
Bonds
/
5% Bonds
W. D. Bickham, Secretary
securities must make up their minds whether they
3:30
ALLIS-CHALMERS
offerings
are
WILL
AMOUNT
TOTAL
THE
will not be accepted.
TENDERS
NO
SUFFICIENT TO
OF THE B. M. T.
substantially lower
will stand the best chance of being
Obviously, offers which are made at prices
accepted. Any and all offers may be rejected.
This is
THIS
OF
OFFER
DOES NOT APPLY
Company has been declared, payable
1940 to stockholders of record at
1940.
Transfer books will not be closed.
30th,
the close of business March 11th.
THOMPSON. Secretary.
A.
W.
February 2, 1940
^NDERWOOD ELLIOTT FISHER COMPANY
""~The~Board-"of "Directors
at
February 8,
a
1940,
declared
a
' meeting"!held
dividend for the
first quarter of the year 1940, of 50c. a share on
the Common Stock of Underwood Elliott Fisher
payable
1940, to stock¬
30,
March
holders of record at the close of business
March
12. 1940.
wait until the Plan is consummated.
and do not want to
common
this
March
Company,
opportunity for owners who want their money now,
an
the
on
Checks will be mailed.
UNIFICATION PLAN.
than those fixed in the Plan
of twenty-five cents ($0.25) per
stock without par value
dividend
ACCEPTED
IS
CONSUMMATION
THE
BE
NO. 64
COMMON DIVIDEND
A
of
made at prices which the City regards
advantageous to it, they
Furthermore
MANUFACTURING COMPANY
share
Quick action is necessary.
be worth if that happens.
ACHIEVE
the
Checks will be mailed.
Wednesday, February 14) or sell them for cash. The unifica¬
tion plan, although accepted by 80% of the holders of the above
securities is in danger of failure. Consider what your securities will
UNLESS
at
three o'clock
P.M., February 21,1940. The
transfer books do not close.
p.m.,
as
1940, to
15,
of record
close of business,
deposit them (time for which has been extended to
Unless
Capital Stock of this
payable March
Preferred Stock
wish to
the
stockholders
Brooklyn-Manhattan Transit Corporation
Owners of these
on
Corporation of the par value
of Fifteen Dollars ($ 15.00 ) each,
Brooklyn Union Elevated Railway Company
First Mortgage
this
day declared a dividend of
Twentyfive Cents (25£) per
Transfer books will not be closed.
C.
TO CERTIFICATES
DUNCAN. Treasurer.
S.
DEPOSIT—it applies only to securities which have not been
deposited under the Plan.
All offers must be made on
approved offering forms and sub¬
mitted not later than 3:30 p. m.,
On February 16,
February 9th, 1940.
rejection of their offers. Payment will be made
THE Board of Directors on February 7th,
1940 declared
dividend at the rate of
by the City in cash on February 23,
Full information, the necessary
1940.
Municipal
York
the Plan,
can
by addressing or calling in person at Room 729,
Building
a
50c
forms for submitting offers, and
complete instructions for depositing securities under
obtained
"THEATRES EVERYWHERE'*
the City, by letter or telegram, will notify owners
of its acceptance or
be
LOEW'S INCORPORATED
Wednesday, February 14, 1940.
(or 'phone WOrth 2-1200, Ext.
share
per
the outstanding Common
March
stockholders of record at the
on
Stock of this Company, payable on
30th, 1940 to
close
business
of
15th,
March
on
1940.
Checks will be mailed
DAVID BERNSTEIN
48), New
for
Vice-President & Treasurer
City, or inquire at your local bank in order to arrange
submitting tenders on the proper forms.
Joseph D. McGoldrick
Comptroller of the City of New York
February 5.1940.
/ have
helped write three best
I
sellers.
write
If
Technical
to
have something impor¬
write
and
services, address
son,
TO ALL HOLDERS OF
2960
men
books, reports and articles.
you
tant
help Business, Pro¬
and
fessional
can
me:
use
my
K. B. John¬
of Walter B. Pitkin,
care
Broadway,
N.
Y.
City.
Louisville and Nashville Railroad Company
Unified, Fifty Year, Four Per Cent Mortgage Bonds, Due
July 1,1940
/
1940, Central Hanover Bank and Trust
Trustee under Louisville and Nashville Railroad Com¬
On and after February 2,
Company,
as
Collateral Trust Indenture dated January 1,1940, will purchase,
price of 102% of the principal amount thereof flat, up^ to
$60,000,000 aggregate principal amount of Louisville and Nashville
Railroad Company Unified, Fifty Year, Four Per Cent Mortgage
Bonds presented for sale to it together with the coupon or claim for
interest due July 1, 1940, such price being an amount equal to
principal of such Bonds and interest thereon to July 1,1940. Holders
of such Bonds should present the same for sale at the principal office
of Central Hanover Bank and Trust Company, 70 Broadway, New
York, N. Y., with the July 1, 194Q coupon attached if in coupon form,
and duly endorsed for transfer if in registered form.
pany
at
the
LOUISVILLE AND NASHVILLE RAILROAD COMPANY,
By W. J. McDONALD, Vice-President.
Dated: February 1,1940.
Cotton Facts
Carry
your
message
to
moderate
these readers at
a
cost
advertising
through
columns.
our
,
Thf
oitimttrial f
Vol.
FEBRUARY 10,
150
No. 3894
1940
CONTENTS
Editorials
The Financial Situation
The
880
Dignity of Agriculture._
Parity Certificate
Camouflaged
Plan
892
_ _
Old
Just
Tax
Processing
!
...
...
894
Comment and Review
Capital Flotations in January
Week
on
895
.
Business Man's Bookshelf
899
;
the European Stock Exchanges,
884
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment.
885
889 & 936
Course of the Bond Market
898
Indications of Business Activity
900
Week
on
the New York Stock Exchange
883
Week
on
the New York Curb Exchange
935
News
Current Events and Discussions
913
Bant and Trust
934
Company Items
General Corporation and Investment News
985
1020
..1021
Dry Goods Trade
State and Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices...
949 & 951
942
Dividends Declared
945
Auction Sales
945
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations
Quotations
968
Exchange—Bond Quotations
972
New York Curb Exchange—Stock
New York Curb
952
952 & 962
474
978
Securities—Stock & Bond Quotations. 981
Other Exchanges—Stock and Bond Quotations
—
Canadian Markets—Stock and Bond Quotations
Over-the-Counter
Reports
Foreign Bank Statements
888
Course of Bank Clearings
937
Federal Reserve Bank Statements
General
.
Corporation and Investment News
913 & 949
985
Commodities
The Commercial Markets and the
Crops
1010
Cotton
Breadstuffs
Published Every Saturday
1013
1018
Morning by the William B. Dana Company, 25 Spruce Street, New
Herbert D. Seibert. Chairman of the Board and Editor; William Dana 8eibert,
Other offices; Chicago—In charge of Fred H. Gray, Western Representative,
York City, N. Y.
President and Treasurer; William D. Rlggs, Business
208 South La Salle Street (Telephone State 0613).
Manager.
London—
Smith, 1 Drapers' Gardens, London, B.C.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post ofTlce at New York, N. Y.. under the Act of March 3. 1879.
Subscriptions in United States and Possessions, 118.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America. Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate fine.
Contract and card rates on request.
NOTE: On account
of the fluctuations In the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Edwards &
The Financial Situation
mother's
TIME was and the rank and file accepted pro¬
claimed when moralists and economists
the
Without
abuse,
"sweet
that
doctrine
be
The
country
past and with the
of the New Deal
years
advent
the
quickly be¬
situation
that
such
came
anyone
expression to the
observation was regularly,
giving
regardless of
less
or
more
accused
the circumstances,
of resorting to an outworn
catchy phrase to soothe
if
justly
conscience
his
his
from
smarting
heartlessness.
own
worse.
or
Few indeed have been able
to do
to retain the courage
honor to
an
of economics
uses
the
in
a
Business
was
interest.
one
would
in his
of
right
through
passing
the
tion of economic
benefits.
it
adversity
constitution,
hoped-for
of
sake
for the
superiority
devised
Quite enough of
makes
its
without
their power to
it
chief
a
state
adversity in the
and
would
adversity
Today
In
at
ment
this
over¬
takes
the
unfit
business
that
the
of what is
to
lost
seized
the
or in¬
and there
orderliness,
mechanism to functioning
Probably
But
come.
sure,
the
To
again.
there
were
be
certain
factors, such for example
us
as
way
exorbitant tariff duties,
inflationary
the
"The
like,
ernment
for
policies
and
which
gov¬
itself
was
pri¬
marily responsible and for
the correction of which the
Certainly the voice of business,
warranted.
tempo¬
permit nature to heal
wounds and set the
smoothly
Goodyear News."
Excellent.
We hope the optimism is fully
community is
defined, has been convincing.
and
people could naturally and
justly look to government,
of
dross
its
generally is in
similar
to
consequence
the
survival
of
enhanced by
the
Equally true is it that the best
are
may
obliged to meet whatever
face
and in
us.
This
a sense
it
may appear
but when all such steps
nature.
have
in the fittest
task
fittest
even
a process
in
developed for the benefit of the public only when
we
to
year
we find many nations
national election just around the
continuing problems of unemploy¬
indicative
some
interferences
efficiency of business
purged
is
a
know full well that it
Goodyear Tire & Rubber Co., Inc., in
as
the
of
threshold
course—
but nonetheless in the main
is the right way, and in this new
found strength
we
face the future with
confidence.—P. W. Litchfield, President The
that
only when adversity
the
its
for the sake of
a
have
that
doing infinite harm. It
true
on
we
and national indebtedness.
is
ican
nonetheless
perhaps
cure—to let
dulgences here
timidity and uncertainty
during the middle thirties.
We have made up our minds that the Amer¬
arti¬
ficially nurtured, is capable
is
and
There
system.
one
take
nature
first
this
war,
we
of
once
within the
exist
but
was
bring its own problems.
will
that
when
that the
say
stand
we
decade
new
over-doses,
in
particularly
to
effectiveness.
in¬
deny
man
to
very
come
major force is spent and the artifices of
the business baiter have lost much of their
corner,
formed
not
and
maladjustments had
economic
its
of
unfor¬
any
is
the
many
rary
tunately produced it.
Neither
that very serious
of
advancement
of grievous
reason
decade that followed, and
sport of business-baiting has been utterly
abandoned—it will continue, no doubt, but
business
which have
orderly
by
sion and commission in
far
thus
result of the disturbances
with
world is to eliminate the
causes
the
for
plan
that
economic sins both of omis¬
ordeal of fire,
other
men
incident to the World War
it under the American
able to demonstrate its
any
apparent
thoughtful
adversity had beset us as
popular
This
and,
use
was
over
from
think, but
became
soon
to all
humanity.
appearance
assistance,
besides, the
developed
have
we
The crash
population.
of 1929 stunned many
appreciated by the general public.
True, there were minor weaknesses brought
to light but by and large free enterprise, as
applica¬
or
they
apply to large sections of
really speaking with
this
have
or
when
them
ognize
highly
suggest
course
studied creation
senses
our
steadfastly refused to rec¬
business became better understood and more
No
»
fact
either do
mentary facts
unanswerable logic.
In
the
charge of
understand these ele¬
not
they
diminished
country is
national policies
the
adjustment,
and
dislocations
attacks.
public
of
that those in
in
root
present dif¬
our
found in
be
to
being for the individual as well as
for the whole public.
In time, the public realized that business
was
not silent
or
defenseless under these
appraised
light
of
out
of
the
of
One
causes
The bal¬
when
delicate;
discussion
vague
ficulties in this
business
for
engaging in
are
we
vacuo.
well
of
least very
when
salutary
are
no
reexpression to
"old-fashioned"
truths
reply
tinkerers is spoken in terms of eco¬
nomic
often,
of adversity are
if not sweet, at
business
tinkered
the
to
least the
at
of
ances
realm
the
in
a
business,
of
voice
of
8poke in entirely different tones.
are
that
mains
the
stand
old and tested
Yet the fact re¬
maxim.
In giving
these
challenging
public, business enterprise has taken on
new stature and importance because we now
clearly see such enterprise as the motive
power which
makes possible our American
manner
of life, giving employment, paying
the needed taxes, sustaining worthy insti¬
tutions, filling the wants of the public and
constantly striving for lower costs to the
end that more people may enjoy more of the
products of business.
During most of the years of the past decade,
our
system
of free enterprise was under
heavy fire.
In the face of organized attacks
on many fronts, the voice of business seemed
small and its defenses appeared weak.
There
was
repressive legislation, punitive taxation,
attempts at regimentation and general bully¬
ing.
Still, business seemed inarticulate, and
for a time this seeming silence was construed
by some as an admission of guilt.
It required some time for the public ear,
attuned as it was to the ranting of many
spellbinder8, to really identify and under¬
from such ideas for
away
Voice of Business
close scrutiny
Under the
veering
has been
least
at
No In Vacuo Discussion
popular
this
in
abundant life by reason
economic system has in the
by and large, been left to work itself out
sure guidance of this natural principle.
past,
overworked and often misapplied,
at times
certain that
thought
of adversity."
uses
our
under the
but however that may
it is
the
more
a
that
fact
the maxim, obviously open to
question
was
are
the
of
both the fit and the unfit, is
of us,
son
today enjoying
difficulties that
to be harsh doctrine,
is, but the fact remains that every
remained
of
which
getting
could
the pressure
The
for
true
general line
not
its
had been taken there would
industry and trade
own
have
been
itself the
order—a task
long deferred under
house
in
of adversity.
inwardness
of
the
situation
of indicated treatment soon
and
the
became
Volume
reasonably
realistic
clear
the
to
and
dispassionate
more
observers, particularly those who were not
deeply and painfully entangled in the wreckage.
The
Hoover
Administration
the
from
was
first
needed in
way of alteration of legislative and adminis¬
trative policy, but was for a time at least, once the
disinclined to
obviously
do what
was
the
of the situation
existence
and
real
admitted, much dis¬
was
posed to insist that there
a
was
no
earthly relief of
permanent sort available
that of
save
doing precisely what the physician has long learned
to
do—give nature
of
the
course
had
chance to effect a
a
the farmers whose
Hoover to capitulate to
The pressure from various quar¬
that President Hoover
magic
cure
yield to
no
yielded here and there, thus
find some
for a deep-seated illness which would
artificial treatment or synthetic drug
of
process
paths
attempting
compared to what followed,
were,
but minor in nature and scope,
and by 1932
neces¬
readjustments had proceeded to a point where,
sary
in
to
Still these deviations from the
known to mankind.
trodden
with the result
however,
steadily increased,
a
considered
our
judgment,
steady revival of
a
activity could have been expected,
sound business
ing of enormously enlarged subsidies to agriculture
contingent
granted only that Government itself set its house
it
but
it
and
President
Then
with
his
favorite
own
to
cure
a
then
under
favorable
ties
required
but
The
conditions.
the
ambitions
convalescence
restful
a
of
a
banking
Chief
crisis
Executive
and personal
the
with
was
view to
Very
off
was
exploring
he
soon
on
was
he
long before
glorying
untrodden
paths
territory which evidently
a
mystery to him and his associates.
a
not
he
that
fact
a
rule.
It
was
glorifying what had pre¬
was
viously been, termed opportunism in an effort to
find
selves
all
the
of
one
certain
wages
large
survive
all
of their
for
of the
years
and
underlying
own
in
purposes
throughout
was
it
to relieve
of the necessity of paying the
economic sins.
doing
Of
course,
what
to deny the public the
was
adversity that it had already endured
end.
on
The farmer
Farmer
from the first
was
object of the
greatest solicitude, as he had been of the preceding
administration.
Conditions arising out
War had occasioned the
of the World
development of serious dis¬
artificially
easy money
versity at
agrarian
istration had tended
So it is also with the wage earner.
lief
with
unemployment insurance (a gift imposing no
direct
tariff
impeded
program
The
of the Hoover Admin¬
definitely to defer adjustments
the
policies of that Administration had
restoration
American farm
his advisers
products.
of
foreign
markets
for
President Roosevelt and
recognized the futility of the continued
production upon an unreduced scale of products
already in
or
easily recognizable burdens upon the wage-
earner), with
of
superabundance, and made the grant¬
What with re¬
payments over-generously and unwisely granted,
every
facility placed at the command
organized labor to effect monopolistic resistance
to normal
labor
adjustments which adversity demands of
well
as
as
of other factors of
with the support
that
a
production, and
popular government finds it
possible to give at the court of public opinion, the
wage earner
in this country has, for the time being,
been relieved of the
necessity of being reasonable in
his
dealings with his employer, of taking pains to be
as
productive
as
circumstances permit, and often
of working at all.
even
One net result is that he is
today drawing higher pay for less work than was
the
seized him
when adversity
case
Another consequence
a
decade ago.
is the fact that many would-be
find
work at all.
no
The truth is
only by reason of a truly remarkable techno¬
that
logical advance meanwhile has it been possible for
the
more
fortunate among the wage-earners to
obtain the advantages
that they at this moment en¬
The situation now existing is, in any event,
joy.
obviously
that cannot indefinitely endure.
one
The
public has certainly not been the gainer by the steps
that have been taken to make it possible for organ¬
labor
ized
to
avoid those
adjustments which ad¬
versity would long ago have made necessary but for
interferences with natural forces.
Meanwhile
self
government has continuously shown it¬
quite callous to the adversity that has long beset
other departments of our economic life.
many
has not
lems these branches have been
very
obliged to face in the
nature of the situation arising as an aftermath
of the
ated
It
only refused to concern itself with the prob¬
war
and post-war
mistakes, but has not hesi¬
pile Pelion upon Ossa in adding to these
Thus
an
artificially cre¬
adversity has been imposed which cannot be
expected in normal course to effect its own elimina¬
tion, since it is a creation of outside sovereign forces.
One result of all this has
been, without much ques¬
efficiency possible in the circumstances actually ex¬
stimulated
obviously unavoidable in the end, and the equally
unwise
another before those uses are
or
provided the farmer by
growth of unsoundness1 in the structure.
ill-advised
time
one
obtained.
tion, to stimulate the development of the utmost
the Wilson Administration had further
the
being
agriculture.
locations and various evils in American
The
now
adversity he has already suffered, and1 in
problems year after year.
an
largesse
probability will not be able to avoid further ad¬
tated to
The
the
The American farmer has been denied the
of the
uses
of
withdrawal
a
granted.
at the point of them¬
were
non-existent,
groups
he succeeded
uses
of fact
becoming
for problems
artificial solution
non-existent
a
which in point
underlying the difficul¬
experienced by the farmers which are likely to
even
in
equally plain that no adjustments have
been made in the situation
patient
evidently by nature inclined toward experimenta¬
tion
forever paying the farmer not to produce,
is
wage-earners can
which
stimulated
advisers each
with
nostrum
White
the
entered
Roosevelt
and surrounded himself
certain crop limitations and other
practices dictated from Washington,
is, of course, perfectly obvious that we can
not go on
in order.
House
upon
alterations in
depression had begun long before
the crash of 1929.
beginning
although
cure,
political situation
of the
exigencies
early persuaded Mr.
ters
881
The Commercial & Financial Chronicle
ISO
isting, but another, and equally important, conse¬
quence
the
has been the curtailment of normal progress,
drying
up
of the wells of initiative and enter¬
prise among the very groups upon which the country
must
the
of
depend if it is to continue its progress toward *
more
abundant life.
.
This arbitrary imposition
adversity, and this concurrent attempted protec¬
tion of favorite groups
have meanwhile
survive
a
from the
uses
of adversity
produced conditions which cannot
rationalization
of
conditions,
and will
presently be found to have created mal-adjustments
882
,T.
The Commercial & Financial Chronicle
'
of their
mate.
.
Such
far
.which
own
adversity alone is likely to elim-
-
v
are
tives of the press
"in
He
that
ever
and to them delivered
campaign
a
proudly cited' "national income" (whatin 1939 at
is)
year,
salaries,
and
time
82%, and
is
the earlier
highly dubious claims
The trouble with
to
now
the
even
deeply chagrined in
a very
short
Nowhere in all the President is
slightest suspicion
dation of sand at many
on
his part that the
a
foun-
points.
on
February 6,
announcing the application of the thoroughly
worthy stamp plan of distributing
that
to cotton
"as
surplus
operations of the cotton
stamp plan, jobs will be made available in
mills, in
and to
would
our garment
some
extent
factories,
on
our
our
cotton
railroads,
retail stores for those who
in our
otherwise be unemployed. Our export
kets may
be sharply curtailed if
Si ua ion is
1
ey to
It
seems
over.
to
un-
com-
goods said with evident pride
result of the
a
be
me
war
even woise
mar-
continues.
when the
therefore, that it
is
The
war
is
very de-
sirable to get an
experience record with the cotton
stamp plan to determine
provide
a
domestic
practical
in
this kind
on
best way,
of
means
effecting increased
may come a
necessary to engage
national basis."
a
level of
in
time when
a program
of
The idea that the
indeed the only effective way, to relieve
the situation of which he
complains and of preparing for emergencies which may arise in the future
is to
excess reserves now
remains
reflects
Loans
Also important, in this
light.
The
condition
jn
619,000.
The movement of
total
000
reserves
Due to
circumstances, excess reserves of
legal requirements declined $40,-
over
to
actual circulation moved up
768,000.
Total
account variations
bank baiances
consisting of
a
a
drop of foreign bank balances by
rabo remained
at
regiona] banks fe„ $162)000 to $6,784,000.
of United gtates Treasury securities
am[ notes also
were
monetary stocks advanced $67,000,000 in the weekly
period to a further record of $17,998,000,000.
But
sources
was
toward
more
expansion
of
our
credit
than offset by an increase of
re-
cur-
were
Holdings
unchanged
ments
guch
make
to
$10,485,000, while commitadvances
fell
$26,000
to
35Q qqq
'
'
Business Failures in January
/COMMERCIAL insolvencies in January totaled
^
1,237 and involved $15,279,000 liabilities,
ac-
cording to the records of Dun & Bradstreet, who,
with the current report of the failure figures, have
made a radical revision in the definition of what
constitutes a failure for the purposes of their cornnew
Their 1939 figures are now available on
basis and,
as
revised, insolvencies in Janu-
1939, numbered 1,567 and involved $20,790,000
It appears,
therefore, that
a
substantial
occurred in the business solvency
In addition, the increase
from December to last January was much less than
usual; the January failures in nearly all recent
whereas last month
our
re-
Industrial advances
unchanged.
.sll2 000 hiher at
were
the record
Gold
The
$2,477,270,000, and the relative holdings of bonds
year
and
increase of other
Discounts by the
87.5%.
have been the largest of
United States
an
deposits by $39,124,000 to $354,408,000.
at
an
Treasury balance by $82,124,000 to
$19^40,000 to $388,173,000, and
serve
with the
decrease of member
by $52,849,000 to $12,096,727,000;
increase of the
$631,565,000;
$42,684,-
$4,667,000 to $4,836,-
entire
influence
banks, and
up
deposits with the regional banks
000,000 in the statement week ended Feb. 7, the new
aggregate being $5,520,000,000, or $70,000,000 under
this
were
Federal Reserve notes in
$16,017,361,000.
years
high established two weeks earlier.
on secur-
period to
into circula-
currency
of the 12 institutions
a year ago.
the
same
tion modified the "other cash" item of the
no
into
by $1,000,000 in
being $1,654,000,000.
weekly period under review the Treasury
liabilities.
ordinarily to be anticipated at this time.
of
deposited $67,499,000 gold certificates with the 12
regional banks, raising their holdings to $15,619,-
BANKING statistics this importance,afrom tenden- improvement has
week show slight varia- situation since
tion, of
particular
flovY
re-
$467 000 000.
ary,
ederal Reserve Bank Statement
continued to
statement
by such banks to brokers and dealers
Potion.
combination of
is
The actual
high, however, that
ity collateral fell $8,000,000 in the
tbe
member banks
so
increase of business loans
an
great deal in the early future.
a
is
the week to Feb. 7, the total
adjust ourselves sensibly to conditions which
actually exist and which are not likely to change a
cies
resources
great variations do not change the fundamental
even
practice whether it will
consumption. There
it will become
trend of credit
the
advanced $49,259,000 to $13,470,873,000,
Secretary of Agriculture Wallace
modities
re-
this occasion is there
upon
superstructure of which he boasts rests upon
in
more
that he who took them at face value
ported to have said
Unless the Treasury borrows new money in
amounts,
likely to be upward in coming weeks.
President Coolidge at the
impressive figures, but it is clear
revealed the
at
or
end of his second term could have cited much
period of time.
banks.
sizable
weekly reporting member banks in New York City
meaning that the President
to attach to it.
would have been
The expansion of the Treasury balance,
institutions.
tion
order,
same
relatively meaningless,
least it does not have the
man
of the Treasury general account with the regional
of the
compared with 1932.
wayfaring
by $21,000,000, and a sharp increase
accounts
serve
increase of 145%,
an
more
making certain
this is that it
appears
advance of non-member and other Federal Re-
aspect of the situation.
above
concerning the total indebtedness of government at
all
•
spect, is the fact that demand for credit accommoda-
weekly payrolls with
this
'I
point 71% above 1932,
wages
meanwhile
,V
02%
a
total
farm income up
*.♦'
voluntary surrender of Treasury deposits by member
he conceived to be the achievements of his Adminis-
tration.
it.
which amounted to $82,124,000, possibly is due to
fighting mood" setting forth what
a
•
yet not the slightest
Monday of this week called representa-
on
1940
10,
dawning recognition of them. The
indication of any
utterance
our
and
years,
present Administration is concerned it
must be added that there is as
President
of
errors
.
X
in circulation by $27,000,000 to $7,403,000,000;
rency
an
,
during the past six or eight
the
as
.
of the fundamental
some
statescraft
so
Feb.
v
aged
1939.
32%
and, in the 15
higher
than
was
years
the
any
month in the
1925 to 1939
December
aver-
preceding,
only 7% above December,
Last December's failures, on the revised basis,
numbered 1,153 and involved $13,243,000.
The revised total of failures for the year 1939 is
greater than that originally reported,
about 30%
but the change resulted in an increase of only 9% in
i
Volume
liabilities involved.
been
Figures prior to 1939 have not
The political maneuvering in this country for the
revision, certainly cannot be regarded
general election next November was pronounced, but
inconclusive. Close attention was paid, in these circumstances, to the course of trade and industry,
The trend was irregularly lower, with the markets
the
on
new
comparable with current
as
is unfortunate that
The nature of the
sion
of
now
cases
to creditors
not
this
or
It
future figures.
long-term series has been
terminated.
thus
change instituted is the inclu-
of discontinuances
involving loss
although actual legal formalities were
invoked, whereas previously only instances of
companies becoming involved in a court proceeding
or
voluntary action, likely to end in loss to creditors,
regarded
were
failures.
as
commercial groups
All
except construction
fewer failures last month than in the
month of 1939.
167 for $2,364,000 in
with
There were 44 commercial service
involving $614,000 compared with 66 involv-
The construction division
ing $2,013,000 last year.
had
with
failures
69
$1,509,000 liabilities in com-
among
the large business organizations which are
Districts there
the Federal Reserve
substantially fewer
failures
last month
out. A new issue of $25,000,000 Dayton Power &
Light bonds was offered and readily absorbed by
institutional and other investors.
parison with 61 with $622,000 a year ago.
In all
the active third quarter of 1939 than had been anticipated in some cases. The conclusion was drawn
that profits could well reach high levels in any long
sustained period of active business, especially
imposed in recent years by the New Deal.
Listed bond trading was quiet in most sessions of
the week, with speculative issues showing improvemerit in later dealings on a scale commensurate with
the advance of equities. United States Treasury
and best-grade corporate bonds were quiet through-
compared
January, 1939.
failures
Importance also attaches to year-end earn-
ings reports, which appeared in numbers during the
week. These reports indicated better profits for
Retail decreased to
$5,617,000, from 975 with $8,324,000 last
$2,597,000,
course.
equipped to handle economically the requirements
In the wholesale group 112 firms failed for
year.
apparently gaining some confidence from considerable resistance in various indices to the downward
$4,942,000 liabilities, from 298 in-
volving $7,467,000 a year ago.
with
had
corresponding
Manufacturing insolvencies dropped
to-223 involving
789
they were not taken very seriously in the markets,
basis and, in view of the
compiled
extent of the
883 .1
The Commercial & Financial Chronicle
ISO
were
than in
January, 1939, with the exception of the St. Louis
Lia-
District, where there was a moderate increase.
Railroad bonds
and issues of the New York City traction companies
were
favorites in late sessions of the week.
Most
foreign dollar securities improved, either on peace
rumors or on
advancement by the Senate Foreign
however, were greater in the Pliila-
Relations Committee of a bill proposing to increase
delphia, Minneapolis and San Francisco Districts,
lending powers of the Export-Import Bank by
$100,000,000. Commodity market developments had
bilities involved,
but
slightly smaller in the St. Louis District.
little effect
The New York Stock Market
on
financial sentiment.
Leading grains
improved, with May wheat again topping the $1
BETTER tendencies were apparent thisis week yet level atwere dull.yesterday. Copper and other base
New York stock market, but it
not on
metals Chicago
In the foreign exchange markets
the
clear whether the
rection of
improvement results from
a cor-
previously overdone pessimism or from a
conviction that the trade decline soon may run
course
and
give way to fresh business gains.
for
market
equities
start of the
and
the
while
week, with the price tendency modestly
noted Tuesday, however,
improvement slowly gathered momentum,
trading volume also expanded.
the New York Stock
on
dull and dispirited at the
was
Small gains were
lower.
its
The
Exchange
The dealings,
were
around the
500,000-share level in the sessions from Monday to
Wednesday, inclusive, but
on
Thursday
a
gain took
place, and this trend was continued yesterday, when
the volume
Buying
finally topped the 1,000,000-share figure.
was
cautious and selective at all times, with
steel issues and
the
As
pace.
a
few other industrial stocks setting
against
figures prevalent a
week
earlier, the quotations at the close yesterday reflect
gains of two to four points in steel, motor, aircraft
and similar groups.
more
Copper and oil equities were
modestly improved.
gains,
The rails showed small
and best-grade investment issues,
American
such as
Telephone, likewise displayed small ad-
vances.
;
Both
foreign and domestic political affairs re-
mained
uncertain, and it is not probable that devel-
opments in such spheres influenced
markets to
continued
and
any
great degree.
the financial
The European wars
along lines established in previous weeks
months, with the approach of spring occasion-
ing much concern as to a possible intensification of
the
conflict between the
Germany.
There
Anglo-French Allies and
were rumors
of peace moves, but
business was on a small scale and rates varied only
slightly. Gold continued to pour into the United
States.
Call loans on the New York Stock Exchange re¬
mained unchanged at 1%.
On the New York Stock Exchange the sales on
Saturday were 291,240 shares; on Monday, 413,045
shares; on Tuesday, 543,070 shares; on'Wednesday,
491,280 shares; on Thursday, 867,820 shares, and on
Friday, 1,099,340 shares.
On the New York Curb Exchange the sales on
Saturday were 84,740 shares; on Mondiay, 125,115'
shares; on Tuesday, 124,465 shares; on Wednesday,
111,360 shares; on Thursday, 187,220 shares, and on'
Friday, 203,970 shares.
On Saturday of last week the stock market, in
very light trading, managed to hold its new-found
strength of the previous session. Equities ruled
firm throughout, while such stocks as aircraft and
local traction issues extended their range of prices,
Monday the market slipped back into its accustomed
routine of dull and extremely narrow trading.
Opening at higher levels, aviation and local traction
issues held off the destructive elements for a time,
but resistance grew weaker and at midday the adverse trend took on a more definite form for the
remainder of the session. Closing found values at
their lowest, with losses running into fractions,
Steel shares were the dominant factor in lifting
prices on Tuesday, a day of moderately improved
trading. This sudden demand for steel issues came
after a firm but quiet start late in the morning, and
seemed to spring from a demand of the short inter-
The Commercial & Financial Chronicle
884
Thereafter
ests.
period
at
prices ruled higher, and ended the
Lethargic
their best.
movements held
the better part of Wednesday.
sway
Lacking the
driving force, the list drifted aimlessly
necessary
until late in the
afternoon, when a show
a
managed to lift prices fractionally higher.
fresh
a
of
Government
Krupp works
on
the
the Golden Horn,
Friday of last week; Gen¬
on
54% against 52%; Chrysler at 86%
against 80%; Packard at 3% against 3%, and Hupp
Motors at
% against 1.
News of
yesterday at 44% against 43% on Friday of last
week; Shell Union Oil at ll3/8 against 10%, and
Atlantic
German-owned
inlet in the
an
1940
Among the oil stocks, Standard Oil of N. J. closed
aspect to the European war through chang¬
Turkish
day at 1% against 2
eral Motors at
10,
firmness
ing events in the Near East, that is, the seizure by
the
Feb.
Refining at 22% against 21%.
the
Among
closed
stocks,
copper
Copper
Anaconda
yesterday at 28 against 26%
Friday of
on
Bosporus strait, along with brighter hopes for do¬
last
mestic
against 473%, and Phelps Dodge at 373% against 35.
industry,
values perceptibly
bolstered
on
in about
brisk
a
month.
No indications of the
rally in prices
the
the
motor
of
one
in evidence throughout
shares, the genera? list took heart and
to three
points.
was
gains
up
Gains
aged to
move up
the effects of
were
Trade and industrial reports
'
of the week disclosed
accentuation of the downward trend already
some
in evidence in
previous weeks, but there
were some
today
estimated by American Iron & Steel
a
substantial de¬
not
lacking, and equities
man¬
from fractions to two points before
liquidation
were
felt.
Near the close
just managed to hold
were
Institute
at
final quotations yesterday reflect
throughout.
a
better
General Electric closed
yesterday at 39% against 38%
on
Friday of last
week;
71.7% of capacity against 77.3% last
week, 86.1%
last
week
Feb.
to
Institute at
the
month
a
3
and 53.4% at this time
ago,
Production
year.
kwh. in the
tone
against 24%, and
present to
compared with the closing on Friday of last
market
week; Boeing Airplane at 25%
Douglas Aircraft at 85 against 82.
Steel operations for the week ending
own.
As
closed
exceptions.
the market slowed down and
week,
Curtiss-Wright
group,
In the morning period yester¬
sales volume reaching approximately 651),OOf)
shares.
aviation
yesterday at 10% against 10% on Friday of. last
under the leadership of
the .day with favorites marking
day profit-taking
gree,
its
subsequent
were
noon,
morning, but at
wound up
session, and the largest
the
In
Thursday and expanded sales turnover by almost
twice the volume of the last
week; American Smelting & Refining at 50
of electric
revenue
to
Electric
2,541,358,000 kwh., against 2,565,958,000
preceding week and 2,287,248,000 kwh. in
corresponding week of last
of
for the
power
reported by Edison
was
657,004
Car loadings
year.
freight for the week to Feb. 3 amounted
according
cars,
American Railroads.
This
the Association
to
was
of
gain of 7,516 cars
a
Consolidated Edison Co. of N. Y. at 31%
against 32; Columbia Gas & Electric at 6% against
6%; Public Service of N. J. at 41% against 40%;
over
International
kets, the May option for wheat in Chicago closed
Harvester
at
55%
against
53%;
the
previous week, and of 83,877
cars over
As
indicating the
of the commodity
course
Sears, Roebuck & Co. at 84% ex-div. against 82%;
yesterday at 99%c. against 97%c. the close
Montgomery Ward &
day of last week.
Co.
at
54% against 51%;
Wool worth at 41%
against 40%, and American Tel.
& Tel. at 171% against 171.
Western
at
Union
closed
yesterday at 25 against
Friday of last week; Allied Chemical & Dye
179% against 171; E. I. du Pont de Nemours at
22%
on
183%
against
179%;
National
Cash
Register
at
15% against 15%; National Dairy Products at 16%
against 16%; National Biscuit at 24 against 24;
Texas Gulf
Sulphur at 35 against 34%; Continental
45% against 43; Eastman Kodak at 159%
Can at
Goodyear Tire & Rubber
closed
yesterday at 23% against 22% on Friday of
week; B. F. Goodrich at 1S% against 17%, and
United States Rubber at
373,4 against 36%.
last
Railroad shares moved forward to
higher levels
the present week.
Pennsylvania RR. closed yester¬
day at 22% against 21% on Friday of last week ;
Atchison
Topeka & Santa Fe at 24% against 23%;
17% against 16; Union Pacific
on
Fri¬
Friday of last
on
closed yesterday at
Friday of last
on
week.
The
on
price
spot
closed
for
cotton
here
New
in
York
yesterday at 11.12c. against 10.87c. the close
Friday of last week.
The spot price for rubber
yesterday closed at 19.25c. against 18.80c. the close
Friday of last week.
on
Domestic
closed
on
Fri¬
In London the price for bar silver
yesterday at 21%
13/16
closed
copper
yesterday at ll%c. against ll%c. the close
21
group,
mar¬
closed yesterday at
40%c. against 38%c. the close
108%; Canada Dry at 20% against 193,4; Schenley
Distillers at 12% against
12%, and National Disstillers at 24% against
23%.
1
rubber
corn
May oats at Chicago
day of last week.
the
May
56%c. against 55%c. the close
week.
against 160; Standard Brands at 7% against 7%;
Westinghouse Elec. & Mfg. at 113 ex-div. against
In
the
similar week of 1939.
pence per ounce
pence
per ounce
the close
against
Friday of last
on
week, and spot silver in New York closed yesterday
at
34%c. against 34%c. the close
on
Friday of last
week.
In the matter
fers
London
on
of
$3.97% the close
transfers
on
foreign exchanges, cable trans¬
closed
on
yesterday at $3.98% against
Friday of last week, and cable
Paris
closed
against 2.25%c. the close
on
yesterday
2.2534c.
at
Friday of last week.
European Stock Markets
New York Central at
at
93%
against
93%; Southern Pacific at 13%
Southern Railway at 18% against
17%, and Northern Pacific at 8% against 8%.
against 12%;
Steel stocks
week.
against 56%
at
forged ahead to higher ground this
United States Steel closed
yesterday at 60%
Friday of last week; Crucible Steel
38% against 36; Bethlehem Steel at 78% against
on
74, and Youngstown Sheet & Tube
In the motor
group,
at 42
against 39%.
Auburn Auto closed yester¬
UNCERTAINTIES of the war and of domestic
policies in the respective countries occasioned
continued unsettlement this week
in the
were a
ings
on
stock
exchanges
leading European financial centers, but there
few
on
bright spots, especially at London. Deal¬
the London Stock Exchange
ened, beginning last Monday,
added in the afternoon.
The
and remained soft all week.
into excellent demand
on
an
were
length¬
extra hour being
gilt-edged list
was easy
Home industrials
Tuesday, owing to
a
came
drive
The Commercial & Financial Chronicle
Volume ISO
for increased
arms
On Wednesday the
production.
London market reflected excitement in home rail-
stocks, sharp advances being stimulated by
way
an
ness
885
from the affairs of Europe may well be con-
cerned at this
manifestation, for if the greater Euro-
pean war reaches a
similar stage of bitter fighting it
announcement that the four main lines and the Lon-
will almost certainly
don
action here.
transport system will be guaranteed
wartime
teed
are
profit of £40,000,000
a
maximum
Such
a year.
guaran-
r
based
and
on
revenues
buying
was
for the three years up
to 1937.
noted alternately in industrial
railway stocks in subsequent sessions at Lon-
don.
Some
foreign securities likewise
in
were
occa-
sional demand.
Dealings
similarly greater
\
the Paris Bourse
first two sessions of the
week, with the tone soft,
stocks
rubber
quiet in the
were
re-
A
in an
l^IGHTING
on an ever more intensified scale developed this week in the war of aggression being waged by Soviet Russian troops against Finland,
*
and deep
concern as to
the developments resulted
yesterday from Moscow reports of successes
on
Indo-China
a
A V
•
ussia an
earnings for the period of government control
Fresh
involve
Karelian isthmus.
as a test
of
arms
op
the
The conflict is regarded not only
between the great Russian forces
weak,
and the determined defenders of the small country,
owing to the Japanese (bombardment of the railway
but also as a sort of outpost of the major conflict
between the Anglo-French Allies and the German
Reich. It may well be indicative for Scandinavian
between that French
especially
were
dependency and China. Modest
improvement developed at Paris in the mid-week
session, and dealings thereafter
movements of
ket
was
rumors
were
small and price
The Amsterdam
importance.
no
mar-
depressed in most sessions of the week,
substantiated
were
as
Thursday that the
on
government would endeavor to float a 300,000,000
guilders loan
the
the basis of forced participation by
on
wealthy and by investment institutions, if need-
ful.
The
new
issue will carry
ture in 40 years
tempt to float
December
4% interest, will
and is to be priced at par.
a
ma-
An at-
loan of 300,000,000 guilders last
Little
unsuccessful.
and Balkan countries, which are awaiting the outwith apxious interest. British and French
come
authorities are known to have extended some aid to
the Finns. The British viewpoint was made quite
clear on Thursday by Prime Minister Neville Chamberlain, who stated before the House of Commons
that fresh Allied aid now is on its way. It was
reported on good authority in London that British
and French volunteers would be permitted to join
the Finnish army, and that airplanes, gasoline and
market, in view of this
anti-aircraft equipment would be rushed to the Finnish defenders. Some accounts suggest that about
expedient, and levels were marked somewhat lower.
5,000 Italians had volunteered to help the Finns
The Berlin Boerse was listless
and that the Allies were expediting the transfer of
such volunteers to Finland. The attitude of Germany is dubious, for official
disclaimers Were
done
and
was
Amsterdam
the
on
price changes
None of the
trading
was
throughout the week,
hardly more than nominal,
were
great belligerents so far has tackled the
financing problem in any indicative manner,
war
and the markets continue to await the
tions which must take
huge flota-
place if the conflict continues,
entered against reports that the Reich was aiding
Russia.
But Swedish and Norwegian dispatches
stated, Thursday, that three German ships
were
creeping up the coast with arms for the Russian atAmerican Neutrality
tackers
on
the Petsamo front.
The
Russianj attack
FEW threats toEuropean conflictsofappeared this on Finlandperturbing are the growing indications
the neutrality
the United
is sufficiently alarming in itself, but
States in the
week,
within
even more
for those which are being manufactured
save
our
own
borders.
American mails and
British interferences with
shipping have been somewhat
that this conflict may be merged with the greater
war
to the south.
All reports from the front in this northern Euro-
struggle indicate that Russian forces
being
modified, notwithstanding the differences of opin-
pean
ion
thrown against the defense lines with the utmost
expressed' in recent American
British
French
The
answers.
notes and the
Government
indi-
abandon, in
the apparent belief that the limited
cated, late last week, that it fully supports the Brit-
Finnish supplies of
ish contentions about examination of mails and
soon
In
goes.
a
London dispatch of Wednesday to the
New Yofk "Herald-Tribune*' it
small
nine
amounts
American
of contraband
are
was
were
for
apparently
a
measures
of aid
exercised
through private means.
eyes
which
official
assuredly would better be
Apparently clos-
to the vast and unfortunate implications
of official loans to
foreign countries, the Senate For-
eign Relations Committee last Wednesday approved
by
a
sity anything previously reported in the conflict,
north of Lake Ladoga, the invaders attacked inter-
Within the
toward
and war materials must
aboard
The enforced' delays of the
Washington
men
The attacks exceeded in inten-
which began Nov. 30,1939. On the Petsamo front in
the northern reaches of Finland, and in the region
only
quite natural sympathy for Finland
inclines
be exhausted.
varying
found
being modified, it was added.
United States
ing its
stated that
merchant vessels held
periods of Gibraltar.
ships
car-
are
vote of 12 to 6 a proposal to increase the Ex-
mittently.
Finnish defenders threw back all such
assaults, mainly by lightning thrusts of relatively
small and mobile units.
On the Karelian isthmus,
Russians finally concentrated heavy forces,
which they threw against the defenses of the Finnish
the
Mannerheim line again and again.
The Finns re-
ported day after day the destruction of large numbers of Russian troops, and the capture of much war
material.
In one of their rare communications
the war, however, the Russians claimed
on
on
Thurs-
port-Import Bank revolving fund by another $100,-
day to have captured outposts of the Mannerheim
000,000, the real intent being that of making another
line at both ends of this famous and redoubtable de-
advance of
fense. Official Finnish statements denied that the
Mannerheim line was cracking, or that the Russians
$20,000,000
or so
to Finland.
sian sentiment reached such extremes, at
time, that
some
a
break in relations
publicists and frowned
State Cor dell Hull.
was
upon
Anti-Rusthe
same
advocated by
by Secretary of
Those who still hold for aloof-
had made any appreciable progress. But London
"diplomatic" reports suggested that the Finns had
suffered
some
reverses.
Russian aerial squadrons
The Commercial & Financial Chronicle
886
Finnish
numerous
been said
the
on
Although little has
subject, such aerial attacks
These reports wTere detailed and gained
Germany.
credence despite hasty denials in Berlin.
some
may
communications.
Finnish
harmed
have
well
towns.
Allies and
but also in the major war between the
continued, throughout the week, their bomb attacks
on
Feb. 10, 1940
The
It
indicated that Germany would bar reparations
was
again resorted to the tactic of dropping
and demand a return of some colonies, while agree-
parachute forces behind the Finnish lines, but all
ing to relinquish non-German portions of CzechoSlovakia and Poland, the fate of Austria to be set-
Russians
such Russians unfortunates were
fire almost before
tions of manpower
playing
The
the British and French Governments, for war prepaw
ANOTHER week of minor
day
*
#
military
moves
ends to-
Monday, and arrangements were made for complete
Europe's Western Front, where the
on
cooperation
Anglo-French armies and the German soldiers face
in
other
each
:
rations were pushed grimly on the Allied side. The
fifth Allied Supreme War Council was held in Paris,
Furnnf*
.
.
/a
fairly evident that
no
It
clared last
re-
the
on
high
huge thrusts will be
of the Western Democracies.
rumors
peace
In the warfare
again
occurred.
on
shipping
of, wars."
one
an(j ^
at such
bombing
1
air-
a
of the most daring
Some British vessels
man
downed,
they
to
preserve
that would
attitude
not
Representatives of the Balkan Entente
countries of Yugoslavia, Rumania, Greece and Tur-
key completed at Belgrade, last Sunday,
a
three-day
conference which apparently was marked by the utmost
again fell victims to the Ger-
harmony.
The four countries made known
their
said,
desire
maintain
to
in
peace
southeastern
Europe, and improve economic and political rela-
submarine and mine menaces, among them the
Some phrases of the statement issued after
tions.
4,305-ton Munster, which went down in the Irish
the conference ended
Sea.
Hungary and Bulgaria into the Entente, but
was
It
was
blasted
suspected for
by
an
a
a
involve
Anglo-French combination and the German Gov-
ernment.
At least twro of the Gerwere
debated this week,
endeavoring
them with either side in the great dispute between
the
mine-sweeper which turned turtle
bombing airplanes1
and peace were
war
countries
most
strictly neutral
British spokesmen scoffed
while being towed to port.
man
lems of
with
pretensions, but admitted the loss of several
ships, including
rationing
will be enforced in France,
soon
nPlIROUGHOUT the Balkan peninsula the prob-
Some 20 bombers swept along the coast
attacked and sunk.
already rationed in England,
Balkan Neutrals
along the eastern
and the German authorities claimed that 14 vessels
were
The British authori-
intimated in Paris that similar
was
gygtems
far witnesses in this "strangest
so
struggle
heard this
were
German
planes last Saturday staged
raids
jn March to the foods
England and Scotland the most dramatic
incidents
a
Tuesday that meat will be added
on
suggestions of involvement of
were
various neutrals.
shore of
continues active
discernible in all parts
rumor are
Even
Europe.
week, and there
war
Saturday that the conflict is
ties announced
and in the air, while overtones of
seas
propaganda and
of
The
being.
British Secretary for War, de-
new
to the death between totalitarianism and the ideals
attempted against the Maginot and Limes lines, at
.least for the time
questions of military supplies. Oliver
on
Stanley, the
virtually impregnable fortifications
which each side hopes the other will attack.
mains
If such proposals actually were
tions officials.
made, it would appear that they failed to impress
may
indicative.
prove
These terms, it was said, would
plebiscite.
at a meeting in The Hague of certain League of Na-
conflict, with the weather
war
a
be put before the Allies through a neutral country
important part, and the attitude of
an
Scandinavians and other "neutrals" in this
;
tied by
ques-
and supplies now seem predomi-
nant in the Russo-Finnish
also
picked off by rifle
they reached the earth.
time that the Munster
internal explosion, set by Irish
plainly
firmative responses
was
designed to draw
were
no
af-
made by such countries.
Republicans who resented the execution of two of
Hungarian comments
their number
known that Bulgaria cherishes the desire to regain
bomb in
Full
are,
who
convicted
were
'Coventry last
of
setting off
a
summer.
of course, not available, but the German
this
hearing.
week
made
claims
which
deserve
236,957 tons, which is
Turkish authorities, who are known to lean sharply
toward
aua
t
Berlin acknowledged that German ships
lost in the conflict total
hostile, and it is well
territory assigned to Rumania after the World War.
reports of the shipping damage in the war
thorities
were
the
Allied
side, took steps on Thursday
which produced shivers of apprehension in neutral
circles
of
southeastern
Europe.
They seized
the
con-
German-owned shipyards on the Golden Horn, dis-
siderably above previously available estimates based
charged the German technicians and engineers, and
hinted that further actions against Reich interests
daily
on
claimed
reports
of
known
They
occurrences.
also, according to Berlin reports of Thurs-
day, that neutral and Allied shipping lost amounts
to
1,493,431 tons.
In
addition, according to the
German accounts, merchant ships
tons
were
totaling 607,881
brought into Reich ports for prize court
proceedings.
The British Admiralty promptly
tered with
list of Allied and neutral
a
coun-
ship losses,
may
develop.
These
moves were
minimized in Ber-
lin, possibly because reprisals against Turkey are
difficult for the Reich.
Preparations were pushed
in all Balkan countries for military eventualities in
the coming spring.
The fear persisted- that Russian
attacks might develop, with German support.
was
again reported,
on
It
the other hand, that British
placing the totals at 505,998 tons for British shipping, 76,689 tons for French and Polish vessels, and
Near East, and able to cope with almost any mili-
342,357 tons for neutral ships.
tary
of
course, that neither side is
It is quite possible,
fully informed
as
and French troop concentrations
moves
to
or
precise amount of shipping actually destroyed
captured in this conflict.
.
Scandinavian
sources
numerous
emanated this week about
peace moves
man
rumors
by the Ger-
Reich, not only in the Russo-Finnish conflict,
•
._
Irish Republicans
*
smaller
-
From
IN
which
areas
nationalist
movements
usually flourish in Europe have been
obscured by the
eral
sizable in the
by Russia and Germany,
>
the
are
war
fever which
now rages
in
sev-
and threatens to engulf the entire conti-
Volume
nent.
The Commercial & Financial Chronicle
150
Groups of Irish patriots, organized in the
outlawed Irish
Republican Army, have endeavored
steadily to convince the English by forceful
means
of their bitter-end determination to unite northern
Ireland
with
occasioned
took
Free
halt
no
in
State.
these
the form of bomb
in London
at
the
and
other
The
early
last
cities.
strategic points
For
paid
the
lost their lives,
were
his
complicity to the last.
by
tense
feeling
The
one
incident,
otherwise
ordinary criminal prosecution, for in-
an
aroused throughout the Irish Free
was
by the approaching execution of the two
the
when
revulsion
unhappy event occurred
and
hatred
for
the
basis suggested
British
This attitude, however, would appear to be
no more
realistic than the considerations which led
to denunciation
of the trade
treaty, for inaction is
almost certain to be misinterpreted in Japan, and
this
Japanese militarists
week,
their
against China,
China
and
steadily continued,
unprovoked
operations
some
expanded.
were
of
war
committee formed
a
Ireland
and
nothing
cares
is
stated
men
equally
The
most regrettable
aggression
in
Southern
The invaders stated late last
week that they were closing a vast "trap" in which
they expect to
fense units.
important
Haiphong-Kunming
operated
little
annihilate
attention
apparent
diplomatic
and
Chinese
de-
They bombed repeatedly the FrenchRailway,
move
and
informal
to
representations that such activities
"England has shown that she
of
aspects.
be inevitable.
tal to interests of the United States.
gain reprieves for the Uvo convicted
goodwill
of
a
expired.
Government
flags marched in Dublin, and
the
men,
wave
a
re-
by
State Department spokesman just before the treaty
Processions with black
swept over parts of Ireland.
for
Irishmen
properly held guilty, although
however, might well have been treated
that
day-to-day
will
than
to
the
on
assume
doubt
State
maining
entire incident begins to
persons
eco-
nomic relations of the United States and Japan
fresh complications then
condoned, for five innocent
and
by Washington of
supreme
For this murderous attack the two
young
denied
attack
Irish Republi-
young
Wednesday
such
one
provided
was1
further steps to be taken by the United States,
The bombing at Coventry is hardly to be
penalty.
no
war
activities, which often
attacks at
Coventry, last August, two
cans
European
No indication
887
were
detrimen-
The American
made known last
was
paid
American
Saturday,
immediately thereafter the Japanese sent 27;
airplanes to bomb the railway line again.
Anglo-
con-
Japanese relations,
temptuous of the opinion of all sections of the Irish
cisive improvement.
people."
Tuesday with respect to 21 Germans taken by
On the
found
were
in
of the execution four bombs
eve
parcel bags and other postal
phernalia in England, and six
by the infernal machines.
creased
para-
injured
persons were
Police vigilance
in-
was
throughout Great Britain, lest the incident
British
warship
Maru.
the other hand, showed de-
An agreement
from
the
reached last
was
Japanese
ship
a
Asama
Under this accord the British surrendered
nine of the
this
on
was
to Japan, and in
men
hailed
victory for
as a
produce unfortunate repercussions.
both countries
common sense.
,.
_
India
Japanese Policies
THRESH efforts to find
a
solution for the nationalist
EVENTS in Japan make it clear that deep anxiety week aspirations of India cameonceaagain arises inthis
*
country with respect to the
and the Indian problem to fruitless end an
exists
in
that
expiration of the United States-Japanese
cial
of
accord
taken
1911
and
by the United States Government in
of its uncertain
ance
foreign policy.
change at Tokio, last month,
to
ties.
international
trade.
been
similarly unable to find
stood
in
of
China
Pacific.
the
was
Government
Late
understood
are
week
last
to make
clear
in Eastern Asia."
The
the
as
bate
a
daring
was
a
"new order
forced to
,
,.
T
In
i
a
resign
recog-
t\•
x
i
general Diet de-
Wednesday, several highly patriotic Japanese
members endeavored to assert that
Premier Yonai
declared, in
Japan had suf-
response
regime
was
a
the long British delay in granting
a
Irritation
over
freer status
was
suggested only by Mr. Gandhi's proposal that Indians show "no enthusiasm for the
At the end of
a
Mr. Gandhi and the
lithgow, it
war
in Europe."
long conference last Monday between
Viceroy, the Marquess of Lin-
again made clear that the British
was
authorities do not
care
time to
leading promptly to
measures
to commit themselves at this
The Hindu leader declared
with the Viceroy
were a
on
a
free India.
Tuesday that his talks
failure, and that he
saw
"no
prospect whatever of a peaceful and honorable setelement,'' Lord Linlithgow on the same day con-
ferred with Moslem spokesmen and assured them that
^ j^^ish Government would
ests>
India
an
There
over
excess
were
the
safeguard their interof general resentment in
of the discussions, and also over
signs
course
profits tax bill which would impose
tax on all profits over the peacetime level.
a
50%
Forty
trade associations, the Bombay Stock Exchange and
a11 Bombay markets were closed Tuesday in protest
agai
change in
States continues its
Japan."
to the growing
trymen to resume civil disobedience.
that
ties" in relations with the United
considering
States,
While calling steadily for freedom from British
domination, Mr. Gandhi has indicated on a number
of recent occasions that he could not advise his coun-
preparing for "anticipated difficul-
Japanese irritation over American
be
the
significance of the
fered "insults" at the hands of the United
with
of
His action must be
military regimentation.
on
side
in war-time Japan, with its
one
....
x
our
urged the Tokio
meaning of
satisfaction whatever and
x
under-
member, Takao Saito, gained
from his Minseito party.
strict
on
member
a
educated in America
"China incident" and the
nized
are no more
Japan than the Japanese notions about
invasion
Diet who
Premier, has
as
formula for satis-
a
faction of American views which
Mitsu-
Admiral
Yonai, who succeeded Mr. Abe
Ids
apparent desire to embarrass the London authori-
Noboyuki Abe to
the lower
his aims with the utmost patience, and with
pursue
the failure of former Premier
open
war oc-
Mohandas K.
Gandhi, the Indian Nationalist leader, continues to
no
Yangtze to
no
cupies most of the British energies.
definitely related
masa
of
pursu-
The Cabinet
acute form for England, while the European
was
"appease" Washington by offering to
the
commer-
further action to be
any
measures,
States, and
attitude "if
was
The Nine-Power treaty of 1922 may
abrogated, he said.
Inter-American Bank
the United
oppression of and interference
rVETAILED
proposals finally have been elabor-
LJ
the so-called Inter-American Bank,
ated for
which long has been under consideration
as a means
The Commercial & Financial Chronicle
888
for
Republics.
establishing such
institution gained impetus when
the
an
and centered
1940
Banks
The movement for
caused sharp dislocations of trade
attention upon the difficulty experienced
European
10,
of Foreign Central
Rates
Discount
stimulating financial and commercial relationships
of the 21 American
Feb.
war
THEREdiscount noof
have been changes during the week in
the
of the foreign central
rates
banks.
Present
the
leading
centers
are
which follows:
in the table
shown
any
at
rates
by Latin-American buyers in paying for merchandise
Pre¬
Rate in
which
they desired to buy in the
United States.
Country
Date
9
Rate
Representatives of the American Republics decided
and
Economic
appoint
Financial
Advisory
study this and related problems.
draft of
plan for
a
to
Washington, the
approved
on
bank with
a
Committee
After three months
of almost continuous discussions in
last-named committee
Inter-American
an
a
Wednesday the
capitalization of
$100,000,000, to be supplied by the various countries
in
proportion to the dollar vaiue of the total foreign
United States
would, of
the funds for operation
cumstances
is
gram
now
seems
advisable in the United
being submitted to the various
a
by March 15.
pro¬
govern¬
request for approval
or
It is also suggested that
on
April
proposed convention establishing the insti¬
a
tution.
Among the first things to be established is the need
for such
an
institution, and
is advisable.
The
on
this question debate
legitimate banking and trade functions cannot
now
be carried
to
through by the established machinery.
proposed Inter-American Bank
may
well be able
fringe
with
on
approval,
whereas
assistance in
of which
other
can
merely
be
in¬
Among the intended
private arrangement©.
aims is that of
that
on
The by-laws of the proposed
necessary.
bank suggest many activities, some
viewed
facilitating international investments,
establishing and maintaining
ments, increase of trade and travel, development of
industries, utilities, mining, agriculture,
finance
search
More
in
the
Western
May 18 1936
5
4X
Dec.
4~
18 1933
Japan
5
16 1936
July
Java
3
Jan.
14 1937
4
6
July
15 1939
7
3.29
Apr.
7 1936
3.65
1 1936
3X
Morocco...
6X
May 28 1935
4M
Danzig
4
Jan.
2 1937
5
Norway
4H
Sept.22 1939
3X
Denmark
5H
Oct.
10 1939
4X
3H
Poland
Dec.
5
3
Eire
June 30 1932
England
2
Oct.
26 1939
Estonia
4H
Oct.
1 1935
4
Dec.
Jan.
Finland
...
_
4
.
*
Rumania
South Africa
3 1934
4X
Spain
4 1939
2H
3
4X
4X
5
15 1939
Dec.
Switzerland
IX
5
Feb.
2X
2
Nov. 26 1936
Yueoslavla.
'
7
Jan.
4X
5 1938
May
May 15 1933
Mar. 29 1939
*4
Sweden
5
Sept. 22 1932
4 1937
6
Aug.11 1937
3X
3X
..
'
2
France
Germany
Greece
4
Portugal...
3
5
17 1937
1
1935
6X
Not officially confirmed.
Bank of
England Statement
THEfurther expansion of £3,382,000Feb. theshows
statement for the week ended in 7
cur¬
in circulation raising the total outstanding to
rency
£531,105,000 in
has been
re¬
total expansion
a
tion which
the
£474,997,660
a
of £8,314,000 in circula¬
with
compares
a
rise of £11,152,646 in
corresponding period of 1939.
gold holdings of the Bank
the latest week,
to
with
comparison
In the past two statement weeks there
year ago.
£3,352,000.
As the nominal
increased £30,651 in
were
the decrease in
amounted
reserves
Public deposits fell off
additional
an
£11,052,000 reducing the total to £28,626,000 which
still
such
substantially higher than
a
year
posits
£9,916,325.
rose
which
accounts
off
£10,506,077
£589,752.
The
and
securities
creased
Other securities
advances
which
securities which increased
remains
2%.
Below
week ago
fell
comprise
off
£335,844.
dis¬
£572,174 and
The Bank rate
show the different items with
we
comparisons for previous
BANK
a
Government
year.
£2,485,000 and other securities de¬
rose
£236,330.
and
counts
33.7% last
other
reserve pro¬
portion dropped to 27.5% from 29.2%
and compares with
Other de¬
The latter consist of bankers
increased
accounts which fell
when
ago
deposits amounted to £15,351,334.
OF ENGLAND'S
years:
COMPARATIVE STATEMENT
dating in
any
Feb.
em¬
7,
1940
Feb. 8.
1939
Feb. 9,
Feb.. 10,
Feb. 12,
1938
1937
1936
currency
Circulation
in
or
nationals.
gold and silver to participants
It is to
loans.
may guarantee
central bank
or
The
tions.
and nationals, and
to be accorded the
are
are
may
institution,
sell its
obligations to gain capital for its
currency
own
and other problems which such
an
solving, and close
are
as
Friday of last week and 1 1-32@1 1-16% for three
bills, as against 1 1-16% on Friday of last
months'
call at London
on
Friday
was
At Paris the open market rate is nominal at
and in Switzerland at
27.5%
2%
oz_
168s.
'
'84s.
33.7%
2%
11 Hd. 84s.
32.90%
39.80%
2%
2%
ll^d. 84s. ll^d.
41.04%
M2%
84s.
ll^d.
1%.
Bank of France Statement
THElarge increase the week circulation 1 showed
statement for in
ended Feb. 2,717,a
note
in circulation
IN bills Friday market discount rates for short
LONDON open 1 1-32%, against 1.1-16%
on
Gold val. per fine
of
000,000 francs, which raised the total outstanding to
a new record
high of 154,455,000,000 francs. Notes
Foreign Money Rates
Money
1,003,376 127,304,317 326,987,905 314,112,228 201,221,254
reserve
to liabilities
But
study of the proposal is advisable.
week.
Coin and bullion
Proportion of
Bank rate
opera¬
deep and all-inclusive.
institution doubtless could aid in
on
531,105,000 474,997,660 476,071,214 454,993,929 399,280,680
28,626,000
15,351,334
16,076,579
11,695,579
10,980,558
152,401,360 139,439,952 138,456,416 136,501,768 139,928,826
Bankers' accounts. 108,650,434 103,949,698
102,907,133 99,157,140 103,627,075
Other accounts
43,750,926 35,490,254 35,549,283 37,344,628 36,301,751
Govt, securities
121,841,164 77,636,164 93,273,165 81,230,231 79,190,001
Other securities
27,354,565 43,005,721 28,516,101
26,026,453 27,971,286
Disct. & advances.
2,492,016 20,648,864
9,559,422
6,509,174
13,407,644
Securities
24,862,549 22,356.857
18,956,679 19,517,279
14,563,642
Reserve notes & coin
49,898,000 52,306,657
50,916,691
59,118,299
61,940,574
Public deposits
Other deposits
is subject to instant criticism
program
because it is too wide,
there
their agencies
All the traditional functions
according to the prospectus, and it
debentures
or
buy and sell obligations of the
participants and their agencies
on
4H
and'exchange of advice in all these fields.
or
a
3X
Jan.
commerce
Hemisphere, and
specifically, the proposed bank is to be
powered to make loans for
of
Nov. 28 1935
3
vakla
currency
systems, clearing arrangements for international pay¬
and
3
#
is
supply additional functions, but evidence
point is
..
Caechoslo-
simple fact is that few ordinary
and
The
Aug. 29 1939
Aug. 29 1935
2
4
a
The
delegates be appointed to attach signatures
14 to
3
Hungary...
|H
Lithuania..
3
4
-
Colombia
Rate
India
Mar. 11 1935
Chile
vious
Italy
16 1935
2H
9
Holland
5 1940
Aug
supply the bulk of
course,
approval is granted.
concerned, with
comment
Jan.
Date
Effective
Effect
Feb.
of the bank, and in these cir¬
especial care
States before formal
ments
Mar.
2
Canada
Under this scheme the
trade of the countries in 1938.
Country
1 1936
3H
6
Argentina.
Belgium
Bulgaria—
.
at Panama last October to
Pre¬
Rate in
vious
Effective
Effect
Feb.
1%.
23^%
francs
and
a
the
year ago
aggregated 111,855,034,370
before
93,387,332,215 francs.
Temporary advances to State also rose to a new record
year
high of 36,372,990,139 francs,
000,000 francs in the week.
an
increase of 700,-
French commercial bills
discounted, credit balances abroad and creditor
rent
accounts
000,000
francs,
registered
6,000,000
decreases,
francs
namely
and
cur¬
642,-
675,000,000
Volume
francs
total
The Bank's gold holdings now
respectively.
97,269,573,587 francs,
francs
in
francs
a
the
an
increase of 1,961,576
it was 62.50%.
compaiisons
New York Money
FRANCE'S
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
and
loans
STATEMENT
COMPARATIVE
continues
Feb.
a
Feb. 2, 1939
Feb. 3, 1938
Francs
1, 1940
Francs
Francs
Francs
20,821,556
15,233,854
34,000,000
—6,000,000
French commercial
7,993,586,569 11,499,760,189
838,210,746
747,630,592
*70,830,067
3,512,237,342 3,975,835,764
3,504,000,000
Note circulation
+ 2,717,000,000 154455000,000 111,855,034,370 93,387,332,215
Credit current accts.
—675,000,000 16,123,000,000 27,769,901,940 22,102,419,186
—642,000,000 10,831,000,000
bills discounted..
b Bills bought abr'd
Adv. against secure.
c
prime commercial paper
Trading has been moder¬
unchanged this week.
ately active but the demand is still in excess of the
+ 60,000,000
Ruling rates
supply.
Temp. advs. with¬
are
%@1% for all maturities.
Bankers' Acceptances
+ 700,000.000 36,372,990,139 20,627,440,996 31,903,974,773
out Int. to State._
money
1%% for four to six months'
The market for
maturities.
is
market for time
Rates continued nominal at 1%%
to 90 days and
up
+ 1,961,576 97,269,573,587 87,265,806,311 55,806,192,055
The
renewals.
quiet.
Changes
for Week
Gold holdings...
Credit bals. abroad,
Rates
ruling quotation all through the week for both new
for previous years:
BANK OF
again were 1%% for maturities to
days, and 1%% for four to six months' datings.
The proportion of gold to sight
furnish the various items with
we
90
week, compared with 87,265,806,311
year ago.
liabilities fell off to 57.02%; last year
Below
and time loans
889
<
The Commercial & Financial Chronicle
150
Propor'n of gold on
♦
Figures as of Jan. 4, 1939.
a
Includes bills purchased In France,
48.32%
62.50%
57.02%
—0.69%
hand to sight liab.
b Includes bills discounted abroad,
c
In
of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries on the Bank's books representing temporary advances to the State
the
process
were
wiped out and the unsatisfied balance of such loans was
entry of noa-lnterest-bearlng loans to
transferred to a new
the State.,
gold 0.9 fine per franc) under the
of Nov. 17, 1938; prior to
the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 20, 1936, the value
was 49 mg. per franc, and before Sept. 26, 1930, there were 65.5 mg. of gold to
Revaluation of the Bank's gold (at 27.5 mg.
decree of Nov. 13, 1938, was effected In the statement
that date and from June 30, 1937, valuation had been at
THE market improvement this week. Few prime
for prime bankers' acceptances has
shown
no
have
bills
been
been
coming out and transactions have
been
and
%% bid and 7-16% asked;
are
bills running for
no
reported by the
as
Federal Reserve Bank of New York for bills up to
for
Bank of Germany Statement
has
There
Dealers' rates
change in rates.
including 90 days
the franc.
light.
correspondingly
four months, 9-16% bid and
%% asked; for five and six months, %% bid and
THE statement for circulationquarter of January
the last at 11,505,192,000
showed
in
notes
the
quarter, compared with the record high, 11,797,934,000 marks Dec. 30, 1939 and 7,186,126,000
marks a year ago.
The Bank's gold holdings gained
275,000 marks, the total of which is now 77,433,000
marks; a year ago it was 70,773,000 marks.
Bills
of exchange and checks increased 332,728,000 marks
marks,
increase
an
of 704,985,000 marks in
while invest¬
ments and other daily maturing obligations showed
decreases of
114,260,000 marks and 141,818,000
and other
marks
assets, 373,749,000 marks,
respectively.
circulation fell off to
last year.
Below
Reserve
90
show the different items with
Bank is
%% f°r bills running from 1 to
days.
Discount Rates of the Federal Reserve Banks
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount rates
recent advances
on
Government obligations are shown
in the footnote to the table.
schedule of rates
of paper at
now
Rate in
Date
Feb.
9
Rale
1, 1939
Aug. 27, 1937
Sept. 4, 1937
m
Sept.
1
Boston
Previous
Established
Effect on
Federal Reserve Bank
1
Philadelphia
ik
ik
2
2
ik
May 11, 1935
Aug. 27, 1937
Atlanta
*1k
Aug. 21, 1937
Chicago
St. Louis
*1k
*1k
Aug. 21, 1937
2
2, 1937
2
Aug. 24, 1937
2
Kansas City
ik
*1k
*1k
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
2
Dallas
Cleveland
REICHSBANK'S COMPARATIVE STATEMENT
Jan.
for Week
Jan. 31, 1939 Jan.
31, 1938
-
Minneapolis
Reichsmarks
Reichsmarks
Assets—
77,433,000
+ 275,000
Gold bullion
31, 1940
___
Richmond
Changes
of which dep. abr'd_
70,773,000
Res. for for'n currency
5,558,000
Bills of exch. & checks
+ 332,728,000 11,142,877,000 7,160,100,000
Silver and other coin..
Advances
Investments
—114,260,000
Other assets
+ 373,749,000
Reichsmarks
Reichsmarks
10,572,000
a
193,094,000
c365,520,000
51,963,000
c27,004,000
889,800,000
373,550,000
1,950,466,000 1,654,990,000
70,770,000
20,333,000
5,304,000
5,519,092,000
173,776,000
65,682,000
the
RATES OF FEDERAL RESERVE BANKS
New York
comparisons for previous years:
The following is
in effect for the various classes
the different Reserve banks:
DISCOUNT
The proportion of gold to note
0.67%, compared with 0.98%
we
The bill buying rate of the New York
9-16% asked.
ik
San Francisco.
*
Sept.
Advances on Government
2
2
2
2
obligations bear a rate of 1%, effective Sept. 1, 1939
Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas; Sept. 21,
394,600,000
807,751,000
Course of Sterling
1939, St. Louis
Exchange
Liabilities—
+ 704,985,000 11,505,192,000 7,186,126,000 5,199,115,000
851,448,000
1,627,726,000 1,119,300,000
—141,818,000
426,518,000
343,501,000
c628,535,000
Notes in circulation
Oth .daily matur.obligOther liabilities
Proporn' of gold & for'n
curr. to note circul'n
a
—0.04%
"Reserves in foreign currency"
coin and bullion."
c
0.98%
0.67%
1.46%
and "Deposits abroad" are included In "Gold
1940.
STERLING exchange undertonenoofnew features of
importance.
The presents
the market is
firm, though transactions are severely limited.
steadiness
of the rate is
Figures as of Jan. 6,
control exercised in London and any
New York Money
Market
is
ONLY a modest amount of business was done this
the New York
market, and
week
rates
ers'
were
bills
in
money
unchanged in all departments.
Bank¬
Monday a
bills
due in
91 days, and
awards were at a figure
of the usual date because next
Monday is a
The awards in this instance were at an
of 0.005% discount, computed1 on an annual
discount basis.
Call loans on the New York
average
Stock
buying has
a
tendency to lift the rate close to
for sterling.
While fresh
London buying rate
quotations, on the whole the market remains thin.
In the New York free market the range for sterling
The borrow¬
Another issue of $100,000,000 discount bills was sold yesterday, also for a
91-day maturity, this issue having been sold in ad¬
bank
This
the
The Treasury sold
further issue of $100,000,000 discount
ing wras virtually costless.
holiday.
apparently due to buying by American importers,
chiefly of rubber, tin, and Far Eastern products.
buying is likely to be attracted by any softness in
are
just slightly under par on the average.
vance
advance in rates
anything but
and commercial paper
plentiful, and trades are few.
last
The
largely due to the strict
Exchange held at 1% for all transactions,
this
week
bankers'
has been between $3.97
and $3.99% for
sight bills, compared with a range of between
$3.95% and $3.99% last week. The range for cable
has been between $3.97% and $3.99%,
transfers
compared with
a
a range
of between $3.96% and $4.00
week ago.
The official
no
exchange rates fixed by London show
change and
are
as
follows:
New York cables,
$4.02%@$4.03%; Paris checks, 176%-176%; Ams¬
terdam, 7.53-7.58; Canada, 4.43-4.47.
Berlin is not
The Commercial & Financial Chronicle
890
quoted.
Italian lire
market, which was the principal source of British
closed by the Neu-
unofficially quoted at 78.50.
are
loans in the World War, is now
The official rates have been fixed for one-month
delivery in the forward exchange market
New York % cent premium to parity
as
Feb. 10, 1940
trality Act, which forbids loans to belligerents- There
follows:
with the spot
is
no
other important capital market abroad.
Hence
rate; Paris parity for buyers and sellers; Amsterdam
Great Britain must rely more than in the last war
V/2 Dutch cents premium to parity; Brussels parity
.
upon
2 centimes
to
to
parity.
England
Feb. 1 issued
on
that the sale of rupees to
order
an
American nationals is only
dollars
American
the New York
involved
sold
been
have
This information
was
few
a
days
Even if liquidation of current British foreign invest-
goods and the level of foreign exchange quota-
ments were possible, it would entail the total loss of
No national trade policies,
market.
directed, prevail against this control, which
indication of London's still superior position in
trade
international
reverses
The
investments abroad were estimated at around $18,-
policies dominate the
however
an
Before 1914 British
easily convertible into cash.
;
000,000,000, computed at $4.8665 to the pound.
ago.
tions in every
is
This is
000,000, at the present rate of exchange.
considerably less than in 1914 and most of it is not
Foreign Exchange Committee by the
It is evident that the London
flow of
As for foreign resources, the British hold
000,000.
supplied to
Chartered Bank of India, Australia, and China only
175,000,000 ounces, worth $6,000,-
investments abroad amounting to about. $13,000,-
the
to
only 50,000,000 ounces, are now
were
approximately
possible when positive assurance is given that the
British control.
still enormous resources,
own
which in 1914
"
The Bank of
her
The combined gold stocks of Britain and France
discount; Zurich 3 centimes premium
despite
the
impediments
experienced in the past 20
gnd
years.
;
strength of the British position is unquestion-
At present the chief danger
British foreign trade.
to British export trade lies in the establishment of
manufacturing industries in many countries, including
British Commonwealth nations, but this
even
development
been
has
and holds
revolution
ably the result of the world-wide British investments
an
in
industrial
the
equal threat to all
the export of manufactured
countries engaged in
established long before
implicit
out
goods.
1914-1918.
It
is
the outbreak of the
not
war
of
high level its production of
a
plies
its
are
in
It is expected that with occasional deviation the cir-
December,
a severe
is
it
that
apparent
impaired and that
weakening is the result of policies deliberately
adopted to promote the Allied
London's
objectives.
war
disregard of possible threats to British
and
The curtailment of British
food
buying of wheat
supplies in the United States to
normal peacetime requirements in
below
favor of purchas-
ing these materials from British colonies and other
overseas
markets is due entirely to
conserving
resources
by restricting purchases in this
country to supplies of
desire
avoid
to
a
military character and to the
extensive
liquidation of privately
owned American securities held
These
the necessity of
by British investors.
policies also account in part at least for the
continued flow of
and for the
gold from London to New York
flow of the
metal
South Africa to this side.
England.
marked tendency to rise until the
a
summer,
reaching the year's peak
during the August bank holiday,
Money rates continue easy, but financial London
is resisting
any
further reduction of rates through
It is believed that rates
Government action.
now
are
sufficiently low to insure the successful flota-
tion of Government loans and that the present scale
should offer
no
detriment to the expected
There
£1,000,000,000.
of
London to
a
is
also
war
loan
opposition
in
further cut in the Bank of England's
rate of rediscount, which at 2% is as low as was ever
recorded in the history of the Bank,
It will be only a few days before the gold stocks of
the United States
the $18,000,000,000 mark,
pass
On Feb. 7 they stood at $17,998,000,000.
Australia and
from
The
gold from the
brought
Much of the
increased wages, and war
Ordinarily circulation
prices,
in
should not show
on
long-term superiority in the field of foreign invest-
ment.
higher
the
to
requirements
approach of the
preeminence in the South American trade is based
its
In the last two
counter-seasonal rise.
a
statements note circulation increased by £8,314,000.
culation will continue to mount, due almost entirely
Britain's trade position is little
any
sup-
decline
While there has been
since
exports
materials and
war
showing
maintain and increase the
efforts to
export trade.
The note circulation of the Bank of England is
then, that next in
strange,
importance to Great Britain's efforts to maintain at
discussion
up
of
the
gold question which
this side several weeks
on
ago
was
by Mr.
control
of
the
Aldrich of the Chase National Bank, Mr. Leffing-
British Treasury and comes here for profit
as
the
well, of J. P. Morgan & Co., and Mr. Burgess of the
two
latter
countries
the
outside
is
National
only available market.
While American
,
authorities
do not
disclose
the
extent of British earmarked gold held in New York,
it is
a
safe presumption
that while such earmarked
gold is reduced by conversion into dollar balances
which
are
promptly expended, the reduction in the
total earmarked British stock is almost
made up
promptly
purchases in cash
or
gold.
week there is
every
ment in London that the
ask for the
time
the
or
any
any
announce-
privately owned
other market.
London authorities
At the
emphasize the
sity of increasing British exports.
official
Government will be slow
liquidation of
securities in this
an
same
neces-
The New York
a report
being
finally
is
The chief comment
echoed in
from
comes
of the Handels-Gesellschaft, and is
derogatory in tone, pointing out the ultimate
lessness of the American gold accumulation.
European
markets ignore
fail
or
to
use-
Other
reflect these
sentiments.
It makes little difference whether the United States
now
holds 60%
as some
Nearly
to
Berlin, in
Great Britain is
by fresh earmarkings.
thus in effect paying for its
as
Bank,
City
European centers.
or
75% of the world's gold supply,
estimates compute it.
Even if it held the
entire gold supply, there would be
no
danger to the
American economy or to the future value of the huge
American gold stock.
be
the
So long
valuable,
as
gold continues to
beautiful,
malleable,
and
divisible metal, it will maintain the quality
once
most
expressed in the dictum of J. P. Morgan, the elder,
I
Volume
during
investigation
an
York,
when in
"Gold is money
comes
out of the
ultimate redistribution of the
conditions will
the world
money
ground."
gold
As
now cor-
United States, a return to peace-
centrated in the
time
Gold is
and nothing else is.
with sterling, ranging this week between 2.25M and
2.26%.
All Paris reports indicate a steady recovery in
business. The disturbance of trade caused by the
nation's mobilization has been adjusted more rapidly
than had been hoped. Exports are said to be increasing and there is every reason to believe that the trade
balance, which improved considerably last year, has
already returned to levels close to its pre-war status.
New
he replied,
question
a
in
ago
years
some
to
answer
from the moment it
to the
bring about
equalization of
an
holdings through the normal channels of
trade.
•
This is ascribed largely to the Government's adoption
of a policy of non-importation, with the exception of
war materials and other items indispensable to the
for gold, the Bank of England's
The London price
buying price, continues at 168s. per ounce.
Open
market bill rates are as follows:
Two- and 3-months
bills
1
four-months
1-16%,
months bills 1
fixed
rates
in harmony with the
moves
London and hence is at a
by
discount in terms of the United States dollar.
treal funds
The
3-16% and
amounts
United States
gold imports and exports which
of
weekly statement of the
Department of Commerce and cover
the week ended Jan.
31, 1940.
jan.
inclusive
Exports
*$1,300,690
imports,
and
3i,
Im-ports
exports
gold
The exchange control recently issued a notice to
the effect that Frenchmen or foreigners resident in
France who transmit orders by mail or cable for
transfer to third parties of funds they own abroad,
whether in francs or foreign currency, are violating
the exchange control law. The announcement was
made to prevent various practices which amount to
indirect expropriation of capital. All devisen earned
discount of 12 11-16%.
a
taken from the
are
reducing imports and increasing exports,
Mon-
ranged during the week between a dis-
count of 13
follow
country's well being and defense. Buying of these
products is being done only in countries which can
cooperate with counterbalancing orders for French
goods. All control efforts are being directed toward
and six-
1%%,
bills
3-16%.
Canadian exchange
official
891
The Commercial & Financial Chronicle
150
$2,826
to
25
Ore and base bullion
abroad must be surrendered to the
48,254,806
Refined bullion and coin
within two months.
—"""""""
$1-'i82 853
Belgian currency is on the whole firm in the free
market
~~—
variations in quotations move strictly with sterling.
......
However, the rate for future exchange continues to
—______
2,334,860
__—
,v
"Peru, $354,954
Reserve banks was reduced
during the week ended Jan. 31 by $2,275,915.
The latest monthly report of the Department of Commerce showed that
$1,163,004,000 gold was held
Dec.
31,
Federal
the
under earmark for foreign account as cf
According to the current issue of its "Monthly Review,"
Reserve Bank of New York held about $1,125,000,000 gold
1939.
earmarked for foreign account, as
.
.
.
.
of Jan. 31,1940.
,.
P^Sgcd
Kppti
in
unchanged from
lr
past Several WeeKS.
Italian
the Federal
1
±
■
British Oceania.
held under earmark at
,
under the basic cable rate, practically
2,600,360
$189,098 Chile, $167,990
„
,
^th 90-day belgas generally quoted at 43-45 points
~
188,459
Union of South Africa
.
..
6 154571
—
New Zealand
so
indicate an undertone of uncertainty and weakness,
83,418
Ceylon
Gold
The
concerned.
far as the spot rate is
ZZZZIZ
6.46U615
British India
Chiefly $166,676 Canada,
-
..
.
,
7!oiu867
Can^a^H^TZZZZZZ—'—~""r
australia8
.,.
222,947
Sweden_V_~jrZIIIIIIlIII%IIlIlIZZIIII2IIZIZI
mexico
.
,.
tlOnS representing legitimate obligations.
Bullion and Coin Shipments—
Norwayands"""
*
$2,826
..$49,555,496
Total
Detail of Rejined
exchange office
Such surrender excludes deduc-
commercial
or
open
market lire remain
mi-
,
T
nnpliano-pH
«ir»pp
nhnnf
i_
x
IlllS rate has
New York at 5.05 Cents.
Hp Pnrl
of Spn+pmher
Deen UncnangeCl Since aDOUb tne end OI sepremuci,
Was gradually lowered from 5.26 Cents.
On
when it
t-i
■ i
r
j.i_
±
xl.
i
i
-x*
a
Feb. 5 the Rome control authorities sharply reduced
day-to-day rates sterling exchange
fbe price °f tourist lire. The tourist lira is now 4.22
throughout the week was steady, with an undertone
cents, compared with 4.55 cents, the rate in effect
since early in October. The new rate became effective as of Feb. 1. It is also reported, though not
officially confirmed at the time of going to press, that
Italian exPorters are to receive a bonus of 20% on
foreign exchange paid in return for their products,
In other words an exporter who sells S100 worth of
Referring to
of firmness,
in
special features
a
There
limited market.
no
of trading which offered occasion
bankers' sight was
On Saturday last
for comment.
S3.98@S3.98M-
S3.97M@S3.98M; cable transfers,
On
were
Monday the
range was
S3.98@S3.99 for bankers'
On
cable
transfers, S3.98M@S3.99MOn Wednesday the
range was S3.97M@S3.98M for bankers' sight and
S3.97M@S3.98M for cable transfers. On Thursday
bankers' sight was S3.97M@S3.98M and cable transsight and S3.98M@S3.99M for cable transfers.
Tuesday bankers' sight was S3.98M@S3.99M;
fers
were
S3.98@S3.98M-
S3.97@$3.98M
for
On Friday the range was
bankers' sight
S3.98M for cable transfers.
Friday
were
S3.98 for demand and S3.98M f°r cable
Commercial sight bills
transfers.
60-day bills
documents
at
for
finished at S3.96M?
S3.95M, 90-day bills at S3.95M,
payment (60 days) at S3.95M* and
seven-day grain bills at S3.96Mfor
and S3.97M®
Closing quotations on
payment closed at S3
Cotton and grain
96M-
Exchange
French
foreign exchange situation presents
Tttt, ^ , r .
developments
no
months.
,
-xx-
x
from those of the past few
The franc remains pegged to
the pound and
day-to-day spot quotations in New York fluctuate
on
Finland
against 1.75 (nominal).
Continental and Other Foreign Exchange
HE
goods will receive 2,360 lire from the bank instead of
1,976.50 lire.
The London check rate on Paris closed on Friday
at 176.50—176.75, against 176.50—176.75 on Friday
°f last week. In New York sight bills on the French
center finished at 2.25M and cable transfers at 2.25M>
against 2.25M and 2.25M- Antwerp belgas closed
at 16.83 for bankers' sight bills and at 16.83 for cable
transfers, against 16.93 and 16.93. Italian lire closed
a^
^or hankers' sight bills and at 5.05 for cable
transfers, against 5.05 and 5.05. Berlin marks are
n°t quoted in New York, nor is exchange on GzechoSlovakia or on Poland. Exchange on Bucharest
closed at °'73^ (nominal)> against 0.73M (nominal).
closed at
1.80
(nominal),
Greek exchange closed at
0.73M (nominal), against 0.73M (nominalduring the
I^XCHANGE
the countries neutral ).
..
♦
on
H<
war
of 1914-1918 is marked this week by excep-
tional firmness in the Holland guilder, though flue-
The Commercial <&
892
tuations in the
spot rate have been irregular, having
ranged between 53.08M and 53.28.
actual business in the
and the strength in the
small
The volume of
guilder has been comparatively
unit
have
to
seems
However, the underly¬
ing weakness of the unit is indicated by the severe«
originated in Amsterdam.
discount
futures.
on
Coincidentally with the sharp
financial Chronicle
dates of most recent statements,
spot rate in the free market, the discount
90-day guilders
on
six
Feb. 1 90-day guilders
on
were
The Swiss and Scandinavian
steady, governed entirely by the fixed
points under spot.
units continue
Bankers'
sight
Amsterdam finished
on
53.19%, against 53.09
cable transfers at
mercial
Friday of last week;
53.19%, against 53.09%; and
sight bills at 53.00, against 52.90.
closed at 22.43
francs
on
Friday
on
com¬
Swiss
checks and at 22.43 for
for
1939
1940
Banks of—
£
22.43 and 22.43. Copenhagen
checks finished at 19.33 and cable transfers at 19.33,
Spain
c63,667,000
a23,400,000
85,349,000
on
Sweden closed
at 23.82 for checks and at 23.82 for cable
against 23.83 and 23.83; while exchange
closed
at
22.73
and at
checks
for
Norway
on
22.73 for
transfers, against 22.73 and 22.73.
are
transfers,
cable
68,187.000
88,443,000
are
Sweden....
32,222,000
_
Tot. week
*
79,603,000
23,816,000
26,172,000
6,544,000
7,515,000
6,555,000
519,798,321
2,816,550
90,124,000
42,575,000
55,726,000
97,137,000
46,827,000
6,551,000
6,555,000
6,603,000
6,602,000
895,094,079 1,073,300,605 1,089,953,768 1,093,198,125
897,970,358 1,091,365,367 1,089,988,027 1,094,963,626
707.425,705
week.'
100,950,000
8,222,000
£
201,221,254
25,519,000
2,521,900
87,323,000
25,232,000
116,735,000
32,856.000
.
6,500,000
6,666,000
Denmark
Norway
1936
314,112,228
347,628,740
2,443,800
87,323,000
42,575,000
68,2^8,000
105,399,000
83,501,000
326,897,905
293,716,800
121,770,000
98,143,000
112,522,000
Netherlands
Nat. Belg__
707,761,878
and Bank Notes Act, 1939, the Bank of England
1939 and since have carried the gold holdings of the Bank
of the statement date, instead of the statutory price
Pursuant to the Currency
statements for March 1,
at the market value current as
which was formerly the
the
ounce)
Bank
basis of value.
On the market price basis (168s. per fine
reported holdings of £1.003.376 equivalent, however, to only
£507,407 at the statutory rate (84s. 11 Hd. per fine ounce), according to
calculations.
In order to make the current figure comparable with former
about
our
periods as well as with the figures for other countries in the tabulation, we show
English holdings in the above in statutory pounds.
a
Amount held
of
31, 1938, latest figures available,
b Gold holdings of the
"deposits held abroad" and "reserves in foreign cur¬
30, 1938, latest figure available.
Also first report sub¬
Dec.
Germany Include
rencies."
c
As of
April
sequent to Aug. 1, 1936.
the Bank of France is presently calculated, in accordance
13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
The value of gold held by
franc; previously and subsequent to July 23, 1937, gold in the Bank was valued at
43
0.9 fine per franc; before then and after Sept. 26, 1936, there were
prior to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
mg. gold,
4 » mg. to the franc;
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12th fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the
Bank of France is now Just about £1; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 165
francs per
£1; when 65.5 mg., about 125 francs equaled £1.
Spanish pesetas
The
♦
It is
to
the outbreak of the
represented
continues to
held
in
European
since
These units
war.
steady by the various national exchange
trols.
Trading is
Argentine
on a
are
con¬
official rate for both bank¬
paper pesos,
sight and cable transfers, closed at 29.78, against
29.78
Friday of last week.
on
market rate
closed at
Brazilian milreis
Chilean
5.17.
The unofficial
or
free
23.45, against 22.94@22.95.
quoted at 5.10, against 5.13.
are
exchange is quoted at 5.17 (nominal), against
Peru is
be found the
nominally quoted at 18%, against 18%..
clined to softness owing to the
lower quotations for
sterling this week in the free markets.
Hongkong, Shanghai, and the Indian
Bank of
when
rupee move
in
of
resume
sterling exchange, the
an
order that the sale of
American nationals is to be permitted only
is
assurance
given that the American dollars
involved have been sold to the British control.
The Japanese finance minister on Feb. 1 told the
Diet
that
the
yen
has attained
a
new
degree of
stability in world markets since being pegged to the
United
States
dollar
last
October.
The
minister
asserted that the value of the yen will be maintained
at 23
7-16 cents,
the rate then established.
Closing quotations for
23.46, against 23.46
kong
closed at
on
24.75
yen
of
an
emptying Federal treasury.
memorial
against
24.75;
were
Hong¬
Shanghai at
7.40, against 7.50; Manila at 49.80, against 49.80;
Singapore at 47.75, against 47.75; Bombay at 30.23,
against 30.22; and Calcutta at 30.23, against 30.22.
Gold Bullion
in
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at the
British statutory
rate,
the
84s. ll%d.
principal European banks
per
as
fine ounce)
of respective
ever-
crops,
taxation of
From time im¬
poets and philosophers, orators and states¬
have proclaimed
representatives,
the dignity
and
independence of those who extract from the fecund
soil
the
materials which
raw
feed
and, in
large
a
Self-reliant and indus¬
to subdue the wilderness and
courage
strength to contest with the elements for the suste¬
nance
to be
gained only in the sweat of the honest
and determined
and
brow, gifted with manly intelligence
enlightened by daily contacts and communion
with
the
simplicities of nature,
his
throughout the
daily bread
with bold and
in his
Are
nor
farmer,
and unlimited confidence
capacity to fight unaided all his
all
these
reliance
and
laudations
out-dated?
the
as men
need fear for
hesitate to confront the world
level eyes
losophy today
and
this
Have
imperious
American farmer faded into
ties
no
ages,
own
battles.
pleasing phi¬
the
self-
sturdy
independence
of
the
nothing under adversi¬
inevitably created by the abnormal temporary
prosperity of the period of the World War and its
aftermath and the
strange
that ensued?
era
of folly and extrava¬
Are farmers today mere hope¬
less, brazen mendicants, determined to wrest the
basis of
their
a
own
standard of
living beyond attainment by
capital and toil from taxes imposed
those who labor in mines and forests and
in the factories of the industrialized
upon
especially
regions of the
country?
Unfortunately there is far too
European Banks
of
toilers in husbandry and their parliamentary
men,
gance
checks yesterday
Friday of last week.
exist, actually
any
advocates
gratuities to augment national
have been told
England has issued
rupees to
In the main
sterling.
As noted in the
vehement
artisan families and further to increase the deficits
trious, with
EXCHANGE on the Fartrends and has been in¬
Eastern countries shows
somewhat irregular
strict relation to
the
by
extent, clothe all mankind.
4
to inquire where are
now,
constituents, if
enlarging gratuities to producers of farm
these
limited scale.
Dignity of Agriculture
appropriate, just
Exchange on the the trends evidence
follow South American countries
in
by
nominally quoted at 10.15, against 10.15.
S
ers'
£
Switzerland
with the decree of Nov.
against 19.33 and 19.33. Exchange
us
1937
£
127,304,317
295,815,412
3,007,350
63,667,000
25,232,000
328,612,648
b3,871,650
France
1938
£
.
*507,407
England
Bank
cable transfers, against
reported to
four years:
Prev.
officiallyjapplied in London.
rates
at
75 points below the basic
was
whereas
1940
corresponding dates in the previous
Italy
cable rate,
10,
(Friday); comparisons
special cable yesterday
shown for the
Germany
rise in the
Feb.
upon
tions, at least
ment
much
evidence,
the surface of current events, that these
of
as
those
to
a
noisy and too
ques¬
numerous
ele¬
ostensibly engaged in agricultural
production, must be answered in the affirmative.
Obviously they
must
be
so
answered
unless
the
Volume
The Commercial & Financial Chronicle
ISO
ments, must be essentially contumacious, unwar-
geinuine sentiments of the great agricultural class
misrepresented by the salaried leaders of farm
are
organizations who haunt the lobbies of Congress
in
Washington and by the self-proclaimed, friends
of
agriculture who have maneuvered themselves intp
office,
Senators and Representatives in Congress,
as
by persistently posturing
the professional friends
as
of the soil.
of the tillers
They must be answered
affirmatively unless the qualities and views of the
great majority of farmers are misinterpreted by the
President of the United
to
a
third
States, obviously aspiring
term, when he tacitly offers to lead a
movement to break down
opposition in Congress to
continuance of
gratuities which he
ing to include
among
the recommendations of his
If these affirmatives
extravagant annual budget.
not to be
are
as
unwill-
was even
accepted, if
in reality
appearances are
superficial and misleading as those who retain
their faith
the conscious
in
worth
and
dignity of
agriculture must wish to believe, it is high time to
poll the honest farmers of the land and ascertain
the truth
to how
as
and become
sites upon
communities,
of their
as
tax-supported para-
and
how
efforts,
own
continue
many
ability to obtain their
own
their
by
nance
have turned mendicants
the profitable toil of the cities and other
industrial
sure
many
willing to exist
suste-
own
untempted
by
the
specious pleadings and promises of subservient politicians and
utterly unwilling to become the recipi-
ents of either
The issue
it is at this
private
can
more
clearly drawn than
are
imminent; to take the
irretrievably,
by revolution, to
save
a
tax-robbery and tax-fed subsidies, such
undermined and
which
path
wrong
to continue upon it, may be to commit the
now, or
lation
public charity.
be
moment; decisions that may be irremedi-
able and final
of
or
never
nificent
structure
system
that
as
finally destroyed the
and
strength
of
mag-
Roman
the
Empire.
The House of
testations
Representatives,
from
the
up deterred'
by
pro-
Secretary of Agriculture and
disregarding remonstrances from the White House
and
its ever-faithful
group
of palatine politicians,
has dared to cut the current
agriculture to
some
appropriation bill for
$66,900,000 less than the budget
the President called
"bed-rock."
This, indeed, is substantially more than
was recom-
estimates, which
mended
•
by the Committee
House, which proposed
stead
of
a
on
Appropriations of the
total of $634,374,256 in-
substantially $900,000,000 which
total included in the President's
this committee action the
seclusion
at
budget.
the
was
Following
President, who had sought
Hyde Park, apparently to evade
con-
tacts, possibly compromising his third-term manipu-
lations, with members of the Democratic National
Committee, which
for
was
about to meet in Washington
preliminary action concerning the next nomina-
tion, rushed before the spot-light to utter denunciations of the economies
and
proposed by the committee
baldly to hint his support of restoration of the
so-called
"parity payments" against which, in the
absence of
what
special taxes to meet them, he has
some-
feebly and perfunctorily protested from their
inception.
He regaled the visiting
porters with
reductions
series of
budget
as
a
newspaper
re-
characterization of the committee's
"terrific," and distributed to them
a
quotations from the oracular wisdom of his
message
tending to suggest that
tion from what he had
seen
fit to
any
devia-
favor, except
a
potential increase of $225,000,000 for parity pay-
893
rantable, and prompted by vicious antipathies to
agriculture and its expectant votaries. As to the
parity payments, he strongly hinted that he might
come to their support, as very likely he will,
Of course all the professional lobbyists supported
by the farm cooperatives and by dues paid out of
the allegedly so insufficient revenues of the farmers, are ready to join in the chorus of protests
against diminished gratuities, although very few of
them are agreed as to the methods by which the
amounts of the individual donations ought to be
computed or, in fact, as the economic and philosophical justification of the whole system of pay¬
ments for restrictions upon production or interference in other forms with normal activities and
efforts. Thus the issue is squarely defined and for
speedy determination. All those who believe that
the industry of agriculture has become pauperized,
that society cannot be adequately fed and clothed
unless it will add to the prices of agricultural products, as they are normally derived from the interplay of supply and demand, sums wrung from taxes
levied upon the fruits of non-agricultural; toil and
distributed among the farmers regardless of all differences in industry and efficiency, will naturally
support the President's views. That is to say, they
will do so if they also believe that a deficit economy
can be permanently maintained and that security
against individual bankruptcies can be insured by
withdrawals from an insolvent Treasury, balanced
by borrowings secured upon the revenues of additional taxes not yet enacted but to be required
in ultimate course from an unwilling Federal Legis¬
lature, intimidated and compelled by circumstance,
On the other side should be all those who believe
that no essential industry can become pauperized;
all those who are without faith in an abnormal
economy manipulated by politicians, part of it subsidized by gratuities and other parts subjugated by
taxes avowedly intended to divert portions of their
earnings to those incapable of full self-support; all
the farmers whom nothing could induce to become
parasites; and all the sensible and sober citizens
who sustain the principle that government should
be always impartial, never abusing its essential
powers to favor one group or class at the cost of
another group or class. With a sound and enlightcned public opinion and such an alignment there
need be neither doubt nor apprehension as to the
result.
An instructed democracy is certain to become
alert and to vindicate itself. Already the perceptions of the politicians who dominate Congress seem
to have been aroused, and there is evidence that the
leaders are ready to support at least a partial
return to sanity, in this respect, and severe curtailment of expenditures that are not only unsound but
inconsistent with any semblance or pretense of
economy.
Obviously it is easier, at present, to tell
farmers whose independent characters have been
temporarily sabotaged by gratuities that curtailment is imperatively demanded by the condition of
the Treasury than to attempt to convince them by
strong and sound argumentative representations
sustaining the truth that permanently subsidized
industry can never be profitable industry or anything except parasitic. But the sound theory is a
plain derivation from the facts of the last seven
years' experience and is undeniable.
894
The Commercial & Financial Chronicle
Prices
demand
tion in
low
not too
are
production,
unless there
measured by the
as
which, in the
is excessive
ness
effective
current
of
of agricultural produc-
case
general, must be sustained by the aggregate
power of the non-agricultural groups,
for any
10c., and therefore the
as
production is necessarily to provide for its
ous
petuation.
a
That would be recognized
priori grounds, by
is
as
true,
any competent person ;
bale
the
New
Deal
is
but
facts within the observation of
any
process
could have
ending
no
of the uneconomic subsidies.
able
to
produce
that it
cost of
As
as
gratis,
The
every
or
gratuities in
his
make
these
well
as
of
the
the
interest of
agriculture,
dignity of those who follow it
as
life, demands withdrawal of the subsidies,
.tion
of
artificial
normal
conditions
of
production
restore and
and
readjustments
are
he
$25.00
was
certificates
free,
for
expected to raise,
certificate, wherever he wanted, and
certificate,
without
he wanted.
of the mills
cotton,
wherever
(within
The cotton would go through
trade, hiding in the breaker
and emerging from the weave
a
certificate,
To do this it
would have to report its marketings to the AAA and
obtain
cessa-
required
a
represented in the finished goods before it could sell
way
perpetuate sound industrial health,
$25.00
the goods into commercial channels.
as
marketing,
production
bale with
tificate (face value $25.00) for every bale of cotton
stimulation, and early return to
with whatever incidental
to
a
a
At that point the mill would have to buy a cer-
further
reasons
per
before it joined hands again with
subsidies or gratuities
plausibly but superficially and unsoundly defensible,
For
subsidy
$25.00
shed and the bleachery as fully processed material
prices below the legitimate cost of production
to
fifty
100 bales which he
rooms
form, the surplus will continue, and it may increase,
as long as the
surplus continues, just so long
continue
a
or
used in this country,
permitted
certificate
the normal channels of
And
will
a
nothing,
for
limits)
other
any
pound
a
And the Agricultural Adjustment Ad-
ton, without
a
subsidies
crop
"deserved"
The farmer would then be allowed to sell his cot-
it is profit-
price equal to the marginal
production, whether the profit comes from
tax-supplied
farmer's
each
face value.
by the withdrawal
long
genera-
ministration would therefore send each farmer,
of any commodity than the
more
market will absorb at
save
of
should receive
upon
American.
a
So the Secretary would therefore decide that for
plain statement of
a
grower
that portion of his
on
half
per-
precisely what has happened in the United States
under
1940
that, the purchasing power
pound of cotton having been 15^2^
a
of the difference, or about 5c.
it is, axiomatic, it follows too plainly
controversy that to subsidize the superflu-
being,
wisdom
same
10,
tion ago, it ought to be the same today instead of
purchasing
This
of the
Feb.
a
permit indicating that the certificate had
been purchased.
-
Between the farmer and the mill
the cotton would wend its commercial way without
benefit of certificate, and the certificate its financial way
without benefit of cotton; and in
conse-
1
fortunately, the habits of the cotton trade
quence,
Parity Certificate Plan Just Old Process-
U*
The
*n§
Tax Camouflaged
cutting out of good-sized chunks of the farm
recently in the House of Representatives
has
caused
But
the
rejoicing among economy advocates.
rejoicing may be premature, not solely
because the Senate is
so
but because it
opens
the way for the advocates of
larger raids
on
likely to restore these cuts,
the public purse for the farmer's
benefit to return to the
the latest and
most
fray with renewed vigor with
objectionable of all the farm
subsidy programs—the parity certificate plan.
This plan, as everyone knows
except, apparently,
Secretary Wallace, is merely the old processing tax
out by the
Supreme Court in the Hoosac
thrown
Mills decision of
thau
has
January, 1936.
rightly dubbed it
a
Secretary Morgen-
"bread and britches
tax," but Secretary Wallace, ever ready with the
handy brush of protective coloration and euphemistic
labelling, has tried to get people to think of it
as
everything except
what it is.
around the corridors of the
ment
is
Three bills
the
.
bill would
•
on
the
futures
ex-
changes would not have to be modified,
The life-cycle of the certificate therefore becomes
of considerable interest. According to the present
Plan the farmer would be privileged to sell his certificate, immediately, either to a local bank, or a
local pool, or directly or indirectly back to the AAA.
The word "privileged" is used advisedly, because
apparently the plan is to license or otherwise contro1 the dealers in these certificates, and to judge
by the turn of mind of the AAA there w0"ld be 110
willingness to leave the financial fate of these certificates to a free market, with .its practical determination 0f discounts, &c., but to dictate closely
Just who could handle them and under what eircumstances.
The ultimate market for these certifi-
cates would be the processor—in the case of cotton,
of course, the mill. But just as the farmer could
sel1 his certificates either to the more or less regu-
lated discount market
or
back to the AAA, so the
processor could buy them either from this market or
plan.
The Wheeler
to cotton.
All of these
to action if and whenever the
export subsidies
are
parity
bills
pay-
definitely defeated,
cash, and thence out of the AAA directly to the mill
for cash—or from the farmer into
a
discount
mar-
ket and thence to the mill.
of course practical minds will promptly jump at
two points.
If the farmer is to be permitted to sell
They
bis certificates right back to the AAA, why not send
be illustrated concretely, if roughly, with cot-
him cash to begin with? And if the mill, under such
circumstances, it to be allowed to purchase its cer-
ton.
At the
beginning of the
tary in his wisdom
ing
changed and the standard
future delivery
be from the farmer directly back to the AAA for
new
The essentials of these bills
may
be
submitted in the first session of
were
and the Josh Lee bill
come
for
to
directly from the AAA. Only experience could tell
whether the chief flow of these certificates would
apply to wheat, the Ellender bill to rice,
ments and
need
processing tax.
present Congress for the
can
However, even
Secretary's own Depart-
they know better and frankly admit that it
substitute for the old
a
not
contract
subsidies
ever
would
year
mills
and
be
the
12.000,000 bales.
the
same.
crop year the
Secre-
would decide that for the
the requirements of
would
cotton,
are
our
approximately 6,000,000
crop
would
be
com-
domestic cotton
bales
of
approximately
He would then decide in the
fuli-
tificates from the AAA, why not require it to do
80 in the first place?
In other words, why not
resolve the thing down to what it is—a direct cash
subsidy to the farmer and a direct tax on the
processor?
Volume
The
The Commercial & Financial
150
is
answer
thing is
bonus
a
as
easy as
the question.
geared to
processing tax.
a
The whole
It must not appear as a
legal subterfuge.
The old Supreme
Despite the somewhat unof-
Court ruled that out.
ficial effort of the AAA to call this a
"streamlined
processing tax," it is anything but streamlined in
the economic
is
or
financial
sense.
The streamlining
only legal—in fact, it may be considered as
wind-pressure of public opinion rather
the
to
ance
than to the pressure
new
For with the
of legal opinion.
Supreme Court the question naturally arises
have not
why proponents of the certificate plan
frankly set it
up as a
processing tax instead of going
through the fol-de-rol outlined above.
had
politi-
legal, designed to minimize resist-
rather than
cal
Sugar lias
processing tax for nearly two and a half
a
and
years,
has ever feared its legal upset,
one
110
law merely imposes the tax on one secthe law and distributes the benefits in
The sugar
tion
of
another, and the Supreme Court is supposed to be
too dense to understand that the one is geared to
other, and has so proved, just as it has in the
the
of the
case
insurance
Social Security Act,
where
an
alleged
round the highest court's
gets
system
of perception (dimmed in recent years) by
powers
imposing the tax in one section and granting the
benefits in two others.
Proponents of the certificate plan stress that its
constitutionality depends on the commerce clause of
Constitution
the
Congress,
taxes
instead
taxing
of the
power
of
which the ill-fated former processing
on
depended.
(Students of the Constitution here
is flimsy indeed, for the plan
assert that this basis
"regulate" commerce at all, but merely
would not
tax
to the
opponents of the old processing tax, that the
disguise of the processing tax is a concession
new
to
But the plain fact remains, as a tribute
it.)
public opinion, not to the law.
tax has
The processing
acquired such a thoroughly bad name that
nobody dares risk it except in disguise.
similarity to the processing tax appears
Another
at this
Under the processing tax the United
point.
States Treasury
paid out to the farmers the "bene-
fits," / and
always
not
processors.
after collecting from the
In this case the AAA would have to
buy back some of its certificates
them out to the mills.
Therefore
from
the Treasury to
under the certificate
before it had sold
a
"slight advance"
the AAA would be required
plan.
It would be a "revolving
fund," for this advance could be repaid before the
end of
the crop year
from the sales to the mills.
But, after the thing was started, the matter would
be of little moment.
The certificates would be
cashed mostly
throughout
came
first
The
in the fall and then sold to the mills
the year;
would
but the question of which
be like
the famous
895
Chronicle
dilemma.
However, there are so many things
against the plan that this is hardly important,
Nevertheless, this may be the place to bring out
the second major virtue of the certificate plan to
its sponsors—and its second major vice to the rest
of us.
It is designed to take the processing tax out
of the
of the budget, out of the Treasury, and out
annual scrutiny of Congress and of the public. The
money—except for the initial revolving fund—
would not go through the Treasury at all. Just as
agency after agency has been moved, under this
Administration, outside the regular budget, so this
particular tax, under another name, would not
appear in the regular budget—and Congress would
not be asked to vote 011 it every year. It would be
just a natural hazard of the consumer—a permanent
fixture in his financial landscape.
The fundamental objections to a processing tax
have been so thoroughly aired that there is little
need to review them. The simple phrase, "a bread
and britches tax" sums them all up. While the
New Deal is doling out relief and charity housing
with one hand, it is turning the tax screws tighter
with the other hand 011 the very economic class for
which these gratuities are so unctuously tallied,
The fashionable Washington economists have been
lavish in their sarcasm about the arguments of the
steel industry recently before the O'Mahoney Cornmittee about the small importance of an increase
in the price of steel in the ultimate price of an
automobile, and it is only fair turn about if this
same kind of sarcasm is used on their fervid arguments about how small a tax on cotton bulks in
the final price of a shirt, or a tax on wheat in the
final price of bread. They know the tricks; they
should not object if they are turned against them,
There are still two more objections to the certificate plan which take a little legal sharpshooting
instead of the broadside of the processing tax
opponents.
In the first place—and this is more than merely
a nice point—the certificate plan favored by the
AAA would revive the most objectionable regimen-
tation which the Supreme Court threw out in the
Hoosac Mills case. For those who take legal niceties
seriously, it will be remembered that the AAA program was thrown out because it punished the nonconformist farmer not only for his excess or overquota production, but also on his permitted or quota
production. In the important tobacco decision of
1939 the Supreme Court said, in effect, "this law
penalizes a man (by a 50% tax on market value)
for his sales in excess of quota, but not on his sales
of his production quota, so it is legal." The old
Kerr Tobacco Act, which Congress promptly revoked
(continued <m page 900)
hen-and-egg
Capital Flotations in the United States
During the Month of January
displayed,^ greatest volume since April and in addition were the largest
several noteworthy characteristics.
In the first place the
of any January since 1931. Stock issues last month reprevolume of all corporate issues, $165,514,550, was the greatest
sented about 30% of the total volume of offerings, the
for the opening month of the year since 1937, comparing
greatest proportion such issues have comprised in any
with such small amounts as $16,312,332 in 1939 and $.50,month since September, 1937. In the whole of 1939 stock
505,996 in 1938.
Of last month's corporate total, $32,offerings represented less than 10% of the total volume
054,718 represented new capital, compared with no more
and in 1938 less than 5%. In 1937 stocks represented
than $5,926,032 in January, 1939, but less than the $46,about 30% of the total and in 1933, when all offerings
364,596 in January, 1938.
As compared with the months
amounted to only $381,583,656 , 40%. But m other
preceding, last month's volume of new capital was the
years since 1929, the proportion has been considerably less
The flotation of new
security issues in January
greatest since last July.
January's financing was
volume of stock offerings,
further distinguished by the
aggregating $49,133,550, the
largest since last April and far above the amounts of such
issues placed in the corresponding months of the two previous
years.
Common stock offerings alone, also were in the
than that recorded last month. In 1929 stock issues were
nearly 70% of the total issues floated,
Last month's stock issues included the $35,562,300
American Gas & Electric Co. 4%% preferred stock offering,
proceeds of which were used to refund its $6 preferred stock,
The balance of the month's stock offerings, $13,571,250,
The Commercial & Financial Chronicle
896
consisted of
the
capital issues.
The aircraft industry was
of $9,412,500 of the latter amount, about
new
recipient
188
utility
group was, as
usual lately, the largest partici¬
(one issue—Libby, McNeill & Libby first mortgage bonds),
$11,000,000, was next, with the aforementioned aircraft
industry fourth in size.
Large issues placed in January, not already mentioned,
consisted of Chicago Hock Island & Pacific Ry. $20,400,000
equipment trust certificates, Consumers Power Co. $18,594,000 first mortgage bonds, Consolidated Telegraph &
Electrical Subway Co. $15,000,000 debentures, and
Pennsyl¬
vania Water & Power Co. $10,962,000 refunding
mortgage
& collateral trust bonds.
Financing of six companies alone
aggregated $141,518,300, or about 85% of the total.
There were eight issues placed privately last
month, in
a total amount of
$42,075,000, which was about 25% of
the total.
This percentage compares with 33% for the
year 1939 and 32% for 1938.
The smaller percentage in
January is attributable to the larger proportion of stock
offerings, nearly all privately placed issues being securities
evidencing indebtedness.
Municipal financing aggregated $85,144,777 in January
in comparison with $90,115,445 in December, and $103,823,-
last month
was restricted to
mediate Credit Bank issue.
Land Bank
a
ana
an
using our flotation figures
should be able to ascertain easily from a brief
examination of the detailed statistics, that both publicly
offered and privately placed security issues are included in
the totals.
We
take
occasion now, however,
to draw
attention to, and to emphasize this fact, having
recently
noted a published article quoting the figures, which in¬
correctly stated
that privately placed issues were not
aware, or
included.
Below we present a tabulation of figures since
January,
1938, showing the different monthly amounts of corporate
financing as revised to date.
Further revision of the 1939,
as well as the 1940
figures, will undoubtedly be necessary
from time to time, particularly as additional
private financing
is brought to light ir annual reports and other
places.
1940
1940.
1939 AND
1938
*1939
♦1938
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
Refunding
$
$
$
$
$
$
$
$
January
February
32,054,718
133,459,832
165,514,550
Inter¬
We believe that most persons
are
SUMMARY OF CORPORATE FIGURES BY MONTHS,
Total
$
5,926,032
23,570,572
52,979,191
First quarter
April
May..
June.
Second quarter
16,312,332
46,364,596
4,141,400
50.505,996
159,685,572
40,851,910
62,224,590
103,076,500
99,667,851
23,995.213
58,643,000
82,638,213
193,189,960
275,665,755
111,211,719
125.008,990
236,220.709
78,160,042
21,740,443
30,241,064
...
10,386,300
136,115,000
46,688,660
82,475,795
March
251,798,424
181,749,350
259,909,392
11,683,361
66,750.000
161,502.000
183,242,443
282,039.488
37.574,800
25,691.650
78,433,361
63,266.450
202,315.995
98,791,000
301,106.995
130,141,549
595,049.774
725,191,323
251,574.156
191,232,650
442.806,806
212,617,344
months
788,239,734
1,000,857,078
362.785.875
316,241.640
679,027,515
July
50,139,246
230,577,325
130.275,506
55,545,325
185,820,831
317.462,641
343,357.485
127,013,570
211,140,930
338.154,500
16,019,150
Third quarter
180,438,079
25 894,844
August
September
79,096,000
95,115,150
84.937,241
65,135,600
150,072.841
92,053,240
576.996,720
669,048,960
342,226,317
331,821,855
674.048,172
304,670,584
1,365,236,454
1,669,907,038
705,012,192
648,063,495
1,353,075,687
18,200.021
21.407,875
Nine months.....
157,313,563
90.792,333
194,281.158
175,513,584
63,921,610
43,520,873
274,237,144
112,200.208
107,701.800
151.222.673
221,252,215
59,644.275
237,143,300
296,787,575
October
November
December
26,971,057
Fourth quarter
338.158,754
66,578,953
Twelve months
*
1940
January, 1939.
A considerably larger proportion
municipal total, than has recently been customary,
represented refunding operations, however.
Over 30% of
the month's volume fell into this category, compared with
a
monthly average of about 17% in 1939.
The only month
last year that had a larger proportion of refunding issues
in the municipal field than January was September, when
all financing operations were on a much reduced scale and
34% of the $24,003,498 municipal total was for refunding
purposes.
Farm loan and Government agency financing
pant in the January capital market, taking $118,902,050 of
the total; railroads followed with $20,525,000; food canners
Six
10,
in
of the
two-thirds of which went to the Lockheed Aircraft
Corp.
and the balance to Vultee Aicraft, Inc.
The
Feb.
442,387,054
508,966,007
167,086,758
619,082,244
786,169,002
371,249,537
1,807.623,508
2,178,873,405
872,098,950
1,267,145,739
2,139,244,689
■
.....
Revised.
ERRATA—In the notes to this table, which
appeared In our Issue of Jan. 6, the $1,200,000 debenture Issue of Creameries of
America appeared Incorrectly as having
$1,220,000 due to a typographical error; the correct amount, however, was
applied In revising the figures In the above table.
revising the December, 1938, figures last month, $100,000 was
inadvertently added to refunding instead of to new capital, where It belonged.
The revisions,
however, applying to that month were correctly described In our issue of Jan. 6.
The error noted has been corrected in the table as it now
amounted to
In
appears.
Treasury Financing During the Month of January, 1940
of
Treasury financing in January, as in the opening month
1939, displayed the modern phenomenon of negative
Baby bond sales in the month totaled $273,043,690, a
record
high, in comparison with $145,826,772 in
January, 1939, the previous monthly peak, and $102,248,654
in January, 1938.
The strong January demand for these
securities obtains from the fact that a new series is created
new
interest rates, with three of the
weekly bill issues going at
prices above par and the other two at only
slightly lower
prices.
The particular demand for bills at this season of
with the
the
and
which
year,
attributable
in
Illinois
produces this unusual circumstance, is
the bank deposit taxes
levied, as of April 1,
to
and
elsewhere, which
holding of bills
over
be
can
the tax date.
avoided
Demand for
by the
bills
was
also
strengthened last month by a reduction in the amount
outstanding of $150,000,000; the amount by which maturities
exceeded emissions.
It might also be mentioned that the
already redundant volume of excess bank reserves attained
new heights in
January, and more funds than ever were
therefore seeking employment
during the month.
UNITED
STATES
TREASURY
FINANCING
JANUARY,
Date
Dec. 27 Jan.
Due
3
Jan.
5 Jan.
10
Jan.
12 Jan.
17
Jan.
19 Jan.
24
Jan.
26 Jan.
31
Jan 1-31 Jan.
Janua ry
1
91
days
91
days
days
91 days
91 days
91
10 years
total
new year
wont
to
on
as
obtainable.
many
organizations
their
The
that account, which is not reflected in
In the tabulations which follow
THE
MONTH
we
our
tabulations.
outline the Treasury's
financing activities in January:
OF
USE OF FUNDS
Amount
A pplled for
A ccepted
$
579,659,000
380,809,000
225,527,000
217,745,000
191,020,000
273,043,690
and
take
$10,000 quota as
baby bond sales are regarded as
new indebtedness
in our compilations, since
they are not
issued specifically for the purpose of
retiring other securities.
However, it should be noted that since $150,000,000 of
maturing bills were not replaced with new bills, tbere was
a reduction in the
Treasury's public indebtedness last month
soon
1940
$
Dated
are
•
DURING
Amount
Offered
opening of the
individuals
Type of
101,930,000
101,257,000
100,240,000
100,253,000
100,044,000
273,043,690
Yield
Dated
Total Amount
Security
Accepted
Refunding
Indebtedness
%
Price
$
%
X
Nil
Jan.
3
91-day
Treas.
bills
101,930,000
X
Nil
Jan.
10
91-day
Treas.
bills
101,257,000
Jan.
17
bills
z
Jan.
24
91-day
91-day
Treas.
z
Treas.
bills
99.999
100,253,000
101,930,000
101,257,000
100,240,000
100,253,000
*0.004%
*2.90%
Jan.
31
91-day
Treas.
bills
100,044,000
100,044,000
U. S. Savings bonds
273,043,690
Nil
y
75
776,767,690
Jan.1-31
January total
100,240,000
776,767,690
273,043,690
503,724,000
273,043,690
x
Slightly above par.
y At par and slightly above
♦Average rate on a bank discount basis.
*
z
Prices ranged from slightly above par down to 99.999; the
average was fractionally under par.
INTERGOVERNMENT FINANCING
1940
January—
Issued
Retired
$
Certificates
23,800,000
2,344,000
50,300,000
January total
26,144,000
8I?ci£l series
Certificate Fund and certificates
Fund, Foreign Service Retirement Fund,
Railroad Retirement Fund, Postal Savings
Net Issued
$
50,300,000
Notes
Old Age Reserve
par.
26,500,000
x2,344,000
24,156.000
and notes; certificates
Unemployment Trust Fund, and
sold
to
notes
to
Account, Railroad Retirement
Account, Civil Service Retirement
xExcess of retirements.
In the comprehensive tables
$
.
Corporation,
Canal
Zone
Retirement
Fund,
Alaska
System, and Federal Deposit Insurance
on the
succeeding pages we
January figures with those for the corre¬
sponding periods in the four years preceding, thus
affording
a five-year
comparison.
Following the full-page table, we give complete details
of the capital flotations during
January, including every
issue of any kind brought out in that month.
compare
the
^1
S
$
Total
2.243,71850 C18,0 50 2,0.0£2,1890 8,0,0
273,904 48.0 , 0 ~2ob~,b 89,523614
"439',304
20,97256 48,0 0 "20b",6 38,45 5
-
2, 87,50
17.28,50
68,472 48
712,50
712,50
950, 0 9,05 ,0
58,3 ~694 4,170,140 4.781,305 51,60
30,24139 85,0 0 26",0 0 207, 831 618,49.20
Total
Refundi g 80,965 0 6, 0 , 0 16,08142
203,6492 85,0 0 26,0 6 59,84790 374,501.72
$
New
Capit l
41,250 2,0 ,0 3,7190 3.561,96
50. 5,96 23,50 47,8 417 12,74 13
Refundi g 1,4 60 1,67 0 1,02 80
4,1 ,40 17,50 7,58,50 29,4 90
$
1938
YGFovtefrhdnramogmuni.clplyesFEJOAIMTVNFRUSSHUIT.ANSEHRED
YFEJOAIMTNVFRUIHASLUFNOECRPRGDLM
Capit l 39,78340
$
323,0 0 2,69 ,20 3,561,9 6
7,50 , 0 7,60 , 0 31,2122",
1 0, 0 30 ",0
1,4 1,60
425,6
39,78340
1,470",6 3,80,0 f,48b"6
50 ,0 250, 0 7,50 , 0
16,32 20, 0 137,96 5 103,821 27,53120
2,30,0 2,60,0 l,026"b32
New
5,926032 20, 0 18."l46~,b 76,10832
Capit l
$
New
16,380 37,84605 1,28750
165, 450 28.0 0 85,147 279,45.327
Refundi g 97,8 .532 35,6230
13,459832 28,0. 0 26,98735 18,5 67
%
Total
$
1940
SOUMFARY Capit l 18.4S3 68 2.83.750 1,28750
New
CONOGRPREAUWFTPEI
ACHNARDTE
32,054718 58,4602 90, 760
Sbtaoneydis
5,179,38 60 ,0
1,01,0 7,28096 40,3 0 40 ,598 5,379 8 60 ,0 0 725.KO O 3,10,0 50. 5,96
1,0 2,50
20,30
4,176,89 60 ,0 0
1,08 70 6,258196 39,26840 40 ,598 4,26 89 60 ,0 0 425,0 71,0403", 46.3 596
462,3 2 750, 0
323,0 0 323,0 0
90,0 0
1939
$
1,2 ,32 5,0 ,0 1,470 10 ,0 0 4,26 32 750, 0 1,480, 0 50 ,0 2,750, 0 16.32,
Refundi g
Capit l
$
$
30 ,60
250, 0
5,0 ,0
186,30
186,30 5,0 ,0 30 ,0 0
3,986,30 "850", 0
2,30 0 "1000"60,
630, 0 5b ",6
1,'70.6
1,02 80 f,03T,6 1, 250 "30 ,0 1,697",36 4.1 40
5,0 ,0
2,50 , 0 2,60 , 0
276.032 750, 0
1,026 32 1, 70, 0 10 ,0 0
276,032 750, 0 630, 0 50 ,0 0 2,50 , 0 5,926032
250, 0 5,20 . 0
3,80 , 0 ~8 5~o b
40 ,598
2,50,0 7.60,0
"Y
5,0 ,0 600ob",
8 1.0 250, 0
27,80 146,83719 59,21430 78,64 9 15,30 14,14700",8,31.05 102,5 0 31, 0 30,24139
281.0 250, 0
19,7 28 30,75 27 6,92,30 8,098,0 4,25,950 14,"4l70b~,7.581,305 42.0, 0 2,86782 96.54 7
1,67 0 1,67 ,0
$
72.934
8,10 ,718 16,08 412 52,850 70,6 94 1,04 50 80 ,0 59.84,0 60 ,0 0 8,30 ,218 203.64,92
40 ,598
2,0 ,0 2,0 ,0
Refunai g 1,031,60
3,749.68 30,8 0 1,50 27,035248 10, 5196 3,4 90
l",875~6 4,170,140 4,781,305 150. 0
950, 0 2.450, 0
41,250
Total
10,386 0 19,"250 27,1 356
.
20,9756
51,0 0
6, 0 , 0 56,480"694
20 ,0 725",0
Capit l 39,26846
Refundi g 5,20 , 0 5,0 ,0 "l86~3b
$
1939
80 ,0 0
40,3 0
46,3 596 5,60,0 40.329,17 92, 4513
New
Total
$
New
1938
80,965 0 80 ,0 5,0 .0
6,92 30 6,123,0 4,25 .950 1,40 , 0 42,05 0 281,0 250, 0 2,097,50 63,8 750 "Yob",0 1,40 . 0
Total
$
Total
202,50
60 ,0 0
Refundi g 51,4850 9,286,0 1.04,50 8,348.0
1937
96,54 7 147,3 "591 243.9680
New
GFOOCVERRENPIMGNATT,,
8 1,0 250, 0 80 ,0
58,41 30 15,409 15,30 0 1,40 0 50,4 0 2,30,0 14,35 0 5,10,0 2,0.0
63,8.750 2,450, 0 20,695 82 10,6 045
Capit l
250, 0
63,71850 27,0 0 9,714 52 1,39 04 9,150, 0
1,05 ,0 2,105 96 594, 90
14,35 0 9,05 0 136,7 094 10,6045
%
1937
273,904
439,304
439,304
183,24572 15,0 0
Capit l 30.8 ,0 1,50, 0 25,98 248 8,0 ,0 2,137,50
Total
4,18,90 94,518 0 28,50 126,750 1,24 50 12,594 0 250, 0
594, 90
18,0 0 1",05 6 2,54,50
70 ,0 250, 0
Refundi g 48,71.50 27,0 0 9.714,52 6,8 2,50
1936
72,934. "960.115 59 124,0 93
New
«_—
$
Total
712,50
Capit l 60,47248 2,0 ,0 1.749,68 8,0 ,0
S
CO
CiO 379,518320 8,50a125,70 2.8,70",bo 09,0 ,)0 250,0 :^: : g521,7850 g15,0 0 j~•*— :o: : g* 3~."ob,b o
287.6 01
00
ft)
»*•«.
ft
41,63104
Refundi g 183,§4572 17,28 50
1936
o
a
tr
C5
10,386 0
New
20,5 0 82,4560
13,40 0 16,380
36,4 .05 1,40,0 9,412,50 1,40,0 ~475" 0 0 49,13 50 20,5 0 18,902 5 1,40 0 9,412,50 1.40,0 13,875~6 165, 4.50
Refundi g 20,493.602 65,80
1,597 30 97,8 .532
35.62,30
*31,398
1.802, 70 18,43 68
8 3,750
Total
1940
Capitl 16,50.
New
1,597.30 13,459832
35,62.30 20,493602 10,368 0
31,398
1,40,0 9,412,50 1,40,0 "475"6 13,571250 17,53 750 1,40 0 9,412,50 1,40,0 2,7",07 32,054.718
JOFANURY Corpate— bonanotedss. stock stock. bonaonteds.s stock stock foreign— bonaontnedsd.s stock stock corpateGovernmtforgoevernimgnGaavcni_ts.d,&Municptal—eS,sPoSstaiens toal fuidnficgndlusoreets JOFANURY NBoteos—ands utiles&ccsoopteaerl.l,,manuft acesori inmdaaunusnftcrtdrigl &buildcngs, &htocrtlard—udinsingtg,,,Miscelanous NBoStehosao—rnt-Tdesm utiles&ccsoopteal,l,,manufctres oi inmaaaununsftcrtdrilg &buildcngs, &hotcrtlard—udinisngtg,,,Miscelanou— utiles&ccospoteael,,l,manuftr acesori imnaadnuufnscttrdrigl -&buildcngs, — -&hotlrdcatridnuignsg,,,Misc—elanou -utiles&cocpsoteaer,l,l,mnuft acesori.- mnianufdntusdgtrl &c."buildngs, fn&^hco—rldturiandsgin,tg,,Miscelanou securitcorpate
i'H
MOb.
LiDomestc— ong-term Short-em Pref red Com on Candi— Long-term Short-em Pref red Com on Other Long-term Short-em Pref red Com on Total
Grand
Can dian OtherLoan
Farm
These
♦
♦
United
MONTH
Long-Term Railroads Public Iron,Equipment Moatnords
Total
Other
Oil
Land, Rub er
Ship ingInv.
Railroads Public Iron,Equipment Maotnords Other Land, Rub er. Ship ng Inv.
Oil
Total
Stocks— Railroads Public
Equipment and
Total
Iron, Motors Other Land, Rub er Ship ing Inv.
Oil
Total—
Railrods Equipment and
Public Iron, Motors Other
Total
Land Rub er
898
The Commercial & Financial Chronicle
Feb.
DETAILS OF NEW CAPITAL FLOTATIONS DURING
JANUARY,
LONG-TERM
BONDS
AND
NOTES
THAN
FIVE
(Preferred stocks of
1940
(ISSUES
a
stated
par
stocks
of no par value and
their offering prices.)
at
MATURING
LATER
RAILROADS
chester. Ind.
*20,400,000 Chicago Rock Island & Pacific Ry. 294% equipment trust
certificates, due semi-annually October, 1940-47.
Purpose,
refunding.
Awarded to Salomon Bros. & Hutzler; Dick &
Merle-Smith, and Stroud & Co., Inc., on bid of 100.8152942.
Placed privately.
1940
value are taken at par, while preferred
all classes of
PUBLIC
YEARS)
*$125,000 Algers Winslow & Western Ry. six-year 4 94% serial deben¬
tures due 1941-45.
Purpose, refunding ($93,002), additions,
betterments, and purchase of equipment ($31,398).
Price
9794 and int.
Sold to Standard Securities Corp. of Win¬
10,
STOCKS
common
stock
are
computed
UTILITIES
$35,562,300 American Gas & Electric Co. 355,623 shares of 494% cum.
pref. stock, par $100:
Purpose, refunding.
Price 105 and
dividend.
First offered to holders of $6 pref. stock on a
share-for-share basis, plus a cash payment equal to the dif¬
ference between the redemption price of the old pref. stock
and the initial public offering price of the new stock ($105
per
share and accrued dividend from Jan. 1).
The pref. stock
offering was underwritten by the same group which under¬
wrote the debentures isee above).
883,750 Associated
Telephone Co., Ltd., 35,000 shares of cum.
pref. stock, $1.25 series (no par).
Purpose, additions, better¬
ments, Sec.
Price $25.25 per share and dividend.
Offered by
Bonbright & Co., Inc.; Paine. Webber & Co., and Mitchum,
Tully & Co.
$20,525,000
PUBLIC UTILITIES
$8,000,000 American Gas & Electric Co. 294% sinking fund
debentures,
due
1950.
Purpose, refunding.
Price 10294 and interest.
Offered by Bonbright & Co.,
Inc.; The First Boston Corp.;
Harriman Ripley & Co., Inc.; W. C.
Langley & Co.; Smith,
Barney & Co.; Blyth & Co., Inc.; Tucker, Anthony & Co.;
Harris, Hall & Co. (Inc.)' Kidder, Peabody & Co.; Lee
Hig¬
ginson Corp.; Shields & Co.; Stone & Webster and
Blodget,
Inc.; Coffin & Burr, Inc.; Glore, Forgan & Co.; Lazard Freres
& Co.; Union Securities
Corp.; White, Weld & Co.; A. C. Allyn
& Co., Inc.; A. G. Becker &
Co., Inc.; Central Republic Co.;
Goldman, Sachs & Co.; Hayden, Stone & Co.; W. E. Hutton
& Co.; Jackson &
Curtis; Lehman Brothers; F. S. Moseley
& Co.; Spencer Trask &
Co.; The Wisconsin Co.; Blair & Co.,
Inc.; H. M. Byllesby & Co., Inc.; E. W. Clark &
Co.; Dominick & Dominick; Eastman, Dillon &
Co.; Estabrook & Co.;
Graham, Parsons & Co.; Hemphill, Noyes <fevCo.; Laurence M.
Marks & Co.; Paine, Webber &
Co.; Arthur Perry & Co., Inc.;
E. H. Rollins & Sons,
Inc.; Schoellkopf, Hutton & Pomeroy,
Inc.; Schroder Rockefeller & Co., Inc.; Dean Witter &
Co.;
Alex. Brown & Sons; Hornblower &
Weeks; Stern, Wamoler
& Co., Inc.;
Whiting, Weeks & Stubbs, Inc.; G. H. Walker
& Co.; Cassatt &
Co., Inc.; Hallgarten & Co.; Hayden, Miller
& Co.; J. J. 13, Hilliard &
Son; Laird, Bissell & Meeds; Merrill,
Turben & Co.; Mitchum,
Tully & Co.; G. M.-P. Murphy &
Co.; W. H. Newbold's Son & Co.; Putnam &
Co.; L. F.
Rothschild & Co.; Chas. W. Scranton &
Co.; Stroud & Co.,
Inc.; Almstedt Brothers; Baker, Watts &
Co.; Bodell & Co.;
R. L. Day & Co.; Equitable Securities
Corp.; First of Michigan
Corp.; Indianapolis Bond & Share Corp.; Riter & Co.; Wm. R.
Staats Co.; Starkweather &
Co.; Stein Bros. & Boyce; Swiss
American Corp.; Watling, Lerchen &
Co.; Bacon. Whipple &
Co.; Bioren & Co.; Blair, Bonner & Co.; Bosworth,
Chanute,
Loughridge & Co.; Campbell, McCarty & Co., Inc.; Wm.
Cavalier & Co.; J. M. Dain &
Co.; R. 8. Dickson & Co., Inc.;
Edgar, RIcker & Co.; Ferris & Hardgrove; The First Cleve¬
land Corp.; Folger, Nolan & Co., Inc.; The Illinois Co. of
Chicago; Kalman & Co.; The Milwaukee Co.; Moore, Leonard
& Lynch;
Newhard, Cook & Co.; Newton, Abbe & Co.; Pacific
Co. of California;
Piper, Jaffray & Hopwood; R. W. Pressprich
& Co.: Reinholdt &
Gardner; Schwabacher & Co.; Scott &
Stnngfellow; Singer, Deane & Scribner; Smith, Moore & Co.;
Stix & Co.;
Wells-Dickey Co.; Dillon, Read & Co., and
Kuhn, Loeb & Co.
10,000,000 American Gas & Electric Co.
394% sinking fund debentures
due
I960.
Purpose, refunding.
Price 10394 and interest.
Offered by same syndicate as offered the
2 94 % debentures.
12,000,000 American Gas & Electric Co.
394% sinking fund debentures
due 1970.
Purpose, refunding.
Price, 103 94 and interest.
Offered by same syndicate as offered
the 2% % debentures.
*15,000,000 Consolidated
Telegraph & Electrical Subway Co. 20-year
394% debentures clue Jan. 1, 1960.
Purpose, repay loans
from parent
company and an affiliate.
Priced to yield 3.10%.
Sold privately to
Metropolitan Life Insurance Co., New York
Life Insurance Co., Prudential
Life Insurance Co., Equitable
Life
Apurance Society of the United States, Northwestern
Mutual Life Insurance Co., and Mutual Life
Insurance Co. Con¬
solidated Edison Co. of New
York, Inc., (parent) purchased
$1,290,000 of the issue to be
pledged with the trustee of one
of its
underlying issues.
18,594,000 Consumers Power Co. 1st
mtge. 394% bonds due Nov. 1,
1969.
Purpose, refunding.
Price, 10594 and interest.
Of£®red by Morgan Stanley & Co., Inc.; Bonbright & Co., Inc.;
The Iirst Boston
Corp.; Harriman Ripley & Co., Inc.; Smith,
Barney & Co.; E. W. Clark & Co.; Mellon Securities
Corp.;
Coffin & Burr,
Inc.; Lehman Brothers; Blyth & Co., Inc.;
Campbell, McCarty & Co., Inc.: Clark,
Dodge & Co.; Cray,
McFawn & Petter; Crouse &
Co.; Dominick & Dominica;
Estabrook & Co.; First of
Michigan Corp.; Glore, Forgan &
Co.; Harris, Hall & Co. (Inc.);
Hayden. Stone & Co;. W. E.
Hutton & Co.; Kidder,
Peabody & Co.; W. C. Langley & Co.;
Lazard Freres &
Co.; Lee Higginson Corp.;
MacNaughton,
Greenwalt & Co.;
McDonald, Moore & Hayes. Inc.; Arthur
I erry
& Co., Inc.; Schoellkopf, Hutton &
Pomeroy, Inc.;
& Webster and
Blodget, Inc.; Spencer Trask & Co.;
Watling, Lerchen & Co., and White, Weld & Co.
*250,000 New Mexico Gas Co. 1st
mtge. series B 15-year 5% sinking
fund bonds, due Nov.
15,
1954.
Purpose, additions, &c.
Price
100P}.
Sold privately to Connecticut Mutual Life
Insurance Co. through E. H. Rollins &
Sons, Inc.
*550,000
5?ki° Telephone Service Co. 1st mtge. bonds due Dec. 1,
1959.
Purpose, refunding.
Placed privately with an in¬
,
surance
company.
pri¬
vately with insurance companies.
Virginia Public Service
sinking fund bonds
.MOTORS
Generating
due
Co.
4%
1st
mtge.
1959.
Purpose, construction and
pansion of plant facilities.
Price par.
Sold privately
Northwestern Mutual Life Insurance Co.
ex¬
to
$82,456,000
AND
ACCESSORIES
$1,400,000 Continental Motors Corp. 350,000 shares of common stock
(par $1).
Purpose, payment of notes payable, &c., working
capital.
Price, market (approx. $4 per share, the minimum
price to the underwriter being $2.50 per share).
Offered by
Van Alstyne, Noel & Co.
OTHER
INDUSTRIAL AND
MANUFACTURING
$6,412,500 Lockheed Aircraft Corp. 225,000 shares of common stock
(.par $1).
Purpose, provide capital for expansion of manu¬
facturing operations.
Price $28.50 per share.
Offered by
Blyth & Co., Inc.; G. M.-P. Murphy & Co.; Smith, Barney
& Co.; Hayden, Stone & Co.; Lee Higginson
Corp.; White,
WTeld & Co.; Stern, Wampler & Co., Inc.; G. Brashears &
Co.; Kidder, Peabody & Co.; Dominick & Dominick; Stone
& Webster and Blodget, Inc.; Emanuel &
Co.; W. E. Hutton
& Co.; Whiting, Weeks &
Stubbs, Tnc.; Jackson & Curtis;
Mitchum, Tully & Co.; Brush, SJocumb & Co., and Sutro & Co.
3,000.000 Vultee Aircraft, Inc., 300,000 shares of capital stock (par$l).
Purpose, pay assumed expenses (.$91,903), repay advances
($400,000), improvements, additions, &c. ($841,000); balance
to
be used for development,
working capital, &c.
Price $10
share.
Offered by Blyth & Co., Inc.; Emanuel & Co.;
M.-p. Murphy & Co.; Schroder Rockefeller & Co., Inc.;
Stone & Webster and Blodget, Inc.; Dean Witter & Co.:
Hayden, Stone & Co.; E. H. Rollins <fc Sons, Inc.; Carlton M.
Higbie Corp.; Schoellkopf, Hutton & Pomeroy, Inc.; A. C.
per
G.
Allyn & Co., Inc.; Stern, Wampler & Co., Inc.; Cavanaugh,
Morgan & Co., Inc.; O'Melveny-Wagenseller & Durst; Hill,
Richards & Co.; Page, Hubbard & Asche; Brush, Slocumb &
Co.; Sutro & Co.; Eastland, Douglass & Co., and Irving
Lundborg & Co.
$9,412,500
RUBBER
$1,400,000 Seiberling
Rubber Co. 28,000 shares of $2.50
cum.
conv.
Erior pref. stock *.no par). toPurpose, pay indebtednesspay
to
anks
($140,546), advance
Canadian subsidiary to
bank loan
($375,000), balance added to general funds.
Price
Offered by E. H. Rollins & Sons, Inc.; Central
Republic Co.; A
O. Allyn & Co., Inc.; Hayden, Miller &
Co.; L. S. Carter & Co., Inc., and Schwabacher & Co.
$50 per share.
MISCELLANEOUS
$475,000 Dixie-Home Stores 50,000 shares of common stock, par $1.
Purpose, expansion of business, payment of bank loans,
working capital.
Price $9.50 per share.
Offered
by J. G.
White & Co., Inc.; Oscar Burnett & Co., Inc.:
Ohilds, Jeffries
& Thorndike, Tnc.; James Conner &
Co., Inc.; G. H. Crawford
Co., Inc.; Frost, Read & Co., Inc.; Alester G. Furman Co.;
Johnston, Lemon & Co.; Kinloch, Huger & Co.; Kirchofer &
Arnold. Inc.; V. M. Manning; McAlister, Smith &
Pate, Inc.;
Henry T. Mills; Scott, Horner & Mason, Inc., and Stein
Bros. & Boyce.
FARM
LOAN
AND
GOVERNMENT AGENCY ISSUES
$27,300,000 Federal Intermediate Credit Banks
94% consolidated de,
1, 1940; due 90 and 150 days.
Purpose,
refunding.
Price, slightly above par.
Offered by Charles R
Dunn, New York, fiscal agent.
bentures dated Feb.
1,500,000 Fletcher
bentures
due
Joint Stock Land Bank 94% consolidated de¬
($500,000); 1% consolidated debentures ($1,000,000);
refunding.
Price
100.
Placed by
1941-43.
Purpose,
Fletcher Trust Co.
$28,800,000
ISSUES NOT REPRESENTING NEW FINANCING
$606,250 American Power & Light Co. 12,500 shares of $5 pref. stock
(no par).
Price $48.50 per share.
Offered by White, Weld
& Co.
457,875 Bunker Hill & Sullivan
33,000 shares of common
Offered
Mining
stock.
by Smith, Barney &
and Mitchum, Tully & Co.
&
series
&
&
Concentrating Co*
Price
$13%
Co.; Kidder,
7,600,000 Chesapeake & Ohio Ry. ref.
F, due 1963.
Price 105.
Co., Inc., and Otis & Co.
per
share-
Peabody & Co.,
impt. mtge. 3 94% bonds
Offered by Halsey, Stuart
543,054 (C. G.) Conn, Ltd., Elkhart, Ind., 74,904 shares of common
stock o>ar $5).
Price $7.25 per share.
Offered by American
Industries
3,750,000 Ohio Water Service Co. 1st
mtge. bonds, 4% series due 1964.
Purpose, refunding.
Price
103 and interest.
Offered
by
Coffin & Burr, Inc.;
Halsey, Stuart & Co., Inc.; W. C. Langley
& Co.; Stone &
Webster and Blodget,
Inc.; E. H. Rollins &
Sons, Inc. Graham, Parsons & Co., and
Central Republic Co.
10,962,000 Pennsylvania Water & Power Co.
ref. mtge. & coll. trust
bonds, 3)4% series due 1970.
Purpose, refunding.
Price
105 and interest.
Offered by White, Weld & Co.; The First
Boston Corp.; Minsch, Monell &
Co., Inc.; Joseph W. Gross
& Co.; Kidder,
Peabody & Co.; Bonbright & Co., Inc.; Lee
Higginson Corp.; Stone & Webster and
Blodget, Inc.; Baker,
Watts & Co.; Alex. Brown &
Sons; Jackson & Curtis; Mackubin, Legg & Co.; Spencer Trask &
Co.; Whiting, Weeks &
Stubbs, Inc., and Yarnall & Co.
*1,950,000 Terre Haute Water Works
Corp. 1st mtge. bonds, series A,
3 94%, due Nov. 1, 1964.
Purpose, refunding.
Placed
*1,400,000
$36,446,050
Corp.
1,068,750 Parke, Davis & Co. 25,000 shares of capital stock (no
par).
Price $42.75 per share.
Offered by Smith, Barney & Co.,
The First of Michigan Corp., and Dominick &
Dominick.
151,125 Socony
Vacuum Oil Co., Inc., 13,000 shares
(par $15).
Price $1194 Per share.
Offered
Barney & Co.
stock
867,500 Standard
(par $25).
Oil
Co.
(N.
J.)
of capital
by Smith,
20,000
Price $4394 per share.
& Co.
shares of capital stock
Offered by Smith, Barney
1,000,000 Toledo Edison Co. 10,000 shares of 5% pref stock
(par $100).
Price
102.
Sold through
a
group
of selected dealers by
Blyth & Co. and Graham, Parsons Sc Co
1,961,720 Washington Gas Light Co. 66,499 shares of common stock
(no par). Price $29.50 per share. Offered
by First Boston Corp.
and Glore, Forgan & Co.
470,000 Youngstown Steel Door Co.
20,000
stock (no par).
Price $23H per share.
Barney & Co.
shares
of
Offered
common
by Smith.
$14,726,274
♦Indicates
privately placed issues.
MISCELLANEOUS
*$2,400,000 American
Toll
Bridge Co. 1st mtge. 3)4% bonds, due
1, 1945.
Purpose, refunding.
Placed privately with
Equitable Life Assurance Society of the United States.
11,000,000 Libby, McNeill & Libby 1st
mtge. 15-year sinking fund 4%
bonds due Jan.
1, 1955.
Purpose, refunding ($9,197,930).
working capital ($1,802,070).
Price 100 and interest.
Offered
by Glore, Forgan & Co.; Harriman
Ripley & Co.; Blyth & Co.,
Inc ; The First Boston
Corp.; Lehman Brothers; Goldman,
°-' Hayden, Stone & Co.; Hornblower •&
Weeks;
Kidder, Peabody & Co.; Lazard Freres &
Co.; Lee Higginson
Corp., and White, Weld & Co.
Dec.
$13,400,000
The Course of the Bond Market
As
a
whole, bonds have done moderately better this week.
In many groups averages the current level
is at this
year's
high, which is somewhat above 1939 highs.
High-grade railroad bonds have improved fractionally.
Chicago Union Station 3%s, 19G3, advanced % to 10814, while
Union
Pacific 1st
4s, 1947,
were
up
^
at
114%.
A little
Volume
interest
more
Illinois
The Commercial & Financial Chronicle
150
in
4s, 1952, advanced % to 4.1%; New York
Louis 5%s, 19T4, at 67 were up 3% points.
rubber, meat packing and food company obligations
among those showing strength.
The Studebaker
paper,
have been
Defaulted
1945,
rail bonds, while showing improvement in price
fluctuation, have not been particularly encouraging in their
conv.
trend.
Steels have
High-grade
utility bonds have held
this week,
firm
which
has
Gas
Electric 6s,
&
debentures ranged
also
Transit
been
erately
gains
as
of strength
result
a
issues
120
4/1
1940
the
up
best
the
gains
1940
P.
RR.
9__ 115.44
105.98
86.92
94.01
112.66
117.29
8— 115.40
107.30
122.86
118.81
105.79
86.92
93.85
112.66
117.29
8
7.. 115.40
107.11
122.63
118.81
105.60
87 07
93.85
112.66
117.07
7
6..
115.46
106.92
122.63
118.60
105.60
86.64
93.69
112.45
117.07
5..
Feb.
f
115.44
107.11
122.63
118.60
105.60
86.78
93.85
112.45
116.86
U.
120 Domestic
by Ratings
Corporate by Groups
Aaa
Corp
Averages
Ind-
Baa
118.81
A
AVERAGES
tic
122.86
Aa
YIELD
120 Domestic Corporate
Domes
107.30
A an
BOND
120
All
120 Domestic
Corporate by Groups*
by Ratings
Corp.*
but
(Based on Individual Closing Prices)
He
Averages
up,
MOODY'S
Daily
Domes-
Daily
several
Bel¬
European
issues rallied
the balance of the
There has been some late
strength in Brazilian issues, and Japanese bonds found
mild support, with gains up to 3 points in governmentallyguaranteed utility issues.
Moody's computed bond prices and bond yield averages
are given
in the following tables:
firmed
Average Yields)
Domestic Corporate *
V2r
toward
Norwegian
bonds,
list continued but little changed.
PRICES t
MOODY'S BOND
< Based on
displayed
marked
on
bonds
gian
com¬
Telegraph & Cable bonds.
Convertible
week-end.
in line with stock market
more
or
The Bethlehem 4%s and 3%s receded mod¬
news of refinancing.
points, while Danish bonds have been little changed.
Virtually all sections of the industrial list showed mod¬
erate
point
a
Among foreign
There
Brooklyn-Manhattan
for
changes have been primarily con¬
the exception of convertible issues,
improvement.
to three points.
one
demand
marked
a
Postal
and
1951, and other holding
from
net
a
been mixed;
gained
another new 1939-40 high,
gain of 3 points on the week.
109%,
reached
fined to fractions, with
but
speculative issues, and advances in Cities Service Power &
Light 5%s, 1949; New England Gas & Electric 5s, 1950;
Standard
6s,
and closed-at 109 for
activity has been restricted, and an offering of $25,000,000
Dayton Power & Light 3s, 1970, has been the only outstand¬
ing feature.
Considerably greater interest developed in
pany
Petroleum, metal,
along with strength in the stock market.
low-grade rail issues has been apparent.
Central
Chicago & St.
899
Baa
RR.
4.83
4.36
3.33
3.11
3.68
4.83
4.37
3.33
3.11
3.69
4.82
4.37
3.33
3.12
3.05
3.69
4.85
4.38
3.34
3.12
3.05
3.69
4.84
4.37
3.34
3.13
3.06
3.69
4.84
4.38
3.34
3.13
A
Aa
3.60
2.86
3.04
3.67
3.60
2.86
3.04
3.61
2.87
3.04
6
3.62
2.87
5-_._
3.61
2.87
3
3.61
2.86
9
Feb.
....
P.
lnd.
U.
115.46
107.11
122.86
118.38
105.60
86.78
93.69
112.45
116.86
2.. 115.43
106.92
122.63
118.60
105.41
86.78
93.69
112.45
116.86
2
3.62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
1
115.42
106.92
122.63
118.16
105.41
86.64
93.53
112.25
116.64
1
3.62
2.87
3.07
3.70
4.85
4.39
3.35
3.14
27._ 115.54
106.92
122.63
118.38
105.41
86.64
93.69
112.25
116.86
27
3.62
2.87
3.06
3.70
4.85
4.38
3.35
3.13
3-
—
Weekly—
Weekly—
Jan.
Jan.
115.65
106.54
122.40
117.94
105.41
86.21
93.21
112.25
116.43
20
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
13_.
115.96
106.73
122.40
118.16
105.60
86.50
93.53
112.25
116.64
13
3.63
2
#8
3.07
3.69
4.86
4.39
3.35
3.14
6-.
116.03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
116.64
6
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
2.90
3.09
3.71
4.89
4.43
3.36
3.16
20.
_
116.12
107.30
122.86
118.81
105.98
87.07
94.01
112.66
117.29
High 1940
3.63
1940 115.25
106.54
121.94
117.72
105.22
86.07
92.90
112.05
116.21
Low 1940
3.60
2.86
3.04
3.67
4.82
4.36
3.33
3.11
3.34
3.55
4.10
5.26
4.76
3.76
3.64
3.14
High 1940
Low
High 1939 117.72
106.92
122.63
118.60
105.60
87.78
94.33
112.05
116.64
High 1939—.—
4.00
Low
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939.
3.62
2.87
3.05
3.69
4.77
4.34
3.34
3.27
3.94
5.08
4.65
3.52
3.53
4.28
6.03
5.12
4.08
1
1939 108.77
1
Yr. Ago
_
Year Ago—
113.48
3.82
2 Yrs.Ago
Feb.9, 1939
2 Years Ago—
2.99
Feb. 9 '38 110.05
107.30
Feb. 9, 1938
4.26
3.21
103.20
Feb. 9 '39 113.18
*
113 89
119.92
83.46
72.00
95.29
108.66
115.14
95.62
101.06
89.55
108.85
82.93
98.62
3.29
1
3.60
yields on the hasLs ol one 'typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
These prices are computed from average
level or the average
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used in computing these Indexes was published
In the Issue of Jan. 13, 1940, page 179.
about
You Don't Have to Be Rich
By Allan Herrick.
235
D. Appleton-Century Co., Inc.
Pages.
$1.75
'This is the book I wish someone had handed me on my
sixteenth
birthday."
by anyone who
management of family
sound
good
analysis of
education,
the lad who
the
school
reference to
special
with
must do
reads this excellent guide to the
financing.
It starts off with a
advantages inherent in securing a
with little means,
so
the Massachusetts Board of
grammar
of the author's will be
These "words
echoed
training
the problem of
if any.
Quoting
Education, the boy with only a
earns
in
an
average
high-school boy gets $48,000.
ference is the price of leaving school early.
Herrick shows that the right kind of lad need
$32,000,
school
early.
He tells
working at his studies.
of
liirn how
Likewise,
low
your
aid;
or
about
leave
not
to earn money while
he discusses the value
will with the greatest profit to all concerned—
aspect of daily events is considered, its
financial side is discussed lucidly, pencil in hand, in a way
what
matter
no
which
Mr. Herrick, in his banking business,
suggests that
has been
clients'
life-long exponent of getting the utmost for his
And when doubt might arise as to his
a
dollar.
possible
he brings you
soundness,
the record
of practica¬
bility—Chrysler did it, or Owen Davis, Henry P. Davison,
Errol
Flynn,
Edna May Oliver.
or
No claim is made
end of
at the
its
that this book leads to the pot of gold
despite its warnings,
the rainbow, nor that,
will
readers
never
make
financial
mistakes.
On
the
inevitable.
assurance is given that they are virtually
To buttress his own precepts the author adds a
list of
sixty books which, by inference, he recommends.
contrary,* the
some
Itightly
so.
W.
C. B.
problem of going through college
logical
Bank
the various stages of life which fol¬
college undergo a well-reasoned dis¬
sequence,
graduation from
A
give effect to the advice tendered—courage, determina¬
tion, honesty of purpose and behavior—but none wanting in
the
average
for
those endowed
sons
run
This guide book is not intended
superhuman qualities, but for per¬
and millions more, who can heed with
of men.
with
like you and me
profit the advice of a sage counsellor.
If, fired by a love of adventure, a youth yearns for
travel before he settles down to the prosier ways of life,
and stick closely to any
No, the benefits that spring
from indulging the craving are weighed, and the way to
travel 011 an empty pocket, with a stout heart, get sensible
consideration.
As for hobbies—have one!
They don't cost
much, and the returns may be good.
As witness the "West¬
ern
school teacher elected church treasurer.
Nightly, just
he is not told to dismiss such ideas
job
on
which lie may
start.
for the fun of it, he worked out
way
with pencil and ruler some
to offset his lack of accounting experience,
result
that
treasurers
the
he
.
evolved
.
.
now
"an
ideal
used
by
account-book
churches
in
with the
for
church
every
State
Union."
How to marry and
the
presentation of principles designed to be followed for
of expense in the management and operation
book, which deals in particular
control
of banks is furnished in this
with
how to pay the
the
perplexing problems which have recently
takes sharp issue with many accepted
One of the chapters has to do with the
banking practices.
author's discussion of the
Mr.
is
use
and
conversion of funds.
It
few banks have their port¬
folios so arranged as to get reasonable expectancy in in¬
come.
There is likewise a chapter on the weathering of
financial panics in which the author presents a plan for
Woolley's
belief
that
liquidation of assets to meet excess withdrawals in such a
way,
it is stated, that a portion of the liquid assets and a
simultaneously eondepositors will have
proportion of liquid and slower assets to offset
of
portion
the
slower
the
same
their
deposits.
chapters
Other
the control
for
real
officers
assets
will
be
that the remaining
verted into cash so
deal
of loan
and
with
bond
instalment
repayment loans,
losses, audits for credit pur¬
estate and mortgages, cost control, statements
and directors, the use and limitations of aver¬
analysis of checking accounts,
doctor's bills; rent a house or build one; how to avoid the
ages,
pitfalls which rob one of savings.
How to buy life insur¬
ance
out of a salary—an unusually sound chapter of ad¬
checking
vice; how to provide for the children's future; what to do
relations.
of
some
arisen and, it is said,
poses,
yet make ends meet;
Management Control
By E. S. WooIIey, C.P.A.
Published by
George S. May Co., New York and Chicago.
$5.00
cussion, always from the standpoint of the money situation
which has to be faced.
Certain moral attributes are needed
in
seek
to make your
shoe-string.
a
In
to
who
college education in the light of future earning capacity,
a
and usefully examines the
on
lifetime
The dif¬
And Mr.
while the
relations
unfortunate
giving social background to your deserving youngsters; how
services,
savings
the
merchandising
of
department, trust department,
salaries and operating routine, and new business and public
The Commercial & Financial
900
might be illustrated this wey:
the crop year
Camouflaged
ing Tax
It
At the beginning of
the Secretary of Agriculture decides
objection is just as important.
second
The
Parity Certificate Plan Just Old Process¬
Feb.. 10,1940
Chronicle
he issues certificates
after
entire
punished him
decision,
Hoosac
the
his
on
(rice) certificate bill,
Now, under the Ellender
favors, the producer in excess of
which the AAA
certificates on any produc¬
tion, but under the Wheeler (wheat) certificate bill,
quota would fail to get
favor, he would still get
which the AAA does not
certificates
his allotted acreage but not in excess
on
Thus the
of it.
principle of the outlawed Kerr Act
revived, with the superficial difference only that
is
producer
under the Kerr Act the excess
ized
production, and under the officially
all his
on
penal¬
was
plan he loses benefits on all his
favored certificate
STATE
OF
EPITOME
TRADE—COMMERCIAL
activity
continues
show
to
declining trend.
a
few
However, the action of the securities market the past
towards
of yesterday's session, had a decidedly heartening
not a few quarters.
With business still edging
the strength and activity shown
days, especially
the close
effect
in
lower
and
in
small
The market's recent strong spurt forward
some
decidedly favorable develop¬
There
items
in
although
reflect
to
seem
ments.
were
at least three really
yesterday's
it
unlikely the market
is
at
annual
the
Rubber.
case
more
than
The other two were
United
States
of Chrysler, 1939 profits were
double
Corp.
and
1938, despite the adverse effect of a 54-day stop¬
at plants, described by the company as a "slow-down
page
strike."
and
United
States
volume of sales in excess
lished in
Rubber's
disclosed
statement
of the previous
even
high estab¬
1929, and profit of $10,218,848 exceeded the previ¬
peak set
ous
reports,
sales report showing ship¬
Chrysler
of
reports
In the
those for
discounted
top for the month.
new
a
encouraging news
industrial
and
business
one—the General Motors January
ments
small wonder
it was
sentiment in the "Street" was confined to a
minority.
would
volume,
filled with
so
absence of war
the continued
appreciable
any
situation
political
together with
bullish
that
domestic
the
uncertainty,
orders
1936.
in
The
which is usually
January,
indicative
of
Viewing the
underlying
war news
vigor of automobile
a
slow month,
likely
strength
a
most substantial way,
Dwindling
backlogs
business
as
an
and
no
for
the
account
"Iron
ago,
While the
evidence
indication of
business
to
and
a
appears
and this probability very
influence in the current
further
in
volume of
reduction
in
steel
in
its
current
a
summary.
business, wdiich has been in
new
but
more
noticeably
since
the
to have halted, there is as yet no
it adds, estimate that several weeks may
bring about
an
production at
Some
consumers
a
of
the
a
approximate balance of
rate below
new
the current level.
hand-to-mouth
to
the
of
market
an
of
steel, meanwhile, are said to be buying
basis, and others are remaining out
until
present
inventories
are
depleted.
air of
expectancy among buyers with regard
situation, but steel companies, still mindful
the
price
price break of May, 1939, and its consequences, are
on guard
against a repetition of that occurrence," the sur¬
vey continues.
"Where prices have been subject to a real
test, buyers have found quotations firm. With the approach
of spring and the
gradual depletion of consumer inventories
carried
over
trade that
change
Agriculture would want to curb
try would be in the hollow of the
Secretary's hand.
bill, say the AAA people,
And that clause is in the
only to make the Supreme Court
would
of
domestic consump¬
is power, and the indus¬
But power
tion of cotton.
think the plan
legal under the commerce clause of the
be
from the fourth quarter,
new
it is believed in the
buying will expand moderately though the
may not be in evidence for some weeks.
The down¬
ward trend of
scrap prices continues to reflect the uncer¬
tain outlook for steel.
A decline of 50c. at
Pittsburgh and
25c.
of
one
Chicago
at
brings
the
composite price
scrap
$17.08 from $17.33 last week."
Production by the electric light and power industry* of
the United States for the week ended Feb. 3 amounted to
the total
released
by the Edison Electric Institute.
Output for the latest
week was 24,600,000 kwh. over the 2,287,248,000 kwh. re¬
ported for the week ended Feb. 4, 1939.
Engineering construction awards for the week total $57,523,000, an increase of 38% over the corresponding 1939
week, but 9% below the volume for a week ago, as reported
by "Engineering News Record."
Current week's volume
brings 1940 construction to $312,442,000, a level 24% below
2,541,358,000
kwh.,
an
of
increase
11.1%
over
reported in the like 1939 week, according to figures
corresponding
six-week period last year.
Private construction for the. six
wreeks, $112,565,000, is 39%
the
total
for
the
higher than in 1939.
Private awards for the week top last
by 91%, but are 37% lower than a week ago.
year
construction
Public
19% and
tops a year ago and a week ago by
24%, respectively.
The current week's
production of motor vehicles was esti¬
mated
today by Ward's Automotive Reports, Inc., at 95,985
units, an increase of 11,485 units over the same period last
year,
but a decrease of 5,255 units from a week ago.
Ward's
also
moderate further decline
With the exception of the
year-end holiday periods, the current week marked the
first time since last November
that the industry broke
would
below
predicted; that
take
the
a
place next week.
according
100,000-mark,
the
to
survey.
Automobile
mobile
generally.
reversal of trend, according to th® magazine.
on
"There is
The AAA
(at the price).
people smile at the thought that the Secretary
plants in the United States delivered 453,120
cars and trucks to dealers in January, the Auto¬
passenger
business
in
improvement
says
November,
Steel companies,
needed
Age"
falling off in
since
holiday period,
be
Under the
Secretray.
hearings to decide whether to grant the
certificates
additional
in
operations to 71.50% of capacity this week against 82%
fortnight
law lie holds
as
upward movement of the securities market.
new
industry, cap in hand, to the
sales
from day to day, the feeling is quite
playing its part
is
are
regarded
is
general that the warring nations will soon be entering our
markets in
there
down to
Friday Night, Feb. 9, 1940.
Business
and the industry
It has to get certificates, and
only 6,000,000 of them.
That brings the
Constitution!
production.
THE
one
7,000,000 bales.
wants
quota.
Comes
for 6,000,000 bales.
odd-year textile booms,
of those
So
mills will use 6,000,000 bales.
that the cotton
(Concluded from page 895)
Manufacturers
Association
announced.
This
was
the
highest production for this month in the history of the
industry.
The previous highest January output was in
1929, when 422,538 units were produced.
Bank clearings for 22 leading cities of the United States
during
the
week
crease
over
the
ended
Feb.
registered
7
moderate
a
preceding week, but continued to
in¬
show
a
drop from the like 1939 week, according to Duh & Bradstreet, Inc.
At New York five consecutive declines from
a
year
for
have been recorded, and this largely accounts
showing for the country as a whole.
ago
unfavorable
the
Check clearings for the latest
$5,389,804,000,
or
reporting week amounted to
1.2% less than the $5,453,643,000 for the
comparative 1939 week.
New York clearings totaled $3,234,-
785,000 against $3,499,714,000
of
7.6%.
of
over
929,000
A
a
year ago,
giving
a
Twenty-one cities outside New York had
$2,155,019,000,
for
the
like
10.3%
or
1939
more
than
the
decrease
a
turn¬
$1,953,-
week.
of
total
657,004 cars of revenue freight were loaded
during the week ended last Saturday, the Association of
American Railroads reported last night.
This represented
a gain of 7,516 cars, or 1.1%,
compared with the previous
week, and an increase of 83,877 cars, or 14.6%, over a
ago.
Improvement in miscellaneous car loadings of
11,764 in the week was offset by a loss in the total move¬
ment of coal, which fell 12,740 cars.
In both items, how¬
ever, substantial advances were scored over a year ago,
year
with gains of 40,617 and 29,366 for miscellaneous and
coal,
respectively.
Retail
with
above
business
store
was
turnover
volume
in
in
for
the
a
the
sidewise movement
this
country at large 5%
corresponding week
last
week,
to
10%
but
virtually unchanged from last week, said the Dun & Bradstreet, Inc., report today.
"Store sales were dominated,"
said
small
the
"by purchases of home furnishing and
Spring merchandise gained volume of turn-
report,
wares.
year,
Volume
in
day-to-day results.
Trade developments of a general
Wholesale volume,
retail, was about unchanged from the previous week.
industrial.recession was considered more pronounced.
character
like
The
were
characterized
as
spotty.
Despite the emphasis on caution, there was evident, it was
said, an undertone of optimism in both trade and industrial
circles.
Sales comparisons of the retail field from last
year ranged from unchanged for grocery stores to an in¬
crease of more than 25% for automobile dealers.
The Weather Bureau states that frost damage to truck
Southern
in
crops
States probably
not
was
as
severe
as
Replanting was started last week in
Southeastern States when warm weather returned.
Hardy
believed.
first
was
escaped severe damage in coastal regions, the
Bureau said.
Shipments of citrus fruit from Florida have
truck
crops
ceased
pending
of
determination
In the
virtually
Georgia crops
practically all
vegetables were killed, the Bureau said.
suffered
severe
Loss
killed.
damage,
the
in
with
central
truck
Gulf
crops
areas
with
heavy,
was
In Louisiana dam¬
conflicting estimates given on damage.
less than at first thought.
Only hardy truck sur¬
vived the freeze in Texas, the Bureau said.
Sub-zero tem¬
age
was
States
Southeastern
weather.
warmer
States, but
continued to prevail in the interior
peratures
in
In
there
was
reaction
marked
a
to
the Northwest the first few days
of
the
period brought quite changeable weather, much warmer
on the morning of Jan. 31,
but a sharp reaction to colder
the following day.
Otherwise, temperature changes during
the week were not marked.
In the New York City area the
weather was warmer than the
preceding week, with cloudi¬
prevailing much of the period.
was cloudy and temperatures mild, ranging from
32 degrees to 43 degrees.
Snow and colder weather is the
ness
Today
prediction for tonight and Saturday with the thermometer
tonight registering a low of 20 degrees both for the city
and
1—Dal s
NO.
suburbs.
•
ma.
57; Savannah, 39 to 59; Dallas, 31 to 61; Kansas City, Mo.,
18 to 37; Springfield, 111., 32 to 35; Oklahoma City, 21 to
39; Salt Lake City, 30 to 40, and Seattle, 48 to 51.
Jan. 31, 1940
Jan. 24, 1940
Feb. 1, 1939
17
$453,575,000
3,234,131,000
456,192,000
526,846,000
287,289.000
239,286,000
1,191,114,000
230.406,000
$454,631,000
3,655,278,000
650.474,000
230,560,000
136,243,000
244,538,000
192,537,000
623,704,000
$7,871,599,000
$8,057,178,000
10—Kansas City..
28
12—San Francisco.
29
$455,671,000
3.503,092,000
432,866,000
539,552,000
292,236,000
247,820,000
1,246,611.000
238,822,000
151,822,000
229,782,000
193,650,000
629,051,000
274
$8,160,975,000
2—New York
15
a—Philadelphia..
18
25
24
26
41
16
8—St. Louis
9—Minneapolis
_
17
-
18
Total
Revenue
Freight
Feb.
Loading of
421,349.000
500,366,000
282,323,000
241,126.000
1,074,523,000
149,043.000
250,523,000
202,720,000
Car Loadings
3 Up 14.6%
Week
in
Ended
freight for the week ended Feb. 3
revenue
totaled 657,004 cars, the Association of American Railroads
announced
This
Feb. 8.
on
increase of 83,877
was an
cars
14.6% above the corresponding week in 1939 and an
increase of 92,264 cars or 16.3% above the same week in
1938.
Loading of revenue freight for the week of Feb. 3
was an increase of 7,516 cars or 1.1% above the preceding
week.
The Association further reported:
or
Miscellaneous freight loading totaled
254,963 cars,
an
increase of 11,764
above the preceding week, and an increase of 40,617 cars above the
cars
corresponding week in 1939.
Loading of merchandise less than carload lot freight totaled 146,788 cars,
3,418 cars above the preceding week, and an increase of 646
increase of
an
cars
above the corresponding week in 1939.
Coal loading amounted to
158,635 cars,
a
decrease of 12,740
below
cars
preceding week, but an increase of 29,366 cars above the corresponding
the
week in 1939.
Grain
,
grain products loading totaled 32,080 cars,
and
an
increase of
1,685 cars above the preceding week, and an increase of 2,539 cars above
the
corresponding
and grain products
Overnight at Boston it was 34 to,42 degrees; Baltimore,
28 to 48; 'Pittsburgh, 36 to 42; Portland, Me., 30 to 40;
Chicago, 26 to 33; Cincinnati, 37 to 50; Cleveland, 28 to 35;
Detroit, 20 to 31; Milwaukee, 20 to 28; Charleston, 41 to
Week Ended
0/
Centers
Federal Reserve District
damage.
frost
DISTRICTS
SUMMARY BY FEDERAL RESERVE
section of the vegetable growing regions
northern
all
14567———BCCRAolitecsvhtoamngtlaond
901
Financial Chronicle
slowly, with weather conditions the determining fac¬
over
tor
The Commercial &
ISO
In the Western Districts alone, grain
1939.
week in
loading for the week of Feb. 3, totaled 18,220 cars, an
preceding week, and an increase of 275 cars
increase of 654 cars above the
above the corresponding week in 1939.
Live stock loading
the preceding
week in 1939.
amounted to 10,914 cars, a decrease of 286 cars below
week, and a decrease of 457 cars below the corresponding
In the Western Districts alone, loading of live stock for the
week of Feb. 3,
totaledl7,870 cars,
decrease of 161 cars below the preced¬
a
below the corresponding week in 1939.
Forest products loading totaled 31,374 cars, an increase of 3,542 cars
above the preceding week, and an increase of 5,849 cars above the corres¬
ing week, and a decrease of 587 cars
ponding week in 1939.
Moody's Commodity Index Unchanged
Ore
Moody's Daily Commodity Index closed at 159.8 this
Friday, showing no net change from a week ago. The most
important individual changes were the advances in cotton
and wheat prices, and the decline in steel scrap.
The movement of the index is
as
follows:
in
1939.
Coke loading amounted to
Feb. 2
150.8
Feb. 3
159.4
Two weeks ago, Jan. 26
Month ago, Jan. 9
161.0
167.5
Feb. 5
159.8
Year ago—Feb. 9
160.0
1939 High—Sept. 22
Feb. 7
159.1
Low—Aug. 15
1940 High—Jan. 2
172.8
138.4
169.4
Thurs., Feb. 8
Fri.,
Feb. 9
159.4
150.8
Low—Jan. 31-
-_-lo8.9
districts reported increases
in 1939 and
compared with the corresponding week
1938.
1940
Four weeks of January
During
Commodity Prices Declined 0.4 of a Point
the Week Ended Feb. 3, According to
"Annalist"
"Annalist"
The
announced Feb.
that wholesale
6
com¬
modity prices fell to the lowest level since early December
during the week ended Feb. 3, largely because of renewed
weakness in farm products.
The "Annalist" Index was
81.5 on Feb. 3, a decline of four-tenths of a point as compared
with the preceding week and the lowest since the period
ended Dec. 9.
The announcement went
Wheat and corn were under pressure. '
bushel in
heavy selling.
to a new low
for the current movement.
Copper, lead and tin declined again.
trend
was
Rye lost
Livestock prices
were
more
657,004
573,127
564,740
3,212,419
-----
2,861,857
2,821,457
railrods to report for the week ended
total of 310,333 cars of revenue freight
on their own lines, compared with 307,173 cars in the preced¬
ing week and 268,396 cars in the seven days ended Feb. 4,
1939.
A comparative table follows:
The first 18 major
Feb. 3, 1940
loaded
a
(Number of Cars)
Loaded on Own Lines
Feb. 4
Feb. 3
Jan. 27
Feb. 4
1940
1940
1939
1940
1940
1939
Textiles
were
easier, led by silk.
An important exception to the general
on
heavy trade buying.
INDEX OF WHOLESALE COMMODITY PRICES
Atchison Topeka & Santa Fe Ry.
16,809
16,656
Baltlmore & Ohio RR
30,348
23,600
30,136
23,718
15,115
15,525
19,386
14,514
2,451
1,446
3,355
13,571
38,623
5,383
19,623
61,306
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
19,132
14,527
3,313
St. Paul & Pac. Ry
Chicago & North Western Ry—
Chicago Milw
Gulf Coast Lines
Jan. 27, 1940
Feb. 4, 1939
1,729
Mlssourl-Kansas-Texas RR
3,903
Missouri Pacific RR
14,239
products
77.4
78.3
76.2
New York Central Lines
38,565
Food products
71.0
71.4
69.6
New York Chicago & St. Louis Ry
Textile
74.5
75.1
59.6
Norfolk <fe Western Ry
19,455
87.1
87.2
84.4
61,600
5,898
98.3
97.4
72.4
72.3
69.6
Chemicals.
86.7
86.7
86.7
Miscellaneous
81.4
81.3
69.8
Wabash Ry—-—
81.5
81.9
79.1
5,193
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
97.8
Metals
Building
All
materials
commodities
Weeks Ended—
Jan. 27
than five cents a
Feb. 3, 1940
products
Received from Connections
Weeks Ended—
International Great Northern RR
Fuels
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
Feb. 3
(1926=100)
Farm
1938
2,256,717
soft, with hogs declining
crude rubber, which advanced fractionally
"ANNALIST" WEEKLY
2,288,730
Week of Feb. 3
to say:
on
1939
2,555,415
Total
Wholesale
above the corresponding week
in 1939.
142.1
Feb. 6
Wed.
12,163 cars, a decrease of 1,114 cars below the
preceding week, but an increase of 4,292 cars
All
Fri.,
Sat.,
Mon.,
Tues.,
loading amounted to 10,087 cars, an increase of 1,247 cars above the
preceding week, and an increase of 1,025 cars above the corresponding week
5,500
5,284
16,458
16,411
18,374
8,340
8,627
7,680
14,028
17,581
12,259
3,432
8,560
8,173
8,212
8,593
6,932
7,123
11,288
11,279
9,037
1,375
1,245
1,588
2,396
1,333
1,845
2,524
7,953
1,550
2,086
3,648
2,696
9,393
12,465
33,136
4,473
15,598
53,439
4,690
42,441
11,471
4,560
43,254
8,139
42,283
9,693
4,191
4,476
40,603
34,102
5,844
6,901
6,248
4,443
21,534
6,936
8,381
6,464
23,851
5,600
5,581
4,863
9,456
5,800
5,113
14,584
37,258
10,878
6,266
25,041
—
Total
18,113
24,770
7,867
9,309
5,369
4,219
7,626
8,170
310,333 307,173 268,396 205,251 199,516 174,752
TOTAL LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
One Percent Increase Noted in Bank Debits
Weeks Ended—
Debits to individual accounts, as reported by banks io
eading cities for the week ended Jan. 31, aggregated $8,161,(XX) ,000, or 4% above the total reported for the preceding
week and 1 % above the total for the corresponding week of
Chicago Rock Island & Pacific Ry.
Illinois Central System
23,641
22,272
21,364
32,810
31,514
last year.
St. Louis-San Francisco Ry
13,079
11,901
28,106
11,203
69,430
65,687
60,673
Aggregate debits for the 141 cities for which a separate
Feb.
Total.-
3,
1940
Jan.
27, 1940
Feb.
4,
1939
total has been maintained since January, 1919, amounted to
$7,530,000,000, compared with $7,221,000,000 the preceding
week and $7,436,000,000 the week ended Feb. 1 of last year.
These figures are as reported on Feb. 5, 1940, by the
Board of Governors of the Federal Reserve System.
I
following we undertake to show also the loadings
for separate roads and systems for the week ended Jan. 27,
1940.
During this period 84 roads showed increases when
compared with the same week last year.
In the
The Commercial & Financial Chronicle
902
LOADED AND RECEIVED
REVENUE FREIGHT
FROM
Total Load* Received
Freight Loaded
Railroad*
(NUMBER OF CARS)—WEEK
CONNECTIONS
Total Revenue
from Connection*
1940
1939
1938
1940
Total Revenue
1,348
1,267
2,277
6,802
1,399
197
187
Nashville Chattanooga A St. L.
10,479
2,299
10,068
1,754
20
27
64
55
Central Vermont
Delaware A Hudson
1,081
5,236
9,574
1,208
4,623
9,593
1,998
7,701
7,563
1,695
6,906
6,502
*
1,280
5.430
10,217
...
Delaware Lackawanna A West
219
234
90
1,990
1,904
194
163
4,048
11,364
10,255
12,532
4,304
3,203
8,221
1,760
Lehigh <fc Hudson Itiver
134
144
126
Lehigh A New England
1,795
9.431
3,105
5,876
2,167
38,623
9,447
1,084
5.383
1,689
8,742
2,979
4,178
1,762
34,596
9,047
1,666
1,388
8,963
526
546
6,308
5,800
4,672
~3~ 358
4,654
513
383
Lehigh Vallev
Maine Central
Monongahela
Montour
J....
New York Central Lines
N. Y. N. H. & Hartford......
New York Ontario & Western.
N. Y. Chicago A 8t. Louis
N.Y. Susquehanna A Western.
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawrnut
2,627
419
674
146
155
141
625
695
93,414
93,990
90,888
65,635
64,202
14,514
12,665
2,361
17,970
3,573
11,961
2,462
16,151
3,745
11,279
9,003
2,940
8,593
6,966
3,298
2,660
Southbound..
Total..
Chicago St. P. Minn. A Omaha
30
10,636
1,622
9,475
Elgin Joliet A Eastern
340
36
16
2,219
19,386
4,066
1,023
Duluth South Shore A Atlantic
Duluth Missabe A I. R
348
254
852
1,972
968
5,002
3,238
4,717
2,450
9,309
3,994
8,306
2,886
134,993
120,269
168,426
146,772
402
303
820
25,135
1,292
22,474
1,048
16,411
1,317
Minn. St. Paul A S. S.
Northern
Buffalo Creek A Gauley
300
269
193
5
1,616
5,450
1,359
5,807
17
360
282
5,680
3,742
7,513
6,101
130
338
337
198
171
8,481
8,339
2,673
2,238
584
463
622
595
221
Pacific
200
128
42
55
1,507
4,456
1,246
4,204
1,955
2,381
2,375
7,991
7,328
3,000
2,731
1,601
82
99
94
240
275
1,354
1,445
979
1,300
1,164
76,819
Spokane
68,462
62,209
46,600
38,857
16,656
18,379
2,442
18,755
5,284
5,161
2,607
2,483
2,367
405
375
433
86
55
15,525
2,809
9,435
2,726
14,580
2,229
10,325
8,173
6,567
732
643
2,587
13,838
1,785
10,271
2,732
9,023
2,731
8,119
2,207
897
765
767
1,911
International
Total.
Central Western District—
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
17
12,064
206
1,522
5,284
9,211
M
Spokane Portland A Seattle...
14,469
1,163
1,697
6,9->8
778
252
500
Minneapolis A St. Louis
968
661
451
285
Green Bay A Western...
Lake Superior A Ishpemlng
1,374
478
2,510
8,708
Great Northern
155
667
30,136
Central RR. of New Jersey
Cornwall
4,924
13,793
7,956
Atch. Top. A Santa Fe System.
Alton
Cambria A Indiana
4,768
488
Ft. Dodge Des Moines A South.
1,775
4,156
4,790
373
947
8,540
934
184
499
2,120
1,078
4,289
14,084
36,812
421
Bessemer A Lake Erie
4,344
Winston-Salem
Alleghany District—
Akron Canton A Youngstown.*
Baltimore A Ohio
1,204
289
426
17
150,054
Total..
367
8,271
17,625
2,616
5,581
3,395
Wheeling A Lake Erie
875
422
309
1,994
2,550
Northwestern District—
571
Wabash
960
411
4,029
4,574
1,685
2,^22
931
18,895
42,283
11,486
1,718
10,878
1,606
6,404
5.901
8,153
1,674
3,783
2,254
2,309
985
335
Chicago A North Western
Chicago Great Western
Chicago Mllw. St. P. A Pacific
193
1,760
30,108
1,826
2,567
1939
7,330
17,666
Southern System
1,751
1,063
Pittsburgh Shawrnut & North.
Pittsburgh A West Virginia
Rutland...
Seaboard Air Line...
1,448
2,182
1940
Tennessee Central
1,002
6,272
1,419
6,884
2.900
2,810
—
Richmond Fred. A Potomac..
1,533
3,289
11,634
6,959
273
—
—
Piedmont Northern
37
2,505
12,316
4,752
Detroit A Toledo 8hore Line...
Erie
Grand Trunk Western
245
2,804
Detroit & Mackinac
Detroit Toledo A Ironton
Norfolk Southern
1338
215
531
1,843
7,139
1,570
......
from Connections
1939
377
507
Southern District—(Concl.)
Mobile A Ohio
17
Chicago Indianapolis & Louisv
Total Load* Received
777
606
Central Indiana..
1940
1940
1939
1,944
7,438
1,517
Ann Arbor
10,
ENDED JAN. 27
Freight Loaded
Railroad*
Eastern District—
Bangor & Aroostook
Boston & Maine
Feb.
10,846
2
Burlington A Quincy..
A Illinois Midland
Rock Island A Pacific
A Eastern Illinois
Colorado A Southern
1,986
928
533
531
348
40
55
Denver A Rio Grande Western.
3,195
Cumberland A Pennsylvania...
292
2,606
259
2,400
1,225
2,252
185
31
32
Denver A Salt Lake
485
505
5
5
Llgonier Valley
Long Island
175
1,151
184
166
41
24
879
484
2,814
1,491
40,603
17,110
2,941
2,613
1,441
33,533
2,215
1,664
1,292
1,653
829
533
Fort Worth A Denver Clty.-..
Illinols Terminal
792
524
1,519
1,023
1,247
Nevada
15,636
1,034
North Western Pacific
Peoria A Pekin Union
1,024
850
772
Pennsylvania System...
Reading Co
61.V06
52,554
14,232
48,327
11,184
Union (Pittsburgh)
Western Maryland
17,858
3,486
12,102
9,199
3,223
141,062
113,599
ipi,999
23,718
19,623
4,557
21,223
19,800
15,308
3,894
Penn-Readlng Seashore Lines..
Total.
6,638
2,754
6,872
5,119
102,805 I
86,804
8,627
4,476
1,037
Missouri Illinois
941
916
357
1,458
998
1,517
142
117
479
452
466
376
298
15
25
43
Southern Pacific (Pacific)...
Toledo Peoria A Western
20,353
18,619
17,803
4",493
4,414
339
278
277
1,013
Union Pacific System
13,248
12,892
12,699
7,670
1,037
6,168
7,426
4,365
Northern
Utah
Pocahontas District—
Norfolk A Western
Virginian
17,261
4,135
342
708
334
11
6
1,240
1,320
1,793
1,596
97,196
Total..
348
1,242
Western Pacific
Chesapeake A Ohio..
426
93,084
91,730
50,150
43,840
1
904
Southwestern District—
Total.
47,898
42,619
39,002
14,140
12,695
Burllngton-Rock Island
154
162
221
170
649
625
1,121
455
573
503
967
8,598
Line
216
853
8,753
3,746
8,302
3,444
4,513
1,290
1,049
4,768
2,670
1,136
2,292
2,801
1,111
2,036
Central of Georgia
Charleston A Western Carolina
3,022
345
375
371
Cllnchfleld
1,475
1,173
1,009
118
3,531
1,761
1,702
295
324
1,245
1,588
"l",452
253
International-Great Northern.
1,446
Kansas Oklahoma A Gulf
Kansas City
100
~2~ 853
x
Gulf Coast Lines
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast..
Atlantic Coast
129
~~2,451
Fort Smith A Western
Southern District—
156
Louisiana A Arkansas
235
194
2,179
1,484
Southern
1,727
1,934
1,404
1,439
1,950
1,048
1,715
1,268
1,126
1,842
1,283
Litchfield A Madison
370
358
233
822
Midland
703
472
566
257
256
117
111
145
272
295
3,355
2,498
Valley
Missouri A Arkansas
795
Columbus A
Greenville
Durham A Southern
199
245
317
161
144
573
420
Missouri Pacific
13,588
3,745
12,745
954
3,684
13,350
2,396
162
Florida East Coast
1,138
1,025
1,046
934
Quanah Acme A Pacific
79
81
100
110
22
80
32
39
62
73
St. Louis-San Francisco
6,012
543
741
3,927
1,440
1,459
2,150
2,443
Texas A New Orleans
6,087
6,664
2,388
6,621
4,052
747
6,908
1,859
5,266
Texas A Pacific
2,840
3,467
3,867
2,543
3,325
3,047
3,654
113
186
176
71
111
22
56
20
22
44
43,712
47,079
31,318
33,119
Galnsvllle Midland.
Georgia
Georgia A Florida
243
258
294
436
469
1,502
19,401
20,543
1,415
951
20,663
10,659
23,205
18,904
5,060
1,017
10,036
5,122
147
172
154
574
131
152
243
Mississippi Central
Not*—Previous year's figures revised.
Income
and
St.
288
21,324
Macon Dublin A Savannah
Missouri-Kansas-Texas
Louis
Lines.
...
Southwestern
2,277
* Previous figures,
Balance
Sheet
x
Items
Discontinued
Class
of
Jan.
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total..
24,
43,065
1
Bureau
of
Balance at End of Nov.
I
Statistics
of
the
Interstate
1939
Commerce
Commission has issued
Investments in stocks, bonds, Ac., other than those
of affiliated companies
steam
Cash
in
the
-
United
States
for
the
month
of
These
$625,554,518
$650,815,331
602,439,561
470,913,026
Demand loans and deposits
November.
1938
Selected Asset Items—
a. statement showing the aggregate
totals of selected income and balance sheet items of class I
railways
7,992
1939,
Steam Railways for November
The
8,139
570
84
Illinois Central System
Louisville A Nashville
348
1,139
Gulf Mobile A Northern
Selected
304
Time drafts and deposits
figures
subject to revision and were compiled
from 133 reports representing 138 steam
railways.
The
present statement excludes returns for class I switching and
terminal companies.
The report in full is as follows:
are
27,957,796
29,875,826
11,424,799
19,627,780
Special deposits
77.575.197
50,487,603
2,873,016
1,195,757
59,760,575
47,349,897
127,755,034
Loans and bills receivable
Traffic and car-service balances receivable
68.822.198
54,004,103
STATES
(ALL REGIONS)
For the Month of Nov.
For
the
11
Months
of.
Income Item*—
1939
1938
1939
17,090,183
Total Income
12,374,431
128,617,604
126,466,839
$87,435,849 $62,066,599 $655,580,763 $450,198,613
Miscell. deductions from income
2,037,882
1,885,253
21.380,853
21,791,146
Inc. avail, for fixed charges.. $85,397,967 $60,181,346 $634,199,910 $428,407,467
Fixed charges:
Rent
for
leased
roads
equipment
...
Other deductions
Total fixed charges
Income after fixed charges
Contingent charges
8,354,839
1,527,140
6,956,663
Total current assets
11,319,210
39,930,405
131,664
Loans and bills
payable
$184,980,249
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
11,908,765 129,313,342
122,734,219
39,496,409 a435,017,767 a436,039,064
208,593
1,458,961
2,334,292
Federal Income taxes.
34,016,688
8,567,579
1,013,132
1,012,574
68,409,840 dl32,700,108
11,149,842
11,143,709
$33,003,556
$7,555,005
16,665,330
185,161,172
185,259,519
2,758,783
30,514,982
16,202,883
28, 119,156
Total current liabilities
$2,592,460,383 $2,228,151,558
Tax liability:
$57,259,998 d$143843817
16,728,618
106, 280,388
31, 361,656
Other current liabilities
$51,381,279 $51,613,767 $565,790,070 $561,107,575
United States Government taxes
71,754,724
4,330,721
appropriations:
On common stock
On preferred stock
16,199.129
87,283,440
4,097.839
2,262,088
18,514,703
61,946,183
12,705,938
or
trusteeship the net income
1939, $36,688,149; November,
months
account
34,341,829
147,683,479
of
1938,
$1,630,516.
or
deficit
was
b For 99 railways not in
as
follows:
1938, $16,893,391; 11 months
c
Includes
payments
which
November,
1939, $152,918,254;
will
become
due
on
principal of long-term debt (other than funded debt matured unpaid)
within six months after close of month of report,
e
54,873,689
146,310,422
Represents accruals, Including the amount In default,
receivership
11
Dividend
243,867,060
78,457,612
227,484,745
64,928,464
795,261,999
1,668,448
628,607,424
24,236,523
108,044,772
32,086,424
23,508,087
49, 154,230
Unmatured Interest accrued
Unmatured rents accrued
a
Depreciation (way A structures
and equipment)
$179,013,964
232, 801,255
88, 071,140
259, 746,621
61, 616,978
934, 543,158
1, 522,026
799, 243,775
c
e
Other than United States Government taxes
Net Income b
25,183,639
$1,343,122,048 $1,140,801,783
Selected Liability Items—
Funded debt maturing within 6 months
Unmatured dividends declared
and
Interest deductions
318,619,870
1,474,158
1938
Net railway operating Income.. $70,345,666 $49,692,168 $526,963,159
$323,731,774
Other income
130,201,171
310,732,250
28,811.933
Other current assets
UNITED
Materials and supplies
Interest and dividends receivable
Rents receivable
TOTALS FOR THE
Net balance receivable from agents and conductors..
Miscellaneous accounts receivable
Includes obligations which
d Deficit
or
other
reverse Items,
mature not more than two years after date of issue-
Volume
Number
of
903
The Commercial & Financial Chronicle
150
Air
Conditioned
Jan.
1,
Cars
in
Operation
on
index
the result of sharp decreases in prices for
was
print cloth, tire fabric, raw silk,
Class
railroads
I
conditioned
and
Pullman
tlie
Co.
had
11,715
air-
1, 1940,
according to reports just received by the Association of
American Railroads and made public on Feb. 3.
This was an increase of 738 compared with the number
of air-conditioned passenger cars on Jan. 1, 1939.
Of
the
passenger
number
total
of
operation
in
cars
such
Jan.
on
Class I railroads on
1 this year had 6,596, an increase of 574 compared
the same date last year.
The Pullman Co. on Jan. 1
Jan.
with
this year had
tion,
5,119 air-conditioned passenger cars in opera¬
an
increase
of
164
compared
with
advance
than counterbalanced
more
and caused the group
burlap and raw jute.
yarns,
weakening prices for gasoline
higher prices for bituminous coal and kerosene
materials
group,
index resulted from lower prices for scrap
and solder.
steel, electrolytic copper, pig lead, lead pipe,
paint
was
1939.
recede to the Jan. 20 level.
caused the building materials group index to
registered a slight decline
The index for the chemicals and drugs group
for fats and oils, camphor, epsom salts, cream of
because of lower prices
tartar, and mixed fertilizers.
Middle
of
National Fer¬
According to
December,
The
In the miscellaneous commodities group lower prices
index numbers for the main groups
(1)
following tables show
of
commodities for the past three weeks,
for Aug. 26 and Feb. 4, 1939, and
the percentage
1940, Aug. 26 and Feb. 4, 1939 to
Feb. 3,
changes from Jan. 27,
(2) important changes in subgroup indexes from Jan. 27 to
1940;
Feb. 3,
tilizer Association
the housefurnishing
the decline in
reported for cattle feed, boxboard, cylinder oils and paraffin wax.
were
Commodity Prices Dropped Sharply During
Week Ended Feb. 3 Reaching Lowest Level Since
stoves
gas
goods group index.
r
Wholesale
models of electric
Lower prices for the 1940
caused
and
oil and shellac,
litharge, linseed
lead,
particularly red
materials,
Quicksilver and
prices for yellow pine lumber and
"Weakening
advanced.
prices
A slight decrease in the
index to drop fractionally.
metals and metal products group
pig tin
A minor
prices of clothing.
reported in
was
In the fuel and lighting
refrigerators
which
Jan. 1,
cars,.
The decline of almost 2% in the
point reached in the past four months.
textile products group
Higher
1940,
1940.
Commodity prices were generally lower last week and the
price index compiled by the National Fertilizer
Association declined to the lowest point reached since the
(1926=100)
wholesale
Percentage Chanoes from-
This index in the week ended Feb. 3
middle of December.
Association's announcement under date of Feb. 5 continued:
Declines
were
and four remaining
The food price average fell to the lowest
unchanged.
point reached since the advance began early last September;
this
declined in price during the week and four advanced.
group
The only two products included in the farm
moderate recession.
a
With
livestock all moving downward the farm product average
cotton, grains, and
showed
15 items in
A
fractional drop in gasoline quotations resulted in a slight decline in the fuel
price average, reversing the upward trend of recent weeks.
All of the
changes in textile prices during the week were downward, with burlap, wool,
silk, cotton goods, and cotton yarns all moving lower.
Lower prices for
group
while 14 items declined.
advance were lambs and poultry,
to
steel scrap, copper
and lead
were
responsible for a drop in the metal index.
A small increase in lumber quotations
caused
an upturn
in the index repre¬
Feb. 4
Jan. 27 Aug. 26
Feb.
1939
1939
1939
to
4
26
20
1940
194C
1940
1940
to
to
Feb. 3
Feb. 3
1940
27
3
Commodity Groups
1940
1940
1939
AH commodities-.
78.8
79.1
79.3
74.8
76.6
—0.4
69.6
69.2
69.5
61.1
67.1
+0.6
+ 13.9
71.7
71.4
+ 2.9
+ 5.3
Farm products
widespread throughout most of the commodity list with
principal group indexes declining, one registering a slight advance
six of the
Aug.
Feb. 3
compared with 78.2 in each of the two preceding
weeks, 78.3 tlwee weeks ago, 78.5 four weeks ago, and 72.8
a year ago,
based on the 1926-1928 average as 100.
The
77.5
was
Jan.
Jan.
Feb.
Foods
+ 3.7
71.4
66.7
71.0
+ 0.4
+ 7.5
+ 1.0
103.0 103.9 103.7
-
Hides and leather products-
92.6
92.9
—0.9
+ 11.2
+ 10.9
67.4
65.5
—1.8
+ 11.7
+ 15.0
75.3
Textile products
76.7
77.0
73.3
73.4
73.4
73.2
73.5
—0.1
+ 0.1
—0.3
Metals and metal products--
95.6
95.7
96.0
93.5
94.5
—0.1
+2.2
+ 1.2
Building materials
93.1
93.7
93.1
89.7
89.3
—0.6
+ 3.8
+4.3
Chemicals and drugs
77.5
77.6
77.7
74.2
76.2
—0.1
+ 4.4
+ 1.7
Housefurnishing goods
89.5
90.2
90.2
87.0
87.2
—0.8
+ 2.9
+2.6
Miscellaneous
77.1
77.4
77.5
73.1
72.9
—0.4
+ +5
+ 5.8
Raw materials
73.2
73.3
73.9
66.2
70.4
—0.1
+ 10.6
+ 4.0
Semi manufactured articles-
80.3
81.2
81.9
74.4
74.7
—1.1
+ 7.9
+ 7.5
Finished
81.7
81.9
81.9
79.3
80.2
—0.2
+ 3.0
+ 1.9
80.9
81.3
81.4
77.8
78.7
—0.5
+ 4.0
+ 2.8
83.6
84.0
84.1
80.4
80.4
—0.5
+ 4.0
Fuel and lighting materials
.
commodities.
products
All commodities other than
farm products
other than
All commodities
farm
products and foods.
-
senting the prices of building materials.
PERCENTAGE
CHANGES
WHOLESALE
IN
+ 4.0
INDEXES
PRICE
the week
and eight advanced; in the preceding week there were 39 declines and 18
advances; in the second preceding week there were 23 declines and 26
Fruits and vegetables
2,
Nonferrous metals.
advances.
Other farm products
1.
1
Other textile products
1.
OF
Cereal products
Forty-eight price series included in the index declined during
WEEKLY WHOLESALE
Other foods
Complied
by
National
the
Fertilizer
(1926-1928=100)
Association.
*
-
.
1940
(Concluded)
Decreases
Increases
Dairy products
COMMODITY PRICE INDEX
TO FEB. 3,
IMPORTANT SUBGROUPS FROM JAN. 27
,/.» 1.1
—
Meats
1.1
0.9
0.9
Clothing
0.
Cattle feed
0.8
Crude rubber
0
Cotton goods
0.7
0.6
0.6
0.
Per Cent
Latest
Preced'g
Month
Year
Bituminous coal
Each Group
Week
Week
Ago
Ago
Plumbing and heating
Jan. 6,
1939
Livestock and poultry
0.
Petroleum products
Feb. 4,
1940
Feb. 3,
Group
Bears to the
27,
Jan.
1940
1940
Total Index
-
Leather
0.3
0.3
73.8
70.3
Hides and skins
53.5
54.1
52.1
Woolen and worsted goods
2
Mixed fertilizers..
0.3
64.5
68.3
65.9
Grains
2.
Furnishings
0.3
64.2
products
72.9
64.5
Cottonseed oil
Farm
4
-
72.2/
Fats and oils__
23.0
—
materials
Drugs and pharmaceuticals
Paint and paint
11
53.0
Foods
25.3
0.6
0.5
Other miscellaneousDecreases
Silk and rayon
65.5
66.2
64.2
Lumber
2
Chemicals
0.2
Furniture
1
Paper and pulp
0.
Cotton
57.8
57.9
60.6
47.5
Grains
69.0
71.4
74.0
54.2
Livestock
61.8
63.1
62.6
_
70.5
17.3
Fuels
84.8
84.9
81.5
Miscellaneous commodities
89.3
89.6
90.4
76.8
Textiles
75.8
77.3
80.6
59.8
7.1
Metals
91.8
92.5
93.5
90.5
6.1
Building materials
87.7
87.5.
88.0
84.0
1.3
Chemicals and drugs
94.3
94.3
94.3
.3
Fertilizer materials
73.6
73.6
73.8
.3
Fertilizers
78.3
78.3
78.2
78.2
.3
Farm
94.9
94.9
94.9.
95.1
77.5
78.2
78.5
January Chain Store Sales Up
75.9
10.8
11.03%
72.8
8.2
machinery
92.4
•
71.4
According to a compilation made by Merrill Lynch & Co.,
Inc., 23 chain store companies, including two mail order
companies, reported an increase in sales of 11.03% for
January, 1940 over January, 1939.
Excluding the two
mail order companies the 21 other chains reported an in¬
crease
All groups combined
100.0
in sales of 7.01%.
January,
Wholesale
Declined 0 4% During
Feb. 3, According to Bureau of Labor
Commodity
Week Ended
Prices
linseed oil, electrolytic
and lead, largely accounted for the decline," Mr.
print cloth,
copper,
raw sugar,
of the
Each
creased
commodity
decline, nearly 2%.
groups,
metals and metal
1% and fuel and lighting materials,
products, chemicals and drugs, and miscellaneous com¬
modities
less
one-half of
advanced 0.6% during the week and
1%.
The
farm products group
foods rose 0.4%.
The index for the semi-manufactured
commodities group declined over
Average wholesale
prices of raw materials and finished products also declined fractionally.
The large groups "all commodities other than farm products" and "all
commodities other than farm products and foods" each decreased 0.5%.
1% to the lowest point reached since
The Labor
mid-September.
Department also had the following to say in
its announcement:
Advancing prices for oats, corn, steers,
hogs,sheep, cotton, eggs, oranges,
index up 0.6% to the
2% and livestock and
poultry also averaged lower.
Decreases were reported in prices for barley,
rye, wheat, calves, cows, lemons, flaxseed, potatoes and wool.
The foods group index advanced for the first time in the past six weeks.
Higher prices for butter, cheese (San Francisco), fresh pork, cocoa beans
and cottonseed oil accounted for the increase.
Lower prices were reported
hops, seeds and onions brought the farm products
early January level.
for flour,
Grains dropped more than
dried fruits, beef, cured pork, veal, copra,
lard, raw sugar, edible
tallow and cocoanut oil.
Pronounced decreases
23 Companies
F. W.
in
prices of hides, skins and sole
the hides and leather products group
—
$208,143,109
$187,458,625
11.03
5.10
35.4
7.01
Dodge Corp.'s Review of January Construction
de¬
Hides and leather products, building materials, and
than
_
5.54
3.86
Contracts
except farm products and foods,
housefurnishing goods fell less than
dropped
20.41
chain
2 Mall order companies.
leather brought
the lowest
index down nearly 1% to
and engineering contracts awarded in the
States during the month of January amounted
Private building
Textile products registered the greatest group
during the week.
$131,193,216
56,265,409
_*
10.69
cocoanut oil,
He continued:
Lubin said.
$140,391,685
67,751,424
55,088,434
21,568,319
2 Shoe chains
21 Chains.
6.25
5,864,873
4,678,742
3,206,000
3 Grocery chains
11 5 & 10-cent chains
1 Auto supply
Increase
.
$47,046,571
52,194,810
19,485,293
5,646,703
4,451,839
2,368,000
1 Drug chain.
According to an announcement made by Commissioner
Lubin, Feb. 8, the Bureau of Labor Statistics' index of whole¬
sale commodity prices dropped 0.4% during the week ended
Feb. 3 to 78.8% of the 1926 average.
"Weakening prices for
semi-manufactuied commodities, such as yarns, tire fabric,
Per Cent
1939
$49,985,317
3 Apparel chains
Statistics' Index
January,
1940
37 Eastern
$103,659,090,
to
This
was
which
according
to
was
$103,757,000.
W.
F.
almost exactly equal to
Dodge Corporation.
the January, 1939 figure,
There were moderate increases in
private non-residential building and engineering work
a moderate decrease in private residential contracts.
and
financed construction declined 37
compared with January of last
year, with a moderate increase in public residential build¬
ing and decreases of considerable magnitude in public non¬
residential building and engineering work.
The grand total
of January contracts for all construction, $196,191,000, was
Contracts for publicly
cent in dollar volume, as
per
22
ner
cent
under
the figure for
the corresponding month
which was $251,673,000.
Commenting on the January record, Thomas S. Holden,
Vice-President of F. W. Dodge Corp., in charge of statistics
and research, made the following statement: "It is of inter¬
est to note that while the dollar value of residential build¬
of 1939,
ing
contracts declined moderately
new
was
as
compared with Jan¬
cent increase in number of
family dwelling units contracted for, and that there
an
increase in contracts for manufacturing buildings.
uary,
1939, there was
a
14
per
The Commercial &
904
letting of private contracts during the
continued marked decline in public con¬
struction have been anticipated by the construction indus¬
try, with the expectation that a more definite trend in pri¬
vate activity would be seen in later months."
A moderate rate for
Business
Ended Feb* 3, 1940, 11.1%
Above
The Edison Electric
Year Ago
a
institute, in its current weekly re¬
estimated that production of electricity by the electric
port,
light and power industry of the United States for the week
ended Feb. 3, 1940, was 2,541,358,000 kwh.
The current
week's output is 11.1 % above the output of the corresponding
week of 1939, when production totaled 2,287,248,000 kwh.
The output for the week ended Jan, 27,1940, was estimated
to be 2,565,958,000 kwh., an increase of 11.9% over the
like weeks
a
year ago.
PERCENTAGE INCREASE FROM PREVIOUS YEAR
Week Ended
Week Ended
Jan. 27,1940
Jan.20,1940
8.3
9.0
Struggles with Growing Burden of
Three
1940
Statistical
Observes
four corporations now
carry on
of
out
economic
provide statistical information for their
officers and stockholders, for trade associations, for
research in order to
own
private research organizations, and for various governmen¬
tal bureaus, according to a preliminary announcement of a
survey made by the Division of Industrial Economics of the
Conference Board.
Governmental interest in the activities
of business has grown so rapidly in recent years that the
special reports for State
prepares more
company
average
trade associa¬
and Federal bureaus than it does for its own
Three-fifths
tion.
the companies
of
The Board's announce¬
reports to governmental agencies.
ment went
The
that
to say:
on
which was begun in June, 1939, reveals
followed in the organisation of research.
Board survey,
Conference
uniform
no
sent special detailed
is
practice
Only 30% of the companies maintain a separate centralized department
for such work, or place the responsibility in the hands of a single statis¬
or economists.
Ten per cent of the concerns assigned such research
to a single executive.
The majority, about 60%, divided the task among
tician
Week Ended
Week Ended
Feb. 3, 1940
Major Geographic
Regions
10,
Reports, Conference Board
first quarter and a
Electric Output for Week
Feb.
Financial Chronicle
10.2
Jan.
13,1940
several executive offices and departments.
22.5
21.2
16.6
15.4
centralization of research is found in financial and
than in manufacturing concerns.
The greatest volume of work appears to be done in the accounting and
controllers' departments, and the second heaviest volume falls on
the
executive offices.
Next in importance come the sales division, the produc¬
tion department and, in fifth rank, the centralized statistical or economic
Pacific Coast--.—...
6.6
10.3
7.8
10.6
research
Total United States.
11.1
11.9
12.3
14.2
New England
Middle Atlantic.----.
12.8
7.0
8.4
10.1
14.5
14.6
16.2
17.5
10.8
11.7
10.6
12.8
Southern States.
13.9
14.8
14.6
15.8
Rocky Mountain
Central Industrial
West Central--
>—
Somewhat
Most
DATA
WEEKS
RECENT
FOR
(THOUSANDS
Percent
Change
1939
1940
Week Ended
1932
1937
1940
1929
from
1939
2,269,846
+ 14.2
Jan.
20--
2,572,117
2,289,659
2,292,594
2,287,248
2,244,030
2,264,125
2,256,795
2,214,656
2,201,057
2,199,860
2,211,818
2,207,285
2,199,976
2,212,897
+ 14.0
13—.—
2,473,397
2,592,767
2,169,470
Jan.
+ 12.3
Jan.
6—
2,565,9 8
Feb.
2,541,358
3—
Feb.
10—
Feb.
17—
24
+ 11.1
2,248,767
Feb,
+ 11.9
2,268,387
-
*
Mar.
2—
Mar.
9--
2,225,690
2,244,014
2,237,935
...
1,542,000
1,733,810
1,736,729
1,717,315
1,728,203
1,726,161
1,718,304
1,619,265
1,602,482
1,598,201
1,688,967
1,588,853
1,578,817
department.
companies compile data for internal
1,545,459
1,512,158
1,519,679
1,699,250
1,706,719
1,538,452
1,702,570
sales and orders, pro¬
use on
Less than one-fourth of the companies
duction, employment and purchases.
KILOWATT-HOURS)
OF
greater
public service companies
12.3
inventories in the hands
of distributors of their products.
Most companies also attempt to forecast
future trends in sales, production, costs, inventory requirements, prices
and profits.
More than half of the organizations reported that they attempt
to forecast sales by geographic regions.
Forty-two per cent of the companies carrying on research compile
periodic reports on the outlook for the particular industry in which they
are engaged, and nearly as many compile data on the prospects for business
in general.
About 15% also prepare studies on general business conditions
as
they affect purchasers of their finished products and suppliers of their
compile data
reporting, however, attempt to
raw
on
materials.
Other
special
studies carried
to
on
a
considerable extent by
private
industry, listed in the order of their importance, are the economic effects
taxation, analysis of departmental operations, personnel practices, plant
layout, effects of legislation, and feasibility of plant expansion.
of
♦
Conditions in Federal Reserve
Summary of Business
December Parallels Increase in
According to Conference BoardManufacturers' Shipments Rise—New Orders De¬
Inventory Rise
Production,
in
cline
Inventories of manufacturers continued to rise in Decem¬
but still did- not appear excessive in relation to the
ber,
volume of business done, according to
preliminary indexes
Districts
The
trend
of
Economics of the
orders, however, again declined
substantially and, viewed in the light of that development,
the inventory situation appeared less favorable.
Under
date of Feb. 4 the Board further said:
The value of inventories
about
500
at
the end of
December, based
on
reports of
representative
companies, was 3.3% greater than a month
earlier, which compared with an increase of 5.3% from October to Novem¬
ber.
Since the end of August inventories have increased 13%, to stand
at the highest level since March, 1938.
The largest monthly increase was
reported in November,
the
still
of
reflecting the heavy delivery of orders placed in
buying boom which immediately followed the outbreak of war.
There
remained on the books of
many manufacturers a substantial amount
unfilled
orders
considered
A
to
as
at
the
year-end,
and
in
some
instances
this
must
part of the August to December rise in
First
price increases.
was
attributable
The physical volume of stocks has consequently increased
less
sharply than the dollar value.
Compared with the average for 1929,
the physical volume of stocks showed a gain at the close of 1939, although
the dollar value was moderately lower.
relation
stood
at
to
the
volume
of
goods
comparatively low level.
a
shipped,
at
the
year-end
According to
a
(Boston)
District
England during December the level of general
business activity was maintained at approximately
the same
November, after allowances had been made for
customary seasonal changes, states the Federal Reserve Bank
of Boston in its "Monthly Review" of Feb. 1.
In part, the
rate as in
"Review" also said:
Carloadings in this district during the four-week period ending Jan. 6
8.8% greater than in the corresponding four-week period a year ago.
During the month of December sales of New England department stores
and apparel shops were 1.7% higher than in December, 1938, and for the
were
entire year 1939 were 2.6% higher than during the previous year.
The amount of
was
raw
cotton consumed
78,854 bales. This
was a
by mills in New England during
decrease of 11.1% below the total
of
88,705 bales in November but exceeded the December, 1938, total by
10.8%. Cotton consumption in New England for the entire year 1939 was
911,466 bales, an amount 23.4% larger than the total during 1938 of 738,420
bales. In New England during December the amount of raw wool consumed
on a
daily
average
basis
was
less than in November and for the first time
Wool consumption
about 40% higher
war broke out had increased 15%.
In September the recovery was
accelerated, and at the year-end the index stood 47% above the low for
April.
The trend of this index on the whole is similar to that for the
volume of
manufacturing production, although during a period of marked
price changes it would be expected to move more widely than the volume
of production index.
New Orders
In New
tracts
was
England during December the value of total construction
awarded
was
$21,751,000,
amount
an
10.5%
con¬
below the total of
$24,298,000 in November and 42.0% less than the total of $37,490,000
eported for December, 1938.
In this District during the year 1939 total
construction contracts amounted to
same total as
was
$255,223,000, which
was
almost the
reported for the year 1938.
During December production of boots and shoes in New England is
estimated to have been
10,896,000 pairs, exceeding the November pro¬
duction by 7.7% and 14.3% higher than the production in December, 1938.
Boot and shoe production in this District for the
year
1939 is estimated to
have been 150,174,000 pairs, an amount 5.3% higher than the 1938 total.
m*
orders
1939, however,
than during the previous year.
new
time
New
Reserve
in this District for the entire year
stocks
index compiled
by the Conference Board on the basis of reports from the same companies
supplying inventory statistics, the value of shipments in December was
28% higher than in August and 29% above the level for December, 1938.
The shipments index established a low for the year in April, and by the
•
Federal
in 1939 dropped under the corresponding month of 1938.
Manufacturers' Shipmen ts
In
In New
December
inventories
various
and San Francisco.
be
offsetting the increase in stocks of goods.
the
Boston, New York, Philadelphia, Cleveland, Richmond, At¬
lanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas
New
Board.
in
Districts is indicated in the following extracts taken from
the "Monthly Review" of the Federal Reserve Districts of
compiled by the Division of Industrial
Conference
business
The total number of wage-earners
employed in representative manu¬
declined for the third consecutive month in December,
drop was less pronounced than in November.
Compared with
September, new orders showed a decrease of 31%, which canceled about
three-quarters of the July-September increase.
The December level, how¬
ever,
was
still 26% higher than that for both July, 1939, and for
facturing
December,
amount paid in wages has decreased an average of 0.1%.
but
the
In
end
1938.
A
occurred
record
new buying, the inventory situation at the
was considerably less favorable than in several preceding
divergent movement of inventories and new orders also
following
for that
situation
revealed
a
heavy
as
a
by statistics for
rate
buying
period indicates that
develops
Production
faster
in
Massachusetts
during
December
was
1.1%
0.9% higher, according to the Massachusetts Department of Labor and
Industries.
During
the
14-year
period
1925-1938,
inclusive,
between
November and December employment declined an average of 2.2% and the
relation to the volume of
of December
months.
movement
even
in
where
a
December, 1936.
The
burdensome inventory
result of
some
unusually heavy buying it is not fully
time after the peak in new orders.
schedules
and
to
a
of
manufacturing industries were raised at a
higher level following the September, 1939, buying
than after that at the cioee of
1936.
New orders reached a slightly
higher level in December, 1936, than in September, 1939, and the average
for
the three months following each peak was about the same.
Yet
manufacturing production, in the final quarter of last year was 7.6%
higher than that for the first quarter of 1937.
wave
establishments
lower than in November and the amount of aggregate weekly payrolls was
Second (New York)
District
The Federal Reserve Bank of New York, in presenting its
monthly indexes in its "Monthly Review" of Feb. 1, states
that "the substantial rise in business activity which occurred
in the last seven months of 1939, was followed by a downturn
in January. The "Review" goes on to say:
Steel production, which ordinarily begins a seasonal rise in
tined to recede from the high point reached In November.
January,
con-
New business
booked by steel mills during the month fell considerably behind shipments,
indicating that current production was sustained to
a
large extent by the
backlog of orders accumulated during the fall of 1939.
evidence, however, that steel consumers are
now
There is
some
using more steel than they
Volume
buying.
are
level
The Commercial & Financial Chronicle
150
For example, automobile production has been running at a
comparable with that of the
1937 model
and the indicated
season,
decline from December to January was smaller than in any
four years.
show little change
three
between December and January, but figures for the first
weeks of January
from the high level
of this
year
indicate
rather pronounced decline
a
reached in December; shipments of bulk freight, however,
advanced seasonally.
accumulation is to be avoided.
While cotton textile mills maintained a high rate of
applicable to the iron and steel industry, in which
The foregoing is most
production
loadings of merchandise and miscellaneous freight
car
have to be reduced further if inventory
the present level or production will
of the preceding
.
Ordinarily railroad
905
as
from an index of 105 in August (based on 1923-25 average
rose
100 and after allowing for seasonal fluctuations
and trade reports indicated that order
Since approximately 50%
being sharply reduced.
were
activity in January, mill sales of cotton goods were reported to have con¬
steel made in the United States is produced in
tinued
iron and steel industry is
below current
December
production.
data indicated a further rise in the general level
Although industrial production in
considered.
activity, seasonal factors
of business
general was lower than in November, the reduction was smaller than
for
the time
of year, and similarly, railroad
loadings of merchandise
car
declined less than in most other years, although
and miscellaneous freight
the decline in shipments of bulk freight was more
showed
trade
Retail
greater
a
usual
than
seasonal
pronounced than usual.
rise
December,
in
owing
mainly to exceptionally large advances in mail order house and chain store
sales,
while
department store sales rose about as usual.
Electric power
production, which usually reaches the peak of the year in December, in¬
creased
more
(Adjusted for seasonal variations, for estimated long-term trend, and where necessary
changes)
for price
Dec.
Oct.
1939
Nov.
Dec.
1939
level of automobile production
tire
and
115
126
129
Passenger cars
73
79
64
86
Motor trucks
72
148
87
91
Bituminous coal
79
98
95
Crude petroleum
88
90
92
85p
98p
79r
_.
-
93
Electric power
99p
99
lOlp
64
64
67
73
Cotton consumption
101
111
115
122
Wool consumptionr
126
120
122
in business from other sources.
119
106
116p
119p
89
97
100
104
95
92
95
95
Shoes
Meat Dacklng.
_
.
_
Tobacco products
...
decline in building glass sales and more than seasonal
ment tire
96
102
82r
105
106p
94
94p
91r
44
49
37
112
.
47
68
90
93
81
87
78r
98
95
95
Exports
79
86
80
102p
Imports
72
81
85
95p
and miscellaneous
—
93
87
87
Department store sales. United States
Department stores sales, Second District
85
83 p
106
109
lllp
97
109p
97
109p
76
72 p
80r
100
Mail order house sales
95
101
New passenger car
65
Other chain store sales
registrations
98r
Velocity of Deposits*—
in
demand
Not adjusted for trend,
of
1938 in
Tobacco manufacturing
all lines except smoking and chewing tobacco.
than 80%, rose 5% in output
Commercial failures were fewer in number and
year than in the preceding year.
Sales of new auto¬
1939
148
148
147p
111
112
112p
_
Preliminary,
r
(Philadelphia)
mobiles
showed the most marked decline, but a record
prices
equal receipts
on
total receipts for the 1939 crop will
for the 1938 crop.
Purchasing power of
in 1939 than in 1938, and this
the whole was appreciably higher
undoubtedly accounts in part for good results
Sixth
than seasonal declines in the
shown in distributive
The
District
"Monthly Review" of the Federal Reserve
following regarding business in
District during December:
the highest for any month in the 21 years
declined, somewhat more
8.7% greater than in 1938.
Business failures increased but
Wholesale trade
the year was
and the 1939 total was about 9.0%
substantially less than a year ago,
1938.
less than for
Statistical evidence of industrial
activity in December presents conflicting
Textile operations were off
trends.
included in
higher than for any other year.
than usual in December, but for
The annual index for 1939 is also
the series.
were
Sixth District
The unadjusted index
daily rate of department store sales in the
November more than it usually does.
over
month, output of coal
6 9% from November, a record high
declined slightly, and there was a considerable drop
awarded from the large November total.
total construction contracts
Actually,
declined
District was the largest in 10 years
of residential contracts was the largest in 13 years. Pig iron
1939 total of awards in the
somewhat further in December to the highest rate
output increased
any
construction operations have probably not
however,
because the
and the total
of 19% in manufacturing activity,
(Atlanta)
Bank of Atlanta reports the
In December the
production of electirc power.
In agriculture, farmers had a better year
and prices both being higher for most crops in the later
for December 1939 is
production averaged 17% above the
13% in coal mining, and 10% in the
respectively.
payrolls showed substantial im¬
production offset the price drop and
increased
District
Production of coal and crude oil declined some¬
During 1939 as a whole industrial
month in nearly 13 years, and the 1939 total was the largest since
production in November was at a new record level.
for
1929.
Electric power
reduced somewhat in the year.
activity decreased in the last
allowing for seasonal changes,
quarter of the year,
Preliminary indications are that for
the first time since last summer em¬
payrolls in this District declined somewhat in January.
however, continue near the peak levels reached
Employment and income,
1937.
Distribution to consumers has been
sales showed the customary
fairly well sustained.
sharp advance in December and
Retail trade
according to
the usual seasonal contraction in January. Whole¬
trade has declined somewhat, as was to be expected, but a substantial
early reports have shown
continues in evidence and spring sales to
•expected to exceed a year ago.
low in relation to
retailers are
Stocks at retail stores continue to decline
the current level of business.
Fourth
(Cleveland)
Seventh
after
and in December was somewhat below the
.level of a year earlier.
District
"Monthly Business Review," the Federal
Bank of Cleveland reports that "the year 1940 prob¬
In its Jan. 31
ably started with industrial output at the highest level ever
recorded for that season of the year, even though there was
some contraction in those lines whose rapid advance con¬
tributed most to the general upswing following declaration
of war in Europe.
So far as actual output of goods is con¬
cerned, the falling-off thus far has been moderate, for in¬
dustrial activity has been maintained at a fairly high level
partly because large unfilled orders were carried over into
the new year."
The Bank, in part, also said:
Many industries report a decline in incoming orders, and output Is being
maintained to a considerable degree at the expense of the backlog of orders
■on hand.
The time is approaching when orders will have to expand from
(Chicago)
District
Chicago Federal Reserve Bank, in its "Business Con¬
ditions" report of Jan. 25, that "the year 1939 was charact¬
erized by a substantial upswing in industrial output during
the last four months of the year.
Business activity as a
whole was on the upturn in the late summer, following minor
declines earlier in the year as industrial concerns worked
The
inventories
to
lower positions."
The Bank also had the
following to say:
The
of major war in
outbreak
Europe furnished a marked stimulus,
particularly to the heavy durable goods industries which generally experi¬
ence the sharpest fluctuation, as buyers endeavored to replenish stocks in
difficulties. There has been, however,
large-scale war orders from
Seventh District—steel—
enjoyed the heaviest quarterly output in history, and automobile production
was at near-record levels for the fourth
quarter. These and other sub¬
stantial gains were reflected in marked increases in employment, there
being a gain of nearly 350,000 workers employed at Seventh District
manufacturing industries from July to December. At the close of the year
and in early January, there was evidence of considerable slackening in the
rate of incoming business in many District industries, particularly in the
anticipation of price rises or delivery
little evidence up to
abroad.
throughout 1939.
Tobacco
year.
depart¬
Employment
41% in 1939 and 1938, and retail trade as reflected in
the number employed and total
than in 1938, yields
Revised.
be expected.
level in 1938, reflecting an improvement
output of crude oil was
rose
.
and furniture stores rose 4% and 10%,
both
provement
in
in the month reflected smaller
.
the Sixth (Atlanta)
1%, advancing for the seventh consecutive month to a level
17% above a year earlier and 37% above the recession low
in July, 1938.
The Bank further said:
what more than was to
.
—
Philadelphia, in its "Business
Review" of Feb. 1, reports that "industrial activity in the
Third Federal Reserve District improved further in Decem¬
ber.
The index after allowing for seasonal change increased
output of manufactures.
1938.
over
35
30
The Federal Reserve Bank of
Reserve
half of 1939, and reserve
reduced almost to the vanishing point.
that
The Jan. 31
p
Third
are
were
poundage of yarn since
unable
iines of trade.
148
average=100)
Wa^e rates (1926 averaee=100)
and
consumed more cotton than in any
Rayon mills, though operating at capacity, were
64
29
44
Living and Wages*—
volume of reordering
awarded for all types of work,
The cotton textile industry was
while rayon mills shipped the largest
lower in liabilities last
fact
62
57
66
New York City
deposits,
(1919-25 average=100)__
sale
City building permits issued in 1939
keep production up to shipments in the last
stocks
farmeis
City (1919-25 average=100)
in
District
1938 work, but was also greater
only exceeded
active in the District in 1939, and
earlier year,
approximately
Velocity of demand deposits, outside New York
and
(Richmond)
exceeded 1938 permits by 35%, and contracts
93p
80
101
95
ployment
December after the close of the lake shipping
and
Construction work not
in
Chain grocery sales
Construction
extremely cold
Output had
industrial consumption, but in mid-January it had
than for any other year since 1929.
ment
Distribution to Consumer—
The gain
by
began shortly after mid-year in 1938, ana results attained
were materially better than those for the earlier year," ac¬
cording to the Jan. 31 "Monthly Review" of the Federal
Reserve Bank of Richmond.
The "Review" also said:
exceeded
Primary Distribution—
Cost of living (1913
January
demand for heating fuels.
industry in the Fifth Federal Reserve
District continued through 1939 the improvement which
98
Car loadings, other
*
benefited in
Cigarettes, of which the District makes more
Car loadings, merchandise
Cost of
in spite of heavy
Fifth
to
40
Non-residential building & engineering contracts
of
were
recovered almost to the October level.
the indstry began.
Construction—
Residential building contracts
Velocity
areas
declined in November and
very
Employment, manufacturing, United States....
Employee hours, manufacturing. United States..
seasonal
reduction in replace¬
shipments.
producing
weather and the resulting pickup in
both rural and urban, were 16% higher.
Employment—
counteracted a falling-off
This was particularly true in the glass and
where automotive demand has partly offset a
rubber industries,
119p
-
..
December levels, and auto¬
from high
motive demand for many products has partially
"Business
Steel
Cement
moderate recession
only
has been the continued high
which has benefited local parts makers and
Weekly figures on automobile assemblies
glass manufacturers.
indicate
1939
Industrial Production—
the largest employer of labor in this area, this
A sustaining factor in the business situation
season
1938
of all
the Fourth District and the
decline in operating rates is of particular importance locally.
Coal
than seasonally.
however, operations were
week in January,
fourth
By the
scheduled at only 82% pf capacity
backlogs
) to 178 in December.
advanced from 62% of capacity in August to 93% in
Steel operating rates
November.
this time of many actual
One of the
largest industries in the
primary steel lines.
District building
activity has declined considerably in recent months,
private residential construction kept the level for
There were moderate
for the calendar year in retail and wholesale trade, and inventories
although expansion in
the entire year
increases
1939 somewhat above that of 1938.
increased in the latter part of 1939.
the District was
a
Christmas department store trade in
in good volume, daily average sales for December
gain of 10% over the
1938 month.
showing
The Commercial & Financial Chronicle
906
Cash
income
higher for
but there
with
by
Seventh
most of 1939 than in
was
the
received
excellent
an
1938.
corn
District
farmers
was
tailers.
only slightly
Small grain crops were below average
Eighth
(St. Louis)
District
District during December carried further forward the notable
virtually
all
the
principal lines,
production
showed less
number of instances
a
than
and
January, how
shrinkage in livestock.
a
ever,
.
.
in the United States
as
or
snow
Extremely low tempera¬
damaged grain and truck
crops
.
improvement occurred in virtually all phases of business
an
indistry in the Eleventh District.
pronounced
The
improvement
an
Although the expansion
as
a
was not as
whole, due largely to the
very
moderate recession in this District during 1938 as compared with that for
the entire country, the general level of activity was nearly as high as in 1937.
the
maintained at
was
caused
During 1939
improvement which began last summer. After allowing for
the customary seasonal changes, industrial activity reached
the highest level in recent years."
The survey also stated:
In
wide margin.
a
widespread rains
as
moisture deficiency.
severe
tures in the third week of
and
1940
Petroleum production
by
year ago
December and the first half of January,
partially relieved the
In its Jan. 31 "Business Conditions" the Federal Reserve
Bank of St. Louis states that "general business in the
Eighth
expected contraction, and in
a
outlook for the agricultural and livestock industries showed
in
10,
December, following
the all-time peak recorded in August, 1937, and refinery
near
operations in Texas exceeded those of
the rather low levels hitherto prevailing.
over
level
rose to a
important exception of hogs—strengthened considerably in the
closing months of the year
activity increased sharply in
substantial declines in the preceding two months.
Prices of major farm products—
harvest.
Construction
Feb.
Twelfth
or
Francisco)
(San
District
about the best rate of the year.
since
the
to the
pre-depression
Bolstered by the heaviest holiday trade
retail distribution in December expanded
era.
highest volume for the
Taken
whoie, 1939
as a
enced in this
established.
While there
were
for business experi¬
relatively low levels obtaining in the similar period
war
in
high records
gains during the first six months
upswing took place in the final half and
outbreak of the
Francisco, in its "Busi¬
ness Conditions" of Jan.
31, states that "although the first
half of 1939 was characterized by a
declining tendency in
business volumes in the Twelfth Distridt, marked revival
during the second half resulted in a higher level of activity
during the final quarter than at any time in the past decade
except for a brief period in mid-1937."
The Bank goes on
year.
was the most favorable year
since 1929, and in several lines all-time
area
The Federal Reserve Bank of San
were
over
the
earlier, substantial
a year
given marked impetus by the
Increased production occurred in virtually
Europe.
was
to
all classifications of commodities, but was most pronounced in the
durable
goods industries, particularly iron and steel and their products.
the heavy volume of distribution, freight traffic of railroads
operating in the
District
was
measurably greater than
earlier.
a year
Revival in the building industry during the year was reflected in notable
expansion in demand for all descriptions of building materials.
There
were
sharp increases in production of lumber, cement, glass, fire clay products,
builders' hardware, paints and kindred products.
Activities in the iron
and steel industry increased steadily throughout the
year until mid-Decem¬
ber, when seasonal Influences, such
repairs, inventorying, vacations, &c.,
as
caused
a temporary slowing down.
Production of bituminous coal at
mines in this general area exceeded that of the
preceding year by a consider¬
.
able amount*
.
.
Owing to the extensive development in
production of petroleum in the District in
large
as
1939
Illinois oil fields,
new
was
more
than twice
that in any preceding year.
seasonally from November and the
sales.
same
Department store volume in December
true
was
more
of variety store
was
52.6% greater than in
November and 4.6% more than in December, 1938: for the
year the total
larger by 5.9% than during the preceding 12 months.
was
of all
wholesaling and jobbing firms whose statistics
bank
were
available to this
7.2% less in December than in the preceding month and 4.9%
According
to the
volume as
District
to the
rose
(Minneapolis)
Minneapolis
whole
a
District
Reserve Bank,
Ninth (Minneapolis)
the
Tn its "Monthly
years.
Review" of Jan. 29 the Bank also had the
rose
sharply in December
following to
the highest in 18 months.
Department store sales in December
9% larger than in the
were
department and general stores
department stores
The
volume
of
a
showed
gain of 5% over 1938.
production in
our
a
For the
gain
year
of 6%
1939,
earlier.
as
indicated
and city
by several
un¬
Linseed oil shipments declined seasonally but
were
nearly
three times the volume of December, 1938, and were
larger than in any other
December in the last 12 years.
Linseed cake shipments were more than
twice the volume of December, 1938, and were the
largest December ship¬
Slaughterings of cattle, calves and sheep at South St.
Paul declined seasonally but hog
slaughter increased sharply and was more
ments since
1935.
than three-fourths
larger than in
December,
declined slightly from November but
Lumber shipments declined but
ago.
was
1938.
The
one-fourth
little above
were a
of
cut
larger than
December, 1938.
Mine production of copper and silver declined somewhat
during December
13 % and the production of all three metals
at
somewhat larger than in
reporting
was
December, 1938.
The number of employees
gold and silver mines increased during the month and
one year earlier.
The Minnesota employment index
copper,
4% larger than
increased from
power
107.9 in
November to
consumption during November
October volume, was 9%
on
larger than
in
the
109.2
was
one
during December.
Electric
practically unchanged from the
year earlier and was the
of
District
(Kansas
Federal
Trade held nearly even and the movement of
hogs
better than
Reserve
a
to market and the
Cash farm income
year ago.
continues favorable.
lower
as
were
lumber
insurance sales slumped badly from the
high level of late 1938.
was
under
a
situation.
snow
in
year ago.
the
fall
months
advanced
of
1939,
sharply.
took
equal
sales.
Life
comes
up
after the
snow
in
the
melts has
and improved the
1, the Bank also had the following to
at department stores
10%
6%
was
consumer
buying necessitated
in
except
was
relatively small.
income, retail trade lagged during
the
of automioble
case
place.
In
that
December,
December
month,
1936,
more
value
peak,
which
greater than seasonal
a
of
and
sales,
widespread gains
department
larger
than
sales
store
in
other
any
less than
in
the previous week;
less;
the
business,
new
National
10%
Lumber
less,
according to
Manufacturers
27, 1940,
shipments
were
reports to
Association
from
tive
hardwood
and
softwood
Distribution of
well sustained in
substantial
fill-in
mills.
Shipments
6%
were
above production; new orders,
17% above production. Com¬
pared with the corresponding week of 1939, production was
2% less; shipments, 8% less, and new business, 4% greater.
The industry stood at 70% of the seasonal
weekly average
of 1929 production and
70% of average
The Association further reported:
1929
shipments.
Year-to-Date Comparisons
Reported
production
corresponding weeks
and
orders
new
four
weeks of
shipments
of
were
1940
3%
were
for
8%
to
the
1939 ;
four
above
date,
weeks
shipments
the
1940
was
to
0.3%
orders of
business
new
of
were
the
date was 6% above
below the shipments,
1939
period.
For
the
14% above production, and
above production.
Supply and Demand Comparisons
The
ratio of
unfilled
orders
to
year
ago;
stocks
gross
21%
was
Unfilled orders
5%
were
stocks
gross
compared with 17% a year ago.
were
on Jan. 27,
1940,
19% heavier than a
less.
the
week
softwoods
orders
of
Mills,
518;
orders,
and
Jan.
27,
hardwoods
production,
and,
1940,
Hardwoods
520
combined;
207,602,000 feet.
Revised
mills
shipped
figures
196,233,000
feet;
for
produced
177,252,000 feet
188,574,000 feet; booked
the
preceding week
shipments, 200,665,000
were:
feet;
229,586,000 feet.
Lumber
softwood
orders
mills
reported
totaled
mills.
same
014,000
ended
feet,
or
for
the
197,183,000
Shipments
as
week
feet,
ended
or
reported
6% .above production.
Jan.
17%
for
27,
above
the
Production
429
production
week
was
by
1940,
the
same
were
of
179,-
168,862,000 feet.
Reports from 1111 hardwood mills give new business as
10,479,000 feet, or
25% above production.
Shipments as reported for the same week were
9,560,000 feet, or 14% above production.
Production was 8,390,000 feet.
Identical Mill
wood
mills
shipments
orders
168,335.000
were,
received,
hardwoods,
90
7,015,000
feet,
Comparisons
during the week ended Jan.
was
feet, and
respectively,
196,295,000
identical
feet
and
and
a
178,205,000
feet
mills
and
9,180,000
ago
feet
it
and
188,835,000
reported
orders, 8,895,000
27, 1940, of
year
production
feet;
feet
was
identical soft¬
169,164,000 feet;
191,830,000
feet.
this
shipments,
and
422
In
year
and
case
and
8,224,000
8,369,000
feet;
the
a
feet
of
year
and
feet.
Canadian
Newsprint Tonnage Sales Expected to In
10% in 1940, According to Dominion Securi¬
Corp.
crease
ties
"Life for the Canadian newsprint
industry may well begin
exceptionally heavy during
year.
as/heavy
source was
consumer
regional associations covering the operations of representa¬
say:
December and in the first two weeks of
January, 1940, sales averaged about
5% higher than in the corresponding period last
commodities through wholesale channels
demandffor
Lumber production during the week ended Jan.
was
District
According to the Dallas Federal Reserve Bank, trade and
industry in the Eleventh (Dallas) District expanded further
December, and the level of activity was higher than in
the closing month of 1938. In its
"Monthly Business Review"
► Consumer buying
While
year.
Report of Lumber Movement, Week Ended Jan. 27, 1940
in
of Feb.
during
+
9,971,000
(Dallas)
place
December since 1929.
ago
season.
Eleventh
took
Production
only about half of the fall planted wheat
But the moisture has helped sentiment
outlook for next
also
During November, however,
the
to
Production
District had germinated and wheat that
little chance.
income
during the last four months of the
Marketings of grain and
December and January have improved the
moisture
However,
farm
and
Despite the expansion in
cattle and sheep were less.
Rain and
high
Foreign buying, except
and pulp and paper, contributed but little in the
the additional demand from that
the
were
record
a
labor originating in capital expenditures
by private firms
renovation, repair, and extension of production facilities increased,
for the
of
City)
said:
But construction activity was much
average,
largest
District in December "was somewhat poorer than a
year
ago," the Kansas City Federal Reserve Bank reported in
its "Monthly Review" of Jan. 31.
The publication further
flour, coal, zinc, and lead
in
1923-25
when the seasonally adjusted index
increased market for the larger volume of goods produced in
an
the district
materials
In
(Kansas City)
Tenth
slaughter of hogs and cattle
of the
Softwoods
Tenth
of
improvement
of aircraft
case
record for that month.
Business
121%
the fall of 1939, owing mainly to price advances.
in the
lumber
one year
but gold production increased
was
Some
...
District
adjusted indicators
year
payrolls reached
123.
same
continued at a high rate during December
despite a
reduced output of flour both at
Minneapolis and at outside mills.
Flour
shipments, however, declined less than seasonally and were 4% larger than
one
Factory
was
as
month one year earlier at both city and
country stores.
country
say:
grain prices averaged
Other farm prices declined.
making at the
seasonally adjusted basis, to 122% of the 1923-25 average, compared
109 in August.
This was the highest level since August, 1937.
excepting July and August of 1937,
was
Federal
in
highest level in 10
Farmers' cash income
on a
with
advance
Ninth
the
hostilities had
in retail trade became evident, and in
greater than a year earlier.
business
activity was in
begun, led to a substantial expansion in industrail operations
accompanied by considerable increases in factory employment and payrolls.
Factory employment in the Pacific Coast States had risen by December,
Combined sales
are
district business
time of the outbreak of the European conflict in
September and, together
with the wave of buying precipitated by the announcement that actual
way
December sales of department stores in the principal cities increased
than
as
say:
Some recovery in
Reflecting
December,
orders
by
re^
in
'40," states the current issue of "Canadian Newsprint
Review," published by the Dominion Securities Corp., Ltd.
Expectation is expressed that tonnage sales will show a
10% advance in 1940 over 1939 and reach a level
only
Volume
The Commercial & Financial Chronicle
150
slightly under that of 1936, the third highest year in news¬
print history.
The "Review" continued:
The outlook
for
increased
sales
of
Canadian
is based,
newsprint
Petroleum and
Production
things, upon the eventuality that the consumption of the Canadian
product in the United States will top 1939 figures and that partial elimina¬
States
tion
"Madison"
Since
the
States
a
Scandinavian
outbreak
proportion
the
about $53.75,
York
received
from
circulation
war
contain
papers
advertising
well
as
Canadian
The extra
price
the
to
news
United
States
and
pages
more
Less than
print
Cole
Bill
at
Engineer
Recommends
United
Control—Daily
Average
Crude
Oil
Slumps—Oil
a
Seek
Companies
to
End
Case
week after
a
full-week production schedule had
been restored for Texas wells for the first time in more than
is greatly
sales
volume,
the
industry.
1933
In
$41.25,
was
industry-wide
an
trends
Fight
Week—Governors
Oil
Output
the war.
of United
while today it is
has been added to the $50.09 f.o.b.
newsprint
$3.59 which
represents
from
matter.
increased
as
result
will
rise which has occurred in
of
ton
per
country
European
profit,
by the price
price
New
of
for
prospects
enhanced
the
of
this
to
have jumped,
newspapers
greater
The
exports
Products—Texas Returns to 5-Day
Its
Hearings—FPC
among
other
of
907
premium
exchange
estimated
two years,
ables
paring operations to the 5-day operating week that
full-production week
had been in effect for months before the
was
funds.
the Texas Railroad Commission found it necessary
February proration allow¬
to rescind the order and issue new
restored.
At the time that the orders disclosing that
the Saturdayof Feb. 1 were issued by the
Texas Railroad Commission, oil circles were dubious as to
the success of the move.
It was pointed out that the
Saturday-Sunday shutdown plan is the only effective plan
that has been utilized by the Railroad Commission in its
fight to prevent waste and hold production in line with mar¬
Sunday shutdowns would end
Sugar Exports by Java in 1939 Highest Since 1932
Sugar exports by Java during 1939 reached 1,347,780
long tons, the highest figure since 1932 when the shipments
totaled
1,478,172 tons, according to advices received by
Lamborn & Co., New York.
It is added:
The 1939 exports exceeded those of 1938 by
approximately
or
The increase is due primarily to larger shipments to India where
27.7%.
the local crop was curtailed
Java's
April,
292,790 tons
by drouth.
1940 sugar crop, harvesting of
been
has
officially
limited
which is expected to commence in
1,451,695
to
long
year's
Last
tons.
1,548,000 tons.
production approximated
ket demand.
In Washington, the headlines were held by the stiff fight
against the Cole bill being waged at the hearings before the
House sub-committee at which Governors of all of the major
oil-producing States
Established
Peak
1939
in
Textile
for
Fiber
Con¬
sumption—Total Aggregated 4,558,300,000 Pounds,
or
27% More Than in 1938
United
States
(cotton,
consumption
silk
wool,
rayon,
of
the
linen)
and
major
five
amounted
textiles
4,558,-
to
300,000 pounds in 1939, an increase of 27%
compared with
1938
compared
the
consumption
and
previous record year of 1937,
the
"Rayon
Organon,"
nomics
Bureau,
Inc.,
of
fibers showed
last
an
The
year.
the
by
City.
with
the current issue
states
published
New York
3%
of
increase
an
Eco¬
Textile
all
silk,
Excepting
appreciable gain in poundage consumption
Bureau's announcement on Feb. 8 further
said:
of
year
(yarn* plus
consumption
Rayon
pounds last
year,
when
1938,
consumption
Consumption of cotton
of
25%
of
compared
with
wool
of
than
the
1923,
Silk
total
(secured
1938
when
mated
only
consumption
The
were
consumed.
6%
only
totaled
than
less
follow
pounds,
amounted
with recent
1939
greater
1939,
in
the
The 1939 esti¬
pounds,
below the 1936
(in pounds)
consumption
1939
compared
as
39%
high year of
trend
1923.
25,000,000
to
but substantially
shows
or
record
the
downward
a
high
the all-tinie
Last year's consump¬
pounds.
422,400,000
to
linen
1938,
table
the previous record
than
less
396,500,000
totaled
and
of
with
following
textile fibers
main
1%
47,300,000 pounds being the smallest since
21% compared
462,899,009
aggregated
with
327,199,900 pounds.
aggregated
and
continued
consumption
of
basis)
totaled,
consumption
compared
1939 totaled 3,626,700,000 pounds, an increase
in
1938,
1937, when 3,657,100,000 pounds
tion
fiber)
staple
increase of 41%
an
a gain of
total.
of the five
years:
1937
1938
,,
47,300,000
51,700,000
25,000,000
20,700,000
3,657,100,000
307,900,000
380,800,000
53,600,000
35,500,000
4,558,300,000
3,587,900,000
4,434,900,000
462,800,000
2,903,900,000
327,100,000
396,500,000
Cotton...
284,500,000
3,626,700,000
,
Rayon..
_
_
Wool
Silk
Linen
..
Total.
.
their representatives spoke in un¬
the petroleum industry under
in the Cole bill, introduced in
Congress at the request of President
or
restricted opposition to placing
Federal control as provided for
the
New
as
last
session
of
Roosevelt.
a
Monday, opening day of the hearings which resumed after
from late in 1939, saw the House Appropriations
recess
Committee make
decision that took
a
some
of the play away
from the Cole hearings.
The committee recommended that
the Department of Justice spend no money in any attempts
to establish Federal claims to
boundaries
"doubtful
The
of
or
the
at
submerged oil lands within the
through litigation based upon
theoretical construction
of law."
States
least
Appropriations Committee, thoroughly
generally interpreted as a direct slap at +he
Administration.
During the past few years, the Govern¬
ment has been seeking to establish a Federal claim to sub¬
merged oil lands, located mainly in the California and Texas
coasts, on the basis that the national defense value of these
properties entitled it to control them.
Under the leadership of Governor Leon C. Phillips, of
Oklahoma, recently-elected Chairman of the Interstate Oil
Compact Commission, a bitter fight was waged during the
week at the hearing before the House sub-eommittee on the
Cole Bill.
Consensus of the Governors of the major oilaction
unexpected,
of
the
was
producing States appearing in opposition to the measure "was
that the Cole Bill would interfere with States' rights in that
it would take away from the States the right to control their
own
industry—petroleum—and place such control under the
Federal Government.
A surprise
development—and one that was quickly seized
by the groups fighting the Cole Bill as proof that Federal
control of the oil industry was the real purpose of this
measure—was the report made by C. C. Brown, a Federal
Power Commission engineer, which was an outright demand
for complete Government control over production of oil.
The report was made public by Chairman Cole, of the House
Interstate Commerce sub-committee which is holding the
hearings
on
the Bill he introduced.
the Federal Power Commission, which has
The report to
acted upon by the Commission, was in direct con¬
tradiction of the claims advanced by the members of the
not been
Cash Farm Income and Government Payments in
Estimated
$8,518,000,000—Compares
at
with
1939
$8,-
1938
081,000,000 in
Farmers' total cash income from marketings, commodities
under loan, and Government payments in
1939
amounted to $8,518,000,000, it. was estimated on Jan. 30 by
placed
from the
income
In 1938 total cash
to $8,081,000,000,
of Agricultural Economics.
Bureau
the
1937
same
amounted
sources
$9,111,000,000.
In 1932, when the farm
income reached the lowest point in recent years, the total
cash income of farmers, according to the Bureau, amounted
and
in
to
Cash
loan
from
amounted
1939
in
The
increase
increased
products
ments
on
income
from
in
crops,
income
as
from commodities placed
with
compared
from
farm
income from
under
$7,599,000,000
marketings resulted
livestock and livestock
payments
to $807,000,000 compared with
1939 amounted
in
1938.
income
from
in
crops
1939
4% higher than in
nearly
was
1938,
in 1937.
Income
than in 1938.
The
nearly 10% less than in 1936 and 16% less than
was
several
from
1.5%
1939 was unchanged from a year earlier.
Government pay¬
the agricultural conservation program, Sugar Act payments, and
$482,000,000 in
While
and
$7,711,000,000
to
of
in
paritv
price
farm marketings
from
income
1938.
in
it
The Bureau further stated:
only $4,682,000,000.
to
crops
was
materially
larger
1939
in
soy beans, sweet clover,
production were accompanied by
slightly higher prices.
The major crops showing increases in income were
corn,
potatoes,
apples, peaches and pears.
The major crops for which
greatest increases in income were from
and
liops, where marked increases
in
income
beets
to
was
and
The
smaller
December
in
1939 than
in
flaxseed,
1938
were
in
1938.
was
the
Income
lint, tobacco,
sugar
November
less than usual, which, together with larger Government
farmers'
cash
income
from
payments, resulted in a total cash farm income
compared with
cotton
cane.
sugar
decline
marketings
from
in December of $743,000,000
$740,000,000 in November and $652,000,000 in December,
marketings totaled $651,000,000, or slightly less than
from
$665,000,000 received
in
November, but
was
substantially
more
than
Government payments
of
$92,000,000 were much larger than the $39,000,000 received in De¬
cember, 1938, and were larger than the $75,000,000 received in November.
the
$613,000,000 received in December a year ago.
Interstate Oil Compact Commission and the representatives
the various oil-producing States that the States were
of
"capable
of running their
own
affairs,
and the national
defense
setup was not adversely affected by the present
methods of State-controlled production of oil."
"It is my definite opinion," said Mr. Brown in his report,
and adequate conservation of petroleum,
and other hydro-carbons, and the prevention and
waste thereof, cannot be satisfactorily accomplished through
State control, either individually or by means
of State
compacts." In view of this, he pointed out, "it is therefore
my recommendation that appropriate Federal legislation be
enacted, completely controlling the production, conservation, and wastage of petroleum, natural gas and other hydro¬
carbons, in the United States.
In addition to bringing the fight more-or-less out into the
open, the Brown report also indicated that a new attack
might be utilized by the Administration in its drive to place
the petroleum industry under Federal control.
Last year,
when the Cole measure was introduced at the request of
President Roosevelt, the President held that a study of the
conservation needs of the industry was necessary because of
its importance as a national defence supply source.
Since the
Brown report holds that petroleum and natural gas, unlike
coal, metals and other solid minerals, are "migratory com¬
modities that do not respect State lines," the oil men raised
the point that this might mean a new attack, based on the
contention that oil deposits are in interstate commerce, and
therefore subject to Federal control.
Governor Phillips told the subcommittee that the exercise
of the broad rights granted the Federal Government in the
bill would result in rules and regulations which would be
confiscatory and which would violate the Fifth Amendment
of the Constitution which guarantees that no person shall be
"that the proper
natural gas
The Commercial & Financial Chronicle
908
deprived of property without due process of law.
"Since the
bill grants such powers. I am convinced that it is unconsti¬
tutional," he added.
Governor Phillips, as did other Gov¬
and their represem atives who testified at the hearings,
the States, through the exercise of their police
ernors
that
held
petroleum
and in most instances,
against waste.
do
protest,
can
powers,
reserves
protect
and be sustained by the
against the certain tests that would be made, Governor
Phillips predicted that it would prove the "entering wedge
Should the Cole bill be enacted
courts
for
seek Federal control of all productiion and
who
those
industry."
Such "Federal regimentation and control of
industry will mean the abandonment of our free and demo¬
cratic form of government," he argued.
"When we look at
governmental regulation of business, can we say that it will
improve the oil industry, or the lot of these American citizens
engaged as they now are in private employment?" he asked.
Daily average production of crude oil was off 112,800
barrels during the week ended Feb. 3, dropping to 3,498,800
barrels, according to the mid-week report of the American
Petroleum Institute.
The production total compared with
the recommended February allowable of 3,529,000 barrels
set by the U. S. Bureau of Mines in its regular monthly
market demand forecasts.
many
Last week
periods that production
market levels of the
Illinois
was
was
the first time in
held below the suggested
Federal agency.
the only major oil-producing State to show a
was
gain for the Feb. 3 period, daily average production there
rising 16,750 barrels to a new record high of 372,950 barrels.
Sharpest contraction was shown by Texas where daily average
production was off 124,600 barrels to 1,242,300 barrels.
A
decline of 13,850 barrels in Kansas pared the daily output
there to 181,600 barrels.
Oklahoma was next in line, daily
average output dropping 11,950 barrels to a total of 405,650
California showed
barrels.
the
daily
a
slipping
down to 600,200
barrels.
A loss of 1,800 barrels cut the daily average for
Louisiana to 271,600 barrels.
A year ago, third-grade gasoline was available at
4l/i cents, and regular at 4ki to 5 cents a gallon.
With holdings of finished and unfinished motor fuel within
striking distance of the 90,000,000 barrel figure, some
7,500,000 barrels ahead of what the industry's economists
hold would be a safe working level for March 31 when con¬
sumption may be expected to expand under seasonal stimu¬
lus, the pressure on the Nation's major gasoline market
price structures seems likely to intensify before it improves.
Stocks of gasoline showed a gain of 1,423,000 barrels
during the week of Feb. 3.
The American Petroleum In¬
stitute placed the total at 89,337,000 barrels.
Finished
gasoline inventories were up 1,131,000 barrels, this figure
showing the influence of the heavy refinery operations needed
to bolster fuel oil stocks.
Unfinished gasoline stocks were
up only 292,000 barrels.
Refinery operations were off 1.9
points to 79% of capacity.
Daily average runs of crude
to stills were off 75,000 barrels to 3,395,000 barrels.
Fuel oils held their price gains and in some instances
showed further advances as demand continued high.
Some
slackening of the severe cold in metropolitan New York
and other points relieved temporary tightness but prices
held their recent gains and further improvement is seen
more
than likely.
Stocks of light and heavy fuel oils
were off 1,025,000 barrels
during the Feb. 3 week.
Representative price changes, showing the trend of the
Nation's major marketing areas, follow:
to
Feb. 3—Bulk gasoline prices sagged h cent a gallon in the
A final decision in the Madison anti-trust
expected within
cases
may
be
few weeks, developments at Washington
this week indicated.
William J. Donovan, counsel for 12
oil companies and five individuals, asked the
Supreme Court
to dismiss the suit charging them with
raising the price of
gasoline in 10 mid western States in violation of the Federal
anti trust statutes.
Mr. Donovan argued that the oil com¬
a
panies had engaged only In a "voluntary cooperative effort"
to
remove
a
"competitive evil—distress gasoline,"
He
further
argued that the record "contains no substantial com¬
petent evidence that the combination either in purpose or
effect unreasonable restrained trade within the
meaning of
the Sherman Anti-Trust Act."
Thurman Arnold, Assistant Attorney General, told the
Supreme Court that the efforts of the companies involved
in the suit to raise prices constituted "an
attempt to set up
the National Recovery Administration
again without con¬
trol."
In a vigorous speech, Mr. Arnold declared that
"industries all over the country are
watching this case to
see if some new defense of fair trade is
going to come out
which will entitle them to stabilize
prices at the levels which
they think normal."
He added that "practically
every
industry in this country is on a surplus basis," and that if
the oil companies could raise
prices by agreement, the other
companies would follow the same procedure.
"This case,"
he shouted, "represents the most
dangerous threat to the
enforcement of the anti-trust laws ever
seriously presented
to this Court."
There
were
*
no
crude oil price changes
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
(All gravities where A
Corning, Pa
1.02
Illinois
Western
P
52.75
__
95-1.05
Kentucky
.90
I
Socony-Vac.
degrees
T.Wat.Oil.
Warner-Qu.
—TOP-HEAVY
OILS
HOLD
SUPPLY
SEASONAL
UNDER
SITUATION
structure
the
over
(Bayonne)—
iChicago—
I
$ 04
J27 plus
*
New York
»
Brooklyn...
«
to
hold
$ 17
.17
| Newark
I
a
year
are
ago,
.1851 Chicago
.174
...
Daily Average Crude Oil Production for Week Ended
Feb. 3, 1940, Off 112,800 Barrels
The American Petroleum Institute estimates that the
daily
crude production for the week ended Feb. 3,
1940, was 3,498,800 barrels.
This was a drop of 112,800
barrels from the output of the previous week, and the current
week's figures were below the 3,569,700 barrels calculated
by the United States Department of the Interior to be the
total of the restrictions imposed by the various oil-producing
States during January.
Daily average production for the
four weeks ended Feb. 3, 1940, is estimated at 3,585,000
barrels.
The daily average output for the week ended
Feb. 4, 1939, totaled 3,441,950 barrels.
Further details,
as reported by the Institute, follow:
average gross
Imports of petroleum for domestic
and receipts in bond at principal
use
United States ports for the week ended Feb. 3, totaled 1,053,000 barrels,
a
daily average
of
barrels,
150,429
with
compared
a
daily
average
of
131,714 barrels for the week ended Jan. 27 and 152,929 barrels daily for
the four weeks ended Feb. 3.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
Feb.
of which
barrels of
at
3
totaled 273,000 barrels,
94,000 barrels
was
daily average of 39,000 barrels,
a
fuel oil received at New York and
151,000
gasoline and 28,000 barrels of other petroleum products received
Philadelphia.
Reports received from refining companies owning 86.4% of the 4,441,000
barrel estimated
daily potential refining capacity of the
United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,395,000 barrels of crude oil daily during the week,
and that all
companies had in storage at refineries, bulk terminals, in transit and in
The total amount of gasoline produced by all
com¬
RUNS
TO
STILLS
AND
PRODUCTION
FEB.
3,
OF
GASOLINE.
WEEK
1940
(Figures In Thousands of Barrels of 42 gallons each)
Crude Runs
Daily Refining
Capacity
Gasoline
to Stills
Production
District
at
Potentla
Rate
Percent
Refineries
Daily
Reporting
Percent
Inc. Naturah
Average
Operated
Blended
East Coast.
615
100.0
538
87.5
Appalachian
Indiana, Illinois, Kentucky.
166
87.3
116
80.0
430
645
90.7
487
83.2
1,961
WORRISOME—FUEL
Oklahoma. Kansas, Missouri
419
.81.6
IN
MID-
asking less for their thirdalthough regular gasoline
fractionally better than
at
this
time in
1,508
North Louisiana <fc Arkansas
71.9
50.3
96
60.4
840
88.4
2,389
97.8
118
67 A
298
100
55.0
44
80.0
.
396
90.0
179
Louisiana Gulf
246
316
1,055
Inland Texas
1939.
Prices are 3% to 4 kg cents a
gallon for third-grade
gasoline (62 octane and below) off
cent from prices in
January.
Regular is also off % cent at 4
to 5 cents a
$.17
$1661 Buffalo
Boston
LEVELS
EASES
LAST YEAR'S
STRENGTH
currently
I
$ 053
Not Including 2% city sales tax
1.38
pointed toward all-time record high inventories at the outset
of the spring upswing in consumer demand.
continues
$.02J4-.03
ITulsa...
28-30 D
Gasoline, Service Station, Tax Included
1.16
the Nation—as the sustained rise in stocks of finished and
unfinished motor fuel continued, and current indications
grade gasoline than
$1.00
1 50
Gas Oil, F.O.B. Refinery or Terminal
N. Y
.90
developed in the bulk gasoline price
mid-continent—major marketing area in
Oklahoma refiners
-.04)4
.04
Terminal
I
1.03
weakness
in
Refinery
Orleans_$.05)£-.05M»
Tulsa
California 24 plus D
I New Orleans C
$1.00-1.25 Phila., Bunker C
$1 ..50
Texas Gulf
Further
|
2.10-2.20
Diesel
.76-1.03
Kettleman Hills, 39 and over
GASOLINE
NOW
(Harbor)—
Bunker C
F.O.B.
iNew
$.04
.03)4- 05
Angeles..
1.10
over
Darst Creek
Huntington, Calif., 30 and
PRODUCTS—BULK
Los
ENDED
Michigan crude
1.25
CONTINENT—PRICES
| North Texas
Fuel Oil, F.O.B. Refinery or
CRUDE
Rodessa, Ark., 40 and above
REFINED
-.05)4
.04X-.05H
Tulsa
.061
$
(Bayonne)
N. Y
$.05
- .05 M
.06H-.07
Gulf ports
Kerosene, 41-43 Water White, Tank Car,
New York—
$1.03
Sunburst, Mont
.73
.07 >*-.08
East'n
New Orleans..
.07)4-.08
are not sfiownj
1.03
over.
.08K-.08 H
Shell
.08X-.08K
RlchOll(Cal) .08H--08H
Chicago
$.07H-.08
Gulf
panies is estimated to have been 11,032,000 barrels during the week.
Mid Gont't, Okla., 40 and above..
8mackover. Ark., 24 and
Texas
.06)4-.07
unfinished gasoline.
during the week.
Eldorado, Ark., 40
Rusk, Texas. 40 and
Other Cities—
New York—
Rtd.Oil N.J.$.08H-.07
pipe lines as of the end of the week, 89,337,000 barrels of finished and
Prices of Typical Crude per Barrel at Wells
Bradford. Pa
mid-continent
area.
Inventories of domesticated foreign petroleum showed a
decline of 232,000 barrels during the week ended Jan. 27,
according to the United States Bureau of Mines which put
the total at 237,339,000 barrels.
Holdings of domestic
crude oil were off 99,000 barrels during the period, while
stocks of imported crude oil showed a decline of 133,000
barrels.
Heavy crude-oil stocks in California, not included
in the "refinable" crude stocks, were off 167,000 barrels to
13,177,000 barrels at the end of January.
1940
10,
gallon.
decline of 8,900 barrels, with
production
average
Feb.
z866
147
Rocky Mountain
118
54.2
47
73.4
207
California
828
90.0
498
66.8
1,341
86.4
3,030
79.0
9,543
Reported.
Estimated unreported
365
1,489
•Estimatedtotal U.S.:
Feb.
3,
Jan.
27,
1940
1940
4,441
4,441
3,395
*
Estimated Bureau of Mines' basis,
y
This is
a
week's
1939, daily
production.
production based
average,
z
x
10,986
x3,134
♦U.S.B. of M.Feb. 3, 1939
February,
11,032
'
3,470
yl0,653
January-February, 1939, daily
on
the
U.
8.
Bureau
of
Mines
average,
January-
12% reporting capacity did not report gasoline
Volume
The Commercial & Financial Chronicle
150
8TOCKS OF FINISHED
FUEL
AND GAS AND
GASOLINE
UNFINISHED
AND
December 1939
annual total
Finished &
and Distillates
Unfinished Gasoline
rapidly than in 1938.
District
and
17,803
3,500
East Coast
At
in Transit
and in
Refineries
and in
barrels
Appalachian
Pipe Lines
Pipe Lines
238
188
The increase in finished stocks in
422
2,493
21
2,036
1,622
8
Ind.# 111., Ky
Okla., Kan., Mo
13,462
Inland Texas
1,555
12,589
14,328
2,963
""587
5,161
177
2,570
3,103
687
20
562
270
543
645
242
19
410
1,404
16,006
1,477
17,151
7,421
"l",68l
57,069
The
5,564,000 of unfinished
76,866
83,117
18,801
7,330
73,761
6,120
6,220
730
Louisiana Gulf
No. La.sA Arkansas
Rocky
Mountain
California
.
Reported
Est. unreported
301
demand for
the fuel oils,
products in December
and 50.9 in
including kerosene, did not come up to
1939
was
52.5, compared with 53.9 in November
December, 1938.
The crude-oil capacity represented
by the data in this report was 4,208,000
barrels, hence the operating ratio was 81%, compared with 83% in No¬
vember and 77% in December, 1938.
460
161
SUPPLY
AND
DEMAND
OF
ALL OILS
(Thousands of Barrels)
2,010
•
Jan. to
Jan. to
Dec.,
3,
1940...
82,986
89,337
Jan.
27,
1940.._
81,855
87,914
,,19,908
76,323
Dec.,
1939
26,765
26,692
75,771
7,330
7,499
19,531
Nov.,
1939
•Est. total U. S.:
Feb.
(ex¬
65,949,000
expectations, probably due to the generally warm weather during December.
26,765
Texas Gulf
7,944
1,815
compared with
gasoline),
Dec. 31, 1938.
22,282
7,434
December was
According to the Bureau of Labor Statistics, the price index for petroleum
544
2,630
1,164
3,893
14,046
4,028
3,404
4,392
2,994
18,715
Despite the satisfactory
stocks of gasoline continued to rise much more
on
in Transit
Unfin'd
only 3,136,000 barrels and the
11% below 1938.
was
of
At
Finished
the same periods the preceding year.
were
5,682,000 barrels; the total for Dec. 31, 1939 was 77,301,000 barrels
clusive
Refineries
Total
Finished
over
At Terms,
At Terms,
Total
(44,559,000)
overall demand situation,
Stocks of Residual
Fuel Oil
Stocks of Gas Oil
43,694,000 barrels, for the year 552,557,000 barrels,
Exports of motor fuel in December
(Figures in Thousands of Barrels ol 42 Gallons Each)
Stocks of
was
gains of 5 and 6%, respectively,
1940
OIL, WEEK ENDED FEB. 3,
909
1938
Dec.,
Dec.,
1938
1939
a
a
New Supply—
U.
S.
•
B.
of
Domestic production:
Mines
Feb. 3, 1939...
80,089
74,452
32,247
83,466
9,325
22,606
Crude petroleum
114,810
Natural gasoline
Benzol b
CRUDE OIL PRODUCTION
DAILY AVERAGE
(Figures In Barrels)
275
3,857
4,431
3,885
51,347
1,764
49,896
193
2,440
267
116,542
Dally average
Imports
3,730
4,388
119,555
Total production
102.447 1264,256 1214,355
3,327
3,464
3,305
111,887
3,704
4,470
Dally average
•Estimated Bureau of Mines' basis.
107,071 1316,592 1267,466
3,454
3,473
3,607
c:
Crude petroleum:
Four
B.ofM.
Change
Weeks
State
Ended
from
Require¬
Allow¬
Feb. 3,
Previous
ments
ables
1940
Week
Week
Ended
Feb.
229
.
Receipts for domestic
Ended
new
160,600
415,250
173,400
140,150
78,200
81,400
31,900
230,950
20,748
18,467
1,864
639
7,148
7,337
112,434 1375,491 1321.774
1,351
482
121,507
3,988
4,050
3,627
3,768
3,621
dl,225
d73
7,795
e41,560
9,077
122,415
121,434
3,949
4,048
3,878
3,882
3,643
4,656
5,323
4,883
72,073
77,254
422,000
+ 13,850
Increase In stocks, all oils
100
blOO
Nebraska..
22,761
958
supply, all oils
Dally average
—11,950
433,900 b405,650
160,600 bl81,600
433,900
3,651
28,447
123,640
Receipts for domestic use
Total
Kansas
4,648
2,416
799
Receipts In bond
1939
(Jan.)
Oklahoma
444
2,984
Refined products:
Feb. 4,
3,
1940
use
148
2,099
Receipts in bond
Week
lated
Calcu¬
Demand—
65,900
Panhandle Texas
70,000
—12,600
North Texas
84,000
+ 2,950
West Central Texas..
33,000
+ 1,400
195,850
—47,200
66,950
394,600
—15,050
East Texas
+ 200
78,500
394,450
Southwest Texas
193,600
—22,800
207,600
280,700
Motor fuel
204,300
—31,500
226,250
241,150
Kerosene
West Texas
East Central Texas
.
.
Coastal Texas
87,700
31,850
239,800
101,700
447,150
Total demand
Daily average
Crude petroleum
Refined products
8,557
47,275
6,023
12,433
29,519
1,927
Coastal Louisiana
—1,350
—450
69,050
201,750
69,400
191,650
6,613
16,280
Residual fuel oils
30,722
254,200
—1,800
271,600
268,192
270,800
261,050
70,650
70,000
+ 750
52,350
70,200
b4,600
59,700
3,800
358,300
314,800
372,950
3,900
b6,600
96,800
94,850
+4,600
93,300
Michigan
61,000
63,250
—550
64,250
Wyoming
58,700
61,550
—3,050
64,150
48,400
Montana
15,400
—550
17,350
12,800
Colorado
3,900
101,900
17,050
4,800
Indiana
Eastern (not lncl.
and
Indiana)
New Mexico
23,613
61
506
1,162
7,110
5,589
1,414
2,022
1,157
26,879
24,155
.......
Total east of Calif. 2,975,800
593,900 d599,000
71
212
148
7,846
7,847
5,756
5,223
167
145
66,979
2,223
65,890
206
1,841
2,191
1,043
26,036
20,993
109,202
108,295
3,523
3,610
238,910
234,027
274,958
238,910
13,330
13,664
16,467
13,330
4,421
4,830
259,665
4,421
4,830
256,249
4,579
259,415
256,249
259,665
512,910
511,685
555,920
512,910
555,920
130
126
143
132
152
Miscellaneous
Total domestic demand
|
Daily average
94,650
51,650
These
a
oil
4,150
4,000
101,950
2,898,600 —103,900 2,974,250 2,831,650
610,300
—8,900
610,750
600,200
are
3,498,800 —112,800 3,585,000 3,441,950
Bureau of Mines' calculations of the requirements of domestic crude
based upon certain premises outlined In Its detailed forecast for the month
January.
duction,
from
b
from
crude oil
the Bureau's estimated requirements to
to be
of
As requirements may be supplied either from stocks, or from new pro¬
contemplated withdrawals
inventories
must
be
104,109 1228,069 1137,123
3,365
3,115
3,358
Stocks—
Refinable in United States
Heavy In California
Natural gasoline
Total all oils
—
274,958
16,467
b From Coal Economics Division, c Imports of crude as reported
to Bureau of Mines; all other imports and exports from Bureau of Foreign and Domesthe Commerce,
d Increase,
e Twelve months' accumulation starting from pre
a
Final figures,
liminary stocks of Dec. 31, 1938.
deducted
PRODUCTION OF CRUDE PETROLEUM
PRINCIPAL FIELDS
determine the amount of new crude
BY STATES AND
produced.
(Thousands of Barrels)
Oklahoma, Kansas, Nebraska, Mississippi, and Indiana figures are for week
ended 7 a.
m.
Jan. 31.
This Is the net basic allowable as of Jan.
c
1,776
Crude petroleum:
Days' supply
Total United States 3,569,700
995
5,761
Road oil
Refined products
California
21,233
1,831
142
628
146",700
102,800
+ 1,100
101,050
101,900
117,449
291,833
157
7,150
111.
131,935
321,228
618
1,825
Losses
+ 50
+ 16,750
+ 1,500
Mississippi
Illinois
56,360
60,501
6,813
15,694
29,746
Coke
Still gas
Arkansas
116,474
523,003
Wax
Asphalt
Total Louisiana
116,909
552,557
1
Lubricants
68,350
203,250
North Louisiana
11,237
41,742
7,816
43,694
Domestic demand:
Gas oil and distillate fuels
1,411,000 cl376 320 1,242,300 —124,600 1,329,250 1,495,950
Total Texas
120,229 1417,051 1330,851
Exports c:
because of new wells completed, the basic net
is always subject to upward revision,
Jan,
Nov.,
1939
Daily
Total
allowable as of the first of the month
Avge.
Dec.
1938
Avge.
o
Dec.,
Daily
Dec., 1939
1 and reflects ordered shutdowns for
13 days, namely Jan. 3, 6, 7, 10, 13, 14, 17, 20, 21, 24, 27, 28, and 31,
Experience
indicates that due to allowables granted above net scheduled exemptions and also
1939
1938
1,418
1,348
19,795
15,862
1,556
21,143
18,180
19,568
17,004
25,609
20,599
34,168
138
and
2,063
66.5
66.0
2,141
1,621
69.0
69.0
52.3
51.0
1,374
44.3
44.4
1,610
2,635
85.0
85.4
13,367
431.2
431.9
156,682
169,373
18,997
612.8
612.7
2,856
13,712
20,035
224,354
110
3.5
3.6
110
1,391
249,749
1,412
10,732
346.2
340.7
3,992
Rest of State
Total Arkansas
might have been surreptitiously produced.
Petroleum
3.0
Arkansas—Rodessa
Note—The figures indicated above do not include any estimate of any oil which
Crude
2.5
Wilmington
of California Oil Producers.
78
Long Beach
d Recommendation of Central Committee
California—Kettleman Hills..
Petroleum
Products,
Rest of State
Total California..
1939
December
Colorado
The U. S. Bureau of Mines in its current
weekly petroleum
report stated that crude-oil production continued at a high
level in
December, 1939, although the daily
average for the
barrels below the
(preliminary) for
about 50,000,000 barrels
U. S. (3,703,500 barrels) was about 25,000
record of November.
The total output
1939
over
was
1,264,256,000 barrels,
or
The Bureau further stated:
the 1938 total.
The three leading States, Texas,
Most of the other States registered
declines, that in Kansas, from 188,400 barrels daily in November to 175,700
barrels daily in December, being
After two months of
particularly severe.
declines, Illinois' average increased, but it failed to match the peak (348,100)
of
in
1939
The output in Illinois increased about 70,000,000 barrels
September.
(from 24,075,000 in 1938 to 94,303,000 in
1939), hence the
pro¬
The total demand for all oils in 1939 was 1,417,051,000 barrels,
7% above
1938; the gain being accounted for in the 50,000,000-barrel increase in crudeoil
production and
with
a
larger decrease in stocks of all oils by 30-odd million
Refinable stocks
barrels.
barrels,
a
a
of crude oil
on
Dec.
31
compared
Refined Products
heating oils and declined from the record 45.8% in November to
13.1%
995
60,064
14.5
15.7
523
199.9
203.2
5,517
68,466
66.630
5,821
21.9
22.2
890
9,055
46.3
47.8
1,635
16,348
13,443
15,135
8,311
268.1
273.2
8,042
93,869
95,208
1,609
22,799
18,745
551
17.8
18.0
401
3,468
111.9
114.3
3,039
5,961
37,323
35,759
443
14.3
15.1
409
5,098
2,051
Michigan.
New Mexico
New York
66.2
68.2
4,946
5,045
261
—
Seminole
8.7
271
3,156
3,298
105.8
107.8
3,147
40,905
122.4
121.4
3,545
37,554
42,219
42,182
6,860
220.8
7,124
80,299
91,907
449.5
450.0
13,816
160,072
174,994
1,533
Total Oklahoma
221.3
13,933
Rest of State
49.5
51.1
1,372
17,426
115,587
11,212
Rest of State
Total Texas
6,536
79,793
72,712
428.2
443.8
12,136
145,469
152,116
79.1
72.0
1,983
24,165
23,556
790
Rodessa
10,238
237.8
25.5
25.8
285.2
8,842
43,873 1,415.2
Panhandle
348,3
235.5
13,275
2,452
East Texas
361.7
17,337
122,443
7,302
Pennsylvania
Texas—Gulf coast
290.5
8,695
102,872
100,506
1,418.2
40,510
484.527
47 *,850
311
West Virginia
10.0
922
277
9.4
9,785
3,580
11,373
3,684
....
Total United States
13.8
14.6
474
5,331
5,705
47.2
50.0
1,087
16,086
13,317
1,893
—
428
1,465
61.0
64.6
1,561
21,417
19,022
59
Wyoming—Salt Creek
a
8.4
3,279
3,794
Ohio
Oklahoma—Oklahoma City
1.9
1.3
8
180
82
114,810 3,703.5 3,729.6 102,447 1264,256 1214,355
45.0%
oil and distillates increased from
1,443
60,723
5,581
678
Total Louisiana
Other
90
4,826
1,437
Rest of State
Rest of State
yield of gasoline finally felt the influence of the seasonal demand in
7.4
188.4
6,196
Rodessa
Total Wyoming...
The
24,075
8.0
175.7
449
Kentucky..
Louisiana—Gulf coast
totaled 238,910,000
reduction for the year of about 36,000,000 barrels,
decrease of about 31,000,000 barrels in 1938.
94,302
247
Kansas
West Texas
duction for all the other States combined fell off from 1938.
31,100
5,447
Indiana
Montana
California, and Oklahoma, showed little
change in daily output in December.
Illinois
1,857
2,318
The yield of gas
in
December.
in
November to
13.6% in December.
decline materially in December but the year's
was
total (1,237,840.000 barrels)
6% above 1938.
The domestic demand for motor fuel in
exports continued to run
December met expectations but
well under estimates. The domestic demand for
a
Includes Mississippi,
Missouri, Tennessee, and Utah.
Daily average crude runs to stills
Production of Natural Gasoline During
December, 1939
daily average production of natural gasoline declined
materially in December, 1939, according to a report preThe
The Commercial & Financial Chronicle
910
pared by the Bureau of Mines for Harold L. Ickes, Secretary
of
the
Interior.
The daily average
in December was
6,056,000 gallons, compared with 6,143,000 gallons in
November.
The principal decreases occurred in the Pan¬
handle, East Texas, and Louisiana districts.
The preliminary figure for production in 1939 was 2,095,632,000 gallons, a decrease of 2.8% from the final
1938 figure of 2,156,574,000 gallons.
Stocks continued to decline in December, totaling 185,682,000 gallons on Dec. 31, a decrease of 6,636,000 gallons
during the month, and 17,178,000 gallons less than on hand
Feb.
UNITED
ESTIMATED
PRODUCTION
STATES
OF
10,
SOFT
1940
COAL
(In Thousands of Net Tons)
Coal Year to Dale
Week Ended
c
Jan. 27 Jan. 20 Jan. 28
1939
1940
1940 b
1939-40 1938-39 1929-30
Bituminous Coal—a
Total, Including mine fuel
—
Daily average
_
1,720
comparison and statistical convenience the
c Sum of 43 full weeks ended Jan. 27»
Includes for purposes of historical
a
8,631 322,757 291,139 434,494
1,280
1,155
1,721
1,439
9,920
1,653
10,320
———
b Subject to revision,
production of lignite,
1940, and corresponding periods in other coal years.
end of 1938.
at the
Preliminary Estimates of Production of Coal for Month
of January, 1940
PRODUCTION AND STOCKS OF NATURAL GASOLINE
(In Thousands of Gallons)
According to preliminary estimates made by the Bureau
Stocks
Production
.
Dec.
Jan.-
Nov. 30, 1939
31, 1939
Jan.-
of
At
Nov.,
1939
At
1939
a
1938
Oklahoma
Texas
Ter¬
minals
2,940
70,268
68", 541
210
4,368
336
1,714
15,264
13,057
3,024
1,344
356
3,864
246
19,665
2,394
22,020
168
701
546
6,720
78,492
8,484
294
36,419 434,797 468,499
6,096 59,567
55,988
65,343 704,707 685,920
95,634
9,144 92,066
25,648
1,710 24,631
1,218
126
Total
aver.
net
420
tons, compared
82,397
2,604
3,570
69,136
3,175
64,512
the
Total for
3,679
Number of
Average per
Month
Working
Working Day
(Net Tons)
7,391
87,701
Days
(Net Tons)
January, 1940 (Preliminary)—
Bituminous coal.a
76,566 109,116
87,192 105,126
46,155,000
26.1
1,768,000
5,631,000
241,000
26.0
216,600
27.0
8,926
37,283,000
25.0
1,491,000
3,862,000
313,600
25.0
154,500
25.0
12,544
35,750,000
Anthracite-b
25.1
4,952,000
77,300
25.0
1,424,000
198,100
26.0
2,973
__
Beehive coke
....
4,470
4,388
144
146
aver.
Bituminous coal.a
49,896 .51,347
1,823
2,598
2,503
2,076
141
137
Anthracite .b
Beehive coke
_
January, 1939 (Revised)—
Bituminous coal
Anthracite
The Bituminous Coal Division of the U. S.
Department of
the Interior in its current weekly coal statement said that
the total production of soft coal in the week ended Jan. 27
is estimated at 10,320,000 net tons.
and compares
This is
increase of
an
Bureau
States
:—_
—
over
January Production and Shipments of Slab Zinc
of 1939.
The United
b
Includes for purposes of historical comparison
and statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
b Total production, including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
a
the output in the preceding week,
with 8,631,000 tons in the corresponding week
4.0%,
or
.a
Beehive coke
Weekly Coal Production Statistics
PRODUCTION
PENNSYLVANIA
OF
The American Zinc Institute
of Mines
reported that the
total estimated production of Pennsylvania anthracite for
the week of Jan. 27, amounting to 1,385,000 tons, increased
243,000 tons, or slightly more than 21% from output in the
week of Jan. 20.
In comparison with the corresponding
week of 1939 vJan. 28), there was a gain of nearly 6%.
ANTHRACITE
SLAB
ZINC
STATISTICS
Jan. 20,
Operat-
Retorts
Orders
for
ind End
During
End.of
Period
1929—
(a)
Shipped
End of
Period
Period
Export
of Period
Period
Period
602,601
6,352
57,999
31,240
19,875
21,023
27,190
32,944
38,329
42,965
48,812
38,793
68,491
18,585
26,651
18,273
Year
1931-
631,601
.504,463
300,738
1932-
213,531
218,517
Year
1933—
324,705
Year
Jan. 28,
1940
1939
1940
1939
1929
c
c
1934-
366,933
344,001
352,663
1930-
75,430
436,275
143,618
196
314,514
129,842
124,856
170
41
105,560
119,830
83,758
239
148
Year
1935-
431,499
465,746
Pa. Anthracite—
Year
1936—
44,955
0
Year
1937-
523,166
589,619
561,969
Total, incl. colliery
569,241
0
Year
1938-
456,990
395,554
65,333
126,769
fuel, a
1,385,000 1,142,000 1,311,000
Daily average..
218,500
230,800
190,300
Comm'l produc'n b 1,316,000 1,085,000 1,245,000
4,997,000
217,300
4,747,000
4,490,000
214,500
8,938
71,400
6,152,000
267,500
5,709,000
195,200
4,266,000
59
20
44,277
42,639
39,613
39,828
128,192
March
45,084
45,291
127,985
43,036
40,641
130,380
May
42,302
39,607
133,075
(The current weekly estimates are based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage
reports from dis¬
June
39,450
37,284
135,241
trict and State
July
39,669
43,128
131,782
August
40,960
49,928
122,814
September
42,225
69,424
95,615
October
50,117
73,327
39,500
*34,321
39,459
128,407
February
72,405
54,000
52,500
9,000
8,750
average..
19,600
3,267
458,500
19,104
2,975
Includes washery and dredge coal, and coal shipped by truck from authorized
b Includes colliery fuel,
c Adjusted to make comparable the number
working days In the three
years.
April
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
.
(In Thousands of Net Tons)
sources or of final annual returns from the
operators.)
Week Ended—
Sta
Jan.
Jan.
20 Jan.
1940
Alaska
13 Jan. 21 Jan. 22
1940
2
1939
2
19
1929
1938
2
Jan.
2
f
e
f
November
Alabama
309
Arkansas and Oklahoma
117
119
Colorado
187
198
1
1
1,323
1,310
1,088
982
1,665
2,111
439
463
398
329
422
659
93
95
86
84
106
140
Georgia and North Carolina
Illinois
Indiana
Iowa..
334
265
233
68
164
*
376
93
255
f
53,524
64,407
December
57,941
53.468
207
218
154
144
203
848
678
611
941
607
282
250
185
163
410
36
40
34
30
62
8
13
15
17
Montana
75
78
64
65
75
82
44,850
New Mexico
32
North and South Dakota
Ohio
30
25
63
57,158
57,551
70
64
58
f62
448
363
475
814
2,160
1,798
1,615
2,932
133
118
100
129
18
17
17
17
24
85
83
56
156
264
236
263
44
44
32
33
65
74
1,838
1,895
1,496
1,400
2,102
1,134
637
663
557
459
749
762
111
114
160
186
1
f6
f7
11,900
11,850
1,723
1,968
13,623' 13,818
141
Total bituminous coal
9,920
♦
10,005
*
8,217
1,142
Pennsylvania anthracite d
Total, all coal
131
*
c
__
1,371
1,220
7,316
1,367
11,062
11,376
9,437
8,683
mciuaes operation
and on the
cluding the
«) 1L<N. & W.; C. <fc O.;
Virginian; K. & M.; B. C. & G.;
B. & O. 1 i Kanawha, Mason and
Clay counties,
b Rest of State, In¬
Panhandl <District and Grant, Mineral and
Tucker counties,
c
In¬
cludes Arizona, California,
Idaho, Nevada and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of
Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina
and
with "Other Wester
South Dakota, included
n
States."
World
Tin
29,314
33,332
38,041
29,250
*32,131
36,331
35,874
*36,169
45,428
*40,175
*41,980
*31,107
35,865
49,379
*30,746
35,416
44,773
*30,350
33,655
93,116
*30,751
(79,539
(66,197
41.366
47,340
53,751
on
65,602
°{
24-hour basis.
a
47,287
47,863
*43,674
*43,614
\36.808
J
Export shipments are included
Production
Compared with
Produced
in
* Less than
1,000 tons.
Also
Above
in 1939 Totaled 183,700 Tons,
149,700 Tons in 1938—96,400 Was
Last
211
Wyoming
Other Western States
Equivalent retorts computed
109
316
...
a
{38,447
39,379
in total shipments.
26
83
321
_
West Virginia—Southern
Northern b
*
133
Texas
Virginia
Washington..
38,617
*34,172
1940
January
3,402
127
Utah
*33,905
f50
495
2,220
Pennsylvania bituminous....
134,179
(29,987
39,191
73
70
444
Tennessee
a
32
39.365
*34,181
598,972
49,914
32
_
40,829
37,915
*41,614
48,159
55
7
538,198
Monthly avge.
240
Maryland
Michigan
Total for year.
190
867
Western
34,583
32,341
46,867
65,995
226
Kentuoky—Eastern
45,383
*31,067
35,491
*30,468
34,443
*29,376
37,729
*32,825
43,109
*37,877
f
Kansas and Missouri
8,478
15,978
30,783
51,186
78,626
48,339
38,763
*33,312
36,331
*31,381
36,291
61,522
434
182
62
119
*
18,560
23,653
28,887
*43,657
Avge.
1923
47,769
23,099
*34,183
38,251
*33,324
operations,
of
Unfilled
1939
January
Beehive Coke—
United states total
Average
Stock at
During
Year
Jan. 27,
1940
Retorts
Shipped
During
Year
Calendar Year to Dale
(ALL GRADES)—1929-1940
Produced
Year
Week Ended
Feb. 5 released the follow¬
(Tons of 2,000 Pounds)
AND
(in Net Tons)
on
ing tabulation of slab zinc statistics:
COKE
BEEHIVE
a
the corre¬
aforementioned organizations follows:
two
1,141
48,876 606,631 660,890
of
ment
Final figures.
Daily
ojifcput
December, 1939 (Revised)—
Total (thousands
of barrels)
ESTIMATED
of the United
bituminous coal
35,750,000 net tons in
with
196
187,740 184,296 2095632 2156574
5,741
5,908
6,056
6,143
400,000 tons,
Division
Coal
sponding month last year and 37,283,000 tons in December,
1939.
Anthracite imoduction during January, 1940, totaled
5,631,000 net tons, as against 4,953,000 tons a year ago and
3,862,000 tons in December, 1939.
The consolidated state¬
955
163
978
1,730
7,133
50,446
3,274
126
8,841
i.
Bituminous
72,800
Louisiana
Rocky Mountain
tbe
815
Arkansas
-
Plants
&
7~603
6,095
65,827
Kansas
Dally
eries
1,849
37,469
111., Mich., Ky —
a
Refin¬
8~350
Appalachian
Dally
At
& Ter¬
minals
2,940
East Coast
California.
Plants
Refin¬
Dec.,
I)ec.,
1939
and
during the month of January, 1940, amounted to 46,155,000
At
eries
Dec.,
Mines
States Department of the Interior,
Year
Four
Months—Consumption
Ago
World tin production in the last four months of 1939
(war-time) is estimated by The Hague Office of the Inter¬
national Tin Research and Development Council at 96,400
tons, against 87,300 tons in the first eight months of the
year, making a total for 1939 of 183,700 tons, as compared
with
149,700 tons in 1938 and 209,100 tons in 1937.
The
the Council's
following information is also learned from
January issue of the "Statistical Bulletin":
For
the four quarters of
100%,
with
of
respectively,
53%%
1939
tons,
the
against
in
1939 the export
averaging
75%%
1938 and 107^%
exports
from
the
in
for
1937.
signatory
quotas were 45,
the
whole
year,
40,
as
120 and
compared
During the last four months
countries
67,800 tons in the first eight
months,
amounted
so
to
85,600
that the total for
Volume
1939
The Commercial & Financial Chronicle
ISO
prices steady.
153,400 tons, as compared with 119.400 tons in 1938 and 179,700
was
The
The world's visible supply of tin on
given below (in tons of 2,240 pounds):
are
against 38,280 tons
Over-
Export
Export
December
1939
during January
Carried
At End
United States
234
Belgian Congo
Bolivia.
3,549
*
*
6,620
8,469
55,945
—2,348
Netherlands Indies
3,165
4,987
31,281
+ 1,721
Nigeria
1,698
1,555
10,855
+ 2,567
43.000c.;
—2,348
+ 1,721
+ 2,567
Malaya
.
*
Total
2,190
16,991
25,274p
153,427?
99%
tin,
Feb.
year
3,
year
a
The
World deliveries
The quantity afloat consigned to the
ago.
on
Feb, 1, against 12,663 tons a month pre¬
ago.
1, 43.500c.; Feb. 2,
nominally as follows: Feb.
was
43,000c.;
Feb.
5,
Feb.
43.250c.;
6, 43.125c.;
Feb. 7,
43.125c.
DAILY
PRTCES
OF
METALS
("E. & M. J." QUOTATIONS!
—24
—24
1,471
17,109p
Thailand
5,542 tons
Chinese
—219
—1,459?
1,392p
vious and
—2,912
—5,849
27,185
_
+ 450?
+ 450?
9,778p
4,424p
3,821
_
French Indo China.
a
14,453 tons
was
year ago.
a
carry-overs.
18,449 tons, against 16,464 tons in December and
came to
7,757 tons in January
Forward
1939
Feb. 1 amounted to 35,573 long tons,
previous and 39,100 tons
month
a
figures include the Eastern and Continental
Export
November
Under-export
or
April, 45.000c.;
May, 44.875c.; June, 44.750c.
November and December and the total figures
export figures for
1939
Straits
Tin-plate activity is estimated at 64% of capacity.
for February delivery settled at 45.125c.; March, 45.125c.;
tons in 1937.
for
911
Zinc
Lead
Straits Tin
Electrolytic Copper
—765?
—4,942?
.
The
of
production
1939
the
on
a
for
in that
in
1938
St. Louis
St. Louis
11.350
11.450
45.500
5.25
5.10
5.50
11.350
11.450
45.000
5.25
5.10
5.50
Feb. 3.
11.150
11.450
45.000
5.25
5.10
5.50
Feb. 5
11.175
11.375
45.250
5.25
5.10
5.50
Feb. 6.
11.150
11.400
45.125
5.25
5.10
5.50
Feb. 7
11.025
11.400
45.125
5.00
4.85
5.50
11.200
11.421
45.167
5.208
5.058
5.50
5,600 tons.
the last four months of 1939 is
against 102,400 tons in the first eight months,
Average
Average
199,100
and
New York
Feb. 2
1939 of 165,700 tons, as compared with 151,500 tons
total for
a
New York
Refy
tin consumption in
apparent
estimated at 63,300 tons,
making
.
Feb. 1_
The 1938 output is now given as 5,014 tons; the 1939
output will be approximately
Exp
Dom.,Refy
The
calculated
being
production
her
which method gives a
country.
World
at
better picture of the tin output
been revised,
have
Burma
basis,
new
estimated
is
1938 and 28,300 tons in 1937.
29,200 tons, against 29,600 tons in
figures
countries
non-signatory
The following
1937.
in
tons
table shows
the tin
_
prices for calendar week ended Feb. 3 are: Domestic copper f.o.b. re¬
finery, 11.342c.; export copper, f.o.b. refinery, 11.425c.; Straits tin, 45.500c.; New
♦
consumption of a few countries (in tons of 2,240 pounds):
_
York
lead,
5.250c.; St.
Louix lead,
5.500c.; and silver,
5.100c.; St. Louis zinc,
34.750c.
1936-1938
1939
Sept.-Dec.,
1939p
United States of America—
5,800
5,200
7,200
United Kingdom
1,800
1,900
Jan.-Aug.,
700
800
5,900
4,900
Total apparent
14,200
consumption
12,800
In the trade,
4,300
15,800
Other countries
Metals—Domestic
Non-Ferrous
Reduced
Copper
re¬
ported that with ultimate consumers buying in a hand-tomouth way only, selling pressure in copper and lead increased
and lower prices became the rule on Feb. 7.
Domestic
copper settled at 11 %c., Valley, and lead at 5c., New York.
Zinc was quotably unchanged.
Tin was easier.
Just as
soon as prices show signs of steadying,
buying should im¬
publication
The
believe.
producers
materially,
prove
further stated:
Copper
Last Thursday,
Feb. 1, the leading custom smelter started selling copper
thiough ordinary channels.
"at the market" without broadcasting the news
occurred
This
at
the
not
That the producers' quotation had been shaded
11 %c. Valley basis.
did
vealed
out
come
that
Tuesday, at which time it was re¬
into the open until
fair tonnage sold at
a
the large mine operators recognized
the very time that
level caused Kennecott to lower its
delivered.
11 He.,
quotation
on
The drop to that
Feb. 7 to 11 Mc.
Except¬
There was talk of a price
directions, but the tactics followed by soiye sellers duiing
ing Phelps Dodge, all sellers followed this move.
war
in several
the last week were generally accepted as little more
than a realistic approach
correcting the position of the market to meet current conditions.
to
Domestic sales for the last week totaled
in the previous
against 29,211 tons in December.
Most of the business booked
Export copper was in a peculiar position.
which sellers obtained
time,
from
and near-by metal
11.625c., f.a.s.
11.500c. to
At the same
11.25c., with little interest in
April forward was offered down to
futures.
Fabricators adjusted prices on their
products yesterday to conform to the
llHc. basis.
Exports
of the "Iron Age" showed that pro¬
pig iron in January totaled 3,600,020 gross
tons, compared with 3,768,336 tons in December.
On a
daily basis January output dropped 4.5% from that in
December, or from 121,559 tons to 116,126 tons in January.
The rate of operation dropped four points last month to
85.4% of the industry's capacity from 89.4% in December.
The "Iron Age" further states:
8 issue
Feb.
duction of coke
There
were
177 furnaces in blast on Feb. 1,
tion on Jan. 1, a net loss of
Fifteen furnaces
The
blast.
1939 totaled 372,665 tons,
Exports of refined copper from the United
bond
were
122,055 tons on Jan. 1.
States
United
three merchant
put in
blown out or banked and one furnace was
Corp.
Steel
blew out
banked six
or
units,
of operation, and
blew one in and took six out
units were taken off blast.
One Duquesne, One
Carnegie-Illinois Steel Corp.;
one
Lackawanna, Bethlehem Steel Co.; one Norton, American Rolling
Mill Co.; two Haselton, Republic Steel Corp.; two Campbell and one
Iroquois, Youngstown Sheet & Tube Co.; one Federal, Inter lake Iron
Corp.; and a North Birmingham furnace, Sloss-Sheffield Steel & Iron Co.
The only furnace' put in blast was a Bethlehem unit of Bethlehem
Among
Steel
one
the furnaces
blown out or banked were:
Farrell, two Mingo, and one Gary,
Co.
against 370,545
COKE PIG IRON IN THE UNITED
MONTHS SINCE JAN.
STATES BY
States—foreign metal refined
domestic—during November and
and
1940
1, 1936—GROSS TONS
follow:
December
November
To—
116,126
.
March_
108
281
Denmark.
6,000
10,846
"*28
1,655
i..:—
Hungary
Italy
May
1,510
.....
— ....—
Switzerland
74,331
38,767
83,686
48,193
56,015
113,679
117,019
66,203
November
124,015
75,666
93,311
66,891
1,824
16,839
56,012
He. effective Feb.
settleing basis of the American
71,314
48,075
51,458
100,305
83.658
PIG IRON AND
(GROSS TONS)
OF COKE
Lead
lack of buying plus further unsettlement in copper
91,010
96.512
98,246
100,485
86.393
12 months average
PRODUCTION
87,475
121,559
'
December
1,343
33,739
price of lead
108,876
76,009
September
1,832
....—.... —
Totals.
Continued
103,584
43,497
October
2,407
687
;...
35,400
85,800
95,952
224
17,057
14,124
—...
— *
86,208
70,615
July
August
689
2,652
China and Hongkong
__
65,816
80,125
85,432
40,485
112,866
116,317
5,691
............
......—..........
Other countries
113,055
114,104
69,184
.
Half year
308
.....
.....
Sweden
Japan
62,886
111,596
45,871
55,404
June
Netherlands
107,115
46,854
........—
....
.......
Russia.
46,367
77,246
__
840
1,907
;
Germany.....
65,351
73,578
A pril
227
France
1936
103,597
46,100
70,175
68,539
February
672
*
Great Britain
1937
1938
1939
December, in short tons,
January
Belgium
the
compared with 191 in opera¬
The 177 furnaces were operating
14 furnaces.
110,705 tons daily, compared with
at the rate of
1938.
tons in
in
January Pig Iron Daily Output Drops 4.5%
The
DAILY AVERAGE PRODUCTION OF
of refined during
and Feb. 7, spot, £238;
spot, £236%; three months, £23634;
three months, £237%.
Ohio,
during the last week for foreign account was in prompt
on
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Feb. 1, spot, £236%;
three months, £236%; Feb. 2, spot, £236; three months,
£236; Feb. 5, spot, £236%; three months, £236%; Feb. 6,
independent producers
7,078 tons, against 2,994 tons
Sales for the month of January totaled 25,057 tons,
week.
Delivered
Atlantic sea¬
board. On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations, for the present, reflect
this change in method of doing business.
A total of 0.05c. is deducted from f.a.s.
basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
to
of Feb. 8
prices are quoted on a delivered basis: that is, de¬
As delivery charges vary with the destination, the
Export quotations for copper are reduced to net at refineries on the
Unchanged
Zinc
copper
plants.
prices in New England average 0.225c. per pound above the refinery basis.
1134 Cents Basis—Lead Off to 5 Cents, New York—
"Metal and Mineral Markets" in its issue
domestic
figures shown above are net prices at refineries on the Atlantic seaboard.
Preliminary.
V
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
livered at consumers'
3,100
1,200
Japan
quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents per pound.
The above
Monthly Averages
FERROMANGANESE
reduced
Ferromanganese y
Pig Iron x
7, to 5c., New York, the contract
Smelting & Refining Co., and 4.85c., St,
194C
1940
1939
1939
38,607
20,805
Louis.
totaled 1,600 tons, against 1,580 tons in the previous
Sales for the week
Demand
week.
was
carload lots,
for
delivery, but
yesterday,
2,060,187
Favorable January statistics
caused prices to hold about steady in the
Stocks of zinc actually
in the first month of the year.
Sales of the common
declined moderately
preceding week.
smaller
at
3,964
tons.
16,617
91,491
2,356,270
21,213
2,659,813
20,628
2.878,556
21,949
7,888
and lead.
amounted to 1,016 tons, against 1,004 tons
Shipments of common zinc for the last week were
The quotation on Prime Western continued at
grades of zinc for the last week
in the
11,518
12,522,369
Half year
16,008
2.056,177
Zinc
18,655
2,394,615
February
inquiries and sales in larger
started to appear.
face of renewed unsettlement in copper
2,175,423
1,717,516
2,118,451
prompt
following the lower price announcement, more
volume
3,000,020
January
July
August
------
September..
October
_
23,944
3,627,590
30,356
3,720,436
November
•
December
5^c., 8t. Louis.
Tin
Year
Business in the domestic tin
more
than
1,100
tons
were
market was quiet.
.
_
3,768,336
36,298
31,533,370
245.879
In the Far East, however,
reported sold in the seven-day
period, with
t
These totals do not include charcoal pig Iron,
y
Included In pig iron figures.
The Commercial & Financial Chronicle
912
January Steel Output Down 3%
Production of
Feb.
THE "IRON
AGE" COMPOSITE
Finished Steel
5,017,588
gross tons of open hearth and
in January, as reported on Feb. 7
by the American Iron and Steel Institute, represented a
decline of 3% from the December output of 5,164,420 tons.
January production, however, was 58% greater than
the total of 3,174,352 tons produced in January of last
year,
and represented the fourth successive month in which
ingot
output exceeded five million tons.
The best previous show¬
ing in this respect was in 1937 when five million tons were
produced in March, April and May.
During January the steel industry operated at an average
Feb. 6, 1940,
Bessemer steel ingots
2.261c.
[Based
a Lb.
One week ago
One month ago
One year ago
rolled strips.
These products represent
85% of the United States output.
High
2.286c.
Jan.
3
2.236c.
1938
2.512c.
May 17
2.211c.
1937
2.512c.
Mar.
9
2.249c.
Mar.
1936
2.249c.
Dec. 28
Mar. 16
1935
2.062c.
Oct.
1
2.016c.
2.056c.
Jan.
8
2.118c.
Apr. 24
1.945c.
Jan.
2
1.953c.
Oct.
3
1.792c.
May
1.915c.
Sept.
6
1.870c.
1934
-
1933
1932
-
Gross Ton
One year ago
1939
of the
Per Cent of
Ton
Capacity
$20.61
19.61
July
6
23.25
-
Mar.
9
20.25
Feb.
16
19.73
Nov. 24
18.73
Aug. 11
-
1935
18.84
5,017,688
83.18
1,132,638
5
17.83
May 14
May
1
16.90
Jan J
27
Dec.
5
13.56
Jan.
3
14.81
Jan,
5
13.56
Dec.
6
Steel Scrap
Feb. 6, 1940,
*
$17.08
a
Gross Ton
One week ago
1940—
Nov.
16.90
Based
$17.33
One month ago
One year ago—.
January..
Sept. 12
17.90
-
Number of
Weeks in
Month
Low
Sept.19
June 21
1932
Cross
Period
and
23.25
-
1934
Monthly
Weekly
Production
{Gross Tons)
Buffalo,
Valley,
Southern Iron at Cincinnati.
$22.61
1938
1933.,..
Calculated
2
2
Mar. 15
Philadelphia,
20.611
High
(Calculations based
Production
8
on average for basic Iron at Valley
furnace and foundry iron at Chicago,
22.611
1937
Calculated
Oct.
/Based
$22.6l{
1936
1938 made 98.67%
open-hearth and 99.90% of the Bessemer ingot production)
May 16
Pig Iron
Feb. 6, 1940, $22.61 a
One week ago
One month ago
MONTHLY PRODUCTION OF OPEN-HEARTH AND BESSEMER STEEL
INGOTS—JANUARY, 1939 TO JANUARY, 1940
of companies which in
Low
1939
83.18% of capacity, as against 85.57% in December and
52.48% in January, 1939.
Ingot production averaged 1,132,638 tons per week in
January compared with 1,168,421 tons weekly in December
and with 716,558 tons per week in January a year
ago.
reports
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets, and hot
2.261c.
2.261c.
2.286c.
of
on
10, 1940
PRICES
No.
on
1
heavy
melting
steel
quotations at Pittsburgh, Philadelphia,
17.67
and Chicago.
14.875
High
$22.50
Oct.
4.43
1939
Low
January..
3,174,352
52.48
February.
2,988,649
3,405,370
54.72
9,568,371
2,974,246
2,922,876
3,126,288
3
14.08
1938-.—
1939—
May 16
15.00
Nov. 22
11.00
June
7
April.
May.
June.
Second quarter.
1937
21.92
Mar. 30
12.91
Nov. 10
1936
17.75
Dec. 21
12.67
June
56.30
4.43
1935
13.42
Dec.
10
10.33
13.00
Mar. 13
9.50
54.49
12.86
1933
Sept. 23
744,041
12.25
Aug.
8
6.75
Jan.
5
1932
First quarter.
4.43
4.00
1934
March...
716,558
747,162
768,707
8.50
12
6.43
50.78
July
5
4.29
53.35
693,297
659,791
728,505
48.32
4.43
9,022,409
50.79
693,498
52.63
718,623
25.87
52.40
62.22
715,505
849,530
988,624
4.28
July
August
September.
72.41
4.42
4.43
Third quarter..
11,157,262
62.23
849,753
13.13
Nine months.
29,748,042
55.86
762,770
39.00
5,393,821
6,462,616
6,164,420
89.17
1,217,567
1,273,337
1,168,421
Iron
and
Steel
4.43
1939—
93.26
85.57
20
Feb.
27
54.8%
53.7%
55.8%
June
0
55.1%
June 12
Mar. 13
55.7%
55.4%
56.1%
June 26
54.3%
Oct.
Mar. 27
4.42
53.4%
13
Feb.
4.29
6
Feb.
July
3
38.5%
Oct.
Apr.
November.
December-
3
54.7%
Apr.
10
49.7%
56.4%
Apr.
17
52.1%
50.9%
July 10
July 17
July 24
July 31
60.6%
59.3%
Nov.
7
Aug. 14
Mar.
Fourth quarter.
16,020,857
89.30
1,219,243
13.14
Total
45,768,899
64.29
877,808
52.14
Mar. 20
Note—'The
percentages of capacity operated in 1940 are calculated on
weekly
capacities of 1,361,744 gross tons based on annual
capacities as of Dec. 31, 1938
as follows:
Open-hearth and Bessemer Ingots, 71,191,994 gross tons and in
1939
are calculated on
weekly capacities of 1,365,401 gross tons based on annual
capacities
as of Dec.
31, 1938, as follows: Open-hearth and Bessemer
Ingots, 71,191,994 gross
tons.
Apr. 24
May
May
Sharply—Prices Firm
The "Iron Age" in its issue of Feb. 8
reported that with
dwindling backlogs and no improvement in the volume of
business, steel companies have reduced operations
again
this week.
The decline in the
average rate for the industry
is blA points to
711/2%, which makes a loss of 103^ points
from a
fortnight ago. The "Iron Age" further reported:
new
In
some
districts, however, the curtailment
than the decline for
the
industry
as
of operations Is more drastic
whole would
a
indicate.
On
a
per¬
centage basis, the sharpest drops were in
southern Ohio, which went off 14
points to 61 M%, and in the Youngstown
district, which is 13 points down
49%, by far the lowest rate in the country. The
at
8
markets,
to 75%, Pittsburgh is off four
points to 69%, Cleve¬
land-Lorain is six points lower at
69%, and the Birmingham district, where
operations were steady during
January has dropped six points to 88%.
There have been moderate gains in the St.
Louis and Western
districts, but
these
are
of
no
significance
on a
as
approximately equal to not
current
production
over new
New orders in the past week
more
than 45% of capacity.
are
The
excess
of
business is, of course, accounted for
by backlog
some products,
notably rails and track
other products it has almost
entirely disappeared.
The downward trend of
scrap prices continues to reflect the
uncertain
outlook for steel. A decline of
50c. at Pittsburgh and one of
25c. at Chicago
scrap composite price down to
$17.08 from $17.33
A year ago scrap began to show
moderate signs of strength by
mid-February.
November, but
is
more
as
current
balance of
level.
Some
basis and others
are
business, which has been
are
in evidence since
noticeably since the holiday period, appears to have
more
new
weeks
may
business
consumers
a
reversal of trend.
be needed
and
of steel
to
production at
are
buying
Steel companies
bring about
on
remaining out of the market until
depleted.
There is
situation, but
58.6%
Dec.
11
91.2%
4
Sept. 11
Sept. 18
Sept. 25
70.2%
Dec.
18
-90.0%
Dec. 25
73.7%
2
79.3%
83.8%
87.5%
Jan.
9
88.6%
Jan.
8
85.7%
86.1%
Oct.
16
Jan.
15
84.8%
Oct.
23
Jan.
22
Oct.
82.2%
30
90.3%
90.2%
91.0%
Jan.
29
77.''%
6
92&<7t
Feb.
5
71.7%
60.1%
Nov. 13
93.5%
62.1%
Nov. 20
93.9%
1940—
1
to restrict finished steel
buying, and with tonnage
on mill
books, steelmaking
curtailed, more sharply.
Last week showed a 5-point drop to
76H%. lowest rate since September but comparing with 53% a year ago.
Notwithstanding the lag in orders and steadily declining operations,
there is little pessimism in the industry.
buying last fall, the
severe
January and February
steel
are
Considering the unusually heavy
weather the past few weeks and the fact that
normally
quiet months for
some
consumers,
producers regard present
interests
demand as far from discouraging.
Most
disposed to await further reductions in unfilled orders and in
are
consumers' inventories before
drawing
any too adverse conclusions
regard¬
ing prospects for coming months.
January pig iron production
despite
a
the end of
from
the largest in
was
4.5% decline from December.
against 3,767,605 tons in
history for that month
Total output was 3,595,467 tons,
December and 2,175,423 tons
January, 179 blast furnaces
Dec.
were
active,
a
a
At
year ago.
decrease of 12 stacks
31.
wire products and galvanized sheets.
This situation is
seen
as
only temp¬
however, since revival in building construction is indicated for spring
and favorable prospects for increased cash income of
agriculture compared
with a year ago enhance the outlook for sales of various
orary,
steel
farm
products in
areas.
Steel buyers in many instances
are depending on inventories for part of
their requirements.
With considerable tonnage still being taken against
orders placed last fall, new buying of about
50% of producing capacity is
indicative of fairly active consumption.
The
season
continues to depress automobile
a
a
rate
an
ap¬
below
than
the
the
hand-to-mouth
present inventories
a
expectancy among buyers with regard to the
price
companies, still mindful of the price break of
May,
1939, and its consequences,
are on guard against a
repetition of that oc¬
Where prices have been subject to a
real test, buyers have found
quotations firm. There is as
yet no well-founded basis for the
conclusions
arrived at in some
quarters that the recent widely
publicized iron ore sale
is a forerunner of
price changes in either pig iron or finished
steel.
Such
price irregularities as at present exist
are chiefly in
secondary markets.
With the approach of
spring and with the gradual
depletion of consumer
inventories carried over from the fourth
quarter, it is believed in the trade
that new buying will
expand moderately, though the
change may not be in
evidence for some weeks.
Fabricated structural steel, which has
been in
winter doldrums, has
expanded this week with
lettings of 28,900 tons,
double the previous week's
total, while reinforcing bar lettings were
13,100
tons, also an improvement over recent
currence.
weekly totals.
year
to
General Motors and independent com¬
drop which left production 27.5% larger
Operations
ago.
assemblies, output last week
101,240.
most of the
panies accounted for
may
be expected to decline further
before
usual recovery appears,
sales.
probably in March, in anticipation of spring
Meanwhile, additional steel buying for automotive use is in sight.
Fabricated structural shape orders hold at the slower
pace of recent weeks
and compare
moderated
air of
steel
94.4%
92.8%
been
trend
an
4
Sept.
Cleveland, in its summary of the iron and stee
Feb. 5, stated:
on
being off 5,200 units
new
yet no indication of
estimate that several
proximate
Dec.
.
While the falling off in
halted, there
Nov.27
some
bring the "Iron Age"
last week.
5
62.2%
63.0%
52.2%
54.2%
53.1%
55.0%
lune 19
Aug.
1Q1Q_
Aug. 21
Aug. 28
Influence of the weather is noted in activity in
pipe, building materials,
incoming
estimated
tonnage, which is still quite large in
accessories, while in
an¬
45.4%
May 29
Various factors continue
has
tonnage basis.
A continuance of the
decline is probable until production and
tonnage are in closer alignment.
5
48.5%
being shipped faster than it is being supplanted
Chicago district has
dropped 10^ points
May 15
May 22
48.6%
47.8%
s.47.0%
1
"Steel" of
Steel Ingot Production Declines
Feb.
on
1010—
1939—
Feb.
October...
Institute
telegraphic reports which it had received indi¬
cated that operating rate of steel companies
having 97%
of the steel capacity of the
industry will be 71.7 % of capacity
for the week beginning Feb.
5, compared with 77.3% one
week ago, 86.1% one
month ago, and 53.4% one year
ago.
This represents a decrease of 5.6 points, or 7.2%
from the estimate for the week ended Jan.
29, 1940. Weekly
indicated rates of steel operations since Feb. 6, 1939, follow:
13.01
18,590,780
months
American
Jan.
Apr. 29
nounced that
4.29
3,162,534
3,763,418
4,231,310
First six
The
9
unfavorably with the
from
expected
concrete
demand
last
quarter's
before March.
reinforcing bars,
and
A
prices
with
steel
bar
backlogs.
no
somewhat
of which
availability of additional
ment of merchant
Finished
volume a year ago.
rate,
have
bar
Shipments also have
appreciable reversal
similar
mill
situation
weakened
of this
prevails
in
under
quieter
capacity through
curtail¬
4
prices generally are being maintained—not
rigidly as
during the sellers' market of last fall but without evidence of serious weak¬
Speculation
ness.
iron
ore
tangible
market
cents
although
Pig
weeks.
the probable effect of recent developments in the
pig iron and finished steel quotations has produced no
as to
on
conclusions.
Weakness
21
so
dominates steel scrap prices,
again
to $17.38.
an
iron
easy
tone prevails
shipments
This is
curtailment
Principal reductions
in
well sustained.
more
have
a
were at
the
composite being
off
Pittsburgh and Chicago,
in most districts.
declined
rather
reflection of reduced
substantially
needs
the
past
of steelworks
Blast furnace schedules
are
few
than
foundry operations, since foundry coke demand has
of
been
being trimmed, last week seeing
Volume
three stacks banked at Youngstown and one at Chicago,
ham unit shut down
while one Birming¬
65%.
Mill backlogs now
and consumers
Export inquiries
light, and adequate stocks in hands of both producers
operations to depend largely on current demand.
cause
although
retarded by difficulties in arranging satisfactory
for tin plate are steady
foreign
sales still
are
and somewhat better than a year ago,
*
credit.
large lots.
week
was
at Youngs town, where
ingot output slumped 17 points to 51% and will go
lower this week. Most
points to 73 at Pitts¬
other districts also were down, reductions including 5
Pennsyl¬
90 at Birmingham, 9
burgh, 5M points to 85X at Chicago, 2 points to 78 in eastern
points to 60^
vania, 6X
Buffalo, 4 points to
at
Cincinnati and 13 points
Partially offsetting these losses were gains of 6 points
points to 66 in New England, 10 points to 64lA at
7
St. Louis.
at
to 93 at
79H% in the week before and
U. S. Steel is estimated at 76%, against
83% two weeks
ago.
Leading independents are credited
with about 77%,
and 86H % two weeks ago.
compared with 83H % in the preceding week
comparison of the percentage of production
The following table gives a
with the nearest correspondent week
New York
but business actively
freight cars,
Sharpest decline in steelmaking last
to
ago.
of previous years, together with the
week immediately preceding:
and orders generally are small.
Central contemplates purchase of 2,000
no
and
with 82% in the previous week
The "Journal" further stated:
This compares
approximate changes, in points, from the
Railroad equipment inquiries
pending includes
of Feb. 8.
85% two weeks
for relining.
Tin plate production has dropped 4 points to
are
913
The Commercial & Financial Chronicle
150
Detroit, 2 points to 82 at Wheeling and 1 point to
75 at Cleveland.
940
—5X
+ 1X
76
32
939
76^
MX
938...
31
937
84
—IX
+4
936
52
+ 1X
935
54
934
39^+3
77
51X
+1
—2
30 Y
X
—
—OX
54 ^
—3X
+2X
88
+3
79
+5
46
+3
57
48
+1
58
19X +
932
27
931
16
49^+2^
79^+3
X
X
+
22
X
—
—1
42^+2^
+3
35
933
930
Independents
U. S. Steel
Industry
+1
X
27 X
+
26 yi
+
53
+2
47
+3
83
+ 3X
76
+3
x
929
production for the week ended Feb. 5, is placed
76^% of capacity according to the "Wall Street Journal"
Steel ingot
at
87
+1
89
+ 1
84
+
928
85
+1
90
+1
80
927
80
+ 2X
88X + 2
+1
+2
73
X
Current Events and Discussions
The
Federal
with the
Week
Reserve Banks
During the week ended Feb. 7,1940, member bank reserve
balances decreased $53,000,000.
Reductions in member
bank reserves arose from increases of $83,000,000 in Treasury
deposits with Federal Reserve banks, $27,000,000 in money
in circulation, $21,000,000 in non-member deposits and
other Federal Reserve accounts and $7,000,000 in Treasury
cash, offset in part by increases of $67,000,000 in gold stock,
$15,000,000 in Reserve bank credit and $2,000,000 in
Treasury currency.
Excess reserves of member banks on
Feb. 7 were estimated to be approximately $5,520,000,000,
a decrease of $40,000,000 for the week.
The statement in full for the week ended Feb. 7 will be
found
950 and 951.
Changes in member bank reserve balances and related
items during the week and the year ended Feb. 7, 1940, were
as
on
pages
Jan.
Feb. 7, 1940
(+)
or Decrease
Since
31,1940
securities,
direct
Decreases of $21,000,000 in
in
—87,000,000
2,477,000,000
advances
Including
commlt'ts—Feb. 7)__
Treasury bills, and increases of
holdings of Government bonds,
—5,000,000
10,000,000
23,000,000
Total Reserve bank credit
2,518,000,000
...
+ 15,000,000
—66,000,000
+67,000,000 +3,266,000,000
+2,000,000
+155,000,000
2,973,000,000
...
—53,000,000
+ 27,000,000
+ 7,000,000
+ 83,000,000
reserve
balances
+ 3,079,000,000
+ 21,000,000
12,097,000,000
Money In circulation
7,403,000,000
Treasury cash
2,365,000.000
Treasury deposits with F. R. bank..
632,000,000
Member bank
+ 26,000,000
+ 15,000,000
...17,998,000,000
Gold stock
Treasury currency
+ 249,000,000
+730,000,000
—403,000,000
—299,000,000
Non-member deposits and other Fed¬
992,000,000
eral Reserve accounts
of
Member 'Banks in
New York City and
the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
Federal
IN
REPORTING MEMBER BANKS
reporting member banks, and
increased $10,000,000 in the St. Louis Dis¬
Holdings of United States Treasury notes
trict.
New York City
Feb. 7
Jan. 31
Feb. 8
1940
1940
1939
$
$
/
$
Chicago
Feb. 7
Jan. 31
Feb. 8
1940
1940
1939
$
$
$
2,921
7,658
2,890
2,327
571
2,306
558
2,127
528
1,653
108
1,351
125
390
19
380
19
347
16
467
475
636
34
30
34
161
162
187
64
64
67
112
48
Loans—total
8,798
2,926
1,654
109
investments—total.
and
112
108
86
397
14
14
13
8,790
Commercial, Industrial and
loans
agricultural
Open market paper
Loans to brokers and dealers..
Other loans for purchasing or
carry Ing
securities
Real estate loans
loans
370
46
370
Treasury
bills
Treasury
notes
192
723
2.479
240
717
2,461
1,259
1,216
5,989
76
4,320
54
415
1,240
1,214
6,004
75
82
375
8,719
640
44
8,727
647
45
3,498
3,486
673
Loans to banks
United States bonds.
guaranteed
Obligations
by
Other securities
Reserve with Fed. Res.
50
51
51
362
163
738
334
164
248
240
735
673
156
337
888
34
232
47
176
339
916
34
227
48
113
325
686
31
193
50
6,887
617
116
1,774
502
83
1,788
501
83
1,576
471
83
2,626
502
900
888
8
681
9
124
965
1.547
the
United States Government
banks
Cash in vault
Balances with domestic banks..
Other assets—net
77
923
1,209
76
419
Liabilities—
Demand
Time
deposits—adjusted
deposits
United States Govt, deposits...
Inter-bank deposits:
Domestic
banks
678
Foreign banks
8
_i-_
Borrowings
277
Capital
account
Complete
Returns
Reserve
of
266
294
15
17
13
1,491
Other liabilities
1,490
1,485
246
246
254
Member
Banks of the Federal
System for the Preceding Week
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
As
declined $10,000,000 at
Holdings of United States Government
member banks.
bonds
Dis¬
New York City, $21,000,000 in the Chicago
increased $30,000,000 in
all reporting member
trict and $30,000,000 at
banks, and declined $16,-
Holdings of obligations guaranteed by the
Holdings of other se¬
000,000 in the Boston District.
increased $2,000,000.
United
States
Government
curities
increased $34,000,000 in
New York City and $45,000,000 at
all
reporting member banks.
Demand deposits-adjusted
increased $70,000,000 in New York City
and
and declined $16,000,000 in the
Richmond District.
Deposits credited to domestic banks increased $22,000,000 in New York
City, and decreased in most of the other districts, all reporting member
$36,000,000 at all reporting member banks,
Chicago District and $15,000,000 in the
$37,000,000.
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Jan. 31, 1940, follows:
Increase
Jan. 31, 1940
§
A.sseiS'~~m"
Loans
and
23,174,000,000
8,499,000,000
investments—total
Loans—total
(+)
or Decrease
Since
Jan. 24,1940
(—)
Feb. 1, 1939
$
§
—9,000,000 +1,732,000,000
—37,000,000
+266,000,000
Commercial, industrial and agri¬
+528,000,000
4,295,000,000
—21,000,000
321,000,000
—4,000,000
—3,000,000
securities
614,000,000
—16,000,000
—178,000,000
loans
cultural
(In Millions ol Dollars)
Other
declined $20,000,000 in New
Open-market
CENTRAL RESERVE CITIES
Assets—
Loans to banks increased
District and $39,000,000 at all
$17,000,000 in the Chicago
City,
Reserve
ASSETS AND LIABILITIES OF WEEKLY
Loans
Chicago District.
$16,000,000.
A summary
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of
declined $13,000,000 in
Loans to brokers
Commercial, industrial and agricultural loans
and dealers in securities declined
banks showing a net decrease of
Returns
$30,000,000
$45,000,000 in "Other securities," and
$36,000,000 in demand-deposits-adjusted.
all reporting
(not
$8,000,000
Other reserve bank credits
banks in 101 lead¬
for the week ended Jan. 31:
commercial, industrial and agricultural loans
and $39,000,000 in holdings of
Holdings of United States Treasury bills
and
guaranteed...
Industrial
The condition statement of weekly reporting member
ing cities shows the following principal changes
York
—i7ooo,66o
Bills bought
Govt,
for the week ended with the close
Federal Reserve System
of business Jan. 31:
$11,000,000 in New York City.
$
7,000,000
Bills discounted..
(- -)
Feb. 8, 1939
$
$
S.
body of reporting member banks of the
returns of the entire
New York City and $6,000,000 in the
follows:
Increase
U.
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
paper
Loans to brokers and dealers in
Other
for purchasing
securities
loans
or
485,000,000
—4,000,000
—50,(00,000
1,183,000.000
54,000,000
1,547,000,000
+1,000,000
+11,000,000
—4,000,000
+9,000,000
—45,000,000
+5,000,000
648,000,000
1,747,000,000
—39,000,000]
Treasury notes.................
United States bonds
6,482,000.000
carrying
Real estate loans..........
Loans to banks......
Other
......
loans
Treasury bills:
—10,000,0001
+30,000,000j
+704,000,000
Obligations guaranteed by United
2,414,000,000
3,384,000,000
10,258,000,000
States Government
Other securities
........
....
Reserve with Fed. Res. banks
Cash In vault
....
Balances with domestic banks....
458,000,000
3,067,000,000
+2,000.000
+625,000,000
+45,000,000
+137,000,000
+13,000,000 +2,737,000,000
—19,000,000
+ 64,000,000
—7,000,000
+474,000,000
Liabilities—
Demand
Time
19,199,000,000
5,257,000,000
deposits—adjusted..
deposits
United States Government deposits
573,000,000
+ 36 000,000 + 3,151,000,000
+3,000,000
—3,000,000
+74,000,000
—58,000,000
Inter-bank deposits:
Domestic
banks..............
Foreign banks................
Borrowings..
Member
....
Trading
on
8,029,000,000
738,000,000,
—37,000,000 +1,670,000,000
—5,000,000
+162,000,000
1,000,000
New York Stock and
Curb Exchanges During
+1,000,000
New York
Week Ended Jan. 20
Exchange Commission made public
figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Jan. 20, continuing a
series of current figures being published weekly by the Com¬
mission.
Short sales are shown separately from other sales
The
Securities and
yesterday
in thees
(Feb. 9)
figures.
Trading on the Stock Exchange for the account of members
during the week ended Jan. 20 (in round-lot transactions)
914
The Commercial & Financial Chronicle
totaled 688,085 shares, which amount was
19.1.3% of total
transactions on the Exchange of 3,662,140 shares.
This
rules are
Sales
c
compares with member trading during the previous week
ended Jan. 13 of 957,715 shares, or
20.33% of total trading
of 4,633,300 shares.
On the New York Curb
Included
with
On Feb. 9 the Securities and
public
odd-lot
follows:
York
New
York
Stock
3.
100
225
as specialists
Reports showing other transactions Initiated
Exchange
200
2.
Curb
Exchange
l,06fi
summary
of all
account
36
812
Exchange Commission made
for the week ended Feb. 3 of complete
odd-lot
dealers
for the
and
specialists who
handled odd lots on the New York Stock Exchange, continu¬
ing a series of current figures being published by the Com¬
mission.
Figures for the previous week ended Jan. 27 were
reported in our issue of Feb. 3, page 762.
The figures
are based upon
reports filed with the Commission by the
odd-lot dealers and specialists.
/
New
a
figures showing the volume of stock transactions
The data published are based upon
weekly reports filed with the New
York Stock Exchange and the New York Curb
Exchange by their respec¬
Total number of reports received
1. Reports showing transactions
"other sales."
Week Ended Feb. 3
shares, or 18.24% of the total volume on that
Exchange of 609,745 shares; during the preceding week
trading for the account of Curb members of 207,260 shares
was 20.43% of total
trading of 868,825 shares.
In making available the data for the week ended
Jan.20,
as
exempted from restriction by the Commission
Odd-Lot Trading on New York Stock Exchange During
109,010
These reports are classified
mo
+.
Exchange
tive members.
are
10,
"other sales."
marked "short exempt" are included with
member trading during the week ended Jan. 20 amounted to
the Commission said:
Feb.
b Round lot short sales which
STOCK
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON NEW YORK STOCK EXCHANGE
Reports showing other transactions initiated off the
floor
—
_
no
Week Ended Feb. 3, 1940
Total
233
-
transactions
for Week
85
555
..
Reports showing
the
...
floor
4.
on
601
Note—On the New York Curb Exchange, odd-lot transactions are handled
solely
Odd-lot sales by dealers
Number of orders
by specialists in the stocks In which they are registered and the round-lot transactions
of specialists resulting from such odd lot transactions are
not segregated from the
specialists'
other
two exchanges.
The
number
15,600
415,308
■
Dollar value
16,725,523
Odd-lot purchases by dealers (customers'
sales):
Number of orders:
Customers' short sales
of
the number
reports
in
the
of reports
entries in more than
TOTAL
purchases):
Number of shares
round-lot
trades.
On the New York Stock
Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected
by dealers
engaged solely In the odd lot business.
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly
comparable on the
than
(customers'
classifications
because
a
may
total
more
single report
may
STOCK
SALES
Customers'other sales,
a
16,590
Customers' total sales
ON
THE
424
-
carry
classification.
one
ROUND-LOT
various
received
NEW
YORK
STOCK
17,014
-
Number of shares:
EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR
ACCOUNT
OF MEMBERS * (SHARES)
Customers' short sales
11,032
Customers' other sales.a
401,585
Week Ended Jan. 20, 1940
Total for
Per
Week
A.
-
Short sales
3,662,140
Transactions of specialists In stocks in which they are
registered—Total purchases.
Short sales
Other sales
-
Total transactions Initiated
on
the floor—Total purchases
Short sales
9.69
Total—Total purchases
Total sales
101,675
3.01
688,085
19.13
YORK
CURB
ACCOUNT
OF
fourth quarter.
The FCA announcement further said:
EX¬
MEM¬
Week Ended Jan. 20, 1940
Total for
Short sales
Cent
a
Tota' sales
Following the
Black said the
77,825
3,525
------
__
80,200
2. Other transactions Initiated
on
the floor -Total purchases
Short sales
Total sales
Total purchases
of
most
foreclosure
actions
in
September,
Banks
or
approved for reamortization nearly 20% of the Com¬
'
Value
of
Listed
Stocks
on
New
York
Stock
Listed Stocks
2.15
The New York Stock
22,350
290
Other sales.b
of
Exchange on Jan. 31, $45,636,655,648, Compared
with
$46,467,616,372 Dec. 30—Classification
of
as
Short sales
Exchange announced
of the close of business
on
on
Feb. 3 that
Jan. 31, 1940, there were
1,236
stock issues
15,575
aggregating 1,440,764,569 shares listed on the
Exchange with a total market value of
$45,636,655,548.
This compares with 1,233 stock issues
aggregating 1,435,404,562 shares listed on the Exchange
New York Stock
Total sales
15,865
Total—Total purchases
Short sales
Market
13,270
12,945
the number
12.96
12,445
3. Other transactions initiated off the
floor
suspension
Land
reamortized
500
Other sales.b
1933
missioner loans outstanding.
76,675
Total sales
that since
accelerated the pace at which they were reamortizing Land Bank Commissioner loans—spreading out the
payments
over longer periods of
years in order to lighten the debt load—and have
now
Short sales
the fact
occurred
early in 1939—due largely to repeated aggravation of
drought, insect damage, low prices for certain crops, and the breakdown
609,745
Round-lot transactions for the account of
members:
1.
Transactions of specialists in stocks in which
they are
registered—Total purchases
attention to
of numerous
second-mortgage Commissioner loans—was checked by tempo¬
rarily suspending all foreclosures except bad faith, abandonment and ir¬
reparable loss cases.
4,490
605,255
Other sales.b.
Mr, Black called
Federal Land Bank foreclosures has been
consistently smaller in proportion
than for any other
leading class of creditors.
He said that the increase
which
Per
Week
Total round-lot sales:
3.13
113,445
I.
Dec. 30 with
4,315
Other sales.b
with
104^695
Total sales
109,010
Odd-lot transactions for the account of
specialists:
Customers' short sales
Customers' other sales.c
with
97
51,217
Total sales.
*
The term "members"
includes all Exchange
members, their firms and the
partners, Including special partners:
a Shares In
members' transactions as
per cent of twice total round lot volume.
In calculating these
percentages, the total of members' transactions is
compared
transactions includes
on
both
the
Exchange for the
purchases and sales,
reason that the tota
while the
a
total
a
total market value of
stock
issues
1939.
In making public
change said:
As
$46,467,616,372, and
1,424,782,189 shares
&44,884,288,147 on Jan. 31,
the figures for Jan. 31, the Ex¬
aggregating
market value
of
of
the close of business Jan. 31, 1940 New York
Stock Exchange
member total net borrowings in New York
City on collateral amounted to
$560,050,901.
The ratio of these member total
borrowings to the market
on this date was therefore
1.23%.
Member bor¬
value of all listed stocks
34,659
with twice the total round lot
volume
1,235
18.24
51,120
Total purchases
by Governor A. G. Black of the Farm Credit Ad¬
Following a special study of conditions sur¬
rounding foreclosures which the Land Banks undertook
early in September, the number decreased, Governor Black
said, from 3,449 in the third quarter of 1939 to 1,580 in the
ministration.
.»
NEW
FOR
(SHARES)
volume includes only sales.
long position
Quarter
103,090
584,995
ROUND-LOT STOCK SALES ON THE
CHANGE AND STOCK TRANSACTIONS
members
a
Foreclosures completed on Federal Land Bank and Land
Bank Commissioner loans
dropped more than 50% during
the last quarter of 1939,
according to a statement issued on
712,895
TOTAL
of
liquidate
reported with "other sales".
are
Feb. 1
Short sales.
C.
round lot
6.43
118,525
Other sales.b
4.
a
FCA Reports Foreclosures on Federal Land Bank
and
Commissioner Loans Dropped 60% in Final
110,025
Total sales
Other sales.b
which Is less than
.
251,460
8,500
Other sales.b
B.
103,500
Sales marked "short exempt" are reported with "other sales'
b Sales to offset customers' odd-lot
orders and sales to
of 1939
Short sales
A.
96,540
......
a
219,810
3. Other transactions initiated off the floor—Total
purchases
BERS *
359,760
197,310
Total sales
4.
Total sales
22,500
Other sales.b.
96,490
Round-lot purchases by dealers:
Number of shares
349,750
.
50
Other sales.b
72,090
277,660
b
Total sales
2.
13, 22,984
Round-lot sales by dealers:
Number of shares:
Round-lot transactions for account of
members, except for
the odd-lot accounts of odd-lot dealers and
specialists:
1.
412,617
-
a
145,720
3,516,420
-
b
Total sales
B.
Cent
Dollar value
Total round-lot sales:
Short sales--Other sales
Customers* total sales—
Exchange
rowings
are not
broken down to
lateral from those
the
true
on
relationship
separate those only
other collateral:
between
on
listed share
col¬
thus these ratios usually will exceed
borrowings
on
all
listed shares
and
their
market value.
As of Dec. 30,
total net
1939, New York Stock Exchange member
on collateral amounted
borrowings in New York City
Volume
The Commercial & Financial Chronicle
150
to $594,288,938.
The ratio of these member total net bor¬
rowings to the market value of all listed stocks on this date,
was therefore
1.28%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and aver¬
age price for each:
915
Market
Average
Market
A mage
Value
Price
Value
Price
1938—
Jan.
1
42,782.348,673
89 26
Feb.
Feb
1
42,486.316.399
89.70
$
$
1939-
$
$
28
47.471,484,161
91.85
1
48,351,945,186
91.80
Mar.
Aver.
Value
Price
Price
Value
$
S
Farm machinery
604,475,645
46.12
Amusements
248,408,761
13.64
17,995,938
3.64
1,653,229,722
25.96
Mining (excluding iron)
1,659,779,947
25.82
Petroleum
21.78
21.71
Retail merchandising.
4,206,922,908
438,478,684
2,469,598,530
Ry. oper. & holding co's & eqpt. mfrs.
3,043,256,020
25.76
Steel, iron and coke
2,250,458,709
44.83
271,101,908
23.65
2,460,949,376
1,365,602,811
3,728,843,392
29.45
Gas and electric (operating)
Gas and electric
(holding)
Communications (cable tel. & radio)..
33.11
14.25
98.32
Miscellaneous utilities
139,242,495
15.11
Aviation
647,248,308
23.31
317,707,013
27.82
Business and office equipment
7,152,441
16.94
124,844,542
186,565,075
21.02
.•
Ship operating and building
Miscellaneous businesses
Leather and boots
25.00
58.70
1,640,814,869
43,327,512
17.73
891,967,513
Garments
25.83
608,669,974
Tobacco
22.03
operating abroad
Foreign companies (incl. Cuba & Can.)
U.S. companies
45,636,655,548
All listed stocks.
We
3.89
50,975,360
Shipping services
give below
a
1,612,679,642
40,851,396
629,490,627
907,074,882
31.68 46,467,616,372
price of stocks listed
39.68
13.73
3.82
26.40
22.48
33.64
26.86
48.61
24.14
29.25
14.73
98.13
14.82
23.91
27.94
4.37
16.56
20.11
24.97
57.67
24.35
32.37
total market
the Exchange.
on
Average
Price
1
June 30
July
43,526,688,812
47,001,767.212
46,081,192,347
47,490,793,969
Sept. 30
Oct.
31
_
_
Nov. 30
Dec.
31
*
of
Value
44,836.709,433
45.539.192,990
89.08
Nov.
90.67
Dec.
Oct
31
31
...
The Securities and
Public Utility
to
Congress
or
more
a
28.70
25.15
June
30.
July
31
44,761,599,352
31.31
Aug. 31
41,652,664,710
47,440,476,682
29.12
47,373,972,773
45,505,228,611
46,467,616,372
33.11
45,636,655,548
31.68
Nov. 30
Dec.
30
33.15
31.79
32.37
1940—
33.34
Jan.
31
31.50
Bonds
York
New
on
Concerning the
companies.
The report, discussing the experience
Commission
of investors with fixed trusts, in¬
approximately $863,000,000 in
110 fixed trusts during the period 1927-1935,
sustained
proximately $290,000,000 or approximately 34%.
a
capital loss of ap¬
The report stated:
If this experience be projected over the entire list of fixed trusts of which
the Commission has some record, investors as a whole suffered a loss of
$302,000,000 on their total investment of $900,000,000 in fixed trust
shares during the period 1927 to the end of 1935.
During the same period
the sponsors made a gross profit in excess of $90,000,000.
sold
an aggregate
of approximately $759,000,000 of fixed
87% of all fixed trust shares sold during the period 1927-
1935.
connection with the creation of fixed trusts
the abuses in
Discussing
and the distribution or merchandising
of their shares, the report stated:
profits to sponsors of fixed trusts depended principally on the distri¬
bution of the fixed trust shares.
Except for the instances where a manage¬
ment service fee was collected by the sponsors in addition to the sales load,
The
the
sponsor's source of revenue by reason of his connection with
was primarily from the loading
charges which the investors
trusts
fixed
paid
the purchase of the fixed trust certificates.
Since the profits to the
sponsors arose from the sale of the fixed trust shares, a decrease in these
sales, of course, resulted in a diminution of these profits.
Not only were the major abuses ordinarily found in connection with the
retail distribution of securities generally prevalent in the sale of fixed trust
upon
,
Listed
investment
dicated that the public, on an investment of
Six sponsors
32.96
and
trusts
ment
report transmitted to Congress on Jan. 31, the
said:
trust shares or
30.54
Holding Company Act of 1935, transmitted
Jan. 31, a report on Fixed and Semi-Fixed
trusts characterized by a fixed
with lespect to fixed and semi-fixed trusts will be included
that part of its over-all report which will contain the
Commission's conclusions and recommendations on invest¬
30.29
32.30
Exchange Commission, in connection
in
28.51
31
03
less fixed list of securities in which investors,
or
28.69
Sept. 30
31
by purchasing certificates, acquire the beneficial ownership.
The Commission's final conclusions and recommendations
43,229,587,173
41,004,995,092
24.28
.
92.33
1940—
Jan.
Trusts—those
$32.44
Oct.
92.02
47.6*1
on
Investment
40,921,074,970
30.55
90.79
91.24
49,678,805,641
30
30
><' 885
47,839,377,778
49,919,813,386
—.
with its study of investment trusts and investment companies
which it has been conducting pursuant to Section 30 of the
40,673,320,779
31.38
93.15
SEC Sends New Section of Study of Investment Trusts
and Investment Companies to Congress—Relates
to Fixed and Semi-Fixed Investment Trusts
$46,270,987,418
28
29.41
31
-
1939—
Jan.
Mar. 31
Feb.
Revised.
Market
44,182,833,403
~>cc.
Apr. 29
May 31
22.32
44,884,288,147
31
Aug. 31
89.40
28.94
1939—
Jan.
88.50
27.59
Aug. 31
1
1
46,430,860,982
18.34
22.39
Value
43.526,488,215
May
Sept. 30
22.30
Market
30
Apr.
June
90.19
27.24
Price
$27.53
1
90.59
30
39.91
Average
$38,869,140,625
39,242,676,837
41,172,861.535
31,858.461,871
35,864,767,775
34,584,614,803
41,961,875,154
44,784,224,215
1
Mar.
47.207.289 186
32.21
1939—
1
Feb.
Aug. 31
91
Value
Jan.
88.98
July
43,756.515,000
44,561,109,796
46.958.433.389
Market
1938—
30
91.27
two-year compilation of the
value and the average
49,007,131,070
43.00
38.29
Textiles
31
Apr.
90.34
1,658,739,999
2,944,287,406
419,055,902
651,112,203
250,008,126
18,915,720
1,681,221,485
1,7 4,065,700
4,306,787,354
453,773,798
2,510,508,636
3,11 ,478,444
2,440,066,818
276,747,106
2,394,589,032
1,411,460,771
3,721,778,958
136,629,665
657,309,351
319,114,938
8,019,771
49,821,998
119,433,620
186,350,659
33.03
406,866,663
Paper and publishing
July
45.441,652,321
40.26
3,018,775,808
Rubber and tires
Machinery and metals
87.78
47.053.034.224
72.15
6,330,045.504
563,129,591
1,555,055,120
Land and realty
42.346.644,435
31
26.04
Chemicals
manufacturing..
92.08
1
Nov. 30
566,949,067
20.09
;
48,570,781,615
Dec
70.75
31.16
1,021,304,462
Electrical equipment
92.92
30
19.09
25.87
3,663,860,947
Financial
Foods
91.56
48.920.968.566
June
32.51
3,817,692,811
948,993,133
6,456,607,354
Autos and accessories
Building
48.127,511,742
May 31
87.82
Sept. 30
Market
I Aver.
29
85.71
42,398,688,128
June
Market
88.68
41,450.248.311
1
June
Dec. 30, 1939
31, 1940
42.854.724,055
1
May
Jan.
Mar. 1
Apr
Stock
Exchange, Jan. 31 Below Dec. 30
shares, but there were also abuses and deficiencies peculiar to the offering
of fixed trust certificates.
When the sales of a trust created by a sponsor
the saturation point,
reached
the sponsor brought out "new models" of
would have new sales appeal.
which
trusts
When these new models, in
ceased to attract investors, certificate holders were solicited to ex¬
change their trust shares for securities of other types of investment trusts.
Each of these exchanges usually involved additional charges to the in¬
vestor and additional revenue to the sponsors.
turn,
New York Stock Exchange
The
as* of
the
of business
close
on
announced Feb. 6 that
Jan.
31,
1940,
there
were
issues aggregating $53,987,705,347 par value
listed on the Exchange, with a total market value of $49,678,805,641.
This compares with 1,395 bond issues aggre¬
gating $54,066,782,942 par value listed on the Exchange
Dec. 30, 1939 with a total market value of $49,919,813,386.
In the following table, listed bonds are classified by
1,391
bond
fovernmental and industrialfor each:with the aggregate marvalue and
price groups
et
average
The report,
jected,to
fixed trust shares were sub¬
undisclosed or hidden charges which were
in addition to the published sales loads,
emphasizing that purchasers of
approximately
19
of profit to the sponsors,
sources
stated:
The
basis
for
computing the price of fixed trust shares was generally
underlying property in a unit divided
advertised to be the total value of the
by the number of trust shares to be issued against the unit, plus a specified
loading charge.
Ostensibly no hidden charges upon the purchaser or
profits to sponsors existed.
Sample price make-up sheets of trust shares
were
in
some
cases
printed on the offering circular.
In the distribution
public the representation was made or implied
and costs to investors as well as the profits to the
of the trust shares to the
Jan. 31,
Dec. 30. 1939
1940
that
the charges
all
sponsors
Market
Aver.
Market
Aver.
Value
Price.
Value
Price
$
$
U. S. Govt. (incl. States,
cities, &c.)__ 33,975,676,194 108.01 34,059,936,585 108.33
United States Companies—
18,210,408 99.50
91,580,276 105.22
Autos and accessories
Financial
68,345,665
-
76.61
Electrical equipment
manufacturing. _
Food
Rubber and tires
Amusements
Land and realty
Mining (excluding
37,231,043 107.84
233,620,742 103.92
22,089.764 76.50
37,309,628 107.96
232,646,242 103.18
77,449,000 105.33
87.67
45,542,061
9,333,954
;
Iron)
—
96.63
111,706,610
55.92
65,325,859
99.20
13,781,443
78.96
13,714,563
78.57
6,097, ,346,695
57.30
6,156,908,464
57.84
690, 598,389 100.76
695,578,206 101.18
99.34
9,268,395 100.33
3,222, ,367,901 107.88
3.295.317,553 108.45
223,268,512 102.21
1,058,785,195 104.04
62.98
301,048,766
9, ,177,385
Textile.-,
Gas and electric (operating)
(holding)
Communication (cable, tel. & radio).
225 ,136,182 103.07
1,056, ,876,175 103.85
303, ,983,792
utilities
66.02
19.057,500
49.35
13,580,584
48.17
68.13
14,667,934
63.94
Leather and boots
43,204,739 126.82
Tobacco
companies operating abroad—
Miscellaneous businesses
States companies
109,410,917
43.24
35,451,245 104.47
13,338,146,700
Canada).
All listed bonds.
43.23
35,789,470 104.60
74.60
1,551,136,037
827,413,472
50.37
92.02 49,919.813.386
In addition to the losses
prices, loading charges,
sustained substantial
When
55.60
selling campaign for a particular fixed trust was over
offered resistance not only to the purchase of new shares
the
investors
56.11
gives a two-year
the total average
and
but
distributions received on their trust shares,
sponsors generally made a series of offers to exchange shares of the old
trusts for shares of newly created trusts.
The usual procedure, which was
was followed by many of the leading sponsors, was to induce the investor
to exchange the original fixed trust shares into shares of the new model
even to
the reinvestment of the
months had elapsed, to induce him to
trust into the stock of an open-end
The necessity for these exchanges
generally ascribed to changing economic conditions. . . .
of fixed trust,
and then after a few
exchange the shares of the later fixed
management investment compa-ny.
With respect to
the deficiencies of and
abuses by the depositor of fixed
created the fixed trust by depositing the under¬
lying securities or property with a trustee, the reporty stated:
the depositor was one of the weakest elements in the organization
of the fixed trust.
The depositor frequently lacked financial responsibility
and those for some of the largest fixed trusts of which millions of dollars
of trust certificates were sold to the public, had practically no assets.
The
depositor, being corporate in form, insulated the promoters against personal
liability for acts in connection with the creation or distribution of the
trust certificates.
In addition, the depositor in almost every case ex¬
culpated itself from all legal liability except for acts involving wilful default
or gross negligence.
By means of a corporate depositor, the promoters were
able to assign their interest in the depositor, generally without the consent
of the trustee or certificate holders, merely by transferring the
capital
stock of the depositor corporation.
Repeated transfers of control of the
depositor corporation were not unusual and were usually accompanied by
a diminution or depletion of the assets of the depositor, if any, with each
trusts,
the agency which
successive change in
49,678,805,641
sustained as a result of the decline in security
hidden charges, &c., investors in fixed trust shares
"switches." The report stated:
losses due to
92.33
50.28
818,950,601
The following table, compiled by us,
comparison of the total market value and
price of bonds listed on the Exchange:
43,422,128 127.46
109.392,153
74.16 13.481.327,292
1,546,032.146
Foreign government...
Foreign cos. (incl. Cuba and
99.00
99.50
15, 628,575
—
18, 964,700
13, 870,053
equipment
Shipping service
Shipbuilding and operating
disclosed.
charge.
was
Steel, iron and coke
Total United
651,240,812 104.08
99.30
operating and holding com¬
panies & equipment manufacturers
U. 8.
44.63
60.322,581
56.18
65,390,684
Paper and publishing
Retail merchandising—
Business and office
8,967,781
96.16
112,048,245
641,265,404 104.28
Petroleum._
Miscellaneous
46.45
59,968,627
Machinery and metals
Gas and electric
96.69
91,928,972 105.40
69,305,880 92.58
77,319,950 105.15
45,913,387 88.59
Building
Railway
91.30
22,120,124
Chemical
17,692,679
were
Despite the publication of price make-up sheets there were from the
inception of fixed trusts, however, many sources of hidden profits to
sponsors.
In fact, the main source of revenue or profit to some sponsors
came from the hidden charges rather than from the published loading
very
control.
Discussing the trustees
every
induced in no
.
.
the person with whom the assets or property (the res)
deposited under the terms of the trust agreement, and in
case was a bank or trust company.
Investors were
small measure to buy fixed-trust shares in reliance upon the
The trustee was
of the trust were
practically
.
of fixed trusts, the report stated:
The Commercial & Financial Chronicle
916
protection
which they thought they would secure through the trustee.
The advertisements for fixed trusts stressed, perhaps more than
any other
point, the fact that underlying stocks were placed in the custody of a
trustee, and that the investor thereby secured complete protection.
The report, however, stated:
The protection
gestions of the Technical Committee of the Association
the financial
afforded the investor
investment discretion
no
who purchased trust
is required
of the trustee.
One of the principal defects In operation of fixed
National
.
.
.
.
to
To
months of
in
its
2.
remain
the
1040, the National City Bank of New York said
of
out
bank
advances
season
filled.
of business conditions, made public
added, however, that buyers cannot
the market indefinitely, and
said that as
The
business
firms
Used
by
Utility
announced
the
adoption
amendments
certain
Exchange
of
amended
an
Form
to
Commission
U5B.
Form
Form
Feb.
on
U5S
U5S
is
Business
2
registered
public utility holding companies in filing
annual reports wHh the Commission, while Form U5B is
used in the registration of public utility
holding companies
under the Holding Company Act.
Details of the changes
as announced by the Commission follow:
by
The amended Form U5S is marked
annual
for
report
number
the prior
of items
filing in
most
the
in
instances
"Adopted Feb.
calendar
previous
1, 1940," and is
In addition to clarifying a
the amended form requires the
year.
form,
of information in
tabular
Form U5S for the calendar year ended Dec.
style.
The
amended
31, 1939, is to be filed
on
or
1,
The
1940."
and E.
Exhibit D
amendments
concerns
now
adopted
exhibits
require
17,1938, and amended
relate
to
Exhibits
certain
additional
The amendments to both of
information,
which
has
Registered
are
holding companies which
required to file
Supplement"
Special
a
marked
have
not
special report
"Adopted
Feb.
filed
on
designated
1,
Form
been
U5B
as
"Form
U5B—
This
report is to be filed on or before July 1, 1940.
U5B
Form
filing
amended is
registration
a
holding
to
statement
filing a
be filed
on
or
by registered holding companies
after May 1, 1940.
A registered
registration
on
on
Form U5B marked "Adopted May 17,
1938," it is required to file "Form
U5B—Special Supplement" marked "Adopted Feb. 1, 1940," on or before
July 1, 1940.
The Commission amended Rule U-14-2 to prescribe the amended
Form
U5S and amended Rule U-5B-1 to prescribe the amendments
to Exhibits
The amended rules become effective Feb.
3, 1940.
Rule U-5B-1 provide that the
U-14-2
and
Commission,
showing of reasonable cause therefor,
may
upon
of
Amends
a
extend the time for filing the
Rule
Dealing with Solicitation of Pre¬
liminary Authorizations in Reorganizations of
Utility Holding Companies
The Securities and
Exchange Commission announced on
adoption of an amendment to its rules under
the Holding Company Act dealing with the solicitation of
preliminary authorizations in connection with the reor¬
ganization of registered public utility holding companies
and subsidiary companies.
The amendment is to the
second paragraph of Paragraph (a) (3) of Rule U-12E-3.
The amendment, says the Commission, clarifies that
portion
of the rules dealing with the prohibition
against inside
trading.
The amendment specifies that the prohibition
Feb.
6
the
extends to the securities of all subsidiaries of the
company
in reorganization and also to the securities of
any associate
affected by the reorganization.
The rule also
makes clear the persons to whom the prohibition is
applicable.
The rule becomes effective
immediately.
company
Representatives of SEC and Securities Dealers Associa¬
tion Confer on Proposed Revision of SEC Rules
Relating to Hypothecation of Customers' Securities
The Technical Committee of the National Association of
on Feb. 5 conferred in New
York with rep¬
resentatives of the Securities and
Exchange Commission on
Securities Dealers
the proposed revision of the tentative draft of SEC rules con¬
cerning hypothecation of customers' securities. Representing
the National Association
on
the Technical Committee
were:
Henry L. Rosenfeld Jr., of Salomon Bros. & Hutzler, Chair¬
man of the
Committee; Benjamin J. Buttenwieser of Kuhn,
Loeb & Co.; Lee M. Limbert of Blyth & Co.,
Inc., all of New
York; James H. Coolidge of McDonald-Coolidge & Co.,
Cleveland; and William A. Fuller of Fuller, Cruttenden &
Co., Chicago. Also representing the Association were Wallace
H. Fulton, Executive Director, and
Murray Hanson of Coun¬
sel.
The SEC was represented
by Francis T. Greene and
Irving P. Turman of the Trading and Exchange Division.
Tne Association in its announcement stated:
The
proposed rules
are
The proposed revisions embody
be
their
only
not
do
follow.
to
with
The
These
have
fears
of
the
to
satisfied requirements, and
prospect for the early part of 1940.
be
markets.
filled,
As
and
while
curtailment
the
there
the
in
is
war
season
to
industrial
the
and
and
they
of
warned
constructive
to the
for
was
to
the proportions
as
leaders
a
com¬
but
The effect
the
purpose.
probable volume
had
good deal
a
commodities.
last
few weeks
be ascribed
may
better-considered
a
view
of
the
Buyers cannot indefinitely stay out
advances new requirements will have to
considerable
lasts.
of
scarcity
buying in
new
soon
as
expansion of export trade,
dispelling
slackening in
the
served
domestic
consumption
business
experienced
warnings
As
the
of
buying within two
ahead,
increased
for
of the over-optimistic ideas
some
of
in line with higher sales.
both
of
interpretation
concentration
requirements well
evidence
Sentiment
operations.
has
.
of
been
.
intention
to
prepared,
keep
however,
well
for
.
Supporting Elements
Whether
depends
trend
is
business situation is
the
to
be considered
disappointing
or
not
the viewpoint.
upon
Compared with the last quarter of 1939 the
Compared with a year ago, and with the other years
downward.
of the depression except 1936 and 1937, it is safe to assume that
business
activity through the first quarter will be larger, employment greater, and
earnings
for
the
most
as
the
earlier
better
alarm
if
necessary,
the
will
if
of
the
the
recent
markets
curtailment
be
the
higher.
part
Accepting the reduction
comes
future
high operating rates
be
are
not
to
the
less
severe
prospect.
There
in
some
it
would
should
be
indus¬
with
overloaded
goods,
be,
more
and
the
reason
for
steel
industry had continued to operate at 90% of capacity,
with requirements for steel around 65% or
70%, than there is now.
The possibility that the recession will feed
upon itself, with produc¬
tion, consumption and prices all interacting, is diminished by the con¬
servatism
ment
arid
that
some
both
respects
prevailed since the. early bullish outburst.
The move¬
during the last four months of 1939, so far as new orders
concerned, had the aspects of a gTeat boom, but in
were
it
was
remarkably
free of boom symptoms.
The rise in
prices stopped within a short time, and was
The price reaction since the demand slackened
security and commodity
moderate
has
has
of business
production
been
while it
lasted.
slight.
Tenders of $270,763,000 Received to
Offering of $100,91-Day Treasury Bills—$100,420,000
Accepted at Average Rate Slightly Under Par
000,000
of
Secretary of
the
Treasury Morgenthau announced on
offering last week of $100,thereabouts, of 91-day Treasury bills totaled
$270,753,000, of which $100,420,000 was accepted at an
average rate slightly under par.
The Treasury bills are
dated Feb. 7 and will mature on May 8, 1940.
Reference to
the offering appeared in our issue of Feb. 3,
page 768.
The following regarding the accepted bids to the
offering
is from Secretary Morgenthau's announcement of Feb. 5.
Feb. 5 that the tenders to the
000,000,
or
Total applied for
$270,753,000
Total accepted
100,420,000
The accepted bids
par
down to 99.999,
were
tendered at prices ranging from slightly above
the average price being fractionally under
par.
Of
the amount tendered at 99.999, 33% was accepted.
New
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills Sold by Treasury
Tenders to a new offering of $100,000,000, or thereabouts,
91-day Treasury bills were received at the Federal Reserve
banks and the branches thereof up to 2 p. m.
(EST) yester¬
day (Feb. 9).
Secretary Morgenthau had invited tenders
on
Wednesday (Feb. 7) in place of the usual Friday offering
due to the holiday, Monday (Feb. 22) Washington's Birth¬
day. The bills, which were sold on a discount basis to the
highest bidders, will be dated Feb. 14 and will mature on
May 15, 1940; on the maturity date the face amount of the
bills will be payable without interest.
There is a maturity
of
a
similar issue of bills
on
Feb. 14 in amount of $100,196,000
Secretary Morgenthau, in announcing the offering, said:
They (the bills) will be issued in bearer form only, and in
denominations
of
$1,000,
$10,000,
$100,000,
$500,000,
amoun s
or
and $1,000,000
(maturity value).
No
tender for
an
amount
less
than
tender must be In multiples of $1,000.
on
$1,000 wiil be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e. g.t 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
designated X-8C-1 and X-15C2-1 and are to be
promulgated under the Securities Exchange Act of 1934. The two rules are
substantially alike.
covered
became clear
business and
war
to
in
agree
unprecedented
fall
provided
upswing
They modified
reports required by these rules.
SEC
made
let-down
D and E of Form U5B.
Rule
to
leading
The survey said, in part:
production above the consumption level.
the
tries
statement prior to May 1, 1940,
Form U5B marked "Adopted May 17,
1938,"
the amended Form TJ5B.
If it files a registration
statement on
company
its election file
may at
or
as
of
special
1940."
last
D
found necessary.
amended
raise
the filing of financial statements, and
Exhibit E
deals with the filing of maps of properties.
these
mitments
covred
The amended Form U5B is marked "Adopted May
generally
almost
months
replenishment of inventories,
an
before May 1, 1940.
Feb.
men
The
three
or
and
used
have
it will be and the better
severe
be the future prospect.
will
Holding
situation.
and
will
considerable intention of
to
keep well covered while the war con¬
tinues, and said that the earlier any curtailment in business
Companies
Securities
The
requirements
new
The review noted
operations occurs, the less
Forms
Is At¬
monthly review
Feb.
on
sufficient number of trust shares to entitle him to convert
Two
New Buying
Requirements—Monthly
Less new buying during recent weeks may be attributed
partly to satisfied requirements on the part of buyers and
partly to better judgment of the prospects for the early
underlying property.
Amends
SEC
Slower
Says
Satisfied
Expects Better Business Activity in First
Quarter of 1940 than Year Ago
the
.
One of the most serious problems that confronted purchasers of fixed
trust certificates was that in many cases they were unable even within
only a few years after the creation of the trust, to receive cash for their
certificates.
This condition arose because: (a) in many cases distribution
had ceased, and the principal distributor no longer repurchased
shares;
(b)the shares had never been listed on, or had been delisted from, organized
securities exchanges; (c) no general over-the-counter markets for the shares
were maintained; or (d)
no machinery existed for the conversion of trust
certificates into underlying securities or cash, either because the funds for
meeting conversions had become exhausted, or because the certificate
a
over-the-counter
Review
his shares, the report stated:
holder lacked
City Bank
tributable
.
Discussing the situation created by the inability of the investor to realize
into cash or
others in
as
dealers and members of the stock exchanges.
certificate*
trusts related
elimination of underlying securities from the portfolios.
on
The rules will apply alike to
community.
1940
10,
well
as
,
on the faith of the trustee's name may be illusory.
...
An examination
of these duties and functions indicates they are essentially mechanical and
that
Feb.
some
informal
sug¬
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
of
Tenders from others must be accompanied by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
The Commercial & Financial Chronicle
Volume 150
are
accompanied by
bank
or trust
an
express guaranty
of payment by an incorporated
company.
Immediately after the closing hour for receipt of tenders
1940, all tenders received at the Federal Reserve banks
up
or
on
Feb.
9,
branches thereof
to the closing horn* will be opened and public announcement of the
acceptable prices will follow
possible thereafter, probably on the
as soon as
following morning.
The Secretary of the Treasury expressly reserves the
right to reject
all tenders
amount
any or
or parts
applied for, and his action in any such respect shall be final. .Those
Federal
Reserve
banks
in cash
or
other
immediately available funds on
Feb. 14, 1940.
The
Scouts.
The text of the President's address follows:
Fellow Scouts:
I greet
}■
on
Treasury bills will be exempt,
or
as to
(Attention is invited
inheritance taxes.
to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed
as a
deduction,
any tax now or hereafter
or
imposed by the United States
or any
of its pos¬
Through all these 30
worthwhile
millions of American boys have found stirring
years
adventure
in
loyalty and patriotism which
scouting.
have also found an
They
op¬
are
obligatory
them as faithful Scouts
upon
and true Americans.
I
am
glad to learn through President Head's report that we have gained
not in numbers alone but in the effectiveness of our program
418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
the
in which the people of the nation
one
portunity to exemplify through practical service to the community the
of
Treasury Department Circular No.
For three decades in our American life,
Boy Scouts has been
take genuine satisfaction.
and
otherwise recognized, for the purposes of
sessions.
anniversary.
record of the
principal and interest, and any
other disposition thereof will also be exempt, from all
estate and
except
you and the friends of scouting everywhere with especial pleasure
30th
our
can
gain from the sale
taxation,
Roosevelt, in his capacity as honorary President of the or¬
ganization, extended good wishes and congratulations to his
"fellow scouts" on their good record of the past year.
The
President was introduced over the radio by Walter Head
of St. Louis, President of the National Council of the Boy
of tenders, and to allot less than the
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
917
and in the scope
achievements.
our
The theme of
Boy Scout Week, "Scouting—The American Way,"
seems
to me to have
a
resent
section of all American boys, boys from large cities and from
a
cross
villages and farms,
Treasury Explains Outstanding Debt Subject to Debt
Limitation of $45,000,000,000
The Treasury Department, on Feb. 5, issued a report
showing that the face amount of obligations outstanding on
Jan. 31, 1940 totaled $42,230,176,025, thus leaving the face
amount of obligations which may be issued subject to the
$45,000,000,000 statutory debt limitation at $2,769,823,975.
In another table in the report the Treasury indicates that
of the total face amount of outstanding public debt obliga¬
tions ($42,230,176,025) should be deducted $727,355,094,
the unearned discount on Savings bonds, and to this figure
should be added $606,930,738, the other public debt obliga¬
tions outstanding which, however, are not subject to the
debt limitation.
Thus the total gross public debt outstand¬
ing on Jan. 31 is shown as $42,109,751,669.
The following is the Treasury's report issued Feb. 5:
Statutory Debt Limitation
as
the face amount of
bonds, certificates of indebtedness. Treasury bills, and
aggregate
$45,000,000,000 outstanding at any
The following
table shows the face
and the face amount which
can
one
outstanding
....
of
Our 12th Scout law effectively
spiritual ideals of scouting.
basis for citizenship.
an
amount
of
obligations which
may
which
our
is
basic
in
Americanism.
is
Scout oath and law cannot fail to be
a
generation trained in the responsi¬
And the Unitd States is looked
on as a young
of the Scout ideal, our country is fully grown up.
I
inclined to think that the individual Scout himself,
am
he engages in the
of the importance
in
a
convincing
wishes,
my
congratulations on your good record of the past year.
the years to come I wish you joy and happiness and a
For
deepening satisfaction
living up to the best traditions of scouting.
♦
Roosevelt
Aid in Campaign
Metropolitan Opera Fund
Pledges
support to the
for
cam¬
to
people's
White
now
be issued under above
become
rather than the possession of only a
The text of the President's letter follows:
opera
House,
Washington.
42,230,176,025
Dear
Reconcilement with Preliminary Statement of the Public Debt—Jan. 31, 1940
amount
of
outstanding public debt obligations issued
31, 1940.
Dave:
$42,230,176,025
Deduct, unearned discount
Savings bonds (difference between
on
redemption value and maturity value)
out
want you
the
to
•
not subject to the statutory debt limitation:
Interest-bearing (pre-war, &c.)
Matured, on which interest has ceased
Bearing no interest
whom
this
Total gross public debt outstanding as of Jan. 31, 1940
Shipment
of
$5,600,000
States is First in Two Years,
With
$42,109,751,669
in Gold to United
Says Secretary Mor-
Secretary of the Treasury Morgenthau on Feb. 8 confirmed
that the Russian ship Kim had unloaded approxi¬
mately $5,600,000 worth of gold at San Francisco for sale to
the Treasury. The Associated Press further reported that Mr.
Morgenthau said it was the first direct shipment of gold from
Russia to the United States in more than two years, but he
did not regard it as unusual because the Treasury buys gold
every day.
In our issue of Feb. 3, page 769, it was reported that Mr.
Morgenthau had denied statements to the effect that the
United States was helping finance Russia's attack on Finland
by buying all its gold production.
Roosevelt Praises Boy Scouts on 30th An¬
niversary—In Radio Address Hopes Organization
Stays Democratic and Truly American
President
the
8 in
a
national radio
30th
Anniversary of the Boy Scouts of
America that he hoped the movement would always remain
democratic and truly American, embraching all sects and
on
creeds and above all class
or
and to
go
become, in
of only
of
a
a
real
sense,
privileged few.
entertainment
and
the people's
opera
I know that all
culture
has
our
taken
on
rather
citizens
some
depends only
all
good
countries
a
new
upon
wishes
its
subsidized
by the government;
those who have love for immortal music.
opera
is
for the success
of
the campaign,
Very sincerely yoifrs,
reports
Feb.
now
field
In
FRANKLIN
Mr.
David
sectional conseionsness.
Mr.
D.
ROOSEVELT.
Chairman Radio Commission}
Metropolitan Opera Fund, New York, N. Y.
Sarnoff,
President Roosevelt Sending Under Secretary of State
Welles to Survey
Hull
on
Metropolitan Opera to continue,
606,930,738
genthau
President Roosevelt said
the
significance, wish the Metropolitan to continue to maintain
leadership.
here it
394,663,618
has
than the possession
for
$196,281,260
15,985,860
wish
greater glory.
democratic
■*
who
Very often, on Saturday afternoons, when my work is
done I have listened to the opera broadcasts and have enjoyed the music
which this modern miracle has brought into my study in Washington.
on
727,355,094
$41,502,820,931
Add other public debt obligations outstanding but
to count me among the thousands of radio listeners through¬
Nation
Grand opera
of the Second Liberty Bond Act, as amended
(above)
broadcast
manner
of scouting in the life of the nation today.
$2,769,823,975
under authority
Russian
as
activities of his troop and patrol and as he acquires the
skills that equip him for service, speaks to us all
I
current
upon
nation, but in the spirit of social consciousness, which is the very essence
Fund, the President said that grand opera has
Approximate maturity value.
Principal amount (current redemption value)
outstanding according to preliminary public debt statement, $2,473,115,506.
face
resp'ect
tradition
a
A generation trained in the principles of the
country is founded.
bilities of good citizenship.
It
raise $1,000,000 to perpetuate the Metropolitan
Opera in New York City.
In a letter to David Samoff,
Chairman of the Radio Division of the Metropolitan Opera
*
Total
excellent
It affirms the importance of religion in the life of the
Religious freedom
The
authority
the
expresses
It constitutes, in other words,
Jan.
Face
it should
for the convictions of other people.
privileged few.
98,005,450
as
individual and the life of the nation and emphasizes the necessity of
the
Treasury bills
ThiS is
The family is the very base
family nation.
President Roosevelt has pledged his
11,264,918,900
$19,218,650
21,778,100
4,004,700
53,004,000
a
from it—rather, it extends the spirit of the family into the activities
paign
Face amount of matured obliga¬
tions on which int. has ceased:
Certificates of indebtedness
our move¬
word, democratic and therefore truly American.
of the boy outside the home.
President
$42,132,170,575
Notes
a
$45,000,000,000
Treasury notes
Bonds
of all blood
national life and the scouting movement does not take the individual
our
away
$26,896,110,900
*3,200,470,600
770,670,175 $30,867,251,675
$8,407,699,900
Certificates of indebtedness
1,550,300,000
Treasury bihs (maturity value),.
1,306,919,000
in
be, for the United States is
indebtedness, and
Outstanding
Treasury
Savings (maturity value)
Adjusted Service
It is,
I like to think of scouting as a kind of family group.
in
Treasury bills which may be outstanding at any one time
as of Jan. 31, 1940:
Interest-bearing—Bonds—
boys
Moreover,
God grant that it may ever remain so.
time."
still be issued under this limitation:
Total face amount of bonds, notes, certificates of
and ranches,
So now, as your Honorary President, I extend to you my hearty good
of obligations
amount
towns
ment embraces all sects and creeds and is above all class or sectional con¬
sciousness.
After all,
Treasury notes issued under authority of that Act "shaU not exceed in the
from seaport
origins—all enrolled under the banner of scouting.
of Jan. 31, 1940
Section 21 of the Second Liberty Bond Act, as amended, provides that
Our Boy Scouts rep*
particular significance at this time.
issue.
Says
European Conditions—Secretary
United States Is Engaging in Peace
Talks With Neutrals
President Roosevelt announced yesterday (Feb.
Under Secretary of State Sumner Welles would
Feb. 17 to make
9) that
sail on
report on conditions in Italy, Germany,
France and Great Britain.
Following this disclosure Secre¬
a
tary of State Hull made known that the United States has
begun world peace discussions with other neutrals, looking
toward eventual armament reductions and stabilization of the
economic order.
The belligerent nations may be brought into the discussion
later, Mr. Hull said, in emphasizing that the present con¬
versations are informal and that no definite peace proposals
have been put forward yet.
Washington United Press
accounts
of Feb. 9 added:
Mr. Hull did not reveal what neutral nations already were engaging in
the peace discussions, which he said were being carried on through
regular
diplomatic channels.
The Secretary of State expressed the belief,
would join in the discussions, because all have
however, that all neutrals
a
common
desire for "the
eventual restoration of world peace on a sound and lasting basis."
Mr. Hull said that conditions of the present wars—England and France
against Germany,
Russia against Finland and Japan against China—are
,
The Commercial & Financial Chronicle
918
being discussed at the present time.
not
seeking
a common
The emphasis, he indicated, is
Italian liner Rex.
Welles plans to sail aboard the
Mr.
Also
on that ship
Myron C. Taylor, who is going to the Vatican as President Roose¬
will be
work with Pope Pius in formulating
velt's personal envoy to
has
a program to
conference questions, Mr. Hull indicated that the
Governments of Italy, Germany, France and Great Britain had been in¬
to press
visit and the
formed in advance of Mr. Welles'
purposes for which his tour is
As
down
cut
completed.
from Hyde Park advices to the New York "Times," Feb. 5:
The figures compiled by various Federal agencies and cited by President
Roosevelt
today
years
seven
defense of Administration accomplishments during the
in
follow:
said that Mr. Welles' sole mission would be to obtain
conditions in the four countries.
confidential information on
or
Calendar Year
1939
presumed, however, that the information gathered by Mr. Welles
be used by the President and Secretary Hull to help them determine
approaching when this country might be in
whether the time was
National Income (a)
a
position
beginning of peace talks with neutral countries, said:
+ 145
4,682,000,000
7,712,000,000
Income—
farm
From sale of products
(d)
807,519,000
Total
$8,519,000,000
4,828,000,000
2,745,000,000
4,253,000,000
+55
*27,245,000
+28
1,611,000,000
(j) *34,940,000
3,179,000,000
91
105
+64
Total non-agrlcultuial employment (g)
*
9
+ 97
Month of December.
b,
a,
d
of the world, and in view of the evident desire of all
sound and
on a
—
Sources:
c
eventual restoration of world peace
+82
$5,2>7,obo~66~
Interest received by Individuals (e)
Dividends received by Individuals (f).
the Secretary of State that in view of existing hostili¬
neutral nations for the
+ 62
*197,089,000
From benefit payments
of the world, in view of the effect of such hostilities on
the neutral nations
*3,888.000,000
*80,384,000
Fed. Reserve Board Index of production(i)
According to the same advices, Mr. Hull, disclosing the
It is announced by
+71
*2,403,000.000
Exports (h)
proposals.
help formulate peace
ties in many parts
$4. ,089,000,000 $68,500,000,000
..
Weekly payrolls (c)
Cash
%
Change
of the United States.
was
would
to
The President
Welles would not be authorized to make any proposals
commitments on behalf
It
Calendar Year
Wages and salaries (b)
President Roosevelt
added that Mr.
Administration
1932
and Britain.
to France
by
prepared
assistance.
^ Mr. Welles will go first to Italy, then probably to Germany and from there
obliga¬
since 1932.
table
statistical
the
to
the years
in
Meanwhile, he added,
reducing private
that the entire national debt burden
^ He said Mr. Welles probably would be accompanied by one assistant or a
secretary—probably some one from the State Department who could be
of major
1940
agencies, referred to by tlie President, we take tlie following
last
Mr. Hull indicated that the arrangements for Mr. Welles'
being made.
reception in each country had been
been
debt, Mr. Roosevelt asserted.
individuals gradually have been
and
the overall result has been
and
tions,
assist eventual restoration of peace.
In response
the Federal
increase in
corporations
economic stabilization.
10,
State, county and city indebtedness has decreased in a direct ratio to the
on
ground for long-range goals of armament reductions and
Feb.
e,
f and h, Department of Commerce,
and g, Department of Labor,
Department
of
Agriculture,
i
Board of Governors .Federal Reserve System.
j This figure does not include the 2,727,000 persons who had work
NYA and CCC projects.
WPA,
on
nations, diplomatic conversations of an informal char¬
been commenced with neutral governments and will probably
lasting basis for all
acter
have
with all neutral governments.
be continued
be emphasized that these conversations involve no plan or
"It should
President
Roosevelt Signs
Bill Extending for Another
plans, but are in the nature of preliminary inquiries relating to a sound inter¬
national economic system and, at the same time, world-wide reduction of
Two-Year Period, Until June 1,
1942, the
of
the
Land
Bank
Commissioner
to
armaments.
Making
Matters involving present
of these pre¬
a part
involve these two common problems
belligerent nations in so far as they
of future peace.
Roosevelt Cites Statistics to Justify Rise in
Debt—Challenges
Opponents to Show
President
Federal
Bust"—Says if National Income
Budget Can Be Balanced
Country Is "Going
Reaches $80,000,000,000,
Hyde Park,
President Roosevelt, at bis press conference in
N. Y., on Feb. 5, cited statistics designed as a defense of
the Nation's financial condition, and challenged his critics
that the country is "going bust" under his Admin¬
to prove
showing
figures
lie mentioned
istration.
advanced since 1932, and said that
aries and dividends had
about $70,000,000,000 an¬
the entire national income is now
If it reaches $80,000,000,000, he added, the budget
more than balanced.
He declared that the New
nually.
could*
be
Deal
sal¬
that wages,
has
virtually all classes of income,
raised
only
not
but, in addition, the total governmental debt has not gained
in the last
seven
since the rise in Federal debt has
years,
been counterbalanced by the drop in local, county
and State
debts, made possible through Federal assistance.
His remurks were reported as follows in Hyde Park advices of
Feb. 5 to the United Press:
To
cited
table
statistical
a
New Deal economical policies, Mr.
prepared by Administration agencies,
Roosevelt
and told
his defense of
support
reporters that
the figures
should
formidable for
prove
prove
that the country
told reporters he
is growing weary
to
"is going bust."
He
seeking
anyone
will
future
not
he
Obviously,
well
be
said,
at
selected
time
a
by
official
said
is
editorial
newspaper
desks.
persist
in
themselves
Ignoring
detailed.
with
by
Washing¬
and
Mr.
increase
the
the
He
The
spending,
of
he
when
hurt
that
of
the
lias
might
said
many
an
"minus"
in
was
$690,879,000.
The FCA announcement further said:
First authorized
to refinance old
the
purpose
in
1933. the Commissioner's loans
debts.
Since
for which
1935, however,
the loans may
income,
is
of
jobs,
May
12,
$208,115,000,
amounted to
It
enabled
who
1933. to the end of last year was $994,434,000,
or
the
than 20%, has been repaid.
more
$64,005,000, which
the
was
Commissioner's
FCA
to
refinance
faced foreclosure
as
a
was
loan,
the
of
loans
made
are
may not exceed
Mr.
index
on
$7,500 to
To amend the
it
Be
enacted
his
and
so
that
rapidly
made
the
Mr.
curtailment
advocate
reduction
of
what
that
itself
of
felt
of
budget
Federal
happened
purchasing
Roosevelt said that
American
economy
to
prophesy what will happen
does
not
coefficients,
on
Federal
the
from
in
power
fall
1939.
newsmen,
figure
thereby
greater
6udden
repetition
a
curtailed
be
that
relief
1
opponents
sudden
to
can
assumption
produce
care
to
make
the
record,
Mr.
the international
extent
that
it
is
during the balance of
any
internationally, in
statistical
an
predictions,
the
present
Roosevelt
debt
burden,
because
situation.
noted
that
table
greater than
it
he
was
declared
in
1932.
that
Government
1939
said,
which
in
1933-35
of many
thousands of farmers
depression.
These loans made it
second
any one
as
well
as
first
mortgage security
the
just enacted reads
Senate and
but
farmer.
R.
as
follows:
7342
ACT
Emergency Farm Mortgage Act of 1933,
by
Stales of America
House
as
amended.
of Representatives of the
United
in Congress assembled.
That the tenth sentence of section 32 of the
Act of 1933, as amended (U. S. C., title 12,
by striking out "February 1, 1940" in the
Emergency Farm Mortgage
sec.
1016), is further amended
two places in
which it appears
inserting in lieu thereof "June 1, 1942."
Senate
Foreign
Relations Committee Approves Bill
Capital of Export-Import Bank from
$100,000,000 to $200,000,000—Makes Possible Fur¬
ther Credits of $20,000,000 to Finland and China—
Increasing
of
efforts
budget
the
Federal
Repayments in
10.7% higher than in 1938.
Black
debts
result of the
II.
ex¬
$90,000,000,000.
the
on
activity.
and
precipitate
Baid,
that
drastic
too
many
bending all
about
of which
possible to refinance the debts of farmers whose obligations exceeded the
first-mortgage lending limits of the Federal Land Banks.
The Commis¬
sioner's
Senate Passes Resolution
Finnish
$70,000,000,000
finally
would
taxes
national
developed
he
promised
on
is
and
used primarily
made
from
improving national
around
were
Congress broadened
an increasing number of
farmers have obtained them to assist in
financing the purchase of farms.
Governor Black said the total amount of Commissioner's
loans
interest
employment,
System
when
be used,
1932,
income,
appeared in the interest received
Asserting that this results from lower interest rates and a
total
no
is
now
achieved,
Drastic
were
to
he
is
that
spring of
attempt
He
by individuals.
1939
Reserve
shows
Administration
current
dangers
complicated
too
income
back
reviewing the 1932-1939
decrease
he said,
said,
method.
questioning of
are
only
farm
cash
Federal
the
intensified
recession
a
level
go
asserting
said,
until
year.
In
now
Feb. 2 Governor
on
approximately 440,000 farmers
have Land Bank Commissioner loans
amounting to
specific
December,
national
non-agricultural
$80,000,000,000
he
would
the
his
to
expenditures
hazardous to
there
of
reviewing
payrolls,
picture,
said
total
that
and
situation
this
1939,
total
national
prospect,
spending,
Under
the
result
a
warned
1937
Governors
reduced, and
as
by
was
dividends,
Roosevelt
annual
balancing
1937
factory
that
workers
be
Federal
weekly
$80,000,000,000
balanced.
additional
would
and
complete
on Feb. 1.
At the Farm Credit Administration
Albert G. Black said that
and
1932
December,
Farm
Feb. 2 that President Roosevelt
on
...
annually,
revenue
of
and
of
The
Pointing out
When
immature.
or
compared figures for calendar
Board
economy.
newsmen
economy was
individuals,
production.
in
today's
Deal
1939
not
presidential
the New
salaries,
and
wages
ports
ridiculous
He
calendar
received
the
and
third-term
choosing and
Continue
Financing
Jan. 15 and the Senate
in
his political future make
his plans for
on
Roosevelt's statistical defense
Mr.
and
questioning him
appear
made known
was
to possi¬
meeting of the Democratic National Committee, he said that
who
of
the
on
own
for
signed the bill extending for another two-year period,
—until June 1, 1942—the
authority of the Land Bank
Commissioner to continue the making of first and second
mortgage loans to assist in financing the purchase of farms,
to refinance farm debts, and for other
agricultural purposes.
The bill, which amends the
Emergency Farm Mortgage
Act of 1933, as amended, was passed
by the House on
AN
anything
time and place of his
a
political developments in Illinois and Pennsylvania,
ton
It
received.
when
subject, it will be said at
Loans
had
The text of the bill
of questions regarding
bility he may seek a third term, and served notice that such inquiries
the
Mortgage
Purchases
These conversations can, of course, be extended
liminary conversations.
to
conditions are not
war
Authority
indebtedness
Bond
Urging SEC
to
Expedite
Issue
The Senate
Foreign Relations Committee on Feb. 7
approved, by a vote of 12 to 6, a bill increasing the revolving
fund of the Export-Import Bank by $100,000,000,
increasing
it to $200,000,000, thus making it possible for Finland to
obtain a further credit of $20,000,000 for non-military pur¬
poses.
The committee also amended the bill to permit an
additional loan of $20,000,000 to China, to be repaid in tin
shipments from that country. On Feb. 8 the Senate adopted
by
a
vote of 65 to 3 Senator Harrison's resolution proposing
that the Senate be put on
record as favoring speedy handling
by the Securities and Exchange Commission of any Finnish
Government bonds which may be offered to the
public; the
resolution
on
Feb.
7 received the unanimous endorsement
of the
Foreign Relations Committee. A motion to limit the
increase in the Bank's capital to $50,000,000 was
rejected by
the committee on Feb! 7 by a vote of 13 to 5 and another
amendment providing for a direct loan of $30,000,000 loan
to Finland without any
also
was
restrictions as to munitions supplies
defeated by the committee, 15 to 3.
Hearings
mittee
on
on
Feb.
the legislation
6
after
SEC
were
concluded by the
Chairman Jerome
N.
com¬
Frank
The
Volume ISO
testified that he foresaw no
difficulty in the bond
proposal.
granted
Finland has already been
flotation
$10,000,000 credit
a
(noted in these columns of Dec. 16, 1939, page 3809) and
China received a $25,000,000 credit in December, 1938, of
which $2,325,000 was repaid as of Dec. 20, 1939 (referred to
in our issue of Dec. 23, page 3947).
Previous action on the
bill affecting the revolving fund of the Export-Import Bank
771.
waslreported in our Feb. 3 issue, page
Introduces Bill for $300,000,000 Program
Hospital and Sanitation Facilities—Another
Senator Mead
for
Proposes
Measure
$10,000,000 Hospital Program
$300,000,000 Federal loan program
A
for construction and
and sanitation facilities was pro¬
posed Feb. 1 in a 'bill introduced by Senator James W. Mead
of New York.
The money would be lent on terms up to
50 years, with a flat interest rate of 2%.
In another bill introduced jointly Feb. 1
by Senators
Robert F. Wagner of New York and Walter F. George of
Georgia, a $10,000,000 program for Federal construction of
hospitals on "an experimental basis" was proposed.
Last week President Roosevelt asked Congress to consider
a
program for the construction of 50 small hospitals in
improvement of hospital
to cost between $7,500,000 and $10,000,000;
issue of Feb. 3, page 770.
following regarding the bill of Senators Wagner and
$107,225,660 Appropriation
Bill for
and Commerce Departments
The House on Feb. 8 passed and sent to the Senate a
$107,225,660 appropriation for the State, Commerce and
Justice Departments and the Federal Courts, which was
$2,438,350 less than the President had asked.
The bill as reported by the House Appropriations Com¬
mittee on Feb. 6 carried $107,379,000 but the House on
Feb. 7 struck out of the bill funds for experts in Secretary
of Commerce Hopkin's office.
Action on the measure on
Feb. 8 was reported by the Associated Press in Washington
advices of that date as follows:
Passage followed two futile attempts to write in provisions aimed at
forcing the Administration to break off diplomatic relations with Soviet
Russia.
One of the defeated provisions would have withheld the salary of
the United States Ambassador to Moscow; another would have denied use
of any State Department money for maintenance of an embassy in the
this was noted in our
advices, Feb. X, to the New
George is from Washington
York
"Times":
the Federal Works Agency in
facilities are needed for the
prevention, diagnosis or treatment of disease and would be leased to the
communities which would "carry the full responsibility and burden of
would be constructed by
depressed communities where
hospitals
The
economically
operations."
would authorize carrying out of the program
current
The bill
in the next fiscal
"the
which begins on July 1.
Senators Wagner and George called it
in the development of a rounded national health program," as
recommended by the Interdepartmental Committee to Coordinate Health
and Welfare Activities.
year,
first step
m
Agriculture Department
Passes
Appropriation
$722,001,084—Total Is $66,928,435
Carrying
Bill
Below|Budget Estimate
W
by President Roosevelt
Despite warnings
and Secretary
Agriculture WaUace that heavy reductions in farm appro¬
priations would seriously affect the Nation's economy, the
House on Feb. 2 passed and sent to the Senate a bill pro¬
viding appropriations of $722,001,084 for the Department of
Agriculture during the fiscal year beginning July 1. This is
$66,928,435 under the President's budget estimate and $579,339,231 below the funds available for the current fiscal year.
As was indicated in our Feb. 3 issue (page 771) the House
of
Appropriations Committee had recommended that a total of
$634,399,256 be appropriated but after four days' debate on
the House floor more than $87,000,000 was restored.
The
following concerning the measure, which was passed without
a record vote
at the Feb. 2 night session, is taken from
Washington
Soviet.
refused 134 to 211, to send the biU
$2,166,000 from a $17,500,000
fund for the 1940 census.
Representative Johrf Taber, Republican, of New
York, who made the proposal, said the amount he wished to deduct was to
instructions to deduct
be used for a census of
housing.
Mr. Roosevelt
asked a farm appropriation
permission for the
rural electrification
Reconstruction Finance
from the
appropriations committee.
additions were:
$47,500,000 for sugar
benefit payments,
which were restored after it was
had poured more than that
the farmers of the benefit of the
contended that sugar processing taxes already
sum into the Treasury and that to deprive
would be unjust.
$40,000,000 for Rural
$126,828 for dry land
taxes
t
Electrification Administration.
stations.
the bill were offered on the floor, but all
farming experiment
amendments to
beaten. Two of these were mere clerical corrections in
the text of the bill, and the other two concerned sugar payments and the
experiment station item.
In the closing hours of the House debate the farm bloc tried in vain to
Twenty-three
except four were
$72,687,212 for the disposal of surplus farm commodities
convert farm tenants into land owners. The
disposal fund had been proposed to supplement an automatic appro¬
the bill
restore to
and
$25,000,000 for loans to
surplus
approximately $100,000,000 for the same purpose.
item left in the bill, which as In previous years met no oppo¬
was $500,000,000 for payments to farmers cooperating in crop control
priation of
The major
sition,
programs.
In
sum
addition to whatever
will
provides, still another
This is $112,000,000 of
total the bill eventually
expenditures.
appropriations and trust funds.
be
permanent
available for farm
"terrific," and in his
cuts as
reported
I do
not
program
as
Curb Power
favorably reported on Feb.
subjecting the orders and
regulations of Federal
of the counts.
The measure, scheduled to go to the House floor for con¬
sideration, would provide individuals with an increased
opportunity to appeal from rules, regulations, orders and
decisions of the agencies according to Associated Press ad¬
vices from Washington, Feb. 7, which also said:
Introduced by Representative Francis E. Walter of Pennsylvania, the
bill is similar to one which the Senate passed last session but voted to
reconsider at the request of Senator Sherman Minton of Indiana and other
boards and
agencies to the review
Administration
Critics
supporters.
session that it would afford oppor¬
"paralyze" administrative authority.
The
legislation argued last
of the
endless
for
tunity
delay and
recommended passages, however, declaring:
"The law must provide that the governors shall be governed and the regulators
shall be regulated, if our present form of government is to endure.
"Of course, any procedure for hearings affords an opportunity for delay.
No
one questions that an autocrat, if benevolent, may not be the most effective admin¬
istrator, hut the United States Government Is not founded on autocracy."
The Judiciary Committee expressed the opinion also that, unless a more
efficient administration of the Federal Government could be obtained in
accordance with law, it might become necessary to provide that all officers
and employees of Federal administrative agencies above a stated minimum
Jndiciary Committee
should hold office for
salary
Mr.
taken up by the House.
when it shall be
The
a
measure
"comparatively short terms" and be passed
going on the payroll.
await a decision by the House leaders as to
by the Senate before
Walter's bill must
upon
provides that
administrative rules must be issued
within
after enactment of the statute on which they are based, that they
be issued only after public notice and hearings, that "substantially
year
may
for reconsideration
of Appeals for the District
of
whether any rule is in con¬
flict with the constitution of the statute under which it was issued.
In addition, the measure provides uniform procedure for appealing de¬
cisions or orders of Federal agencies to United States Courts of Appeal.
interested" persons
may
obtain hearings upon requests
rule and that the United States Court
Columbia shall have authority to determine
of any
talk with newspapermen was
saying:
believe that the
majority of people feel that
sufficient to carry
out
the agricultural
the figure of $900,000,000 because this
below the current year, will be barely
soil protection and surplus removal operations.
should be reduced below
large reduction
in itself a
House
Ways and Means Committee Approves Resolu¬
Continuing
Reciprocal Trade Agreements
tion
Act—Public Hearings
Concluded
Ways and Means Committee, by
a
vote of 14 Democrats to 10 Republicans approved the
Doughton resolution continuing for 3 years the Administra¬
tion's reciprocal trade agreement program.
The State De¬
partment's authority to negotiate the treaties will expire on
June 12 unless legislation is enacted to make possible further
negotiations.
Hearings on the resolution extending the
power of the Administration were concluded by the Com¬
mittee on Feb. 3.
Regarding the Committee's action on
Feb. 8 United Press accounts from Washington said:
The action was not a true indication of Congressional sentiment.
Re¬
publicans and a large bloc of conservative and farm state Democrats are
out to kill it on the ground that it deprives Congress of its treaty and
Feb. 8 the House
On
tariff-making powers
and has hurt
agricultural income.
Representative Wesley Disney, Democrat, of Oklahoma,
members cast their ballots.
He had
voted "present"
sought adoption
of an amendment barring any reduction of excise taxes in future agreements.
It was rejected, 14 to 11, with the committee's 10 Republicans voting with
when the committee
him.
The amendment
gallon excise tax on
excise was
reductions in the half-cent-aIn the Venezuelan trade pact this
one-quarter of a cent on imports amounting to not
total amount of oil refined annually in the United
was
aimed primarily at
petroleum imports.
reduced to
of the
than 5%
more
States.
8everal restricting
amendments were
can
supporters
offered by Republicans, but all were
divisions. Representative Disney and his
all said they would offer their proposals again when
rejected by 15-10 party
Republi¬
the reso¬
floor, probably next week.
providing for Senate ratification of
Administration. This plan has received consider¬
able support, as a compromise, from Democratic Senators who dislike openly
opposing President Roosevelt but who are unable to vote for straight ex¬
tension of the program because of pressure from their constituencies.
Administration spokesmen, however, have indicated they will not accept
reached the House
lution
Objections to the cuts in the bill proposed by the House
were voiced by President Roosevelt on Feb. 2 as was indi¬
cated in an item in our Feb. 3 issue (page 771) separate from
that relating to the House Appropriations Committee's action;
the President was quoted as saying that he regarded the
figure,
House Rules Committee
The
7 the bill
administration to borrow $40,000,000
Corporation.
includes the $40,000,000 as an outright
appropriation, however.
It was put in in that form after Representative
Taber, Republican, of New York, raised a legal point against the procedure
suggested by the Chief Executive.
In four days of debate, during which farm bloc members charged that
agriculture was being forced to bear the brunt of the economy drive, the
House
added omy
$87,626,828 to the amount recommended by its
These
Approves Bill to
of Federal Bureaus
of $788,929,519 and congressional
$722,001,084 House bill
The
Rules Committee
House
Associated Press advices of Feb. 3:
this year, telling Congress how it could keep
$45,000,000,000 debt limit with only $460,000,000 of new taxes,
within the
the House
Just before final passage,
back to committee with
budget message
In his
Justice
State,
House
House
Passes
House
needy rural areas
The
919
Commercial & Financial Chronicle
Among
such
proposals rejected was one
negotiated by the
pacts
a
The
compromise.
Ways and Means
Committee's action came after 23 days of
public
which 55 witnesses testified for and against the resolution,
sponsored by Committee Chairman Robert L. Dough ton, Democrat, of
North Carolina, who also sponsored the original bill establishing the pro*
hearings during
gram.
The Commercial & Financial Chronicle
920
It
reported yesterday (Feb. 9) that the House is scnedbegin consideration of the legislation during the week
beginning Feb. 19. Agreement on the part of Democrats
and Republicans is said to have been reached
limiting gen¬
was
4.
uled to
Feb.
Increase international
10,
1940
trade, travel and exchange of services in the
Western hemisphere;
5.
Promote development of industry, public utilities, mining, agriculture,
commerce and finance in the Western hemisphere:
Foster co-operative action among the American republics in the fields
6.
eral debate to 12 hours.
of
agriculture,
industry,
public utilities,
mining, marketing, commerce,
transportation, and related economic and financial matters.
House
Legislation
ICC—Prefers It
Act
to
In
to
Only
Transportation
Supported by
Congress
Matters of Principal Importance
on
Senate Version
on
special report to Congress
a
Commerce
The bank would have specific power to
Commission
and
and Asks
recommended
that
transportation
Eastman
house of funds, balances, checks, drafts and acceptances; accept time and
our
Secretary of State Hull Says Russia Failed
Occasions
In
failed
Commerce Commission report,
a
detailed discussion
that codification
wrote
of the
was
produced
under
and
several occasions to live up to the
on
obligations under¬
indeed, that such
codification should not be finally considered until there
a
thorough
and deliberate
opportunity for experience in the
job.
It
would
work of
new
be
carriers."
consolidation
impossible in
any
case
a
where
provision
employees
President
any
displacement of employees
goes much too far
and in the long run will do more harm than
good to the employees."
"In these days of intense competition from other forms of
possible
and
economy
prevented
are
the
from
efficiency," Mr.
doing
operations and continuing loss of employment
this,
Eastman
further
con¬
shrinkage
of
inevitable."
are
Trade
mittee
of
Inter-American
Bank
to
to
indicate,
the fulfillment by the Soviet Government of the obligations
on
set forth in these agreements.
cause to
believe that another government
has failed to live up to agreements with
it, it is accustomed to make use of
the very channels which exist by virtue of diplomatic relations in
order to
bring this failure
to the attention of the other government, to endeavor to
adjustment of resultant divergences of views, and to attempt to
taking place in the future.
an
prevent similar differences from
During the
years
matic relations
which have elapsed since the establishment of diplo¬
between the United States
Soviet Socialist Republics, this
of America
Government
on
Promote
The creation of
members of the
organized in accordance with
a
Committee, which
resolution adopted
was
the
Inter-American Conference on
Neutrality, held in Panama
City Sept. 23 to Oct. 3, recommended to their respective
governments that the plan be accepted or that
objections be
submitted by March 15.
It is proposed that the govern¬
ments be requested to
appoint delegates to sign the con¬
vention
establishing the bank
on
at
April 14, which is cele¬
brated annually as Pan-American
Day.
The following
regarding the plan is from Washington ad¬
vices of Feb. 7 to the New York "Journal
of Commerce":
The bank will be located in
the
United
States, presumably in Wash¬
ington or New York, and will have a
capitalization of $100,000,000. Shares
will be valued at $100,000 each.
Governments participating in the bank
must subscribe for a minimum
number of
shares, determined in proportion
to the dollar value of total
1938,
as
follows:
Costa
foreign trade of the American repubUcs during
Rica, Ecuador, El Salvador, Haiti, Honduras,
Nicaragua and Paraguay, five shares; Dominican
Republic, Guatemala and
Panama, 10 shares; Bolivia, 15 shares; Uruguay, 20
shares; Peru, 25 shares;
Chile, Colombia and Cuba, 30 shares; Mexico and
Venezuela, 35 shares;
Argentina, Brazil and the United States, 50 shares.
The bank will be set
up as soon
for at least
a
one
director
and
one
as
alternate from
The bank is proposed to
carry out,
purposes:
a
board of directors
each
of the
2.
among other
Facilitate the prudent investment
Assist
courage
Union,
things, the following
use
in
of
orities.
handling of
maintenance
of
and
stimulate
the
adequate
monetary
the
American
reserves,
republics;
promote
use
distribution of gold and silver; and
facilitate monetary equilibrium;
3. Function as a clearing house
for, and in other ways facilitate,
transfer of international
payments:
In certain instances these represen¬
others, they have disclosed
in
full
en¬
and
cases
have
of these
some
the
to
.
.
.
was
not
by the Soviet auth¬
living up strictly to its under¬
of citizens
of the
United
States
citizens under arrest
were
made
by
this
Government,
the
legal
American
eventually released, and at the present time,
so
this Government is aware, no American citizens are under detention
in the Soviet
Union except a number whom the
Soviet Government
con¬
siders to be citizens of the Soviet Union rather than of the United
States.
This Government has not had occasion to make
representations to the
Soviet Government for violations of any other
obligations assumed by the
Soviet Government in the agreements of Nov. 16, 1933.
In addition to concluding certain agreements at the time of the establish¬
ment
of
diplomatic
relations,
the
American
and
Soviet
Governments
exchanged views with regard to methods of settling all questions of in¬
debtedness and claims outstanding between them.
This exchange permitted the hope for a speedy and
of
these
questions.
successfully.
press a statement,
to
Subsequent
On Jan. 31,
negotiations,
satisfactory solution
however,
terminated
1935, the Department of State issued
pointing out that "there
seems to
un¬
to
the
be scarcely any reason
doubt that the negotiations which seemed promising at the start must
now
be
Small
regarded
as
having come to
Business
Group
an
end."
Hears
Senator
Mead
Explain
Loan Bill—SEC Chairman Frank Suggests Creation
of Private Investment Agency
The delegation of the Smaller Business Association of
New York, New Jersey and Connecticut, which gathered in
Washington
Feb.
time
his bill
1 to present its program
Senator James W.
for long-term loans to
Jerome
Frank,
Chairman of
Government
to
Mqad of New York dis¬
business.
At the
the "Securities
same
and
Ex¬
change Commission, suggested that small businesses should
be
enabled
to
obtain
money
for-expansion
replacement
or
by selling stock rather than borrowing, and that
the
to
,
Following representations
as
to the attention of this Government
Government, the Soviet Government in the
cases
rights
protection.
far
come
arrests or detention of American citizens
takings relative
cuss
of funds
of
number of
In the opinion of this
officials heard
capital;
stabilizing the currencies
a
involving the
com¬
participating
Purposes Are Outlined
1.
the Soviet Government.
divergences in the interpretation of the agreements in question.
five nations have agreed to subscribe
governments.
productive
to
have yielded constructive results;
connection with the work of the American
Embassy in Moscow
regarding the protection of American citizens and interests in the Soviet
total of 145 shares of stock of the bank.
Administration of the bank would be vested in
posed of
appropriate repre¬
sentations
tations
In
an inter-American bank
designed to im¬
plement closer economic and commercial cooperation in the
Western Hemisphere was
approved in Washington Feb. 7
by the Inter-American Financial and Economic Advisory
The
the Union of
was not fully
living up to
the obligations undertaken at the time of the establishment of
such rela¬
On such occasions this Government has made
Approved by Inter-American Advisory Com¬
at Meeting in
Washington—Plan Submitted
Committee.
and
several occasions has had
ground to believe that the Soviet Government
Governments
to
governments
concluded simultaneously with the establishment of
diplomatic rela¬
were
tions between them, the maintenance of
diplomatic relations has not been
made "wholly contingent," as the wording of the resolution would
tions.
Establishment
comment as
obligations contained in the agreements entered into between
Government and this Government on Nov. 16, 1933.
Although the agreements of Nov. 16, 1933, between the two
the railroads must, if they are to thrive and
grow, conduct their operations
they
19, 1940, inviting such
Sen. Res. 219 of Jan. 18, 1940, in which the
on
requested to report to the Senate, if not incompatible with
that
effect
transportation,
utmost
disposed to make
was
Whenever this Government has
organizations, but
"prohibiting
had
public interest, whether the Union of Soviet Socialist Republics had ful¬
filled
adversely affected.
It added that employees who
may be displaced should be protected by
plan between the railroad managements and labor
some
representations
appear
The report recommended elimination from the House
bill of
railroad
appropriate
I have received your letter of Jan.
I may feel
better,
regulating water
that
obligations under the 1933 pacts.
Tne following is the text of Secretary Hull's
letter, accord¬
ing to Washington Associated Press advices of Feb. 8:
codification, with
a
explained
known his views in response to a Senate resolution
asking
that that booy be informed whether Russia had fulfilled its
"was
a
"If
on
similar
"from the stand¬
difficulties"
great
adequate time for
the
Foreign Relations Committee
Secretary of State Hull said that Soviet Russia has
adjustment of divergent views and to attempt to prevent
differences from taking place.
Mr. Hull made
an
of
Interstate Commerce Act
preparation of
tinued.
Several
taken in the agreements of 1933 when
diplomatic relations
were established between the two countries.
Secretary Hull,
say:
"Under present conditions and for
present purposes, therefore, we believe
it to be better to adopt the form of the House
bill, confining it to matters
of principal importance," Mr. Eastman said.
"Provisions can at the same
time be made, if Congress sees fit, for the
with
letter to the Senate
a
Feb. 8,
a considerable extent, a forced and hurried job."
Considering these cir.urnstan.es, he said, it was "an excellent piece of
work," but he expressed the beliof that "a still better product is possible."
asserted that
on
Fulfill
to
Obligations
Under
1933
Agreements—So Advises Senate Foreign Relations
Committee in Response to Senate Resolution
necessarily, to
would be
meetings of the Committee were mentioned in
issues of Nov. 25, page 3344 and Nov. 18, page 3205.
been made to the Soviet Government to endeavor to effect
of codification,
making
for which the bank would be created.
Previous
however,
should be approved ultimately but that the Senate
bill,
an
prospective
Washington, Feb. 1, had the following to
Interstate
has been
to such
demand deposits, act as trustee and otherwise engage in banking operations
was sent to Chairman Burton K. Wheeler,
Democrat, of
Montana, of the Senate Interstate Commerce Committee, and Chairman
Clarence F. Lea, Democrat, of California, of the House committee.
point
thereof; providing that any such loans
in furtherance of the purposes
both measures,
Mr.
silver to participating
or
agencies, central banks, political subdivisions
Commission's special report Associated Press,
the
advices from
The
fiscal
It could buy and sell and deal in their obligations and securities, guar¬
antee loans made, deal in precious metals and currencies, act as a
clearing
Commission.
to
to
borrower shall be guaranteed by the government thereof.
legislation for the present be confined to "matters of prin¬
cipal importance" and suggested that Congress approve
"the form" of a House bill amending present laws and add¬
ing a new section to the Interstate Commerce Act for the
regulation of water carriers, rather than approve a Senate
proposal for codification of the Interstate Commerce Act.
The report was prepared by the Commission's
legislative
committee, headed by Chairman Joseph B. Eastman.
The two bills passed at the last session of
Congress have
been pending before Senate and House conferees who are
trying to work out a compromise bill. Passage of the Senate
draft was noted in our issue of May 27, page 3146 and
approval of the House legislation was mentioned in these
columns of July 29, page 663.
As stated in our issue oi
Jan. 27, page 623, the legislation was one of the matters
discussed in the annual report of the Interstate Commerce
As
and
and nationals
Feb. 1 the Interstate
on
make short term, intermediate
long term loans in any currency and in gold
governments
of
investment
need.
company
should
be
developed
a new
to
meet
type
the
Volume
Concerning
the
The
1
advices of Feb.
Washington
meeting,
to the New York 'Times"
had come to Washington to advocate government assist¬
delegation
financing of small industries, their permanent representation at
Washington and the curbing of wholesalers who engage in retail business.
Frank's
Mr.
the
suggestion
Labor
cials
of
Mead
of New York.
of
permanent
and
a
commercial
luncheon attended also by offi¬
a
loan
industrial
corporation
Senator
and
Departments,
Senator Mead explained his
industrial
and
made at
was
Commerce
W.
James
the establishment
bill for
available to
credit
make
to
enterprises.
the Government's entry into
business.
Mr. Frank agreed and suggested that it might be better for
the Government to finance a private agency which could then invest in
Some
would
this
mean
taken up
to
loans
to business including
were
$367,228,812.37 loans to business.
The Federal National Mortgage Association has bought
39,590 FHA insured mortgages aggregating $159,925,217.32
and has commitments to buy 1,518 additional mortgages
aggregating $6,650,007.40.
It has authorized
Scale Housing Loans aggregating $5,525,500.00.
AUTHORIZATIONS FROM FEB. 19,
1938 TO FEB. 7, 1940,
by the purchase of non-voting stock.
business, he said, do not want debt but equity
Small
of
cost
underwTiting
almost
as
be
creation
the
the investment,
of
$100,000
issue of
an
five times
new
a
type of
manner
was
might
which could make
investment company
as
aid in the Reorganization or
Loans to
Social
Security Board Recommends Extension of Un¬
employment Insurance if Warranted by Funds
Collected
by States—Proposal
Made in Annual
Report to Congress—NMU Seeks Security Benefits
The Social
Security Board on Feb. 2, in its annual report
Congress, endorsed larger unemployment insurance bene¬
fits where continued experience in a State has revealed that
contributions exceed the amount required to finance present
provisions of State laws.
The proposal had been advocated
also by the leadership of the American Federation of Labor
and the Congress of Industrial Organizations.
The Board
said that States in the category mentioned should give "seri¬
ous and continued consideration" to increasing the amount
and the duration of payments.
The report added that one
of the basic purposes of unemployment insurance is to amass
funds in prosperous times for use in periods when unem¬
ployment is widespread.
A Washington dispatch of Feb. 2
to the Associated Press gave the following additional in¬
to
115
23,114,443.31
63
9,899,205.25
1,432,891.91
3,921,786.45
2
9
58
100,000,000.00
251,351,312.30
6,145
319,086,680.91
Loans to Mortgage Loan Companies
21
14.208,155.61
Loans for Mining, Milling or Smelting
27
3,612,600.00
1
5
125,000.00
197,331,702.81
212,250,000.00
7
47.284,290.46
6
299
49,647,473.21
5,347,308.16
371,500.00
100,000,000.00
100,000.00
109,103,200.00
1,638,900.00
l4,179,965.3-±
7,231
51,464,538,198.22
Loans to Federal National Mortgage
States
benefits for
jobless
long
as
wage
covered
earners
by
the program
Loans to Business
of Ores
Loan to Self-Liquidating Project, under Section 201-a,
Emergency Relief and Construction Act of 1932
Loans to Public Bodies under Section 5d, as amended..
Livestock
or
Loans to The RFC Mortgage Company
"express
the
tentative estimates
be collected and
conservatism
necessary
were
of
standards
set
when
only
expended under State laws."
The Board expressed the opinion that no tax yielding less than 2.7%
said
It
also
that
had
experience
indicated
the feasibility
the system to take in the employees of small firms.
only employers of eight or
tem covers
The Board pointed also
"Benefits," it said,
and able to
they
to
more
of revising
At present the sys¬
what it called
a
Loans on and Subscriptions for Preferred
Purchases of Debentures of Banks
deficiency" in the
work, but not to those
sick and for that
are
The annual report noted
surance
was
to
that
.
.
who
.
probably in
reason are
one
are
well
are
unemployed because
more serious
need."
basic purpose of unemployment in¬
build up reserve funds in prosperous times for expenditure
in times when unemployment is
"The operation
of the State
been extended over
"has not yet
Committee
of National Conference of In¬
to Study Possibilities of Securing Revision
of Railroad Capital Structures—Creation of Fed¬
eral Corporation Proposed
the
"It is clear, however, that no contribution rate (tax)
2.7% of pay rolls can be considered
yielding less than
safe basis for general operation of the
a
the circumstances in any particular
exceed
the amount required to finance the State's existing provisions, the
Board
believes that the first charge on the excess should be to make benefits more
reminded
President
Roosevelt
of
his
assurance
last
security for seamen "the fust order
Congress convened in January.
Ferdi¬
nand Smith, Union Secretary, wrote to the President, and
was quoted as follows in the New York "Journal of Com¬
when
merce" of Feb. 5:
According to
Mr.
Smith's letter the promise was
made at the White
House conference at which proposals to transfer American ships to foreign
President,
ran,
discussed.
Chairman
Those participating in the conference included the
Land
of
the
Maritime
Commission;
Joseph
Cur-
Smith informed the President
because they
of
Social
to
the Smith letter, that
Security legislation.
that
were
seamen
would be hard hit
That obligations purchased by the said
no
reason
That
(c)
why seamen should be ex¬
of the union, Mr. Smith said,
Administrator McNutt of the Federal Security Agency to draw up
"promised" legislation have met with failure.
The Smith letter to the
President follows, in part:
The Administration, it would seem, is
commerce
or
obligations.
Corporation shall be subject
from
a
through
shall
be
Federal
the
canceled
a loan or
for all purposes except
proceeds of
agency.
dividends shall be declared by a railroad while it is indebted
Federal agency.
its
own
income or profit derived by a railroad through the pur¬
obligations at prices below par or savings made through
reduction shall be taxable under any law of the United
of any State.
proposal of guarantee is considered, the possibilities of the
debt
or
If
2.
a
following safeguards should be explored:
railroad whose obligations or interest are guaranteed by the
shall set aside some portion of its earnings, after
the amortization of debt.
(b) The railroad shall pay to the said Corporation a small amuont each
year, proportionate to its indebtedness, as a guaranty fund to compensate
the Federal Corporation for its guaranty and to reimburse it for any loss
it may sustain in assuming liability as such guarantor.
Be it further Resolved, That we favor the enactment of legislation which
will provide for voluntary reorganization of railroads,
including, among
(a) Any
Federal
Corporation
charges,
for
Other
things:
of interest
Revision
1.
rates,
fixed interest obligations
Such
2.
the
to
due
process
as
changes in maturity dates and conversion
to contingent interest.
may
and provisions of
terms
be necessary to bind dissenting minorities
the plan.
whereby roads now reorganized under Section 77 can. upon
Provision
3.
securing the requisite number of assents of
creditors to a plan proposed by
Section 77 proceedings and act under the provisions
the proposed new status mentioned above.
4. That the subcommittee draft
such a measure and present it to a
the
debtor,
dismiss
subsequent meeting of the Legislative Committee, and that thereafter it
be submitted to the various State Units of Natioual Conference of Investors
discussion
for
believe to have been an order from you.
unwilling to carry out what we
We are still waiting for some sign
that your promise will be carried out.
We cannot believe that your promise was
lightly made.
We prefer to
believe that the delay in this matter is due, not to indifference on your part
to the plight of thousands of seamen, but to other causes—causes which
may be overcome at a word from the Chief Executive.
.
.
.
and
amendment, before presenting to Senators
The
letter
Reconstruction
Finance
$1,464,538,198.22,
Corporation resumed
authorized 7,231 loans
Emil Schram, Chairman,
lending during February, 1938, it has
addressed
under
date
of Jan.
Truman to Robert E. Smith, Chairman of the
Investors, said, in
ference of
S.
Wheeler and
23 by Senator
National Con¬
part:
Kindly refer to our correspondence regarding the House amendment to
2009 and S. 2956 which are designed to reduce railroad debt structures
through the
Loans Aggregating $1,464,538,198
from Feb. 10, 1938 to Feb. 7, 1940—6,145 of These
Loans Amounting to $319,086,681 Were to Business
RFC Authorized 7,231
aggregating
interstate
Truman.
Hi
the
loans
(d) That no
chase of
Government
the
to
no
said
the
purchased
obligations
from
collateral
to
of
Attempts since then by representatives
Since
in
in whole or in part, at the prices
by the issuing railroad,
That
(b)
The President gave assurances, according
there was
of business" when Congress met.
the
engaged
railroads
of
railroads for the purchase of their own
repurchase
redeemed
by
still excluded from the benefits
cluded and that legislation adjusting the matter would be "the first order
to get
obligations
the
(a)
to
of
tional Longshoremen's Association.
Mr.
railroad capital struc¬
voluntary
through
make loans to
N. M. U. President, and Joseph P. Ryan, President of the Interna,
the proposed transfers
to
pursuant
reorganizations (without resort to Section 77
proceedings) and with participation by private capital in such financing
as may be necessary.
That as a basis of preliminary study the committee
will give consideration to the following:
1. That a Federal Corporation be created with power to buy, or guar¬
tures
Feb. 4 that it
November to make social
of business"
Burton K. Wheeler and Harry S. Truman be
their ietter of Jan. 23 a special committee
That Senators
that
explore the possibilities of securing revision of
States,
The National Maritime Union announced
was
advised
voluntary
adequate."
flags
resolution follows:
State indicate, after con¬
tinued and varying experience, that the funds available for benefits
had
with
and
tions
as
of the States.
"Should
through voluntary reorganiza¬
participation by private capital in such
financing as may be necessary," according to a resolution
adopted by the Special Legislative Committee of the Con¬
ference at a meeting in New York City on Feb. 1.
The
of railroad capital structures
paid by said Corporation.
swing of business cycles.
programs
special committee of the National Conference of In¬
"will explore the possibilities of securing revision
A
vestors
sufficient period of time to warrant final conclusions
a
the adequacy of present resources to meet varying circumstances in
—
vestors
antee,
widespread.
laws," the Board declared,
13
Special
will
"are payable to unemployed workers who
1
95
Stock of Banks
Purchases of Securities from PWA
Resolved,
"serious
1
Loan on Preferred Stock of an Insurance Company
workers.
of the whole social security program.
scope
on
of
rolls should be considered.
pay
3
Loan to Rural Electrification Administration
In
available with respect to the amounts that would
215
Loans to Drainage, Levee and Irrigation Districts
Loans to Public School Districts
obtain
laws," the Board
134
Commitments to Commodity Credit Corporation.
Other Loans for Financing of Agricultural Commodities
20 and 26 weeks.
as
"The provisions which now prevail under most State
said,
may
3
Association
Loans to Railroads
formation:
The payments are governed by State laws and range from $2 to $18.
531,782.50
Liquidation of
Closed Banks
Loans to Joint Stock Land Banks
few
Amount
$
8
Loans to Open Banks
Loans to Building and Loan Associations
Loans to Insurance Companies
he added.
+.
a
INCLUSIVE
Since
financing.
great the solution
amount
Large
Authorized
Loans
usual
the
in
an
for
great as
13
No. of
industries
small
the
thought
delegates
$319,$23,452,643.14 later
by banks.
Banks participated in these business
the extent of $71,594,774.60, making a total of
6,145 of these loans aggregating
announced Feb. 8.
086,680.91
said:
in the
ance
921
& Financial Chronicle
The Commercial
ISO
which
tions
purchase and ultimate retirement of certain of their obliga¬
are
now
selling at substantial discounts below their face
value.
I
have
discussed
this
matter
with
Senator
Wheeler
and
we
are
of
the
opinion that legislation of this character should provide a means by which
financial institutions and individual investors can participate in
which is necessary to the accomplishment of the objective
these bills.
We do not think it is in the public interest or in fact
private
the
of
financing
922
in
the
The Commercial & Financial Chronicle
interest
entire
burden
poration
We
We
of
fully
appreciate
holders
of
holders
their
securities
the Reconstruction
upon
Government.
of
that
Finance
the
Cor¬
with
the
railroad
the
fact
that
investments
there
and
that
are
the
two millions
some
direct
life
millions of
many
of
insur¬
ance
policy holders and depositors in mutual savings banks are
directly
by the integrity of railroad securities.
However, we do not
believe that the sole
responsibility for correcting the unsatisfactory con¬
affected
ditions which exist lies with the Federal
Government, or that such financing
may be required should be undertaken exclusively by the Reconstruction
Finance Corporation.
aa
.
We
believe
it
.
arrangements
insurance
I
the
Government
whereby private funds
in
limited
a
look with favor
the
until
in
way
can
matter
of
S.
on
2956
the
or
private
but
neither
Senator
Wheeler
House amendment to S.
funds
for
this
2009
has
purpose
been
192,013.
System, Says Chair¬
in
Income
Dec,
for
31,
Final
1939
Six
Report—Corpora¬
Months
of
$25,439,458—Total for Year Reported
In his report to insured banks
at
1939
Was
$51,185,634
of Dee. 31,
as
1939, Leo T.
Crowley, Chairman of the Federal Deposit Insurance Cor¬
poration, states that "during the past year the Corporation
made
the
material
progress
deadwood from
its
on
for
program
weeding
out
the
banking system."
"This is a con¬
tinuing program," Mr. Crowley points out, "framed in the
light of conditions in various sections of the country and
designed both to
from
local
eliminate
for occasional emergencies that
result
care
regional developments and to rehabilitate
or
insured
banks
that
have
or
been
operating under
Mr. Crowley adds
difficulties since the banking
holiday."
"the Corporation has been
thalt
able, during the past six
with current developments that
not only to keep up
claimed its attention and its
resources, but also to revitalize
stagnant and hazardous banking situations in various sec¬
tions of the country where rehabilitation
without financial
aid and without a definite
program was a demonstrated
years,
impossibility.
As would
be
Middle Atlantic region."
depositors of
known
the
of
during
1939
insured
60
problem banks
Corporation's
of
banks
near
agenda
brought the
completion.
should
be
coun¬
areas
The Chairman continues:
$72,000,000
some
to
for
program
corrected
the
protect
The few such
393,000
rehabilitation
cases
during
1940.
should
end
the
be
not
of
remaining on
early months
the
deduced,
however, that provision for these
responsibility for constructive action.
Corporation's
preventing
accumulation
an
Corporation's
resources
to
solvent and
the
assure
of
fictitious
this
can
agency
successful
values
that
Only
by
endanger
would
the banks
or
will
cases
weaknesses in the
banking system
situations.
bankers
tions
and
lies
it
hope
operation of Federal deposit insurance.
Features
of
by the FDIC
1.
During
positors
known
of
2.
1939
60
to
the
responsibility for operation
Dee.
the
such
be kept at
a
of their
institu¬
that deterioration of
way
minimum.
a
31, 1939, report
banks,
banks
were
summarized
near
disbursed
bringing its
completion.
$72,000,000
for
program
Losses
to
this
on
protect
outlay
$17,360,000.
of
Disbursements for the protection of
depositors of insolvent or hazard¬
banks from the
beginning of deposit insurance (Jan. 1,
1934)
through Dec. 31, 1939, amounted to more than
$148,600,000, of which
it is estimated about
$112,000,000, or about 76%, will be recovered.
4. Full protection of all but
1,569 of 877,223 depositors was extended
iu the 312 insured banks closed
or
merged with the aid of FDIC loans
through Dec. 31, 1939.
Total deposits of the
banks
5.
There
insured
admitted
occurred
banks,
to
made
were
were
$294,658,000,
1939
banks
net
a
having
reduction
been
of
120
eliminated
in
while
the
only
insurance.
number
49
were
the
the following re¬
Corporation relating
activities
of the Corporation for the
six
months
1939, with additional information
pertaining
to operations
during the 12 months ended on that date and
during the entire period of operation of the
Corporation:
ended Dec. 31,
Operations
The
income
months
ended
of
the
Dec.
Corporation
31,
by insured banks and
vision
period
for
amortization
amounted
insurance
expenses
losses
to
Closed
During the six
received aid from the
or
having
Income
for
the
of
deposits
earned
of
premiums.
expenses
year
of
and
to
year
expenses
and profits
amounted
of
$3,389,325.
assessments
of
for
the
$20,856,274
$4,583,184, after deducting
Expenses and loeses during
which
$650,362
$1,747,959
represented
represented
31, 1939, amounted
securities
sold.
Total
of
insured
closed
Dec.
Corporation.
Banks
31,
1939,
12
insured
banks
closed
The 33,941 depositors in these banks,
$11,751,000, were protected to the extent of
$11,640,000, or about 99.1% of their claims, by insurance or otherwise.
Only 25 depositors in the suspended banks were not fully protected.
During the
depositors,
ended Dec. 31,
year
all but
816
of
whom
1939, 60 insured banks, having 393,079
fully protected, closed or received
were
aid
from the Corporation.
Total deposits in these 60 banks amounted to
$157,704,000, of which $154,384,000, or 97.9%, were protected against loss.
From beginning of deposit insurance to Dec.
31, 1939, 315 insured banks
were
closed, of which three subsequently were reopened or taken over by-
of
insured banks and
$294,658,000,
312, having 877,223 depositors, with total deposits
liquidated
were
or merged with the aid of loans from the
Deposits amounting to $286,257,000, or 97.4% of the; total
312 banks, were made available promptly without loss to
Corporation.
deposits in
the
depositors.
Only 1,569 of the 877,223 depositors,
1%, held accounts in excess of $5,000 which
of
less than one-quarter
or
not
were
by insurance, offset, preferment, pledge of security,
fully
protected
terms of the merger
or
agreements.
/
On
Dec.
FDIC.
31,
For
the
the number
tion
of
new
Membership
1939, there
of
ended
year
13,589 operating banks insured with the
were
that
on
date there
was
a
decrease
of
120
in
insured
banks, resulting chiefly from the continued elimina¬
unsatisfactory condition and from the chartering of few
banks.
banks
There
21
by
with
the
consolidation,
admitted
to
27
eliminated
aid
of
non-insured
banks
first
evidence
of
which
insured
early
at
in
22
in
31;
and
of
one
these
applications
year,
the
banks
There
in
were
of
be admitted
to
first opened
three
from
the
justification
accord
failure
of
and
materially
banks
the
two
been reached
unwarranted
the
116
by
banks
49
or
were
the year
supervisory officials in
insurance, all but three
was
other
reasonable
lessens
and
;
operation
for-business in 1939
admitted
are
prospect
chance for
to
were
insurance
being considered
by supervisory authorities
desirability of chartering only banks for
stantial
This
complete agreement has
by suspension;
were
1939.
cooperation
by the Corporation.
Almost
32
Corporation
operation at the beginning of
continued
banks chartered and
Dec.
1940,
from
liquidation.
for business in
chartering only banks that would
banks of the 30
during the
loans
banks
opened
the
of
voluntary
or
insurance,
to
successors
As
banks
169
were
merger
merger,
and
in
which
for
loss
there
appear
profitable
as
sub¬
operation.
result
a
of
the
banks.
The report also included the
following statement of assets
liabilities for Dec. 31, 1939:
and
ASSETS
on
hand, In transit, and
deposit
on
United 8tates Government securities (cost'less re¬
serve for amortization of
premiums) and accrued
Interest receivable
Assets
acquired
mergers (less
$28,276,433.37
363,542,301.83
through
bank
suspensions
$391,818,735.20
and
collections):
Subrogated claims
of
depositors
against
closed
insured banks
Net balance of depositors In closed Insured
banks,
pending settlement or not claimed, to be sub¬
rogated when paid—contra...
Loans to merging banks to avert deposit Insurance
losses and recoverable liquidation expenses
Assets purchased from merging banks and re¬
$38,798,794.90
2,796,026.59
57,366,066.44
ceivers of closed Insured banks to avert
deposit
802,991.62
Less:
$99,763,879.55
35,533,139.86
Reserve for losses
64,230,739.69
1.00
Deferred charges and miscellaneous receivables.
Total assets
64,251.66
-
$456,113,727.55
LIABILITIES
Current liabilities:
Accounts and assessment rebates payable
Earnest money deposits and unapplied collections
applicable to loans to merging banks and assets
purchased.
Net balances of depositors in closed Insured
banks,
pending settlement
or not
claimed—contra
$289,113.00
209,678.02
2,796,026.59
Unused credits for assessments paid to
temporary Federal deposit
insurance funds and prepaid assessments
Reserve for administrative and deposit Insurance
expenses
$3,294,817.61
2,583.76
105,604.16
$3,403,005.53
CAPITAL
Capital stock
$289,299,556.99
Surplus:
Balance June 30, 1939..
Add adjustments applicable
—$135,182,610.78
to
periods prior to
July 1, 1939...
Balance
as
5,187,418.03
adjusted June 30, 1939
$140,370,028.81
six
paid
pro¬
this
deposit
Deposit Insurance
Interest
earned
assessments
on
$20,856,274.29
securities
(less provision for amortiza¬
tion of premiums)
Interest received
on
4,577,170.22
loans
to
banks
6,013.47
administrative
to
Deductions:
$51,185,634, of
insured
for
losses
to $20,748,296,
including deposit
$17,858,971 and administrative expenses
banks
amortization
and
expenses
insurance
and
and
other
losses
of
for
and
Deposit
insurance
losses
and
expenses
Administrative expenses
$650,362.49
1,703,050.88
Furniture, fixtures and equip¬
ment
purchased and charged
off
44,908.39
charges of
$2,398,321.76 $23,041,136.22
The
surplus of the Corporation,
resulting from an excess of income over
expenses
and losses during the entire
period of operations, was
$163,-
disbursements
of
$25,439,457.98
ended Dec.
on
total
depositors
Additions:
$25,439,458
$40,725,480 represented assessments paid
by
$10,460,154 represented interest
earned, less provision
premiums,
$55,$36,-
of
charges.
which
the
total
Insured
months ended
Surplus for the six months ended Dec. 31, 1939:
amounted
including
$2,398,322,
and
and other
1939,
interest
,
for
to
to
Total liabilities
The Corporation also makes
available
port by the Board of Directors of the
to
provision
amounted
amounted
to
promptly available.
during
169
making
merging banks or receivers of
closed banks for loans and purchase of assets,
including expenses incident
thereto, and estimated recoveries of $111,900,012.
Administrative expenses
and other charges have amounted to
$18,468,542.
insured
97.4%
to
$164,interest
have
Furniture, fixtures and equipment
The surplus of
of which
and
of
from
expenses
between
pending
beginning of deposit
assessments
not
are
3.
ous
difference
their
1940
derived
after
surplus
and
10,
de¬
rehabilitation
the Corporation increased
during 1939 by $32,166,000,
amounting on Dec. 31 to $163,411,000.
of
settlement of
to
losses
insurance losses
Corporation
insured
exceed
can
in
follows:
as
problem
expected
existing facilities to determine
they develop and to remedy hazardous
as
management of their assets
banks into the problem clas3
in
including
securities,
Charges
insurance
the
$53,705,457
the
that support
The Corporation will continue to
utilize all
With
premiums.
deposit
of
or
Cash
It
sales
and
claims
on
agricultural sections of the
try, while the dollar outlay was greatest in industrial
Disbursement
of
from
income from
$218,603,178,
banks
723,471, resulting from the
$148,623,483 actually made
expected, the greatest number
of such cases occurred in
of the
profits
Net
to
insured
Total
banks
other
FDIC Made Material Progress During 1939 in
Weeding
Out Deadwood from Banking
tion's
amounted
to
the financing,
employing
Crowley
and
Feb.
31, 1939.
by
amortization
can
thoroughly explored.
man
has
paid
earned
par¬
ticipate
nor
of Dec.
as
.
for
proper
cooperate in the setting
be safely employed in the
purchase of railroad securities when such purchase will produce a result
in the public interest.
We believe it proper that a Federal
agency, such
as
the
Reconstruction Finance Corporation, supervise the
operation
of
these plans for the safety of investors.
It may be necessary for it to act
even
as
partial underwriter of securities or a guarantor or otherwise
of
up
411,165
897,721
...
necessity of maintaining the railroads as an
transportation under private ownership and operation.
of
means
the
or
financing fall
Federal
familiar
are
the railroads
this
the
or
effective
of
Total capital
Total liabilities and capital
163,411,165.03
$452,710,722.02
456,113,727.55
Volume
The Commercial & Financial Chronicle
ISO
The report for the six months
referred
to in
ending June 30, 1939, was
issue of
Aug. 19, page 1122.
Details of
the annual report of the Corporation for the year 1938 were
our
As
given in these columns July 29,
1939, page 036.
the Act
soon as
to meet the
included
basis of
the
National Economic Committee to Defer
Report Until After November Elections, to
Avoid Involvement in Politics—Body
Will Next
Study Insurance Investment Data
Temporary National Economic Committee will not
issue its final reports until late in November or December,
announced
Feb.
6
by Senator O'Mahoney, Com¬
mittee Chairman, who said the decision was made to avoid
was
on
involvement in the political campaign.
said that many reports on particular
Senator O'Mahoney
phases of the Com¬
mittee's investigations would be submitted to Congress about
March 1. Previous hearings of the Committee were reported
in our issue of Feb. 3, pa_ges 772 and 773.
A Washington
dispatch, Feb. 6, to the New York "Times", outlined Senator
O'Mahoney's announcement as follows:
"Preparation
of the
the completion
the
"This
ber
of hearings
members
agency
final
committee will not begin until
scheduled and of the various researches of
report of the
now
staff,"
and the committee's
that the final report will not
means
Senator O'Mahoney said.
be finished until late in Novem¬
December at the earliest.
or
It should be
in
rough
if
it
emphasized that much of the committee's material is still
the basis of incomplete evidence.
on
Further, preparation of the final report should not be begun until we have
heard
from
It
final
of
witnesses
emphasized
avoid
to
conclusions
this
at
the committee,
do
be
should
The
hearing
to
in
the
political
involve ourselves if
attempting to
time.
be recalled
It will
the
early days
charged that hear¬
We did
undesirable political implications
feel that
I
in
that
was
reported
we
of influencing that election.
purpose
now,
carefully the com¬
campaign, we should
how
matter
no
expects
hearings
complete
to
and
research
about
by
and thereafter to carry out a thorough job of analysis and
sum¬
marization of the
hearings and reports which are expected to run to some
This vast job of analysis and summarization must be well
volumes.
80
done, else the purport of
work will be lost in
our
a
maze
of unassimilated
materials."
SEC Hearing
final
ance
a
schedule
tentative
A
Feb.
hearing
technology at
on
"Finally,"
the economic
write
to
possible to hear
a
or
an
see
on
for the
life insur¬
"there will be
a
general
economic
opportunity to be heard to those persons
believe they have
something to offer to the committee
A procedure for these hearings will be announced
problem.
shortly, but meanwhile I
viduals
a
We wish to afford
and institutions who
by the committee calls
interstate trade barriers on March 18, and
date not yet fixed.
O'Mahoney,
Senator
said
Feb. 12.
hearings fixed
12, a hearing on
'free-for-all.'
on
of
Securities and Exchange Commission
by the
hearings
on
extend
now
as
me
everyone,
soon
invitation to such group and indi¬
possible.
It will, of course, be im¬
an
as
but the committee will make every effort to have
representative hearing."
In
connection
the
with
committee has authorized
insurance
me
inquiry, Senator O'Mahoney said, "the
to direct the attention of
try to the fact that they may make an
of the testimony so
further
No
the insurance indus¬
application to be heard in rebuttal
authorization
funds
of
The Committee decided
statistics
on
will
be
asked
of
Congress
by
the
on
Feb. 5 to begin
hearings Feb.
the investment experience of the
showing
country's 26 largest legal reserve life insurance companies
during the last ten years. An Associated Press Washington
The Securities Commission officials
said, has prepared a table of statistics
comparing the experience of the companies as to real estate, stocks,
and other investments.
questionnaires.
Among other things,
The survey was
based
bonds
replies of the companies
on
according to Leon Henderson
of the Commission,
companies purchased securi¬
ties, the manner in which they have been listed among assets of the respec¬
Henderson said he had laid the results of the survey before President
that
each member
of the committee
had received
copy
in
Commission is
to
a
the
insurance
submit evidence
Presentations
on
on
investigation,
the
Federal Trade
the relative efficiency of large and small business units.
the effect of
State trade barriers,
the impact of techno¬
improvements on the national economy and the experience of the
of Justice in enforcement of anti-trust laws also are on the
tentative agenda.
logical
Department
study may be made of recent mergers and consolidations in the
A special
business
world,
labor
which
trust
compensation
tion to the
City
It
existing schedule of corporatt
in some respects illogical and inadequate in rela¬
was
In New York
responsibility involved and the work performed.
no material revision has been made in
has
been
the opinion
corporate trust fees since 1933.
of the local men that certain adjustments and
simplification have long been overdue, but because of the pendency of the
Trust
Indenture Act
question
cities, and
during the past
in
New
York,
Chicago,
Committee of the Trust
a
Association,
have been
schedules of charges.
engaged
of experience.
in
Boston,
new
law.
Philadelphia
and
Division of the American
working
out
other
Bankers
reasonable and proper
All realize that they are charting an unknown course;
that the Act is complicated, the
problem difficult, and that there is a lack
It is realized that whatever schedules are issued may have
be revised
to
several years consideration of the
deferred until after the enactment of the
was
Committees
either up or down,
experience reveals the liabilities and
as
duties involved.
The major changes suggested in the new schedule are those
the
setting
that
applied at
of the trust, which have been reduced, and those applied
up
for
the
administration
services,
enlarged activities required
increases in operating
have
which
by the Act
been
be
as
it is here
costs.
manner
annual
the cost to the corporation will
Other factors taken into consideration in developing the schedule
the changed conditions in the money and securities markets since
the schedule
the
in this
as
fairly measured according to the length of time the issue is out¬
more
were,
The
increased.
will cause substantial
The factor of increased liability has also been considered in the
administration charge,
1933, the effects of Social Security taxes,
last revised in
was
Wage and Hours Law and the Federal Deposit Insurance assessment,
all of which
materially affect the cost of operation.
It has been the aim to
certain main
rates
simplify the existing schedule of fees by instituting
charges to include
specifically to
every
wide range of services instead of applying
a
The
detailed activity.
of the trust and agency services
and
leaders,
performed
applied and
new rates,
under an indenture, produce
the following changes:
Percentage of Increase
Issue—
of New Over Old Rates
|
$10,000,000,
$25,000,000,
$50,000,000,
$100,000,000,
4%,
4%,
4%,
4%.
59%
46%
30%
22%
20 years
20 years
20 years
20 years
The Association also states in part:
Indenture Act of 1939 had its origin in the 1934 Law
The Trust
authorized the Securities and Exchange Commission to make a
investigation of the work, activities, personnel and functions
and
reorganization committees.
which
study and
of protective
The Commission felt that the scope of the
study and investigation should include the functions and
administrations
of trustees under indenture.
(Part VI of the SEC report submitted to Congress, June
In the report
1936) the Commission made certain recommendations for changes
18,
the attitude towards
in
the duties and responsibilities of indenture trustees.
The objectives may be said to
be as follows:
1. To piovide full and fair disclosure, not only at the time of original
and similar securities, but throughout
issue of bonds, notes, debentures,
the life of such securities;
2.
machinery whereby such continuing disclosure may be
and whereby they may get together for the
To provide
protection of their own interests;
3. To assure that the security holders will have the services of a dis¬
interested indenture trustee, and that such trustee will conform to the high
standards of conduct now observed by
the more conscientious trust
institutiors.
It
the purpose
was
changed
from
trustees.
have discussed holding a "free-for-all" at
industrialists and economists would be invited to
members
submit
comprehensive plans for solving the country's economic difficulties.
New
York
should be
becoming active
of the Commission that trustees' duties
of
that
merely stake-holders to
being
.
.
prior to the La w becoming
additional issues of securities under an
prior to the effective date of the Act the SEC may
effective, except that in the case of
indenture executed
conform to the Act, except to the
holders of the outstanding
undue burden on the issuing company. It
require the indenture to be amended to
securities,
conforming would require consent of
or
would impose an
apply to all indentures to be executed in the
tain securities enumerated in the Act are exempt.
does
future, except that cer¬
sign that part of the
eligibility and qualification of
what shall be a material con¬
which finds itself in such a position to cure
qualify under an indenture, the trustee must
registration statement having to do with the
The Act sets up a formula as to
the trustee.
flict and
confidence.
After
yet
they
Even before the enactment of the Trust Indenture Act corporate trust
To
the values today, calculated by various measures.
tive companies, and
Mr.
responsibilities
the
for
assumed, and the services they rendered.
extent that
the statistics will show the prices at which the
Koosevelt and
institutions
trust
objectively studied
be developed which would be
the issuing corporations, and
The Act does not affect indentures executed
dispatch of Feb. 5 added:
to
fairer to
concept,
made to the security holders,
far introduced before the committee."
committee, Senator O'Mahoney stated.
12
its
compared with the old rates on certain theoretical issues and including all
avoided.
committee
June 1,
'free-for-all'
general
a
prior to the 1938 campaign, it
Similarly,
so.
that
involvement
with
ings were to be held for the
not
at
The question was thoroughly and
schedule of charges might
new
in
compensate
standing.
be
also
be charged
certainly
of
spring.
tries
mittee
number
a
should
This study
in view of the
charge for administration service has been materially increased
Rough Form
form, and the committee feels it would be negligent of its duty
attempted to reach conclusions
be held this
adequately
annually
Material Still in
themselves
prepare
compensation which should apply,
men, for some time have felt that the then
The
it
a
logical
more
study its provisions and to
changed conditions under which they must operate.
in order that
Final
signed by the President, corporate trust men al
the country began to
over
changed conditions.
Temporary
923
was
requires the trustee
the conflict
or
resign as trustee in ninety days.
possible con¬
furnish the
trustee semi-annually with lists of bondholders.
The trustee is required,
under specific restrictions, to make such lists available to bondholders, or
at the request of the bondholders, to mail communications to
bondholders.
The issuing corporation is required to make an annual report to bond¬
holders.
The trustee is also required to submit to bondholders an annual
report covering its administration of the trust, as well as interim reports in
the case of releases, substitutions of properties, or advances to the trust
estate; in either case if the amount equals 10% of the securities at the time
The work involved on the part
flicts will be considerable.
of the trustee in examining
Issuing corporations are required to
outstanding.
New
Made
A
*
new
Fiduciaries Association Adopts
Schedule
of
Fees—Substantial
Advances
Because of New Trust Indenture Act
Corporate
New York City
adopted Feb. 8 at a
schedule of fees to be charged by
banks for corporate trust
services
was
meeting of the 30 members of the Corporate Fiduciaries
Association of New York on Feb. 8.
It was explained that
the enactment of the Trust Indenture Act of 1939 makes
substantial changes in the operation of corporate trust
departments, as well as in the degree of responsibility as
sumed by indenture trustees.
Both ministerial duties and
liabilities have been substantially increased it is stated in a
memorandum issued by the Association from which the
following is also taken:
Indentures must contain
provisions in respect of compliance
by the issuer
with its covenants.
The trustee must
of default,
of the
default, except that in the case
sinking fund, may withhold
withholding is in the interest
not be absolved against its own
notify bondholders of
other than in principal, interest, or
such notice so long as
bondholders.
it determines that such
The trustee may
but shall not be
negligence,
responsible for failure of the indenture to
regulations thereunder, and prior to default shall
responsible only for such duties as are specifically imposed upon it by
comply with the Act or
be
the indenture.
The trustee is
unless
negligent
acting upon
mitted by
The
Act
the
in good faith,
protected in
facts and opinions contained in the certificates as per¬
protected against the exercise of judgment,
in
ascertaining the pertinent facts and is
the Act.
provides
that
indentures shall contain provisions
exercise, in the case of default, such of
qualified
requiring the indenture trustee to
(
The Commercial & Financial Chronicle
924
the rights and powers vested in
it by the indenture and to use the same
those
with its approval
by President Roosevelt on Aug. 3, 1939. Reference to its
provisions appeared in our issue of Aug. 26,1939, page 1259.
State
of bank customer opinion, throughout New York
question of Saturday closing of banks,
the
on
York
New
by
Bankers Association
A survey
before default.
Conducted
Question
Closing
day
State
therefore, that the duties and liabilities, after default* become different
The Trust Indenture bill became a law
10, 1940
State-Wide Survey of Bank Customer Opinion on Satur¬
degree of care and skill in its exercise as a prudent man would exercise or
use under the circumstances in the conduct of his own affairs.
It follows,
from
Feb.
during the week ended today
Association
was
the New York State Bankers
conducted by the members of
(Feb. 10);
The
which was originally planned by the Committee on
Public Relations at the mid-winter meeting of the New
York State Bankers Association on Jan. 15, was intended
survey,
N. Y. State Unemployment
Insurance Advisory Council
in Annual Report Rejects Proposals for Expansion
of Law—Sees Federal
Social Security Board En¬
croaching
The State Advisory Council on
Unemployment Insurance
the New York Legislature on Feb. 6
recommended legislation to limit the extent of Federal in¬
fluence in the State, and also made suggestions for improving
in its annual report to
the administration of the law within the State.
It advocated
the extension of the law to small businesses employing less
than four workers, and said that the only reason for such
exemptiou at present was the administrative work involved
collecting the pay roll tax.
The report it is learned from
Albany advices Feb. 6 to the New York "Times" said that
any attempt at control by the Federal authorities was directly
contrary to the expressed intent of the Social Security Act
and that until Congress changed the Act State officials were
compelled, "in accordance with their sworn duty," to uphold
the action of their own "Legislature "against any such
encroachment."
From the Albany account to the "Times"
in
we
also quote:
The Council advised against any immediate liberalization of the State
Unemployment
this State on
poll the opinions of the bank customers of
to
problem of Saturday closing of banks. At this
time, there are several bills before the Legislature which
would permit Saturday closing of banks, and it is under¬
stood that many of the legislators and state officials are
anxious to know what the "man on the street" thinks about
the current
State Functions
on
Insurance Act.
Although conceding that the law "is
and may even in certain respects be Inadequate," the
none too generous
This survey was, it is indicated, is
proposed legislation.
the
its kind to be conducted on
first of
a
state-wide basis by
Numerous localized surveys on the ques¬
the Association.
closing were carried out last summer, and
.proved very valuable to many banks in reaching
decision on Saturday closing during July and August last
tion of Saturday
the results
a
summer.
issue of Nov. 18, page
In November last, as noted in our
3190, the Association made public replies to a questionnaire
on the attitude of banks toward Saturday closing in July
August, and showing that a majority favored closing
Saturdays during the year. Under the provisions of
the Quinn bill, signed by Governor Lehman on June 19 last,
making the closing of banks during July and August per¬
missive and not obligatory, many banking institutions in
and
all
on
the State closed
that day.
on
*
report urged caution and further study before expansion was undertaken.
"True liberalization of the Act means wiser and sounder expenditures,
responsive to basic social needs, not just more," the Council asserted.
more
State Legislatures Defeated 60
purposes is at
best restricted.
cultural Economics
We should not blindly undertake to spend
more."
The 1939 sessions of the State Legislatures defeated ap¬
The report recommended that no action be taken "at the present time"
proposals to increase the benefit provisions of the Act.
on
that the statute be revised in the
future
to cover
While urging
employers having fewer
proximately 60 bills which would have erected new inter¬
state trade barriers to the sale of farm
than four employees, the report stated that "it would be unwise" to take
to
such
Economics.
step this year.
a
Farm Trade Barriers Bill
Says Dr. F. V. Waugh of Bureau of Agri¬
in 1939,
"The amount of money that can be raised for unemployment insurance
The Council's three labor members, Gustavo A. Strebel, representing the
State C. I. 0.; George Sturges, representing the A. F, L., and Miss Minna
Teitelbaum, Secretary of the United Hat Trimmers Union, No. 7, New
York City, although concurring in general on the report, demanded im¬
mediate action
extension of the coverage of the Act, reduction of the
on
three-week waiting period before benefits are issued and
an
increase in the
present 13 weeks' duration of benefits.
The report, which was submitted by Herman A.
Gray, Chairman of the
Council, deferred for the present any discussion of merit rating for employers
according to turnover of employees and
coverage
be submitted soon to the
Legislature.
of representatives of all the Federal agencies
doing work on the problem of internal trade barriers.
Dr.
composed
Waughj who is also one of three authors of the report,
Farm Products," published
by the United States Department of Agriculture in March,
1939, states that so far little progress has been made in
removing existing barriers.
He continued:
"Barriers to Internal Trade in
The most
and
hopeful approach
officials
State
Holding that existing relations between Federal and State authorities
marketing.
in
In the field of unemployment insurance were not "upon a satisfactory basis,"
the report stated that the present State and Federal laws which required
recent years
National
to
work
seems
out
State
to be through joint efforts of Federal
cooperative
solutions
to
these
problems
Great improvements have been
made in plant quarantines
through the efforts of the Regional Plant Boards and the
Board.
Plant
The
solution
the authority on these matters in
probably is not to concentrate all
the Federal Government, but to use the
Federal agencies in the administration of a sound regulatory
which will protect the public and which at the same time will
and
that all administrative expenses come out of Federal funds gave the Social
program
Security Board the
permit
power to deny grants to States where the Board found
products, according
Waugh of the Bureau of Agricultural
Dr. Waugh is a member of the recently formed
of
Federal-State Ties Held Poor
V.
Interdepartmental Committee on Interstate Trade Barriers,
for part-time employment.
The Council announced that separate reports on these two problems would
Frederick
Dr.
efficient
farming and efficient marketing.
the State's administration
"inadequate or improper."
leads to close scrutiny of State administrative organiza¬
tion and procedure by the Federal authorities and an attempt on their
"This naturally
part to exercise direction
latter
are
an
a
no
administrative
as
a
time and
so
effort, considerable friction
The general
influence
and
control
The Federal authorities seek to
beyond
the
field
of administrative
well.
"This is not unnatural, and one can well understand,
perhaps even sympa¬
"It is of the very essence of our present system that the State shall,
with only a few limitations, be free to pursue such
policies and to fashion
such plans as to them seem best."
The Council recommended establishment of
Unemployment Insurance
to
war
in
Europe will probably
Hecht,
Chairman of the Board
of
the Hibernia National
Bank of New
Orleans, said on Jan. 24 in an address before
the third annual conference of the Louisiana Bankers Asso¬
on
All bankers, he declared, feel that the American
people "should prefer the blessings of peace to any material
gain they might make out of large orders resulting from
the war."
a
Federal Advisory Council
examine the "American program of un¬
employment insurance in all of its phases
with it and In the
effects of the
be harmful to all nations, including the United States, R. S.
ciation.
thize, with the motives.
on
Business
and
little conflict.
their
as
Hibernia National Bank of New Orleans—John K.
McKee on Government Competition with Private
indirect and cumber¬
practice into the realm of the policy and substantive provisions of the State
laws
Economic Effects of European War on American Bank¬
ing and Business Discussed by R. S. Hecht of
they do their appointment and
device which is
"The difficulty is more deeply rooted.
extend
officers, though the
different political source," the report declared.
inevitable result of
some, there is much waste of
often
State
independent of them, deriving
tenure from
"As
over
the basis
we
have already had
such
last war."
give
may
light of basic principles and objectives."
No one, he continued, "would like to see another
boom as we witnessed during and after the
sudden
"The temporary advantage which
such profits
in this country will surely not compensate for
us
the adverse economic effect which is sure to follow
Legislation Permitting Mutual Savings Banks to Make
Personal Loans Introduced in New York Legis¬
lature
A bill was introduced in the New York State
Legislature
Feb. 6 designed to permit mutual savings banks to make
personal loans.
The bill, which was introduced by Senator
Walter Mahoney of Buffalo, would permit savings banks
to lend up to $500 for periods not to exceed 15 months.
The
maximum rate permitted by the legislation would be 25%
true interest and
no provision is made for the
discounting
Any savings bank would be allowed to make
such loans up to a total of 1% of its
deposit liability. Re¬
garding the bill an announcement by the Association said:
of such notes.
The
legislation, which
is
sponsored
by the Savings
Banks
Association
of the State of New
York, does not differ fundamentally from legislation
permitting commercial banks in New York to make personal loans.
The
proposed rate is the same for commercial hanks with the
exception that
the latter
the
same
are
permitted to discount the notes.
except that
commercial banks
are
The term of 15 months is
allowed
a
three months
grace
The limit of the amount to be loaned to a single individual is
considerably lower than that of commercial banks which permits a maxi¬
period.
mum
of
$2500.
later,"
Observing that "the inevitable conclusion"
is that "by and large the general economic effect of war on
this country is likely to be more adverse than helpful," Mr.
said Mr. Hecht.
Hecht said:
War
interferes
patiently
ditional
best
our
and
trade
actually abrogates many of
agreements.
War greatly
right to the freedom of the
and
dom
with
worked out
business
opportunities
customers
abroad
in
seas.
foreign
War limits
markets.
carefully and
our
curtails
our
our
tra¬
economic free¬
War
impoverishes
that they
no longer are able to buy from
And, last, but not least, war has most
unfortunate consequences on our domestic economy as well.
Most of ns here today still recall the unhappy repercussions and disas¬
trous aftermath of the last great war, and I believe I am safe in saying
us
as
that
freely
all
as
bankers
in
the
feel
so
past.
that
our
people
blessings of peace to any material
orders
resulting from the
might gain
war,
gain
by all means should prefer the
they might make out of large
for Burely all the material prosperity
we
result of war would be futile if in the end we had to
pay the eame price as some of the European countries, whose dictator
governments, while they truthfully boasted that they did away with all
as
a
unemployment in their lands, did away at the same time with all vestige
democratic government.
Far better that we forego some of the profits
of
of
to
to
and continue to maintain in this country our deep-rooted devotion
liberty and a truly democratic form of governemnt, ideals which seem
be seriously threatened practically everywhere else In the world.
war
Volume
The Commercial &
150
John K. MoKee of the Board of Governors
of the Federal
in Associated Press advices
from Baton Rouge on Jan. 25 as stating at the conference
that the Federal Government (possibly had gone too far in
Reserve
System was reported
private business.
He predicted a retrenchment,
advices, which also quoted him as saying:
the field of
said
these
"Either
tition is
broken
complaining about what Government
quit
or
compe¬
And I think it can be
out and break it up.
go
issue with any of the above
and argument, has been seem¬
ingly weak in numbers.
Yet enterprise is, in fact, not weak numerically.
Our commercial and industrial leaders, the businesses they direct and em¬
Private enterprise, whenever it has
ployees dependent on these business firms
The problem of enterprise becomes
occasion
taken
to
opposition of the latter to
a letter, under date of
the
express
Chairman of the American ^
Economists Council for the Study of Branch Banking, Mr.
Feb. 1, to Dr. John M. Chapman,
that "while the State Bank Supervisors have
intention of debating the issue with your Council, we
White
no
banking
White
Similar views previously expressed by Mr.
letter to Dr. Chapman were noted in these col¬
in
a
2, page 3486.
In his latest communication
Chapman Mr. White says, in part:
>
such
system
a
were
to be initiated and permitted
to develop
to
a
is to be foreseen that our local banks would be displaced
in many, if not all, instances by branch offices of far-flung financial struc¬
tures.
To sponsor such a development is to ignore its undesirable effects
the
which
communities
would presage
make
this
up
Nation
and
the
dangers
it
to the general welfare.
primarily to make profits for
sense the invested capital
representative of the public spirit of the community.
The deposits made by the members of the community constitute the major
contribution to the ability of the bank to do business.
The reciprocal
obligation is clearly to employ the resources of the bank, to the extent
necessary,
to finance the business of the community,, and thus promote
,
should not
who
exist solely
control
A bank
those
operations.
its
the local bank
even
or
In
broad
a
is
the public welfare.
Any
which
under
system
mutuality of interest and obligation
this
is
disregarded and the reality of local interest and responsibility are replaced
by
that is distant, and perhaps even arbitrary, capricious
community, violates the spirit of American institutions.
branch banking would violate a fundamental precept
direction
hostile to
the
Nation-wide
democratic
the
directors
of
such
and
the
in
last
over
of
possibly
deposits
Local
to
local
a
demands
the
well
by
part.
are
They
sheets,
are
in a position to judge of human
appraise
to
the
best
is
what
in
community
the
of
their
They
which
serve
character
the basis of giving or refusing credit.
of
serving
of
they
...
Centralization
doubtful
that
supervisory
banking
of
would
As
resources.
be adequate
could
there
powers
necessarily
accompany
practical matter it is
of a banking organiza¬
a
supervision
the United States.
ignore State lines, its
become wholly a Federal function, with the
result that the powers of the States to determine even the basic conditions
under which banking might be conducted within their respective borders
would disappear.
We do not believe that the people of this Nation in a
matter which so vitally affects the welfare of every community are pre¬
tion
having
Mr.
branch banking would
would naturally
discard the
pared to
of branches located throughout
thousands
since nation-wide
Moreover,
supervision
White
is
being to other business men the same
enjoyed and to effect a greater degree
benefits that
of cohesion among the
the city.
commercial and industrial interests of
New
York
State
of
Is
Suffering from
Failure to Act Together,
Says John Lowry of Merchants' Association of New
York—Announces Campaign to Increase Associa¬
tion's Membership
Business
is
suffering from its failure to act together and
when it complains
of high taxes
or
other burdens must lay
part of the blame to its own lack of united action, according
to a statement which John Lowry, President of The Mer¬
chants' Association of New York, sent on Feb. 7 to 10,000
New York business men
Association will launch
a
announcing that on Feb. 26, the
campaign to increase its member¬
The campaign will be carried on under the direction
of Jeremiah D. Maguire, President of the Federation Bank
and Trust Co., who has accepted the chairmanship of the
Campaign Committee which will be made up of several
hundred present members of the Association.
In announcing the movement in the issue of "Greater New
York," the Association's official bulletin, Mr. Lowry says:
ship.
is
Business
suffering today from its failure to act together.
complains of high taxes or other
lay part of the blame at the
Labor is so well
demands,
burdens that have been imposed, business
door of its own lack of united action.
organized that it is able to enforce not only legitimate
but sometimes those
stitute a closely
States
all
Projects
have
Administration
means
workers, social reformers and
of speaking so
forcefully as to wield enormous
Their organizations
Their programs have so
under consideration.
into giants during the last 10 years.
far overreached the
ability of enterprise to support them, that our
economic tructure is suffering.
agri¬
whole
Functions If
Growth of Power of Government
Excessive
people of the United States must maintain a check
on
excessive growth of power in any branch of the Federal
Government or risk the danger of a dictatorship, W. Gib¬
The
Carey Jr., President of the Chamber of Commerce of
States, told members of the New York State
at their monthly meeting on Feb. 1.
Mr. Carey
United
the
Chamber
country today are "a wider
said the two basic needs of the
it functions
government
to supplant the optimism we have been following so disas¬
trously for the last few years."
He urged that invention
should be encouraged as the most dynamic quality of Amer¬
ican civilization, declaring that as a Nation we could only
be successful if we expanded productivity with each gen¬
eration.
The relationship between business and. the Gov¬
ernment must be adjusted to encourage the investment of
understanding of what business is and how
and the dissemination of some philosophy of
capital, he said, and he added:
American system of free enterprise won't operate unless it is kept
fluid
and
self-adjusted,
with
freedom from Government influence or
domination.
This applies to hours of work, wages, standards of living
and prices.
When we see the Federal Government stepping in to control
these things, I warn you that we are already on dangerous ground.
Busi¬
ness management must retain its management functions if it is to succeed.
risk
Our
said that taxes should not be punitive, adding:
plenty of that."
The Government should
be careful to tax the people only to a minimum level, for
Mr. Carey
"And we've had
stated.
he
The
in
first
the
essential
duty
There
minority.
of living,
at the standard
that is a blow
He further said:
above
tax
any
to protect the individual
be a basic understanding between the
of the Government is
should
producing element and Government control or regulation. If there is not,
there is bound to be a stalemate in a luxury civilization such as ours.
industry and Government as the
Instead, we have adopted certain tenets
of socialism and taken them on at high speed.
There is no sound reason for unemployment in the United States today,
nor has there been
for several years past.
We have manufactured a situa¬
tion which has made for great misery.
We have had too much bad will,
too
much cracking down, too many hoards and commissions, too much
taxation and, Lord knows, too much debt.
civilization rise.
our
Toward
Move
Gradual
for
Plea
between
coordination
better
need
We
Balanced
Federal
Budget Made by J. Herbert Case—Former Chairman
of
New York Federal Reserve Bank Says
"Aggressively Reduced"
"aggressively and progress¬
ively reduced, and reduced without delay," said J. Herbert
Case, former Chairman qf the Federal Reserve Bank of
New York and a partner in R. W. Pressprich & Co., in a
radio address on Feb. 2.
The speech was one of a series
sponsored by the Merchants' Association of New York, the
Chamber of Commerce of the State of New York, the New
Expenditures Must Be
expenditures must be
of
Board
York
Trade,
Bronx
the
Board
of Trade,
the
Brooklyn Chamber of Commerce, the Chamber of Commerce
of the Borough of Queens, and the Staten Island Chamber
Case
Mr.
that
presented
the country
if
long
fact
as
that
current
to
is no room for
Government toward busi¬
Government."
be reminded
Mr. Case, in his
occasionally that there are
limits to the
the Government.
We all have to have demon¬
that credit is not money, but can do the work of money only
and
strations
so
have
all
Budget,"
declared
is to progress "there
of business toward
said, in part:
ness, or
address,
We
a
in the attitude of
vindictiveness
credit
"Business and the
plea for cooperation. He
Speaking on
Commerce.
of
resources
it is
of
not unduly strained.
the costs of government can
or
earnings.
future
We
high, only a fraction can be met
in recent* years has clinched our
do
We must all grasp the ultimate
be paid only by its citiznes, out of
know that, when these costs are
by levies upon wealth.
And experience
conviction that ill-considered taxes may
weigh so heavily upon industry as to hamper its development and crush
its opportunities for profit, leading at last to curtailed productions and
further
unemployment.
government, like the burden of taxation, is a
can put up with high taxes if we feel that we are
worth in the shape of genuine progress toward lasting
improvement.
However, when we feel that we are not
making such
progress but are scarcely holding our own, it is then—and then only—
that
taxes
become
destructive and that taxpayers become aroused u'
After
,
influence when their affairs are
have grown
Public employees con¬
that are unfair.
integrated group when any measures are under conideration
affecting their incomes.
Work
When it
Management
Says W. Gibson Carey Jr. of United
Chamber of Commerce—Warns
Against
It Is to Succeed
•
Superintendent
Its
Retain
Must
Business
Federal
Business
culture
Their purpose is to
they have
decentralized government.
benefits of
also
Bunks.
must
Recognizing this fact, the
Association are joining.
standards of
bank
of
centralization
the
bank.
balance
of
as
part
as
bank
money, received on deposits at a
branches, and to exercise that control
from the localities in which the
great distance,
banking service.
Local officers and directors, over
to the bank, have value to the community that can
for
be manifested through the
neighbors
a
vast sums of
is historically sensitive to local needs and responsive
management
as
of
accepted.
are
and above their value
values
analysis in
or
to concentrate in a few boards
few persons who may dominate
is
purpose
widely-separated
large number
at
distance,
Its
process.
boards, control
a
ought to be accomplished—and can
more
larger membership.
son
on
large scale, it
of
how much
unsuited to the requirements of our Amer¬
Dec.
umns
upon
be done, with a
board of directors of The
Association has decided that The Association owes it as a duty to the
business community to expand.
Consequently, there is to be launched on
Feb. 26 a membership campaign in which hundreds of members of the
but
the principles of American
with
inconsistent
is
economy."
If
Association during the last year. The
with its present membership,
that much was accomplished
record shows
emphasize that in our opinion nation-wide branch
institutions and
Dr.
through organization it is only necessary
study the work of The Merchants'
says
desire to
ican
the enterprises,
begin to work together.
In
banking.
branch
nation-wide
of finding the means to apply
one
commercial and industrial system, really
large and small, that compose our
To understand what can be done
White, Chairman of the Executive Committee
Supervisors, has once again
constitute the basic strength of
This means will be found when
these underlying forces.
to
of the National Association of
an
American life.
♦
Opposition to Nation-wide Branch Banking Voiced by
W. R. White of National Association of Supervisors
of State Bankers in Letter to Dr. John M. Chapman
faced
however strong it has been in logic
groups,
up."
William R.
925
Financial Chronicle
relative
all,
the
thing.
cost of
We
getting our money's
urgently
demand
some
relief from
the growing burden.
The Commercial & Financial Chronicle
926
It
the budgetary policy of the
significance in the lives of the
the cost of food and
clothing and the means of making a living.
It is a central factor in its
effect upon
recovery and in
its relationship to the scope and pace of
is
in
of
terms
Government becomes
people.
It
is
It
is
reform.
future
factor
in
factor
in
its
effect upon
its
central
a
that
experience
factor of recognized
the present value and
effect upon
It is a central factor in its fargeneration, assuring or endangering the
of the people's savings.
safety
reaching
each
a
central
a
effect
the
upon
next
heritage of youth.
I
do
wish
not
misunderstood.
be
to
of
time
In
national
emergency
both the symbol and the immediate source of our strength
is
government
in the common interest, it must
meet extraordinary
demands without stopping to count the cost.
But timing is of the utmost importance in public as well as private
finance.
If emergencies such as existed in '83 and '84 call for prompt
and extraordinary outlays,
prudence demands that they should not be
permitted to outlast their immediate purpose.
Too long continued—and
particularly when they are quietly covered from the emergency status
into the "ordinary" budget—they are bound to beget new fears.
Nor are
There
people.
a
as
these
are
confined
fears
moments when,
Bankers,
business.
to
the
for
trustees
as
people's
become disturbed about their loans to the Government; not so
because they fear for their ultimate redemption as because they
Feb.
1940
10,
President of the Associa¬
prepared under the supervision
of its Committee on Taxation and Public Revenue, showing
the greatly increased proportion of private income of the
State which has been taken by State taxes in recent years.
Regarding this study, it is announced:
A comparison is made of the State revenues, as shown in the condensed
financial report of the State Comptroller for 1939, with the figures of
realized private production income in the State of New York as estimated
by the National Industrial Conference Board.
Realized private production
Lowry,
John
Simultaneously,
tion, made public figures,
income
defined
is
by
Board
Conference
the
received
income
as
from
The figures are presented by the Conference Board as
income trends when governmental activities and relief are
private industry.
indicating
excluded.
in
estimated
was
equal
$7,450,000,000.
purposes
own
boom
the
In
revenues,
year
of the enhanced realized private production
in that year.
In 1938 the realized private
2.2%
to
income in the State of New
The State that year collected
$79,800,000, which was 1% of the
of 1929 the State collected $250,500,000 in
private production
at
its
for
revenues
income.
realized
the
1919
In
York
savings,
income
much
$200,000,000 less than it was in
$388,900,000,
so that
they equaled over 5% of the private production income.
These
figures are on the basis of actual tax receipts collected as shown by the
Comptroller and not on the basis of budget estimates.
fear
low
their
that
especially if accompanied by abnormally
will one day glut the market and cause depreciation.
to retrench has had other disturbing results.
Costly expedi¬
coupons,
The failure
huge
volume,
devices, were subsequently
That the people originally
wanted reform as well as recovery, there was, I think, no doubt.
The
national economy was not only to be rescued, but guarded against the
excesses which
had brought about its downfall.
...
The repeal of unjust taxes, however necessary, will hardly balance the
budget of itself.
Its immediate effect should be to emphasize the necessity
for reducing Federal expenditures, and its ultimate effect Bhould be to
ease
the problem by stimulating employment.
Meanwhile the problem
remains, and if we are to stop mortgaging the future, if we are to stop
hailed
by government
draining
for
be building
Will
follow
it
pressure
or
follow
to
not
the
in
are
still
he
if
reserves
against
up
Early
now
groups
those
President,
him
temporary
so
some
public credit
unforeseen
emergency,
sincerely
still
and
to
The
large
to promote
attitude
the
upon
of
or
its
seems
to
me,
is
that
wise
statesmanship
is
urgently
bring the fiscal situation under control.
Industry Can Use All Agricultural Surplus, According
to Dr. W. J. Hale—In Addressing Meeting of New
York Commodity Club Farmers—Criticizes "Acre¬
Reduction"
age
"Industry can make full use of all agricultural surplus and
substitute organic chemical material for practically an equiva¬
lent volume of the inorganic or mineral material now pro¬
duced", Dr. Wm. J. Hale, Research Consultant of the Dow
Chemical Co. told the members and guests of the Commodity
Club of New York at a dinner meeting of the Club held at
the Park Central Hotel, on Feb. 8.
Dr. Hale pointed out
that the rapidly advancing yields per acre through scientific
cultivation meant that one farmer in every five could abund¬
antly supply the wants of all our citizens for food and raiment.
He called the program, of "acreage reduction", defeatism,
pure and simple.
Rather he would have farmers apply
intensive cultivation to every acre of land and industry, in
turn, use this production for the manufacture of an almost
endless variety of new products.
The announcement from
the Commodity Club bearing on Dr. Hale's remarks adds:
He claims that cellulose plastics, which are fireproof, will soon replace
hard wood in the building trade, while other plastics will take the place of
steel in many industrial plants.
30,000,000 acres of quick growing trees
planted in the South could be used for cellusopic material
from
now
imported
The soy bean, according to Dr. Hale, with its content of oil, meal and
hulls Is the basis for plastics as strong as steel, rust-proof, and lighter than
metals.
Castor beans could be grown in the South and yet we import nearly
200,000,000 pounds annually, he said.
Castor oil is not only
a
The United
is the only important nation
alcohol-gasoline blends,
to neglect the use of
and yet the addition
of 10% of ethyl alcohol,
agricultural products, produces not only a practi¬
cally complete combustion but also eliminates carbon and virtually eradi¬
cates carbon monoxide gas, Dr. Hale claims.
He goes on to predict that the
which
be made from
can
utilities Industry alone will need 20,000,000,000 gallons of agri-crude alcohol
before long and that by 1960 to 1970, some 60,000,000,000 gallons of ethyl
alcohol will be needed—a business of $12,000,000,000 annually, or twice
as
large
the combined automobile and petroleum industry of today.
as
Fermentable materials for this would require 250,000,000 acres, or nearly
half the acreage now under cultivation and such products as sweet
potatoes,
artichokes,
corn
in
Men
at
to
and grain sorghums would be the crops needed.
tax is increased it adds to the burden as a
whole which business bears."
when
The Board
The Merchants'
7
that
New York
the
it
York
Urges
Albany Feb. 12—Proportion of
Greatly In¬
Association of
had
sent
City individual
march
Albany"
on
on
Feb.
The
In
State
Association's
this
the
be
the occasion
Governor's
appeal
the
a
Albany if
you
We
can
will
or
get
taxpayers'
men
on
in
protest
any
against
other
pari-mutuel
new
or
on
count.
Lincoln's
demonstration.
betting
by united action.
York—Wheeler-Lea Bill Is Now Before Joint
New
Congressional Conference Committee
Association of New York announced on
Merchants'
The
Senate
House and
of the
Committee
the
Conference
with
the entire
members of
filed with
8 that it had
Feb.
and
memorandum of opposi¬
tion to those provisions of the Wheeler-Lea hill which would
regulate water carriers in domestic commerce by placing
them under the supervision of the Interstate Commerce
New York
delegation in Congress
a
The Association announces that its action was
Commission.
taken
the basis of
reports prepared by its Maritime and
Committers.
The Wheeler bill has been
passed by the Senate and the Lea bill by the House of Rep¬
resentatives.
They have many differences between the two
on
its Transportation
bills and
are
The Associa¬
in Conference Committee.
now
tion has urged upon
the members of Congress that no con¬
ference report be made but thaL if one is made, no action
be taken
it by Congress for a period of at least
on
that Congress may
views from
30 days
have the benefit of an expression of
producers, shippers and the public in respect to
and far-reaching provisions involved.
The
technical
the
Association's announcement went
The
Association
stated
that,
in
its
to say:
on
the legislation had been
judgment,
of the
"without adequate study and
and
public."
Stating that "no adequate, comprehensive and impartial investi¬
The
Birthday,
The
public hearing
Feb. 12,
Merchants'
inland
maritime
consideration
the needs
prepared
interests
of
of
the country
of the general
or
gation of the transportation systems and problems of the United States has
been
the Association
made,"
instead of enacting the Lea
ably
that
July
last
had
it
that,
urged
the Wheeler Bill, the House act favor¬
or
resolution providing for a House Committee to investigate and
a
on
recalled
Bill
report on the transportation systems of the country involving all forms
of
transportation, the effect of existing transportation laws and the methods
of
administration.
their
such
Following
thorough
a
subsequent report, The Association declared,
fact
sion
"Congress
investigation
can
proceed,
and
on
a
basis, to establish regulations applicable to all forms of transportation
with
the
assurance
that
such
regulations
interests involved, and also
are
adequate,
are
in
fair
to all
trans¬
the interests of industry and
public generally.
is
conviction
the
under
commerce
unwise and
is
domestic
of
this
Association
the regulation
that
placing domestic water-
of the Interstate Commerce Commis¬
illogical, and will inevitably tend to increase rates
water-borne
on
traffic, with
a corresponding adverse effect on vari¬
require, to compete with foreign suppliers,
the availability of inexpensive forms of transportation.
In this connection
ous
it
industries
national
should be
Act,
noted
which
that since
the
intercoastal freight rates
enactment
of
intercoastal
the
Intercoastal
have increased approximately 39%,
part of which increase can be directly ascribed
Shipping
a
large
to governmental control of
shipping."
Referring to
in¬
tax.
will
Associa¬
specific plan for reducing the budget.
Join us at
tend a representative.
What we are all after is
them
Feb. 8,
Opposition to Bill Regulating Water Carriers in Domes¬
tic Commerce Voiced by Merchants' Association of
the
of
the
a
on
the
said:
budget at Albany
for
will be there with
results.
except
or
announced
business
urging them to "join
12 to
fight against higher taxes, numbers
on
tion
taxes,
York
10,000
messages
proposed increase in income tax
creased
New
about
to
the Association,
of
Directors
the hearing.
portation
Private Income Taken by State Taxes
creased in Recent Years, Study Shows
Feb.
of
jeopardize any necessary State activity or function.
The
pronosals will not be made public until their presentation at
"It
Public Hearing in
one
any
approved a specific plan for reducing the New York State
budget and ordered its presentation at the public hearing
on Monday next.
Mr. Lowry announced that the plan, as
proposed by the Association, would, if adopted, make it
possible to balance the budget without the imposition of
any new State taxes except the tax on pari-mutuels. Execu¬
tion of the Association's plan, Mr. Lowry said, would not
borne
New
local taxes, and that
have to be added to the national and
Business
of
within the State from private
It should be remembered that the State taxes
production.
Join Protest Against Increased State Taxes
Association
$8,000,000,000, these taxes will be well
over
of 5% of the income
excess
the
Merchants'
well
income is
coastwise
mixture of fuel petroleum.
States
raising $430,000,000 from
appropriations and a deficit," the Asso¬
"Unless the realized private production
declared.
ciation
an excellent
non-freezing lubricant but increases the efficiency of Diesel motors when
operated with
"The Governor's budget calls for
taxes to meet State
so
Scandinavia, Russia and Canada.
in that fiscal year advanced
the State revenues
and
1919,
quite
spending.
economy?
The
powerful.
Whether
politically
measure
politics
was
is, you and me.
it
answer,
needed to
in
depends
economy,
constituents—that
we
preach
Congress employs its recently asserted independence
hinder
which
his Administration Congress
long as he preached more
were
active
of
$11,300,000,000
income had dropped back to
production
permanent reforms.
subsidies
going to need help.
ready
purely
as
as
current
ought now to
is
adopted
originally
ents,
of
letter issued by the Legislative Committee
working
Commerce
Senate
Joint
The
a
Interstate
of
the
clearly that, at least
Legislative
so
far
as
Conference
and
submitted to
Committee
now
Committee
the
Commission
indicates
any
any public need, admittedly imperfect,
drastically the basis of rate-making for
inland transportation is being rushed through Congress.
legislation
both water and
of
the Wheeler Bill is concerned, without
public demand and in fact, without
compromise
Commission
House
the Wheeler-Lea bill, the Association said:
on
letter
and
changing
Volume
The Commercial &
150
Domestic water-borne transportation is a
the
to
Port
and
business of
the
to
New
subject of such vital importance
that we respectfully urge
York
The International Executive Board was
the October,
Officers
to oppose this unnecessary legislation which can only result in increas¬
you
927
Financial Chronicle
authorized to select a site for
1942, convention.
will
of the entire membership in
bq, elected in a referendum
December.
ing transportation costs.
♦
The report of the IOC, referred to above, is
mentioned in
another item in today's columns.
A.
F.
Group Criticizes New Deal Agencies and
Council Declares Against De¬
L.
of
Policies—Executive
Formation of Employees Committee from
hattan—To Aid Business Recovery
New
York
City
District—A.
of
Announcement
the
Employees
an
made
was
Feb.
5
by
Beeson, Committee Chairman and President of
Albert C.
the
of
organization
Association
Customers' Brokers.
of
"The
of
purpose
committee," Mr. Beeson said, "is to aid business re¬
in New York City in general and in the financial
district in particular."
His statement continued:
our
covery
We
feel
the city
by restoring vitality to finance—the biggest industry in
that
distress of many
unemployment and financial
State—that
and
thousands will be relieved.
Formation
employee
of
as
the
spontaneous undertaking by
6 it
Tribune" of Feb.
"Herald
was
The committee's function wiU be to bring to the attention
groups
of legislators
the contributions of the financial district to the city, State
economy
of financial activities.
The committee will first direct its efforts to modification of the
the
on
tentatively
measure
27.
Feb.
for
If the
State
bill of Robert
F.
Wagner Jr. proposing a State securities and exchange commission comes
up
At some future
for hearing the committee also will ask to be heard.
hopes to obtain hearings on Federal legislation affecting
time the committee
financial activity and stability.
members
Other
Beeson, and the
groups
addition to
committee, in
they represent
Mr.
are:
Clerks'
Margin
Association of
Section,
Stock
few could keep abreast
"If, after
Senior
Meleeny,
Clerks'
Order
Association of Stock
Section,
'
Exchange Firms.
John
Cashiers'
Humphrey,
Section,
New York Curb Exchange
9
Cashiers'
McDonald,
Association
Section,
of
Stock
Exchange
Firms.
Herbert
•
W.
George E.
Purchases
Phillips,
Sales
&
Division,
Cashiers'
Section,
Exchange Partners' Association.
Rieber,
Cashiers' Section,
Association of Stock Exchange
We find 10,000,000 of American workers
discontented and age discouraged.
We
only widespread material suffering but in every walk of life we find
fear for the great intangibles of America; fear for the liberties that Americans
have cherished for more than a century and a half.
It has therefore seemed
We
unemployed.
a
find
youth
duty to survey the facts of the
necessary
Continuing the attack. It was
the
Tangney, New York Stock Exchange Employees.
of persistent
maintenance
From
a
Employees.
we
take the following:
included William L. Hutcheson and
who are here for the
meeting of the Federation's Executive Council; John Possehl,
of the International Union of Operating Engineers; John P. Coyne,
of the Building and Construction Trades Department of the A.
Vice-Presidents of the A. F. of L,
Byron,
President of the Sheet Metal Workers;
Gowan, Vice-President
Roland Adams,
Seeks
Union
The
Adjourns, After
Progress"
"Constructive
Citizens—Delegates Advocate Higher Wages
United
Mine
Workers
asserting
its
that
sole
of America,
affiliated
with
and Joiners, and J. R. Weyler, general
objective
was
every
thought
is
ourselves, but for all the
to
"constructive
make constructive progress, not alone for
people of the country, our nation, and our flag."
600,000
public questions.
"Can there be any doubt," he asked, "that the workers are opposed to
war and that
labor won't support a statesman who wiU lead the nation
into war to carry out some fancy foreign policy?"
Before ending their two-week session, the delegates took the following
The
miners,
U.
M.
would
W.
President
have
said
"profound
the convention, representing
influence"
on
Instead, the report stated, labor is divided into
10.000.000 persons are unemployed, there is
Voted to
establish a National PoUcy and Scale Committee that will
scales for submission to coal operators in March,
1941.
Reiterated a demand for a 30-hour work week (now 35 hours).
Decided to seek a national joint wage scale meeting with bituminous
the nation.
Instructed the Scale Committee to seek written agreements with all
operators of "captive" mines.
Rejected a proposed constitutional amendment to levy assessments and
set up a relief fund for miners affected by shutdowns during wage contract
negotiations, and
Disapproved of a proposal to accept transfer cards for all Congress of
Industrial Organizations' international unions, because the question should
be decided by the O. I. O.
satisfactory supplies of raw materials,
satisfied labor,
mitted to function."
Labor Relations Board, the report said:
been disturbed, the production of
Assailing the National
"Industry and labor alike have
goods has been hampered by the
boards and bureaus
labor and
between
with
a
men
management.
.
.
.
of the National
Labor Relations Board, staffed
who neither knew nor cared for
the traditions of organized labor,
Labor itself was split. Manage¬
bad situation became
ment
useful
introduction into the indstrial scheme of
authority over the relations
which assumed ill-advised
the setting up
"With
was
rapidly worse.
Labor strife was the
disregarded.
inevitable result, and the
industrial relations were shattered.
New uncertainties
were introduced into the industrial field.
Strike followed strike, as labor
found
itself adrift on
an
uncharted sea. Production suffered.
Un¬
orderly processes of
employment increased."
of business has been
The financial structure
because banks, instead
impaired, the report held,
business with adequate
of providing industry and
private capital, have been
compelled to invest in and finance the Federal
Government.
"How severe that
competition was may be seen from
1926 to 1938 the percentage
the fact that from
of government securities held by the
banks of
outstanding rose from 15%
in 1926 to 75% in December. 1937," the report continued.
In 1926 the total loans and discounts of America's banks totaled $26,200,000,000.
In that year the banks held $4,000,000,000 of government se¬
curities.
In December, 1937, the total loans and discounts were $22,100,000,000.
But the government securities held by our banks reached a total
the country
of
coal operators of
,
financing,
wide¬
for the safety of America's cherished liberties.
according to the statement, are ample and con¬
public confidence, reasonable taxation and profits.
"All of these factors," the statement continued, "have been latent in
the American economy for the last seven years, and yet, for reasons that
are known only to those who deal with industry, they have not been per¬
certain
action today:
prepare wage
representative of the
Deal has been an experiment
125,000,000 Americans which has not materially increased
warring camps,
tinued
resolu¬
progress" for all people. Earlier meetings of the convention
were reported in the "Chronicle" of Feb. 3, page 780.
At
the final meeting, delegates directed their officers to seek
higher wages and a 30-hour week for approximately 525,000
hard and soft coal miners.
John L. Lewis, President of
UMWA, told the 2,400 delegates that "in all our plans and
thoughts there is no thought to do anything to the detriment
of any American citizen."
Associated Press Columbus,
Ohio, advices of Feb. 1 quoted him further as follows:
"Our
Charles J. Mac-
of the Boilermakers; Joseph W. O'Neill, of the Dis¬
adequate transportation,
Industrial Organizations, adjourned on Feb. 1,
its 36th constitutional convention, after adopting a
tion
President
F. of L.;
J. Ryan, Vice-President of the Sheet Metal Workers;
member of the General Executive Board of the Brotherhood
happiness or progress.
and 30-Hour Week
Congress of
Matthew
quarterly
President
held that the period of the New
the lives of
on
two
Convention
Workers
the cost has been met by increased taxes
Signers of the statement
The needs of industry,
Mine
for
and the building of new and
public debt, it was said.
spread suffering and fear
for All
relief rolls,
Miami account Feb. 4 to the New York "Herald
The report
Investment Trusts.
Assurances
public debt.
of innumerable boards, bureaus and authorities,
carpenters.
Edward Dunn, Downtown Restaurant Employees.
United
the conclusions that neces¬
held experiments are costly business and
huge tax burden and increased the
the upkeep
and increased
Harry Dunkerton, Odd Lot Firm Employees.
Gordon Hagger,
experiment, to measure im¬
sarily follow."
of Carpenters
Charles Vernon, New York Curb Exchange
the experiment
We find industry
tillery Workers; James
Firms.
John
warring camps.
into
torn
find not
Robert
New York Curb
labor
find
we
depressed and capital on a strike.
Woll,
Partners' Association.
if happiness and progress,
had been worth while.
Tribune,"
/
J.
years," the review continued, "the situation of labor,
hope and confidence had resulted, we could conclude that
Clearing Section, Association of Stock Exchange
M. Cone, Accounting &
Firms.
Robert
other so fast and furiously that only a trained
of the changes."
industry and agriculture had materially improved,
York.
Robert
seven
Innovations, it said,
gloomy picture of conditions.
The review drew a
imposing Government enterprises,
Real Estate Board of New
Building Managers,
Crawford,
and agriculture, government
trade and finance, industry
business.
and
"For
Exchange Firms.
Robert W.
"experiment," said the A. F. of L. officials, has had wide effects on
labor relations,
Friday Nite Bond Club.
Albert
Senior
join in an united effort to halt the drift toward
(and) industrial collapse."
national insolvency
have piled up a
Michael Hillenmayer, Secretary,
Burkly,
Federation of Labor officials who have
tonight called on Americans to "recognize the dangers
that confront them, and to
partially the results that have ensued and to state
the
of
"upon the industrial and social economy of the
United States," a group of American
"Instead
have a representative appear at a hearing
set
Federal Govern¬
Reviewing the "Great Experiment" undertaken by the
ment for the past seven years
«>
...
stock transfer tax and expects to
series of meetings in Miami, Fla., alleged that
was conducting a "deliberate,
a
"have followed upon each
financial
groups, real estate employees and restaurant workers, hope to later have
representatives of other employees who have been adversely affected
by Federal and State regulation and taxation of finance.
The committee
represents only wage-earners who feel they have been harmed by restriction
which already has representatives from most
made this week by the
were
American Federation of Labor,
the
organized labor under its thumb.
4) leaders of the Federation pub¬
lished the results of an economic survey of the last seven
years, which contended that the New Deal had increased
taxation, causing losses to thousands of companies, and had
injured industry, finance and labor.
Regarding the survey
of the group, special advices from Miami, Feb. 4, to the New
York "Journal of Commerce," said in part:
and the harm that is being done among employee
by current legislation and its administration.
The committee,
Against
NLRB Powers
nation-wide drive" to bring
On the preceding day (Feb.
The
and National
policies
on
Federal Administration
the
stated:
and the public
New Deal
Council of
been meeting here,
in attempting to solve our mutual problems.
York
New
on
which, after
various
do workers in agriculture and various branches of industry.
We plan to cooperate
In
a
who feel that we have as much right to focus attention
groups
plight
on our
committee is
our
Attacks
Executive
Beeson Heads
Committee from Lower Manhattan
Unions and Asks Limitation
Financial
Particularly in
Group
and
C.
Drive
Anti-Trust
Justice
of
partment
Lower Man¬
Generally in
compared to the commercial loans
$16,600,000,000."
The report,
placed on large corporations,
is the ultimate
share of the
the cost of Federal spending, it contended.
after citing the tax burdens
pointed out that the only person who cannot pass taxes on
consumer.
tax bills
The worker and his family are bearing the lion's
imposed to cover
On Feb. 5 the Executive Council of the
a
statement
Federation issued
condemning the anti-trust drive by the Depart-
The Commercial & Financial Chronicle
928
ment of Justice
On Feb. 3 the Council
against labor unions.
accused the National Labor Relations Board of "bias, stu¬
Feb.
1940
10,
"an urgent plea to the conventions of the A. F. of L. and the
C. I. O. for the resumption of peace negotiations."
The
t
pidity and
powers.
Council
of the Executive
statement
Feb. 8, continues
in part:
incompetence," and urged curtailment of its
We quote from Associated Press Miami advices
of Feb. 3:
In
public by President William Green, the Federation
labor, industry and the public had lost confidence in the board, as now
said
"The present
Green
urged
that the Walsb-Barden bill to
the present three-man
would abolish
He said it
board, provide "a complete house-
cleaning of its staff," and create a new five-man board.
He said the new board then would be required to let the workers pick
their
own
bargaining agency, would be bound to recognize bona fide
con¬
and would be compelled to avoid delays now charged against the
he had received
Roosevelt whether
dent
leader of the C. I. O.
favorable response from the
a
President Roosevelt indicated that he had as yet been
leader of the C. I. O. to accede.
C. I. O. had agreed to resume
unable to prevail upon the
We must assume that if the leader of the
negotiations we would have been informed long before this and peace nego¬
Thus, we must draw the in¬
under way.
tiations already would have been
refusal.
escapable conclusion that the C. I. O. leader persists in his obdurate
board.
The responsibility for
Previous reference to the
meeting at Miami of the Execu¬
tive. Council of the Federation appeared in our issue of Feb. 3,
page 780.
Elsewhere in this issue we refer to the action of
the Executive Council in asking that President Roosevelt
make public the answers of the Federation and the C. X. 0.
to his plea for peace negotiations.
The working
ing—Oppose 36-Cent Hourly Wage and Definitions
of Wool and Cotton Manufacturers
National
Association
Wool
of
Manufacturers
As a matter of simple
justice, the truth should be told to them. The President of the United States
complained against proposed orders of the
Wage-Hour Administration defining the wool industry and
fixing a minimum wage of 36 cents an hour for its employees.
The Association's objection, contending that the orders were
"arbitrary, unreasonable and unconstitutional," was pre¬
sented at a hearing before Examiner Thomas Holland on the
proposed wage minimum by J. E. Wood, Association counsel.
The Association chiefly opposed the proposed definition
dividing wool and cotton manufacturers.
An Associated
Press Washington dispatch of Feb. 6 gave the following addi¬
tional details of the complaint:
Spokesmen for the woolen goods manufacturers said at
a
Administration hearing they had no objection to a 36 cents
wage
do it.
can
opinion of the Executive Council the time has arrived when the
In the
President of the United States should make the facts known.
the United States
responsibility for
be placed
unless the Administration modified its definition
oppose it
of what constitutes
the
belongs.
Mr. Green
issues of Dec. 23, page
Recent conferences between the President and
and Mr. Lewis
reported in
were
our
3949 and Nov. 11, page 3060.
In addition to the above, further developments
incident
meeting this week of the Executive Council of the
of L. are given under another head in this issue.
the
to
A. F.
National
Democratic
Chicago for
Chooses
Committee
Convention—Selection Regarded
1940
Enhanc¬
as
ing President Roosevelt's Chances for Third Term
—He
Indicates
He
Will
Answer
No Questions
Formal Announcement
Until
Subject
on
Wash¬
meeting in
Committee,
National
Democratic
The
hour mini¬
recommended for the woolen industry, but would
public statement on this matter so that the
a
where it properly
Wage-Hour
an
issue
to
continuation of the devision which exists in the ranks of labor can
on
Feb. 6 formally
Lewis.
people of our country, the press and the public at large are
asking why peace negotiations are not resumed.
We, therefore, respectfully request the President of
Wool Manufacturers Protest Wage-Hour Rule at Hear¬
The
blocking progress toward the restoration of peace in
organized labor therefore must fall upon one man, Mr. John L.
+
mum
President Green asked Presi¬
At his last conference at the White House,
amend the National
be passed at this session of Congress.
Relations Act
tracts,
No public response was forthcoming from the in¬
since the convention.
dividual.
duties."
Mr.
leader of the C. I. O. several times
The President also interviewed the
board and its staff are totally unfit for their important
Mr.
American Federation of Labor was ready and willing
Green replied that the
to do so.
constituted, and added that:
Labor
resumption of negotiations.
The President renewed his request for
statement made
a
on
ington on Feb. 5, selected Chicago for the
1940 Democratic
This is the city where Mr. Roosevelt
National Convention.
industry.
The Association's attack
attempted to draw
a
was
aimed chiefly at a wage-hour ruling which
line of demarcation between the closely competitive
operations of woolen and cotton manufacturers producing from 5 to 25%
The Administration has already established a 32Y%-cent
part-wool fabrics.
minimum wage rate for the cotton textile industry.
The
wage-hour
woolen
industry
definition
would
exclude
the
from
application of the 36-cent minimum pay rate the production of
yarn
with
lees than 45% wool and fabrics with less than 25% wool.
Thurmond
Chatham,
said the definition
from cotton
"work
a
was
mills at
a
Winston-Salem,
lower minimum
a
competitive hardship
Arthur Besse
N.
C,,
wool
manufacturer,
neither "practical nor fair" in view of the competition
of the
on
pay rate,
and asserted it would
the woolen industry."
National
Wool
Manufacturers' Association,
said
the definition of the industry for the purposes of the 36-cent rate should
Include all yarn and fabrics containing any part of wool.
saw
no
reason
for
a
wage
differential
petitors manufacturing virtually the
between
same
product,
cotton
one on
He testified he
and
wool
com¬
the cotton system
to whether he will
his
of
L.
Asks
President
Roosevelt
to
Make
Public
Answers to Plea for Resuming Peace Negotiations—
Executive Council Lays Responsibility to C. I. O.
The
Labor
"as
Executive
on
Council
of
the
American
Federation
of
Mr. Lewis has refused to accede. The Council contends that
the responsibility for blocking progress toward the restoration
of peace in organized labor falls on Mr. Lewis.
The following is the telegram addressed
by the Executive
Council to President Roosevelt:
Honorable Franklin D. Roosevelt,
Chicago
The White House,
by the American Federation of Labor and the C. I. O. to your appeal that
peace negotiations be resumed.
The Executive Council feels as a matter of
simple justice that this in¬
formation should be given to labor and to the
people of our Nation so that
responsibility for failure to resume peace negotiations as you requested shall
be placed where it
properly belongs.
President, American Federation
From Associated Press accounts from Washington,
.
The Council's statement refers
to the various steps taken
March, 1939, when "the A. F. of L. and the C. I. 0.
appointed committees at the request of the President of the
United States to negotiate peace in
Labor, and leads up to
the action of President Roosevelt last
October, in addressing
decisions
These
were
Vice-President Garner's
$50,000
The
After
excited
and
a
Houston,
Tex.,
in
from
Western
some
in
in
cases
was
fact,
Philadelphia,
was
which
also
moment it appeared that Philadelphia might win,
States
who
had
Houston, switched
48,
Chicago
Philadelphia
was
cast
their votes
cast
for
One of the last two votes
the
turbulent
sometimes
saw
State, vainly offer $200,000 for the convention,
competitor,
For
count
2.
Houston
an
Chicago's bid.
and
final
own
than
members
then
Francisco,
at
nearest
more
Chicago's
offered $150,000.
but
reached
the party's National Committee, which
meeting of
38,
for
the Illinois
to
San
7,
Francisco
San
city.
and
by Mr. Garner himself.
meeting
Mr. Farley told newspaper men that he understood
President Roosevelt himself to favor taking the convention to Chicago.
He
indicated
here
would
he
Republican
16.
pected.
was
the date
Committee
.
The selection of
a
announce
National
Feb.
on
.
for
selects
the
its
big party meeting after the
time
and
city
at
meeting
a
.
Chicago for the convention city was
more or
less unex¬
When the committee reconvened for
an afternoon session, the word
Philadelphia would win easily, but that Mayor Kelly would have
on behalf of Chicago.
that
"surprise offer"
His
"surprise"
would match
that
were
Later
any
was that Chicago had
$125,000 ready for the party,
"reasonable offer," but would not attempt to meet any
"ridiculous."
Senator
Joseph
Philadelphia offered
which
This
for
the
was
the
of
F.
Guffey, Dem., Pa., arose and on behalf of
plus $20,000 worth of services in prepar¬
$125,000,
he
guaranteed
to
raise.
.
.
an
acceptance speech, and
Mayor
.
Kelly
promptly
hid.
not
the
however,
case,
when
Jesse
II.
Jones,
Reconstruction
$200,000
on
Finance Corporation, later offered
behalf of Houston, Tex.
a
the
Chairman
certified check
We also quote from
Feb.
of
5
third-term
Today's
late
of Labor.
the
on the State's Democratic primary ballot,
Mr. Roosevelt has also refused comment on this
Associated Press Hyde Park advices
outlining the President's criticisms of repeated
questions:
press
conference
was
a
prelude to the President's departure for
Washington after passing the week end here.
WILLIAM GREEN,
caused
Feb. 5, we take the following:
$5,000
The Executive Council of the American Federation of Labor now
meeting
In Miami respectfully requests that you make
public the answers ma/fa
3
Feb.
on
place his name
matched
Washington, D. C.
since
organization
Democratic
ing the convention hall and Franklin Field for
President of the United States,
President, and at
as
filing with the Illinois Secretary of State of a petition to
Feb. 8 asked President Roosevelt to make public
matter of
simple justice," the replies of William Green,
President of the A. F. of L., and John L. Lewis, President
of the Congress of Industrial Organizations, to Mr. Roose¬
velt's appeal that peace negotiations be resumed.
The
A. F. of L.'s plea, made in a telegram to the
President, said
that the country should know so that
responsibility "shall be
placed where it properly belongs."
At the same time the Council, which is holding its mid¬
winter meeting in Miami, Fla., issued a statement declaring
that the A. F. of L. had assured the President it was
ready
to resume negotiations "at
any time and any place," but that
a
seek another term
conference in Hyde Park, N. Y., on Feb. 5, he
said that he was getting tired of such questions, and that
when anything was said it would be at a time of his choos¬
ing, and his * alone.
Nevertheless, headquarters of the
press
action.
F.
in 1932, and those
the presidency
who advocate a third term interpreted its
selection by the National Committee as indicating substan¬
tial backing for this objective.
Mr. Roosevelt was reported
to have favored Chicago for the convention, despite strong
bids made by Philadelphia, Houston, Tex., and other cities.
He himself has repeatedly refused to reply to questions as
of his supporters
April 9.
and the other on the woolen system.
A.
nominated for
first
was
He
left
on
a
special train
tonight.
Newsmen
mittee
on
reminded
him
that
the
Pennsylvania Democratic State Com¬
Saturday had declined to indorse Senator Joseph F. Guffey spe¬
cifically for renomination, and had indorsed
He
was
a third term unanimously.
reminded, too, that petitions had been filed in Illinois the same
day to place his name
To
there
a
on
the Democratic primary advisory ballot.
request for comment, Mr. Roosevelt said there
was
no use
asking questions because "we
are
was
no
news,
all tired of it."
,
that
.
.
Volume
Roosevelt
Mr.
of
some
Never
the
of parrying thrusts
that parrying to
has he given
White
It
good natured enough in making it clear that he was
was
somewhat weary
a
on
He has had
the third term issue.
do at virtually every press conference for
months.
glimmer of his attitude toward another four years in
House.
the
name
for
the
in
Chicago yesterday
of Vice-President John W.
(Feb. 9)
that
Garner would be filed
Illinois
primary, thus giving the voters an oppor¬
tunity to express their preference. A similar situation pre¬
vails in Wisconsin, where the preferential primary will be
held
April 2.
800
New
elements
1
York
Attend
Bankers
Conferences
Simultaneously in
Meetings Are First of Series of Five
Investments,
More than 800 bankers
Bond
Feb. 5 attended the first of
on
all
bankers," stated
H.
S.
merely want to put them into proper perspective—as
and measurements of seven basic elements,"
he said.
He added that the elements he would use were
we
Property-Working Capital—Debt and Equity, all taken from
the
and Gross Revenues—Margin of
balance sheet,
Profit
and
Margin of Safety, taken from the earnings statement of
any corporation.
Mr. Aldrich dealt with each of the elements in detail and
concluded
by using charts to illustrate how this simple
be applied to the analysis of individual bonds.
Stephen M. Foster of the City Bank Farmers Trust Co.
of New York, speaking in Buffalo, pointed out that money
is to a considerable extent like a commodity in that its
method
can
price is
a
a
bank investments, held simul¬
on
familiar to
are
refinements
10 Cities—
Held
series of five conferences
on
that
Aldrich, Assistant Treasurer of the New York Trust Co.,
at the meeting of the Bond Portfolio Conference at Syracuse.
We do not want to minimize the importance of statistics
but
announced
was
929
The Commercial & Financial Chronicle
ISO
taneously in 10 cities in New York State.
The conferences
sponsored by the New York State Bankers Association's
Committee on Bond Portfolios, under the Chairmanship of
Adrian M. Massie, and will be continued for the next four
demand.
consecutive weeks.
reflection of the relationship between supply and
For that reason, he said, it was important to
The
are
have great familiarity with the supply-demand relationship
of funds in the hands of commercial banks because com¬
are the most important purveyors of money.
supply-demand relationship, Mr. Foster said, could be
easily studied from certain weekly figures presented by
the Federal Reserve Board, but in order to study these
figures one must thoroughly understand the significance of
them.
Therefore, Mr. Foster presented to his auditors an
exhibit in the form of a memorandum describing in detail
mercial banks
The largest attendance on Feb. 5 was
York City, where almost 200 persons
recorded at New
heard Robert L.
Garner, Vice-President and Treasurer of the Guaranty
Trust Co., discuss "Bank Portfolio Management," which
he said "the successful management of a bank's bond port¬
folio is a 24-hour-a-day-never-ending job that requires con¬
stant work and fidelity to sound basic objectives."
He
the figures under consideration have been arrived at
together with their full meaning.
Use of these figures to interpret day by day developments
abroad and at home, as to their effect on the money market
was
also recommended.
The figures bring together the
actual effects of such varied developments as gold exports
how
added:
It is in this light that the value
of
a
well thought through program is most
apparent.
Such a program will not make the job of portfolio management an
automatic
one
by
any means,
but it
can
and should be
an
defining the limits within which judgment should operate.
invaluable aid in
Once this is done
imports, silver buying policy, Government deficit
operations, expansion and contraction of currency.
A plan of investment was offered in detail by Joseph E.
Morris, Assistant Vice-President of the City Bank Farmers
Trust Co. of New York, at the meeting of the Bond Port¬
folio Conference at Albany, to prove his claim that the bank
investment problem can be solved with a minimum of risk
and
then bank management can concentrate its attention in the directions where
it is most likely to
yield
a
maximum return.
The result should be a bond
portfolio which provides its full share of earnings without involving the
of risks
assumption
materialization
whose
might
jeopardize the bank's
solvency.
Chances for the successful operation of a bank's bond account are greatly
increased, if
a
definite, but flexible, basic plan is first established.
This plan
should be formulated by the board of directors in writing and made a part
rest
from either credit
The responsibility for carrying out this plan should
of the Board's minutes.
There should be an unswerving
with the advice of an investment committee.
determination not to compromise with the principles behind this program.
One of the best and most effective ways of increasing income is to curtail
losses, and one of the most prolific sources of bond losses is to compromise
with conservative investment standards in the hope of speculative gain.
Discussing the tools which can be used to attack four
general phases of bank portfolio management, Mr. Garner
said:
First is the question of a basic plan—why
and how it should be formulated.
of 2.15% on the entire list.
Under Mr. Morris'
bank investment officer would have to make no
Second, the execution of the plan—how it can be made to function in a
Third, earnings and the limited responsibility of the bond
practical way.
account in
Fourth, capital funds and the necessity for
producing them.
cations
following practices which will assure their adequacy under all conditions.
One of the first facts
that
we
come up
and maturity
banker's
control.
It
is
types
fixed by factors
follows that
income which can be obtained from the
real, once the banker
beyond
is
a
the rate of
bond account is illusory rather than
has decided upon the size and composition of his
function of management, sub.'ect of course to
minimum safety
standards, to determine which of its expenses are fixed, and
relatively flexible.
which are
bargain bonds.
I hope that none of you will feel that in any way we are
•
trying in these discussions to preach to you or to pose as experts in all the
phases of bank management.
much
As we all know from personal experience, it is
easier to tell someone else how to cut expenses and live within his
income than it is to follow that
a most
tion
of every opportunity
creasing expenses.
are
The banker today is faced
present conference appeared in our
A reference to the
1939,
page
for soundly increasing gross income and
de¬
New Orleans
It is a real tribute to your abilities in that direction that
"Times-Picayune" Observes 103rd
Anniversary
here tonight, representing institutions which have been able to
work out a practical answer to this problem.
the banks' problem of substandard bonds,
speaking at the meeting of the Conference at
Rochester, told the bankers they had weathered successfully
the greatest financial storm in history but pointed out it
was not surprising that as a result of the depression they
found themselves with some weakened assets.
He urged
them to keep the volume of such assets down to a well de¬
fined minimum because in his opinion it would not be possi¬
ble to have a serious depression at the close of the present
war.
Destructive economic forces, he said, were created
Relative
to
Mr. Massie,
by the last war which are still operating and new ones will
be created by this new war; bankers, therefore, should
strengthen their assets as rapidly as possible and be prepared
eventuality.
Speaking of the bonds of weak railroads, Mr. Massie
said there was some question as to whether the long-expected
appreciation would take place in the prices of such bonds
because the roads appeared to be suffering from certain
fundamental troubles.
He pointed out that industrial
to meet any
greater in 1937 than in 1926 but Class I rail¬
roads showed 35% less operating revenues in 1937 than in
1926, 51% less operating income and 88% less net income
after fixed charges.
He warned bankers to give immediate
attention to their holdings of substandard railroad and
other bonds in line with the idea of getting all banking assets
activity
issue
Similar conferences held in New York
referred to in these columns April 22,
2362, May 13, page 2838 and May 20, page 2992.
of Jan. 20, page 373.
Citv a year ago were
serious income problem—a problem which requires the utiliza¬
with
you
advice ourselves.
prognosti¬
factor of credit risk, because
had been in operation for a time, he would
always be accruing a good average rate and investing ma¬
turing funds in 11-year prime bonds at the going rate.
Inasmuch as such a plan would theoretically, at least, elim¬
inate the necessity for write-offs on account of bond losses,
Mr. Morris claims the effective net results over a period of
time would far exceed the old methods of trying to select
portfolio.
It
theory the
He would also not be
after the plan
the individual
the apparent flexibility in
to trend of interest rates.
as
concerned with the all important
against in any consideration of
earnings is that the rate of income afforded by bonds of various industry,
quality
interest rate changes.
or
plan included an investment portfolio confined to
prime bonds of space maturities with approximately equal
amounts maturing each year for 10 years.
The theory,
he indicated, involved reinvesting all redeemed bonds in
issues maturing just after the longest bonds, hence always
in prime 11-year bonds.
Under present conditions, he said,
a portfolio established on such a basis would yield approxi¬
mately 1.29%.
However, as bonds matured and new com¬
mitments were made in longer maturities the yield would
continue to increase until it would reach an assumed yield
The
executive officer of the bank, aided by a younger man, and
upon an
was
strengthened.
"It is possible to get at the meat of the whole question of
How Strong Is a Given Bond ? by examining just a few basic
"Times-Picayune," whose first prede¬
The New Orleans
"The Picayune," made its initial appearance in New
Jan. 25, 1837, observed its 103rd birthday an¬
niversary on Jan. 25.
The paper in noting its anniversary
cessor,
Orleans,
also saia:
F. A. Lumsden and George
journalists, founded "The
cents, the cost
about
New
The
Democrat"
Orleans
was
Wilklns Kendall, New Orleans printers
and
Picayune," which was named for a coin, worth
of
a copy
of the paper.
Sept. 20, 1863, and "The
They were merged Dec. 4, 1981,
"Times" was founded
founded Dec. 18, 1875.
Times-Democrat."
Picayune" and "The Times-Democrat" were merged April 6,
becoming "The
"The
1914,
becoming "The
Times-Picayune."
Application of American Principles of
to
Industry to Be Given at New
School for Social Research
Lectures
on
Government
Robert B. Wolf, who is
of
the West Coast
responsible for the establishment
pulp and paper industry under a con¬
stitutional government of
its own, will arrive in New York
early next week to deliver a series of three lectures at the
New School for Social Research, New York City, on the
application of American principles of government to in¬
The first talk, which is one of a series in the Henry
Moskowitz lectures on industrial relations for 1940 will be
given Feb. 13, at 8:30 p.m. Mr. Wolf, who is manager of the
pulp division of the Weyerhaeuser Timber Co., Longview,
Wash., will dwell on the implications of the Constitution
for industry, the part that industry plays in government,
dustry.
The Commercial &
930
Coast pulp and paper industry
and the record of the West
applying its experiment in constitutional
Cards of admission to tlie lectures, which are
government.
open—free of
the general public, will be sent upon request.
in
charge—to
Feb.
Financial Chronicle
He also organized the
held until his death.
which post he
Federation Exchange,
the New
cultural Society.
^
of the Board of Directors
of the Baldwin Locomotive Works, died at his home at Rosemont, Pa. on Feb. 4.
He would have been 84 years of age
on May 14 next.
In an outline of his career the Philadelphia
"Record" of Feb. 5 stated that he had his eye on an engin¬
eer's job when he went to work at 16 in the Pennsylvania
RR. shops at Altoona, but he was such a successful mechanic
he could never be spared for training in running the engines.
In part the "Record" continued:
Samuel M. Vauclain, Chairman
Altoona
to
shops.
father
his
when
.
.
public schools of Altoona.
the shops from the
He went into
He wt»
got
job
a
build the railroad
helping to
.
apprenticeship in the railroad shops, Mr.
of 21. Five years later he was sent
finishing his
Shortly after
Vauclain became a foreman at the age
the locomotiVe works, the
to
Burnham, Williams & Co., to inspect loco¬
built for the Pennsylvania.
motives being
superintendent and a member of the firm.
1886 he was general
He became
Vice-President of the Baldwin Co. July 1, 1911.
a
As
and became Chairman of the Board
House.
States
Locomotives, Bbells and
speed that amazed experts.
Baldwin and associate companies executed and delivered war contracts
They turned out 5,551 locomotives for the United
totaling $250,000,000.
the Allies and at
12,000 rifles and
the peak period produced
Vauclain
National
He
was
a
was
Chairman of the Locomotive and Car Committee of
Council
Special Advisory
of Defense and Chairman of the
Plants and Munitions of the War Industries Board.
on
.
.
.
Trust Co.,
member of the Board of the Fidelity-Philadelphia
Philadelphia National Bank, Beneficial Saving Fund Society, Westinghouse
Electric & Manufacturing Co.,
Mutual
Manufacturers'
continuously from 1915, except when the Demo¬
for one term in 1933, worked consistently for
supported the $225,000,000
and an increased appropriation to
the Federal Surplus Commodities Corporation to buy more farm
permit
attended Baptist College, in Des
Warren County, Iowa, be
native of
A
Indianaola, Iowa, and Drake University, Des
Moines, where he received both liberal arts and law degrees.
Admitted to the bar in 1888, Mr. Dowell practiced law at Des Moines;
served in the Iowa House for four years and was elected speaker pro tem¬
pore; served in the State Senate for 10 years, until elected to Congress
Simpson College, at
(Moines,
Sixth District in 1915.
current
his
During
the House,
in
term
the Roads and Territories
Representative Dowell was a
committees.
Fire
Westinghouse Electric International Co.,
Insurance
following Baldwin
and the
Co.,
Charitable and
Harkness Left Fortune to
S.
E.
Educational Institutions
who died on Jan. 29,
S. Harkness,
of Edward
will
Feb. 6 in Surrogate's Court, New York
City, disclosing that he left the bulk of his estate in trust to
his wife, Mrs. Mapy Stillman Harkness, with the provision
that after her death it be divided among 12 institutions,
filed for probate
was
estimated $100,000,-
of which had benefited from the
many
Mr.
which
000
25,000 shells daily.
Mr.
him
replaced
tide
The
Committee
the
appropriation for farm parity payments
entered the conflict he made
United States declared war all the resources of the Baldwin
rifles poured from the shops with a
the
Iowan, who served
The
locomotives, arms and munitions running into millions of
When the
the
...
cratic
Russia, France and England, returning each time with
plants were put at the disposal of the Government.
and
1921,
in
agricultural legislation.
During the last regular session he actively
dollars.
States
bill
the House Roads Committee, which drafted
and he reported the proposed legislation to
of
Chairman
was
the widest scope for his untiring energy and super-
the United
Before
for
contracts
He
highways
with all the details
plant.
The World War gave
frequent trips to
laying the foun¬
through Federal
grants.
member of
salesmanship.
years' service in the lower cham¬
floor fights in his 24
many
Representative Dowell was proudest of his work in
dation for a system of encouraging highway constructive
ber,
from the
.
official of the company he kept in close touch
an
of the
.
.
Six years
On May 19, 1919, he became President.
He resigned that post March 28, 1929,
of directors.
in
Active
products.
From then on he moved upward rapidly. By
later he was senior Vice-President.
take the following:
we
superintendent of the 17th St. shops of
That led to his appointment as
the locomotive works in 1883.
Representative Cassius C. Dowell, Republican, of Iowa,
at his hotel apartment in Washington
on Feb. 4.
He was 75 years old and was serving his 12th
term in Congress.
From the Washington "Post' of Feb. 5
died of heart disease
of Philadelphia but his parents moved
born in the Port Richmond section
Representative Dowell of Iowa
Death of
of
Vauclain Chairman of Board
Works
Baldwin Locomotive
New York State
1917, which was succeeded by the Grange League
of which he was a director.
He was a member of
York State Agricultural Society and the New York State Horti¬
Exchange in
Grange
+
Death of Samuel M.
10, 1940
Harkness
Harkness was
of Mr.
The death
The principal beneficiaries after Mrs.
Mr. Harkness as the Com¬
3, page 783.
of Feb.
during his lifetime.
reported in these columns
away
gave
Harkness's death were named by
monwealth
Fund,
charitable corporation established by
research, and the Presby¬
a
his mother for medical
and
him
Hospital, of which one unit is named the Harkne&s
terian
Pavilion, in his honor.
subsidiaries:
HStandard
Works
Steel
Locomotive Co., I.
Co.,
Baldwin-Southwark
$1,250,000 were made
Specific bequests totaling more than
Whitcomb
Corp.,
P. Morris & De La Vergne, Inc., Federal Steel Foundry
to
employees.
Co., Cramp Brass & Iron Foundries Co. and the Mid vale Co.
Scheuer & Co. Distributing 1939 Edition of
Death of F.
W. Sargent, Former
President of Chicago
Co.
"Comparative Textile Chart"
and North Western Railway
Fred W. Sargent, former
President of the Chicago & North
Western Railway Co., died Feb. 4 at the age of 63 in the
Evanston Hospital, Chicago.
Mr. Sargent because of ill
health retired last May
after serving as President of the
company for 14 years.
The following account of his career
is from the Chicago "Journal of Commerce" of Feb. 5:
Mr.
Sargent,
native of Akron,
a
Iowa, received his legal education in
the State University of Iowa and in
North Western
to
Chicago
as
civic affirs.
as
a
1906 first became connected with the
legal representative at Des Moines.
general solicitor and became
In
1923 he
a
In 1920 he
came
leader in railroad, financial and
made Vice-President and general counsel of
was
sultants,
Marvin
Board of the North Western, in
retired, and Mr.
Sargent
was
Omaha Co.
A
by Mr. Sargent's executive
a price history of
print cloth of the market)
covering the years 1930 to 1939, inclusive.
It records the highest and
lowest monthly mill margins, as well as the price ranges of cloth and
cotton during these years.
Monthly mill margins of two standard cov'bed
The
Hughitt
known
bodies
to
as
the
reduce
with
and
full authority which
Mr.
Finley.
He also
St. Paul Min¬
until general recession came.
was as
Citizens
their
The North
fiber.
Committee
on
Public
Expenditures
each
In
of
the
which
years
He
expenditures.
commission which supervised the
South Dakota.
and Trust
He also
was a
was
a
director
of the
Chairman of the
as
Mount Rushmore memorial in
Prices,
presented in
are
manufacturing,
the
a
which
margins,
of
graphic form which facilitates interpretation.
represent
financing
and
National
Grange—Also
industry's well-being.
Associate
which
Served
as
Although
of
New
also
Sherman J. Lowell, Master of the National Grange from
1919 to 1923, died on Feb. 3 at his home in Lamberton, near
Fredonia, N. Y. He was 81 years of age. Mr. Lowell was
Master of the New York State Grange from 1916 to 1920.
follows in the
were
always interested in farm affairs, and during the World
When plans
made in 1917 to mobilize the agricultural resources of the State into
"second line of defense," he
was
appointed
State^Food Supply Commission; in 1918
Commission
the
next
The
was
legislation
been
of
the
court's
Justice
and
in
1919
he
was
a
a
he
C.
Press
years
Dean
old
on
of
the
Feb. 3,
observed:
throughout the Roosevelt Administration.
leading dissenter in recent years.
He
retire until
after
McReynolds do not
appointed
the oldest member of
expect
him to
by President Wilson in
the court in
1914.
both age and service,
He had been Mr.
Wilson's
Attorney General.
The
death
of
73-year-old
McReynolds
voted
Willis
Van
active
Justice Pierce Butler last November 16 left
survivor of an original group of four who
Administration on major litigation.
Justices
80, and George Sutherland, 77, retired from
the only
against
the
service.
Devanter,
now
a
served
of
on
the
the Wood
Fuel
Reconstruction
Commission.
In
James Speyer
Elected President Provident Loan Society
James Speyer has been elected President of the
Loan Society of New York, succeeding Frederick
1926, he was appointed to the United States Tariff Commission by
President Coolidge.
He helped organize the National Grange Mutual
Chairman of the Board of the
Liability Association, and in 1922 he
Co.
78
member of the New York
member
was
McReynolds,
presidential election.
justice,
usually
was
78th
Democrat, he has been the court's most consistent opponent
Justice
War did outstanding work with the Patriotic Farmers' Fund.
James
Associated
time
a
Deal
has
Friends
as
Justice
United States Supreme Court, became
Member of U. S. Tariff Commission
Some of his other activities were indicated
New York "Herald Tribune" of Feb. 4:
what mills receive for the services
form an important barometer
selling
Supreme Court Justice McReynolds Observes
Birthday—Has Served Court Since 1914
at
Mr. Lowell
and
to
+.
Death of S. J. Lowell Active in New York State Grange
and
annual production
the total
(1936
material costs, and mill margins of two staple rayon con¬
raw
mill
of
director of Continental Illinois National Bank
Co., Illinois Bell Telephone Co. and of several railroads.
Exchange
shows
covered
fabric movement.
structions
These
Chairman of the business and
Chamber of Commerce of the Untied States and served
national
cotton
included
section
which studied local tax structures and succeeded in influencing local govern¬
mental
other material,
among
standard
(the
are
the
is
feature
includes,
5.35
constructions
cotton
administration followed, marked
prosperous
Sargent's last public service
group
38^-inch
1939, inclusive) the per
capita consumption of all these items is given.
Here is portrayed the
rapid growth of staple fiber as well as the relative stability of the cotton
Chairman
Western went into reorganization under Federal law in 1935.
Mr.
section
cotton
64x60
consumption for the country of cotton cloth, rayon yarn, and rayon staple
made President
career
This publication has been issued
years,
of the
as
became President of the subsidiary railway, the Chicago,
civic
many
1925, William H. Finley, President,also
previously had been shared by Mr.
neapolis and
con¬
and the series forms a concise historical
record of the industry's performance.
The announcement
concerning the chart adds:
for
A
Hughitt, railway pioneer, retired
brokers and
the 1939 edition of their "Com¬
distributing
are
parative Textile Chart."
the North Western.
When
Co., New York City, textile
&
Scheuer
made director of the association.
Mr. Speyer,
Provident
H. Ecker,
Metropolitan Life Insurance
who was Treasurer of the Society and who
Volume
has
President
its
been
The Commercial &
ISO
nine
founded
before,
times
the
organization.
1893,
night (Feb. 9) said:
panic in
modeled after the municipal pawn shops he had seen in
was
operation
founded by Mr.
was
The idea was to lend money on clothing and small
rates far below those of
articles at
Speyer retired from active business last June as
of the now discontinued banking firm of
Speyer & Co. but retained his private office in the Speyer
Building, 24 and 26 Pine St., now occupied by the Swiss
American Corporation.
This was reported in our issue of
July 15, page 354.
Murphy Sworn in as Associate Justice of
Supreme Court
Court,
and
of
witnessed by seven justices and many
Justice Black was absent because
was
friends of Mr.
of the
Charles Elmore Cropley, Clerk
by
given
Murphy.
illness.
held at the White House on Jan. 18
of President Roosevelt and high Govern¬
Another ceremony,
in
the
presence
officials, at which Mr. Murphy took the oath to sup¬
ment
Constitution,
port
the
Jan.
was
these columns
to in
referred
20, page 371.
^
Major J. H. Doolittle Elected President of Institute of
the Aeronautical Sciences—Comprehensive Aero¬
nautical Archives Founded
of the election of Major
James H. Doolittle of the Shell Oil Co. as President to suc¬
Dr.
ceed
W. Lewis, Director of Research of the
Committee for Aeronautics.
The other
George
National Advisory
officers elected for 1940 were the
W.
Vice-Presidents:
Federal
following:
City; Sherman iM. Fairchild. Chairman of the Board of Fairchild Aviation
City; R. H. Fleet, President of Consolidated Aircraft
Calif.; H. J. E. Reid, Engineer in charge, National
Advisory Committee for Aeronautics, Langley Field, Va.
Major Lester D.
Corp.,
New
York
Corp.,
San
Diego,
Gardner
Executive
elected
was
dent of Grumman Aircraft
Vice-President,
Leroy
R.
Grumann,
Engineering Corp., Bethpage, N. Y., was elected
is said will
soo
nbecome the most
comprehensive aeronautical archives in the world was an¬
nounced at the meeting by Dr. George W. Lewis, retiring
The announcement of the Insti¬
President of the Institute.
tute says:
This
made
was
books,
Burden of his
M.
A.
magazines,
photographs,
which form the most complete privately owned
library in this country.
To this will be added the extensive
aeronautical
technical
aeronautical
10,000
clippings
and
reports
possible through the loan by W.
about
of
collection
library of the Institute and the Aeronautical Index consisting of
million
over
two
four
years
Federal
which
references
under
a
has
been
in
process
of preparation
for
grant from the Works Projects Administration.
Chairman
of
selection
Vice-Chairman
and
Surpassing all previous records except those in 1937, the
advanced $94,780,587
12 Federal Home Loan banks in 1939
meeting expanded
it was reported on
Feb. 3 by officials of the Federal Home Loan Bank Board.
It was further announced by the Board:
institutions
member
to
demands
for
during
tions
had
mortgage credit
1, 1940, this national home
homestead
savings
associations,
associations,
and insurance
loan
and
savings
including
members,
3,920
banks,
cooperative
and
As of Jan.
loan associations.
Loan Bank System
State-chartered savingB and loan associa¬
three of them new Federal savings and
them being
of
institutions
similar
reservoir
funds,
members entered the Federal Home
new
97
1939,
or
in
aid them
to
home-financing
banks
companies.
The
Federal
Bank
Loan
Home
serving
Cincinnati,
of
Ohio, Kentucky
banks of the System in
membership with 684 members.
The Pittsburgh Bank, serving Pennsyl¬
vania, Delaware and West Virginia, was second with 633, and the Chicago
Bank, of Illinois and Wisconsin, third with 471.
In order, the other
banks had the following members:
Winston-Salem and New York tied
with 416; Little Rock, 287; Des Moines, 244 ; Topeka, 231; Boston, 218;
Indianapolis, 214; Los Angeles, 172, and Portland, Ore., 134.
At the close
of the year
cumulative advances of $581,922,460 had
been made to member institutions since the System was created by Con¬
and
Tennessee,
in
gress
Bank
31
Dec.
led
other
the
11
Of that total, $400,609,469 had been repaid, leaving a
of $181,312,991.
The Federal Home Loan Bank of
1932.
balance
outstanding
led
outstanding advances with $25,882,260; the New York
with $19,820,094, and the Winston-Salem Bank third
in
second
was
with
on
$19,819,668.
The
itself
System
member
and
in
institutions
general
were
further
strengthened during the year in a number of ways.
Assets of member
institutions increased approximately $300,000,000, raising to a total exceed¬
There
$4,700,000,000.
ing
institutions
a
was
decrease
the number of member
in
borrowing from the regional banks, the number dropping from
the rise in the amount of private
savings placed by the public in the share accounts of member institutions.
During the past year there were 55 mergers of members, 16 sales of
assets, 47 liquidations, three removals, and voluntary withdrawals of 10
members.
At the opening of the year 1940 there were 110 applications
because
chiefly
2,339,
to
in the Bank System.
for membership
pending
of
1,362,794 Home Mortgages Amounting to $3,765,595,000
Were Recorded in 1939, FHLBB Reports
mortgages numbering 1,362,794 and
Home
amounting to
$3,765,595,000 were recorded by all types of lenders on nonfarm property in the United States in 1939, it was estimated
on Feb.
3 by officials of the Federal Home Loan Bank
Board.
Savings and loan associations were responsible for
34% of the number and 31% of the amount for the year,
according to the Board's Division of Research and Statistics,
which confines its monthly national survey to mortgages of
$20,000
or
less.
The announcement added:
Altogether 113,241 mortgages, valued at $316,541,000, were recorded in
This
was
only slightly less than in November, which is
customarily a much more active lending month than December.
The December rate of mortgage financing averaged $3.43 per
Appoint Chairmen,
Vice-Chairmen, and Public Interest Directors
The
to
December.
Banks
Loan
Home
Advanced $94,780,587
Funds in 1939
Banks
Loan
Presi¬
Treasurer, and C. E. Sinclair, Secretary.
The founding of what it
Home
Members for Home-Financing
2,606
Burden, National Aviation Corp., New York
M.
A.
Interest Director,
term as Public
Director.
Interest
Chicago
,
Institute of the Aeronautical
Sciences held at Columbia University, New York City, on
At the annual meeting of the
Jan. 24, announcement was made
McWilPublic
Francisco, Calif., reap¬
San
Davis,
G.
Albert J. Evers, San Francisco, Calif., a Public
Vice-Chairman, and was also given a new
named
was
One hundred
Murphy began his service as an Associate Justice
of the United States Supreme Court on Feb. 5 after taking
an
oath to administer justice impartially.
The judicial
was
named) ; Vice-Chairman, Frank S.
Maxwell, Seattle, Wash., renamed
David
Angeles—Chairman,
pointed.
partner
Frank
oath
W.
J.
,
Mr.
Frank
(to be
Wash.;
Director.
The Provident Loan Society
private pawnbrokers.
has made 17,000,000 to date for more than $9,000,000.
senior
Spokane,
Los
Speyer during the
which
Society,
in Europe.
Portland—Chairman
liams,
Interest
The New York "Sun" of last
The
931
Financial Chronicle
and
with
District
the
California
the
next
the
of
Columbia
highest,
reporting
$8.79.
The
highest
the
distribution
person,
rate—$9.60—and
of
recordings
by
throughout the entire year 1939 follows:
lenders
appointment of a number of Public Interest Directors of
the various
Federal Home Loan banks
Feb. 3 by officials of the
were
announced
Number
of Total
Amount
of Total
of
the
Chairmen
and
Vice-Chairmen
for
are
the
calendar year
1940 or until their successors are designated
and qualified.
Each of the 12 Federal Home Loan banks
has 12 directors,
eight selected by vote of the member
institutions and four named by the Board at Washington
$1,168,076,000
648,362.000
924,479,000
331,614,000
140,809,000
562,366,000
31
to
represent
Public
new
public
the
interest.
The terms of various
expired Dec. 31,
Terms of the
Interest Directors
$3,766,595,000
100
directors named are for four years each.
The appoint¬
Savings and loan associations
462,426
34
Individuals
Terms
341,666
26
Banks and trust companies
283,963
21
66,770
6
Insurance companies
Bernard
New York—Chairman,
Vice-Chairman,
Lucius
Rothwell,
J.
The
through
Koontz,
Charles S.
Charleston,
D. Lloyd, Ridgefield Park, N. J., reappoinetd;
W.
Va.,
Winston-Salem—Chairman
Trigg, Philadelphia, Pa., reappointed;
Pa.,
reappointed;
Arthur
renamed Public Interest Director.
Vice-Chairman, E. C. Baltz,
(to be named);
named) ;
Vice-Chairman,
W.
M.
Brock,
Dayton, Ohio, reappointed.
Indianapolis—Chairman,
of
Indiana
Ind.;
Herman B. Wells, Bloomington, Ind., who is
and has been a Public Interest Director
University,
of the Bank since Jan.
1, 1939; Vice-Chairman, F. S. Cannon, Indianapolis,
Charles T. Fisher Jr., Detroit, Mich., was renamed Public Interest
Director.
Chicago—Chairman,
Vice-Chairman,
Henry
C.
G.
E.
Broughton, Sheboygan, Wis., reappointed;
Jr., Chicago, 111., reappointed.
Mr.
Zander
Broughton also was renamed a Public Interest Director.
Des M"oines—Chairman, Charles B. Bobbins, Cedar Rapids,
Vice-Chairman, Wilbur P. Gulley, Little Rock, Ark.,
Iowa, reap¬
reappointed.
F. Good, Lincoln, Neb., who has been ViceChairman ;
Vice-Chairman, Charles F. Quaintance, Denver, Colo., who
moves
up into Mr. Good's former post and is a Director-at-Large elected
by member institutions.
Title
is based
100
upon
county reports submitted
of savings and loan associations, the United
League, the Mortgage Bankers Association, and
Association.
Church
Pension
Fund
Officers
In
a
Elects
Two
Trustees—All
Reelected
statement issued Jan. 31
by William Fellowes Morgan,
Sr., President of The Church Pension Fund of the Protestant
Episcopal Church, it was announced that the Rev. Oliver
D., and the Rev. John F. Scott, D. D., were
created by
the deaths within recent months of Dean Milo H. Gates of
New York City, and the Rev. Frank H. Nelson, D. D., of
J. Hart, D.
elected to the Board of Trustees to fill vacancies
Cincinnati.
Dr. Hart who is-the rector of St. John's Church,
Washington, D. C., was also elected to the Executive Com¬
mittee.
Dr. Scott is rector of All Saints Church, Pasadena,
Calif.
The term of office in both cases extends to the next
session of the general
convention of the Church which will
City in October. All of the officers of the
Fund were reelected.
They are William Fellowes Morgan,
Sr., President; Bishop Cameron J. Davis of Buffalo and
be held at Kansas
pointed; Vice-Chairman, E. J. Russell, St. Louis, Mo., reappointed.
Little Rock—Chairman, Will C. Jones Jr., Dallas, Tex., reappointed;
Topeka—Chairman, Paul
cooperation
and Loan
the
Savings
American
N. Y., renamed Public Interest Director.
Tippetts, Pittsburgh,
Washington, D. C., reappointed.
Cincinnati—Chairman
(to be
President
recording study
9
4
16
reappointed;
George MacDonald, New York, N. Y., reappointed;
Francis V.
Pittsburgh—Chairman, Ernest T.
B.
Mass.,
mortgage
17
24
Weeks, Providence, R. I., reappointed.
Root Eastman, New York,
Vice-Chairman,
Boston,
3
12
1,362,794
Total
the
Boston—Chairman,
40,669
168,402
Mutual savings banks
Others
States
ments were as follows:
Vice-Chairman, Edward H.
Percent
Percent
on
Federal Home Loan Bank Board.
Frank L. Polk, Vice-Presidents; Bradford B. Locke, Execu¬
tive Vice-President; J.
P. Morgan, Treasurer; and Robert
Worthington, Secretary.
The 1939 operations of the Pension Fund were referred to
in our issue of Jan. 6, page 61.
The Commercial &
932
Financial Chronicle
Feb.
.
1940
10,
i
G.
M.
Hyde
Anglo-French
from
Resigns
Board—C. T. Ballantyne
The
Purchasing
Appointed
Purchasing Board, New York, an¬
the resignation, owing to ill
health, of G. Miller Hyde, Secretary-General of the Board
The Board announces the appointment of Charles T. Ballan¬
tyne as Secretary-General in succession to Mr. Hyde.
Anglo-French
nounced
Feb. 8 with regret
on
Establishment of
Jan. 27, page
the
Board
reported in
was
Bankers
Call
A.
to
David Gray
Bulgaria—Also Appoints
March
K.
J.
2 :15
21,
Breidenthal,
(on Feb. 3)
served
Earle
Mr.
previously
in the diplomatic
corps
as
In
issue of Jan. 30, page
our
371, reference
Stock
Stock
Yards
March
New Greek Minister to United States Arrives—Kimon
Aid
Bank,
Bank,
Estherville,
Active
Hayes,
Iowa.
Vice-President
Maurice L.
Management."
Bank
to
Bank,
Kansas
City,
Kan.
Vice-President
Loans."
Bank &
"Can
m.:
Harry A. Bryant,
Parsons, Kan.
Mohler,
Other Instalment
p.
Z.
First
Joseph
St.
Mo.
Joseph,
First National
2:15
W.
National
H.
H.
Program?"
T.
Association.
John
Trust Co.,
C.
Harrington, Assistant
Oklahoma City, Okla.
Every Bank Establish for Itself
Sound
a
T. B. Strain, President Continental National Bank,
Lincoln, Neb.
"Meeting the Problem
Rela¬
Parkston,
Kimon
Dakota
South
dent
tions
Loans."
and
William
Equipment.
"Meeting Bank Competition."
m.:
St.
and
Public Relations Forum.
m.:
p.
a.
Vice-President
Executive
Trust & Savings
an
as
Security
Commercial
Bank,
22,
Investment
Pledges Effort to Improve
8:00
Parsons
Vice-President
of his duties at Brussels.
>—♦
Diamantopoulos
21,
22, 9:30
&
Bank
Savings
Dallas, Tex.
Analysis
March
"Personal
made to
was
and
President
March
President
"Live
United States Minister to Austria during 1933 and 1934.
Mr. Cudahy's assumption
"Research
Central
Council, American Bankers
Contacts."
Bank
of
"Influence
Louis G.
was that of
President
"Avenues of Earnings Open to Rural Bankers."
m.:
p.
President Iowa
McDonald,
Ireland, succeeding John Cudahy, who was recently made
to Belgium.
Another nomination sent to the
Dreyfus Jr., of California, present Minister to Iran, also to
hold the title of Minister to Afghanistan.
Hanes,
Ark.
Service
Relations
Public
Republic National Bank,
Senate for confirmation
M.
Grover E. Totten, President
McDonnell,
Rock,
Bank
of
Display
Director
A.
Little
Bank,
National
George II. Earle, of Pennsylvania, as Minister to Bulgaria.
He also nominated David Gray, of Florida, as Minister to
Ambassador
Robert
m.:
Vice-President
William
Bank."
Your
Educational
Wilson,
President Roosevelt on Feb. 7 nominated former Governor
a.
Colo.
Denver,
Commercial
Minister
as
Ireland
to
follows:
9:30
21,
Association;
Bankers
Co.,
"Know
Minister to
as
Develop¬
Business
in
"Banking's Part in Business Development."
Colorado
Trust
President Roosevelt Names G. H. Earle
March
Order,
Part
wdiich lias been completed for four
A.
B.
issue of
our
614.
"Banking's
The program
the conference sessions
of
the Wachovia
The theme of the
Winston-Salem, N. C.
be
will
conference
ment."
of
President
who is
Association,
Bank & Trust Co.,
S.
of Low
Bankers
Earnings."
Association;
William C.
Cashier
First
Rempfer, Presi¬
Bank,
National
D.
Diamantopoulos, the new Greek Minister to the
United States, arrived in New York on Feb. 3 aboard the
Greek liner Nea Hellas on the way to his post at Washing¬
ton.
Mr. Diamantopoulos said he w_as proud to represent
day evening,
his country in America and would do his best to further the
the close of the conference, Friday evening, March 22.
good relations between the two countries.
public
R.
Named Under-Secretary of Agriculture
Succeeding M. L. Wilson
Wickard
President
Roosevelt
sent
1
Feb.
on
the
Mr. Wickard was named to suc¬
resigned to become head of the
Secretary of Agriculture.
L.
M.
Senate
the
of Claude R. Wickard of Indiana to be Under-
nomination
ceed
to
Wilson
who
Agricultural Extension Service.
of
F.
Expects to Take Over 250 Acres
Vanderbilt Estate at Hyde Park, N. Y.,
W.
President Roosevelt disclosed, on Feb. 5, that the govern¬
ment
hoped to take over this spring about 250 acres of the
near Hyde Park, N. Y.
The
will
be
a
Counsel A. B. A.
public relations session Thurs¬
and
meeting
a
addressed
Director
by
of
the
for the
William
public at
This
A.
American
Irwin,
Institute
Other details on the public relations session
public meeting will be announced later.
Banking.
The
conference
area
embraces the
States
of Arizona,
Colorado, Idaho, Iowa, Kansas, Missouri, Mon¬
tana, Nebraska, Nevada, New Mexico, North Dakota, Okla¬
homa, South Dakota, Texas, Utah and Wyoming.
Arkansas,
American
President Roosevelt Reveals
21,
Educational
Bankers Association to Make New
Bank
of
March
meeting
and the
Government
Federal
D. J. Needham, General
In addition there will be
Associate
+
C.
"Legislative Outlook."
Lending
Activity
Covering
Last
Survey of
Half of
1939
American Bankers Association will repeat its bank
lending activity survey of last summer—the proposed one
to cover the period between July 1 and Dec. 31, 1939, it
was announced on Feb. 6
by Robert M. Hanes, President of
The
Frederick W. Vanderbilt estate
the Association.
had been sought by Father Divine, New York
evangelist, as a sort of "heaven."
The President
made this announcement after spending the week-end at
which
property
Negro
his
country home in Hyde Park.
In reporting the action
Associated Press Hyde Park advices of Feb. 5 said:
Roosevelt
Air.
the
to
pay
The
estate
that
it
James
Van
Alen
of Newport,
R.
I.,
property to the government.
planned to charge the public
was
small admittance fee
a
The survey for the first six months of 1939 brought replies from 6,078
maintenance costs.
government,
best
said,
ne
lying between
magnificient trees,
the
that Mrs.
explained
present owner, would give the Vanderbilt
He added
interested
was
the river and
some
examples of
Members of the Association's committee
developed the original questionnaire met in New
York on Feb. 5, to revise the questionnaire in the light of
experience with the original one and the suggestions that
banks made with respect to it.
The questionnaire is now
being printed and will shortly be sent to A. B. A. member
banks
throughout the country.
The
Association's an¬
nouncement reports Mr. Hanes as saying:
200
the
old,
years
home construction
in
acquiring that
Albany Post Road,
because of its
and because the house
of the period
of the
part
was
one
of
1899-1900.
banks,
or
41.5% of all of the commercial banks.
actual credit
extensions
made during that
It disclosed
11,609,733
period by the 6,078 banks
ag¬
gregating $18,153,534,633.
Mr. Hanes likewise said:
♦
All bank loan figures heretofore published were of a static nature, simply
Central
States
Group
Conference
of
I. B. A. to Hold
Chicago March 28-29
in
The fifth annual conference of the Central
of the Investment
Bankers
Association
States
Group
will
Chicago, March 28 and 29, at the Palmer House, it
was announced
on
Feb. 5 by Julien H. Collins of Harris,
Hall & Co., Chicago, who is Chairman of the Group Execu¬
Committee.
forums
of
The
following
two
the
days will be devoted to
pattern
of
previous
a
series
conferences,
which have become the model for meetings in many of the
other geographical groups on the Association.
Nathan D.
McClure,
manager
of the Chicago office of Harriman Rip¬
ley & Co., Secretary-Treasurer, states that
many
investment
bankers from outside the group are expected to participate
in the forums.
These include Emmett F. Connely of the
First of
Michigan Corp., Detroit, President of the Associa¬
tion, and
tives of
attend,
Plans
one
a
number of other national officers.
Eastern
as
Representa¬
underwriting houses have been invited to
in previous years.
for
session
the
for
discussion
lending.
a
on
a
single date.
The A.
B. A
picture of actual bank lending activity.
It
It is important that this educational activity be continued.
The members of the committee
to prepare
the
new
questionnaire
who
met
in New York
were:
E. W. Burdick, Chairman, Vice-President, the Cleveland Trust
Co.,
Cleveland, Ohio; Daniel H. Blizzard, Assistant Cashier, the Philadelphia
National Bank, Philadelphia, Pa.; Philip H. Butterfield, Assistant Cashier,
the First National
Bank, Concord, N. H.; Harry C. Culshaw, Assistant
Treasurer, the Pennsylvania Company for Insurances
on
Lives and Grant¬
ing Annuities, Philadelphia, Pa.; Mark J. Igoe Jr., Assistant Comptroller,
Corn Exchange National Bank & Trust Co.,
Linderholm,
Vice-President,
Randolph W.
Nuckols,
the
Central
Philadelphia, Pa.; C. Lincoln
Bank,
Manager of the Transit
Grand
Rapids,
Department,
Mich.;
First
and
Merchants National Bank of Richmond, Richmond, Va.; D. Carlton Shill¬
ing, Assistant Cashier, McDoweU National ^ank, Sharon, Pa.; Dr. Harold
Stonier, Executive Manager, A. B. A.; Paul A. Warner, Executive VicePresident, Secretary and Trust Officer, Knox County Savings Bank, Mount
Vernon, Ohio; Gurden Edwards, Director of the Research Council and
Secretary of the Economic Policy Commission, A. B. A.; and Lester Gibson,
though
program,
dollar volume
designed to give
great deal to overcome the popular notion that banks are not
a
be
held in
tive
showing the outstanding
survey was
has done
America
of
Annual
of
the
still
incomplete,
National
include
Association
of
Securities Dealers, the new organization for regulating the
over-the-counter market.
This was disclosed by D. Dean
Director, News Bureau, A. B. A.
The
figures covering the first half of 1939 appeared in
30, page 4114.
our
issue of Dec.
McCormick,
&
manager of the Chicago office of Alex. Brown
Sons, who is Chairman of the Meetings and Entertain¬
ment
Committee.
Another
session
will
be devoted
to
A.
B.
A.
members have been added to the teaching
of Banking for its 1940 ses¬
it was announced on Feb. 2 by Dr. Harold Stonier,
staff of the
Announced
Conference
for
to
Be
A.
B.
Held
A.
Denver
March
Regional
21-22
Details of the Regional
Banking Conference of the Amer¬
ican Bankers Association, to be held in
Denver, Colo., at
Shirley-Savoy, March 21-22, were announced on
Jan. 30 by Robert M. Hanes, President of the
American
the
Hotel
of Banking Adds Four
Faculty Members
Four faculty
nicipal finance.
Program
Graduate School
mu¬
sion,
Graduate School
Director of the Graduate
the American
bers
R.
are:
S.
Assistant Professor of Marketing, School of Business,
University, who has been added to the Economics faculty;
Bussing, Director of Research, Savings Banks Trust Co. and Savings
Columbia
Irvin
School and Executive Manager of
The new faculty mem¬
Bankers Association.
Alexander,
Volume
The Commercial &
150
will lecture in the
Vice-President Statebeen added to the
Investments staff, and Arthur F. Young, Vice-President and Trust Officer,
The National City Bank, Cleveland, Ohio, who will lecture on the invest¬
ment aspects of trust woik as a member of the Trusts faculty.
Banks
Association
of
Banking
Savings
Planters
Bank
the
&
Trust
State
J.
course;
New
of
Harvie
who
York,
Wilkinson
Richmond,
Co.,
Va.,
Twenty-Seventh
Jr.,
who
has
According to the 1940 catalogue, this year's session will
conducted as in the past at Rutgers University, New
Brunswick, N. J., from June 17 to June 29.
Admissions
be
This year's National
in the Palace
under whose auspices these
held
Twenty
requirements.
The work of the school covers a
of practical subjects in commercial banking,
range
savings banking, economics, business
Three years of attendance at the
resident sessions and two years of extension work are re¬
investments,
trusts,
law, and related fields.
quired for graduation.
<+»
Bank of Chicago to
Federal Home Loan
Stockholders' Meeting
The
annual
Hold Annual
Today
stockholders' meeting of the
Federal Home
Loan Bank of
Chicago will be held this afternoon (Feb. 10)
at the Palmer
House, Chicago.
member savings,
Representatives of the 467
building and loan associations in Illinois and
Wisconsin will hear four
speakers, from the general financial
field, from real estate, from government, and from their own
bank system, respectively.
Newton C. Farr, President of
the National Association of Real Estate Boards, will speak
on "Prospects
for 1940," stressing the opportunity which
lies ahead of real estate and mortgage men in rehabilitating
blighted areas in the small towns as well as the metropiltoan
areas.
Dr. Walter Lichtenstein, Economist of the First
National Bank of Chicago; James F. Twohy, Washington
Governor of the Federal Home Loan Bank syste.; and A. R.
Gardner, President of the Federal Home Loan Bank of Chica¬
will be the other speakers.
go,
Foreign Trade Convention will meet
Hotel, San Francisco, Calif.,
in
Savings
Winter
and
Conference
years
Questions pertaining to the supplying of money for home
"Own-a-Home Savings
Clubs," &c., will be discussed at the 17th annual mid-winter
conference of the American Savings and Loan Institute to
the
ownership,
be held at
Pittsburgh
delegates attended.
In 1930, the convention met in Los
Angeles, 2,100 delegates being present on that occasion.
The invitation from the San Francisco Chamber of Commerce
had
the support of the Governor of the State, Frank F.
Merriam; the Mayor of the city, Angelo J. Rossi; the Down
Town Association of San Francisco, and of chambers in Los
Angeles and other Western cities.
P. A. Kinnoch, VicePresident, American Trust Co., San Francisco, and a mem¬
ber of the National Foreign Trade Council, has been elected
Chairman
which
of
the
San
Francisco
on
of
The Institute expects
Feb. 22-23.
savings, building and loan associations at this first national
gathering of the business in 1940.
Speakers will include
Frank W. Hancock, member of the Federal Home Loan Bank
Board; George W. West, Atlanta, President, United States
Savings and Loan League; Morton Bodfish, Executive VicePresident of the League; Leo Kieran of New York City;
A. J. Bromfield, President of the Institute; W. H. Houghton
of the U. S. Secret Service; John F. Mahr, Executive Secre¬
tary of the Oklahoma Building and Loan League; and
others whose special field of savings and loan work is adver¬
tising.
Financial
Advertisers
Association to
vention at Hot
Hold
1940
L.
and 30, it
Con¬
1940
Homestead, Hot Springs, Va.,
was
Price, advertising and
announced
publicity
on
on
Feb. 5 by Chester
manager
of the City
National Bank & Trust Co., Chicago, and Chairman
1940 convention city committee of the Association.
of the
Other
Henry C. Ochs, Vice-Presi¬
dent of the Winters National Bank & Trust Co., Dayton, O.;
Swayne P. Goodenough, Vice-President of the LincolnAlliance Bank & Trust Co., Rochester, N. Y.; and Merrill J.
Campbell, Assistant Secretary of the Marine Trust Co.,
members of the committee
National Foreign Trade Week to Be Observed May 19
to 25—U. S. Chamber of Commerce Invites Organ¬
izations
Participate in Program
to
During 1940 the sixth annual observance of "National
Foreign Trade Week" will be held in communities throughout
the United States from May 19 to May 25,
S.
Chamber of Commerce says
♦
York "Herald Tribune" to Sponsor Three InterAmerican
and
Three
of
war
on
our
inclusive.
Conferences
Promote
to
Friendship
Travel
inter-American conferences,
designed to promote
friendship and travel between the United States and Latin
America, will be held Feb. 15, March 14 and April 11 at the
under the sponsorship of the New York "Herald
Tribune," with the cooperation of the American Arbitration
Association, the General Federation of Women's Clubs,
Astor
normal European
trade; trade prospects in
Orient; neutrality and its effect on our foreign commercial
relationships; protection for home industry ana its bearing on
tariff bargaining; American merchant marine as redistributed
by the war, &e." The Chamber is inviting organizations
to participate in the observance of this week.
Last year
there were over 1,500 participating organizations.
Heating and Ventilating Exposition Held in Cleveland
At the Sixth
International Heating and Ventilating Ex¬
position held during the week of Jan. 22 to 26, at Lakeside
Hall, Cleveland, more than 300 leading manufacturers pre¬
displays of the latest air conditioning
sented comprehensive
equipment and accessories, making this, it is stated, the
largest exposition of its
kind
ever
held.
An audience total¬
ing nearly 25,000 visitors from all parts of the United States,
as well as from foreign countries,
was in attendance, and
exhibitors are said to have made many actual sales during
The exposition, otherwise known as the
Exposition, was held under the auspices of
the American Society of Heating and Ventilating Engineers,
who, following an established custom, held their annual
meeting during exposition week.
Meeting also in Cleveland
was the National Warm Air Heating and Air Conditioning
Association.
The
exposition
was
under the personal
direction of Charles F. Roth, who is President of the Inter¬
national Exposition Co.
exposition.
the
SEC Issues Tabulations on
Characteristics of Corporate
Security Issues Proposed for Sale During
public the following tabulations on selected characteristics
of corporate security issues proposed for sale by issuers and
registered under the Securities Act of 1933 during the period
Oct. 1 to Dec. 31, 1939.
These data, published quarterly,
are
part of the series
which was initiated in February, 1939.
figures for the July 1 to Sept. 30, 1939 period were given
in our issue of Nov. 4, page 2897.
The tabulations issued
The
Feb. 2 follow:
CHARACTERISTICS
OF
COMPORATE
SECURITIES EFFECTIVELY
REGISTERED* TINDER TFE SECURITIES ACT OF 1933 AND PRO¬
POSED FOR SALE BY ISSUERS—OCT. 1 TO DEC. 31, 1939
A.
Summary
No.
Gross
of
Amount
Issues
"Defense of the Americas" will be the theme of
the first conference, accord¬
ing to final plans announced yesterday by Mrs. Grace
of the New York "Herald
include A. A. Berle Jr., Assistant Secretary of
the United States,
Commercial Arbitration Com¬
relations for
of Women's Clubs, will preside at all three sessions.
the General Federation
Beggs,
Chairman
of international
Approximately 1,000 delegates, representing 34 national and
can
women's organizations, trade and
Pan-Ameri¬
transportation groups and services
active in Western Hemisphere relations,
All
Total
All
($000)
Issues
56
100.0
262.204
100.0
29
51.8
45,259
17.2
8
14.3
13,280
5.1
14
25.0
174,565
66.6
5
All Issues.
8.9
29,100
11.1
International Business Machines
Corp. and Chairman of the Inter-America
Frederic
% of
% of
Issues
Total
Speakers will
State; Carlos Daviia, former
Provisional President of Chile and former Ambassador to
and Thomas J. Watson, President of the
Type of Security
Allen Banks, director
Tribune's" Club Service Bureau.
Fourth
Quarter of 1939
On Feb. 2 the Securities and Exchange Commission made
further said;
Mrs.
no
discussion this year—the effect
Latin America and other neutral areas; trade policy in the
the Foreign Trade Educational Committee and other groups,
it is learned from the "Herald Tribune" of Feb. 5, which
mission.
The
that "there will be
are:
Buffalo, N. Y.
New
Committee
making all local arrangements.
Mr. Farrell, in
his call of the convention, stresses the imoprtance of this
year's meeting, in view of wartime restrictions on freedom of
international trade and shipping and the new situations that
are
arising in Europe and the Far East that may affect
America's future foreign commercial relations.
Air Conditioning
Springs, Va., Oct. 28-30
The Financial Advertisers Association will hold its
annual convention at The
Oct. 28, 29,
Convention
is
and 600 senior and junior executives of the
500
between
establishment
throught the country.
have elapsed since the Council's annual con¬
vention last met in San Francisco, when more than 2,400
U.
Loan Institute to Hold Midin Pittsburgh, Feb. 22-23
July 29, 30, and
annual meetings of foreign traders
leading seaport cities
dearth of vital subjects for
American
on
Farrell, Chairman of the National Foreign Trade Council,
will
broad
Trade Convention
July 29-31
31, according to announcement made Feb. 6 by James A.
are
1942, which begins its school work this year,
be limited to the first 200 applicants who meet the
Foreign
National
Be Held in San Francisco,
to
to the class of
entrance
933
Financial Chronicle
will attend the conferences.
Stock Issues;
Common
-
Preferred
Bond Issues:
Long-term secured
...
...
Long-term unsecured
Short-term secured and
unsecured.
0
0
mmim
Feb.
The Commercial & Financial Chronicle
934
Common Stock
B.
Issues
tity and credit, and receives $30
Grot*
Issue*
Amount
All
Total
AU
($000)
Issue*
29
Par value
Limitation
dividends
on
....
Contingent voting rights only
No voting rights
....
Preemptive rights
80.6
97.8
13.8
36,488
5,639
96.6
44,259
1
3.4
10
.....
34.5
-
2~2
1,000
5,951
13.1
worth of immediately
supply, he cashes enough new
checks to carry him to his next
in effect
paying for his purchase on installments
and at
and nothing, of course, unless
Preferred Stock Issues
Gross
of
Amount
Issue*
% of
% of
($000)
Issues
13,280
7,639
67.5
100.0
13,280
3,588
6,705
6,575
AU
1767
0
—
dividends
25.0
—
Ordinary voting rights
37.6
Contingent voting rights only
No voting rights
62.5
12.6
25.0
Sinking fund...
Callable (other than for sinking fund)...
100.0
37.6
Convertible
V.8
a
100.0
Long-term Secured Bond Issues
Civil
and
Amount
Issues
% of
Total
100.0
($000)
He became
Issues
100.0
0
78.6
168,981
96.8
14
100.0
174,665
Convertible..
2
14.3
6,660
3.8
Warrants or rights attached
0
Security subject to prior lien
0
.......
Issuable under
same
0
—
and
3
21.4
Definite limit set on Issue of equal or senior securities
10
71.4
Substitution of property under lien permitted
13
92.9
0
special conditions.
Gross
of
Amount
Issues
Total
Issues
29,100
100.0
29,100
100.0
20.0
for sinking fund)
Convertible
additional
10,900
18,200
37.5
60.0
500
1.7
40.0
Sinking fund...
attached
Issuable under
securities
62.5
0
same
in¬
100.0
29,100
100.0
20.0
denture
Definite limit set on Issue of equal or senior securities
500
1.7
Interest dependent on earnings or special conditions.
0
Guaranteed
0
F.
In
applicable short-term issues during the period covered by this
issue of April 29, 1939, page 2504, explanatory
definitions, &c., regarding the sale by issuers was
our
given.
ITEMS
statements, the annual
distinct innovation among
casualty insurance companies' returns.
In its financial
aspects the report is unusually informative as to the
make-up of the portfolio.
A map which shows clearly the
company's most important offices and service stations on
this continent, and a summary of the scope of the com¬
pany's operations illustrated by photographs will give share¬
report of the U. S. F. & G. is a
holders
BANKS,
TRUST
COMPANIES,
&c.
changed from the last previous sale of Feb. 2.
»
were
better realization of
made Feb. 9 for the transfer of a New
The previous
York Stock Exchange membership at $50,000.
transaction was at $48,000 on Feb. 2, 1940.
the
nature of their invest¬
of insurance in
is engaged.
example set.
♦—
At the regular meeting
Arrangements were completed Feb. 5 for the sale of a
membership in The Chicago Stock Exchange at $1,500, un¬
Arrangements
a
and the character of the many forms
The United States Fidel¬
ity & Guaranty Co.'s operations in 1939 were conducted
on a most favorable basis,
and the report shows just why.
Other companies in the same field might well follow the
______
ABOUT
of the firms of Gillespie.
Meeds & Co. and Gillespie, Blagden & Rhine-
presentation of
which their company
release.
notes,
in the
He resigned his
♦
its extensive
In
ment
Short-Term Secured and Unsecured Bond Issues
There were no
S. Bache & Co.
All
($000)
100.0
Serial maturity..
No
All
100.0
All Issues.
Corporation
Bank.
He retired five years ago.
lander.
% of
% of
Issues
Total
Warrants or rights
Director of the Distillers' Securities
resigned his banking affiliations and became a partner
Smith Barney & Co., New York, announce that they have
completed distribution of a block of more than 7,000 shares
of capital stock of the Guaranty Trust Co. of New York,
which were offered at $296 per share, and of a block of 300
shares of capital stock of the First National Bank of the City
of New York at a price of $1,915 per share.
0
Long-term Unsecured Bond Issues
No.
Equitable Trust Company, and then a
of the Equitable
York Stock Exchange firm of J.
New
(New York) in
Director of that company and also
Trustee of the Greenwich Savings
a
Army and
University.
27.3
Characteristic
Callable (other than
After the war he resigned from the
100.0
0
0
j.
4.4
7,679
47,710
174,546
«•>•»*»
enlisted in the United States Army,
in Puerto Rico during the
first lieutenant
Later he was secretary of the
In 1911 he
Philip Sheridan in
He attended Cutler
from Harvard University in 1898.
clerk for the Mercantile Trust Company
Livingston & Co., Gillespie,
In¬
denture
Interest dependent on earnings or
a
Gillespie.
McMaster
partnership there in 1913, and later was a member
0
-
a
Vice-President and
100.0
E.
service as
Safe Deposit Company, a
11
for sinking fund)
Guaranteed
Rhobie
studied law two years at Columbia
All
174,565
0
Serial maturity
Sinking fund
securities
active
saw
1901.
14
All Issues.
additional
and
Spanish-American War.
All
of the late Maj. Gen. George
Chief Engineer on the Staff of General
War.
Immediately after his graduation he
Gross
of
% of
Total
old. Concerning his career we take
York "Herald Tribune" of Feb. 7:
School in New York and was graduated
Characteristic
No
63 years
Mr. Gillespie was born in Chicago, a son
Lewis Gillespie,
the
Issues
Callable (other than
was
the following from the New
24.1
0
No.
He
Feb. 7.
7.6
1,005
13,280
3,205
attached
'
Gillespie, retired banker and broker, died of
cerebral hemorrhage at his home in New York City on
Lawrence L.
0
D.
♦
49.6
0
—
Warrants or rights
50.5
240
—.
—
Guaranteed
27.0
This change, it is said, has been
Feb. 13.
morning,
necessitated by the expanding business experienced since it
was established 17 years ago, the second of National City's
72 branches in the city.
0
Preemptive rights
Assessable
loo'o
It will be opened
Broadway, corner of 57th Street.
Tuesday
......
on
New York will move from its present
100.0
75.0
Cumulative
Limitation
AU
100.0
-
Total
Issues
Par value
Bank of
location at 57th Street
and Seventh Avenue this week end, to larger quarters at
Street Branch of The National City
The 57th
Characteristic
All Issues.
moderate salary range as personal credit
they will be important.
risks, it is not anticipated that
Total
Experience is not yet available
service, but in view of the proved
determine credit losses on the new
reliability of men and women in the
No.
the service costs nothing in ad¬
used.
—
C.
payday, thus
which suit his convenience
known cost to himself.
a
Empire Trust Company emphasizes that
vance
0
which need only
He can pay cash for his next purchases,
Within three days after his
payday foUowing the date he issued the checks, he comes to the bank and
settles the amount he owes, paying a small service charge for each check
he has used and receives a new supply or-checks.
If this depletes his-cash
to
Participating
pays-nothing in advance, but he has $30
be valid.
taking advantage of sales or cash discounts.
0
0
$5 and
the-bank, just as with
official signature certifying
usable bank checks in his pocket,
his counter-signature to
0
s
—......
Guaranteed
12.5
0
0
Assessable.............
Warrants or rights attached
100.0
4
.......
—
Ordinary voting rights
45,259
75.9
28
....—
...
100.0
22
All lasuefl.
John Smith deposits-no money,
% Of
Itsues
Total
then adds its
bank
The
payment.
Characteristic
% of
checks.
travelers'
worth of certified credit checks in
He signs each check once at
$10 denominations.
No. of
10, 1940
of the board of directors of the
City Bank Farmers Trust Co. of New York City on Feb. 6,
Samuel Sloan Duryee, a member of the law firm of Parker
&
Duryee, was elected a director.
Mr. Duryee was born in
City, graduated from Yale University, class of
York
New
1917, and New York University Law School. He is a nephew
of the late Samuel Sloan who for many years had been
associated with thei City
W. Palen
Bank Farmers Trust Company.
Conway, President of the Guaranty Trust Com¬
of New York, announced on Feb. 7, that at a meeting
of the board of directors, Charles E. Wilson was elected a
pany
Empire Trust Co., New York"City, which pioneered with
Department in the field of no-minimumbalance, pay-as-you-go checking accounts and more recently
installed a personal loan department, has added a system of
certified credit checks to its services department, it was
announced on Feb. 7.
By the use of certified credit checks,
which contain many familiar banking features, a man or
woman in need of cash, says the company, is provided with
an immediate self-identifying bank check certified in advance
bv the bank up to a stated amount.
The entire operation
its Check-O-Matic
or
certified credit checks is
a
useful extension of bank credit
director
of the company.
General
Electric
Co.,
that office upon Mr.
Mr. Wilson is President of the
having
succeeded
Gerard
Swope in
Swope's retirement on Jan. 1 last.
Mr.
director of the General Electric Co., and is
Wilson is also
a
Chairman
member of the board of numerous other com¬
or a
panies in the electrical field, including the following: Edison
General Electric Appliance Co., director; Edison Acceptance
Chairman of the Board; Electric
Corp.,
Vacuum Cleaner
Co., director; General Electric Contracts Corp., Chairman of
the
Board; General Electric Supply Corp., Chairman of the
Manowatt Electric Corp., Chairman of the Board.
in the popular field on an inexpensive-and convenient basis.
It has been pointed out that wide use of certified credit checks
Board;
have a decided effect on sales for cash and permit def¬
inite savings through purchases for cash. The announcement
General Electric Company or its affiliated
may
Here's how certified credit checks operate:
was
born in New York City in
companies.
He
1886, and at the age of 13,
went to work in 1899 as an office
continues:
the Jones Corp. at $35 a week.
Mr. Wilson's entire business career has been spent with the
He
comes to
John 8mith is employed by
the bank, establishes his iden¬
trical
lowing
Works,
a
boy with the Sprague Elec¬
General Electric subsidiary.
the transfer of the conduit
In 1918, fol¬
business from Sprague
Volume
Electric
The Commercial & Financial Chronicle
150
General
to
Electric, he
Avenue.
assistant general
became
been
superintendent of the company's Maspeth, L. I(J and New
Kensington, Pa. works. In 1923 Mr. Wilson went to Bridge¬
business, and two years later was appointed assistmanager of General Electric's Bridgeport plant.
He
and wire
tant
elected
1938
in
a
Vice-President of
transferred
was
1930, and
the company in
New
to
York
as
went
to
the
Mr.
1903.
Haupt
haa
Minneapolis, Minn., in its an-
for 1939 issued Feb. 1 shows net operating earn¬
ings for itself, its banks and other active affiliates of
$2,756,611, after deducting minority interests, equal to about
share, against net of about 88 cents a share in
from the 1939 earnings were net profits
a
President, and at the same time was elected to the board of
1938.
directors.
from the sale of bonds,
Excluded
recoveries and receipts from liquidat¬
ing companies and affiliates totaling $525,356.
Guaranty Trust Company of New York announced on Feb.
2 the appointment of Robert W.
ker Jr. as Assistant Treasurer.
in
ual report
94 cents
Executive Vice-
Co.
Trust
Chartiers
employee and officer of the company a number of years.
an
First Bank Stock Corp. of
port, Conn., as managing engineer in charge of the conduit
was
He
935
Morey and Charles S. Par¬
Capital, surplus and undivided profits of the banks and
$487,468 after payment of
other active affiliates increased
dividends aggregating
$1,562,682 to First Bank Stock Corp.
and
A
McMannus, who died on
service in memory of John H.
N. Y., was held in Trinity Church, Wall
Street and Broadway, on Feb. 8.
Mr. McMannus had been
a member of the New York Stock Exchange since 1919, and
Jan. 29, in Pelham,
was
partner of the firm of McMannus & Mackey.
a
New
The
York
State
Banking
Department
Jan. 31
on
approved a proposed reduction in the capital stock of the
North Shore Bank Trust Co. of Oyster Bay, N. Y., from
minority stockholders, transfers to reserves of $150,430
and reduction in the carrying value of bonds, securities and
other assets of
$1,176,669.
Dividends paid by the corpora¬
aggregated $1,473,512.
Net deposits of banks affiliated with First Bank Stock
Corp., including one trust company and 82 banks and
branches, increased $41,230,435 in 1939, while loans and
tion during the year
discounts increased
securities
ment
$37,300
par
THE
value of preferred stock divided into $18,650 shares of
of $2, each; and
Price changes were
the par value
value of common stock divided into 7875 shares of the
value of $8 each.
$63,000
(2)
par
par
♦
recapitalization plan for the Mount Vernon Trust Co.,
Vernon, N. Y., was approved on Jan. 31 at an ad¬
A
Mount
journed meeting of the stockholders of the institution, it is
learned from Mount Vernon advices on that date to the
New York
the
Under
$1,500,000
the
bank
the
of
was
value
par
down
scaled
the
of
of
shares
150,000
$300,000,
to
changing
the
$1,500,000 debenture
bank, held by the Reconstruction Finance Corp., by a payment of
plan
the
also
provided
the retirement of
for
a
preferred stock of the institution.
John Leland Cross, President, said the
plan would have no effect on the bank's business or its officers.
The New York State Banking Department on
Jan. 24,1939
approved an increase in the capital stock of the Marine
Trust Co. of Buffalo, Buffalo, N. Y. from $8,000,000 (con¬
sisting of 250,000 of the par value of $32 a share) to
$8,500,000 (made up of 265,625 shares of the par value of
$32 a share).
«
Brackett Snow Jr.
William
of Brookline,
Mass., for 22
associated with the Boston brokerage house of Kidder,
Peabody & Co., has been elected President of the Suffolk
Savings Bank for Seamen, Boston, it was announced by the
years
trustees
Mr. Snow succeeds the late Theron A.
Feb. 7.
on
The Boston "Herald" of Feb. 8, in outlining
President's career, said in pait:
Apollonino.
the
new
The 43-year-old native
of Stoneham attended Stoneham High School and
Harvard College with the class of 1918.
.
.
.
Mr. Snow left Harvard in his Junior year when the United States entered
the war and enlisted in the
Navy, rising to the rank of lieutenant, junior
grade, before he left the service and finished his course at Harvard.
He is
a
director of several companies, including the American
Felt Co.,
United Merchants
Daniel Green Co., Middlesex & Boston Street Railway,
&
Manufacturers, Simmons Hardware & Paint Co. and the Westchester
Jan.
31, 1940 the New York
approved
a
State Banking Depart¬
proposed reduction in the authorized capi¬
tal stock of the Lincoln-Alliance Bank & Trust Co. of Roches¬
ter, N, Y., from $6,150,000, consisting of 50,000 shares of
convertible preferred stock at $50 each, and 182,500 shares
of common stock at
$20
a
share, to $5,440,000, consisting of
40,000 shares of convertible preferred stock at $50 each and
172,000 shares of common stock at $20 each.
preferred
convertible
(The
issued
which
unissued
have
been
6tock reduced consists of shares previously
redeemed;
the
stock
common
reduced
consists
of
shares.)
*
Blackwell Newhall was elected a director of the Fidelity-
Philadelphia Trust Co. of 'Philadelphia, Pa., at a meeting of
directors
the
on
Feb. 6.
Mr.
Newhall
President of the Philadelphia Gas
The Corn Exchange
is assistant to the
Works Co.
National Bank & Trust Co. of Phila¬
delphia, Pa., announced this week the appointment of Wil¬
liam H. Conger Jr., as an Assistant Trust Officer of the
institution.
the
W.
nected with the company for some years, has
to
a
been promoted
Vice-..President of the institution, and has been suc¬
ceeded
Secretary
as
and
Treasurer by
Harry
G.
Haupt,
formerly Assistant Secretary and Assistant Treasurer, it is
learned from "Money & Commerce" of Feb. 3, which added:
Frank
J.
Lanahan is
President and
F.
J.
Gillespie Jr.,
is
the other
Vice-President.
Mr.
States
Johnston entered
National
fore part of
govern¬
decreased
strong
and irregular during the
few selected issues
were a
the trend and registered substantial
Aluminum Co.
standing
MARKET
narrow
the week, but there
moved against
that
gains.
CURB
mostly
of
stocks,
America
was
especially
on
one
of
Tuesday
the
out¬
when
it
climbed upward 634 points to 16034 at its top for the day.
As the week advanced the volume of
trading improved and
the market moving briskly forward
Wednesday under the leadership of the public utilities.
on
Some
profit-taking
was
ticularly in the aircraft
apparent from time to time, par¬
group,
which registered
gains on Saturday and again on Monday.
some
modest
Industrial
spe¬
cialties have been
fairly active, oil shares have been quiet
and mining and metal stocks have moved within a narrow
range.
Trading
on
the New York Curb Exchange continued fairly
active during the brief session on Saturday.
The transfers
climbed up to approximately 85,000 shares against 74,000
in the preceding two-hour period.
Industrial specialties
in good demand with the gains ranging up to 2 or more
points and there was considerable speculative attention di¬
were
rected toward the aircraft stocks.
Bell led the advance in
and added 2 points to its gains of the previous
day closing at 26.
Public utilities were strong and advances
of 2 or more points were registered by a number of the pre¬
this group
ferred stocks.
Prominent among the gains
were
Aluminum
151; Brill pref., 334 points to
3434; Great Atlantic & Pacific Tea Co. nv. stock, 3Mi
points to 112; Midvale Co., 334 points to 110; and Nehi
Corp., 134 points to 69 M.
Irregular price movements were apparent on Monday,
and while some profit-taking was in evidence from time to
time, a number of substantial gains were registered by some
of the trading favorites.
Aluminum Co. of America at¬
Co. of America, 2 points to
tracted considerable
speculative attention and climbed
up
M points to 15534 at its top for the day.
American Potash
Chemical advanced to a new peak for 1939-1940 as it
touched 100.
Brill pref. added 334 points to its previous
Bank
banking in 1896
then
at
the
gain and closed at 38, and Pennsylvania Salt soared upward
134 points to 174 %.
Public utilities were represented on
the side of the advance by Carolina Power & Light $6 pref.,
which worked up to a new peak for 1939-1940 with a gain of
1 % points to 9834United Gas pref. was up 214 points at
101.
Oil stocks were quiet and aircraft issues were ir¬
regular.
Narrow price changes were the rule during most of the
session on Tuesday, and while there were a number of
notable exceptions, these were largely among the industrial
specialties and the aluminum shares.
Aircraft stocks en¬
countered profit-taking and Brewster lost part of its previous
day's advance.
Other issues in the group were fractionally
lower.
Aluminum Co. of America forged ahead 634 points
to a new 1939-1940 top at 16034 at its day's best but sub¬
sequently lost a small part of its advance.
Outstanding
among the gains were New Process Co., 3 points to 33;
Jones & Laughlin Steel, 1% points to 29; Southern Union
Gas pref. A, 2 points to 19; American Potash & Chemical,
4 points to 104; and Great Northern Paper, 134 points to 43.
The curb market slowed down to a
»
Johnston, heretofore Secretary and Treasurer of
Chartiers Trust Co. of McKees Rocks, Pa., and con¬
Ira
securities
&
♦—
On
and
4
Service Company.
ment
bonds
prices strengthened,
share from $10 to $2.
a
The
of
plan,
stock
common
value
"Times," which added in part:
other
$17,302,093.
$125,000, consisting of 6,250 shares of the par value of $20
each, to $100,300, made up as follows:
(1)
$17,835,259 and investments in
and
as
an
corner
of
employe of the old United
Sixth
Street
and
Liberty
on
considerable
Wednesday, and while the trend pointed
extent
upward,
the
changes were generally small and without special signifi¬
cance.
Public utility preferred stocks assumed the market
number of substantial gains were regis¬
Aircraft stocks moved within a narrow
range and aluminum shares continued strong, Aluminum
Co. of America adding 3 points to the preceding day's gain
and closing at 163.
Borne Scrymser was again active and
moved upward 234 points to a new 1939-1940 peak at 3714 •
Oil shares were generally quiet, mining and metal stocks
moved within a narrow range and industrial issues were off.
leadership and
a
tered in this group.
The Commercial & Financial Chronicle
936
Public utilities and industrial specialties led a broad ad¬
vance in the curb market on Thursday and substantial
gains
recorded in each group.
The transfers climbed up to
188,470 shares against 112,385 on Wednesday.
With the
exception of Jan. 3, this established the top volume of sales
for 1940.
The advances among the industrials included
among others Atlas Plywood, 2 points to 17; Brown Co. pref.,
2% points to 26; Jones & Laughlin Steel, 2 points to 30;
Pa. Salt, 2 points to 175; Standard Steel Spring, 2 points to
36and Colt's Patent Fire Arms, 2 points to 81.
Public
We
represented on the side of the advance by
United Gas & Electric pref. (7), 2% points to 87%; Niagara
Hudson 2nd pref. (5), 2 points to 80, and Central New York
Power Co. pref., 2% points to 103.
Higher prices prevailed during much of the dealings on
Friday.
There were some laggards among the slow moving
stocks but the market closed strong with advances in excess
of the declines.
Industrial specialties continued to hold the
market leadership and a number of the more active of the
speculative favorites registered substantial gains.
Promi¬
nent in this list were Singer Manufacturing Co., 4 points to
148; Tubise Chatillon A, 3 points to 36; Mead Johnson, 2
points to 46 and Todd Shipyards, 1% points to 69%.
As
compared with Friday of last week prices were generally
higher, Aluminum Co. of America closing last night at 167
against 149% on Friday of last week; Carrier Corp. at 13%
against 13; Fisk Rubber Corp. at 15 against 13%; Gulf Oil
Corp. at 36% against 35%; International Petroleum at 18%
against 18, and Standard Oil of Kentucky at 20% against
20%.
DAILY
were
TRANSACTIONS
AT
THE
NEW YORK
Stocks
CURB
10,
1940
reprint the following from the weekly circular of
Montagu & Co. of London, written under date of
were
utilities
Feb.
ENGLISH GOLD AND SILVER MARKETS
THE
Samuel
Jan. 17, 1940.
GOLD
The gold held In the Issue
amounted to
Department of the Bank of England on Jan. 10
£219.561 at 168s. per fine ounce, showing no change as com¬
162053
pared with the previous Wednesday.
The Transvaal gold output for December, 1939 amounted to 1,100,731
1939
fine ounces, as compared with 1,103,135 fine ounces for November,
and 1,026,229 fine ounces for December, 1938.
The Bank of England's buying price for gold
168s.
fine
per
ounce.
fi ILV E R
has remained unchanged at
The market has remained very sensitive and price movements have been
out of proportion to the volume of business.
At the
rather erratic and
beginning of the week moderate bear covering and Indian purchases caused
prices to advance until 22 %d. for both cash and two months' delivery was
quoted on Jan. 12.
On the next working day, Jan. 15, a little general
selling was sufficient to cause a sharp fall of %d. to 21 %d., while yesterday,
with sellers holding back, further Indian buying brought about an upward
reaction of 7-16d. to 22 3-16d. for both deliveries; offerings were again
scanty today and on a little Indian demand, the price rose a further 7-16d.
to 22%d.
Prices tor cash and two months' delivery were quoted level
throughout the week.
Quotations during the week;
LONDON
IN
Bar Silver Per Ounce Standard
2 Mos.
Cash
Jan.
11
22 %d.
Jan.
12
Jan.
22 %d.
22%d.
21 %d.
Jan.
Jan.
15
22%d.
21 %d.
Jan.
16
22 3-16d.
22 3-16d.
Jan.
Jan.
17
22%d.
22.237d.
22^d.
Jan.
22.237d.
Jan.
Average
Jan.
IN
YORK
NEW
Per Ounce .999 Fine
U.S.Treas.
Market
Price
Price
35 cents
34% cents
35 cents
34 % cents
35 cents
34 % cents
35 cents
34% cents
34 % cents
34 % cents
35 cents
35 cents
The official dollar rates fixed by the Bank of England during the week
were as
follows:
Buying
Selling
EXCHANGE
FINANCIAL
ENGLISH
Bonds (Par Value)
$4.03 %
4.02 %
MARKET—PER
CABLE
tNumber
Week Ended
of
Shares)
Feb. 9. 1940
Saturday
Monday
Foreign
Domestic
Government
84,740
125,115
124,465
Tuesday
$873,000
1,045,000
$29,000
23,000
1,066.000
836,870
Jb,616,000
14,000
956,000
Silver, p.oz.d. Closed
1,285,000
Gold, p.fine
1,315,000
8,000
1,427,000
$114,000
$6,759,000
oz.
Sales at
$29,000'
Week Ended Feb. 9
Exchange
L
1940
Jan. 1 to Feb. 9
1939
1939
The
States
1938
■'
,
Stocks—No. of shares.
836,870
825,590
4,282.346
5,536,450
$6,616,000
29,000
$15,657,000
$48,178,000
$62,531,000
41,000
366,000
62,000
565,000
Total
$15,760,000
$49,109,000
168s.
168s.
168s.
£73 H
£7 .%
£73%
£98 %
£98 %
£98 A
£97 %
£98 %
Closed
£111%
£111%
£111%
£110%
£111%
price of silver per ounce (in cents) in the United
the same days have been:
on
Bar N.Y. (for'n)
U. S.
34%
34%
34%
34%
34%
35 i.
71.10
71.10
71.10
71.10
71.10
71.10
Treasury
(newly mined)
TREASURY
EXCHANGE
MONEY
Pursuant to the requirements of Section 522 of the Tariff
of 1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Ireasury the buying rate for
cable transfers in the different countries of the world.
We
RATES
CERTIFIED
BY
NATIONAL
Jan. 31—State National Bank of Lincoln, Lincoln, 111
Feb.
5
Feb. 6
Feb.
7
COMMON
Feb.
8
Feb.
9
29—The
Neb.
Jan.
Europe—
*
*
%
S
$
$
Belgium, belga
.169072
.108966
.168577
.168261
.168250
.168187
Bulgaria, lev
a
a
a
a
a
a
Czechoslov'la. koruna
a
a
a
a
a
a
Denmark, krone
.193083
.193083
.193083
.193083
.193085
.193100
Engl'd, pound Bter
3.981527 3.987500 3.988333 3.979722 3.983333 3.975416
Finland, markka..
.017333*
.017625*
.017666*
.017333*
.017333*
.017333*
France, franc
.022562
.022593
.022595
.022548
.022568
.022526
Germany, relchsmark .401175* .401140* .401175* .401175* .401233* .401175*
Greece, drachma....
.007193*
.007175*
.007181*
.007181*
.007181*
.007181*
b
Hungary, pengo
b
b
b
b,
.176058*
Italy, lira
.050462
.050471
.050471
.050471
.050464
.050466
Netherlands, guilderNorway, krone
Poland, iloty
Portugal, escudo
.530816
.530805
.531594
.531716
.531862
.531855
.227087
.227087
.227087
.227087
.227088
.227118
a
a
a
a
a
a
.036250
.036250
.036250
.036250
.036250
Spain, peseta
b
b
b
b
.099500*
.099500*.
.099500*
.099500*
.099500*
.238037
.238043
.238066
.238031
.238061
Switzerland, franc
.224177
.224166
.224183
.224161
.224166
.224194
Yugoslavia
.022577*
.022517* ..022577*
.022557*
.022577*
.022577*
.099500*
.238056
Asia—
Chefoo (yuan dol'l
Hankow (yuan) dol
a
a
a
a
a
a
a
a
29—Security National Bank of Kansas City, Kansas City,
From $125,000 to $200,000
Kan.
a
a
400,000
From $100,000 to $500,000-
Jan. 30—The
First
National
From $31,000 to $35,000.
_
of
Bank
Monett,
a
a
a
a
a
a
Hongkong,
.247025
.247191
.246950
.246608
.246816
.301510*
.301543*
.071916*
.072125*
British India, rupee..
.301660*
.301450
.301450
4,000
Jan.
31—The
People's
.234362
.234387
.234383
.234383
.234383
National Bank of Charlottesville,
.467337
.467237
.466887
.466987
Feb.
Citizens
1—The
National Bank of Decatur, Decatur,
From $200,000 to $250,000
3.172500 3.177500 3.178750 3.170833 3.173750 3.167083
Australia, pound
New Zealand,
pound- 3.185000* 3.190000* 3.191562* 3.183541* 3.186250* 3.180000*
Africa—
3.980000
3.980000
3.980000
25,000
111.
50,000
-
PREFERRED
STOCK ISSUED
Amount
Feb.
Rapid City National Bank, Rapid City.
1—The
S. Dak.
$100,000
Sold locally
2—Old National Bank in Evansville, Evansville, Ind.
Feb.
Sold
500,000
-
VOLUNTARY LIQUIDATION
Amount
1—The Nyack National
Feb.
Bank & Trust Co., Nyack, N. Y__r$575,000
preferred stock $375,000.
Effective
Jan. 31, 1940.
Liquidating agent, Gregory W.
Spurr, care of the liquidating bank.
Succeeded by Nyack
Bank & Trust Co., Nyack, N. Y.
Common stock, $200,000;
3:30 p.m.,
.465650
3.980000
100,000
Bank of Caldwell, Caldwell, Idaho
From $100,000 to $125,000.
BRANCH
Australasia—
Union South Africa, £ 3.980000
North America—
Char¬
lottesville, Va.—From $600,000 to $700,000
.234383
.466575
yen
84,000
—
Jan. 31—The First National
.301520
Japan,
Settlem'ts, dol
Mo.
tonio, Texas.—From $616,000 to $700,000
.246508
dollar.
.072125*
Monett,
_
30—National Bank of Commerce of San Antonio, San An¬
Jan.
a
.073681*
.072766*
75,000
30—The First National Bank of Duquesne, Duquesne, Pa.
Jan.
a
Shanghai (yuan) dol
Tientsin (yuan) dol.
.073416*
Amt. of Increase
Lincoln,
$37,500
of Lincoln,
locally
China—
8tralts
Bank
From $312,500 to $350,000
b
Sweden, krona
dinar...
Con¬
STOCK INCREASED
CAPITAL
Continental National
.036250
b
Rumania, leu
Presi¬
dent, Albert A. Ahrens; Cashier, Albert Schweikert.
Lincoln, 111.
version of the Lincoln State Bank,
Jan.
t
$100,000
Capital stock consists of $100,000, aU common stock.
Noon Buying Rate for Cable Transfers in New Yorlt
Value in United States Money
3
ISSUED
Amount
RESERVE
UnU
Feb.
BANKS
following information regarding National banks is
Currency, Treasury
Department:
1940, TO FEB. 9, 1940, INCLUSIVE
Country and Monetary
984.
from the office of the Comptroller of the
CHARTER
FEDERAL
BANK TO TREASURY UNDER TARIFF ACT OF 1930
FEB. 3,
see page
The
record for the week just passed:
EXCHANGE
HOLDINGS
heading
RATES
Act
a
21%d.
168s.
£73 %
$63,581,000
FOREIGN
FOREIGN
21 %d.
168s.
£71%
168s.
For statement under this
give below
Feb. 9
555,000
$6,759,000
Foreign government...
Foreign corporate
Fri.,
Feb. 8
495,000
114,000
Bonds
Domestic
Thurs.,
Closed
British 4%h
1960-90
New York Curb
FW
Wed.,
Feb. 7
21 ll-16d. 21 %d.
21%d.
Consols, 2H%„ Closed
British, 3%%
W. L
Total
Feb. 5
17,000
Whuvu
Tues.,
Feb. 6
Mon.,
21.000
"2" 000
1,417,000
TLf rvn
Sat.,
Feb. 3
$710,000
16,000
1,294,000
203,970
daily closing; quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
O/r#
$8,000
"fi", 000
1,254,000
187,220
Friday
Total
Corporate
933,000
111,360
Wednesday
Thursday
The
Foreign
Jan
AUTHORIZED
31—The First National Bank of Caldwell, Caldwell, Idaho."^Location
of branch.
14554.
Village of Wilder, Canyon County, Idaho.
Certificate No.
CHANGES OF TITLES
3.980000
Feb
City National Bank of Colorado, Colorado City, Texas.
City National Bank of Colorado City," to agree with change
bank is located.
1—The
Canada, dollar......
.871093
.872734
.871875
.868906
.869687
.867734
Mexico, peso
.166633*
.166400*
To "The
.166475*
.166550*
.166600*
.166600*
Newfoundl'd, dollar.
.868125
.870156
.869375
of name of place where
.866562
.867343
.865468
.297733*
.397725*
.297733*
.297733*
.297733*
.297733*
.060575*
.060460*
.060575*
.060575*
.060575*
.060575*
free-
.050000*
.050000*
.050000*
.050000*
.050000*
.050333*
Chile, peso—official.
.051650*
.051666*
.051650*
.051650*
.051680*
.051650*
.040000*
South America—
Argentina, peso..II.
Brazil, milrels official
"
"
Uruguay,
.040000*
.040000*
.040000*
.040000*
.572650*
.572050*
.572650*
.572650*
.658300*
.658300*
.658300*
.658300*
.370000*
.370000*
.370000*
To
Feb
.658300*
.366620*
a
Marion, Marion, Ohio.
Bank of Marion."
National Bank of Longview,
"Longview National Bank."
1—The
1
Rembert
.370000*
No rates available,
b Temporarily omitted.
Longview,
Texas.
National Bank of Williston, Williston,
To "First National Bank in Williston."
The First & Commercial
N. Dak.
COMMON CAPITAL
STOCK REDUCED
Amt.
Feb
Nominal rate,
1—The National City Bank & Trust Co. of
To "The National City
Feb.
.572650*
.658300*
.366620*
peso
peso contr.
Non-controlled
*
.040000*
.572650*
export-
Colombia,
Feb.
2—The City National
From $100,000 to
$50,000
of Reduction
Bank of San Saba, San Saba, Texas.
-
$50,000
Volume
The Commercial
150
In the New York Reserve Dis¬
decrease of 3.3%, but in the Boston
Reserve District the totals record an increase of 12.5%,
and in the Philadelphia Reserve District of 14.6%.
In the
Cleveland Reserve District the totals show an expansion of
15.9%, in the Richmond Reserve District of 18.3%, and in
the Atlanta Reserve District of 13.4%.
In the Chicago
Reserve District the totals are larger by 19.3%, in the St.
Louis Reserve District by 11.4%, and in the Minneapolis
Reserve District by 14.6%.
In the Kansas City Reserve
District the gain is 5.0%, in the Dallas Reserve District
aggregate $25,692,147,968.
Course of Bank Clearings
trict the totals
clearings this week show a decrease compared with
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Feb. 10)
Bank
a
year ago.
clearings from all cities of the United States for which it
is possible to obtain weekly clearings will be 4.2% below
those for the corresponding week last year. Our preliminary
total stands at $5,056,358,996, against $5,277,289,455 for the
same week in 1938.
At this center there is a loss for the week
ended Friday of 15.0%.
937
& Financial Chronicle
Our comparative summary for
]
tzerf
ii
the
register
•
it„
a
in a or
tt\
o__
week follows:
Per
1939
1940
Week Ending Feb. 9
January
January
Inc.or
January
January
Cent
Clearing—Returns by Telegraph
1940
1939
Dec.
1938
1937
$
$
$2,182,288,034
$2,566,822,218
227,190,852
314,000,000
211,807,712
283,000,000
164,663,984
+ 11.0
168,324,418
64,600,549
64,300,000
110,606,000
95,161,366
73,798,616
75,639,587
54,521,860
62,255,765
60,300,000
107,387,000
87,272,125
63,238,908
62,076,450
48,017,735
$3,430,431,282
New York
Chicago
—15.0
___
Philadelphia..
Boston.
_
__
Kansas City
St. Louis
San Francisco
Pittsburgh
...
Detroit
Cleveland
Baltimore
Total all cities for week
New York,.15
"
3d
Philadelphial7
"
Cleveland.. 18
"
Richmond.. 9
"
670,470,456
,
.14 cities
1,843,405,916
1,418,596,508
678,088,426
718,885,775
2,014,686,341
2,368,448,129
594,602,392
607,493,802
409,602,367
428,286 564
726,279,963
1,982,281,274
"
661,162,551
593.331,249
Minneapolis 16
"
472,768,059
412,700,149
10th Kansas City 18
11th Dallas
11
"
788,777,297
761,317,572
"
573,567,192
514,231,377
"
1,160,350,526
1,048,674,319
26,687,316,998
25,692,147,968
12,620,502,357
1,403,020,656
Chicago
+ 16.7
8th
St. Louis
7
9th
+ 13.5
$5,277,289,455
1,568,622,305
1,205,613,762
823,712,694
Atlanta
7th
+ 21.8
$4,378,082,192
899,207,263
1,341,999,379
18,114,620,855
2,365,612,409
6th
+ 9.0
12th San Fran.-.19
6
"
" 1
31
Total
191 cities
Outside N. Y. City
624,596,613
561,646,519
793,377,962
741,394,083
495,607,186
478,449,166
+ 10.6
1,031,568,784
1,090,278,863
+3.9
+ 13.9
24,240,611,319
29,858,439,532
11,076,265,314
10,828,449,072
12,335,122,316
1,377,474,197
+ 1.9
1,358,095,433
1,626,611,568
+ 18.4
—3.8
$
1,040,853,818
15,104,707,296
+ 13.4
+ 19.3
+ 11.4
+ 14.6
+5.0
+ 11.5
+ 3.0
—7.7
1,224,038,099
13,898,425,336
1,237,461,027 + 15.9
666,830,520 + 18.3
1,434,455,958
5th
-
—3.3
1,666,112,060 + 14.6
1,909,536,228
4th
_
$
1,088,221,162 + 12.5
14,602,865,529
+ 6.6
$5,056,358,996
All cities, one day
Boston
+ 3.8
783,201,215
Total all cities, five days
1st
+ 2.2
$3,716,841,897
661,240,295
Other cities, five days
Reserve Dists.
2d
+ 7.3
$4,213,632,497
842,726,499
Eleven cities, five days
Federal
—6.3
32 cities
Canada
—4.2
detailed statement of transactions on
Our usual monthly
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday), and the Saturday figures will not be available
until noon today.
Accordingly, in the above this last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
the New York Stock Exchange is
able to give final and com¬
plete results for the week previous—the week ended Feb. 3.
Railroad and miscell. bonds.
present further below, we are
For that week there
was
an
Month of January
Description
25,182,350
15,990,665
Stock, number of shares
1937
1938
1939
1940
58,671,416
24,151,931
Bonds
$120,903,000 $131,490,000 $128,981,000 $267,568,000
49,481,000
20,576,000
20,540,000
20,254,000
Foreign government bonds..
25,638,000
16,353,000
7,581,000
3,760,000
U.S. Government bonds
increase of 9.2%, the aggregate
clearings for the whole country having amounted to
$6,582,804,485, against $6,029,524,208 in the same week in
1939.
Outside of this city there was an increase of 9.2%,
the bank clearings at this center having recorded a gain of
9.1%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record an increase of 8.9%, in the Boston
Reserve District of 6.3% and in the Philadelphia Reserve
District of 7.6%.
In the Cleveland Reserve District the
totals show an improvement of 9.5%, in the Richmond Re¬
serve District of 7.0% and in the Atlanta Reserve District of
7.0%.
The Chicago Reserve District enjoys an expansion
of 18.4%, the St. Louis Reserve District of 4.9% and the
Minneapolis Reserve District of 16.0%.
The Kansas City
Reserve District suffers a loss of 2.1%, but the Dallas Re¬
serve District has to its credit a gain of 9.6% and the San
Francisco Reserve District of 11.4%.
In the following we furnish a summary by Federal Reserve
of
The results
appended.
$144,917,000 $159,611,000 $165,910,000 $342,687,000
Total bonds
volume
The
of
transactions in share
1937 to 1940 is indicated in
years
properties
the
on
for the month of January
New York Stock Exchange
of the
the following:
1940
1939
1938
1937
No. Shares
No. Shares
No. Shares
No. Shares
The
course
of bank clearings at
58,671,416
24,151,931
25,182,350
15,990,665
Month of January
leading cities of the country
in each of the last eight years is
shown in the subjoined statement:
for the month of January
BANK CLEARINGS AT
1940
$
(000,000s
omUled)
—14,037
New York....
Chicago
1,451
—
Boston
1,036
Philadelphia
1,816
389
St. Louis
JANUARY
LEADING CITIES IN
1935
1934
1933
$
$
$
16,207 13,552 12,646
795
1939
1938
1937
1936
$
$
$
$
14,616 13,412 17,523 16,787
1,207 1,262 1,484
1,219
918
879 1,154
1,051
1,579
1,483 1,742 1,629
1,114
822
795
859
1,119
276
1,252
357
354
,
886
392
352
1,408
309
249
Federal
1939
1940
1940
$
$
Reserve Dlsts.
275,537.858
259,318,000
+6.3
244,781,935
293,122,977
New York_.13
«
4,053,424,944
3,722,995,768
3,170,584,957
4,212,455,639
3d
PhiladelphialO
"
425,270,135
395,249,303
+8.9
+7.6
367,452,876
403,378,490
4th
Cleveland--
7
"
317,617,249
290,114,438
+9.5
261,594,714
292,892,886
5th
Richmond-. 6
"
145,506,156
135,929,483
+ 7.0
129,394,791
137,125,649
6th
Atlanta
10
"
169,728,037
158,656,751
+7.0
151,748,438
149,237,116
18
Chicago
"
505,144,822
426,787,123
434,848,256
4
"
144,701,124
+18.4
+4.9
88,357,242 +16.0
523,527,949
137,960,743
134,156,545
132,728,834
82,804,400
92,411,156
—2.1
121,821,395
134,327,428
62,558,895
64,792,131
213,657,425
237,953,830
St. Louis-..
Minneapolis 7
"
102,527,748
10th Kansas City 10
"
122,248,592
6
"
70,956,162
12thSan Fran...10
"
250,139,658
+9.6
224,585,013 + 11.4
6,582,804,485
6,029,524,208
2,653,693,281
2,429,071,423
300,366,742
341,776,070
12.1
9th
11th Dallas
113 cities
Total
Outside N. Y. City
32 cities
Canada
434
375
237
202
240
239
247
222
198
168
166
410
383
378
417
399
330
276
244
456
374
345
399
318
270
227
249
293
256
255
231
207
197
168
189
507
164
133
54
99
172
166
166
137
113
447
420
418
522
451
375
278
152
146
121
135
114
96
131
123
125
133
114
114
72
46
43
52
47
37
36
32
89
88
93
79
65
49
47
Detroit
$
$
%
Boston
8th
302
506
257
New Orleans
1st
7th
408
592
305
Minneapolis
1937
1938
Dec.
2d
12 cities
471
646
270
Cleveland
Inc.<xr
3,
647
595
276
Kansas City
End. Feb.
481
665
343
269
59t
Cincinnati
SUMMARY OF BAXK CLEARINGS
Week
492
San Francisco
Baltimore
f
districts:
561
345
Pittsburgh
124,828,150
64,742,194
+9.2
5,375,404,627
2,318,424,538
2,593,958,801
Omaha
Providence
Milwaukee-
345,998,670
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford--
—
....
aggregate of clearings being
$26,687,316,998, and the 1939
CLEARINGS FOR JANUARY,
We
now
134
139
124
110
112
103
107
99
87
8)
58
123
121
130
112
95
46
53
49
162
76
81
73
160
166
183
145
131
119
113
73
67
59
43
81
84
88
145
140
142
132
103
92
75
66
63
66
59
54
44
44
49
50
56
55
50
37
33
27,320 25,405 23,669 20,137
2,538 2,190 1,954 1,256
18,648
1,460
2,449
2,364
29,858 27,595 25,623
12,335 10,808 9,417
our detailed statement showing the figures
separately for January and for the week ended
Feb. 3 for four years:
AND FOR WEEK ENDING
FEB. 3 FOR
Week Ended Feb.
Inc. or
$
Mass.—Boston
Fall River
Holyoke—
Lowell
New Bedford-
Springfield--.
Worcester.
District —Boston
2,195,563
9,186,123
1,035,994,757
3,282,719
1,741,320
1,836,541
3,214,997
15,957,250
10,139,492
Conn.—Hartford
54,689,796
New Haven
22,911,008
6,707,000
R. I.—Providence
N. H.—Manchester
Total (14 cities)
3
Inc. or
1940
Portland
21,393 20,108
7,840 7,473
add
for each city
Clearings at—
Maine—Bangor
68
84
60
Month of January
First Federal Reserve
79
132
26,687 25,692 24,241
12,621 11,076 10,828
Total all.
Outside New York.
We also furnish
2,702
118
248
„
102
23,985 23,243 21,877
Total
Other cities
440,731,482
today a summary of the clearings for the
month of January.
For that month there was an increase
for the entire body of clearing houses of 3.9%, the 1940
158
120
130
95
184
101
166
74
55
Buffalo
6,664,954,085
+9.2
Louisville-
270
216
—————————
63,628,100
2,553,433
1,224,038.099
1939
$
2,174,348
9,615,640
918,450,810
2,974,899
1,510,948
1,859,420
3,643,396
14,758,069
9,104,123
49,044,263
19,588,717
6,981,400
46,165,100
2,350,029
1.088,221,162
Dec.
%
+ 1.0
—4.5
+ 12.8
+ 10.3
+ 15.2
—1.2
—11.8
+8.1
1938
$
2,321,595
9,249,011
878,933,498
2,744,676
1,617,692
1,840,128
2,731,585
13,660,635
+ 11.4
8,651,743
+ 11.6
49,759,771
18,150,981
5,740,000
43,429,000
2,023,503
+ 17.0
—3.9
+ 16.2
+8.7
+ 12.5
1,040,853,818
1937
$
2,825,163
9,827,467
1,153,804,882
3,133,149
1,821,916
1,805,479
3,654,940
15,930,002
9,686,699
56,337,525
20,857,297
7,337,100
62,246,900
2,730,860
1,341,999,379
1940
$
736,605
1,915,544
232,380,740
611,324
1939
$
690,863
2,074,073
220,547,799
562,904
Dec.
1938
%
$
+•.6
—7.6
+ 5.4
+ 8.6
603,261
2,084.583
207,132,401
615,186
1937
$
718,710
2,158,004
251,635,146
667,162
"374",260
"465",485
715,501
667,548
3,549,466
*375",023
*333",719
+ 12.4
607,104
3,485,135
2,164,221
14,783,723
5,420,428
620,556
3,112,797
+ 12.0
2,055,136
13,222,818
6,095,524
+ 11.8
+6.4
3,119,347
1,893,508
11,308,135
4,344,414
12,502"400
10",438",300
+ 19.8
12,139,300
555,611
563,511
—1.4
452,039
577,551
+6.3
244,781,935
293,122,977
275,537,858
259.318,000
—2.2
+ 5.3
2,194,352
14,251,008
5,355,345
10,883,200
The Commercial & Financial Chronicle
938
Feb.
10. 1940
CLEARINGS {.Continued)
Month of January
Week Ended Feb. 3
Clearings at—
Inc.
1940
1939
Inc. or
or
Dec.
1938
1937
1940
1939
Dec.
%
1938
1937
%
Second Federal Reserve Dittr let—New Yor
40,172,567
N. Y.—Albany
5,666,133
158,045,420
Bingham ton
Buffalo
2,297,892
3,825,295
Elmlra
Jamestown
New York
14,066,814,641
-
40,487,477
21,737,558
Rochester——
Syracuse
3,911,938
17,273,021
21,663,532
Utica
Westchester County
Conn.—Stamford
N. J.—Montclalr._
-
Newark
—
Northern N. J
Oranges
—
-
2,045,332
83,913,642
131,868,221
3,243,860
59,730,117 —32.
41,242,472
35,825,570
8,807,130
15,115,072 —41.7
6,255,824
11,152,175
5,154,694
+ 8.0
4,982,847
+ 16.6
6,053,890
2,247,180
1,927,817
2,341,148
1,721,565
132,399,643
+ 19.4
133,705,264
101,692,118
+ 12.0
31,700,000
30,500,000
35,500,000
33,300,000
—0.5
2,309,161
2,618,107
3,495,848
682,029
+ 8.2
630,570
1,047,082
1,633,022
3,190,441
+ 19.9
2.946,123
3,372,020
912,740
673,677
+ 35.5
702,412
773,100
14,615,882,654
—3.8 13,412,162,247 17,523,317,210 3,929,111.204 3,600,452,785
+ 9.1 3,050,980,089 4,070,995,284
36,133,204
+ 12.1
35,429,618
38,157,503
+ 13.2
11,230,217
9,925,578
10,337,099
11,173,371
17,732,373 + 22.6
18,158,838
19,596,798
+30.3
7,427,986
5,700,124
5,748,994
5,701,758
3,235,455 + 20.9
3,203,272
3,890,360
10,053,337
+ 3.7
15,933,098
14,856,592
4.294", 072
4,800,729 —10".6
4,194*371
3,807,773
17,150,223
+ 20.3
17,350,428
18,070,250
+ 1.6
4,159,742
4,093,815
4,176,902
5,384,761
1,891,620
+ 8.1
1,808,510
2,034,944
581,912
690,772 —15.8
663,862
*450,000
72,257,197
+ 16.1
—1.9
78,640,691
92,524,150
22,119,776
22,558,270
23,054,890
24,959,138
116,962,223 + 12.7
187,525,547
120,032,870
+ 0.5
20,344,950
24,082,224
24,726,559
41,403,620
4,026,004 —19.4
4,311,045
4,208,049
14,602,865,529 15,104,707,290
Total (16 cities)
-3.3
13,898,425,330 18,114,020,855 4,053,424,944 3,722,995,768
+ 8.9
3,170,584,957 4,212,455,639
Third Federal Reserve Diatric t—Philadelp hia—
Pa.—-Altoona
Bethlehem
—
Chester
-
Harrisburg
—
Lancaster
Labanon
-
Norristown
Philadelphia
Reading
Scranton
Wllkes-Barre
York
Potts vllle
-
Du Bols.
—
Hazleton
Del .—Wilmington
N. J.—Trenton
Total (17
cities).
2,034,220
y2,449,187
1,557,008
10,067,408
5,017,506
2,110,655
1,849,763
1,816,000,000
0,813,941
11,779,633
4,519,980
5,056,739
1,234,018
814,523
2,648,043
16,702,614
17,755,000
1,909,536,228
2,193,533
—7.3
1,829,107
+ 5.8
yl,500,000
2,181,359
1,868,128
484,535
y2,314,150
1,557,663
9,523,085
5,668,502
1,703,856
1,680,980
1,679,000,000
0,893,196
10,204,201
477,434
542,262
959,436
1,488,149
1,478,009
395,305
449,977
510,421
411,510
+ 52.2
+ 1.2
—3.9
330,006
352,640
+ 5.7
1,335", 595
1,311",747
+ 1.8
1,032", 481
1,275*909
+ 10.0
9,847,554
4,983,730
1,640,398
1,679,495
+ 15.0
1,483,000,000
+ 7.6
0,460,896
5,050,180
7,176,796
920,223
—1.7
1,419,587
1,110,921
+ 27.8
356,000,000
1,408,553
2,257,497
933,758
1,558,885
390,000,000
1,345,898
—4.9
1,336,319
2,909,889
935,819
—4.6
4,752,994
9,789,480
4,010,776
5,975,383
412,000,000
1,391,688
2,775,359
383,000,000
—1.1
+ 14.8
1,742,000,000
0,300,701
11,938,004
'
5,140,744
1,077,923
550,759
2,492,732
13,569,636
17,608,110
1,660,112,000
—0.9
+ro.o
+ 10.0
+ 14.5
1,466,664
546,380
2,303,080
13,537,007
+ 47.9
+ 2.2
+ 23
776,983
+ 7.7
534,064
9,026,220
5,862,000
1,833+4*
2,433,703
+4
2,648,889
932,523
1,883,071
1,499,650
574,997
2,790,177
14,375,640
+ 0.6
18,458,300
26,416,900
3,770,800
3,272,700
+ 15.2
2,912,000
3,446,000
+ 14.0
1,568,522,305
1,843,405,910
425,270,135
395,249,303
+ 7.6
367,452,876
403,378,490
+ 16.6
9,691,141
239,479,763
344,936,700
49,564,200
9,768,602
246,708,121
398,920,067
61,780,500
2,228,101
1,418,250
8,335,367
13,511,770
5,962,613
21,643,783
1,925,392
60,149,628
1,614,048
53,453,675
89,018,769
11,291,100
+ 19.3
Fourth Federal Reserve Dlstr ict—Clevelan
Ohio—Canton
Cincinnati---Cleveland-------------—
Columbus
Hamilton..
Lorain
Mansfield
Youngstown
•
Newark
Toledo
—
Pa.—Beaver County
Franklin
—
—
Greensburg
Pittsburgh
Erie---—
Oil City
Ky .—Lexington
W. Va.—Wheeling
9,813,916
209,137,184
450,430,775
45,351,100
1,927,431
920,163
7,918,607
13,015,316
5,098,413
20,230,905
1,473,356
423,191
656,744
501,223,791
7,409,152
13,472,482
13,503,048
0,444,325
1,434,455,958
Total (18 cities)
Fifth Federal Reserve Diatric
W. Va.—Huntington
1,237,401,027
+ 12.3
+ 21.9
+ 11.0
—1.5
1,766,450
+ 8.7
+ 15.2
+ 32.8
1,430,784
0,515,018
9,368,061
+ 10.8
4,627,202
+ 12.1
Frederick
—
D. C.—Washington
Total (9 cities)
—
Sixth Federal Reserve Distrlc
Tenn.—Knoxville
Nashville
Augusta
Columbus
Tampa
-
Mobile-.
131,605,202
+ 4.5
117,199,644
141,062,481
290,114,438
+ 9.5
261,694,714
292,892,886
302,498
+ 52.6
344,095
273,485
2,850,000
35,715,060
1,276,108
—1.0
6,747,629
9,841,044
14,790,343
0,138,549
560,390
046,747,434
0,027,084
11,105,128
12,473,711
9,410,615
+ 16.9
1,205,013,762
1,448,596,508
317,617,249
+ 45.5
1,206,053
11,449,000
100,266,790
1,158,988
183,271,579
5,268,329
7,384,878
4,700,263
0,080,815
8,328,484
6,260,143
553,206
2,583,000
41,934,772
1,295,254
+ 11.1
270,324,749
1,004,338
93,430,119
305,452,848
1,770,072
100,502,084
+ 18.3
601,040,519
024,590,013
145,508,156
135,929,483
+0.2
20,009,522
+ 4.2
74,470,800
214,803,359
4,899,285
20,009,388
71,513,298
246,800,000
0,313,071
3,823,050
4,614,557
5,090,661
18,393,918
50,400,000
1,269,578
79.489,992
6,839,951
87,730,823
8,844,121
3,874,418
19,612,000
+ 14.0
+ 9.6
+ 23.6
—2.0
070,470,456
566,830,520
'
895,755
+ 7.5
+ 14.6
+ 10.9
+ 24.6
+ 12.0
11,711,000
2,398.000
+ 7.7
2,300,000
39,948,863
+ 5.0
38,513,536
1,210,898
+7.0
1,255,724
77,255,590
70,107,089
+ 10.2
03,441,550
72,041,142
21,886*.328
21,902", 135
23,539,286
24,969,854
+ 7.0
129,394,791
137,125,649
4,397,517
17,978,040
+ 15.8
51,800,000
1,009,764
+ 8.9
4,453,153
16,527,166
50,100,000
1,203,184
3,374,728
16,109,713
53,700,000
1,266,033
-Atlanta—
Jackson
9,259,634
4,429,914
5,132,000
9,048,757
Meridian
1,820,324
Montgomery
Miss.—Hattlesburg
137,468,913
499,151
—4.6
4,213,925
101,183,010
8,032,733
102,614,333
—
1,777,079
2,307,260
787,929
480,543,232
—2.9
4,982,093
Macon
11,105,700
1,368,038
1,979,911
464,891
8,894,764
6,692,616
Fla.—Jacksonville
—8.0
85,258,490
11,543,000
+ 31.2
+ 88.6
0,370,253
275,552,119
1,654,377
90,424,507
22,043,475
83,125,333
270,900,000
...
Ga.—Atlanta
1,888,248
49,056,328
74,240,180
+ 32.8
+ 15.5
8,487,952
6,182,839
343,332,231
1,853,503
107,137,093
Columbia—
Greenville
Md.—Baltimore
1,971,482
53,723.759
1,268,935
1,862,709
—17.3
0,009,878
S. C.—Charleston
1,685,663
+ 12.5
+ 16.3
2,443,495
17,979,611
941,215
1,464,217
10,022,000
160,429,673
5,418,710
11,421,000
183,915,928
Richmond
103,653,558
10,390,600
—Richmond
2,130,032
Va.—Norfolk
Ala.—Birmingham
8,419,808
239,608,093
374,291,946
40,846,600
1,967,760
840,273
0,871,276
9,802,692
4,603,102
18,065,379
781,013
300,333
794,405
492,161,022
0,768,453
10,897,213
13,783,283
6,540,310
21,994,852
79,738,215
237,600,000
5,219,213
4,257,210
+ 14.0
+ 28.2
+ 17.0
4,048,885
+ 4.1
83,521,169
+ 21.1
5,597,546
+ 43.5
86,477,636
7,310,034
3,807,095
4,707,000
+ 18.7
+ 26.7
+ 14.0
+ 9.0
3,421,622
3,604,321
80,727,620
0,326,787
80,122,815
6,828,788
3,663,865
"852,116
21,925",355
1,983,695
+2.3
+25.7
911,984
18,943,000
—0.0
'"947", 512
+ 3.6
17,076,000
1,033,334
17,755,000
19,241,664
1,029,940
+ 13.9
16",515",988
19,369,201
+21.7
1,649,485
1,778,443
1,449,212
+ 6.7
760,245
764,506
176,730
251,921
+ 10.1
165,900,139
165,680,450
242,635
44,023,978
189,830
42,555,000
—0.9
171,994,423
+ 3.5
37,024,029
34,608,029
823,712,694
(Total 10 cities)
+ 11.1
189,402,079
La.—New Orleans
7,527,889
1,644,295
774,001
+ 20.2
820,462
Vlcksburg
4,409,000
6,725,046
726,279,903
+13.4
078,088.420
718,885,775
169,728,037
158,650,751
+ 7.0
151,748,438
149,237,116
—6.2
2,280,338
420,407,275 + 20.6
3,705,062
+ 25.9
12,478,633 + 23.0
2,155,041
+ 18.0
6,089,224 + 18.6
2,565,233
+ 21.9
2,712,557
+ 2.4
3,928,376 + 104.0
14,069,506
+ 23.1
83,914,258
+ 13.1
0,618,575
+ 34.1
21,959,980
+ 22.5
5,385,121
+ 17.4
89,192,990 + 10.8
1,397,553
+ 21.9
2.753,923 + 21.0
431,300
+ 15.3
1,165,740 + 19.0
—3.2
5,192,128
37,388,837 + 10.1
15,132,924
+ 8.1
842,439
+ 14.5
1,739,202
+ 8.9
1,329,379 + 20.0
1,206,803,529 + 20.3
4,307,715
+ 3.3
15,095,108 + 13.5
4,363,020
+ 23.0
5,624,232
+1.3
531,470 + 28.7
2,001,930
418,299,701
2 308,357
258,039
120,383,773
301,222
99,370,501
—14.3
+21.1
437,416
82,323,262
575,181
100,183,438
15 ,099,337
3,470,462
2",997",936
+ 15.8
2,647,375
2 ,267,602
6 ,951,283
3,817,836
1,750,995
1,789,843
—2.2
1,628,657
1,546*413
4,645,000
6,486,392
1,456,158
Seventh Federal Reaerve Dist rict—Chicago
Mich.—Ann Arbor
—
Detroit
Flint
Grand Rapids
Jackson
Lansing
Muskegon
Bay City
Ind.—Fort Wayne-
Gary
Indianapolis
South Bend
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh
Sheboygan
....
Watertown
Malntowoc
Iowa—Cedar Rapids
Des Moines
Sioux City
Ames
111.—Aurora
Bloomington
Chicago
1,451,418,099
4,513,343
Decatur
Peoria
Rockford
Springfield
Sterling
Total (31
2,139,636
507,174,697
4,740,364
15,340,858
2,544,250
7,215,380
3,127,681
2,778,048
8,015,146
18,057,354
94,866,785
8,872,522
20,898,390
6,321,235
98,793,086
1,703,908
3,331,008
497,450
1,387,079
5,027,094
41,150,169
16,357,386
964,827
1,893,402
1,594,959
cities)
17,132,822
5,365,312
5,700,019
684,100
2,365,612,409
1,982,281,274
+ 19.3
4,503,103
11,052,008
2,017,193
5,678,580
2,382,489
2,612,870
4,401,832
12,104,540
75,944,921
5,758,371
19,519,220
5,505,402
88,050,302
521 589,443
4 683,219
3 ,026,064
2 864,943
4 ,633,081
1,720,362
886,649
19,004,000
1,949,444
5,237,661
17,083",000
23",830*316
4 ,948,580
1,285,872
35 ,531,004
12 ,958,224
11,615,914
3,624,304
+ 94.0
960,433
1,068,597
15*1
15,462",000
20",b"6"5".666
1,227,384
+ 58.8
4,607,905
+ 13.7
1,167,500
4,105,332
1,352,691
4,644.236
21,086",290
+ 13.0
19,715*592
21,868",362
1,140,156
10,343,970
+ 12.8
+ 12.3
+ 9.6
1,048.006
8,634,108
3,252,323
1,087,273
8,143,146
3,306,714
455,819
347,974,272
12 ,990,549
81 ,232,148
6 ,133,933
22 ,648,497
+
4 ,012,088
93 ,172,732
1,420,670
1 ,986,550
2,898,753
495,730
2 ,978,048
1,183,920
4,795,968
33,852,323
14,270,757
822,011
1,569,244
1,327,285
1,262,001,952
4,145,388
545,078
1 ,437,392
4,582,571
5,212,103
488,449
1,483 ,793,629
3 ,977,158
19 ,913,592
5 ,742,942
5 ,299,638
654,804
2,014,080,341
2,368,448,129
15,000,077
2,971,315
800,341
2 ,018,881
1 ,735,126
352,814
303,058,697
3,009,942
289,368
255,490,519
770,207
3,782.992
—4.6
3,356,781
1,120,008
1,215,103
1,017,349
1,289,118
+ 10.1
1,061,398
—5.7
1,262,317
4,336,544
1,082,626
1,398,572
505,144,822
426,787,123
+ 18.4
434.848,256
523,527,949
997,116
+ 21.9
369,242
+ 18.6
286,667,419
+28.5
749,095
956,628
Volume
The Commercial & Financial Chronicle
ISO
939
CLEARINGS (Concluded)
Week Ended Feb. 3
Month of January
Clearings aiInc. or
Inc. or
%
%
Eighth Federal Reserve Distr let—St. Louis
389,029,637
Cape Glarardeau
4,625,000
Mo.—St.
—
353,955,943
3,887,746
+ 9.9
357,172,429
+ 19.0
3,424,759
482,086
146,411,684
84,426,713
265,721
2,419,000
536,461
163,522,312
100,748,345
111.—Jacksonville--
+4.3
+ 7.7
+ 25.0
300,796
—
Quln
514,327
151,809,213
80,575,860
287,160
+4.7
2,400,000
Independence
Ky.—Louisville
Tenn.—Memphis
2,301,000
+ 4.3
391,739,108
3,500,626
1940
1939
Dec.
1938
$
1937
1938
Dec.
1939
1940
$
%
5
$
88,200,000
86,000,000
+2.6
82,500,000
85,300,000
37.363,043
18,519,081
34,344" 920
+8.8
33",286",539
21,476", 270
17,023,823
+ 8.8
17,773,006
16,335,564
504,803
al21,053,746
88,090,182
261,337
2,344,000
1937
X
X
619,000
592,000
+4.6
597,000
617,000
134,156,545
123,728,834
+ 18.3
Total (7 cities)
593,331,249
661,162,551
Ninth Federal Reserve Distri ct—Minneap olis—
+ 11.4
594,602,392
607,493,802
144,701,124
137,960,743
+ 4.9
12,524,312
293,399,179
1,778,827
120.403,296
1,709,181
611,193
9,369,329
1,012,000
11,265,289
256,424,018
1,440,569
101,510,975
1,700,536
+ 11.2
2,945,752
66,825,947
2,490,655
55,863,299
+ 19.6
2,525,741
51,636,705
2,708,740
61,070,337
26,397,576
24",068",267
+ 9.7
23,593", 499
23,739,721
508,588
+ 20.2
2,426",898
1,985",223
+ 22.2
1,940",131
1,966",635
704,788
755,906
671,094
+ 12.6
504,893
464,570
Minn.—Duluth
Minneapolis
Rochester
St. Paul
Winona
Fergus Falls
N. D.—Fargo
Grand Forks
Mlnot
-
-
8,931,642
+ 4.9
12,000,642
255,482,670
1,348,267
103,310,914
1.483.105
511,436
8,579,466
909,000
+ 11.3
792,000
622,000
+ 13.3
12,028,810
270,389,661
1,307,003
107,378,906
1,562,366
254,386
8,302,440
706,000
745,178
2,479,695
7,291,858
584,859
2,394,024
2,728,496
9,916.769
216,113
+ 14.4
+ 23.5
+ 18.6
+0.5
220,298
+ 18.0
714,000
2,533,805
7,127,865
459,500
2,526,880
2,702,708
9.866.106
164,003
412,700,149
+ 14.6
409,602,367
—0.1
422,926
3,244,410
Sioux Falls
Huron
Mont.—Billings
Great Falls--
2,908,501
+ 11.5
6,965,131
936,160
8. D.—Aberdeen
7,757,274
—10.2
744,900
+ 25.7
3,269,280
2,948,092
13,632,857
260,024
—
Helena
Lewlstown
Total (16 cities)
472,768,059
2,984,000
+ 9.6
3,223,515
11,549,044
+ 18.0
—8.5
"659",084
"5V3", 143
+ 28.4
"568",628
"553*755
2",516",585
2",765",561
—9.0
2,034,803
1,907,398
428,286,564
102,527.748
88,357,242
+ 16.0
82,804,400
92,411,156
386,804
130,192
126,179
2,533,398
28,650,179
116,565
124,102
+ 11.7
+ 1.7
+ 1.4
129,414
99,681
123,077
3,026,278
27,539,512
'
Tenth Federal Reserve Distri ct—Kansas C ity—
Neb.—Fremont
468,147
894,154
12,209,211
12,975,907
2,157,235
382,740,044
15,231,331
584,215
33,917,012
2,740,710
—13.4
—15.2
11,162,254
+ 3.8
14,501,093
11,671,984
13,486,192
+ 19.5
2,518,045
378,035,734
14,217,409
536,493
2,185,366
416,778,310
15,705,617
606,494
+ 5.8
+ 10.1
788,777,297
Omaha
751,317,572
+ 5.0
741,394,083
7,317,655
4,079,887
223,951,831
+ 22.0
20,428,288
+ 12.0
29,914,337
10,794,000
195,368,248
1,727,586
4,052,228
—4.6
686,589
Manhattan
Parsons
774,309
Topeka
10,356,072
——
—
.,
13,467,060
—
2,578,704
409,526,711
Mo.—Joplln
Kansas City.—
St. Joseph
15.465,280
—
858,206
Carthage
Okla.—Tulsa.--
-----
34,291,450
2,821,319
129,760,220
-
Colo.—Colorado Springs
Denver
Pueblo
Wyo.—Casper
Total (18 cities)
—4.3
123,228
2,431,796
26,730.997
129,731,310
2,957,308
1,559,268
122,621,267
2,433,998
1,416,370
39,091,796
2,657,896
121,294,022
2,397,366
1,302,373
11,040,733
133,105,982
18,524,197
—-
Kan.—Kansas City.
—
"
563,147
10,589,515
123,015,392
17,514,069
668,082
906,471
535,742
Hastings
Lincoln.-.-.
Wichita.
468,843
554,684
11,119,521
130,738,516
17,843,569
670,985
—3.4
—0.7
+ 1.8
+ 3.8
+ 2.3
+ 7.0
+ 1.5
+ 46.9
+ 1.1
+ 2.9
+ 21.5
473,659
12,229,646
125,432,437
2,499,125
29,937,307
17,976,001
519,686
997,468
2,056,453
2,871,861
2",637",095
—22.0
2,363,676
3,085,565
—6.9
2,958,030
2,823,506
3,268,856
82",159",542
82",430,647
—Q. 3
83.289", 027
93,255,571
2,820,901
3,065,181
—8.0
2,700,446
2,757,301
"301,180
"386",987
—22.2
"533",731
"673",193
"598",707
545,576
+ 9.7
561,050
760,453
793,377,962
122,248,592
124,828,150
—2.1
121,821,395
134,327,428
5,383,594
4,802,598
213,998,229
20,531,675
28,456,563
12,351,000
169,819,877
1,949,570
3,834,585
1,437,943
15,883,532
1,628,745
1,752,240
—7.0
1,653,093
1,490,058
47,055",501
49,976,134
38,550,645
2,720,748
2,735,236
1,190,359
Eleventh Federal Reserve Dls trict—Dallas
1,286,047
+ 10.7
15,311,270
—1.2
6,662,223
4,657,175
215,980,751
20,274,345
30,732,693
11,299,000
180,643,301
2,050,420
4,938,682
1,389,739
16,978,857
Total (11 cities)
514,231,377
573,567,192
Twelfth Federal Reserve Dist rlct—San Fra nclsco—
+ 11.5
495,607,186
Texas—Austin
8,930,494
4,570,681
256,309,000
22,874,388
28,533,129
11,321,000
217,942,952
2,086,798
4,446,300
1,423,256
15,129,194
Beaumont-.
Dallas
El Paso
Fort Worth.
Galveston
...
I
Houston
!
Port Arthur.,
f
Wichita Falls
r
Texarkana
La.—Shreveport
-.
-
Wash.—Belllngham
1,894,950
166,093,830
-
Seattle
Yakima
3,486,601
5,844,609
-
Idaho—Boise
-
Ore.—Eugene
-
-
-
-
Calif.—Bakersfleld
Berkeley
Long Beach
Modesto
Pasadena
-
Riverside
San Francisco
San Jose
Santa Barbara
—
Stockton
Total (19 cities)
988,000
+ 14.5
2,198,781
141,996,795
4,065,009
49",358",093
+ 15.9
5,815,824
7.269,769
—2~O".6
6",863", 185
6,518,107
2,435,493
2,372,000
+2.7
2,760,000
2,486,000
1,047,985
"935",441
+ 12.0
""985", 801
873,890
2,817", 622
3",054",661
—V.8
3,241,315
3,447,942
70,956,162
64,742,194
+ 9.6
62,558,895
64,792,131
36",886",301
29",820",714
+ 23.7
30",289",293
860,232
877,785
—2.0
789,389
29,651,288
1,046,697
28",372",989
25",916",240
+ 9.5
27,Obi",147
23",699",309
14",113",197
13,709*287
+ 2.9
12,208,944
15,588,199
3",408",58i
4",004",941
—14.9
3,928",770
4,452",596
3,213",875
3",794",451
—■15.3
3,716",933
4","374",056
157,391,000
2,547,978
140,189,000
+ 12.3
129,672",000
2,825,040
—9.8
1,395,039
1,950,466
1,544,936
1,902,619
—9.7
+ 2.5
2,439,425
1,566,485
2,045,039
152,889,000
2,640,402
1,559,125
250,139,658
224,585,013
+ 11.4
213,657,425
4,508,973
+ 12.3
926,000
918,000
122,527,960
+ 11.1
2,813,268
65,631,692
+ 12.5
14,635,728
8,708,751
8,237,077
19,334,724
+ 22.0
118,686,508
3,041,542
63,124,315
14,149,722
+1.2
+ 18.8
8,487,152
7,781,159
—13.2
17,440,798
3,522,000
16,997,460
(12.620.502.357 11,076,265.314
Outside New York...
478,449,166
57,210,493
'/■
1,635,791
26,687,316,998 25,692,147,968
Grand total (191 cities)
+ 9.7
139,722,515
3,361,919
4,966,405
1,048,674,319
Salt Lake City
Ariz.—Phoenix..
+ 20.8
+ 14.2
—9.3
3,701,000
18,141,011
3,655,316
596,218,663
11,956,479
7,232,154
9,043,666
-
+ 4.9
+ 11.6
+ 28.0
1,160,350,526
Utah—Ogden
+ 14.4
1,479,874
145,420,129
3,843,539
5.105,288
1,110,000
136,120,022
3,165,325
73,658,643
17,848,443
8,812,612
9,789,214
16,790,370
3,906,000
14,418,161
3,541,476
665,138,725
12,273,588
6,859,104
9,598,853
-
► Portland
+ 12.0
—5.2
6,875,821
+ 6.1
10,312,551
117,543,181
3,545,118
66,098,765
16,456,206
6,966,434
*7,350,500
18,363,401
3,459,000
20,032,104
4,238,039
645,975,646
11,283,616
6,298,791
8,980,504
+ 10.6
1,031,568,784
1,090,278,863
+ 12.2
+ 5.5
—20.5
—3.1
3,765,365
+ 11.6
594,988,303
11,783,458
+ 2.7
6,582,804,485 6,029,524,208
+ 9.2 5,375,404,627 6,664,954,085
+ 13.9 10,828,449,072 12,335,122,316 2,653,693,281 2,429,071,423
+ 9.2 2,318,424,538 2,593,958,801
+ 3.9 24,240,611,319 29,858,439,532
CANADIAN CLEARINGS FOR JANUARY,
AND FOR WEEK ENDING FEB. 1 FOR FOUR YEARS
Week Ended Feb. 1
Month of January
Clearings atr—
'
Inc. or
J
Inc. or
■
,
1940
Toronto
1938
1937
1940
1939
Dec.
1938
%
%
$
$
$
$
%
1
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
-
St. John..
-
London
Edmonton
Reglna
Brandon
Lethbridge
Saskatoon
-
503,591,443
421,641,849
119,888,255
79,438,432
79,296,178
17,297,180
—13.5
10,644,979
+ 17.0
26,097,146
21,937,822
Winnipeg
19,549,757
21,514,639
7,388,531
6,948,712
10,185,304
14,735,106
11,885,194
1,077,186
1,746,001
4,754,193
+ 33.5
10,565,580
7,211,529
11,003,725
17,422,172
14,333,460
1,264,489
2,008,543
5,722,795
2,583,616
3,982,782
2,997,450
2,689,806
"
New Westminster
Medicine Hat
—9.6
+ 10.4
+ 12.3
+ 2.0
+ 43.0
+ 3.8
+8.0
+ 18.2
+ 20.6
+ 17.4
+ 15.0
+ 20.4
2,190,432
+ 17.9
3,540,670
2,353,020
2,437,269
+ 12.5
844,339
+ 10.5
2,245,382
2,668,584
3,965,687
11,764,452
1,128,072
,
Peterborough
3,166,156
4,640,723
13,944,812
Sherbrooke
I
Windsor
-
Moncton
1,448,644
3,324,649
Kingston
2,469,354
Prince Albert
——
.
Sudbury
Total (32 cities)
Estimated,
+ 27.4
+ 10.4
+ 14.4
+ 18.6
+ 17.0
+ 18.5
+ 28.4
494,425,607
416,323,301
114,899,805
73,681,298
72,895,523
19,412,902
10,715,504
20,509,377
22,205,902
7,725,731
7,102,478
11,070,336
17,077,205
11,578,621
1,171,572
1,878,643
4,737,399
2,131,498
3,928,859
3,199,050
2,544,025
824,518
2,561,270
2,773,329
4,615,850
13,862,270
1,234,047
2,892,593
629,070,703
493,252,654
2,173,597
2,236,710
1,874,870
2,262,059
150,001,549
85,166,820
77,176,645
19,850,203
10,695,515
20,958,240
24,219,829
8,161,801
7,190,290
12,235,582
16,379,201
12,525,926
1,221,291
1,445,584
5,692.904
2,373,438
4,127,235
3,448,242
2,394,000
890,457
2,859,976
2,378,293
96,070,404
83,484,285
42,819,780
15,990,252
17,380,440
4,570,614
2,543,664
5,702,417
4,379,526
3,340,153
1,561,835
2,304,410
3,503,804
3,311,952
126,529,409
111,612,073
30,422,976
19,281,330
14,004,569
4,121,662
2,358,237
4,855,707
4,330,437
1,697,677
1,714,089
2,335,116
3,333,380
2,552,249
234,162
—24.1
—25.2
+40.7
132,681,898
110,629,810
23,495,604
+ 5.1
18,016,483
16,379,480
5,449,113
2,422,843
5,955,611
4,388,823
1,771,210
1,699,254
2,675,410
3,685,998
+ 29.8
2,935,825
+ 28.5
—17.1
+24.1
+ 10.9
+ 7.9
+ 17.4
+ 1.1
+ 96.7
—8.9
—1.3
1,107,192
1,028,400
+ 12.0
+ 7.7
457,197
443,513
+3.1
260,441
419,756
995,245
447,191
300,986
443,702
396,056
924,100
1,048,439
691,566
670,216
185,934
550,960
592,621
943,340
166,263
607,576
748,995
1,027,739
13,159,723
1,368,756
3,151,233
2,960,482
281,829
—0.2
—15.3
+ 44.4
+ 21.5
+ 13.4
+0.3
2,952,754
230,291
592,015
501,430
720,715
—10.8
339,837
+ 3.9
+ 22.4
+ 15.2
+ 13.3
1,206,164
3,451,194
327,313
768,955
x
+ 13.8
3,831,743
3,940,819
935,277i
879,126
+6.4
1,377,474,197
+ 1.9
1,358,095,433
1,626,611,668
300,366,742
341,776,070
—12.1
345,998,670
No figures available.
a
Smaller due to flood conditions.
2,074,942
681,783
567,881
642,978
352,927
y Calculated on basis of weekly figures.
684,722
193,907
519,015
586,202
1,515,858
3,095,909
271,746
1,818,793
3,769,927
+28.6
+ 3.8
501,436
+6.1
—15.5
4,512,555
2,425,103
368,661
869,633
2,088,964
+ 9.0
304,254
1,304,513
649,768
649,437
196,222
420,882
616,701
906,317
2,687,301
1,888,492
4,290,874
+ 18.3
$
168,964,534
130,611,646
44,089,073
23,359,885
24,357,837
5,287,436
2,270,926
6,559,543
5,922,179
2,040,811
1,880,433
3,685,823
3,914,583
3,132,015
549,126
648,298
660,577
562,814
712,173
362,838
891,373
2,810,294
2,265,373
1937
922,975
1.403,020.656
-----
Sarnla
♦
+74.6
2,567,646
Fort William
Chatham
—6.2
933,061
Moose Jaw
Brantford
Kitchener
Dec.
435,574,148
395,670,957
209,349,069
71,817,913
87,541,113
19,431,538
12,453,291
-
Montreal
Victoria
1939
%
Canada
2,153,158
237,953,830
610,614
563,377
436,695
935,958
440,731.482
The Commercial & Financial Chronicle
940
Feb.
10,
1940
National Banks
Oct. 2, 1939—The statement of condition of the National banks under the Comp¬
1939, has just been issued and is summarized below.
For purposes of comparison, like details for
previous calls back to and including Sept. 28, 1938, are included.
Condition of
troller's call of Oct. 2,
ABSTRACT OF REPORT OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON SEPT. 28 AND DEC. 31, 1938, AND
MARCH
29, JUNE 30 AND OCT. 2,
Sept. 28, 1938
(5,245 Banks)
$
D$c. 31, 1938
(5,230 Banks)
$
Mar. 29, 1939
(5,218 Banks)
%
1939
(5,209 Banks)
June 30,
Oct. 2,r1939
(5,202 Banks)
$
8,764,196,000
6,828,512,000
1,921,999,000
1,793,798,000
1.801.936,000
224,704,000
20,948,313,000
20,823,776,000
21,126,589,000
21,335,145,000
9,208,194,000
631,136,000
152,311.000
9,706,409,000
11,074,806,000
609,146,000
141,239,000
12,374,891,000
617,601.000
146,811,000
10,014,766,000
615,093,000
144,952,000
69,522,000
64,404,000
70,388,000
56,045.000
70,417,000
51,656,000
69,218,000
42,291,000
110,788,000
60,600.000
52.517,000
65,017,000
54,359,000
60,552,000
46,173,000
65,496,000
52,329,000
d30,710,946,000
31,666,177,000
31,844,396,000
33,180,578,000
34,684,676,000
12,651,771,000
7,493.723,000
515,508,000
1,942.976,000
4,211,007,000
288,896,000
12,962,084,000
7,519,544,000
584,932,000
2,138,982,000
4,500,636,000
344,498,000
12,762,685,000
7,582,235,000
580,995,000
2,175,390,000
4,777,667.000
290,279,000
13,643,678,000
7,665,426,000
543,258,000
2,290,992,000
4,882,437,000
443,678,000
14,633.038,000
7,673,370,000
531,902,000
2,095.159.000
5,681,162,000
366.062,000
27,103,881,000
28,050,626,000
28,169,251,000
29,469,469,000
10,333.000
5,608,000
293,000
5,980,000
153,000
3,540,000
279,000
30,980,693,000
2,997,000
140,000
168,472,000
71,785,000
29,288,000
40,960,000
139,423,000
61,303,000
32,411,000
56,704,000
157,395,000
57,636,000
35,273,000
45,978,000
178,891,000
51,812,000
37,084,000
55,557,000
136,620,000
d27,405,371,000
28,338,033.000
28,483,197,000
29,791,066,000
31,264,903,000
1,569,063.000
1,127,075,000
f425,377,000
184,060,000
— ...
8,573,703,000
6,899,885.000
1,869,844,000
1,693,684,000
1,864,354,000
225,119,000
1,570.662,000
1,149,005,000
419,654,000
188,863,000
1,565,333,000
1,159,886,000
444,576,000
191,404,000
1,562,956,000
1,170,822,000
449,352,000
206,382,000
1,559,411,000
1,181,016,000
8,298.604,000
6,909,465,000
1.566,812,000
1,502,756,000
1,996,602,000
277,334,000
Obligations guaranteed by United States Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures.
Corporate stocks, including stock of Federal Reserve banks
.
1,533,488,000
1.607,129.000
1,918,693.000
227,412,000
8,468,480,000
6,861,577,000
1,712,207,000
1,665,911.000
1,889,166,000
226,435.000
20,551,573,000
Loans and discounts, including overdrafts...
—
United States Government securities, direct obligations
....
Total loans and investments
Cash, balances with other banks, including reserve balances, and cash
items in process of collection
Bank premises owned, furniture and fixtures
Real estate owned other than bank premises
Investments and other assets indirectly representing bank premises
...—...........
or
1939
8,489,120,000
7,172,471,000
other real estate
56?944,000
Customers' liability on acceptances outstanding
Interest, commissions, rent, and other income earned
or
accrued
but
not collected
b
Other assets
Total assets
...—
Liabilities—
Demand deposits
of individuals, partnerships, and corporations
individuals, partnerships, and corporations
Deposits of United States Government, including postal savings
Deposits of States and political subdivisions
Deposits of banks
Other deposits (certified and cashiers* checks, &c.)
Time deposits of
Total deposits.......
Bills payable, rediscounts, and other liabilities for borrowed money
Mortgages or other liens on bank premises and other real estate
Acceptances executed by or for account of reporting banks and out¬
standing
Interest, discount, rent, and other income collected but not earned
Interest, taxes, and other expenses accrued and unpaid
Other liabilities
Total liabilities
±
Capital Account—
Capital stock (see memoranda below)
Surplus
Undivided profits
Reserves (see memoranda below)
607,715,000
137,591,000
—
Total capital account
c
62,246,000
60?439,000
467,404,000
211,942,000
3,305,575,000
3,328,144,000
3,361,199,000
3,389,512,000
3,419,773,000
d30,710,946,000
31,666,177.000
31.844,396,000
33,180,578,000
34,684,676,000
242,897,000
17,171,000
1.313,364,000
240,451,000
16,986,000
1,317,658,000
233,759,000
16,844,000
1.318,552.000
230,156,000
1,319,430,000
222.826,000
16.200,000
1.322,897,000
1,573.432.000
1.575,095,000
1,569,155,000
1,566,003,000
1,561,923,000
260,985,000
19,031,000
267,045,000
18,884,000
264,892,000
18,805,000
261,585,000
18,408,000
255,566.000
18,203,000
280,016,000
285,929,000
283,697,000
279,993,000
273,769,000
7,082,000
5,324,000
8,891,000
15.355,000
159,293.000
6,181,000
5,138,000
13,283,000
166,802,000
5,549,000
9,687,000
15,935,000
175,211,000
211,942,000
164,189,000
Total liabilities and capital account
184,060,000
188,863,000
191,404,000
206,382,000
211,942,000
2,269,758,000
2,182,942,000
2,192,832,000
2,110,911,000
568,179,000
575,384,000
579,147,000
608,578,000
94,730,000
25,404,000
93,676,000
14,520,000
93,378,000
5,998,000
94,183,000
13,177,000
Memoranda—
Par value of capital stock:
Class A preferred stock
Class B
preferred stock
Common stock
Total
.......
......—....—...
.......
16,417,000
Retirable value of preferred capital stock:
Class A preferred stock
Class B preferred stock
......i..................
Total
Reserves:
Reserve for dividends
payable In
common stock
Reserves for other undeclared dividends
Retirement account for preferred stock
12?789,000
Reserves for contingencies, &c
Total
Pledged assets and securities loaned:
United States Government obligations, direct and guaranteed,
pledged to secure deposits and other liabilities
Other assets pledged to secure deposits and other
liabilities, in¬
cluding notes and bills rediscounted and securities sold under
repurchase agreement
Assets pledged to qualify for exercise of fiduciary or
corporate
powers, and for purposes other than to secure liabilities
2,608,400,000
Securities loaned
Total
....
.....................
Deposits secured by pledged assets pursuant to requirements of law
Borrowings secured by pledged assets, including rediscounts and
repurchase agreements
Other liabilities secured by pledged assets
Total
.......
....
Detalls'of demand deposits:
Deposits of individuals, partnerships, and corporations
Deposits of United States Government
Deposits of States and political subdivisions
Deposits of banks in the United States (including private banks
and American branches of foreign
*
banks)
Deposits of banks in foreign countries (including balances of foreign
branches of other American banks but
excluding amounts due
to own foreign branches).
Certified and cashiers' checks (including dividend
checks), letters
2,608,400,000
2,958,071,000
2,866,522,000
2,871,355,000
2,826,849,000
2,055,831.000
2,387.371,000
2.324,290,000
2.321,687,000
2,226.906,000
4,858,000
1,123.000
5,476,000
981,000
2,915,000
967,000
2,465,000
950,000
2,055,831.000
...
Secured liabilities:
2,393.352,000
2,330,747,000
2,325,569,000
2,230,321,000
12,651,771,000
455,163.000
1,602,272,000
12,962,084,000
532,915,000
1,775,977,000
12,762,685,000
524,189,000
1.830,237.000
13,643,678,000
491,202,000
1,936,483,000
14,633,038,000
486,437,000
1,778,804,000
3.901,219.000
4,168,968,000
4,402,990,000
4,516,393,000
204,163,000
227,003.000
269,648.000
255,314.000
c
c
| 5,571.914.000
of credit and travelers' checks sold for
cash, and amounts due
to Federal Reserve banks
(transit account)
288,896,000
344,498,000
290,279,000
443,678,000
366,062,000
19,103,484,000
20,011,445,000
20,080,028,000
21,286,748,000
22.838,255,000
6,592,685,000
565,128.000
Total demand deposits
Details of time deposits:
6,716.423,000
552,947,000
29,070,000
44,710.000
239,085,000
6,773,207,000
554,301,000
27,867,000
68,660,000
241,391,000 J
7,673.370,000
250,453,000
6,696,470.000
548.267,000
30,172,000
14,601,000
230,034.000
7,493,723.000
60,345,000
340,704.000
7,519,5^4,000
f52,017,000
363,005.000
7.582,235.000
f56,806,000
345,153,000
7,665,4S 6,000
f52,056,000
354,509,000
7,673,370,000
f45,465,000
316,355,000
97,789,000
97,299,000
96,828,000
102,546.000
7,836.000
7.366,000
8,201,000
8,184,000
8,000.397,000
8,039,231,000
8,089,223,000
8,182,721,000
8.144,438,000
20.96%
21.03%
13.34%
8.20%
13.75%
21.05%
13.36%
8.16%
13.80%
21.11%
13.43%
8.12%
21.27%
13.60%
8.16%
14.26%
Deposits of individuals, partnerships, and corporations:
Savings deposits
Certificates of deposit
Deposits accumulated for payment of personal loans
Christmas savings and similar accounts
Open accounts
J
Total
Postal-savings deposits
Deposits of States and political subdivisions
Deposits of banks in the United States (including private banks
and American branches of
foreign banks)
Deposits of banks in foreign countries (including balances of
of foreign branches of other American banks
but excluding
amounts due to own foreign
branches)
Total time deposits
Ratio of required reserves to net demand
plus time deposits:
Total, Central Reserve city banks
Total, Reserve city banks
Total, Country banks
Total, all member National banks..
a
85*457,000
109,248,000
16.42%
8.18%
13.68%
Not called for
separately prior to Dec. 31,1938. Previously included with loans and investments,
'Other assets."
c Not called for
separately prior to Dec.
b Not called for separately prior to Dec. 31,1938.
31, 1938.
d Revised to exclude acceptances of other banks and bills
endorsement .now reported as contingent liabilities, e Not called for separately prior to Dec. 31, 1938. Previously included with
Includes U. S. Treasurer's time
deposits—open accounts,
g Included with savings deposits prior to Dec. 31, 1938.
Previously included with
other liabilities.
^
*
f
13.96%
•
Volume
The Commercial & Financial Chronicle
150
GOVERNMENT RECEIPTS AND EXPENDITURES
Through the courtesy of the Secretary of the Treasury,
we are enabled to place before our readers today the details
of Government receipts and disbursements for January,
1940 and 1939, and the seven months of the fiscal years
Trust
-
--Month
of January
1940
Receipts—
Internal Revenue:
1939
$
1,183,090,339
172,262,067
1,443,281,399
134,001,870
9,713,585
b23,129,410
346,147
9,393,274
bl,336,973
b677,100
1,306
bl,828,291
b346,252
bl9,845,226
bl5,149,395
b239,265,894
bl83,887,830
U.S.
13,588,176
6,661,726
67,255,345
17,394,796
b24,391,179
Housing Authority
1,372,177,932
b36,400,979
b86,253,291
b95,988,183
21, 1938)
318,428
4,721,709
3,643,066
Chargeable
362,317,387
320,863,704
445,988
872,007
57,695,201
54,158,544
b6,427,782
258,333
against
increment
gold:
on
Melting losses, Ac.
2,312
327,976
PWA revolving fund (Act June
3,016
For retire, of nat. bank notes.
2,372
5,497,306
Unemployment trust fund:
1,611,137
Investments
Customs
35,788,276
_
24,318,060
213,405,931
187,937,700
Miscellaneous receipts:
28,000,000
10,000,000
270,000,000
202,000,000
Withdrawals by States
Railroad unempl. Ins. acc't:
contributions
ance
$
210,726,806
b5,611,053
41,743,535
insur¬
1938-39
206,198,791
Rural Electrification Admin.
RFC (g)
Taxes upon carriers and their
employees
Railroad unemployment
$
28.074,270
Export-Import Bk. of Wash..
798,260
Social security taxes
$
17,203,654
Commodity Credit Corp
44,814,621
Unjust enrichment tax
1939-40
1939
$
Other
840,849,005
—July 1 to Jan. 31——
of January
1940
Transactions In checking accts.
of govt, agencies (net), Ac.:
$
48,323,484
167,370,243
Miscell. internal revenue
-Month
Trust accounts
July 1 to Jan. 31—
1939-40
1938-39
44,540,120
Income tax
Accounts, Increment
Gold, &c.
on
Expenditures—
1939-40 and 1938-39:
General & Special Accounts:
941
41,492,476
33,318,000
243,690,000
247,618,000
Benefit
Proceeds of Govt .-owned sees.:
76,865
Principal—for'n obligations
Interest—for'n obligations-
256,177
8,207,043
41,571,242
39,658,975
Panama Canal tolls, &c
1,971,871
2,028,095
14,364,529
14,214,101
Seigniorage
3,472,187
1,536,939
30,309,096
12,324,801
Other
7,197,573
8,541,941
48,407,785
46,937,902
miscellaneous
1,694,247
6,946,308
15,000,000
Repayment of advance (Act
June 25, 1938)
73,755
167,656
8,147,978
All other..-
payments
15,000,000
Federal
old-age and survivors
insurance trust fund f:
Investments
232,000,000
32,000,000
710,898
258,000,000
1,121,312
6,616,091
6,754,908
1,500,000
*"
Benefit payments
10,000,000
11,000,000
Railroad retirement account:
Total receipts
314,549,429
3,058,778,942
C74,179,979
475,105,313
C462,620,761
118,916,853
53,023,315
604,433,776
355,574,454
Investments
3,235,436,996
69,501,118
Expenditures—
308,151,599
Benefit
=
9,409,727
8,849,786
64,753,346
60,287,840
77,179,100
89,082,885
962,727,837
847,389,609
36,500,631
29,997,667
175,405,605
206,581,391
503,860,000
403,661,000
3,264,720,000
3,012,004,000
payments
General (incl. recov'y A relief):
Departmental
Total.
Dept. of Agriculture:*!
Agricul. Adjust. Program
__
Commodity Credit Corp.:
Restoration of cap. lmpalr't
Other
bl,375,948
b64,736
Farm Credit Admin.e
Fed. Farm Mtge. Corp
Federal Land banks.
3,684,668
Receipts—
b7,059,893
3,358,407
Market operations:
bills
Cash—Treasury
5,304,371
Forest roads and trails
19,920,344
21,879,697
64,616,197
73,106,395
Treasury notes
1,289,922
19,213,961
11,111,791
3,207,435
„
bl24,869
12,787,321
2,862,638
Rural Electrification Adm.
3,709,448
20,231,823
25,663,298
Treasury bonds
U. 8. savings bonds
284,765
Dept. of the Interior:d
Reclamation projects
Post Office Dept.
Public Debt Accounts
108,031
b9,556,690
11,131,221
Act
Tenant
bl37,387
....
Farm Security Admin
Farm
Excess of receipts or credits...
Excess of expenditures
all9,599,918
273,043,690
sales)
Deposits for retirement of
8,320,207
30,001,953
€61,560,966
468,609,566
C41,112,167
352,825,583
387,917,358
national bank notes
C394,828,820
57,920,639
145,826,772
C282,428,727
1,290
25,005,885
74,035,458
864,582,900
664,781,840
(incl.
unclassified
8,837,017
7,261,923
(deficiency)
..........
Navy Dept. (nat'l defense)..
670,668,500
659,737,150
15,300,000
.
59,357,754
42,696,142
Subtotal.
4,935,172,758
792,203,690
549,487,772
4,589.240,280
2,020,400
528,750
5,930,900
4,129,750
798,216,900
58,532,600
War
Departments
.
Military (national defense)
River
harbor
A
work
Adjusted service bonds.
and
flood control
17,011,714
14,863,004
138,975,845
Panama Canal
2,157,120
903,567
10,577,361
6,279,388
37,788,743
29,609,824
493,013,419
454,895,940
9,581,939
4,180,883
52,270,350
38,737,941
6,000,000
5,000,000
Exchanges—Treasury notes..
Treasury bonds
125,866,220
99,000
1,500
1,018,051,100
1,293,978,700
99,000
1,500
1,816,268,000
1,352,511,300
Treasury Department :d
Interest
on
public debt
Refunds of taxes and duties
Dist. of Col. (U. S.
share)
Subtotal,
Special series:
Fed. Housing
Admin
612,908
3,573,996
3,846,107
3,996,757
3,359
Reconstruction Fin. Corp..
2,000,000
232,000,000
10,000,000
11,000,000
111,111
3,296
692,004
3,296
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
84,800,000
81,100,000
23,394,674
170,255,913
175,191.090
For. service retire, fd. (notes)
Canal Zone retire, fd. (notes)
389,000
374,000
Alaska RR. retire, fd.
175,000
205,000
15,000,000
25,000,000
11,700,000
Agency:
Civilian Conserv. Corps.._
9,511,500
National Youth Admin
Social Security
37,356,065
Board
44,509,335
028,782,750
217,276,119
C2,111,769
40,065,253
C5,613,668
5,323,612
C4,128,165
47,510,636
c31,299,683
Federal Works Agency:
Public Buildings Admin
Public Roads Admin
11,506,919
14,940,808
116,902,844
25,504,593
C35,870,639
190,205,125
Cl29,991,535
5,000,000
279,738
U. S. Housing Authority.-
119,465,692
Projects Admin
369,065
185,296,182'
18,222
Other
Railroad Retirement Board
552,082
._
1,350,880
3,000,000
3,400,000
66,000,000
30,000,000
50,300,000
89,500,000
778,537,000
640,838,000
844,623,0:0
639,518,022
7,189,976,180
6,932,651,808
1,365,330,113
280,730
4,659,559
**1,785,643
3,960,668
Veterans' Administration
634,562,000
3,326,888
23,757,155
25,906,399
C46.253.049
324,438,805
390,835,000
3,287,311,000
2,679,759,000
Expenditures—
Market operations:
C327,169,089
713,224,950
Subtotal
Total public debt receipts..
617,934
47,033,173
Tennessee Valley Authority..
Subtotal
6,172,489
856,682.853
649,573,387
4,983,887,065
b381,703
b453,048
b4,563,088
4,360,693
5,138,515
38,649,237
4,686,467
34,086,149
52,672,409
Transfers to trust accts.. Ac.:
b6,663,479
"59*815,449
45,111,766
3,134,900
18,313,332
27,828,150
5,000
73,750
128,000
597,600
1,642,050
236,900
356,600
1,803,300
3,423,400
85,660
91,980
190,440
294,060
30,261
18,383
146,091
153,529
3,743,950
2,311,680
16,611,860
22,795,808
651,084,429
405,074,164
3,410,653,922
3,012,251,563
99,000
1,500
1,816,268,000
1,352,511,300
99,000
1,500
1,816,268,000
1,352,511,300
16,800,000
Other debt items
Nat. bank notes and Fed'l
trust fund.f
37,000,000
lo.coo.ooo
268,000,000
1,500,000
87,150,000
Reserve bank notes
242,000,000
89,000,000
Subtotal
Railroad unempl. ins. acc't:
1939 (Act
1938)
Exchanges—Treasury notes..
15,000,000
...
Treasury
Repayment of advance Jan.
bonds
bl5,000,000
bl5,000,000
26, 1940
employees'
"6,896,22*1
2,165,950
First Liberty bonds
Federal old-age and survivors
June 25,
236,500
31,002,300
Fourth Liberty bonds.....
Postal Savings bonds
=
Railroad retirement account-
340,600
25,524,250
Adjusted service bonds
59,235,888
3,978,990
26,100
1,275,300
'*8,808,908
U. S. savings bonds
Farm Credit Administration.
Advance July 5,
12,050
1,365,000
Certificates of indebtedness
Treasury notes
Treasury bonds....
4,738,301,845
Public Works Administration
insurance
bills
Cash—Treasury
Revolving funds (net):
Subtotal
459,000
10,000,000
147,372,364
Public Works Admin.e
473,000
(notes)
Postal Savs. System (notes)..
Govt, life ins. fund (notes)...
FDIC (notes)...
€194,192,098
12,862,031
Other
Govt,
23,000,000
226,000,000
23,000,000
22,954,205
Other
Federal Security
Work
15,300,000
325,000,000
258,000,000
1,500,000
35,000,000
15,000,000
32,000,000
15,300,000
Adj. service ctf. fund (ctfs.)..
Unemploy. trust fund (ctfs.).
Old-age reserve acct. (notes).
Federal Loan Agency:
bll9,221
a.
Subtotal.
retirement
87,203,400
funds (U. 8. share)
—-
b5,000,000
38,500,000
406,106,600
Adj. service ctf. fd. (ctfs.)...
Unemploy. trust fd. (ctfs.)..
22,700,000
26,300,000
442,353,400
21,500,000
Subtotal.
7,000,000
5,000,000
55,000,000
24,000,000
789,800
625,850
20,134,800
25,609,550
Railroad retire, acct. (notes).
CivU service retire, fd. (notes)
2,300,000
1,600,000
12,000,000
11,700,000
712,993,740
693,384,703
5,480,461,414
For'nServ. retire, fd. (notes).
Canal Zone retire, fd. (notes)
19,000
29,000
141,000
5,222,590,404
25,000
21,000
194,000
141,000
71,500,000
13,000,000
1,000,000
36,500,000
26,000,000
26,144,000
30,350,000
292,835,000
101,353,000
677,327,429
435,425,664
5,519,756,922
4,466,115,863
167,295,661
204,092,359
1,670,219,258
2,466,535,945
—130,702,000
+12,826,000
—22,591,000
+132,245,000
Debt retirements (skg. fd.,Ac.).
Total
expenditures
75,106,600
Special series:
Postal Savings System
Excess of receipts
398,444,312
Excess of expenditures
385,233,105
2,421,682,472
(notes)
Govt, life Ins. fund (notes)...
FDIC (notes)
1,987,153,408
96,000,000
Summary
398,444,312
expenditures
2,421,682,472
1,987,153,408
625,850
20,134,800
25,609,550
384,607,255
2,401,547,672
1,961,543,858
—29,997,668
175,405,605
-206,581,391
361,153,880
of
Excess
.
385,233,105
—36,500,632
Less public debt retirements
789,600
397,654,512
Excess of expenditures
354,609,587
2,226,142,067
1,754,962,467
(excl.
public debt retirements)
Ac.
excess
of expends. (+) or
Inc.
361,153,880
354,609,587
2,226,142,067
—555,922,809
4-717,070,783
Trust
on
gross
—12,050
—1,464,000
IIIIIIIIIII +279,091,922
—30,261
Nat. bank notes and
4-204,092,359 4-1,670,219,258 +2,466,535,945
39,427,183,902
40,439,532,411
—3,743,950
42,109,751,669
39,631,276,261
21,217,278
19,598,853
219,516,422
213,049,059
+143,139,661
Subtotal
37,164,740,310
39,631,276,261
Special
—26,100
—340,600
236,500
—1,276,800 —1,043,575,350 —654,312,500
+135,749,322 + 2,267,780,869 + 2,472,304,282
—18,383
—146,091
153,529
Fed'l
Reserve bank notes.....
+24,156,000
series
+167,295,661
Total
—2,311,680
—16,610,570
22,795,808
+144,942,359 +1,184,517,258+1,927,050,945
+ 59,150,000
+ 485,702,000
+ 539,485,000
+204,092,359+1,670,219,258 +2,466,535.945
Account®, Increment
Gold, &c.—Receipts—
a
Trust accounts
b Excess of credits
Unemployment trust fund:
Deposits
....
Advance from Treasury (Act
—
1938)
old-age and
25,717
29,128
216,616
345,886
3,036,845
tion In weight of gold dollar..
Beignlnraee
10,354,868
32,155,665
56,642,152
50,597,703
516,094,739
452,933,903
79,399,891
37,000,000
Insurance trust fund.f
268,000,000
242,000,000
89,000,000
1,053,971,000
10,000,000
1,500,000
87,150,000
-
113,679,731
119,080,552
1,138,133,442
day of the month to adjust for changes in
July 1, 1939, because of the President's
Reorganization Plans I and II.
included In "Departmental" above,
Additional transactions are included in
f Includes
revolving funds, stated separately below,
transactions formerly classified under the caption "Old-age reserve
account."
g
Total..-
This amount is revised on the last
classification which were made beginning
e
survivors
Railroad retirement account...
c
(deduct).
d Additional expenditures are
15,000,000
June 25,
Federal
r
applicable to fiscal year 1939 but not appro¬
1939.
Represents capital impairment
priated by Congress until Aug. 9,
Increment resulting from reduc¬
i
(—) In
bills..1
Bonds
42,109,751,669
this date
dec.
Other debt items
Inc.
Gross public debt
or
Certificates of Indebtedness
1,749,465,162
-150,517,228
(4-) or dec. (—) in the
gross public debt
4-167,295,661
Gross public debt at beginning
Of month or year
41,942,456,008
,
Treasury notes
(—) in
general fund balance
(+)
Treasury
5,497,305
—193,858,219
Total excess of expenditures..
Excess of receipts
public debt:
Less nat. bank note retirem'ts
Increase (+) or decrease
....
Excess of expenditures
Trust accts., Increment on gold,
receipts (—)
Subtotal
212,000
Includes transactions on account of The RFC Mortgage
Loan
Corporation, and Federal National Mortgage Association.
Company, Disaster
The Commercial & Financial Chronicle
942
REDEMPTION
CALLS
AND
SINKING
CONTINGENT
FUND
Below will be found
a
THE
list of bonds, notes and preferred
UNITED
1940
10,
STATES, OCT.
31,
1939
Amount
The date indicates the redemption
Matured
Date
Feb. 13
American Gas & Electric Co.. 5% gold debentures
Bear Mountain Hudson River Bridge Co., 1st mtge.
Bell Telephone Co. of Canada 1st mtge. 5s
7s—Apr.
Broadway Motors Building Corn. 1st mtge. 6s
Chicago & Illinois Midland By. Co., 1st mtge. 4
Chicago Union Station Co., 4% guaranteed bonds
3866
x9SS
z835
Apr.
1
Feb.
1
15
—-—May
1
Mar.
1
1,072 206,175,072
1,072
3714
3714
835,085,600
3M% bonds of 1944-64..
3% bonds of 1942-47—.
2M% bonds of 1942-47..
1M% bonds of 1939....
x275
r992
----May
May
1
1
--Feb. 10
Feb. 23
—---Apr.
1
Mar. 15
—
Fisk Rubber Co. preferred stock
German-Atlantic Cable Co. 1st mtge. 7s
*
Great Northern Power Co. 1st mtge. 5s
Federal Farm Mtge. Corp.
3% bonds of 1944-49
3713
x431
—-—
206.174,000
202,553,000
408,727,000
x835
May
Colorado Power Co. 1st mtge. 5s
Connecticut River Power Co., 1st mtge. bonds-Consumers Power Co. 1st- mtge. 3%b
*
Delaware Electric Power Co. 5M% debs
Denver Gas & Electric Co. gen. mtge. 5s
Denver Gas & Electric Light Co. 1st mtge. bonds
Eastern Mass. Street By. ref. mtge. bonds
Unmatured Obligations—
Commodity Credit Corp.:
M % notes, ser. C, 1939..
M% notes, ser. D, 1941.
202,553.000
2:813
Mar. 1
Feb. 15
Mar. 1
*
Total
a
Guaranteed by U. S.
Pace
x426
1
Interest
Principal
or
last date for making tenders, and the page number gives the
location in which the details were given in the ''Chronicle":
Company and Issue—
of Contingent Liability
Detail
corporation called for redemption, together with
sinking fund notices.
OF
Compiled from Latest Reports Received by the Treasury
NOTICES
stocks of
Feb.
LIABILITIES
94,678,600
236,476,200
103,147,500
9,900,000
408,728,072
482,098 835,567,698
214,314 94,892,914
221,686 236,697,886
38,542 103,186,042
9,900,000
bl,279,287,900
956,641
1,746,748
394
1,747,143
729,300
457,400
45
729,300
457,445
14180.244,541
Federal Housing Admin.:
3% debentures, series A.
2M% debs., series B—
x687
x688
2687
Second called
Uncalled,...
*995
(Walter E.) Heller Co.—
J 10-year notes
1 Mar. 16
J
—
17% preferred stock
(Cnas. E.) Hires Co. class A stock
Feb.
Mar.
Apr.
Apr.
Interstate Telephone Co., 1st mtge. 5s
Johns-Manvilie Corp., 7% preferred stock
Libby, McNeill & Libby, 5% bonds
Loews', Inc.. 3M% debentures
Louisville & Nashville BR., unified 50-year 4s
Luzerne County Gas & Electric Corp.. 1st mtge. 6s
National Distillers Products Corp., 10-year 3
—
*
x435
1
Feb.
July
x842
x438
4
1
15
1M% bds.,
1
1
Mar.
1
xS43
z843
x845
Mar.
1
X1001
Niagara Falls Power Co., 1st mtge. 3Ms
Ohio Water Service Co., 1st mtge; 5s
Mar.
1
Mar. 16
Oklahoma Natural Gas Co. 1st mtge. 3 Ms
Apr.
1
Panhandle Eastern Pipe Line 1st mtge. bonds
-Mar.
1
Pennsylvania Telephone Corp. 1st mtge. bonds
--Apr.
1
Pennsylvania Water & Power Co., 1st ref. mtge. bonds
Mar.
1
Peoples Light & Power Co.. coll. lien bonds
Mar. 16
South. Pacific Golden Gate Ferries, Ltd., 1st mtge. 5Ms.-Mar.
4
x846
x441
*
Spang Chalfant & Co., Inc., 1st mtge. 5s
Square D Co. 5% debs
2,933,888
ser.
879,038,625
127,867,400
190,837,900
754,938,375
M,'45-47
f2,731,261,550
Reconstruction Fin. Corp.:
M % notes, series N
M % notes, series P
667,306 779,246,556
126,412 879,165,037
127,867,400
190,837,900
754,938,375
793,719
211,460,000
298,339,000
310,090,000
M% notes, series R
2,732,055,269
3,268 211,463,268
6 298,339,006
884 310,090,884
c819,889,000
Feb.
819,893,159
114,157,000
3,5bl
114,160,561
5,356,255.898
1,759,595
5,358,015,493
713,100
4,083
717,183
4,300
59
1939-49
C, 1936
E, 1938
F, 1939
1(91,021,100
17,166
1.214,410
91,390,275
1,240,406
92,630,681
a92,107,675
1,244,548
93,352,223
5,448,363,573
3,004,143
5,451,367,717
1,270,958,506
35,694,695
dl,306,653,201
3725
Tennessee Valley Authority
z849
U. S.
x850
x855
U. S. Maritime Commission
(J)
Housing Authority:
1M% notes, ser. B, 1944.
4186
3730
Total unmatured securities.
x703
x288
10
Feb.
4,159
Total matured securities
-
Woodward Iron Co. 2d mtge. 5s
x288
26
Matured Obligations—
Federal Farm Mtge. Corp.:
1M% bonds of 1939
3575
Federal Housing Admin.:
Volume 150.
x
439
778,579,250
X1003
x699
Feb. 26
Feb
15
Feb. 28
Feb. 10
-
Sundstrand Machine Tool Co. 6% notes
Terre Haute Water Works Corp.—1st mtge. 6s_.
First mortgage 5s
•Announcements this week,
3% bonds, ser.A, 1944-52
2M% bds.,ser. G, '42-'44
M% bonds, ser. K, 1940.
M % bonds, series L, 1941
3717
x842
x436
Mar.
New York Fire Protection Co. 1st mtge. 4s
2,933,448
Home Owners' Loan
Corp.:
10
2M% debentures, ser.B—
First called
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The
following statement of the public debt and contingent
liabilities of the United States, showing also the
Treasury's
surplus position, all as of Oct. 31, 1939, has been extracted
from
the
figures of
Treasury's
CASH
official
earlier
a year
are
Comparative
report.
MATURING OBLIGATIONS
Total, based
—6,481,291
1,907,088,098
Deduct outstanding obligations:
Matured interest obligations
-
Disbursing officers' checks
War Savings certificates
on
wa-rant checks
on
—
Total
2,562,669,347
60,694,864
218,061,610
3,432,975
54,204,284
557,344,628
3,603,820
544,565
1,379,412
283.568.761
Balance, deficit (—)
or
surplus (+)
615,597,297
+1,623.519,327-1-1,947,072,050
Interest
Payable
Q-M
Q-J
3s convertible bonds of 1946-1947
Certificates of indebtedness:
Oct. 31, 1939
3s Treasury bonds of 1951-1955
M-S
3Ms Treasury bonds of 1941
4M8-3MS Treasury bonds of 1943-1945
3Ms Treasury bonds of 1944-1946
3s Treasury bonds of 1946-1948..
3MB Treasury bonds of 1949-1952
2Ms Treasury bonds of 1955-1960
2Mb Treasury bonds of 1945-1947
2MB Treasury bonds of 1948-1951
2Mb Treasury bonds of 1951-1954
2Mb Treasury bonds of 1956-1959
2Mb Treasury bonds of 1949-1953
2Mb Treasury bonds of 1945
2MB Treasury bonds of 1948
2Mb Treasury bonds of 1958-1963
2Mb Treasury bonds of 1950-1952
2Mb Treasury bonds of 1960-1965
F-A
A-O
$
1937
c509,636,757
J-D
—M-S
M-8
J-D
M-S
J-D
J-D
M-S
J-D
M-S
J-D
2s Treasury bonds of 1947
U. S. Savings bonds, series
U. S. Savings bonds, series
U. S. Savings bonds, series
U. S. Savings bonds, series
J-D
A,
B,
C,
C,
1935
1936
U. S. Savings bonds, series
D, 1939
Unclassified sales
3s Adjusted Service bonds of 1945
4Mb Adj. Service bds.(Govt. Life Ins. Fund
2Mb Postal Savings bonds
Treasury notes
—
Treasury bills
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
Total debt
Deduct Treasury
755,432,000
834,453,200
1938
J-D
.M-S
ser.
1946)
j-j
$
49,800,000
28,894,500
28,894,500
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,620,687,150
981,827.050
1.786,140,650
540,843,550
450,978,400
918,180,600
1,185,841,700
1,485,385,100
701,074,900
cl76.073.458
c322,500,019
c421,854,623
A-O
Oct. 31, 1938
49,800,000
Special:—4s Adjusted Service Ctf. Fund—Ser. 1938
17,800,000
2Mb Unemployment Trust Fund—Series 1938__ 1,370,000,000
4Mb Treasury bonds of 1947 1952
A-O
758,945,800
4s Treasury bonds of 1944-1964
J-D 1,036,692,900
3Mb Treasury bonds of 1940-1956
M-S
489,080,100
3Hb Treasury bonds of 1943-1947
J-D
454,135,200
3Ms Treasury bonds of 1940-1943
J-D
352.993,450
ZHb Treasury bonds of 1941-1943
M-S
544,870,050
3Ms Treasury bonds of 1946-1949
J-D
818,627,000
c596,710,725
c69,361,913
272,945,019
500,157,956
117,673,020
23,200,000
936,000,000
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818.627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
1,223,495.850
1,626,687,150
981,827,050
1,786.143.150
540,843,550
2,446
275,621
Secretary of Agriculture
Postal
Savings System:
Funds due depositors
Tennessee Valley Authority:
2M% bonds,
Total, based
A, 1943
ser.
on
£8,300,000
8,300,000
credit of the
United States
1,279,258,506
35,694,695
1,314,953,201
Other Obligations
Fed. Res. notes (face amt.).
e4,763,974,649
a Funds have been
deposited with the Treasurer of the United States for payment
of outstanding matured
principal and interest obligations guaranteed by the United
b Does not Include
$25,000,000 face amount of bonds of 1940 held by the Treasury
and reflected In the public debt.
Does not include $277,857,877.43 face amount of notes
held by the
c
and reflected in the public debt.
Treasury
d Figures shown
are as of Aug. 31,
1939—figures as of Oct. 31, 1939, are not
available.
Offset by cash in designated depository banks and the accrued
interest
amounting to $56,330,028.61, which is secured by the pledge of collateral as
pro¬
vided in the Regulations of the Postal Savings
System, having a face value of $55,-
979,988.29, cash in possession of System amounting to $72,761,754.59, Government
Government-guaranteed securities with a face value of $1,167,136,630 held
Investments, and other assets.
and
as
e In actual
circulation, exclusive of $8,845,200.83 redemption fund deposited in
the Treasury and $290,199,700 of their own Federal Reserve notes
held by the
Issuing banks.
The collateral security for Federal Reserve notes issued consists
of $5,166,000,000 in gold certificates and in credits with the Treasurer
of the United
States payable in gold certificates, and $1,940,000 face amount of commercial
paper.
f Does not include $20,000,000 face amount of Series N bonds
held by the Treas¬
and reflected in the public debt.
ury
£ Held by the Reconstruction Finance Corporation.
h Does not include
October 31,
$483,575 face amount of bonds in transit for redemption on
1939.
450,978,400
| Bonds in the face amount of $272,500 issued under Section 15a and an interim
certificate in the face amount of $50,000,000 issued under Section 15c of
the Ten¬
nessee Valley Authority Act of
1933, as amended, are held by the Treasury and
918.780,600
reflected in the public debt.
866,397,200
CURRENT
-
179,727,140
330,792,912
435,299,560
367.867,406
—Charles G.
55,943,605
302,942,300
Stachelberg,
NOTICES
a member of Speyer & Co., until the dissolu¬
tion of the firm last June, and since then Vice-President of the Swiss-Ameri¬
can
B.
Corp., has been admitted
Koch
&
Co.,
to general partnership in the firm of Spencer
members of the
New York
Stock and New York Curb
exchanges.
500,157,956
117,867,240
9,452,977,600 10,556,108,450
1,405,245,000
1,302,276,000
40,529,953,240 37,899,299.219
401,320,896
432,677,406
108,596,980
93,542,331
—Campbell, Phelps & Co., Inc.,
announce
the association with them
o
Joseph G. Cross, Jr., who started in the municipal bond business with the
Guaranty Co. in 1929, followed through with E. B. Smith & Co. and
most
was
recently with Smith, Barney & Co. in their trading department.
—The
investment
banking firm
of
Lehman
Brothers
announces
that
Ben J. Cahill has become associated with their Chicago office at 231 South
surplus
or add
Treasury deficit—. + 1,623,519,327+1,947,072,050
b39,416,351,789 36,478,446,906
®
debt
®L 1939, on the basis of daily Treasury statements, was
»4i,iw6,045,763.52, and the net amount of public debt redemption and
receipts in
transit, Ac., was $3,825,352.62.
b No reduction is made on account of
obligations
.
oi
10,112
92,270
273,175
on guarantees.
112
6,270
On Credit of U. S.
2,611.095,150
1,214.428,950
a41,039,871,116 38,425,518,956
Net debt
foreign governments
accrued
92,235,510
10,000
States.
INTEREST-BEARING DEBT OUTSTANDING
Title of Loan—
38 01 1961
4,359
17,166
86,000
debt
Oct. 31, 1939
Oct. 31, 1938
Balance end of month by dally statements
11,913,318,832 $2,569,150,638
Add or Deduct—Excess or deficiency of
receipts over
or under disbursements on belated items
—6,230,734
Settlement
2M% bds.,ser.B,
1M % bonds, ser.
2% bonds, series
1M% bonds, ser.
also shown.
AVAILABLE TO PAY
Discount accrued
Home Owners' Loan
Corp.:
4% bonds of 1933-51
discount;
other investments,
c Amounts issued and
retired include
amounts outstanding are stated at current
redemption values.
or
La
Salle St.
Mr.
Cahill began his investment
career
in
1928
as
an
em¬
ployee of the Chicago Stock Exchange.
—George M. Gremmel
conducted under the
at the same
—A
announces
name
that the investment business formerly
of Bernhard, Bennett & Co. will be continued
offices, 101 Cedar St. by Gremmel & Co.
Chicago
Mercantile
Exchange
membership
transfer to James A. Prindiville. partner in Thomson &
has
been
posted for
McKinnon, Chicago
Volume
PRELIMINARY
DEBT STATEMENT
UNITED STATES,
*
943
The Commercial & Financial Chronicle
150
The preliminary statement
United States Jan. 31, 1940,
OF THE
the public debt of the
made up on the basis of
the daily Treasury statement, is as follows:
of
as
holdings of the Government as the items stood
Jan. 31, 1940, are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury Jan. 31, 1940.
CURRENT ASSETS
Bonds—
$49,800,000.00
28,894,500.00
117,580,760.00
3% Panama Canal loan of 1961
3% Conversion bonds of 1940-47
2H% Postal savings bonds (19th to 49th ser.)
LIABILITIES
TREASURY CASH AND CURRENT
The cash
JAN. 31, 1940
Gold (oz.
AND LIABILITIES
GOLD
Assets—
h
...$17,931,011,216.63
512,314,606.2)
$196,281,260.00
$17,931,011,216.63
Total
Treasury bonds:
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
4
X% bonds of 1947-52
4% bonds of 1944-54
3H% bonds of 1946-56
3H% bonds of 1943-47
3H% bonds of 1940-43.
544,870,050.00
818,627,000.00
756,432,000.00
834,453,200.00
ZH% bonds of 1943-45
9,335,515.27
1,518,737,650.00
1,035,874,400.00
156,039,430.93
1,400,628,250.00
3X% bonds of 1944-46
3% bonds Of 1946-48
Treasury)
$2,884,546,169.00
Fed. Res. System. 12,736,676,181.64
Gold certificate fund—Board of Governors,
Redemption fund—Federal Reserve notes
352,993,450.00
3H% bonds of 1941-43
3H% bonds of 1946-49
3% bonds of 1951-55
3K% bonds of 1941
Liabilities—
Gold certificates—Outstanding (outside of
bonds of 1949-52
1,800,000,000.00
$17,586,597,296.84
Gold in general fund:
1,223,495,850.00
2X% bonds of 1951-54
2%% bonds of 1956-59
2H% bonds of 1949-53..
$346,681,016 of United States notes
and $1,163,872 of Treasury notes of 1890 outstanding.
Treas¬
ury notes of 1890 are also secured by silver dollars in Treasury.
Exchange stabilization fund
...
...
2,611,093,650.00
1,214,428,950.00
2H% bonds of 1948-51
reserve.....
Note—Reserve against
491,375,100.00
2H% bonds of 1955-60
2X% bonds Of 1945-47
Gold
1,626,687,150.00
981,827,050.00
1,786,140,650.00
540,843,550.00
450,978,400.00
918,780,600.00
2X% bonds of 1945
2X% bonds of 1948
2%% bonds of 1958-63
2X% bonds of 1950-52
Balance of Increment resulting from reduc¬
$142,592,805.54
tion In the weight of the gold dollar
201,821,114.25
In working balance..
344,413.919.79
$17,931,011,216.63
Total
SILVER
Assets—
$1,308,297,041.91
499,045,758.00
Silver (oz. 1,011,885,993.3)
Silver dollars (oz. 385,980,703.4)..
1,185,841,700.00
2X% bonds of 1960-65
2% bonds of 1947
1,485,385,100.00
701,074,900.00
2% bonds of 1948-50
2X % bonds of 1951-53
571,431,150.00
Sliver certificates outstanding
1,106,357,100.00
26,896,110,900.00
U. 8. Savings bonds (current redemp.
$175,462,598.00
321,388,227.75
420,061,798.75
506,980,012.25
759,126,994.25
44.300.006.25
245,795,869.21
Series B-1936
Series C-1937
Series C-1938...
Series D-1939
Series D 1940
Unclassified sales
.............
1,163,872.00
34,022,852.91
$1,807,342,799.91
GENERAL FUND
Gold (as above)
$344,413,919.79
...
-
Sliver—At monetary value
—...—...
34,022,852.91
0,540,421.47
146,956.34
619,983,567.45
2,063,449.80
2,985,927.00
11,140,292.50
182,909.00
1,033,618.50
22,318,019.81
securities..
516,836,418.51
816,130,000.00
(as above).......................
Subsidiary coin (oz. 4,731,177.4)
Bullion—At re coinage value (oz. 106,304.5).....
1,223,209,149.6)
At cost value (oz.
$270,512,218.50
a..............
....
Minor coin
United States notes
500,157,956.40
770,670,174.90
Federal
Reserve
.....
notes
...
Federal Reserve bank notes..
$30,336,177,841.36
Total bonds
...
National bank notes
Unclassified—Collections, Ac
Treasury Notes—
...
Deposits in—Federal Reserve banks
15.1940..
15,1940..
15,1940..
15.1941..
15,1941..
15,1941..
15,1942..
15,1942..
15,1942..
154% series A-l943, maturing June 15,1943..
154% series B-1943, maturing Dec. 15,1943..
54% series A-1944, maturing June 15,1944..
1%
series B-1944, maturing Mar. 15,1944..
1%
series C-1944, maturing Sept. 15,1944..
Special depositaries account of sales of Government
National and other bank depositaries:
$77,307,100.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
420,349,500.00
342,143,300.00
232,375,200.00
029,116,900.00
1«% series A-1940, maturing Mar.
1 H% series B-1940, maturing June
154% series 01940, maturing Dec.
154% series A-1941, maturing Mar.
154% series B-1941, maturing June
154% series C-1941, maturing Dec.
154% series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
154% series C-1942, maturing Dec.
To credit of other Government
'
Foreign depositaries—
To credit of other Government officers
199,375.15
Philippine treasury—To credit of Treasurer
Total
1,981,740.25
United States
$2,463,467,442.81
-
-
Liabilities—
420,973,000.00
415,519,500.00
515,210,900.00
283,006,000.00
Treasurer's checks outstanding
Deposits of Government
$4,475,012.45
...
1,103,294.16
officers—Poet Office Department
Board of trustees, Postal
Savings System:
59,300,000.00
5% reserve, lawful money
.........................
Other deposits
,
Postmasters, clerks of courts, disbursing officers, Ac
Uncollected items, exchanges, Ac
$0,202,601,900.00
1,435,200,000.00
1941 to 1944
_
43,730,023.76
39,763,060.57
United States...............—.... •
officers.....
...
To credit of Treasurer
3% Old-age reserve account series, maturing
June 30,
$1,772,150,075.00
....
Total
Assets—
2,473,115.506.46
Adjusted service bonds of 1945
Adjusted service bonds:
(Government life insurance fund series)...
....
......
Treasury notes of 1890 outstanding
Sliver In general fund
value):
Series A-1935
$1,807,342,799.91
Total
Liabilities—.
10,288,047.45
87,093,146.12
18,904,618.78
3% Railroad retirement account series, mar
$181,164,718.90
77,200,000.00
turing June 30, 1942 to 1944
538,200,000.00
to 1944
Working balance
Foreign Service retirement fund, series
4%
4% Canal Zone retirement fund, series 1940
*
June 30,
2,282,302,723.85
a
Federal Deposit
.
Insurance
Item of sliver bullion Is computed on
The weight of this
month of
at the close of the
the basis of the average
December, 1939.
of seigniorage represents the difference between the cost value
and the monetary value of sliver bullion revalued and held to seoure the silver cer¬
tificates Issued on account of silver acquired under the Silver Purchase Act of 1934
and under the President's proclamation dated Aug. 9, 1934.
Note 1.—This Item
71,500,000.00
Insurance fund series,
life
$2,463,467,442.81
Total
cost per ounce
738,000.00
1942 to 1944
Government
maturing June 30, 1943 and 1944
2%
;
4,225,000.00
1944
4% Alaska Railroad retirement fund series,
maturing June 30, 1941 to 1944
2% Postal Savings System series, maturing
2%
-
3,776,000.00
1940 to 1944
to
$142,592,805.54
£68,461,885.15
1,571,248,033.16
gold (as above)
Seigniorage (silver) (see Note I)
Balance today—Increment on
4% Civil service retirement fund, series 1940
3,259,000.00
...
Corporation
Note 2—The amount to
71,000,000.00
series, maturing Dec. 1, 1943 A 1944
8,407,699,900.00
was
the credit of disbursing officers
and certain agencies today
$2,712,223,984.38.
Certificates of Indebtedness—
4%
COMPARATIVE PUBLIC DEBT STATEMENT
Adjusted service certificate fund series,
$13,300,000.00
maturing Jan. 1, 1941
Unemployment trust fund series, ma¬
turing June 30, 1940
....
(On the basis of dally Treasury statements)
254%
1,537,000,000.00
Aug. 31, 1919,
Treasury bills (maturity value)....
Afar. 31,
1,306,919,000.00
....
1917,
Pro-War Debt
Matured Debt
Which Interest Has Ceased—
on
Gross
$3,895,700.26
Debt
1,200,450.00
Unmatured
2.395
4.196
3.750
1,118,109,534.76
306,803,319.55
principal-a..
Matured prin. A Int. for
which cash has been de¬
595,300.00
21,182,800.00
posited with or held by
Treasurer of the U. 8. b
4,004,700.00
53,004,000.00
212,000.00
Treasury savings certificates..
129.66
per
annum
on Interestbearing public debt (%) - -
1,936,650.00
10,081,650.00
Treasury bills
250.18
Obligations of governmental
agencies guaranteed by
the United States:
Second Liberty Loan bonds
of 1927-42
454% Third Liberty Loan bonds of 1928
454% Fourth Liberty Loan bonds of 1933-38.
354% and 454% Victory notes of 1922-23
Treasury notes, at various rates of interest..
Ctfs. of Indebtedness, at various Interest rates
12.36
74,216.460.06
36,760.00
bonds of 1932-47
1,282,044,346.28 26,596,701.648.01 16,026,087,087.07
Computed rate
11,841,400.00
254% Postal Savings bonds
354%. 4%, and 454% First Liberty Loans
and 454%
debt
public debt per capita
of Interest
Gross public
matured—Issued prior to April 1,
bonds)....
1917 (excluding Postal Savings
4%
Lowest PostrWar
$41,601,096,741.36
Total Interest-bearing debt outstanding
Old debt
Dec. 31, 1930,
When War Debt
Was at Its Peak
1,650,300,000.00
General fund balance.c
113,991.310.26
Dec. 31.
Jan. 31. 1939,
A
Debt Bearing No Interest—
Last Month
Year Ago
156,039,430.93
Less gold reserve
39,631,276,260.53 41,942,456,008.42 42,109,751,669.21
Gross public debt
319.66
318.59
303.05
Gross public debt per capita
Computed rate of Interest
$190,641,585.07
Deposits for retirement of National bank and
198,754,556.50
Federal Reserve bank notes
.....
fractional currency
unclassi¬
per
annum
on interestbearing public debt (%)
2,031,728.28
Old demand notes and
Thrift and Treasury savings stamps,
fied sales, Ac
3,235,747.74
.........
Total gross debt
2.586
2.598
2.608
4,987,074,285.32
5,621,069,023.67
5.620.866,398.67
3.860,929.34
2,932,988,696.40
86,952,340.98
2,476,160.943.36
82.037,773.80
2,282.302.723.85
Obligations of governmental
agencies guaranteed by
394,663,617.59
the United States:
Unmatured
......
$42,109,751,609.21
principal a..
Matured prin. A int. for
which cash has been de¬
posited with or held by
CURRENT
Treasurer of the U. S. b
NOTICES
General fund balance c
New York Stock Exchange and
of Robert C. Harris
of their Municipal Department in Philadelphia.
—Hemphill, Noyee & Co., members of the
as
principal exchanges, announce the appointment
manager
announce
that
Cohii,
members of the New York Stock Exchange,
Richard Alexander Cunningham has been admitted to
—Rogers, Torrey &
Jan. 31, 1940
$346,681,016.00
United States notes
other
1939,
partnership in their firm.
a
Does not Includes
obligations owned by the Treasury as follows: Jan.
$758,035,654.17; Dec. 31, 1939,
b Amounts are Included
31, 1939,
$101,170,945.60. Jan. 31. 1940, $70,272,500.
herein, on and after
in the general fund balances shown
Sept. 30, 1939.
c
Includes amounts held by the Treasurer
for the payment
above,
matured obligations guaranteed
of the United States, as shown
of the principal of and Interest on
by the United States, on and after Sept.
30, 1939.
The Commercial & Financial Chronicle
944
Feb.
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS
10,
OF DEC.
1940
31, 1939
The
monthly report of the Treasury Department, showing assets and liabilities as of Dec. 31, 1939, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for Jan. 31, 1940.
Since the statement of July 31, 1938, the report has been made
up somewhat differently from previous reports in that
agencies and corporations financed wholly from Government funds are not listed separately from those financed
only partly
from Government and partly from private funds.
In the footnotes to the table below an
explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Dec. 31, was $3,617,229,137, and that privately owned was $396,656,978.
SUMMARY
OF
COMBINED
STATEMENT OF
UNITED
ASSETS
AND
LIABILITIES OF
GOVERNMENTAL CORPORATIONS
CREDIT AGENCIES
AND
STATES, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY*—DEC.
31, 1939
OF THE
Assets d
Investments
Real
Preferred
Capital
Securities
Accounts
Estate
Guaranteed
and Other
and Other
States
Cash
United
by United
All
Receivables
Business
Securities
Loans
Slates
Other
e
Stock, &c.
%
Reconstruction Finance Corporation.....
Commodity Credit Corporation
1,072,881,000 488,672,711
Export-Import Bank of Washington
39,839,408
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
Tennessee Valley Authority
Public Works Administration
..
....
United States Maritime Commission—..
*57",365",953
8,300,000 £25,630,961
hl9 615,027
h8,164,347
3,103
44,846,426
46,999,122
£20,594,043
50,228,400
52,707,046
76,252,342
Regional agricultural credit corporations..
13,543,708
355,746
13,469,813
"""50,200
2,500,000
220
""8,004",748
War emergency corporations and agencies
761,329",997
12,978
19,032,535
2,131,832
33,650,587
92,286,240
72,392,792
202,991,536
3,408",980
511,065,425
14,031,718
1,032,689
h2,732,^48
23,526
1,589,997 129,999,209
210,238
46,148,257
2,839,494
480,228
"41,971
261,216
185.375.710
225,471
4",905", 059
468,655
14,359,807
5,867,353 101,486,473
63,733
"""66,863
181,277
38,464
33,450
473,930
88,874,173
74,799,537
77,190,243
126,263
21,417 159,957,424
1,668,066
10,974,781
19,541,650
695,585,433
49,238,752
13,379,808
491,098,348
322.272.709
9,676,408
548,747
25,000,059
19,474,239
......
Banks for cooperatives
Production credit corporations
3,600,000
14,630,843 105,443,961
37,754,708
12,675,506
11,978",512
J122,755,498
257,685,569
Federal Farm Mortgage Corporation
690,879,811
Federal Land banks
1,904,655.014
Federal Intermediate Credit banks......
182,569,402
...
1,687,214,361
9,115,896
1,363,163
11,023,052
United States Housing Authority........
Farm Credit Administration
503,276 £40,082,578
300
7,745,366
2,964
21,900
6,444,406 304,177,343
72,392,792
Rural Electrification Administration.....
183,243,878
Home Owners' Loan Corporation
2,038,185,641 1211453,310 186,010,234
Federal Saving! A Loan Insurance Corp..
543,975
Federal Home Loan banks
181,312,991
22,162,993
Federal Housing Administration
7,971,503
Federal Nutional Mortgage Association..
146,760,343
Total
%
£2,995,235 48,148,600
1,024,203
1,210,133
3,700,297
26,467,740 362,115,042
11,637,982
667,200,537
Other t
Property
8,828,129
1,191,170
,446,050 101,546,125
2.962,839,486
121,981,942
254,680,416
50,875,463
150,046,645
268,823,436
282,275,105
1,533,311,915
2,311,090,254
311,807,781
188,228,513
122,430,140
22,074,754
(In liquidation):
Navy Department (sale of surplus
war
supplies)..
—
Sec. of Treasury (U. S. RR. Admin.)..
4,065
59,592
8eo. of Treasury (War Finance Corp.)..
United States Housing Corporation
Disaster Loan Corporation
19,302,330
Security Administration
11,228,012
123,678
1,000
223,682
Other:
Farm
968
507,061
hi,580,403
21,916
257,146,334
Federal Prison Industries, Inc
Interior Department (Indian loans)...
3", 175", 173
"2",624", 121
459,187
Puerto Rlcan Reconstruction Admin..
4,142,229
57,377,540
"589",723
1,219,600
255,892
33,825
Tennessee
Valley
Associated
"959",458
3,631,143
6_, 102
received
from
the
6,976
1,905,256
700,421
36,101
20,965,877
11,521,849
3,"666,070
"788",969
279", 836
257,146,334
8,219,935
2,624,121
25,773,474
340,896
48,443,797
689", 355
7,932,451
60,140,267
360,235
20,083",315
38,988,727
hi,806,827
2,201
298,894
39,678,700
39,678,700
30,185,928
30,185,928
RFC
under Act of Feb. 24, 1938..
Inter-agency Items:
77,480
306,501
2,570,622
260,443
Treasury Department:
Securities
4,664
11,170
300
Cooper¬
Federal savings and loan associations
104,476
295,501
8,512,172
atives, Inc
Railroad loans (Transp'n Act, 1920).
114,404
54,313
1,171
"
Inland Waterways Corporation.......
Panama Railroad Co
RFC Mortgage Co
4,607,256
12,575
1,176",326
570,141
68,511
United States Spruce Production Corp.
Electric Home and Farm Authority...
4,607,256
50,747
12,'75
2,394,400
2,394,400
m
Due from governmental corporations
agencies
Due to governmental corporations or
or
agencies
Total
8,134,100,022 741,062,211 459,611,592 757,910,644 129,850,941 891,406,534 378,945,863
549,363,007 780,430,427 12,822,681.241
Liabilities and Reserves d
Excess
Proprietary Interest
Distribution of United States Interests
of Assets
Guaranteed
Not
by
Guaranteed by
UnitedStateso
United States
Reconstruction Finance Corporation..... 1,098,577,936
Commodity Credit Corporation
Export-Import Bank of Washington
£407,903,369
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation..
Tennessee Valley Authority
Public Works Administration
United States Maritime Commission
Tola!
£81,358,478 1,179,936,414
187,682,064
595,585,433
452,395
452,395
5,182,832
5,182,832
201,798,791
201,798,791
16,093,990
16.093,990
49,373,395
Rural Electrification Administration
Home Owners' Loan Corporation
Federal Savings A Loan Insurance
Federal Home Loan banks
Over
p2830617,965
Corp..
49,373,395
86,199,215 2,9T6,8i"7",i§6
1,286,576
79,341,984
5,221,217
1,622,285
88,102,242
88,102,242
United States Housing Authority
114,8"l"l",024
118,248,804
3,437,780
Farm Credit Administration
196,425,670
196.425,670
Federal Farm Mortgage Corporation....
£1279369,865
45,543,445 1,324,913,310
Federal Land banks
1,804,024,806 1,804,024,806
Federal Intermediate Credit banks......
209,841,148
209,841,148
Banks for cooperatives
4,134,373
4,134,373
Production credit corporations
340,958
340,958
Regional agricultural credit corporations..
2,848,082
2,848,082
Federal Housing Administration
Federal National Mortgage Association..
1,286,576
79,341,984
3,598,932
....
......
•
War emergency corporations and agencies
(In liquidation):
Navy Department (sale of surplus
Owned by
Capital
Liabilities &
Owned
United States
Stock
507,277,947
507,277,947
100,000,000
48,786,357
8,196,976
100,000,000
289,299,557
306,178,719
72,392,792
153,618,141
185,375,710
52,022,306
120,695,366
175,338,432
45,654,246
61,944,403
139,299,557
50,597,432
150,574,632
85,849,435
208,398,605
507,065,448
101,966,636
184,094,140
122,089,182
19,226,672
203,014,042
""3,745",947
48,786,357
8,196,976
150,000,000
306,178,719
72,392,792
153,618,141
185,375,710
52,022,306
120,695,366
124,741,000
45,654,246
61,944,403
150,574,632
85,849,435
208,398,605
304,051,406
101,966,636
180,348,193
122,089,182
19,226,672
Interagency
Surplus
Interests
500,000,000 £268,187,972 b260,910,025
100,000,000
46,000,000
"2",786",357
15,000,000
150,000,000
ft255,997,629
a72,392,792
al54,099,243
a75,340,954
200,000,000
100,000,000
124,741,000
a45.654,246
10,000,000
1,000,000
a85,849,435
200,000,000
125,000,000
"b6,803,024
"50","l"8r,6M
b481,102
c67,988,213
20,695,366
4,056,355
139,574,632
110,034,756
b79,989,481
47,888,048
10,000,000
""8,398", 605
1187,875,360
70,000,000
49,160,385
13,469,394
149,000,000
120,000,000
17,878,799
2,089,182
5,000,000
b8,823,954
bl7,193,749
14,226,672
war
supplies)
4,607,256
114,404
Corp.)..
United States Housing Corporation....
United States Spruce Production Corp.
•
10,575
10,575
Other:
Disaster Loan Corporation
Electric Home and Farm
Authority...
107,893
4,607,256
114,404
2,000
2,000
82,000
1,905,256
700,421
Seo. of Treasury (U. S RR.
Admin.)..
Sec. of Treasury (War Finance
1,905,256
34,100,046
700,421
100,000
c32,194,790
200,421
20,857,984
22,000,000
cl,142,016
107,893
10,521,529
10,521,529
20,857,984
1,000,320
257,146,334
236.214
....
Farm
Privately
""""236",214
7,983,721
Security Administration
Federal Prison Industries, Inc
Interior Department (Indian
loans)...
2,624,121
Inland Waterways Corporation
Panama Railroad Co
918,281
""""918",281
1,469,704
1,469,704
24,855,193
46,974,093
7,932,451
1,561,330
Puerto Rlcan Reconstruction Admin..
RFC Mortgage Co
Tennessee Valley Associated
1,561,330
58,578,937
a4,607,256
8114,404
1,000,320
850,000
257,146,334
7,983,721
2,624,121
24,855,193
46.974,093
7,932,451
58,578,937
8257,146,334
a4,U3,380
82,624,121
12,000,000
153,354
400,000
b'3,034
"
3,87()",34i
12,855,193
7,000,000
87,932,451
25,000,000
40.710,087
b735,994
682,431
"32,896", 506
297,894
Cooper
at Ives, Inc
Treasury Department:
298,894
received from
the
under Act of Feb. 24, 1938
Inter-agency Items:
1,000
39,678,700
39,678,700
30,185,928
a30,185,928
2,394,400
Act, 1920)
Securities
298,894
39,678,700
30,185,928
Federal savings and loan associations
Railroad loans (Transp'n
2,394,400
82,394,400
RFC
m
Due from governmental
corporations
or
agencies
Due to governmental
corporations
agencies
Total
al02,548,138
al8.810.697
5,734,879,091 3,073,916,035 8,808,795,126
Far footnotes see
top of following column,
bl02,548,138
or
4,013,886,115'
18,810,697
396,656,978 3,617,229,137 3,138,662,760
659,566,377 n!81,000,000
/
Volume
The Commercial &
ISO
945
Financial Chronicle
FOOTNOTES FOR TABLE PRECEDING
♦
These reports are revised
respective agencies,
a Non stock (or Includes non stock proprietary interests),
b Excess inter agency assets
and
deposits with Reconstruction Finance Corporation).
e Excludes unexpended balance of appropriated finds,
f Also Includes real estate and other property held for sale.
Adjusted for inter agency items and Items in transit
£
RFC and accrued interest thereon.
h Also includes deposits with the
associations, $42,355,010; shares of Federal
savings and loan associations, $169,098,300.
J Also excludes contract commitments.
As of Dec. 31, 1939, the United States
Housing Authority had entered into definite contracts calling for maximum advances
of $523,855,000.
Advances have been made in the amount of $113,483,185, as
of Dec. 31, 1939, against loan contract commitments amounting to $419,984,000.
The Housing Authority has also agreed to disburse $51,127,000 on additional loan
contract commitments amounting to $103,671,000, now being financed by securities
I Shares of State building and loan
issued by local housing authorities,
k Includes cash In trust funds.
Federal Land banks from the United States
I Includes $185,849 due to
Treasury
for subscriptions to paid In surplus.
and liabilities of the Treasury Department
and of Government agencies, which agencies are not included In this statement.
n Represents inter agency holdings of capital
stock and paid in surp'us items
which are not deducted from the capital stock and paid In Rurplus of the corre¬
Represents
m
Inter agency
assets
sponding organizations,
o
Tnclud«>s
accrued
p
interest
Excludes $3,225 bonds of Home Owners' Loan Corp.
held as "Treasury" bonds
pending cancellation.
1938, the proprietary Interest
represented by the capital stock, paid in surplus and non stock Interest In govern¬
mental corporations and agencies which were offset by a corresponding Item under
"inter agency proprietary Interest" of the Treasury, have been omitted (except for
such Items as are Included In the inter agency assets and liabilities shown herein)
for the purpose of simpl ficatlon in form.
with
Note—Effective
the statement of
July 31,
AUCTION
Payable of Record
$1)4
Mar. 13 Feb.
19
$1)4
Mar.
Feb.
15
Feb.
Feb.
5
Feb.
Dec.
30
Feb.
Feb.
1
Mar.
Feb.
23
Mar.
Feb.
8
Cincinnati New Orleans & Texas Pacific Ry.—
and liabilities (except bond Investments
d Exclusive of inter agency assets
Share
of Company
Chrysler Corp
(deduct).
Deficit (deduct).
c
Name
Holders
When
Per
for certain
Issued by the
by the Treasury Department to adjust
nteragency Items and therefore may not agree exactly with statements
SALES
5% preferred (quar.)
Clear Springs Water Service Co. $6 pref
Colon Development Co. preferred
Colonial Life Insurance of America (quar.)
Columbia Broadcasting System, Inc. cl. A & B.¬
Columbia Brewing Co. (quar.)
Commoil, Ltd
Congoleum-Nairn, Inc. (quar.)
Feb.
Apr.
15
15
1
Mar.
Feb.
19
Feb.
19
Apr.
Apr.
15
Feb.
Feb.
9
Feb.
Feb.
19
Mar.
Feb.
16
Mar.
Feb.
20
Apr.
Apr.
Feb.
Jan.
25
Feb.
Dec.
27
2
Feb.
5
Feb.
8
Mar.
5
Apr.
Mar.
Mar.
Mar. 15
Mar.
(quar.)
(quar.)
Feb.
Apr.
Eastern Utilities Assoc.
Co.
29
Mar.
(quar.)
Cushman's Sons, Inc., 7% preferred
Dayton Power & Light, 4)4% pref. (quar.)
Delnite Mines (initial)
Diamond Ice & Coal Co.. 7% pref. (quar.)
Distillers Co., Ltd. (interim)
Diversified Investment Fund A
Kodak
Feb.
May
Preferred
Eastman
Mar.
Mar.
Corp., class A
Consolidated Laundries, pref. (quar.)
Cook Paint & Varnish (quar.)
Preferred (quar.)
Crown Drug Co
Crum & Forster insurance Shares, A. &B
Feb.
Mar.
Consolidated Cement
Feb.
20
Feb.
20
Feb.
;
Preferred
(quar.)
Economy Grocery Stores
Electrographic Corp. (quar.)
Preferred (quar.)
Electrolux Corp
Empore Capital Corp., A
Empire Life Insurance (initial)
Equitable Life Insurance Co. (Can.)
Equity Corp. $3 conv. pref. (quar.)
Mar.
5
Mar.
Feb.
15
Feb.
Feb.
Feb.
Feb.
14
10
Feb.
Feb.
15
Mar.
Feb.
Feb.
Exolon Co
Feb.
15
15
Mar.
Feb.
19*
Mar.
Feb.
15
Mar.
Federal Light & Traction Co., $6 pref. (quar.)__
Fajardo Sugar Co
Federal Compress & Warehouse Co. (quar.)
Feb.
19
Finance Co. of America at Baltimore-
The
following securities
were
of the current week:
By R. L. Day & Co., Boston:
Shares
Co,, Springfield, par $100
50 National Rockland Bank, Boston, par $20
-
$ per Share
350
70
22H
Hydro-Electric Co. common, par $25
2 Ludlow Manufacturing Associates
15 Bangor
100 34
Corp.
Mar. 20
Mar.
Mar.
Mar.
Feb.
15
Mar.
Feb.
20
$5
cum.
$25 lot
common
...
—
pref. (quar.)
Mar.
Feb.
15
Mar.
Feb.
Fishman (M. H.) (quar.)
Fuller (Geo. A.) 4% pref.
Mar.
Feb.
15
15
Apr.
Mar. 15
Mar.
Feb.
Apr.
Mar. 15
Mar.
Feb.
May
Apr.
8
Mar.
Feb.
13
Feb.
Feb.
19
$3
(quar.)
stock
conv.
Co
General Motors Corp
Preferred (quar.)
Corp., $6 conv pref. (quar.)
Opt. div. payable in 44-1000ths of I sh. of
com. for each sh. of conv. pref. held or cash
Gen'l Shareholdings
By R. L. Day & Co., Boston, on Wednesday, Jan. 30:
$ per Share
Stocks
Shares
2 First National Bank, Boston, par
46)4
$1234
10 Broadway National Bank, Chelsea, par $100—*
5 Thos. O'Callaghan & Co., pref., par $100; 200 Seaboard
Corp.
common;
26
Utilities Shares
10 Hotel Kim¬
1,100 Compton Trust, par $100.
-
Per Cent
Bonds—
$115.56 Cheney Blgelow Wire Works 5s,
$2 lot
27% flat
1964
$1,000 Lombardy 1st mtge. 6s, Nov. 15, 1942..
By Barnes & Lofland, Philadelphia:
Shares
$ per Share
300
Stocks
2 Provident Trust Co. of Philadelphia, par $100
30)4
..110
3)4
20 Liberty Title & Trust Co., par $50
20 Philadelphia National Bank, par $20
5 Land Title Bank & Trust Co., par $5
8 Philadelphia Bourse common, par $50
-
7 American Dredging Co.,
-
par
$100
10
38
Per Cen
Bonds—
$3,000 Steele Building (Phila.), 15th and Cherry Sts., 1st mtge. 5 34s
2)4
$2,000 Empire Building (Phila.), N. E. cor. 13th and Walnut Sts., 1st mtge.
2%
5Ms
Securities
DIVIDENDS
Dividends
current
we
are
grouped in two separate tables.
In the
bring together all the dividends announced the
week.
Then we follow with a second table in which
we
show
dividends previously
the
announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
in our "General Corporation and Investment
News Department" in the week when declared.
pany
name
The dividends announced this week are:
Per
Name
Share
of Company
Payable of Record
Quarterly
7% preferred
7% preferred
7% preferred
7% preferred
—
(quar.)
—
—
(quar.)
(quar.)
(quar.)
Capital Corp. prior pref. (quar.) — __
American Chicle Co.
(quar.)
American Investment Co. (111.) (quar.)
American Public Service Co., 7% pref.
American Stores Co
Corp., 7% pref. (quar.)
Atlantic Macaroni Co., Inc. (quar.)
Mar. 16*
June
June
50c
Sept.
Sept. 15
50c
Dee.
Dec.
%IH
91H
SI 34
SI 34
Mar.
June
Mar. 15
Homestake Mining Co.
Independent Pneumatic
26
Feb.
Feb.
15
Mar.
Feb.
15
Apr.
Apr.
6
Mar.
Feb.
15
10c
Mar.
Feb.
3754c
Mar.
Feb.
15
17
Feb.
Feb.
12
Feb.
Feb.
5c
50c
—
Tool
Little Miami RR. Co., original
capital (quar.).
Original capital (quar.)
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)—
Special guaranteed (quar.)
Los Angeles Industries, Inc
Ludlow Mfg. Associates
Mallory (P. R.) & Co
Matson Navigation Co
McKenzie Red Lake Gold Mines (quar.)
Mar. 29 Mar. 19
Mar. 30,Feb.
Feb.
Mar.
Mar.
Feb.
29
6
15
Metal Textile Corp. prior
Metal & Thermit
Feb.
J10c
Apr.
10
29
14
Apr.
Mar. 15
Apr.
Mar. 15
Muskegon Motor Specialty, class
National Container (Del.)..
Mar.
Nehi Corp., stock
20
10
Feb.
1
Bristol-Myers Co. (quar.)
60c
Mar.
Feb.
15
50c
Mar.
Feb.
20
Apr.
Mar.
15
Feb.
Feb.
Brown Shoe Co
*37 34c
S3 34
JS334
Canada Foundries & Forgings class A
Canada Starch Ltd., preferred (s.-a.)
6% preferred (quar.)
—
class A
Carthage Mills, preferred A
Carman & Co., Inc.,
Casco Products Corp
Central Illinois Public Service, $6 pref
6% preferred
-—
—
Central Ohio Light & Power Co. $6 pref. (qu.)_.
Central & South West Utilities Co.—
%7 prior lien preferred (quar.)
$6 prior lien preferred (quar.)
—
Chicago Corp., $3 preferred
Chicago Railway Equipment, pref
New Britain Gas Light
New England Water &
Newmarket Mfg. Co
1900 Corp.. class A
Mar.
Feb.
Apr.
Apr.
Mar. 20
Oceanic Oil Co
Mar. 20
Feb-
Feb.
Ogilvie Flour Mills Co. (quar.)
7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly)
Ohio Public Service 7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
Omar, Inc., 6% preferred (quar.)
Onomea Sugar Co. (monthly)
Otis Co. (liquidating)
—
20
20
SI M
Mar.
Feb.
17
$134
$1)4
Mar. 20 Feb.
29
Mar. 20 Feb.
29
1 Feb.
11
75c
Mar.
4354c
Mar.
31'Mar. 25
1
1
Sept.
1
25c
Dec.
Dec.
1
30c
Mar.
Mar.
1
30c
June
June
1
Sept.
Sept.
Dec.
Dec.
1
Mar.
Feb.
20
Mar.
Mar.
25c
Tl
Sept.
1
_
1
Mar.
Mar. 20
June
June
Sept.
Sept. 20
Dec.
13
Mar.
Feb.
16*
Feb.
Feb.
17
Mar.
Mar.
Apr.
Mar. 11
Mar.
Feb.
Dec.
Apr.
20
1
15
Mar. 15
Mar.
Feb.
16
Mar.
Feb.
20
Mar.
Feb.
24
Apr.
Apr.
1
Feb.
Jan.
26
Mar.
Feb.
10
15, Feb.
8
(quar.)
(quar.)
-
(initial)
Power
Nova 8cotia Light &
Ohio Public Service
3754c
$1
50c
Mar,
Feb.
5 Mar.
June
$1
...
$1)4
Feb.
June
20c
;
Mar. 20
Mar.
1
25c
50c
Electric Corp. pref
(quar.)
Class A
Mar.
15|Feb.
Mar.
held.
Class A
16
Feb.
5
10
28
9
Mar. 15 Mar.
10c
ex-div. date later..
(quar.).
8
SI
$1
$1
llFeb.
div. of 4 additional shares of
stock for each share of common
Mar. 20
60c
14 Feb.
9 Feb.
87&c
A (quar.)
Feb.
$134
B
10 Nov. 25
Feb.
Mar.
N. Y. Curb will announce
North Texas Co.
Dec.
Mar.
20c
Feb.
15
10 May 24
Sept. 10 Aug. 24
$154
$154
$154
$154
Mar.
$1
10 Nov. 25
24
Mar. 10 Feb.
25c
81
50c
Canada Starch, Ltd., preferred (s.-a.)—
Canfield Oil Co
Preferred
8
Dec.
June
$1
Murphy (G. C.) Co. (quar.)
common
24
10 May 24
Sept. 10 Aug. 24
June
30c
3c
pref. (quar.)
Moran Towing Corp. 7% cum. pref. (quar.).
Morristown Securities Corp__—...
Feb.
Feb.
$1
$1.10
$1.10
20c
Monroe Chemical,
Feb.
Feb.
29
__
25c
Feb.
Feb.
Mar. 15 Feb.
Mar. 10 Feb.
$1
$2
Mission Dry Corp. (quar.)
Mohawk Carpet Mills, Inc
Mar.
Feb.
8
21
15c
Feb.
50c
5
Mar. 15 Feb.
50c
J
Mar.
Bobbs-Merrill Co. (resumed)
1 Mar.
25c
50c
Copper Co
1.5c
Sill
15 Feb.
50c
pref. (quar.)
75c
$1)4
3734c
15
33c
30c
Beau Brummell Ties, Inc
Bloch Bros. Tobacco Co
1 Feb.
Mar.
Mar. 30 Mar. 19
30c
Atlas Powder Co
Belding-Corticelli (quar.)
Preferred (quar.)
Bird & Son, preferred (quar.)
Dec.
17
15c
50c
preferred (quar.
6% preferred (quar..
(quar.)
Mar.
1 May 10
1 Aug. 10
9
1 Nov.
$1.10
(quar.)
Mar.
Sept.
25c
6%
Preferred
June
30c
5%
5%
5%
6%
6% preferred (quar.
Miami
1 Feb.
30c
Acceptance Corp. 5% pref. (quar,)..
preferred (quar.'
preferred (quar.
preferred (quar.
preferred (quar.
Preferred
1
15
29
Mar. 30 Mar. 20
Mar.
30c
Mercantile
15
12
5
20
50c
(quar.)
Libbey-Owens-Ford Glass
(quar.)
Feb.
24 Feb.
30c
(quar.)
Feb.
Feb.
40c
734c
Quarterly
Quarterly
Quarterly
Jaeger Machine Co
Kalamazoo Vegetable Parchment Co. (quar.)__
Keystone Custodian Fund B-4 (s.-a.)
Lamaque Gold Mine, Ltd
Preferred
Mar. 15 Mar.
50c
funds)
International Vitamin Corp
Iron Fireman Mfg. (quar.)
Preferred
1
50c
3734c
International Nickel of Can. (in U.S.
15
Mar.
Feb.
$154
(monthly)
Sept. 15
Mar.
Feb.
Jan.
Extra
Dec.
Mar.
Mar. 15
25c
Home Fire & Marine Insurance (quar.)
Dec.
$1%
—
15
Mar. 20
Apr.
Mar.
preferred
Hanley (Jame) Co., 7% preferred (quar.)
Harbison-Walker Refractories Co
Preferred (quar.)
Hart-Carter Co. $2 conv. pref. (quar.)
Heel a Mining Co
Hobart Mfg. Co., class A (quar.)
Hollinger Consolidated Gold Mines
Sept.
Mar.
$1
60c
15
Mar. 15
June 15
25c
(quar.).
Artloom
Apr.
Mar.
50c
—
Mar. 11*
50c
Quarterly
Mar.
20c
*
Quarterly
American
Holders
25c
Allis-Chalmers Mfg
Aluminum Goods Mfg. Co
Aluminum Mfg., Inc. (quar.)
«
When
Mar.
8734c
Corp
Lane-Wells Co.
first
15
$1
75c
Insurance (quar.)
Hammond Instrument Co., 6%
16
40c
$154
Preferred (quar.)
Good all
-$5 lot
He.
$100, and 4 Hotel Kimball Co. common
50c
General Tire & Rubber
Glens Fails
8 H. H. Dudley & Co., Inc., pref., par $100;
ball Co. pref., par
5
Fiscal Fund (bank stock) (stock div.)
Insurance stock (stock dividend)
Galveston-Houston
$1,000 The King Edward Hotel Co., Ltd., 7s, Mar., 1944, series A, coupon
March 1932 & subsequent on; 25 Scranton Holding Corp. v. t. c., and
MacGregor Arms
Mar. 20
Mar.
Common A & B (quar.)
First Holding Cop.,
Stocks
15 Third National Bank & Trust
20
Mar.
preferred (quar.)
Fireman's Fund Indemnity (quar.)
Firestone Tire & Rubber, pref. (quar.)
sold at auction on Wednesday
pref. (quar.)
50c
50c
10c
$154
2c
Feb.
May 15 May
Aug. 15 Aug.
Nov.
Nov. 15"
Apr.
Mar.
Feb.
1
1
1
1 Mar. 15
1 Feb.
24 Feb.
14
10
$154
Mar.
1 Feb.
17
58 l-3c
Mar.
1 Feb.
15
50c
Mar.
15
412-3C
Mar.
58 l-3c
Mar.
1 Feb.
1 Feb.
1 Feb.
50c
Mar.
1 Feb.
15
41 2-3c
Mar.
1 Feb.
15
$154
15
15
Mar. 30 Mar. 15
10c
Feb.
20 Feb.
10
50c
Feb.
15 Feb.
8
Per
Name of
Share
Company
1 Mar.
2
Barber
1
Mar.
2
Barnsdall
.
-
(qu.)
Pittsburgh Youngstown & Ashtabula pref.
Mar.
Feb.
15
Feb.
Feb.
6
Mar.
Mar.
8 Feb.
Berkshire Fire Spinning
Feb.
6
Feb. 23
15c
Mar.
1 Feb.
19
SIX
Mar.
1 Feb.
20
35c
Plymouth Oil Co. (quarJ
Ogdensburg Ry. gtd.
com.
Inc
Powdrell & Alexander
(quar.)_—-—-
10c
Feb.
1 Jan.
1 Feb.
19
Mar.
Mar.
12Hc
SIX
19
16
29
29
Mar. 25 Mar. 15
Feb.
26 Feb.
15
50c
Feb.
26 Feb.
15
Butler Bros
Mar. 15 Feb.
20c
Apr. 25 Apr.
25c
3.1c
Rutland & White RR
50c
Safety Car Heating & Lighting Co., Inc
St. Joseph Lead (quar.)
Savannah Electric & Power 8% pref. A (qu.)__
$1
25c
$1H
SIX
7H% preferred B (quar.)
7% preferred C (quar.)
6H % preferred D (quar.)
6% preferred (s.-a.)
Seaboard Oil of Del. (quar.)
Sheaffer (W. A.) Pen
$1H
25c
.
Shenango Valley Water Co. 6% pref. (quar.)—
Sherwin-Williams (Canada) preferred
Socony-Vacuum Oil--
$1H
t$3H
29
16
Mar. 15 Mar.
1
Feb. 25 Jan. 31
Feb.
15 Feb.
Apr.
1
Mar. 15
1
Mar. 20
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Mar.
Apr.
Mar.
8
Mar.
8
Mar.
8
Mar.
1
8
Mar.
8
8
Mar. 15 Mar.
Mar.
1 Feb.
Apr.
1
20
Mar. 15
1
25c
Mar. 15 Feb.
21*
50c
---------
Spring Valley Co., Ltd. (liquidating)
Standard Brands, Inc. (quar.)
$4H preferred (quar.)
Straits Mfg. Co
Mar. 15 Feb.
Apr.
1 Feb.
10
10c
16
$1H
15 June
1
10c
-
June
Feb.
28 Feb.
21
25c
Feb.
50c
Mar.
25c
Feb. 23
Mar.
—-•
$1
t$lH
Republic Natural Gas Co. common (quar.)
Rheem Mfg. Co
Royalty Income Shares, series A
Preferred (quar.)
Byron Jackson Co
California Packing Co. pref. (quar.)
California Water Service Co., 6% pref. (quar.)—
Canada Cement, Ltd., 6H% prefCanada Vinegars, Ltd. (quar.)
Canada Wire Jk Cable, class B (interim)
——
Mar.
Feb.
9
Apr.
Apr.
Mar.
Mar.
I
Mar.
1
Feb. 13
Mar.
Feb.
Mar.
Feb.
Feb.
Mar.
Feb.
1
Feb.
5
Mar.
Feb.
15
Apr.
Mar. 15
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
1
Mar.
Mar.
8
Mar.
Mar.
Mar.
Mar. 15
Feb.
Feb.
9
Mar.
Feb.
19
Mar.
Feb.
5
Feb. 23
Mar.
13
20
15
31
1
Feb.
15
Feb.
Feb.
5
Mar.
Feb.
3
1
15
5
Mar.
1
Mar.
9
1 Feb.
9
15 Jan.
30
Mar.
Feb.
Feb.
15 Jan. 31
15 Jan. 31
Mar. 20
v/,Feb. 29
Feb.
Feb.
Mar.
ljFeb. 15
Mar. 15 Feb.
29
Mar. 15iFeb.
29
Mar. 15iFeb.
29
6H%
1 Feb.
23
Class
Mar. 15 Feb.
Mar.
5 Feb.
26
16
A (quar.)
Class A (quar.)
Class A (quar.)
Mar.
1 Feb.
15
Class A
Mar.
1 Feb.
15
Mar.
1 Feb.
15
Mar. 30 Mar. 12*
Carolina Telephone & Telegraph
1 Feb.
16
Carter
Mar. 15 Mar.
Mar.
1 Feb.
16
15c
Mar. 23 Mar.
1
Feb.
5
Co. (quar.)—
(Wm.) Co., pref. (quar.)
Case (J. I.) Co. preferred (quar.)
—
Castle (A. M.) & Co
Caterpillar Tractor (quar.)
i
Cedar Rapids Mfg. (quar.)
—
Celotex Corp. 5% preferred (quar.)
Central Eureka Mining Co. (new)--
Mar.
50c
58 l-3c
50c
41 2-3c
(monthly)
6% preferred (monthly)
5% preferred (monthly)
-
Underwood Elliott Fisher Co. (quar.)
Union Tank Car Co. (quar.)
Extra
United Elastic Corp
Utica Knitting Co. 7% preferred--Van Norman Machine Tool
t$3H
15 Feb.
Vapor Car Heating Co., Inc
7% preferred (quar.)
Vick Chemical Co. (quar.)
Mar. 20 Mar.
Mar.
1 Feb.
16
Mar.
1 Feb.
16
Mar.
9 Mar.
1
Central Ohio Steel Products
Mar.
9 Mar.
1
Central Surety & Insurance
Extra
15
Mar.
1 Feb.
Mar.
1 Feb.
15
Central Vermont Public Service,
40c
Mar. 20 Feb.
20
Century Ribbon Mills, preferred (quar.)
$1H
-
Mar. 15 Feb.
20
1 Feb.
19
Charis Corp
Chartered Investors, $5
50c
25c
Mar.
Mar. 15 Feb.
15
1 Jan.
29
5
SIX
25c
Feb.
15 Feb.
25c
Feb.
t$l
Yellow & Checker Cab Co. class A-.
Feb.
Feb.
15 Feb.
5
26 Feb. 23
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
When
Acme Wire Co.
25c
-
35c
40c
Aetna Ball
Bearing Mfg. (quar.)
Agnew-Surpass Shoe Stores (s.-a.)
Preference (quar.)
IX %
25c
-
Allegheny Ludlum Steel, pref. (quar.)
Allentown-Bethlehem Gas Co. 7% pref. (quar,).
Allied Kid Co. (quar.)_
Alpha Portland Cements
Aluminium, Ltd., pref. (quar.)American Arch
-
$1X
87 He
25c
$IH
25c
American Asphalt Roof Corp. pref. (quar.)
American Automobile Insurance Co. (quar.)
Cable
$1
40c
Co "inc
5% convertible preferred (quar.)
American Envelope Co., 7% pref. A (quar.)
-
American Meter Co
American Metal Co., Ltd
non-callable
conv.
10 Jan.
Apr.
1 Feb.
19
15 Mar. 30
1
15 Mar.
1 Mar. 15
1 Feb.
25
1 May 25
1 Aug. 25
$l'/4.
Sept.
t30c
Mar. 15 Feb.
Mar. 15 Feb.
t35c
31
Feb. 15 Jan. 25
Mar. 15 Mar.
5
5
Mar. 15 Mar.
Mar.
7% preferred A (quar.
r.).
American & Foreign Power Co., Inc., $6 pref—.
$7 preferred
American Gas & Electric, $6 pref. (final)
American General Corp., $3 preferred (quar.)_.
$2H preferred (quar.)
$2 preferred (quar.)
American Hide & Leather, pref. (quar.)
American Home Products Corp. zmonthly)
cum.
Mar.
June
7% preferred A (quar.).
American Paper Goods
Feb.
Feb. 15 Feb.
9
Mar. 25 Mar.
1
Mar.
1 Feb. 14
ar.
$IH
-
American Chain &
Feb. 15 Jan. 31
Mar. 15 Mar.
1
Mar.
1 Feb. 15
1 Mar. 15
Apr.
Feb. 20 Feb. 10
Mar.
1 Feb. 15
Apr.
American Can Co., 7% pref. (quar.)
(Quarterly)
Holders
Payable of Record
of Company
pref. (quar.)-.-,
Co. 7% pref. (quar.)--,
Preferred
(guar.)
American Re-Insurance (quar.)
Extra.American Smelting & Refining Co
American Steel Foundries
American Sugar Refining, pref. (quar A
Feb.
Mar.
1 Feb.
15
Mar.
1 Feb.
15
15
13
-
14 Feb.
15 Jan.
9
31
Feb.
1 Feb.
Feb.
15 Jan.
15 Jan.
Feb.
15 Jan.
liFeb.
15 Feb.
Feb.
15
31
31
31
20
1
1 Feb.
1
Feb.
10 Jan.
31
Feb.
15
Mar.
l'Feb.
Mar.
19
9
Feb. 27,Feb.
Apr.
1 Mar. 20
July
1 June 19
1 Sept. 18
Oct.
Mar. 31 Mar. 15
1 Feb.
Mar.
1 Feb.
15
10
10
15 Jan.
24
1 Feb.
Feb.
1 Mar.
Feb. 29
Feb. 20
A
Collins A Aikman Corp--Extra
Feb.
-
20 Feb.
9
1 Feb.
20
Mar.
(quar.)
5
Feb"." 9
Mar. 31 Mar. 15
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Gas A Electric, 6% pref. A (quar.)
—
5% cumulative preference (quar.)
5% cumulative preferred (quar.)
Corp., S2X conv. preferred.
S2X convertible preferred (quar.)
Feb.
Feb.
Feb.
Feb.
Feb.
15
15 Jan.
Mar.
1 Feb.
Mar. 15 Feb.
25
15
29
Feb.
Commonwealth Utilities Corp., 6H% pref. (qu.)
Community Public Service
Compania Swift Internacional (quar.)
Compressed Industrial Gases
Concord Gas Co., 7% preferred
Connecticut Light A Power, 5H % pref. (quar.).
i
10 Jan.
15 Jan.
1 Feb.
Feb.
Commonwealths Distribution
Commonwealth International Corp. (quar.)
15 Jan. 20
15 Jan, 20
15 Jan. 20
15 Feb.
15 Feb.
Mar.
Feb.
15 Jan. 31
1 Feb. 15
1 Feb. 15
Mar.
1 Feb. 15
Mar.
1 Feb. 15
Feb.
Mar.
Connecticut Power Co
—
Connecticut River Power, preferred (quar.)
Consolidated Cigar Corp., 7% pref.
(quar.)__
Mar.
Consolidated Edison Co. of N. Y. (quar.)
Mar. 15 Feb.
9
15 Jan.
15
19
Feb.
Container Corp. of
—
Mar.
1 Feb.
5
Feb. 20 Feb.
Feb. 15 Jan. 25
Feb. 15 Jan. 31
4
Mar. 25 Mar.
America
Continental Can Co., Inc. (interim)
Continental Cushion Spring Co_
Continental Oil Co
Mar.
1 Feb.
Mar. 30 Mar. 19
Mar.
1 Feb. 14*
Copperweld Steel Co
5% cum. conv. preferred (quar.)
Mar. 10 Mar.
1
Mar. 10 Mar.
Mar. 15 Feb. 28
Mar.
1 Feb. 20
Corporate Investors, class A (quar.)
Feb.
15 Jan.
1
30
May 15 Apr.
29
Cosmos Imperial Mills,
Preferred (quar.)
15 Jan.
31
m
Mar.
1 Feb. 20
Mar. 15 Mar.
5
June 15 June
5
Sept. 16 Sept.
5
Dec.
5
Mar.
40c
Feb.
Feb.
SIX
SIX
16 Dec.
1 Feb. 23
15 Feb.
15 Feb.
5
5
Feb. 20 Feb.
2
Mar. 30 Mar. 15
Apr.
Mar.
Feb.
2 Mar.
1 Feb.
5
10
10 Jan.
SIX
mx
SIX
Corp. 6% preferred (quar.)
B
Bankers & Shippers Insurance Co. (quar.).
Cresson Consol. Gold Mining A Milling
Crown Cork A Seal Co., Inc., %2X cum.pf.(qu.)
Crown Cork A Seal, Ltd. (Can.) (quar.)
Crown Drug Co.. preferred (quar.)
9
Mar.
9
1 Feb.
1
Mar. 30 Mar. 15
Mar. 30 Mar. 15
May
1 Apr.
5c
15c
10c
$1H
15 Feb.
15 Feb.
1
1
26
Mar. 15 Feb. 21
Mar.
1 Feb.
20
Mar.
1 Feb. 17
Feb. 15 Feb.
1
Feb. 15 Feb.
1
Mar.
1 Feb. 15
Mar.
1 Feb. 15
Feb. 25 Jan. 31
Feb.
14 Feb.
5
15 Jan. .31
15 Feb.
Mar.
1 Feb.
Crown Zellerbach $5 preferred (quar.)
Crum A Forster 8% pref. (quar.)
Cuneo Press. Inc., pref. (quar.)
29*
31
5
13
Mar. 30 Mar. 20
Mar. 15 Mar.
1
Curtis Publishing Co. $7 preferred
Decca Records, Inc
1 Mar.
Apr.
8
Feb. 27 Feb. 13
Mar.
1 Feb. 15
Mar. 15 Mar.
1
Derby Oil A Refining $4 pref-
10
Sept.
-
13
Feb.
June
-
„
Preferred
(semi-ann.)
(semi-ann.)
Participating pref. (s.-a.)
Diem A Wing Paper Co., 5% pref. (quar.)
Preferred
Feb.
Mar.
May 10
Aug. 12
Dec.
Nov. 12
Mar.
Quarterly
Quarterly
Quarterly
Feb.
Mar. 15 Feb.
Feb. 15 Jan.
Feb.
-
Detroit Gasket A Mfg. pref. (quar.)
Diamond Match Co. (quar.)
6
1 Feb. 23*
10c
-
Mar. 15 Mar.
1
Mar.
1 Feb. 10
Crane Co. 5% cum. conv. preferred (quar.).Creameries of American, Inc., pref. (quar.)
1 Feb.
Mar. 15 Mar.
Mar.
1 Feb.
Mar.
10c
——-
Apr. 15 Mar. 30
Mar.
24c
$1.05
Feb.
Deere A Co., pref. (quar.)
Feb.
Feb.
28c
62 He
25c
75c
—
Atlantic Refining Co. (quar.)
-
Ltd. (quar.)
24*
1 Feb. 19
10c
Atlantic Rayon Corp
Class A (quar.)
Mar.
25c
$1
50c
-
5% cumul. preferred (quar.)
Associated Telep. & Teleg. Co., 7% 1st pref
$6 first preferred
Feb.
20c
50c
75c
10c
50c
25c
...
Armstrong Cork Co. (interim)
Preferred (quar.)
Associated Dry Goods 1st preferred (quar.)
2nd preferred
cere
31
15
31
Apr.
(quar.)---
Collateral Trustee Shares class
Consolidated Oil Co. (quar.)
20c
six
American Tobacco Co., com. & com. B (quar.).
American Woolen Co., Inc., preferred
Archer-Daniels-Midland
Bai^ePr^en"ed (ffijar.).
National Investing A &
---
Consolidated Paper Co
Amer. Radiator & Standard Sanitary-
Baldwin Locomotive Works pref. (s.-a.)
Baltimore American Insurance Co. (s.-a.)
Extra
Baltimore Radio Show, Inc. (quar.)__
(quar.)
Colgate-Palmolive-Peet (quar.)—-
23
75c
15 Jan.
Mar.
(quar.)
4% guaranteed
23
62 He
six
six
SIX
7% preferred (quar.'
7% preferred (quar.
7% preferred (quar..
$2H prior preferred (quar.)
Cleveland A Pittsburgh RR., gtd.
Columbia Pictures
Feb.
Mar.
Preferred (quar.).
Preferred
10 Jan.
29 Feb.
Feb.
-—-
pref. (quar.)
Chase (A. W.) Co., pref. (quar.)—
Chester Water Service, preferred
Chicago Yellow Cab
—-—
—
Chile Copper Co
Cincinnati Union Terminal, 6% pref. (quar.)..
5% preferred (quar.)
5% preferred (quar.)
City Ice & Fuel Co
Preferred
Feb.
Feb.
75c
25c
-
Associates Investment Co
—
pref. (quar.)__
1
9
1 Mar. 12
Apr.
Mar.
Corp. (Mo.) (quar.)
50c
10c
-
Feb.
Feb- 15 Feb.
—
SIX
-
Dec. 15 Nov. 30
15 Feb.
1
-—
(quar.)---
Extra
50c
-
Extra
Akron Brass
-—
-
40c
Walgreen Co. (quar.)
Preferred (quar.)
Western Auto Supply Co. (quar.).
Westlnghouse Air Brake Co.
Whiting Corp. 6H% preferred (quar.).
Williams (J. B.) Cp. (quar.).
Preferred (quar.).
Name
—
-
(quar.)
Canadian Oil Co.
15'May 31
Sept. 15|Aug. 31
June
SIX
-
8
preferred (quar.)
50c
Van Raalte Co., Inc
1st preferred (quar.)
1
Apr. 21 Mar. 25
Mar.
10c
Timken Roller Bearing Co
Toledo Edison Co. 7% preferred
13
50c
Thomson Electric Welding Co
Tilo Roofing Co., Inc. (quar.)_.
21 Feb.
30c
Sylvania Industrial (quar.)
Atlas
7% preferred
preferred
Borg-Warner Corp
Boss Manufacturing Co.-Boston Fund, Inc. (quar.)
Bourjois, Inc., %2X preferred
Bower Roller Bearing Co
Brewing Corp. of Amer. (quar.)
Bridgeport Gas Light (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Telegraph & Messenger (quar.)
Brooklyn Union Gas
Buckeye Pipe Line Co
Bunker Hill & Sullivan Mining A Concentrating
Co. (quar.)
—
Burlington Mills Corp
—.
Burroughs Adding Machine
25c
Reliance Electric & Engineering Corp
Reliance Grain Co., Ltd., 6H% preferred
-
1 Feb.
1 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
7% preferred (quar.)
5% preferred (quar.)
Blgelow-Sanford Carpet Co
Preferred (quar.)
-—
Birmingham Gas. prior pref. (quar.)
Blauner's, pref. (quar.)
Blue Ridge Corp., pref. (quar.)_.
-—.
Optional div. cash or 1-32 sh. of com. stock.
Borden Co. (interim)
2
Mar.
25c
(quar.)
6
29 Feb. 20
Mar. 15 Mar.
1
75c
(quar.)—
Purity Bakeries Corp
Beeves (Daniel), Inc. (quar.)
5%
—
Bethlenem Steel Corp.-
Feb.
70c
Prentice-Hall, Inc. (quar.)
23
Mar. 30 Mar.
50c
$3.85
Premier Shares, Inc. (liquidating)
6%
20
31
Belding Heminway (quar.)
Bendix Aviation Corp
$1H
preferred (quar.)-—
Phelps Dodge Corp.
Piper Aircraft (quar.)
Below
Feb.
Jan.
Beacon Mfg. Co. 6% pref. (quar.)_
Beaunit Mills, Inc., cum. conv. pref
75c
Extra
6
Mar.
Feb.
---------—
Mar. 30 Mar. 16
Mar.
1 Feb. 15
25c
Preferred
Feb.
Feb.
Co
Mar. 30 Mar. 15
Mar.
1 Feb. 15
40c
—
-
C.J Co
Preferred
Oil
25c
Davis & Co
Patterson-Sargent Co
Portland &
Holders
Payable of Record
of Company
Asphalt Corp
Apr.
Apr.
Penney (J.
Pfaulder Co. 6%
Name
25c
5% preferred (quar.)
1940
10,
When
When
Holders(
Payable of Record
$1H
(quar.)
Ottawa Light, Heat & Power Co.
Parke
Feb.
The Commercial & Financial Chronicle
946
-
Dome Mines Ltd
Dominion A Anglo Investment Corp., Ltd.—
Preferred (quar.)
Sept.
3-1-41
Mar
Aug. 12
2-10-41
1 Feb. 10
15 Jan. 31
Apr. 20 Mar. 30
Feb.
Mar.
1 Feb.
15
15 Jan. 31
1 Mar. 20
Co. (quar.)
Feb.
Dominion Foundries A Steel
Preferred (quar.)
Apr.
Dominquez Oil Fields (monthly)
Dover A Rockaway RR. Co
Dow Chemical Co
Preferred (quar.)
Feb. 29 Feb. 16
1 Mar. 30
Apr.
Dominion Bridge
Mar.
Feb.
Feb.
1 Feb.
15 Feb.
15 Feb.
20
1
1
Volume
The Commercial & Financial Chronicle
150
When
Per
Name of Company
Share
Holders
Duplan Silk Oorp
Feb.
Mar.
Eaton Mfg. Co
Eery Register Co. pref. (quar.)..
Elgin National Watch Co
Ely Sc Walker Dry Goods
Empire Sc Bay State Telep. Co., 4% gtd. (quar.)
Employers Reinsurance Corp
Ewa Plantation
Fairbanks Morse & Co. (quar.)
Feb.
Mar.
Mar.
...
15 Jan. 31
1 Feb. 10
1 Feb.
10
1 Feb.
10
5
23 Feb.
Mar. 20 Mar. 11
Mar. 23 Mar.
9
Mar.
1 Feb.
19
Mar.
1 Feb.
19
Feb.
15 Feb.
1 Feb.
10
Mar.
(Quarterly)
Fisk Rubber, pref.
31
Mar.
1 Feb.
10
Apr.
(semi-annual)
15 Jan.
Feb.
Extra
Falstaff Brewing pref.
1
29 Feb.
Feb.
ZZZZ
Fitz Simons Sc Connell Dredge & Dock
Florida Power Corp., 7% pref. A (quar.).
5
Mar. 18
Feb.
(final)"
15
23
Mar.
7% preferred (quar.)...
1 Feb.
19
Mar.
1 Feb.
15
Mar.
1 Feb.
15
Free port Sulphur (quar.)
Fuller Brush 7 % pref
Mar.
1 Feb.
16
General Acceptance 7% con v. pref. (quar.)
Preferred (quar.)
General American Corp. (quar.)
Feb.
15 Feb.
5
Feb.
15 Feb.
5
1 Feb.
15
16
Apr.
Mar.
Mar.
General Cigar Co., pref. (quar.)
General Foods Corp. (quar.)
1 Mar. 30
1 Feb.
Feb.
15 Jan.
26
Feb.
15 Jan.
30
Feb.
General Metals Corp. (s.-a.)
General Outdoor Advertising Co., class A.
Preferred (quar.)
General Refractories
General Steel Wires, Ltd., partic. pref.
Per
Payable of Record
Eastern Corp.
5% preferred, initial
Eastern Shore Public Service Co., $6
pref. (qu.)_
Preferred (quar.)
15 Feb.
5
15 Feb.
5
Feb.
947
Mar. 21 Mar.
1
Name of
Share
Company
Lincom National Life Insurance Co.
When
May
Aug.
(quar.)
Quarterly.
Quarterly.
Apr. 25
July 26
Oct.
Nov.
Link Belt Co. (quar.).
Preferred (quar.)..
Lionel Corp. (quar.).
Mar.
Apr.
_
29 Feb.
29 Feb.
1 Feb.
Feb. 15 Jan.
Feb.
Feb.
10
Mar.
10
Loose-Wiles Biscuit 5% pref. (quar.).
Lord & Taylor 1st preferred (quar.)
Apr.
Mar.
30
1 Mar. 18
1 Feb. 17
Louisville Henderson & St. Louis Ry. (s.-a.)
Preferred (s.-a.)
Feb.
Louisville & Nashville RR. Co.
Luneknheimer Co.
Feb.
Extra
Feb.
Feb.
15 Feb.
15 Feb.
1
28 Jan.
15 Feb.
30
Oct.
1 Sept. 21
1-2-41 Dec. 23
Feb.
Feb.
Feb.
15 Jan.
15 Jan.
15 Feb.
1 May
3 Aug.
1
10
29 Feb.
15 Feb.
16
May 15 May
Aug. 15 Aug.
4
Sent.
Feb.
10
Mar.
Feb.
15
Preferred
Mar.
Feb.
15
Preferred
Mar.
Mar.
Feb.
20
Managed Investments, Inc. (quar.).
Feb.
Feb.
24
Manhattan Shirt
Mar.
Mar.
Feb.
24
Gold & Stock
Apr.
Mar. 30
Manufacturers
Extra
Feb.
Feb.
Golden Cycle
Mar. 11 Feb.
29
Maryland Fund, InG.
Mar. 15 Feb.
Mar. 15 Feb.
15
15
Masonite
Globe-Democrat Publishing Co. 7% pref. (qu.)
Globe & Rutgers Fire Insurance, 2d pref. (s.-a.).
4% 1st pf. (s.-a.)
Telegraph Co. (quar.)..
Co. (quar.)
Goodyear Tire & Rubber Co. (quar.)
$5 convertible preferred (quar.)
Gorham Mfg. Co
Gossard (H. W.)
Grace National Bank
Mar. 15 Mar.
1
Mar.
15
Mar.
(N.Y.) (s.-a.)
Feb.
Feb.
27
5
1
Feb.
(quar.).
Macy (R. H.) & Co...
Madison Square Garden
Magnin (I.J & Co. pref. (quar.).
10
■
31
15 Feb.
Mar.
1 Feb.
June
Quarterly
Macmillan Co.
20 Feb.
Extra
31
Mar. 30 Mar. 15
Mar.
1 Feb
1
20 Feb.
Gibraltar Fire & Marine Insurance
1
Apr.
July
6X% preferred (quar.
6X% preferred (quar.)
6X% preferred (quar.
0X% preferred (quar..
Luzerne County Gas <fc Electric Corp.
$7 first preferred (quar.)..
$6 first preferred (quar.)_.
Lynch Corp
McCrory Stores Corp. common (quar.).
Mclntyre Porcupine Mines (quar.).
Quarterly.
Preferred
10
5
1 Mar. 22
1 June 21
Feb.
(quar.)_
Participating preferred (partic. aiv.)
26
Feb. 10
Mar. 15
Loblaw Groceterias Ltd., A & B (quar.).
Loew's. Inc., preferred (quar.)
Feb.
..
Holders
Payable of Record
Feb.
(quar.).
(quar.).
(quar.).
9
5
5
Nov. 15 Nov.
Casualty Insurance (quar.).
5
15 Feb.
1
1 Feb.
9
15 Feb.
1
15 Feb.
1
Mar. 15 Feb.
Mar. 10 Feb.
29
20
Extra
Mar. 10 Feb.
Preferred (quar.).
Mar.
20
20
_
Corp. (quar.).
Matson Navigation Co. (quar.).
Mead Corp., $6 pref. A (quar.).
1 Feb.
15 Feb.
Feb.
Mar.
Feb.
Mar.
Feb.
9
15
Granby Consolidated Mining Smelting Sc Power
(Payable in United States funds)
Mar.
1 Feb.
14
Feb.
Mar. 31
Great Atlantic Sc Pacific Tea
Feb.
16 Feb.
5
Mercantile Stores, preferred (quar.).
Feb.
Jan.
31
Preferred (quar.)
Great Lakes Dredge & Dock Co. (quar.)
Green Bay & Western RR. Co., capital stock..
Feb.
Feb.
16 Feb.
15 Feb.
5
Merrimac
Mar,
Jan.
26
2
Midland Steel Products Co
Mar.
Feb.
19 Feb.
9
Non-cumulative dividend shares.
Feb.
19 Feb.
9
Mar.
1
Feb.
19 Feb.
9
Feb.
Feb.
5
Mar.
1 Feb,
Feb. 15 Feb.
15
Mar,
Feb.
14
Mar.
1 Feb.
Mar.
1 Feb.
15
15
8% cumulative first preferred.
Minneapolis-Honeywell Regulator.
Preferred B (quar.)
Mississippi Valley Public Service Co.7% preferred (quar.).
6% preferred B
Mitchell (J. S.) & Co., Ltd.
Apr.
Apr.
Apr.
$5X
Class A debentures
Class B debentures
3
Griesedieck-Western Brewery preferred (quar.).
Gurd (Chas.) & Co., preferred (quar.)
Hale Bros. Stores
(quar.)
Hal]nor Mines,
Ltd
Hamilton Watch Co
....
Mar. 15 Mar.
Preferred (quar.)
1
_
1
Mar. 15 Feb.
Apr.
16
1 Mar. 15
Mar.
1 Feb.
Hammermill Paper 4%% pref. (quar.)
Hancock Oil (Calif.) class A Sc B (quar.)
Class A & B (extra)
Mar.
1 Feb.
15
15
Hanna (M. A.) Co. preferred (quar.)
Mar.
Havana Electric & Utilities, preferred
Hawaiian Commercial & Sugar Co., Ltd. (qu.)..
Hazel-Atlas Glass Co
v
Feb.
Hedley Mascot Gold Mine (resumed)
Hercules Powder Co., preferred (quar.)
Hershey Chocolate (quar.)
Preferred (additional)
Preferred (quar.)
Heyden Chemical Corp. (quar.).
Special
Hibbard, Spencer, Bartlett Sc Co., (mo.)
Monthly
Holophane Co., Inc
Preferred (semi-annual)
Home Finance Co. (quar.)
Hormel (Geo. A.)
Preferred class A (quar.)
Horn (A. C.) Co., 7% non-cum. prior pref
Horn & Hardart Co. N. Y., preferred (quar.)..
Huston (Tom) Peanut Co. (quar.)
Idaho Maryland Mines (monthly)
Illuminating & Power Securities Corp.—
7% preferred (quar.)
Feb.
15 Feb.
Feb.
Feb.
Feb.
15 Feb.
2
15 Jan.
25
15'Jan.
25
Feb. 15 Jan.
Mar.
lFeb.
25
19
19
Imperial Tobacco of Great Britain & Ireland—
American deposit receipts (final)
American deposit receipts (bonus)
Indiana Associated Telephone pref. (quar.)
Ingersoll-Rand Co
Feb.
Apr.
Mar.
Feb.
Securities
15
31
5
1 Mar. 14*
1 Feb.
23 Feb.
1
13
__
Mar. 29 Mar. 19
Mar.
llFeb. lo
1 Mar. 15
Apr.
17
15 Jan. 27
Feb. 15 Jan. 27
Feb. 15
Mar.
Feb.
Feb.
29 Feb.
Mar.
Feb.
10
Feb.
$1X
15 Feb.
5
Feb.
21 Feb.
10
Feb.
15 Jan.
31
Mar.
Mar.
$1;
Feb.
7 Jan. 31
7 Jan. 31
15 Feb.
1
Mar.
1 Feb.
1 Feb.
5
13
Mar.
1 Jan.
31
Mar.
Inland Steel Co
Institutional
1 Feb.
15 Jan.
15 Feb.
Corp.—
Aviation Groups Shares, (initial)
Interlake Steamship Co
International Business Machines Corp. (qu.)
A stk. div. at the rate of 5 shs. for each 100 shs.
International Harvester Co., pref. (quar.)
International Ocean Telegraph Co. (quar.)
International Railways of Central America—
Preferred
20c
25c
SIX
held.
$1X
SIX
Apr.
Apr.
1 Mar. 15
10 Apr.
1
Mar. 15*
Apr.
1
Mar.
1 Feb.
Apr.
1 Mar. 30
5
15 Feb.
8
9 Feb.
24
t$2
Feb.
$1
25c
Mar.
SIX
Inter-Ocean Reinsurance (semi-ann.)
Interstate Hosiery Mills
Mar.
1 Feb.
15
91%
91
Mar.
1 Feb.
Feb. 24 Feb.
25
Mar. 15 Mar.
1
Ironwood & Bessemer Ry. & Light Co.—
7% preferred (quar.)
Jantzen Knitting Mills, pref. (quar.)
Jersey Insurance Co. of N. Y. (s.-a.)
Jewel Tea Co. (stock dividend)..
New shares (quar.)
Kable Bros, preferred (quar.)
Katz Drug Co. (quar.)
Preferred (quar.)
Kayser (Julius) & Co
Keith-Albee-Orpheum, 7% preferred
KendaU Co. cum. partic. pref. series A (quar.)..
Kentucky Utilities 7% Jr. pref. (quar.)
Klein (D. Emil).-.
Knickerbocker Fun
Kresge (S. S.) Co. (quar.)
—
Extra
Quarterly
Kroger Grocery & Baking (quar.).
6% preferred (quar.)
7% preferred (quar
K W Battery
Lake of the Woods Mining Co., 7% pref. (qu.L.
Lake Superior District Power 7% pref. (quar.)..
6% preferred (quar.)
Landis Machine (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Monotype Machine
Champagne, Inc. (s.-a.)
(quar.)
Lee (H. D.) Mercantile Co. (quar.)
Lehigh Portland Cement Co. 4% pref. (quar.)..
Leitch Gold Mines, Ltd
Le Tourneau (R. G.) (quar.)
Lanston
La Salle Wines Sc.
Leath Sc Co., preferred
Life Savers
Corp.Jquar.)
Liggett Sc. Myers Tobacco Co., com. & com. B__
Lindsay light Sc. Chemical Co
—....
100%
60c
SIX
12 J4c
91%
25c
Mar.
1 Feb.
Mar. 20 Mar.
Feb.
15 Feb.
7
9
8
15
Mar. 15 Feb. 29
1 Mar. 15
Apr.
Feb. 26 Feb. 10
tSlK
SIX
Mar.
87 Xc
25c
8c
10*
20 Jan.
31
1
15c
Mar. 13 Mar.
30c
June
40c
Mar.
1 Feb.
Apr.
1 Mar. 16
91%
SIX
SIX
25c
SIX
SIX
SIX
91%
50c
3c
62%c
25c
&
25c
40c
91
15c
Apr.
Mar.
June
Monsanto Chemical Co. pref. A and B (s.-a.)—
1 May
15 Feb.
10
Feb.
1 Apr.
1 July
1
1
1
1
1 Oct.
1-2-41 Dec. 31
Mar.
1 Feb. 15
Mar.
1 Feb. 23
Oct.
June
Sept.
Dec.
1 May 24
1 Aug. 23
1 Nov. 22
25
Feb.
15 Jan.
29 Feb.
Motor Wheel
Mar. 15 Feb.
29
Mt. Diablo
Mar,
1 Feb.
Mar.
Mar.
1 Feb.
1 Feb.
Feb.
Corp. (quar A
Oil Mining Sc Development
17
Nashawena Mills
Feb.
15 Feb.
15
15
15
3
Nashville Chattanooga Sc St. Louis Ry
National Automotive Fibers pref. (quar.)
Feb.
Mar.
26 Feb.
1 Feb.
10
10
Mar.
1 Feb.
Muskogee Co. 6% preferred (quar.)
Muskogee Co. preferred (quar.)
National Bearing Metals
National Biscuit Co
Preferred
16
Apr.
29 Feb.
15 Jan.
Feb.
National Credit Co. (Baltimore) class A (quar.)
National Credit Co. (Seattle) 5% pref. (quar.)._
13
31
1
15 Feb.
1 Feb. 17
1
Mar. 15 Mar.
Feb. 15 Feb.
1
Feb.
Mar.
National Gypsum Co. preferred (quar.)
National Lead Co., preferred A (quar.)
National Liberty Insurance
Extra
15 Mar. 15
Feb.
(quar.).
Co. of Amer. (s.-a.)..
Feb.
15 Feb.
1 Feb.
1
19
31
National Oats Co
Mar.
National Paper Sc Type Co. 5% pref. (s.-a.)__
National Power & Light Co
15 Jan.
Mar.
1 Jan.
29
National Union Fire Insurance Co
Feb.
19 Feb.
19 Feb.
Mar. 15 Feb.
5
Feb.
5
29
Feb.
Extra
Neisner Bros., Inc. (quar.)
Neptune Meter Co., preferred (quar.).
Casualty (semi-annual)
Newberry (J. J.) Co., preferred A (quar.)
New Jersey Zinc Co
New York & Queens Elec. Light Sc. Power (quar.)
Preferred (quar.)
Apr.
1 Feb.
9 Feb.
Feb.
SIX
Mar. 14 Feb.
Mar.
1 Feb.
Mar. 20 Mar.
Feb. 15 Feb.
Feb. 15 Feb.
Niagara Share Corp. of Md., class A pref. (qu.).
1900 Corp. class A (quar.)
niAisis
15 Feb.
1 Mar.
Mar.
Mar.
New Amsterdam
k
1
1
16
17
23
9
8
9
9
15 Jan.
30
Noranda Mines, Ltd. (quar.)
Norfolk & Western Ry. (quar.)
Preferred (quar.)
Mar. 15 Feb.
20
Mar. 19 Feb.
29
Mar.
19 Jan.
9 Feb.
31
North River Insurance
Nonquitt
Feb.
Milis
Feb.
(N. Y.)
Apr.
Norwalk Tire & Rubber, pref. (quar.)
Northern Insurance Co. (N. Y.)
Feb.
Feb.
Extra
1
13 May 31
2
Greyhound Line pref. (quar.)
91%
Apr.
23
1 Mar. 20
15 Feb.
15 Feb.
8
8
1 Mar. 20
mx
91%
...
Mar.
Feb.
20
Mar.
Feb.
20
{six
Mar.
SIX
7% cumulative preferred
7% cumulative preferred (quar.)
6% cumulative preferred
6% cumulative preferred (quar.)
Nova-Kelp class B (s.-a.)
Oahu Railway & Land Co. (monthly)
Monthly
Oahu Sugar Co. (monthly)
Occidental Insurance Co...
Mar.
Feb. 20
Feb. 20
12 He
v
Mar. 15 Mar. 12
Mar.
1 Feb.
15
Ohio State Life Insurance stock div. of
Mar.
1 Feb.
15
Okonite Co. 6%
Mar.
1 Feb.
15
15 Feb.
5
Dec.
29 Feb.
19
Pacific Gas & Electric, 6% pref. (quar.)
Feb.
15,Feb.
Apr.
1 Mar. 14
15 Jan. 31
Pacific Lighting Con), (qua!
Panhandle Eastern Pipe Line—
Mar.
1 Feb.
Mar.
1 Feb.
1 Feb.
15 Feb.
6
15
1
13
3*
5X% preferred (quar.).
Class A & B preferred (quar.).
Parker Pen Co
Parkersburg Rig Sc Reel 95X pref. (quar.)
Paton Mfg. Co., Ltd
7% preferred (quar.)
i
i! Feb.
5
1
1 Feb.
16
15 Jan.
2
Feb.
20 Feb.
Mar. 20 Feb.
_
Feb. 20 Jan. 10
1 Mar. 15
Apr.
1 Mar.
Feb.
Feb.
Oswego & Syracuse RR. (s.-a.)
Otis Elevator Co
Preferred (quar.)
Oxford Paper Co. preferred
Pacific Fire Insurance (quar.)
15
Feb.
Mar.
Mar. 20 Feb.
Feb.
Owens-Illinois Glass Co
16
Feb.
100%—-
pref. (quar.)....
_
15
Sept. 16
— ---------
5
1 Feb.
Mar.
Ontario Steel Products preferred (quar.)
June
12
Feb.
Mar.
30c
5
Mar. 15
10
15 Feb.
Feb.
10c
5c
19
Ohio River Sand 7% preferred....
Feb.
10c
1 Apr.
Feb.
1 Feb. 16
1 Mar. 16
1 Feb. 16
Morse-Twist Drill & Machines
Motor Finance Corp. (quar.)
15 Feb.
Mar.
1
Apr.
July
Moody's Investors Service pref. (quar.)
(Wm. R.) Dry Goods Co. (quar.)...
Quarterly
Quarterly
Quarterly
Morris (Philip) & Co. pref. (quar.)
Morris Plan Insurance Society (quar.)
Quarterly
Quarterly
Quarterly
Feb.
Feb.
1
1
Mar. 15 Mar.
1
Feb. 15 Feb.
Mar.
1 Feb. 28
Moore
May
Feb.
Mar.
15
Northwestern Public Serivce Co.—
Mar. 13 Mar.
5c
Mar.
Monarch Life Insurance.
Monmouth Consol. Water Co. $7 preferred..
Monroe Loan Society, preferred (quar.)
1 Feb.
30c
fig
Mfg. Co., preferred.
Northland
Feb. 20 Feb.
1
1 Mar. 20
Feb.
Meadville Telephone (quar.).
1 Mar. 15
Apr.
Apr.
preferred B (quar.).
SIX
M
34 He
15 Jan. 30
Feb. 15
Feb.
2
Jan. 31
Jan. 31
1
Mar.
Feb. 10
Feb. 15
Feb. 15
Feb. 15
Apr.
9
23
23
Jan.
20
Mar. 16
27 Feb.
16
Feb.
Mar. 15 Feb.
20
28
Mar. 15 Feb.
28
Feb.
Mar.
The Commercial &
948
Feb.
Financial Chronicle
Per
Name
6c
35c
76c
Feb.
15 Feb.
1
Feb.
29 Feb.
20
1 Feb.
2
12Hc
May 15 May
4
12Hc
Feb.
5
II K
J50c
J50c
15c
7 He
40c
Quebec Power Co. (quar.)
Rath Packing Co. (2-3d sh. of com. for each sh.
common
Finance Co
Feb.
10 Jan. 20
Mar. 30 Mar. 15
(quar-interim)
(quar.-interim)
75c
IIK
Apr.
Mar.
Feb.
19*
50c
50c
UH
15
15
Truax-Traer Coal
Feb.
Feb.
10 Jan.
15 Jan.
25
25
Feb.
15 Jan.
25
pref. (quar.)
5H% preferred (quar.)
15
Union Storage
United Biscuit
Mar. 15 Feb.
15
Apr. 15
15
Mar. 15
Mar. 15 Feb.
15
15 Jan. 15
15 Mar. 20
Mar. 15 Feb. 23
Mar. 15 Feb. 29
Feb.
15 Jan.
25
11H
13K
50c
6% preferred (quar.)
208 So. La Salle Street Corp. (quar.)
Union Electric Co. (Missouri), pref.
Mar. 15 Feb.
Mar. 15 Feb.
UK
(quar.)
J20c
(Canada) (quar.)
25c
Union Oil Co. of Calif.
Preferred
(resumed)
Co. of America
(quar.)
25c
—'
25c
UK
-
United Bond & Share, Ltd.
15c
(quar.)
15c
15c
75c
38c
Quarterly
Quarterly
(div. due Sept. 1, 1937).
United Chemicals pref.
United Corps., class A (quar.)
United Engineering & Foundry
^50c
Co. (quar.)
(quar.)
Corp. $7 preferred
United Gas Improvement (quar.)
Preferred (quar.)
United Light & Railways Co. (Del.)—
7 % prior preferred (monthly)
7 % prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly).
6 % prior preferred (monthly).
6% prior preferred (monthly).
UK
12K
Preferred
United Gas
|Feb.
15 Feb.
5
25c
|Mar. 15 Feb. 29
50c
Mar. 14 Feb. 21
30c
Feb.
25 Feb.
10
Feb.
15c
11 Feb.
10
May
1 Apr.
15
68Hc
Feb.
15 Feb.
5
Feb.
15 Jan.
25
Feb. 15 Jan. 25
Mar. 30 Mar. 15
Feb.
Apr.
Apr.
July
Oct.
15 Feb.
5
1 Mar. 22
1 Mar. 20
l'June 20
1
Sept. 20
15 Dec.
5
37Hc
Mar.
Feb.
20
IIH
UK
Mar.
Feb.
9
Mar.
Feb.
9
Dec.
United New
25c
IIK
58 l-3c
58 l-3c
53c
15c
IIH
37Hc
Feb.
5
Feb.
15
Mar.
Feb.
9
15
50c
May
Apr.
Apr.
Mar. 15
Mar.
Feb.
15
25c
Feb.
20 Feb.
15 Feb.
13
7
10c
20c
Feb.
20 Feb.
10
Feb.
Feb.
Feb.
15 Feb.
16 Feb.
15 Feb.
2
25c
t50c
Feb. 15 Feb.
Mar. 11 Feb.
Feb.
Mar.
Feb.
Mar.
6
13
Feb.
15
62Hcc
Scotten Dillon Co
50c
Sears, Roebuck & Co. (quar.)
75c
Second Investors Corp. (R. I.) $3 pr.
Secord (Laura) Candy Shops (quar.)_
Feb.
Mar.
25c
_
pfd. (qu.)
75c
20c
Servel, Inc
Shawinigan Water & Power (quar.)..
25c
23c
Sherwin-Williams Co
75c
Preferred
(quar.)
SllexCo. (quar.)
uz&
5c
Extra
Feb.
Mar.
10 Jan.
15 Feb.
f20c
Feb.
Participating preferred
Sioux City Gas & Electric
7% preferred (quar.)
Sioux City Stockyards (quar.)
$1H partic. preferred (quar.)
Skelly Oil Co. preferred (quar.)
If SEC approves proposed financing plan of
company, pref. stock will be retired as of
May 1.
Smith Alsop Paint & Varnish 7% pref. (quar.)__
t20c
Apr.
25c
I1H
37Hc
37 He
UK
Mar.
15
15
31
1
9
Feb. 10 Jan. 31
Feb. 10 Jan. 31
Mar. 30 Mar. 23
Mar. 30 Mar. 23
May
Feb.
20
Mar.
1 Feb. 20
4
Mar. 25 Mar.
Apr.
1 Mar. 15
25c
Soundview Pulp Co
Mar.
IIH
6% preferred (quar.)
40c
South Bend Lathe Works (quar.)
South Carolina Power Co., $6 1st pref. (qu.)
South Pittsburgh Water Co
tig
1 Feb.
Feb. 25 Feb.
Mar.
1 Feb.
15
15
15
Apr.
Mar. 15
Feb.
Feb.
9
•
United
20
40c
Apr.
37Hc
20c
25c
lc
IIH
I1H
-
40c
IIH
40c
40c
20
Mar.
1 Feb. 15
Feb. 15 Jan. 31
Mar.
1 Feb. 15
Feb. 20 Jan. 31
5
Mar. 15 Mar.
1
Mar. 15 Mar.
5
Feb. 15 Feb.
Mar. 15 Feb. 16
Mar.
1 Feb. 14
Mar.
1 Feb. 14
Feb.
10 Jan.
31
Whitman
_
25c
95c
12 He
I1H
UK
2Hc
1
24
5
Mar. 15 Mar.
5
Apr.
2 Mar. 16
Feb.
15 Jan.
31
Mar. 15 Feb.
20
Feb.
10 Jan.
10*
Feb.
10 Feb.
1
1 Feb.
13
Mar.
May
1 Apr.
Apr. 15 Mar.
July 15 June
Oct. 15 Sept.
16
31
30
30
Feb.
1 Feb. 10
15 Jan. 31
13 Feb.
2
Feb.
13 Feb.
2
Feb.
7
Mar.
Feb.
Mar.
1
Mar. 30 Feb. 29
Mar. 30 Feb. 29
Feb.
Mar.
15
1 Mar. 15
Apr.
15
15
30
31
5
June
15 June
5
Sept. 15 Sept.
Dec.
15 Dec.
5
5
Mar. 20 Feb.
June 20 May 31*
29*
Sept. 20 Aug. 31*
Dec. 20 Nov. 30*
Apr.
1 Mar. 16
Feb. 20 Feb.
Apr.
July
2
5
15 Apr.
15 July
5
15
Mar.
1 Feb.
Mar.
2 Feb.
17
Mar. 30 Mar. 14
June
July
15
19
Mar.
Feb.
May
Aug.
Apr. 20
July 20
Mar.
Feb.
%x
15
Mar. 20 Mar. 11
June 20 June 10
Sept. 20 Sept. 10
Apr. 20 Apr. 10
July 20 July 10
19 Oct.
10
Mar. 15 Feb.
27
Mar. 15 Feb.
27
50c
Mar.
Feb.
15
75c
Mar.
Feb.
15
Feb.
10 Jan.
31
Feb.
Mar.
29 Feb.
Feb.
15
15
June
May
15
UK
19
llK
Oct.
12 K
June
May 15
50c
Apr.
Mar. 16
IIK
IK
IK
25c
II
UK
Feb.
29 Feb.
15
May 31 May 15
Aug. 31 Aug. 15
Feb.
15 Feb.
1
1 Feb.
15
19
Mar.
Feb.
Feb.
15 Jan.
15 Jan.
Feb.
15 Feb.
19
1
1 Mar. 15
IIK
IIK
Apr.
35c
July
15 June 29
lc
Feb.
87 He
87 He
35c
Feb.
15 Feb.
29 Feb.
29 Feb.
Feb. 20 Jan.
Feb.
31
10
13
13
Feb.
10
15c
Feb.
Jan.
29
Mar. 16
IIK
Apr.
Apr.
Apr.
10c
Feb.
Jan.
10c
Feb.
Feb.
12
Apr.
Mar. 15
tllH
$1
12 H
Mar.
Mar. 16
Mar. 16
25
5
Feb. 15
1
Mar. 15 Mar.
Mar.
Feb.
15 Feb.
1
May
May
Aug.
Aug.
Apr.
Apr.
July
July
15
15
15
Nov.
Oct.
15
50c
Nov.
Oct.
Is. 9d. Feb. 25 Jan.
9d. Feb. 25 Jan.
15
16
16
Feb.
Feb.
15
Feb.
15
20
UH
50c
Woolworth (F. W.), Ltd., Am. dep. rets,
American deposit receipts (bonus)
(final)
60c
Mar.
15
9
t5c
25c
Mar.
Feb.
25c
Apr.
Mar. 20
15c
20c
Wrigley (Wm.) Jr. Co. (quar.)
Monthly
Rudopph Co
Ltd
(s.-a.)
Wurlitzer,
Apr.
Apr.
Feb. 28 Feb.
Feb. 15 Feb.
16
8
15 Feb.
8
tlOc
Extra
5
York Emitting Mills.
1st & 2nd preferred
3
Mar. 15 Mar.
1
22
UH
5
15 Jan. 31
Mar.
1 Feb. 15*
Feb. 28 Feb. 16
Mar.
1 Feb. 15
Feb.
25c
Wright-Hargreaves Mines (quar.)
31Hc
7 Feb.
15 Feb.
Mar.
1 Feb.
Mar.
4
14 Jan.
IK
IK
Woolworth (F. W.) Co. (quar.)
Mar. 15 Mar.
Feb. 15 Feb.
4
Feb.
Mar. 25 Mar.
15 Jan.
li
1H
Quarterly
xtra
15
29
10c
17 Jan.
22 Jan.
22 Jan.
Feb.
UH
15
30c
Feb.
Feb.
20c
Quarterly
Mar. 15 Feb.
Mar. 15 Feb.
10
9
17 Jan.
19
19
Feb.
Feb.
IIH
Extra
Mar. 15 Feb.
15 Mar. 30
4
Mar. 15 Mar.
50c
Extra
25c
Feb. 20 Feb.
Feb. 15 Feb.
31
1 Feb.
Feb.
50c
25c
Apr.
15 Jan.
Feb.
Mar. 15 Mar.
Mar.
37Hc
(quar.)
Wilson & Co. $6 preferred
Wilson Line, Inc
Preferred (s.-a.)
Winsted Hosiery Co. (quar.)
Standard Oil Co.
25c
14
37Hc
Preferred
Standard Oil Co. of California
25c
1 Feb.
Mar. 15
$2
(William) Co preferred (quar.)
Mar.
IIK
8
8
Mar.
75c
5c
Wilcox (H. F.) Oil & Gas Co
Will & Baumer Candle Co., Inc
Mar.
(Indiana) (quar.)__
Standard Oil Co. of Ohio (quar.)
Preferred (quar.)
Standard Products Co
Standard Silica Corp
Standard Wholesale Phosphate & Acid Works
Stanley Works of New Britain pref. (quar.)
Stein (A.) & Co. (quar.)
Sterling Products, Inc., (quar.)
Storkline Furniture (quar.)
Strawbridge & Clothier, prior pref. (quar.)
Stromberg-Carlson Telep. Mfg., prer. (quar.)__
Sudbury Basin Mines, Ltd
Feb.
11
IIK
40c
1 Feb. 20
1 Feb. 20
Mar.
25c
Mfg. (quar.)
37 He
10c
Standard Coosa-Thatcher Co
Standard Dredging Corp. (special)
Preferred (quar.)
31
Mar.
Mar. 15
Apr.
Apr. 10 Mar. 20
UK
IIH
UK
Westvaco Chlorine Products
15 Jan. 20
15 Mar. 20
31
Apr.
Mar.
50c
(quar.)
pref. (quar.)
White (S. S.) Dental
Whitaker Paper
Preferred (quar.)
15 Jan.
15 Jan.
Feb.
Feb.
50c
6% preferred (quar.)
West Virginia Pulp & Paper Co. pref. (quar.)
West Virginia Water Service pref. (quar.)
Western Cartridge 6% preferred (quar.)
Western Pipe & Steel 7% preferred (s.-a.)
Wrest gate-Greenland Oil Co
Westmghouse Electric & Mfg
Participating preferred
15
12
50c
*_
Convertible preferred
12
Mar. 30 Feb.
50c
Quarterly
preferred (quar.).
7% preferred (quar.).
7% preferred (quar.)
Walker (Hiram)-Gooderham & Worts
Preferred (quar.)
Warren Foundry & Pipe (quar;)
Warren (Northam) pref. (quar.)
Washington Gas Light—
14 H cum. conv. pref. (quar.)
Washington Railway & Electric
5% pref. (quar.)
5% preferred (quar.)
5% preferred (s.-a.)
Wayne Pump Co
Welch Grape Juice, preferred (quar.)
Preferred (quar.)
West Penn Electric, 7%
1
Mar. 30 Feb.
50c
7*
(quar.)
1
2c
Vermont & Boston Telegraph (ann.)
Virginia Coal & Iron Co
Virginian Ry. Co. 6% preferred (quar.)
6% preferred (quar.)
Vogt Mfg. Corp.
Vulcan Detinning (quar.)
-
Feb.
Feb.
Mar.
2c
Ventures, Ltd
Feb.
Mar. 15 Feb.
Feb. 15 Jan.
15
Apr.
2c
Card
*
United States Steel Corp., pref. (quar.)
United States Sugar pref. (quar.)..
Preferred (quar.)
—
Universal Insurance Co. (quar.)
Vanadium-Alloys Steel Co
Mar.
40c
Feb.
2c
States-Playing
Mar.
37Hc
37Hc
(Quarterly)
17
Mar.
Apr.
-
-
30c
Special-Original preferred (special)
Southern California Water 6% pref. (quar.)
Southern Canada Power Co., Ltd. (quar.)
Southern Pipe Line
Sovereign Investors, Inc. (quar.)
Sparks-Withington pref. (quar.)
Spiegel, Inc., 14 H conv. pref
Stamford Water Co
Standard Brands |4H pref. (quar.)
Standard Cap & Seal (quar.)
Preferred (quar.)
10
Feb.
3c
Shares.-
Quarterly
Quarterly
Quarterly
United States Pipe & Foundry Co. (quar.)
Quarterly
Quarterly
15
Southern California Edison Co.—
6% preferred B (quar.)
Feb.
24 Feb.
15 Feb.
Feb.
Feb.
IIH
(special)
30c
preferred (quar.)
24
Mar.
12 H
Wentworth Mfg. Co., pref. (quar.)
Wesson Oil & Snowdrift Co., Inc.—
87*fc
14
24
50c
Jersey RR. & Canal (quar.)
United Shoe Machinery
United States Electric Light & Power
United States Petroleum Co. (quar.)
Preferred
15c
Corp
(quar.)
Preferred
1 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
50c
5
15 Jan. 25
Feb. 15 Jan. 31
1 Feb. 15
Mar.
Feb. 10 Jan. 31
Silverwood Dairies, Ltd., partic. pref
-
9
Feb.
Feb.
Holders
When
53c
Quarterly
(quar.)
6% preferred E (quar.)
Rolland Paper Co
Preferred (quar.)
Roxy Theatre, Inc., preferred (quar.)
Rubinstein (Helena)
Class A (quar.)
Rustless Iron & Steel, preferred (quar.)-Saco-Lowell Shops
Preferred A (quar.)
Safeway Steel Scaffolds Co. (quar.)
Saa Carlos Milling Co
Savage Arms Corp
Schumacher Wall Board, $2 partic. pref.
Non-convertible
2c
2c
25c
65c
25c
UK
(quar.)
Union Gas Co.
Apr.
10c
Southeastern Greyhound Lines—
Convertible preferred (quar.)
Preferred
Mar. 20
Mar.
1
Apr.
1
Mar. 29
Rochester Gas & Electric—
Sonotone
11%
4.5714%
Trane Co
10c
6% preferred C & D
90c
T75c
15c
Extra.-
25
10c
(quar.)
UK
—
Toburn Gold Mines Ltd
1 Feb.
tHH
25c
obc
UK
10c
10c
Less tax
1 Feb.
Feb.
t25c
6c
—
1 Feb.
50c
25c
5c
Extra
Mar.
$2
II K
30c
-
Tampa Electric Co. (quar.)
Preferred (quar.)
Teck Hughes Gold Mines (quar.)
Texas Pacific Coal & Oil Co. (quar.)-Tex-OKan Flour Mills pref. (quar.)
Thatcher Mfg. Co., pref. (quar.)
Thermoid Co., $3 preferred
—
Tide Water Associated Oil
Tobacco Securities Trust Co., Ltd.—
Ordinary capital (final)
Deferred capital (first and final)
Mar.
50c
Quarterly
Quarterly
Quarterly
(quar.)
Tokheim Oil Tank & Pump Co
'IS
7% preferred (quar.)
Roberts' Public Markets, Inc. (quar.)
Swift & Co.
J'
Sylvanite Gold Mines (quar.)
Mar.
IIH
2 He
2Cc
Superior Tool & Die (quar.)
Swan-Finch Oil Corp
Preferred (quar.)
Toronto Elevator,
UK
Rich's. Inc., 6H% pref. (quar.)
Risdon Manufacturing Co
Rochester Button Co. pref.
15
1 Feb.
50c
50c
Revnolds Tobacco
Common B
15
15
1 Mar. 15
—
Republic Investors Fund pref. A and B (quar.) —
Republic Petroleum Co. 5H% pref. A (quar.).
17
Apr.
held)
Raybestos-Manhattan, Inc..
Reading Co. 1st preferred (quar.)
Republic Insurance Co. (quar.)
Special div. of 12 H per share payable to
trustees for purpose of organizing Allied
1 Feb.
Mar.
Zlm
8% preferred (quar.)
7% preferred (quar.)
$6 preferred (monthly)
$6 preferred (monthly)-.
$5 preferred (quar.)
Public Service Corp. (N. J.) 6% pref. (monthly)
Puget Sound Power & Light $5 prior pref
Pullman, Inc
Quaker State Oil Refining Corp
1 Feb.
Mar.
Feb. 20 Feb.
1
Mar. 15
25c
Co. (N. Y.)
Mar.
10c
50c
—
Extra
15 Feb.
Mar.
1 Feb.
65c
5c
(quar.)
10
Mar.
15c
Privateer Mine, Ltd
Public National Bank & Trust
Public Service of New Jersey
Feb.
42c
Inc. (year-end)
Pictorial Paper Package
Pillsbury Flour Mills (quar.)---Pilot Full Fashion Mills, Inc., 6% cumu. pref..
Pitney-Bowes Postage Meter (quar.).__
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Coke & Iron Co. $5 pref. (quar.).—
See General Corporation and Investment News
section of Jan. 6, 1940 issue.
Potomac Electric Power 6% preferred (quar ) —
Preferred (quar.)
Pressed Metals of America
of
Mar.
50c
Pick (Albert) Co.,
Procter & Gamble Co.
15 Feb.
Mar. 11 Feb. 20
Mar 20 Mar.
5
1940
Payable tf Record
Mar.
15c
------------
—
15 Feb.
15 Feb.
10 Jan.
25c
Phoenix Hosiery Co., 1st preferred-..Photo-Engravers & Electrotypers, Ltd-..,
-
Feb.
Feb.
5%
dividend
Sun Oil Co. stock
15 Jan.
Feb.
Class A
Extra.
Feb.
Feb.
25c
3c
Sullivan Consol. Mines
87 He
class A (quar.)
Wheel Co. (irregular)
Peninsular Telephone pref. A (quar.)
Penmans Ltd. (quar.)
—-—
Peoria Bureau Valley RR. Co. (s.-a.)
Pepperell Mfg. Co
Pfeiffer Brewing Co. (quar.)
Pharis Tire & Rubber
Philadelphia Co. 5% preferred (s.-a.)
Philadelphia Insulated Wire (s -a.)
Phillipine Long Distance Telephone Co
Phillips Petroleum (quar.)
Phoenix Acceptance Corp., class A (quar.)
Pender (David) Grocery
Peninsular Grinding
Share
°f Company
10,
I3H
Feb.
Feb.
Mar.
1 Feb
Mar. 21 Mar.
10
5
*
Transfer books not closed for this
t Onfaccount of
dividend,
accumulated dividends.
J Payable in Canadian funds, and in the case
deduction of a tax of 5%
of non-residents of Canada
made.
of the amount of such dividend will be
Volume
ISO
The Commercial & Financial Chronicle
Condition of the Federal Reserve Bank of
New
The
following shows the
Bank of
Weekly Return of the New York City
Clearing House
York
condition of the Federal Reserve
New York at the close of
business
The
Feb. 7, 1940,
STATEMENT
date last year:
Feb. 7, 1940
U.S. Govt, securities,
anteed:
direct and
160,000
2,232,000
2,392,000
Bills
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
408,181,000
344,156,000
CLEARING
6,900,000
20.000,000
77,500,000
20,000,000
90,000,000
42,117,000
21,000,000
Net Demand
Time
Deposits,
Deposits,
Average
Average
13,931,000
208,691,000
756,769,000
17,000
...
•
25,000,000
7,000,000
7,000,000
4,409,900
64,751,000
133,291,800 d2,742,810.000
3,922,200
53,556,000
81,047,700 el,094,841.000
2,515,700
14,153,000
9,395,300
122,190,000
27,959,100
399,187,000
8,525,000
99,431,000
9,910,300
89,015,000
518,887,000
925,016,000 i3,550,531,000
500,000
6,000,000
5,000,000
12,500,000
Totals
3,357,000
161,057,000
9,876,000
17,999,000
62,000
3,869,000
5,066,000
76,214,000
99,291,000
51,852,000
28,087,000
2,108,000
5,308,000
1,508,000
40,151,100
631,088,000
72,745.600 el, 084,914,000
19,065,100
295,064,000
109,480,000
654,984,000
53,188,800
632,536,000
100,270,000
732,295,000
17,000
3,177,000
138,279,000
9,876,000
17,925,000
14,452,000
42,894,000
166,581,000
26,512,700
503,875,000
67,518,600 a2,157,429,000
56,744,100
685,747,000
184,702.000 &2,016,269,000
15,000,000
Public Nat Bk & Tr Co.
724,663,000
756,728,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected Items
Bank premises
752,337,000
*
HOUSE
Undivided
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
237,660,000
341,961,000
145,042,000
752,337,000
Total assets.
Surplus and
10,000,000
50,000,000
4,000,000
Continental Bk <k Tr Co.
Chase National Bank
Fifth Avenue Bank
3,844,000
securities
direct and guaranteed
Other assets
YORK
THURSDAY. FEB. 8, 1940.
Oomm'l Nat Bk & Tr Co
2",b~4b~666
2,040,000
408,181,000
344,156,000
Govt,
261,000
guar
Bonds...
S.
•
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
3,572,000
NEW
Profits
Bank of New York
216,000
Notes
U.
THE
BUSINESS
Capital
Bank of Manhattan Co.
National City Bank
Chem Bank <fe Trust Co.
Guaranty Trust Co
3,311,000
2,351,000
1
OF
OF
•
145,000
2,206,000
Total bills discounted
Bills bought In open market....
Industrial advances
CLOSE
Members
U. 8. Govt, obligations
by
direct and guaranteed
Other bills discounted....
MEMBERS
AT
Clearing House
S
7,806,080,000 7,787,328,000 5,721,941,000
.......
issued by the New York City
Friday afternoon is given in full below:
on
Feb. 8, 1939
$
7,709,967,000 7,690,760,000 5,586,331,000
1,798,000
1,090,000
1,523,000
94,315,000
95,478,000
134,087,000
..........
Total reserves.....
Bills discounted:
Total
31, 1940
hand and due rrom
United States Treasury.*
Redemption fund—F R. notes
Secured
Jan.
$
Other casht
OF
ASSOCIATION
Assets—
on
weekly statement
Clearing House
in comparison with the
previous week and the corresponding
Gold certificates
949
As per official reports:
National, Dec. 30,
33,182,000
4,819,000
39,562,000
2,209,000
2,969.000
29,374,000
2,069,000
51,687,000
659,205,000
1939; State, Dec. 30, 1939; trust
companies, Dec. 30, 1939.
221,418,000
9,021,000
13,428,000
Includes
b (Jan. 16)
deposits
in
foreign
$77,583,000;
$22,355,000.
8,732,082,000 8,736,403,000 6,702,034,000
c
branches
follows:
a (Jan.
25) $253,161,000;
(Feb. 8) $4,504,000; d (Jan. 31)
$69,931,000; e (Jan. 17)
as
Liabilities—
F. R. notes In actual circulation
Deposits—Member bank
reserve acc't..
U.S. Treasurer—General account
Foreign bank
Other deposits
Total deposits
Deferred availability Items
Other liabilities, lnel. accrued dividends
Total liabilities..
Capital
1,228,400,000 1,233,250,000
986,397,000
6,701,841,000 6.715,297,000 4,906,904,000
159,031,000
143,917,000
179,936,000
138,313,000
145,864,000
74,629,000
255,389,000
229,375,000
218,769,000
THE
Sal.,
7,254,574,000 7,234,453,000 5,380,238,000
127,153,000
146,946,000
215,435,000
502,000
324,000
868,000
Cable & W
40 /6
51,179,000
53,326,000
7,109,000
9,816,000
9,839,000
De
Beers
Distillers
Co
Hudsons Bay Co
Closed
Imp Tob of G B A I..
to
London Mid Ry......
92.0%
92.0%
Rand Mines
vances
1,757,000 1
1,760,000
t "Other cash" does not include Federal Reserve notes
Reserve bank notes.
Rio Tinto
2,565,000
bank's
own
Federal
These are certificates given by the United States
Treasury for the gold taken
the Reserve oanks when the dollar was, on Jan.
31, 1934, devalued from
to 59.06 cents, these certificates
being worth less to the extent of the
difference, the difference Itself having been appropriated as
profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
z
£13%
£13%
45/36/6
£5%
67/6
£13%
8/1%
15/9
24/9
119/4%
£17%
78/9
8/16/25/118/9
45/35/9
45/7%
36/1 %
£5%
68/3
8/1%
8/3
15/9
24/9
120/-
15/9
24/9
120/7 %
£15%
78/9
£7%
£14%
85/£32
76/10%
Vlckers
18/4%
75/9%
10/9
25/6
19/-
45/36/7%
£5%
68/-
8/15/9
24/7%
120/£16
78/9
£7%
£14%
83/9
£32%
41/6
£3
£4
of the Federal Reserve
-
45/7%
36/9
£5%
67/4%
£7%
£13%
£19
78/9
£7%
£14
83 /9
£32%
75/7%
10/9
25/6
20/—
£4
76/3
10/9
25/6
19/3
81/3
£32%
74/4%
10/9
23/1/4%
£3%
Witwatersrand
Areas
Weekly Return for the Member Banks
£62
11/25/6
United Molasses
West
100
£61%
£32 %
Shell Transport
Swedish Match B
100 cents
Feb. 9
41/6
100/-
84/4%
Royal Dutch Co
over from
Fri.,
Feb. 8
£61 %
£15
....
Rolls Royce
or a
Thurs.,
£60
£15%
78/9
£7%
Metal Box
89.9%
make industrial ad
Feb. 6
£13 %
68/3
Ford Ltd
F. R. note liabilities combined...
Wed.,
Feb. 7
•
41/3
101/3
£5»i«
Electric & Musical Ind
Total liabilities and capital accounts..
8,732,082,000 8,736,403,000 6,702,034,000
received by cable
£60
Courtaulds S & Co
50,997,000
52,463,000
7,457,000
8,179,000
Tues.,
as
£13%
■
51,179,000
53,326,000
7,109,000
...
EXCHANGE
40/101/10%
101/3
ord
Central Mln & Invest..
Cons Goldfields of 8 A.
Other capital accounts..
Commitments
Feb. 5
Boots Pure Drugs
British Amer Tobacco.
8,610,629,000 8,614,973,000 6,582,938,000
Surplus (Section 7)
Surplus (Section 13 b)
STOCK
Mon.,
Feb. 3
Accounts—
Capital paid In
LONDON
Quotations of representative stocks
£4
System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve
System, giving the principal
Items of the resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the
Reserve banks themselves.
The comment of the Board
of Governors of
the Federal Reserve System
upon the figures for the latest week appears in our
department of "Current Events and Discussions
immediately preceding which we also give the figures of New York ana Chicago
reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various
changes
were made in the breakdown of loans as reported In this
statement, which were
an announcement of the Federal
Reserve Bank of New York of
April 20,1937, as follows:
The changes in the report form are confined to
the classification of loans and discounts.
This classification has been changed
primarily to show the
amounts of (1) commercial, industrial and
agricultural loans, and (2) loans (other than to brokers and
dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction
between loans to brokers and dealers In securities located in New
York City and those located
outside New York City.
Provision has been made also to Include
"acceptances of own bank purchased or discounted" with "acceptances and commercial paper bought in open market" under the revised
caption "open market paper," instead of In "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items
"commercial, industrial and agricultural loans" and "other
loans",
would each be segregated as "on securities" and
"otherwise secured and unsecured."
A. more detailed explanation of the revisions was
published In the May 29,1937, Issue of the "Chronicle," page 3590,
described In
ASSETS AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON JAN.
31, 1940 (In Millions of Dollars)
Federal
Reserve Districts—
Total
Loans and
Boston
New York
Phila.
i
%
S
%
23,174
1,158
9,606
1,176
1,912
714
634
8,499
600
411
673
262
315
4,295
287
3,279
1,765
191
253
114
321
ASSETS
65
114
21
8
20
%
Investments—total.......
Loans—total
Commercial, Indus, and agrlcul. loans
Open market paper
Loans to brokers and dealers In secure.
Other I oans for purchasing or carrying
Cleveland Richmond
Atlanta
Chicago
St. Louis
hfinneap. Kan. City
Dallas
Ban Fran,
%
%
3,395
698
402
676
540
897
335
191
295
277
964
173
524
197
101
179
184
327
17
4
37
10
4
19
2
20
3
5
35
5
2
3
3
2,263
Other loans
480
23
218
32
25
15
11
74
12
7
10
14
81
198
47
50
173
40
31
114
52
54
10
27
1
22
46
385
1
2
1,547
Loans to banks
20
20
1,183
Real estate loans
614
485
securities
93
192
"73
90
113
57
"67
56
52
"i.70
2
334
13
288
36
1,073
141
1
2
15
1
126
458
648
11
246
Treasury notes
1,747
43
752
33
186
30
United States bonds
170
6,482
328
344
639
165
115
2,414
54
101
122
54
72
70
19
60
3,384
10,258
122
2,638
1,319
1,372
53
183
287
285
63
100
496
103
43
141
497
57
6,188
315
442
566
185
127
1,225
239
96
194
136
363
....
Treasury bills
....
Obligations guar, by U. 8. Govt...
Other
._
securities
Reserve with Federal Reserve Bank..
Cash In vault
...
Balances with domestic banks
Other assets—net
7
307
9
16
"35
68
44
62
114
103
93
729
10
458
141
92
18
42
20
13
67
11
6
15
3,067
1,247
11
178
22
217
227
339
190
205
534
185
116
313
79
277
488
286
90
99
36
47
80
22
16
22
29
239
19,199
1,193
9,368
968
1,333
488
411
2,624
479
293
731
5,257
235
471
1,025
262
738
1,040
199
188
949
190
119
145
573
14
136
65
53
47
32
44
1,071
134
18
3
24
31
8,029
323
3,575
431
448
297
279
1,179
368
154
414
265
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
banks
Foreign banks
Borrowings
Other
Capital
liabilities
accounta
738
22
674
7
1
1
9
1
1
690
20
""272
"l7
14
31
"lo
21
8
3,717
245
1.612
215
377
98
93
385
58
108
-
296
22
""286
103
350
The Commercial &
950
Feb.
Financial Chronicle
10,
1940
Board of Governors of the Federal Reserve System
of the Federal Reserve System on Thursday afternoon, Feb. 8,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between tbe
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES AJVD LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 7, 1940
Weekly Return of the
issued by the Board of Governors
The following was
Three Ciphert
Jan.
Feb. 7,
1940
(000) Omitted
Jan.
Jan. 10,
1940
Jan. 17,
Jan. 24,
1940
31,
1940
1940
ASSETS
notes)
15,433,121
9,385
15,384.025
15,304,121
8,602
413,173
386,451
9,903
370,419
9,903
315,569
Total reserves
15,904,895
15,828,957
15,764,347
15,629,593
15,483,120
387,624
U. 8. Treas. x_
Redemption fund (Federal Reserve
Other cash *
—
15,552,120
9,335
413,222
16,017,361
Gold ctfs. on band and due from
15,974,677
15,619,619
10,118
3,
1940
Dec..
Dec. 27,
1939
Dec
20
Feb. 8,
13,
1939
1939 1
1939
15.024,619
10.413
302,708
11,979,223
254,429
15,453,025 115,399,021
15,337,^40
12,431,067
15,173,794 tl5,134,619
9,903
269,328
9,973
9,908
441,936
Bills discounted:
direct and
Total bills
644
593
606
623
6,185
1,515
6,536
1,677
6,787
2,100
6.303
6,236
1,565
6,487
6,357
6,896
6,808
8,051
8,464
7,394
7,001
6,842
8,052
6,946
10,893
lb", 883
14,738
ib~,9li
ii"i39
10,373
lb",843
ii"l43
lb",485
1,344,045
1,133,225
1,344,045
1.133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,351,045
1,133,225
1,356,197
1,133,225
1,263,197
1,233,225
1,278,947
1,233,225
1,209,931
2,477,270
2,477,270
2,484.270
2,489,422
2,496.422
2,564,015
2,477,270
2,477,270
2,512,172
2,477,270
2,495,182
2,495,059
2,501.961
2.508,586
2,516,025
2,586,703
2,494,589
2,494.955
2,531,337
2,494,539
discounted.
Bills bought In open
5,294
558
6,388
6,784
fully guaranteed
Other bills discounted
520
6,264
Government obligations,
S.
U.
by
Secured
556 I
market.
Industrial advances—.....
securities, direct and
United States Government
guaranteed:
Bonds................................
Notes.................—.
840,893
513,191
Bills
8
Total U.
Govt, securities,
guaranteed
direct and
.....
securities
Other
Foreign loans on gold..
Total bills and securities
Gold held abroad
Federal Reserve notes of other
Uncollected Items...........
Bank
premises..........
....
Other assets.......
47
47
47
47
30.623
625,068
41,808
61,973
27,895
731,253
41,736
59,877
618,796
41,735
59,104
29,790
841,095
41,736
68,293
28,164
787,478
42,164
59,494
25,916
t877,90?
42,185
59,644
23,699
774,113
41,975
76,430
18,878.958
18,920,740
18,785,371
15,755,374
Federal Reserve notes In actual circulation
42,831
48,391
19,222,788
19,169,375
19,184,824
19,009.607
4,827.752
4,886,229
4,947.763
4,977,654
4,979,850
4,344,753
4,832,101
4,849,757
4,905,433
4,836,768
11,720,622
651,075
402,425
251,072
11,493,118
646,014
407,840
269,961
11,378,164
11,287,608
752,580
375,090
343,578
9,017,844
.....
deposits....................
Total deposits
13,025,194
779,077
12,816,933
12,836,411
748,900
5,575
5,260
12,758,856
762,047
9,237
10,436,731
727,960
1,332
11,829,930
655,434
...................
Deferred availability items
incl. accrued dividends
12,096,727
12,149,576
12,147,656
12,019,594
631,565
549,441
407,313
315,284
507,485
412,567
300,014
574,794
388,173
354,408
Deposits—Member banks' reserve account
United States Treasurer—General account..
Other liabilities,
22,337
623,879
19,102.515
LIABILITIES
Other
166
47
26,266
640,571
41,711
60,703
19,235,778
Total assets.......
Foreign banks
47
47
24,626
698,495
41,792
61,460
banks...
47
47
22,084
Due from foreign banks
395,767
282,519
409.375
13,470,873
575,359
2,415
13,421,614
616,701
2,153
13,367,722
621,950
13,272,674
711,207
1,498
13,162,115
18,659,661
18,753,366
18,528,122
18,570,421
18,435,573
15,411,094
135,494
149,152
27,264
38,926
135,434
135,361
149,152
27,264
134,899
35,346
135,889
151,720
26,839
34,701
18,878,958
1,991
267.376
609,799
1,518
18,885,415
18,872,569
18,819,415
18,835,136
136,093
161,720
26,839
35,711
Total liabilities.
136,008
151,720
26,839
35,652
135,954
151,720
26,839
35,447
135,936
136,041
151,720
26,839
35,193
151,720
CAPITAL ACCOUNTS
Capital paid In
..............
Surplus (Section 7)...............
Surplus (Section 13-b>—........
Other capital accounts.....
26.839
693,565
412,759
351,923
149,152
27,264
38,469
931,295
208,215
279,377
627,021
2,589
149,152
27,264
38,021
32,965
18,920,740
18,785,371
15,755,374
84.1%
19,235,778
19,222,788
19,169,375
19,184,824
19,009,607
19,102,515
87.5 %
87.5%
87.3%
87.3%
87.0%
86.8%
8,294
8,403
8,454
9,220
86.8%
9,348
8,376
86.4%
9,274
8,350
87.4%
8,395
1,038
978
821
1,807
2,048
2,375
773
743
1-15 days bills discounted........
172
135
145
131
1,608
169
1,580
230
1,641
205
16-30 days bills discounted........
301
3,708
3,717
5,199
605
3,818
1,598
81-60 days bills discounted........
61-90 days bills discounted
.....
377
403
3,787
4,5,50
313
376
3,323
355
1,703
3,741
266
1,563
3,814
464
476
1,092
341
295
1,957
243
629
197
365
discounted......
8,052
7,394
Total liabilities and capital accounts
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined.....
Commitments to make Industrial advanoes
12,905
Maturity Distribution of BiUt and
Short-Term Securities—
Over 90 days bills
6,784
Total bills discounted
6,946
7,001
6,896
796
6,842
6,808
■'
8,464
8,051
23
271
market
open market
open market
open market......
Over 90 days bills bought In open marketIn
16-30 days bills bought In
81-60 days bills bought In
61-90 days bills bought In
1-15 days bills bought
6,267
open
""262
556
Total bills bought In open market..
.....
1,468
1,470
1.407
1,439
1,484
159
149
97
105
154
16-80 days industrial advances.............
523
178
275
283
205
81-60 days Industrial advances........
1-16 days Industrial advanoes
.........
2,136
1,551
2,036
164
190
209
734
331
187
205
274
395
511
266
271
280
326
11,544
1-16 days.—......
16-30 days....
503
500
8,568
8,535
8,555
8,550
8,409
8,249
8,183
8,069
10,373
10,911
10,893
10,843
10,883
11,113
11,139
11,143
10,485
Total lndustrla' advances
U. S. Govt, securities, direct and
493
522
8,180
61-90 days Industrial advances.......
501
14,738
95,885
guaranteed:
103,383
....
152,720
114,348
2,484,270
2,489,422
161,705
2,334,717
2,512,172
2,097,679
...................
61-90 days
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,484,270
2,489,422
2,496.422
2,564.015
2,477,270
2,512,172
2,477,270
5,160,100
323,332
5,164,940
332,839
5,178,093
350,341
5,204,261
5,227,565
5,268,551
5,282,206
354,504
341,336
320,788
304,552
5,259,180
279,330
5,203,595
298,162
4,670,386
325,633
4,827,752
4,849,757
4,886,229
4,947,763
4,977,654
4,979.850
4,344,753
4,832,101
4,905,433
4,836,768
Over 90 days
5,309,000
1,390
5,329,000
1,423
5,341,000
1,374
5,371,000
1,371
2,236
5,354,000
2,487
5,298,000
2,297
4,778,000
6,678
1,152
5,309,000
1,307
5.371,000
5,305,000
5,330 423
5.342.374
5.372,371
5.373,236
5,356,487
4,784,678
5,310,307
5,310,390
5.300.297
5,306.152
Total U. S. Government securities, direct
and
2,043
184
Over 90 days Industrial advanoes......
31-60 days.....
1,471
guaranteed
Total other securities.
Federal Reserve Notes—
lamed to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank.......
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Goid otfs.
on
band and due from U. S. Tress..
By eligible paper
United States Government securities..
Total
collateral
.......
•
"Other cash" does not include Federal Reserve notes,
a
These
are certificates
t Revised figures.
given by the United States Treasury
for the gold taken over from
31, 1934. these certificates being worth less to the extent
provisions of the Gold Reserve Act of 1934.
cent* on Jan.
the Reserve banks when the dollar was
of the difference, the difference
devalued from 100 cents to 59.06
Itself having been appropriated as profit by the
Treasury under
Volume
The Commercial & Financial Chronicle
150
951
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSI NESS FEB.
Three Ciphers (000) Omitted
Federal Reserve Agent at-
Total
Boston
New York
Phila.
ASSETS
$
$
$
$
Gold
certificates on band and
from United States
Treasury..
Cleveland Richmond
$
$
Atlanta
%
St. Louis
Minneap. Kan. City
4
$
Dallas
$
San Fran.
$
$
due
15,619,619
Redemption fund—Fed. Res. notes..
893,136 7,709,967
825,528
973,801
406,395
10,118
Total reserves
721
1,798
743
541
387,624
Other cash *
34,749
94,315
32,025
27,636
928,606 7,806,080
*
...
520
"
6,264
Total bills discounted.
/
1,277
49,996
697
177
411
320
16,336
8,857
19,791
15,769
446,810
253,269
370,247
245,119
888,301
39
58
164
415
473
867
21,797
1
110
2,206
63
31
10
24
562
145
""125
229,030
.'
S. Govt, obligations
direct and guaranteed
Other bills discounted
350,045
324,475 2,460,712
433,468
16,017,361
244,235
429,777
846,455
1,216
40,630
1,350
25,723
858,296 1,001,978
301.811 2,409,439
Bills discounted:
Secured by U
Chicago
$
■.
7, 1940
538
316
321
630
""20l
147
""639
40
6,784
125
2,351
672
601
347
331
654
201
187
639
203
10,485
1,423
2,040
3,108
302
934
795
333
11
191
169
484
695
1,344,045
1,133,225
96,123
110,221
137,081
115,581
68,135
54,495
45,945
144,872
122,148
60,273
50,818
39,771
62,897
v51,196
81,047
408,181
344,156
33,533
53,031
43,167
110,797
93,418
2,477,270
177,170
752,337
203,155
252,665
125,582
100,440
267,020
111,091
73,304
115,928)
94,363
204,215
2,494,539
Industrial advances
U.S. Govt, securities, direct
178,718
756,728
206,935
253,568
126,863
101,566
268,007
111,303
73,682
116,736
95,050
205,383
Aguar.":
Bonds
Notes
Total
V.
S.
Govt,
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed. Res. notes of other
Uncollected
47
banksIIIIII
premises..
Other
57,447
assets
_.II.~III
18
5
2
2
6
1
3,177
138,279
795
1,240
4,470
75,595
81,114
4,562
5,088
6,856
51,323
2,538
3,658
2,122
22,696
2,373
50,266
1,208
16,014
1,393
1,859
1,172,903 8,732,082 1,125,947 1,344,776
'19,235,778
Total assets.
4
3
677
22,084
598,495
41,792
61,460
items
Bank
92,934
securities,
57,937
2,885
9,876
4,077
17,924
See
1
1
4
1,597
723
26,008
21,593
l',755
30,975
a
2,030
3,384
2,439
6,264
1,947
26,695
2,244
2,632
622,322
455,330 2,821,860
591,632
347,425
520,599
140,167
180,773
80,677
138,141
268,067
23,007
8,495
5,492
11,198
548
215,648
23,289
11,584
2,706
621,581
31,626
5,535
3,229
1,169
2,947
2,781
2,438
5,444
366,093 1,134,809
T
LIABILITIES
F. R. notes In actual circulation
4,836,768
399,215 1,228,400
342,576
453,272
216,732
159,120 1,067,124
190,182
12,096,727
631,565
602,603 6,701,841
607,517
26,928
37,842
688,718
53,558
297,025
159,031
138,313
255,389
^78,530
Deposits:
Member bank reserve account
8 Treasurer—General
Foreign bank
Other
26,506
22,650
16,604
5,912
211,314 1,429,336
27,746
146,112
13,515
46,338
8,622
3,615
314,936
35,912
10,672
692,836 7,254,574
698,793
788,860
342,091
261,197 1,625,401
127,153
51,679
69,444
48,278
22,151
502
296
282
58
100
18,885,415 1,148,634 8,610,629 1,093,344 1,311,858
U
607,159
account
deposits
Total deposits
28,541
4,975
13,470,873
Deferred availability Items
Other liabilities, incl accrued dlvs...
575,359
56,326
2,415
Total liabilities
CAPITAL
56,717
388,173
354,408
,
257
•
11,584
9,245
.
33,553
28,247
20,726
363,213
183,754
302,820
253,227
704,107
84,413
27,372
14,254
26,430
20,936
26,923
307
56
128
221
94
114
442,568 2,777,245
580,823
338,303
510,244
4,370
3,613
!
354,934 1,109,674
ACCOUNTS
Capital paid In
136,093
9,349
51,179
Surplus
151,720
10,405
26,839
2,874
53,326
7,109
35,711
1,641
9,839
(Section 7)
Surplus (Section 13-b)
Other capital accounts
.....
11,920
14,198
4,393
2,092
5,223
5,247
3,246
13,980
14,323
1,007
"Other cash" does not Include Federal Reserve notes,
10,702
10,224
2,121
2,088
4,667
13,564
4,096
5,725
22,824
4,709
713
1,429
538
1,657
6,798
1,466
2,959
3,152
1,001
2,010
455,330 2,821,860
591,632
347,425
520,599
366,093 1,134,809
151
61
512
3,215
1,447
3,608
Total liabilities and capital accounts
19,235,778 1,172,903 8,732,082 1,125,947 1,344,776
Commitments to make Indus advs...
427
8,350i
364
1,757
1,031
*
27,448
,
622,322
737
75
20
4,084
3,974
1,266
1,835
1,142
1,230
Less than $500.
a
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Total
In actual
$
5,160,100
New Yorlc1
Phtia.
$
Cleveland Richmond
Atlanta
Chicago
St. Louis
$
$
%
%
%
$
Minneap. Kan. City
as
361,435
480,346
230,704
144,429
188,073
88,842
433,623
27,074
13,972
170,959 1,114,987
11,839
47,863
200,856
18,859
10,674
4,262
7,300
8,165
55,093
4,836,768
by Agent
399,215 1,228,400
342,576
453,272
216,732
159,120 1,067,124
190,182
140,167
180,773
80,677
378,530
security
'
.
5,305,000
1,152
440,000 1,340,000
202
150
5,306,152
440,125 1,340,202
375,150
paper
Total collateral
United States
125
375,000
250,000
482,000
180,000 1,130,000
180,000 1,130,000
Treasury Bills—Friday, Feb. 9
the
Paris
Asked
Bid
Feb.
28 1940
6 1940
Mar.
Mar. 13
0.05%
0.05%
0.05%
Mar. 27 1940
Mon.,
Sat.,
Tues.,
Wed.,
Thurs.t
0.05%
Feb. 2
Feb. 3
Feb. 5
Feb. 6
Feb. 7
Feb. 8
0 05%
Francs
Francs
Francs
Francs
Francs
Francs
17 1940
0.05%
April
Avrll
3 1940...
.
April 24 1940
0.05%
1940
Mar. 20 1940
received by cable
April 10 1940
0.05%
0.05%
0.05%
1940
as
day of the past week:
Fri.,
14 1940
21
464,000
bourse
Quotations of representative stocks
Asked
92,500
195,491
464,000
491
147,552
209,000
92,500
195,000
52
250,132
482,000
each
Feb.
147,500
209,000
132
Rates quoted are for discount at purchase.
Bid
*
-
*
due
from United States Treasury....
Feb.
S
%
423,273 1,322,573
24,058
94,173
for notes Issued to banks:
Gold certificates on hand and
Eligible
San Fran.
Dallas
$
$
323,332
circulation
Collateral held
Boston
$
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
1
1
t
1
1
1
1
1
»
t
t
a
1
1940
May
1
May
1
1
7,645
911
Cle Distr.
Feb. 9
900
897
453
454
451
16,860
16,715
16,720
16,800
7,425
7,490
7,450
900
592
594
585
578
578
1,785
49
1,755
47
1,745
45
1,770
43
1,765
Citroen B
450
450
460
475
474
Comptolr Natlonale d'Escompte
Coty 8 A
770
215
770
219
772
216
778
216
775
d'Electricite....
Cle Generale d'Electricite
Cie Generale Transatlantlque...
Quotations for United States Treasury Notes—Friday,
900
457
16,950
Banque de 1'Unlon Parislenne
Canal de Suez cap
0.05%
7,501
460
Banque de Paris et Des Pays Bas
0.05%
...
.
de France
Banque
0.05%
8 1940
42
220
Courrleres
Figures after decimal point represent
one
or
more
32ds of
218
218
218
219
217
Credit Commercial de France
490
481
490
483
492
1,600
262
1,576
1,598
Energle Electrique du Nord....
■
Int.
Int.
Rate
Maturity
Bid
615
611
605
617
773
774
772
783
782
,1,435
910
1,470
899
855
1,483
1,481
900
858
860
880
882
1,775
73.80
111.50
1,793
73.80
82.40
112.35
112.90
2,366
1,710
1,470
905
860
879
38
1,785
73.90
82.25
111.70
2,345
1,700
2,320
1,693
60
2,335
1,705
60
2,350
1,703
60
1,110
1,105
1,095
1,095
1,102
647
646
648
648
648
80
418
41
80
407
41
76
40 1
78
401
42
78
400
L'Atr
Asked
Maturity
Rate
Mar. 15 1942...
To"? 2
Sept. 15 1942...
1 H%
2%
1 H%
Bid
Lyonnais
...
Llquide
Asked
Lyon (P L M)
1 M%
100.4
15 1940...
1H%
101.20
Dec.
15 1940...
1H%
1H%
102.4
102.6
Dec.
102.9
102.11
June 15 1943
15 1942...
~
103.28
Orleans Ry
105.2
Patiie
June
15 1941...
IH%
102.9
102.11
Dec.
15 1941...
1X%
102.19
102 21
Mar. 15,1944...
June 15 1944...
15 1943...
104.23
Pechiney
102.24
Rentes, Perpetual
104.2 1
15 1944...
102.29
5%,
100.27
102.3
1,791
73.50
82.50
111-70
3%
4U%
101.29
102.1
1%
102.27
101.27
100.25
m%
1%
877
(6%)
Capital..
102.22
Dec.
Sept.
103.26
105
Closed
860
NordRy
Mar. 15 1940...
June
Mar. 15 1941...
255
Energie Electrique du Littoral..
point.
1,581
260
Kuhlmann
a
1,617
267
Credit
1920
Saint Gobain C A C
Schneider A
Cle
Societe Generale Fonciere
Soclete Lyonnaise
THE
BERLIN
STOCK
Societe
EXCHANGE
----
........
Marseillaise
....
Tublze Artificial Silk pref
Union d'Electricite
Closing prices of representative stocks
each
as
received by cable
Wagon-Lits
/
82.20
41
273
617
890
33
1,782
73.85
82.15
42
day of the past week:
Feb.
Feb.
3
5
Feb.
Feb.
6
7
Feb.
Feb.
8,9
United
Per Cent of Par
AUgemelneElektrlzltaets-Gesellschaft (6%) 128
128
128
128
Berliner Kraft u. Licbt (8%)
....160
160
161
162
109
112
109
112
109
112
109
109
112
112
112
7%). 127
—..108
174
103
224
127
128
108
127
108
128
225
127
108
175
103
224
106
106
106
Commerz-und Prlvat-Bank A; G, 6%
Deutsche Bank (6%)
Deutsche Relchsban (German Rys. pf.
Dresdner Bank (6%)
Farbenindustrie I. G.
(7%)
Relchsbank (new shares)
Siemens A Halske (8%)
Vereinlsrte 8tahlwerke
(6%)
\
108
174
103
,
129
129
161
162
109
•
*
'
Government
States
York Stock
Securities
Exchange—See following
'
Transactions
'
at
-
the
'
.
New
York
on
A
.
Stock
108
175
175
175
103
103
225
108
page
967.
225
107
Daily, Weekly and Yearly—See
103
224
106
the
New
page.
Stock and Bond Averages—See page
967.
'
>
Exchange.
952
Feb.
•
1940
10,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
the only transactions of the day.
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are
account is taken of such
United States Government Securities
Below
furnish
we
Corporation bonds
No
sales in computing the range for the year.
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
a
the New York Stock Exchange during the current week.
on
Quotations after decimal point represent one or more 32nds of a point.
Feb. 5
Feb. 3
..
119.30
Highl
Treasury
Low.
Feb. 8
Feb. 9
11t1
Total sales in
114". 16
114.14
114.16
114.14
114.14
114.14
114.14
6
(High
18
6
•
I
i
Low.
t
1
1
1
•
1
1
101.30
1
101.30
mmmm
mmmm
mmmm
101.30
mmmm
mmmm
'
I
1
I
1
1
....
2 Ms, 1948
I Close
t
$
108.13
108.13
108.13
1
107.19
107.19
107.19
I
10
I
1
1
1
1
1
1
1
1
105.11
105.5
105.6
105.9
105.11
105.5
105.6
105.10
105.9
105.11
105.5
105.6
105.10
I Close
1
I
1
1
I
»
1
1
1
1
1
t
1
1
I
1
•
1
1
1
I
1
1
1
----
105.10
105.8
105.12
105.10
105.10
105.8
105.12
105.10
105.10
105.8
1
5
Total sales in $1,000 units...
«1I1
109.22
109.24
4 Low.
(Close
2Mb, 1950-52
mmmm
(High
5
105.10
1
m mmm
22
8
4
fHlgh
1
1
I
5
Total sales in $1,000 units...
1
1
105.10
105.9
]Low
2Kb, 1949-53...
1
1
1
9
20
fHlgh
101.26
101.26
1
1
1
Total sales in $1,000 units..
«
1
1
105.12
3
1
1
"
Low.
mmmm
1111
109.24
mmmm
109.22
105~. 5*
*
fHlgh
•
1
m
mm
t
105*1"
Total sales in
$1,000 units...
fHlgh
33^8, 1943-45...
■{Low.
mmmm
105
105.1
mmmm
105
105.1
104.31
1
mmmm
10
m m
109.28
109.28
109.28
102
102.30
102.31
102.30
102
102.30
102.31
1
2
3
109.28
■
104.17
mmmm
109.28
109.28
109.28
mmmm
Total sales in $1,000 units...
2
1
1
2
mmmm
•
'mmmm
110.8
110.12
110.9
110.9*
110.8
Low.
110.9
110.8
110.8
110.8
110.8
110.9
103.7
103.2
103.7
103.2
103.7
110.8
Close
Total sales in $1,000 units...
103.2
Close
2s, 1948-50
mmmm
110.9
10
Low.
fHlgh
mmmm
109.28
104.16
Low
Total sales in $1,000 units...
'
•
(Close
104.17
fHlgh
2s, 1947
6
1
109.28
109.28 4109.28
109.28
102.30
(Close
J Low.
104.30
105.6
m
fHlgh
104.31
105.5
Low.
Cloze
102.31
102.30
Total sales in $1,000 units...
2^8,1951-53
105
102
102.30
rnmm
|
1
I
m
109.22
109.24
(Close
Total sales in $1,000 units...
■
106.2
19
fHlgh
1 Low.
1
1
1
(High
(Low
1941.....
106.2
106.3
Low.
-
101.26
mmmm
Low.
Total sales in $1,000 units...
3 3^8,
106.3
106.2
| (0|.000
*
t
Ol086
I
106.2
106.5
Total sales in $1,000 units...
111t
11I1
[High
■
106.3
Total sales in $1,000 units..
1
1
1
•
I111
1111
t
I
106.3
106.5
(High
I
«
Close
3H3, 1943-47
106.3
106
106
Close
\1•1
1
1
2Mb, 1945
1 1« 1
1
Total sales in $1,000 units...
3^8, 1941-43
Feb. 9
106.4
$1,000 units...
111I
114.14
114.14
•
Total sales in $1,000 units...
■
Feb. 8
106.2
Low.
2KB, 1960-65
....
mmmm
I
Low.
Close
3^8, 1940-43
Feb. 7
106.6
Close
....
mmmm
(High
3^s, 1946-56
Feb. 6
106.6
106
High
Treasury
|
4s, 1944-64....
Feb. 5
Daily Record of U. S. Bond Pricesi Feb. 3
-
119.30
$1,000 mils...
—
119.30
Close
4^8, 1947-62
Total sales In
Feb. 7
Feb. 6
.
fHlgh
3tfs, 1944-46....
■
110.8
110.12
1
5
110.9
5
110.8
110.9
11
111.7
111.8
111.7
111.7
111.8
111.7
1
I
t
•
1
•
1
(High
1
1
1
1
1
1
1
I
til I ! til
105.2
105.2
.—
Low.
no's"
110.3
110.5
110
110.3
110.5
110.3
5
3
mm
107.19
107.18
107". 14
Low.
107.15
107.13
107.14
107.15
107.15
107.19
107.14
107.14
8
43
13
11
2
107.23
107.19
107.21
107.19
107.23
107.19
107.21
107.21
107.23
107.19
1
2
5
7
10
104.19
104.18
104.15
104.18
104.17
104.17
j Low.
104.19
104.18
104.15
104.18
104.17
104.17
(Close
107.15
$1,0Q0 units...
fHlgh
107.21
107.20
107.20
fHlgh
107.15
Close
107.21
Low.
Close
Total sales in $1,000 units...
107.15
107.15
104.19
104.18
104.18
104.17
$1,000 units...
5
1
High
1
.
rn—mtm
m
mmmm
108.31
mmmm
108.31
109.3
mmmm
1
mmmm
Low
mm
Low.
mmmm
mmmm
mmmm
2^8, 1956-59
mmmm
Tota^sales"in\$l,000
107.6~
....
Odd lot sales,
Note—The
107.2
107.6
3
2
108.15
106.11
*4
106.12
101.19
101.18
101.17
101.16
101.19
1
10
1
8
f Deferred delivery sale,
above
t Cash sale.
106.15
106.11
106.12
106.15
106.15
106.11
106.12
1
*1
coupon
106.15
3
of
includes only sales
registered bonds were:
table
Transactions in
bonds.
106.15
106.13
1
106.6"
106.2
Low.
106.6
106.2
106.6
106.2
mmmm
106.5
106.2
mmmm
106.5
106.5
106.2
United States
Treasury Bills—See previous page.
United States
Treasury Notes, &c.—See previous page.
mmmm
mmm
m
*8
1
mmmm
No sales.
mmmm
106.2
mmmm
11
1
units...
101.16
107.2
107.6
107.6
107.2
3
fHlgh
101.16
Total sales in $1,000 units
*
106.13
(Close
•
101.18
4
106.13
Total sales in $1,000 units...
2Kb, 1958-63
22
101.19
108.2
108.2
mmmm
■
2
101.16
-Low.
1Mb, 1945-47
mmmm
(Close
4
101.17
Close
108.2
.
104.17
1
101.18
mm
mmmm
Low.
•
.
mm
104.15
High
Total sales in
mmmm
■
107.6
mmmm
■mmmm
1,000 units...
(High
.
mmmm
3
107.6
(Close
Total sales in
.
108.4
mmmm
fHlgh
2Kb, 1951-54
...
....
*
108.4
•mmmm
mmmm
2Kb, 1942-44
mmmm
.
18
108.4
mmmm
mmmm
(Close
Total sales in $1,000 units...
3s, series A, 1944-52...
mmmm
109
m
mmmm
fHlgh
.
109.3
mmmm
'■
Low.
2Kb, 1948-51...
108.31
mmmm
13
107.20
Home Owners' Loan
mm
107.18
mmmm
104.26
$1,000 units...
mmmm
7
mmmm
Total sales in
mmmm
104.26
(Close
2Kb, 1942-47
lib'i"
mmmm
(Close
104.26
fHlgh
107.15
.
24
Low.
Close
Total sales in $1,000 units...
....
110.3
Total sales in $1,000 units..
108
105.2
3s. 1942-47
»
107.17
2J4s. 1945-47
108
fHlgh
1
Low.
■
108.1
Low.
1
»
fHlgh
2 J^s, 1955-60..
„
-
Close
Total sales in $1,000 units...
1
1
Total sales in $1,000 units...
_
2
3s, 1944-49...
1
«
Close
Total sales in
108.11
13
1
fHlgh
•
108.11
fHlgh
7
.2
1
1
Total sales in $1,000 units..
3s, 1951-55...
*4
til!
Low.
■
108.11
(Close
1
Close
3s, 1946-48
111.7
1
1
t
1
Total sales in $1,000 units.
108.11
111.7
14
1
1
Close
108.11
Total sales in $1,000 units...
111.6
«
108.11
fHlgh
33^8, 1944-64..
111.7
1
Low.
•
111.7
1
(High
3^8, 1949-52
111.7
111.7
Total sales in $1,000 units...
111.8
mmmm
Low.
•
111.7
| Low.
Federal Farm Mortgage
*8
6
mmmm
fHlgh
3^8, 1946-49....
Total sales in $1,000 units..
New York Stock Record
LOW
AND
HIGH
SALE
Monday
Feb. 3
Feb. 5
$ jper share
$ per share
PRICES—PER
128
1
12
12*8
10
1038
10
10
*14
21
1038
172'4
*12i2
14®4
8I4
*66
3714
*14l2
2i8
*14i4
5314
20
4(J12
103s
*46»4
e
*
Thursday
Feb. 8
Feb. 9
$ per share
$ per share
Shares
15
2138
103s
172M
13l2
1434
8I4
67l4
3714
1434
2i8
16i2
5314
20i8
46l2
105s
48
7«
7s
7S
12's
123g
1084
1034
*10'8
1478
*14
*10
*978
*14
21'g
2158
103g
103g
172'4 172'4
13
*12'2
145s
8'4
1478
66
66
36'4
14l2
37
2
8'4
14l2
16'2
*5284
20'2
54'2
20'2
4714
10'2
47
10'2
*4634
* Bid and asked
47'2
prices;
1
12
11
101?
15
2034 2134
10L
10'4
172'2 172l2
13
1458
8'4
67'8
36'2
14l2
13
*20
2U2
*10
1034
1034
1412
2134
1014
17414 175i2
1312
13i2
1434
14i2
858
834
6714
37
37
6714
3734
1434
341?
2
*1438
*4U4
45I2
734
21i2
1S12
493g
*03
6i2
14i2
Address-Multgr
65g
3,300
"~3~500
2
1,400
16
300
54
54
5414
553g
*20
48
48i2
10i2
1034
47i2
48i2
1034
*4634
Acme Steel
No par
10
Corp
Air Reduction Inc
No par
Air Way El Appliance..No par
Alaska Juneau Gold Min
10
Albany & Pusq RH Co
I6m
20
this day.
600
11,600
15I2
20
on
100
15I2
13
lll2
lll2
15l2
100
No par
25
400
1
1334
115s
in,
AH% conv pref
Abraham & Straus
No par
128
78
Abbott Laboratories...No par
Adams Express
Adam8-Milllls
1484
834
68
38
1434
178
54
sales
6I2
*._>.
Par
20i2
4878
11
47l2
t In receivership,
143.j
20'8
4834
20i8
700
1034
lll8
3,300
2,800
47i2
47i2
Def. delivery.
6
487g Jan
5
Jan 16
21
1778 Jan 20
4814 Feb 5
5g Feb
6i2 Jan
7
2
9
Jan
33'2
9
31i2 Mar
6'2 Aug
19
Sept
157« Sept
45U Apr
34 Jan
2134 Jan 11
1912 Jan 4
58'$ Jan 2
Jan
9
7
Jan
8
Us
Jan
^8
3
Jan
1
5
Allied Mills Co Inc
No par
No par
5%
100
preferred
Allis-Chalmers Mfg
ATo par
Alpha Portland Cem..No par
Amalgam Leather Co Inc
1
6% conv preferred
50
Amerada Corp
No par
Am Agrlc Chem (DelJ.-Vo par
Am
Airlines
10
Inc
6% preferred
New stock,
9l2 Jan 18
1334 Jan 19
I8I4 Jan 15
Jan 23
9i8
171
Feb
r
Cash sale,
2
6I4
Dec
Apr
5$ July
534 Aug
117
4i2 Aug
4'2 Sept
8
June
14
16'4 Jan
227g Feb
1034 Feb
17978 Feb
Apr
Apr
634
9
Apr
151i2 Apr
30
per
share
71i2 Sept
14912 8ept
49i2 Nov
56 i2
Oct
11'2 Sept
25
27'2
68
Mar
Jan
Sept
H4 Sept
10
Jan
130
Dec
2
Sept
20'2 Sept
18>4 Sept
18
Sept
23i2
28'4
1178
200'2
1478
I5i8
ll3g
Sept
Jan
Oct
Sept
Sept
14
Jan 25
13i2 Jan 15
77s Jan 19
15
Feb
Jan 22
68
Jan
9
5412 Apr
71
Feb
417g Jan
4
28
Jan
9
1234
Jan
9
483g Jan
1978 Jan
3% Sept
12i8 Jan 10
6134
35i2
1
14t2 Feb 5
134 Feb 7
14i2 Jan 15
53I4
1934
Feb
3
Jan 18
4134 Jan 12
93g Jan
16
23s
9
2
103g Jan
46
x
Ex-dlv.
y
2
Apr
9i2 Apr
6
Apr
Apr
Apr
1'4 June
Sept
Jan
Aug
16'2
56l2
Jan 24
12
Aug
21
Jan
3
50
Apr
21
Jsn
4
16
Apr
74i2 Sept
2412 Sept
493g Jan 26
26
June
47
934 Sept
46'2 Dec
1734
Jan
60
Jan
1U2 Jan
4
50
10
50
American Bank Note..
n
3
3
Jan
AUIed Stores Corp
90
a
49
1,300
41i4 Feb
Feb
714 Feb
Jan
Allied Kid Co
400
600
3
45
12'2
Allied Chemical & Dye.No par
2
Apr
12
2,700
14i2
Apr
120
145g
Allen Industries Inc
7,100
53
8
Jan 31
1,900
3878
5
Jan 30
1078
I79l2 17978
*13l2
1378
1434
15
38i4
Jan
Feb
9
500
2,500
8,200
70
41i4 Feb
Highest
share E
147
1034
5K% Pi A without war. 100
$2.50 prior conv pref.No par
Alghny Lud Stl Corp..No par
per
2
Jan
7s
10,900
9
68
E
Jan 15
68
144
No par
15f
85g
*66l4
share
5H % Pt A with $30 war. 100
Pf A with $40 war. 100
700
500
per
100
227g
22i4
105s
$
share
per
Lowest
Highest
Jan 12
Allegheny Corp
6,900
600
$
Year 1939
100-Share Lots
Lowest
Co
34
*3g
6-
10
2,600
5,900
1434
8i2
*66i2
375g
*14i2
134
5414
201?
*4634
21i2
1812
5034
15234
45l2
4734
8
8I4
*21i8
2l5g
18i2 18i2
5078
5212
*4114
4612
50
14
178
101?
4612
77„
1,200
xl4
1512
54U
48
45t2
70
176
12I2
1078
lli4
HI4
2178
IOI4
1^4
48
70
*145
1
I3i2
lli2
llto
I6i8
227g
105g
17714
78
15l2
47
70
147
123
16'?
475g
103g
no
*14
78
125s
85g
67l8
178
*1512
*53'4
12i8
*934
*934
6978
147
*
123
78
123S
10'2
2
*14
*119
123
On Basis of
Week
$ per share
$ per share
*
123
1
EXCHANGE
Feb. 7
6
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
69
*695s
70
70
69l2 *6834
6934
70
*144
*14412 147
147
♦144
147
*144i2 147
41i4
4114
*41'4 45'2 *4114
451?
*41i4
4512
*4612
47
45
45
45'4
46l2
455g
455s
7%
7*2
7'2
7U
73«
7'?
75s
75s
*21
*21
2134
*21
2134
2U? ♦21
2U2
♦18
18i2 *18
18'2
I8I4
I8I4
I8I4
I8I4
49
49l2
4978
48'4
493S
4914
493s
4978
h
8,
*5g
34
*<*
34
*65s
63,
6?$
65s
6'2
658
658
*
NOT PER
Wednesday
Tuesday
Feb
SHARE,
Sales
for
Saturday
3
Ex-rights,
Jan
f Called for redemption.
Sept
Dec
Volume
LOW
New York Stock
ISO
AND HIGH
8ALE PRICES—PER
Record—Continued-Page
SHARE, NOT PER CENT
Sales
2
STOCKS
953
Range Since Jan. 1
for
Saturday
NEW YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Feb. 3
Feb. 6
Feb. 7
Feb. 8
Feb. 9
Week
% per share
$ per thare
$ per share
5 per share
Shares
Range for Previous
EXCHANGE
Feb. 5
$ per thare
5%
8884
♦131
5%
38«4
132
1131* 11384
*170
2384
♦42
20%
175
2414
45
20%
♦108% 113%
*134% 137
*11%
14
6
♦6%
♦11%
♦82%
♦2%
*5%
1%
*23%
*5%
♦20
♦30%
*5
♦32
57%
*2%
♦28%
5%
40%
52%
18%
♦52%
13%
♦2%
*23
6%
684
11%
87
2%
$
per thare
*5%
6
39%
39
*5%
*3984
131
112
113
112% 112%
*172
175
174
.*131
*83
86
2%
*2%
*5%
*83
134
1%
24%
5%
23%
*5%
23%
6%
20%
30%
5%
20
20
20
3084
31
3084
5%
6
*'
5%
6%
3
2%
28%
5%
40%
62%
*18%
284
28%
5%
40%
52%
19
19
28%
5%
41%
62
19%
*52
54
52
53
13%
1384
*2%
1334
3%
23%
13%
23%
3
3
4
55%
46
934
162
14%
3%
55
45%
9%
*158
14%
4
55%
45%
9%
162
14»4
70
....
69
69
*14734
*2%
♦28%
5%
♦40%
*5084
27
27
12
*1214
16%
*16
27%
12%
16%
19%
89%
15%
19%
89%
1534
19%
•88%
15%
170% 171%
*5%
3%
5484
45%
9%
*158
14%
284
120
24«4
4
55%
4584
9%
162
15%
17134
88%
90%
149
*88
6
88%
90
90
149
149
6%
6%
10%
984
98%: *96
7%
7%
42%
4234
5%
♦69
70
•147*4
♦19%
♦8884
1684
*5%
9%
96%
7%
42%
5%
9%
98%
7%
4234
5%
27
28
12%
12%
16
16
19%
88%
19%
88%
*15% 15%
170% 171
88% 88%
90
90%
♦149
5%
934
♦96
152
5%
10
7%
4234
98%
7%
4384
534
5%
*37
26%
113% 113%
26% 27
26% 2784
35% 35%
35% 35%
♦19% 20
♦19% 20
113%
113% 113% ♦112
♦10
♦10
26%
*35
36
19
19
12
*2%
3
*31% 32%
♦108% 109
5%
6%
♦48%
48%
♦53
60
40%
*10%
9%
40%
♦93
7%
♦34
31
1034
9%
100
7%
42
1134
♦37
*10
42
12
7%
100
7%
*94
7%
100
7%
18%
53
♦40
62
19%
53
*5084
19
52%
13%
14
*3
120
*24
23%
*115
24%
4
♦55
45%
2412
3%
55%
3%
55
45%
46
9%
*158
3
3%
23%
23%
*115
9%
162
14%
9%
♦158
69
50
51
146
*67%
*14784
28%
12%
*15%
1984
♦87%
*15%
♦96
98
8
44
6%
♦37
45%
6
7%
44
9784
8%
5%
42
*37
28
9784
8%
47
150
5%
10%
*9684
8%
46%
6
5%
27
42
♦37
113% 113%
*10
♦10
*36
36%
20
20
12
♦94
100
7%
7%
*2%
♦32
108
5%
50
*64%
40%
♦10%
9
♦94
71
♦38%
5384
19%
54
54
19
14
70
150
5%
10%
98%
8%
47%
6%
76
76
99% 100
23% 24
14
14
14
*14%
19%
15
16%
16
16
♦15
15%
100
1134
3
32%
108
584
50%
68
40%
10«4
9%
100
28%
37%
20%
113%
1184
11%
♦212
3
32»2 32%
108% 108%
5«4
6%
5O84 5O84
♦6484 68
40% 40%
10 2
10i2
*9%
9 2
*94
8
76
♦70
71
*6812
41
76
22
*9
♦63%
£30%
22%
65%
30%
22%
♦63%
30%
♦55
56
♦55
56
38%
74
20%}
20%»
37%
♦20
""
♦70
24%
♦
117
31% *30
1984
2034J
934
10
19%'
18%
1634 *14%
74%
2484
37%
73%
73%
207«s 20%}
117% 117%
9%
*18%
♦14%
122
9
♦37%
7384
31%
123"
x9
117
31
123
123
*9
19%
15
15
56
*55
♦55
37
37
38%
75%
73%
207» 207n
116
*70
18%
I684
7434
24
24%
24
116«4
31%
2084
10
19%
I684
74%
24%
56%
37%
75% 76%
207« 207n
117
10
18%
*14%
♦70
23%
Bid and asked prices; no sales on this day.
22
£74%
9%
65%
31%
22%
56%
.
200
6% preferred
500
6%
pref
500
10
5%
100
conv pref
900
2,000
6%
"""I76
600
500
Amer
Ship Building Co.No
100
6% preferred...
"V.SOO
100
100
500
Jan
21% Sept
3% Apr
32
Apr
28
Apr
8% Sept
140
Sept
17% Jan
11%June
22*4
50
80% Sept
15% Mar
Jan 27
Jan 27
Jan 15
70
Jan
Jan 16
12% Feb
IO84 Jan
Feb
34
Jan 22
5212 Jan
70
150%
33%
13%
17%
Feb
18% Jan 23
Jan
14% Jan
16734 Jan 15
2
90%
150%
6%
12%
Feb
99
Jan
Anaconda Copper Mining..50
Anaconda W A Cable—No par
300
2,600
400
1,400
"~2.200
.5
36 conv prior pref
No par
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp..
No par
7% preferred
...100
Associated Dry Goods......1
100
6% 1st preferred.....—100
7% 2d preferred
—100
"""loo
Assoc Investments Co. No par
260
5% preferred
100
Atch Topeka A Santa Fe—100
.....
5% preferr red
400
Atl G A W I SS Lines..No par
300
4.200
......100
—25
4% conv pref series A... 100
Atlas Corp
—5
6% preferred......—.50
16%
2284
109
109%
8%
8%
900
7,800
50
50
800
71
73
1,600
121
121
♦6%
1%
2%
21
7
•
16%
5%
7%
.
.....
Atlas Powder
Jan
6
Jan 22
26% Jan 22
35% Feb 5
—No par
"2", 800
Feb
3
Feb
1
114
Jan 27
13
Jan 26
3%
32%
109%
6%
50%
2%
31%
106%
5%
46%
58%
Jan 12
Jan
2
Jan 23
Jan 23
Jan
4
37
Jan 15
10
Jan 15
8%
Jan 12
96% Jan 12
7% Feb 6
2%
22%
500
7%
16%
5%
17,100
.No par
13.800
4,700
2.700
{Baltimore A Ohio...——100
4% preferred
......100
1,100
330
31
21%
♦55
37%
78%
37
78
21%
55%
37%
79%
20%}20%}
117% 11784
31% 31%
20%
10%
19%
20%
10%
19%
15
8%
Jan
14%
Jan
96
Aug
15% Sept
64*4 Sept
12
Sept
Sept
Sept
54% Jan
27% Aug
II484 June
21
Sept
48
40
4
Deo
37
Sept
106
Deo
8*4 Sept'
Sept
60
Mar
65
40% Feb 3
10% Jan 4
9% Jan 4
96% Jan 12
31*4 Sept
7% Sept
6% Apr
58
Jan
13
Mar
Jan 11
5% Apr
6434 Feb
9
7
73
Jan
Jan
10%
Oct
100
Deo
10%
Jan
78
70
Jan
78*4
85
Jan 16
41
Oct
Feb
9
30
Apr
Apr
81
41
38
June
100
Feb
7
90
Jan
100
June
21
Sept
1384
Feb
1
14% Jan 27
20% Jan 15
25% Jan
3
5484 Feb
23% Jan
9
3
18
Jan
3
18*4 Jan
22*4 Feb
4
108% Jan 12
8% Jan 12
4784 Jan 2
110
Jan 15
63
Feb
9
Jan 29
8
7
I684 Jan 19
6
Jan 15
Jan 11
9
Jan 25
£4934 Dec
15
Apr
584 Aug
9% Aug
18% Sept
104% Apr
7
Oct
42%
71
Jan
Mar
30% Jan
26*4 Sept
26
Sept
24*4 Oct
110% June
9% July
48% Aug
71
Sept
884 Jan
6
50% Feb
5
43% Apr
73
9
50
Aug
124*4 Jan 10
6% Jan 15
2% Jan 4
116
June
127
Apr
1% July
8
Feb
4%
2
2*4 Jan
22% Feb
7% Jan
Apr
Apr
16.. Nov
3% Aug
9% Aug
3% Aug
484 Sept
11% Dec
Apr
13
Jan
33
Feb
Beech Creek RR.
.....50
.20
Belding-Hemlnway
No par
Belgian Nat Rye part pref—
5
1384 Jan 18
7% Jan 23
26% Feb
8
1178 Feb 8
25«4 Jan 15
114
27
Jan
5
Jan 22
109% Jan 10
30% Jan 15
122
9
Feb
6
Jan
Jan
Sept
5% Sept
3% Jan
30% Jan
9% Nov
21% Sept
8*4 Jan
11% Sept
30% Jan
87% Jan
21% Jan
11% Aug
15% Apr
109% Oct
17
Apr
98
Apr
27*4 Sept
104% Sept
7% Apr
Beech-Nut Packing Co
6% Jan
49
6
30% Feb
115
Feb
29% Jan 25
109% Feb "3
30% Jan 15
127
Jan 24
9% Jan 27
Bendix Aviation.......—..5
26% Jan 15
Beneficial Indus Loan..No par
21
Jan 16
56
Feb
32*8 Jan 3
22% Jan 10
56*4 Jan 18
37
Jan 15
Pr
pfd32.50div ser'38No par
Best A Co
...
-
No par
Bethlehem Steel (Del).No par
t5% preferred...——20
7% preferred
100
Blgelow-Sanf Corp Ino. No par
Black A Decker Mfg C0N0 par
Blaw-Knox Co——..No par
1,100
Bliss A Laugblln Inc........5
15
90
*70%
74%
10
25
25%
18,100
Bloomingdale Brothers.No par
Blumenthal A Co pref..
100
Boeing Airplane Co
5
n
New stock.
fCaaheale.
62
1
70% Jan 22
17% Jan 10
115
Jan
2
39
Jan
3
83% Jan
3
20%, Jan 26
121
Jan 26
2812 Jan 15
19% Jan 16
34% Jan
22% Jan
6
5
Feb
5
Feb
7
934
18%
14%
5512
11% Jan
23% Jan
4
3
Jan 17
15
9
Jan
75% Jan 30
25% Feb 9
4
2I84 Jan 12
x Ex-dlv.
y
Ex-rlghta.
Jan
Dec
10% Aug
Jan 15
100
a Def. delivery,
Jan
24% Apr
6
4,500
{In receivership,
18%
171% Deo
87% Jan
89*4 Jan
153% May
Feb
5*4% preferred...—50
Barnsdall Oil Co.—
200
700
Oct
Sept
97% Sept
34
13*8 Jan
.No par
100
600
18%
28
.....
Bayuk Cigars Ino
No par
1st preferred...........100
Beatrice Creamery...
—25
35 preferred w w._..No par
1,600
32,400
5,425
3.700
Jan
14% July
Jan
Jan
Jan
Jan
210
46,000
3,300
41
Jan
Barker Brothers
400
Aug
July
14%
52%
15%
8%
200
9%
65%
31%
Nov
69
153
Jan 26
8%
26%
125
144
Feb
*8
*9%
*63%
Sept
12
900
*122
50
Jan
63
45
15
20
Jan
884 Apr
1% Apr
21
Apr
97
May
3% Aug
3384 Apr
20
46% Sept
Bangor A Aroostook..—...50
14«4
800
Jan 31
Jan 29
Feb 9
Apr
1312 Apr
Jan
8
Conv 5% preferred——100
Barber Asphalt Corp....... 10
4,600
8,500
3
Jan 3
Jan 19
35
III
Jan
Jan
18
45
26%
Jan 10
Aug
Apr
2034 Apr
24
Nov
18%
14% Jan 18
5% Jan 22
6% Feb 6
7%
12%
45%
12
Jan
49
162
Jan 23
1% Feb
1% Feb
35 prior A
20% Aug
8% Apr
9
Apr
15% Apr
76% Mar
13% Dec
148
Apr
73
Apr
75% Oct
132
Sept
4% Sept
8% Apr
78
Apr
3% Apr
28% Apr
Feb
Jan 12
6
Austin Nicholas.......No par
Oct
Jan
7
58% Nov
73
121
Aviation Corp. of Del (The).3
Baldwin Loco Works v t c—13
140
4
Jan 11
Jan 3
Jan 2
Jan 5
Jan
Apr
1084 Dec
9
Sept
25% Aug
35t2 Apr
127% Sept
69% Apr
£26
36% Jan 12
97% Jan 3
100
140
Jan
Oct
76
{Auburn Automobile..No par
5% conv preferred..
7%
43%
31%
381s
21%
19
11
_
Jan 24
Jan 3
9% Jan
47% Jan
112
Atlas Tack Corp......No par
130
6%
2
5% preferred.
Atlantic Refining
Jan
89% Jan 31
16% Jan 11
172»4 Jan
8684 Jan
2,800
Armour & Co of Illinois
Jan
Jan
Feb
"18,660
7,900
1,000
9
Jan 22
Jan
89
534 Jan 30
Jan 2
39
Armour&Co(DeI)pf7% gtdlOO
21
Feb
2
7lj Feb ?
4184 Jan 30
100
Jan
Jan
Amer Zinc Lead A Smelt.... 1
300
Jan
146% Jan 19
Jan 11
Jan 18
American Woolen.....No par
Preferred—
.........100
A P W Paper Co Inc
6
Archer Daniels Mldl'd.No par
Jan
10% Jan
Feb
Feb
100
54
155
Jan
934
100
30% Jan
79% Jan
15*4 Jan
5% Sept
40% Jan
124% Mar
112
95
AnchorHockGlass Corp No par
36.50 conv preferred.No par
Andes Copper Mining
...20
Aug
Aug
Apr
2% Apr
22% Deo
Jan
Jan 12
50
13
Jan
5
900
Sept
6% Jan
63% Jan
26% Jan 22
.
Deo
3% Aug
25
148
....25
60
120
6% preferred..........100
35 prior conv pref
8
Sept
43% Sept
Jan 27
Am Type Founders Inc.
10
Am Water Wks A Elec.No par
36 1st preferred.....No par
•
25% Nov
33
Sept
Jan 30
Jan
300
300
Oct
Oct
25% Oct
115% Mar
132
Aug
17% Sept
884 Feb
11% Sept
18% Sept
86% Sept
5% Jan
6% Sept
3% Jan
30% Nov
984 Jan
9
II
85
July
40%
64
384 Sept
41
81
179
Aug
Jan
12
5784 Sept
Aug
116% Sept
140
25
14% Jan
3% Jan
2484 Jan
£1584 Jan 17
.....25
Jan
Highest
\ per share
8
Jan
Jan
60
Feb
6
Jan 23
Jan 23
Jan
1%
14%
Jan
1,500
8,100
Jan
2% Mar
25% Apr
4l«4 Apr
6%
40%
52%
2284
68
—25
Common class B
4
12%
60% Jan
3% Jan
29% Jan 29
149
100
American Tobacco
37
7
143% Jan
..100
Amer Telep A Teleg Co
6,500
1,700
4,200
Feb
46
par
American Sugar Refining.. 100
Preferred........
100
Am Sumatra Tobacco..No par
1,500
Apr
64%
11%
9%
2984
Amer Steel Foundries. .No par
American Stores...
No par
American Stove Co
No par
1,100
Apr
12
Jan 31
14% Feb
Amer Smelting A Refg. No par
Preferred.
i
.....100
American Snuff...........25
300
Feb
2% Sept
484 May
1% Dec
Apr
Apr
155
American Seating Co..No par
450
61
5
2384
3%
62%
4334
9%
4M% conv pref ........100
American Safety Razor.. 18.50
8,600
4
10
119
25
1,500
Jan
234 Jan 24
22% Jan 26
conv preferred...—100
American Rolling Mill
Jan
Jan
Jan
Jan
13% Jan 15
Am Rad A Stand San'y. No par
Preferred
100
"8". 600
Jan 16
3%
5%
2%
28%
52
36 preferred..No par
35 preferred
No par
4,500
25.300
2
83
2
6% Jan 18
American News Co....No par
Amer Power & Light..-No par
7,200
2,400
12% Jan
Jan
Jan 17
5
Aug
5% Sept
6% Apr
40% Jan 24
Jan 18
51
18% Feb
.50
Amer Mach A Metals. .No par
Amer Metal Co Ltd
No par
900
2,800
Jan 26
24% Jan
American Locomotive. .No par
Preferred
........100
Amer Mach A Fdy Co-No par
3,500
5
56% Jan 13
2% Jan 3
Amer Internat Corp...No par
Amer Invest Co of IU_.No par
1,700
Dec
16%
30%
13%
7% Jan
34
...50
non-cum
109%
150
24% Jan
3584 Jan
6% Jan
5
American Home Products... 1
American Ice...
...No par
800
Apr
Apr
Sept
Aug
Aug
Apr
May
Apr
5% Jan 27
No par
Amer Hawaiian SS Co..... 10
American Hide A Leather... 1
1,500
83%
19% Jan 31
28% Jan 2
36 preferred
1,100
2,900
1,900
8% Jan
1% Jan 29
22% Jan 31
.No par
No par
.
1584
207» 20%}
31%
19%
37 preferred
$7 2d preferred A
22%
117% 117%
31% 31%
*20%
20%
10%
10%
10%
18%
19
18%
I684 ♦14% I684
74% ♦70% 74%
24%' 2384 25%
117
*30%
1984
*63%
3084
125
5
Amer A For'n Power...No par
600
...
56
*37%
22
1~,300
.
Jan 15
18% Jan 15
20
15
16%
*9
.
9
8
Atlantic Coast Line RR... 100
19%
*14%
*1584
♦63%
30%
22
American Crystal Sugar.... 10
6% 1st preferred.
100
American Encaustic Tiling.
1
Amer European Sees...No par
Feb
22% Jan 22
60% Jan 15
5484
20%
*122
6%
10%
81%
2%
137
7«4 Feb
...100
54%
22
9%
65%
31%
Corp..20
"
3
3
Jan 15
Feb
1,400
4,500
24%
54%
9%
65%
3 84
22%
*30%
♦19%
9%
*18%
*14%
7484
20
984
122
6
13,900
24%
54
....
♦118
133
American Colortype Co....10
Am Comm'l Alcohol
1,100
3% Aug
3I84 Apr
125
100
American Chicle
No par
Am Coal Co of Allegh Co NJ25
"""SOO
$ per share
9
20% Feb
2
100
"47600
400
5134 Jan
23% Jan
99%
2484
12
12
12
12%
12%
12%
11%
12%
11% 12%
28
29%
27% 27*4
29% 30%
27% 27%
29% 30
29% 2934
*114% 115
♦114% 115
♦114% 114% 114% 115
♦11434 115
♦H484 115
28
28
28
28
28% 28%
•27% 28
28% 28%
♦27% 28%
112
♦IO984 113
•109% 113
♦109«4 115
109% 109% ♦106
♦1C9% 115
*30
•30
*30
*30
♦29% 31
♦2984
9%
65%
30%
22%
conv preferred...
""960
70%
12
123
176% Jan 16
32% Jan 2
99%
•
9%
♦63%
30%
Feb
2334 Feb
42
Feb
41
23%
21% 22%
21% 21%
21% 21%
22% 22%
109% 110
*108% 109% ♦108% 109% *108% 109%
8%
8%
8%
8%
8%
8%
8%
8%
60
50
50% 50% ♦50% 50%
50% 50%
66
68
69
69
70
68% 69%
68% 68% *67
*122
122
123% ♦122
123% *122
123% 122
121% 122
♦6%
6%
*6%
f
*6%
♦6%
6%
♦6%
7%
2
:
2
2
2
2%
2%
2%
1%
2
2
:
♦2
2%
♦1%
2%
1%
1%
2%
2%
♦20
21
20
21
*16%
21
*16% 21
♦16% 21
7
7%
6%
6%
6%
7%
6%
6%
7%
15
15
14%
15
15%
15%
15%
15%
15%
16%
5%
6%
5%
6%
5%
5%
5%
5%
6%
5%
6%
6%
684
684
6%
684
6%
6%
7
♦6%
12
12%
12%
12% *12% 12%
♦12%
1284
12%
12%
45% 45%
45% 45%
45% 45%
45% 4534
4534 45%
14% *14%
14%
14%
14%
14%
14% ♦14
14%
14%
8
♦7%
*7%
8%
*784
8%
8%
8%
♦7%
8%
27% 27% *26% 27% *26% 27%
♦27% 28
26% 27%
♦119
174
41
100
21% 21%
*109% 110
8%
8%
*49% 50
12
116% Jan 29
5%
1,700
3
Jan 12
Feb
Preferred
100
Am Chain A Cable Inc. No par
3,300
2,800
2,300
4584 Jan
132
Preferred...;... ........100
American Car A Fdy_.No par
200
7,700
1,100
100
8
7%
5
% per share
6% Jan 3
112
43
28
28%
36
37
36%
20
19%
20%
113% 113% ♦112
27%
42
♦15
70
38% Jan 22
130% Jan
....100
Lowest
.......25
...
.
♦39
16
*145% 14684
70
28
28%
12% 12%
♦15% 16%
19% 19%
*87% 90
*15% 15%
170% 171%
88% 89
89% 90%
152
150% 150% *149
6%
5%
5%
9% 10
9%
10%
♦68
*15
146
*14784
30
2984 30%
12%
12% 1284
16% *16
16%
20
20% 2084
90
89% ♦88
16%
15% 15«4
171
17184 171% 172
88
88
£87% 87%
£8884 89%
89% 90%
78
♦13%
10
pre!
conv
American Can
4,200
162
32
70%
42
99%
24
19
934
*158
5084
♦76
♦19
55%
46%
32
♦38%
99%
23%
5334
4
31
♦68
53%
19%
*24%
24%
49%
78
53%
19%
54%
13%
3%
24%
67
12%
10%
32%
73
23
5«4
*584
*5084
19%
66%
12%
10%
42
64
19%
15
*2%
28%
66%
12%
984
*70
•53%
58%
2%
28%
5«4
6%
51%
20%
54%
1384
3%
2484
24%
24%
4%
66%
47%
♦64%
12%
9%
♦39
99%
23%
34
58
15%
71
99%
34
10
162
31«4
5%
5%
1584
41
98%
2334
31
15%
*38%
98%
23%
♦76
24%
4
55%
46%
21%
6% %
Year 1939
Lots
Highest
3 per share
5% Jan 13
American Bosch Corn
1
Am Brake Shoe A Fdy.No par
30
6
15
15%
69
120
24%
21
13%
3%
24
4084
*65
78
*134
Par
1,700
174
II84
2%
6
17g
Lowest
200
5«4
44
24%
*5%
53%
13%
284
28%
5%
7%
*70
♦68
♦76
*11%
2%
*5%
6
5784
284
28%
5%
4084
52
19%
♦40
♦2%
3
284
*284
3
284
♦31% 32% *32
32%
32% 32%
108% 108% *108
108% *108
108%
5%
5%
5%
5%
5%
5%
*48
49
48% 49
49% 49%
60
60
64% 64%
6484 64%
40
40
£3984 40%
40%
40%
10%
10% *10% IO84
10% 10%
9%
9%
9%
9%
9%
9%
*94
57%
♦5084
*14784
42
*37
5
66
64% 6484
6684 6584 *64% 66
12%
12%
12%
12% 12%
12% 12%
984
*9%
984
*9%
984
♦9%
984
30
30%
30%
30% 3084
30% 31
47%
47% 48%
47% 48%
49% 50%
♦145
146
147% *145% 146% *145% 146
*16
90
5
31
58
284
28%
5%
*24
*148
5
31
34
40%
174
21
31%
5%
34%
57%
284
28%
5%
25
88%
*20%
34
25
171
20%
31%
20%
58
62%
18%
64%
13%
5%
43
♦42% 44
II484 114%
24%
20%
5%
2%
6
1%
24%
*5%
6
34
24
12
134
134
24%
*5%
58
24
27
,
*33
23
*69
1%
23%
6%
6
85%
2%*
*5%
2%
58
2%
28%
5%
174
♦83
86
*212
*5%
I84
*23%
34
*115
*14784
6
♦83
58
23
*9%
30%
47%
145%
2%
*33
120
*12
86
68
23
♦6484
*171
174
34
*115
14%
113
♦171
*584
6
42
42%
*131% 133
113% 113% 114%
6
41
133
25
24%
24% 25%
25
26%
25%
26% 27%
44
42%
44
45
46
42% 44
46% 46%
*20% 20%
20% 20%
20% 20%
20% 21%
21% 21%
*108% 113% *108% 113% ♦108% 113% ♦108% 113% *108% 113%
135% 135% 135% 135% ♦134% 136
137
136% 136% 136
*11%
14
*11%
14
♦11%
14
♦11% 14
*11%
13
6
6
7
6%
6%
7%
7%
7«4
7%
7%
684
*6%
7
7
6%
6%
6%
6%
684
684
*11%
11% *11
11% ♦1034 11%
11% 11%
11*2 11%
120
*158
174
♦5%
41
♦131
42
*115
3%
54%
45%
9%
133
24%
*2%
*5%
I84
23%
*5%
6
1%
6
40%
131
On Basis of 100-Share
Nov
16% Apr
17% Apr
48% Apr
32
Sept
50% June
15% Apr
99% Apr
15% Apr
14
Apr
8% Apr
22
Dec
13% Dec
Apr
16*4 Aug
35
19% Jan
26% Nov
115% Nov
28
July
107% Nov
32
Nov
128% Aug
9% Oct
73% Jan
33*4 Oct
22% Deo
56
Dee
57% Mar
100
Sept
Sept
Sept
Oct
Oct
Jan
Oct
18%
120%
32*4
24%
17*4
36%
23% Mar
57
Deo
34*4
Jan
t Called for redemption.
New York Stock Record—Continued—Page 3
954
SALE PRICES—PER, SHARE.
HIGH
NOT PER
CENT
AND
Feb
$
per
.
Monday
Feb
3
share
,
1
5
.
$ per share
2334
23%
23%
119%
119% *118
64
64
*62 %
*62%
*2284 23%
23%
*2234
*23%
*118
23
23%
23
2284
23%
22
*2
2%
*31%
23%
22%
*2
2%
32
*31%
32
Tuesday
Feb. 6
|
$ per share
23%
118
*62%
24
Wednesday
Feb
2334
64
7
|
$ per share
*118
118
.
.
*62%
2334
119
6334
2234
2234
2234
22»4
23%
23%
22%
22%
23%
22%
*2
*31%
6%
2%
32%
6%
*2
32%
634
Feb
22%
24
23%
22%
634
634
6%
10%
10%
10%
10%
11
11
11
11
20%
20%
21
20%
20%
21
*39
39»4
39
39
52
52%
*39
*51%
52%
*50%
52
1%
1%
2
*51%
1%
52
1%
2
1«4
1%
15%
17%
17%
18
18
18
17%
17%
1334
15%
16%
15%
16
16
16
I.534
16%
18%
23%
33
20%
*39
51%
1%
17%
EXCHANGE
9
634
11%
2134
3934
52%
134
1,600
50
16%
16%
16%
57
57%
57%
5734
5734
58%
59
60
55
55%
5534
57
56%
57
5634
23
23
2234
23
2234
22«4
55%
22%
22%
2234
23
23
*35
36
35%
22%
35%
*35%
36
500
7,400
12.500
500
2234
9%
2234
9%
2234
9%
9%
*103
104
*103
*35
2234
9%
104
104
5%
5%
*3934
5%
22%
5%
2234
22 34
*2234
5%
5%
*39%
40%
5%
22%
5%
5%
*5%
40%
*39
36
*35
23%
934
104
5%
53g
2834
29
29
29%
19%
19%
18%
19%
11%
*3%
12
19%
11%
3%
*10%
*6%
*2134
*334
*11%
7
12
*3%
11%
*22
22%
334
12
2334
30
29%
1834
11%
18%
11%
334
10%
7
7
22%
*22
*334
19%
11%
4
10%
7
5%
*35%
23%
2334
10
5%
5%
41
11
z6%
7
*6%
22%
*21%
3%
3%
12
4%
*21%
22%
334
51% Feb
7,700
1,800
100
3,800
3,400
3,600
5%
36 preferred series A.No par
3,600
12%
12%
12%
12%
12%
13%
70
70
69
71
70
7034
13%
1334
H
*14
14%
800
25%
2534
26
26
26%
6,400
*51%
54
*51%
55
26%
*51%
1%
634
26%
54
53%
14%
14%
20%
21%
1%
1%
1%
1%
6%
6%
6%
13%
1934
13%
*13%
20%
*39
20%
19%
434
47g
38%
*38%
*5%
584
5%
*39
39%
5%
1%
634
14%
20%
42
5
5
4%
38%
13%
1934
*39
42
*39
42
1%
6%
6%
14
39
20%
5
*87%
89%
88
88
*88%
89%
24%
24
24%
*23%
25%
3
3
39%
68%
39
39
3
3
3
3
3
*68
39%
20%
5
39
39
*2334
6%
14
*39
5%
*5%
*39%
*88%
*23%
*39
21%
42
39
5%
1%
634
1414
*39
5%
*38%
5%
1%
6%
*14
5%
40
89%
25%
3
*5l4
39%
89%
*24
*3
1%
634
14%
21%
42
42
*39
•
5%
39
5
*38%
5%
39%
534
39%
89%
25%
3%
69%
1%
2,300
48,900
5%
3934
5%
14,600
300
1,200
40
80
89%
20
25%
25%
500
3
3
*88
1,100
700
50
50
27%
27%
114
114%
10%
10%
65
65
10
10
9%
*63%
9%
66
10
10
9%
66
*6234
*63%
66
22%
22%
*22
23
*63%
22%
22%
*2%
3%
3
3
2%
2%
*223g 23
3
*2%
*112% 113% *112% 113% *112% 113%
434
434
434
*4%
*4%
434
7%
7%
7%
7%
*7%
*6%
*5
*5
*5
5%
5%
5%
99
*93%
37%
37%
7
*6%
31%
19%
*103
105%
*23
23%
19%
19%
4%
4%
3934
39%
9634
*2%
2%
*1%
1%
10
10
*%
%
%
%
*16
®16
1
*%
*1234
13
34
34
*47%
49%
%
*%
%
%
%
*8%
%
9
*11%
*%
*
*11%
4%
11%
31
80%
81
13%
*97
13%
13%
*97
98
*45
98
29%
29%
*3
5%
*5
7%
*5%
7%
5%
38
*29%
30%
114
38
38
*37
38
*77
78
*77
%
*8%
*93%
37%
6%
%
9
*11%
434
1134
31
31
31
82%
82
82%
13%
13%
13%
98
98
80%
13%
4%
78
*112% 114
*3
98
29%
5%
99
*93%
37%
*47%
434
11%
4%
*11%
29%
78
*47%
600
50
Jan 15
35% Jan 11
31%
41
9434
Jan
Apr
Apr
Apr
4
Apr
Bucyrus-Erle Co
Budd (E G) Mfg
Butler Bros
Copper & Zinc
Byers Co (A M)_
No par
Participating preferred..100
No par
5% preferred
100
1,200
*%
Cannon Mills
*11%
%
100
4%
5
4,600
*29%
33
20
87%
27,600
13%
13%
800
*97%
9834
240
3%
300
86
85%
13%
98
*45
3%
31%
3%
32%
30
112% 11334
38
1,800
38%
*
78
-
..
-
—
"
100
12,600
35%
*111
-
*1734
*3%
4%
*384
*23%
*23%
6%
*86%
-
3434
*111
3434
_
'
_
3434
3434
*111
18%
1734
17%
3%
*3%
3%
3%
4%
5%
4%
4%
*334
5%
4%
*334
2334
2334
2334
23%
24%
35
18
23%
111
35%
111
232%
111
33
33
111
*111
~
18
18%
19
1934
3%
4%
4
4%
*4
434
4%
4%
5%
24%
23%
*4
18
24%
5%
2434
24
24%
4%
*4
4%
5
6%
88%
88
88
*87
87%
87
87
*86 34
2534
25%
6%
87%
78
78
78%
78%
*78
82
78
78%
*75%
82
87%
87%
88
*87
88
*87
88
88
7
7
7
7
7
7
7
7
*20%
22%
24%
6%
*85
*634
6%
23%
6%
6%
6%
6%
24%
2434
6%
33%
_
19%
19%
4%
*4
2534
26
6%
87%
*75%
4%
5%
26%
82
8834
88 34
8834
7
7
7
*20
Bid and asked prices; no sales on this day.
t In receivership,
a
Jan
Jan
June
6%
Jan
41% Sept
Sept
4
Sept
Carriers & General Corp
Case (J I) Co
66
100
Celotex Corp
Jan 15
Jan
4
2% Jan 24
1
100
Jan 30
111%
49%
26%
107%
9%
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred
100
No par
Feb
1
Feb
8
Jan 18
Jan 12
Jan 22
Jan 12
Jan
2% July
63% Aug
3% Jan
75
Jan
110
11834 Jan
Apr
.
114% Jan 26
11% Jan
30% Dec
Apr
109% Aug
19% Jan
72% Mar
58
Oct
18%
Apr
3% Jan
2%
Apr
100
100
No par
Cab Mfg
Jan 31
Jan 23
Jan 22
Jan 26
Jan 17
102
9
Feb
8
15
No par
Jan
23
_.5
Jan 18
4% Jan
2
25
39
Jan 19
100
95
Jan
JChlc & East 111 Ry 6 % pf. 100
J Chic Great West 4% pf-.lOO
2
Chicago Mail Order Co
tChlc Mil St P & Pac..No
9% Jan 29
% Jan
5
% Jan
2
Preferred series A
5% preferred
$3
conv
98
Apr
105
Dec
17
Aug
30
Jan
6%
23%
Apr
Dec
21% Oct
29% Sept
27
Apr
8534
Oct
Feb
20
434 Jan
42% Jan
-
8
50% Nov
Jan
2
10
Dec
15% Sept
13% Jan
Apr
41
53%
Apr
9
Apr
94% Oct
14% May
79
Jan
97% June
Jan 17
112% Feb
35% Jan
(The).l
Feb
91% Jan 3
14% Jan 26
P8
Feb
6
Jan 30
z60
9
2
Jan 19
334
Jan
3234 Jan
2
4
114% Jan 10
397g Jan 8
Jan 19
77
35%
Jan
39% Jan
3
35%
Jan
40% Feb
140% Feb
123% Jan
627g Feb
9
18% Jan
2
6
139% Feb
No par
118
Jan
No par
61
Jan
Jan 15
Jan 23
106% Feb
Jan 16
103% Jan 30
35% Feb 3
111% Jan 13
1934 Jan 3
Jan 22
Jan
3
3% Sept
Jan 12
3% Aug
Apr
Apr
5%
74%
62%
Apr
9
Feb
Jan
91
Mar
Jan
83
Feb
Oct
2
46%
Jan 15
&
Sou..No par
$6 preferred series
No par
n
New stock,
r
Cash sale,
z
6
Jan
9
Jan
15
Jan 18
Feb
2
307„ Jan 15
Ex-dlv.
y
8% Sept
25% Dec
25% Dec
14
14
Jan
Jan 15
8% Sept
934 sept
9
19%
Jan
111% Dec
247g sept
9
93% Jan
51%
110%
13%
1%
63%
Oct
Oct
Feb
3
104
11%
37%
Dec
Feb
877g Feb
6% Jan
Commonw'lth
100
5%
4%
26%
26%
79
Commonwealth Edison Co..25
110
Apr
Jan 19
7% Jan 4
92% Jan 10
pf ser '36,No par
Solvents..No par
Feb
20%
4%
4%
6
conv
18
Apr
Apr
234 Aug
9
Jan
62% Dec
2
Jan 31
45% May
60% Jan
Jan
Jan
Jan 19
Mar
Apr
4%
9
Oct
78
11%
I0l7g
Jan 19
Feb
2
Commercial
34% June
21% Apr
3
-
Jan
10
Jan
Feb
39
58
Jan 30
11034
15%
Sept
9
Feb
100
115
69
Dec
76
4% % conv preferred
10678 Sept
20% Apr
Mar
87
Comm'l Invest Trust..No par
Feb
38
5% preferred
Commercial Credit
69
133
6% preferred series A... 100
preferred. No par
Oct
Feb
135
Jan 13
conv
Oct
4%
34%
Sept
Jan 13
32.75
Mar
Apr
Sept
22%
6%
No par
58
15
105
30
100
No par
46% Sept
2% Apr
Sept
4
23
v t c
Apr
125
103%
100
No par
t c
4%
Apr
9
16%
1037g
par
pref called
v
7%
42
77
100
Columbia Pict
Jan
1% Sept
9% Mar
25
9
68
28
Clev & Pitts RR Co 7% gtd.50
Columbian Carbon
% Aug
% Sept
1%
1
Jan 31
100
Aug
% June
% Aug
6
3
Jan 30
100
100
Dec
12% Jan
5% Jan
3
CCC & St Louis Ry 5% pf.100
Clev El Ilium 34.50 pf. No par
4% 1st preferred
4% 2d preferred
Dec
31
26O
No par
5% conv preferred
%
%
10
1
5
Colo Fuel & Iron Corp.No par
Colorado & Southern
100
% Sept
1% Sept
1% Sept
8
100
6% preferred
Apr
% June
3
79% Jan 15
12% Jan 15
94% Jan 17
100
Oct
%
9
31
Feb
Sept
4% Sept
Apr
Jan
11% Jan 16
4% Feb
4
14
9%
9
% Jan
1% Sept
1% Aug
% Jan
9
.5
Collins & Aikman
47% Sept
95% June
39% Sept
Jan
%
% Jan 29
..No par
Colgate-Palmolive-Peet No
Jan
2634 Jan
104
8
2
25
Coca-Cola Co (The)
Class A
47% Jan
22% Sept
44
9
Jan 12
9
No par
Preferred
Sept
4934 Jan 29
100
Clev Graph Bronze Co
Jan
Sept
18
3% Sept
20% Jan
% Jan
% Jan
No par
Ohlckasha Cotton Oil...
10
Clark Equipment
13
22
46
Chicago Yellow Cab
6H% preferred
City Investing Co..
City Stores
Jan
Sept
Apr
.100
Copper Co
Chrysler Corp
City Ice & Fuel
Oct
527g
5% Aug
7% Jan
32% Jan
20% Jan
6%
96
June
30% Aug
% Feb
Pr pf (32.50) cum div No par
tOhic Rock Isl & Pacific.-.100
Chile
Apr
32
2% Jan 3
2% Jan 24
12% Jan 4
3g Jan 5
34 Jan 5
% Jan 3
1% Jan 5
1434 Jan 8
357g Jan 8
% Jan 13
par
No par
Childs Co
Apr
12% Jan 22
33% Jan 19
par
6% preferred
3%
85% June
97% Jan 16
100
preferred
3%
94% Jan 30
41% Jan 10
6
JChicago & North West'n.100
Preferred
334 June
Jan
57g Jan
3084 Sept
5% Jan
113% Aug
12% Sept
1434 Sept
Jan 12
1% Jan 12
5
100
Chicago Pneumat Tool.No
5% Jan
9
9212
37%
6%
2734
19%
Cerro de Pasco Copper.No par
Certain-teed Products
1
6% prior preferred
103% Sept
114
4% Jan 15
6% Feb
1
5% Jan 10
^Central RR of New Jersey 100
Central Vloleta Sugar Co
Feb
Feb
2
Jan
94% Mar
122% Mar
64% Sept
Apr
77g Aug
23% Jan
112
Sept
Apr
234 Jan 22
65
z43
13%
21% Jan 22
62
100
Sept
84
Assoc .No par
5% preferred..
Central Aguirre
8
38%
56% Jan
30% Jan
4% May
35
July
Central Foundry Co
1
Central 111 Lt 4^% pref..100
$4.25
Def. delivery,
47
85% July
100
6,500
1,200
3% Sept
10% Sept
1734
20%
33
100
23,900
July
Apr
Columbia Gas & Elec. .No par
25,600
Jan
Sept
53
Apr
90
5,800
17%
30
137g
600
5,100
Jan
2334 Mar
6% Sept
16% Nov
84% Nov
77
12,700
500
29% Sept
9%
40% Jan 23
89% Feb
5
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
1,000
3% Sept
734 Sept
Sept
20
27
1
10
3,400
7,300
4
3
4
Jan
Jan 11
330
26%
6%
87%
5% Jan
40% Jan
578 Jan
12
Apr
36% Dec
30
34% Mar
20% Dec
18s4 Jan
Jan 18
40
1,300
160
*21
22
*22
22
22%
22% *21%
22%
22%
47
46%
48
48
47%
47%
473g 47%
47% 47%
47%
47%
*106% 111% *106% 1113g *106% 109% 107% 107% *106% 107% *106% 107%
54%
54%
55%
55
54%
54%
55%
54%
5534
54%
54%
55%
*112
115
*112
120
*112
*112
*112
*112% 115
120
120
120
14
14
14
14%
14%
14
13%
14%
14%
1434
14%
14%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
*1%
65
65
65
65
65%
65
65
6434
6434
65%
*65% 65%
32%
32%
32%
32%
32%
32%
32%
32%
32%
32%
32%
32%
•
No par
2
8
Jan 12
Apr
Jan
23
6%
5
*4
48% Mar
8
55% Jan
6% Nov
Carolina Clinch & Ohio Ry 100
400
2,800
Jan 16
25% Nov
13% Jan
106% Aug
Carpenter Steel Co
*10334 104% *10334 104% *10334 104% *10334 104% *10334 104% *10334 104%
35
4% Jan
Cluett Peabody & Co..No par
18%
105% 106
9
7
Ap3
25% Apr
11% Aug
13% Apr
39%
160
62%
3
39% Jan 12
5,500
62%
17%
2% June
5
16,400
900
Feb
52
2
3
Jan
Jan
9%
40%
39
3
Apr
Apr
% Feb
47g Aug
140% 140%
120% 121%
38%
40%
129
Jan
57g
I87g
8
Special gtd 4% stock
50
Climax Molybdenum..No par
*46
37
37"
37%
36%
36%
37%
37% 37%
38%
37%
3934
40
39%
40%
39%
39% 39%
*39% 40
40%
*134% 139% *134% 139% *134% 139% *134'2 139% 139% 140
120
120
*120
*118% 120
120
*118% 119%
120
120%
63% *62%
63%
*62%
*62%
63% *62%
63%
*62%
63%
18
17%
1734
1734
17%
1734
18
17%
1734
18%
*106% 106% *106% 106% 106% 106% *106% 10634 106% 106%
1,400
32%
4
Dec
Sept
Jan 13
400
100
Apr
7% Jan
4
7% preferred
9%
1134
June
1
6% Mar
3
Dec
50
38%
5%
38%
86%
«4
*%
*8%
11
3
4
4
Capital Admin class A
$3 preferred A
500
%
Jan
47g Jan
4
Jan
15% Aug
21% Apr
11% Apr
12% Jan
Jan
8
Apr
1% Jan
.25
200
48%
9
Jan 3
Jan.10
3
7% Jan
Canadian Pacific Ry
2
*'4
Feb
29% Apr
100
11
700
24%
31%
21%
12%
5
16% Jan
21% Feb
Chesapeake & Ohio Ry
36%
3
Jan
Feb
1% Jan 23
par
100
1
5
6%
7
6% Jan 15
1
Campbell W & C Fdy..No
Canada Dry Ginger Ale
300
14%
Jan
44% Jan
5% Jan
9%
13% Jan 18
16% Jan 15
Callahan Zinc Lead
Calumet & Hecla Cons Cop..5
5,900
*48
1134
*46
_._50
2%
1,100
1,400
12,100
1,900
3,000
5
9
Jan 30
2134
4%
13%
81%
15%
267g
69.
No par
California Packing
24% Jan
10% Feb
104
51
5
Byron Jackson Co
7
2
63
13% Feb
7
23% Jan 18
30
Butte
Jan 19
11% Jan
3% Jan 19
9% Jan 19
6% Jan 30
20% Jan 3
3% Jan 29
11% Jan 22
10
96%
%
Jan 30
18% Feb
Cham Pap & Fib Co 6% pf. 100
Common
.No par
*35
%
20
1
2%
%
Jan 15
28% Jan 12
1
tBush Term Bldg dep7%pfl00
96%
%
%
h
Jan 15
.No par
No par
Bulova Watch
41
%
Jan 15
Jan 30
4% Jan 18
Checker
5
30%
No par
100
3
No par
7% preferred
500
32
98
100
^Chesapeake Corp
1334
21%
8%
101%
5%
39%
5
7% preferred
4,900
*1%
*10%
Dec
35
No par
Bruns-Balke-Collender.No par
434
41%
4%
Dec
Brown Shoe Co
200
20
20
Dec
30% Aug
Chain Belt Co
4%
*3
*46
1,440
6%
9
*112% 113% *112% 113%
38
37% 38%
38%
78
*77
78
*76%
38
1,100
Jan
14%
1334
15%
50%
Apr
Preferred
99
Aug
2
Apr
13%
Century Ribbon Mills.No par
30
29%
*1834
19%
103% 104
23% 23%
*45
29%
300
1,500
*29%
82%
13%
3
29%
200
38%
634
38%
3734
*%
9
*45
"3%
*112% 114
*77
11%
900
1,800
53
Apr
4
10
66
3%
113% 114
5%
5%
7%
7%
*5
5%
5%
7%
38
5,200
3
*5
99
10%
22%
22%
3
*5
%
9
*45
~3%
*112
*47%
00
98
*45
"3"
3
*6334
22%
3
*634
*93%
37%
66
22%
113% 113% *112% 113%
*30
5
81
8034
*13%
99
%
%
9
*30
5
33
*93%
37%
*6%
2934
*1834
10%
634
6%
6%
*6%
6%
31%
30%
29% 30
29% 2934
19%
19%
*1834 19%
*1834
19%
103% 103% *103% 105% *103% 105% *104
105%
23
*23
*23
*23
23%
23%
23%
23%
19
*1834
*18%
19%
*18%
19%
*1834
1934
4%
*4%
4%
4%
4%
4%
4%
4%
39%
3934
3934 40
3934 40
40% 41
96
96
*96% 9634 *96% 9634
96% 96%
2%
*2%
2%
2%
*2%
*2%
*2%
2%
2
1%
1%
*1%
1%
134
*134
1%
11
10%
10%
103g
10%
*10%
*10% 1034
%
*%
%
%
%
%
%
%
%
%
%
%
%
%
*%
%
6n
816
*16
616
»16
%
%
%
1
1
%
%
%
%
%
%
13
13
14
12%
1334
13%
13%
13%
34
*35
35
35
*33%
33% 34
36%
*48
48
48
*47
*47% 4934
49%
48%
%
*%
%
h
%
%
*%
%
*%
84
*%
h
*%
34
*%
%
2934
*1834
*8%
1134
5
*30
37%
37%
634
31
*1884
*96
99
*93%
10%
680
Apr
Jan
25% Jan
Preferred
2,700
17,500
Aug
Nov
7%
Jan
41
Jan 15
113% *112
*112
11
15%
31%
Apr
Apr
22
Canada Sou Ry Co..
-
^
69
69
6834
69%
68% 68%
69% 69%
11234 *112
112% *112% 11234 *112% 113% *112
113%
51
50
50
50
50%
4934 50
52%
49%
50%
26%
27%
29%
26% 27%
27% 27%
28%
27%
28%
114
113
114
113
113
114
11234 113
113% 113%
*67%
3,500
2,800
6%
41%
1%
5%
Sept
Aug
Apr
Apr
100
55
4% Sept
3434 Oct
734 Feb
Nov
270
13%
2534
Jan
Apr
Apr
39
5% conv preferred
12
32
27
Bush Terminal
14
Aug
Apr
63% Dec
9
Burroughs Add Mach..No par
70
Dec
22
9
60
12
24
Jan
Feb
1,300
*68
Jan
58% Feb
5,500
1,700
12%
16%
18%
1%
19%
5%
7%
Jan 15
4%
22%
334
5
28% Jan
121% Dec
Jan
48
12
700
Sept
51
No par
Brooklyn Union Gas...No par
11%
*12%
25%
25%
*51%
1%
Transit..No par
Burlington Mills Corp
14
*51%
Jan
Bklyn-Manh
Bullhrd Co
70
25%
49
Ctfs of deposit
par
8,200
14
52
Jan 30
16% Feb
18% Feb
dep...No
16
Highest
share $ per share
100% Sept
31
Feb
2,100
*68
52
Feb
19%
12
25%
2
18
Budd Wheel
14
12
53
5
2
Jan 30
par
per
16%
Jan 23
1
Jan
$6 pref ctfs of
260
7
12% Jan
Jan
No
36 preferred
7,600
700
Jan
1%
12%
12%
13%
5
Brooklyn & Queens Tr.No par
120
70
3%
2% Jan
35% Jan
Bristol-Myers Co
14
334
Jan 17
6
Bridgeport Brass Co ...No par
Brlggs
10,200
5%
2434
3
6% Feb
70
.
3
5
22% Jan
39% Feb
7,300
76,900
30
*3%
*10%
2
5
Brewing Corp of America
5
Feb
9.
23% Jan 19
23% Feb 3
257g Jan
31% Jan 15
100
Bower Roller Bearing Co
5
2
22
5
Jan
21% Jan
Jan
300
42
19%
1134
4%
*10%
22
15
(The)
Borg-Warner Corp
65
3
9,700
10,200
2334
30
Borden Co
25% Feb
123% Jan
10% Jan 15
19% Jan 23
38% Jan 8
36
40%
5%
24%
5%
24%
29%
19%
Bond Stores Inc...
Jan 16
$
share
per
100
10
10%
103% 104
104
62
No par
1
Class B
3
21% Jan 12
117% Jan 11
No par
Bon Ami class A
Lowest
Highest
share
per
Year 1939
Lots
Manufacturing.No par
Briggs & Stratton
No par
2,200
3,600
3,300
334
*11%
3%
334
5%
40
23%
*29
3%
*22
934
5%
10%
6%
5%
40
23%
104
5%
3%
6%
6%
22%
12
5%
10%
3%
11
23%
17%
23%
23
30
*10%
23%
36
9%
9%
*103
104
40
40
19%
*29
17
$
5
Bohn Aluminum & Brass
Boston & Maine RR
"
5834
23%
17%
Par
100
63
55%
58%
5534
57%
55
1534
Lowest
Shares
25%
17%
15%
18%
59%
15
On Basis of 100-Share
Week
118% 118%
63%
63%
*23
23%
23%
23%
23% 23%
*2
2%
33
33%
634
634
11%
11%
21% 21%
*39
3934
*51% 52%
134
134
18
17%
15%
15%
17%
18%
23%
2%
6%
3934
25
2434
*2
.
$ per share
118% 118%
63% 63%
2234
2234
1034
20%
*39
Feb
8
33
2%
33
20%
3934
.
1940
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
Friday
Thursday
$ per share
23
6%
6%
.
Sales
frvT
JUT
LOW
Saturday
Feb. 3,
Jan 26
73
Apr
96
77g Jan 11
6%
Dec
Jan 29
15%
Dec
15% Jan
30% Mar
Apr
23%
48
4
3
3834
98%
Oct
Feb
9
42
Apr
112% Feb
15% Jan
1% Jan
73% Jan
2
Jan
107%
5534
32%
Feb
Jan
Ex-rights.
'
—*
10334 Sept
8% Aug
1% Dec
8
4534
Jan
3
z25%
Apr
57
Jan
109% Aug
60
Jan
110% June
16
Sept
2% Feb
72% Aug
32% Dec
T Called for redemption.
Volume
LOW
New York Stock Record—Continued—Page 4
ISO
AND
HIGH
SALE PRICES—PER
955
NOT PER
CENT
Sales
STOCKS
Range Since Jan. 1
for
SHARE,
NEW YORK STOCK
On Basis of 100-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Feb. 3
Feb. 5
Feb. 6
Feb. 7
Feb. 8
Feb. 9
Week
$ per share
$ per share
$ per share
% per share
$ per share
$ per share
Shares
53s
5%
23
9
*22%
*8%
*6
*5%
22%
22%
*8%
*80
2778
8%
8i%
*86%
88
9
*5%
22%
*8%
*6
8
27%
*7%
57g
8
*6
27%
*7%
*80
8
*8%
4I8
714
134
*314
16%
16%
8%
32
32%
107% 107%
*34
1%
*834
9
4
16%
88
8%
8%
32
32%
107% 10784
*34
1%
87g
87g
*4
4
7%
*184
7%
2%
3%
3%
*14%
16%
103% 103%
16%
16%
12,000
10%
1,900
*6
878
6,800
80%
81
81
81
88
87
8734
3134
32%
10778 108
Consolidated Cigar
120
26,200
8%
8%
884
£31%
317g
10778 1077g
1
*34
9"
*834
1
9
*834
5
Consol Edison of N Y..No par
$5 preferred
...No par
1,900
100
4
4
4
4%
2,800
7%
7%
7%
7%
12,700
2%
3%
200
*178
2%
*178
2%
3%
3%
3%
3%
16
*14
16
*14%
103% 104
*102% 104
16%
16%
16%
1634
*178
3%
16
16
103% 10334
16%
1634
900
200
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
5,100
1,200
1%
2,500
13%
13%
13%
13%
14
13%
13%
13%
1334
14
13%
1
H8
1
1
1%
1%
1%
1%
1%
1%
1%
*95
95
95
9584
95
95
94%
94%
9484
9434
*9434
95%
43
4314
4278
45
45
43%
4278
43%
44%
43%
44%
4534
*113% 116
*113% 1157g *113% 1157g *113% 1157g *113% 11578
115% 115%
*634
7
7
*634
678
*634
7
*634
7
678
*7%
7%
4OI4 40%
3934
40%
39% 39%
3934
40
40%
40%
40%
40%
4%
434
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
24% 124%
24%
24%
2334
24
24
24%
24%
24%
24%
24%
27
*2634 > 2734 *26%
27%
28
27%
267g
27%
27%
28%
28%
5384 5334
53%
5334
53%
54
54
54
54% 54%
54%
55
63
63
6278 6278
6234
64
627g
65
63%
63%
6334
6334
*172
175
174
174
*172
176% *172
1767g *172
1767g *172% 17634
5
*5
478
5
5
5
5%i
5
5
5%
5%
5%
*1
1%
1%
1
1
1
1%
1%
1%
*1
1%
1%
*217g 2212
22%
2134
22%
22%' 22% 22%
22%
2234
22%
23
*98
101
*99
101
*997g 101
100
997g
997g
,*100
100% 100
*317g 32%
32%
32% 3234
*32
32%] 32% 32% *32
32%
32%
*7
7
7
7
714
67g
7
67g! *67g
67g
7%
7%
29
*28% 29
28-%
287g
28%
28%
297g
30%
31%
31%
31%
41
41
42
41%
41%
41%
41%
42%
42%
43% *42%
43
41
41
*39% 42
42
42
40%
42
40% *40%
42% 42%
16
16
16
16
16%
16%
16%
16%
16%
1634
16%
17%
Continental Bak Co cl A No par
Class B
No par
500
8%
preferred
100
•
,
*90%
*35%
*78%
*3
6%
92
36
82
334
6%
91
*3534
*78%
9134
9134
9134
36%
3634
37%
82
334
6%
82
*3
334
6%
*6%
*78%
*3
63
84
*80
84
1334
1334
13
26%
37g
443g
1034
30%
*13%
*26%
14
26%
378
2634
26%
*80
*42%
10%
297g
4
4
43
10%
2934
10%
297g
*83
89
*55
60
*55
60
19
19
19
19
434
17%
7%
*1117g 112%
20
*26
20
16%
1878
26%
16%
1878
*47g
5
*1%
*122%
22
*34
43%
878
19%
13%
26%
*43
89
7%
84
4
43
*83
*4%
*15%
*80
4%
4%
*15%
17%
7%
7%
11178 1117g
1934
20
26%
26%
16%
16%
18%
18%
47g
91
*78%
91%
91%
91
91
37%
82%
37%
3834
3834
39%
*80%
*3%
*81
83
*3%
6%
84
*80%
13
13
26%
26%
384
7
6%
84
*12%
26%
10%
Sugar.... 10
Preferred
100
Cudahy Packing
Cuneo Press
50
Inc
5
16%
36%
36%
15%
1%
36
15%
1%
6%
6%
30%
26%
3034
26%
2934
*29
*1%
1%
*36%
44%
37
44%
*110
110%
9%
9%
*74
76%
15%
1%
6%
30%
26%
2934
*1%
37
44%
110
9%
7334
*82
86
*80
*87
9034
%
1%
*86
*%
*1%
*2%
278
*1%
1%
5
I
*8%
22%
*34
*
22%
1
*5
6
*3884
*25%
39%
26
16%
16%
*5g
13g
2%
*13s
18%
*5
*8%
22
•*7g
*5%
5%
8%
1
17%
5%
*12%
1634 Jan 31
19
:
19
47g
478
*%
122% 122%
2134
2134
*34%
34%
*42%
43
19%
20%
1117g 11178
21%
2134
2634
2634
*16%
1634
20%
2034
5
5%
5%
5%
%
*%
%
122% 122% *122
12278
21%
21%
21%
2178
*33%
34%
34% 34%
£42
42
41
41%
50
10,900
Cutler-Hammer Inc...No par
Davega Stores Corp
5
Conv 5% preferred
25
Davison Chemical Co (The).l
Dayton Pow & Lt 4 ^ % pf. 100
Deere & Co
400
No par
20
Preferred
1,000
Dlesel-Wemmer-Gllbert
10
18% Jan 30
4% Jan 31
38 Jan 18
""260
610
200
Devoe & Raynolds A..No par
Diamond Match
No par
700
6% partlc preferred
25
9
1,400
3,400
Diamond T Motor Car Co..
Distil Corp-Seagr's Ltd.No par
300
5% pref with warrants..100
35%
18%
*35
19
22%
85
82%
8234
8234
1497g 14978 *150
150%
18
17%
1778
17%
*5%
6
5%
5%
*12%
1234
*12%
1234
35%
1,000
19
900
22
4,700
84%
86
12,900
Co
No par
No par
Class A
1,030
187g
2178
Doehler Die Casting Co No par
Dome Mines Ltd
No par
*118
434
8%
1
5%
*2%
*1%
*4%
*8%
22%
*7g
*47g
24%
*2334
243g
414
4%
4%
4%
h
18%
17%
18
40%
23
39%
3984
*18%
2334
34
22%
8878
18
39%
2334
234
234
*1%
178
*1%
434
8%
2234
47g
8%
23
1
78
5%
39%
26%
16%
98%
243g
4%
1
*%
47g
£39%
26%
16%
98%
24
4%
34
*22
22%
*86%
887g
22%
*86%
18
18
18%
40
40
3934
*18%
*18%
2334
Bid and asked prices; no sales on this day.
2%
178
47g
8%
23%
78
47g
75
142
6
1,900
Duplan Silk
No
234
178
30
16
4,000
300
1,100
200
10
5,600
200
preferred
.100
Eaton Manufacturing Co
4
1,200
2,400
1
500
100
$7
70
conv
34% Jan 16
1434 Jan 15
13g Jan 2
6% Jan 27
Jan 27
25%
28%
1%
36%
Jan
Jan
Jan
Jan
42
Jan 12
3
Corp
50
5% preferred..
...100
Engineers Public Service
1
$5
277a Jan 15
preferred
82
8
89
89% Jan 31
97
Feb
4
8%
20%
78
434
Exchange Buffet Corp. No par
Fairbanks Co 8%
pref
100
Jan
95
Aug
Apr
34 Aug
Jan
8
4
1
3% Sept
6
Apr
Sept
5% Mar
13
Jan
Apr
Apr
Apr
100% Jan 19
28% Jan 3
47g Jan 4
81
Jan
98
34
2234
100
4.%% preferred
Ferro Enamel Corp
Fidel Phen Fire Ins N Y.S2.50
21?g
857g
17%
3734
Filene's (Wm) Sons Co. No par
22% Jan
Feb
700
600
Federated Dept Stores.No par
x
Feb
6
3% Sept
65% Sept
11
4
Cash sal-,
5
934
237g Jan
Aug
24
24
r
1
178 Sept
3
Sept
20
2
New stock,
Aug
69
8
Federal Min & Smelt Co
n
89
Jan
4
Federal Motor Truck ..No par
Federal Water Serv A.No par
Def. delivery,
Jan
Jan
600
a
Jan
Aug
80% June
3
900
1 In receivership,
Sept
5% Feb
40% Jan
27% Jan
4%
1,200
137g
Jan 9
34% Jan 15
2534 Jan 31
15% Jan 2
24%
100
1
55
111
3
Jan 25
2,700
Apr
Jan
97
2334
Jan
Sept
3% Sept
42'4 Nov
25% Nov
2% Jan
87g Sept
437g Jan
38% Sept
18% Aug
24
40%
Jan
Feb
35
Jan 15
Jan 17
98
Traction—15
...*
3
Jan 16
3% Mar
12% Jan
38
l7g Sept
5
Jan
Oct
18% Nov
Apr
Apr
1% Apr
65% Sept
5
Feb
Deo
Apr
1% Jan
3
Aug
41%
32% Aug
£103% Mar
7
Nov
Sept
Apr
3% Jan
98
19%
Sept
Apr
13g Jan 20
98%
24%
40%
Apr
2% Jan 23
900
*18%
July
Dec
Jan
June
62% Apr
65% Apr
50
1634
19
28
Apr
Sept
100
..100
1634
2334
8
112
1% Jan 23
% Jan 21
16%
40%
Jan 12
126%
7g Jan
184 Jan
Eureka Vacuum Cleaner
preferred
3
45% Jan 29
Jan
Evans Products Co
$6
417g Jan
111
83
Ex-Cell-O Corp
20
Jan
2
Fajardo Sug Co of Pr Rico. .20
8878
1934
Jan
134 Jan 10
Jan
Jan
108
100
4% 1st preferred...
4% 2d preferred
Federal Light &
27
2 1
>2
12
134 Jan
8%
36%
3184
30%
73% Feb
Fairbanks Morse & Co.No par
22%
40%
12% Jan
2,800
*86%
3%
Apr
Jan
1
3,100
78
22%
Aug
17
Feb
9
5%
40%
27%
887g
1
22%
8%
1%
6%
20%
I884
23%
%
31% Jan 27
3
26%
4%
34
8% Sept
186% Jan
183% Feb
307g Oct
I97g July
109% Jan
40
4%
4
Apr
Sept
Apr
Sept
9
29
Endlcott Johnson
8734 Nov
144% Deo
334
138%
155%
15%
15%
3
2
Jan
17% Jan
El Paso Natural Gas..
Jan
Jan
July
111% Sept
12% Apr
1% Jan
39% Jan
par
34
116%
188%
124%
118%
317g
178
No
$6 preferred
35%
22%
Apr
Jan 17
Jan 15
Elec Storage Battery..No par
Elk Horn Coal Corp...No par
Mar
13% Nov
14
6% Jan
16684 Jan
6
Jan 19
No par
preferred
Nov
July
17%
19%
Jan 31
Electric Power <fe Light. No par
Aug
101% Apr
July
Apr
1
Elec & Mus Ind Am shares..
Apr
90
Oct
Jan
July
Dec
16
3
Oct
Jan
6
par
5
28
10
4% Jan 22
15434 Feb
Oct
18% Dec
4
9
39%
26%
*434
Jan
2
No
Electric Auto-Lite (The)
Electric Boat
1,000
4%
8
31% Feb
173
25%
1334 Jan 18
~
5% Feb
1234 Feb
26% Jan 22
cum
June
10% Sept
11234 Deo
Mar
Feb
6%
7
17% Mar
6
115
JErie Railroad
834
2334
8
120
400
4%
Feb
184% Jan 4
123% Jan 4
11834 Jan 19
300
100
18
Jan
Eastman Kodak (N J).No par
Mar
20% Sept
55
Feb
153% Jan 30
1434 Jan 12
Jan 15
No par
preferred w w..No par
$6 preferred
...No par
Equitable Office Bldg_.No par
100
86
Sept
934 May
10
Jan
5
3 634 Sept
30
Feb
237g Jan 10
122
6,200
3,800
1,500
1334 Jan
35% Feb
175
Eltingon SchlJd
400
Apr
117
Edison Bros Stores Inc
5,900
Apr
Sept
100
$4.50
300
6,200
18
28
Co...20
preferred
Du P de Nem (E I) &
600
5,000
Jan
Sept
125%
323g
34%
447g
10%
20%
103
34% Jan 27
43% Feb
9% Jan
preferred
No par
Duquesne Light 5% 1st pf. 100
8%
2,350
Jan 15
Nov
25
1%
66
No par
Nov
87g Sept
125% Jan
23% Jan 10
19
Nov
55%June
3g Dec
Jan 25
No par
1
3
81
11% Jan 31
34% Jan 15
163g Jan 15
2134 Feb
91
Dec
Sept
Sept
27% July
77
Jan
Sept
19% Sept
28%
7%
63%
13%
32%
Apr
11% Apr
12% Aug
5% Aug
1334 Sept
No par
par
23
Jan
Dresser Mfg Co
Dunhlll International
Douglas Aircraft
2
20
Dow Chemical Co
834
23%
*7g
Jan 15
2,000
*118
2\
Jan 12
8
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
1534 Apr
18% Jan 15
4,700
Erie & Pitts RR Co
*24
*
*118
41
18
151% 152
17%
578
1234
Dixie-Vortex
122% Feb
2034 Jan 16
33% Jan
Jan
8% Sept
Sept
3% Sept
578 Jan
34 Jan
19%
35%
9
5
Jan 26
100
R G West 6% pf. 100
Detroit Edison...
100
9
22
16
JDenv
19%
13%
3
27
Jan
8
23% Jan
4
Delaware Lack & Western. .50
9
13%
Jan
9
2534 Jan
Apr
4% Aug
8% Feb
11234 Jan
Delaware & Hudson
19%
81
478
2,700
19%
*79
1117g Jan 31
1934 Feb 5
3% Sept
38
Jan
3,500
*%
8%
Jan 32
4% Jan
16% Jan
23% Jan
878
19%
*8%
19%
*24
*18
46
Jan 18
*97% 100
40%
*18%
42
100
*97% 100
*22
Dec
""960
*16%
*97%
243s
*86%
*17%
39%
*18%
Aug
4
478
8%
"2,506
Jan
93
Aug
9
Jan
17%
8%
*4%
*1534
734
11178
20%
*26%
*16%
19%
Dec
13
*16
22
5
78
Apr
Jan 11
i%|
434
22
3
207g
234 i
*8%
887g
278 Aug
2
Jan 30
Jan 5
...
22
78
6
18%
4%
16%
6%
*16%
16%
*97% 100
22
Jan
77g Jan
45
5%
13
*2%
*1%
*86%
4%
Jan 12
16%
88
96
June
53
26
78
22%
62
82% Jan 11
Jan 12
39%
34
52% Sept
53
26
88
94
65
39
*22
17% Deo
Apr
*5534
19%
*4%
387g
4%
Apr
19% Apr
73% Apr
65
60
*5534
19
187g
19%
434
*4%
434
17%
17%
*157g
8
8
734
112
*11178 112%
20%
2034
21%
*26%
2684
2634
17
17
*16%
Jan
40% Feb
37% Mar
9
26
9% Jan 15
41%
24% Apr
48
1
Class A
Apr
75
Jan
84% Feb 9
14% Jan 11
Jan 2 5
Jan
13
Jan
17%
28
6
Feb
Jan
32% Aug
43
Feb
*25%
4%
110
9234 Jan
1
Jan 12
Apr
26% Jan
678 Aug
20% Apr
33
Sept
28
Apr
26% Jan 29
37g Jan 15
13
Dec
38
90
26
2434
a:79
5
2% July
Sept
93
Jan
42% Feb
Feb
177
Sept
16
3234 Feb
734 Jan
Jan
Jan
Sept
Sept
Sept
Aug
% Sept
11% Feb
30% Jan
39%
*
3
31% Feb
43% Feb
2
5478 Apr
Sept
3
2
Jan 15
Jan
Jan 23
*253g
4%
197g Aug
16% Apr
1% Jan
24% Jan
9
Jan 23
Jan 22
Jan 16
Nov
150
9
Jan
5%
31%
32%
61%
67%
Jan 11
Jan
15
Deo
Apr
53g Jan 16
Jan
34%
78%
3%
6%
407g
49
65% Jan
105
May
1038
Apr
1%
Jan
177
116
Apr
Jan 12
*39
16%
2
51% Sept
5
434 Feb
2
22% Mar
29%
82
1778
*78
5%
Feb
Jan
Mar
28
5%
15878
22%
Jan 13
2
100
1
81%
14834 149%
*118
2%
1%
5
Dec
Curtiss-Wrlght
Eastern Rolling Mills
*1
Jan 22
Apr
1
Cushman's Sons 7% pref. .100
$8 preferred
No par
380
1,000
3,800
30%
3% Jan 22
11%
11% 121,400
6,400
*5
5%
5%
5%
5%
5%
5%
5%
156
160
15434 156
157% 158
159% 161
177
177
*175% 177
177
*175% 177
*175% 177
31
3034
30% 307g
3078
31
31%
32
31%
17
17
167g
17%
17%
*16%
17
*16%
17
*1
*1
1%
1%
1%
1%
1%
1%
1%
36
37
36%
36%
36%
36%
36%
37%
377g
15
15%
15%
15%
15%
15%
1534
15%
1578
1%
*1%
1%
1%
1%
*13g
1%
*13g
1%
6%
6%
6%
6%
634
6%
67g
30
30
30
30%
30%
30%
30%
30%
31%
26
26%
26%
26%
26%
26%
2634
26%
27
30
30
2934
30
29%
29% *29%
29%
29%
1%
*1%
1%
*1%
1%
*1%
13s
13s
13g
37% 37%
37%
3734
3784
3778
38%
3834
3834
*44
44% *44
44%
44% *44
44% *44
44%
110
*110
110% *110
110% *110
110% *110
110%
10
9%
9%
97g
9%
9%
9%
934
10
*72
76
*72
76
*74
77
*74
74
77
82
82
8434 *82
84% *80
8434
*80%
84%
90
90
91
*87%
91
*87%
*87%
91
*%
34
*%
*%
*4
34
34
1U
*1%
1%
*1%
1%|
13g
13g
1%
1%
1
4584 Feb 9
116% Jan 26
73g Jan 4
40% Jan
108% Aug
2% Jan
12% Mar
77g Mar
978 Sept
5% Sept
9
Sept
34
Sept
1017b Dec
17% Deo
£87% Sept
32% Apr
£106
Sept
Jan 10
90
Eastern Airlines Inc
167g
Jan 19
13g
30
Curtis Pub Co (The)...No par
Preferred.
No par
9,300
3078
Jan 12
6% Jan 13
38
15% Jan 10
97% Jan 10
90
179% 179%
123% 123%
1
115
17% Jan
107g
2934
700
"moo
3034
94% Feb 5
41% Jan 19
90
5
preferred...100
Cuban-American
181
17984 18034
18134
181% 182"
183% 184%
123% 123%
123% 123% 1227g 123% 123% 123%
*116
117
*116
11634 11634 *116% 117
*11634 117
117
*116% 117
30
30%
2934 30%
2934
30%
30%
3034
30%
3034
313g
31%
*16%
1
7
Feb
37
100
200
156
1
27
$5 conv pref erred..-No par
Crucible Steel of America.. 100
1234
*175
13% Feb
87
5
2134
177
147g Jan 15
88
107g
297g
19%
35%
159% 15934
I84 Apr
8% Aug
Sept
9% June
Jan
Feb
87
35%
18%
2178
83
*175
Jan
18
104
Dec
Aug
10%
29%
353g
*434
4%
Jan 12
10034 Jan 24
37% Jan
No par
July
2% Jan
10%
13%
5
16
Sept
297g
13%
*434
134 Jan 24
3% Jan 23
Jan
87
29%
*83%
*55%
I884
13%
35%
18%
22
*118
8
1
43g Jan
Jan 31
4%
46
13%
35%
*18%
2178
123
Jan 17
7
Dec
4%
4534
13
1797g 1797g
4
Jan
4
13
123
8% Jan 31
1% Jan
9% Jan
Apr
4478
1234
*118
7g Jan 19
27
IOIS4
84
784
334
6%
4
1234
1234
93g Jan
32 % Feb
108% Jan
447g
13
*12%
Mar
3
4
*12%
35%
81
82%
149% 149%
17%
17%
5%
6
1234
1234
Sept
Jan 18
997g Feb 9
31% Jan 8
6% Jan 15
pref w w..No par
Crown Zellerbach Corp.
110
80
17%
6%
conv
ex-warrants
Cuba RR 6%
2,400
11
35
107
7g Jan 10
21% Jan 22
100
Preferred
900
80
82%
150%
Pref
1,300
Aug
4% Jan
No par
$2.25
500
13%
81
17%
6%
preferred
Crown Cork & Seal
340
2634
*80
82%
conv
6,900
2,200
Feb
91
174
No par
84%
80
150
5%
Crosley Corp (The)
13%
2634
80
18%
22
7
85
1
500
110
Apr
79% Apr
7% Nov
62
Cream of Wheat Corp (The).2
2,900
73
Jan
Corn Products Refining
25
Preferred
...ICO
25
Oct
Jan 27
29% Jan
61% Jan
Co
9%
91
25
Crane
Jan
3234 Nov
81
53% Feb
1
8
15% Aug
5% Apr
2
Jan
25
Coty Inc
Coty Internat Corp
8% Feb
Jan
97g Dec
86% Jan 30
734 Jan 30
30% Jan 15
22% Jan 12
200
10,000
9
Continental Steel Corp. No par
Corn Exch Bank Trust Co. 20
600
84
81
35%
4,100
13%
81
18%
700
2
per share
303s
Sept
484 Apr
44%
434
2134
100
5,100
Jan
9% Feb
Apr
Apr
5
57g Jan 13
297g
7% Jan 29
80
19
4
10%
297g
1878
35%
4,100
57g Jan 13
25% Jan 15
5
5
9
44%
10%
*%
%
*%
%
123% *122% 123% *122% 123%
215g
21%
22%
22%
22%
34%
343g
34% *34
34%
43%
43%
43% *42% 43%
9
834
834
8%
8%
19%
19%
19%
19%
19%
187g
560
Continental Insurance...$2.50
Continental Motors
1
Continental Oil of Del
5
Jan 15
3
6% Jan
24% Jan
10% Feb
Highest
$ per share $
4
29%
22
1,700
378
634
26%
81
22
6,100
84
*79
*18%
400
82%
*3
6%
100
69,300
8
Lowest
4434
*86% 89
*55%
60
*1884
187g
*4%
484
*1534
17%
7%
7%
*1117g 112
20
20%
26%
2634
16%
16%
478
90%
367g
Continental Can Inc..
20
$4.50 preferred
No par
Continental Diamond Fibre. 5
8,400
3,500
5% Jan 12
22% Jan 12
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t C..25
500
*1312
$ per share
Consol Film Industries
1
$2 parti c pref
No par
Consol Laundries Corp
5
900
7%
100
_
13,300
1
No par
...100
7% preferred
6H % prior pref
Consol Coppermlnes Corp
50
$ per share
Year 1939
Highest
No par
Conn Ry & Ltg 4^ % pref. 100
Consol Aircraft Corp
1
"5",200
9
4%
7%
Congress Cigar
7
29%
9%
28%
*8734
81%
88
578
23%
Conde Nast Pub Inc...No par
Congoleum-Nairn Inc..No par
100
9%
28%
8%
Par
*Joh
7
2734
Lowest
*23%
5%
23%
9%
*6
*80%
81%
89
8
4%
7%
*5%
8
*88
*834
8
277g
8
*80%
*134
*3%
*14i8
16% *14%
16%
*10214 103i8 ♦10 2% 103
1638
*6
27%
8
1
9
8
81%
88
1
9
27%
8
317g
32%
107% 107%
23%
9
9
87%
77s
778
3178 32
107i2 107%
78
1
57g
23%
23
8
27%
*734
27%
*5%
57g
227g
Range for Previous
1
Jan 22
34 Jan
1
17%
6
Jan
3
9
22% Jan
5
16% Sept
1
Jan
9
25
Jan
3
88
Feb
3
20
Ex-div.
y
Dec
Aug
40% Feb
6
8
29
2%
34
1834
8234
17%
27'4
Jan 23
Jan 12
Jan 30
Jan 18
14% Apr
% Dec
234 Apr
Ex-rights,
May
Dec
31%
Deo
63g Nov
1%
Jan
Apr
27%
Sept
8934
Oct
Feb
Nov
23% Nov
Apr
40% Dec
21% Dec
t Called for redemption.
«
New York Stock Record —Continued—gage 5
956
On Basis oj 100-Share
NEW YORK STOCK
Feb .3
Feb. 5
f per share
S per share
*19*4 20
Feb
Thursday
Wednesday
Tuesday
Monday
Feb
6
S per share
Feb
7
Feb
8
$ per share
$ per share
9
20
20
20
20%
208* 20%
1984
197* 197*
1057* *105
1057* *105*4 1057* 105*4 105*4
1057* *105
1057, *105
44
44
45
44
44
44
44*4
437* 44
4578
4384
19
19
19%
187* 19
19% 19*4
19%
197g
19%
181* I884
35
*34% 35
35%
*35% 35*4
♦34% 35
♦3414 347* •34U 35
*2312 24l2 •231* 24% *23% 24% *23% 24% *23% 24% *23% 24%
2%
2%
*2%
2%
2%
2%
2%
2%
24s
2%
•21*
•21,
33
♦32
33
*32
33
32*4 32*4
3284
321* 32% *32
32*4
*105
105
106
105
♦IO584 107%
10584 106
105*4 105*4 ♦10484
18
18%
18%
1734 18% *18
18%
177*
187*
18%
♦181* 18%
71
70
70
70
71
70
*68*4 70% *67% 71
7012 70l2
4
5
484
47*
37*
♦4*8
*4%
4%
4%
•4%
4l2
•41*
1934
1,300
100
2,000
4,300
431*
♦28
34
♦32«4
33%
21*
35*
♦2
♦3%
*14
•131*
34
•28
33
33
2
2
2
314
3%
♦3%
*14
*14
15
•103
♦28
33
1484
13*4
1384
*10312 106
14
106
*13%
104
•28
34
34
83%
2%
33%
2
3%
*3%
14%
1334
15
14
*102
104
*28
34
34%
2%
35
2%
3%
14*4
3%
14%
13%
13*4
110
♦28
34
43*
44*
•4U
4%
4%
4%
4%
434
47*
121*
*11%
12%
*11%
12%
•11%
12%
*11%
12%
50
•46
•46
50
I
*46
50
*46
50
6%
67*
*6%
•64*
6% I
6%
•102
104% *102
104»2i *102
1041* •102
53
•53
53
5378
5312 *521* 53%
7*4
7%
7«4
7i2
7%
*7%
7%
•142
1434* *142*4 143*4 *142% 14334 143
3
3
27*
•23*
234
*27$
2«4
95g
9*4
9%
9%
944
934
9l2
1914 1914
187* 19%
19%
18*4 18«4
50
*49
*49
52
49%
48% 48*4
*18
18%
I884
18%
18% 18%
18%
115
115
115
115
115
115
114*4
88% 381%
38% 38%
88-g
38% 38*4
47
47
47
4714 47i2
47%
47%
*116
1177* •116
117*4 *116
1177* *116
%
12
%
%
h
h
%]
•63*
*18
44
44
♦18
•92*4 93V
93% 93%
12914 130% *129% 130
525* 527*j
524* 52%
124
124
124
441*1
•42
478
91*
•109
47*
91*
111
*7g
124
*42
44
484
9U
•109
1
111
*161*
17
•7*
*16%
*91
9H2
*91
5*
*178*
28
%
18
26
26
218*
12l2
215*
♦15%
161*
12*4
*614
211*
61*
784
•547*
778
56
18
43
^
212
•83i8
177*
•635*
22i2
92
25*
85
177*
64
22*4
312
n«
7i2
141*
9*4
131*
8212
•2312
20%
12%
*15%
*21%
6%
7%
*2%
*83%
177*
63*4
22%
3%
66
24
14
25%
21%
12%
16%
997*
92
69
♦67
15
*42%
2*4
3
92
*3%
15
55%
♦17%
18
•42%
2*4
28
50
50
*49
17*4
*277*
*98
100
2H2
h
1
I684
91%
%
17*4
25
151*
281*
151*
*98
4*4
9%
14
lis
71*
21*4
6%
50
7%
55%
92
3%
67
1%
7%
15
97*
24
14%
23
27%
141% 141%
*48
60
*48
55
33
33
*33
16l2
165*
33%
16%
♦31*
4
20%
1284
*15%
*98
%
12
44
94
9%
1
*7s
17%
*91
17*4
*6%
6%
60
50
7%
6%
*50
7%
65
56
*17%
*42%
18
18
43
♦42%
55
3
3
177*
55%
3
2%
♦83%
17%
2%
85
*91
21
21%
3
2%
*2%
♦83%
17%
85
18
64
64
22*4
92
92
65
65
66
1%
7%
147*
97*
1%
7%
147*
97*
65
%
%
*15%
29%
21
12%
16%
997*
22%
12*4
♦15%
98
900
2,900
600
1,900
1,000
830
2,000
2,300
22%
2,000
3,200
3,400
6%
50
500
778
8
4,100
*55%
77g
55%
18%
56
500
18
187*
43
43
43
3%
3%
2%
2%
*83%
85
18*4
65%
237*
92%
4%
18%
*64*4
23%
1,300
200
3%
4,800
147*
33
83
♦33
24
23*4
♦23*4
24
24
14
14%
14%
24%
14%
25%
28
13
1%
7%
14*4
978
14
*64
66
60
*48
60
33%
16%
*33%
16%
11*4
337*
16*4
11*4
14%
23% 24
237* 25
•27
27%
27% 28
141% 141% *140% 141%
♦48
12
*
60
"337*
16%
*11*4
34
167*
12
4%
33%
60
"34%
16*4
117*
34%
105
Apr
38
May
U* Apr
25
Oct
5
Sept
Feb
8
17% Jan 19
70
Feb 5
10
....
No par
37* Feb
No par
8
31
Jan 29
Freeport Sulphur Co
—10
Gabriel Co (The) cl A—No par
Gair Co lnc (Robert)
....1
$3 preferred
10
Gamewell Co (The)
No par
Gannet Co conv <6 pref No par
317* Jan 15
21
Jan
2012 jan
721* Jan 18
434 Jan 5
321* Jan 25
Feb
318 Jan 26
~
2i2 Jan
37* Jan
17i* Jan
143* Jan
14
Jan 30
13
Jan
9
102
Jan
4
4i4 Feb
104
9084 Jan
97* Sept
Sept
55
Apr
36
ISI4
li2
Apr
July
71* Aug
9
July
94
Apr
5
Jan
3
14
Jan
3
6)4 % conv preferred
50
Gen Amer Investors
No par
50
5
50
Jan
5
6% Jan 24
7
Jan
3
£93* sept
451* Aug
51* May
No par
5
..5
$8 preferred
No par
General Bronze Corp
5
General Cable Corp..-No par
No par
7% cum preferred...... 100
General Cigar Inc.....No par
7% preferred
100
General
Electric Co.—No par
General Foods Corp
.No par
preferred
No par
103i2 Jan
3
96
Jan
61
Jan 15
57% Jan
8I4 Jan
3
8
40
Apr
7% Jan
143
Feb
2
7
234 Jan 16
912 Feb 5
43* Jan
7* Jan
6
1734 Jan 3
275* Jan 19
14i2 Jan 13
Jan 15
24
197* Jan
153* Feb
98
.....100
2
P
Feb
General Tire & Rubber Co.—5
20*8 Jan 18
Gillette Safety Razor—No par
6i8 Jan
47% Jan
3
3
712 Jan 24
4714 Jan 13
No par
No par
56 preferred
No par
Glldden Co (The)
No par
4)4 % conv preferred..
50
Jan 15
17
5,700
2,600
800
500
300
1,900
300
5,300
17,000
2,100
160
....
17
2,800
11,200
12
400
Gotham
Preferred
Preferred
—..100
Green Bay A West RR
100
Green (H L) Co Inc.....
1
126
8
112
Jan 16
28
Jan
46
514 Jan 16
Sept
Apr
3i4 Sept
Jan 10
7
Mar
3
105
Apr
Jan
lis Jan 11
19% Jan
91
4
Jan 27
34 Jan
1818 Jan
3384 Jan
9
9
34 June
12i2 Sept
85i2 Aug
i2 June
14
Sept
4
153* jan 11
191* Apr
12i2 Aug
30
2
16
Apr
223g Jan 25
133* Jan 4
16i2 Jan 3
15
Apr
Jan
100
Jan 17
233a Jan 4
6i2 Jan 10
51
Jan 11
9
Jan
3
56i2 Jan 30
4
435* Oct
6% Aug
43
Sept
14
Sept
34
May
21* Jan
Jan
87
3% Jan 20
4i* Feb
6
34 Jan
2
7i4 Feb 6
1334 Jan 15
914 Jan 15
53
10
Jan
6
16
Jan
142
Jan 29
55
Feb
65
3034 Jan 12
16U Jan 15
11% Jan 4
Greyhound Corp (The).No par
6)4 % preferred.....
10
24
*
Apr
67
Dec
i2 Aug
4%
Apr
143* Dec
934 Dec
10
Apr
Jan
34
13
Apr
Nov
278 June
711* Jan
114 Jan 30
8i2 Jan 3
147* jan
3134 Jan 26
231* Jan 18
121* Jan 30
22i2 Jan 15
273* Feb 5
13334 Jan 15
Apr
I3i2 Apr
21%
Feb
Jan
183* Jan
2734 Jan
29i* jan
Feb
Jan 29
341* Feb
173* Jan
9
4
12
Jan
3
2i2 Jan
Feb
38
678
Jan
IOTb Jan
llli2 Nov
1*4 Sept
28
Jan
9212 Apr
15* Jan
2014 Jan
41
Jan
15i2 Oct
4384 Sept
201* Nov
15i2 Jan
18
94i2 Jan
65
July
99i2 Feb
275* Mar
83* Jan
70
Jan
99
12884 Dec
6684 Oct
126U June
97i2 Nov
153a Apr
684 Apr
I7g
284 Feb
88
81* Sept
Aug
July
U4 Jan
65i2 July
I0i2 >*ug
203* jan
663* Jan
245* Jan
1
10
5% preferred
..20
Gt Nor Iron Ore Prop..No par
Great Northern pref...No par
Great Western Sugar. .No par
1
Jan
9U2 Jan 23
Gran by Consol MSA P
5
Grand Union w dlv ctfs.No par
Without dlv ctfs
.No par
Granite City Steel—...No par
Grant (W T) Co
Feb
Jan
72i2
63% Jan 15
21*8 Jan 15
.100
Graham-Paige Motors
39
31* Jan
16i2 Jan 15
Jan
3
in34 Jan
43
Feb
2i4 Jan 22
—-1
Apr
125% Dec
363* Apr
2
par
Brewing Co
Oct
365*
Jan
212 Jan 29
3812 Jan
1
Silk Hose—...No
70
2
117* Jan 16
Dec
94i2 Feb
130i2 Jan
55i2 Jan
i2 Feb
par
1,600
4
Jan 12
16
86I2 Jan 15
General Telephone Corp
20
Gen Theatre Eq Corp ..No par
Gen Time Instru Corp .No par
Gobel (Adolf)
44
16
106
31
Jan
110
No par
55 conv preferred
Gimbel Brothers
41
10312 Jan 27
General Shoe Corp...
...1
Gen Steel Cast 56 pref..No par
preferred
Jan
Mar
Jan
10
No par
6% preferred
100
Gen Realty & Utilities
.1
56 preferred..
No par
6%
Jan
2514
I30i2
445*
477*
1185*
Jan
1934 Jan
116U Jan 31
4
9is Jan 15
Gen Railway Signal
General Refractories
Jan
Jan
2
12334 Jan 25
3712 Jan 3
General Printing Ink.
1
56 preferred
...No par
Gen Public Service
No par
18
75
Jan
No par
Mar
July
5U Sept
35
i2 Dec
No par
11
149
Apr
Ss Jan
Jan 15
Sept
Mar
9
2
51
Jan
65
1734 Apr
12 Jan
Jan 15
Jan
9
103i2 Mar
43
10734 Sept
86i2 Jan 16
1884 Jan
52
56
48i2 Jan
1185a Jan
128
Jan
Sept
314 Sept
57* Sept
185* Oct
I5i2 Sept
10414 Dec
71* Jan
117* Jan
237* jan
Jan 24
General Motors Corp
15 preferred
Common
Sept
21* Apr
117
..No par
preferred
7ig Dec
128
Jan
3i2 Jan
Feb
Feb
40
5
6
Jan 15
Jan 2
Jan 15
Jan 12
145
I834
481*
171a
11314
373*
45i8
..100
10
No par
5%
Apr
Jan 19
Gen Gas & Electric A..No par
General Mills
3«4
102
Gen Am Transportation.;
General Baking..
Class A..
Jan
Jan
July
27
2
3
Aug
31i2
Aug
14
117* Jan 22
Gar Wood Industries lnc
51
661* Aug
1% Apr
2
Jan 2«
l05i2 June
37i2 Sept
108% Jan
2984 Jan
Apr
10312 Apr
10712 Jan
35
9914
38i*
17
3ig Jan
Jan 18
2
par
140% 140%
•
15
25
35
par
900
1%
8%
147*
97*
14%
33%
8
147*
*9%
Jan
2*4 Jan 30
321* Feb 6
5% preferred
..No
Goodyear Tire & Rubb-No
55 conv preferred
No
13,000
66
1
1%
7%
21
23«4 Jan 23
85
600
28
1
*7%
14%
97$
♦13%
4%
Jan 15
Jan
Apr
Sept
Jan 24
% Follansbee Brothers. .No par
Food Machinery Corp.....10
4)4% conv pref
100
$7 conv preferred
Francisco Sugar Co
25% Sept
Jan
2134 Jan
35% Feb
241* Jan
Foster-Wheeler.
17% Apr
46
Jan 25
Goebel
24
14
23*4
14%
66
237*
3
106
32
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
66
33%
3*4
No par
Highest
$ per share $ per share
Jan 31
jan 18
Jan 18
No par
Florshelm Shoe class A-No par
Florence Stove Co
1,400
19%
147*
97g
14%
33%
334
Flintkote Co (The)
19%
1047,
433*
18%
9,000
2%
85
93
93
No par
Gen Outdoor Adv A
98
50
6%
$ per share
$6 conv pref series A .No par
700
25,000
44,900
16%
22%
6%
51
22*4 23%
27%
141% 142
16%
*1184
1,100
15%
29*4
21%
127g
22%
92%
37g
65%
1%
7%
•14%
*9%
*18*4
♦27
83
26,200
4,800
32
21
*98
340
1
31%
28
21%
1,300
9%
*109
111
17*4
28
*98
55
31
27
12%
*15%
800
900
15%
29%
207*
12%
16%
997*
21*4
6%
60%
7*4
3,700
1,300
18%
91%
%
17*4
*15
12%
600
44
*7$
18%
15
*15%
2,000
1,060
1,000
1,800
1
15
♦20%
2,600
47g
9*8
18
6% preferred series A...100
14.50
94%
129%
47*
Firestone Tire & Rubber..-10
First National Stores
$6 preferred....
124% 124%
*43% 45
91%
*17%
28%
22%
14
111
17*4
28%
69
-
64
13
9%
900
%
64%
5 per share
Gay lord Container Corp.... 5
1,200
117
129
4*4
*109
22%
92%
3*4
33%
*23%
45
10
50
94%
434
210
434
*20
%
7%
54%
*43
4*4
9%
600
13
%
94
129% 129%
63*4 55
124% 124%
%
21*4
7%
%
*20
44
17%
91%
17*4
100
*4%
*116
28%
17*4
28%
15%
26%
20%
12*4
16%
21%
6%
*497*
2%
*83%
17%
♦63%
22%
*91%
884
14*4
24
25
2%
33
+T*
•20
•15
*7g
*17
*91
17%
32*4
*23%
♦11*4
%
17*4
277*
1
16*4
91%
43
*13
12
*7S
16%
*91
2*4
177*
63*4
22*4
%
9%
9%
*109
111
111
17%
131*
♦H84
•109
*4%
47*
43
33
16%
*9%
2*4
85
%
94%
94% 94%
130% 129*4 129*4
53% 54
52% 53%
1237* 124
♦1237* 124%
45
*42
*42% 45
484
400
Lowest
Highest
F'k'nSimon&Co lnc 7% pf-100
14%
*46
117
*116
94
18
1%
7%
*14*4
97*
224* 23
2712 27h
14112 1411*
*18
44
117
600
110
*12
60
90
6,500
1,300
7
6*4
67*
6%
6%
104% *102
104% ♦102
104%
54%
54% 65%
55% 65%
7*4
7*4
7%
7*4
7*4
143% *142% 144
143% 143%
3
3
3
27*
278
10
6*4
97*
10% 103s
19% 20
19%
20*4 20*4
50
55
51% 617*
65%
19
18%
18% 18%
18*4
114*4 114% 114% 114% 114*4
89
387* 39%
39% 40%
47%
47% 47*4
47%
477*
130
43
14i2
9*4
1334
22*4
274$
*18
*46
80
2%
14
47*
•117*
300
1,000
3%
14*4
3%
14%
*103
110
*102
1,800
35
*2
3%
14*4
13*4
200
34
34%
2%
Par
Shares
♦105
Year 1939
Lots
Lowest
Week,
% per share
1940
EXCHANGE
the
Friday
109
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SALE PRICES—PER SHARE,
LOW AND HIGH
Saturday
Feb.
2434 Jan
227* jan
12i2 Apr
I6I4 Apr
235* Aug
129i2 Sept
42
May
24U Jan
2
l4i2 Apr
Nov
54
Mar
1378 Jan
66i2 Mar
241* Jan
47
Mar
384 Mar
278
Jan
86
Nov
2484
74i2
383*
10934
53*
Jan
Mar
Jan
Sept
80
Mar
1%
107*
I5i8
I0i8
2212
Nov
Sept
Dec
Dec
Jan
Sept
35
Aug
25
Aug
22i2 Sept
3334 Sept
37U Sept
I4li2 July
53i2 Dec
35i2 July
2134 Mar
12i2June
10
Apr
Jan 15
9
3
Apr
Apr
36
Jan
*
2%
*2%
•20
•3%
J1*
24
4
2%
*20
*3%
2%
2%
♦20
24
4
2%
2%
22
*3%
*20
4
*3%
15%
1514
*14
15
*14
15
82
*32
32%
35%
*32
*35
32%
35%
*32
•177*
3512
184s
*177*
18
18
*18
32%
85%
18%
*16
17
*16
17
17
*16
17
•14
82
*35
102
244*
102
244*
147
*133
•71*
*94
163
132
•171*
•311*
684
121*
*101
185*
32
684
12%
•68
70
112
558
49U
*8*
•25*
24U
5U
78
♦111*
*22
3884
•51*
*
778
95%
3%
111%
10%
109%
163
*133
102
25%
247$
24*j
54(
7a
111*
22I4
38*4
5i2
18%
*16
58
*3384
11%
684
49%
*84
18%
317*
684
12%
110
58%
34%
11%
687*
112
5*4
49%
7i
*3
4
*24%
5%
78
11%
*2184
24%
514
7a
11%
22%
39
39
*5%
5%
147
*133
200
•152
163
163
*152
14%
1484
89
90
*14%
90
131% 131%
61%
131
*60%
Hackensack Water
100
7% preferred class A...—25
Hall Printing Co
——10
700
18%
1,700
.
"16
70
3,500
147
*152
15
2,800
90%
91
600
2,700
500
"200
91
131
131
*60*4
61%
1,600
560
......
*112
*112
114% *111*8 114
114%
114% *112
18% *17%
18% *17% 18% ♦17%
18%
32
3134 31*4
32
31%
32% 32*4
6
6
6
6
6
6
67*
6%
13
13
12*4 12*4
12% 12%
13%
13%
*17%
31%
*101
57%
*33*4
11%
*68%
*110
5%
49%
*»4
*3
24%
*5%
78
11%
22
*39
5%
*101
110
5778
34%
11*4
68*4
112
110
67
34%
12%
12
687*
110
49
4
*3
24%
6%
78
11%
22%
24%
5%
7*
11%
*21*4
39%
*5%
5%
on
69
110
5*4
49%
78
41
*101
55
34%
*684
6
64%
*34%
12%
110
600
"
200
12%
12%
12%
68
68
*67% 69
*110% 115
*110% 115
1,900
57g
50%
78
4
3
3
24%
5%
'8
11*4
22*4
39%
5%
24%
24*4
5%
7g
12%
22%
this day,
2,300
6 ,400
578
7$
110
T.Ioo
34%
♦49%
7g
49
7s
*101
100
57*4
57*4
34%
6%
78
11%
22%
*39%
5%
42
5%
56%
34%
6%
25
preferred.
100
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrao.No par
Feb
1
Jan 22
24
Apr
223* Sept
May
32U May
32
Jan
38
20
Jan
8
Apr
I884 Dec
17
Jan
15
96
Apr
Apr
May
17
Apr
Sept
1061* jan 12
1031* Jan 2 i
28I4 Jan
4
J1*
91
31*
600
200
Jan
5
Jan
Jan 31
Hercules Motors......No par
Hercules Powder
...No par
14
131
61
No
par
Hollander A Sons
(A)
..5
Holly Sugar Corp.....No par
7% preferred
100
Homestake Mining
12.50
Houdaille-Hershey cl A .No par
Class B
—No par
Household Finance....No par
5%
preferred—
Houston Oil of Texas
..100
5%
v t
5
preferred
Hud Bay Min A Sm LtdNo par
No par
Hupp Motor Car Corp
Def. delivery,
6% preferred series A...100
100
n New stock,
r
1000
Cash sale,
x
8
Jan
Oct
Nov
Apr
93
Apr
85* Apr
100
Sept
117
Mar
148
Oct
167
June
10
Apr
Apr
18% Nov
10U2 Sept
135i2 Mar
65i2 Aug
63
1331*
Jan 30
'62
Jan
54
Jan
1*514
Jan
100
Sept
1281* Apr
43| NOV
12U Dec
131* May
115
July
1484
Apr
19
Jan
31
Jan 19
34
2914 Sept
5i8 Nov
85* Aug
95
May
4734 Sept
51
Jan
55* Jan 18
121* Feb 1
54i2 Feb 8
331* Jan 30
11% Feb 2
68
Feb
9
110
Feb
7
65* Feb
1
471* Jan 24
3"
Jan
3
Jan 11
241* Feb 6
514 Jan 19
Jan
65* Jan
15
6OI4
341*
137*
703*
11U*
67*
Jan
Jan 12
Feb
9
Jan
3
50
Jan 29
Jan 10
Jan
3
Jan
9
78 Feb 7
3i8 Jan 13
Jan 5
27
6
Jan
Feb
9
1
1
133*
241*
418*
6i2
Jan
27
*
2114 Jan 19
3814 Jan 25
5U Feb 6
Ex-dlv.
y
Ex-rights.
Apr
884 Apr
6OI4 Oct
102
Sept
4i2 Sept
40
58
27*
2134
43*
Jan
1U* Feb
,
Leased lines 4%__
RR Sec ctfs series A
91
May
10%
92
I884 Jan
1
Illinois Central RR Co.—_ 100
3
144
Jan 23
100
Hudson Motor Car
5
15«4 Jan
Oct
1033* Nov
33i2 Sept
17
100
9,000
4,200
Jan
Jan 15
11212 Jan 16
c..25
...
2
87l2 Jan 10
100
No par
$4 conv preferred
Feb
8
Oct
105
Feb
2
163
2,600
150
378 Jan 11
Nov
18
Jan
478
71
Jan 12
Hudson A Manhattan
160
6
99
Jan 30
155
Howe Sound Co
400
Jan
J7*
95
..100
900
3,100
3
11314 Jan 29
105* Jan 3
200
100
3
110
7*
3%
25%
5*4
78
12%
23%
40%
5*4
2,000
Jan
Jan
Jan 25
6
g
102
11
29
108
Hlnde A Dauch Paper Co... 10
Holland Furnace (Del)
..10
Sept
Sept
684 Sept
Jan
111% Jan 2
97* Jan 10
6% cum preferred
Hershey Chocolate
6
171* Jan
3214 Feb
25
...
Apr
37
Helme (G W)
Preferred
49%
t In receivership,
4
Hazel-Atlas Glass Co......25
Hecker Products Corp...
1
*34
12%
23%
407*
*5%
7
161* Jan 12
1041* Jan 25
preferred
.100
Corp of Amer class A....1
6)4% preferred w w
100
Hayes Mfg Corp..
.....2
6
5%
*4
Feb
303* Jan 6
34i* Jan 17
1714 Jan 15
Hat
49%
♦2*4
247*
4
123
15
100
—
,
15
61%
preferred
22
6%
""205
163
15
6%
Hamilton Watch Co...No par
102%
25%
163
131
Gulf Mobile A Northern... 100
200
^
*152
21* Jan 6
201* jan 18
3i* Jan 27
No par
...100
preferred
36
17
*133
8%
16%
32%
*104*4
147
Guantanamo Sugar
3%
7%
77*
•7%
*7%
77*
77*
77*
95% *94
95% *94
95% *94
95%
3%
3%
3%
3%
3%
3%
3%
3%
112
112
112
112% 112
*110
*110% 112
10
10% *10
10%
10%
10%
10%
10%
109
109
108*4 109
♦107% 109
*107% 109
frnd asked prices; no sales
♦16
102% ♦101
25
24% 25%
247*
1,400
100
7%
114
*17%
*31%
684
*12%
16*4
♦104*4
*60
14%
19
3%
157*
32%
*35%
18%
15*4
32%
35%
2%
22
*94
90
88% *89
132% .*130
132%
61% *60% 61%
687*
3'<
35%
4
2%
*20
102% *101
♦133
147
♦32
*104*4
102
*60%
*110
5*4
491;
78
Bid
147
*24%
«.«.•••
15
*14
*100
5878
3414
12*4
*110
25%
*101
14%
♦13%
88%
*130
6112
110
581*
•3344
•111*
10%
109%
102
15
35
114
1414
8884
114
•112
3%
111%
•155
132
•601*
*7%
*94
3i2
,3%
•1111* 112
10%
*101*
*1087* HO
•131*
8884
*24%
*133
77*
96
*155
*16
104% 104% *104
*1041* 105
♦101
35%
177*
2%
22
Apr
Dec
Sept
Sept
July
34 Aug
9
Jan
Aug
16% Apr
381* Sept
Jan
434 Sept
Jan
113* Mar
2U4 Sept
110
-
Oct
66U May
36ig Mar
17% Jan
73U July
11034 Aug
93* Sept
57
Sept
I84 JLan
5i2 Jan
3584 Sept
87* Jan
2>8 Jan
2084
Jan
35
Jan
49
Mar
lli2
T Called for re emptlon.
Jan
SHE?
New York Stock
Volume 150
LOW AND
HIGH
Saturday
Monday
SALE
PRICES—PER
Record—Continued—Page
3
Feb
9 per share
*5%
534
26%
26%
5
Feb
S pefjhare
*538
26%
5%
26%
114% 11434 *113% 115
*loJs
—
—
83
83
1134
11%
6
6
3%
3%
♦3
3%
4134
4184
110
110%
*4%
9%
4%
10
*134
1%
*31
33
*179% 181
*152
*82%
11%
*5%
!2l4
*3
*41%
109
*4%
934
*184
*31
Tuesday
.
6
$ per share
*5%
26%
114
584
26%
' 114
*152
.
Thursday
Feb
7
$ per share
*152
534
*5%
20% 27
114% 114%
83
83
83
82%
83"
11%
1134
12
12
12
6%
3%
3%
*578
0%
3%
*5%
3%
*3
3%
*3
42
42
42
110
*109% 111
4%
4%
4%
9%
9%
10%
1%
*134
1%
33
*32
33
*179% 181
181
181
4134
83%
11%
10
1®4
*31%
183
6
3%
3%
3%
*3
42
42
4%
42
110
109% 109%
*4%
83%
12%
6
6%
3%
3%
Shares
110
10%
1%
*4%
10%
134
4%
10%
1%
33
33
33
183
184
184
Lowest
Par
Indian Refining
Industrial Rayon
400
5%
27%
5%
26%
1,900
114
600
*152
*152
*
S per share
*3
42%
400
*33
Certificates of deposit...
Intercbemical
290
200
600
100
55
53% 53%
53%
53%
55% 56%
5378
*103% 108
*163% 168
*160
167
*161% 168
168
*161% 100% *160
4
4%
4%
4%
4%
4%
*4%
4%
4%
4%
4%
4%
9%
9%
9%
9%
9%
9%
*9%
9%
9%
9%
9%
9%
*6%
6%
*0%
6%
*6%
684
684
684
0%
6%
6%
*634
35% 3584
35% 35%
3534 36%
36%
36'4
30%
36% 36%
36%
*132
134
13%
13%
56
56%
*4%
55%
5
*132
134
134
*132
*132
134
13%
13%
13%
13%
13%
57%
57%
57
58%
56
56
56%
*4%
55%
5
'
55%
35%
*132
13%
56%
*4%
5
*4%
13%
58%
*4%
5
int. Hydro-Elec Sys class A.25
8% Jan 15
300
6% Jan 19
35% Feb 1
—
......
18,300
13%
14%
38,200
Inter Paper & Power Co
59%
6884
60%
28,200
5
*4%
53%
5
134
15
6% conv pref
100
Internat Rys of Cent Am....*
4O"66O
£53
53
*53
53%
35%
*35
36
36
36
36
36
200
International Salt
35
35
35
35
35
34%
*34%
35
800
20
26
*25
27
*34%
25%
*35%
34%
36%
35
26
*26
27
600
International Shoe....No par
International Silver.
50
*98% 101
100
100
3%
4
4
4
*9%
*86
9%
93
*7%
25%
*125%
15%
93
8%
25%
....
*3434
3%
3%
-9%
*30
*!77«
*25%
9%
93
8%
25%
*126
15%
92%
93
72%
125% 125%
56% 56%
*13%
*120
14
——
*6%
18
7
18
*13%
*684
*16
13%
*13%
98%
14%
*93
*10%
*5%
*9584
35%
*13%
*34%
*2%
30%
25%
*3»4
27%
28%
11%
6%
97%
35%
14
36
2%
30%
25%
4%
27%
29
8
17
1534
15»4
*4%
*31%
5%
14
*120
*93
*13%
*98% 102%
4
378
4
3%
9
9%
*81% 93
*7%
8%
*25% 25%
15%
9234
19
13%
99%
13%
13%
*95% 120
*10% 11%
*6
6%
95
9584
34% 35%
14
14%
*35% 36
2%
*2%
30%
25%
*384
2634
28%
*7%
*14%
*15%
13%
1378
*120
7
30%
25%
19
*16
13%
13%
98%
*13
13%
*95% 120
*10% 11%
0%
*6%
*91
96%
35
3534
14
13%
*93
71
125
5778
14
8%
7
7
*41%
42%
*106% 107%
10834 10834
*175
176
*19%
20
*25%
36%
*1234
1034
26
36%
13%
31
1684
313s
35%
36%
5%
3134
17
*14%
1584
1534
*8%
*25%
27
8%
26
*126
1534
15%
*91
71%
71%
125
125
59
58%
14
14%
92
72
125
60%
14%
17
*13
14%
*13
*93
98%
*90
13%
98%
13%
£13
13
13%
*95% 117
11%
*11%
6%
*6%
*91
3584
♦95% 117%
11%
0%
*89%
3534
96%
1334
30%
1384
35
*2%
25%
*3%
26
2878
*778
*14%
1578
14
*35
2%
8%
2%
30%
25%
*3%
20%
28%
*7%
17%
*14%
1578
16
30%
25%
4%
26%
2878
434
*4%
33%
22%
32
112
3%
1
3%
2134
*13
2784
49%
7
7
7
7
7
7%
7%
*41% 42% *41% 42% *41% 42%
*41%
107% 107% 107% 107% 107% 107% *100%
IO884 10834 108% 108% 10784 108
IO784
17584 17534 *176% 178
*170% 178% *176%
20
20
*19% 20
1984
1934 *19%
25
25
25% 25% *25% 26%
26%
37
37
37
37%
*30% 37% £37
13
13
12%
12%
1278
1278
12%
17
16%
1634 17
16%
1678
16%
31
31
30-% 31%
3034 31%
307S
36
35% 36
3584 36
35%
36%
9%
11%
6%
96%
36%
14%
36
2%
30%
25%
4%
26%
29
8%
17%
16
*10734
24%
*19%
*5734
*34
*134
2484
2484
29
29%
123#
12%
*3334 34%
2%
2%
7
*6%'
29% 29%
*29% 2934
15% 16
1584 16
14«4 1434
1%
5
1%
5
4%
4%
13%
13%
39
39%
9
9%
38%
29%
*37%
29%
*166%
*51%
3%
*25
53
3%
26%
*99% 105
*1434 15
15
*108
♦
15
2434
28%
12
33%
234
*6%
*29%
*29%
15%
140
2484
29%
12%
33%
234
7
*134
140
*134
140
24%
25
2484
25
29
29
29
12
12
12%
29%
12%
33%
34%
284
35
35
284
30
234
*6%
29%
29%
16
16
7
2s4
*134
73
72%
*4%
33%
22% 22%
112
*111% 110%
3%
3%
3%
1
1%
1%
3%
3%
3%
22
22% 22%
13%
13%
13%
2784
28% 28%
50%
50%
5012
7»4
734
7%
42
*41% 42%
10784 *108% 107%
10734 108
108%
178% *176% 178%
20
*19% 20
27
*26% 27
37%
37% 37%
13
13
12%
17
17
17%
32
31% 32%
36%
36%
30%
2084
26%
27
28%
1234
35%
29
*12%
29%
1284
3
3
35
3
15%
*14%
15%
15%
*14%
15%
15%
15%
*14%
1534
15%
15%
£15
*1%
1%
*1%
1%
*1%
1%
5
*4%
13%
38%
8%
37%
29%
*166%
52
3%
*25
30%
16
5
29%
16
5
5
478
6%
30
30
16
5
484
4«4
434
5
5
1334
13%
1334
*13%
1334
39
39%
38%
878
*3634
29%
*166%
9%
37%
29%
9
39%
9%
37%
3734
*29%
29%
39%
9%
37%
29%
52%
3%
26%
*99% 105
15
15
*14%
15
109% *108
*6%
2878
*29%
109%
52
52
*3%
4%
26%
100% 100%
*15
15%
*25
15
15
108
108
*166%
5184
*1%
5
5
13«4
39%
8%
38%
29%
*166%
6%
30
35
35
3%
7
*0%
30
30
52
3%
2612
1
1
....100
No par
Lane Bryant
Lee Rubber <fe Tire
No par
6
Lehigh Portland Cement.—25
4% conv preferred
...100
Lehigh Valley RR
.50
Lehigh Valley Coal.
No par
0% conv preferred
50
Lehman Corp (The)
1
Lehn & Fink Prod Corp....5
Lerner Stores Corp
No par
Libbey Owens Ford GI.No par
Libby McNeil & Libby
—7
Life Savers Corp
—.5
Liggett & Myers Tobacco—25
800
6,300
600
600
4,000
5,700
•
""400
Series B—
1,800
.
No par
900
1,200
25
200
No par
t6.50 preferred
No par
Loft Inc
--1
-
Lone Star Cement Corp No par
900
Long Bell Lumber A
300
Loose-Wiles Biscuit
10
5%
No par
.--25
100
10
100
preferred
Lorillard (P) Co..
5,000
70
7% preferred
Louisville Gas & El A —No par
5,800
1,400
Louisville & Nashville....100
400
0%
900
900
9 In receivership,
a
10
500
3,700
400
Jan 31
57g Feb
Jan
2
2
34% Feb 2
138g Jan 12
35
Jan 15
2%
Jan 15
14% Feb
39
Jan
234 Jan 24
25% Jan 15
24% Jan 10
31
20
29% Jan
29% Jan
Feb
7
28% Jan 19
7% Jan 13
1434 Jan 2
15% Feb 1
484 Feb 6
31% Jan 15
2134 Jan 25
10934 Jan 31
3% Jan 10
1
Jan 10
3% Jan 15
21
Jan 10
12%
2084
48%
0%
41%
10534
10084
Jan 12
Jan 12
Jan
2
100
18%
42%
3%
1078
Jan 31
4
Jan 15
257s Feb
9
jan
June
1084 Jan
3234 Sept
Market St Ry 0% pr
Marshall Field & Co
L) Co
pref. 100
No par
1
Martin-Parry Corp
No par,
Masonite Corp
.No par
Mathieson Alkali Wks.No par
7% preferred..
—100
May Department Stores...10
No par
Maytag Co
13 preferred
—No par
80 1st cum pref—...No par
McCall Corp
No par
McCrory Stores Corp.
1
6% conv preferred
100
Jan
jan
20
Feb
29
Jan 11
Jan
Sept
JanlO
Apr
Apr
30% Apr
4% Apr
33
Sept
Jan 23
95
152
Sept
15
Apr
6388
784
42%
108
Jan
3
Feb
8
20% Jan
29% Jan
40
13
9%
6
3
2
Jan 26
Jan
« New stock,
r Cash sale,
20
4
109
Feb
23
Sept
95% Sept
Dec
4
Sept
30% Oct
26% Aug
5% Jan
29s4 July
29% Oct
13% Jan
23% Jan
18% Mar
0% Sept
3% Sept
884 Sept
2784 Jan
13% Nov
3234 Mar
6684 Mar
10
Sept
43% Aug
108% Aug
10984 Aug
180
May
19
Nov
2084 Aug
31% Apr
40% Sept
10
18% Sept
Aug
47
Mar
13% June
19
2984 Dec
30% Sept
3284 Dec
54% Jan
109% July
2184 July
6
Mar
38% Sept
2
Jan
5
Jan
6
7
21% Jan
4
00
Jan 25
35
Jan
Aug
16% Sept
105
Jan
19% Apr
138
Sept
1584 jan
36% Apr
02
Jan
Jan
0% Sept
22% Mar
110
June
24% Feb
159% June
20% Mar
67
3
28
Apr
35
Sept
Aug
134% Jan 27
124
Feb
135
Nov
Aug
4
8
2
684 Jan 27
3034 Jan 23
30% Jan 24
1
5
Apr
Apr
3384 Oct
43% Feb
19% Jan
40
Sept
6% Sept
784 Oct
9
Apr
30
Nov
27
Nov
29
Nov
10
Jan 20
5
Apr
16
14% Jan
14% Jan
1484 Feb
Jan 26
128s
16% Jan 17
1% Jan
484 Jan 13
3% jan 31
1% Jan
3
Feb
Jan 31
15
Jan
35%
734
36%
28%
161%
50%
3%
Jan 15
Jan 15
Jan 16
42% Feb
Jan 16
31>4 Jan
162% Jan
53% Jan
6
Feb 1
Jan 22
26
Feb
98
Jan 11
2
14% Jan 13
1478 Jan 31
6
y
10% Jan
407s Jan
8
4
9
Oct
16
Apr
16
1
Apr
2%
684
8%
1734
45%
8%
67%
37%
30
Sept
20«4 Aug
155
Nov
9
4034 Apr
3% Sept
27% Jan 13
2434 Dec
4
101
Feb
4
Jan 27
16% Jan
16% Jan
IO884 Feb
Ex-rights.
1534 Nov
10
4% Apr
3% Aug
984 Apr
26% Aug
2
May
5% Jan
5
13
x Ex-div.
38
101% Sept
17% Jan 24
3278 Feb 9
37% Jan
Jan
Feb
Sept
46% Sept
10% Sept
Mar
188
4%
2378
13%
Feb
108
99
Mar
25
Jan
Jan
16*4 Nov
99% Jan
18
July
100% Dec
1484 Mar
10% Mar
118
2% Sept
%May
1% Apr
Jan
25
jan
Dec
Jan
169
9
Sept
112
Jan
4
8
Jan
3% Apr
115
2384 Jan 15
5
24
5% July
37% Oct
153% Jan 12
10% Feb 7
65% Jan 10
Jan
Jan
25
1884 Jan 11
Jan 19
19%
12134
11%
Apr
Jan 15
Jan 30
Jan 12
,
17
46% Jan
0
Mar
Oct
89% Deo
Jan
108% Feb
Feb
18
12
3
107»4 Jan 31
125
25
Jan
Ctfs of deposit
Def. delivery.
87
5% Jan 17
3584 Jan 4
23% Jan 10
28
No par
Modified 5% guar......100
Ctfs of deposit
...
Martin (Glenn
9% Jan
9% Feb
1434 jan
10% Jan 11
Jan 2
Jan 15
Jan
Apr
884 Apr
20
Apr
I84 Apr
12% Apr
20
Apr
334 Dec
2384 sept20% Apr
7
Apr
12% Sept
9% Jan
18 34
Aug
June
10884 Jan 26
17884 Jan 12
Jan 18
Jan 15
Jan 2
Jan 15
Jan 24
5
79
27
10
1
X Manhattan Ry 7% guar. 100
2,400
1034
90
Sept
12% Apr
Apr
7% Apr
Feb
Feb
Magma Copper....
Maracaibo Oil Exploration—1
Marine Midland Corp
6
52
9
18
Manhattan Shirt
*3%
28
8
Jan
25% Sept
11% Sept
25% Apr
240
*24
12% Jan 3
7% Jan 3
9584 Jan 30
387g Jan 3
90
Feb
95
3
100
2,100
85
zl3
4
300
30%
15% Jan
95
Jan
8
Apr
8% Apr
30% Jan
1234 Jan
3534 Jan
37s Jan
200
30
15% Jan
11
2884 Jan
Manati Sugar Co
Mandel Bros
500
0
_
Jan 30
1%
5%
5%
14%
42%
934
39%
13% Feb
Jan
Jan 15
15%
9
117% Jan
5% Apr
24
1%
41%
.
2778
II34
33%
284
0%
15%
*38%
30%
*160%
77% Jan
20
133
*14%
9
Apr
8
preferred—.......100
15
38%
Sept
No par
Madison Sq Garden...No par
700
390
13
68
Jan 13
Feb
34
Macy (R H) Co Inc
1,400
5,400
28,600
28,100
Jan
Feb
_
Mack Trucks Inc.....-No par
3,500
2,400
5,500
17
10
MacAndrews & Forbes
—
Sept
7% Nov
Apr
119% Sept
18
Feb
1478 jan
120% Jan 30
7% Jan
8
Jan 18
Jan 2
Jan 2
Jan 15
200
5
Feb
038 Jan 22
30%
1184
15%
28%
3334
4,100
4,300
*434
1384
120
Jan 22
Loews Inc
83,300
2,100
Sept
778 Aug
76
Jan
8% Jan
al3% Jan 18
25
1534
15%
5
Jan 15
2434 Jan 18
Jan
30%
5
86
4
10% Jan
Jan
19
*2834
14%
41%
8
5
Jan 30
175
*15%
1%
9
83
par
Lion Oil Refining Co—No par
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
2,900
34,100
10,000
—
Dec
100
Preferred
Lily Tulip Cup Corp. .No
500
m
107
Lima Locomotive Wks.No par
Link Belt Co
No par
100
200
30%
1534
1584
52
52
52%
4
4
4%
26%
20% *24
*100% 105
*100% 105
*9978 105
*15
15
15%
15%
15%
15%
16
10
15
15%
15%
15%
108
*107
108
110%
*107
108
3%
*25
Bid and asked prices; no sales on this day.
140
25%
6%
*29%
*2834
15%
15%
2934
*134
100
5% preferred
Lambert Co (The)
110
Jan
37s Sept
Apr
Laclede Gas Lt Co St Louis 100
2,100
2,500
84
484 Jan
478 jan
13
10
City Southern.No par
70
500
Jan
3
Jan
Keystone Steel & W Co-No par
1,200
100
3% Feb
3% Feb
Sept
Sept
Kimberly-Clark
5%
Oct
9712 Jan 15
38
June
2,600
5,500
34
33
Jan
83
Class B
a.
Apr
105
Kendall Co $6 pt pf A—No par
Kennecott Copper
No par
100
19
133
Kinney (OR) Co....
1
$5 prior preferred—.No par
Kresge (S 8) Co..
—10
Kresge Dept Stores...
Kress (S H) & Co
No par
Kroger Grocery & Bak.No par
—
4084 Sept
Jan
Feb
Apr
100
5
Keith-Albee-Orpheum pf_.100
Kelsey Hayes Wh'l conv cl A.l
600
31% May
28
Aug
200
-
29
0
Sept
400
«•
30
36% Jan
35
4% preferred
Kaufmann Dept Stores
5% conv preferred..
Kayser (J) & Co
«.
56% Feb
1
8
59
500
4,190
2
jan
5738 Deo
6% May
60% June
122
Kan City P <fe L pf ser B No par
190
Jan
3484 Feb
34% Feb
25i8 Feb
51
5% Jan 24
Jan
Kansas
14,700
2,400
9
1434
Jan
100
Kalamazoo Stove & Furn
30
60% Feb
138
67
600
700
Dec
Sept
6% Aug
25% Aug
3% Jan
39% Jan
128
600
"500
35
123
2
70% Jan 15
123% Jan 19
55% Jan 10
Preferred.
""300
jan
May
4
93
Jones & Laughlin St'l pref. 100
mm
5584
jan
Jan 11
14% Jan
Jan
Jan 17
7%
£28%
*12%
Johns-Manville
100
Sept
8%
Jan 22
14%
13%
*90
98%
*13%
1384
*96% '117%
12
II84
684
6%
*89% 96%
36% 37
14% 14%
3534 36
2%
2%
30% 30%
2584 25%
*3%
4%
*20% 26%
29
29%
8%
8%
*1438 18%
15%
15%
10
3
Jan 13
14
*13
178s Sept
5% Apr
Jan
15
60
18
38%
Sept
334 Apr
2% Aug
87
1,000
40
142
Oct
123
62
7%
*17%
Jan 23
41
19534 Mar
71% Sept
16684 Aug
Sept
4578 sept
1
126
*120
145
133
Jan 22
1134 Jan 18
5034 Jan 18
414 Jan 2
Oct
No par
No par
Jarvis (W B) Co
Jewel Tea Inc
1,000
2,300
131
9% Mar
3% Dec
46%
5% Sept
16% Sept
3% Oct
6
4
7
Sept
5% Deo
109% Dec
5
3
5% jan 5
10% Jan 10
21
Apr
Jan
171
Aug
98®4 Sept
26
123
17
1
61%
5%
140
No par
Island Creek Coal...
"l",300
/
*134
Intertype Corp..
500
16"
33%
22%
par
Interstate Dept Stores.No par
Preferred
100
""600
92
126
par
$0 preferred
16
92
107% 107% *107% 10884 *107% 10834 *108
10834 108% 108%
24
23% 24%
2334 24%
24%
24% 20
2378
24%
43% 43% *43% 44
4434 44%
4384 44%
44% 44%
3%
3%
3%
3%
*3%
3%
3%
3%
3%
3%
17
17
*17
17% *17
17%
*17%
17%
17%
17%
109
*10734 109
*10784 10834 *107«4 10834 IO784 10734 *10784 IO884
24%
2484 24%
24% 2478
24% 2434
24% 24%
24% 24%
159
158
158
158
158
*158
159
159
159
158% 158
20
18
18
19% 19%
1784
19
10%
1878 19%
17%
58
58%
58% 58%
5834 59
59% 59%
59%
59%
5834
34
34
34
34
3434 *34
3434
*33% 34
*33% 34
140
....100
Teleg
No
Foreign share ctfs.-.No
'
*107% IO884
24% 2434
43% 4334
3%
*3%
*16% 17%
*158
100
No par
7% preferred..
800
8%
preferred
Inter Telep
*126
"1584
17
"7
484
*4%
538
32%
32%
3278
23
*22%
22% 2278 *22%
22%
111
111
*111% 114
*11134 112
*111% 112
3%
3%
3%
*3%
3%
3%
3%
3%
1
1
1
1
1
1
1
1%
3»4
3%
3%
*3%
3%
3%
3%
*3%
22
22
21% 21%
2184 22
2134
22%
*13
13
13
*13
13% *13
13%
13%
28
28
28
28
*27%. 28
*27% 28
49
49
49
48% 48%
49%
49% 4934
32%
23%
*4%
31«4
22%
93
/
35
8%
3,700
984
*81%
9%
93
7
*29
25%
47g
26%
287g
8%
9,500
4
120
3534
*334
4
4
5%
100
3%
7
2%
29%
25%
*98% 101
9%
*81%
8%
25%
92
18
5384
*98% 101
4
3%
*3%
4%
120
*6%
*16%
*2%
26%
28%
15%
*15%
9178
3534
29
4%
25%
*120
7
*6%
2634
28%
17
*2414
25%
*98% 101
4
378
*378
4%
*9
9%
93
*81%
8%
8%
25%
25%
*120
15%
*90
71
71
72%
71%
127
126% 126% *125
*56
58
*56% 58
*13%
*95% 120
26
*126
15%
93
*71%
*14
4
15%
;
8
4
56%
2% Jan
38
Dec
157
2% Apr
7% Aug
1% Apr
16
Apr
18934 Jan
'6284 Jan
1
Apr
Apr
Apr
sept
17% Apr
90
Jan
1278 jan
Jan 22
Int Mercantile Marine .No par
■
Jan
5
0
12,100
35
*34%
180
3
Jan 19
Feb
9%
4%
234
284
44% Jan
110% Feb
Jan 15
Feb
67
6% Feb
334 jan
.
"¥600
m
14
*132
4%
9%
lis
32i«
147% May
Jan
14% Jan
53i2 Jan 15
I05i2 Jan 3
4
Jan 31
Internat'l M ining Corp
1
Int Nickel of Canada. .No par
Preferred
...100
134
90
Jan 15
Jan
Jan
Jan
150% Jan
-
6% Jan 17
318 Jan 15
234 jan 15
40
Internat'l Harvester...No par
Preferred
100
Jan
Highest
I per share 9 per share
4% Apr
9% sept
I684 Apr
29% Jan
86
Apr 131
Sept
684 Jan
29
118
Jan 15
80% Jan 22
1138 Jan 22
108
Prior preferred
...100
Int. Business Macbines.No par
12,300
54
150
Year 1939
Lowest
S per share
113% Feb
par
Intercont'l Rubber....No par
Interlace Iron...
.No par
Internat Agricultural..No par
13,200
20
Range for Previous
Lois
Highest
% per share
5U Jan 31
100
Corp....No
6% preferred
600
5334
1
X Interboro Rap Transit—.100
"2",200
34
No par
Insuranshares Ctfs Inc...
3,700
109%
4%
4%
10% IO84
1%
1%
..100
Inspiration Cons Copper...20
...
109
—No par
6% preferred....
Inland Steel Co
1,600
5,100
8484
1284
0%
334
3%
43%
84%
12%
6%
3%
io
No par
Ingersoll Rand.
...
*183% 184%
54
5334
Range Since Jan. 1
On Basis of 100-Share
Week
114
957
EXCHANGE
Friday
Feb. 9
8
$ per share
684
*53g
26% 26%
113% 113%
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Wednesday
Feb
Sales
for
jreo
6
93
Jan
8
4
10% Apr
934 Jan
2
88
Jan
170
Nov
Oct
Sept
Sept
Mar
Nov
Nov
Dec
Jan
Sept
July
53'4 Oct
6% Mar
36% Mar
105
June
15% Aug
17% Nov
108% Dec
3 Called for redemption.
'
V
New York Stock Record—Continued—Page 7
958
AND
SALE PRICES—PER
HIGH
SHARE,
Range Since Jan. 1
Sales
NEW YORK STOCK
the
NOT PER CENT
STOCKS
for
LOW
Monday
Tuesday
Wednesday
Thursday
Friday
Feb. 3
Feb. 5
Feb. 6
Feb. 7
Feb. 8
Feb. 9
$ per share
24
24
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
On Basis of
Week
23%
8
*712
11
11
81*
*9912 10012
*10%
1034
8%
100% 101
*10%
10%
*60
66
64
*50
61
*297g
30i2
*5314
30%
5
5
*5
*22*4
*14l4
2334
2284
1514
14%
5878
30%
5%
23%
14%
29
29
*64
29
29
*48
•110
334
*3814
*912
*7«
3i2
37«
39
14%
*33%
10
1
III4
16l2
30
2412
4%
30%
10%
*6814
10%
6912
110
105
6%
51
61
6%
1934
14%
127S
684
1934
14i2
13%
24%
24
*105
170
*18
50
" 110 >109% 110% *110
110%
'16
11
68%
110
*30
31
11
11
*683g
*109
6%
*503g
1934
14%
14%
13
1234
23 7g
24%J
170
10
41
97g
78
3%
4%
41
97g
7|
37g
«16
McKeesport Tin Plate
800
102
10%
6%
1934
14%
12%
237g
*163
110
634
*30
11%
68%
*109
31
11%
69%
110
*111%
*109%
6
6
23%
•12
*1084
*92
19%
2I84
8
2134
8%
*67%
8%
8%
217g
217g
*147
28
25
Apr
5
8% Jan 27
1378 Jan 29
107g Jan
6%
11%
Apr
16% Jan
1,000
Midland Steel Prod
No par
33% Jan 15
37
18% Apr
2,200
7g Jan
2,600
Monsanto Chemical Co
10
104
Jan 15
19% Jan
109% Jan
No par
117
Jan 16
118
30
Preferred series B—No par
120
Jan
121% Jan 30
10,200
12%
110
*109
84.50 preferred
30
32
32
56
Morris & Essex
28% Jan
2
87 conv
100
Munsingwear Inc
600
20
360
16
4,200
National Acme Co
12%
13%
24%
3,300
Nat Aviation
6,400
National Biscuit
*163% 170
*67%
68
9
13%
67
87g
8
67%
9
778
66%
87g
8
67%
"l",200
100
700
8,600
Nat Cash
7% pref class A
7% pref class B
600
100
4,300
6%
1334
41%
*4034
41
41
10
*10
10%
24
*23
24
*22%
97g
24
*22%
9%
24
*22
24
*85
87
*85
87
*85
87
*85
87
*85
87
*4034
41%
*41
42
*41
42
*41
42
*41
42
37g
4%
97g
4-%
9%
43g
*107% 109% *108% 109% *108% 109% *108% 109% *108% 109%
72
*72
72
7234
72%
72%
*72%
73
72%
73%
*43
16
16%
16
18
17%
31%
32%
6
*17%
31%
*32%
*3%
*5%
*112
6%
31%
11%
44%
16%
17%
32
33
33
32
32
*112
115
*110
115
%
1%
%
1384
1384
93
93
♦27
29
♦213
111
217g
*57
216%
111%
217g
58
567g
25%
*89
667g
2534
90%
8%
*8%
111% 111%
*3334 34
*4%
4%
*42
4484
7
634
19
19
*13%
14
105
105
*434
6%
10
54
*51
*115
*52%
434
300
7
7
112% 112% *112% 115
30
*110
*%
1%
1%
*13g
1!
*%
*1%
*%
1%
1%
*1%
%
*3g
%
*3g
%
%
*3g
14
14
14
13%
14
14%
14%
14%
14%
97% *94
97% *95
97% *95
97%
97% *95
*27
29
29
28% *27%
29
*30%
31
3034
3034
212% 21234 *212m 215
*213
215
215
215
*213% 216
*111% 113% *111% 113% *111% 113% *111% 113% *112
113%
21%
21%
21%
21%
21% 21%
21%
21%
21%
22
57
57% 57% *57
57
57%
567g
57
567g
57%
667g
567g a56%
56%
56% 56%
567g
5678
567g
5678
25
247g
25%
25%
2584
26%
24% 25%
25%
26%
*89
*89
90
90%
*89
90%
*89%
90%
*89%
90%
8%
8%
8%
8%
8%
834
9
8%
8%
878
11178 1117g *111% 112
111% 111% *111
112% *11034 112
33%
3334 *33% 34
34
34
*33i2 34
33% 33%
*4%
4%
*4%
4%
4%
4%
*4%
4%
4%
4%
*42
42
42
4434 *42
44%
*4034
43
*4034 43
*6%
7
67g
67g
6%
678
678
7%
6%
7
18%
19
19
19%
18%
18%
19
197g
1978
20%
"2",000
*13%
105
14
105
*4%
5%
13%
105
*4%
13%
105
5%
5
5
167g
17%
*13%
14
13%
106% 106% *105
*5
*4%
5%
6
23
*12
*11%
34%
47
14
*130%
*152
6%
*
29%
*51
10%
10%
10%
36%
29%
37%
*29%
37%
29%
55
*51
55
55
*51
55
*51
55
*116% 120
*116% 120
*110% 120
*116% 120
*116% 120
63%
63%
63%
63%
63%
62% 62%
61%
62%
62%
62%
6
6
6
57g
6
5%
578
5%
578
578
578
6
*6
*6
6
6
6%
6%
6
6
6
6
23
23
23
23% 23%
*23
22%
23
23%
23%
23%
*12
*12
12%
123g
12%
11%
12%
12%
12%
12%
12%
12%
*11%
12% *1134
12%
*11%
12%
*1178
12%
12%
12%
34%
337g
34
3384 33%
34
33% 33%
33%
34
34%
47
46%
47
46%
47
*47
48
4634
46%
47%
47%
*14
14
14%
14%
14%
14
14%
14%
14%
14%
14%
132% *130% 1323g *130% 132% *130% 131% *130% 132% *131% 132%
152
151
152
152%
1527g
*151
*151% 154
152%j 151
151
6%
*6%
6%
6%
7
678
7
678
7
67g
7
Bid and asked prices; no sales on this
day.
19% Feb
J In receivership,
a
Jan
4
14%
Jan
Jan
Jan
3
3
62
4
Jan
4
100
39
Jan
2
41
Jan 24
100
41
Jan
9
42% Jan 17
3% Jan
4
1
24
Jan 12
serial pref—100
83
Jan 26
83
40
Jan 16
No par
100
10
9% Jan 10
108% Jan 17
71% Feb
I
11% Jan 18
1
35% Sept
Apr
10
Aug
82
Sept
Apr
15%
Jan
20
Jan
33% July
59%
Jan
41
50%
5%
Apr
11%
Feb
Dec
2%
Apr
8% Sept
18% Apr
73% Mar
Oct
29%June
Apr
87% Aug
42
July
105% Sept
112% June
32
Apr
1784 Sept
Apr
8%
62
1878 Jan
11% Sept
N Y Chic & St Louis Co... 100
16% Jan 22
21% Jan
10%
Apr
23% Sept
25% Sept
6% preferred series A...100
30% Jan 23
3178 Feb 7
3% Jan 12
6% Jan 31
NYC Omnibus Corp. .No par
New York Dock
No par
5% preferred
No par
N Y & Harlem RR Co
50
Telegraph
%
Jan
3
Jan
4
Jan 30
Jan 2'
Feb
3
2
% Jan 11
Jan
Jan 10
30%
Jan
9
219
Jan
3
113
Jan 26
22% Jan 15
26% Jan
New stock,
217
Nov
113
June
168
29% Nov
5
Jan 17
Jan 31
Feb
7
6% Jan
2
18% Jan 20
13%
Jan 13
103%
Jan 22
5
Jan 24
107g Jan 18
89
3
Jan 2
Apr
Apr
82
Jan
3
7
June
112% Jan 16
100
3
29
Sept
Sept
9%
Jan
34% Jan
5% Jan 3
42% Jan 12
7% Jan
22
Jan
3
8
12% Jan
37
Feb
Oct
6% Nov
6
Aug
101% Sept
30
12
20% Mar
15% Sept
143
Jan
Dec
40
4484 Aug
Jan
Jan 24
Nov
Apr
106%
5% Jan
Jan 11
1434
113
Apr
Feb
10
89
Feb
234
32%
Sept
100% Sept
434 Aug
18%
26%
14% Sept
Jan
14%
140
128
Jan
7%
33
Oct
Apr
Jan
113% May
8% Jan
27%
Jan
148% July
16
Sept
55% Sept
8
41
Jan 11
26% Jan 19
30
Feb
8
16%
55
Jan 22
65
Jan 2?
40%
Jan
54
Dec
120
Jan 17
120
Jan 17
114%
Jan
120
Dec
6
50
Apr
70
Jan
6% Jan 10
3
Aug
7% Sept
778 Nov
59% Jan 15
5
2
64% Jan
5%
Jan
6
Jan 12
6% Jan
6
20
Jan 17
2«g Feb
12% Jan
12% Feb
4
10% Jan 18
11
Jan 15
32% Jan 15
46% Feb
13
5
Jan 23
1
Jan
3
41
16%
Jan
4
9
114
Apr
Jan 24
128
Sept
156% July
Dec
7% Dec
100
151
154
x
Feb
6
Jan 30
Ex-div.
y
26% Dec
34% Feb
I327g Jan
6%
Apr
50
130% Jan 16
Corp___l
July
2% Apr
11% June
334 June
984 Apr
27% Apr
100
Cash sale,
Jan
103% S.pt
12%
Jan
No par
r
Sept
5978 .Aug
59
Aug
No par
preferred
Dec
52% Sept
50% Sept
No par
Pacific Tin Consol'd
31%
134 Sept
17
94% Dec
33% Dec
8
4
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Pacific Telep & Teleg
Apr
Jan 10
10
Pacific Ltg Corp
Pacific Mills
8% June
70
Jan
42
Glass Co. 12.50
1st preferred
5% Sept
59
33% Jan 30
1st pref_.No par
Pacific Coast Co
1% Dec
% May
58
100
Pacific Amer Fisheries Inc
Mar
178 Sept
8
111
Outboard Marine & Mfg....5
Outlet Co
No par
Owens-Illinois
Mar
62
18%
77g Jan 18
50
100
120
Dec
%
3
No par
Preferred
118% Mar
July
23% Jan
88
50
100
6
100
Nov
May
47
56% Jan 26
No par
Steel Co
9
15%
97
5678 Feb
No par
Corp (The)
6% preferred
n
2
106
113% Feb
21% Jan 2.
No par
Def. delivery,
9
111
No par
6%
15% Sept
Jan
208
50
Oil Co
Feb
10% Sept
47g July
53%
28% Jan 15
8% preferred A
Oppenheim Collins
""140
43%
7% Jan
5
92
Otis Elevator
100
4534 Sept
Apr
1% May
9
1% Jan 23
% Jan 25
13% Jan 15
1
Preferred
conv
Apr
30
50
North Amer Aviation
$5.50
18%
Jan
50
Northern Central Ry Co
Northern Pacific Ry
400
Jan
5% Jan
10
6% preferred series
% pref series
Otis
39
Jan
100
North American Co
Sept
33
% Jan
100
preferred
Omnibus
27
Jan
119
Shipbldg Corp part stk_.l
7%
50
52% Jan
110
100
Conv preferred
N Y
Jan 22
50
JNYNH & Hartford
10
1,500
4
Jan
73% Feb
13% Jan
Feb
July
5% Aug
10
Jan
173% Aug
145
15% Jan 22
Oliver Farm Equip
2,000
41% Jan 21
110
Apr
Jan
Mar
41
Ohio
3,600
Jan 31
6%
1078
27%
No par
8,200
2,000
148% Jan 29
Oct
4% Feb 8
10% Jan 2P
25% Jan 3
2,800
70
Sept
87g
73%
9%
137g
778 Feb
Norwalk Tire & Rubber No par
100
152
132
18%
100
No par
10
100
173% Jan 31
27
21% Feb
25
700
2,800
2
4
3
6
03% Jan 22
8% Jan 15
12% Jan 2
Northwestern
"3",665
1778 June
100
No par
200
20
Jan
Jan 12
North States Pow 85 pf No par
400
21%
Jan
300
5,800
83
New York Central
1,100
100
Jan 31
170
100
4,500
10% Sept
8% Sept
Sept
12% Jan
96
144
Adjust 4% preferred
5%
17%
157g Jan
10% Jan 19
93% Jan
100
Norfolk & Western Ry
90
17%
17%
17%
142
142
*142
144%
144% *142
11
10%
11%
10%
10%
11%
37
37
*35% 37
*37%
39%
30
30
29% 29%
*28%
29%
55
Jan 19
Jan
N Y Air Brake
20
106%
Mar
13
300
200
Jan
Oct
5
100
13%
Jan
Sept
Jan
Jan
Newport Industries
120
63%
*57g
*35
*13%
14
106% 106%
16
Feb
Noblltt-Sparks Indus Inc
6,800
26%
28%
200
1,200
30,600
17% Jan
20% Sept
_
5% pref series A.
30
12,000
2334 Sept
114
JN Y Ontario & Western.. 100
14
Apr
17%
14% Dec
x8% July
12% Jan
17% Nov
Sept
Newmont Mining Corp
300
♦94
95% May
Jan
10% preferred
400
%
Apr
Sept
Sept
N Y Lack & West Ry Co.. 100
55
Jan
10%
110
No par
...
*53
1
1%
54
Nov
Oct
16%
Jan
15
28% Mar
175
1477g
25
Natomas Co
200
*53%
So
900
7% Sept
21% Sept
Jan
107
10
Newbprry Co (J J)
4%
4%
6%
*110
54
*1#
17
55
32
%
%
1%
142
29%
32
32
*110
54
17
37
34
0%
*141
*51
34%
32
19%
347g
63g
17
*28%
19%
4%
143
*34
19
*3%
*5%
17
17
17%
18%
33%
142% *141
10
10%
17
*141
17%
18%
323g
315g
*110
*61
54
17%
113% 113% *112% 115
*110
*51%
*%
*1%
*3«
46
1784
6%
39,400
1,400
3,300
1,000
45
1734
*5%
3,300
46
16%
18%
33%
*31%
4%
7%
12%
47
*45
16%
4%
900
18% Sept
Dec
116% Jan
No par
3,000
73
12%
46%
163g
32%
42
109
73
267g Nov
9%
Jan 15
Nelsner Bros Inc
*41
Aug
778 Aug
20% Jan
127g Jan
Jan
14
87
Feb
9%
52
23
National Tea Co
conv
Aug
43% Sept
5% Sept
No par
preferred B
4% %
6
4
1434 Sept
6%
5j^ % prior preferred
6% prior preferred
70
109
12%
1634
*3%
800
11%
16%
32%
*97g
2,200
10%
*4%
12
12
44 %
4%
*3%
*5%
41%
4%
40%
400
12
117g
4334
100
13%
42
Jan 20
111% Nov
114
National Supply (The) Pa__10
82 conv preferred
40
41%
*13
2
Jan
24% Jan 24
Sept
8%
1,700
*2234
41%
40%
41%
4%
9
Jan 12
70% Dec
105
Jan
National Steel Corp
87
37g
13%
40%
*40%
Jan 15
Apr
Apr
3,100
24
334
*13
44% Mar
Sept
4%
National Pow & Lt
*85
41%
41%
*40%
*40%
Apr
Jan
109% Jan 30
Nat Mail & St'l Cast Co No par
*23
*13
Oct
Jan
7%
Jan
5,000
9%
Jan
177g
6
2,500
9%
13%
19
6
8
69
Oct
Sept
10
National Lead Co
6%
47
37% Mai
4%
24%
77g
6734
Oct
May
6% Jan
50
24%
21
121
110% Jan 25
1
preferred.No par
7% preferred A
Jan
Jan
984 Jan
1% Sept
2% Sept
18% Aug
117% Jan
Nat Enam & Stamping No par
100
Jan
Mar
1478
2%
30
Apr
18% Feb
Nat Gypsum Co
conv
6%
54
584 Feb
preferred
84.50
Dec
9
18% Feb
Jan 15
Sept
122% May
112
95
10% Jan 30
16% Jan 15
No par
Nat Distillers Prod
200
7,400
..100
100
Nat Dept Stores
Jan
18
40
120% Nov
85% Jan
114
July
50
7% Feb
14
Jan
Jan
21% Sept
39% Jan
16?g Sept
30
Feb
7% Jan 15
22% Jan 3
16% Jan 4
167
Nov
6%
28%
Sept
40% Apr
31% Aug
22% Sept
9% Apr
Apr
15
No par
Nat Dairy Products...No par
50
3,500
16
Jan 24
Nov
63
16% Apr
37g Aug
Jan
12% Feb
110
73
30% Dec
114% Sept
10
35% Jan
72
Oct
Apr
Sept
92% Jan 17
National Cylinder Gas Co..
100
1,300
11% Jan 16
22% Jan
165
5
51
_
13% Jan 13
100
Register
3
19% Jan 30
Nat Bond & Share Corp No par
100
2,300
Jan 22
5% Jan 13
10
5% pref series A
Feb
50% Feb
6% Jan
5
—
Co
148% 148%
*40%
334
*934
13%
40
Corp
cum pref—
..100
Nat Bond & Invest Co.No par
Jan 30
67% Jan 23
109% Jan 31
1
7%
6
10
No par
5% preferred..
100
Murray Corp of America.. 10
20,000
Feb
30
No par
Murphy Co (G C)
1,500
15%
40
*42%
4
Mulllns Mfg
200
Myers (F & E) Bros...No par
*13
11%
Co class B
1
preferred
No par
1,600
Nash-Kelvlnator Corp
5
Nashv Chatt & 8t Louis—100
13%
1134
44%
167g Feb
267g Jan
200
41%
41%
378
10
1134
23
Corp
11,900
*40%
*334
*934
12% Jan
15% Jan 20
1
Motor Wheel
Mueller Brass Co
6%
*13
*40%
10% Jan 12
5
Motor Products Corp..No par
1,500
20
8
3
307g Feb
1,800
10%
101% Nov
14% Sept
Dec
110
Feb
150
59% June
18% Sept
%
10%
Jan
45
Aug
25% Dec
1034 Jan
85%
Jan
6
20%
15%
127g
24%
8
% Jan
Jan
60%
24
Sept
8% Aug
1
44
50
2% Sept
2% Aug
% July
50% Jan 15
£20%
7%
4
44% Sept
103% Sept
1% Jan
»u Jan 26
No par
Apr
4% Jan
Morrell (J) &
Co
Apr
36
Jan
10% Jan
Montg Ward <fc Co. Inc.No par
*50
6%
7g Jan 25
3% Jan 22
4% Jan
200
110
148% 148% *148% 150
23
23%
22% 227g
6
Jan 15
400
7%
150
Jan 20
% Jan 18
72
170
42
17
12
12%
110
Jan
1,200
4,700
72
24%
4
3% Jan 29
37% Jan 16
9% Jan 2
No par
12
*163
2
101
116% Jan
53% Jan
7% preferred series A—100
}Missouri Pacific RR
100
5% conv preferred
100
Mohawk Carpet Mills
20
51
6%
1278
24%
Jan
106
Impt___l|
10
67g
170
Jan 25
4
Jan
z48% Feb
4% conv pref series B—100
30
Jan 15
111
8% cum 1st pref
100
Minn-Honeywell Regu.No par
430
*50%
6%
22%
87g
5
Miami Copper
07g
217g
77g
9
Mesta Machine Co
50%
6%
20%
15
24%
31
11% Sept
Mid-Continent Petroleum..10
Mo-Kan-Texas RR
72
July
Aug
1,800
31
56
397g Aug
28% Dec
14
3,200
31
Aug
5
5
16% Jan 10
6% Jan
25% Jan
4
*16
Jan
6
July
%
37g
*%
'16
88
3
800
7)
6% Aug
1,300
900
6%
*163
5
Feb
15% Apr
5% Sept
Sept
8% Apr
39
4,400
■
6%
20%
07%
67%
*834
70
14% Jan 26
50%
170
3
21% Jan
64
58% Jan 29
31% Jan 8
97g
11%
*6978
15
Jan 12
Merch & M'n Trans Co.No par
6%
20%
14%
1234
24%
147g
127g
5
50
5% conv 1st pref
480
51
8%
8
1,200
5
97g
*18%
150
Feb
53% Feb 6
29% Jan 30
No par
96is
1984
15%
11%
*147
64
86.50 preferred
Mission Corp
150
167g
40
2
Minn Moline Power
*147
15%
*1034
Jan 12
200
*172
*19
Jan
10
4
9
3
9
9% Jan 4
102% Jan 11
11% Jan 6
800
18
18
18
18
18
18%
18%
18%
18%
95
95
*94%
98
96%
*94% 96%
*94% 97% *95
21
*19
21
*19
21
1984
*19
1934 *19
20%
15%
15%
15%
15%
15%
15%
15%
1534
15%
1534
1034
11
11%
113s
113g
11%
*1138
11!% *11%
11%
17
16%
167g
16%
1034
16%
1678
16%
16%
17
167g
114
114
114
114
114
114
114
*111% 114
*111% 114
110
*110
112
110% 110
109% 109% *109% 112
*110% 112
6
6
6
0
6%
57g
6 •
*578
6
5%
678
0
6
0
6
6
0
6
0
6
*578
6%
24
23% 23%
23%
237g
24
24% 24%
24%
24%
24%
14
*12
13
13
13
*1178
14
*117g
13
*117g
13
11
1078
10%
1034
10%
11
107g
11
1078
11%
11%
*92
*94
96
96%
96% *94
96%
96%
94%
94% *94
19%
19%
19%
19%
19%
19%
19%
19%
19%
1978
20%
*172
174
173
173
*170
174
174%
*170
173% *172
174
183S
*94%
99
21% Jan
8% Feb
47% Jan
12% Jan
Highest
$ per share $ per share
4%
42%
*4
*41
*16
*109
100
No par
86 preferred series A. No par
85.50 pref ser B w vr.No par
Melville Shoe Corp
.1
Mengel Co (The)
1
200
i
1
6% conv preferred.
2,300
iV
10
Mead Corp
1,400
64
*57%
63%
31%
31%
5%
5%
23% 23%
*14%
15
*297g 30%
97g
10
1434
14%
35%
3534
116% 116%
50%
51
*110
110%
7
10% Jan 15
8% Feb 1
42% Feb
Co
McLellan Stores
240
1034
17%
17%
19
*16%
17%
18%
18%
100
107
107
106%
107% 108% 109
109%
*117% 118
*117% 118
*117% 118
117% 117%
*121
121% *121
121%
121% 121% *119% 121%
51%
52%
52%
5278
52%
54
54%
55
*43%
447g
*43% 447g *43% 447g *4384 447S
*30
307g
3078
30%
30%
*30%
31
31%
11%
11%
11%
11%
11%
11%
11%
1178
10%
16%
16%
16%
16%
10%
16%
1678
23
23
"
23
23%
23%
23% 23%
23%
4%
*4%
4%
4%
*4%
4%
4%
4%
6%
6%
1934
37g
41
7,100
17
5284
6%
4
»U
*1
30
*50
I
5034
**1
16
44
30
5%
64
61
31%
5%
50
'
t
106
*10%
68%
*163
49%
78
334
30%
*11%
11%
16%
10%
23% 23%
*4
I
4%
*109
110
49%
78
*3%
30
16%
*48%
1
3-
%
%
*23i4
34%
34%
114% 114%
30%
23% 2334
*2234 23%
*14%
15%
*14%
15%
30% 30%
30% 30%
9%
9S4
9%
934
14%
14%
14%
1434
35
*34% 35%
35%
IH84 116%,*116% 116%
*84
3%
%
•it
17%
44
6
15%
10
*117% 118
12H2 *121
121%
52
5134
5134
*109
23 %
10
*11712 118
*4
23
*14%
934
'it
3078
5
5
*334
*39%
•u
*3014
*55
30%
4
•1
45
*60
65
30%
41
17%
*44
*60
64
55
*334
38
14
102
McGraw-Hill Pub Co ..No par
Mclntyre Porcupine Mines,.5
8%
$ per share
z22% Jan 15
7% Jan 17
1
700
11%
11%
8%
101% 101%
11
10%
*39%
934
78
3%
%
3%
IO6I2 106%
*11
5
984
14%
11%
8%
5
53%
30%
30
11
*8%
McGraw Elec Co.-
1,700
1,400
Year 1939
Lowest
Highest
$ per share
Par
24
8
*43
Range for Previous
\QO-Share Lois
Lowest
8%
43%
237g
8
*60
04
53%
30%
30
23?8
43%
*8%
8'
101% 101%
10%
10%
4
934
3i2
1034
23%
*7%
43
2334
7%
43
11
39
*334
39
1734
62
11%
23%
7%
42%
8%
14%
3g
*121
1078
14%
34%
113% 11434
50
48% 48%
110l2 *110
110%
'it
*17
43
9%
9
Iff
7%
7%
43
9 •
9i8
14l2
3414
113l2 11334
9*8
*14i4
34i4
24
64
10%
8%
9978
1012
*8
2334
24
8
43%
1034
8%
997fl
10l2
*7%
*4212
43
10, 1940
EXCHANGE
Saturday
43
Feb.
7% Jan
Ex-rights.
9
9
4
9%
6%
Apr
Apr
25
Nov
15% Sept
12% Mar
3484 Mar
52
Oct
21% Sept
132
June
J Called for redemption.
Volume
LOW
New York Stock
ISO
AND HIOH
SALE
PRICES—PER
SHARE,
NOT PER CENT
Record—Continued—Page
Sales
for
STOCKS
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Feb. 3
Feb. 6
Feb. 7
Feb. 8
Feb. 9
Week
$ per share
$ per share
Shares
$ per share
7%
3*4
18U
$ per share
7%
3%
1838
3%
18
3%
183s
7%
1
*41%
101
7
90
*21%
21*2
21
1%
13s
10*4
*534
1012
*56
6
56*2
887S
8878
3
3
*314
*22i4
*1334
1%
43%
*1%
10%
534
56
88%
3
3i2
24i2
I4l2
*119
3%
20%
*1334
21%
21%
36
36
37
21%
33%
*367g
18%
73s
%
*7
%
42
*42
101
*95
86%
9
17%
1%
43%
213s
1%
10%
534
56%
88%
3%
3%
7%
*8434
90
878
17%
18
7%
87g
134
43%
213s
*1%
10%
*534
56%
14%
19%
7%
7%
7S
*34
42%
*95
7%
*8434
*884
7%
90
9
*8434
*18
20
*18
I84
213s
43%
*21%
1%
*1%
17g
43%
217g
1%
134
43%
21%
*1%
10%
*3334
36
36%
37
43s
21%
*3334
*36%
22
35
37%
4%
117S
24
*1334
14%
36%
33%
25
*22
22i8
*22
22%
22
22
22
22
9034
140
*4
4%
*30
34
1178
*10
*4
*30%
38%
4%
34
39
438
58%
*8%
*26%
4%
61
60
61
834
27
*8%
26%
26%
434
*22%
7%
*70
*172%
634
*9%
*30
*16%
*26%
*12%
*147
*13
10%
*78
*14
478
834
34
21
14%
10%
1
%
*12%
10%
%
21%
10%
78
*111%
*12478
*142
143
*11%
*34%
68%
113%
4034
161% 161%
117% 117%
26%
2634
8%
8%
*85
87%
*77%
7734
15%
15%
534
15%
15%
57„
*75
100%
62%
62%
1%
1%
*19% 20
18
18
*27
28
*3%
15%
26
2134
4
48
48
15%
*25%
*21%
1634
18%
*27%
15%
25%
1%
19%
7%
*78
83%
52%
12%
9234
7
40%
55
7%
634
12
19
1%
38%
%
%
2
*7
68I2.
*37i2
12%
*90%
6%
40%
*53
7%
*6%
*1078
18%
.1%
38
4778
107
115
*
*58
*8%
2678
5%
60%
834
2678
142
4%
34
39%
40%
578
60%
6%
66
8
26
*147
*146%
*34
21%
10%
*78
%
11%
*11%
*34%
68
2178
14
22
*12%
10%
10%
1
1
%
1178
12%
37
68%
114
114
34
1
34
22%
14
1034
1
%
117s
*1178
*35%
68%
114
%
12
12%
37
68%
114
48
1%
12 ~
*12%
*3634
1234
93%
15%
*25%
*2078
*7
7%
*7
7%
*141% 143
162
49%
50
*50
60%
68%
68%
*68
80
1%
1%
134
1%
19%
19%
*85%
20%
88%
1978
70
52%
12%
94
6%
40%
55
7%
634
12
18%
%
*69
72
11%
22%
*77%
*45
*45
12%
*90%
12%
94
12%
*90%
12%
94
*6%
678
40%
40%
*6%
7
40%
40%
55
*53
7%
634
*53
7%
634
12
*107g
1%
7%
*6%
1878
*18%
*1%
36%
%
37
37
3
*%
%
%
2%
2%
*4
48"
7
18%
18%
2734
28
*16
3
*4
20%
21%
88
21%
88%
21%
89%
72
11%
12%
22%
*79
23%
89%
72%
12%
*79
82
*45
127g
*90%
94
7%
.407g
41
7
13%
2634
Bid and asked prices; no
27%
2,600
"2",500
700
""866
700
%
%
%
%
700
3%
3%
334
250
8
*4
50
*4
*49%
*107
~50~"
108
{ In receivership,
a
118
Sept
85
Feb
77% Feb
14% Jan 19
15
Jan
3
5% Jan
6
Jan
4
111
32% Jan
9% Jan
88% Jan
2534 Feb
8% Feb
"4",100
270
40
20
6,400
Feb
5
3% Jan 15
100
Reis (Robt) &
Co 1st pref. .100
Corp...No par
Reliance Mfg Co
10
Remington-Rand
1
5
{Reo Motor Car
Republic Steel Corp...No par
6% conv preferred
.100
6% conv prior pref ser A. 100
Revere Copper & Brass..—5
Class
14% Jan 16
25%
207g Jan 16
10
A
3
a:22% Aug
8
79
8
6% Aug
70
Sept
6334 Aug
Jan
6
15% Feb 9
15% Feb 3
6% Jan 11
26%
Feb
Jan
Jan 31
50
1034
11
Jan
Aug
5
Aug
85% June
5
13
7% Jan 19
8
12% Feb
11% Jan 19
934
Jan 30
49% Feb
6
68% Jan 22
1% Jan 4
18% Jan 22
79% Jan 23
65
Jan 23
11% Feb
22% Feb
Richfield Oil Corp
Rltter Dental Mfg
No par
No par
Copper Mines.
Ruberold Co (The)
No par
{Rutland RR 7% pref
100
St Joseph Lead
10
{St Louis-San Francisco
100
6% preferred
100
{St Louis Southwestern... 100
5% preferred
100
Safeway Stores
..No par
5% preferred—
100
6% preferred....
100
7% preferred
100
Savage Arms Corp
No par
Apr
Def. delivery,
n New stock,
r
Cash sale,
Jan
9234
Jan 31
43
Apr
76
Jan
3
42
Apr
1434 Jan
3
6
Jan
2
21% July
Feb
2
63
Jan 12
3
13% Feb
4
94
2
9
Jan 10
7% Jan 3
41% Jan 20
52% Jan 29
1
8% Jan
Jan 20
Jan 23
1
36%
7g July
127g Apr
29
Jan 29
Feb
Apr
9% Dec
6
Jan 18
Jan
Apr
9
Dec
53
6%
39%
52%
7%
6%
107g
18%
Apr
6%
9
50
Jan 27
1
7
Jan
60
60
Jan
Dec
Jan 12
1% Jan
237g Jan
88
Spring
July
2% Dec
69
100
Reynolds (R J) Tob class B.10
Common
10
16
40
13% Feb
10% Jan
53% Jan
79
97g Jan
7% Jan
1134 Jan
20% Jan
1% Feb
Feb
42
Jan 25
Jan 15
7
% Jan 3
% Jan 19
2
Jan 30
4
Jan
9
3
Jan
Jan
50
Feb
2
108
Feb
Jan 10
114
Jan 29
11312 Jan 30
19% Jan 15
115
Jan 22
y
Feb
Ex-rights,
6%
Apr
Sept
%
Jan
27%
Apr
Sept
July
52
Aug
1®4 May
3% May
2784 Apr
112
44% Jan 15
5%
35
15% Sept
84 Apr
Apr
% June
Feb
4
37% July
7% June
7884 Jan
27%
3$ Jan
3
Apr
Aug
6% May
Jan
334
9%
10
104
x Ex-dlv,
53% Apr
1% Dec
16% Apr
2078 Sept
Feb
40
Jan 15
Reynolds
7
8
4% Feb
77
5Yt % conv preferred
Jan
23
preferred
100
5k% preferred
100
Reynolds Metals Co—No par
Roan Antelope
%
%
sales on this day.
12,600
*2%
48%
117% Jan
5
Silk Hosiery
Preferred
2,000
634
*11234 113
113% *11234 113
115
115
*114% 115
*114% 115
25% 26% x25%
26%
26%
27%
Apr
Sept
60
.50
4% 1st preferred
4% 2d preferred
Real
300
%
%
107% 108
60
Preferred with warrants..25
3%
48%
par
Rensselaer & Sara RR Co. .100
2,200
37,400
700
107%
27
3,900
2,000
48
115
"""206
7%
113
129
147
par
Reliable Stores
1%
107
*114
1,700
19%
4734
48%
10634 107%
9
Jan 20
6% June
3734
113% *113% 113%
107
Feb
164
12% June
10% Apr
138
37%
...
Sept
143
160% Feb
3
20,300
%
31% Apr
101% Sept
112
Jan 24
12
%
6
Jan 11
Jan 12
19%
19
1%
Jan
Apr
Apr
Mar
2834 Jan
1678 Jan
634
1878
9
50%
112
Jan 13
*1178
36%
,.100
100
141% Jan
Jan
Jan
Jan 15
7%
634
187g
*1%
No par
6834
118%
3934 Jan 18
4134
111
Jan 29
115%
125
Jan 18 2:127%
Jan 31
Aug
16
117g
36%
No par
6534 Jan
113
18
Jan
27
634
187g
1%
42
Jan 16
.25
*107$
37
36
6
?_1
55
73g
6% Sept
$2 preferred
Reading Company....
7%
634
117g
7%
% May
11% Jan 18
147g Jan
1434 Jan
Rayonier Inc
100
7%
*53
55
38 Jan
Jan 15
100
50
13
4034
8
%
11%
1
7%
50
634
4
1% Feb
700
82
94
40%
1234 Jan
Jan 29
400
*45
Apr
Feb
3,900
12%
*90%
Sept
Aug
%
64
1234
2434
34 Jan 11
1%
207g
72%
2434
Jan
Jan 16
20
134
«4 Jan 11
10% Feb
% Jan 12
800
80
June
6
8
80
51
18
142
2
7%
1%
12% Aug
Jan
1534 Jan
3
15
50%
30
Jan 18
Feb
1% Jan
*12
*68
24
_
9
19% Feb
1634
1%
Jan
34% Jan
19% Jan
60% Jan
*12
50%
11
16% Jan 15
par
90
80
Sept
478 Aug
6% Apr
22
Apr
par
52
1%
Apr
158
8% Jan
700
11,100
*48%
50%
Jan 18
50
$5 preferred B
No
$3.50 conv 1st pref__No
{Radlo-Keith-Orpheum No
Raybestos Manhattan.No
"2",700
52
*68
9% Jan 20
Mar
Jan 25
par
No par
6% preferred
5% conv preferred
600
13%
934
Jan
684 Jan 15
Apr
4
6% Apr
7% Aug
% Aug
Radio Corp of Amer..-No par
*49%
7%
2% Apr
12
I
Jan
17% Sept
200
26%
3%
Jan
Jan
9
22,400
22
37S
Jan 17
5%
27%
8%
72%
6
Purity Bakeries
No par
Quaker State Oil Ref Corp. .10
800
2134
Apr
35% Mar
Jan
Pure Oil (The)
100
Jan 18
12
Aug
172% Jan 30
Feb
30
110
Jan
6
23
Feb
Pullman Inc
200
Jan 29
171
36
15
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J ..No par
$5 preferred
No par
6% preferred
100
7% preferred
100
8% preferred.
100
Pub Ser El & Gas pf $5.No par
3,600
Jan 17
4% Jan 13
70
Feb
Apr
2234
5
50
Procter & Gamble
100
Aug
20%
12% Jan 13
Pressed Steel Car Co Inc
8,500
Apr
2
67S Feb
No par
Class B
18,400
26
4%
5
{Porto Rlc-Am Tob cl A No
1,000
25%
2134
Jan
110
7
5% conv 1st pref
5% conv 2d pref
16%
334
Jan 22
21
Pond Creek Pocahontas No par
Poor & Co class B.....No par
200
284 July
25
31%
_
26
100
Plymouth Oil Co
200
25%
*21%
preferred
6
48
100
124
4134 Jan
38% Feb
Pitts Y'n & Ash Ry 7% pf.100
Pittston Co (The)
No par
143
Jan 23
434 Feb
834 Feb
27% Jan 10
49% Jan
100
Jan
Sept
Sept
31% Feb
61
820
161% 162
136
Jan
No par
100
Jan 10
Apr
74
Jan
7% pref class B
100
5% pref class A
100
5 H % 1st ser conv pr pf.100
Pittsburgh & West Va
100
200
Jan
% July
8
Pittsburgh Steel Co
2,500
Jan 23
4% Jan 31
30
% Jan
44
25
220
*53
%
%
2%
18%
136
5
100
800
112
*115% 119
*11578 119
29%
27%
29
28%
8%
8%
8%
8%
*85%
87%
87%
87-%
77%
77% *77%
77%
15%
15%
153g
15%
*14%
15%
*14%
15%
6
534
6
57S
*75
*75
100%
100%
6312
6312
63%
63%
1%
f 1%
13g
1%
19%
20
20%
20%
40
Jan
No par
55
1%
*18%
41%
3434 Feb
Pitts Coke & Iron Corp No par
$5 conv preferred
No par
Pitts Ft W & Ch 7% gtd pf 100
150
Apr
534
3
Pitts Screw & Bolt
125%
72
11%
2278
82
52%
*1078
1%
38%
*85%
1%
20%
88
11%
22%
82
52%
11%
22%
*77%
41%
934
68%
70
114
8% Jan
10% Feb
5
Pittsburgh Coal of Pa
13
38%
Feb
94% Feb
Pitt C C & St L RR Co
1,100
17
Apr
13% Sept
8884 Jan 15
Pirelli Co of Italy "Am shares
5,900
7%
21
22
75
150
2,300
Jan
Apr
May
36
Hosiery
Preferred
120
2
Jan
Jan
Pillsbury Flour Mills
340
Feb
30%
Jan 11
""560
13
7% Jan 30
6% Jan 11
Pierce Oil 8% conv pref._„100
"3",500
24
85
100
130
_
Jan 27
Jan
47
500
1,300
Jan
Aug
par
590
6%
Jan
Jan
Jan
Apr
10
Reading C & I .No
66
100
25
16%
118%
2434
36%
3834
4%
1284
Apr
40% Jan
Phoenix
"""700
2
Jan 20
4,600
10
Jan
Jan
36% Jan
28% Jan
Jan 24
21
7
74% Jan 26
38 Jan 3
No par
4,200
""800
5
Jan
1078 Jan 30
684 Sept
Apr
28% Apr
No par
Philip Morris & Co Ltd
4,600
978
49%
1,100
Co
6
*%
12%
143
Corp of Amer
preferred
Phila &
900
934
9%
$6
~i~8o6
97g
9«4
400
1%
1334
978
*12%
1,100
1%
13 34
1334
Petroleum
No par
40%
*7%
13%
*12%
400
2234
14
1134
*111%
Jan 24
5% conv pref series A
100
Phillips Jones Corp
No par
7% preferred
.100
Phillips Petroleum
No par
434
*3634
112
10
3038 Feb
21% Feb
100
Pet Milk Co
34
2234
*12%
11%
114
100
100
prior preferred
preferred
300
5
Jan 24
Jan 5
Jan 15
Feb 5
Jan 16
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
34
66
*7%
*12%
13 34
5%
5%
145
6%
*1247g 125% *125
162
180
20% Feb
100
Peoria & Eastern Ry Co
Pere Marquette Ry Co
1,430
»
1378
118%
21%
33%
3534
3%
7,100
94%
4%
*31%
39%
37%
A ...No par
Pfeiffer Brewing
86
*1238
68%
68%
113% 113%
4034
41
*111
24",400
600
*137
ser
Corp v t c No par
preferred
No par
Pennsylvania RR
50
Peoples Drug Stores...No par
Peoples GL&C C (Chic).. 100
conv
37%
4434
37
44%
*78%
13
12%
*114% 115
26
11
34
22%
14
11%
1%
12%
*%
107
4034
111%
125%
*141%
160%
*%
22%
*12%
50
24
Aug
pref
No par
Penn G1 Sand
*147
49
12
15
conv
10
3,600
27
3%
52
1634
734
Sept
June
$7
No par
9%
*8%
27
3%
*49%
*12%
*%
*2
113% *113%
25%
5%
4%
*31
*3%
*4
*4
115
39
4%
31%
39%
16
82
25%
4734
*134
*4%
31%
28
*77
*23
107
92
15%
71%
*113
91
142
%
92%
18%
90
*%
91
*134
%
*2734
*86
*%
78
15%
25%
2134
71%
*11%
*22%
2
37
44%
78
18
12%
1%
3534
28
74
38%
*215g
15%
*25%
2134
90
634
*2184
18
*11%
*7%
834
2678
257s
22
*27
*69
*1078
*18%
61
*8%
267«
117g
34
25%
15%
25%
21%
3%
*86
*6%
*58
11%
33
257g
22
18%
12%
134
19%
40%
5%
11%
34
28
12%
*1%
19%
*53
5
11
*27
48
*12%
934
*49%
11%
4%
34
39
*3
*18
48
1334
934
49%
68%
9234
4%
*30%
38%
4%
18%
*3%
21%
Aug
""400
*3
28%
15%
25%
21%
334
2%
17%
II84
120%
600
44%
41
40% 41
112
11178 *111
125% *1247S 126
*142
143
*141% 143
143
161% 161% 161%
161% 162
*115% 119
*115% 119% *115% 119
26% 27%
2578
2678
2534 26%
8%
8%
8%
8%
8%
8%
*85% 87-% *85%
87% *85% 87%
7734
*77%
77%
77% *77% 7734
15%
15%
15%
15%
15%
15%
15%
15% *14% 15%
*14%
15%
5%
578
534
5%
534
5%
*75
*75
100%
100% *75
100%
63%
63% 64
6234
63%
6378
1'%
1%
1%
1%
1%
1%
*19% 20
1934 *19I2
20
*19%
*12%
7%
*12%
934
49%
*67%
*3712
9134
140
*12%
14
*%
%
11%
11%
11%
12
12
*113s
36
*34% 36
68
68%
68%
113% *113% 114
41
4034
4078
11178 *111% 11178
125% 12478 125%
11%
*134
*147
21
334 Jan
300
k
*147
Apr
3% Jan 23
37
4%
834
834
*26%
27
49
49
49
49
49
49
49
49
*Ji5
*47% 49%
111% *107% 111% *107% 111% *107% 111% *107% 111% *107% 111%
5
5
434
434
484
434
4%
4%
434
4%
4%
23 78
24
23 78 *20%
24
*20%
24
24
*20%
*20% 24
7
7
7
7
7
7
*6%
7%
7%
7%
7%
70
70
*70
*70
70
72
70
71% *70
71%
71%
175
*17234 175
*172% 175
*17234 175
*172% 175
*17234 175
7
678
678
63
67g
678
678
7%
678
7%
7%
*9%
93
10
97g
97g
9%
10%
*9%
*10%
11
934
*27
30
30
33
*28
30
33
33
30
33%
3334
*17
18
18
18
19
*1634
18
18
17%
18
*16%
*29
31
29% *26% 29%
28%
30
29% *25% 29% *26
12
13
12%
12%
13%
12%
12%
13
12%
13%
14%
—.
*%
*20%
4%
s4
36
9%
*76%
3s
91
22%
*734
*44
140
22%
9%
78
91
74
*34
734
44
*134
48
4% Jan
*36%
784
78
Apr
ll7g Apr
1% Aug
534 Apr
2:5% Dec
2
36%
9%
43%
4
27g Jan
35
734
80
36
Jan 17
1% Jan
95
800
800
$7
9%
36%
44%
79%
%
43
%
91%
14
9%
35%
35%
9%
*22
734
778
9%
35»4
39%
*45
*10
35
39%
*107%
778
*3
22
Apr
Sept
Sept
6% Sept
72
Sept
7% Sept
14% Sept
1% Apr
92
6
6,200
*119
22%
*34
33
43s
*3
10%
534
5634
89
*21
22
10%
534
56
*119
Jan
Feb
2% Jan
,443g Jan
%
35
Feb
200
14%
8
88
400
23
...
2
Jan 25
Jan 4
Jan
June
Penney (J C) Co.
14
*1334
Jan
Feb
Apr
5
4,200
23%
*21
1
42%
101%
8%
8734
9%
Dec
62% JaD
Penn-Dixie Cement
*119
7% Jan 10
18
Highest
97g Sept
1
1,000
14%
13g Jan 17
9% Jan 11
534 Jan 13
3
3
55% Feb
3%
25
9034
Jan 15
3%
24
*134
18
7
4
2
Pathe Film Corp
1
Patino Mines & Enterprises .10
Penick & Ford
No par
3%
22
7
Parker Rust Proof Co
2.50
Parmelee Transporta'n. No par
100
3%
...
9
134 Feb
1
Jan
Jan 22
338
*1334
2
Jan
8% Jan 18
17
43
3%
57g
56%
89
85
1
No par
3%
37
%
900
Parke Davis & Co
*338
34
%
3,200
1,400
2138
1%
Jan 15
100
Penn Coal & Coke Corp
33
%
178
43%
7
__10
5,100
24
*%
17g
43%
21%
*1%
78 Jan 3
41% Jan 12
1
6% 1st preferred
6% 2d preferred
8% Jan
3% Jan
20'4 Jan
634 Jan 16
Jan 18
Park & Tllford Inc
Park Utah Consol Mines
4
1178
32%
*78
200
37g
22
80
500
4
31%
44i2
100
9
20
Jan 13
100
Paramount Pictures Inc
334
22
35*4
92
7%
7% Jan 12
3% Jan 12
17
1
3%
32
80
1%
43%
21%
1%
1034
$ per share
100
*3%
578
56%
*9%
*303s
*21%
*43
87g
$ per share
No par
preferred
88%
22
934
12" 900
7%
*88%
87S
conv
88%
334
21%
778
4%
88%
6
22%
778
9%
3434
42%
101
107g
1178
3H2
934
Paraffine Co Inc
500
57
22
8I4
Panhandle Prod & Ref
300
$ per share
Airways Corp
5
Pan-Amer Petrol & Transp__5
10%
57g
*30%
9%
500
42%
%
42%
Year 1939
Lowest
Pan Amer
57
6
*10
*778
11,200
200
*18
90
20
Par
19,600
778
3%
Range for Previous
Highest
Pacific Western Oil Corp
10
Packard Motor Car
No par
19
7%
*7%
3%
18%
73g
*95
7%
87g
4*2
35
7g
42%
101
7
*3
*3
3%
Range Since Jan. 1
On Basis of 100-Share Lots
Lowest
56%
88%
3%
88
*119
"21%
778
3%
18%
42%
178
22
21
*7%
3%
19%
7%
101
43%
10%
778
*h
42
*119
*3618
18%
*95
7%
*17
1%
43l2
17%
1%
43l2
*7%
3%
*7
1
$ per share
778
3%
42
7
86%
*834
9
*834
*17
*73g
3%
18%
101
*95
7%
*85
/%
*7o
42
*78
*4112
*95
$ per share
8
*7%
*7
.
959
EXCHANGE
Feb. 5
8
82%
6
Jan
96
Jan
104% Jan
1034 Apr
f Called for redemption.
«MIHM
3CS
New York Stock Record—Continued—Page 9
960
LOW AND HIGH
SALE PRICESr—PER SHARE. NOT PER CENT
Monday
Tuesday
,
Feb. 3
Feb. 5
Feb. 6
|
f per share
I per share
3 per share
12ts
7612
J4
12U
7612
I4
*512
6?8
46%
*46«4 47
♦11284
*11314 114
14
14
14
«4
1878
*2
827«
15
187s
2i«
83
15
*18
178
83
14%
*12«4
1312
*12%
*54
60
*54
*412
51
684
*3784
IH4
4%
51
4%
*4978
684
*3784
11%
*1065s 1071s ♦106%
♦6U
22
*2%
678
38
HI4
6%
22
2*2
*22
2312
*1912 20
10314 10314
*104
*109
*15
*10%
22%
11%
2%
*14%
*2314
109
*148
29%
1278
17%
2984
%
21%
2%
6%
21%
*2%
*22
23%
20
109
23%
29
*38
*38
*2
2%
2
♦5%
♦2184
45%
*30%
*50%
9%
7
70%
22%
46
2984
31%
52
9
60%
29%
^7,«
7,4
*60
T0778 10778
23%
1278
17
29%
*5%
29%
13%
17%
29%
41%
2
7
*4%
*5%
36
4%
584
30
30
50%
9%
60%
2984
50%
9%
60%
7
30%
7%
*2
122% 123
IO84
23%
2
13%
*29
•78
*4%
*8%
II84
•24%
85
484
978
II84
25%
2%
*2%
*25%
10%
27
10%
1
1
2
13%
29%
29%
1278
17%
29%
*38
2
*5%
29%
13%
17«4
30%
41%
2
7
70%
22%
6%
22%
2%
6%
22%
*2%
6%
22%
2%
24
23
23
13%
177g
29%
13%
18
29%
13%
30
3034
30%
29%
*38
2
7
50%
9%
60%
30%
50%
9%
60%
31
*50%
9%
60%
31
17g
*5%
*65
60%
31
7%
10734 10784
7
*1«4
4%
12%
15%
24%
26%
43
*29
2
484
12%
1534
24%
2684
43%
30
*784
10%
77b
8
*122% 123
10%
23
10%
23%
*22
31
7
7%
10784 10784
lb
lb
4%
4%
12%
15%
24%
2634
43%
*29
123
10%
2312
2
2
2
14
14
*14
29
29
31«4
7%
31%
784
*5%
*5%
3184
784
584
36
36
*35
*4%
*684
5%
36
4%
29%
6%
22%
31%
*734
57g
*5%
*35
4%
12%
1584
24%
27%
4334
297g
77
8
6%
10%
10%
6
6
111%
15%
10%
24%
11«4
2%
15%
24%
111% 11134
*15% 16%
10% 10%
22%
45%
31%
*50%
43%
3%
34%
8
8
8
43%
3%
34%
*734
57g
11%
*15%
5b
H84
16%
*50
53
43
16%
16
584
11%
16%
*5012
3%
62
3%
50%
50%
3%
3%
*33%
3678
4
3678
4%
*35
4
*33%
4%
30%
30
30%
284
*30
6
684
3%
4%
29%
1378
18%
317g
42
7
70%
22%
46%
317g
53
10%
61
34%
43%
3%
3484
*784
534
II84
2178
48%
2178
48%
5%
15
8
2%
5%
I484
584
5%
5%
5%
1478
7%
14%
14%
*7%
2%
2%
7%
2%
14%
7%
2%
2%
*2%
*27%
28
27%
*10%
22
4834
78
484
9%
11%
24%
2%
27%
10%
4%
*8%
11%
*2484
*2%
27
•
10%
1%
42%
10
10
1%
42%
1334
1%
42%
14
Bid andsaked prices; no sales on this day.
9
22% Jan
4
16% Apr
15% Aug
jan
3% June
28% Oct
29% Jan
98% Nov
Dec
Sept
300
Smith & Cor Typewr __No par
Jan
4
9
2434 Feb
12% Jan
2% Jan
2
7,500
26,100
2,500
Snider Packing
Corp...No
par
80cony Vacuum Oil Co Inc. 15
South Am Gold & Platinum.. 1
7
10% Feb
8
1984 Jan 13
i
11% Jan 31
2
800
S'eastern Greyhound Lines.-5
15
1,400
So Porto Rico Sugar...No par
22%
14434
287g
12%
1634
28%
100
preferred.,
"4,600
Southern Calif Edison...... 25
17,000
6,100
6,200
Southern Pacific Co
Southern
5%
100
No par
100
Ry
preferred
Mobile & Ohio stk tr ctfs lOO
"i"B5o
Jan 19
Feb
2
l}b
16%
Jan 16
26
Jan 6
Jan,19
149
Jan 15
Janil5
Jan 15
3734 Jan115
9
2
Dec
12% Apr
10% Aug
1% Sept
Jan
3
13
Sept
Jan
8
14
Apr
Jan 26
127
Apr
30
Jan
3
15%
20%
347g
Jan
3
Jan
3
11% Apr
15% Apr
39
Jan
4
34
Jan
3
1% Feb
8
2%
Jan
8
Feb
2
7
Jan
6
23% Jan
10% Apr
Mar
1% Aug
434 Apr
24
Sept
15%
3%
18%
35%
Sept
Sept
July
Sept
143
70
8,200
300
2,500
26,600
800
800
2,000
400
6
65
129
Jan
65
Jan 29
Spencer Kellogg & Sons No par
21
Jan 16
22%
Feb
8
14%
Apr
47
Feb
9
36
Apr
Apr
70%
22%
517g
34%
1
Sperry Corp (The) vtc
1,700
4,200
68,700
2,100
40
3,800
2,000
2,000
700
300
400
4,500
2,200
1,400
Spicer Mfg Co
$3 conv pref A
Spiegel Inc..
Conv 54.50 pref
Square D Co...
No par
No par
.2
29
No par
60
Standard Brands
No par
1
preferred
No par
^Standard Gas & El Co No par
34 preferred
No par
$6 cum prior pref
No par
$7 cum prior pref
No par
$4.50
20
1,200
400
700
4%
4%
1,400
3034
3084
10
—5
Stewart-Warner Corp
Stokely Bros & Co Inc
1
No par
Stone & Webster
1
Studebaker Corp (The)
..—No
Sun Oil
par
53
Dec
Aug
62
Jan 11
Mar
Mar
3384
Jan
16%
75%
34%
7%
4
Jan 19
Jan 19
Feb
5
9
Swift & Co—
Symington-Gould Corp w w.l
Without warrants
Talcott Inc
(James)—.——-9
5)4% preferred....
50
Telautograph Corp
—5
Tennessee Corp
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil
10
Texas Pacific Land Trust.... 1
Texas & Pacific Ry Co
100
Thatcher Mfg..
No par
$3 .60 conv pref
No par
No par
-.100
Preferred
Thermold
$3 div
Co
conv
preferred
2
10% Feb
9
Jan 15
Jan 23
9% Jan
23
2
Feb
6
2
Jan 19
13% Feb
1
28% Jan 11
6% Feb
Jan
7
2
3034 Jan 15
Swift International Ltd-
The Fair
Jan
56% Jan 23
22
....
10
100
25
Third Avenue Ry.
200
Thompson (J R)
Thompson Prods Inc..No par
Thompson Starrett Co.No par
$3.50 cum preferred-No par
7% Jan 23
5% Feb 6
Feb
2
34% Jan
2
5
4
3%
3284
7«4
684
49
49%
5%
15%
7%
5%
14%
15%
784
2%
200
Transue & Williams St'l No par
7
2,500
78
78
Trl-Contlnental Corp..No par
$6 preferred.
No par
78
10
8
13% Apr
Jan
4
Jan
24% Sept
2284 Aug
Jan
38
Aug
53% 8ept
Jan
20%
Apr
36
Sept
Jan
65
Apr
80
Dec
Jan
Jan 27
6% Aug
3% Apr
8% Apr
5
17%
Jan
9
5%
Apr
10
Oct
8
4584
118%
7%
19%
Sept
66
Jan
123
Jan
6
107g Jan 20
277g Jan 5
2% Jan 3
17% Jan 3
297g Jan 2
7
Jan 11
23% Jan 10
32% jan 25
9% Jan
3
Jan
4
7%
5%
36
Jan
3
Jan 16
Apr
2284 Sept
5b Sept
17
26
Sept
8
7
Aug
9
8% Jan
6% Jan
12% Jan
4
Jan
8
18%
8
52% Jan 29
384 Jan 11
Jan
2
4
Jan
Jan
Oct
48
61
Oct
434 Jan
307g Feb
3% Jan
2
8
14
3
1%
Jan 24
Jan 13
24%
Jan
3
Jan 19
Jan 23
Jan 15
Jan 19
52
Jan
3
6% Jan
15% Feb
8% Jan
9
5
8
6%
Truax-Traer Corp
Truscon Steel Co
No par
20th Cen Fox Film
CorpNo par
No par
$1,50 preferred
preferred—.*
100
Twin Coach Co
1
No par
Feb
2
7
4% Jan 25
11% Feb
24% Jan
6
4
2% Jan 26
24
Jan 15
9% Jan 15
1
Jan
2
Ulen & Co
39% Jan 16
12% Jan 15
Union Carbide & Carb.No par
Union El Co of Mo?5 pf No par
78% Feb
3
112% Feb
3
25
16
Jan 16
Union Pacific RR Co..
100
93
Jan 15
4% preferred
Union Tank Car
100
85
Jan 29
Union OH of California
No par
United Aircraft Corp
Un Air Lines Transport
United Biscuit Co
Preferred
United Carbon Co
5
-
No par
100
.No par
United-Cair Fast
Corp.No par
United Corporation..
No par
$3 preferred
No par
n
New stock,
r
Cash sale,
z
Nov
Apr
33
Nov
Jan
3b Oct
484 Nov
33% Nov
384 jan
18% Dec
14% Mar
83
Sept
96
Feb
IO84 Apr
34% Apr
25
Dec
5%
Sept
Apr
Apr
54%
Jan
8% Sept
1278 Dec
1078 Jan
234 Jan 4
79% Jan 10
6% Jan 4
"13%
Jan 4
25% Jan 23
2% Jan
28
11%
1%
44%
147g
88%
115
4
Jan 30
Jan
3
Jan 11
Jan 9
Jan 8
Jan 4
Jan 12
17% Jan
97% Jan
8
4
2
Mar
74
Apr
3
Apr
784 Sept
6
2% Feb
10
Twin City Rapid Tr an. No par
7%
3
Oct
6
284 Sept
Apr
1% July
7% Apr
9% Aug
20%
46%
5%
12%
Oct
5«4
41
17
11% Jan
—
Dec
8
Jan 27
Jan
9
Feb
8
10%
25% Sept
37% Sept
12% Sept
9% Sept
7% Mar
43% July
6% Mar
9% Sept
5034 Sept
584 Jan
38% Sept
11% Sept
24
3% Dec
30
Sept
2% Apr
38%
30% Mar
22%
95
Transcont'l & West Air Inc.-5
Apr
128% June
H84 July
38% Jan
3% Sept
22% Jan
534 Nov
8% Sept
15% Dec
1
Tlmken Roller Bearing-No par
Transamerica Corp
2
Apr
24«4 June
4% Aug
3% Aug
47s Aug
33% Oct
3% Aug
3
10
Sept
134 Aug
Jan
Timken Detroit Axle.
Apr
10
Feb
pief
Sept
8
Jan 16
12% Jan
7»4 Sept
Jan
32% Aug
3% Aug
6
Sept
Feb
4
Feb
30
6034 Feb
10
conv
Apr
4
Under Elliott Fisher Co No par
Union Bag & Paper.—No par
Def. delivery,
9
Jan
4% Jan
35% Jan
700
10,700
7,000
484 Apr
Jan
5% Jan
10% Jan
207s Oct
25% Oct
33% Sept
Jan
67g Jan
467g Jan
1
600
100
8
Dec
June
18%
91
100
""960
7% Jan
108
Dec
22>4
26%
2734
46%
33%
8O84
8%
67g
12%
11%
No par
$4.50
200
700
Dec
23
49
2,200
2
16% Jan 13
2,600
1,600
2,400
8,300
21,700
14,700
1,000
4
4% Jan 17
32% Feb 8
2% Jan 4
227g
20
Oct
277g jan 15
2
Jan 15
22%
1,600
1,400
94
Tide Water Associated Oil.-10
400
17,300
10,500
3
5
Jan 23
3% Jan 16
2634 jan 8
284 Feb 5
4
Apr
I077g Feb
2% Jan
4
60% Jan 3
3% Jan 12
34
Dec
Dec
4% Jan
Jan 2
Feb 1
Jan 30
11% Feb 5
16
2
784 Jan 18
Jan 25
5% Feb
42% Feb
93
1,800
Apr
8%
5784
18%
5%
24
25
preferred
700
200
42
3
Jan 19
Jan 19
..100
10c
Superheater Co (The).-No par
Superior Oil Corp..
Superior Steel Corp.
..100
Sutherland Paper Co.
10
Sweets Co of Amer (The)—.50
6%
Sunshine Mining Co.
5,100
1,600
1,100
13,200
"5" 500
11
9
Jan
1%
3%
10%
13%
122
4%
9%
3
Jan
11%
42% Feb 5
28% Jan 29
76% Feb 8
7% Jan 31
32%
400
Jan
53
25% Jan 15
Sterling Products Inc.
Nov
Dec
Sept
34%
2934 Jan 26
6
Jan
2
1037g Jan
Sept
1
2
25
230
300
Jan
60
5
Jan 15
50% Feb
9% Feb
Standard Oil of New Jersey.25
Standard Oil of Indiana
500
100
42% Jan 12
Dec
29% Dec
21% Jan
23% Jan
36% Nov
4334 Sept
3% Jan
9% Sept
No par
1
Pparks Withington
Spear & Co
Sept
17% Mar
55.50 preferred...—No par
100
8,500
1,400
2,500
a
Feb
21
35%
t In receivership,
23
87a Sept
3284
112
35
21
28
IO84
1%
Jan
2% Jan 10
127
3,800
12
25
24
Jan
13,300
2%
*27%
10%
1%
42%
17% Sept
10778 Nov
484 Apr
17% Apr
2% Dec
11% Apr
3
Feb
93
2%
27%
97g Aug
98% Aug
7
15
2%
21%
10%
II84
25
4
6% Jan 10
10
384
434
13% Jan
108% Feb
600
6%
44%
*4%
*8%
11%
*2434
11% Feb
38% Aug
Apr
99% Jan
*4%
31%
2%
21%
10%
4%
9%
Jan
6% Dec
Apr
*6%
43%
334
78
28
70
2,200
1,700
734
7
92
78
2%
Oct
Feb
101
77%
8%
6%
534
Sept
7b Sept
54
9
Starrett Co (The) L S_.No par
10%
10%
*1
1%
1%
1%
42%
42%
42% 4284 *42%
42% 42%
13%
14%
13%
14%
13»4
13%
14%
14%
14%
80
79
80
80
81% 83
80%
81%
79%
78% 79%
112% 112% *11284 11378 112% 112% *11284 113% *11234 113% *11234 113%
16%
16%
*16
16%
16%
16%
16%
16%
16%
16%
16%
16%
94
93
93%
93%
9334 95
93% *93
93% *93
93% 93%
88
8834
86%
86%
8784 8784
87% 87% *86% 87
87% 87%
26
26
26
26
25
25%
25% 25»4
25% 25%
2484 2434
48
48%
49
48% 49%
48%
47% 48%
48% 48%
48% 4878
1534 16%
15%
15%
15% 157g
15%
15%
15%
1584
15% 15%
16
16
16
16
16
16
16%
*1584 16
16%
*15% 16
*114
*114
116
116
*113
*113
116
116
*112»4 116
*112% 116
56
56
54%
54%
55%
56% 56%
5478
5478 *55
*54% 56%
*17
18
*17
18
*17
18
*17
18
*17%
18
18% 18%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
407g 41%
40% 4084
40% 40%
41% 4184
40% 4084
40% 4034
10%
1%
42%
13%
78%
19% Janl 15
9
June
112% Jan 17
17% Jan 3
200
3%
21% Feb 2
2% Jan 8
21% Jan 19
7% Jan
72
Dec
2b May
43
Jan 29
t
30
3
Jan 16
9
111
140
3
6
Jan
No par
38
*4%
40
Jan 11
56 preferred
Smith (A O) Corp
30
*384
36% Jantil
Jan
160
437g
38
54
684
Jan 31
Standard Oil of Calif—No par
5%
4% Feb 2
50% Feb 9
6% Jan 13
10% Feb 1
105
Jan 15
Jan
Feb
13,400
8,200
16,100
8
2% Jan
16% Jan
113
24%
27%
44%
3%
21«4
48%
*2%
43%
3%
35
8
Sept
3% Sept
24% Sept
3% Jan
8578 Nov
18% Jan
21*4 Jan
Apr
103%
24
10%
10%
1
15% Aug
1% June
60% Apr
11% Apr
10% Apr
Jan
130
Jan
preferred
2,600
8%
634
11
11%
Jan
105
6%
16%
27%
1
10% Jan
52% July
117% May
Sloss Sheffield fcteel & Iron. 100
15%
38%
4%
30%
3%
4%
32%
2%
21%
10%
93%
22%
2%
21%
a;10%
*92%
2%
28
51
15
.100
Skelly Oil Co
per share
17b Mar
76% Aug
200
1,700
800
IO84
93%
21%
*2%
*25%
32%
10%
10%
61% 62
31% 32
7%
7%
107% 107%
134
I84
4%
5
1284 I284
3%
78
Simonds Saw & Steel...No par
200
2%
21%
*8%
11%
24%
32
51
10
Petroleum..
Simms
4
93
978
Simmons Co——.—No par
53
10%
1184
24%
47
No par
Sept
% Aug
1
Highest
51
26
15
Shell Union Oil
105
% Jan
1% Jan
12% Jan 16
No par
$5 conv preferred
No par
Sharpe <fe Dohme
No par
53.50 eonv pref ser A .No par
Shattuck (Frank G) —No par
Sheaffer (W A) Pen Co.No par
Sharon Steel Corp
1,900
*50
2%
*20%
11%
24%
70%
22%
2
2
Jan 15
115% Jan
% Feb
87
5H% com- preferred.—100
900
Jan 23
Jan
% Jan
Aug
Sept
% Apr
384 Apr
44% Sept
% Jan
7% Feb
49
134 Jan 31
Silver King Coalition Mines.-5
7
46
% Jan 8
4% jan 11
46% Jan 23
8O84 jan 15
14% Feb 6
700
"""loo
3
No par
600
53
32
978
3,100
800
4ig
II84
2478
*22%
36%
4%
30%
*4%
470
16
32%
*4%
*8%
1,400
16
93
4%
400
♦16
*2%
*4%
4%
*8%
11%
*24%
"2~300
1,800
1,000
31%
78
*5%
*65
10
Jan
Sears Roebuck & Co-—No par
-——1
share $
61
Beagrave Corp
13
93
79%
434
2%
13% Jan
7684 Feb
400
Servel Inc
per
1134 Jan 23
18
7,300
7,700
1,500
1
72
Seaboard Oil Co of Dei-No par
8%
41%
2
S per share
300
*11%
10%
*78
*38
3%
49
6J4% preferred
—100
JSchulte Retail Stores———1
$ per share
113
"e'ioo
12
16%
4%
31%
2%
21%
1034
80
2984
14%
1834
31%
5
Schenley Distillers Corp
8%
29%
1334
18%
31%
36%
4%
30%
3
Par
2,700
400
Lowest
Highest
preferred
.
100
Scott Paper Co——No par
$4.60 preferred
No par
fSeaboard Air Line——No par
4-2% preferred-...—-100
6
2S4
4%
*7%
2%
2%
15%
24%
1,500
2,100
7«4
5%
3078
2%
21%
10%
49
15%
24%
2484
12
300
*50
8
284
93%
2184
11%
2%
60%
31%
2%
22%
24
2%
31% 32
7%
7%
107% 107%
I84
134
484
484
*12%
14
157g
16
24% 24%
27
27%
43%
44
2984 2984
76%
76%
7b
8
6%
684
10% 10%
10%
IO84
307g
2%
21%
*4%
113
1,000
Year 1939
Lots
Lowest
*148
6
43%
3%
34%
3%
11%
48%
113
60% 60%
6O84
*122
12384 *122% 12384
123
10%
IO84
10% IO84
IO84
23% 2434
2434 24%
23%
*2
2%
2%
2%
2%
15
15
16
16%
1484
29% *28% 29% *28% 29%
*6%
7%
*6%
7%
6%
22% 2278
22% 23
2284
31% 31%
31% 3l7g
31%
7b
8%
8%
8%
7b
*6
5%
6%
5%
5%
5%
5%
*5%
6
5%
*35
36
36
*35% 36
4%
4%
4%
4%
4%
60%
3%
34%
43%
11%
16%
284
2%
*5%
*65
18
*38
42
*30%
31%
7%
6%
*5%
30
23%
112
*148
—
45%
2234
4%
578
*15
45%
31
2234
*4%
5%
2%
70%
22%
46
31%
53
9%
22%
5%
23%
II84
*2%
*148
22%
5%
10%
23%
11%
2%
15
7%
5%
14%
*7%
2%
*78
2%
IO84
23%
10%
23%
6%
584
7%
*22%
15
15
7%
*6%
1478
*2%
15
2234
*6%
10%
*92%
21«4
2%
22
111% *109
15
60%
10%
93%
2178
48%
*7
*6
111
109
23%
60%
10%
*92%
2178
48%
14»4
23%
15
60
17
21
684
22
2%
23
60
11%
3
2%
11%
60
117g
4%
3034
2%
21%
2%
23%
6%
10%
10%
*11%
*2«4
*4%
30%
II84
*10
10
6
30
30
108
10
*6%
10%
3%
34%
*7b
5b
2b
*22
76%
7»4
6%
10%
10%
43
•29
*6%
21%
*2%
77
76S
3%
34%
784
•33
Shares
77%
7%
684
10%
10%
77%
43%
52
3%
3678
378
11%
45
3%
34%
7«4
*534
*50%
3%
2234
45%
43
16»4
2%
23%
10%
23
*2134
7778
784
6%
10%
10%
*35
*10
*65
*77%
♦7%
6%
10%
10%
*59% 60
122% 122%
10% IO84
23% 23%
2
2%
13«4 1384
*29
29%
*6%
78s
22% 2284
*31% 3134
784
784
*5%
6%
*5
5%
S per share
111% 111% *109
15
*15
16%
70%
*29
15%
24%
26%
6%
2178
105% 105%
22%
30
13%
15%
24%
26%
43%
*22
*2184
45%
43%
5
*12%
2184
*2%
*65
*29"
I84
*6
*148
10778 10778
178
178
4%
434
12%
12%
15%
15«4
24% 24%
26% 26%
427g 43%
I84
*434
$ per shq.re
1940
EXCHANGE
the
Week
20
20
20
20
19% 1934
20%
*19% 20%
1033s 10312 103»MI03»M *103"« 104 *103i*a« 104 *1031*3* 104
*104*
13
17%
2984
42%
*65
Feb. 9
,
*148
29%
Friday
Feb. 8
12% 12%
12%
12%
12% 12%
12%
12%
12U
76
76
7634 7634
*76% 7634 *76
76»4
7612
I4
*%
%
%
%
*%
%
U
6
6
6%
(
*5«4
6
67g
7%
6ig
47% 47% *56% 47%
46% 46% ♦46% 47%
465g
*U2«4 114
*11234 114
*11284 114
*11284 114
114
%
%
%
<
%
%
%
%
14
34
34
84
84
84
84
*%
84
8
1884 1834
19
18%
18%
*18% 1834 *18% I884
I7g
17g
178
lb
*178
2%
*l7g
2%
1?8
84
84%
8434 85
83% 84
84% 85
8312
14% 15
15
15%
14%
1434
15% 15%
15
13%
14
13% 13%
1384 1434
14% 1434
13%
*54
60
*54
60
60
*6484 60
*52% 57
5
5
4%
4%
47g
47g
5
5
4%
*50
51
51
51
*50
6034
5012 5034
51
67g
7
6?g
7
*6%
7
684
684
67g
38
38
38?g 40
39% 40
39% 40
38
11
11%
11% 11%
11%
11%
11%
11%
11%
107% 107% 107% 108% 108% I *107% 108% *107% 108
11112 *109
111%
16%
15% 15%
10
10«4 *10
• 2284
22% 23
lia4
11%
II84
2%
2%
2%
15
15
15
2384
Thursday
Feb. 7
Wednesday,
On Basis of 100-Share
NEW YORK STOCK
10,
Range for Previous
Range Since Jan. 1
STOCKS
Sale*
for
$ per share
Saturday
12%
*7613
«4
I
Feb.
Apr
14% Sept
11% Dec
1934 Sept
1% Apr
17% Apr
7% Apr
34 Dec
34% Sept
6
4% Sept
88
26%
34%
Jan
Jan
Jan
334 Aug
35% Aug
12% Jan
434
66
Jan
Jan
Aug
13% Dec
65% Apr
IO884 Sept
94% Sept
118
15% Aug
81% Apr
105
Jan
Sept
90
July
193|
July
8884 Feb
78
2234 Jan 11
43% Jan 15
14% Jan 15
15% Jan 2
26
20% Mar
24% Sept
31
51
Jan 31
118
112
64% Feb 5
17% Jan 12
2% Jan 31
38
J an 15
Ex-div.
y
Feb
49% Feb
I67g Jan
16% Jan 10
-
60%
18%
2%
4134
Jan 22
Jan
Jan
Jan
Feb
Ex-rights.
4
8
3
9
Apr
Aug
7b Apr
14% Sept
112% Mar
52
13%
2
Apr
Nov
16% Dec
I884 July
119% June
69% Oct
Apr
20
Apr
384 Feb
397s Aug
30% Apr
H Called lor redemption.
Mar
r
Volume
New York Stock
ISO
LOW AND HIGH SALE PRICES—PER
Record-Concluded-Page 10
SHARE, NOT PER CENT
Sales
lor
STOCKS
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
EXCHANGE
Feb. 3
Feb. 5
Feb. 6
Feb. 7
Feb. 8
Feb. 9
Week
961
S per share
$ per share
$ per share
5%
6%
5%
5%
5
5ig
5
5
5
5
5
5
59*2
*4%
60%
4%
6O84
*4l2
34%
8Ug
6034
434
3418
815s
145s
♦33
3412
82
82
14%
14%
145g
*115% 116% *11514 116
11%
11% 11%
11*4
♦434
5*4
414
4%
♦6%
6%
6I4
6%
*83% 8434 *8334 84l2
*8%
812
♦8%
8i2
♦8I4
914
*8ig
9
86% 86%
86I4 86%
*174
*174
180
*4%
47g
31
22
*2914
*21%
*5%
*4l2
*29i4
21%
*5%
6
*9
*9
934
*55
68%
37
37
*35%
*60
| *36%
35%
35ig
1%
o112
36*8 36%
1103s 110i2
*6112 62
*69
35i2
1103g
63
70
565s 567s
II584 11534
37
37
*44%
45
*2
2%
*7
7%
*1%
l?g
*54
55
*137g
14%
*62
63
*69
.
180
61
4*2
34% 34i2
81ig 8134
1412
14%
*115% 116
11
11%
4%
4%
*614
6i2
*83 I2
84%
8I4
8I4
9
*1%
*54
137g
6234
9
85
8512
*174
47g
31
179
478
*29l4
215g
55g
70
*69
70
303g|
47g
61
61
4%
45g
61
*4%
3434
8184
61%
484
3434
343g 34l2
8I84 82
82
145g 1434
14l2 1434
115% llSSg *11534 11634
11%
11%
11% 1138
4%
45g
412
434
*6i4
6i2
6%
6%
8314 8334
84l2 84l2
*8
8
8%
8i2
9
Q
9%
914
8412 85
8334 84%
*174
179
5
2984
2212
6
9%
68%
3714
3614
1%
36%
*60
37
*3514
1%
36ig
111
111
*63
65lg
*69l4
5734
177
*29l4
*23
4%
4%
*343g 3434
80% 82%
14%
1434
*11534 H634
11%
117g
4%
47g
6%
67g
*8384 84
*8%
9
*9%
10
8434 8484
*47g
*29%
22%
5
29%
22%
6
6
97g
68
*60
37i4
36
1%
37
37%
*35%
1%
37%
1107g
*62%
35% 38%
IIO84 111
63% 63%
*69J4 69%
46
*45
2
2
7%
134
7%
1»4
190
934
*35%
1%
2
63
6
♦60
*45
5%
47g
*60
2934
233g
9%
45
116
5%
47g
5
*584
70
58%
116l2
*36% 37
58l4
116
per share
*174
177
*47g
37
56l4
116
37
45
$
5%
912
69%
60%
61
58
116
116
116%
36% 36%
3634
~
1034
68%
3734
36
1%
38%
111%
64
69%
6I84
1163g
37%
*45
46
*2%
7%
1%
*54%
14%
46
2%
7%
17g
55%
14%
714
178
*1%
2ig
714
184
55
*54
55
1378
#1384
6284
I4ig
62%
6234
*54
2%
7%
17g
7%
*184
*54%
55
55
*1384 14lg *1384 14
66
62% 62%
62% 62% *63
156% 156% *150 " 157 "|*150
157
92
94%
94
94%
93
94
%
%
%
*17
17% *17% 17% *17%
17%
38
31% 33
30%) 30% 3H2
33% 33%
39
39
38%
38%' 38
3814
38% 38%
39% 39%
*H45g li712 *11434 117l2 *114l2 117% 11434 11738 *1147g 117% ♦1147g 117%
*44
44
44
44
44
44
44
44
44% *44
44l2
44%
*58%
*58%
*58%
*—
80
29%
*314
*27i2
*11634
♦5%
*44%
*33%
*88ig
30l2
*—
80
*131
*1
*1
*13g
*13g
684
*684
67g
*21%
2I84
*21%
2184
95
*90
95
5h
5%
*1%
*1%
514
1%
I84
21?,
34
34
5%
3414
♦I6I4
1634
*7U
165g
*784
I65g |
8I4 !
1714
*22i2
8I4
H2
24
37g
4912
H2
87g
5%
~
3012
28I4
17»4
2314
4
4
34
*1%
♦2214
37g
*46%
H2
*57g
*3i2
*30
28i4
80
*131
H4
184
212
684
*91
*
30
30
29%
*29l2 30
314
33g
314
3%
3%
28
27l2 27l2 *27% 28
117% *117
117%' 117
117U
684
5i2
*684
684
5i2
4534 *44i2 46
*4484 457g
33
33
34%
3314 3312
*89
96
90
90
96
*13014
*85
13g
*22i4
334
*46i2
1%
*5i8
*3i2
*30
28i2
17«4
23
4
*85
1%
23i2
334
49i2
H2
87g
5i2
31
28i2
1734
23
4
—
23Sg
69
69
108
3%
3%
*6%
7
*%
84
227g 23
23% 23%
108% 108%
*112
*1%
684
21i2
70
*29%
*3%
27%
30
3%
27%
*684
*4484
*32%
6%
4578
3384
lig
134
*90
93
....
*1%
165g
16%
16%
8I4
112
23i2
384
49%
H2
87g
5i2
*7
4
2312
6812
*384
*6%
34%
16%
8%
*138
1%
23%
384
23%
384
47
47
*1%.
*57g
*3%
1%
878
5%
30
30
30
2914
1784
2314
414
2884
1784
23%
4%
28«4
1784
23%
4%
*85
24
*23
69
*68%
*105
107
III84 *111%
104 I 104
116% 116
17
1684
35%'
4
68
98
98
*55
97%
30
29
110
2984
*85
*66
*87
*584
*39
*197g
*3
*66
3%
*9%
*11%
5%
69%
984
117g
5%
684
43%
21
*3
9%
*11%
*5
5%
*39
*19%
1%
*3%
1%
3% |
1%
3%
584!
584
5%
60% *59
*116%
24
23%
4084
40%
19
19%
*67%
75
*59%
*116
%
35
334
*6%
♦%
23%
68
*55
68
•60
98
29%
*97%
98
69%
9%
11%
5%
53s
43%
21
3%
1%
3%
5%
60%
29
30%
*85% 110
*66
69%
*9%
984
11%
11%
5%
5%
5%
*4484
6%
457b
*33
34
24%
69
23%
378
48%
1%
♦578
*3%
*30
116%
1634
86
334
7
34
24
65
5
1%
*3%
5%
59%
3%
5%
3%
5%
*20%
*116
*3
59%
60
70
*56
70
*56
70
*56
*35
37
*35
48
*87%
*2284
I684
*118
88
24
167g
122
46
110%
88
*2234
16%
*118
*10%
39%
107g
39?g
*10%
39%
♦81
86
*81
2284
14%
*2%
*
2284
1484
2%
22
14%
2%
1,400
2,600
1,100
300
40
United Fruit Co....
No par
United Gas Improv't—No par
35 preferred
.No par
United Mer & Manu Inc v t c 1
United Paperboard........10
U S & Foreign Secur
36 first preferred
U S Distrib
Corp conv
U S
400
100
"T.Ioo
200
U S Hoffman Mach
200
2384
24%
407g
19%
70
24%
4034
*67%
19
....
24%
41%
19%
7% 1st preferred
"""600
2
14% Jan
Jan 15
Jan 2 2
67
Jan 19
% Jan
94% Feb
7
% Jan 12
700
900
70
50
20
Preferred
""166
700
2*906
300
130
1,100
{Warren Bros Co......No
S3 convertible pref. .No
1,100
24
488
1,200
6,200
Webster Eisenlohr
2434
69%
107%
113%
104
116%
17%
7% preferred
"""660
2,300
100
150
Apr
Apr
Sept
Apr
Aug
Sept
Apr
Apr
Apr
Sept
July
Jan 23
46
Jan
8
6
67
Jan
6
17
Jan 29
Jan 31
31
Jan
4
4% Jan
3184 Jan
4
4
17
Jan 24
Jan 23
118
Jan
6
112%
8
Jan
5
4%
900
200
Feb
48
Jan
35
Jan
Feb
95
Jan 11
34 July
2% Jan
1% July
1
7
20% Jan 18
937g Jan 31
5% Jan 19
83% Jan 15
16
Jan
784 Jan
1% Jan
217s Jan
3% Jan 15
4534 Jan 13
1% Jan 11
6% Jan 13
4% Jan 11
80
Jan 12
1
22
Jan 16
3% Jan
5
37%
65
39
*65
68
97% 97%
3134 32%
*85% 110
*67
*67
*9%
II84
*5%
5%
*39
♦20%
*3
I84
69»4
9%
12%
9%
12%
5%
57g
12
5%
5%
57g
3% |
584 I
5934
*56
—
10
Wheeling & LE Ry Co.
12,500
*39
100
43%
21
""160
3%
1%
3%
100
3%
3%'
*20%
I84
584
59%
57g
60
*117
25
1,000
41
70
19%
*67%
25%
41%
20
75
70
*56
"V.666
70
{In receivership,
a
Woodward Iron Co..
400
140
1,600
300
18,700
Yellow Truck & Coach cl B.. 1
Preferred.
100
12,500
""7,366
800
1,200
Def. delivery,
n
New stock,
r Cash Bale,
4
9
4
7% Jan
2
1
Jan
6
2884 Jan
28% Jan
3
3
118
Jan
Jan
4
•
2% Apr
3% Apr
% Dec
167g Apr
18% Apr
82% Apr
126
65
Feb
8
Jan 30
May
42
98
74
Feb
Jan 23
4% Jan 2
38
Jan 4
20
Jan 31
8% Feb
1% Jan
3
9
5
Jan 15
47b Jan 13
5184 Jan 5
116
Jan
2
22% Jan 20
38% Jan 2
18
Jan
68
Jan 19
35% Jan
2
3
44
Jan 18
105
Jan 22
85
Jan 22
22% Jan 20
16% Feb 5
Young Spring & Wire ..No par
Youngstown 0 A T
No par
BH% preferred ser A...100
Youngst'n Steel Door. .No par
Zenith Radio Corp
No par
Zonite Products Corp
1
......
Jan
Apr
105% Sept
16% Nov
20% Apr
8
5
10
"i:266
July
65% Aug
9
10% Apr
15% Apr
*29
Apr
July
Apr
15% Apr
33% Jan
3
70
Jan
3
10
Jan 11
8% Deo
13% Jan 8
6% Jan 8
6% Jan 26
3% Sept
I84 Aug
80
..20
6% preferred B
.100
Prior pref 4M % series.. 100
Prior pf 4J4 % convserleslOO
Wright Aeronautical—.No par
Wrigley (Wm) Jr (Del).No par
Yale & Towne Mfg Co
25
16
4
3
66% Jan 23
9% Jan 24
11% Jan 24
Woithingt'n P&M (Del) No par
7% preferred A—......100
100
"""loo
Dec
3
Jan
29% Jan
38% Feb
39% Jan
65
Woolworth (F W) Co..—10
18,200
2,700
20
94% Jan 29
2584 Jan 18
30
6% conv preferred
.10
Wilson & Co Inc
..No par
36 preferred
.....100
Wisconsin El Pow 6 % pref. 100
14% Apr
Sept
17s Apr
Jan
4% Feb
138
Jan 15
Jan 20
33% Jan 23
35% Jan 19
...5
3,700 Willys-Overland Motors—...1
4,700
600
24
5
1
preferred....
Ja n
Feb
Apr
Wilcox Oil & Gas Co
—
24%
41%
1934
Prior
1% Nov
6% Apr
4% Nov
19% Apr
Jan 13
Jan 11
Apr
White Rock Min Spr Co No par
White Sewing Mach Corp...1
34 conv preferred...-No par
600
1,400
Jan
7
100
White Motor Co
2,600
l?g
6%
484
31%
Deo
3% Dec
116% Feb
19% Jan
37% Feb
BH % conv preferred
100
Wheeling Steel Corp
No par
6% preferred
100
$5 conv prior pref..-No par
White Dental Mfg (The SS)_20
370
70
*9%
5%
43%
21
3%
I84
5 % conv preferred
1,400
36
88
130
26
97%
30
317g
*85%110
Jan
85
1st preferred
..50
Weston Elec InstrumentNo par
Westvaco Chlor Prod..No par
65
21
60
95
26
97%
Dec
1% Dec
8
25
60
Oct
7
Jan 10
Jan 10
Jan
3
84
24«4
300
14%
Jan 10
Jan
*%
24%
2,100
Feb
Jan
6% Feb 1
% Jan 31
22% Jan 15
22% Jan 15
1057S Jan 15
135%
27%
38%
16%
9%
1%
25%
4%
Jan 10
4% 2d preferred
.....100
Western Pacific 6% pref—100
Western Union Telegraph. 100
Westinghouse Air BrakeNo par
Westlnghouse El & Mfg
50
27%
37%
38%
Apr
108
100
135
Jan
4
3Q84 Sept
114
7%
«4
257g
26%
27
85
4
108
_
♦6%
37%
Jan
Jan 30
102% Jan 27
114% Jan 10
16
Jan 31
33% Jan 13
111
7
135
98
6% Jan 3
35% Jan 11
76
7
8,600
9,400
6,500
June
6% Apr
15% Apr
80
Feb
68% Feb
10584 Jan
3% Jan 13
114
3
Jan 10
27% Jan
"23%
100
24%
2584
Jan
22
2884 Feb
1984 Jan
Western Maryland..
113
Mar
1% Jan
500
110% 112%
64% Apr
Jan 22
4
300
18%
2%
4
"
37%
%
347b
54%
9
Feb
"6% "Feb
No par
100
7% preferred
......100
6% preferred.....
100
WestPennPowCo 4^% pf-100
West VaPulp & Pap Co No par
Western Auto Supply Co
10
200
45% Apr
% Jan
109
28% Feb
17% Feb
Wesson Oil & Snowdrift No par
34 conv preferred.
No par
West Penn El class A ..No par
500
Oct
1«4 Dec
6% May
1% Apr
46
Apr
9
May
60% Sept
146
Sept
8
5
Waukesha Motor Co
Wayne Pump Co
39
1% Jan 18
Washington Gas Lt Co.No par
18%
Jau
41% Aug
98% May
30
Sept
125
31 1st preferred
No par
Warren Fdy & Pipe....No par
800
Mar
Aug
1
par
700
5%
60
16
90
par
Jan
180
Apr
3284 Sept
31% Oct
1% Dec
31% Apr
8684 Apr
48
July
25
45
7% preferred
....100
Warner Bros Pictures.
__5
33.85 conv pref
...No par
8,000
113
46
16
33
Preferred
..No par
Ward Baking Co cl A ..No par
Class B_.
No par
Jan
29% Sept
65
Walworth Co
.....No par
Walk (H) Good & W Ltd No pxv
1,000
11
87% Mar
17% Sept
14
Sept
684 Aug
9
3%
27%
116%
5%
No par
.No par
% pref with warrants 100
Sept
7% Sept
35% July
3
28%" Jan
System.
Co....
Nov
14
Apr,
3484 Jan
39% Feb
11584 Jan
.100
Walgreen
15
117% June
13% Apr
3% July'
9
56% Jan
{Wabash Railway Co.....100
5% preferred A........ 100
5% preferred B_
100
Jan
Feb
8% Sept
35% Sept
95
Sept
77g Jutf
17% Jan
43
Virginia Ry Co.
25
6% preferred
.........25
Vulcan Detinnlng Co
100
""466
884
74
Apr
4
28% Jan 22
35% Jan 15
II484 Jan 23
Victor Chemical Works.....5
Va-Carolina Chem..
No par
6% preferred
100
Va El & Pow $6
pref...No par
Va Iron Coal & Coke
5% pflOO
500
5% Aug
65% Sept
I4984 Sept
6
3
16% Jan
4
135
5
70
159
37%
27
3
2
4
a?36%
37%
Jan
56% Jan 12
5
7
Vick Chemical Co
5
Vicks Shreve & Pao Ry._.100
*85
17
Jan 10
2% Jan 3
7% Jan 12
Feb
100
3084
2884
18%
2384
4%
107%
111%
103%
116%
46
Jan 16
62
3
156% Feb
5
Waldorf
24
4
47%
1%
87g
*67g
*3%
3084
.2884
24
2
1378 Feb
Vanadium Corp of Am. No par
Van Raalte Co Ino
Jan
Jan 10
54
3
4
70«4 Jan 11
684 Jan 9
1% Jan 19
Universal Pictures 1st pref.100
Sales....
No par
Preferred
........100.
5,600
1,500
Jan
118% Jan 4
3784 Jan 27
2
Vadsco
1.000
*36
37
37
*35% 37
37%
*45
46
46% *4534 47
46% 46%
47% 47%
112
113
114
113
110% *109
110% 110% 112
89
89% j
*88% 89
88% 88% *87% 88%
89
24
24
24
24
24 I
24
24
*23% 24%
I684I I684 17
167g
17%
17% 177g
17% 18%
1197g *118
119
*118% 119
*118% 119
*118% 119
11
11
107g
10%
10%
11% 11%
11% 11%
42
39% 41
39%
40% 41%
41% 43
427g
*81
86
*81
86
84
*83
84
*82% 86
22
23
23
22%
227b
23% 24
23»4 24%
14%
14%
1484 *14% 1484
15
1484 15
15%
2%
*2%
2%
2%
2%
2%
2%
2%
2%
400
100
65
3
Jan
2
Universal Leaf Tob....No par
390
*22%
37g
47%
1%
69
5
3
43% Jan
Steel Corp 1
8% preferred
2
1 % Jan
35
par
10
5
70% Jan 8
38% Jan 4
357g Jan 31
*384
—
Bid and asked prices; no sales on this day.
500
23%
116% 116%
*17
17%
36% 37%
3%
5%
60
5934
*117%
2484
24%
41% aj407g
19%
19%
70
70
70
200
Jan
Jan
557b Jan 22
.....25
"""266 Universal-Cyclops
4
6% Jan 10
115% Jan 22
United Stockyards Corp..... 1
Conv pref (70c).....No
par
United Stores class A
...5
$6 conv preferred
No par
2,000
69
5% Jan
41% Jan
113% Jan
Jan
500
Jan 11
2
69
7% preferred-
Jan 25
1% Jan
61
"""160
24%
89
3484 Jan 29
50
10
Mar
2
500
400
June
5
181
Jan 15
Jan 2
1,500
584 Mar
75
Jan
109
8%
1%
4%
34
.....10
Preferred ........
50
U S Steel Corp
......No par
Preferred
.........100
U S Tobacco Co.......No
8
Dec
Apr
Apr
Apr
11
Apr
110
Sept
6% Apr
384 Aug
8% Jan 26
10% Jan 3
11
100
100
3
5
Deo
4%
54%
3%
2584
62%
Jan 26
2*6%
JUS Realty & Imp....No par
2,000
Jan
7%
1
3,300
25,700
2,300
53,600
4
9% Jan 18
65
Feb
1
35% Jan 18
U S Pipe &
Foundry..
..20
U S Playing Card Co......10
8% 1st preferred..
U S Smelting Ref & Min
6
3 per share 3 per share
4% Aug
7% Mar
23
cl A..No par
U S Rubber Co....
3
Jan
21% Feb 1
5% Jan 18
Prior preferred.........100
""i~366
16%
24
conv
3
85
8
4% Feb
Corp.... 5
par
Partic &
6
5
Feb
Jan
15
Jan 15
177
6H% conv preferred.. ...50
U S Industrial Alcohol-No
par
U S Leather Co.......No
2,500
Feb
8
3
116% Jan
13% Jan
57g Jan
7
Jan 13
Feb
Feb
857b Jan
fl
Jan 12
Feb
7% Jan 25
8% Jan 23
82% Jan 15
No par
100
35
4
5% Jan
Jan 18
80
.——20
7% preferred
*1%
31
Freight Co...
U S Gypsum Co
61%
33
pref. 100
30
*7%
37g
48%
1%
87g
5%
No par
...100
5% Jan
56% Jan 10
4% Jan 18
Feb
Lowest
$ per share
5% Jan 11
4% Jan 11
80%
14%
115%
10%
4%
6%
Year 1939
Highest
$ per share
6
Jan 2
......
2.100
*16%
37
111
100
1%
24
3%
5%
*39
21
70
108
2,900
10,200
8%;
107
1%
43%
*3
36%
*46
600
"*666
678
16%
104
1134
*35%
*67%
700
2%
9484
578
34%
111%
11%
*56
A0%
*19
390
United Drug Ino
5
United Dyewood Corp
10
Preferred-.
_._.._..100
United Electric Coal Cos....5
United Eng & Fdy....
5
22
584
28«4
18
*68
1%
134
34%
28%
1734
4%
90
584
111
9%
♦117%
*24%
41%
19%
*67%
2384
1,200
....
3484
107
1%
21
90
*132%
*1%
1%
*1%
67g
22
*217g
9484 *927s
-
Par
_
2,000
Range for Previous
5% preferred—100
1%
1%
2%
684
104
*9%
5
16%
*73g
*1%
•
112
104
98
30
30%
*85% 110
*66
69%
5%
93
*90
*132%
107
53s
43%
21
3%
1%
*39
28
6
*85
*97%
110
3%
28
*1%
*1%
684
*217g
*927g
5%
34%
*7i4
*13g
*22i4
3%
*85
30% 31
3%
3%
28% 29%
117% 117%
*5%
684
*44% 46%
*33
33%
1%
2%
684
2178
9484
6%
34i2
30
30
3%
*1%
5%
*2884
1784
23%
30
*1
%
227g 2384
23
24
25
2334
108% 109% 109% 110%
*132
135
*133
135
*133
135
*133% 135
*26% 27% *26% 27%
26% 26% *26% 27%
37
37
36
36
3678 37
36% 36%
38
38
38
38
37% 37% *37
37%
*55
Shares
*62
1
34i2
*4614
H2
*57g
*3%
75
1
684
2184
*90%
5%
34%
*90
*62
*117% 117%
2%
684
217g
9434
512
*104
384
4
*6%
7
*%
34
227g 227g
23%
23%
10834 10884
*62
*132%
*1
24
2312
6884 *68l2
10784 *10512
*112
112
11234 112
11134
104l2 10412 104
104
103%
*115
II6I4 *11514 H6I4 *115%
*16
*16
17
16% *16%
35
35
34% 35
35%
235g
*105
Lowest
r
*2
7%
157
*150
157
15712 *150
87
86% 87
8912
89l2 91
%
%'
J2
12
*%
%
*167g
17% *167g 17l2 *17
17i2
38
5%
*434
9%!
9%
6812 *60
6812
37
367g 367g
35ig
3584 3584
1%
1%
13s
36
3514 363g
1103g IIOI4 110%
63
63i2 64
534
*150
30
5
5
*41%
*2914
21%
*5%
213s
$ per share
5
*412
478
31
22
5%
56ig 56%
H584 116
36% 367g
*44%
45
*2
2ig
*7
61%
4%
3 per share
Range Since Jan. 1
On Basis of 100-Share Lots
1157g Jan
Jan 10
14
Jan
8% Jan
6
9
Jan 29
60% Jan 29
116
Jan
2
25% Feb 9
41% Feb 7
21% Jan 8
71
Jan 25
1
June
2% June
27g Aug
32
Aug
105% Apr
15
Apr
36
Sept
10% Apr
47% July
43
May
23% July
31% Apr
85
Apr
Feb
75
Mar
25
Jan
I884 Sept
11% Apr
98
Apr
9% Aug
30
Apr
74
May
17
Apr
12
Apr
2
Aug
Jan
Jan
Jan
19% Jan
12
Jan
3
48% Jan
3
Jan 15
89
Jan
6
22
Feb
28% Jan
167g Jan
4
2% Jan
3
y
Apr
Sept
2% Aug
37%
50%
114%
89%
12C
Ex-dlv.
Apr
14
4
3% Jan 11
I84 Jan 2
86
x
7
22
5
14% Feb 3
2% Jan 19
July
42
10% Feb 1
38% Jan 22
5
Jau
45
Jan 22
Ex-rights.
3
1 Called for redemption.
Feb. 10,
962
1940
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except
Cash and deferred delivery sales are disregarded in the
are shown in a footnote
for income and defaulted bonds.
they are the only transactions of the week, and when selling outside of the regular weekly range
they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column headed " Inter est Period" indicate in each case the month when the bonds mature.
week's range, unless
in the week in which
Friday
Friday
Week's
Last
Range or
Sale
Friday's
s> "B
BONDS
Si
N. Y. STOCK
EXCHANGE
Week Ended Feb. 9
United State*
Bid
Price
►ift.
Asked
&
Low
Government
High
A
0
119.30
D
114.14
J
M
S
4. WW**-
D
101.26 101.26
101.30
S
*104.5
CQ OQ
No.
1
30
D
109.22
F
A
104.31 104.30
0
109.24
Jan.
Low
""2
109.28
O
110.8
110.8
110.12
36
110.6
110.18
D
111.7
111.6
111.8
25
111.3
J
D
D
110
M 8
107.15 107.13
M
M
J
109.3
19
108.2
108.4
7
108.2
107.2
107.6
9
106.28 107.30
9
106.9
108.31
106.15 106.11
J
J
106.31
S
~
m
-» -
105*10
21
105.27106.26
106.6
67
105.25106.26
108.13
106.2
106.6
106.2
D
M
106.15
108.20
106.2
D
1948
1949-195
♦7s assented
108.13
1
107.19
107.19
10
108.13108.30
107.19108.3
1951-1953 J
J
194
D
J
D
D
Mar
15 1944-1964
M
May 15 1944-1949
Jan
15 1942-1947 J
3s.
Mar
2Mb
1 1942-1947
M
3s series A
1 1944-1952
May
1942-1944
1946-1947
G
IMS series M_.
15
11M
14
13M
13M
1
13
16
11%
13%
31
16
1
14
16
8
10 M
6M
2
6M
12M
6M
6M
31M
26M
105.1
105.5
106.6
102.31
31
102.20103.20
104.16
104.17
10
104.16 105.4
External 5s of 1914 ser A
1949 F
27%
32
30 M
32 H
28%
32 M
26 %
26 M
26
26 M
30
26
*26 M
38M
43 M
37 M
47
1977 J D
"77"
26 M
37
42
63
75M
17
39%
44 M
73
3
40 M
60
"43 X
*62 M
*75 M
26 %
26 M
*26 M
1949 F
External loan 4Ms ser C
14
32
20 M
106.4
10
13
30%
*11M
31M
1947
1946
1947
..1952
1953
44
m
•
-
-
103.2
103.7
3
108.11
15
108.10108.20
108
108.1
24
107.29108.13
J
105.2
105.2
S
104.26
104.26
103.7
1
13
105.1
105.15
*101 %
*102 %
A
♦Sinking fund 8s ser B
Denmark 20-year extl 6s
107.19 107.19
107.23
25
107.18108.4
J
J
104.17 104.15
104.19
35
104.15104.22
External gold 5 Ms
J
D
101.19 101.16
101.19
20
101.10101.24
External g 4Mb
1942 J
1955 F
Apr 15 1962 A
Dominican Rep Cust Ad 5MS..1942
1st ser 5Ms of 1926
1940
2d series sink fund 5 Ms
M
A
1940 A
5 Ms
Municipal
1969
1969
♦Dresden (City) external 7s
Agricultural Mtge Bank (Colombia)
27 M
32
*
m
m •» *
3
28
*26 %
27 M
m
~
—
27 M
15
Finland (Republic) ext 6s
15
101
76%
11
74
76%
13 M
1
13M
13M
64%
34
13M
103
99
101M
58 M
104
63 M
53
42
M
*71
62%
67 M
54M
63 M
54 M
42 M
57
51%
58
43 M
23
41
48
71M
71M
73 M
71
71
71
"I
71
71
71
6
70
71
70%
71
70%
71
♦70M
71
*71M
72
*11
♦Frankfort (City of) s f 6Ms.-.1953 IN
French Republic 7Ms stamped. 1941 J D
75
*71
15
71
"ll% "l3%
28
26M
56
5
102% 103 ~~
*13M
J
A
O
8
O
O
S
O
O
27%
1948 J
1967 J
1945 M
♦El Salvador 8s ctfs of dep
Estonia (Republic of)
63 M
m
366
"76M
M
A
A
1945 MN
1st series
5 Ms 2d series
2
58 M
57 M
102 M
76 M
1951 A O
1952 A O
♦Czechoslovakia (Rep of) 8s
100M
58 M
Blnklng fund 6Ms
Jan 15 1953 J
J
♦Public wks 5Ms-_. June 30 1945 J D
104.26 105.2
105M
100 M
1944 M S
A
Cuba (Republic) 5s of 1904
21
*19
1951 M N
♦Costa Rica (Rep of) 7s
102 23 103.22
108.11
♦Gtd sink fund 6s
1947 F A
♦Gtd sink fund 6s
1948 A O
Akershus (King of Norway) 48.1968 M 8
11M
11M
Customs Admin 5Ms 2dser__1961
&
11M
f gold of 1927. Jan 1961
♦Sinking fund 7s of 1926
See Over-the-Counter Securities.
Govt.
12M
16
105.12
New York City Bonds—
Foreign
5
11
105.11
8
MN
13M
11M
Home Owners' Loan Corp—
2 Ms series
12H
11M
12 M
16
105.5
MN
3s
11M
11M
1951 J D
♦Colombia Mtge Bank 6 Ms
Federal Farm Mortgage Corp—
3Ms
16
8
11
102.31 102.29
S
13M
16
105.12 105.8
D
13
1
13M
11M
12M
J J
A O
MN
♦Sinking fund 7s of 1927
F A
Copenhagen (City) 5s
J D
25-year gold 4Ms
IN
{♦Cordoba (City) 7sstamped..1957 F A
Cordoba (Prov) Argentina 7s_.1942 J
J
s
16
11 %
1960 M S
1960 M S
♦Chilean Cons Munlc 7s
♦6s extl
High
12 M
2
12
4 Ms external debt
J
M
Treasury 2Ms
108.98 109.13
108.10
107.2
1960-
Treasury 2s
107.7
108*2
D
Treasury 2 Ms
Treasury 2 Ms
78
Low
4
11M
13M
♦Cologne (City) Germany 6 Ms. 1950 M S
Colombia (Republic of)—
♦6s of 1928
Oct 1961 A O
107.19
No.
13M
11H
11M
♦Chinese (Hukuang Ry) 5s
109.28110.30
S
J
Treasury 2Mb
'*15
D
M
Treasury 2 Ms
110.5
High
Since
Jan. 1
UK
110.10110.28
*110.13110.17
Range
I2
Asked
1962 M N
111.22112.13
*111.20111.23
J
6
&
13M
1962 M N
♦6s assented
111.20
M
1948-1961
♦6s assented
Bid
Low
11M
1961 A
♦Guar sink fund 6s
109.25110.1
J
—
Price
1961 J D
O
1961 A O
♦8Mb assented
10t 30105.17
109.28
*
Friday's
1961 / D
♦Guar sink fund 6s
109.21109.30
18
assented
♦Sink fund 6Ms of 1926
104.24
A
Treasury 2%B
♦6 M8
101.26 102.8
"~2
105.5
Range or
Sale
1957 J D
1957 J D
♦Chile Mtge Bank 6Ms
114.14114.29
104.5
IS
Week's
Last
Foreign Govt. & Munic. (Cont.)
High
119.30120.17
II
Ended Feb. 9
Week
1
114.10114.30
104.10
A
1941
N. Y. STOCK EXCHANGE
O
*114.10114.15
J
Treasury 3%s
O
114.16
M
BONDS
Since
119.30
J
1947-19
Treasury 4%e
Range
42
-1.
■J* h
7s
♦External
s
f 7s series B
1945 J
J
15
15
5
13 M
13
♦External
s
f 7s series C
1945 J
J
14M
14M
2
14
15M
f 7s series D
1945 J
1957 A
J
14M
14M
1
14
14M
7 Ms unstamped
12M
13M
13
13 M
External 7s stamped
7s unstamped
67
70
90
94
95 M
S
45
13M
48
40
"45""
15M
48
15M
*48 %
45
46
13 M
7
J
1949
13M
15
J
1941
♦Antioqula (Dept) coll 7s A... 1945
♦External
s
J
s f 7s 1st series
♦External sec s f 7s 2d series. 1957 A
♦External
♦External sec
f 7s 3d series. 1957 A
s
~ii%
J
J
0
14M
*13
14
0
13
0
*13
D
69
70
95 M
95 %
MN
%
1971
90%
89 %
8 f extl conv loan 4s Feb
1972 F
A
83%
82%
8 f extl conv loan 4s Apr
1972
1955 J
A
O
84 %
82 M
J
87M
87 M
1957 M S
MN
87 M
87 M
80 M
80 M
External g 4Ms of 1928
(Govt)
s
1956
f 7s
1957
J
4
13M
J
7M
57
87 M
207
79 M
91
84
84 %
73
80%
81
83%
91
88 M
18
82 M
81
79
78%
7%
84
♦5 Ms
90 M
84
3
7%
State) 6Ms. ..1945
Belgium 25-yr extl 6 Ms
External
1949
External 30-year
s
M
1955 J
1955 J
f 6s
s
F
f 7s
A
S
"99%
J
92%
D
A
D
f 6 Ms of 1926... 1957 A
102 M
103
O
♦External sinking fund 6s...1958 J
♦Brazil (U 8 of) external 8s
1941 J
98
91M
♦Berlin
(Germany)
s
1950
f 6 Ms
*12M
"99% "*28
96
93%
35
♦78
103%
64
100
22
95
104M
13
"
2
14
U%
HM
11M
11%
D
"2OM
20 %
21%
82
17M
23
0
16%
15%
17
124
f 6Ms of 1927...1957 A 0
♦7s (Central Ry)
1952 J D
Brisbane (City) s f 5s
1957 M 8
Sinking fund gold 6s
1958 F A
16M
15%
17
129
13M
13M
s
20-year
s
s
1950 J
f 6s
16M
*75
*75
D
1962 J D
♦Budapest (City of) 6s
16M
*
.....
20
17M
79
—
"
5
8
8
-
78 M
87%
17K
13
18M
79
76M
74 M
78
85
m
External
s
f 4M-4Ms
1976 F
Refunding s f 4M-4Ms
External readj 4M-4Ms
External
s
s
A
O
1975 MN
1984 J
f $ bonds
"61%
A
1976
f 4M-4Ms
3% external
*76 %
60%
60
7%
mmmmm
s
f
ser
1958
8
s
1960 A
Haiti
(Republic)
8
ser
♦Hamburg (State 6s)
62 M
13
Hungarian Cons Municipal Loan—
♦7 Ms secured s f g
1945 J
J
7M
7M
7
1946 J
J
*7M
8%
7
♦Hungarian Land M Inst 7 Ms. 1961 IN
♦Sinking fund 7Ms ser B
1961 IN
Hungary 7Ms ext at 4Ms to... 1979 F A
*7M
8
7M
s
f g
106
7-year 2 Ms
30-year 3s
30-year 3s
1944 J
J
93 %
1967 J
J
84 M
Irish Free State extl
s
1960 MN
f 5s
1951 J
ser
14
96% 101M
102
s
f 6 Ms
Extl sinking fund 5 Ms
1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F A
14
50 M
54 %
128
77M
83
60
17M
57M
61M
76M
15
17%
12M
*11%
*10M
12M
D
1954 J
1954 J
D
12M
13%
12M
14%
D
75
77
72
77
1943 M N
(Colombia) 6 Ms
(Prov) 4s read)
♦Mexican Irrlga'n gtd 4Ms
*1
*%
1943 MN
♦4 M8 stmp assented
♦Mexico
(US) extl 5s of 1899 £.1945 Q
J
*1-
1M
J
•*M
1
1
1
1945 Q
1
93%
5
93
96 M
♦Assenting
85%
43
83%
89
♦Assenting 5s small
83
88 M
♦4s of 1904
1954 J
D
*%
♦Assenting 4s of 1904
1954 J
D
*
85%
1
85%
15%
7
«.
15M
w
14
.....
7
15M
14
*
*14" *14M
%
1M
%
*M
5s large
%
%
1M
%
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
33
{♦Small
J
O
%
1M
1%
J
A
1M
J
J
{♦Treas 6s of'13 assent (large)
*14M "*28
"13% "17"
*13M
"l"2M "*14
11%
14
6
13 M
17
11M
13M
13M
12M
12
12M
O
1961 F
A
A
J
*13M
61
^
-
*-
~
"l2%
♦Sec extl
s
♦Sec extl
s
f 6 Ms
1959 M
9%
S
8M
10
10
10
A
90
87M
90 %
19
80 M
90M
Apr 1958 A
O
87 %
87 M
88
12
1943 F
..1944 F
A
93
92 M
93
14
79 M
88
93
A
92 M
91M
93
13
88
93
1956 M S
1965 A O
76M
71M
76 %
68
77%
67M
72
66 M
77
71 %
13
14M
16 M
11
12
14
(City)
1952 J
7s
External
8
f 5s
Norway 20-year extl 6s
13M
16M
12M
13M
4
12
14
20-year external 6s
1962 A
0
13%
13M
13M
5
13%
17
External sink fund 4 Ms
1962 A
0
1%%
12M
12M
17
12%
1963 MN
13M
13M
13M
1
13 M
12
13%
16M
14
External
s
f 4Ms
4s s f extl loan
Municipal Bank extl s f 5s
1963 F
A
J
D
1970
44
*41
71M
71H
"54"
77
77
113
91
1
44
40
*44
D
1959 MN
♦6s series A
"l2%
11
53 M
New So Wales (State) extl 58..1957 F
1
12 M
12M
8
12M
13M
12
48
10
♦Montevideo
♦Extl sinking fund 6s..Sept 1961 M S
♦6s assented
Sept 1961 M S
1963 MN
49
14M
"12%
.-
48
10
48 M
17
12
*13M
1952
1958 M S
f 6 Ms
12
12M
13
Milan (City. Italy) extl 6Ms
Geraes (State)—
Mlnas
12
13M
"l2%
J
Jan 1961 J
69 M
68
72
4
♦Assenting 5s of 1899
13M
967.
84
96 M
12M
Jan 1961 J
For footnotes see na^e
71
70
93%
O
Feb 1961 F
♦6s assented
92
70
70
71
J
(Province) 7 Ms 1950
♦Medellin
107
*1 n
1960 A
♦6s assented
92
95
..
86
1942 MN
♦External sinking fund 6s
D
B *47 M S
91M
*5
1942 MN
♦External sinking fund 6s
7%
28
&1 A
f 6s
s
7%
25M
*1U
♦6s assented
♦6s assented
♦Ry extl
7
8
28
28
38
*14%
1960
♦6s assented
*7M
7%
7%
14
11%
102
♦Extl sinking fund 6s.-Feb
24M
5
90
♦External sinking fund 6s...I960 A
22 M
*26
55
57
14
10M
35
♦Heidelberg (German) extl7Msl950
Helslngfors (City) extl 6Ms
I960 A O
17M
94%
"*iTM"
10
60 M
104 M
♦6s Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦7s assented
10%
10M
*7M
17M
92%
♦Farm Loan s f 6s...Oct 15 1960 AO
*10
J
59
97%
*14M
O
42 M
87
J
84 M
40
J
85 %
89 M
J
♦7s secured
90
*82
83
96 M
102 %
"11%
O
82
1961 J
S
HM
1952 A
A
82 M
3
9M
14
1946 A
f 6s
A
Aug 15 1945 F
♦Carlsbad (CIt>) 8s
♦Cent Agrtc Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s.._ July 15 1960 J
♦6s July coupon on
1960
"l8M
1954 F
14
7
14
"ie"" "16M
"l8%
Japanese Govt 30-yr
15
9%
*19
*15%
69%
63
1
"*85M
*15M
A
57%
56%
56M
15
7M
13 M
17
10-jear 2 Ms
1968 MN
J
1954 J
3
60 %
10
103 %
25
52%
62 M
1952 MN
A
*12 M
*23 M
51
25-year 3 Ms
5s
8
D
51*"
63
97 M
10 M
J
42 M
0
27
1968
Mendoza
Canada (Dom of) 30-yr 4s
11%
1952 J
42 M
14
11M
Italian Public Utility extl 7s
60%
*13M
0
62*"
60%
1968
8%
5M
57 M
62
J
1967 J
MN
f 7s
J
..1964
..1968 F
♦6s part paid
Italian Cred Consortium 7s
«
Bulgaria (Kingdom of)—
♦Secured
2
7S..1964 M N
♦7s part paid
♦Lower Austria
♦Stabilization loan 7 Ms
39
5M
"62*" "*96
~~63~"
J
9M
9M
1949
Italy (Kingdom of) extl 7s
1961 M S
1977 M 8
stamped
107
106
87
Buenos Aires (Prov of)
♦6s
110" HIM
115
8%
5M
D
1965
unstamped
♦Greek Government
17M
♦External
♦External
*112M
100%
M
«•
D
7M
1965 J
unstamped
♦(Cons Agric Loan) 6Ms
12M
89
12M
105
German Prov & Communal Bks
8M
12M
*10
102
*108 M
♦5 Ms stamp (Canadian Holder)'65
♦German Rep extl 7s stamped.. 1949 A
♦Sink fund secured 6s
♦Bavaria (Free
12M
12M
104 %
German Govt International—
84%
88%
90%
■
12M
104
100
1949 J
♦5 Ms of 1930 stamped
95
8 f external 4Mb
♦Austrian
m-m ~
14
Antwerp (City) external 5s
1958
Argentina (National Government)—
MN
S f external 4Mb
1945
Australia 30-year 5s
External 5s of 1927
1
40
61M
89
73 M
63
73
75M
80
Volume
150
New York Bond
BONDS
N. Y.
STOCK
Last
EXCHANGE
Foreign Govt. &
♦Nuremourg (City;
Mun.
Price
(Concl.)
A
1963 M S
1955 A
O
53 %
72
1953 J
D
103H
1958 M N
1963 Af N
♦Stamped assented
1963 Af N
♦Pernambuco (State of) 7a
1947 Af S
♦Peru (Rep of) external 7a
1969 M S
♦Nat Loan extl a f 6a 1st ver__196Q J D
♦Nat Loan extl a f 6s 2d
♦Poland (Rep of) gold 6a
ser.
.1961
52%
72
103%
*
-71"
or
Range
•s
Jan.
05
NO.
High
9%
9%
Low
17%
55%
58%
16
51%
73
10
64%
73
80
67%
78
---
103% 105%
74%
70
8%
74%
8
10%
9%
74%
68
-
73%
9%
9%
*8%
*7
-----
25
54
103%
----
6%
9%
121
28
9%
10
8%
10%
9%
*
10%
9%
10%
-----
9
-----
6%
6%
15%
7%
....
1947
15%
15%
1968
*7%
8%
....
7%
c 8s
1950
*7
8%
....
7
4Hb assented
♦Porto Alegre (City of) 8s
..1963
5%
1961
*9%
1966
*9%
Ha assented
♦External sink fund
♦Extl loan 7 Ha
♦Prague (Greater City) 7 Ha.—1952
Af N
♦Prussia <F*ee State) extl OHa-1951 M S
♦External a f 6s
1952 A 0
Queensland (State) extl
25-year external 6a
a f 7a—1941
12%
12%
12%
O 102 H
A
A
1947 F
♦Rhlne-Maln-Danube 7a A
1950 M S
♦Rio de Janeiro (City of) 8a...1946 A O
♦Extl sec 6 Ha
1963 F A
Rio Grande do Sul (State
of)
♦8a extl loan of 1921
♦6a extl a f g
*11
1946 A
96
*19
1
5%
10%
---
--
15
8%
7%
11%
13
....
4
12%
11
1
12%
103
23
98
— — — — —
90%
D
29
7%
9%
8%
90
7
9
9%
4
8%
10%
9%
9%
9%
9%
9%
6
7%
9%
3
9%
9%
3
7%
7%
55%
9
D
Rome (City) extl 6 Ha
1952 A
♦Rou man la (Kingdom of) 7a
1969 F
♦February 1937 coupon paid
9%
1953
Sao Paulo (City of,
Braill)—
♦8a extl secured a f
1952 M N
71
1957 Af N
9%
1
-----
55%
%
A
♦Saarbruecken (City) 6a
56%
28
*5%
O
56
*12
8%
-
17
9%
9%
7%
9
2
16
1
10%
10%
1
9%
9%
17
7%
9
9%
43
7%
31%
35%
87
18
18
21%
17%
8%
9%
7%
22
16
m
60%
8
7%
9%
7
San Paulo (State of)—
§♦88 extl loan of 1921
1936
♦8s external
1960
10 %
♦7a extl water loan
♦6a extl dollar loan
1956 M
S
1968 J
J
♦Secured
1940 A
f 7a
a
♦Saxon State Mtge Inst 7a
♦Sinking fund
"9 %
33
1946 J
g 6 Ha
1946 J
13
1
13
13
11%
11%
*5%
♦4 Ha assented
1958 / D
♦Slle8lan Landowners Aaan 6S..1947 F A
Sydney (City)
-----
*5
*15%
2
34
18
12%
15%
85
87
55%
58%
1
37
39
11
53
56%
53
53
52
53
86
57
58%
1952 M
8
38
38
38
1961
A
0
50%
55%
♦Uruguay (Republic) extl 8a... 1946
F
A
*52%
-----
♦Ref A
1995 J
of
1995 J
Tokyo City 5a loan of 1912
External
f 5 Ha guar
a
♦External
a
♦External
a f
f 6a
1960 M N
BH-4-4HS (I bonds of '37)
external readjustment
8 % -4-4 H % (I bonds of *37)
3%-4%-4*itf extl conv
4-4H-4H
xtl read]
3 Ha extl readjustment
1978 J
48%
A
*38
*41%
O
1952 M N
1968 F
....
51
____
—
51
-
-
-
43
*88
8%
48%
-
-
—
45%
8%
*5%
A
8'western Dlv 1st mtge 6s...1950 J
Certificates of deposit
Toledo Cln Div ref 4s A
1959 J
A
5
5
5
2
1961 J
D
58
57
58
4
5
56%
7%
59%
INDUSTRIAL
{{♦Abltlbl Pow A Paper 1st fia.1953 J
A dam a Express coll tr g
4s
D
54%
104%
1948 Af 8
Coll trust 4s of 1907
55
3
51
55%
104%
2
104
104%
102
103%
1947 J
*102%
-----
10-year deb 4%s stamped...1946 F
Adriatic Elec Co extl 7a
1962 A
107%
107%
Ala Gt Sou 1st cons A 5s
1st
cons
Albany Perfor Wrap Pap 6a
*110%
107%
109
58
2
53
1
109
58
53
86
86
1946 A
9
17
86
♦6a stamped
Belvldere Delaware cona 3 Ha. .1943
♦Berlin City Elec Co deb 6
„
Ha..1961
♦Deb sinking fund 6
He
1959
♦Debenture 6s__
1955
♦Berlin Elec El A Undergr 6
Ha 1956
Beth Steel cons M
4%b ser D—1980
Cons mtge 3Ha Beriea E
1966
79
38
76%
29
66%
44%
42
41
70%
45%
59
61
1962 M
43%
1956 M 8
A
S
Am A Foreign Pow deb 5a.—..2030 M 8
Amer IG Cbem conv 6 Ha
1949 AfN
Am Internat Corp conv 6 Ha...1949 J
J
----
105%
106%
*100%
O
1951
F
45%
*59%
1950 A
96
96%
-
13
101
.110%
51
111
31
62 H
62
62%
10
% 106%
100
32
96%
*16%
1)0%
-
94%
110
101%
97
111
20-year sinking fund 5Ha._.1943 MN
8H« debentures
1961 A O
8H8 debentures
1966 J D
Am Type Founders conv deb.. 1950 J
J
A.1976 MN
1"%
61
64%
—
-
-
104
103%
104
67
102
101
104 %
103%
104%
13
103
104%
Anaconda Cop Mln a f deb 4 Ha 1950 A
O
108%
108%
108%
111
109%
108%
109%
50
108% 109%
108
109%
28
107% 109
6
105% 107
108%
105%
108%
108%
105%
105%
108
107%
108
20
107
Cons mtge 3%s ser F__
1967
107
106%
107
15
106% 107%
34
15
34
Jan
{Ann Arbor 1st g 4s
1995 Q J
Ark A Mem Bridge A Term 5a. 1964 Af 8
Armour A Co (Del) 4s aeries B.1955 F A
46
45%
46
4
29%
15H
15%
16
116
14%
15%
163
14%
18
58 H
57
57
6
6
56%
54%
61%
56%
58%
57%
49%
46%
49%
28
43%
49%
46
48
43
41%
48
53%
55
10
53
58
101
32
45
H7H
116%
132
132%
15
31%
29%
18%
59
6
45
99
6
63%
70
6
64%
66%
66%
72
2
45
45
84%
117%
132%
"20
14
115% 117%
131% 133%
*105%
"11%
D
F
A
15%
*14%
A
O
"15%
"15% "is%
*14%
A
22
14%
15
15%
15%
A
106%
105%
105%
45
108%
107
108%
152
103% 108%
104% 105%
104% 108%
101%
101%
55
100% 101%
J
101%
Boston A Maine 1st 5s A C
1st M 5s series II
1967 M
D
S
45%
1955 AfN
45%
82%
Certificates of deposit
Bklyn Edison cona mtge 3 Ha..1966 AfN
Bklyn Manhat Transit 4 Hs... 1968 AfN
Certificates of deposit:
44%
44%
44%
9%
45%
1st g 4Ha series JJ
1961 A O
{♦Boston A N Y Air Line 1st 4a 1955 F A
Brooklyn City RR 1st 6s
1941 J
J
73
con
107
157
*109
9%
46
103
41%
48
46%
84
33
41%
40%
48
46
47
9%
6
78
82%
41
66%
9%
82%
72
74
56
62
74
7
109
110
1)0
9
109%
93
89
93
713
83%
93
89
86%
89
484
82
89
51
49%
51
47
39%
51
42%
gtd 5s.l941 AfN
109%
let 5a stamped
1941
45%
50
38
45%
46
50
Y~~J
*51
65
*43
1950 F
g 5a
Certificates of deposit
Bklyn Un Gas 1st eons g 5s
1st lien A ref 6a series A
A
92%
91%
90
1945 AfN
1947 MN
90'
Bush Terminal 1st 4s
Consol 6s
1960 A
..1986 A
6s A
112%
93%
113
13
95%
45
106
106%
110%
24
105
26
38
"39%
"31
109% 112%
108% 108%
37
39%
27
109%
*108
D
38%
39%
41
35%
40
5%
7
*5%
5%
5
6%
*68%
68%
69
42%
42%
4
40%
44
51%
54%
102% 104%
83%
85
54
103%
102%
83%
83%
1
100%
101%
104%
103%
101%
99%
100%
102%
37
103%
76
101% 106%
103% 107%
103% 107
53%
A
J
D
F
S
36
105
20
104%
102%
29
101
40
101%
115
100%
95
113
43
"~99%
113
J
Canadian Pac Ry 4% deb atk perpet J
J
Coll trust 4 Ha
1946 M S
5a equip trust ctfa
J
1944 J
103%
100%
A
M
101%
103%
103%
54
2
O
Oct 1969 A
110%
64
65%
83%
"l05
105
65%
84%
98
14
105%
16
82%
83%
75%
34
*43
108%
108%
A 1952
100% 105%
99% 103%
99% 103
110% 113%
60%
65%
85
80%
104% 108%
32
74%
83%
1960
ser
36
7
O
July 1969 J
Guar gold 4%s
June 15 1956
Guaranteed gold 4 Ha
1956
Guaranteed gold 4 Hs_-Sept 1951
Canadian Northern deb 0 Ha...1946
106%
*5%
O
1957 J
1970 F
91%
113
1982 A
Canadian Nat gold 4 Ha
Guaranteed gold 5s
87
112% 113%
111% 113%
93%
96%
..1955 /
Bush Term BIdgs 5s gu
Calif-Oregon Power 4a
1952 A
38
11
95%
consol 4 Hal957 MN
♦Certificates of deposit
{{♦Burl C R A Nor 1st A coll 5a" 1934 AO
♦Certificates of deposit
"93%
69
113
106%
{♦Buff Roch A Pitta
91%
112%
D
1950 /
"93%
113
70
83%
75%
50
108%
"16
97%
22
108"
87%
87%
1948 J
D
Rocky Mtn Dlv 1st 4s
1965 J
J
Cal-Arls 1st A -el 4 Ha A
'i03'"
1944 J
1944 J
J
Atl Coast Line 1st cons 4s July 1952 M
8
1964 J D
May 11946 AfN
Oct 1962 MN
96
6
....
99
102%
103
100%
V
109%
109%
15
107%
'109H
108%
*114
-----
93%
95
76
%
95
95
J
1st 30-year 5s aeries B
93%
8
....
100%
1962 Af 8
1946 J D
Atl A Charl A L 1st 4Ha A
93
*95%
J
1958 J
92
109%
95
75%
76%
13
....
104% 107
85%
87%
85% 87%
92
92
91%
93%
95%
2
"11
8%
30%
6%
16%
30%
7%
3%
3
3
3
2%
6
2%
3%
6%
6%
5
5
8
*4%
7
*4%
6%
8
*95
Gen mortgage 6s
1941 M S
Cent Hud G A E 1st A ref 8 Ha. 1966 M 6
Cent Illinois Light 3 Ha
1966 A O
76
76
1
76
107
107
3
107
109
110
110%
♦General
4a
98
95
*111
95%
76%
45%
17%
1987
107"
1962
"47%
"28
44
48
18%
29
17
20%
15%
47%
18%
1961
1987
Central Steel 1st g a f 8a
Certaln-teed Prod 5 Ha A
15%
108%
3
15
18
7
107
110
107
1948 M S
Champion Paper A Fibre—
S f deb 4 Ha (1935 Issue)
101% 103%
100% 100%
109% 110
1950 M S
1950 M S
1992 M 8
Ches A Ohio gen g 4 Ha
Ref A imp mtge 8Hs ser D—1996 MN
Ref A lmpt M 3 Ha aer E
1996 F A
Ref & lmpt M 3 Hs aer F
Craig Valley let 5s
67%
37
67
"48%
62
*110»3J
50
62
124%
99%
99%
1
112
79
105%
124%
99
125%
99%
98%
104%
99%
68
105%
47
108%
Potts Creek Branch 1st 4a.—1946
*106%
114
R A A Dlv
*115%
3
93%
95
3
95
96%
68
74
1989
62%
79
103%
123% 125%
98%
99%
98%
99%
103% 107%
101% 101%
118
J at con g 4a
58
75
103
31
66
109"
114
54
104% 105%
105
107
73%
63
48%
llO'u 112111
"31
77
*100
May 1940
66
63
ill
105%
*103%
79
105%
1963
66%
*
1941 MN
S f deb 4 Ha (1938 Issue)
114" 117"
77
2d consol gold 4s
56%
57%
15
56%
74 %
74
75
23
73
76
68
67
68
15
68%
41
34%
57
97%
"88" "90%
40
101%
99% 101%
95
"26
10
*5
43
86%
Trans-Con Short L 1st 4s
2%
*8
67%
*
93%
3
""2%
"49%
87%
D
♦Mid Ga A At Dlv pur m 6a_1947
♦Mobile Dlv 1st g 6a
1946
Central Foundry mtge 6a..
1941 M
16%
6%
O
1959
♦Chatt Dlv pur money g 4a..1951
♦Mac A Nor Dlv latg 5s....1946
89
33
A
4
1960 / D
1959 A
16%
""6%
Through Short L 1st gu 4s...1954 A O
Guaranteed g 5e
i960 F A
Central RR 4 Bkg of Ga be ...1942 MN
75
1956 J
1945 MN
94%
50
"89"
1948 J D
Nov 1945 F A
{♦Central of Ga let g 6s
♦Consol gold 5s
Cent Pacific 1st ref gu gold 4a.. 1949 F
106%
Conv gold 4s of 1910
*
"89
50
105%
D
♦Cent Branch U P 1st g 4a
97
97%
98%
100%
1965 J
Carriers A Gen Corp deb 6b w w 1950 MN
Cart A Adlr 1st gu gold 4a
1981 F A
Celotex Corp deb 4 Hs w w
1947 J D
98
106%
1996 MN
....1948 J
J
41
40%
41
3
64%
38%
....1948 J
J
34 %
32%
34%
5
32
62
Warm Spring V 1st g 5a
For footnotes see page 967.
I
1989
*106
1941 M 8
*103
♦Chicago A Alton RR ref g 3a..1949 A
Chic Burl A Q—111 Div 3 Ha—1949 J
Illinois Division 4s
1949 J
General
4a
1st A ref 4 Ha aeries B
1st A ref 5a aeries A
24%
45
100%
1995 Nov
Second mortgage 4s
29%
42
100
J
Conv gold 4s of 1909
Conv 4s Of 1905
Atl A Dan 1st g 4s
24%
29%
10
O
Stamped 4s
10-year coll tr 5s
29%
63
26
85
98
101%
Adjustment gold 4s
L A N coll gold 4s
24
27H
29%
29%
24
26
101%
98
1957 J
General unified 4 Ha A
24
26%
100%
Took
1996 A
Atl Knox A Nor 1st g 5s
26%
26%
45
*70
1959 J
Central N Y Power 3Hs
34
Atchison Top A Santa Fe—
Conv neb 4 Ha
61
29%
~
1944 /
{♦Cent New Eng 1st gu 4a
{♦Central of N J gen g 5a
109
♦Anglo-Chilean Nitrate—
General 4s
31%
26%
/
Big Sandy let 4s
♦Ref A gen 6 Ha aeries B
♦Ref A gen 5s series C
17%
128
-
Amer Telep A Teleg—
f 4s ser C (Del)
29
29%
27H
80%
69
Allls-Cbalmers Mfg conv 4s
m a
30
1952 A
debs
Caro Clinch A Ohio 1st 6s
87
77%
♦Alplne-Montan Steel 7s
1st
99
29%
29%
32
...1949
68
1942 Af 8
5 f Income deb
24
*14%
106%
105%
{♦Car Cent 1st guar 4a
79
1998 A
ser
83
99
60
68 X
F
Allegh A West 1st gu 4a
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Ha
4 Ha debentures
Amer Wat Wks A Elec 6s
29%
63%
60
85
70
24%
26
55
J
Dec 1 1954
1960 A
5a
66
69
1943 J
Coll trust gold 58
Collateral trust 4 Ha
107% 108
1949 J
Alleghany Corp coll trust 5a.-.1944
conv
....
108
53
53
1948 A
Alb A Susq 1st guar 3 Ha
5
80%
------
107% 108%
70
80%
58
1948 A
6s with warr assented
Coll A
80
1943 J
1943 J
4s series B
4
23
29%
118
47%
A
Beech Creekext
lstg3%8_.—1961 A
Bell Telep of Pa 5s aeries B
1948 J
let A ref 5s series C
1960 A
Guaranteed gold 6a._
Guaranteed gold 6a
COMPANIES
107
26
1951 J
cona gu
68%
82
27 H
4s stamped..
1951 J
Battle Creek A Stur 1st
gu*8s—1989 J
Canada Sou
,1958 F
♦4 Ha assented
Yokohama (City) extl 6a
46
33
51
50%
45%
67%
51
82
100"ulOl%
64%
70%
67
70%
15K
I960 F
Certificates of deposit
Debenture gold 6s
43%
43%
50
50
66%
67%
71%
107%
43%
67
let lien A ref 5s series B
1957 MN
Buffalo Gen Elec 4Hs series B.1981 F A
44%
51%
*47%
50
1984 J
Venetian Prov Mtge Bank 7a_. 1952 A
47
50
*47
D
1978 F
♦Vienna (City of) 6a
♦Warsaw (City) external 7a
AND
50
1979 AfN
67 H
69%
106
27 H
1996 AfS
W Va Sya ref 4a...1941 M JV
conv
86
10
*100"8{ 102
Certificates of deposit
*52%
1979 AfN
*82%
3
12
1
High
27 H
♦Certificates of deposit...
♦Ref A gen 5s series F
3Ha
51
Low
30
2000 Af S
Buff Nlag Elec 3Hs series C—.1967 J
external conversion
RAILROAD
....
*52%
1964 AfN
6a
22
D
deposit
♦Ref A gen 5s series D
Bklyn Union El let
5 Ha
a f
L>
deposit..
gen 6s series C
♦Certificates
70
106.%
NO.
27 H
♦Ref A gen 5a series A
of
High
Jan.
"68 H
Certificates of deposit....
♦Certificates
Since
Asked
49
Certificates of deposit
5
15%
2
86
Taiwan Elec Pow
70
106%
49%
J
{Bait A Ohio 1st mtgeg 4sJuly 1948 A O
1st mtge g 5s
July. 1948 A O
Bklvn Qu Co A Sub
5
5
58 %
A
13
5
....
7
J
...1956 F
5Ha
11%
11%
12
-----
1971 J
a f
8
16
10%
10
9%
*16
D
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962 AfN
♦7a aeries B aec extl
1962 Af N
♦Silesia (Prov of) extl 7a
.1968 J D
13%
1941 J
Con ref 4s
9%
J
atmpu.1940 AfN
Bangor A Aroostook 1st 5s
98
21
1966 MN
♦6 Ha extl secured a f
12%
21
_
1967 J
♦7a extl loan of 1926
♦7a municipal loan
12%
103
99
Austin 4 N W let gu g 5s.
Baldwin Loco Worka 5a
A
Low
Refln'ng deb 3a
1953 M S
{{♦Auburn Auto conv deb 4%sl939 / J
Range
Friday's
Bid
Atlant'c
P L E A
12%
11%
50
Railroad & Indus. Cos.
{.CorU.)
Atl Gulf A W 188 coll tr 68
1969 /
9%
5%
....
....
Range or
Sale
Price
♦Certificates of deposit..
♦Convertible 4 Hs
♦Certificates of deposit
8
9%
Week's
Last
EXCHANGE
7%
6%
9%
8%
8 %
O
1968 J
101%
1
STOCK
Week Ended Feb. 9
High
-----
Y.
1
58%
*10
...1958
4
963
BONDS
N.
Since
Asked
8
69%
1940
4Hb assented
♦Stabilization loans f 7s
A
*18%
55%
Oriental Devel -juar 6a
Extl deb 6%a
Oslo (City) s f 4%s
«
Panama (Rep) extl 5 Ha
♦Extl B f 5fl ser A
2
Friday
Friday's
Bid
Low
i«62 F
extl Oe
Range
Sale
Week Ended Feb. 9
Record—Continued—Page
Week's
Friday
O
J
J
15
14%
94%
94
100
99%
106
15
95%
22
14
73
94
69
99
100
90
41
89
1958 M 8
89%
89
1977 F
A
80%
80%
81
...1971 F
A
87%
87
87%
9
21
79%
84%
106
16%
97%
102%
92%
82%
90
Feb.
New York Bond Record—Continued—Page 3
964
Friday
Week's
Last
Range or
Range
BONDS
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Jan. 1
Week Ended Feb. 9
Price
BONDS
EXCHANGE
N. Y. STOCK
ufe
"-(flu
Week Ended Feb. 9
Railroad & Indus. Cos.
{{♦Chicago A East in mi
Price
1961
O
A
18
68--—1982
{♦Chicago Great West 1st 4s—1969
{♦Ohio Ind A Loulsv ref 6«
1947
MN
asm
1947
♦Refunding 4s series C
947
♦lBt A gen 6e series A
--.1966
♦1st A gen 6s series B—May I960
Chic Ind A Sou 60-year 4s
1956
Chic L S A East 1st 4 Ms
1969
jCblc Milwaukee A St Paul—
♦Gen 4s series A--—May 1 1989
♦Gen g 3 Ms series B—May 1 1989
♦Gen 4M> series C—May 1 1989
♦Gen 4 Ms series E—-May 1 1989
♦Gen 4X« series F—May 1 1989
{♦Chic Mllw St P A Pac 6s A-1976
♦Cony adj 6s
--Jan 1 2000
J
{♦Chic A No West gen g
♦General 4s-♦Stpd 4s non-p
3MB--1987
*987
Fed Inc tax 1987
May 1 2037
♦1st A ref 4Xs stpd.May 1 2037
♦1st A ref 4Xs ser C-May 1 2037
•Conv 4
B series A
1949
{{♦Chicago Railways 1st 6s stpd
♦1st ref g 6e
Aug 1938 26%
Part paid
{♦Chic R I A Pac Ry gen
♦Certificates
/
D
""I
25
3
J
14%
MA'
15
16x
107
IK
14 m
77
12
15m
48
12k
15
ik
12k
11
13
15
16K
60
13m
16m
17x
,
17m
13k
15
16k
18M
47
13 m
4
13 m
60
15m
15
18k
10
9
10
23
8
10
D
10x
8x
10M
38
8M
10%
F
A
J
J
8x
3
10m
75
8M
3m
74
3
13m
12K
47 x
13 m
49
1
12x
12 X
130
17
5x
5
M*8
7M
6x
7m
1960
MN
"iff
5x
1951
Gold 3 >48
June 16 1951
Memphis D1t 1st g 4s
1961
Chic T H A So'eastern 1st 6S--1960
Inc gu 5s---—------Dec 1 1960
6s
J
—.
D
M 8
6
2x
5
52
6M
4X
5M
9
30
15
5M
IX
O
1963
J
J
D
series E—. 1963
1951
3>4s guaranteed
—
Chic A West Indiana con 4s—. 1952
1962
1st A ref M 4 X s series D
1st mtge 4s ""Ties
1st mtge 3X«>
J
1943 A
Chllda Co deb 6s
O
F
A
1967 J
3 >4s
4s—.
D . 1971
Cln Leb A Nor 1st con gu
52 m
53 x
60
52 h
108x
38
106 %
108x
106
2
90 x
92 m
50
91
93 m
43
16
51k
52 m
*12M
108x
18m
108x
"22
109m
110K
13
104 x 106
90
94
89 x
49 m
94
52 m
108'"
109m
109 m 110m
*103
"14
108M
iiox
liiK
19
109
111x
.1943 J
J
*68
75
75
Cieve CId Chic A St L gen 4s—. .1993 J
1993 J
Genera 15s series B
D
64 m
5
64
66 m
1977 J
J
79 h
53
"40
49
1991 J
J
3Xs ser E
Ref A Impt 4 >4s series
E
Cln Wabash A M Div 1st
4s.
64 %
*75
D
St L Dlv 1st coll tr g 4s
1940 M S
Cleve A Pgh gen
*63
59
•Gen
conv
.1942 J
Series A 4>4s guar
Series C 3>4s guar
—
.1950 F
Series D 3>4s guar
J
.1948 MN
46
52
62
64 %
100
67
% 100X
~99x
108m
108x
106 x 108m
iiox
106X
106M
I06M
*100
{Re. A Imp. 6a of 1927
*79
88 x
78
90 x
60
72 k
73m
31
71x
74x
165"
106 %
105
72 m
"29"
16 1961 J
Jan
Debenture 5s
J
A
104x
104
O
Columbus A H V 1st ext g 4a_. 1948
1955 F A
1965 MN
Columbus A Tol 1st ext 4s
Columbus Ry Pow A Lt 4a
104m
82 x
27m
105
68
72 m
30 k
81
27x
72%
34x
104m
104m
32
104
105 x
105
104
105
19
104
104
104m
88
103x 104x
18
O
15X
14X
15X
171
14 m
J
52 X
51 X
52 X
3
55 X
57
2
49 x
53 x
18
54
58
92
92 X
2
92
92 x
.1975 A
.1955 J
J
J
b f 6s.. .1957
♦N Y A Erie RR ext 1st 4#.. .1947 M N
.1938 M S
♦112M
108x
A
94
97
D
107
107
106x 108
104X
105
104
1968
1958
Conn A Pasaump River 1st 4a—1943
110M
Conn Ry A L 1st A ref 4 Mb
128x
1951
1951
Stamped guar 4 Ms
1901
Consol Edison (N Y) deb 3X8.1946
1948
1956
1968
8 Mb debentures—
106 m
"108M
8 Mb debentures
•Consolidated Hydro-Elec Works
of Upper
W uertemberg 7s
Consol Oil conv deb 3 Mb
1956
108m
*13m
1951
105
{♦Consol Ry non-conv deb 4s—1954
10
104m
15
♦Debenture 4s
1965
1956
30-year deb 6s series B
1954
Tire A Rubber 3Ms. 1948 A
J
*14
Consolidation Coal
a
"57"
2
109x 109x
109 x
108 x
100 k
53
107 x
38
106x 107x
106x 107x
106 K
24
106
108M
17
16
105
4
107 x
107x 109x
14
—
105m
55 m
14
104 x 105 x
15
15
15
16
17m
55x
57
60
Consumers Power Co—
...May 1 1965 Af N
1st mtge 3 Mb
108 x
109
MN
110
109m
109x
109m
110X
107m
106 x
107m
....1967
1st mtge 3 Mb
.1970 MN
1st mtge
11966
3Ms
Container Corp 1st 6s
MN
1943 J
Continental Oil conv 2Mb. ..1948 J
Crane Co s f deb 3 Ms
—.1951 F
♦Certificates
Crown Cork A Seal
S f 4Mb
a
f 4s
debentures....
Crucible Steel 4Mb debs
Cuba Nor Ry 1st 5 Ms
Cuba RR 1st 6sl
D
1948 J
J
1948 F
1942 J
...1952 J
Dayton Pow A Lt lBt A ref 3 Ms 1960 A
Del A Hudson lit
ef4s
..1943 Af N
{{♦Proof of claim filed by owner
♦Certificates of deposit
For footnotes see page
967.
46x
49
54
10
1
i
Fort 8t U D Co 1st g 4 Ms
5Ms A
1941
1946
♦Sinking fund deb 6M
a f deb 0s
{♦Ga A Ala Ry 1st
1940
-
1948
J
cons
J
D
A
1977
General mtge 4s series G
1940
Gen mtge 4 sseries H...
1940
Gen mtge 3Ms series I
1967
105x 107
*20 X
104X
91x
*28
80
106 X
80
87 X
74
74
85
87 x
74
72
76 m
107
19
105 x 107
97 x 100
97 X
113
82
90 X
83
20
81x
82 X
102X
98 X
90
83
8
81x
84
84
42
99 x
104
100X
102 X
5
90
92
92
90 X
92
54
88
J
73
73
73 X
49
72
75 x
58
58
58
58
Feb
8
8X
92
~83X
80
108 x
109 x
108 x 110m
8x
96 X
108X
96
99
108
109
123
120 x
122
78
75x
80
47 X
44 x
47 x
97
AfN
Houston Oil 4Xs debs
1954
Hudson Coal 1st s f 6s ser A...1962 J D
Hudson Co Gas 1st g 6s
1949 MN
97 X
97
32 X
32 x
33 X
32x
Hudson A Manhat 1st 6s
ser
A. 1957
F
A
A
♦Adjustment Income 6s. Feb 1957
Illinois Bell Telp 3 Ms ser B—1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3 Ms
1951 J
1951
1951 M S
A O
1956 MN
Refunding 4s
6
1962
J
Refunding 6s
*20
*122
*76 X
125
1952
1963 MN
1955 MN
F A
Aug 1
1966
104x 106x
12
102x 103x
Omaha Dlv 1st gold 3s
1951 F
103m
32
101x 103x
1951
28 x
35
30 x
St Louis Dlv A Term g 3s
Gold 3 Ms
38
Springfield Dlv 1st
43
46
Western Lines 1st g 4s
32
33 x
g
J
1951 J
J
8 Ms.—1951
1951
F
126X
"47 x
47 X
48
14x
14X
15
110X
111
"90"
90
90
125
98m
37x
126x
45 x
50 x
15
12x
110x 112x
90
91
86 x
*85
86 x
*85
A
Extended 1st gold 3 Ms
Collateral trust gold 4s
83 x
108X
97 X
Purchased lines 3 Mb
63 x
80
97 X
Collateral trust gold 4s
58 x
~83~x ~87x
46 X
105x 107x
104»«108 x
80 X
19
47 X
109x 111
105x
83 X
*85X
103
46
19
105 x
89x
J
106m
61X
104
*104X
98 X
J
102 H
60
33
89X
J
106 M
"7
18x
35
104 X
54
54
six
54
47 x
47
47 x
47 X
45
48 x
46 x
47 X
45x
48 x
44 x
43X
44 X
42
46
45
46
44
46 x
53 X
54 X
56 x
44 X
45 x
52 x
43 x
Cairo
10423jj 104i*i«
70
"7" ~17 x
19
89X
104X
66
70
108x
108 x 110x
34
24 x
17
"82"
MN
104 x 105 x
*32
103
24x
Gulf States Utll 3Xs Ser D....1969
J
♦Harpen Mining 0s
1949
J
J
Hocking Val 1st cons g 4 Ms—1999
A O
Hoe (R) A Co 1st mtge
1944
MN
{{♦Housatonlo Ry cons g 68—1937
17
1
105
101
106 X
67
*15"
106 X
1970 3
General 4Ms series D___
33
12
10
58
*26X ~28X
A
104 m
36 h
103
105
102X
105X
106
J
Great Northern 4mb series A—1901 J
J
General 6 Ms series B
1952
General 6s series C
1973 J
53 x
123x 124x
"30
*
J
49
50X
*27 X
70
J
2x
100W«10O"ii
*29
MN
F
1944
1960
40-year 4Xs.
43
2x
2x
*26 X
6s Oct 1 '46
1st A gen s f 6 Mb
105
30 m
2x
3X
D
101x 102 x
43
3X
102
D
9
35 m
8x
100 lTi* 100»732
J
J
4
29m
6x
8
J
{{♦Ga Caro A Nor 1st ext 08—1934
♦Good Hope Steel A Ir sec 7s„1946 A
Goodrich (B F) 1st mtge 4MB—1956 J D
Gotham Silk Hosiery deb 6s w w '40 M 8
102m
109m
30x
8«
7
*2
J
F
Gen Motors Accept deb 3 xb
1951
Gen Steel Cast 6 Ms with warr.1949
105m
30m
6x
*2
-.1947
♦20-year
101M
109m
39
7%
6X
MN
103
61x
46x
50 X
49
101x 104
105x 100x
106
1952
103m
7 Mb series A extended to 1946—. J
J
6s series B extended to 1946
50 X
)f deposit
103
1960 MN
*48 X
*6X
Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s_„ 1951 /
Louisv Dlv A Term g 3 MB—1953 J
109x
A
106
J
MN
{{♦Prool of claim tiled by owner
(Amended) lbi cons 2-4a
1982
104x
D
103X
1974 M S
♦1st A ref 5s series A
105
1946 J D
16-year deb 5s
104X
103X
105M
{♦Fla Cent A Pennln 6s
1943
{Florida East Coast 1st 4Mb-—1959 J D
1st gold 3s sterling
f 6b.—--I960
1st mtge 3 Ms
O
103 x 104 x
103
104 x
104X
104X
D
J
103X
104X
1st ref A Term M 6s stamped.1952
Gulf States Steel s f 4Mb
1901
21
109
104 X
105
Gulf A Ship Island RR—
130
*14
1966
i09M
371
*14
♦Debenture 4a
♦Debenture 4s
M S
1942
125
108m 109x
89
♦108m
109x
108m
106 m
106 k
107m
107m
Conn Rlv Pow s f 3Mb A
3 Mb debentures-
129
*102
1942
1st lien 6s stamped
Firestone
105
1942 M S
M 8
series
f 6a stamped
109x hi
11
110M
128
*85
1st mtge 3 Ms series I
M 8
Federal Light A Traction 1st 5s 1942
a
97
93
F
1966 J
.—...1954
Feb
♦Debentures ctfs B
MN
Greenbrier Ry 1st gu 4s
1940
Gulf Mob A Nor 1st 5 Ms B—.1950 A O
1st mtge 6s series C
1950 A O
—.
109
Commonwealth Edison Co—
Conv debs 3 Ms
*75
{♦3d mtge 4 Ms
Green Bay A West deb ctfs A.
*113
"l08x
21
14 x
General 4Mb series E
Columbia G A E deb 6s...May 1962 Af N
Debenture 6s
Apr
15 1952 A O
24
18
163
Gt Cons El Pow (Japan) 7b
40
'i05~
19 x
4
15X
Grays Point Term 1st gu 6s...1947
89m
80 M
*106M
.1980 Af N
Colo A South 4 Ms series A
80
78m
Colo Fuel A Iron Co gen s f 5s.. .1943 F
.1970 A
♦6s Income mtge
17
19
14X
J
Gouv A Oswegatchle 1st 6s
1942
Grand R A I ext 1st gu g 4 Ma..1941 J
78
73
20X
18
83 x
88 M
.1945 J
19X
20 X
15X
80
88 H
.1977 A
19X
24x
.1953 A
.1967 M N
4a series D
J
*104m
1st s f 4 >4s series C
26
18 x
♦Gen Elec (Germany) 7s
*102X
Coal River Ry 1st gu 4s
57
21X
7
54m
79*4
h
A
Cleve Short Line 1st gu 4 >4s—. .1961 A
.1972 A
Cleve Union Term gu 6>4s
.1973 A
1st s f series B guar
53
218
49X
108x
.1977 F
Gen A ref mtge 4 >4s series
25
23 X
20 X
♦124X
*103X
108x
B. .1981 J
Gen 4 >4b series A
56 X
22 X
55 X
23 X
Gas A El of Berg Co cons g 5s..1949 J D
Gen Amer Investors deb 6s A—1952 F A
J
J
Gen Cable 1st s f
♦108M
♦105m
*106x
A
.1942 A
Series B 3>4s guar
*101
Francisco Sugar coll trust 0s—1956 MN
*97
108M
Cleve Elec Ilium 1st M
105x 105x
51m
77
*100 M
1940
3Xs— .1905
gu 4 >4* ser B. 1942
51
*47
1990 MN
Spr A Col Div 1st g 4s
W W ValDIv 1st g 4a
53
106
*105X
60
Fonda Johns A Glov 4Ms
liox
Clearfield A Mah 1st gu 6s
107 x 109 x
59
Ernesto Breda 7s
106x
11QM
93x
141
141
109X
59 x
Fairbanks Morse deb 4a
111
Af N
.1969 F
90x
91X
141
*101
1905
58 stamped
62 M
110M
1st mtge gu
90 X
141
108X
109
J
Erie A Pitts g gu 3Ms ser B._. 1940
1940 J
Series C 8Mb
J
{♦Erie RR 1st oons g 4a prior.. .1996
.1996 J
•1st consol gen Hen g 4a
.1953 A
♦Conv 4s series A
.1953 A
♦Series B
48
A
Cln Un Term 1st gu 3 >4 ser
*106
67
106
'l"08k'
13
105 k 109 x
107X
56
61x
107 m
D
106X
107x
12
59
48
11
67x
107
1942 MN
106x 108x
*51
48
108M
51m
101
107
13
13
"106X
97 x
QQ
106X
108X
108
*51
67
107
1952 Af N
{♦Choc Okla A Gulf cohb 6e—.
1960
Cincinnati Gas A Elec 3Xs
110m 112x
35
A
67
106
93 m
109 x 111m
1
53
♦Geneasee River 1st
2X
17
"92 x
20
112X
97 X
108"
O
Nor Dlv let 4s.. 1948
6
107
8
110X
♦105X
A
East Ry Minn
75
107
J
109
99
D
MN
Euat T Va A Ga Dlv 1st 6s—. 1956
J
J
Ed El III (N Y) 1st cons g 6a_. 1995
1962 F A
Electric Auto Lite conv 4s
1941 Af N
Elgin Jollet A East 1st g 5s
1965 A O
El Paso A S W 1st 5a
{Ref A impt 5s of 1930
106
M
20
*25
J
♦Erie A Jersey 1st s f 6s
3
J
4m
110x
109k
*40
J
7%
107
M S
4
109X
110X
DuQuesne Light 1st M 3Ms.-.1965
5M
106M
106M
2x
6x
5X
J
6e Internationa
1944
—
5x
109
109X
J
78
*61M
52 X
2x
5X
112X
A
{{♦Dul Sou Shore A Atl g 5s.. 1937
Dul MlssabeAIr Range Ry 3X81962
1st lien
Chicago Union Station—
Guaranteed 4a.
M S
F
0
48
D
J
A
80 x
♦73
D
J
J
J
1951 J
♦60
D
J
1%
4
230
15
{♦Refunding gold 4s
1934
♦Certificates of deposit———
{♦Secured 4Mb series A
1962
♦Certificates of deposit
5x
10 M
12M
♦46 k
UM
.....
6M
5m
1st mtge
6M
20 m
7%
2M
14 H
16k
AO
Ch St L A New Orleans
24 %
D
-----
•Conv g 4>48
25
125
3 X
2X
5X
5x
Dow Chemical deb 3s
23 m
2x
*4X
*49X
O
26m
114
3
A
26m
14x
3%
10
24
18 x
iox
10x
8x
*2X
2X
A
24m
15
D
8x
9X
1
17x
MN
9X
8X
28
M
1H
14
J
106 x 108 x
8
23
6
14
MA
107
9X
9X
24 h
25
13
15
106M
107
25x
6x
MA
104x 106
26
25
M N
{♦Dea Plains Val 1st gu 4 Ms.—1947
High
108x 109
J
1978
Detroit Fdlson Co 4Ms ser
Low
104X
J
{♦Consol gold 4 Mp
{♦Den A R G Wes* ,'en 5s. Aug 1966
♦Assented (subj to plan)
♦Ref A lmpt 6s ser B_—Apr
NO.
104X
J
1936
1936
{♦Des M A Ft Dodge 4a ctts—-1935
High
*108%
23 m
21
12
1x
7k
60
114
24k
O
7%
6
114
25
A
13
4 Xb
Since
Jan. 1
Asked
4
D..1901
Gen A ref M 4s ser F
1965 A O
Gen A ref mtge 3 Ms ser G—1960 M 8
J D
Detroit A Mac 1st lleo g 6s. —1995
J D
♦Second gold 4a.
.—.1995
VfN
Detroit Term A Tunnel 4Ms..1901
24M
25M
J
13
60
22
J
17%
1st mortgage
{{♦Den A R G 1st cons 7 4s
A
J
1971
1969
1909
1st A ref 4mb
Bid
Low
Railroad & Indus. Cos. (Cont.)
Del Power A Eight lst4M»
Range
Range or
Friday's
Last
23 m
23m
J
27 h
12m
6M
60
♦112x
J
'
7m
7m
♦57
J
1
7k
13
7
19m
88
23M
16X
12m
16
13
J
-
-
17
J
4s-. 1988
of deposit
17
"13"
J
stpd
lDC ***--1987
MA
♦Gen 6s stpd Fed tnc tax-—1987
Mtf
♦4 >4s stamped
IN
{♦Secured 6 Ms
------1936
♦Gen 4 X s
27 h
136
♦12M
UN
16
8*K
2
20M
J
•Refunding g 6e series B
fl85x
High
118X 118m
16 X
19m
24
17m
16
G85M
27 x
17
Low
"76
18
16M
17m
8
M
No.
High
121
♦118
MN
of deposit
Chicago A Erie 1st gold
Asked
A
Low
(Cont.)
o«—1»»4
{♦Cblo A E III Ry gen 6s
♦Certificates
Bid
1940
10.
Week's
Friday
"45x
*78 X
"63x
44 x
46 x
81
63X
63 X
65X
~63x ~63x
65X
65 x
65x
*
63
52x
52 x
*11—I
57 X
♦
59X
55
50
*76"
86 X
*53
75
New York Bond Record—Continued—Page 4
Volume ISO
BONDS
Last
N. Y. STOCK EXCHANGE
Price
Railroad & Indus. Cos. (Com.)
BONDS
Since
N. Y. STOCK EXCHANGE
Sale
Week Ended Feb. 9
Price
Friday's
Bid
A
Jan.
Asked
High
Low
No.
49 K
High
Low
72
1
Ill Cent and Cblc tit L 4 N O—
1963
49 K
1963
—1940
1948
46 K
Joint 1st ref 5s series A
1st A ret 4Kb series
C
Illinois Steel deb 4KB
♦Ilseder Steel Corp 6a
48 K
45 K
100»i«
46 K
6
100»16
2
47K
43K
50 K
46K
100 K 100««
*20 K
Ind Bloom A West 1st ext 4a__1940
*98
99K
99K
Ind 111 A Iowa 1st g 4s
1950
*55
60
60
61
(♦Ind A Louisville 1st gu 4s—1956
13
13
12
13
Ind
Union
Ry 3 Kb series B—1986 M S
Industr'al Rayon 4 Ks
Inland Steel 3Kb series
D__
JInterboro Rap Tran 1st 6s
♦Certificates of deposit
*105
J
/
102K
101K
102 K
F
A
108K
108
109
/
J
76 K
76
75K
1932
(♦10-year 6s
a
~o
conv
7%
82
101
102 K
20
108
109 K
76 K
184
74 K
76 K
76 K
77
73 K
30
76 K
32 K
30 K
30 K
31K
*30 X
13
32
M
74
S
1947
Interlace Iron conv deb 4s
1942
(♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A. .July 1952
stamped
A
O
85
M N
/
J
74 K
"l8
72K
75 K
73 H
1932
notes
♦Certificates of deposit
Int Agrlc Corp 5s
,
31
♦Certificates of deposit
(♦10-year
100 K
76
1948
1961
1966
73 K
3
72 H
75
90 H
Railroad & Indus. Cos. (Cont.)
/
14K
"65
IK
13K
16K
2
♦Mex Internet 1st 4s asstd
♦4s (Sept 1914 coupon)
1977 M
1956 J
52
55 K
39
42
81
81K
23
78K
81K
106
44
UK
11K
14K
♦Mlag Mill Mach 1st
15
14K
74
72 K
74
47
71K
74 K
1947
1st Hen A ret 6 Ks
Int Telep A Teleg deb g
4KB—1952
F
70
30
102 K
103
32
99 K
97 K
99 K
38
90 K
97 K
90 K
3
84
5
41
39 K
41 K
144
44 K
43
44K
81
IK
1
A
J
J
1955 F
Debenture 6s
(♦Iowa Central Ry 1st A ref 4s.l951
A
Af S
IK
IK
James Frankl A Clear 1st 4s..1969 J D
Jones A Laugblln Steel 4Kb A—1961 Af S
1990
A
((♦K C Ft 8 A M Ry ref g 4a__1936
A
O
♦Certificates of deposit
gold 3s
Ref A lmpt 6s
♦Karstadt (Rudolph)
*15
w
w
J
/
J
/
D
unguaranteed
105
Kings County Elev 1st <
1954
1964
ref 6 Kb
30
104 H
6
(♦Laclede Gas Light ref A ext6sl939
Ref A ext mtge 6s
1942
Coll A ref 5 Kb series C
1953
Coll A ref 6 Kb series D
1960
J
/
J
J
A O
A O
F A
F A
1942 F
A
Coll tr 6s series B
1942 F
3% to—1947 /
1941/
101H
1975
1964
1954
1966
1945
Cons sink fund 4Ks ser C
Lehigh A New Eng RR 4s A
Lehigh A N Y 1st gu g 4s
D
D
IK
.55
95
"28K "32K
30'
65 K
69
64 K
68 K
107 K 108K
103K 105
~60"~
♦5s stamped.—.
♦Sec 8%
80
85
80
85
80
85
170
92 X
90 K
104 K
105
105
106
3
26
19K
15K
"86
6K
8K
20
13K
18K
14
16
if 14K
^T4K
*14
6K1* 7
16K
J*
1?17K
2K
16K
2K
17K
17
17
17
*
'III
2K
210
13K
18K
20
13K
18
13K
18K
4
1978 MIV
"17K
17K
19
1949 IN
"Tk
IK
"lk
"22
IK
2K
O
17 K
16K
17 K
34
13K
17
17
17
9
15K
13K
17
1980
♦Certificates of deposit
1981
A
f"a
16
47
48 K
16
44
50 K
♦Montgomery Dlv 1st g 58—1947 F
47 H
49 K
3
43 K
49 K
♦Ref A lmpt 4KB
43
44
4
42
44
42K
42 K
3
42 K
45
78
17
H
20
90
*71
14
18K
17
18K
17K
68
17 K
17
17K
♦Certificates of deposit
17K
13
*17
♦Certificates of deposit
48 K
"43"
*60
75
*82
84 K
87 H
84
84 K
71
23K
32 .
(Mobile A Ohio RR—
12
A
23 K
22 K
1977 M S
31K
28 K
23K
32
161
20K
26K
1938 M S
Mohawk A Malone 1st gu g 48.1991 M S
Monongahela Ry 1st M 4s ser A '60 Af N
M anon g a he la West Penn Pub Serv
36 K
33 K
T 37 K
174
32
*53 K
59 H
106K
(♦Secured 5% notes
106K
51K
4
84
1st mtge 4 Ks
1960
O
110K
110
110K
81K
85
6s debentures
1965
O
111
110K
3KS-1966
lU
100
21
D
5
99 K
99K
14
34K
J
49H
39K
55K
1941
1
Gen A ref s f 6s series A
1956
O
*54 K
84
74
8
48
54
Gen A ref a f 5s series B
1955
O
*54 K
O
88
Gen A ref b f 4 Kb eei ies C—.1955
109K 110K
109 K 111K
99 K 100 K
83 K
86
72
A
84
37K
54
107
105
82
.
O
M S
36
*88
34
87 H
32
89
34 K
34
35
Montreal Tram 1st A ref 5s
Gen A ref
s
1955
O
D
45 K
42 K
37K
37K
29
35
35
28
28K
27
33K
29
29
28 K
29K
29K
Mutual Fuel Gas 1st gu g 6s...1947 UN
Af N
Mut Un Tel gtd 6b ext at
*37 K
A
*25
A
25 K
25K
25K
27
5%.. 1941
*27
29
25K
29K
Nash Chatt A St L 4s ser A
1978 F
Nassau Elec gu g 4s stpd
1951 /
J
Af N
50
52
K
49K
52K
Certificates of deposit
47 X
47 K
43 K
48 K
Nat Acme 4 Ks extended to
*43 K
/
50
62 K
47 K
50 K
44
45
National
1946 J
"52"" "54"
117
118
100
7
109
2
97 K 101
108K 109 K
ioik l03~"
109
103"
"50
70 K
24
109 K
7
126K 127K
127 K 130K
68
108
71
109K
90
89 K
125 X
*126 K
67
1
67
67
90 K
2
89
91K
90 K
67
1951 F A
7
~~
290 K
125 K
34
69 K
102
109 K
Af S
♦4 Kb
57
87K
90 K
90
11
87 K
90
125K
13
128
"33
125K 127
126K 127
83
85K
91K
107K
104
105 K
*K
*K
*K
*K
/
(♦Assent warr A rota No 4 on *26
♦4s April 1914 coupon on
1951 A
♦4s April 1914 coupon off-—1951 A
♦Assent warr A re** No 4 on *61 A
A
National Steel 1st mtge 3s
1965
(♦Naugatuck RR 1st g 4s
Newark Consol Gas cons 5b
1954
(♦New England RR *oar 5a
J
J
/
1946 J
A—1962 J D
1st g 4 K» series B
1961 IN
N J Junction RR guar 1st 4s„ 1986 F A
N J Pow A Light 1st 4Kb
I960 A O
/
New Orl Great Nor 5s A
1983 J
N O A N E 1st ref A imp 4 K bA 1952 /
A
O
New Orl Pub Serv 1st 5s ser
1956 J D
J
New Orleans Term 1st gu 4s... 1953 J
1011*38
10
101K 101 "u
98 K
27
98
91K
92 K
16
90 K
*103 K
Paducab A Mem Dlv 4s
104
St Louis Dlv 2d gold
Af S
*78
82
Mob A Montg 1st g 4 Kb
M
8
112
112
J
/
78
79
105K
105 K
*10K
105 K
5
86
88
82
83
102 K
80
104
112
112
73 K
82 K
79
105K 105K
1st A ref 5s series B—
((♦N O Tex A Mex n-o inc 5s_.1935
♦Certificates of deposit—
♦1st 6s series B
1964
126K
108
127
♦Certificates of deposit
♦1st 5 Kb aeries A
♦Certificates of deposit.
69 K
71
1
17
34
37
7
125K 128K
124K 127
"~6
107k 109""
72 K
72 K
1
69K
73K
55
55
2
54 K
55
104K
104K
104K
105
104K
105
A
71K
9
102K 105K
9
103 K 106 K
13
30
31
J 32 K
6
30
38
29
I
31K
18
29
^
35
30
34 K
37 K
28
33 K
*31K
28K
31
*35K
31K
*30
20
29
*31
1954 OA
71K
29 K
*32
31K
F
66 K
28
31K
30
O
1956 FA
1966 A
70Kli 71K
*28
O
♦Certificates of deposit
♦1st 4Kb series D
108K
*
H
103 K
25
A
♦Certificates of deposit
♦1st 6s series C
37
125K
127
102
70
39K
125K
J
A..1952
K
123K 124 K
36
36 K
124K
37
♦Consol guar 4s
108K 108K
13
124 K
*37
New England Tel A Tel 5s
94
73
*70
D
J
108 K U0
88
K
103 K
MN
1948 J
1945
103 K
O
O
6
82 K
102 K
K
IK
O
2
94 K
%
*
*K
*K
O
108 K
100K
H
K
K
Nat RR of Mex prior lien 4 Kb—
109 K
87 K
2003
102K 102K
*K
•4s
1914 coupon on
1977
April 1914 coupon off—.1977
85 H
82 H
A
106
30
♦4s April
84 X.
Louisville A Nashville RR—
F
73
105 K
Kb July 1914 coupon off.. 1957
98K
M S
Af N
3
107 K
♦Assent warr A rets No 4 on *57
108 K
108 K
84 K
1966 M S
1940
2003
2003
2003
102 K
106 K
Rys of Mexico—
101 "12
J
70 K
58 K
49K
102 K
look
♦Assent warr A rets No 5 on *77
"54K
129
70 K
68
43 K
42K
*1
.127K
O
Louisiana A Ark 1st 6a ser A. .1969 J
133
150
105
D
Nat Dairy Prod deb 3K • w w—1951 Af N
1949 Af 8
58K
49 K
July 1914 coupon on..l957
127K
Af S
O
52 K
47 K
K
♦4
126 K
103
39
120
*1
117K
A
A
56
48
♦4Kb Jan 1914 coupon on...1957
99 K
1944
101K101K
12
16K
*52
Lion Oil Ref conv deb 4Kb...1952
Af S
3
70 M
15
♦117K
A
101K
70
14
128K
F
101K
16K
127
—1953
1950
1949
1949
1949
118
45 K
*52
Liquid Carbonic 4s conv debs..1947
little Miami gen 4s series A
1962 M N
Loews Inc s f deb 3 Kb
1946 F A
Lombard Elec 7s series A
1952 J D
k
107K 109
4
44
19K
1961
101
9
10
16K
gu.._1965
44 K
35K
120
15K
O
47 K
40
32
109
44
24
7sJ. 1944
109
Nat Distillers Prod 3Ks
K
19K
A
41K
16
37K
120
37
41K
36K
108 K
15K
"19 K
45
43 K
45 K
44
44
16K
56K
68
*54 K
A
70
65K
29
27
*53
A
29
27
F
83 K
84
2000
f 5s series D
Constr M 5s series A.—..—1955 UN
Constr M 4Kb series B
1955 UN
Mountain States TAT 3Kb..1968 J D
19
13K
15K
12K
14K
*17
85 K
17
page967.
49
52
J
1946
3s—,—1980
1945
South Ry Joint Monon 4s. .1952
Atl Knox A Cln Dlv 4s
1965
Lower Austria Hydro El 6 Kb. 1944
16K w 17K
90 K
10
E
31
16K
17 K
82
1941
1st A ref 3K» series
70
26 K
"2K
85
19
1st A ref 4s series D
65
36
Af" S
1976
13
18K
18K
C
1
29 K
54
2000 Af N
1st A ref 4 Kb series
si" *YA
57
69 K
27 K
1977 Af 8
4s
10
2003
Unified gold 4s
1st A ref 5s series B
18
56
69 K
17 K
85
J
4s..1945
F
87 K
16K
Louis A Jeff Bridge Co gu
■
28 K
J
A
1965
84 K
16K
17
Louisville Gas A Elec 3Ks
J
J
86
14K
1
IK
87 X
85
14K
15K
4s stamped
*1K
(♦Mo Pac 3d 7b ext at 4 % .July 1938 MN
10
Lorlllard (P) Co deb 7s
2K
19
J
♦Conv gold 6Kb
•1st A ref g 5s series H
3
30
Guar ref gold 4s
6K
IK
6*
J
1978
Jan 1967 A O
♦1st A ref 6s series I
2%
*2K
117
Long Island unified 4s
4K
5*
2K
5
....
♦Certificates of deposit
105K 106 K
106
16K
Lone Star Gas 3 Kb debs
4K
4
5K
:..1962 J
♦1st A ref 58 series G
104
16K
16 K
♦Long Dock Co 3Kb ext to
2
*1K
♦Certificates of deposit
108
11
15K
6s
2K
6K
5K
J
J
(♦Mo Pac 1st A ref 5s ser A
106K
107
105
16
Liggett A Myers Tobacco
IK
4K
/
1962 J
40-year 4s series B
92K
90K
..—2003 IN
Lex A East 1st 50-yr 6s
15K
45
2
gold 4s.—.1990 J D
87
Af N
6s assented...
5K
5K
36
J
JLeh Val Term Ry 1st gu g 6b..1941
gu
1st A ref 6 Kb series B
1978 J
(♦ Mo-Ill RR 1st 6s series A...1959 J
88K
42
Af N
♦6s assented
5K
13K
"sk 'Tk
1
1949 M 8
♦26-year 5 Kb
106
91K
2003
assented
For footnotes see
/
♦General
105K
2003 Af N
♦General cons 6s
6s
(♦1st cons 5s
...1938 J
(♦1st cons 6s gu as to int...1938 J
♦1st A ref 6s series A—
1946 J
g4s Int
51K
2003
♦4s assented
♦4 Kb
J
con
54
1940
♦General cons 4Kb
IK
35
1940
(♦Lehigh Val (Pa) cons g 4s
IK
J
1943 / J
1943
6s—1964 F A
4Kb
JLeh Val N Y 1st gu
4 Ks assented
5
IK
*1K
IK
F
*38 J
( (♦M St P A SS M
♦1st A ref 5s series F
23
106
..1974
Leb Val Harbor Term gu
"24
*
105 X
notes extend to
♦6s stamped
7K
J
Dec
1964
1974
"27"" "32"
10
7
/
1964 F
♦5s stamped
H
14K
73
92
106
1954
♦1st A ret s f 6s...
14
*30 K
/
1964 F
♦6s stamped
.....
9K
28K
"li"
UN
♦Ref A ext 50-yr 5s ser A...1962 Q
Prior lien 4Kb aeries D
♦Cum adjust 5s ser A
105K
..—.....1944
♦1st A ref s f 6s
J
1949 Af S
♦1st A ref gold 4s
Morris A Essex 1st gu 3 K
♦1st A ref s f 6s
J
66
101K 102 K
74 K
*52
I
14
94
62
66 K
*63
J
Af 8
18K
91K
92
91K
J
J
Lehigh Val Coal Co—
♦5s stamped
7K
18K
((♦Mil A No 1st ext 4Kb
1939
♦(Con ext 4Kb
—...1939
(♦Mil Spar A N W 1st gtt 4s...1947
(♦Mllw A State Line lr,t 8Kb—1941
(♦Minn A St Louis 5s ctfs.....1934
Montana Power 1st A ref
♦1st mtge Income reg
89
76
*65
46 H
Lautaro Nitrate Co Ltd—
Lehigh C A Nav s f 4 Kb A
7
99
101K 103
101H
4
J
J
1997 / D
1
43 %
Prior lien 5s ser A
*107K
A
6s 1937 extended at
7
Missouri-Kansas-Texas RR—
*106 K
105
82
7
24
Lake Erie A Western RR—
2d gold 5a-
1979 J
Ref A lmpt 4 Kb series C
24
*83
Coll tr 6s series A
Lake 8h A Mich So g 3 Kb
f 7s
Mo Kan A Tex 1st
*160
1951 M N
/
Kresge Foundation coll tr 4s..1945 J
3 Kb collateral trust notes
1947 F A
(♦Kreuger A Toll secured 6b
Uniform ctfs of deposit
1969 Af S
17
14K
28
107 K
"80"~
Koppers Co 4s series A
18
89
13K
IK
33
90
Kings Co Lighting 1st 6s
1st A
32K
107 X
*50
92 X
5
111
86
"87 K
14K
*106 K
Certificates of deposit
105 K
110K
105
60
105
105K
110K 112H
42
15
*
1961
1997
#s.._1949
54 K
38K
"48
28
*8
Kings County El L A P 6s
2
O
93 K
68 K
101K
60
1940 A
52
103 K
/
68
60
(♦Mid of N J 1st ext 5s
*8
Af~S
66
52K
96 K
'
1961
Plain
8
25
J
66
23
59
12
$646)..1943
$926)—1943
Keith (B F) Corp 1st 6s
.1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4Kb...1961
Stamped
1961
64 K
1
63 K
68
102 K
17
68 K
stmp (par *925)—1943 MiV
1
66
88
68
♦Ctfs with warr (par
4Ks
98
68 K
68 K
107 H
"66 K
102 K
94 K
30 K
O
"88 K
102 K
Inc—
♦Ctfs w w stmp (par
♦Ctfs
A
J
68
*85 K
1963 M S
53
*30 K
1950
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4Kb
1980
Kan City Sou 1st
44 K
79
Michigan Consol Gas 4s
52
*65
32 K
42 K
99 K
90 H
96K
93K
O
Kanawha A Mich 1st gu g 4s
75 K
67
101K 103 K
67 K
102 K
1972 IN
99
*25
Michigan Cent Det'tABay CityJack Lane A Sag 3Ks
—1951 M 8
1st gold 3 Ks
1952 Af N
70
42K
44 K
*K
6
12
1947
5
44
80 H
"44K
*16K
12
11K
1941
44 H
82
81K
44K
D
IK
12
Int Rys Cent Amer 1st 6s B
♦
7
70
1977 M 8
13
12
—1965 M S
81
55 X
8
12
Ref s f 6s series A
107K
42
Certificates of deposit
Mead Corp 1st 6s with warr..1945 Af N
1966
1944
Internet Paper 6s ser A A B
78
65
66 K
66
1966
Int Merc Marine sf6s
107
40
J
♦1st 6s series B
Internet Hydro El deb 6s
High
12
55
1947 A O
Certificates of deposit
Market St Ry 7s ser A—.April 1940 Q J
♦1st g 6s series C
IK
Low
No.
41
Marlon Steam Shovel 0 f 6s
Metrop Ed 1st 4 Kb series D—1968 Af S
Metrop Wat Sew A D 5 Kb
1950 A O
((♦Met West Side EI (Chic) 4s_1938 F A
Jan. 1
05 &a
2
78
78
D
Manila Elec RR A Lt s f 58—1953 k"s
Manila RR (South Lines) 4s...1959 Af N
High
107 K
107
"8l"
2013 J
♦Certificates of deposit
(♦Man GBANW 1st 8KB—-1941
Asked
A
Low
♦Certificates of deposit
♦8econd 4s
Since
Friday's
Mccrory Stores Corp s f deb 6s.l95l Af N
Maine Central RR 4s ser A...1945 J D
Gen mtge 4Kb series A
1960 J D
Manatl Sugar 4s s f
Feb 1 1957 MN
(♦Manhat Ry (N Y) cons 4s._1990 A O
Range
Range or
Bid
102 K 102 K
103
13K
IK
"iili
83 K
14
85
84
*102 K
Last
Range
Range or
Sale
Week Ended Feb. 9
965
Week's
Friday
Week's
Friday
35 K
35
"l2
29
31K
39 K
33
33
New York Bond Record—Continued—Page 5
966
Feb.
10, 1940
1
Week's
Fridai
BONDS
yv
Last
Range
N. Y. STOCK EXCHANGE
Sale
Week Ended Feb. 9
Price
Railroad & Indus. Cos.
or
iCont.)
Asktc I
&
Low
Range
BONDS
Since
n. Y. STOCK EXCHANGE
Jan. 1
Week Ended Feb. 9
fa
Friday's
Bid
03
Higl
No.
8 FA
60 M
57 M
60%
88
56%
62
6 A
C
77 H
77%
79
31
74%
79
54
51%
54%
238
51%
6
60 H
58%
61
140
57
60
58
60
39
50
56%
62%
63%
79%
87%
(J
3 A
3 A
2 Af IN
7 J
Low
*109
-
w
78%
78%
79
I J
J
86%
86%
58%
57%
58%
8 F
A
59
59
60
56%
87%
A
111
78
86
C
1 A
67
4 Ha debentures
1st mtge 3 %s
J A
extended to..
82
84
84%
A
0
82%
1 F
A
105%
F
A
F
A
A
50%
61%
67
59%
38
16
50%
77%
82
81%
85
78% 86
104% 105%
107
108%
109
11
108%
109%
10
108%
50%
62
47
4
109
51
108% 109%
108% 110
IJ
D
A
118%
125%
118%
2
F
Af N
12%
12%
11
5
99%
-
—
65%
J
58%
11%
63%
17
60
mm 4m m
mm mm
*70%
A
O
*75%
Af
8
*15%
S
A
O
71
17%
M
*15
mm
65%
1
99%
deb 4s_...
♦Non-conv debenture 3%s..
♦Non-eon▼ debenture 3%s..
wmmmirn
—
17
m
m
m> m> m m
71
mrnm.
16
mm mm
16%
rnmmmm
mm
Af N
16
6
15
17
4
16
17
97 M
98
72
95M
98
83 M
85%
72
83 %
87 M
114%
115M
65%
114M
115
115M
115K
1
66M
56
O
Peoria A Pekln Un 1st 6MS...1974 F
Pere Marquette 1st ser A 6s...1956 J
1st 4s series B
1956 J
J
*107
64 H
64 H
55
56
17
57 M
60
30
110%
111
38
s f
16%
109%
109%
2
109 M
110H
115
115
3
114
115
108M
1
107
107M
105%
108M
107M
105M
110
109%
D
D
8
J
8
1937 J
4s
4s
16
10 M
3M
3M
10
3M
6
6
11
111%
100%
111 M
112M
100
100%
J
1948 M
S
M 8
4Mb a.1952
Pitts C C C 4 8t L 4
Ms A
Series b 4Mb guar
1940
O
1942
*102 M
107%
16
17
O
107%
15%
6
15%
18%
1946 Af N
O
13
28%
33
Series E 3 Ms guar
gold
1949 F
A
*105M
5%
18%
6%
20
Series F 4s guar gold
1953 J
D
63
Series H cons guar 4s
Series I cons 4mb
1957 Af N
1960 F A
*108
1963 F
*116M
Series j cons guar
4Mb
1964 Af N
30%
D
5%
18%
19
61%
N Y A Putnam 1st
O
*
N Y Queens El Lt A Pow 3 Ha 1966 MN
N Y Rye prior lien 6s stamp...1968 J
J
*
gu 4s..1993 A
IN Y Steam Corp 3 Ha
...1963 J
( (*N Y Susq A West 1st ret 6s 1937 J
(♦2d gold 4 Ha
1937 F
1940 F
105%
105%
105%
J
14
A
J
109%
*86%
90
1996 O
1959 F
♦Apr '33 to Oct '34 COUPS. 1945
♦Apr 33 to Apr'38 coups.. 1946
North Pacific prior lien 4s
1997 Q
Gen Hen ry A Id g 3s Jan
2047 Q
103%
13%
21
103
104
12%
12%
18
57
6
114
1
114
15
61
125%
106%
106%
108
114
107% 107%
*49
40
40
65%
66%
62
64
F
41%
40%
43%
54%
42%
73
39%
68%
42%
J
59
42
47%
257
53
60%
46%
47
49%
33
51%
51%
109
109%
18
46
13
46
108% 109%
J
1st mtge 3 Hi s
Oklahoma Gas A Eleo 3 Ha
4s debentures
1972 J
108%
D
109%
1946 J
D
106%
Ontario Power N F 1st g 6s
1943 F A
Ontario Transmission 1st 5s...1946 Af N
Oregon RR A Nav con g 4s
1946 J D
105%
1962 /
J
76%
8
Parmelee Trans deb 6s
1944 A O
Pat A Passaic G A E cons 6s... 1949 Af 8
♦Paullsta Ry 1st s f 7s
1942 Af 8
Penn Co gu 3 Ha coll tr ser B.. 1941 F A
Guar 3 Ha trust ctfs C
1942 J D
...
Guar 3 Ha trust ctfs D
1944 J
Guar 4s
112%
111%
109%
1960 J
O
1981 J
J
107i,i 108%
105%
1
111
2
105% 105%
110% 111%
117
117
1
116% 117%
119
105%
76
58%
112%
110%
108%
*74%
110%
*101%
103%
118
106
24
77
11
58%
112%
111%
109%
3
79%
109%
110%
..
70
105%
95
104
95
105%
98%
97%
*98
58%
77
60%
112
47
109% 112%
107% 109%
17
113 %
79
75
12
23
33
49%
2
85%
30
125%
70
3
5
1
*102%
*105%
*106%
104%
76
30
103%
44
125
104% 106%
75
108% 109%
109% 110%
mmmmm
43%
85
44
_
103%
118%
76
49%
84%
D
1977 A
3
108%
D
S
10
107
*70
1952 Af N
A
110
106%
*118
tm m
m
J
Panhandle Eastern Pipe L 4s.. .1952 Af S
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
1955 F A
109%
111
~
J
D
2
14
8%
8%
108% 108%
107% 109%
108% 109%
106% 108
109% 110%
105% 107
105%
M'
1946 J
(♦Pac RR of Mo 1st ext g 4s.. .1938 F A
(♦2d ext gold 5s
.1938 J
J
Pacific Tel A Tel 3His ser B_. .1966 A O
Ref mtge 3 Ha series C
.1966 J D
Paducah A 111 1st s f g 4 Ha
.1956 J
J
109
108
*105»3» 107»32
1961 J
D
108%
107
108
J
Pacific Coast Co 1st g 6s
.1946 J D
Pacific Gas A El 4s series G... .1964 J D
7
9
109
J
J
8%
*107
1967 M 8
103% 104%
48%
84%
43%
124
67%
106
96
105%
98%
100
D
.1958 J
A.
107
107"
106
"98%
106%
98M
""43 %
42%
• r
-
-
—
"24
1959 A
O
43
43
O
42 M
43M
14
Pitts Y 4 Ash 1st 4s
ser A....1948 J
1st gen 6s series B
1962 F
D
86%
45
1
98
100
*110%
*106
75%
106%
213
~44% "46"
4
Port Gen Elec 1st
4Ms
1st 6s 1935
extended to
(♦Porto Rico Am Tob
II
II
1974 J
1977 J
IIIl960
♦68 stamped
S
74M
74M
106M
J
65%
1942
((♦Postal Teleg 4 Cable
coll 6s" 1953
Potomac Elec Pow let M
3%s 1966
Pressed Steel Car deb
6s
1961 J
60
66
6sl942
59
22
M
19%
109M
109M
J
*79
(♦Providence Sec guar deb
4s__1967 Af N
(♦Providence Term 1st 4a
1956 Af 8
66%
66
Msi 11968
Purtty Bakeries
s f
183
82
J
112
112
J
*147
J
O
J
109M
104%
109K
109%
103%
104%
*68 M
D
69%
108% 109%
102% 104 %
D
62
%
57 %
62%
J
D
64M
64M
64%
2
A
O
58
56 M
58
6
1997 J
J
71H
71
72%
1997 /
J
72
72
72
1956 Af 8
1956 M 8
100
100
47
Rensselaer 4 Saratoga
6s gu._ 1941 Af N
Republic Steel Corp 4
Ms ser B1961 F A
Purcb money 1st M
conv 5 Ms *64 M N
Gen mtge 4 Ms
series C__.
1956 Af N
Br l8t
7s..
♦Rhine-Westphalia
♦Direct mtge 6s
♦Cons mtge 6s of
107%
94 H
94
J
J
99%
El Pr 7s.
J
*14%
*15%
14M
*14M
14M
i960 MA'
Af N
1953
F
A
11955
♦Cons mtge 6s of
1930
A
O
f conv debentures
1952 Af 8
Rlchm Term
Ry 1st gen 6e. 11" 1952 / J
♦Rima 8teel 1st s f 7s
1955 F A
s
({♦Rio Grande Juno 1st gu 5s" 1939 J
((♦Rio Grande West 1st gold 4sl939 J
Mat con 4 coll trust
4s A...
Roch G 4 E
4Ms series D
Gen mtge 3%s series
H
Gen mtge 3 Ms series
I
Gen mtge 3
Ms series J
((♦R I Ark 4 Louis 1st 4
♦Ruhr Chemical sf6s
107m
107%
*103%
*7%
30
J —30 %
1949 A O
1977 M 8
1967 M S
33
71
75%
5
72
75
5
*11%
100%
93%
"34
108%
94%
100%
25
107
26
92
29
*U1%
108%
7
*21
O
1949 J
J
HI 11941
J
95%
108%
95%
99% 100%
26
27
16%
16%
15
19%
15
15%
1
'i'4%
"i
107%
105%
23
15%
14%
15
14
'l'4%
15%
14%
14%
107% 109
105
10%
30%
10%
~18
12
108%
7%
105
10%
"28% ll"
11
12%
26
16
"i
8%
St Jos 4 Grand Island 1st
4s1947
St Lawr A Adlr 1st g 6s...
1996
2d gold 6s
8%
1
96%
98 M
98%
30
111
*
108% 111
107% 108%
6%
9
29
8%
J
Saguenay Pow Ltd 1st M
4%s.l966
91%
*107%
1969 Af 8
Af 8
1948 A
62%
64%
98% 100
98% 99%
*121
1967 M S
RR 4 Mb
stmp.
58
*40
D
Ms—1984
(♦Rut-Canadian 4s stmp
52%
57%
55%
*16%
J
"1952
1928.
99%
66
*28
J
8ervlce 6sll953
Richfield Oil Corp—
(♦Rutland
99%
"93"
93 %
108
1946 J
!5£!n6"SrUhr Water
4s
J
1946 J
mt*« 4 Ha. 1956
s f
5
223" 224""
*219
D
J
♦Rbeinelbe Union
♦3 Ms assented
82 M
116% 112"
~1941
w w
66
17% 23%
108% 109 M
153
pt pd ctfs
for deb 6s 4 com stk
Remington Rand deb 4Mb
4%s without warrants
66 %
58%
4%
(♦Radlo-Kelth-Orph
Gen 4 ref
4Mb series A
Gen 4 ref
81%
107
59
68
J
A
4s" 1951
67 M
104
79
5%
J
1948 J
deb 6s
*60
8
41
23 % 1542
1
109%
*4
Public Service El 4
Gas 3
1st 4 ref
mtge 6s
2037
1st 4 ref
mtge 8s
2037
Pub Serv.of Nor 111
3%s_-III1968
44 M
46M
D
M
1960 J
conv
41
40%
111
1
"8% "9"
8%
95
9%
98%
110% 111
94
79%
St Louis Iron Mtn 4
Southern—
♦{Rlv A G Dlv 1st g 4s
1933 Af N
61
61%
25
60%
60%
7
21
21
4
65M
61
♦Certificates of deposit
65%
59%
58%
62%
18%
65%
23%
60
62%
62
125%
70
106
104% 105%
33
103
104%
5
94
2
105
97%
105%
31
104% 108%
107
105 m
*106
A
D
1st gen 6s series C
1st 4Mb series D
96%
98%
97%
97%
(♦St L Peor 4 N W 1st gu 6s...1948
St Louis Pub Serv 5s
St L Rocky Mt 4 P 6s sptd— 1955
(♦St L-8an Fran pr lien 4s A.. 1960
♦Certifiestee of deposit..
♦Prior lien 5s series B
J
J
Af S
J
J
j
J
(♦St L SW 1st 4s bond ctfs
U%
11%
10%
12%
11%
10%
10%
10%'
11%
U%
i960
♦Certificates of deposit
♦Con M 4Mb series A
♦Ctfs of deposit
stamped
*58 %
J
J
13
12
11978
MB
1989 MN
57M
57%
J
J
1952 J
J
17%
*27%
17%
♦Gen 4 ref g 5s series A
'
~44%
.i960 A
(♦1st terminal 4 unifying 6s
n
1
60
20
B
1990 J
J
9%
9%
♦2d 4s lnc bond
For footnotes see page 967.
99
*108
M N
49 guar...1943
ser
J
"1966
50
102% 102%
105%
104%
J
109 % 110
lie" lie"
*116
107
O
._Il977
116""
118"
1st mtge 4Mb seriee
C
Jfl®?
8%
D
1975 A
4Mb seriee B
109
49%
A
52
58%
47%
47
1970 J
{♦Deb 6s stamped.
Reading Co Jersey Cent coil
65%
*40
Si? Ya * Char l8t
Pitts 4 W Va 1st 4
Ms
1st mtge 4Mb series
A
107%
108
(66% pd) —
(♦Debenture gold
6s_——__1Q41
44
J
1966 MN
1963 F
107%
*40
Ohio Edison 1st mtge 4s
1st mtge 4s
1941 M
107%
17
14%
13%
*50
4s_..1948 J
J
Ohio Connecting Ry 1st 4s
1943 M 8
28 year 4s
54
23
O
g
Pictures 3s deb... 1947 Af
125%
106%
106%
O
57
.1966 J
125%
54%
122%
104%
103%
105%
61
*107%
45%
H... .1961 J
11%
11%
114
107%
J
6S...1946 J
34
6%
105%
A
J
Northern States Power 3%s...1957 F
Northwestern Teleg 4 His ext..1944 J
6%
106%
125%
2047 J
2047 J
Penn-Dlxle Cement 1st 6s A...
Penn Glass Sand 1st M
4%s_.
Pa Ohio A Det 1st A ret 4 Ha A.
4 His series B
90
109
Ref A lmpt 6s series C
trust ctfs
5
112
J
ser E
87
108
2047 J
2047 J
Paramount
12
48
110
Ref A lmpt 4 His series A
Ref A lmpt 6s series B
ser
17
90%
6
1974 Af 8
(♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1936 A sub coupons..1946 A
♦Oct 1938 A sub coupons.... 1945 A
Ctfs of deposit stamped
3%s
110
7
5%
8
39%
48
109% 110%
85%
87
103%
A
1st A ret mtge
3
45
Gen mtge 6s series A
Gen mtge 6s series B
Gen 4 Ms series C
109%
107 %
112"" 112*
14
5%
1
8
105%
12
1974 Af 8
1st A ret mtge 3 Ha ser I
9
109
A
Guar stpd cons 6s
Ore-Wash RR A Nav 4s
Otis Steel 1st mtge A 4 Ha
104
112
12%
A
1949 F
1954 F
cons g
14
48
108%
Af N
North Amer Co deb 3 Ha
Ore Short Line 1st
2
47%
52
108% 110
106% 108%
104% 105%
108%
A
Norf A W Ry 1st cons g 4s
1966
6%
3%
12%
F
(♦Og A L Cham Ist.gu
—
7
90
5%
3
—
5%
111%
...
Ref A lmpt 6s series D
—
—
16
6%
Af N
( (♦Norfolk South 1st A ret 6s. 1961
Gen A ret 4 Ha series A
13
mm.*.**
48
7%
48.
D
Niagara Sbare (Mo) deb 5%s_1950
g 5s...1941
14
7
8
48
((♦N Y Weetcb A Boat 1st 4 Ha '46 J
J
Niagara Falls Power 3 Ha
1966 M S
Nlag Lock A O Pow 1st 5s A..1956 A O
debenture 3%s
debenture 4s.
12
7
A
1946
North Cent gen A ret 5s
*107
6
-
105%
J
M.
0,-mem
1943 Af N
1967 J
1946 J
3
105%
«.
-
«r
27
6%
48%
108%
108%
105%
*,*.
1951 Af N
9
19%
61%
5%
6%
13
6
-
*2%
((♦Norfolk A South 1st
100%
*105
Series G 4s guar
60
"J2
*109
16%
*78%
♦Certificates of deposit
98
102% 103
*108%
20%
Series C 4Mb guar
Series D 4s guar
1942 M N
69
O
6s stamped
110% 112m
103%
19%
30%
D
N Y Telep 3%s ser B
N Y Trap Rock 1st 6s
6
111%
12%
3%
6M
_
3s
15%
1966 J
♦General gold 6s
♦Terminal 1st gold 6s
109 %
3
11M
19%
1992 M 8
N Y A Rich in Gas 1st 6s A
28
12%
3M
15%
(♦N Y Providence A Boston 4s 1942 A
coo
80
108 M
106 M 107 %
104 M 106
107M
105%
110%
12M
19%
1967 MN
g
58
61M
111M
J
J
..1967 J
4s_._
55
57
109 M
A
J
(♦Harlem R A Pt Cbee 1st 4s 1964 MN
♦General
69 %
8
106 M 106 M
63 M
67
1943 M N
♦Certificates of deposit
conv
64
1974 F
1981 J
Phila Co sec 6s series A
1967 J
Phila Electric 1st A ref
3Ms...1967 Af
(♦Phlla A Reading C 4 I ref 68.1973 J
♦Conv deb 6s
1949 Af
((♦Philippine Ry 1st
110%
A
(♦N Y Ont A West ref
16
56
J
♦1st A ret 4 Ha ser of 1927
65
116
114M 116M
6
60
D
114
7
110M
J
J
♦Debenture 4s
16
1977 J
General g 4Mb series C
General 4 Ms series D
Pitts Coke A Iron
*6
A
3 Ms deb..1952 J
Phi la Bait * Wash 1st
g 4s
General 5s series B
conv
64
1980 Af 8
1st g 4 Ms series C
Phillips Petrol
98%
97 M
85K
1943 A
cons 6s
conv
96 M
1984
16
16%
17
m
61%
15%
J
J
12%
•.
70
*64%
65%
-
125% 126%
117% 118%
73
n-c
Peop Gas L A C 1st
118M
1962
Refunding gold 6s
1947 M 8
Peoria A Eastern 1st cons 4s...1940 A O
♦Income 4s
April 1990 Apr
Phelps Dodge
M
100 % 102 M
106 % 108 M
85
89 %
52
109
J
117
93
102
O
57
31
102 M
106
10
*58
H8M
101 %
107
98
52
Af JN
H7M
102
86 M
63 %
90 M
118
1965
107%
60
114M
114M
87 %
1960
86 M
2
A/N
80
97
107
Af N
90 M
97 %
N Y A Erie—See Erie RR
4 Ha series
113
113
86 M
175
108 M 109 M
17
12
107 %
8
*95
108%
114
114
1981
O
Af N
109
108M
1968
46
125%
"90 M
High
108
107
1
1970
A
125%
O
1970 A
Low
47
22
General 5s series B
A
♦N Y N H A H
Gen mtge 3%s series C
Conaol sinking fund 4 Ms
General 4 Ms series A
No.
107%
Debenture g 4 Ms
General 4Mb series D
Gen mtge 4 Ms series E
Conv deb 3%s
82%
50
108 X
113M
113%
89M
113%
4s sterl stpd dollar-May 1 1948 ¥N
High
108%
60
107
O
108M
107M
59%
105%
51%
107%
108M
Jan. 1
68
104%
52
108M
A
Since
Asked
56
85
82
A
1943 Af N
1948 MN
4s
cons g
A
7
56%
79%
Pennsylvania RR
CODJSOl gold 4s
Range
Friday's
Bid
21
67
53%
82
A
63
56%
8 M
Range or
SaU
Price
Low
& Lt 3Ha.. 1969 F
1974 F
Pennsylvania Pow
N Y Cblc A St Louis—
5 F
Last
if
sa.
Railroad & Indus. Cos. (Cont.)
High
111
8 F
Week's
Friday
ctfs...Nov" 1989
1
63
65%
11%
227
11%
46
10
11%
13
26
11
13
12
13
10%
12
10%
12%
U%
83
10
11
61
10
11%
11%
56
64
27%
27%
17%
10%
57%
18
30
17M
"~~6
9M
9
16
8%
Volume
New York Bond Record—Concluded—Page 6
150
Friday
Week's
Last
Range or
Range
Sale
Friday's
Since
Week Ended Feb. 9
Price
Railroad & Indus. Cos. (Cont.)
St Paul A Dulutb 1st con g «b_.19(58 J
D
{♦8t Paul E Or Trk 1st 4 *8—1947 J
{♦8tPaulAKCShLgu4 *8-1941 p
A
Bid
Low
Railroad &
"
7^
5U
J
St Paul Un Dep 6a guar
1940 J
1972 /
S A A Ar Paaa 1st gu g 4a
1943 /
J
San Antonio Pub Serv 4a
1963 A
O
*97 X
n4£
U5
7
56 *
J"
57
24
57
S
{♦Schulco Co guar 6 *s
/"""..
J "20
♦Guar
a
J
f 6 *b aeries B
1946 A
"37
37*
37*
37
36*
12*
15*
1*
4*
1*
6*
4*
5*
Oct 1949 F
A
1*
13*
l*
1959 A
♦Adjustment 5b_.—
O
4*
4*
4*
(♦Refunding 4s
12*
♦Certificates of deposit
♦1st
15
O
1946 M
cods 6s series A
2*
4*
7%
6*
14*
3*
*2*
S
3*
95*
60
*29*
96*
60*
*25*
6*
{(♦Atl A Birm 1st gu 4s
1933 M S
{♦Seaboard All Fla 68 A ctfs—. 1936 F A
13*
♦Series B certificates
1936 F
A
Shell Union Oil 2*8 debs
Shlnvetsu El Pow lat6*a
1954 J
J
96*
1962 J D
♦Siemens A Halske deb 6*s-—1951 M <S
60*
7
8*
7*
15*
6*
15*
(Hiram) GAW deb
Simmons Co deb 4s
1952 A
Skelly OH deb 4a_.
"
1946 F A
1941 F A
Wash Term let gu
3*8
1st 40-year guar 4s
South A North Ala RR gu 58..1963 A
O
South Bell Tel A Tel 3*B
103*
107*
110*
105*
99*
1979 J
1st mtge A ref 4s
Southern Colo Power 6a A
103*
1961 M S
1966 F A
Southern Calif Gaa 4*a
/
107*
1947 J
Southern Kraft Corp 4*s
Southern Natural Gaa—
no*
/_..___
1946 / D
99*
1961 A
O
So Pac coll 4s (Cent Pac coll)..1949 /
D
45*
A—-1977 M S
49*
1st mtge pipe line 4*8
1st 4*8 (Oregon Lines)
Gold 4 *8
107
107
47
54*
52*
O
78
78
J
/
/
60
59
*55
1956 A O
1956 AO
1966 A O
1996 J
/
1951/
J
1964 J D
59
1968 M S
47*
Gold 4*8
Gold 4*8
1969 M N
1981 MA
47
10 year secured 3*1
1946 J
/
San Fran Term 1st 4s..
1960 A
So Pac RR let ref guar 4a
1955 /
1955 J
1994 J
1st 4s stamped
Southern Rjr let cons g 6a
Devel A gen 4s series A
Devel A gen 6a
'
46
49*
47*
1961 / D
106
1950 MN
Swift A Co 1st M 3*8
Tenn Coal Iron A RR gen 6e._.1^61 J
Term Assn of St L 1st cone 68—1944 F
Gen refund 8 f g 4s
J
A
1959 A
O
78*
104* 106*
104* 105*
99* 109*
105* 106
126* 126*
54*
16*
83
602
Gen A ref 6s series C
1979 AO.
68*
68
Gen A ref 6s series D
1980 J
67*
69
Tex Pac Mo Pac Ter 5 *1 A...1964 MS
17
18*
18*
67*
109*
1951
D
67*
72
1960 ms
66*
70
14
15
46*
41*
52*
J
West Shore let 4s guar
2361 /
J
2361
J
Registered
/
1949 m
..1966 F
102
Wilson A Co 1st M 4s serlee A.1956 J
Conv deb 3 * s
1947 A
12*
D
/
Winston-Salem S B 1st 4s
99
102*
98*
A
1940
gu
103
12*
13*
103* 105*
100
110
97
100
110
99*
/
102
12*
105*
105
O
1960 J
46*
113* 114*
96*
99
*114*
5
6s. 1942 /
110
110
{♦Wis Cent 60-yr 1st gen 4s...1949 J
/
♦Certificates of deposit
(♦Sup A Dul dlv A term 1st 4s '36 mn
16*
16*
20*
19
7
Wisconsin Elec Power 3*s....l968 A
Wisconsin Public Service 4s...1961 /
Conv
deb 4s
1st mtge s f 4s ser C
D
/
1948 M
7*
108* 109*
109* 110*
9*
9*
O
{♦Wor A Conn East 1st 4*8—1943 J
Youngstown Sheet A Tube—
9*
7
♦Certificates of deposit
e
105* 109*
105* 106*
S
1961 MN
106* 107*
105* 106*
55
63
67*
72
67
97*
50*
54*
and not Included In the yearly range.
Cash sale; only transaction during current week,
r
transaction
during ourrent
week,
n
a
Deferred delivery sale; only
Included In year's range.
Odd lot sale, not
Ex-Interest.
( Negotiability Impaired by maturity,
t The
the dollar quotation per 200-pound unit of bonds.
Accrued
exchange rate of $4.8484.
z
1 The following la a list of the New York Stock Exchange
price represented Is
Interest payable at
bond Issues which have
been called in their entirety:
Consumers Power 3*% 1965, May 1 at
104*.
{ Companies reported as being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
•
Friday's bid and asked price.
♦
z
Deferred
under
Bonds selling flat.
72
92*
Cash transacted during the current week
Great Nor 5s 1973, Feb. 7 at 92*.
107
105
51
14*
1977 AO
17*
J
104* 106*
17*
19
93
106*
63
91
107* 108*
108
109* 110*
67*
72*
105*
85
88*
/
72
107
6
10
16
23
13
106
83*
o
O
111*
68*
68*
69
93 *
106*
120
78
69*
110
114* 115
92
107
110* 111*
61*
79*
84*
75*
107* 109*
88
92
Gen A ref 6a series B
D
57
3
41
46
82
27
111
127*
30-year 6s
"86* "88*
12
13
83
85
*60
109*
Texas A Pacific 1st gold 6b
105*
107*
1943 J
/
2000 / D
Texas A N O con gold 6s
45
78
109 *
106
129
107*
90
106*
107*
90
1951 / D
105
106
105*
*126*
*114*
A
1953 /
3s debentures..
105*
/
Tezarkana A Ft S gu 5*8 A—.I960 F
Texas Corp deb 3*8
109
50*
45*
——
118
25-year gold 5s
__
19*
108* 109*
119
110*
J
♦Westphalia Un El Power 6«—1963 /
65*
107
106*
/
J
45*
53
80*
*17*
107
105*
1953 J
48*
58
104*
2*8
43*
47*
78
107
/
Studebaker Corp conv deb 6a__1945 /
106* 107*
12
104*
1966 J
1946 F
/
99*
89
A
..1968 J
1st A ref 3b series C
126
108*
118
64
{(♦Wllkea-Barre A East
97*
1
18
8
3
127*
108*
1946 m s
White Sew Macb deb 6s
60*
♦{Spokane Internat 1st g 58—
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3b
St Louis Dlv 1st g 4b
127*
Teleg g 4*8—1950 MN
Western Union
106
105
181
35
35
108
109*
A...1946 M s
ser
109* 111
59*
*
1943 A
107* 108*
34
70
A
1977 J
Wheeling A L E RR 4s
Wheeling Steel 4*8 series A
51*
80'western Gaa A El 4b aer D.. 1960 MA
Mem Dlv 1st g 6s
So*western Bell Tel 3*8 aer B
82
169"
103* 105*
76*
80*
*72*
69*
110*
107*
79
106
98
79
82*
76
69*
110*
107*
104*
Devel A gen 6 *8
{♦Western Pac 1st 6s
107*
87*
36*
70
*107*
1952 a
29*
105
86*
57*
87*
Maryland 1st 4a
1st A ref 6 *s series A
West N Y A Pa gen gold 4s
55
79*
47
86*
32*
32*
A
1966 /
64
50*
50*
58
47
79*
85*
*
Westcheeter Ltg 6s stpd gtd__.1950 J D
Gen mtge 3 *s
1967 J D
West Penn Power 1st 6a ser E.1963 M s
99* 100*
102* 105
81
61
118
49
119
155
107*
44
47*
46
45*
45*
66*
1945 F
96*
"20* "36*
81
8
6
12
37
8
8*
105*
66*
*74
.
s
1945 F
57
3
8*
4*
122
*
1962 AO
3s debentures.
104*
108*
110*
106
99*
102*
105*
8*
7*
7*
105*
O
♦6b assented
109
100
100*
J
/
7*
8
.
O
1956 A
95
9
39
2
58
28*
100*
102*
105*
26*
15
14*
41*
*
D
1948 m
19*
*12
.
..1956 A
29*
109
O
1951/
Socony-Vacuum Oil 38 debs... 1964 J
4 * s 1946 J
43*
*13
.
Washington Cent 1st gold 4s._ 1948 Q m
4
3*
105*
28
J
O
1941 M s
1941 M s
Warren RR 1st ref gu
g 3 *8—2000 F A
Western
♦Silesia Elec Corp 6*8
Slleslan-Am Corp coll tr 7a
45
1st mtge 3*s series I
2*
115
6
44*
1941 A
1st M 4a
6s debentures
28
7
6*
7*
♦Certificates of deposit
22
1
26
8
43
12
11
6
28
J
Warner Bros Plct6s debs
{♦Warren Bros Co deb 6s
13*
1950 A
*25*
1939 /
Walworth Co
118
J
1941 J
4a
18*
1964 /
g
1
108*
40
gen 6*8 A. 1976 M P
♦Ref A gen 6s series B
1976 F A
♦Ref A gen 4*8 series C
1978 A O
♦Ref A gen 6s series D
1980 A O
37*
37*
28*
29*
118
107*
A
{♦Wabash Ry ref A
Walker
13*
*13
"13*
5
125
m 8
Since
Jan.
IJigh
1939 F
♦Omaha Dlv 1st g 3*s
♦Toledo A Chlo Dlv g 4s
26
18*
3
4
26
*123
25
21
29*
25
♦Stamped..!
AO
37
Scioto VANE 1st gu 4a
1989 MA
I {♦Seaboard Air Line 1st g 4s—1950 AO"
(♦Gold 4s stamped
107* 108*
109* 111*
109* 109*
12
116
*24*
61 *
54
12
111*
*114*
__
O
108*
111*
Santa Fe Prea A Pben 1st 6a—.1942 M
♦Stamped
(♦Des Moines Dlv 1st
107 X
San Diego Consol G A E 4a——1965 MN
1946 J
98 X
Low
Range
1939 M n
♦1st lien g term 4s.
♦Det A Chic Ext 1st 5s
St Paul MlDn A Man—
tPacific ext gu 4a (large)
Friday's
Bid &
Asked
Price
iwoo
a.,
{(♦Wabash RR lBt gold 5s
(♦2d gold 6s
15
6
Range or
Sale
Indus. Cos. (Concl.)
Virginian kj3h« aeries
90
*4X
"
Last
STOCK EXCHANGE
Week Ended Feb. 9
*
1
No.
High
*82
J
BONDS
N. Y
Jan. 1
Asked
A
Week'sTTt
Friday
BONDS
N. Y. STOCK EXCHANGE
No sales transacted during current week.
delivery sales transacted during the current
week and not Included
In the yearly range:
Third Ave Ry 1st ref 4s
1960/
J
...Jan 1960 A O
♦AdJ Income 6a
54*
16*
(♦Third Ave RR 1st g 6a
TidewaterAssoOil3*a
1937 /
J
97*
97*
7
1952 /
J
107
106*
107*
28
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 / D
59
56*
87
*64*
59
87
70
6
Tol W V A Ohio 4s series C
D
*
1950 A O
1942 M S
Trl-Cont Corp 5a conv
D
1949 M 8
deb A—1953 /
125
*107*
*12*
*12*
J
Ujlgawa Elec Power b f 7a
1945 M S
Union Electric (Mo) 3*8
1962 J
/
{(♦Union Elev Ry (Chic) 68—1946 A
A
A
1959 F
4s—1947 J
lBt lien A ref 4a
1st lien A ref 6s
107*
June 2008 M S
34-year 3*8 deb
36-year 3*8 debenture
1970 A O
1971 MN
United Biscuit of Am deb 6s—.1950 A
O
United Clgar-Whelan Sta
6e...1952 A
1963 Af
UN J RR A Canal gen 4s
1944 M
US Steel Corp 3 *8 debs
1948 /
♦Un Steel Works Corp 6*8 A.. 1951 /
♦3*s assented A
1951/
♦Sec a {6*8 series C
1951 /
♦3*s assented C
1951 /
O
United Drug Co (Del) 6s
S
♦Sink fund deb 6*s aer A.
1947 J
♦3*8 assented A
1947 J
United Stockyards 4*s w w.,1951 A
S
D
D
D
D
D
/
107*
24*
Utah Lt A Trac 1st A ref 6B...1944 A
Utah Power A Light let 5s
1944 F
A
{{♦Utll Pow A Light 6 *8
1947 /D
5*8 stamped
1U69 F A
1959 F A
5s stamped
6
1
2
31
54
72
3
36
35
10
2
44
101*
102*
101*
Railroad
Stocks,
Number of
Bonds
For'n Bonds
Vandalla cons g 4s series A
106*
96
85*
95
107* 109
Cons s f 4s series B
O
A
1957 M N
24*
2
-
24*
20
93
102
102 *
3
——
10
.45
41
92
93
33
92
90
93
53
--
104*
103*
*109*
*109*
102*
114*
102
113
Wednesday
Friday
Total
106* 108*
113* 115*
96
98
Week Ended Feb. 9
Sales at
New York Stock
97*
96
Exchange
108* 109
62
67*
77
81*
110*
105* 106 x
24*
"24* "24*
3,705,795
3,699,998
20,671,525
30,704,918
$599,000
4,656,000
28,124,000
$1,190,000
4,725,000
24,999,000
$4,530,000
$10,032,000
.fs'ico'nnn
ivn'nn'nnn
"$33,379,000
$30,914,000
$188,581,000
$208,172,000
Stocks—No. of shares.
Government
—
.-
State and foreign
Railroad and industrial
Total
157,859,000
104*
1/0,110,000
"23* "24*
Stock and Bond Averages
"96" "93*
102*
101
Below
are
the
101* 103*
87*
93*
"87* "93*
daily closing averages
stocks and bonds listed on
as
of representative
Exchange
the New York Stock
compiled by Dow, Jones &
Co.:
Bond*
12
10
10
30
/
/
1934 J
1934 J
Va A Southwest 1st gu 6s
2003 / J
1958 AO
1968 M S
1949 M S
*
*
*
*
109*
109*
*31
*55
60
109*
45
33
61*
*
61*
—-
6
10
—-
——
15
*
109* 110
*
40
42
"59"" "62*
20
16
Total
10
First
Second
10
Indus¬
(♦4*8 July coupon off..
(♦4 *s assented
Va Elec A Pow 3*s ser B
Va Iron coal A Coke 1st g 5
Sales
Thursday..
Vera Crus A Pacific RR—
1st cons 68
Bond
Tuesday...
9
112* 1125ii
8*
23*
92
1955 F
Total
States
Bonds
Municipal
Mis cell.
Shares
Stocks
Vanadium Corp of Am conv 5s_1941 A
Exchange
United
State
A
Week Ended
Feb. 9, 1940
110
1947 / D
(♦Debenture 6s
93
York Stock
Monday...
14
107*
8*
*14*
24*
*14*
24*
*14*
92*
101*
New
Daily, Weekly and Yearly
Saturday..
112'i«
102*
114*
107*
115*
97*
97*
109
62*
78*
96*
96*
109
108*
62*
78*
77*
♦lOO*
105* 105*
*23*
the
65*
—
112*ie
102*
114
106*
115
97*
97*
/
O
O
89*
at
59*
87
1
125
109
8*
112si«
102*
/
June 2008 MS
56*
64*
65*
95
92
92
107*
O
Union OH of Calif 6s serlee A... 1942 F
3s debentures
97*
100*
*
♦Tyrol Hydro-Eleo Pow 7*8—1965 M N
♦Guar sec s f 7s
1952 F A
Union Pac RR 1st A Id gr
16*
95
-
Toronto Ham A Buff 1st g 4a_.1946 /
Trenton G A El 1st g 5a
13*
106* 107*
Transactions
Tol A Ohio CeDt ref A Imp 3*8 1960 /
Tol St Louifl A West 1st 4s
97*
Long Island unit 4s 1949, Feb. 8 at 88.
Rail¬
Utili¬
65
Indus¬
Orade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
New York Curb
968
Exchange—Weekly and Yearly Record
Feb.
10,
1940
NOTICE—Cash and deferred delivery sales are disregarded In the week's
range unless they are the only transactions of the week
and when selling outside
of the regular weekly range are shown in a footnote in the week In which
they occur.
No account is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb
Exchange for
on Saturday last (Feb. 3, 1939) and ending the presentFriday (Feb. 9, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week
beginning
Friday
Sales
Last
STOCKS
Par
Acme Wire Co com
Aero
Supply
Week's Range
of Prices
Low
High
Week
Price
Low
Mfg com
5%
6%
11%
6
I Air Investors common. _•
5%
6
6%
11%
10 X
2%
24 %
-*
preferred
4%
2%
2%
24%
19
Warrants
X
Southern. .60
Ala Power 17 pref
X
74 X
74%
*
106%
3,600
Jan
44
54
900
Last
Week's Range
for
Sale
of Prices
Week
High
22%
Par
Jan
Jan
5%
Jan
0%
11%
Jan
Price
pref
oonv
Beech Aircraft Corp—..1
Aircraft Corp com.
8%
25%
135
134% 135%
124
124
124
125
Jan
Feb
43
43
Jan
%
Feb
Jan
77%
Jan
Berkey A Gay Furniture. 1
com..
84
120
101
Jan
106%
Feb
95
96
160
93
Jan
2
2
200
2
Feb
Jan
14
14
100
1
Jan
96%
2%
1%
Feb
50
10
Jan
10%
Jan
100
20
Bliss (E W) common....
Blue Ridge Corp com
Allied Internat Invest com*
$3
*
pref
conv
Allied Products
Class A
(Mich>..10
conv
Aluminum
Co common..*
preference
6%
104
Aluminum Goods
104
20
25
com
20
167
149
1674
7,450
115%
100
Mfg—*
114% 1154
900
17
Aluminum Industries com*
preferred
American
Feb
167%
Feb
116%
17%
Jan
Jan
Jan
52.60
com
%
Beverage
Bo hack (H C)
Co
Jan
7% 1st preferred
Jan
107
Feb
300
1
Jan
Jan
Bowman-BUtmore
41
444
45
30
64
7
400
46
Jan
7% 1st preferred
Jan
7
Jan
2d
IX
Jan
2%
Jan
X
Jan
•it
Jan
10c
19
X
25
4
Class A with warrants.25
Class B
1
32
32
IX
125
33
74
Jan
400
31%
31
900
14
14
Amer Cyanamld class A. 10
Jan
Jan
33%
Feb
33
Jan
1%
Jan
Jan
%
Feb
Jan
14
Jan
31
~34X
10
n-v
20%
Jan
4
800
334
33
7i«
Feb
72%
Centrifugal Corp__l
Am Cities Power A Lt—
Class A
19
100
19
*
Amer
Amer Export Lines com._l
17
16
34
Jan
22*206
"334 ~344
Jan
31%
Jan
Feb
15
Jan
34%
18%
Feb
Jan
•it
Jan
184
17,900
hs
Amer Foreign Pow warr
ht
200
*1#
Amer Fork & Hoe com...*
Jan
Feb
Bridgeport Gas Light Co
Bridgeport Machine
*
7
3
2%
32%
18%
Registered
Feb
10
Jan
17
Jan
154
"566
15%
Feb
Jan
28%
Jan
16%
29%
19
Feb
1%
22
Jan
Class A pref
*
Brown Forman Distillery. 1
56 preferred
•
2%
Jan
Brown Rubber Co com
1
Bruce (E L) Co com
...6
Buckeye Pipe Line
60
Buff Nlagra A Eastrn Pw
"37"
6X
Amer Seal-Kap com
2
Am Superpower Corp com*
1st 56 preferred
56 series preferred
American Thread
Anchor
Post
6X
ht
Jan
Jan
800
6%
Feb
4,300
4,500
4%
4
08%
Jan
704
*
724
150
134
14
14
800
Elec
Common..
Jan
75
Jan
Jan
Cable Eleo Prod
700
Jan
3%
Feb
1%
1%
Jan
Jan
1%
1%
Feb
Jan
12%
Jan
Calamba Sugar Estate..20
Jan
130
113%
Feb
Jan
Feb
%
Jan
Jan
2%
2%
7%
Jan
7% partic pref
25
Cndn Colonial Airways
1
Canadian Indus Alcohol—
24
200
24
7
74
1,600
1,300
20
98
2%
2%
"Hi "54 """766
115
Jan
7
Feb
94%
Jan
« Jan
6
5%
99
Jan
Jan
Jan
6%
5%
Feb
Feb
Jan
74
74
*16
4
...
..1
X
....*
24
Option warrants
Assoc Laundries of Amer.
24
2,200
7%
Jan
7%
*18
700
*11
Jan
7,200
X
X
Jan
4
Feb
%
Jan
24
500
2%
Jan
5%
Jan
Feb
...
24
24
2,300
34
2,700
1,700
1,300
2%
34
5
»
164
24
Jan
"11
Feb
"11
Jan
2%
13%
Feb
3%
Jan
64
54
64
300
7
54
7
500
Class A common
7
14
200
34
34
12,900
494
10
~20~ ~21%
"1,800
64
214
64
"x«
74
25
64
""4
Beau Brummell Ties Inc._l
114
4
Jan
14
Jan
19%
Jan
Jan
26%
22
27
400
22
1%
5
5
5%
100
1%
600
2%
2%
2,600
20%
Feb
Jan
20
Feb
18
Jan
1%
Jan
Jan
4%
1,100
18%
1%
18%
Jan
27%
5%
18%
Feb
Feb
Jan
Jan
1%
Jan
1%
Jan
Jan
Feb
11 %
22%
"35% "37"
21%
'"*250
12%
22%
103%
3,000
*12%
12%
1,200
%
103
%
103
200
Jan
Feb
2
Jan
4%
11%
28
Jan
37
20%
Jan
22%
103
Feb
*12%
Feb
14%
2
108
Jan
Jan
Jan
Jan
Jan
2%
Jan
100
%
Feb
1%
Jan
100
"it
Jan
"1#
Jan
"it
n,«
Jan
%
Jan
16%
16%
16%
Jan
19
19
100
16%
Feb
17%
7%
100
19
Feb
22
2%
3%
47
Jan
Jan
Jan
19%
Jan
4%
53
Jan
Jan
3%
22
Jan
Jan
2%
Feb
2%
Jan
%
Jan
1
Jan
8
Jan
Feb
...»
6%
40
39
•
*
40
«x«
5%
400
24 %
100
6%
Jan
Jan
%
Jan
4
Jan
%
Jan
Jan
8
Jan
26%
Jan
7
Jan
Jan
4.700
6
Jan
Feb
Jan
15%
Feb
Feb
18
19%
200
18
Jan
20
Jan
'""2%
110%
2%
400
110% 111%
475
2%
5
16
"34"
16%
300
50
20
17
400
109
103%
2%
3%
Jan
Feb
3%
20%
69%
Jan
34
Jan
85
Jan
14
Jan
17
Feb
Jan
109
Jan
Jan
103%
Feb
Jan
8%
115
Jan
Jan
Jan
Jan
Jan
Feb
•it
Feb
%
Jan
110%
175
•it
%
•it
%
6,700
2,200
5%
2%
Jan
%
%
2%
6
Jan
8%
*
Jan
Jan
Jan
2%
Jan
2
Feb
2%
Jan
3%
6%
Jan
4
Jan
7
12
Feb
13
112
73%
8%
%
21%
4%
56%
111
150
112
110
Jan
116
850
68
71%
8%
73%
8%
100
%
%
300
21%
4%
21%
25
4%
4,700
1,200
8%
21*
4
Jan
Feb
73%
9%
Jan
%
Jan
24
Jan
5
55
56%
52%
54
50
52
Jan
104
130
89
Jan
104
90% 100
150
82
Jan
100
Jan
Jan
5*
Jan
47%
6%
2%
•
•
Feb
Feb
2%
50
6
I
Jan
111%
J™
109
•it
Jan
Jan
'""976
'it
7%
Jan
105
100%
97%
10
56 preferred
Jan
12
5%
34
Chiida Co preferred
100
Cities Service oommon._10
Jan
99
Jan
85
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach
4
Chief Consol Mining
1
60c preferred B
Jan
Jan
%
10%
7
100
Strip Co
Corp
56 preferred BB
Jan
106
100
Charls
Jan
Jan
100
preferred
Jan
Feb
Jan
700
13
Conv pref opt ser *29.100
Chamberlln Metal Weather
10%
7%
40
•it
1,000
13%
"11%
•
preferred
preferred
Jan
Feb
2.200
70
110%
13%
Jan
6%
7%
12
99
103" "99%
Jan
Jan
Jan
Feb
14
98
Cent N Y Pow 6% pref. 100
Cent Ohio Steel Prod
1
Jan
38
Jan
9%
1%
25
11%
99
84
7% pfd 100
5%
1,000
7% pf 100
9%
6%
10%
Feb
100%
92%
12%
7%
33%
*
com
100
700
7 it
*
57 dlv. preferred
1st partic pref
Conv
6%
*
M) common..10
Catalln Corp of Amer
1
Celanese Corp of America
7% 1st partic pref...100
Celluloid Corp common. 15
6%
7%
Jan
1
Cent Pow A Lt
Jan
100
1,600
25
Cent A South West Utll 60c
Cent States Elec com
1
Jan
2%
"~4 """llit
100
Jan
1%
7%
400
Feb
15%
Jan
1
Feb
Jan
6%
25
7
Jan
Jan
3,300
1
6%
1%
7%
25
Carnation Co common...*
Carnegie Metals com
1
Cent Hud G A E
Cent Maine Pow
6%
1
64%
4%
52%
Cities Serv P A L 57 pref. *
50 preferred
•
94
6%
5%
6%
5%
46
Jan
7it
100
47%
200
5%
Jan
2
Jan
ht
5
47%
Feb
5%
6%
16%
%
4%
42%
1,200
1
Cllnchfleld Coal Corp..100
Jan
Feb
25
Claude Neon Lights Ino..l
Clayton A Lambert Mfg..*
Cleveland Eleo Blum
.*
Cleveland Tractor com...*
973
Feb
12%
31
*
Carolina P A L 57 pref
50 preferred
Clark Controller Co
page
18%
18%
*
City Auto Stamping
*
City A Suburban Homes 10
see
38
Jan
.2 5c
17
Jan
2,900
""260
124
Jan
Jan
*
Carman A Co class A
Class B
5%
12
"Ludwlg"
For footnotes
100
Cherry-Burrell common..5
5
Baslo Dolomite Ino com._l
Bath Iron Works Corp...l
Jan
•it
25
Baldwin Rubber Co com.l
Bardstown Distill Ino
1
Barium Stainless Steel
1
Barlow A Seellg Mfg—
conv A com
Feb
Jan
Jan
Feb
3
214
Baldwin Locomotive—
Purcb warrants tor com.
30
14
494
34
10
7% preferred
17
14%
IX
Ayrshire Patoka Collieries 1
Baboock A Wilcox Co
*
Jan
Jan
Jan
1%
5%
5%
16
Warrants
see
""360
25
xw
Aviation A Trans Corp..i
Axton-Flsher Tobacco—
Baumann,
17
Jan
hi
Avery (B F) A Sons com..5
0% preferred w w
25
51.20
14
"l4 "l4
Automatic Voting Mach..*
preferred
Jan
5%
1
6%
Feb
3%
23%
5%
20
5
Automatic Products
300
Castle (A
"it
Atlas Plywood Corp
tAustln Silver Mines
20%
20
1
Casoo Products
Atlantic Coast Fisheries..*
Atlantic Coast Line Co.50
Atlantic Rayon Corp
1
Feb
19%
..*
Carrier Corp common
1
Carter (J W) Co common. 1
Assoc Tel A Tel class A..»
Atlanta Birmingham A
Coast RR Co pref
100
Atlanta Gas Lt 6% pref 100
Atlas Corp warrants...
Atlas Drop Forge com
Class A voting
Clas B non-vot
Canadian Marconi
Capital City Products
Carlb Syndicate
74
1%
Canadian Car A Fdy Ltd—
'xs
24
24
974
Jan
Jan
20
60c
com
13,500
"24
5X
Jan
Feb
29%
12%
30%
18%
Vot trust ctfs
_50o
Cables A Wireless Ltd—
Am dep 5 % % pref shs £1
'it
74
600
3%
49
2%
20%
Burry Biscuit Corp.. 12%c
17
200
ht
*
£1
Class A
*
14
1134 1144
Assoc Gas A Eleo—
55 preferred
25
Bunker Hill A Sullivan 2.60
Burma Corp Am dep rets
Feb
Industries
Amer deposit rets
51.60 preferred
55 1st preferred
34
h*
10
18%
Jan
Jan
20
Camden Fire Insur Assn..5
114
Arkansas P A L 57 pref..*
Art Metal Works com...5
Ashland Oil A Ref Co
1
Assoc Breweries of Can
Associated
IBrown Co 6% pref—.100
Brown Fence A Wire 00m.1
12%
JArcturua Radio Tube...l
6% preferred
Jan
600
Jan
1
Am dep rets ord
reg..10s
British Col Power cl A
*
14
Apex Eleo Mfg Co com...*
Appalachian Elee Power—
Arkansas Nat Gas com..
Common cl A non-vot.
•it
Jan
Feb
£1
13%
3%
Fence
Angostura-Wupperman ..1
*
7%
6%
Jan
Jan
Feb
Am dep rets ord bearer £1
Am dep rets ord reg
British Celanese Ltd—
34
5%'pf__6
57 preferred
%
104
2%
2%
*
Feb
%
600
British Amer Tobacco—
14%
85%
400
British Amer Oil coupon..*
32
100
1%
38
7% preferred
100
Brlllo Mfg Co common.
Class A
28%
325
"966
49
Jan
4
4
994 104
64
64
54
64
4
4
2%
100
Jan
.104
3
2%
1%
Preferred
Brill Corp class A
Class B
Feb
Amer Potash A Chemical
American Republics.... 10
Jan
Feb
11%
Jan
Feb
6%
31
Jan
Jan
1%
8
150
32
8%
Jan
16%
275
*
Jan
Jan
250
Amer Pneumatic Service
Jan
Jan
144
"it
36
%
1
"l4 *""166
Jan
Jan
32
Jan
Jan
5%
•11
7
13
4
700
Jan
5%
31
1,000
'it
5
10
Jan
"i«
500
Jan
800
Jan
4
Feb
2,200
72,000
3%
1
2%
27%
38%
Jan
74
12
Jan
Jan
64
39%
50
650
16%
25
100
Jan
20%
28%
50
38%
6
28
19
Jan
14
7%
Jan
29
Jan
Jan
8%
6%
Jan
19
1%
42
Jan
15%
*
Feb
29
Jan
Jan
6
1
3%
100
1%
40%
1
11%
Preferred
Jan
Jan
Brazilian Tr Lt A Pow
Breeze Corp com
Brewster Aeronautical
36%
Amer Maracalbo Co
Amer Meter Co
Jan
6
100
%
1%
600
"154
6%
15
600
1%
54
•it
2,400
20
Jan
Jan
Jan
8
1%
34
284
preferred..
25
Amer Mfg Co common 100
Jan
*
364
Laundry Mach
14%
7%
*
34
0%
Jan
Jan
4
100
354
Amer Lt A Trao com...25
%
preferred..
3X
Feb
Jan
Jaa
12%
5
5%
36 X
14X
Jan
1%
American General Corp lOo
$2 conv preferred
1
52.60 conv preferred
1
Amer Hard Rubber Co. 60
Amer
5j«
42
33%
Amer Gas A Elec new...10
Jan
Jan
50
"27% *27%
*
com
Jan
64
10c
Common class B
$3 preferred
56.60 prior pref
1%
46
1,200
1,100
8
25
Jan
Borne Scrymser Co
Bourjols Inc
44%
4
14%
1%
41%
42
100
105%
14
Jan
Jaa
*
com
8
Jan
Amer Box Board Co com.l
American Capital—
Class A common
4
8
Feb
1
43%
300
13%
1%
*
74
1
124
Jan
6%
4
1
53 opt conv pref
BlumenthaJ (S) A Co...
964
103%
com
Jan
40
14
14
50
50
123
*
2,500
99
Feb
136
*
preferred
74
100
American Book Co----100
Class B
20
Jan
Jan
Jaa
Jan
Purchase warrants
Blckfords Inc
1004
100 *105% zl054xlO54
74
Aluminium Ltd common.*
8%
Feb
1384
1114
Feb
Jan
0%
45
Blrdsboro Steel Foundry
A Machine Co com
Blauner's com
_*
*
Investment
Jan
8%
17%
100
4
Benson A Hedges com...*
Conv pref
*
50
Feb
132
100
Bell Tel of Pa 0 % «£ pf .100
17 4
8%
26%
100
Bellanca
Bell Tel of Canada
Aircraft
Jan
Jan
12,900
7,600
Jan
Feb
Jan
4%
6%
8,200
Feb
Jan
IX
High
Jan
74
84
23%
26%
7% ' 84
2%
24%
10
2
Alliance
Low
74%
900
4,700
1,400
1,200
96
105*4 1064
Range Since Jan. 1,1£40
Shares
4%
Bell
*
preferred
High
20
A lies A Fisher Ino com...*
56
Low
Beaunlt Mills Inc com.. 10
51.50
Air Associates Inc com—1
Alabama Ot
Shares
20
1
1
Sales
STOCKS
(iContinued)
Mfg—
Class B
Conv
Range Since Jan. 1, 1940
10
Class A
Alnsworth
Friday
for
Sale
5
100
5%
6
1,600
2
2
100
68%
5%
54
6%
Jan
6%
Jan
16%
Jan
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Club Alum Utensil Co
3k
Jan
200
*
Jan
"Ik "Ik
650
Jan
Jan
Jan
77
Fire Association
6)4
Jan
Jan
83
80 k
79
preferred-. 100
67 k
66
6734
150
64
Jan
1
2k
2
2H
800
2
Jan
2)4
Jan
6K
Jan
8
Jan
Colt's Patent Fire Arms. 25
Columbia Oil A Gas
Columbia Pictures Corp..*
Jan
70
"43 k
40 k
3634
3534
Jan
Feb
200
3
300
82
1,200
i"6o6
1034
9k
2 5 34
4k
16k
150
10 k
8k
25 34
434
16 k
16k
300
100
Jan
39 34
Jan
3K
Jan
ik
Jan
IK
Jan
,
9k
8k
k
Jan
Gen Pub Serv 56 pref
Jan
Jan
ik
Feb
ik
Jan
Gen Telephone
Jan
30
Jan
70
Jan
1,200
k
74
ik
Jan
400
234
100
8k
300
1
ik
19
Jan
ik
9k
Feb
7
Feb
7k
Jan
22 k
Jan
Feb
6k
Jan
k
Jan
ik
Jan
7k
Janl
1,000
1
Feb
225
18
Jan
8 34
50
2K
2K
11k 11k
100
834
10
7
Jan
2k
Jan
Jan
10
Jan
ik
19
8k
Feb
57 preferred
Jan
Goldfleld Consol
Jan
Gorham Inc class A
Jan
6k
Jan
Gorham
z85 K
Feb
Jan
20
29
Jan
31k
Jan
1,400
7
Jan
8
4k
34
Jan
434
Jan
7% 1st preferred
Gt Northern Paper
ik
Feb
Greenfield Tap A Die
900
Feb
Non-vot com stock
Feb
18
Feb
85
84)4
Feb
85
Feb
Grocery Sta Prod com..25c
Grumman Aircraft Engr.l
800
ik
Jan
2
Jan
Guardian Investors
10k
17k
ik
200
10
Jan
10 k
Jan
100
16k
Jan
17k
Jan
600
ik
Jan
ik
Jan
18 k
19k
700
1
25
Jan
18 k
Feb
22
Jan
Gypsum Lime A Alabast.*
Hall Lamp Co
*
Haloid Co.
5
Hammermlll Paper.
10
Jan
26 K
Jan
Hartford Elec Light
26 k
Jan
ik
Jan
ik
Feb
Jan
Jan
28
Hartman Tobacco Co
Harvard Brewing Co
Hat Corp
7K
Jan
4)4
Jan
Jan
Feb
8
100
4K
Feb
1134
11k
200
11K
Feb
12 k
Jan
10
28k
13 )4
20
ik
k
Duro-Test Corp com
1
2m
Duval Texas Sulphur
*
7)4
10 34
76 k
Feb
200
27 34
108 k
Jan
700
50
76
76
Durham Hosiery cl B com *
m
2 34
7)4
10 k
IK
Jan
Jan
Jan
75
Heller Co common
IK
Jan
Preferred w w
Jan
Preferred ex-war
77
*
.....*
2
25
25
Jan
IK
Jan
2K
6)4
Jan
Jan
2K
Jan
7K
Jan
12 k
Jan
Feb
22 K
Jan
Feb
10
Jan
Holt (H) see
10
3m
3)4
25
9K
7)4
58
66
65
16
16
*
K
Jan
34
Jan
300
16 K
Jan
19 K
Jan
16
Jan
19 k
Feb
Horn (A C) Co com
Feb
4K
Jan
Horn A Hardart
Jan
17 k
Jan
3M
22,300
IK
Jan
Jan
8K
61K
Jan
Hubbeil (Harvey)
Jan
Jan
Humble OH A Ref
65
Feb
70
Jan
14 )4
Jan
20
Jan
»
Hummel-Ross Fibre Corp 5
Hussmann-Llgonier Co.. *
Jan
900
"""466
100
2K
Feb
12 K
2K
Jan
ik
23
Jan
Jan
3K
Inc
Derrick A Equip..5
10k
90
"~50
75
IK
24
Common
Jan
7% pref stamped
100
7% pref unstamped.. 100
Jan
60 34
Jan
67
Jan
Hydrade Food Prod
5
Hygrade Sylvama Corp..*
Illinois Iowa Power Co...*
Jan
66
Feb
63 k
Jan
69
Feb
5% conv preferred
Jan
70
Feb
200
Jan
26
10 k
500
10 k
Feb
11
is
34
2,500
7u
Jan
k
Jan
23 34
24 k
350
23 k
24 k
Feb
434
4k
600
150
4k
23 34
Jan
Jan
Jan
25)4
Feb
1,700
10 H
Jan
12 k
Jan
200
7K
Jan
7K
Jan
23 k
J an
Jan
25
25
7
Eureka Pipe Line
2434
24)4
25 34
Falrchlld Aviation
1134
10 K
12
734
7k
13)4
734
14k
Jan
Jan
4K
Jan
6K
Jan
8
Jan
Jan
24
Jan
8K
Jan
9
Jan
102
40
101
he
'
15k
17k
634
9k
6)4
9k
'moo
10 K
50
24
14 K
Illuminating Shares A
Imperial Chemical Indus—
Am dep rots regis
£1
Imperial Oil (Can) coup..*
Registered
»
Feb
hi
Jan
6)4
45
Jan
Jan
Jan
Jan
hi
Feb
100
15 k
Feb
15K
Jan
25 M
Feb
6K
Jan
Jan
27 K
100
6K
Feb
200
9
Jan
UK
Jan
175
109 k
130
Jan
114
Jan
Jan
135
Jan
Jan
46
Jan
134
25
43
150
40
8k
700
7K
Jan
2k
100
Jan
16k
3,500
2k
14 k
15
Jan
90
800
"35k "36 k
'l700
Jan
8K
2K
Jan
JaD
Jan
17
K
Jan
36k
Feb
39 K
Jan
Jan
111K
Jan
Jan
114
5K
600
ik
70k
ik
50
200
ik
ik
ik
600
7
7
7
100
6
5k
Feb
Jan
5K
Jan
14 M
18
Feb
30
Jan
69
Jan
70K
Feb
IK
Jan
Jan
IK
K
Jan
K
1)4
Jan
IK
Jan
Jan
7
Feb
27 K
70k
Jan
29
Jan
29
Jan
2K
18 k
Jan
300
17 k
Jan
1,700
6K
4)4
6k
6k
19
6k
6k
6k
9k
6k
9k
200
8K
Jan
Jan
Jan
8k
8k
100
8K
26 k
26 k
50
26 K
26K
100
Feb
3K
Jan
Jan
Jan
21
7K
6K
9K
Jan
Feb
Feb
Jan
8K
Jan
27K
Jan
26K
Jan
Jan
Jan
11K
72 k
73 k
350
Imperial Tobacco of Can.6
Imperial Tobacco of Great
Britain A Ireland
£1
10
Jan
Indiana Pipe Line
Feb
Indiana Service
"t
"~7k
12
zllk
"l4k
14k
14k
.100
12 K
Jan
Jan
76
Jan
Jan
55 K
"400
Jan
7
Jan
8K
500
Jan
25
11K
12 K
Jan
12
Jan
14
Jan
14 K
Feb
14 K
Feb
31K
Jan
29 K
120
"34m "35k
Jan
Jan
150
33 K
Jan
UOK
Jan
Jan
Jan
120
35 K
Feb
Feb
111
14
62
5k
61
62 k
2,500
5
5k
1,000
10K
200
Jan
14 K
Feb
60 K
5
Jan
68
Jan
Jan
""2k ""2k
10 k
"166
K
7K
834
2K
2k
2k
32k
3k
24k
5)4
100
2)4
10K
2k
32k
50
29
5K
3k
24 k
23k
4k
Jan
K
Jan
10 K
10
Feb
Jan
Feb
2K
Feb
Jan
3
Jan
32
4
26 K
Jan
Jan
Jan
Jan
M
1,000
3K
800
23 K
1,200
4K
Jan
Jan
Feb
60 K
"Ik
Jan
60 K
12 K
6)4
6
Feb
Jan
Jan
Jan
Jan
Jan
11K
11k
12k
9,100
5K
11K
Jan
Feb
11K
uk
100
UK
Feb
12K
12k
uk
12k
1,000
12 K
Jan
100
22 K
Jan
Feb
Feb
23 H
13 K
16
Jan
13
Feb
1634
Jan
23k
5k
23 k
5k
6% pf.100
7% preferred
Jan
67
50
73 k
.....
*
Jan
Jan
4K
101
800
113k
4)4
Dlv arrear ctfB
65 )4
25
70
40 k
10
42
.....I
Jan
14
64
68)4
Feb
Jan
5k
6k
5
Hydro Electric Securities.*
69
101k
Jan
IHuylers of Del Ino—
200
"ik "134
68 k
Jan
100
5% preferred
Feb
1,300
6634
98 k
112
Baking..*
*
ik
16
64 k
75
1
6M
66
100
634% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Feb
109 k
36 k
Horn A Hardart...
400
57
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
Feb
Hormel (Geo A) A Co com*
875
300
23
Henry
300
"ik "ik """500
57 34
Jan
Horde's Inc
16
58
3K
Jan
9K
40 K
Jan
Participating class A...*
common..5
18
800
1,000
1834
17k
16k
Hewitt Rubber
Feb
100
Jan
Henry Holt A Co—
k
500
Jan
9m
K
19)4
19)4
23
Class A.
Jan
48
6%
2M
Helena Rubenstein
108 k
Jan
Jan
19
6k
Jan
com...5
6% conv preferred
50
Hecla Mining Co
25c
2K
18
105
2k
Hearn Dept Store
42 k
1834
Jan
Jan
Haverty Furniture cv pfd.*
Hazel tine Corp
*
475
46 k
K
Jan
29
1
800
45
Jan
52
8
of America—
B non-vot com
3)4
46
Eastern States Corp
78
25
1
*
1
Hey den Chemical
10
If Hires (Chas E) Co cl A..*
Hoe (R) A Co class A—.10
Hollinger Consol G M...6
Holophane Co common..*
4K % prior
9m
Jan
300
Assoc—
234
77
Jan
56 preferred
Hartford Rayon v t c
ik
Jan
Gulf States Utll 55.50 pf-*
26M
78
72 k
Jan
Jan
41k
26
*
14
28k
60
134
100
20
76 k
IK
112
*
700
28
Feb
""360
6k
9k
18
ik
IK
Jan
15k
Gray Manufacturing Co. 10
Great Atl A Pac Tea—
ik
100
9k
26 k
Grand Rapids Varnish...*
Jan
k
Jan
K
1,700
*
Jan
Jan
40
39 k
*
4k
734
Jan
Jan
7 )4
Mfg common..10
19 k
800
Jan
75
25
k
34
Q7Z
Jan
Jan
100
101
17 k
8
4k
For footnotes see page
hi
23 K
Jan
ik
1434
Jan
35
"8K ""8k "~8k
A.*
»
Jan
31
ik
74)4
6 34
7
*
Mines..1
Jan
111
7k
com..50
I
1
Fanny Farmer Candy
1
Fansteel Metallurgical...*
Feb
Jan
15K
1534
he
85
39 k
42
42
*
*
Godchaux Sugars class
ik
Falstaff Brewing
Jan
Jan
4M
common...*
Gilbert (A C)
Jan
4k
Esquire Inc
IK
5k
Jan
10)4
17k
24 k
Jan
13 K
500
55 preferred
Gladding McBean A Co..*
Glen Alden Coal
*
8
IOC
1
1
IK
200
87 k
53 preferred
Georgia Power 56 pref...*
17 k
17
7k
"ilk "ilk
9k
40 k
101k 101k
Gilchrist Co
4j4
_
Jan
ik
9k
100
ord reg._£l
Equity Corp common.
33 conv pref
78
40 k
Jan
1
Dominion Steel A Coal B 25
Dominion Textile Co
*
Dominion Tar A Chemical*
Draper Corp—i.
*
Emsco
Jan
Jan
39 k
1
Gulf Oil Corp
6% preferred
87
84 k
100
6% preferred A
Gen Water G A E com
""450
ik
15
Jan
Jan
103 k
4k
8434
2k
41
Jan
49 k
"1834
14
"Ik
Jan
73k
Feb
Dlvco-Twln Truck com__l
1
Feb
53 pref...*
Feb
2k
8k
13 K
Eectrol Inc vtc
27
*
preferred..
2M
111K
Distillers Co Ltd—
Option warrants.......
Electrographlc Corp
1
Feb
ik
18)4
ik
7k
25 k
1
Common
6k
4k
31
3k
25
k
4k
18
27
General Shareholdings Corp
53 preferred
*
A—*
B—*
Easy Washing Mach B—*
Economy Grocery Stores.*
Elaier Electric Corp
1
Elec Bond A Share com..5
$5 preferred
*
36 preferred
*
Elec P A L 2d pref A
*
Jan
27
General Tire A Rubber—
.
10
Elgin Nat Watch Co
*
Class B
36 preferred series
19
Gen Rayon Co A stock...*
K
k
17 preferred series
Jan
39 k
Gen Outdoor Adv 6%
Jan
5
16K
5k
Iron. .25
18
85
pflOO
Jan
25)4
20 k
18k
preferred.100
preferred
100
75
300
Jan
10 k
Jan
300
3
18
Warrants
Jan
8
*
32 k
*
58 preferred
Corp—6
Eastern Malleable
*
Jan
600
1
Common...
Jan
Jan
General Investment corn.l
15k
Diamond Shoe Corp com.*
East Gas A Fuel
27 k
Gen Gas A El 6% prefB.
Jan
Jan
25
15k
Gen Fire proofing com
7k
1,400
ik
2k
..10
17 k
2,100
14 k
ref_£l
Feb
10
Eagle Plcher Lead
Jan
100
32
ik
Jan
10 34
5k
10 k
Jan
18k
30 k
18
73
Jan
Jan
20 k
100
10 k
19
*
Amer dep rets ord
Jan
5k
7% preferred
100
Dubllier Condenser Corp.l
Jan
Jan
100
Preferred
Dobeckmun Co common.
13k
87
"27"
Jan
5M
98
Jan
6*
*i«
7% preferred
Jan
Jan
100
4k
100
De Vllblss Co com
ik
pf.*
General Alloys Co
20 k
19k
Jan
Jan
41
com...1
5% preferred
Jan
5k
Products—*
16k
18k
31k
1
5,300
70 k
1
Detroit Paper Prod
Feb
9K
15
4% conv preferred
IK
20 K
8% pref w w
20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com_.l
25
IK
12 k
*
Jan
Feb
1,300
Mfg—1
Jan
1554
5
Conv partlc pref
IK
36 K
3
ik
9k
18
17k
Gatlneau Power Co com.*
934
com—5
Feb
Feb
A Malt-
650
ik
ik
70
"*7k
3K
15k
15 k
1
56 conv
—35
1
Duke Power Co
(Petei) Brew Co
k
4k
ik
Jan
1,000
rets...100 frcs
Gamewell Co $0 conv
Jan
92
Mills.*
Driver Harris Co
Amer dep
Jan
Jan
ik
2K
15 34
15k
*
Feb
preferred
Am dep rets
Class B voting
15 34
*
83
80
25k
700
15k
3
£1
Am dep rets ord ref
120
900
150
Jan
Ford Motor of Canada—
Jan
117
"6K ~T"
Mfg—.—1
Distilled Liquors
*
Ford Motor Co Ltd—
Jan
78 k
ik
ik
pref
50
8% debenture
100
Derby Oil A Ref Corp com*
Detroit Steel
Jan
look
Gen Electric Co Ltd—
91
18K
Detroit Gasket A
103
S3 conv stock
534
3
4k
J6 prior
A conv
Jan
Fuller (Geo A) Co
100
com—5
Dennlson Mfg cl A
Jan
96k
Jan
1,000
*
Cuneo Press 6 34 % pref -100
Curtis Lighting Inc
*
Curtis Mfg Co (Mo)
5
—
105 k
350
Feb
36 h
334
92
*
*
*
—
100
100 k 101
15
100
$6 preferred..
3
3634
Cuban Tobacco com
Delay Stores
Jan
110k 110k
15)4
110k
45
100
10
conv
Jan
Jan
134
334
—1
*
Coeden Petroleum com—1
5% conv preferred
50
Courtaulds Ltd
£l
Creole Petroleum
5
Crocker Wheeler Elec
*
Croft Brewing Co
1
Crowley, Mtlner A Co
*
Crown Cent Petrol (Md)_5
Crown Cork Internat A..*
Crown Drug Co com—25c
7% conv preferred—25
Crystal Oil Rel com
*
Class A
13k
Feb
134
$6 preferred A
Decca Records com
12,800
3
10
Common
Dayton Rubber
Jan
17 K
Jan
17 K
118k h8k
Copperweld Steel
5
Cornucopia Gold Mines. 5c
Corroon A Reynolds—
Davenport Hosiery
15k
Fruehauf Trailer Co..
80
82
10
Darby Petroleum
14
Froedtert Grain
34
3
com—*
$6 preferred
Feb
45
prior pf 100
Continental Oil of Mex.-l
Cont Rob A Steel Fdy—*
Cook Paint A Varnish..
Copper Range Co.
Jan
69 k
Fox
40 k
500
17k
17k
Cont G A E 7%
$3 prior preference
k
Jan
Common
*
Consol Biscuit Co
1
Consol G E L P Ba t com *
434% series B pref—.JOO
Consol Gas Utilities
1
Consol Mln A Smelt Ltd. 5
Consol Retail Stores
1
8% preferred
100
Cooper Bessemer com
Jan
67 k
Jan
600
44 K
S3 preferred
Consoi Steel Corp
sie
150
Feb
IK
Conn Gas A Coke becur—
Consol Royalty Oil
600
k
k
Jan
Feb
hi
1
ext to 1946
Vtc
y%
69 k
37 K
Jan
IK
3634
Jan
"l#
Ford Motor of France—
hi
200
ik
4334
ik
Distribution
1
Community P & L $fl i ref *
Community Pub Service 25
Community Water 8erv_.i
Compo Shoe Mach—
Commonw
Jan
9k
68k
Jan
Jan
Jan
7,300
hi
Wai rants
Jan
1
Class A non-vot
Commonwealth * Southern
High
Feb
(Phlla).lO
Fisk Rubber Corp
1
Florida P A L $7 pref
Columbia Gas A Elec—
Low
6
200
6k
6k
5
25
Flat Amer dep rets...
Fldello Brewery
Jan
2K
4K
5K
"900
8134
Jan
Jan
8)4
4K
.....
Colorado Fuel A Iron waxr
Jan
Feb
7)4
ik
200
IK
IK
1H
Range Since Jan. 1,1940
for
Week
Shares
9K
Fed hers Mfg Co
led Compress A W'h'se
*
Cohn A Rosenberger Inc.*
Colon Development ord
8% conv preferred
£1
Cockshutt Plow Co com
Low
Price
Par
High
Low
of Prices
High
Sale
(Continued)
Shares
Week's Range
Last
STOCKS
1,1940
Range Since Jan.
Last
Par
Sale
Friday
Sales
Friday
STOCKS
(Continued)
Conv 6%
969
New York Curb Exchange—Continued—Page 2
150
13
»
13
100
10
6K
12)4
13 K
6K
Jan
Jan
Jan
Feb
Jan
New York Curb
970
Sales
Friday
STOCKS
Last
Week's Range
Sale
(Continued)
Par
Low
High
111
111%
IndplsP A L0%% pf..100
Shares
Low
111
180
Jan
113
Jan
1
.
%
Jan
%
Jan
%
Jan
Vt
Jan
V t e common
Jan
%
Jan
Jan
70%
21%
Jan
9%
72%
Feb
Jan
22%
Jan
Mldvale
11%
1%
Feb
Jan
Feb
ht
7ia
100
9
"71% ~72% ~1~350
"72%
International Cigar M&oh *
22
21%
22
500
In^ernat Hydro Elec—
Pre! 13.60 series
11%
11%
12
600
60
Inti Industries Inc.
1
1%
Internat Metal Indus A--*
500
1%
Jan
Jan
Jan
10%
300
2%
2%
4,800
18%
18%
19%
Jan
19%
Feb
18
19%
11,100
1,000
17%
18%
18
Feb
19%
Feb
Jan
3
Jan
Jan
International Petroleum
Coupon shares
Registered shares
International Products.
—
*
4%
4%
100
4%
Jan
%
%
%
200
%
Jan
8%
Internat Safety Razor B_*
International UtilityClass A._
»
Class B
1
8%
200
%
400
8%
%
Feb
5
Jan
%
33
Jan
3%
11%
Interstate Power $7 pref.*
Investors Royalty
1
18%
Jan
Jan
3
100
3%
Jan
8%
Feb
13
Jan
5%
%
Jan
%
700
16%
350
16
Jan
17
Jan
600
16
Jan
17%
Feb
2%
2%
2%
1,000
2
2
Jan
Jan
'it
Jan
2%
1%
200
Jan
3
Jan
Jan
2
Jan
ht
Jan
88
97
104
96
97 A
30
27
30%
60
90
Jan
Jan
98
27
6%
6%
4
Ken-Rad Tube A Lamp A *
Key Co com
*
4
104%
Feb
116%
Keith (Geo E)7% let pflOO
Kennedy's Inc
6
Jan
92
91
92
36
"1%
1%
VA
"900
2%
2%
2%
100
1
88
88
12%
12%
20
200
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
41 %
5%
41%
41%
10
Lake Shores Mines Ltd—1
22 A
22%
22%
Lakey Foundry & Mach.l
Lane Bryant 7% pref—100
4%
4%
4%
1,600
2,000
Co
5%
300
Jan
2
Jan
Jan
9%
'"360
11
Class A
Class B
Jan
12%
Jan
x6%
42%
25%
4%
Jan
Feb
Feb
*
oommon
Jan
Jan
600
5%
Feb
6%
Jan
139% 139%
"""36
5%
%
Jan
Jan
9%
10%
18%
Jan
35%
11%
Feb
Jan
11
Jan
Jan
19
Jan
1
1%
Jan
Feb
Jan
%
Jan
Jan
139%
Feb
9%
Jan
11%
Feb
138
15%
8%
Jan
16%
Jan
Jan
9%
Feb
80
Jan
81%
Jan
Jan
11%
11
8
8%
%
300
'it
28%
28%
28%
80
11%
11
11%
12%
4,200
7%
Jan
28%
Jan
9
Jan
700
Jan
7u
31
Feb
Jan
Jan
14%
12%
12%
3%
3%
43
43%
93%
95
4%
47
Jan
Jan
11%
13%
Jan
Jan
3%
Feb
12
500
5%
16%
Jan
9%
100
43%
93%
Jan
44
50
5%
51
2,100
6%
9%
1%
"18
1%
Feb
Jan
44
1,525
92%
2%
Jan
2,500
3%
Jan
97%
2%
5%
54%
50
51
300
10
75
6%
1%
9it
10%
10
Jan
3%
41
51
10%
10
Jan
Feb
Jan
Jan
Jan
11
Jan
Jan
Feb
Jan
Jan
5%
8%
1%
1,600
Jan
"16
600
Feb
%
Jan
Jan
12%
Jan
400
12
Jan
6%
10
Jan
1%
Jan
Feb
Feb
116
Corp common.....
05
70
1,700
Jan
117
Jan
60
Jan
70
Feb
2—*
(Herman) CorpIII5
3%
cum
5%
%
1%
Jan
6
Jan
6
6
Jan
Jan
1
Jan
Jan
Jan
1%
Jan
Jan
Jan
Jan
13%
70%
25%
130%
Feb
Jan
6%
Jan
Jan
13%
Feb
Feb
65
4%non-cum.l00
New Engl Pow Assoc
Feb
%
Jan
%
Jan
13
13%
150
10%
1,400
9%
Jan
1%
1,700
1%
Jan
Jan
6% preferred
100
$2 preferred
*
New England Tel A
Tefloo
New Haven Clock
Co
*
New Idea Inc common
*
New Jersey Zinc
New Mex A Ariz
New Process Co
N Y Auction Co
13
*
25
73%
73%
85
130%
71%
200
71
25
130%
127
124%
5%
12%
12%
13%
"560
12
61%
60
61%
1,500
60,
1%
Land—.1
"160
33
Jan
Feb
1%
Jan
Jan
Jan
Jan
33
Feb
33
Feb
Feb
2
Feb
*
com
Jan
2
33
*
13%
10%
Jan
Jan
Jan
Jan
Founders shares
1
Jan
New York State El
AGas^-
Jan
45
42
45%
500
42
Feb
42%
40
43
825
38%
1%
Jan
44%
1H
1%
1%
1,000
5%
5%
5%
1,800
Jan
1%
25%
%
5
Feb
6
Jan
Jan
105%
Jan
New York Transit Co
Jan
25
Jan
Jan
25
water Serv
0% pf.100
Niagara Hudson Power—
25%
50
Jan
Common
24%
Jan
26%
Jan
*i«
%
1%
6% 1st pref
6% 2d preferred
%
Feb
%
800
«!•
Jan
%
500
•ie
Feb
1%
36
1%
36
100
1%
Jan
36
Jan
Jan
Feb
36
Feb
10
30
36
Jan
10
Jan
25%
3
Dredging...
8%
156
100
100
4%
25
2%
4%
26%
2%
4%
3
2%
May Hosiery Mills
—
$4 preferred
McCord Rad A Mfg B___*
7%
154
Jan
27
Jan
4%
4%
15%
3%
28%
4%
28%
4%
%
100
700
2%
2%
4%
Feb
700
21%
Jan
2%
100
Feb
8%
1,400
2%
7%
Feb
9%
Jan
250
152%
Jan
165%
Jan
166
"~3%
—
Mesabl Iron Co
4%
50
3%
100
28%
25
4%
100
%
63
l
2%
100
•it
26c
4%
15%
3%
28%
700
%
63
200
15%
4
Jan
Jan
100
Jan
2%
Jan
4%
15%
...10
100
.»
Feb
Jan
210
104%
Jan
109
Jan
12%
200
12%
Feb
13%
Jan
105%
105% 105%
20
104%
5%
21%
Feb
105%
Feb
6%
Jan
Jan
29
Jan
4%
Feb
6%
89%
81%
Jan
12%
5%
"24%
24%
5%
4%
»
30%
6% prior preferred
60
No Am Utility
Securities.*
88%
81%
11,900
89%
450
86
76
81%
90
X73
i
66
64%
66%
"l% "l%
900
"266
Jan
Jan
Jan
hi
1,200
5
Jan
Jan
Feb
Jan
Feb
%
Jan
Jan
3%
Feb
Jan
42%
Jan
Jan
108%
Jan
%
Jan
%
Jan
%
600
%
Jan
300
%
6%
Jay
6%
Feb
7%
Jan
500
%
Jan
"it
Jan
28%
Jan
Feb
96%
57%
8%
Jan
%
1
2,400
76
76
78
250
25%
24%
25%
300
25
100
51%
51%
"51%
Jan
%
Jan
Jan
Jan
Jan
5%
96%
67%
Jan
Jan
8%
Jan
Jan
Jan
Jan
1%
Jan
5%
Jan
%
73%
Feb
1%
Jan
Jan
84
Jan
24%
24%
49%
Feb
26%
26%
52%
Jan
<16
104
Ohio OH 0% pref
100
Ohio Power 0% pref...
100
Ohio P S 7 % 1st
pref.—100
6% 1st preferred
100
OUstocks Ltd common...5
Oklahoma Nat Gas com. 15
$3 preferred
60
$5% conv prior pref
*
..1
104
<16
•i«
Jan
2%
Jan
Jan
Jan
Jan
ht
Feb
1,300
105%
80
112% 114
7%
7%
10
Ohio Brass Co cl B com..*
Ohio Edison $0 pref
*
40
Jan
#u
120
100
<i«
Feb
Jan
105%
Feb
Jan
114
Feb
Jan
7%
15%
*17%
Jan
12%
600
12
Jan
16%
100
16%
Jan
37
16%
36%
22%
-----
19%
48%
112%
1%
300
250
200
104
250
104%
115% 115%
113
....-
37
21%
22%
109% 110%
113
107% 107%
"19%
48%
19%
49
112% 112%
1%
1%
Jan
100
12%
110%
Jan
106%
6%
12%
Northwest
Engineering..*
Novadel-Agene Corp
*
Jan
1
2%
100
Northern Sts Pow cl A..25
Feb
Feb
Feb
4%
1
7% preferred
Northern Pipe Line
%
67
60
5%
Nor Central Texas
OH...5
Nor European OH com
Nor Ind Pub Ser
6% pf.100
4%
Feb
300
25
.
Feb
6%
25
100
36%
19%
Jan
Jan
37
Jan
Jan
Jan
50
115
Jan
10
Feb
25
112%
106%
22%
110%
104%
110%
115%
Jan
107%
Jan
Jan
8
Jan
3,100
7%
18%
200
107
98%
46
Jan
Jan
Jan
Jan
19%
49%
Feb
Jan
Feb
Feb
Jan
Jan
Jan
125
112%
Feb
600
1%
Feb
7%
2%
Jan
Jan
Jan
Feb
114%
1%
Jan
Jan
*
Omar, Inc.—
......1
Overseas Securities
*
106% 107%
%
Class A preferred
Oliver United FUters B
973.
Jan
107
Nineteen Hundred
Corp B1
Nlplssing Mines
5
Noma Electric
1
Oldetyme Distillers
see page
118%
5
Jan
%
io
9
Jan
.
Common
1
$0 preferred
*
North Amer Rayon cl
A..*
Feb
6%
%
Michigan Bumper Corp__l
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Jan
Nor Amer Lt A Power-
2%
105
*
Jan
7%
114%
9
*82
Jan
42%
800
20%
190
1100
Class A opt warrants
Class B opt warrants
Niagara Share—
Class B oommon
Jan
4
200
400
8%
5
Jan
5
26%
Jan
Jan
Jan
•i«
3%
2%
28%
116% 117%
Class B common
Jan
%
63
3,400
3%
Partlclpat preferred.. 16
Metropolitan Edison—
Mexico Ohio Oil
5%% preferred
NHes-Bement-Pond
26
Participating preferred.
Merrltt Chapman A Scott*
*
28%
117
ShlpbuUdlng Corp—"
NY
common-
Mercantile Stores com...*
Merchants A Mfg cl A...1
$0 preferred
N Y
20
Marlon Steam Shovel....*
Mass Utll Assoc v t
0....1
Mead Johnson A Co.
..*
Memphis Nat Gas com..5
Rosario" 10
Merchandise
10
7% pref..100
21
.*
Master Electric Co
N Y A Honduras
N Y
103
Communlca'ns ord reg £1
Margay Oil Corp
*
For footnotes
4%
4%
16%
»ie
preferred
Preferred
Jan
Jan
100
Jan
Manlschewltz (The B) Co
Ma pes Consol
Mfg Co..I*
Marconi Intl Marine
$0 preferred......
pref
N Y Pr A Lt
i
Metal Textile
Corp
»u
4%
3%
300
1%
48%
5
Mangel Stores
Warrants.
200
4,000
Nestle Le Mur Co cl
A._.»
Nevada Calif Elec com
1100
Feb
1%
Majestlo Radio A Tel...1
0%% A preferred
%
3%
5%
Neptune Meter class A... »
*16
Manatl Sugar opt warr
Mo Willi am s
%
3%
Jan
31%
Louisiana P A L $0 pref..*
Lud wig Bauman A
Co com *
Conv 7% 1st pref..—100
Conv 7% 1st pref v t
clOO
Massey Harris
%
Feb
300
13%
*
7% pref class A
.100
6% pref class B
100
Loudon Packing..
Louisiana Land A Explor.l
conv
Jan
Warrants
13%
103^8
...5
Corp
$6
Jan
30
N Y City Omnibus—
Long Island Lighting—
Common
Lynch Corp
Jan
26
Jan
U
Jan
600
171
Jan
80
Feb
1%
Feb
24
Jan
%
1
Jan
Jan
26
Jan
2%
1,500
1
2%
1st preferred
Nelson
Jan
""150
conv
Jan
2%
11%
Jan
Jan
168
7% preferred
25
National Candy Co
*
National City Lines com.l
Nehl
1,400
1,500
9%
Jan
50
170
29%
*
Jan
Jan
2%
Loblaw Groceterias cl A.
Class B.
Locke Steel Chain
Lone Star Gas
Nachman-Sprlngfllled
Jan
Jan
"l8% "l8%
25
JNebel (Oscar) CooomI—*
Nebraska Pow 7% pref.
100
2%
11
6
Llpton (Thos J) class A..1
0% preferred
26
Lit Brothers common...-•
11%
550
169%
100
Jan
88
168
15%
10%
7%
Feb
33%
Feb
15%
National Steel Car Ltd..
National Sugar Refining.
National
Tea6%% pref. 10
National Transit
12.60
Nat Tunnel A Mines
*
Nat Union Radio
Corp.
1
Navarro OH Co
*
%
31%
Jan
28
15%
Jan
100
*i«
"33 %
7
Jan
100
13%
.
Ino.. 1
Jan
24%
*
com
National P A L $0 pref..
National Refining com..
16%
Le Tourneau (R
G)
Line Material Co
Feb
5%
700
24%
Nat Rubber Mach
%
i
10%
4,400
Muskegon Piston Rlng.2%
Muskogee Co
Jan
%
2%
900
6%
500
Jan
—
...
Jan
10%
11%
2%
1%
Langendor f Utd Bakeries-
Lefcourt Realty oommon 1
Conv preferred
Lehigh Coal A Nav
*
Leonard Oil Develop—.25
Feb
28
10
Jan
Jan
9%
Jan
1
60
10%
6%
11%
Jan
4
Jan
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co
*
Jan
Jan
Jan
5
29
Mountain Producers. ..10
I Mountain States Pwcom*
Nat Mfg A Stores
com.. *
National OH Products...4
Feb
117%
Jan
11
Jan
3%
5%
National Container
(Del).l
National Fuel Gas
*
22%
Feb
4%
29
Jan
41
117%
24%
Jan
Jan
x71
....
--.1
com
5%
10
400
Jan
Feb
26
169%
112%
Feb
11%
5%
117% 117%
4%
4%
4%
A
Jan
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
Jan
Jan
"it
Jan
Jan
Jan
1H
8
57%
1,000
2%
7%
4%
92
•
114%
Jan
Jan
250
6%
119%
68
85
Jan
105
100
Jan
Jan
59%
28
Jan
Jan
18%
1%
7%
Nat Automotive
Fibres.. 1
Jan
6%
Jan
Jan
1
Nat Bellas Hess com.... 1
National Breweries com..*
Jan
10
5%
17%
700
—.$2.50
6% preferred
Jan
89
Knott Corp common.
Kobacker Stores Inc..
Koppers Co 0% pref—100
Jan
Jan
6
150
58
100
Jpn
67%
1%
2%
1%
13%
20
Jan
"is
U
Distillery. 1
Mtge Bank of Col Am shs_.
Mountain City Cop com 6c
$3
100
4%
9%
7%
59%
com—
Jan
111
Kirkl'd Lake G M Co Ltd 1
Klein (D Emll) Co com..*
Klelnert (I B) Rubber ColO
Wells
6% preferred
Missouri Pub Serv
Feb
50
Jan
Minnesota P A L 7% pf 100
Mississippi River Power—
Jan
300
Jan
100
7%
Midwest Piping A Sup
Mining Corp of Canada..
Minnesota Min A Mfg...
Jan
103%
2,900
Julian A Kokenge com
Kansas Q & E7% pref. 100
Jan
95
160
103 % 104
Feb
8
0
10
Montgomery Ward
17 %
*
3%
%
6,400
18
109% 110
1%
li
50c
Montreal Lt Ht A Pow..
Moody Investors part pf.
iMoore (Tom)
Jersey Central Pow A Lt—
Lane
Co
Jan
Jan
4i»
'it
2,600
6
dlv she
Feb
16%
16%
16 %
400
High
Montana Dakota Utll—.10
Jan
7%
10%
Low
18
preferred
Steel Products—
Monarch Machine ToolMonogram Pictures com.
Monroe Loan 80c A
37
1,500
8%
conv
non cum
Molybdenum Corp...
17 %
Mfg vto
*
Irving Air Chute
.--1
Italian Superpower A
*
Jacobs (FL) Co
1
Kingston Products
Kir by Petroleum
$2
Jan
%
Jan
4
Iron Fireman
6% preferred D
$2
Midland
3%
%
9%
%
9%
.
Feb
9
Jan
500
8%
11%
8
8%
new
Range Since Jan. 1,1940
for
Shares
Mock, Jud, Voehrlnger—
33
100
33
3
3%
Interstate Home Equip.. 1
Interstate Hosiery Mills.*
Kimberly-Clark 0% pf.100
Kingsbury Breweries
1
Kings Co Lt? 7% pf B.100
c
Jan
18
33
*
Warrants series of 1940.
Internatlonal Vitamin
1
5%% preferred
100
0% preferred
.100
7% preferred
100
Jones A Laughlln Steel. 100
t
v
Common
9
%
....
$1.75 preferred
$3.60 prior pref
Jeannette Glass Co
B
High
__
10%
2%
Internat Paper A Pow wan-
Low
3%
Mid-West Abrasive
Midwest Oil Co
10A
2%
16%
VA
12%
1
7% preferred
---.100
Insurance Co of No Am. 10
Class
Middle West Corp 00m
Midland Oil Corp—
1940
Week
of Prices
Price
Middle States Petrol—
Class A v t c new
1
class A
Class B
Industrial Finance—
Week's Range
Sale
Par
Indian Ter Ilium Oil—
Non-voting
Last
STOCKS^
(Continued)
High
10,
Sales
Friday
Range Since Jan. 1,1940
for
Week
of Prices
Price
Feb.
Exchange—Continued—Page 3
Volume
Week's Range
for
Sale
of Prices
Week
Law
Price
Pacific Can Co common--*
33 H
1st preferred—26
1,200
31
1334
3334
305/4
Feb
Jan
Feb
88 34
33 J4
31
pf.25
Pacific QAE6% 1st
100
1334
3334
1334
Jan
20
Feb
200
Pacific P A L7% pref—100
1334
Feb
3434
Jan
3134
9534
Jan
20
Feb
Jan
100
20
Pan tepee Oil of Venezuela-
454
American shares
434
434
4,800
4834
4834
4834
1534
15
16
*
Jan
Jan
934
500
10
140
1,500
com'*
Jan
2,900
1334
1234
7,100
54
34
600
•11
5534
5534
5534
50
52 34
Jan
34
634
5534
Feb
12
Jan
16
Feb
Allotment certificates—.
5434
5334
5434
300
5234
Jan
55
Jan
Jan
34
Jan
5
5
£1
1
1
34
200
534
1734
1,900
1734
90
common
*
Jan
1334
Feb
Shattuck Denn Mining
5
1734
Jan
65
Jan
Sherwin-Williams
90
9234
1,300
Jan
3834
Jan
Feb
534
Jan
34
7
Feb
Feb
634
Jan
1734
Feb
Feb
1834
9634
Jan
90
Jan
11434
Jan
Jan
1034
Jan
14
Jan
1534
Jan
19
5% cum pref ser AAA 100
Jan
19
Jan
Shreveport El Dorado Pipe
2
Jan
2
Jan
175
111
Jan
11234
Jan
10
110
Jan
11034
Feb
Silex Co common
Jan
175
Feb
Simmons-Boardman Pub—
Feb
14
Jan
Line stamped
25
175
200
13
75
12
6934
72
7934
500
67
Jan
7234
Jan
Simmons H'ware A Paint-*
134
134
400
75
78
Feb
9034
Jan
134
134
500
16634
*
Jan
634
Feb
Solar
Jan
934
Feb
Boss
Jan
4134
Jan
South Coast Corp com
Jan
13
Feb
South
734
Jan
2734
8*4
Jan
Jan
Jan
834
Jan
118
Jan
120
Jan
Jan
31
650
53 conv pref
Simplicity Pattern com..J
Singer Mfg Co
—100
Singer Mfg Co Ltd—
Amer dep rets ord reg_£l
Sioux City G A E 7% pf 100
Skinner Organ
5
6
27
31
7
1034
200
12
31
Jan
111
534
com..25
173
•
25
Jan
H
Jan
be
1,200
734
34
7
Seton Leather
12
78
Jan
Se)fridge Prov Stores—
Jan
Jan
700
Jan
3034
534
Jan
143
148
100
148
Jan
Jan
Jan
134
155
Feb
Feb
143
1J4
Feb
134
134
134
Jan
Common—
Conv $3 pref series
534
—1
A..10
9
834
6 34
934
1,400
Jan
34,800
40
1
Ltd-.l
41
2,050
13
Pierce Governor common
39
1134
13
400
634
34
934
134
100
Jan
134
4 34
134
134
Jan
134
Jan
1
134
434
800
Mfg
100
4
Jan
494
Feb
1
2
234
200
2
Jan
2
2*
42
42
200
4034
Jan
44
Jan
Feb
Southwest Pa Pipe Line.10
25
25
50
22
Jan
25
Feb
Jan
34
1
1
134
Sonotone Corp
»
Packing Co
Phoenix Securities—
Phillips
Southern Calif Edison—
Jan
46
Jan
2934
2934
1,600
34
Jan
3034
Jan
29
2934
600
28^4
Jan
2934
Jan
134
134
100
134
Feb
2
60
634
634
234
300
634
Feb
634
Jan
700
Jan
Jan
Jan
6 34
Feb
Feb
Jan
734
4034
Feb
834
Jan
6% original preferred.25
6% preferred B
25
50
Jan
4334
Feb
534% pref series C
4334
1
11
Pittsburgh A Lake Erie .60
60
934
"ioo"
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
4334
11
6034
1134
1134
100
10134
5834
10
Pittsburgh Metallurgical
1,000
180
100
1,300
1034
Plough Inc com
7.50
Pneumatic Scale com.--10
1434
Co
26c
common.—5
Powdrell A Alexander
5
Power Corp of Canada—*
6% 1st preferred
100
Pratt A Lambert Co
*
Premier Gold Mining
1
1034
400
14 34
15
175
134
134
600
34
Mining
13i«
2
"4
34
4 34
4 34
200
934
99
134
934
Jan
Jan
Southern Phosphate Co-10
634
Jan
154
Jan
Southern Pipe Line
10
634
Jan
Jan
1134
Jan
15
Feb
434
Jan
Feb
1
Jan
834
Jan
8134
Jan
22
100
2034
Jan
22
Feb
1
1
200
1
Jan
3934
Jan
834
100
Jan
834
Jan
934
he
Jan
Jan
Standard Cap A Seal
Jan
534
954
Jan
Standard
Feb
5
5
200
434
Jan
934
934
200
834
Jan
634
*
.*
7
700
6
Jan
9734
•
Jan
*
*
preferred
$6 preferred
113
113
20
11334
10634
11034
10634
Jan
11334
Feb
10
Standard OlJ (Ohio) com 25
5% preferred
100
Standard Pow A Lt
1
79 34
84
725
62
Feb
9334
Jan
Common class B
44
400
3934
Feb
5034
Jan
Preferred
10434
10934
Jan
10534
11134
111
40
11134
Jan
Feb
8234
27
2834
1334
15
78
Jan
86
825
2434
Jan
32 34
Jan
1134
Jan
15
Feb
6 34
81
15
1
1
Standard Steel Spring
5
Standard Tube ci B
1
Standard Wholesale Phos¬
phate A Acid Wks Inc.20
Starrett (The) Corp v t c.l
Jan
1,025
Jan
654
Jan
*
Stein (A) A Co common..*
Sterchl Bros Stores
*
6% 1st preferred
60
125
130
117
Jan
125
Feb
150
20
14934
Feb
153
Jan
50
834
Jan
1034
Feb
300
1034
Jan
14
Feb
Sterling Ino
36
Jan
3734
Jan
Jan
1134
14
5°r
Jan
Jan
Sunray Oil
13
34
Jan
234
300
234
2434
Jan
134
234
Jan
2634
Jan
Jan
he
Feb
1334
Jan
534
Jan
654
Feb
Superior Oil Co (Cailf)—25
he
13
200
34
234
1
Jan
Jan
Superior Port Cement
53 .30 A part
1334
400
634
634
30,600
1934
"""2*66
13
6
h«
Jan
Jan
134
134
34
104
134
800
Jan
1934
Jan
534
1934
Jan
*534
Jan
134
Feb
19
75
2
104
11634
11634 11634
350
,
10
60
pre*
Jan
hi
Jan
10434
Feb
101
Jan
10434
Jan
11634
Feb
11634
Feb
Jan
14
Jan
1134
234
600
12
"2 k "3 k'
1054
Feb
"600
134
234
Jan
Jan
Jan
Jan
734
""34
5934
1
1
Tastyeast Ino class A
Taylor Distilling Co
Technicolor Inc common.*
Texas P A L 7% pref..100
34
150
he
400
"59 34
34
"57"
56
Jan
14
1434
2,900
4534
4534
50
134
134
134
200
134
134
2
52.60 conv pref.——-*
*
Ryerson A Haynes com..1
2,800
Jan
Feb
2134
Jan
100
134
Jnn
234
Feb
Feb
934
934
350
2034
2034
2034
2,000
20
2934
29
2934
1,100
29
13 34
50
Jan
834
,
13 34
Jan
Jan
1034
Jan
2054
Feb
Jan
1234
32 34
109
Jan
Jan
25
108 34
Jan
200
34
34
Jan
Jan
Jan
34
2734
Jan
2234
109
109
Jan
10
Jan
*934
x934
100
he
he
9
500
*ii
Jan
Jan
Jan
400
34
4034
Jan
134
134
100
1
Jan
134
Feb
134
134
134
300
Jan
134
Jan
1434
300
1434
Feb
434
Jan
37
34
54
Jan
Feb
3434
37
2
6
Jan
Jan
Jan
34
Jan
Jan
Ordinary reg
Def registered
JaD
334
Jan
Jan
1534
Jan
Jan
47
Jan
154
134
"34*"
534
3434
»
234
Jan
Jan
2
Feb
Jan
1534
Jan
•u
Feb
12,700
1234
11034
Jan
1634
Feb
1634
Jan
10
113
2 34
2034
200
950
254
1834
1134
600
1134
6 34
7 34
200
634
Feb
1
Jan
35
Jan
35
Jan
1
Jan
1
Jan
134
Jan
Jan
14
Jan
Feb
31
Jan
Common
Class A
Tung Sol Lamp
Series B pref
Jan
26 34
Jan
*
»
36
Jan
Jan
Jan
Feb
113
Jan
Jan
234
2034
Feb
Jan
1134
Feb
300
5
1
Jan
59
Jan
Jan
5
Jan
Jan
94~~Jan
64
6934
68
Jan
434
Jan
1034
Jan
Feb
105 34
112
107
Jan
"76"""
Jan
107
Jan
115
Jan
34
Jan
Jan
Jan
134
Jan
334
1,000
3
Feb
334
Feb
334
34
600
he
Jan
Jan
he
hi
8 34
8 34
100
834
Jan
*834
Jan
300
834
1034
Jan
650
3134
36
Jan
"934
36
934
32
9 34
36
"""IOO
734
Feb
Jan
Jan
Jan
1,500
334
1
""734 "734
334
334
4
34
334
Jan
8
Jan
Feb
434
Jan
Jan
234
Works—1
1
Jan
Jan
1
80c conv preferred—.*
Udylite Corp
Ulen A Co ser A pref
Jan
2
3,300
*
1
—1
12
3634
134
Tublze Chattllon Corp
734
Jan
Jan
Jan
1
Jan
1
United Corp com.l
973
Jan
34
34
1834
34
24
34
400
10
134
Trunz Pork Stores Inc
Jan
Jan
~"~io
Jan
3634
Jan
3434
Jan
Feb
hi
Trt-Conttnental warrants..
234
5734
"2634 "2634
1534
107
Jan
250
common..*
Jan
6
Jan
1034
1034
6934
Jan
8,600
Scranton Elec 56 pref—
3434
434
334
7534
734
334
1,100
934
Jan
Feb
Jan
34
34
334
7234
30
Jan
1,500
Jan
5734
1
10
234
2834
Jan
634
434
3434
"SOO
1134
"2034
*1 ranswestern Oil Co
7034
30
34
Jan
Jan
Feb
900
534
5
2
Jan
1234
2834
134
"34"" "3534
113
15
234
Schlff Co common
134
34
200
134
Trans Lux Plct Screen—
4 34
7154
100
Jan
Jan
150
£1
Feb
5
6
434
*11
1034
he
pref-100
7% preferred A
100
Tonopah Mining of Nev.l
—100
Sanford Mills.——.
234
Jan
Jan
Feb
34
Jan
334
50
2
Jan
13
134
Toledo Edison 6%
43
Jan
—.5s
Todd Shipyards Corp
1334
Feb
434
34
9 34
1,000
Tobacco Secur Tr—
62
Jan
"634"
934
1034
10
*
Tobacco Prod Exports
35
Jan
900
134
Tobacco A Allied Stocks. .*
734
Jan
534
134
634
6
134
Tishman Realty A Constr*
Feb
Jan
234
634
—1
Tilo Roofing Ino
2
334
Jan
4
14
12
33
14
15
Ltd.
1234
334
1434
Ryan Consol Petrol
For foemotes see page
34
Jan
2 34
2 34
1334
Jan
Jan
1934
*
Thew Shovel Co com
ord reg—£1
Rome Cable Corp com—5
Roosevelt Field Inc——5
Am dep rets
25
Jan
2
200
15
Taggart Corp com
1
Tampa Electric Co com—*
Texon Oil A Land Co
Scovill Mfg
1534
2134
—*
Class B com
Swan Finch Oil Corp
1234
10334
6 34 w conv
1
-
Jan
Jan
34
600
he
10434
100
Savoy Oil Co
1534
21
*
5
Strooek (81 Co
*
Sullivan Machinery—
*
Sun Ray Drug Co.--—-.1
Ltd—
St Regis Paper com
Jan
134
Jan
1554
Stetson (J B)
534
"u
Pendleton Inc.
Clas A 52 conv pref..
1534
-1
1
Sterling Brewers Inc
103
*
he
Feb
Jan
20
2d preferred
Sterling Aluminum Prod.l
10334
Royallte Oil Co Ltd.—.
Royal Typewriter
*
Russeks Fifth Ave
-234
Rustless Iron A Steel
1
Jan
14
Co com
Stlnnes (Hugo) Corp
1034
100
11.20 conv
Rossia International
Feb
534
900
Ordinary shares
123
1034
Raymond Concrete Pile—
Common
—*
|3 conv preferred
*
Raytheon Mfg com
60c
Red Bank Oil Co
*
Reed Roller Bit Co
♦
Reeves (Daniel) common.*
Relter-Foster Oil
60c
1
20
Feb
34
Standard Silver Lead
150
123
Quebec Power Co
—*
Ry A Light Secur com.—*
Railway A Utll Invest A—1
Co
pref
Jan
1434
12
Jan
19
Steel Co of Canada—
—100
Eng'g—5
Republic Aviation
— 1
{Reynolds Investing
1
Rheem Mfg Co————1
Rice Stix Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust etfs
1
RochesterG AEl 6 % pf C100
Jan
2,200
82
Reliance Elec A
234
Jan
*
28
Manufacturing—10
*
Jan
50
*
3934
J6 preferred
Quaker Oats common
234
800
234
1
83
15 prior
preferred——*
*
Tim.*
Pyle-National Co com.__5
Jan
Jan
Standard Products Co
Puget Sound Pulp A
534
134
51.60 conv preferred..20
Jan
200
3
2
Standard Invest 5534 pref*
Jan
L—
Root Petroleum
234
14
100
534
234
1434
Dredging Corp—
Common
43
6% prior lien pref
100
7% prior lien pref—100
6% pref D
Rochester Tel 6 34 % prf
com.l
10
Jan
Okla—
6% preferred
Conv preferred
Standard Oil (Ky)
100
7% 1st preferred
100
Public Service of Indiana—
Jan
434
234
14 34
200
*
*
Jan
7
9934
Colorado
6% 1st preferred
5
Stahl-Meyer Inc
Standard Brewing Co
he
834
534
Spalding (A G) A Bros
1
6% >.st preferred——#
Spanish A Gen Corp—
Am dep rets ord reg—£l
Sreneer Shoe Corp
♦
54
Jan
834
834
Jan
19
234
19
Jan
Feb
Jan
234
*
25
Preferred A
Jan
134
Feb
34
134
Southern Union Gas
Southland Royalty Co
134
4
29
34
7% preierred
100
South New Engl Tel..-100
Jan
13
25o
16 preferred
Southern Colo Pow cl A.25
Jan
8134
B——*
Prudential Investors
Jan
Jan
39 34
Am—1
1134
6134
1134
10234
Jan
22
Prentice-Hall Inc com—
45
2934
25
Jan
934
55
300
Potrero Sugar
Corp
Penn Oil
134
Postage
Pittsburgh Forgings
com
34
"134
Meter
Pitta Bess ALE RR
Mfg Co
"134 "l>8 "11200
Pines Wlnterfront Co
Scranton Lace
1
234
134
1134
500
Samson
Jan
Jan
25
734
7% preferred
Salt Dome Oil Co
Jan
8 34
55.50 prior stock
6.34
St Lawrence Corp
11
Jan
Convertible stock
734
Rolls Royee
Jan
7
Common
634
Roeser A
1034
Feb
Jan
734
Pyrene
Jan
Jan
634
Puget Sound P A
34
Feb
1034
100
2
*
Public Service of
Jan
3534
Philadelphia Co common.*
Pbtla Elec Pow 8% pref
Feb
4834
6934
Phila Elec Co {6 pref
Jan
3934
34
Feb
Jan
Pharts Tire A Rubber
$7 prior
50
11034
100
Perfect Circle Co
Public Service of
1,200
1034
7
*
»ie
Jan
34
Selected Industries Ino—
175
Pa Water A Power Co.
Producers
734
1034
*
Selby Shoe Co
Jan
39
9,100
11234 11234
11034 11034
11234
*
-.60
Pennsylvania Sugar com 20
Prosperity Co class
Providence Gas
34
Sherwin-Williams of Can.*
»
Pressed Metals of
he
1
Jan
Jan
3834
{6 preferred-
Polaris
100
Shawlnlgan Wat A Pow..*
Penn Salt MIg Co
Pltney-Bowes
3934
9
Jan
34
3934
Selberllng Rubber com
Jan
Jan
34
*
*
Jan
4534
Jan
8
900
4334
934
65
13
2
Pioneer Gold Mines
Securities Corp general
Seeman Bros Inc.
600
1
34
Semck Corp
2
2
2
com
Pepperell Mfg Co
High
4534
934
9
•
Sentry Safety Control
1
Penn Cent Airlines com_-l
Pennsylvania Edison Co—
$5 series pref
*
{2.50 series pref..
*
Pennsylvania Gas A Elec—
Pa Pr A Lt 57 pref
Low
pref..*
Warrants
Amer dep rets reg
Pennroad (:orp com
Class A
Water Service 56
Scullin Steel Co com—
Jan
60c
234
Penn Traffic Co
Shares
High
Scranton Spring Brook
Jan
534
334
12
Class A $1 40 cum pref25
Penn-Mex Fuel
Low
Price
3334
A—*
Peninsular Telephone
Week
32
954
Class B
34
12
10
Reel-.l
Patchogue-PlymoutbMills *
Parkersburg Rig A
Pender (D) Grocery
434
8
Corp.l
Parker Pen Co
for
of Prices
Segal Lock A Hardware.-1
20
SI.30 1st preferred—
Paramount Motors
Week's Range
Sale
Par
*
Pacific Public Serv
Last
High
Low
Shares
High
Range Since Jan. 1, 1940
STOCKS
{.Continued)
Range Since Jan. 1, 1940
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
634%
971
New York Curb Exchange—Continued—Page 4
149
134
Jan
J&u
1
Jan
P«=
New York Curb
972
Friday
STOCKS
Last
Week's Range
Sale
(Concluded)
Par
Unexcelled Mfg Co
Low
for
High
Shares
13%
100
18%
19%
19 X
900
1%
Jan
Bethlehem
13%
Feb
Birmingham Elec 4%sl968
Birmingham Gas 5a
1959
17X
United Aircraft Prod
1
6%
United Chemicals com...*
13 %
6
6X
12X
5X
400
0%
1%
6X
Jan
12
X
ilt
SIX
87X
IX
X
31X
i
X
62
Jan
IX
Jan
92 X
Jan
X
Jan
Feb
83
Jan
101
Feb
X
30
7,900
Feb
2%
Jan
Jan
7u
Jan
Jan
Jan
Jan
89
X
31X
30%
Jan
,500
X
Jan
1%
1%
4,000
29%
Jan
38%
Jan
Jan
24
Jan
.♦
1
82 X
"1%
4%
6%
5X
7X
5X
m
7X
x
64%
1
U 8 and Int'l Securities..*
X
$5 1st pref with warr...*
U 8 Lines pref
*
U 8 Plywood
1
pref
63
04%
3%
3
5
Jan
Jan
240
Jan
3X
23X
30 %
Feb
Jan
Communlf-
43%
Jan
Jan
5%
Feb
Jan
6%
Feb
Jan
7%
Feb
Jan
%
65%
Jan
600
X
61
1,200
1,400
Jan
Jan
2
2
4%
Jan
23%
Feb
Jan
30%
Feb
Jan
2%
2%
Jan
Jan
Jan
X
Jan
2X
2X
Jan
X
Jan
Jan
2%
Feb
3,000
Jan
6
10
Jan
Universal Corp v t c
Universal Insurance
8
Universal Pictures com... 1
4X
3
4%
18X
3
6,100
8X
Jan
11
Feb
400
lftX
Feb
17%
Feb
62
500
IX
Jan
1 %
Jan
62
125
61X
Feb
IX
10c
1
7
com
1
preferred
6
Van Norman Macb Tool.6
Venezuelan Petroleum... 1
Jan
52
Jan
%
1%
13%
Jan
1%
Jan
Jan
20%
Jan
Banks 6s 5s Btpd—1961
Florida Power 4s ser C 1960
Florida Power A Lt fls. 1964
Jan
1%
Jan
17%
Jan
28%
Feb
1%
Jan
IX
900
18X
400
IX
200
28 X
IX
550
IX
26X
%
3,300
1
25
1IX
*
iox
5X
Jan
Jan
Jan
11%
6%
Feb
Jan
Jan
6%
Jan
Feb
1%
3%
Feb
1
1
14X
3
3
IX
IX
IX
1
Jan
Gobel
1
Jan
1%
Jan
100
14%
Jan
14%
Feb
Grand Trunk West 4s. 1950
Gr Nor Pow 6s stpd..l960
400
58
30
Jan
67
Jan
i960
1968
1967
stp..l946
Appalachian Eleo Power
1st mtge 4s
1903
Debentures 4%s
1948
Appalao Power Deb 6s 2024
Registered
Arkansas Pr A Lt 6s.. 1966
Associated Elec 4%s.-1953
6%
A St Ry 6%8
1938
HeUer (W E) 4s w W..1940
Houston Gulf Gas 6s..1943
16%
Jan
Jan
10%
Jan
Jan
Jan
Jan
Jan
5%
Jan
Feb
6%
Feb
2
Jan
1%
700
7%
Jan
Jan
Jan
11%
8%
Jan
Feb
104%
4%
Jan
200
Jan
4%
Jan
6%
Jan
7%
Jan
♦Indianapolis
Jan
5%
Jan
12
6%
1,000
5,600
6%
12
Jan
6%
Jan
Jan
Jan
107% 108
$22,000
107
106% 107
36,000
$104
104%
106
mx
106%
8,000
102 x
102% 103%
15,000
ioix
mx
mx
99% 102
101% 101%
127
108% 108%
107% 107%
126% 127
127
127
107%
107
53%
16%
10,000
3,000
16%
16%
16%
108%
Jan
107%
105%
106%
103%
105%
101%
Jan
Jan
Jan
Jan
99%
Jan
100
108%
106%
Jan
Jan
Feb
111%
107%
Jan
Jan
Jan
Feb
Jan
Jan
4.000
126
Jan
129
Jan
1,000
127
Feb
127
Feb
106%
62%
Jan
107
Jan
2,000
15
62%
6s stamped
6s series B___
1st mtge 5s
Jan
6%s series D
1948
Jan
5 %s series F
6s series I
1955
1969
30
Jan
Jan
Jan
Lake Sup Dlst Pow 3
%s '60
♦Leonard Tietz 7%s—1946
Jan
17
Long Island Ltg 6s...1945
Jan
26%
28%
28%
Jan
18%
28,000
Jan
34%
Jan
75
Louisiana Pow A Lt 6s 1967
Mansfield Mln A Smelt—
23,000
Jan
75
Feb
106% 107
5,000
2,000
Jan
107
Feb
Jan
108%
Feb
Jan
98%
Feb
93%
Feb
93
93
107
113%
i960
973
108
98%
93%
115%
14%
17%
68%
106%
106%
♦7s
8,000
95%
92%
105
Jan
Jan
120
Jan
%
Feb
77%
Jan
5%
19,000
%
113%
Feb
116
Jan
115
Jan
117
Jan
110
Feb
78
106% 107
66%
Jan
1
Jan
Jan
112
Jan
Jan
83%
Jan
117%
Jan
119
Jan
3,000
104%
Jan
105%
Jan
15,000
103%
Jan
105%
Jan
46%
Jan
46%
Jan
109
Jan
96
Jan
109%
99%
Jan
31,000,
70,000
Jan
Jan
28
Jan
Feb
100%
104%
Feb
101%
88%
Jan
Feb
Feb
Jan
81
Jan
98%
97%
Jan
101%
34,000
Jan
100%
74%
96%
Jan
75
Jan
H'OOO
Feb
98%
Jan
40,000
6,000
77
96%
6
80%
6,000
66,000
105%
66%
Jan
67%
18,000
72%
70
74
78
33,000
30,000
70
76
13,000
75
60%
Feb
107
•
Jan
Feb
Jan
68%
Jan
Jan
73%
Jan
Jan
78
Feb
Jan
76
39%
102%
Jan
63
Jan
99
109
100% 106%
104
104%
101% 102%
99
97%
98%
99%
66%
50
1,000
Jan
42%
Jan
15%
Feb
1,000
15%
102%
103%
101%
109%
1,000
2,000
9,000
22,000
13,000
88,000
52,000
13,000
68
28,000
67%
28,000
64
100% 106%
42
46%
42%
43%
62%
63%
44
42%
105% 105%
104% 105%
107% 107%
42%
44%
Feb
103
Jan
104%
Jan
Feb
103%
Jan
Jan
111
Jan
66%
1,000
1,000
66
39%
50
Jan
2,000
63%
66
Jan
39%
50
15%
15%
102% 102%
103% 103%
101% 101%
110
110%
25
$5
$68% 70
68%
68%
109
2,000
4,000
6,000
1,000
Jan
67
Jan
107%
105%
103%
101%
97%
98%
65
65%
62%
103%
40
Jan
77,000
28,000
Jan
106%
105
Jan
Jan
Jan
103%
99%
Jan
100
Jan
Jan
Jan
Jan
73%
Jan
Jan
72%
Jan
64
Jan
Jan
Feb
109%
Jan
Jan
43%
49%
47%
Jan
Jan
Jan
61%
Jan
Jan
Jan
41
42
69%
69%
109
Jan
46%
~8~66o
Jan
Jan
Jan
Jan
68
51
Jan
Jan
Jan
Jan
12,000
105%
Feb
106%
Jan
12,000
3,000
104
Jan
Jan
107%
Feb
105%
109%
48%
3,000
41
47,000
49
51
33,000
105
105
8,000
42%
Jan
38
Jan
45
Jan
Jan
41
Jan
Feb
Jan
51
103%
Jan
105
105% 105%
Feb
126%
105
Jan
105%
Feb
105%
125%
Jan
126% 126%
5,000
1,000
Jan
106%
120%
Feb
104
106
104
6,000
7,000
103%
105%
103%
102%
105%
Jan
106
106
105%
$103%
102%
102%
$107%
106
103%
102%
108%
22,000
i~3~666
104%
Jan
Jan
103
Feb
Jan
Jan
103%
102%
106%
Jan
Feb
Jan
$16
40
106
105
106
15,000
104%
Jan
106
Jan
106
105
106
27,000
105
Jan
108
Jan
Jan
104%
$17
$103% 103%
104%
1948
70
1,000
$92
94
99%
90%
109
109
4~66O
107%
Jan
110
110
3,000
108
Jan
1965
Jan
Jan
Memphis Comml Appeal—
Deb 4 %s
1962
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
4s series G
48,000
6,000
1941
Marlon Res Pow 4%s.l552
McCord Rad A Mfg—
0s stamped
6,000
113% 115,000
113% 114
115
Feb
3,000
79% 105,000
110%
11,000
79% 109,000
99
$15%
1901
Jan
112
39%
Kentucky UtUitles Co—
Jan
98
Jan
$107% 110%
1947
73
98%
Jan
0
75
77%
1942
15
108
107
Jan
A Lt—
4%sseries C
1901
Kansas Elec Pow 3 %s. 1900
Kansas Gas A Elec 6s. 2022
17%
108
Jan
5%
5%
1,000
$27% 38
100% 100%
104%
98
76
Superpower 6s. 1963
JacksonvUle Gas—
Jersey Central Pow
Jan
71%
Italian
102%
Feb
96%
$18
Iowa Pow A Lt 4%s—1958
Isarco Hydro Elec 7s. 1952
Jan
58%
Feb
105%
5%
109%
97%
96%
1961
Jan
Jan
Jan
94
48%
$74
63%
43%
105%
105
93
53%
88%
101%
42%
106%
87%
Jan
Interstate Power 6s... 1957
105
Jan
100%
.1952
14%
16%
79
42
Jan
Jan
Jan
Jan
$44
107
134%
111%
Jan
1965
Debenture 6s
1962
Iowa-Neb LAP 6s...1967
Jan
Feb
Jan
1957
66,000
1968
«%s series C
7s series E
78 series F
41,000
82,000
15
pttge
19,000
106% 107
14,000
62%
64% 135,000
15%
15%
1957
127
163,000
1963
Jan
Jan
Feb
110
22,000
67%
Jan
Jan
Jan
85%
96%
100%
Jan
133%
100% 101
83%
88%
101
101%
Gas 6s A 1962
5s series B
16%
♦Convertible 68
1960
BeU Telep of Canada—
1st lien A ref 6s
Jan
Jan
Indpls Pow A Lt 3%s.l968
International Power Sec—
Jan
12
107%
Jan
Jan
22%
98%
103%
106%
1,400
82%
83
91
78,000
102%
98%
6X
67%
104
1st A ref 6s ser
C...1966
&f deb 6%8
4X
Jan
100%
104%
1949
May 1967
Indiana Hydro Elec 6s 1968
Indiana Service 5e
i960
87%
Jan
$109
Idaho Power 3%s
1967
111 Pr A Lt 1st 6s ser A.
1963
1st A ref 5%s ser B.1964
5
16
6s without warrants
1947
Baldwin Locom Works—
0a series B
49
Jan
78%
110
99
Jan
Feb
85
85% 48,000
89
91% 169,000
58%
58%
1,000
94%
95%
25,000
100
6,000
106%
97
Hygrade Food 6s A...1949
7
100%
Jan
Jan
46
19,000
82%
$35
♦Hungarian Ital Bk7%s'63
9%
Feb
Feb
100%
70%
127%
118% 118%
105% 105%
103% 104
104
6%S
1943
Houston Lt A Pr 3 %s,1960
Jan
6%
100
10
8X
1949
Atlanta Gas Lt 4Ha.. 1956
Atlantic City Eleo
3%s '64
Avery A Sons (B F)—
6s with warrants...1947
For footnotes see
Jan
6%
I960
♦Conv deb 6%s
1977
Assoc T A T deb 5%s.A'65
1st M 6a series B
6s series C
59%
106
109
79%
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
5%
Associated Gas A El Co—
♦Conv debt 4%s._. 1948
♦Debenture 6s
Jan
6
Jan
Jan
Sold
Am Pow A Lt deb
6s._2016
Amer Seating 6s
♦Conv deb 4%s
♦Conv deb 6s
2%
5%
Jan
Feb
Jan
$49
Jan
Bonds
1951
(Adolf) 4%s—1941
71%
104%
Feb
Feb
Feb
BONDS
1st A ref 6s
93,000
125%
102
Jan
2
4%
1
1946
Jan
107%
20
B com.*
Alabama Power Co—
1st A ref 6s
41%
4,000
61
96%
6%
Jan
52
1
1st A ref 68
1st A ref 6s
1st A ref 4%s
Jan
9
6X
35%
Jan
27,000
61
10
Wright Hargreaves Ltd..*
18,000
4,000
108% 108%
Grocery Store Prod 08.1945
1,000
12
110
Guantanamo A West 0s '58
Guardian Investors 6s. 1948
*
Woolworth (F W) Ltd—
Amer dep rets
5s
Jan
78%
77%
70%
92%
92%
95%
Jan
1,200
4X
6%
41
Jan
Jan
14%
6%
Jan
Jan
Jan
2
Westmoreland Coal Co...*
Wisconsin P A L 7% pf 100
Wolverine PortJ Cement.10
Wolverine Tube com
2
99%
35%
Feb
4
9
*
Jan
7,000
90%
Jan
4X
6%
30,000
SO
Jan
9
Weyenberg Shoe Mfg
1
Wichita River Oil Corp.. 10
Williams (R C) A Co
*
Williams Oll-O-Mat Ht..»
107%
Jan
Jan
Jan
1%
4X
57
Jan
Feb
80%
106%
98%
Jan
1,000
.J..
*
Woodley Petroleum
Jan
6
57 X
100%
83%
Jan
Jan
20,000
15,000
31,000
70
3
101X 102
4%
110
♦Gesfurel 6s
1963
Glen Alden Coal 4s... 1965
Jan
Western Tablet A
Statlony
Co
A Lt 6e..l078
1%
3%
200
.20
Wilson-Jones
Jan
100
3X
3
100
Willson Products Inc
♦General Rayon 6s A. 1948
Gen Wat Wks A El 5s. 1943
Georgia Power ref 6s.. 1967
9%
4%
6%
Western Maryland Ry—
Westmoreland Inc
stamped. 1944
General Bronze 6s
1940
General Pub Serv 5s..1953
1
"2"
Jan
98
90
%
ex warr
Gen Pub Utl'
0%s A. 1966
800
3X
Wentworth Mfg
...1.26
West Texas UtU $6 pref..*
West Va Coal A Coke
*
Western Air Express
1
Common
6e
Jan
1,000
*
com
Jan
5X
14X
100%
Jan
78%
Federal Wat Serv 6%s 1954
Finland Residential Mtge
Georgia Pow
Walker Mining Co
1
Wayne Knitting MUls...6
Wellington Oil Co
1
Winnipeg Electric
76
100
1st preferred
Jan
11X
5
*
7%
Jan
*u
Jan
1
*
*
Western Grocer
1%
55
Jan
67
Va Pub Serv 7% pref.. 100
Vogt Manufacturing
*
Jan
Jan
9,000
99%
101%
Gary Electric A Gas—
Jan
98%
Jan
Jan
5%
1967
1
150
100
17
28
Lighting 6s
100
Feb
66
"79%
1953
X
conv
Wahl Co common
0%s series A
53 X
53X
X
IX
17 X
IX
Utll Pow A Lt 7% pref. 100
Waltt & Bond class A
Class B
Jan
Erie
$6.60 priority stock
1
Utility A Ind Corp com..6
c
66
96
94%
2,000
72% 422,000
5%
5%
Elec Power A Light 6e.2030
Elmira Wat Lt A RR 6s *66
El Paso Elec 6s A
1960
Empire Dlst El 6s
1952
Ercole MareUl Elec Mfg—
61%
Utah Pow A Lt $7 pref..
Wagner Baking v t
7% preferred
Feb
Feb
17 X
1
Utah Radio Products...
Waco Aircraft Co
4%
19%
16%
IX
17 %
$4
Jan
400
9X
Universal Products Co...*
Utah-Idaho Sugar
6
95
Aug 1 1962
♦Certificates of deposit
♦Deb 7s
Aug 1 1952
Jan
100
11
17 X
84%
91%
Feb
64,000
61,000
66
♦0%s
Eastern Gas A Fuel 48.1956
Edison EI 111 (Bost) 3%s '65
19X
.....
A stamped...1943
Cont'l Gas A El 58—1958
ser
146
"l'ooo
125% 127
Delaware El Pow 6%s 1959
Detroit Internat Bridge—
5
2%
108%
Cudahy Packing 3%s_1955
6s
Jan
68%
110
Cuban Tobacco 5s_—1944
Feb
IX
600
Jan
Jan
pref
preferred
1st ref mtge 3s ser P. 1969
Consol Gas (Bait
City)—
Gen mtge 4%s
1954
Consol Gas Utll Co—
46%
89%
90%
72%
High
141
68%
N...1971
3
Class B
Conv
ser
X
1
United Stores common.60c
United Wall Paper
Valspar Corp
(Bait) 3%s
*57
19%
27%
IX
800
U 8 Rubber Reclaiming..*
Utility Equities
1949
Pr A Lt 6s
46
$87
90%
72%
69%
71
Conn Lt A Pr 7s A...1951
Consol Gas El Lt A Power
4
4%
6%
-
6%s
Low
35,000
71
60,000
40,000
71%
87
84% 88% 156,000
88
85
88
41,000
95%
94% 95% 106,000
$131
133%
1958
ht
21%
29
72%
70%
Debenture 6s
1969
Cities Serv P A L 5 %s. 1952
1
Range Since Jan. 1, 1940
%
$100% 101%
46%
1960
83%
for
Week
$104% 105%
.I960
Jan
100
575
36%
76%
1955
Cities Service 5s
Jan
U 8 Stores common....50c
Universal Consol Oil
Universal Cooler cl A
6s series B
2X
23
30%
20
com
Jan
36
|*Chlc Rys 5s ctfs
1927
Cincinnati St Ry 6%s A '52
Feb
700
15,800
98%
99%
83
82%
106% 106%
99%
99%
36
35%
36%
36%
74% ,76%
99%
Chic Jet Ry A Union Stock
Yards 5s
1940
%
76%
10
98%
Cent States P A L 6 %s'63
Chicago A Illinois Midland
Ry 4%s A
1956
43
3,050
43 X
5
com
1,000
76 X
43 X
United Specialties com—1
U S Foil Co class B
1
X
76%
101
1954
Debenture 6s
4%
25
U S
5%s
Conv deb 5s
240
96%
97%
Cent Power 5s ser D..1957
Cent States Elec 5a... 1948
Jan
High
144% 146
97
96%
97
97%
100% 101
Carolina Pr A Lt 5s... 1956
Jan
Low
146
Broad River Pow 6s._ 1954
Canada Northern Pr 6s '53
Canadian Pac Ry 6s.. 1942
Jan
X
X
6%
24
x
Preferred
conv
14
Jan
Feb
X
6%
6,600
1,700
4,000
101
98
United Profit Sharing..25c
United Shoe Macb com.25
1st $7
Jan
*i«
Am dep rets ord reg
•_
United NJRR4 Canal 100
U 8 Radiator
6%
100
IX
6%
IX
'a
t6 1st preferred
..*
United Milk Products...*
conv
Jan
400
*tt
Common class B
$1%
Jan
60
iat I?
pref non-voting.*
Option warrants..
United O & E 7% pref. 100
United Lt A Paw com A..*
Graphite
Feb
64%
'4" 100
Un'ted Elastic Corp.....*
United Gas Corp com
1
$3 partlc pref
United Molasses Co—
19%
Jan
700
13%
$3 cum A part pref
•
Un Cigar-Wbelan 8te..l0c
United Corp warrants
Jan
64 X
Steel 6S--.1998
1940
10,
Sales
Week's Range
of Prices
Price
Jan
12
Un Stk Yds of Omaha. -100
Sale
Jan
Union Investment com...*
Union Premier Foods Hts J
Last
High
IX
13 X
•
BONDS
(Continued)
Low
Feb.
5
Friday
Range Since Jan. 1,1940
Week
of Prices
Price
10
Union Gas or Canada
Exchange—Continued—Page
Sales
100
70
100
2,000
67
Jan
Jan
70
Jan
Jan
101
Jan
Jan
93%
109%
110%
Feb
Jan
Jan
J
Volume
Range Since Jan. 1,
Last
Week'8 Range
for
Sale
of Prices
High
Low
BONDS
*99% 100 %
65)6
66
99%
Ha '45
5a 1943
Milw Gas Light 4%s_.l967
Minn P4L4HB
1978
1st A ref 5s
1955
103 %
58—1955
103%
103% 104
56—1957
104
103% 104
109% 110
6,000
1st 5s.1951
Missouri Pub Serv 5s. I960
Nassau A Suffolk Ltg 5s '45
102% 103%
103
"44 H
A—2026
B
2030
iii%
94%
98%
99%
111% 112
106 %
106% 107
1978
23 %
Nat Pow A Lt 6s
}*Nat PubServ 6s ctfs
4%s_1981
2022
Nelsner Bos Realty 6s '48
Nevada-Calif Elec 5s. 1956
New Amsterdam Gas 5s '48
N E Gas A El Assn 5s 1947
5b
1948
Conv deb 5s
1950
New Eng Power 3%s_1961
New Eng Pow Assn 5s. 1948
Debenture 6%s
1954
93%
"67%
Jan
Twin City Rap Tr
104
Jan
United
Jan
98%
Feb
111%
Jan
Jan
106
Feb
Jan
111
Jan
Jan
127
Feb
106
Jan
107
Jan
68"66O
Ohio Power 3%s
82%
30.000
63
Jan
71%
43,000
62%
Jan
71%
108%
97%
Jan
109%
Feb
99 %
102%
6,000
102
85
West
Jan
107
Jan
89%
108%
92
151,000
88
Jan
93%
118% 119
9,000
118
Jan
83
107% 108%
88%
Jan
Jan
55%
102%
84%
Jan
101%
Jan
99
Jan
101
Jan
102
Jan
103
Jan
100%
Jan
102%
Jan
97%
Jan
100%
Jan
7%
Jan
Jan
10,000
108%
Feb
10%
108%
1,000
106%
Jan
107%
Jan
115
Jan
115%
Jan
*115% 116
Jan
"B'ooo
56
52%
Jan
56
Jan
Jan
105
Jan
Feb
106%
Jan
106%
106% 106%
"4",000
104%
105%
104%
104% 104%
95%
95%
22,000
104%
Jan
105
Jan
6,000
95%
Feb
97
Jan
Feb
98%
Jan
*104% 109
5s..194.1
4S.1966
Yadkin River Power 5s '41
|*York Rya Co 5s.
1937
♦Stamped 5s.--...1947
Jan
106
Jan
99
15,000
8%
108% 108%
107% 107%
Wise Pow A Light
Jan
74
15,000
9
55%
Jan
1,000
99%
98%
99%
Jan
Feb
119
15,000
99%
99%
Feb
10,000
25,000
17,000
76%
99% 100
5s...2030
Penn Fraction 5s '60
Newspaper Un 6s '44
97%
97
8,000
97
26%
27
35
4,000
26%
Jan
27
Feb
*22
27
27
1,000
26%
Jan
27
Feb
*22
35
*22
35
*22
35
dep.1945
dep.1945
dep.1945
♦7s ser D ctfs of dep.1945
♦7s 1st ser ctfs of dep.'57
♦7s 2d ser ctfs of dep.*57
of dep.'57
*10
25
101% 101%
105% 105%
20,000
101%
11,000
Jan
FOREIGN
6,000
104%
45%
Jan
48%
Jan
49%
Jan
AND MUNICIPALITIES—-
3,000
106
Jan
106%
Jan
*103% 195%
105% 105%
2,000
105%
Feb
7,000
104%
110%
107%
107%
106%
Jan
111%
Jan
111%
Jan
Jan
108%
Feb
Jan
109 %
Jan
Jan
Jan
Feb
Jan
111
■
"i7o"66
102%
Jan
99%
2,000
99%
Feb
100%
99%
*10
25
♦7s ser B ctfs of
*10
25
Jan
♦7s ser C ctfs of
*10
25
*10
25
18,000
109%
Jan
93% 95%
*110% 110%
17,000
93%
Feb
109%
Jan
95%
1367666
90%
Jan
Jan
43%
Jan
767666
101%
Jan
103%
105%
Feb
Feb
93%
43
44
*43%
103
103%
90
Jan
112
97%
Jan
♦7s ser A ctfs of
♦7s 3d ser ctfs
104
13,000
103%
Feb
105%
Jan
♦Baden 7s
107% 108%
23,000
107%
Jan
108%
Feb
10,000
107%
Feb
109%
106
Jan
107%
Jan
Jan
107%
Jan
108%
Jan
107%
Jan
108
Jan
9,000
95%
Jan
60,000
96%
Jan
46,000
113%
Jan
115
Feb
96
Jan
100
Feb
38,000
41%
Jan
46
Jan
3,000
104%
Jan
105
Jan
100
Jan
101
Jan
14
Jan
14
Jan
83%
Jan
91
Jan
81
Jan
90%
Jan
63,000
26.000
4,000
"97666
84
5,000
15,000
84
110% 110%
53%
*48
90
89%
16
*14
108%
Feb
"87666
110
Jan
50
6,000
Feb
87%
Jan
14
Jan
150
Jan
97%
98%
Jan
Jan
109
Jan
110%
Jan
53
Jan
153
155
12,000
*107
107%
98
96%
98% 133,000
95%
96
I 11,000
95%
91%
93%
70,000
93%
98
97%
35
*17
35
*14
107% 109%
1952
Gas Corp 6%s.l953
Housing 6%s__1958
5 Mb series A.
Water 4%s'79
San Joaquin L A P 6s B '52
♦Saxon Pub Wks 6S..1937
♦Scbulte Real Est 6s_.195l
Safe Harbor
*10
25%
103
67%
1951
bhawlnigan W A P 4 %s '67
1st 4%s series D—1970
Sheridan Wyo Coai 6s 1947
Sou Carolina Pow 58.1957
Southeast PAL 6s—2025
26
103%
69
100%
Jan
Jan
100
Jan
90%
Jan
97
Jan
5,000
96%
Jan
99
Jan
18%
Jan
15
Jan
30,000
107%
Jan
109%
Jan
134
Jan
134
Jan
Jan
15
Jan
Jan
20
Feb
13,000
102%
Jan
104
Jan
28,000
63%
Jan
69
Feb
Jan
98%
Jan
10,000
23
97%
33,000
95
97%
32,000
95%
Jan
97%
Jan
93
93
1,000
92%
Jan
95%
Jan
51
52
101
Jan
7
Jan
10
20
12%
Jan
Jan
13%
12%
Jan
20%
12%
*11%
12%
25
12
Jan
12%
Feb
*9%
1,000
12%
Peru—
11
9%
Jan
9%
Jan
*12
13
11%
Jan
15
10%
14%
Jan
*13%
Jan
15
Jan
26
Jan
26%
Jan
1,000
12
Jan
13%
Feb
43
Feb
*26
28
♦7 ctfs of
*22
35
1927.—
dep.May '47
♦Issue of Oct 1927......
♦7 ctfs of dep..Oct '47
♦Mtge Bk of Chile 6s.1931
Mtge Bank of Colombia—
*26
32
*22
13%
13%
*18
35
♦7s stfs of dep
*18
♦6%s ctfs of
*18
35
41
43
6,000
38%
10%
11%
4,000
9%
8%
8%
5,000
7%
%
%
Jan
Jan
Jan
Jan
Jan
"37666
13%
dep.....1940
1947
dep-1947
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s—1958
♦Rio de Janeiro 6%s.l959
♦Russian Govt 6%s_.1919
11%
♦Santa Ft
108%
Jan
%
Jan
%
2,000
%
%
1,000
11%
Feb
Jan
9
•u
Jan
%
Feb
Jan
104%
110%
105%
35
35
1921
Jan
50
Jan
105
12,000
Jan
25
Jan
99
Feb
52
Jan
105%
105%
108%
57%
49
107% 108%
3,000
107%
♦Spalding (A G) 5s...1989
Standard Gas A Electric—
55%
57%
3,000
50
1948
1948
1951
Debenture 6s.Dee. 1 '66
6s gold debs
1957
Standard Pow A Lt 6s 1957
♦Starrett Corplnc 5s. 1950
132,000
Jan
♦7a
79
7-4s stmp—1945
*75
1949
..1961
*15
16
14%
Jan
16
Feb
*15
25
14%
Jan
14%
Jan
♦Santiago 7s
109
100
Jan
7
*10
Jan
14,000
105% 135%
*106
Jan
41
*10
112%
15,000
1951
52
Jan
25
110%
108%
Tel 5s 1961
Pow A Lt 68.2022
Pub Serv (is. .1945
Jan
41
*12%
stamped.....1958
♦Maranhao 7s
1958
♦Medellin 7s stamped.1951
♦7s ctfs of deposit..1951
♦0%s ctf» of dep
1964
Mtge Bk of Bogota 7S.1947
Jan
42.000
109% 109%
S'western Assoc
48%
*6
♦6%s
Jan
110%
109%
109
60
40%
..1947
Jan
Jan
110% 111%
i I960
Ref. M 3%s B.July 1 '60
Sou Counties Gas 4%a 1968
35
*48%
*39%
(City) 7s... 1939
(Prov) 6%*.1949
♦Secured 6s.
100%
98%
Edison Ltd—
Ref M 3%s_May
40
*10
*12%
♦5%8
16,000
68,000
100
*22
♦7s Ctfs of
18%
97%
96%
99
40
Waterways
♦External 6%s
1952
♦German Con Munlc 7s *47
♦Hanover
Jan
Jan
35
*22
♦issue of May
94%
15
Danalg Port A
Jan
Jan
4,000
14
*12%
...
Feb
108
Feb
35
13%
♦7s ctfs ot
14
Jan
13%
25
*12%
Jan
Jan
25
*10
12
35
*10
11%
Jan
35
deposit..1948
♦7%s ctf* of dep...1946
Cent Bk of German State A
♦Prov Banks 6s B..1951
♦6s series A
1952
Colombia (Republlo of)—
♦6s ctfs of dep.-July '61
♦6s ctfs of dep..Oct. 61
Cundlnamarca (Dept. of)
♦6%s ctfs of dep...1959
Danish 6%s
....1955
5s..
...1963
Jan
12
30
*15
155
91%
*133% 138
*12
5%8.1943
107
11%
*12
Jan
Oklahoma—
25
1951
♦Hanover
91%
25
*10
8a ctfs 1945
Bogota (see Mtge Bank ot)
♦Caldas 7 %s ctfs of dep '46
♦Cauca Valley 7s
1948
Lima (City*
155
*10
♦Bogota (City)
1,000
108% 109
Edison 6s E.1956
series F
1961
Potrero Sug 7s stmpd.1947
4 %s
96
104%
104
84
110%
Jan
105% 105%
108%
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦7s ctfs of dep.Apr '46
♦20-year 7s
Jan 1947
♦7» ctfs of dep.Jan *47
♦6« ctfs of dep
Aug '47
♦64 ctfs of dep—Apr *48
Antioquia (Dept of) Co¬
Jan
109% 109%
95%
94%
GOVERNMENT
lombia—
109%
Potomac
4s
Jan
76%
4s...1951
Wheeling Elec Co
Feb
Jan
Feb
55%
107% 108
1950
107
107
107
Deb 5Kb series B..1959
*108
109
Penn Pub Serv 6s C—1947
*108% 109
6s series D—
1954
Peoples Gas L A Coke—
96
96%
95%
4s series B
1981
97
97%
97%
4s series D
1961
114
113% 114%
Phil a Elec Pow 5%s„ 1972
98
100
100
Phila Rapid Transit 6s 1962
42%
42% 43%
Pledm't Hydro EI 6%s.'60
105
105
Pittsburgh Coal 6s—1949
100% 100%
Pittsburgh Steel 6s—1948 *16 o%
30
*13
♦Pomeranian Elec 68.1953
84
85%
Portland Ga. A Coke 5s '40 "85%
Sou Indiana Ry
Jan
77%
80%
West Penn Elec
Jan
114%
Edison—
Scripp (E W) Co
Scullln Steel 3s
87%
100
1st ref 5s series B_.
Feb
99 %
1966
Puget Sound P A L 5 %s '49
1st A ref. 6s ser C-1950
1st A ref. 4%s ser D.1950
Queens Bore Gas A Elec—
Jan
1944
4%S
Va
Jan
105
62
68 series A
So'west
103%
107%
104%
4s series A
Jan
75
34,000
59,000
19,000
82
Wash Ry A Elec
Feb
31,000
Corp(Can)4%sB *59
♦Prussian Electric 6s..1954
Public Service of N J—
6 °7~ prepetual certificates
18%
Jan
Feb
31,000
Power
Jan
102%
*106% 107%
104% 104%
104%
deposit.
Jan
17%
100%
106%
113%
108% 108%
-
20
101% 102
105%
6,000
108% 108%
103%
Jan
101%
Jan
5,000
108 %
....
Jan
20
*19
1950
6s
1946
Waldorf-Astoria Hotel—
♦5s Income debt
1954
Feb
105%
104%
108%
53.1942
Pacific Pow A Ltg 58.1955
Park Lexington 3s—1964
Penn Cent LAP 4 %s. 1977
1st 5s
1979
Penn Electric 4a F
1971
5b series H
—1962
Jan
45%
83
118%
.
106h« 106 ln
Pacific Ltg A Pow
118%
Jan
Jan
Jan
Jan
104%
36,000
1,000
104% 104%
46%
5e '48
5s '40
Paclfio Gas A Elec Co—
1st 6s series B
1941
Pacific Invest 5s ser A.1948
Jan
Jan
43%
102% 103
Jan
81
7,000
85
113% 114%
%« B.. 1955
Feb
10
117%
*18
77%
1952
Deb 6s series A....1973
Utah Pow A Lt 6s A..2022
West
104% 104%
111*
66%
Feb
1,000
102%
Jan
106% 106%
1055-6
Jan
8%
4,000
Pub" Serv" 5%aI11946
Jan
101 %
62%
43%
35
35
43%
90%
Jan
Jan
Jan
102
-
108%
Jan
71%
101
-
1959
Feb
122%
3,000
-
82
6s series A
Jan
102
-
(Del) 5%s '52
United Lt A Rys (Me)—
5%s
Jan
102
...
Un Lt A Rys
Jan
Jan
Pacific Coast Power
Pub Serv of
Jan
63%
78%
121
99
Okla Power A Water
Certificates of
25%
487666
67%
68
J56
Jan
4,000
43%
6s..1975
1974
6%s
23%
61,000
1945
1968
4s..1962
Ohio Publio Serv
Jan
United Lt A Pow
Jan
107%
99% 100%
1956
Ogden Gas 5s
Jan
99%
112
100
104 %
Jan
103%
32,000
9
8%
1956
♦United Industrial 6%s '41
♦1st s f 6s
1945
124
83%
118%
Jan
66%
65%
65%
5%s '52
United El Serv 7s
917666
5%s„1948
No Indiana G A E 6s. 1952
N'western Elec 6s stmpd'45
N'western Pub Serv 5s 1957
So'west
Jan
98
15,000
14,000
31,000
Jan
110
Jan
99%
Prop3 %s'47
Sou Calif
104%
Jan
108%
83 %
102%
stamp.1950
Elec N. J 4s_.1949
92
98
1954
A
♦Ruhr
Jan
109%
5,000
Nor Cont'l Utll
♦Ruhr
103%
~99~
102%
Jan
100
18~66o
Conv 6s 4th
6,000
64%
115
119%
101% 102%
*118
Ulen Co—
*109%
1964
Ltg 4s 2004
No Boston Ltg
Penn Ohio
106%
Jan
108%
Tlets (L) see Leonard-
3,000
J121
123
64%
67%
Nippon El Pow 6%s„1953
No Amer Lt A Power—
Okia Nat Gas 3
Jan
102
Ohio—
Debenture 5s
6 %s series
105%
23%
64%
stamped.1950
EAG4«s 1980
N Y A Westch'r
1,000
14,000
81
82 %
"67 k"
1942
series A.1949
3%s
102%
Feb
Feb
*106% 107
♦Ext 4%s
1st mtge
48,000
103%
103%
Jan
Jan
107 %
19,000
118% 118%
2022
Tide Water Power 5s.1979
Jan
High
Low
$
107% 107%
6s series A.
Jan
Serv—
New York Penn A
Jan
70
127
23%
127
6s series A
N Y State
Range Since Jan. 1,1940
Week
of Prices
High
Low
Texas Power A Lt 58.1956
109% 110
Nebraska Power
♦Income 6s
Jan
Jan
100%
100%
106% 106%
Miss River Pow
5s stamped
103%
103
6,000
11,000
Jan
65
22,000
39,000
Midland Valley RR
New Orleans Pub
Price
1
Middle States Pet 6
Deb 5s series
Sale
(1Concluded)
High
Low
$
for
Week's Range
Last
1940
Week
Price
(Continued)
Sales
Friday
Sales
Friday
BONDS
Mississippi Power
Miss Power A Lt
973
New York Curb Exchange—Concluded—Page 6
149
...
Feb
Feb
Jan
Jan
Feb
Feb
61
64
Jan
72%
Jan
Conv6s (Stpd)
61
64
61,000
49%
Jan
72%
Jan
6a
61
64
104,000
48
Jan
72%
Jan
61
64%
31,000
48
Jan
72%
Jan
72
Jan
49
Jan
19
Jan
71%
24%
Jan
23%
64% 152,000
63% 136,000
35,000
24%
48
Feb
35%
37
3,000
29
Jan
37
Feb
24%
Jan
26
Jan
42
Jan
6s (stpd)
Debentures
60%
60%
Stinnes (Hugo) Corp—
2nd
Terni
Texas
♦
No par value,
interest,
37
1940
stamped 4s
1946
Hydro El 6%8_1953 "44""
Elec Service 5sl960 105%
2nd stamped 4s
Jan
*20
26
43
44
105% 105%
117666
35,000
46
Jan
n
a
Deferred delivery sales not
Under the rule sales not included
eluded in year's range,
x
included In year's range, d Ex
;Cash sales not in
In year's range.
Ex-dlvidend.
* Friday's bid and asked price.
Bonds being traded flat.
No sales being
transacted during current week
♦
104%
Jan
105%
Feb
| Reported in receivership.
* Called for redemption:
Fish Rubber 6% pref., Feb. 23 at
$110 plus dividends.
10 at $35 plus dividends.
current week and not Included
Charles E. Hires Co. class A, Feb.
e
Cash
sales transacted during the
In weekly or
yearly range:
No Sales.
V
Under-the-rule sales transacted during the
current week and not
Included Id
weekly or yearly range:
No sale.
z
Deferred delivery sales transacted during
the current week
and not Included In
weekly or yearly range:
No sales.
Abbreviations
Used Above—"cod,"
certificates ot deposit;
"cons," consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting
voting trust certificates; "w 1." when issued; "w w," with warrants:
"v t c."
without wan-ants.
stock
"x-w"
974
The Commercial & Financial Chronicle
Feb.
10,
1940
Other Stock Exchanges
Baltimore Stock
Feb.
3
to
Feb.
both inclusive,
9,
Exchange
compiled from official sales lists
Friday
Week's Range
of Prices
Sale
Stocks—
Par
Arundel Corp
Price
20
1.65
80
82
32
10
9*
1
45c
Feb
7*
Feb
31
Jan
Jan
130
Jan
Feb
11*
Jan
Week's Range
for
Sale
of Prices
Week
Feb
50
Feb
50
2,100
1,000
40c
Jan
70c
Jan
33c
Jan
55c
Jan
2
5
Feb
2
Feb
25
13*
Jan
16*
15
Owings Mills DlstUlery.._l
PhUllps Packing Co pf-100
Feb
575
44*
12*
46
15*
Jan
15*
Feb
1.35
100
1.35
Jan
1.45
Jan
89*
15
29c
87
87
23*
22*
23*
35
34*
35
29*
29
29*
34
35
95*
95*
103* 103*
B 5s
1975
.
_
95*
1947
Boston Stock
Feb. 3
to
Feb.
9,
both inclusive,
Last
Stocks-
Par
6% non-cum pref
let preferred
Price
Range
of Prices
Low
35
Feb
26*
Jan
30
Jan
Jan
Auburn Auto Co
171*
Bird & Son Inc
100
"
Boston
100
148
100
Elevated
Jan
*
Jan
918
361
19*
19*
245
8*
2
2
Jan
10*
525
48*
Jan
78
13
Jan
2*
Jan
1*
1*
1*
1*
Feb
2*
Jan
2*
Jan
Jan
Feb
2
Jan
Feb
2*
Jan
12*
16*
Feb
14
50
25
13*
250
35
Feb
Jan
149*
48*
19*
Jan
10*
Jan
Jan
Jan
Jan
Adjustment
Jan
Jan
Jan
Cumul
conv
65
15*
Jan
17*
2*
4*
15
4
180
265
15
2
3*
21*
29*
Jan
Jan
*
Feb
Feb
4
Jj
Feb
7
Ji
9*
Jan
11
Ji
Feb
18 *
Jan
Jan
9*
Feb
Jan
5
Jan
50
250
9*
4*
200
31*
11*
23*
3,000
22
Feb
25*
Jan
21
50
21
Feb
22*
Jan
5*
Feb
20
500
18
Jan
20
11*
400
10*
Jan
11*
Feb
14*
14*
100
14*
Feb
Feb
2*
6*
22*
2*
50
2*
Jan
6*
22*
19
19
6*
5*
7
Jan
300
21
Jan
22*
Feb
50
18
Feb
20
Jan
11*
84*
700
9*
10
180
9*
Feb
82
370
79*
Feb
7
150
6*
Jan
*
63*
Feb
77
Jan
Jan
120
Feb
Common
new
„_.50c
$7 preferred
*
*
Prior lien pref
*
Chicago Corp common... 1
Convert preferred
*
65
120
1*
37
Chi Flexible Shaft
com...5
Chic A Nor Wt Ry com 100
*
*
63* 73
117* 120
1*
1*
36* 37
73
common
6
110
*
110
9
86*
9
80*
4*
4
3
87*
4*
3
250
200
5,950
3
550
36
67
50
10
250
1,008
pref
Mergenthaler Linotype
*
Narragansett Racing Assn
31
Jan
32 *
Jan
13*
Jan
Feb
7
2*
14*
3*
Jan
7*
455
7
Feb
8
Jan
4
130
3*
Jan
4*
Feb
v t o
part sh pref
50
4
10
Inc..
1
5*
National Tunnel & Mines.*
N E Gas A El Assn
pref
*
New England Tel <fc Tel
100
NYNH4HRR
131
480
5*
1*
34*
5*
1*
34*
400
127
100
14*
22*
5
X
50c
61
Feb
Jan
Deere & Co com...
8*
Feb
24*
2*
15*
Feb
Feb
Jan
5*
Jan
Feb
1*
Feb
38*
Jan
Jan
131
Jan
70
76*
Fuller Mfg Co com
Feb
Jan
Gardner Denver
22o
Jan
Jan
Jan
583
21
Feb
Feb
Feb
li*
600
10*
31*
182
30
10*
10*
816
29
Jan
25*
28
205
25*
Jan
28
76*
82
2,335
76*
Feb
44
31
84*
42*
Jan
44
46c
Feb
50c
Jan
6*
Jan
7*
1*
Jan
8*
1*
10*
•
145
85
10
46c
46c
46c
1,000
6*
1*
6*
50
30
1*
1*
8*
1*
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
.
50
1*
Jan
25
30
Jan
Jan
Jan
26*
Jan
30
Jan
Jan
Feb
1948
94*
1948
98
52,000
1,300
103* 103*
103* 103*
1948
94*
98*
3,000
92*
93*
103*
Feb
3,500
102
Jan
Jan
Jan
95
98*
103*
103*
Jan
Jan
Feb
Feb
General
Friday
Last
Sale
Price
*
70
25
iooiuoies see page 9/ /
Week's Range
of Prices
High
for
Week
Shares
69
70
526
45*
46*
118
new*
MotorsComcomlO
General Outdoor Adv com*
Gillette Salety Razor—
Common
Gossard Co (H W) com...*
Great Lakes DAD com..*
Hall Printing Co com
10
Heileman Brewing cap
1
Heln-Werner Motor Parts 3
Hibbard Spen Bart com.25
com
*
Houdallle-Hershey
cl
Range Since Jan. 1,1940
Low
6*
"26*
12*
26*
High
Preferred
Jan
70*
Jan
Feb
49
Jan
-
La Salle Exters Unlv
com.5
Jan
Feb
18
Jan
19
Feb
17
Jan
19*
Jan
30
Feb
30
Feb
23*
61
19*
Feb
8*
Jan
13*
350
150
11*
34*
Jan
35*
Jan
13*
35*
12*
3*
23*
39*
11*
100
12
Jan
13
1,250
3
9
Jan
3*
Jan
Jan
Jan
Jan
Feb
Jan
Jan
800
22*
Feb
24
65
37*
Jan
39*
100
10*
Jan
14
Jan
Jan
Feb
4*
650
4*
800
4
Jan
Jan
17
900
15*
Jan
4*
4*
17
54*
136
51*
10*
2*
45*
Jan
57*
Jan
10*
2*
Feb
Jan
Jan
48 *
Jan
Jan
55*
Jan
Jan
5*
Jan
Jan
2*
47*
55
4*
6*
12*
23*
12*
26*
50
150
150
2,971
4
51
20
4*
125
6*
10*
21*
11*
Jan
Feb
Jan
Jan
Jan
25
Jan
6*
12*
24*
12*
27*
17*
Jan
20
Jan
8*
8*
Jan
10
Feb
100
80
38*
Jan
39 *
Jan
20
13
Jan
15
Feb
U*
Jan
13*
Jan
Jan
15
Feb
900
169
150
1,250
18*
9*
8*
19
200
10
650
9
39
15
15
12*
250
Jan
Jan
Jan
Jan
9
Jan
Feb
Jan
Jan
Jan
Jan
7*
101
46*
103
14*
4*
11*
15
200
4*
12*
Jan
5*
225
11
Feb
13*
Jan
23*
100
21*
Feb
24 *
Jan
83*
54*
75
Jan
Feb
90*
62*
Jan
373
82*
53*
Jan
15
16
740
15
Jan
17
Jan
20
15*
*
Kentucky Utll jr cum pf 50
6% cumul pref
100
Keryln Oil cl A com
5
17*
24*
65*
83*
53*
1
10C
Jan
Jan
Jan
22*
c_.»
com.*
15*
21*
59
12
15
Jan
110
39
"lo"
»
com
Katz Drug Co com
Kellogg Switchboard
47*
52*
4*
12
14*
Jefferson Elec Co
16*
63 *
22*
12*
s t
4
23*
Illinois Central RR
Indep Pneum Tool
Common.............]
68*
45*
54*
Hubbell Harvey Inc com.5
Illinois Brick Co
cap..... 10
100
22*
39*
11*
2*
B..*
com
3
264
Jan
Jan
275
50
9
10* .10*
*
Goldblatt Bros Inc com..*
Goodyear T A Rub com..*
12*
35*
12*
4*
17
International Harvest com*
Jarvis (W B) Co-
Sales
Low
com
Inland Steel Co cap
Chicago Stock Exchange
21*
4
General Amer
Transp com5
General Candy cl A
5
General Finance
Corp coml
General Foods com..
*
15*
24*
1*
9*
1*
11*
12*
31*
Horders Inc
_
1
19c
1*
.1948
35*
12*
3*
23*
cm*
13*
10*
*
Abbott Laboratories—
Common
Acme Steel Co com
Fairbanks Morse & Co cm*
11
Bonds—
Par
*
FitzSlmons&ConD&D
Jan
30
9
Four-Wheel Drv Auto
cplO
Eastern Mass St Ry—
Stocks—
*
com
221
31*
*
Series A 4*s
Series B 5s
Series C 6s
Class A
Eleo Household Utll
cap.5
Elgin Natl Watch Co
15
Jan
64c
18*
19*
*
Feb
*
18*
30
•
Common
Dodge Mfg Co
Jan
Jan
16*
Dixie Vortex Co—
22c
28
*
5
United Shoe Macb
Corp.25
6% cumul pref
25
Utah Metal & Tunnel Co.l
Waldorf System ....
*
18*
18*
Diamond T Motor Car cm2
Jan
14*
22*
1*
8*
10*
10*
*
16*
100
13*
21
1*
*
Warren (S D) Co
70
Preferred
14*
43*
Qulncy Mining Co
25
Reece Button Hole MachlO
Reece Folding Machine. 10
Warren Bros..
124*
.
Dayton Rubber Mfg com.l
Decker & Cohn Inc—
22c
*
Torrlngton Co (The)
Union Twist Drill Co
1,325
Feb
CunnlnghamDrugStores2 *
Jan
34
35
52c
70
50
Shawmut Assn TC
Stone A Webster
472
*
50c
52c
North RR (New
Hamp)100
Old Dominion Co
25
RR
131
*
..2.50
Pacific Mills Co
85
Feb
20
Jan
4*
1*
300
Jan
com
com
Jan
15
Jan
250
250
15*
5
250
600
15
Feb
13,800
19
15*
Jan
4
32*
14*
3*
18*
Jan
Jan
Jan
32*
13*
2*
22
6*
9*
91
32*
61
2*
Jan
Jan
"2*
25
22
110
Consolidated Oil Corp...*
Consumers Co—
Crane Co
155
Jan
Jan
Feb
Consolidated Biscuit com.l
Jan
Cudahy Pack'g 7% pref 100
285
Feb
*
Jan
Jan
292
8*
79*
73*
Jan
Jan
Jan
8*
24*
2*
109
37
Jan
3*
36*
1*
2*
Jan
Jan
5
"SH
1*
Jan
Jan
'~2*
t c.l
v
Jan
Jan
3
Feb
100
Mass Utilities Assoc
*
35
Container Corp
,
Feb
Jan
Jan
Jan
10
Jan
Jan
7
Jan
*
200
Feb
14
113*
1*
250
73
*
32,250
1
5
Jan
6*
7
6
14*
Jan
1,600
Jan
32c
Feb
14*
2*
7*
36*
24
39
Jan
36*
31*
Jan
4*
36*
Jan
Feb
Jan
11
4*
25c
Feb
19
50
36
Jan
11*
23*
11*
64
50
32*
Jan
Feb
650
80
527
Jan
10
18*
4*
18*
1
32c
Jan
Jan
Jan
27*
6*
39
8*
4*
Jan
1,900
1,150
1,100
5
25c
17
100
1
14*
7*
23*
Feb
1*
1*
6*
3*
6*
6*
37
2*
1*
7*
6
200
4*
37
Jan
1,226
1,500
4*
16*
22*
65*
32c
Preferred..
Loews Theatres (Boston)25
Maine Centra) com
100
Jan
Feb
7
Commonwealth Edison—
Capital
25
Compressed Ind Gases caps
Jan
6*
*
41*
1 *
1
*
Jan
Jan
Jan
7*
3*
6 *
20
*
79*
Coleman Lmp & dtove cm*
2
Jan
9*
Jan
3*
Jan
81*
Jan
2
Jan
Jan
Feb
Cent III Pub fier *6 pr#»f..*
Jan
Jan
Jan
5*
37
100
18*
Central A 8 W-
Cities Service Co com...10
Club Alum Utensil com..*
63
200
Jan
19
5
Central 111 Sec conv
pfd..*
Chrysler Corp
Jan
2,200
Jan
Jan
Central Cld Storage com-20
Jan
Feb
*
Jan
4
12*
20*
41*
20*
22
30c
3*
18
450
30*
11*
18*
Castle(AM)&Cocm(new)10
Jan
60
Jan
9*
4*
1
2*
10
Feb
11*
18*
10
21
Convertible preferred..*
Chic Yellow Cab Co
cap..*
42
2*
850
41*
6*
1*
18
23*
10
pref
250
10
Chicago Towel Co-
61*
15*
Gillette Safety Razor
Hathaway Bakeries—
Class B
roi
172*
6*
15*
Jan
4*
Class A pref
Gilchrist Co
Series. D 6s
Burd Piston Ring com
Butler Brothers
177
23*
29*
Jan
9
100
31*
*
Jan
61*
23
Jan
5*
14*
3*
10
Jan
100
29*
167*
1*
6*
'is
.5
5
48*
21*
*
Class A pref
Bruce Co (E L) com
Bunte Bros com
Jan
3
15*
437
1,031
"~4*
1
Feb
55
23 *
Common
6*
4*
65
410
*
Jan
10
Laugh 11 n Inc com.5
Borg Warner Corp—
Common
...6
Brack (E J) A Sons cap...*
Brown Fence A Wire—
156
4*
19
com *
100
1*
*
Jan
46
Employers Group
General Capital Corp
Georgian Inc (The)—
Jan
6*
Feb
18
100
East Steamship Llses
94*
6*
5
1*
7*
2*
45*
..100
570
*
40*
41*
com...*
Barlow&fieellg Mfg A com
Bastlan-Blesslng com
19*
100
Preferred B
100
7*
3*
Jan
270
100
Eastern Mass fit Ry—
1st preferred
*
Automatic Products com.5
Aviation Corp (Del)
3
Aviation A Transport cap. 1
Jan
1*
4*
*
4*% prior pref
6% preferred
Feb
*
1
1*
6*
0%
4%
Feb
2
19
25
86
7*
1*
1*
19
East Gas A Fuel Assn—
Jan
Jan
100
Boston & Providence... 100
Brown Durrell Co conn...*
Calumet & Hecla
5
11*
290
8
100
Feb
Jan
13
1*
1*
100
144*
44*
18*
1*
Boston Personal Prop Tr_*
Butte
92
680
149*
100
Common
Jan
172*
100
Copper Range
Jan
Jan
47*
19*
Prior preferred
100
Class A 1st pref std_. 100
Cl A 1st pref..
100
Jan
2
15
Jan
7*
Boston Herald Traveler..*
Boston A Maine—
Cl B 1st pref std
Cl B 1st pref
C1C 1st pref std
148
4m
60c
Jan
Feb
ht
86
19
170* 171*
5*
5*
14*
14*
14*
Aviation com
5
Berghoff Brewing Corp..]
Feb
167*
11*
84*
85 *
35*
10
97
"T*
Bendlx
1*
13*
20
65
19
100
Bliss A
61
100
200
36*
19
Belden Mfg Co com
10
Belmont Radio Corp com. *
High
2,157
*
10*
100
Jan
Jan
35c
20
20*
36*
Backstay Welt Co
95*
103*
Low
700
*
Boston & Albany
Boston Edison Co
Shares
220
*
100
36
Jan
Jan
Range Since Jan. 1,1940
40c
Blvelow-SanfordCarpetCo
Preferred
Jan
92
103*
High
20*
*
com
com
Low
3*
12*
3
12
Athey Truss Wheel cap...4
31
Week
High
35c
for
1*
1*
13*
14*
170* 171*
50
50
Amer Tel A Tel..100
Assoc Gas & Elec Co cl A. 1
Pennsylvania
Jan
Armour A Co common...6
Aro Equipment Co com__l
Asbestos Mfg Co com
1
Jan
Sales
American Pneumatic 8er—
Common
*
North
Jan
40c
compiled from official sales lists
Week's
Sale
cum
Jan
23*
Feb
Exchange
Friday
5%
89
Jan
89*
Range Since Jan. 1,1940
Shares
400
3
Allls-Cbalmers Mfg Co.—*
Altorfer Bra. Co. cnv pfd.*
Feb
Jan
High
9*
12*
Amer Pub Serv prei
100
Amer Tel A Tel Co
cap. 100
Associates Invest
Finance Co of Am 4%
Low
9*
Aetna Ball Brng Mfg coml
Allied Laboratories com..*
Feb
50
65
Price
Adams (J D) Mfg Co com-*
Advanced Alum Castings.5
22*
33*
150
1,260
Bonds—
Bait Transit 4s flat...1975
A 5s flat
IP75
Par
87
1,000
29c
Stocks (Concluded)
88
29c
.
44,500
12,000
10,000
U 8 Fidelity A Guar
...2
Western National Bank.20
Jan
Jan
1.35
Sales
Last
Feb
14*
15*
Friday
Jan
10
46
89*
St., CHICAGO
32*
14*
15*
Salle
Jan
46
Casualty 2
La
Jan
Mercb A Miners Transp..*
New Amsterd'm
S.
9*
National Marine Bank..30
North Amer OH Co com..l
10
30*
2
Northern Central Ry —50
Municipal Dept. CGO. 521
Feb
65
45c
2
Jan
119*
126
100
45c
Trading Dept. CGO. 405-406
138
60c
2
100
83
Jan
Principal Exchanges
Teletype
Bell System
Jan
28*
114
50
45c
Jan
Members
Jan
1.85
Feb
50
50
Jan
7*
9*
200
60c
Feb
55c
116
50
29
28*
126* 127*
32
32*
10
9*
20
Jan
Paul FL Davis & (90.
Jan
Feb
78*
49
7*
21*
1.50
18
118* 119*
29
Guilford Realty 6% pref 100
Mar Tex OH
1
com
20
487
126*
Finance Co of Am A com.5
Feb
40c
10
1.60
High
19*
195
7*
9*
1
Common class A
Low
1,165
50c
82
Fidelity A Deposit
20
Fidelity A Guar Fire Cor 10
Maryland A Pa RR
Shares
20*
Eastern Sugar Assoc com. 1
Preferred vtc
Week
40c
119*
SECURITIES
Listed and Unlisted
Range Since Jan. 1, 1910
1.60
100
100
com.
for
40c
1st pref v t c
-.100*
Consol Gas E L A Pow..
*
4*% pref B
High
19*
20
Atlantic Coast L (Conn) .50
Bait Transit Co com v t c. *
Davison Chem Co
Low
20
*
CHICAGO
Sales
Last
20
19*
5*
7*
Jan
21*
Jan
Jan
6*
Feb
Jan
8*
6*
7*
101
46*
102
6*
7*
200
50
1,100
850
4*
Jan
Jan
101
100
100
Jan
47
103
190
44*
100
Jan
2*
1*
Jan
3*
Jan
Jan
1*
Jan
30
2*
"""I*
14
2*
100
1*
1*
250
Jan
101
49 *
103
Feb
Jan
Feb
Volume
Week's Range
of Prices
Week
Price
Par
*
Leath A Co com
7%
Llbby McNeill*Llbbycom
Lincoln Printing Co com..*
$32$ dlv preferred
*
Lindsay Lgt A Chem pfd-10
13
*
5
"l3%
Jan
32$
Feb
Dow Drug
2,532
62$
Jan
72$
Feb
Eagle Plcher
16X
1%
22$
Feb
22 2$
Feb
120
92$
Feb
100
42$
Jan
25
14%
Gibson Art
*
Jan
Hatfield prior pref
Jan
13
Jan
Jan
172$
Jan
Jan
Jan
252$
Jan
Kroger
Feb
15
Jan
Jan
72$
Jan
National Pumps
P & G
Jan
362$
Jan
12$
0
6
10
122$
52$
30
10
36
1
3 2$
3%
3%
150
*
Food com. 1
28%
28%
3%
29%
3%
270
ft
9%
9
9%
5,850
2
2
2%
850
Middle Went Com "an
32$
Midland United env pfd A*
700
Rapid
U S Printing...
Jan
Jan
>11
62$
62$
Jan
100
Jan
5
42$
50
19
Jan
202$
54
83%
668
502$
Jan
552$
140
76
Jan
83 2$
83 X
Mountain States Pw prflOO
39X
20
37
Jan
392$
National Battery pref
*
282$
312$
Jan
27
28 X
30%
3X
11
112$
100
"n h
11
11%
162$
18
12%
Noblltt-Sparks Ind com
ft
North Amer Car Corp cm20
Northwest Bancom com.. *
*
Northwest Utll 7% pref 100
Nunn-Bush Shoe com. .22$
.
"isx
262$
Feb
28
Feb
32$
102$
102$
Jan
32$
112$
Peabody Coal cl B com
12
162$
Jan
17
Jan
270
18
Feb
22 2$
100
12
Jan
122$
12
100
12
Jan
12
100
29
Jan
350
Jan
Perfect Circle Co com
X
50
2$
162$
302
52$
52$
4
11
102$
112$
350
1082$
11
Jan
42$
Jan
62$
Jan
62$
Feb
95
472$
12$
132$
Jan
492$
22$
Feb
52$
Feb
52$
92$
106
10
52$
52$
Jan
Jan
Jan
Feb
162$
52$
Feb
Feb
52$
Jan
Jan
112$
Jan
105
Jan
109
Jan
Uilii CwMti
BiUdiug, Cltviland
A. T. & T. OLEV. 565 & 566
Telephone: CHerry 5050
Feb
40
40
40
Jan
40
Jan
212$
22%
649
24 2$
Jan
37%
577
212$
352$
Jan
36%
Jan
38
Jan
26
*
152$
32$
105
GILLISi<J RUSSELL co.
Feb
X
292$
2$
"22%
614
162$
52$
100
Jan
29%
50
492$
22$
Jan
100
Jan
12
Peoples O LtACoke cap 100
Jan
19
Jan
12%
29
100
6% pref
Penn RR capital
Feb
Members Cleveland Stock Exchange
Jan
50
182$
X
18
Feb
Jan
350
*
5
Convertible pref
20
Jan
B'Gosh Inc—
Oshkosh
Jan
Feb
Jan
Jan
1,000
1,000
*
Ontario Mfg Co com
230
Ohio Listed and Unlisted Securities
Jan
162$
3%
Northern 111 Finance com. *
Northwt Engrng Co cap.
100
26 X
~30%
National Standard com. 10
Feb
482$
22$
10
Feb
82
Jan
Jan
682$
227
492$
22$
..10
Preferred
Jan
Montgomery Ward—
Common
Jan
65%
23
72$
*
Wurlltzer
Feb
39%
*
20%
51%
Modlne Mfg Co com
155
Jan
Feb
1032$
292$
2$
Feb
20%
Miller A Hart Inc env pf__*
Jan
42$
3 2$
Jan
Jan
Feb
5%
6
4%
630
Jan
%
32$
50
Preferred
Jan
5%
5%
3%
300
282$
182$
32$
72$
Jan
Jan
»u
32$
101
Jan
Feb
14
Jan
Feb
100
230
Feb
Jan
42
Jan
122$
332
18
Tlmken Roller Bearing
92$
22$
40
70
45
292$
2$
682$
67%
Feb
52$
*
B
Jan
Jan
Jan
*
Jan
Jan
42$
116
282$
227
*
Western Bank
100
7% prior lien pref- —100
682$
230
4
Jan
Jan
Jan
1022$
2$
*
30
Midland Utilities—
6% prior lien
282$
8% pref.
Jan
Jan
512$
5
14
132$
*
Feb
2
650
ht
*
Common
32$
282$
32$
7%
372
42
412$
101
*
Randall A
$2 cumul part pref
52%
52$
272$
552$
52$
*
25
50
1,850
142$
272$
100
1st pref
148
132$
262$
Jan
85
15
*
Kahn._
Jan
IX
Feb
160
15
-.10
Hobart A
152$
5
450
10
102$
22$
100
272$
High
Jan
22$
122$
152$
282$
552$
22$
542$
Feb
5
—
Class A com
•
Formica Insulation
Low
Shares
10
..10
Jan
High
Low
2%
Gen Motors
102$
Week
*
Jan
22$
26
for
of Prices
Price
*
12
327
13
16X
IX
13%
100
180
36
McCord Had A Mfg A
*
McQuay-Norris Mfg com.*
Mickelberry
32$
25
"I X
Marshall Field com..
Mercb & Mfrs Bee
250
12%
com
Lynch Corp com..
3X
7%
2%
22%
10
4%
3%
6%
2%
22%
4%
Lion Oil Ref Co cap_.
Loudon Packing com
Shares
9%
10
Common
Par
Stocks (Concluded)
High
Low
High
Low
Week's Range
Sale
for
Sale
Range Since Jan. 1, 1940
Last
Range Since Jan. 1, 1940
Last
Stocks (Concludes)
Sales
Friday
Sales
Friday
Liquid Carbonic
975
The Commercial & Financial Chronicle
ISO
27
110
26
Feb
28
Jan
250
X
Pines Winterfront Co coml
Poor & Co class B
*
10%
10%
75
Potter Co (The) com
1
%
%
350
700
2$
102$
2$
2$
Jan
Cleveland Stock
Feb. 3
to
Feb
122$
Jan
%
Last
Feb
Week's Range
Sale
Price
Par
Stocks—
official sales lists
Sales
Friday
Jan
Feb
Exchange
9, both inclusive, compiled from
Feb.
1,1940
Week
of Prices
Low
Range Since Jan.
for
Shares
High
High
Low
11%
13
119% 123%
Jan
142$
Jan
120 X
320
118
Jan
12'<2$
Feb
100
151
150
151
80
150
Feb
153
Jan
c
1
1
350
2$
Jan
1
Jan
Akron Brass Mfg
9
9
8
Jan
9
1
100
Raytheon Mfg Co com-50c
%
1%
300
2$
Jan
X
Jan
American Coach A Body.5
7
7
25
62$
Jan
7
%
1%
150
12$
c
a58
a58
562$
Feb
Jan
Jan
42
12$
24
22
Feb
a62$
954
6
Jan
al22$ al82$
105
Pressed Steel Car com
13
1
*
Quaker Oats Co common
Preferred
5
6% preferred
Rollins Hosiery Mills com 1
79
80
St Louis Natl Stkyds cap.*
new*
27 X
Schwitzer,Cummins cap..l
Sears Roebuck <fe Co cap_ *
10 X
Saneamo Electric com
82 X
1%
1
Serrick Corp cl B com
70
77
Jan
27%
150
26
Jan
10%
85
1,150
92$
Jan
756
812$
Jan
80
27%
9%
112$
500
1%
2$
Cumulative preferred .30
Sou Bend Lathe Wks cap. ft
110%
Southw G & El 7%
pfd 100
Spiegel Inc common
2
29%
30
222$
222$
1092$ 1102$
9%
600
410
223
9%
28
92$
Feb
c
27 2$
Jan
Brewing Corp of Amer—3
10 2$
Feb
City Ice & Fuel
87
Jan
Feb
Jan
232$
Jan
Colonial Finance
Jan
110 2$
11
Feb
Dow Chemical
12$
Jan
30
Jan
c
Co
Jan
22$
Jan
300
112$
Jan
132$
Feb
General T A R
27%
26%
27%
793
252$
Jan
272$
Jan
13
13
14
Jan
*
com
Stewarr Warner
Storkline Fur
2%
13X
12$
"l3X
2%
12%
c
5
.
"~8X
"~16%
8%
274
2 2$
Feb
82$
Jan
7%
16%
250
62$
Jan
72$
Feb
152$
Jan
17 2$
Jan
c
Interlake Iron com
*
31%
334
Jan
32 2$
Jan
Interlake Steamship
22
Jan
Jaeger Machine
Jan
232$
442$
Jan
422$
Jan
Kelley Isld Lime & Tr
Lamson & Sessions
*
._*
*
*
16
.2ft
"23"
Texas Corp cap
25
43 X
Thompson <J R) com
Trane Co (The) com
25
4X
"82%
14X
78%
2
Union Carb A Carbon cap *
15%
United Air Lines Tr cap.5
"60%
United States Steel com..*
7% cumul preferred .100
Utility A Ind Corp—
Common
—...5
"19%
*
Walgreen Co common
200
439
200
402
4
Jan
142$
42$
Jan
Jan
14 2$
88
Feb
Leland
Jan
c
142$
Jan
162$
Jan
McKay Machine
58
Jan
682$
Jan
1182$
Jan
12$
200
12$
Jan
12$
Jan
X
X
500
2$
Jan
X
Jan
12$
192$
350
12$
Jan
12$
Feb
30
250
19
Jan
20
Jan
12$
202$
Jan
2
*
Midland Steel Products..*
5%
20
Feb
162$
2,075
152$
Feb
182$
Jan
112$
100
11
Feb
12%
1152$
322$
212$
Jan
152$
112$
112$
115
..
272$
Jan
35
192$
Feb
30
372$
Jan
41
Jan
50
202$
Jan
Jan
222$
162$
212$
Jan
232$
202$
242$
Jan
129
251
50
50
25
50
Jan
50
Jan
0262$ a272$
72
26
Jan
29
Jan
a92$ a!0%
110
Jan
Jan
232$
..
..
38
-.
237
38
Feb
17
146
16
Jan
17
Feb
13
38
38
17
..
13
55
13
Feb
15
Jan
203
32$
32$
..
"15%
Jan
162$
35
162$
Feb
16
25
16
Jan
122$
412$
172$
172$
80
332$
Jan
37
910
42$
Jan
60
502$
Jan
225
132$
Jan
162$
Jan
75
212$
Jan
27
Feb
162$
16
..
*
*
*
42$
5%
~32$
51
15
152$
38
52$
502$
51
*
Prior pref 6%
Ohio Brass B
0342$
152$
0222$ a24%
32$
32$
37
382$
22
212$
164
40
Jan
Jan
22
Feb
62$
Jan
92$
Jan
Patterson Sargent
*
*
..
3,200
5
Jan
72$
52$
Feb
Reliance Electric
5
cl32$
58
..
200
4
Jan
42$
Jan
c
*
212$
192$
212$
540
Jan
892$
Jan
Richman Bros
*
362$
302$
37
55
362$
Feb
162$
Jan
Selberllng Rubber
*
..
Thompson Products Inc..*
..
842$
142$
c
db—
$15,000
Jan
32
10
Jan
10
Jan
14
14
104
14
Jan
14
Jan
a
13
Feb
14
Jan
182$
Jan
23J$
Jan
Jan
372$
Jan
Jan
82$
Feb
Jan
322$
52$
Feb
Jan
682$
Jan
Jan
13
100
*
300
260
0562$ 06I
52$
52$
32$
32$
280
552$
Jan
207
52$
Feb
52$
288
/32$
Jan
32$
Jan
102$
80
102$
Jan
102$
Jan
183
112$
Jan
Jan
10
382$
Jan
132$
482$
Jan
0232$ a24J$
..
32$
75
22
Jan
282$
Jan
102$
..
..
WiL LYONS *£&
Watling, Lerchen
Established 1878
Cincinnati Stock Exchange, New York Stock Exchange
and Other Principal Exchanges
E.
Fourth
New
Ford
1
to
Feb.
Sales
Friday
Sale
Par
Stocks—
Aluminum Industries
Price
*
Week
s
Rang
of Prices
Low
7
.
Telephone: Randolph 5530
High
7
Feb.
Shares
Low
3
to
Feb. 9, both inclusive,
7
Feb
7
Feb
Last
Week's Range
for
Sale
of Prices
162$
162$
203
16
Jan
16%
14J$
152$
195
142$
Feb
15%
Feb
7%
345
7%
Feb
CNO&TP
Cin Street
Cin Telephone
1092$
85
100
..50
22$
85
*
130
nol^as
Crosley Corp
For footnotes see page
7
977.
62$
62$
Price
Low
High
Shares
Jan
Low
High
12$
1
12$
100
12$
Feb
12$
Jan
30
32$
Jan
32$
Feb
1092$
Jan
3 2$
22$
32$
4,460
22$
3 %
Auto City Brew com
18c
18c
18c
925
18c
Jan
25c
Jan
Jan
5
1
Feb
Jan
Atlas Drop Forge com
Feb
1082$
1
62$
62$
1,341
10
982$
60
62$
72$
Par
109
599
130
Stocks—
Allen Electric com
22$
132$'132$
City Ice A Fuel
22$
98
..50
Coca Cola A
32$
32$
1092$ 1092$
8
Range Since Jan. 1,1940
Week
152$
72$
Burger Brewing pref . . ..50
Cin Gas & Elect pref.. .100
Sales
Friday
10
162$
7
compiled from official sales lists
High
Am Roll Mill.
...8
Exchange
Detroit Stock
Range Since Jan. 1, 1940
for
Week
Amer Laundry Mach. ..20
.
8l Co.
DETROIT
Building
Jan
Baldwin
Feb
compiled from official sales lists
9, both inclusive,
Last
4
New York Curb Associate
Chicago Stock Exchange
York Stock Exchange
Detroit Stock Exchange
Teletype Cin. 274-275
Cincinnati Stock Exchange
3
272$
Members
St., Cincinnati
Telephone Cherry 3470
7
Jan
52$
52$
..
Youngstown Stl Door cm*
143
175
all2$ 0122$
a42
a422$
United States Steel com. *
1
62$
07
a72$
a302$ a322$
..
Upson Walton
c
10
all2$
62$
Youngstown Sheet A Tube*
Cincinnati Listed and Unlisted Securities
72$
122$
Jan
Jan
10
010
1
Van Dorn Iron Works
129
129
129
1958
130
Jan
Jan
Jan
Republic Steel com
Jan
Jan
192$
62$
1
Jan
Feb
302$
c
Ohio Oil com
32$
Jan
130
Otis Steel....
..
52$
51
Jan
226
Jan
Weinberger Drug Stores..*
West Res Inv Corp preflOO
Feb.
Jan
3
Jan
79
Jan
Feb
352$
Jan
690
Jan
11
10
28%
142$
4
30
22
52$
42$
89
152$
Feb
11
a39
a34
National Refining new...*
Troxel Mfg
115
32$
Jan
a39
1172$
Bonds—
Members:
92$
Jan
52$
Jan
Jan
122$
402$
Jan
100
Jan
Feb
232$
212$
222$
7
Jan
Jan
1082$
Jan
Jan
1142$
305
370
Jan
al72$ al82$
a212$
..
Drug—*
Myers (F E) & Bros
*
National Acme
1
c Ntal Mall Stl Cstg com.*
Feb
Jan
240
a302$ a322$
a20
a202$
a382$ a40
..
Feb
50
115
255
882$
*
Zenltb Radio Corp com..*
32$ % series
Jan
242$
4
2
cv
172$
22
7
*
Commonwea Edls
113
23
Bankshrs com.*
Wrigley (Wm Jr) cap
Jan
16%
Miller Wholesale
Packer Corp
com
Jan
Feb
Medusa Ptld Cement
Jan
2
122$
52
Jan
11
Feb
1152$
192$
12$
.,
com—1
*
782$
116
Jan
352$
51
Electric
Martin (Glen L)
,
Common
Woodall Indus
42$
142$
822$
152$
Feb
51
52
212$
W'house F1A Mfg com..60
Wisconsin
364
..
1082$ 1102$
*
Western Un Teleg com. 100
Wieboldt Stores Inc—
2,150
1%
*
Wahi Co com
23
432$
302$
1,800
X
7
Viking Pump Co com
450
61
56%
115% 1162$
1%
Utah Radio Products com-1
Conv preferred....
Jan
7%
312$
22%
42%
4%
International cap_15
Swift A Co
12
25
Jan
Feb
100
a6%
Goodrich (B F)
6%
Corp com. 10
Sunstrand Mach Tool como
Swift
10
—
*
Goodyear Tire & Rubber. *
Greif Bros Cooperage A..*
c Industrial Rayon com..*
c
192$
125
a222$ a222$
General Electric com...*
300
25
Standard OH <>f ind
Stein (A) &
Firestone T & R com.. 10
1
20
(new)
(new)
Common
Eaton Mfg
Feb
602$
232$
62$
142$
602$
392$
..
1
100
*
pref
172$
a372$ a382$
192$
192$
..
c
Jan
Jan
10
a!8% al82$
..
Cleve Cliffs Iron pref
Standard Dredge—
Preferred
Bond Stores com
com_„l
1
*
*
Cleve Graph Bronze cm. 1
Cleveland Railway
100
Cliffs Corp com.
5
Jan
222$
1082$
Amer Home Prod
80
Signode Steel 8trap—
100
Addressograph Mulcm 10
*
94
8
162
72
84
22$
97
132$
130
62$
62$
Jan
87
Jan
22$
Jan
Baldwin Rubber com
Jan
982$
Feb
Feb
Feb
Jan
Jan
14
130
62$
72$
*
Feb
Briggs Mfg com
Brown, McLaren com
Jan
Burroughs Add Machine.*
Jan
Jan
212$
7
Jan
32
180
32
Feb
35
Jan
202$
212$
553
192$
Jan
22 2$
Jan
441
88c
Jan
1.00
Jan
533
112$
Jan
122$
Jan
100
95c
Feb
1.25
Jan
62$
90c
1
Burry Biscuit com...l22$c
Jan
32
Bower Roller Bearing.—5
12
112$
95c
90c
12
95c
62$
976
The Commercial & Financial Chronicle
Friday
Sales
Last
Stocks (Concluded)
Consumers Steel
Week's Range
for
Sale
of Prices
1
com
1%
1%
Federal Mogul com
*
2H
com
3
com
1%
General Motors com
Goebel Brewing com
10
6% preferred B
6%% preferred C
25
29%
13%
14
25
35%
8%
5%
35%
8%
5%
16%
14%
3,184
1,401
320
14%
Jan
3,134
4%
300
2%
Feb
Feb
10,738
12
Jan
4%
661
400
4%
2%
31%
4%
2%
180
28%
159
204
4%
2%
51%
2%
2,595
Feb
Jan
Jan
Jan
Transamerlca Corp
Union Oil of Calif
25
35%
8%
5%
16%
Feb
Universal Consol Oil
10
14 A
Jan
19%
4%
15%
4%
2%
32%
Jan
4%
2%
*
2
Feb
Veea Airplane Co
Jan
Wellington Oil Co of Del-1
Jan
Jan
5
Jan
Jan
2%
Jan
Jan
55%
5%
5%
3
3
2%
1%
Feb
Jan
74c
600
Amer Rad & Std Sanl
60c
Jan
75c
Jan
1,241
Feb
6
Jan
Amer Smelting & Refining*
Amer Tel A Tel Co
100
12c
12c
al%
Jan
alO
.*
a9% alO
a50%
Hurd Lock & Mfg com—1
41c
41c
47c
500
41c
Feb
Kingston Products com_.l
62c
Jan
1%
1%
180
Aviation Corp (The; (DeB3
1%
Jan
42c
1%
Jan
40c
700
40c
Baldwin Locomotive vtcl3
Feb
al6%
50c
Jan
4
4
BarnsdaU Oil Co
Jan
4%
1%
Jan
Bendlx Aviation Corp
Bethelem Steel Corp
alVA
31%
2
Michigan Silica
1%
6
1%
Jan
200
90c
Jan
1%
Jan
19c
25c
Jan
2%
78c
8%
IH
10
3H
Peninsular Mtl Prod com.l
Pfelffer Brewing com
*
1%
9%
IX
5
com
Rick el (H W) com
2
River Raison Paper com
1%
9%
1%
2%
5%
5%
1
com
Std Tube B com
1%
"iii
l
Stearns (Fred'k) pref.._100
Timken-Det Axle com
10
Tivoll Brewing com
"22 %
1
com
1%
99
1
Tom Moore Dist
2%
24%
5%
1%
1%
2
535
959
22%
2%
Jan
83c
Jan
Jan
9
Jan
.5
675
100
160
25
Caterpillar Tractor Co.—*
*
abOX
6X
*
14 X
7%
Feb
a24X
Electric Pow & Light
Jan
General
Jan
Goodrich (B F) Co
*
Intl Nickel Co of Canada. *
Jan
9%
1%
9%
Jan
Jan
Feb
1%
Jan
Jan
3
Jan
2%
Jan
25
Jan
Jan
Jan
5%
1%
1%
99%
Jan
24
Jan
Jan
Jan
Feb
Feb
Feb
Class
FJeet.rlc
11
1
Feb
38
Jan
40
Jan
al9
017% al9
o35% o36%
95
20
Jan
20
Jan
39%
Jan
38%
Jan
a36X
4
1%
200
18
17%
18
688
Jan
18
26
Feb
X
3%
IX
26%
3%
1%
26%
120
26%
Feb
550
3%
Jan
1,390
1%
Jan
18c
26%
3%
1%
Feb
3%
1%
18c
20c
750
10c
Jan
20c
6%
6%
6%
250
6%
Jan
6%
Feb
Jan
Feb
Jan
Radlo-Kelth-Orpheum
Republic Steel Corp
6
IX
*
Sears Roebuck A Co
21X
*
a84X
Bocony-Vacuum OH Co..16
Southern Railway Co
*
alllA
Standard Brands Inc
18 X
a
*
Standard Oil Co (N J)..25
44X
Stone A Webster Inc
*
alOX
1
11%
25
22%
26
43 %
alOX
82%
U S 8teel Corp
Warner Bros Pictures
1
3%
a7%
4
Corp
5
Consolidated Oil Corp
Consolidated Steel Corp..*
Preferred
♦
10
Douglas Aircraft Co
*
Electrical Products Corp.*
o85
Fitzslmmons Stores Ltd_.l
Rights
Penna Salt M fg
Feh
11
8%
8%
200
20c
21c
3,632
052% a54%
5%
5%
8
8%
022% a23%
37
37%
535
75c
Jan
36c
Jan
Phila Rapid Transit
54%
Jan
5
Jan
1,100
8
37
22%
Jan
53
42%
Feb
Feb
11
Jan
Feb
82%
Feb
Jan
275
Feb
15%
48%
38%
62%
45
142
Jan
3%
7%
8
2
175
"§I"
50
4%
Philadelphia Traction
50
13%
6,000
7c
Jan
9o
1,872
28%
Jan
32%
1%
Feb
3
Feb
4%
728
4%
Jan
4%
9,235
1%
Jan
2%
Jan
32c
36,330
20c
Feb
32c
Feb
47c
47c
225
45c
Jan
50c
X
4
~"~2%
*
2%
High
Feb
598
50
168%
13%
113
...
11%
Jan
Jan
13%
172%
Feb
14%
Jan
122%
Jan
124%
Jan
5
Feb
6
Jan
280
646
Jan
172
119
Jan
2%
3%
810
2
Jan
2%
Jan
230
3%
7%
1%
Jan
3%
Feb
Feb
8%
Jan
Jan
2%
24%
175%
120%
31%
2%
5%
14%
8
5
659
1,250
1,975
2,150
1
4%
2%
.
Jan
50%
21
Jan
151
166%
Jan
53
117%
Jan
460
30%
Jan
Jan
Jan
Jan
55%
Jan
126
Jan
Jan
Feb
Jan
Jan
40
2%
Jan
300
4%
Feb
500
Jan
284
11%
46%
Jan
48%
Jan
30
41%
Jan
47
Feb
187
%
3%
Jan
1
Jan
Jan
4%
Feb
2
Jan
2%
41%
Jan
Feb
15%
116%
Jan
1,582
845
Jan
20c
%
50
United Corp com
Preferred.
Low
263
Jan
2
1%
21%
22%
173% 175%
118
118%
31
31%
2%
2%
50
Union Traction
6,523
Jan
Jan
Jan
9c
Jan
4
20%
80c
1%
4%
2%
Jan
Jan
Feb
Range Since Jan. 1, 1940
Shares
47
32%
Feb
10%
78%
15%
48%
38%
334
46%
9c
43%
54
47
30%
53%
125%
46%
Jan
Feb
Jan
*
1%
Jan
Jan
Feb
Jan
2
Feb
Jan
5c
6c
5,500
4c
Jan
6c
47c
2,260
380
Feb
47c
110
11%
Jan
12
Feb
33%
Jan
33%
Jan
34
Jan
34
Jan
38%
49%
40
41%
218
38%
Jan
14%
14%
115% 116%
10,326
14%
Jan
148
115%
Jan
$2,000
11%
Jan
Bonds—
Jan
.
13%
Feb
Jan
14%
Jan
35%
47%
41%
116
Elec A Peopls tr ctfs 4s 1945
Feb
105
..*
United Gas Imprvmt com-*
Preferred
*
Jan
13%
Jan
13%
Jan
38c
12
033%
10
com*
047%
o7%
14
12
2%
7%
7%
1%
1%
7%
5%
a47%
33
12
o33% o33%
a33% o33%
37%
38%
o46% 047%
a7%
o7%
13%
14
2%
7%
4%
135
15
8
Jan
8
Jan
230
12
Jan
14
3
to
Feb.
9,
both inclusive, compiled from official sales lists
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Stocks—
Par
Jan
2%
Jan
Jan
8%
Jan
1%
7%
5%
114
Feb
1%
Jan
Blaw-Knox Co
*
8%
Jan
2,590
Jan
5%
Jan
Byers (A M) com
Carnegie Metals Co
*
4%
1
Feb
Clark (D L) Candy Co...*
Columbia Gas & Electric.*
Price
Allegheny Ludlum Steel..*
Armstrong Cork Co
*
200
7%
1%
7%
33
oll% oll%
o34%
34%
34%
Range Since Jan. 1, 1940
Feb
2%
a34
Sales
Friday
724
oll%
34%
520
Pittsburgh Stock Exchange
Feb.
540
o47% o47%
33
35
2%
7%
034
page 977
112
4%
30%
Scott Paper
5c
25
Jan
Feb
Feb
Tacony-Palmyra Bridge—
Class A participating..*
Transit Invest Corp pref-25
38c
1
12
11%
22%
3%
Jan
50
Jan
Jan
Jan
75
Feb
25c
Markets"2
12
9%
4
8%
10
45%
43%
60
1,450
5%
38%
Jan
Jan
85
Jan
90%
Jan
Jan
Jan
Jan
Jan
75c
Jan
7%
Jan
14%
47%
9%
17%
Jan
6
4%
80%
Jan
47c
Republic Petroleum com.l
Richfield Oil Corp com
*
Warrants
80
10
6
107
300
7% preferred
2
22%
50
Jan
29%
52%
3%
*
Feb
11%
12%
170% 171%
13%
13%
123% 124%
5%
5%
6
5%
80%
80%
120
1
Feb
10
Jan
Jan
Sales
2%
50
20c
200
225
RR
8%
52
521
29%
Phila Elec of Pa $5 pref..*
Phlla Elec Pow pref
25
30%
033%
38%
384
9c
Rights
see
Jan
1%
4%
2%
Mt Diablo Oil
Mng & Devi
Nordon Corp Ltd
1
Oceanic Oil Co
1
Pacific Finance Corp com 10
For footnotes
383
32%
1
6% pref A
Jan
25
43o
11%
234
61
3%
3%
10
Jan
10
5%
(Pa) com-*
Lehigh Coal & Navgtn
*
Lehigh Valley
50
Jan
Feb
a75c
pref.._l25
8
5%
10%
35o
10
5%
......
Horn A Hardart
Jan
200
a75c
6%
Jan
Jan
36c
10
Security Co units of ben int
Shell Union Oil
Corp
*
So Calif Gas
7%
4%
9%
35c
o75c
*
240
Pennsylvania
1
Lane-Wells Co
l
Lincoln Petroleum Co.-10c
Lockheed Aircraft Corp-.'l
Los Ang Industries Inc... 2
Los Angeles Investment. 10
Ryan Aeronautical
Co
Safeway Stores Inc
General Motors
Nat'l Power & Light
Pennroad Corp vtc
a23%
124%
Electric Storage Battery 100
Jan
Jan
75c
Roberts Public
Jan
90%
Jan
75c
Pacific Western Oil
Corp 10
Puget Sound Pulp & Tlmb*
26
10%
37%
..25
Jan
Jan
11
1
com.. 25
25
88%
Jan
...*
12%
*
285
Jan
Feb
70
for
*
com
Jan
8%
Goodyear Tire & Rubber.«
6% 1st pref
Pacific Indemnity Co
Pacific Lighting Com
Jan
5
10
20c
Globe Grain & Milling. .25
Pacific Gas <fe Elec
5
Curtis Pub Co
2
Jan
11%
17%
Jan
Week
*
Chrysler Corp
Jan
Jan
19%
1%
22%
945
200
of Prices
Low
High
100
Feb
1%
10%
384
Feb
Week's Range
Price
*
Budd (E G) Mfg Co
Budd Wheel Co
230
o54%
6%
*
Menasco Mfg Co
American Stores
American Tel & Tel
245
8%
10
Holly Development Co
Hupp Motor Car Corp
Par
10%
384
Jan
Jan
1%
Sale
10%
384
9
6
400
both inclusive, compiled from official sales lists
Jan
4%
380
Jan
Jan
Philadelphia Stock Exchange
Feb. 9,
to
4%
10
508
9
6
Jan
Jan
660
Jan
Jan
Jan
65
Jan
Barber Asphalt Corp
10
Bell Tel Co of Pa
pref..100
High
450
17
21%
Jan
Jan
385
3%
36c
Farmers A Merchs NatllOO
com
4%
o25% o25%
o80% o87%
7%
7%
4%
5%
9%
10
a82% o85%
Jan
57%
10%
10%
1
A Co
2
4%
Jan
7%
Last
Week
3%
7
25
al6
Friday
Range Since Jan. 1. 1940
1,150
175
Jan
21%
7%
7%
24%
105
10%
10%
Emsco Derrick A
Equip..6
com
o7%
2
7A
a.25%
087%
7%
6%
Chrysler
Exeter Oil Co A com
o7%
2
Broadway Dept Store
*
Calif Packing
Corp com..*
4
Jan
200
Teletype L.A. 290
Low
Feb
Jan
Jan
845
Sales
3%
61
3%
9, both inclusive, compiled from official sales lists
Barker Bros Corp com
*
Bolsa-Chlca Oil A com. .10
Hanoock Oil Co A
61
5
Angeles Stock Exchange
Petroleum Co
Gladding McBean
*
18%
26%
16
22%
21%
283
a47% a49%
38% 38%
38%
Feb
3%
Stocks—
General Motors
a49X
Jan
35%
214
82%
al6
Jan
36%
Jan
Westlnghouse El A Mfg 50iall3% al08%a!13%
of Trade
San Francieco Stock Exchange
F*»b. 3
Bandini
78%
al6
United Aircraft Corp.....5
US Rubber Co
10
MEMBERS
Shares
330
7
43% 44%
alO% al0%
10%
11%
22%
22%
42%
43%
alO% al0%
4%
Jan
357
6
7
Feb
36%
35%
Jan
138
1%
19%
21%
a83% a84%
all% all%
al7% ol8%
7
Union Carbide A Carbon.*
United Air Lines Transp_.5
Wm. Cavalier & Co.
High
180
205
1%
*
—.
4
500
36%
35%
a54%
al7%
26%
021%
a7%
a7
6
Tidewater Assoc Oil Co. 10
Low
35%
35%
a54%
a51%
al7% ial6%
25%
24%
a21%
021%
a.7 Xs
06%
Texas Corp (The)
Price
4
4
Studebak er Corp
Swift A Co
Par
260
a8%
1%
Stocks—
12
22%
Jan
Jan
335
c8%
IX
for
Feb
a 40%
08%
Universal Cooler B
*
Universal Products com..*
Walker & Co A
*
Weeks Range
of Prices
4%
a38
Radio Corn of Amer
Sale
Jan
233
039%
Pure Oil Co
Last
Jan
..*
*
Jan
Friday
14%
Feb
a7
Jan
Feb.
Jan
8
22%
Feb
to
51 %
7
Jan
Feb
11
a7
43c
3
Jan
6%
13%
3%
29%
22X
4%
5%
1%
Feb.
61%
260
Jan
50
Jan
Los
115
225
Jan
RR
Jan
Jan
Feb
Feb
Feb
Feb
Pennsylvania
Jan
Los Angeles
Feb
9%
Paramount Pictures Inc__l
26c
523 W. 6th St.
Feb
23%
8
Jan
4
Chicago Board
73%
400
29%
Jan
1%
16%
31%
324
65
*
3%
York Stock Exchange
31%
73%
23%
Jan
Jan
a6%
Ohio Oil Co
120
Angeles Stock Exchange
Feb
7%
a6%
New York Central RR.. *
Nor American Aviation.10
North American Co
*
800
New
15
185
06%
Montgomery Ward A Co.*
1,950
Lob
Jan
Jan
145
36%
41c
2
6
15
35
2.230
35%
3%
5%
com
739
385
11
Jan
2%
Jan
29%
*
38c
Wolverine Tube
Feb
145
10%
29%
Loew'slDo
3%
Warner Aircraft com
1
Wolverine Brewing com_.l
Feb
5%
24%
Jan
29%
International Tel & Tel.—*
Kenneoott Copper Corp..*
4%
*
28%
Jan
*
Co
41c
B
Jan
5%
23
.1
A
"ix
*
28%
a24% 024%
Curtlsa-Wright Corp
Jan
Jan
2%
Jan
Jan
36
3%
44%
Jan
21
10
47%
a5
Jan
99
Jan
Jan
20
23%
a5
ab
Columbia Gas & Elec
Commercial Solvents
1
United Shirt Dist com
United Specialties
23%
Jan
Feb
305
23 X
4X
Feb
1,100
7
1
2
30
Jan
10
212
al5% al6%
all% all%
31%
31%
73%
73%
Continental Motors
Feb
4%
1%
1%
Jan
2%
47%
379
22%
7%
Continental Oil Co (Del).5
24
250
73 X
21%
Jan
399
1,008
14 %c
Jan
165
5%
24%
Feb
518
6,242
*
5
5%
23%
1%
16%
Jan
8%
1%
6%
1%
2%
100
Jan
2
Jan
118
a49% a50%
6%
6%
14%
14%
4%
4%
Jan
43
466
99
22%
2%
%
2%
Feb
7%
1%
16%
5%
3%
450
3
2
24
1
1,874
Jan
75c
4,255
3
*
Sheller Mfg com
7%
Jan
2%
450
1,994
3%
43%
9%
1%
9%
1%
9
3
*
_.
com
100
78c
43%
"9"
com
2%
8%
1%
16%
75c
8%
1%
16%
6%
3%
"7"
*
..
25
.
Canadian Pacific Ry
1
com
5
Borg-Warner Corn
Jan
28%
5%
24%
22 %
50
5
200
*
Simplicity Pattern
Atlantic Refg Co (The)
Jan
Copper..
600
*
com
Scotten-Dillon
Jan
171
Atch Topeka A 8 Fe RylOO
95c
*
Reo Motor
Armour A Co (111)
Jan
21c
1
com
Parker-Wolverine
Anaconda
Feb
93c
....
Murray Corp
Jan
14%
13%
20c
Mid-West Abrasive com.60
Motor Wheel com
6
Packard Motor Car
18
Jan
1
com
Michigan Sugar com
Micromatic Hone com
Parke Davis
Feb
Feb
1
—
Jan
390
a47% a50%
170% 171%
28%
28%
7%
Kinsel Drug com
1
Lakey Fdry & Mach com. 1
com
3%
Jan
Jan
Jan
Unlisted—
1,225
Masco Screw Prod com
Feb
Jan
60
5%
La Salle Wines com
Jan
6%
17%
15%
5%
Jan
'
5%
McClanahan Oil
Jan
Feb
1,000
al%
b%
952
5%
12c
12c
Hudson Motor Car com..*
141
10
16%
al %
5%
17%
13%
11%
5%
110
Jan
Jan
36
Mining—
Blk Mammoth Cons M 10c
Cons Chollar G & 8 Mng. 1
5%
600
Jan
Jan
8%
Jan
Jan
90c
b%
3
IX
65c
1,100
16%
14%
Jan
Jan
Jan
250
Jan
5%
17%
14%
11%
650
4%
1%
Feb
24%
Superior Ofl Co (The)
Taylor Milling Corp
19
12%
24
24%
Jan
Jan
15
17%
Jan
1%
1%
15%
250
14%
13
30%
29%
15%
26%
Jan
~6%
*
Jan
Jan
1.00
.
Feb
28%
24 %
1.00
B
30
*
__1
Grand Valley Brew corn.,1
Hall Lamp com
*
Houdaille-Hershey
35
Jan
Southern Pacific Co—100
2%
Hoover Ball & Bear com 10
Hoskins Mfg com
2%
472
High
28%
29%
Htandard Oil Co of Calif.
210
1%
29
Low
2,100
2,085
1,212
1,335
1,675
Jan
2%
com
29%
29%
29%
Jan
125
25
1
Graham-Paige
29
29%
29 %
Range Since Jan. 1, 1940
Shares
1%
210
54%
2%
Jan
High
Jan
Feb
1%
15
53
80 Calif Edison Co Ltd..25
Feb
Low
Price
Par
for
Week
1%
100
2%
0/ Prices
29%
13 %
19%
4%
15%
com—„
Week's Range
1
250
1%
Stocks {Concluded)
Jan
85c
800
4%
12%
4%
2%
31%
4%
14 %
Gar Wood Ind
Feb
19
4%
Frankenmuth Brew com__l
Fruehauf Trailer com
1
General Finance
Jan
75c
122
15
5
Federal Motor Truck
3%
208
1%
Feb
IX
4%
400
1%
High
85c
3,118
75c
123
1%
Det Paper Prod com
1
Detroit Steel Corp com —5
Detroit Steel Prod com—*
com
200
1%
Dct-Michlgan Stove com.l
Eureka Vacuum
Low
10, 1940
Sales
Last
Sale
4%
75c
122
122
Range Since Jan. 1. 1940
Shares
85c
4%
75c
Detroit Edison com
100
Detroit Gray Iron com—5
High
85c
4%
10
com
Low
86c
Continental Motors com..1
Det A Clev Nav
Friday
Week
Price
Par
Feb.
Jan
50
94
31
Jan
33
45
Devonian Oil Co
92
34%
Jan
412
33%
Feb
34%
34%
Jan
Jan
21
22%
40
40%
38
10
10%
120
13%
12%
13%
55
30c
30c
30c
4,240
22%
«
~
—
•
6%
5%
195
Low
High
Jan
22%
Feb
37
Jan
40%
Feb
10
Jan
12
Jan
11%
13%
Feb
Jan
40c
Jan
6
Feb
18%
30c
Jan
6
625
6%
275
6%
Jan
7%
16%
200
16%
Feb
17%
Jan
1,991
11
Jan
12%
Feb
350
13
Jan
20
Jan
6%
16%
12
11%
12%
19%
18
19%
10
Duquesne Brewing Co...5
Follansbee Bros pref
100
Shares
5%
Jan
Jan
Volume
The Commercial &
150
for
of Prices
Stocks (Concluded)
"l~X
Mountain Fuel Supply.. 10
*
*
5
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt..*
San Toy M lnlng Co
1
Vanadium-Alloys Steel...*
Westingbouse Air Brake. *
Westinghouse El A*Mfg_50
Pittsburgh Brewing pref
Uniisted—?mm
3,769
10
Feb
15
684
13%
Jan
15
Feb
20%
695
19
Jan
20%
9%
15
*
Feb
Hutchinson Sugar PlantalS
8
8
65
Jan
Langendorf UtdBkA
*
16
16
200
2,784
5
Jan
6%
1%
1,060
IX
50
Jan
Jan
Feb
Jan
34
10
1.00
..10
3.25
Hunt Brothers com
Preferred
Feb.
to
40
40
lc
3,500
50
Jan
Jan
Jan
Leslie Salt Co
10
43%
34
60
30
Jan
33 X
26 X
521
23
Feb
28%
42
106%
Jan
117%
IX
145
1%
Jan
2%
32
23
34
LeTourneau (R G) Inc..
Jan
"31%
Corp..l
2%
of Prices
Low
High
Price
lists
41
52
616
50o
Jan
9
675
9
Jan
9%
15
Jan
16%
Jan
Feb
100
11%
Jan
12%
1.96
2.60
11,711
1.75
Jan
2.70
Jan
21c
33c
31,633
21c
Feb
33o
Feb
8
306
7%
Jan
8%
Jan
650
9%
Jan
10
Jan
28%
Jan
23%
23%
179
21%
Jan
23%
Feb
4%
4%
200
4%
Jan
4%
Jan
5%
13%
5%
630
5%
Feb
5%
13%
Feb
23%
*
Paauhau Sugar
5%
Plant...l5
51
Jan
52%
Jan
16%
Jan
20%
Jan
13%
32%
32%
45
31
Jan
32%
Feb
Feb
Feb
Pacific Can Co com
12
14%
14%
15
70
14%
Feb
15%
Jan
25%
25
26
143
25
Feb
27
Jan
6% 1st pref
5%% 1st pref
Dr Pepper com
9
9
100
9
Feb
9
Feb
Pacific Light Corp com.
120
120
Hussmann-Llgonler
St Louis P Serv com
Securities Inv
Jan
55
10
35%
366
9%
200
3%
495
10
11
11
11
11
100
100
Jan
Feb
R E A R Co Ltd
5%
Jan
Feb
19%
Jan
Feb
3%
Jan
Feb
14%
Feb
11
Feb
11%
| Jan
398
11
Feb
Jan
50
100
3
Feb
9%
Feb
10%
Jan
4%
Feb
6%
Jan
110
30
4s
c
1
Feb
Jan
6
| Jan
Feb
80 Cal Gas Cp pref ser
Jan
35%
Feb
Southern Pacific Co
92%
93
87%
Jan
91%
Feb
82%
17
Feb
82%
Feb
Spring Valley Co Ltd
Standard Oil Co of Calif.
Jan
9
Feb
Feb
36
Feb
9
9
35
82%
8%
36
36
50
36
6%
6%
6%
460
26%
26%
26%
675
37%
37%
65%
10
9%
1964
Income conv
67%
37%
64%
65%
25
34
91%
d's
1.60
Schleslnger Co (B F) com.*
24
82%
St. Louis P Serv 5s.._ 1959
5%
70
Jan
5%
26
Jan
1.37
7
Feb
Shell Union OH com
29%
100%
A.25
100
14"
Feb
"24%
Super Mold Corp cap.-.lO
Texas Consolidated Oil Col
Thomas Allec Corp A__
Tide Water Ass'd Oil com
Jan
38%
Jan
Vega Airplane Co com
Feb
38%
Jan
Jan
12%
Jan
36%
37%
15,700
6,000
65
Feb
5%
Jan
9%
12%
18%
17%
26
1,090
Jan
Feb
Jan
Jan
23
Jan
Jan
19%
28%
Jan
Jan
Feb
Jan
125
2.55
Jan
2.75
Feb
19
19%
838
18%
Jan
19%
8%
Jan
7
806
7%
Jan
105
10
103%
Jan
6%
1,701
4%
Jan
1.60
1.60
341
1.60
5%
40
5%
11%
298
11%
2,937
7%
4%
Jan
Jan
105
5%
Jan
Feb
1.60
Feb
Feb
6%
11%
Jan
Feb
Jan
30
Feb
Jan
102
26%
99%
33%
Jan
34%
Jan
14
1,443
12%
Jan
15%
Jan
6
200
5%
Jan
30
29
100% 100%
34%
34%
13%
28
Jan
100%
Feb
Jan
6
24%
33
Feb
32%
Feb
Jan
26%
649
24%
24
33
3,701
Jan
20c
300
20c
Feb
20c
Feb
46c
100
46c
Feb
460
Feb
10%
Jan
11
10%
745
10%
Feb
5%
5%
4,285
6%
Jan
649
5%
16%
Jan
16%
Feb
8%
Jan
17%
8%
Feb
4%
Jan
5%
Feb
3
Jan
8%
8%
121
'"5%
5%
5%
619
"28%
1
10%
28%
Agricultural Co 20
Weill A Co (R) com
100
Wells Fargo Bk A U T.100
Western Pipe A Steel Co. 10
Yel. Checker Cab ser 1..50
Waialua
181
3
3
.5
Preferred..
2,153
Jan
7%
14%
16%
"10%
Victor Equip Co com
66%
11,000
5,000
Feb
46c
25
Union Sugar com
Jan
Jan
7%
20c
10
2
Union OH Co of Calif..—26
68
67
155
453
32%
Transamerica Corp
*1,000
154
2.75
6
*
Jan
6%
28
Jan
5%
11%
series A. 100
Ryan Aeronautical Co
1
Roos Bros pref
334
35%
5%
18%
28
105
105
1
1
7
35%
Feb
5%
149%
69
22
18
27%
"19%
7
5
5%
5%
114
151% 152%
7%
7%
14%
13%
Jan
Feb
110
Jan
2.75
*
SoundviewPulpCocom. 5
Preferred
100
Jan
109
20%
130
21%
132%
64
7%
7% pref
Jan
5%
20%
28
Jan
266
132%
22
Richfield Oil Corp com..
150
37%
United Railway 4s
151%
5%
Jan
Jan
315
132
Jan
Jan
107%
5%
20%
132%
Rbeem Manufacturing Co
14%
140
87%
Jan
108%
120
108
108
Republic Petroleum com.
17%
195
1941
1934
Jan
47%
50
25
Preferred
Feb
5
Bonds—
Scullln Steel 3s
31%
Feb
"14%
9%
5
1
15
Feb
47
"18%
36%
Jan
9%
"92%
30%
pref..100
1
Jan
4%
7
Jan
229
1,016
33%
30%
Corp 10
Puget 8ound P A T com.. *
Feb
9%
......
34
....100
Preferred
55
5
110
Feb
*
Jan
"9%
110
Feb
32%
33%
Rayonler Incorp com
14%
Jan
34%
Pacific Western Oil
9
110
1.50
Jan
5%
1st preferred
34%
18
Feb
Pacific Tel & Tel com.. 100
53
17%
*
*
Wagner Electric com
11%
11%
105%
100
100
Sterling Alum com
Feb
325
5
com
11
5
.
Scullln Steel com
245
40
100
1st preferred
11
11
10
cl A. 1
2nd preferred
Feb
11
100
Preferred
44
3%
14%
pfd 100
*
Scruggs-V-B Inc com
Feb
34
Rice-Stix Dry Goods com. *
1st preferred...
44
34
"l8"
Lemp Brew com
5
Meyer Blanke com
*
Midwest Pip A Sply com.*
Mo Port Cement com
25
St Louis Car com
10
5
Laclede-Christy C Pr com*
Laclede Steel com
20
Natl Candy com
44
9%
9%
34
*
Nat Bear'gs Metals
Feb
34%
35
*
Preferred
15%
55
"55"
Hyde Park Brew com
10
International Shoe com..*
Knapp Monarch com
Jan
11
com.*
1.35
32%
Pacific Pub Serv com...
44
"44"
660
1,664
1,374
47%
Feb
Feb
1.40
34%
33%
30%
*
Feb
Jan
11
1.35
33%
25
7%
205
13%
Jan
33%
25
Corp *5div
25
"l~35
25
Pac G & E Co com
Jan
15%
Grlesedleck-West Br cm..*
*
Pacific Coast Aggregates.5
Pac Light
120
♦
1
....
Jan
7%
15%
Jan
15%
12%
364
Feb
125
15
Feb
Feb
15o
100
62
65c
Jan
29
2,821
Jan
Jan
260
7%
Feb
10c
13%
1
7%
32%
300
20%
Feb
Jan
15c
52
7%
6%
15c
13
120
173
20
19
20
Jan
7%
32%
Jan
10
52
585
35
25%
13%
7%
43%
Feb
25%
20
120"
Jan
32%
1
10
Coca-Cola Bottling com__l
Columbia Brew com
5
Elder Mfg com
43
110
pf 100
Class B.
42
Feb
41
25
355
34
65c
2.05
Oliver Utd Filters A
High
Low
Shares
41
*
43%
7%
Occidental Petroleum
Week
40
10
N Amer Invest 6% %
1,1940
Range Since Jan.
Jan
9
NatomasCo
for
Range
40
60c
26c
Natl Auto Fibres com
Sales
60
15%
12%
1
com
Jan
Feb
8%
65c
Rights
compiled from official sales
s
Co
16
Jan
31
March Caleul Machine...5
Menasco Mfg
8
Jan
9
*
Magnln A Co. (I) com
Feb
Feb
8
8
7%
Libby McNeill A Llbby..7
Jan
2.00
15%
183
8%
8%
*
Lockheed Aircraft
Week
1
Feb
Preferred
Sale
General Shoe com
3.75
Class B
IX
Falstaff Brew com
2,127
Jan
8%
109% U2 X
*
*
Ely A Walker D G 1st pf 100
3.75
2.05
Feb
"25%
50
1
Feb
lc
Last
5% preferred
-1.10
Feb
32
Chic A Sou Air L pref
Jan
Feb
9, both inclusive,
Burkhart Mfg com
55c
lc
lc
Par
852
6%
Magnavox Co Ltd
com
Feb
1.10
165
1
Stocks—
76c
lc
Friday
American Inv
Jan
7X
7X
St. Louis Stock Exchange
3
750
134
1%
102
Meier & Frank Co Inc... 10
Feb.
1,300
6X
99 X
160
IX
Jan
76c
75c
1
Holly Development 1
Jan
75c
99 X 100%
34
IX
9
10
*
Hawaiian Pine Co Ltd
m
vTt'c
Pennroad Corp
10
14%
20
*
Hale Bros Stores Inc
Jan
Jan
Jan
Feb
Feb
High
Low
Feb
32%
1%
99%
"Vx
.
Par
1,1940
Week
90
9%
IX
IX
34
_ _
Pittsburgh Oil A Gas
Shares
Price
Golden State Co Ltd
1,506
5X
5H
IX
Natl Fireproofing Corp
for
of Prices
Low
High
Jan
1%
Jan
Jan
10%
10
9X
*
Lone Star Gas Co
85
90
88
90
100
Koppers Co prel
Stocks (Concluded)
High
Low
IX
84%
100
IX
IX
1
Shares
High
Low
Price
Par
Fort Pitt Brewing
Week's Range
Sale
Week
Sale
Range Since Jan.
Last
1,1940
Range Since Jan.
Week's Range
Last
Sales
Friday
Sales
Friday
977
Financial Chronicle
10%
350
28%
30
100
294
"18%
100
32
294
20
18%
18%
21%
326
80
22
3
Jan
10
Jan
10%
27%
Jan
Jan
28%
100
Feb
294
Feb
Jan
Jan
Feb
100
300
Jan
15%
Jan
18%
Feb
20
Jan
22
Feb
171
Feb
ST. LOUIS, MO.
Unlisted—
Gatch Bros.,
Amer Rad A Std
Jordan & McKinney
ACTIVE IN:
ST.
LOUIS
STOCK EXCHANGE ISSUES
ST.
418
(MEMBER)
Garfield 3450
St. Louis Bank and Trust
Bid
Ask
Mercantile
39
36
Boatmen's National Bank.
First National Bank
42%
44%
Mississippi Valley Tr Co..
30
32
San
Feb. 3 to Feb. 9,
Commerce
Francisco Stock
both inclusive, compiled from
Diesel Engine..5
Bank of California N A. .80
Bishop Oil Co
2
Byron Jackson Co
*
Calamba Sugar com...-20
Preferred
20
Calaveras Cement pref. 100
Calif Packing Corp com..*
for
of Prices
Low
High
Price
7
4%
7%
124
16%
Crown Zellerbach
Preferred
00m—6
..
El Dorado Oil Works
*
ColO
Fireman's Fund Ins Co
26
Food Machine Corp com 10
Foster & Klelser com—2%
Preferred
25
Galland Merc Laundry—_ *
General Motors com
10
Genl Paint Corp com
*
Preferred
*
Fireman's Fund Indm
Gladding McBean A Co..*
124
772
200
1,108
20
6%
4
5%
122
Jan
Jan
Jan
Feb
7%
""3%
4% ' Jan
7%
125
Feb
Jan
1.55
100
1.50
Feb
1.55
Jan
13%
14
995
Feb
15%
Jan
16%
16%
420
13%
16%
Jan
18
Jan
20%
245
19%
Jan
20%
Jan
37
Feb
37
37
Feb
25%
26%
1,039
22%
Jan
26%
Feb
27c
100
2?c
Jan
32c
Jan
20
491
49%
Feb
55
Jan
3%
1,500
352
3%
84%
Jan
84%
Feb
3%
84%
Jan
Feb
53%
32%
51%
3%
54%
710
51
Jan
54%
Feb
31%
23%
Feb
32%
Feb
Jan
51%
32%
23%
"8%
8%
32%
23%
8%
1,073
345
600
8
Jan
Feb
24%
8%
Feb
90%
90%
Feb
8%
"17%
17%
17%
290
17%
Jan
18%
41%
41%
110
40
Jan
41%
Feb
Jan
Jan
Jan
Jan
Feb
39%
94%
40
112
36%
Jan
40
Feb
96%
423
93%
Jan
96%
32%
32%
165
32%
Jan
33
Feb
Jan
1.75
100
1.75
Feb
18%
18%
20
18%
20%
20%
20
20
53
55
1,394
1,710
62
Jan
7%
6%
31%
31%
160
30%
5%
5%
100
5%
Jan
5%
16%
5%
16
8
"4o"
96%
1.75
54%
7
7
5%
17
91%
8
Jan
5%
2,385
15
Jan
17%
75
90
Jan
92%
8
320
125
5%
9%
Jan
Jan
Jan
8%
132
8%
Jan
25%
8%
7%
691
6%
Jan
7%
3%
3%
100
3%
30%
Jan
3%
Jan
Feb
30%
Feb
1
596
084% o84%
84% 84%
4%
4%
32% 32%
c7%
07%
10%
11%
35%
35%
7%
7%
38%
40
017% 017%
6%
6%
Jan
Jan
7
"12%
100
Y__*
Consolidated Oil Corp...*
Curtlss-Wright Corn
.1
Domlnguez Oil Fields Co.*
Elec Bond A Share Co
5
General Electric Co
*
Goodrich (B F) Co com..*
Idaho-Maryland Mines.. 1
Intl Nickel Co of Can
*
Cons Edison Co of N
..
a7X
10%
""7%
40
""6%
......
36%
pf_.l
1.40
1.25
Corp com..*
036%
036 %
Italo Pet Corp of Am
Kenn Copper
12%
4
International Tel A Tel cm*
35%
4
170
113
288
300
1%
12%
82%
4%
30%
7%
Jan
Feb
Jan
Feb
Jan
2
14%
Jan
6
Jan
32%
Feb
Jan
Feb
Jan
4,654
9%
Jan
7%
11%
165
33%
Jan
36
99
110
Jan
7
Jan
Jan
86
8%
Jan
Jan
Jan
41
37%
Jan
2,300
5%
Jan
6%
Jan
160
36%
Feb
Jan
38%
4%
Jan
Jan
493
20
285
4
Jan
1.40
2,185
1.25
Feb
1.55
036%
25
35%
Jan
35%
Jan
24%
Jan
25%
Feb
25%
25
lie
11c
1,300
Jan
12c
Jan
lie
10c
M J A M A M Cons
8%
8%
8%
Feb
8%
Feb
8%
100
Monol Port Cem 8%
054%
150
55%
Jan
55%
Jan
3%
1,170
3%
Jan
4%
6%
Jan
7%
Jan
Jan
26%
Feb
Feb
23%
Jan
25
Jan
Bancorporatlon..*
1
pf.10
Montgomery Ward A Co. *
Mountain City Copper...6
Nash-Kelvfnator Corp...6
North American Aviation 1
North Amer Co com
10
Onomea Sugar Co
.20
Packard Motor Co com. .*
Pennsylvania RR Co...50
Radio Corn of America.-.
25%
054%
Riverside
3%
"26%
6%
26%
21%
*
80 Caiif Edison 00m
5%% preferred
Standard Brands Inc
Feb
Feb
Jan
Jan
Feb
trading privileges,
Jan
31%
Feb
year,
Jan
3%
Jan
38
21%
Jan
23%
Jan
290
5%
Jan
6
Jan
01%
20
4
Jan
4%
Feb
5%
Feb
9
4%
60
5%
300
24%
30
9%
90
5
Jan
Jan
25
Jan
9
Feb
12%
Jan
30%
Jan
23%
29%
29%
1,233
29
29%
29%
305
29
Jan
29%
25
29%
7%
815
6
Jan
7%
2,380
9
Jan
11
Feb
Feb
21%
Feb
Jan
*
1
.....
7%
10
11
10
21%
Jan
Jan
21%
21%
042% 043%
60%
"o3%
90
49%
49%
352
49%
Feb
1.00
49%
1.00
545
1.00
Jan
1.15
Jan
67%
60%
1,253
56%
Jan
Jan
1%
300
1%
Jan
66%
1%
03%
40
3%
Jan
3%
Jan
4
40
4
Jan
4
Jan
1%
o3%
4
47
Jan
a Odd lot sales.
6 Ex-stock dividend, c Admitted to unlisted
d Deferred delivery. rCash sale—Not included In range for
Ex-dlvidend. y Ex-rlghts. * Listed, t Ih default.
*No par value,
x
Feb
3%
29%
25
5
U 8 Petroleum
1
United States Steel com..*
Utah-Idaho Bug Co com..5
Warner Bros Pictures
5
West Coast Life Insur—5
18%
23%
15
24%
Slbk Co A...*
20%
55%
7%
25
c3%
5
Texas Corp com
Jan
23%
Jan
United Aircraft Corp cap.
Jan
215
23%
21%
*
25
8tudebaker Corp com
Sun McKee
210
ol%
4%
*
Co com
26%
21%
021% 021%
5%
5%
Schumach Wall Bd com..*
Shasta Water
Jan
6%
200
23%
o3%
*
Cement Co A..*
Preferred
053
3%
Radlo-Kelth-Orph
Feb
Jan
Jan
22%
1%
12%
1.75
6
Jan
8%
68
30%
Marine
Jan
84%
*
Emporium Capwell Corp.*
Preferred (ww)
50
122
4%
7%
Shares
27c
3%
5
Creameries of Amer com__l
6%
7
High
Low
37
26%
"61%
Coppermlnes
1940
20%
"11"
Co com 1
Cons.
official sales lists
1.55
Caterpillar Tractor com..*
Cent Eureka Mln
66%
Week
Gold M cap_.l
Chrysler Corp com
5
Clorox Chemical Co
10
Commonwealth Edison..25
Cons Chem Indust A
*
55%
Range Since Jan. 1,
Week's Range
Anglo-Calif Nat'l Bank.20
Associated Ins Fund Inc. 10
Atlas Imp
-
Sales
Sale
Par
Co.
Exchange
Last
Carson Hill
128% 131%
St Louis Union Trust
Friday
Stock*—
Bk
A Trust Co
Jan
Feb
200
1%
6% pref 1927
Ask
590
31
7
Cities Service Co com.. 10
Bid
171%
024% 024%
30%
Sullivan 2.50
Cal Ore Pow 6 % pf n-c. 100
Companies
Jan
Aviation Corp.-.5
Blair A Co Inc cap.....
on
Jan
27%
353
Bunker Hill A
Quotations
53c
170
8%
a24%
.
Bendlx
400
026 % 027%
9
9
5
Aviation Corp of Del
3
Aviation A Trans Corp-. 1
A. T. & T. Tel.
St. L. 494
OLIVE ST.
59c
58c
Atlas Corp com
LOUIS BANK STOCKS
20
565
171
171
Co. 100
(Del).
Anaconda Copper Mln..50
Anglo Nat Corp A com.
Atchls Top A Santa Fe 100
Inc.
a9X
a9X
Sanitary-
American Tel A Tel
Amer Toll Bridge
The Commercial & Financial Chronicle
978
Feb.
1940
10,
Canadian Markets
LISTED
UNLISTED
AND
Montreal Stock
Service
all Canadian
on
Exchange
Sales
Friday
Last
Stocks
Members
Montreal Stock Exchange
Greenshields & Co
507 Place
Montreal Curb Market
(Concluded)
3
3M
245
12 X
2,800
16M
283
15X
Jan
96 %
150
95X
101M
Jan
Province of Ontario—
6s
Oct
1 1942
1 1948
1 1956
6s
Prov of British Columbia—
5s
12 1949
96
mmrnmmm
104
1 1941
.--Aug
June
5s
Dec
15 1954
Apr
Sept
97
97
98
99M
91
92
95
86 M
88
June
15 1943
70
15 1946
72
77
4Mb
Oct
1 1961
64
68
1 1960
7M
6X
14 X
15
Bid
Ash
66
1 1946
84 X
85M
Sept
15 1942
5s
Deo
1 1954
83 X
84
Deo
15 1944
82 M
92
83 M
4Mb
94
4Mb
July
1 1960
76 M
77M
5s
1 1944
July
104 M
4Mb
Sept
105
Bid
Canadian National Ry—
1 1951
4MB-.
Sept
Ask
4Mb... .--.June 15 1955
4Ms--
...Feb
8Mb
1 1956
100 M
July
1 1957
1C0M 102
4s-
5s
July
1 1969
101
M 102M
3s
Grand Trunk Pacific Ry—
Jan
1 1962
Jan
—
1 1962
96
84
3,518
16
2,225
28
65
*
15
imperial Tobacco of Can.6
16
Imperial Oil Ltd
30 X
14X
15M
27 M
*
22 M
*
100
Preferred
Lake of the Woods
-
—
Lang A Sons Ltd (John A) *
3
21M
Jan
27
Jan
28
43
Jan
46
22 X
24
2,850
21M
Jan
21
4
105
Jan
6
Jan
—
mm 4.
4
166
90
Jan
94
Feb
485
23K
Feb
27
Jan
160
-«
16
mmm 4. m*.
13
13
4
4
5%
SX
»
8X
8
8%
National Breweries
73
Sale
Price
37
Acme Glove Works Ltd..*
6M% preferred
Agnew-Surpass Shoe
11M
»
Asbestos
*
Jan
69
74
Feb
78%
Jan
Jan
33 M
Jan
Feb
161M
Feb
12M
Feb
-.100
12 X
*
Ottawa L H & Power
100
100
preferred
9
131
mmmm
*
100
50
Associated Breweries
*
Assoc Breweries pref—.100
Bathurst Pow A Paper A.*
Bawlf (N) Grain
...»
Preferred
100
Bell Telephone
100
Brazilian Tr Lt & Power.*
British Col Power Cor p a *
JJ
^
-
Bruck
sui'Miusi
Building Products
*
pref.
_
Preferred
25
Celanese
*
Preferred 7%
1.50
1
2,931
50
Feb
8
16M
110
13 M
1.50
8M
Feb
Jan
26 X
18 X
Jan
Jan
Feb
Jan
Jan
30
140
25
Feb
166 M 168
267
166
Jan
8 H
28
9
29 M
2X
3,383
185
8M
27
Jan
Jan
Canadian Cottons
Preferred
Jan
.
Canadian Pacific Ry
Cockshutt Plow
Jan
25
Preferred
Dominion Bridge
Dominion Coal pref..
Dominion Glass
560
16
Jan
3,846
22
Feb
627
7
Feb
7%
80 M
2,680
71
Jan
80 m
16 X
16%
Jan
.26
17M
96 M
Jan
20
25
20
Jan
20
17
145
16%
5%
Jan
18
15 %
43
Jan
19
18
Jan
Jan
19M
107 m 107 m
Jan
5
106 M
Jan
107 X
1,563
Jan
5%
Jan
18
19X
1,620
4X
17%
Jan
20 X
Jan
28
28
30
Jan
30
"47M
45
22
22
47 M
22 X
1,048
13 K
12M
13%
mm
4%
1
Jan
50 M
Jan
Feb
24 X
Jan
525
12
Jan
13 M
Jan
116
120
5
9
14
Jan
45
22 X
929
120
Ioom
Jan
9
3,050
100 M 100 M
14
13X
15
120
Jan
Jan
9
Jan
99 M
Feb
103
Jan
Jan
Jan
9
13 M
Jan
15
145
79M
Jan
86 M
78
Jan
83
Jan
12
12
15
10
Jan
10
Jan
157
157
6
157
Jan
157
Jan
United Steel Corp
mmmm
6k"
5M
13
810
Jan
5X
Jan
3
76
2%
Jan
3
Jan
30
36
1,238
28 X
Jan
36
Feb
55
•
—*
55
23
23
2X
"36"
6X
Jan
6X
2
55
Jan
55
Jan
305
23
Jan
23 M
Jan
Winnipeg Electric A
*
2
2
2M
611
2
Feb
2M
Wlnnlneg Electric B
•
2
2
2
270
2
Jan
2X
Jan
mmm—mm
11
11
25
11
Jan
11%
Jan
mmm m mm
60
60
100
58
Jan
60
Jan
10 X
11
1,235
Jan
11
Feb
24 M
24 M
Jan
24 M
Jan
"23"
Wilslls Ltd
Preferred
100
Woods Mfg pref.
100
Zellers Ltd
16%
Preferred
35
9%
24
Jan
Banka—
Canadlenne
100
162
—...100
Commerce
....
162
23
162
Jan
172
198
168
Jan
171M
Feb
208
110
207
Feb
210
Jan
310
"
183
162
170
207
207
310
101
308
Jan
310
Feb
182
183
272
182
Jan
186
Jan
160
Jan
Montreal Curb Market
Jan
45
Jan
Feb.
Jan
7X
7,474
17M
19M
1.541
45
230
34 M
17M
37 M
127
19M
106
H2M 113
12
2X
2%
12
12
516
Jan
7X
13M
Feb
13M
Feb
13
Feb
16X
Jan
24
Feb
28 X
Jan
6,507
30
Jan
Feb
120
125
Jan
Feb
250
16
Jan
37M
127M
19M
577
101
Jan
106
331
110
Jan
570
10
Jan
3
560
2%
185
12
Jan
50
2H
Feb
2X
Jan
12
Jan
Jan
Feb
Jan
113M
12
3%
3M
12
,
Feb
Jan
Jan
Jan
6M
6M
7M
6%
6
Jan
7
Jan
7%
120
656
30
46 M
30
45 M
310
24 M
23 M
28 m
Feb
Feb
Jan
Jan
45 M
30
7M
9
46/4
24 X
800
23
95
96
325
36 X
38 M
11,162
1,179
48 X
29
Jan
Jan
25K
Jan
92
Jan
96
Feb
36M
20M
Jan
40 M
Jan
21X
Feb
22
380
125
125
55
122
Jan
125
155
155
15
150
Jan
155
165
111
Jan
7
104
21M
14M
6M
15K
6M
86
86
10
89 X
90
948
155
37
155
"lOM
18
Feb
80
Jan
17
100
Dry den Paper
18
Feb
6
Jan
126
100
Jan
80
Jan
20
1,440
6M
5
80
Feb
Jan
14 M
90
395
80
100
Jan
25
15
6
Jan
17M
23M
8X
100
Dominion Steel A Coal B 26
Dom Tar A Chem
*
Preferred
_loo
Dominion Textile
455
5
5X
mmmrn
100
20
24
22
Jan
*
Royal
95
14 M
~~3~8%
Feb
25
Preferred
Nova Scotia
38
25
100
Jan
Jan
16X
*
Feb
360
60
2%
ux
78
-.100
Feb
20
13M
36 M
Jan
Feb
96
13M
13M
"i<T~
10
131
24
mmmmmm'
*
100
20
43
18%
Jan
Jan
19X
Montreal
20
17
131
16%
60
Jan
96
"20"
*
•
Jan
7
7X
*
Con8ol Mining A Smelting 5
Crown Cork & Seal Co...*
Distillers Seagrams
•
Jan
Feb
29M
2%
4%
16 X
?__100
Canadian Locomotive
1.75
168M
9M
Feb
6
131
15M
3,225
Jan
15%
2M
23 M
-.100
Cndn Foreign Investment*
Cndn Industrial Alcohol. *
Class B
*
Feb
30
65
7
7
Jan
110
3.540
16 M
4%
Jan
Jan
22
100
Converters.. 100
Preferred
1.50
30
15 M
Jan
98
22 M
*
Canadian Car A Foundry _*
Preferred
110
M
2X
*
Can North Power Corp
*
Canada Steamship (new). *
5% preferred
50
Canadian Bronze
*
Canadian
9
28
100
Canada Forglngs CI A
Class B
Canadian
1.50
30
166 M
14
16M
Jan
7M
5
conv
110
15M
225
Jan
Jan
6M
16M
A (new)
Bulolo
Canada Cement Co
Preferred
Cndn Canners
17M
2M
14 M
92
2 VA
9
Jan
22 X
*
2,079
Feb
678
5X
Western Grocers Ltd
8M
Feb
7%
15
10 m
*
Jan
25 X
18
11M
60
Jan
65
15M
10 m
21
mmmmmm
UX
2%
8%
260
9
161M
16M
•
-.100
63
80
100
Simon (H) & Sons
Simpsons pref
405
10%
22 X
*
Regent Knitting
A preferred
15M
mmmmm-
*
8t Lawrence Corp
m
161M 161M
12 X
11M
Ottawa Electric Rys___ __*
*
24 M
Jan
63
Vlau Biscuit
25 M
Jan
31
Wabasso Cotton
"~8X
Corp..
41
70
830
Jan
60
Jan
Jan
920
41
1,344
Jan
25
Feb
41
37
33
6
1,190
36M
36 M
75
50
2M
Feb
Feb
56 M
38 M
7,278
65
Jan
16
73
31%
Feb
50
31M
32
Jan
98
Jan
30 X
51
Jan
89
*
74
6
14 M
60
51
31
64
50
97
73
Jan
33
3
2M
"I5M
—100
Amal Electric Corp
High
Jan
Feb
1,676
Jan
75
5
11
Jan
Jan
8
6%
9M
Tooke Brothers pref...100
Tuckett Tobacco pref.. 100
Week
35
5X
Feb
64 X
5
11M
Jan
5%
*
50
11
4
*
Southern Canada Power..*
Low
95
1,230
National Steel Car Corp..*
Steel Co of Canada
Range Since Jan. 1, 1940
Shares
Jan
8X
Noranda Mines Ltd
5
Alberta-Pacific Grain A..*
Algoma Steel Corp
Preferred
High
Jan
13
Jan
Ogllvle Flour Mills
50
100
*
of Prices
16
Jan
7X
41
*
Preferred
Sales
Low
Jan
12M
39
51
"3l"
25
Sher Williams of Can.
Par
7X
15
90
..»
•
Jan
Feb
94
mmm-mm
100
Jan
Feb
X
94
25 m
16
.mmmm
4
22
23 X
7X
4%
5%
St Lawrence Paper pref. 100
Shawlnlgan W A Power—*
Stocks—
545
Jan
400
25
*
104M
for
Jan
Feb
15M
1,510
25 m
*
103 X
Week's Range
16
23
22 M
28
rnmmrnmm
1 1970
Last
Jan
45
*
.—Feb
Friday
Jan
Jan
21M
27 X
Intl Petroleum Co Ltd—*
5s
Exchange
14M
15M
27
43
X
23 X
St Lawrence Flour Mills..*
Montreal Stock
Jan
28
Preferred
104 X
9, both inclusive, compiled from official sales lists
22 M
44
Intl Bronze Powders
Intl Nickel ol Can
104
Feb.
Jan
Jan
1 1969
to
15
34
.—Oct
3
Jan
14%
Jan
5s
Feb.
1,030
Jan
30
8aguenay Power pref
94 M
83
Jan
860
Feb
1,545
Quebec Power
112M H3M
Jan
Feb
6
5X
7M
31M
15M
Rolland Paper vt
4Mb...
166 X
1 1946
July
107 M
Jan
31M
5% preferred
Bid
Canadian Northern Ry—
99 M 1C0M
101
101 x
9%
Feb
4X
Hudson Bay Mining—*
Power Corp of Canada
Price Bros A Co Ltd.
(American Dollar Prices)
Jan
106 M
Feb
Penmans
Closing bid and asked quotations, Friday, Feb. 9
7M
10
1,755
103
Ottawa Car Aircraft.
Bonds
8,165
Jan
Preferred
Dominion Government Guaranteed
Jan
Jan
Preferred
6s
Feb
20
Montreal Tramways.—100
Bid
Feb
96
100
MontLH APConsol
Canadian Pacific Ry—
10%
Jan
43
Montreal Cottons
64 X
Jan
89 M
410
M cColl-Fronten ac Oil
4s perpetual debentures.
6
Jan
5%
9X
182
20 M
Massey-Harris
Ask
Canadian Pacific Ry—
Feb
103 M
Lindsay (C W)
(American Dollar Prices)
Jan
Feb
20
Laura Secord
Closing bid and asked quotations, Friday, Feb. 9
16M
96 X
105
1,745
7M
14%
Feb
103
Legar pref
Railway Bonds
195
Jan
Feb
3M
12
Jan
20 M
73
Nov
10
9M
106M 106M
4%
6%
Jan
2X
10
Feb
ux
103 M
Preferred
International Power
5 Ms
5~X
Jan
*
100
Howard 8mith Paper
93
1 1961
July 15, 1953
10 X
96
10
*
Industrial Acceptance
5s
15 1952
Mar
96
1 1958
May
3 MB
105M
105M
Prov of Saskatchewan—
4Mb
Apr
15 1961
Province of Nova Scotia—
6s
104M
1 1962
—Feb
4Mb
15 1960
4Mb
...June
4s
2 1959
Prov of New Brunswick—
5s
102M 103 M
4Mb
Jan
15 1965
Province of Quebec—
Mar
2 1950
4MB
10X
95
.100
Gypsum Lime A Alabas..*
Hamilton Bridge.
—*
Holllnger Gold
5
85
5
10 M
95
10
2,200
105
5%
-
'
Ash
UX
15M
mrnmmmrn
100
Preferred
104
15 1943
May
1 1959
Sept
4s
4Mb
Oct
1 1953
Province of Manitoba—
6s
16 X
•
—100
Gurd (Charles)
Bid
Oct
High
11
Preferred
Closing bid and asked quotations, Friday, Feb. 9
(American Dollar Prices)
Jan
Low
3M
12X
Foundation Co of Canada. *
RJghtS
4Mb
Range Since Jan. 1, 1940
Shares
Enamel & Heating Prod..*
d'Annes, Montreal
General Steel Wares——*
68
High
10 X
Municipal Issues
Province of Alberta—
Low
UX
Gatineau Power
Provincial and
4Mb
Week
1
5M% preferred
July
of Prices
Price
Par
Electrolux Corp
Preferred.
6s
for
Sale
Securities.
Week's Range
10
10 M
3,487
210
500
Jan
14M
6M
Feb
86
Feb
Jan
15 X
7X
Jan
Jan
Feb
Jan
Jan
89
Jan
87 %
153
Jan
90
Feb
Jan
153
10
Jan
UX
Jan
Jan
3
to
Feb.
9, both inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
Par
Abltlbl Pow A Paper Co..*
6% cum pref
100
7%
100
cum pref
Aluminium Ltd
Week's Range
for
Sale
of Prices
Week
Price
1.50
16X
mmm
mm
125 M
Low
1.30
High
Range Since Jan. 1, 1940
Shares
1.80
16,011
14M
16 M
2,605
28
28
124
5
Low
High
1.30
Feb
2X
Jan
14M
Jan
17M
Jan
26
Jan
32
Jan
125 M
115
480
124
Jan
130
Jan
2
110
Jan
115M
Jan
*
4M
4X
4M
511
Jan
5
Beauharnols Power Corp.*
5%
5%
5X
591
Jan
6X
*
6% cum pref
—1
Bathurst PAP Co B
mrnrnrnm
-
115
4%
6X
Jan
Jan
Belding-Cortlcelli Ltd..100
96
96
96
55
95
Jan
95
Jan
Belding CorticelliLtd—100
140
133
140
100
130
Jan
135
Jan
Brewers A Dists og Vane. 5
Brit Amer Oil Co Ltd
*
Calgary Pow 6 % cm prf 100
Canada A Dom Sug (new)*
Canada Malting Co
*
Can Nor Pow 7% cm p! 100
Canada Vinegars Ltd
Cndn Breweries Ltd
*
mmmmm
m
4M
23 X
1,497
4M
21X
Feb
4M
23%
Jan
19X
2,192
17
Jan
19%
Jan
100
20
100
Feb
100
Feb
96
33
Jan
35
Jan
730
36
Jan
36
Jan
39
101
Jan
110
13M
13M
70
13M
Feb
15
1.55
2.00
5,335
1,069
1.55
Jan
1.90
Jan
24%
Jan
27 X
Jan
36
mmmmmmm
1.95
*
27 M
Cndn Gen Investments
*
9M
Cndn Industries Ltd B
*
Jan
37 M
111
33%
37 X
mmmmmm
100
Jan
34 M
34 X
*
Preferred
35
4X
22%
19
4X
mmmmmrn
British Columbia Packers*
111
25
9M
27X
9M
233M 233M
60
1
9M
231
Jan
Jan
9M
235
Jan
Jan
Jan
Jan
Canadian Marconi Co—1
1.00
1.10
145
1.00
Feb
1.20
Feb
Cndn Pow A Paper Inv
*
1.00
1.00
223
1.00
Feb
1.05
Feb
5% cum pref
Cndri Vlckers Ltd
46 M
7
46M
46 M
4M
Feb
*
7X
500
6
Jan
Catelli Food Prods
*
17 X
14M
17 X
4,240
13
14
*
5% cum pref
*
No par value,
15
r
7
Canadian market.
30
395
5
8X
Feb
Jan
13M
Jan
17
Feb
12
Feb
14
Feb
,,
Volume
979
& Financial Chronicle
The Commercial
ISO
Unlisted
Canadian Markets—Listed and
Montreal Curb Market
invited
Inquiries
Sales
Friday
for
of Prices
10
Co Ltd._
Celtic Knitting
2
2
Jan
3%
Commercial Alcohols Ltd
10c
300
10c
Feb
10c
Feb
3%
6%
535
3
Jan
3%
Jan
250
6%
Feb
6%
Feb
28
9%c
Jan
9%c
4,589
3,585
6 %
Jan
8%
Jan
Jan
2%
Feb
3%
16%
Jan
Jan
6%
5
(The Toronto Stock Exchange
Members
Consolidated Dlv Sec—
10
10
10
2.50
Preferred
7%
*
David & Frere Ltee A
*
David & Frere Ltee B
*
6/4
7%
3
Consolidated Paper Corp
Cub Aircraft Corp Ltd
& CO.
F. J. CRAWFORD
Jan
10c
3%
Claude Neon Gen Adver__ *
Preferred
High
Low
Shares
High
Low
Price
Par
(Concluded)
listed and unlisted
on
Mining and Industrial Securities
Canadian
Week
Sale
Stocks
1910
Range Since Jan. 1,
Week's Range
Last
2%
3
16%
214
16%
60
3%
550
Jan
3
40
40
40
180
37
Jan
40
Jan
Dom Oilcloth & Lino
*
33
33
33
50
33
Jan
33%
Jan
Donnacona Paper A
*
9%
1,316
8
Feb
10
Jan
714
465
65
TORONTO
Jan
Works.*
(Winnipeg Grain Exchange
11 Jordan Street
Dom Engineering
16%
2 %
9%
TVs
B
8
7%
16
Jan
2%
7%
Jan
8%
Jan
6
5%
5%
5%
Fair child
6%
5%
614
815
5 %
Jan
9%
9
-ii
2,040
8%
Jan
19%
Feb
22%
18%
Jan
21%
Jan
Jan
35
Jan
35
Jan
Fleet
6
*
Aircraft Ltd
Aircraft Ltd
19%
Fraser Cos voting trust..
19%
19%
478
20 %
*
Ford Motor of Can A
19
20 %
1,236
"21%
Jan
8%
Jan
40c
Feb
60c
Jan
70
25
40c
100
555
97
235
96
Feb
59
Jan
99 %
Jan
Jan
Jan
Jan
Feb
Jan
1554
595
13%
Jan
0%
15%
45 54
150
45
Jan
45%
8
7
Co Ltd B__*
pf 100
Thrift Sts6% % cm 1st prf25
1.75
%
99%
Jan
8
50
Jan
6%
3,829
50
Jan
1.75
10
100% 112
112
8o .Can .Po w .6 % cum.
10
1.75
Sarnia Bridge
7
10
7%
*
109
200
10
111
Jan
Feb
Jan
8%
Jan
Jan
Jan
1.75
Feb
Jan
6
100%
7%
Feb
8%
42%
Walker-Good & Worts (H)*
3
2
5%
Jan
5%
Jan
95
385
95c
Feb
1.15
Jan
42
*
12%
95
United Securities Ltd.. 100
9 54
12 %
3
9%
*
42%
75
20%
390
20 %
*
SI cum pref
22
5%
99
Jan
Jan
416
6
99
*
Walkervllle Brewery
40c
Jan
45%
.100
United Amusement A
Jan
Jan
55
Power Corp of Canada—
Reliance Grain Co Ltd
28
14 %
15
*
.
40c
7,605
2154
5%
Mitchell (Robt) Co Ltd..*
Provincial Transport Co.
Jan
54%
preflO
6% cum 1st pref
24
19%
54%
20
55
Massey-Harrls5%cmpf 100
MeCoil-Fron 0% cm pf. 100
Moore Corp Ltd
8%
2,450
97
MacLaren Power & Paper*
Melchers Distilleries
10
50c
40c
*
Mackenzie Air Service
9%
25
25
._*
50
Sale
12%
41
12%
Jan
43
Jan
19%
Jan
20 %
Jan
Feb
Jan
Stocks (Continued)
Par
British American Oil
*
28
Buffalo-Ankerite
*
__*
Arntfield
Beaufor Gold
""lie
1
Mines
10c
Jan
13c
Jan
10c
Feb
12c
Jan
1,400
1,700
4c
Jan
4%c
Jan
1
4%c
4%c
Cndn Malartio Gold..
*
1
74c
75c
2%c
2%c
74c
Feb
87c
Jan
2%c
Jan
2%c
Feb
16c
Central Patricia Gold
Dome Mines Ltd
*
15c
Jan
20c
Jan
250
2.40
Feb
2.40
Feb
15c
3,000
14c
Jan
rc
Jan
14c
*
1
15%c
2.40
15c
1
Century Mining Corp
Consol Chibougamau
17c
1,500
5,700
2.40
"l7c
Cent CadillacGd M Ltd__l
15c
2,000
12%c
Jan
16c
Jan
335
Jan
2c
6,600
1
%c
Feb
2%C
Jan
3.80
3.95
5,300
3.60
Jan
4.10
Jan
1.00
1.00
1.00
300
1.00
Jan
1.25
Jan
4.00
Ltd
1
halconbridge Nickel
29%
1HC
4.00
710
4.00
Feb
4.35
51c
27
27
1
Eldorado Gold..
Feb
2c
3.90
Mining
*
27
Jan
1,300
48c
Feb
68c
Jan
3c
4%c 104,070
2%C
Feb
4%C
Feb
3%c
4%c
22,000
3%c
Feb
5%c
Jan
1
4.65
4.65
100
4.35
Jan
4.0 >
Jan
*
Gold
50c
50c
300
48c
Jan
48c
Jan
Jan
51c
*
J'M Consol Gold
3%c
1
Mines
Joliet-Guebec
Jan
25
1
Francoeur
Jan
16%c
9c
Bouscadillac Gold
East Malartlc M
35c
Jan
11c
Big Missouri Mines
Duparquet
Feb
4,000
1,400
9c
Cartier-Malartlc Gold
30c
ll%c
11c
1
Gold
13c
12c
6%c
.1
Macassa Mines Ltd
Normetal Mining Corp
.1
1.50
1.50
1.53
1,305
1.50
Jan
1.82
Pamour-Porcuplne Mines. *
2.25
2.25
2.25
100
2.10
Jan
2.25
Jan
7c
7c
8%c
5,500
4%C
Jan
10 ^c
Jan
Pato Cons Fold Dredging 1
2.30
2.40
950
2.15
Jan
2.35
Jan
Pend-Oreiile M&MCo-l
1.80
1.80
100
1.80
Jan
2.10
Jan
1.95
1.98
1,150
1.9g
Jan
2.11
Jan
3.85
O'Brien Gold
.
Pandora-Cadillac Gold
Perron
1
Gold.....
1.95
1
3.95
3.95
200
Jan
4.15
Jan
..*
7c
7c
8%c
33,400
3c
Jan
8%c
Feb
Sherritt-Gordon Mines
1
1.00
96c
1.01
4,354
96c
Feb
1.15
Jan
SLscoe Gold
1
80c
75c
85c
75c
Feb
85c
Feb
44c
49c
12,815
2,200
38c
Jan
61c
90c 93%c
Pickle-Crow Gold
1
Red Crest Gold
...
Sladen-Malartlc
1
Jan
1,600
89c
1.0)
Jan
Sylvanite Gold
1
3.45
3.45
100
3.35
Jan
3.35
Jan
Teck Hughes Gold
1
3.95
3.95
125
3.95
Feb
4.15
Jan
24c 25%c
47,950
19%c
7.70
Jan
3'c
Jan
Feb
8.20
Jan
93%c
Sullivan Consolidated....!
24 %C
Wood-Cadillac Mines
1
Wright-Hargrea ves
*
7.70
8.00
450
Jan
Jan
18
Jan
2.10
Jan
2.35
Jan
42c
Feb
55c
Jan
..*
2.nb
Jan
3.10
Jan
Homestead Oil & Gas Ltd. 1
100
2.85
13,015
6c
"2.79
300
45c
7c
4,.500
5%C
Jan
7c
Jan
6%c
2.00
2.05
2.75
*
17%
45c
*
1,700
2.00
*
Calgary & Edmonton
Dalhousie Oil Co
1754c 1754c
6%c
34%
1,000
6%c
Feb
6%c
Feb
34
Jan
36
Jan
7c
Home Oil Co Ltd
;
..
Nordon Corp.
Royallte Oil Co.....
"34%
*
34
305
Stock
Feb.
3
Feb.
to
9, both inclusive,
Sales
Friday
Range Since Jan. 1, 1940
Last
Week's Range
for
Sale
of Prices
Low
High
Week
*
Abitlbi
1.50
Shares
High
*
♦
»
Algoma Steel
..
-
..
4c
...1
Mines
Gold
32c
2.25
Jan
17%
Feb
Jan
6c
Jan
22%c
Jan
14%
Jan
3.00Q
5c
Feb
20c
800
2r'c
Jan
15
2%
JaD
2%
Jan
32
32
32
*
Coyper.
Aldermac
20c
—.1
Ajax O&G
Alberta Pacific Grain.
1.35
3,835
2,735
5c
1.75
5c
'
31c
32c
8,420
30c
Jan
38c
Jan
14%
15%
330
Jan
16%
Jan
3%c
4%c
14%
3%C
Feb
6%C
Jan
11,000
'
Anglo-Can
*
96c
93c
98c
10,775
92c
Jan
1.03
Jan
1
Hold Dev.
Arntfleld Gold
10 %c
10 %c
13c
25,900
10%c
Jan
17c
Jan
Feb
6%c
Jan
Jan
2.68
Jan
Ashley
1
Ragamnn
4%c
5%c
2,100
2.45
2.58
8,301
2.40
8c
1
Aunor Gold Mines
4%c
8%c
2,275
8c
1
2.45
Jan
10 %c
Jan
28c
Jan
22c
3,632
20 %c
Feb
205
206%
29
205
Feb
210
Jan
Bank of Nova 8cotla._ .100
308
308
1
305
Jan
319
Jan
100
268
268
20
260
Jan
268
Feb
Cons..
Bank field
_
Bank of Toronto
*
Base Metals
*
Bathurst Power A
22c
Beauharnols
100
Bell Telephone Co
Kirkland
...
...1
»
pref
Bobjo
Bralorne
Brazilian Traction
33c
Jan
1,447
13%
Jan
15%
Jan
8C
7,100
1,600
6c
Jan
8c
Feb
1.05
Jan
1.15
Jan
1.12
166%
15c
1.14
100
10
6
439
166% 168
346
100
6
5%
13 %c
16c
10c 10 %c
Feb
100
Jan
102
165
Jan
6%
Jan
Jan
5%
168%
Jan
15,400
12c
Jan
16c
Feb
10,100
ICC
Feb
14c
Jan
11%
Jan
10
5
10
Jan
8
8
25
8
Feb
9
Jan
39
39
35
36%
Jan
39
Feb
10,804
8c
Jan
9
760
10%
2,905
8%
8c
8%c
10%
8%c
10%
8%
9
11%C
Jan
Jan
11
Jan
Jan
9%
Jan
8.60
Jan
37,000
3c
Jan
4%C
Feb
16%
16%
321
15%
Jan
17%
Jan
2%c
2%c
1,500
2c
Jan
3c
Jan
12%
13
755
12%
Feb
14
Jan
Jan
1.99
2.10
3,955
1.99
Feb
2.39
Jan
40c
1,200
40C
Jan
47c
Jan
5
104
Jan
7
Feb
8%
92%
Jan
96%
Jan
36
Jan
37%
Feb
16%
Feb
17%
Jan
7
7%
96
96%
29
170
104%
104
37%
16%
104%
145
143
145
37%
30%
16%
*
Can Permanent Mtge.-lOO
7%
*
5
105
Jan
Jan
75
102
Jan
Jan
150
Jan
7%
Jan
7%
7
Jan
104%
99
743
140%
5%
15%
Jan
19%
Feb
Jan
50
19
17%
19%
*
56
56
56
225
55
Feb
62
Jan
18%
Preferred
976
17%
18%
40
17
Jan
18%
Feb
60%
60%
60%
10
60%
Feb
64
1.60
2.00
3,645
1.55
Jan
2.00
Feb
27%
881
24%
Jan
27%
Feb
Canada Wire A
B
Canadian Bakeries pref 100
1.90
*
27%
*
10%
20%
..*
...
20
Canadian Can A
B
Can Car A Foundry
Canadian Celanese
875
225
13%
.1,460
10%
Feb
Jan
20%
Jan
12%
Jan
13%
Jan
16%
Jan
13%
14%
13%
24
25%
275
24
Feb
29
Jan
37%
2,240
30
Jan
37%
Feb
34%
30
Jan
127
Jan
Feb
32
Jan
2%
Feb
10%
73o
Jan
3%
12%
Jan
Feb
85c
Jan
124%
127
2%
127
24
"26
26
132
3
265
11
18
19
2%
11
11
74c
Malartlc..
74C
70c
6,750
*
19
19
25
Canadian Oil pref.....100
C P R
2b
122
122
5
Cndn Wallpaper A
Canadian Wirebound
Jan
172
Jan
9%
20
Feb
36%
Canadian Locomotive.-100
Canadian Oil
Jan
168
525
100
Canadian Dredge
Canadian Ind Alcohol A__*
Canadian
10%
20%
14%
*
.
Preferred
63
172
10%
20%
13%
Jan
25
*
25
Preferred
25
170
170
Cndn Bk of Commerce. 100
Canadian Can
7,161
9%
20%
9%
21%
50
21%
*
6%
2.54
6
24
Jan
Feb
21
118%
Jan
122
6
Feb
7
Jan
Feb
9%
Feb
Jan
21%
2.55
Jan
180
9%
19%
300
2.25
Jan
Jan
Jan
Jan
2.54
2.50
70c
70c
1,100
70c
Jan
75c
Jan
1
2.40
2.38
2.46
2,990
2.38
Feb
2.55
Jan
1
12%c
12c 12 %c
10,600
10%c
Jan
14o
Jan
42c
Jan
54c
Jan
Cariboo
Castle-Trethewey
Central Patricia
Central Porcelain
Chemical Research
44c
44c
44c
800
Chestervllle-Larder Lake
90c
90c
91c
8,785
90c
Jan
1.05
Jan
50c
51c
2,000
48c
Jan
58c
Jan
66c
64c
68c
13,500
64c
Feb
78c
8
7%
8
145
7%
Feb
9%
Jan
Feb
Chromium
*
...
Cochenour-Williams Gold 1
*
Cockshutt Plow
Commonwealth Pete
1
Coniarum
Mines
Consolidated
*
Consol Chibougamau
1
Smelters
.....6
Cons
Consumers
3%
100
Gas..
*
Cosmos
33
3%
Jan
Feb
3%
Feb
1.75
"46%
1.84
5,405
1.73
Jan
1.95
Jan
18%
95
17%
Jan
18%
Jan
13c
18
14c
2,500
13c
Feb
45%
46%
176%
602
45%
Feb
49
Jan
125
109%
Jan
177
Jan
175
175
29%
28
105
812
27
Jan
15
29%
105
100
Preferred
3%
Jan
C9
to 00 £
17%
...»
Bakeries
1,500
28c
28%c 28%c
*
Conduits
105
Feb
3%
1,395
2%
Jan
16c
29%
105
Jan
Feb
Feb
3%
Jan
Jan
Cub Aircraft Corp...
*
""3%
2%
Davles
*
26c
26c
26c
6,300
26c
Jan
32c
1
6c
6c
6c
6,900
5%c
Jan
8%C
23
Jan
25
Jan
90%
Jan
96
Feb
1,480
27
Feb
29
209
Petroleum
Nickel
Mines
Preferred
Dome Mines (new).....
..100
Dominion Bank
Dominion Exploration
24%
94%
20
27
96
27%
Foundry
201
Jan
200
21
Jan
500
1%C
Jan
Jan
Jan
22%
2c
2c
2c
34%
33%
14%
34%
1,316
32%
Jan
15%
3,120
14%
Jan
15%
609
Jan
5%
70
4%
6%
Jan
7%
Jan
Jan
3.25
Feb
9%
Feb
........*
*
15
21%
5
5
0%
6
6%
1.90
3.25
8,257
1.25
6%
9%
Jan
3%c
7,755
1,500
6H
3c
3.12
1
Duquesne Mining
East Crest Oil
1
6c
!
6%c
*
Jan
99
20
99
Feb
99
Feb
295
3
Feb
Jan
3%
4%
22%
Jan
25%
Feb
1,645
4.00
Jan
4.40
Jan
27
1,510
8,000
26%
Jan
27%
Jan
3c
Feb
4%c
Jan
500
4%C
Jan
5%C
Jan
1,320
8%
Jan
10%
Jan
2,707
19%
Feb
22%
Jan
Feb
70c
3c
4c
4%C
4%c
9%
20
"~9%
20
1
God's Lake.....
Goldale
...
10%
6%c
56c
1
1
18 %c
1
Goodyear Tire A Rubber.*
Preferred
50
Gold Eagle
Graham-Bousquet....
1
Great Lakes voting
*
Great Lakes vot trust pref*
Gunnar
1
Jan
12,050
47c
16
265
15%
Jan
16%
Jan
97
15
94
Jan
97
Feb
5%
Jan
6
48c
52c
70
Jan
5%
.*
Gillies Lake..'
19%
96
*
*
9
15%
50c
Gatlneau Power pref ..100
General Steel Wares
Jan
6
24
8,700
26%
*
...
Feb
5%
3c
..*
Francoeur..
3%
4.25
5
26%
1
Gatlneau Power
Jan
18%
1
*
4.10
Feb
1
Ford A...
Jan
Jan
16%
4.10
*
Jan
7%c
200
4.25
Fleet Aircraft
Jan
10%C
Jan
25c 25%c
5%
...
Fernland
4o
Feb
22,285
3
Kaiuunorlrlge.
Feb
6c
6%c
4.00
99
Fanny Farmer
Federal -Kirkland
3c
1,625
1,600
17
3
*
Jan
3.80
99
Extension Oil...
Jan
3.65
pref.. 100
Eqult Life
Jan
16%
3.95
East Malartio
7c
6%c
..*
Golden Gate
Jan
Feb
25
1
Dorval-Siscoe
Rights
6
22%
208
206
208
Jan
22%
2%C
36%
Dominion Steel B......25
Dom 8tores
23%
94%
*
Dominion Coal pref
Dominion
24%
27%
*
..100
871
18c
5%
10%
10%
779
9%
Jan
10%
Feb
6%C
7c
10,050
6%c
Jan
10%C
Jan
Jan
55%c 56%c
18c 18 %c
18c
20c
17 %e 19%c
86
86
8,950
55c
Jan
69c
2,100
19,500
18c
Jan
23c
18C
Jan
22c
Jan
8,200
17C
Jan
26o
Jan
31
85
Jan
Jan
Jan
87
55
57
20
51%
Jan
57%
Feb
2%c
2 %c
500
2%c
Jan
3c
Jan
26
8
Jan
7%
99
7
Feb
26%
7%
26%
85
25
Feb
27%
Jan
56c
56c
57c
5,850
56c
Feb
64c
Jan
Gypsum Lime & Alabas.. *
Halcrow-Swazey
1
H alii well
1
5%
4%
5%
2%c
1,055
4%
Jan
5%
Feb
2c
Jan
3%c
Jan
2%c
5,600
2c
Jan
3c
Jan
Hamilton Bridge
*
7%
6%
7%
Hamilton Theatres
1
2%c
2c
2%c
1,980
1,025
1.75
4%
625
2%c
2%c
...
10
8
*
»
Feb
15%
..50
1
22c
14%
*
Blltmore
2,400
6%c
1
Big Missouri
Blue Ribbon
24c
8c
100
»
22c
15%
1
BeattleGold
Beatty 1st pref
Blue Ribbon
205
1
Bear Expl
Bldgood
20 %c
l
.100
Bank of Montreal
Feb
4%c
Canada Northern Power.*
Eastern Theatres
16%
1.35
15
15
nreferred
6%
Acme Gas
Amm
Price
Jan
19%c
3%c
Easy Washing Machine. _*
Par
Stocks—
69c
Jan
7.10
*
Canada Steamships
Jan
Feb
7.90
160
Eastern Steel
Low
16c
7.10
Dominion Woollens pref. 20
compiled from official sales lists
50 %c
3%
104% 104%
Dominion Woollens
Exchange
Feb
-100
Dominion Tar
Toronto
2%
30,000
2,900
2,220
100
Distillers Seagrams
Brown Oil Corp Ltd
47
40c
Canada Malting
Denison
Oil-
3
17c
2.05
Calgary & Edmonton....»
Calmont
1
Canada Packers.
Feb
13
(new)
Preferred
Jan
29
3%c
16%
2%c
1
*
Canada Cement
23%
Jan
328
Y 25
Buffalo-Canadian
Canada Bread A
Feb
27
2,422
55c
*
Bunker Hill
22%
23%
29
16 %c
1
Brown Oil
Burlington Steel
4%
90
50 %c
52c
Bro ulan-Porcupine
Products
Jan
Feb
4
4%
4
3
*
Building
High
Low
Shares
22%
23
British Columbia Power A*
B
Range Since Jan. 1,1940
Week
27%
4%
5
Preferred
1,323
30
30
Ltd*
Price
Brewers & Distillers
Canadian Breweries
Mines—
Aldermac Copp. Corp.
of Prices
Low
High
for
Week's Range
Feb
40c
50c
1
Lake St John PAP
Jan
6%
10
9%
International Utilities A..*
Intl Utilities B
33
33
prflOO
Freiman (A J)0%cm
4
Last
Jan
EasternDairies7%cm pflOO
Sales
Friday
Jan
5
Exchange
Toronto Stock
Harding Carpets
*
No par value
*
4
4
1,000
6
4
Jan
7%
Jan
Jan
2.50
Feb
Jan
4%
Jan
The Commercial & Financial Chronicle
980
Feb.
1940
10,
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Last
Week's Range
for
Sale
Stocks (Continued)
of Prices
Low
High
Week
Price
Par
British and Any
Sales
Friday
1.20
1.26
Range Since Jan. 1,1940
Shares
Low
Jan
1.48
6c
5%c
Feb
10 c
Jan
17c
19c
1,000
17c
Feb
19%c
Jan
15
.
Hlnde & Dauch
14%
15%
14%
14%
15
1.22
..
Holllnger Consolidated.. .6
2.79
Homo Oil Co
1
...
25
2.73
0c
6%c
*
Homestead Oil
Honey Dew
Howey Gold
English Transcontinental, Ltd.
Jan
5%C
7,598
9,300
1.17
1
)
Harker
24
2.82
7%C
25
So. American Bonds
High
*
Hard Rock
High wood
Other European Internal Securities
Foreign Dollar Bonds
H
200
14%
1,815
23,590
19,500
14%
Jan
Jan
2.73
Feb
3.10
Jan
7%c
Jan
25
Feb
36c
Jan
STREET
Feb
17%
RECTOR
19
Jan
5%c
243
16
NEW
Jan
15
YORK
Jan
Teletype N. Y. 1-2316
Telephone Whitehall 4-0784
37c
38c
6,750
Hudson Bay Mln A Sm_
30%
3034
632
30
Jan
34
Huron A Erie...
100
Huron A Erie 20% pref. 100
73
73%
11
72
Jan
74
Jan
12
12
17
10%
Jan
12
Feb
Friday
218
220
Jan
220
j
Imperial Bank of Can..100
15
Imperial Oil
Imperial Tobacco
16
5
14%
1534
34c
Inspiration
13%
10814
Intl Metals A
Preferred
13%
41
215
6,768
825
16
35c
14
14%
15%
3,600
1,032
13%
30c
Jan
Toronto Stock
Jan
Jan
Last
Jan
15%
Jan
Jan
16
Jan
Stocks (Concluded)
Jan
35 %e
15%
Jan
Btedman
Steel of Canada.
35
108
Feb
113
Jan
46
113
Jan
114%
Feb
100
106
106
35
100
Feb
112%
Jan
Steep Rock Iron Mines
45
Sterling Coal
24
International Nickel
44>4
International Petroleum..1*
23)4
22%
934
B
Jacola.....
1
J M Consolidated
43
Feb
47
Jan
21%
Jan
24
Feb
i
8%
Jan
9%
Feb
Sturgeon River
40c
45c
37
40c
Feb
60c
Jan
4%c
800
4c
Jan
5c
Jan
8udbury Basin
Sudbury Contact
20,998
15 %c
Jan
19c
Jan
Sullivan
4%c 120,913
2%c
Jan
Supers Ilk A..
234c
2.40
9%
9
~
..1
1.38
1.35
Lake Shore...
1
27%
27%
Lake
Sulphite
*
Lake of the Woods
*
Klrkland Lake.
Lapa-Cadlilao
"~m
1
Leltcb
1
Little Long Lac
*
Loblaw A
1.40
1.35
Feb
9%
Jan
2.75
Jan
Feb
*
250
2
Feb
23
20
22
Feb
15%c 16 %c
78 %c
3.10
2834
20%
12%
1%C
3,000
l%c
80c
10,400
3.15
13
78c
2.95
15 %c
5,350
592
12%
l%c
12%
27%
Feb
Feb
27
22%c
83
72,842
1.80
Jan
2.65
2.24
3
...
Teek
Texas-Canadian
Tip Top Tailors
com
Feb
Jan
5%c
13%c
1.80
Jan
2.05
Jan
5c
4%C
Feb
6c
Jan
92c
1,500
6,300
89c
Feb
1.02
Jan
3
Toronto Elevator
78c
Feb
88c
Jan
2%
4%
3%
Feb
35
Feb
4%
F'eb
3.25
Jan
3.45
F'eb
115
11%
Jan
12
Feb
5,965
3.99
Feb
4.15
Jan
60c
Jan
72c
Jan
Jan
13%
Jan
15
12%
106%
Feb
3,465
1.70
Feb
4%
3.46
12
12
3.95
4.00
60c
00c
1,900
25
13
13
Toronto General Trust .100
Toronto Mortgage
140
,
13
100% 106%
1.70
1.72
1.72
30
Jan
32
Jan
90
90
3
88
Jan
90
Jan
98
98
2
95
Jan
98
90
2.95
Feb
3.40
Jan
770
27%
Jan
Towagmac
22c
22c
2,200
22c
Feb
35c
Jan
Jan
28%
26%
Jan
26
2%
2%
30
Feb
2%
Feb
80c
3,635
2%
84%c
Feb
1.12
15%
38%
Jan
17
Feb
40
..50
20%
20%
Jan
4.55
4.75
4,645
4.30
Jan
4.75
Feb
Uchl Gold
MacLeod Cockshutt
2.25
2.17
2.30
12,685
2.12
Jan
2.55
Jan
Union
49c
45c
49c
24,802
45c
Jan
62c
Jan
United Fuel A
1.02
96c
1.05
25,128
93c
Jan
1.10
Jan
lc
lc
500
%c
4%
Jan
Feb
1%C
5%
9%
4%c
Jan
United Oils
*
Jan
United Steel
»
Jan
Upper Canada
68c
67c
08c
Jan
Ventures
»
4.20
4.10
4.20
6%
59%
9%
Jan
Walte
»
5.75
5.65
5.80
Jan
Walkers
*
42%
41%
42%
3,353
1,159
20%
20%
20%
2,094
99
Jan
Wendlgo
12c
9,950
Jan
Western Can Flour pref 100
„*
4%
4%
*
7%
7%
73
7%
Feb
1
3c
3c
500
3c
Feb
5%
5%
1,395
5%
Feb
Preferred
Maralgo
Massey-Harrls
Preferred
5%
55%
»
...
100
McColl Frontenac
8
Preferred
Mclntyre
McKenzIe..
12 %c
5
63%
..1
1.38
495
56
7%
*
.......
54
97
100
McDougall-Segur
275
8
830
96
500
54%
1.40
11c
Feb
Jan
12 %c
Feb
Western Grocers
Jah
Westons
Jan
60c
Jan
Wlltsey-Coghlan
Jan
8%
Feb
Feb
1.33
Jan
Winnipeg Electric A..
Winnipeg Electric B__
30c
Jan
18%
Feb
*
6%
1.10
9
1.17
772
*
2,450
1.10
Model Oils
1
22c
22c
700
22c
Feb
200
15%
F'eb
12c
Feb
20
Jan
8c
Jan
Jan
37
45
55
F'eb
Jan
54%
Jan
12
Feb
13
Jan
95
Jan
96
Jan
2c
Jan
Jan
Jan
Feb
2%
9
2
Jan
2%
10%
145
1%
Feb
3%c
2%
2%
26
10%
19%c
Feb
11%
4,500
Jan
20c
13,100
9c
Jan
Wright Hargreaves...
»
7.80
7.80
8.05
6,330
7.65
Jan
8.15
Jan
Jan
Ymir Yankee...
*
4%C
1,000
4%C
Feb
5%c
Jan
Jan
York
»
4%C
8%
4%C
Feb
93 %c
46
9
115
7%
Jan
11
Jan
Feb
184
97
97
$6,100
Jan
97
Jan
45%
44%
182
182
""7%
National Grocers pref
20
National Pete Corp...26c
National Sewer A
19%c
20
46
772
182
l%c
36%
7%
25%
18 %c
44%
26
181
49,384
2c
2,000
lc
Jan
10
Feb
245
36%
7%
230
25
30%
7%
26
20c
10%
10%
64
66
National Steel Car
•
"65%
1
28c
27 %c
30c
Newbec
..♦
2%c
2%c
.........5
1.25
2%C
1.25
74
74
5%c
2,700
75
10%
347
1.25
52,950
4,600
63
Jan
Jan
2c
Jan
•
95
Feb
36%
Knitting
30C
Jan
Bonds—
Uchl Gold
Feb
8
Jan
Toronto Stock
Jan
20
21%c
Feb.
3
Feb. 9,
to
Jan
Exchange—Curb Section
both inclusive, compiled from official sales lists
10%
Jan
Friday
69
Jan
Last
Week's Range
for
Jan
Sale
of Prices
Week
27 %c
Jan
37%c
2%c
Feb
3c
Jan
Stocks—
Par
1.25
Jan
1.40
Feb
78%
Jan
Brett-Trethewey
6%c
Feb
5%c
Jan
45c
Feb
51c
Feb
4
Price
Sales
Low
High
Range Since Jan. 1, 1940
Shares
Low
High
Jan
73%
"""7c
6%C
7c
l
6%0
5%o
0%o
45c
50c
51c
51c
53c
2,300
*
Jan
Jan
23c
Wood Cadillac
300
l
*
Feb
Jan
8c
Jan
Jan
17o
1,135
5,700
28,800
2,315
•
Jan
7%c
Naybob
North Star pref
O'Brien
Jan
Jan
2c
Canada
43%
20%
Feb
*
Normetal
Jan
41
Jan
8c
l
Northern
Jan
7Cc
National Breweries
National Grocers..
.......
6.05
500
Murphy
Norgold.....
Jan
23,800
7c
Nordon Oil
Jan
5.60
79e
7c
Mines
4.35
11%
2%
2
****** **
Jan
85c
Jan
18%
8%c
i
Noranda
2%C
**
6%
Feb
70c
Morris-Klrkland
Nlpissing...
2%c
100
Feb
67c
385
12%
95
************
**
Preferred
5%
4.00
30
12%
95
** ** ** ** **
Jan
8%c
18
*
100
*
**
Feb
8%C
73c
\
A
...j
7%
Jan
37
55
12%
95
*
.100
Jan
Jan
7c
6
35
45
55
.....
Preferred
760
1,000
1,305
14,136
1,117
Jan
Feb
8%c
*
25c
Moore Corp.......
9%c
42%
************
*
Jan
Jan
58
6%
11c
1
1.47
Mercury Mills.
Mining Corp
Moneta
♦
Preferred
15%c
*
Modern Containers
Monarch Oils.....
Amulet
65
7%
7c
5%
2,562
7%c
6%
7
7%
Jan
Feb
17
39%
16%
B
Feb
52
McWatters Gold
8%
Jan
»
16%
39
Gas
1.37
8,900
1,400
3,570
i
47c 49 %c
14%c
84 %c
84%c
10 %e
44c
405
1.38
10%C
Feb
7%
30
98
12%c 12%c
52
54
McVlttie
8%
Jan
4,345
4.05
Maple Leaf Milling
Jan
140
Macassa Mines
Malartlo Gold
Jan
1.90
28%
28
Manitoba A Eastern
110
30
Twin City
Madsen Red Lake
Jan
30
*
260
B.
Jan
9,315
3%
4%
3.30
106%
Jan
Jan
4%C
ll%c
4%C
************
Preferred
Jan
Feb
600
4%
Toburn..
2%C
3
4,200
3.35
*
Jan
Jan
Feb
3
17,800
4.00
Jan
Jan
Feb
4%C
...1
13
Feb
90c
Hughes
....
25
1.90
1
*
Tamblyn
Jan
Feb
23%
12c 12 %c
1.92
4%c
4%c
...
2.55
3
1.90
*******«M>
Jan
Jan
Jan
4%c
»
»
Jan
2%
Jan
78%
2.46
*
B
Jan
1.54
32
79
114
...1
Sylvanlte Gold
8,985
2,904
235
80
»
4%C
2
80%
...1
Feb
28
79%
23%
86%
******
Feb
9
2.40
22
3
Lebel-Oro
21,090
2
2
...1
Laura Secord (new)
110
2.50
High
50
79%
*
Straw Lake Beach
5
3c
*
Kerr-Addison
2,203
0,168
934
2~40
....1
Kelvlnator
Low
Shares
23%
..25
16c 17%c
1
Jelllcoe
Preferred
4%c
"45c
1
High
79
»
108%
114%
International Utilities A..*
Week
23%
*
114
43
Low
Range Since Jan. 1, 1940
for
Range
of Prices
Feb
Feb
Price
Pat
Exchange
Sales
Week's
Sale
loo
......100
Intl Milling pref
A preferred
100
15%
40%c
_
1%C
Jan
Brack Silk
Canada Bud Brew
60c
Jan
55c
Jan
Canada Vinegars
Canadian Marconi
75
4%
10
13%
1.10
7%
3,896
6%
*
-..1
6%
1.00
*
500
4%
12%
*
Feb
7o
6%c
1 %n
6%
1
-
*****
'
--
lc
Jan
Jan
Jan
6%
Feb
Feb
4
1%0
5
290
4%
12%
Feb
15%
Jan
475
1.00
Jan
1.15
Jan
6%
FeD
8%
Jan
Jan
3%
3%
20
3%
Feb
Feb
Consolidated Paper
i
1~52
1.60
1.54
Jan
1.81
Jan
Consolidated Press A__
*
8
8
30
Jan
8
1.15
1.12
1,15
1.11
Jan
1.29
Jan
Consolidated Sand pref .100
60
00
25
60
Feb
65
Jan
Omega
......1
Orange Crush pref
...»
25c
24%c
26c
3,52b
1,300
0,775
1.50
*
24 %c
Jan
34o
Jan
DeHavilland
*
15
15
40
12%
Jan
15
Feb
8%
65
*
37
37%
37
Jan
40
Jan
♦
.....5
Okalta Oils
....
"
8
7
8%
Feb
Oro Plata
*
"_57c
51c
59c
35c
Jan
69c
Feb
*
5%c
5%c
5%c
34,200
11,800
Dominion Bridge
Foothills
Pacalta Oils
5c
Jan
6%C
Jan
Humberstone
Pacific Petroleum
1
35c
35c
1,500
35c
Feb
40o
Jan
»
..
Page-Hersey
Pamour
...»
108%
*
2.19
l
Pandora-Cadilac
Pantepec
Paymaster
Penmans
...
Cons.
6%c
1
44c
1
*
Perron Gold
..
2.04
7c
1,500
5%c
43c
7c
45c
57
4c
43c
60
1.95
2.00
23%
.1
5c
5
22,400
31,510
Jan
Feb
2.35
Jan
Montreal Power
Jan
10 %c
Jan
Ontario Sllknlt pref... .100
6
Jan
Pawnee-Kirkland
Jan
Pend-Orellle
Jan
2.02
20
*
»
Mandy
Mercury Mills pref... .100
Feb
107
5,605
5
57
1.98
110
2.25
7c
5
1
Partanen-Malartlo
108% 109
7c
Porcupine
Jan
57
Jan
Feb
Feb
3,920
1.91
Jan
111
8%c
53c
57
2.12
6%
7%
*
85c
Jan
Robb-Montbray
Feb
Robt Simpson pref
Jan
...1
35
30%
31%
30%
30%
65
30%
31%
867
25
25
25
10
2.35
%c
Feb
%e
%c
*
257
23%
5
18%
Jan
Feb
Shawinlean
4.00
5,890
1,980
3.75
Jan
4.25
Jan
Supertest ordinary
2.15
2.10
Jan
2.24
Jan
TemlMkamins
1.37
5,000
1.10
Jan
2.18
10%
Jan
11%
Feb
Jan
Jan
Feb
130
Feb
2%
Jan
3
Jan
22%
Feb
24
Jan
32
Feb
32
Feb
F'eb
8%c
Jan
130
Jan
21c
%c
Feb
Jan
240
Jan
Jan
Feb
125
3.90
25
1.75
3
2.10
Feb
3,650
5,000
3
2.12
25
1.95
*
3.90
30%
31%
lc
Rogers Majestic A....
1
Jan
Jan
5
i
Jan
%c
130
*
Jan
Feb
22
30%
1.75
1.94
Jan
Feb
12c
500
130
Pioneer
1.05
17
Feb
9C
1c
100
Pickle Crow
Jan
lc
—.1
Photo Engravers
Jan
15%
3,000
9c
Feb
95c
1,900
<•
10c
9c
1
....
85c
17
10%
115
7%
Gold
Powell Rou
i
Power Corp
Prairie Royalties
*
1.33
1.32
10%
10%
25c
21c
11
22c
Premier
l
1.35
1.36
1,500
1,400
Pressed Metals
Preston E Dome
»
10%
10
10%
471
1
2.13
2.12
2.18
11,554
3%
3%
3%
250
26%
26%
40
5c
8,200
Reinhardt Brewing
Riverside Silk..
*
Roche L L
Royal
i
Bank
4%C
182
Royalite Oil
*
St Anthony
1
St Lawrence Corp
San Antonio
*
l
2.45
Sand River
]
H%c
1
45c
Senator-Rouyn
Shawkey
...
Bid
Bid
Ask
Ask
Jan
6%C
Jan
Abitibl P A Pap ctfs 5s 1963
50
52
Gatlneau Power 3%s.l969
88%
Jan
Alberta Pac Grain 6s. .1946
82
85
80
Algoma Steel 5s
Gen Steel Wares 4%s_1952
Gt Lakes Pap Go 1st 5s '55
75
77
88%
89%
190
87
89
Beauharnols Pr Corp 5s '78
79%
81%
Int Pr A Pap of Nfld 6s '68
Jan
80%
82%
7,825
2.29
Jan
2.50
Jan
46
47
10c 11 %c
4,600
18,500
1,500
10c
Feb
150
Jan
Calgary Power Co 5s.. 1960
93
95
42c
Jan
57c
Jan
82%
Jan
89 %
83
Lake St John Pr A Pap Co
2.46
British Col Pow 4%s.l960
Brown Co 1st 5%s.... 1946
2.38
44c
45c
7%
100
Slscoe Gold
]
Bladen Malartlo
l
40c
Slave Lake
l
5%c
South End Petroluem
*
5c
5c
50c
1.40
78c
Jan
76%
78%
79
Jan
Canadian Canners 4s. 1951
82
84
Massey-Harrls 4 %s
1954
Minn A Ont Pap 6s—1945
77%
1.24
39
39%
1.18
Jan
Canadian Inter Pap 6s 1949
88
89
McCoU-Front Oil 4%s 1949
83
86
640
8.40
Jan
8.70
Jan
Canadian Viokers Co 6s *47
53
55
600
5%
6%
Jan
7%
7%
Feb
Consol Pap Corp—
N Scotia Stl A Coal 3 %s '63
67
70
90
16
Feb
Jan
550
5%
Jan
99%
Jan
30,125
75c
45c
49c
5%c
6%c
9,600
3,500
5%c
39c
Jan
„
53%
88%
Jan
Dom Steel A Coal 6%s 1955
88
90
87o
Jan
Dom Tar A Chem 4 %s 1951
81
83
9%
5%s
ex-stock
Jan
61C
Jan
Jan
7%c
7%C
Jan
50c
40c
Jan
62 %c
1.60
367
1.30
Jan
2.00
Jan
Feb
6%
Jan
Donnaoona Paper
Co—
1956
67
%i._ 1951
81
1949
78
4s
Jan
Famous Players 4
Jan-
Federal Grain 6s
•
No
par
value.
/ Flat
price,
....
89
90
79
82
1962
84
86
1960
82
85
4-5s series A
51%
87%
103
..
Price Brothers 1st 5s.. 1957
1901
Dom Gas A Elec 6%s.l945
Jan
Feb
5
_
Feb
5c
90
_
Feb
20
1,500
1,100
5
60%
5%C
87c
5
74
60
Jan
3c
•
131
101
72
Feb
185
9%
1961
Maple Leaf Milling—
2%s to '38-5%s to '49
96c
6%
17%
20
5%S
'
1.15
7%
8
1948
Canada Cement 4%s.l951
Canada SS Lines 6s...1957
7%
Feb
28
Jan
5%
Preferred
Feb
Jan
"T%
»
(American Dollar Prices)
Feb
5%
8.65
Standard Paving
Jan
3%
36%
8.50
50c
2.38
Jan
26%
4%c
300
South "West Petroleum..
Closing bid and asked quotations, Friday, Feb. 9
Feb
3
Industrial and Public Utility Bonds
20%c
14,674
78c
Jan
Jan
4c
101
Jan
Jan
1.03
100
Feb
Feb
1.20
9%
7c
15c
3c
20
18
1,500
4%
96c
»
7 %c
22c
33
1.17
Sllverwoods pref ...._._.»
32
2.12
8,100
3c
Simpsons A_.
23
7c
1.42
111
17c
5
1.17
Simpsons B......
22%
32
230
16c
1.00
»
22%
32
1
11
Jan
Jan
]
Sllverwoods
_
Feb
1.33
180
50c
Quebec...!
Simpsons pref
34
*
Mining.
10
127
4%
"
]
Sheep Creek
Sherrltt-Gordon
Slgman Mines.
10C
183
34
100
24
1905
62
4-5s series B
1965
52
Power Corp. of Can 4 %s'69
Quebec Power 4s
Saguenay Power—
4%s series B
Winnipeg Elec—
50
n
Nominal.
Quotations
New York
15
1977
100 x
1
15
1
1
1
1
1
1
15
1
<z4MsJan
<z4MsNov
101M
101M
Jan
1
a3s
Feb
1
1979
100 H
a3Ms
a3Ms
a3Ms
a3M8
a3Ms
July
May
I
1975
1
1954
101M 103M
105 M 108
Nov
1
1954
105 H
Mar
1
1960
105 M 108
a4 Ma June
1976
106
107 M
1UM 113
ill M 113 M
a4 Ms July
15
a4s
1
1957
a4s
Nor
1
1958
Ask
Bid
a3s
Jan
May
New York Trust
City Bonds
96
95
1969
Over-the-Counter Securities—Friday Feb. 9
Ask
Bid
a2M8 July
on
a4J^8 Mar
<z4MsMay
a4 Ms Nov
108
a4M8 Mar
a4M8 Sept
1
1960
a4Ms Mar
a4M8 Mar
1
1962
1964
c4Mb
a4MB
a4Ms
a4Ms
1966
117
15
1972
1
1974
1976
119M 121M
1
1
1977
1
1980
Apr
Apr
June
Feb
120M 122 M
Central Hanover
20
103
106
121 M 123
Chemical Bank & Trust.10
51
53
121H 123M
Clinton Trust
50
31
38
New York
..25
10
12
10
12
80
90
59 M
57 M
10
25
1650
Manufacturers
20
Preferred
25
29
32
39
41
52 M
Lawyers
55 M
109 M U2M
123
127 M
14
15M
Corn Exch Bk & Tr
20
54M
55 M
Underwriters.
100
10
12M
13M
United States..
100 1670
Colonial Trust
Continental Bank & Tr.10
4M
3M
Title Guarantee & Tr. ..12
Trade Bank & Trust- -.10
Empire
123
13M
12M
KM) 1610
Kings County
88
83
10
Irving
5M
4M
7
100
Bronx County
124 M
1720
111M
1
61.50 1688
1944..
Chicago &, San Francisco Banks
62.50 less 1
Par
Ask
Bid
Par
112M 113
6.90 lessM
63.35 lessM
1942.
1968.
Ask
298
310
100
565
574
12 M
35
37
Northern Trust Co
220
208
100
& Trust
Bid
Harris Trust & Savings. 100
American National Bank
Triborough Bridge—
4a s f revenue 1977
4s serial revenue
Guaranty
299
Brooklyn
3M8 revenue 1949—
4s serial revenue
210
294
Bankers
Authority 3 Ms 1968—
118M
195
100
117M 119M
117M H8M
New York City Parkway
3 Ma revenue
Ask
Bid
100
120 M 122 M
121M 122 M
112
1959
May
Oct
Par
Fulton
437
427
100
Bank of New York
I
118M 120
110
120 M
15
119M 121 M
1977
1978
1981
1957
1957
1963
1965
1967
1971
1979
Companies
Ask
Bid
Par
116 M 118M
1
a4MaDec
115M 117M
1
a4 Ma Dec
113M
ll*M 116M
115M 117M
H5M 117
May
a4s
a4s
a4s
981
Financial Chronicle
The Commercial &
Volume ISO
Continental Illinois Natl
Bk of Amer N T & S A
247
240
100
SAN FRANCISCO—
92
88 M
33 1-3
Bank & Trust
First National
New York State Bonds
62.15 less
62.20 less
World War Bonus—
1
3s 1981
1
Highway
141
1964..
1965
141
Canal Imp 4 M8 Jan
Vermilye Brothers
...
*67
131M
mm*
1945.
114M
...
Specialists in insurance Stocks
«...
138
Can & High Imp 4M3
131M
Canal Imp 4s J&J '60 to
mmm
...
Improvement—
'67
4s Mar & Sept 1958 to
62.35
Highway Imp 4M8 Sept *63
61.20
4MB April 1940 to 1949.
Canal & Highway—
5s Jan & Mar 1964 to '71
Ask
Bid
Ask
Bid
3s 1974.,
Barge CT 4Mb Jan 1
—
30 BROAD ST.,
Authority Bonds
Port of New York
Holland Tunnel 4Mb ser E
Port of New York—
Gen & ref 4s Mar 1 1975.
107
108
105
106
1942-1960
Gen & ref 4th ser 3s 1976
100
M&S
M&S
1940-1941.
Gen & ref 3d ser 3 Ms *76
Insurance
101M io m
Inland Terminal 4Mb ser
106
105
1977
Gen & ref 3Ma
mmm
108 M
D
100
131 M 135M
54 M
52 M
Aetna
...
Aetna Life
10
32 M
34 M
25
80 M
84 M
American Alliance
10
26
..10
24M
20 M
6M
American of Newark.. -2M
108 M
13M
15M
48
50
American Equitable..
United States Insular Bonds
5s
Apr
1955
6s
Feb
1952..
U7M 119
1941
106
Govt of Puerto Rico—
23M
25
52
54
35
37
116M 118M
4Mb July 1952
5s
July 1948 opt 1943.
110
112
111M
112M
Conversion 3s 1947
3s 1955 opt 1945.
3s 1956 opt
1946
—
105 M
J&J
105 M 105 M
3 Ma
1955 opt 1945—M&2V
J&J
106 H
105M 105 M
105M
4a 1946 opt 1944
Employers Re-Insurance
Fireman's Fd of San
Bid
New Orleans 5s
99 M
3M
New York 5s
99
3 M
North Carolina lMs
16
/2M
/2M
5s
5Ms
Denver 3s
mm
m
99 M
mmm
Pacific Coast of Portland 5s
3Ms
100
Fremont 4Mb
69
mm —
mmm
mmm
27
27 M
29 M
5
43 M
45M
Seaboard Surety
...5
10M
12
Security New Haven
Fire. ..15
21 M
24 M
71
74
28M
30
mmm
Iowa of Sioux City
99
Lafayette 5s
100
...
mm
mmm
80
mmm
5Ms
80
Halifax
10
17
18M
10
29M
30 M
-.10
87
90 M
Steam Boiler „10
62
23
Hartford Fire
23
Hartford
Southwest 5s
83
86
Union of Detroit 2Mb
99
Virginian 2s
99 M
mmm
Virginia Carolina 1Mb
99 M
mmm
100
...100
First Carol inas
8
Fremont
mmm
M
-
2
Lincoln
2s May
Bid
Par
1M
Ask
100
100
6
8
90
100.18 100.20
1 1941
15 1941
H% and l%_.Feb
1 1940
M% &1% due Mar 1 1940
1% due..
Apr 1 1940
M% due
May 1 1940
M% &1% due June 1 1940
6
100
105
100
87
5
2
100
100
Virginia
.20%
6
.25%
101.8
101.2
2M
FHA Insured Mortgages
Wanted—Circular on Request
1% due
H% due
July
1 1940 6.25%
M% due
Aug 1 1940 6 .30%
Sept 3 1940 6.30%
H% due
Oct
1 1940
6
.30%
Telephone: WHitehall
—
Bid
Co.10
Yorktown__66 2-3
Bensonhurst National
50
17 M
40
13.55
Commercial National—100
35 M
Bank of Manhattan
Bank of
Chase
75
-
Fifth Avenue
First National
of N Y
Merchants Bank
100
100
100
184
Stocks
18 M
.50
100
37M
190
National Bronx Bank...50
40
44
12 M
National Safety Bank. 12M
29 M
31M
District of
12
14
Florida 4Mb
14
16
Illinois 4Mb
National City
730
108
10
50
Penn Exchange
Bid
Ask
1955
Columbia 4 Mb.
47
55
31M
33 M
25
26 M
2SM
Michigan 4Mb
Minnesota 4Mb
984.
102
101M 102 M
101
102 M
102 M
101M 102 M
-
Massachusetts 4Mb
101
103
New Mexico 4Mb
101
102
area) 4Ma._
New York State 4Mb
North Carolina 4Mb
Pennsylvania 4Mb
101
102
N Y (Metrop
Rhode Island 4Mb
Carolina 4Mb
101
102
South
102
Tennessee
102
103 M
Texas 4Mb
101M 102 M
101
from M% to
102 M
Asked
New jersey 4 Ma
101
Maryland 4Mb
Sterling Nat Bank & Tr
102
101
—
Indiana 4M8
17 M
Peoples National
A servicing fee
For footnotes see page
101
Georgia 4Mb
760
118
Arkansas
Bid
Asked
100M 102
4Mb
Delaware 4Mb
Public National
r>i5
101
Alabama 4Mb
Par
Ask
3-6850
FHA Insured Mortgages
Bid
Par
Y.
New York, N.
—
...
New York Bank
FISCHER
WHITEHEAD &
Ask
44 Wall Street,
.20%
.20%
6
6
_.
Bid
Ask
...
U
101.4
92
106
Credit Bank Debentures
6 .20%
101.2
M% notes July 20 1941
101.4
101.2
M%-—-Nov
1 1941
101.4
101.2
M%
Jan
15 1942
101.15 101.17
1%
July
1 1942
S Housing Authority—
102.17 102.19
1M% notes Feb 1 1944..
115
100
Potomac
Virginia-Carolina
Corp—
16 1943—
'40 at 100 M 101.18 101.22
IMS Jan 3 1944—
Call July 3 '40 at 102
Offerings
Bid
Ask
33
.
4
Federal Intermediate
101.10
101.8
Call May 16
100
30
San Antonio
mmm
65
55
Des Moines
Aug
Nov
H%
1%
Federal Natl Mtge Assn—
Stocks
Pennsylvania
155
45
Denver
Bid
Loan Corp
100.4
100.2
Ma
May 15 1940
100.19 100.21
Ms
May 15 1941
Reconstruction Finance
Home Owners'
Federal Home Loan Banks
2s
Dec
1 1940 101.13 101.17
2s
Apr
1 1943 102.14 102.20
North Carolina
48
145
Dallas
Agencies
Ask
mmm
Commodity Credit Corp—
New York
45
64
Bid
Ask
71
Atlantic
M
Obligations of Governmental
14
Joint Stock Land Bank
Bid
—
*
/12
...
mmm
Par
13
11
Great Amer
mmm
80
Atlanta
Indemnity
1
8M
7M
Marine..5
40
38
10
36 M
34 M
10
126M
Springfield Fire & Mar..25 122M
4
3
Stuyvesant
6
340
290
Sun Life Assurance
100
478
Travelers
100 468
23 M
22 M
U S Fidelity & Guar Co..2
56 M
54 M
U S Fire..
4
75
72
U S Guarantee
10
37
35
Westchester Fire
2.50
mmm
5s
Lincoln 4 Ms
...5
Great American
•
105
100
Southern Minnesota 5s
mmm
99 M
4 Ms
5s
San Antonio 3s
,mm
98 M
4Ms—.
Globe & Rutgers
104
/21
/21
St Louis 4Ms.
Jit
Seaboard Flre&
100
Glens Falls Fire
103
mmm
69
5Ms
Illinois Midwest 5s
46
25
10
102
5s
mmm
69
5s
34 M
Marine. 10
Georgia Home
100
Fletcher
11 M
32 M
43 M
Hanover
100
4Mb
96 M
9M
5
Globe & Republic
Phoenix 4Mb
First Trust of Chicago—
4Mb
93M
5
—
Franklin Fire
2d preferred
99 M
First Texas of Houston 5s
70 M
Gibraltar Fire &
mm
/41
100
52
68 M
Btd
36
34
,.5
2M
1H
Home Fire Security
10
22
20 M
Homestead Fire
10
73 M
72 M
Ins Co of North Amer—10
47
44 H
Jersey Insurance of N Y.20
10M
9M
Knickerbocker
6
3
2
Lincoln Fire
5
3M
2M
Maryland Casualty
1
69
66
Mass Bonding & Ins._12M
53
49
Merch Fire Assur com—5
8M
7M
Merch & Mfrs Fire N Y..5
3
4M
Merchants (Providence)..5
26 M
29M
National Casualty
10
65
63
National Fire
10
8M
7M
National Liberty
2
137M
National Union Fire
20 132
15
16M
New Amsterdam Cas
2
36 M
34 M
New Brunswick
10
49
47
New Hampshire Fire
10
16
17M
New York Fire
5
4%
3M
Northeastern
5
105M 109M
Northern
12.50
28 M
27M
North River
2.50
126
130M
Northwestern National .25
Pacific Fire
25 128M 132M
88
84
Phoenix
10
19M
17M
Preferred Accident
5
35 H
33 M
Provid ence-Wash ington .10
9
7M
Reinsurance Corp (N Y) .2
26 M
25
Republic (Texas)
10
28 M
26 H
Revere (Paul) Fire
10
3
4M
Rhode Island
5
245 M
241
St Paul Fire & Marine..25
Home
100 M
100
Oregon-Washington 5s
10 M
129
127
General Reinsurance Corp 5
100
First Carollnas 5s
3M
49 M
10
2%
52
9M
Fr.25
Firemen's of Newark..
Ask
99
/14
/2M
4Ms
Chicago 4Mb
Bank Bonds
Montgomery 3Ms
/14
Burlington 5s
1M
Fidelity & Dep of Md. ..20
..10
Fire Assn of Phila
Ask
39
60
5
—
8
29 M
37
10
Excess
Joint Stock Land
16
25M
7
28M
-2M
Eagle Fire
111M
Federal
Bid
23 M
31
24
...5
City Title
Ask
J&J
21 M
29M
10
Connecticut Gen Life. ..10
Continental Casualty. ...5
Bid
..MAN
.
3s 1956 opt 1946..
5
—
City of New York
Federal Land Bank Bonds
106M
635
..10
Camden Fire
—
8M
103
625
Boston
Carolina
Bid
7M
Baltimore American.. -2M
..25
Bankers & Shippers
107 M
117M 119M
1956
10
25
Automobile
U S conversion 3s 1946
Hawaii 4Mb Oct
8M
American Surety
113M 114M
100 M 101M
5 Ms Aug
Re-Insurance. 10
21 M
American Reserve
119
117
4Ms July
American
121
1961
U S Panama 3s June 1
Government—
1959
1952...
4Ms Oct
Ask
Bid
Ask
Bid
Philippine
American Home
5
—
Par
Ask
Bid
Par
Agricultural
1942-1960
Companies
mmm
Aetna Cas & Surety._ -.10
M&H
M&S
1940-1941.—
Teletype N. Y. 1-894
Ask
Bid
Ask
Bid
N. Y. CITY
HAnover-2-7881.
4Mb
Virginia 4Ms
West Virginia 4Mb
M% must be deducted from
*
101M 102 M
101M 102 M
102 M 103M
103
102
101
102
101 M 102 M
101M 103
101
102
101
102
Interest rate.
982
The Commercial & Financial
Chronicle
Quotations
Feb.
Over-the-Counter Securities—Friday Feb. 9
on
10.
1940
-Continued
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Akron Canton A Youngstown
5%s
6s
3o$cpb Walkers Sons
Mtmken hirw "York Stork
Bid
Asked
6.00
68
119
124
69
71
2.00
30
32
87
61
8.75
17
22
41
New York A Hoboken
5.00
87%
90%
5.00
62
66
3.60
76%
78%
2.00
47
.100
Michigan Central (New York Central)
Morris A Essex (Del Lack A
Western)
-.50
Western)...
47%
53
63
153
4.00
40%
50.00
New York Lackawanna A Destern
(D L A
32
5.00
W)__. .100
800
30
53
55
4.00
Preferred
60
3.00
Pittsburgh Fort Wayne A Chicago (Penna) pref... .100
Pittsburgh Youngstown A Ashtabula pref
(Penna). .100
82
7.00
100
Second preferred
Tunnel RR St Louis (Terminal
RR)
United New Jersey RR A Canal
155
68
6.00
175%
.100
10.00
240
59%
5.00
61
5.00
57%
5.00
62
24
97
55
3.00
99
108%
95
3%s
98
104
1951
107
90
47
60
53%
Alabama Mills Inc
American Arch
Bid
*
61
Amer Bern berg A com..
*
65%
American Cyanamid—
5%
pref lstser..
conv
2d
40%
16%
17%
12%
12%
-
Par
Merck Co Inc common.. 1
16 preferred
100
Muskegon Piston Ring.2%
National Casket
;
*
3
37
0
series
Ask
2%
*
13%
12%
2
Preferred
*
3
5%
preferred
Bid
63.50
4%s.
2.25
2.25
Canadian Pacific 4%s
63.16
2.20
Cent RR New
Jersey 4%s.
Chesapeake A Ohio—
62.50
1.50
61.85
4%s
2.00
62.00
1.50
62.50
2.25
64.50
4s series E
2%s
63.75
3.00
0.50
'
St Louis Southwestern
5s._
2.00 Texas Pacific 4s
1.50
62.00
Maine Central 5s
Missouri Paclf c 4Mb
62.50
58
1.75
Standard Screw
20
38
25
44
21
23
x24
4%
25%
63%
6
66
Taylor Wharton Iron A
6%
25
27
1.50
1.60
Crowell-Collier
1.50
Dennlson Mfg class A.'..
6% preferred
*
►
Pub
3
%
23
34%
37%
*
Dictaphone Corp
2.25
Dixon (Jos) Crucible... 10 3
62.75
2.00
Domestic Finance
*
cum
*
pf_
1.50
*
1.50
Falrchild Eng A Airpl
1
Farnsworth Telev & Rad. 1
1.25
61.75
0.50
61.00
3
Foundation Co For shs...
*
*
61.75
1.25
63.75
3.00
*
*
Graton & Knight com
Preferred
;
1( 0
Great Lakes SS Co com.. *
Great Northern Paper. .5 5
Harrisburg Steel Corp
5
*
*
&
1832
Co.
6s
Preferred
1947
Caribbean Sugar 7s...1941
Haytian Corp 8s
1938
New Niquero
Sugar Co—
3%s
For footnotes
1940-42
see page
/59
61
/4
123
25
f26
984.
5%
Par
1
29
Punta Alegre Sugar
Corp.1*
Sugar Refg
1
33
Savannah
V
9%
10%
30%
Welch Grape Juice
7%
2%
59%
19%
100
1
*
19%
26%
27%
3%
4%
Amer Writ Paper 6s..1961
3%
5
Brown Co 5%s ser A..1946
9
1%
40
45
2
29%
%
1
preferred
%
10%
1%
9%
10%
49%
11%
47%
3%
18%
50%
12%
48%
3%
*
100
i%
1
22%
6%
6%
23%
7%
8%
43
3%
27
4%
29
Bonds—
Carrier Corp 4%s
Deep Rock Oil 7s
Haytian Corp 8s
10%
28
Machinery
35%
4%
1%
%
4%
62%
21%
108%
v t c
Wickwire Spencer Steel..*
Wilcox A Gibbs com
50
Worcester Salt
100
7%
%
3%
*
com
preferred...
West Dairies Inc com
$3 cum preferred
York Ice
1
100
com
16%
20%
43%
37%
.42%
3%
1948
1937
1938
Insplr Consol Copper 4s '52
Libby McN & Llbby 4s '55
McKesson & Rob 5%s 1950
Minn & Ont Pap 6s
1945
Nat Radiator 5s
Nat Supply 3%s
1946
19*4
NY World's Fair 4s. 1941
Old Bell Coal Inc 6s... 1948
*
Scovlll
Mfg 5%s
1945
West Va Pulp A Pap 3s '54
Woodward Iron—
1st
2d
5s
1962
conv
Income 5S..1962
!66%
f45%
88%
156%
f23
47%
90%
58%
23%
100
101" 101%
/86
f39%
S23
\02%
87%
41%
103"
28
30
40%
42%
108% 109%
99%
99%
105%
112
115
20
Am Dist
Teleg (N J) com.*
Preferred
Bell
100
Bid
Ask
101 % 106%
115% 117%
Par
Mtn States Tel & Tel.. 100
New York Mutual Tel..25
Bid
138
Ask
141
10%
35
18
3%
7%
Telep of Canada—100
Telep of Pa pref—100
132
136
Pac A Atl Telegraph...25
123
16%
124%
Cuban Teleph 6% pref. 100
9%
ertientes-Camaguey
Sugar Co
5
West Indies Sugar
Corp.,1
Preferred
2%
161
33%
Veeder-Root Inc
7%
1H
158
Telephone and Telegraph Stocks
Ask
Par
8%
9%
*
51
16%
*
Bid
*
>
15%
14%
*
Sugar Securities
Stocks
_
49
30
0
Cuban Atlantic Sugar
5
Eastern Sugar Assoc com.l
2%
%
3%
0
WHitehall 3-0770
Ask
26
%
9
*
26
21
6%
3%
9%
28
5
f24
8
1
Ley (Fred T) & Co
Products
6%
United Artists Theat com. *
nlted Piece Dye Works.*
31%
5
*
1951
2%
1
1
Baraqua Sugar Estates—
80
Glddings A Lewis
Teletype NY 1-1642
0
32
28%
76%
5%
*
0.50
New York Coffee &
Sugar Exchange
Exchange (Associate)
Bid
28
*
1.25
61.00
mnessee
Time Inc
46
3%
*
64"
21
Steel common
1%
6l"
2.25
Members New York Stock
Exchange
New York Curb
6s
7%
4%
40%
Stanley Works Inc
Sugar Securities
Bonds
3%
Stromberg-Carlson
*
Sylvania Indus Corp....*
Tampax Inc com
1
We Maintain Markets In Unlisted
Antllla Sugar Estates—
6%
3
6%
1
12
2
Boll
Solar Aircraft
72%
61.75
Western Maryland 4%s...
Western Pacific 5s.
N. Y.
Skenandoa Rayon Corp..*
4
31
149
2
10
*
Founded
20%
146
68%
62.00
5s
Lawrence Turnure
Manufacturing..25
14%
5%
61%
*
1
ONE WALL ST.,
42
3%
6
Scovlll
59
%
4%
3
*
62.00
2.00
1.75
39
3
common
62.00
Virginia Ry 4%s
62.75
Singer Manufacturing. .100
Singer Mfg Ltd
£1
Consolidated Aircraft—
1.00
62.50
4%
20%
2%
63.25
Southern Pacific 4%s
0.50 Southern
Ry 4%s
1.50
62.50
20%
1%
63.25
4%s
58
anufacturlng...»
Remington Arms com
*
Safety Car Htg & Ltg_._50
12
267
H
3%
2%
12%
4%
1
19%
1.60
62.00
4%s
62.25
Long Island 4%s
Chilton Co
St Louis-San
Francisco—
62.75
Exploration
3%
1
18%
257
M
2
3
62.10
Marquette 4%s
4s_
61.00
Cessna Aircraft.
21
36
17%
10%
16%
*
Corp..25
4
3
2.25
61.00
Pollak
4
3%
18%
34
*
62.00
3.00
63.25
Pilgrim
9%
%
17%
21
103
0.50
61.00
Reading Co 4%s
4%s.
19%
8
15%
17
Pharmacal__.2%
0
due
Jan A July 1937-49
series G non-call
Dec 1 1937-50
Pere
63.75
1.00
100%
Hocking Valley 5s
54
17%
%
1.50
61.50
Pennsylvania RR 4%s
3.75
100%
Erie RR 4%s
49%
3
3.75
Great Northern 4Kb
Peosl-Cola Co
*
Petroleum Convention... 1
Petroleum Heat A Power. *
*
62.50
Northern Pacific 4%s
I & Pacific—
6s
28
Bankers Indus Service A.
Botany Worsted Mills—
2.00
63.00
5s.
2.00
64.50
Denver A R G West
4%s.
Pan Amer Match
49%
100
*
5
4%s
Hartford 4%s
1.40
63.00
Trustees' ctfs 3%s
Ohio Match Co
77
0
Chicago A
St Louis
2.25
Illinois Central 4%s
Internat Great Nor
Armstrong Rubber A
New York New Haven A
63.25
63.25
Chicago R
Ask
62.75
r
New York Central
New York
2.50
63.25
68
26
*
New Orleans Tex A Mex—
2.50
63.50
3%sDeol 1936-1944...
4%s
23
71%
26%
0
1.00
2.00
5s
Chicago & Nor West 4%s
Chic Milw & St Paul
4%s.
Norwich
*
Art
61.50
68
New Britain Machine
25%
0
63.00
Canadian National 4%s.
43%
23%
Ask
47%
50
41
5
Equipment Bonds
Bid
116
Nat Paper &
Type com...1
0
Atlantic Coast Line 4%s.,
Baltimore A Ohio 4% a..*.
Boston A Maine 4%s
70%
45
59
*
Bid
100%
69
0
Railroad
98%
108%
85
r
26
53
Warren RR of N J (Del Lack A
Western)
West Jersey A Seashore
(Penn-Reading)
Preferred
75
Industrial Stocks and Bonds
71
245
6.00
.100
.
70
Pittsburgh 4s
133
3.50
Valley (Delaware Lackawanna A
Western)
88
79
1957
Vicksburgh Bridge 1st 4-6s
Washington County Ry 3%s
West Virginia A
61
105
73
67
6.00
Vicksburg Shreveport A Pacific (Illinois
Central). .100
53
103%
117%
133
3.00
.100
(Pennsylvania)
Chenango A Susquehanna (DLAW)
86
172%
7.00
6.64
Rensselaer A Saratoga (Delaware A
Hudson)
St Louis Bridge 1st
pref (Terminal RR)
14
83
45
43
09%
41
85
1947
Vermont Valley 4%s
90%
*35
1.50
98
1941
Toledo Peoria A Western 4s
Toledo Terminal 4%s
Toronto Hamilton A Buffalo 4s
United New Jersey Railroad A Canal
mm
101
rnmrnm mm m
37
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
Providence A Worcester 4s
30
87%
4.50
102%
104%
—
fl3
Ferry 5s
Norwich A Worcester 4%s
Pennsylvania A New York Canal 5s extended to
Tennessee Alabama A Geor~ia 4s
Terminal RR Assn of St Louis
3%s series B
Terre Haute A Peoria 5s
43
65!)
3.875
Northern Central
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Utica
45
5.50
62
i
101%
Philadelphia A Norfolk 4s
New Orleans Great Northern
income 5s
39
2.00
65
58
99
8.50
9.00
33%
97
3%s.._
3.00
KM)
52
101%
104%
113%
TOO
Fort Wayne A Jackson
pref (N Y Central)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A
80
50
—
Central)
.100
Carolina Clinchfleld A Ohio com
(L A N-A C L)__ .100
Cleve Cin Chicago A St Louis
pref (N Y Central). .100
Cleveland A Pittsburgh
(Pennsylvania)
113
32%
77%
New York
84%
61
110
—
Memphis Union Station 5s
New London Northern 4s
New York A Harlen
71%
105
59
—
6.00
79
103%
Louisville A Nashville 3%s
10.50
62
74
Hoboken Ferry 5s
Illinois Central—Louisville Div A
Terminal 3%s
Indiana Illinois A Iowa 4s
Kansas Oklahoma A Gulf 5s
Dividend
Betterment stock
Delaware (Pennsylvania)
101
57
Cuba RR improvement and
equipment 5s
Florida Southern 4s
(Guarantor In Parentheses)
Beech Creek (New York Central)
Boston A Albany (New York
Central)
Boston A Providence (New
Haven)
Canada Southern (New York
47
1956
Cleveland Terminal A Valley As
Connecting Railway of Philadelphia 4s
Guaranteed Railroad Stocks
Alabama A Vicksburg (Illinois
Central)
Albany A Susquehanna (Delaware A Hudson).....
Allegheny A Western (Buff Roch A Pitts)
76
50%
100
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s
i1 Mm—ir-Try
Par in Dollars
75
1944
Cambria A Clearfield 4s
2-6600
STOCKS
53%
53%
49
4%s
SincalSSS.
>'.i
41
42
45
Boston A Maine 5s
Tel. REctor
GUARANTEED
NEW YORK
—
Baltimore A Ohio 4%s secured notes
Certificates of deposit
Boston A Albany 4%s
Exekmmg*
Dealer* la
120 Broadway
Asked
/40
/40
52%
52%
55
Peninsular Telep com
Preferred A
33%
34%
30
32
Emp A Bay State Tel..100
45
Bell
60
*
25
3%
8%
Franklin Telegraph
100
Gen Telep Allied Corp—
$6
preferred
*
Tnt Ocean Telegraph—100
26
Rochester Telephone—
$6.50 1st pref
100
So A Atl
105% 106%
73%
Telegraph
Sou New Eng Telep
25
100
Wisconsin Telep 7 % pf. 100
114
20
18%
167% 170%
117
Volume
The Commercial & Financial Chronicle
150
Quotations
Public
Over-the-Counter Securities—Friday Feb. 9—Continued
on
Investing Companies
Utility Preferred Stocks
•
Sold
Admlnls'd Fund 2nd Inc. *
Quoted
.
Aeronautical
Par
Ast
Bid
Par
Bought
983
Bid
Ast
12.27
13.05
Investors Fund C
1
10.68
11.39
9.31
10.12
Keystone Custodian Funds
Series B-l
Securities
Affiliated Fund Inc
1%
♦Amerex Holding Corp..*
3.84
26.62
29.12
16%
Series B-2
21.57
23.62
3.26
3.60
Series B-3
13.82
15.21
Amer Foreign Invest Inc..
Amer Gen Equities Inc 25c
7.19
7.91
Series B-4
6.45
7.12
.35
.40
Series K-l
14.97
16.39
3%
3%
Series K-2
9.78
10.79
4%
5%
Series S-2
13.91
15.32
Series S-3
ESTABLISHED 1879
3.51
14%
Amer Business Shares
Jackson & Curtis
10.10
11.17
Series S-4
4.06
4.58
Am Insurance Stock
Members
Principal Stock and Commodity Exchanges
Assoc Stand Oil Shares
Bankers Nat
New York City
115 Broadway
Corp*
Class A
2
Investing—
new
.....
5% preferred
new
Teletype N.Y. 1-1600
BArclay 7-1600
Alabama Power 17 pref..*
w i__ 5
lOSJ^z 106%
112
pref 100
Lt 7% pref *
Arkansas Pr A
Associated
Original
Gas
2%
3%
112%
Par
Bid
Ast
Monongahela West Penn
Pub Serv 7%
15
pref
100
preferred
97 %
98%
1%
Nassau A Suf Ltg
IK
IK
119%
2%
Nebraska Pow 7 % pref.
2%
Eng G & E 5% % pf-*
New Eng Pub Serv Co—
81X
82%
*
*
*
Atlantic City El 6%
pref.*
Birmingham Elec $7 pref- *
Buffalo Nlag & East Pow
7%pf 100
100
New
*
pf--*
$7 prior lien pref
New Orl Pub Serv $7
_
25
$1.60 preferred
22 X
22%
Carolina Power A Light—
$7 preferred
*
*
preferred
106
97 X
107%
99%
100
100
Cent Pr A Lt 7% pref—100
Consol Elec & Gas $6 pref *
Consol Traction (N J).. 100
Consumers Power $5 pref- *
7%
preferred
$6 preferred
107% 109
100
102
109
9X
11
68
64%
106% 107%
Dallas Pr A Lt 7%
pref-100
Derby Gas & El $7 pref—*
93
117
57%
$7
*
*
*
preferred
cum
cum
36%
37%
38%
preferred
preferred
36
36%
*
*
100
preferred
111%
*
preferred
7%
7% cum preferred..-100
N Y State Elec & Gas—
5%%
24%
Interstate Natural Gas
Interstate Power $7
70
71
125% 126%
107
108%
116% 118
100
*
pref
(Minn) 5% pref
Ohio Edison $6
$7
114
4
pref-.*
Jamaica Water Supply
*
pref
78%
80%
110% 112%
109% 110%
115
preferred
Ohio Power 6%
pref--.100
116%
114% 116%
*
Jer Cent P A L
7% pf-.100
Kan Gas & El 7% pref. 100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
6% preferred
100
7% preferred
100
106% 107%
preferred
100
preferred
100
Okla G A E 7% pref—100
112% 113%
Pacific Ltg $5 pref
Pacific Pr & Lt 7%
*
pf—100
107% 108%
91
88%
*
38% 39%
112% 113%
6%
7%
Panhandle
33%
115%
116
118
Eastern
Pipe Line Co
pref—*
34%
103% 104%
119
122
91
93
43%
45%
Miss Rlv Pow
Missouri Kan
6% pref. 100
Pipe Line. _5
6% preferred
..—100
Republic Natural Gas..—2
30%
32%
5%
6%
Rochester Gas A Elec—
100
6% preferred D
Sierra Pacific Pow com—*
pf. 100
103% 104%
21%
.25
6% pref series B
29%
30
7% pf-100
113
114%
100
114
115%
35%
Texas Pow A Lt
87%
90
Toledo Edison 7% pf A.
95%
98
United Gas A El (Conn)
86%
88
4%l
5%
10
10.75
11.75
Invest
.28
14%
(Colo) serB shares....*
Canadian Inv Fund Ltd—1
3.40
4.00
National Investors Corp. 1
25.76
27.70
New England
1
10.75
11.63
N Y StocksInc—
Commonwealth Invest..,1
3.56
3.87
Century Shares Trust..
Nation .Wide Securities—
Bid
Amer Gas A Elec
3%s
s
f debs
3%ssf debs
2%s 1950
.I960
1970
61%
pref—.*
Washington Gas Light—* t
62%
...100
Utah Pow A Lt $7
Amer Gas & Pow 3-5s. 1953
51
53%
Amer
Utility Serv 6s„1964
86%
Associated Electric 5s. 1961
57%
88%
58%
Income deb
Corp—
3%s„-1978
3%s._.1978
Income deb 4s
1978
/15
/15%
/16
15%
15%
Ast
101% 102
3%S—1969
111% 112
Kan Pow A Lt
Lehigh Valley Tran 5s 1960
7.69
Agriculture
Lexington Water Pow 5s'68
1
2.40
Bank stock..
Accumulative series... 1
2.40
Building
6.30
6.83
Series A A mod
1
2.85
Chemical
9.26
10.01
Series ACC mod
1
2.85
Electrical equipment—
7.88
8.53
10
29%
10.36
11.19
Series AA
♦Crum A Forster
com..
5.29
Montana-Dakota
Util—
1954
106
106%
1938
1st 6s
16%
New Eng G A E Assn
5s '62
NY PA NJ Utilities 5s 1956
1973
/16%
/28
17
Conv deb 4s
31
supplies
100
Machinery..
Metals
♦Common B shares.
100
♦7% preferred
112
36
Cumulative Trust Shares. *
8.44
8.08
Railroad
34
7.46
3.36
3.65
Railroad equipment
10
_.
7.90
Oils
117%
♦Crum A Forster Insurance
7.88
6.69
7.25
6.1)4
7.52
Deposited Bank Shs ser A 1
Deposited Insur Shs A...1
No Amer Bond Trust ctfs.
48%
No Amer Tr Shares 1953.*
18.03
1973
/31
32
Conv deb 5s
1973
/32
2.39
Series 1955
1
2.91
1
Series 1956
1
2.85
Diversified Trustee Shares
Series 1958
1
2.64
Series
B
C
1
D
2.50
6.75
25c
1.32
Dividend
Shares
Eaton A Howard Manage¬
ment Fund series A-l__.
12.65
Equit Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
28.98
New
/34
/67
37
/12%
14
/II
13
8.20
10c
101
9.10
104
10.75
4.62
5.19
85.19
common
10.25
86.91
25
Scudder, Stevens and
20.15
Fidelity Fund Inc
i
Clark Fund Inc
Selected Amer Shares..2%
9.01
Selected Income Shares. .1
7.61
First Mutual Trust Fund-
Fiscal FundInc—
4.37
10c
*
.67
".74
15.65
16.58
series... 10c
2.82
Sovereign
3.82
Spencer Trask Fund
Standard Utilities Inc. 50c
4.65
♦State St Invest
Bank
stock
10
5
18.97
4.( i
—
Fundamental Invest Inc.2
5.90
Fundament'l Tr Shares A 2
B..,
Investors
Corp...*
Super Corp of Amer cl A.2
9.82
.44
74
.50
78
3.69
2.56
AA
1
B
2
3.69
1
10.07
Supervised Shares
10.93
*
3
32.86
3
5.40
Agricultural shares..
I
5.90
3
5.08
Aviation shares
3
9.73
Building shares
)
6.42
Chemical
General Capital Corp
*
General Investors Trust. 1
Trustee Stand Invest Shs—
♦Series
Group Securities—
shares
3
7.46
Electrical Equipment..
Food shares
7
9.43
3
4.94
3
5.92
2.47
5.44
1
♦Series
A__
5.06
2.57
♦Series
B
Trusteed Amer Bank Shs—
3.55
1
2.52
1
—
1
1
C„
♦Series D
Trustee Stand Oil Shs—
shares
shares...
—25c
.57
.63
Trusteed Industry Shs 25c
.86
.96
U S El Lt A Pr Shares A—
16%
Class B
2.25
3
6.52
B
3
4.78
Voting shares
)
4.36
shares
Steel
Wellington
25c
1
Fund
1.02
14.37
15.79
5.78
shares
3
Tobacco shares
5.80
♦Huron Holding Corp.._1
2
I
17.35
Corporations
.32
Incorporated Investors..5
Independence Trust Shs.*
Institutional Securities Ltd
Banking
Investment
,
——
2
5
Group shares.
1.48
3
10
17%
18%
♦Schoellkopf Hutton A
Pomeroy Inc com—10c
%
1%
♦First Boston Corp
1.22
Bank Group shares
2%
30
26
.*
♦Class B
3
1%
♦Central Nat Corp cl A..*
100% 101%
64
74"
13
/H
/U
/H
.45
14.96
13.99
_
5% deb series A
Representative Tr Shs.. 10
^Republic Invest Fund—
19.32
F__
Series
.40
10c
Plymouth Fund Inc
Putnam (Geo) Fund
Quarterly Inc Shares.
Water Bonds
33
Conv deb 5%s
1973
8s without warrants 1940
8.53
N Y State Elec A Gas Corp
Conv deb 4%s
9.65
Steel
♦8% preferred
Insurance
Mountain States Power—
12.68
8.92
Insurance stock
31%
5.74
11.74
♦Blair A Co
91%
8.32
Automobile.
Aviation
62%
89%
4%s
Assoc Gas & Elec
Income deb
Bid
Kansas Power Co 4s.-1964
6.49
9.10
RR Equipment shares..
Ast
1.40
13.59
2.47
Petroleum
Utility Bonds
105% 105%
105% 106%
106% 106%
1.27
6.10
12.61
1
Corporate Trust Shares.. 1
Merchandise
88%
preferred
Fund
Mining shares
Public
3.82
♦Continental Shares pf 100
Investing shares
85%
7%
Fund
Mutual
26.00
Automobile
22%
100% 103
Southern Calif Edison—
35%
116% 118%
22.42
.13
Fixed Trust Shares A
Mass Utilities Associates—
5% conv partlc pref..50
Mississippi Power $6 pref. *
$7 preferred
*
Mississippi P A L $6 pref
20.85
13%
Foundation Trust Shs A. 1
Queens Borough G A E—
Sioux City O A E $7
42%
44
16"80
1
Insurance stk series. 10c
Postal Telegraph System
Preferred wl
60
25%
5
5.60
7.43
Mass Investors Trust
3.87
Delaware Fund
100 i
preferred
(Del) 7%
Penn Pow A Lt $/
Idaho Power—
$6
36
61%
35
Federal Water Serv Corp—
$6.60
34
118
35
Ohio Public Service—
91
100
preferred
32%
116
110
Continental Gas & Elec—
cum
85%
Northern States Power—
Central Maine Power—
$6
83
New York Power & Light—
$6 cum preferred
7%
29%
Electric
A
preferred
$6.50 preferred
$7 preferred
6%
28
Mountain States Power—
7%
3.05
(Md) voting shares..25c
Ast
Amer G A E 4% %
Maryland Fund Inc..-10c
24.31
Chemical Fund
Amer Cable A Radio
6.73
1
Utility Stocks
Bid
Manhattan Bond Fund Inc
4%
15.62
Bullock Fund Ltd
Public
Par
Basic Industry Shares..10
Boston Fund Inc
British Type Invest A
1
Broad St Invest Co Inc. .5
Tel.
7%
6%
3%
Income deb
4%s...1978
73
Cons ref deb 4% s... 1958
Sink fund inc 4%s.. 1983
1983
Sf inc4%s-5%s
1986
Sink fund Inc 5-6s__ 1986
Blackstone Valley Gas
& Electric 3%s
1968
Cent Ark Pub Serv 5s. 1948
15
15
HO
111
99% 100%
87
1946
1st lien coll trust 6s. 1946
89
91%
94%
99% 100
Cent 111 El A Gas 3 %s. 1964
1st mtge 3%s
1964
3%s
Penn Wat A Pow
3%s 1964
1970
Peoples Light A Power—
3%s
1961
1st lien 3-6s
1950
6s
Debenture
1949
4s
103% 104%
101%
Pub Serv of Indiana 4s 1969
Pub Util Cons
/1%
'52
2%
5%s„.1948
102%
Cities Service deb 5s..1963
70%
71%
St Joseph
90%
Sou Cities Util 5s A... 1958
1962
88%
48%
49%
S'western Lt A Pow 3%s'69
1962
47
49
Tel Bond A Share 5s„1958
6s series B
Consumers Power 3%s_*69
Coll Inc 6s (w-s)
1954
Cumberl'd Co PAL 3%s'66
64%
108% 109%
Dallas Pow A Lt 3%s-1967
109%
Dallas Ry A Term 68.1951
104
22%
104%
106% 107
101% 102
86%
88%
72%
75
1947
105
105
79%
Texas Public Serv 5s._ 1961
105%
49%
51%
103% 104%
78% 80%
97%
99%
108% 108%
United Pub Util 6s A. 1960
Federated Util 5%s
Inland Gas
5s
81%
84"
1957
86
1952
/52
Iowa Pub Serv 3%s_.1969
101
6%s btamped
.
54%
101%
1957
1948
101
1948
Phila Suburb Wat 4s._ 1965
104
Pinellas Water Co 5%s.'59
101%
Pittsburgh Sub Wat 5s '58
Plalnfield Union Wat 5s '61
107
...
Richmond W W Co 5s 1957
105%
...
101%
1957
105%
1st 5s series C
Community
4%8._1966
Prior lien 5s
101%
City Water (Chattanooga)
5s series B
1954
Water Service
.1946
81
Huntington
1946
83
88
107% 108%
104% 104%
Western Public Service— 1
I960
100
Wisconsin G A E 3%s. 1966
101
i...
102%
m
For footnotes see page
984.
108%
-
103
4s ser A 1966
101
...
106%
1954
101%
St Joseph Wat
6s
1954
102%
Scranton Gas A Water Co
5s
1962
105
Indianapolis Water—
1st mtge 3%s
1966
106
108
4%s_
1958
Scranton-Spring Brook
Water Service 5s. 1961
93%
98%
.1967
94
99
100
104
Shenango Val 4s ser B. 1961
102
-
1st A ref 5s A
1958
5s
Joplin W W Co 5s
1957
Kankakee Water 4%s. 1939
Kokomn W W Co 5s
1958
South Bay Cons Water—
105%
1950
5s
102
101
81
86
Springfield City Water—
105%
1956
4s A
Monmouth Consol W 5s '56
104% 105%
103
...
---
Texarkana Wat 1st 5s. 1958
102
58.1950
.
...
101% 103%
1951
95
100
97
102
Newport Water Co 5s 1953
93%
102%
98%
.
1961
1st mtge 5s
..1950
.1951
1st mtge 5%s
1950
Westmoreland Water 5s '52
101
100%
103
102%
1956
101
Ohio Cities Water 5%s *53
101
5s series C
1960
105%
108
68 series A
1949
103%
103
Ore-Wash Wat Serv 5s 1957
94
...
...
...
...
Wichita Water—
58 series B
Ohio Water Service 4s. 1964
..
Western N Y Water Co—
5sserie8B._
5%s
1951
New York Wat Serv 5s '51
5s series B
...
105
...
105%
105%
103%
W Va Water Serv 4s.
1950
5%s
Morgantown Water 5s 1965
105%
Union Water Serv 5%s '51
Monongahela Valley Water
Ohio Valley Water 5s. 1955
3%s..l961
-
-
Water—
108
Wis Mich Pow
...
107% 109
5s series B
New Rochelle Water—
West Texas Util 3% 8.1969
104% 104%
102%
86
6s series A
New Jersey Water
132%
Wash Wat Pow 3%s..l964
5%s
Corp—
1st consol 58
99% 102%
Utica Gas A Electric Co—
104
1st consol 4s
Muncle Water Works 5s '65
62%
Dayton Pow A Lt 38—1970
106% 107%
1950
.1948
1st coll trust
Peoria Water Works Co—
Roch A L Ont Wat 58.1938
/20%
Toledo Edison 3%s—.1968
106% 106%
Crescent Public Service—
1st A ref 5s
5%s series B
102% 104%
Ry Lt Ht A Pow
4%s
1962
Consol E AG 6s A
84%
104% 106
106
106%
105% 106
Sioux City G A E 4s__1966
Cons Cities Lt Pow A Trac
105%
Indianapolis W W Secure—
1951
Central States Elec 4s. 1964
5s
82%
Republic Service—
Collateral 5s
Comm'l Mackay 4s w 11969
102
Portland Electric Power—
101% 102%
Income 5%s with stk
105%
Butler Water Co 5s... 1957
City of New Castle Water
5s
1941
See Water Bonds.
Old Dominion Pow 5s. 1951
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '68
101% 102%
110% 111%
Ohio Water Serv 4s 1964—
Central Pow A Lt
1968
Ast
Penna State Water—
102% 103
Calif Water Service 4s 1961
Public Service 3%s.l969
Cent Ohio Lt A Pow 4s 1964
3%s 1969
Central Public Utility—
Bid
Ast
Alabama Wat Serv 5s. 1957
Indiana—
Pub Serv of Colo 3% 8.1964
Central Illinois Pub Serv—
4'
Bid
Northern
Parr Shoals Power 58.1952
Central Gas A Elec—
1st lien coll tr 5 % s—
72
106% 107
Nor States Power (Wise)—
Assoc Gas A Elec Co—
Sink fund inc 5s
1965
4s
103%
99
W'msport Water 5s—1952
104
...
...
...
...
The Commercial & Financial Chronicle
984
Quotations
on
Feb.
Over-the-Counter Securities—Friday Feb. 9—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities QuotediHere
in which
our
you
Bid
mx
15
B'way Barclay inc 2s._1950
B'way A 41st Street—
122
In this publi¬
active over-the-counter
The classes of securities covered
Out-of-Town)
3%-5b 1944
Railroad Bonds
Industrial Bonds
Real Estate Bonds
Insurance Stocks
5Xa series F-l
35%
55X
37%
45
51
5)^8 series Q
43%
45%
19
Ollcrom Corp vtc
28
30
26
28
2X
21
23
165 Broadway Building—
Sec s f ctfs 4%b (w-s) '58
40X
43 J*
16X
Prudence Secur Co—
...
5^s stamped
19
5s
13
..
125%
127
1961
Income
1943
1st mtge 4s
35
.1957
BRAUNL
3s with stock
1956
38
20
22
80
82
17
19
3^s with stock
616 Madison Ave—
42
44
30
32
quotations shown below are
nominal.
J
J
r
7b.
I
1
Ask
/12
/3 ft
/26
/26
/30
...
...
mm.
...
/12H
5
/7
119%
118%
Hungarian Ital Bk 7%b *32
Hungarian Discount A Ex¬
>
Rtfa7b..
0s..
)
08
>
13%
13%
13%
1 12%
/22
/36
/14
Leipzig O'land Pr 6%B '46
Leipzig Trade Fair 7s. 1953
7%b
19C
195
48
Water 7s
113%
15%
11
1945
Munic Bk Hessen 7s to '45
196f
/56
195c
15
170
151
4s...
1947
62
/14
/14
/14
16
/15
5s..
16
1945
1946
1952
1956
1968
6s 1930
---
---
/12
/12H
113 x
5s
135
15
112
12
y
100
65
Ask
7% preferred
3
Miller (I) Sons common..5
2
4
50
15
20
Reeves (Daniel) pref. -100
99
preferred
—
7
9
n
a
12
*
$5 preferred
•
Interchangeable.
Nominal quotation,
w
16 J*
~
18%.
6 Basis price,
d Coupon,
e Ex-interest.
When Issued,
w-s With stock,
x Ex-
i
Ex-rlghts.
♦
on
New York Stock Exchange.
Quotation not furnished by sponsor
on
or
*
Issuer.
$89.50 of principal amount.
TREASURY
31
The
5% was paid
40
---
MONEY
on July
2 and 5%%
HOLDINGS
following compilation, made
ernment
statements,
shows
the
up
from the daily Gov¬
holdings of the
Treasury at the beginning of business on the first day of
December, 1939, and January, February, 1940, also on the
first day of February, 1939:
money
/12
---
...
/13
110
78 ctfs of deposit.
.
1957
scrip
8s
...
...
/14
Net gold coin and bullion.
Net silver coin and bullion
---
Net United States notes..
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bank notes
19%
12
111
2X
...
Kingdom
---
Net subsidiary silver...
Minor coin, Ac
8
...
116
/14
-..1964
80
Sao Paulo (Brazil) 6s_1943
Saxon Pub Works 7s__1945
112X
Saxon State Mtge 6s.. 1947
Siem & Halske deb 6s_2930
State Mtge Bk Jugoslavia
Cash balance In Treas..
74
no x
1951
Less gold reserve fund
_
.
m
/H
/13 X
...
Dec. 1, 1939
Feb. 1, 1939
-
Government
other bank deposltariesTo credit Treas. U. S._
To credit disb. officers.
2d series 5s
1956
Stettin Pub Util 7s... 1946
Toho Electric 7s
1955
Tomna 7s
1947
21
25
Deposits In foreign depts.
•
Net
17 X
77
78 X
707,853
12,537,028
335,888
498,996
5,636,761
5,563,610
20,716,452
18,480,123
1241634,368
156,039,431
858,587,198
637,844,408
3,623,898
1,368,000
12,692,280
501,841
4,083,105
22,237,808
1197720,494 1,540,938,538
156,039,431
156,039,431
824,907,000
672,774,558
755,333,000
39,678,799
42,508,365
37,734,367
1,643,334
152,936
471,307,496
876,117,000
792,001,112
43, 736,024
39, 763,061
1, 981,740
199,375
41,807,418
1,642,709
109,818
27,312,957
36,484,149
2,283,746
197,480
*
112X
...
112
...
Treasury
2,463,467,443 2,666,515,299 2,350,360,561 3,119,295,551
181,164,719
190,354,356
184,832,983
186,306,854
Available cash balance. 2,282,302,724 2,476,160,943 2,165,527,578
2,932,988,697
112X
1945
In
and in banks
135
1947
cash
Deduct current liabilities.1
88 X
Wurtemberg 7s to
2,216,160
—
77X
87
1953
512,414,698
643,065,697
1,044,821,825 1,085,594,937 1,041,681.063 1,384,899,107
516, 835,418
25
_
156,039,431
816, 130,000
21
Unterelbe Electric 6s.
Vesten Elec Ty 7s
2,135,323
13,320,473
182,909
6,540,422
24,371,470
securities.
1956
116 X
564,889,791
634,109,960
2,726,049
...
Cash In Philippine Islands
75X
2,985,927
1,033,519
11,140,292
tories account of sales of
300
112%
500,453,351
654,153,366
Dep.In Fed. Res. banks..
Depsot in National and
17%
P2X
112 X
3X% War Loan
Uruguay conversion scrip..
70
Jan. 1, 1940
Deposit in special deposi¬
Kingdom of Great
Britain & Ireland 4s. 1990
1 io
1940
.
20 X
United
/39
Feb. 1,
Total cash In Treasury. ♦1200 861,256
...
17 X
Santander (Colom) 7s. 1948
5s
110
18 X
17 X
13c
deposit-1948
4s
114
Holdings in U. S. Treasury
8%
17 H
1948
8s ctfs of
Santa Catharina (Brazil)—
8%
i
1947
Santa Fe 7s stamped. 1942
6X8
No par value,
f Quotation
Sept. 25.
113
---
112
19
See United
♦
...
112
115
110
Rio de Janeiro 6%
1933
Rom Cath Church 6%b '46
R C Church Welfare 7s '46
...
15
German scrip
Graz (Austria) 8s
1954
Great Britain A Ireland—
Bid
Kobacker Stores—
18
7s 1957
112
12
110
German Central Bank
Agricultural 6s
1938
70
Par
7
t Now selling on New York Curb Exchange.
17%
1941
4s
Frankfurt 7s to..
Ask
4%
108%
dlvidend.
Salvador
113%
7s Income
67
—
/4t
Protestant Church (Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
Bid
♦
2%
/Flat price,
112
115
Saarbruecken M Bk 6s.'47
112
7s.
.
16 %
/12 H
6%a.
.
21
15
129
Porto Alegre 7s
-«
.
19X
1
29 X
...
15
Poland 3s
•
1951
150
Panama City 6 He
Panama 5% scrip
74
—
14
Corp—
w-s
Westinghouse Bldg—
1st mtge 4s
.1948
...
54
Kress (S H) 6% pref... 100
Savings Bk of
Mtge 7s
1948
North German Lloyd—
58
45
4^8
United Cigar-Whelan Stores
61
/14
City Savings Bank
Budapest 7s
1950
1st
8%
15 8
7s to
193^
3s
2%
1%
tNow listed
Oberpfals Elec 7s
Madgeburg 6s
51
Wall A Beaver St
26%
Oldenburg-Free State—
—Mean Nitrate 5s
49
70
100
113
7%
10%
German Central Bk
Central German Power
34 %
2 Park Ave Bldg 1st 4-5s'46
39 X
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
112 X
Nassau Landbank 6^8 *38
Nat Bank Panama—
Hungary 7Mb
1962
National Hungarian & Ind
see
69
1947
7% preferred
112X
159
135
112 X
112 X
scrip
163*
3
27 X
mm
37 X
B /G Foods Inc common.,*
Bohack (H C) common. __*
112 X
Meridionale Elec 7s..1957
Nat Central
nm
/25
/6
(Brazil) 8s
194:
Central Agrlo Bank—
15
112 X
112 X
(A & B) 4s...1946-1947
(C & D) 4s...1948-1949
100
25%
29X
...
em
Beriand Shoe Stores
...
---
/50
Ceara
1948
Munch 78 to
f5
V
1958
Trinity Bldgs Corp—
1st 5X8
1939
.
Aq
Par
112
Mannheim A Palat 7s. 1941
J
.
.
1951
(Bklyn)
1st 5s (L I)
Luneberg Power Light A
Montevideo
Corp—
6%B
...
mmm
4X
British Hungarian BankBrown Coal Ind
1943
19 X
14
70
22
17
Municipal Gas A Elec Corp
Recklinghausen 7s__1947
no
1955
31
21
Land M Bk Warsaw 8s '41
23"
28
(Syracuse)
Chain Store Stocks
29
Koholyt 6X8.
4%
3%
3%
Syracuse Hotel
15
change Bank 7s
1936
Jugoslavia 5s funding. 1950
20%
r
26
Walbrldge Bldg (Buffalo)—
Bavarian Palatinate Cons
7
24
26
15
Jugoslavia 2d series 5s. 1956
...
)
Hungarian Cent Mut 7s '37
1950
1957
3s with stock
Ludwlg Baumann—
Ask
Bid
42
Textile Bldg—
54
1963
London Terrace Apts—
1st A gen 3-4s
1952
1st 5s
Bid
39
1947
1st 6s
1st lease 4-6 J* s
1948
Lewis Morris Apt Bldg—
1st 4s
1951
Foreign Unlisted Dollar Bonds
some of the
(Newark)—
lst3Hs
51
Lincoln Building—
Income 5J^s w-s
European situation
60 Park Place
1st 3s
Lexington Hotel units
Due to the
12%
11%
01 Broadway Bldg—
Hotel St George 4s... 1950
Tel. HAnover 2-5422
/II
/ io
36
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 0s' 42
CO., INC.
69 X
1956
Corp—
lst5J*s (w-s)
34
Lefcourt Manhattan Bldg
1st 4-5s
1948
Lefcourt State Bldg—
&
56%
67
Sherneth
....
Graybar Bldg 1st lshld 5s '46
Inactive Exchanges
53%
Savoy Plaza Corp—
23%
Fuller Bldg debt 6s...1944
1st 2 J4-4s (w-s)
1949
*
63
38
1400 Broadway Bldg—
1st 4s stamped
1948
Foreign Stocks* Bonds and Coupons
.
Roxy Theatre—
.
40 X
40 Wall St Corp 6s... 1958
42 Bway 1st 6s
1939
Your subscription should be sent to
...
Realty Assoc Sec Corp—
500 Fifth Avenue—
52d A Madison Off Bldg—
1st leasehold 3s_ Jan 1 '52
Film Center Bldg 1st 4s '49
Dept. B, Wm. B. Dana Co.. 25 Spruce St., New York City.
52
33
50 Broadway Bldg—
1st income 3s
1946
3
12
2d mtge 6s
1951
103 E 57th St 1st 6s... 1941
3%
31
25
6%s (stamped 4s)..1949
52 William St., N. Y.
57 X
1 Park Avenue—
1950
Hotel units
Quotation Record in published monthly and
sells for SI2.50 per year.
54 X
Corp—
49
Equit Off Bldg deb 5s 1952
Deb 5s 1952 legended
U. S. Territorial Bonds
The Bank and
5%
52 X
ox
Eastern Ambassador
U. S. Government Securities
Mining Stocks
20
4X
5X8 series BK
...
Dorset 1st A fixed 2s__1957
Stocks
ties
63 X
42
1st 3Hb
Title Guarantee and Safe Deposit
Stocks
Mill Stocks
18 X
2s
m
18
ist 4s (w-s)
1948
Court A Remsen 8t Off Bid
Real Estate Trust and Land
Investing Company Securities
Joint Stock Land Bank Securi¬
1955
4s with stock stmp_.1956
N Y Title A Mtge Co—
N Y Athletic Club—
33
..1957
Railroad Stocks
Industrial Stocks
73%
Colonade Construction¬
Public Utility Stocks
Foreign Government Bonds
71X
Chanln Bldg 1st mtge 4s '45
CheseboroughBldg 1st 6s'48
Utility Bonds
Federal Land Bank Bonds
1945
N Y Majestic
1948
3s
Canadian
Public
S f deb 5s
Brooklyn Fox Corp—
Domestic
Canadian
Metropol Playhouses Inc—
...
Broadway Motors Bldg-
are:
Municipal Bonds—
Domestic (New York and
Ask
24
1st leasehold
4-6s
Banks and Trust Companies—
Bid
7
5Xb series C-2
monthly Bank and Quotation Record.
bonds.
Certificates
Ask
Alden Apt 1st mtge 3s. 1957
Beacon Hotel inc 4s_.1958
have interest, you will probably find them In
cation Quotations are carried for all
stocks and
1940
10,
as
Includes
on
Feb. 1, $620,130,513 silver bullion and $2,053,450 minor
Ac.,
Included In statement "Stock of Money."
coin
Volume
985
The Commercial & Financial Chronicle
ISO
General
Corporation and Investment News
RAILROAD—PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it is not always
reasons
However, they
OF
FILING
always
are
STATEMENTS
REGISTRATION
possible to
as near
Month of January—
Gross
following additional registration statements (Nos. 4309
4314) have been filed with the Securities and Exchange
The amount
The
Commission under the Securities Act of 1933.
involved
is
855).
Street Corp. (Woodbridge Building, bondholders com¬
(2-4311, Form D-l), of St. Louis, Mo., has filed a registration
statement covering $1,981,000 of bonds for issuance after deposit of certif¬
icates of deposit for the 5 % % first mortgage sinking fund gold loan certif¬
icates of interest, due 1941, on the Woodbridge Building, located in New
William
Charles T. Bach, et al, are members of the bondholders com¬
City.
Indiana Associated Telephone Corp. (2-4312, Form A-2), of Lafayette,
Ind., has filed a registration statement covering $3,800,000 of 3H% first
mortgage bonds series A, due in 1970 and 2,660 shares of $5 cumulative
preferred stock (no par).
Filed Feb. 1, 1940.
(For further details see the
"Chronicle" of Feb. 3, page 841.)
Massachusetts Hospital Life Insurance Co., trustee (Hospital Life
Trust) (2-4313, Form A-l), of Boston, Mass., has filed a registration state¬
ment covering 20,000 units of beneficial interest of Hospital Life Trust,
which will be offered at market.
Proceeds of the issue will be used for
Investment
purposes.
No underwriter named.
Investors
has filed
Fund
Edward H. Osgood is President of the company.
Filed Feb. 2, 1940.
Inc.
C,
(2-4314, Form A-2), of New York, N. Y.,
registration statement covering 200,000 investor^ shares, which
Proceeds of the issue will be used for invest¬
a
will be offered at market.
Philip J. Roosevelt is President of the company.
Funda¬
Corp. has been named underwriter. Filed Feb. 6, 1940.
ment purposes.
mental Group
The last
in
previous list of registration statements was given
11,281
$485,118
13,477
727
78,582
3,833
Total income
Interest
Other deductions
Federal income tax
State income tax
$388,499
447,450
Net profit
Earned surplus, Dec. 31,1938
Total surplus.
Dividends
on
$835,949
156,880
;
stock
common
(70 cents
share)
per
$679,068
Balance, Dec. 31, 1939
Note—Provision
for
in
included
depreciation
above
the
statement
amounted to $38,121.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $110,594; accounts and notes receivable (after reserve for
accounts
of $39,111), $318,675; inventories,
$1,011,953; cash
surrender value of corporate life insurance, $43,556; investments, $12,522;
prepaid expenses & deferred charges, $41,343; plant & equipment (after
reserve for depreciation of $348,605),
$1,407,783; total, $2,946,426.
Liabilities—Bank loans (current), $175,000; accounts payable, $52,184;
accrued liabilities, $99,068; provision for Federal and State income taxes,
$83,965; liability for redemption of preferred stock called Jan. 1, 1937 at
$52 a share (35 shares not yet presented for redemption), $1,820; bank loans
(non-current), $300,000; common stock (224,530 no-par shares), $1,122,650;
capital surplus, $436,872; earned surplus, $679,068; common stock, re¬
doubtful
acquired and held in treasury—(415 shares, at cost), $4,203; total,
426—V. 149, p. 867.
issue of Jan. 27, page 679.
our
$473,836
Other income
Filed Jan. 31, 1940,
mittee.
$1,480,922
1,007,086
Selling, general and administrative expenses
Net profit from operations
mittee)
York
(&;Subs.)—Earnings—
Gross profit on sales.
Filed Jan. 30, 1940.
Skelly Oil Co. (2-4310, Form A-2), of Tulsa, Okla., has filed a registra¬
tion statement covering $10,000,000 of 3% debentures due Feb. 1, 1950.
Filed Jan. 31, 1940.
(For further details see the "Chronicle" of Feb. 3,
100
156,600
Earnings for the Year Ended Dec. 31, 1939
& Steel Corp.
has been named underwriter.
1937
$466,000
251,200
1938
$409,000
x After
operating expenses and development charges, but before depre¬
ciation, depletion, and Federal taxes.—V. 150, p. 267.
Allied Laboratories, Inc.
(2-4309, Form A-2), of Baltimore, Md.,
has filed a registration statement covering 40,000 shares of $1 par common
stock.
Proceeds of the issue will be used for plant expansion and improve¬
ments.
C. E. Tuttle is President of the company.
W. E. Hutton & Co.
page
earnings
Co.—Earnings—
1939
$406,000
123,300
1940
$361,000
99,500
Net profit
x
approximately $20,462,600.
Rustless Iron
possible.
as
Alaska Juneau Gold Mining
UNDER
SECURITIES ACT
to
companies in exact alphabetical order.
arrange
alphabetical position
$2,946,-
Aluminum Co. of America—Vacation Plan—
Air Associates,
Inc.—Earnings—
1938
1939
3 Months Ended Dec. 31—
Net oper. profit after all charges, incl. depreciation
and amortization and Federal income taxes
$5,444
x$63,926
Equivalent after allowing for current dividend requirements on the
preferred stock to 59 cents a share on 99,884 shares of common stock.
x
Sales for the quarter were more
last year.
The present
—V. 149, p. 3863.
Alabama Power
1939—Month—1938
1 939—12 Mos.—1938
$1,727,684 $22,102,809 $20,024,506
1,154,693
883,913
10,513,270
9,190.159
217.690
217,690
2,612,280
2,612,280
depreciation..
American Brake Shoe &
150, p.
$8,977,259
4,858.285
$8,222,066
4,857,160
$221,208
195,178
$4,118,974
2,342,138
$3,364,906
2,342,138
1939
1938
$24,601,796 $19,042,148
19,315,489
15,426,132
2,636,621
2,275,423
276,236
218,880
•
6,196
8,364
Research expenses
$49,461
pref. stock
Balance
$626,081
404,874
Net sales
$244,639
195,178
income
Foundry Co.—Earnings—
Years Ended Dec. 31—
$643,564
398,925
Gross income
—V.
$26,030
$1,776,836
$1,022,768
Cost of sales
Selling, administrative and general expenses
121.
Alfred Decker & Cohn, Inc.—New Director—
At the annual meeting of stockholders held Feb. 5, R. O. Burns was
elected a director ot replace E. M. Stark, resigned.—V. 148, p. 428.
Bad & doubtful accounts
$2,367,254
79,132
137,907
operations
consolidatedOther income (dividends, interest, &c.)
Net loss from sale
securities
or
$1,113,350
39,193
$2,584,293
Profit from
Dividends from subsidiaries not
$1,278,179
revaluations of marketable
60,611
$1,278,179
73,120
390,000
for
reserve
13,256
30,460
167,000
$2,121,173
to
013,256
$2,584,293
thereof transferred
$1,080,719
286,823
con-
Alleghany Corp.—1929 Trust Receipts—
Guaranty Trust Co. of New York has called attention to the fact that
are still outstanding a number of trust receipts dated May 31, 1929,
are exchangeaole for Alleghany
Corp. cumulative 5H% preferred
stock, series A (with stock purchase warrants attached).
The surrender
of these trust receipts entitles the holder to receive not only the preferred
stock certificates but accumulated cash dividends in excess of $9 per share.
there
which
Other charges
U. S. & foreign income
,
for Filing Plan Extended—
The Marine Midland Trust Co. of New
as
trustee for the Alleghany
Feb. 13, 1940, the time
within which a plan of readjustment for the 5s of 1950 may be submitted,
sunder the terms of the agreement dated Sept. 28, 1939 under which Manu¬
facturers Trust Co. is holding in trust 107,579 shares of Chesapeake & Ohio
Ry. common stock withdrawn from the collateral securing Alleghany 5s of
5s of 1950, and Alleghany Corp. have extended to
1944.—V.
taxes—estimated.
Preferred dividends
150, p. 829.
-
of common stock
and amortization (deducted in ar-
Depreciation
1938
1937
operations
Int. charges on mtges—
$96,314
56,108
$89,796
61,626
$66,957
55,765
$70,007
Net profit
Income from
$40,206
$28,170
$11,192
$6,167
Net inc. from real estate
1939
63,840
inv.
on
28,211
28,041
12,388
,296,147
105,695
Other assets
Investments
—
bldgs.,
equipment
$14,277
$4,326
Net loss
Includes $4,429
not
prf$80,423 prof$49,796
in 1938 and $20,670 in 1937 profit from
sale of real
Real
cure.
Liabilities—
1938
1939
Assets—
y
estate, se¬
& mtges..$2,439,832 $2,429,021
Acc'ts receivable.
_
Cash
1,199
135,071
Invest, in bonds__
1
Furn. & fixtures..
344
1938
660,000
payable.
1,769
660,000
3,171
Accounts
Rents rec. in ad vs.
<fc sec. on leases.
2,493
1
Int. pay., accruedDeferred credit
11,244
Total
12,742
10,651
13,657
510,053
505,727
$2,576,102 $2,583,843
x Represented
by 132,000 shares of $5 par value,
y After reserve for
possible losses of $1,171,261 in 1939 and $1,608,127 in 1938.—V. 148, p. 870.
540,179
1,117,570
>,463,300
5,463,300
Common stock.. 12,
5,544,800
12,544,800
6,340,834
cum.
x
($100 par)
Earned surplus
5,340,834
6,
>,105,340
5,
4,429,074
,206,699
131,177
1,206,699
342,081
386,680
113,012
& other
32,842,783 31,203,526
Total
32,842,783 31,203,520
Represented by 769,092 no par shares.
1938 are consolidated financial state¬
ments consolidating the accounts of the parent company and its whollyowned Canadian subsidiary.
The financial statements for 1939 are state¬
ments of the parent company only.
Marketable securities are adjusted at the end of the year to the lower of
aggregate average cost or aggregate quoted market value and gains or
losses from such revaluation and from sales are not included in the net in¬
come for the year but are transferred to reserve for contingenc ies.—V. 149,
Note—The financial statements for
152,977
1,500
$2,576,102 $2,583,843
x
3,870,976
43,778
,095,421
,065,014
12 ,852,656 12,485,985
prepaid Items..
Total
%
167,188
600,582
Conv. pref., 5
Capital surplus
,200,870
—
$2,400,000
Common stock..
x
Deficit
Total
1939
Preferred stock—$2,400,000
1,184,297
1938
&
Patents, less amoramortlzatlon
Insurance
10,935
4,302,029
119,411
at
Goodwill
Balance Sheet Dec. 31
consolidated
Reserves
Inventories
Land,
1
Indebtns. to subs,
| Accrued accounts.
Indebtns. of subs,
cost or less
454
252,870
2,431,228
accounts
not consolidated
$105,484
34,699
20,989
$136,378
34,854
21,100
New York Worlds
Fair bonds
x
$44,391
30.725
27,945
$52,380
& taxes
Depreciation
on
99,317
xl25,185
i.
Total income
Loss
<fc
6,005,535
3,403,438
hand
Notes
Accounts payable.
4,123,675
186,122
receivable
16,221
1939
Liabilities—
Notes payable
Cash on deposit <fc
Marketable secure-
Oen. corp. exps.
1,329,099
1938
$
Assels—
12,174
1,338,589
Note—The financial statements for 1938 are consolidated financial state¬
ments consolidating the accounts of the parent company and its whollyowned Canadian subsidiary.
The financial statements for 1939 are state¬
ments of the parent company only.
1936
(incl. interest)
769.092
1.03
Balance Sheet Dec. 31
1939
other
2.39
Net income per share
Alliance Realty Co.—Earnings—
Years End. Dec. 31—
286,824
961,365
—
Common dividends
York,
125,636
060,611
Amount
Time
share on the common
payable April 1 to holders of record March 16.
This compares
year-end dividend of 40 cents paid on Dec. 15, last and dividends
of 20 cents per share previously distributed each three months.—Y. 149,
p. 3544.
a
$2,015,*47
Int. & other fixed chgs_.
on
_
Co.—Dividend—
Directors have declared a dividend of 20 cents per
with
Co.—Earnings—
Oper. exps. & taxes
Net
Aluminum Goods Manufacturing
stock,
Period End. Dec. 31—
Divs.
__
than double the sales for the same period
backlog of unfilled orders is in excess of $1,000,000.
Gross revenue.
Prov. for
Company has announced a 1940 vacation plan for hourly rated employees
which gives them their choice of a vacation with pay or pay for the vacation
even though they do not actually take it.
More than 18,000 hourly rated employees are eligible for the vacation
plan which will mean additional pay by the company considerably in excess
of $750,000—V. 150, p. 829.
p.
3252.
The Commercial & Financial Chronicle
986
American Cable & Radio
A
Corp.—Personnel—
Frank W. Phelan has been elected President of American Cable & Radio
Corp. and its two operating subsidiaries, All America Corp. and Commercial
Mackay Corp., it was announced on Feb. 1.
These companies are off-shoots of the reorganized Postal Telegraph &
Cable Corp. and are no longer affiliated with the Postal Land Lines
System
which is operated by Postal Telegraph, Inc., American Cable A Radio
Corp.,
which holds all the
equity in its two subsidiaries, is controlled by Inter¬
national Telephone & Telegraph Corp.
Other officers elected by the directors to serve American Cable & Radio
and its two subsidiaries are John L. Merrill, Chairman; Kenneth E. Stock¬
ton, Chairman of the Executive Committee, and Wolcott H. Pitkin, VicePresident.
All
America
Corp. includes All American Cables Sc Radio, Inc., and
radio telegraph company in Argentina.
Commercial Mackay
Telegraph Companies of California and Delaware, the Federal
Telegraph Co. of Newark, N. J., and an interest in the Commercial Pacific
Radlar,
Radio
elected Secretary and Treasurer
attorney of the three companies.
American
Calendar
Chicle
Years—
x
share
per
L.
Kern
was
appointed
decision
( & Subs.)—Earnings—
1 938
$3,834,553
436,400
$8.79
of
between the company and the government looking to a
of the government's claim against us growing out of the sounjust enrichment tax in the revenue act of 1935 and our counter
claim for a refund of processing taxes paid under an Act later declared to
be unconstitutional.
Against the possible liability growing out of the
Government's claim we maintained a reserve of $8,146,129.
I am happy
to be able to report to you now that these respective claims have been
fully settled to the mutual satisfaction of the Government and the com¬
pany and all but a small portion of the reserve just mentioned has been
released for other proper corporate purposes."—V. 150, p. 830.
negotiations
called
American Woolen Co.,
$7.54
After deducting treasury stock,
Consolidated Income Account for Calendar Years
1939
Selling,
gen.
American
Gas
&
Electric
Co,—Integration
examiner
Hearing
William
to
company
.
recess
Swift
on
hearings
March 4.
charges & deprec
Prov. for doubtful accts_
Flood loss and expense.
_
Loss
or
on
$4,499,688 x$3,020,914
553,498
455,529
$172,101
546,013
$4,445,492
658,407
$5,053,186 x$2,565,385
66,281
68,370
$718,114
$5,103,899
22,809
395,619
fixed assets sold
Provision for deprecia'n.
reserve for Fed.
81,799
133,874
9,381
2,099,229
44,133
42,785
11,524
2,177,570
350,735
scrapped
charges
Interest
1,735
129,410
270,722
13,760
2,122,542
220,700
113,950
15,484
2,008,575
Add'n to
Surtax
taxes
12,631
349,294
23,947
47,485
$2,311,887 *$4,911,502 x$l,854,902
1,050,000
1,149,645
$1,929,983
$1,261,887 y$4,911,502 y$3,004,547
$397,123
undistributed
on
profits
-
Profit
Frederic L.
Ballard, counsel for the company, asked that the recess be
granted in order to give the company sufficient time to
prepare its case
for presentation to the Commission.
Mr. Ballard argued that time would
be saved in the long run if his motion was
granted.—V. 150, p. 830.
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 1 to holders of record Feb. 20.
This compares with
50 cents paid on Feb. 1 last and 25 cents
paid on Dec. 27, Dec. 1, Sept. 1
and March 1, 1939.—V.
150, p. 121.
American Public Service Co.—To Consolidate—
See Central & South West Utilities Co.
.
a
dividend of $1.75 per share on account of accumu¬
lations on the 7% cumulative preferred stock, par $100, payable March 20
to holders of record Feb. 29.
Dividend of $2 was paid on Dec, 20,
last;
$1.50 was paid on June 20, last; dividend of $2.50 was paid on Dec .20, 1938
and last previous payment was $1.75 per share made on Dec.
16, 1937.
—V. 149, p. 3401.
American
Seal-Kap Corp. of Del. (& Subs.)—Earnings
Years Ended Dec. 31—
Net sales
1939
$947,971
1,028,098
39,115
849,602
34,787
$104,658
15,334
$63,582
89,286
$232,756
_
$1,171,871
1,153,289
__
1938
$1,338,867
Cost of sales, selling, delivery, ad¬
ministrative & general expenses.
Provision for depreciation
Balance
$119,992
$64,573
7,102
y5,000
5,845
42,107
$143,470
_
Other income
Balance
Interest paid.
Prov. for Federal income tax.
x Other deductions.
1937
4,664
17,000
9,062
$158,338
$87,169
Reserve
Net profit
990
6,760
32,000
35,517
2,237
..
...
69,479
138,957 shs.
$45,482
$18,835
$1.13
on
41,687
$46,626
27,791
$88,859
Dividends
Surplus..
Earns, per sh.
stock (par $2)
$0.62
$0.33
cap.
x Legal expenses in connection with the
unfair competition suit in which
the companies are plaintiffs and in connection with the
company's patents
y Including $450 estimated surtax on undistributed
profits,
z Provision
for reserve against New York World's Fair
bonds.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash in banks and on hand,
$69,351; notes and
ceivable (after reserve for doubtful accounts of
$3,608),
accounts
re¬
$83,540; accrued
royalties receivable, $3,326; inventories. $289,543;
sundry investments,
$11,595; fixed assets (after reserve for depreciation of
$374,551), $595,296;
deferred charges, $11,782; goodwill,
$235,000; total, $1,143,215.
Liabilities—Accounts payable, $28,632; accrued
interest, taxes, wages,
&c., $9,824; unclaimed dividends, $4,219; reserve for Federal
taxes, $34,370;
mortgage and term debt instalments due within
one
$16,250; mortgage
$85,313; license fee received in advance, $10,000;
(PalMv$?77,9M; capital surplus, $376,356; earned surplus,
$300,338; total, $1,143,215—V. 149, p. 3708.
and term debt payable,
American Steel
year,
Amended
provisions referring to preferred
stock, which has been retired, and pro¬
viding that net income must exceed $1,500,000 instead of
$1,000,000 in any
year before the plan becomes operative.—Y.
150, p. 680.
American Telephone &
Telegraph Co.—Gain in Phones
gainfof about 94,400 telephones in service in the
principal
telephone subsidiaries of the American
Telephone & Telegraph Co
in¬
cluded in the Bell System
during the month or January, 1940.
The gain for the previous month
was
80,800 and for January, 1939,
65,400.
At thejend of January this
year there were about 16,630,200
telephones in the.Bell System.—V. 150, p. 680.
was
Output—
Output of electric energy of the electric
properties of American Water
Works and Electric Co. for the week
ending Feb. 3,1940, totaled 52,404,000
kilowatt hours, an increase of
13.7% over the output of 46,094,000 kilowatt
hours for the corresponding week of
1939.
Comparative table of weekly output of electric
energy for the last five
years follows:
1940
Jan-20
Tan' Vk
£4,490,000
54,066,000
ia»-27
53,526,000
46,455,000
An"""oo^04,000
46'094.000
1939
150, p. 830.
Armour & Co.
ment Settled—
The
dispute
company
Loss.
y
Deficit.—V. 150,
p.
427.
Associated Gas & Electric
Conduct
over
1937
1936
45,715,000
40,233,000
44,973,000
40,743,000
39,727,000
49,494,000
50,441,000
50,683,000
39,300,000
52,042,000
44,401,000
43,821,000
43,089,000
44,163,000
(111.)—Processing Tax Dispute with Govern¬
between
Co.—Judge Leibell Named to
Proceedings—
Judge John C. Knox, of the U. S. District Court for the Southern District
of New York, Qn Jan. 31 appointed Judge Vincent L. Leibell to conduct
reorganization proceedings of Associated Gas & Electric Co., and its sub¬
sidiary, Associated Gas & Electric Corp.
case
transferred from the
was
result of orders
Northern
District
United
States
of funds
Treasury Department and
representing processing tax levies
been
settled to the company's
President, told stockholders at their
meeting Jan. 26, at which he announced that results
for the first
quarter of the company s fiscal
year,
long time.
ending Jan. 31,
were
"the best in
of New
York
as
signed Jan. 30 by Federal Judge Frederick H. Bryant at
Utica because of "greater convenience to securities holders, creditors and
other interest parties."
Seeks to Reorganize Under Chandler Act—
Associated Gas & Electric Co. and Associated Gas & Electric Corp. filed
10 of the Chandler Act in Federal
petitions to reorganize under Chapter
Court of Southern New York, Feb. 5.
Grand
Jury Investigation of Company Ordered—
Attorney General Robert H. Jackson on Feb. 2 directed a grand jury
investigation into the bankruptcy of the company.
"The investigation," Mr. Jackson said in a statement, "will be carried
on with a view to ascertaining whether those
participating in the manage¬
ment or financing of such affairs have violated any Federal law."
He disclosed that Hugh A. Fulton, Executive Assistant to John T. Cahill,
United States District Attorney for the Southern District of New York,
had been appointed a special agent of the Justice Department to conduct
the investigation.
United States Files Income Tax Liens Against
Hopson—
Income tax liens totaling $2,664,954 were filed in Federal Court, Feb. 7
against Howard C. Hopson, alleged dominant figure in the Associated Gas &
Elec. Co. system, three of his sisters and a brother-in-law, and a number of
his personally controlled companies. The liens were filed
by James J. Hoey
and Harry M. Hickey, internal revenue collectors of the New York
City
and Albany districts, respectively.
The lien filed against Mr. Hopson is for $284,997 for 1934 and 1935
income taxes.
The following liens were filed against his companies: Public
Utilities Investing Corp. of "Wilmington, Del., $1,024,939 for 1935 and
1936 income taxes; Transfer & Paying Agents, a New Jersey trust, $569,653
for 1933, 1934, 1935 and 1936; General
Realty & Securities Corp. of Wil¬
mington, $449,103 for 1935, 1936 and 1937; Utility Auditors & Tax Con¬
sultants, a New Jersey trust, $6,218 for 1935; Finance & Securities Assistants
of Jersey City, $3,000 for 1937 income taxes.
Federal authorities stated that the filing of the claims was the result of
an independent investigation
by Treasury Department officials in Wash¬
ington and that the action is not directly connected with the pending grand
jury investigation of the Associated Gas system.
Weekly Output—
The Utility Management Corp. reports that for the week ended Feb. 2,
net electric output
of the Associated Gas & Electric group was 98,357,387
(kwh.).
This is an increase of 11,526,659 units or 13.3% above
production of 86,830,728 units a year ago.—V. 150, p. 830.
units
Atlantic Ice Mfg. Co.—Earnings—
1939
Oper.
exps.,
taxes, incl.
1938
1937
1936
$562,874
Gross revenue...
$556,774
$601,023
$620,928
maint. and
Fed. taxes
409,646
443,326
468,064
455,840
$153,228
$143,448
$132,960
$165,089
refrigerators..
lossl,469
lossl,318
Total incomeInterest
$151,760
67,699
$142,130
72,089
$136,313
74,039
$165,612
73,565
$70,041
55,071
$62,274
$92,047
Depreciation
$84,060
56,3C9
57,480
57,725
Balance
$27,751
$14,970
$4,794
14,189
Nil
14,189
14,189
Nil
$34,322
14,189
Operating income
Net income from sale of
Balance
Shs. of
com.
Earnings
per
stk.
outst'g
share
3,353,
Nil
523
$0.06
Condensed Balance Sheet Dec. 31,1939
Assets—Fixed capital, $2,937,336; cash, $28,180; notes receivable,
$3,272;
accounts receivable (less reserve of $13,540),
$64,175; investments, $20,999;
inventories, $3,279; materials and supplies, $8,953; prepayments, $9,033;
deferred items, $550; total, $3,075,777.
stock
(14,189
shs.),
$361,030;
preferred
stock
payable, $39,491; accrued items, $62,765; reserve for depreciation, $496,664;
earned surplus, $542,688; capital surplus, $85,794; total, $3,075,777.—
V. 148, p. 872.
Associated
Gas
& Electric
a
Corp.—Protective Committee
for Debenture Holders Formed—
A committee composed of William
the
the! payment
1,532,860
(4,407 shs.), $440,350; 1st mtge. 20-year bonds, $904,500; mortgages (pur¬
chase money), $82,704; serial notes, $7,090; notes payable, $52,700; accounts
1938
previously declared|unconstitutional» has
satisfaction, George A. Eastwood,
annual
Surplus
Liabilities—Common
Week
Ended
.
taxes
dividends
a
American Water Works & Electric
Co., Inc.—Weekly
v
Federal
Calendar Years—
Foundries—Compensation Plan
Company has amended its incentive compensation plan to eliminate
There
income
The
Accumulated Dividend—
Directors have declared
after
Preferred
x
American Metal Co., Ltd.—To Pay 25-Cent Dividend—
~~V
63,442,259
3,134,828
integration of the American Gas & Electric utility holding system until
on
z
1936
,
45,058,990 -172,030,895
{ 2,858,510
J
-
Profit from operations
income
Securities and Exchange Commission trial
Feb. 8 granted the motion of counsel for the
1937
(
_■
and admin. )60,436,288
expenses
Pensions
Recessed to March 4—
1938
Sales, less disc., returns_$64,935,976 $42,038,076 $75,061,505 $71,022,579
Cost of sales, excl.of dep. i
1936
$3,619,078
$3,032,228
x437.500
440,000
$8.27 ***:
$6.89
After all charges, including incom
z
taxes.—V. 149, p. 3252.
Inc.—Earnings—
[Including all subsidiaries except Textile Realty Co.]
Profit before other
1937
$3,297,495
x437,300
1940
settlement
Other income & credits.
1939
Net profit
com. stock (no par)
Shs.
Earnings
Co.
Howard
and
adverse
10,
"In the annual report," said Mr. Eastwood, "I advised the shareholders
a
Vice-Presidents of International Telephone & Telegraph Corp.
Mark A.
Sundstrom, Comptroller of I. T. & T., was elected Comptroller of American
Cable & Radio Corp. and John W. Lair was elected Comptroller of All
America Corp. and Commercial Mackay Corp.
Samuel G. Ordway was
z
possible
Feb.
which had been carried since 1935 against a
in the controversy has been released by the
settlement.
&
Cable Co.
Mr. Phelan and Mr. Merrill are President and Chairman,
respectively,
of All America Cables & Radio, Inc.
Mr. Stockton and Mr. Pitkin are
of $8,146,129
reserve
S. Barstow,
John P. Campbell and
O. Clement Swenson has been formed to represent and protect the interests
of the holders of
corporation 4%, 4H%, 5% and 5H% convertible deben¬
tures due 1973 in connection with the pending proceedings arising from the
filing of petitions by Associated Gas & Electric Co. and Associated Gas
& Electric Corp. in the U. S. District Court for the Northern District of
New York under Chapter X of the Bankruptcy Act. A
copy of the proxy
statement on file with the Securities and Exchange Commission at Wash¬
ington, D. C., may be obtained from the Secretary of the Committee.
Volume
The Commercial & Financial Chronicle
150
Counsel for the committee are Scribner & Miller, 20 Exchange Place, New
York.
The Secretary of the Committee is C. N. Wilson, 70 Pine St.,
New York.
According to the balance sheet of Associated Gas & Electric Corp. as of
Sept. 30, 1939, attached to the petition of the corporation in the pending
reorganization proceedings, the convertible debentures due 1973, which
this committee was formed to represent, were outstanding in the principal
amount of $25,660,250, and the total outstanding securities of the corpo¬
ration
were
follows:
as
8% bonds, due March 15, 1940-.
Convertible debentures, due 1973
.
$8,589,980
25,660,260
143,879,375
71,805,120
1,509,017
671,000 shs.
.
:
Income debentures, due 1978
5% income note, due 1980
Non-interest bearing notes..
.
Common stock
....
...
The last three items,
...
consisting of notes and stock,
all held by the
are
parent company, Associated Gas & Electric Co., and the notes are by their
terms subordinated to the 8% bonds, the convertible debentures and the
income debentures of the corporation.
The convertible debentures and the
income
debentures
rank
parity as to principal, but interest on the
convertible debentures is payable unconditionally, and the convertible
debentures are convertible up to June 15, 1945, into income debentures of
twice the principal amount of the debentures converted.—V. 150, p. 428.
on
a
Atchison Topeka & Santa Fe Ry.—New Director—
Charles John Whipple was elected a director of this railway to
caused by the death of S. T. Bledsoe.—V. 150, p. 831.
987
net income to increase the
company's net working capital, or $7,751,000,
credits to adjust income for prior years pursuant
supplemental indentures.
In this situation the board determined that no contingent interest shall be
payable on May 1, 1940 on any of the bonds or obligations of the company
or its subsidiaries on which all or part of the interest is contingent.
Under the circumstances there was no available net income to be paid
subject to
any debits or
to the provision of the
into the
sinking fund also provided for under the supplemental indentures.
It was pointed out that with the application of the $7,751,000 to working
capital the company's current assets in excess of current liabilities are
approximately $6,970,000.
Attention was also called to the fact that in 1938 the company failed to
its full interest
by $13,124,000, notwithstanding which the company
approximately $11,000,000 of interest unearned, thus
now restored in part through the application of
income.—V. 150, p. 831.
earn
had
paid in
1938
depleting working capital
Bangor Hydro-Electric Co.—Earnings—
Period End. Jan. 31—
Operating
$214,240
70,656
34,000
14,602
$986,615
304,182
$1,003,519
306,380
$69,489
25,483
21,722
_.
Depreciation
$88,366
25,440
$62,926 !
25,483
21,721
$682,432
305,794
260,659
$697,139
305.794
260,659
$22,284
Taxes accrued
$195,899
63,504
$94,982
25,493
expenses
$15,722
$115,979
$130,686
Net oper. revenue
fill the
Fixed
1940—12 Mos.—1939
$2,277,520
$2,232,773
727,289
698,182
383,000
368,184
180,617
162,889
1940—Month—1939
Gross earnings
charges
.
_
31,500
12,528
vacancy
Atlas Powder
Sales
&c
.
sales,
oper.
15,872,119
14,337,282
$1,172,^64
36.540
$1,513,396
135,554
(6%)...
$1,648,949
215,077
$1,671,816
241,735
$1,299,137
342,985
income
$1,209,504
196,448
$1,0.13,056
$1,433,871
$1,430,080
383,000
747,480
342,985
560,692
$208,672
250,288
$3.82
$109,379
249,163
$2.69
Common dividends
Surplus
Com. shs.
outstanding.
Earns, per sh. on com
_
Includes wholly-owned subsidiary,
342,985
,
936,176
873,246
$154,710
248,145
$4.40
$173,834
248,666
$4.21
The 1937 figures include Atlas
de Mexico, S. A., for nine months ended Dec. 31,1937.
z The 1936 figures
relate to Atlas Powder Co. only.
a
y
Consolidated Balance Sheet Dec. 31
1939
LiaMliiies—
<S
■
Accrued liabilities-
207,305
403,344
165,772
Fed. inc. tax accr.
290,140
60,025
marketable
9o5,830
Accts.
Div. accrued
Accts. and notes
receivable, trade 2,276,673
Inventories
2,083,090
2,523.748
3,161,972
10,569
Notes rec., empl's.
stock.
57,164
57,164
a253,252
236.638
9,860,900
8,761,725
828,098
4,024,927
preferred
15,229
5%
(par $100)
6,859,700
36.251
h Common stock.
8,761,725
Paid-in surplus
1,008,790
Earned surplus...
4,233,599
cum. conv.
stock
39,651
receivable, <fec._
Current accts. due
fr. unconsol.sub.
4.227
Beech Aircraft
Bellanca Aircraft
Bendix Aviation
884,171
3/3,368 13,247,181
289,435
stockholders will be
previously announced.—V. 149, p. 3866.
Corp.—Ends Six Units—
Corporation has notified the Securities and Exchange Commission of the
of six of its
smaller subsidiaries in the last four months of
were the Marshall Asbestos Corp., the Charles Cory Corp.,
Adair, Inc.; Eclipse Textile Devices; New Jersey Instrument
Metropolitan Marine Service.—V. 150, p. 832.
These
Jenkins
&
Co. and
Bethlehem Steel Co .—New
Officer—
announced on Feb. 1 the election
Vice-President in Charge of Raw Materials, succeeding
E.G. Grace. President of the company,
Jacobs
as
director, serving
C. A. Buck, who will continue as Vice-President and as a
in a consulting and advisory capacity.—V. 150, p. 681.
Biltmore
Hats, Ltd.—Earnings—
Net
$119,868
20,106
$120,762
21,177
$133,595
24,245
$99,762
14,196
50,000
80,000
$74,581
$99,585
after deprec..
Prov. for income taxes..
earns,
1936
1937
1938
1939
Years End. Nov. 30—
$109,350
14,665
45,000
20,000
$4.73
$61,607
5,856
50,000
80,000
$0.77
12,974
Net Income
Preferred dividends
Common dividends
7,325,996
7,264,509
50,000
Shs. com. stock (no par).
Earnings per share
g Plant prop's and
80,000
x$1.24
4,053,110
65,908
equipment
Deferred charges..
Total
63,201
22,420,219
Includes
insurance
24,617,7291
Law.
e
After
reserve
as
S.
Govt, bonds
shares,
guarantee under Pennsylvania Compen¬
for doubtful accounts and notes of $201,481
h Represented
i 12,563 shares common stock.—Y. 150, p. 831.
Automatic Washer
1938
$11,692
$75,588
Accts. receivable..
211,522
292,539
167,921
Assets—
Co.—Earnings—
Inventories
$127,040
149,690
$22,650
3,222
Net loss from operations
Interest expense (less interest earned of
Provision for loss on investment....
Miscellaneous charges
$50.60).
480
268
(net)
Note—Provision for depreciation of $22,609 has been included in opera¬
for the year 1939.
tions
Balance Sheet Dec. 31,
on
1939
$6,000), $72,224; inventories, $164,014; officer's and employees' accounts,
$1,201; deferred charges, $7,251; investment, $13,000; plant and equip¬
ment (after reserve for depreciation of $317,510), $317,204; patents and
goodwill, $1; total, $589,227.
j
Liabilities—Notes payable to bank, $54,760; notes and acceptances
payable, $11,955; accounts payable, $97,523; accruals, $11,047; deferred
liability to Prima Mfg. Corp., $16,361; reserve for contingencies, $15,787;
common stock (par $3), $383,070; capital surplus, $130,520; earned deficit,
$131,795; total, $589,227.—V. 146, p. 1062.
Baldwin Locomotive
Works—Obituary—
the Board, died on Feb. 4 at his home
at Rosemont, Pa., after a long illness.
He was 83.
Mr. Vauclain had been Chairman of the company since March 28, 1929,
and had served as its President for 10 years prior to that.
Although in
failing health for more than a year, he kept in touch with Baldwin's activities
through frequent conferences with officials at his home.—Y. 150, p. 831.
Samuel M. Vauclain, Chairman of
Baltimore
&
Ohio
RR.—Directors
Decide
Not
to
Pay
Contingent Interest May 1—
Feb. 7, considered the application of income
of the company for the year 1939 under the provisions of the plan for
modification or interest charges and maturities and the supplemental In¬
dentures of the several mortgages recently executed thereunder.
Under the plan and the supplemental indentures, the board of directors
is required to determine the available net income for the last preceding
calendar year and the application thereof.
The income account shows that
the available net income d4rtermined in accordance with the interstate
Commission accounting regulations was $9,751,000, (after providing for
fixed interest under the plan), which is subject to some adjustments (prob¬
ably small) to conform to income to be ascertained as provided in the
Supplemental Indentures.
The supplemental indentures provide that
available net income might be applied in the discretion of the board of
directors to the creation of a capital fund to be applied to or to reimburse the
treasury of the company for capital investments as therein defined up to an
amount not exceeding 2
% of the total railway operating revenues of the
$9,679
Cus¬
tax)
5,249
.
..
80,310
1,295
$624,786
160,000
175,600
21,177
Common stock..
85,475
287,006
12,974
85,475
237,296
$624,786
$520,424
Debentures
$520,424
x
Earned surplus
Total
for depreciation
Represented by 80,000 no par shares, y After reserve
1938.)—V. 150, p. 273.
•
Bobbs-Merrill Co.—Dividends Resumed—
dividend of 50 cents per share on the common
Directors have declared a
stock, payable Feb. 19 to holders of record Feb. l.
This compares with a
dividend of 60 cents paid on June 20, 1938 and one of 15 cents paid on Feb.
Bond Stores,
1907,
Inc.—Sales—
Company reports sales for the month of January, 1940 of $1,931,862, as
compared with sales of $1,388,194 for the same period last year, an increase
of
hand, $14,332; receivables (less reserve of
of
of $188,441 ($174,516 in
$26,621
Assets—Cash in banks and
102,241
1,552
mach'y & equip.
Deferred charges..
29, 1932.—V. 149, p.
Net loss for year
Collector
$65,877
.
.
Res. for income tax
4,840
5,240
yL'd, bldgs.,plant,
x
and ac¬
charges
toms (sales
life Insurance
Earnings for Year Ended Dec. 31, 1939
Selling, service and general expenses
crued
Cash surr. value of
Total
Gross profit on sales
190,470
Accts. pay.
1938
1939
Liabilities—
1939
Cash
22,420,219 24,617,729
Total
obsolescence of $8,484,035 in 1939 and $8,031,578 in 1938.
no par
$1.07
preferred dividends to date of retirement.
After allowing for
Balance Sheet Nov. 30
b Includes $11,000 U.
reserve,
(book value $10,735) deposited
x
in 1939 and $190,912 in 1938.
f 30,012 shares preferred and 13,688 (14,682
in
1937) shares common stock,
g After reserve for
depreciation and
The
as
dissolution
pf.
283.436
Goodwill, pats., &c 4,053,153
by 262,851
Corp.—Meeting Delayed—
Corporation announced that the annual meeting of
held March 6 instead of March 5
907,273
I
b Mis cell. Invest.,
sation
Corp.—Unfilled Orders—
as of Feb. 1 were $1,278,835, an increase of $376,965 or
29% as compared with the same date a year ago.
Orders received in
January were for planes priced from $13,350 to $51,500.—V. 150, p. 273.
Unfilled orders
over
uncon¬
solidated 8Ub...
Co.'s cap. stock
a
"
$13,612
—V. 149, p. 3402.
of M. L.
on
Res. for conting..
Mlsc.notes & accts.
Securities of
688,519
payable
Co., Inc.—Earnings—
Earnings for 8 Months Ended Dec. 31, 1939
52,276
ties at par
e
stock
Earnings before depreciation and Federal income taxes
226,895
704,113
Social security tax
accrued
3.391,757
U. 8. Govt, securi-
secure at cost...
pref. stock.
Barnard Aviation Equipment
1939.
$
$
55,000
2,959,097
Other
1938
1939
1938
A$
Cash
....
on
on com.
-V. 150, p. 273.
$1,558,018
113,797
$1,583,596
284,459
...
Federal taxes
Preferred divs.
13,828,566
$1,506,972
76,624
profit
Gross income
Div.
Balance.
15,024,273
Other income (net)
Net
al938
delivery,
expenses
Net
Dividend
yl937
zl936
$16,531,245 $15,001,530 $17,385,515 $15,895,300
al939
(net)
of
Cost
Surplus
Co.—Earnings—
Calendar Years—
'
$543,668, or 39.2%.—V. 150, p. 428.
Boston Wharf Co.
$675,215
$638,764
107
$628,549
account
641
Other income
11,288
Interest account
Total credits
...
_
Expense account
Advertising account
Taxes paid
Ins. prem. and int. acct.
Legal services
Bad and doubtful accts.,
&c., charged off
Repairs and renewals—
Building demolished
Deprec. & obsolesc. fund
Net
1937
1938
1939
Year End. Dec. 31—
Rental
Earnings—
12,175
13,783
$639,837
71,680
$687,497
75,849
1.044
$653,188
397
1936
$616,873
8.321
14,575
80,429
$639,769
76,120
6,075
165,061
82,106
5,301
4,379
5,132
4,320
66,014
179" 139
649
198,860
77,242
576
24,553
3,974
1,045
196,790
43,575
3,985
1.045
196,656
195,418
193", 130
"$107,825
120,000
204,544
74,754
1
229
"$88,666
"$122,278
60,000
90,000
120.000
(1%)
(1^%)
(2%)
(2%)
$1,451
def$l,334
$2,278
def$12,175
$2.04
$1.80
~$61,451
profit
Dividends paid..
Rate
directors at meeting
company.
i*>The total operating revenues for 1939 were $161,030,000, and 2
thereof would amount to $4,025,000.
The amount charged to capital in¬
vestment in the year 1939 was in excess of $2,000,000. The board of directors
thereupon determined that the amount of available net Income to be set
aside in the capital fund pursuant to the supplemental indentures be $2,000,-
in the best interest of
and its security holders to apply the remainder of the available
000, and further determined it to be expedient and
the company
Balance, surplus
Earns, per sh. on 60,000
shs. capital stock
_
.
$1.02
Balance Sheet Dec.
_
$1.48
31, 1939
$3,394,133; buildings, party walls
and ^uipment
depreciation and obsolescencei of $3,479,445), $3,400,362,
(less
Assets—Land,
reserves
for
improvements under way, $8,108; cash
$688,123; accounts receivable,
$80,395; prepaid items, $18,854; stock, N. Y N. H. & H. RR Co., 1,800
common at $1, 900 shares preferred at $4, $5,400; United States govern¬
ment bonds, $328,313; miscellaneous securities, $6,359; total, $7,930,046.
Liabilities—Capital stock, $6,000,000; first mortgage bonds outstanding,
$1,666.000; bond interest accrued, $16,660; rents and taxes paid in advance,
$23,755; reserve for State and Federal taxes, $18,800: social security taxes
accrued, $961; surplus, $203,869; total, $7,930,046.—V. 149. p. 3254,.
Boston
&
Maine
RR.—Over 50% of
Bondholders Have
Assented to Plan—
The first month
of solicitation of assents to
the voluntary plan pf ex¬
change put out by the road has resulted in the assent
50% of the railroad's bonds, it was announced Feb. 9 by
Vice-President in Charge of Finance and Accounts.
of holders of over
W. S. Trowbridge,
The Commercial & Financial Chronicle
988
Mr. Trowbridge said,
"The Task of securing the assent of 12,000 bond¬
RR., holding nearly $104,000,000 of the
holders of the Boston & Maine
company's bonds, is proceeding with very satisfactory results.
"The plan was put out to the public on Jan, 4 and serious solicitation
started on Jan. 8.
Since that time, the holders of over $52,000,000 of the
bonds of the.railroads have assented to the provisions of the plan.
"A requirement of the plan that the banks holding $5,500,000 of our
secured notes should assent to the provisions of the plan and agree to take
new first mortgage bonds in satisfaction of their notes has been agreed
by all of the banks holding such notes."
Mr. Trowbridge further stated, "The whole-hearted supported accorded
the plan by various committees, individuals and institutions as well as
the voluntary nature of the assents received, seems to point the way to
successful refinancing of the railroad's indebtedness within a reasonably
short time, with no cessation of interest payments to bondholders, such as
would be probable under bankruptcy proceedings."—V. 150, p. 832.
to
Ohio—Bonds Offered—
P. W. Brooks & Co., Inc., New York, offered Feb. 8, by
means of a prospectus, $375,000 first mortgage convertible
bonds, series A, due serially Jan. 1, 1941 to 1955, at
Brainard Steel Corp., Warren,
prices ranging from 99H to 102%,
consumers.
the present financing will
consist of $1,000,000 of first mortgage bonds, of which the $375,000 series A
bonds presently offered will be outstanding; and 116,000 shares ($1 par)
common stock, of which 69,675 shares are outstanding and 37,500 have been
reserved for conversion of the bonds offered.—V. 150, P. 124.
Authorized capitalization after giving effect to
Bristol-Myers Co. (& Subs.)—Earnings—
Net profit
Shares capital stock (par
$5) outstanding
Earnings per share
1
y
$2,217,810
682,886
681,881
682,886
$0.61
$3.49
$3.25
After depreciation, Federal taxes and other charges.—V. 149, p. 2963.
y
681,881
$0.64
,
Broadway Motors Building Corp.—Tenders—
The Bankers Trust Co., trustee
under the indenture of mortgage of first
due in 1948, as amended and assumed by the Motors
Realty Corp. by supplemental indenture dated Aug. 1, 1935, has advised
holders of the bonds that it will receive tenders of sufficient bonds of the
issue in an amount sufficient to exhaust $40,000 now available in the sink¬
mortgage leasehold 6s
ing fund until 3 p. m. on
Dividend—
of $1.50 pet share on the 6% pref. A
share on the 6% pref. B. stock, both
Central Illinois Light Co.— -Earnings—
1939—12 Mos.—1938
1930—Month- -1938
$842,793
$9,167,068
$8,560,810
$873,874
463,132
5,206,017
4,906,056
461,715
82,600
1,080,000
991,200
90,000
Period End. Dec. 31—
Gross revenue
Operating exps. & taxes.
Provision for deprec
$297,061
62,576
$2,881,051
64,611
786,693
$2,663,554
763,153
$257,548
$234,484
$2,094,358
$1,900,401
41,802
15,949
41,802
15,949
501,607
191,406
501,608
191,405
$199,797
$176,733
$1,401,345
$1,207,388
$322,159
Gross income
Int.& other fixed charges
Net income
Divs. on pref. stock
Amortiz. of pref. stk. exp
Balance
150, p. 833.
—V.
South
&
Central
with American Public
West Utilities Co.—To Consolidate
Service—Would Reduce Stock Issues to
Two—
American Public Service Co., both holding
The companyand
companies
consolidation with
Under the plan the two com¬
panies will be combined into a new Delaware corporation to be known as
Corp. system, have filed a plan of
in the Middle West
Commission.
the Securities and Exchange
Central & South West Corp.
The consolidation will effect a
structure by
simplification of the system's corporate
and substitut¬
class 5f common stock for four
of common stock of the consoli¬
eliminating one intermediate holding company
ing one class of preferred stock and one
classes of preference stock and two classes
dating companies now outstanding.
The plan provides for the issuance of
$18,870,950 of 5H % preferred stock
($100 par) and 1,041,274 shares of common stock ($15 par).
The proposed exchange of securities under the plan follows: for each share
of Central $7 prior lien preferred and accrued dividends, one share of pre¬
ferred and 2.2 shares of common; for each share of Central $6 prior lien
preferred and accrued dividends, one share of new preferred and 1.5 shares
of common; for each share of Central $7 preferred and accrued dividends,
4 shares of new common; for each 100 shares of Central common, one share
of new common.
$2,379,785
$413,325
$435,925
1940
10,
payable on account of accumulations on April 1 to holders of record Mar. 20.
Dividend double these amounts were paid on Jan. 2, last.—V. 149, p. 3711,
Feb. 15.—V. 148, p. 873.
7% preferred and accrued dividends, % share
preferred and 2.5 shares of new common; and for each 4 shares of
For each share of American
1939—12 Mos.—1938
1939—3 Mos.—1938
Period End. Dec. 31—
Carthage Mills, Inc.—Accumulated
Directors have declared a dividend
stock and a dividend of 60 cents per
according to maturity.
will be used to pay the principal amount of
$175,000 bank loan, to make plant improvements designed
primarily to reduce operating costs, and for general working capital.
The new bonds are redeemable on any interest date on three weeks'
notice at prices varying downward from 105 through Jan. 1, 1950 to 101
after Jan. 1, 1953 through July 1, 1954, plus accrued interest.
They are
convertible at any time prior to ten days before their redemption date into
10 shares of common stock for each $100 of bonds.
The bonds are provided with a sinking fund into which the company will
pay 20% of each year's net earnings less the amount of any current serial
maturity not in excess of $10,000.
Corporation's business is the processing and sale of cold rolled strip steel,
electro-galvanized cold rolled and hot rolled strip steel, steel strapping and
cooperage hoops.
The automobile trade is one of the company's principal
Proceeds from this financing
the company's
Feb.
of
new
American common publicly held, one new common
share.
states that after a report on the plan is issued by
will be submitted for approval to stockholders at special meet¬
ings to be called for the purpose.
Thereafter, it stated, the agreement of
consolidation can become effective only upon the affirmative consent and
approval of the holders of two-thirds of the total number of shares of the
outstanding capital stock of Central and American, or such larger propor¬
tion as in the opinion of the respective boards of directors will render con¬
summation of the proposed plan feasible.
The company statement
the SEC, it
Accumulated Dividends—
The
$1.75
against arrears of
dividend series, and
have declared dividends as payments
directors
per
share on the prior lien preferred stock, $7
preferred stock, $6 dividend series, to be
paid March 20 to holders of record Feb. 29.
Similar amounts were paid on
Dec. 20, Sept. 20, June 20 and March 20, 1939, and on Dec. 20, Oct. 20,
July 20 and April 20, 1938.—V. 149, p. 3404. ,
$1.50 per share on the prior lien
Brown Fence & Wire
Co.—Sales—
Company report sales for the month of January, 1940, amounting to
$183,013, as against $220,036 for January, 1939.
Sales for the first 7 months of the fiscal year, which will end June 30,
1940, are $1,850,038 this year, as compared with $1,817,622, for the similar
period last year.
Officials of the company state that in their opinion the loss in sales during
the month of January, as compared with last year, was due to the ex¬
tremely unfavorable weather conditions which prevailed throughout the
country for fencing and other major lines which the company sells, par¬
ticularly in the Southern States from which the company derives a sub¬
stantial part of its usual January business.—V. 150, p. 124.
from ry. oper.
$226,623
19,717
$34,635
27,883
$1,162,094
299,679
$212,868
333,214
$206,906
35,757
$6,752
33,964
$862,415
409,228
x$120,346
424,859
x$27,212
4,276
$453,187
Drl9,484
x$545,205
12,870
$170,365
99,997
x$22,936
105,500
1,230,759
x$532,334
1,247,766
y$70,368
$128,437
$797,056
$1,780,101
Net
rev.
Railway tax accruals
.
Hire of eqpt., rents, &c_
1937
$1,559,314
182,839
330,731
$$,329,281
184,447
$708,471 loss$235,834
56,937
62,225
141,642
141,642
235,956
$1,045,744
62,225
141,642
353,934
$882,220
62,225
141,636
294,945
$273,936 def$439,701
$487,944
$383,414
Nil
$3^52
$2.85
1938
1939
Net ry. oper.
$1,015,412
loss$70,802
Depreciation..
162,565
165,032
Income tax
144,374
_
262,614
$171,149
income.
Dr784
Other income
Inc.avail.for fix'.d chg.
Fixed charges...
Net profit..
..
Prior pref dividend.
6% pref. dividends
Common dividends
Surplus.
Earns, per sh. on 238,056
shs. com. (no par)
$2.16
Balance Sheet Dec. 31
Accts. receivable-_
Reserve
114,837
233,855
73,006
of raw
mat'ls & supplies
875,797
574,298
Real estate, plant
and equipment.
1
95,824
26,588
x
Chesapeake & Potomac Telephone Co. of Baltimore—
Gain in Phones—•
Company had a net gain of 1,927 stations during January,
1,263 in January, 1939, and 792 in 1938.—V. 150, p. 125.
1,000,000
Kubliclty, occupancy &
uying expenses
2,380,560
Gross profit
1,179,780
1,430,101
1,190,280
1,241,698
$5,648,673 $6,098,621
Total
$3,867,397 in 1939 and $3,701,754 in
149, p. 4021.
20,648,434
22,517,568
$3,804,961
Maintenance and»repairs
14,228
Deprec. & moartization.
70,712
$3,425,547
14,003
71,826
$3,889,217
$4,346,458
11,553
20,980
74,435 '
74,802
Taxes
other
Fed.
than
51,000
46,500
,73,500
3,011,783
3,150,995
/
3,092,857
$373,261
114,506
$272,935
$605,734
$1,073,820
92,351
88,380
127,999
$487,767
$365,286
$694,114
$1,201,820
10,500
Prov. for doubtful accts.
Other income
Raymond F. Warren has been elected Assistant Secretary and
Advertising Manager and A. L. Carnow has been
elected Assistant Treasurer.—V. 149, p. 3711.
President.
Canadian Malartic Gold Mines,
3 Mos. Ended Dec. 31—
Ltd.—Earnings—
1939
1938
62,780
$301,011
3,854
61,900
$281,110
3,238
milled
Metal production (gross)
Marketing charges
Net
1937
59,559
$252,697
3,299
inc.
before
prov.
'
for Federal taxes
Prov. for Fed. social sec.
taxes, cap. stock tax,
normal inc. tax & un¬
distributed
profs,
(none)
tax
'
178,918
Net profit for year...
Previous earned surplus
.
Profit
Operating costs
Admin. & gen. exp. (Toronto office)..
Operating profit for period
Capital expenditures-
....
$297,157
$277,871
159,025
6,927
164,387
6,606
$106,879
16,987
$131,206
15,050
$249,398
162,970
3,779
$82,649
24,253
Note—In the above figures no allowance has been made for taxes, depre¬
ciation or deferred development.—V. 149, p. 2964.
Canadian National
1QQQ
1Q40
$6,427,070
revenues
loU. p. 683.
x$991,601
1,807,744
$2,195,255' $2,496,095' $2,799,345
86,546
519,272
822,180
$2,108,710
346,181
$0.63
$1,976,824
346,181
$1.50
$1,977,165
346,181
$2.86
341,181
$0.90
Shs. cap. stock (par $5).
Earnings per share
Comparative Balance Sheet
Dec.30,*39
Assets—
U. 8. Govt, bonds.
Accounts payable.
$526,797
1,143,092
Sec'd indebtedness
45,000
729,094
241,246
1,594,570
3,146,235
Inventories
43,469
582,438
_
417,155
128,023
374,299
415,657
46,263
611,181
341,281
320,199
313,037
Reserves
x
...
m
.
Trafficearmngs.
——Y• loOr P*
wuoi
1940
$4,617,000
Jan. 31
1939
$3,098,000
Increase
$1,519,000
Total
$i ,074,548 $6,431,907
Represented by shares of $5 par.
p. 835.
x
Total
y
177,427
1,730,905
1,730,905
yZ>r54,019
Treas. stock
surplus
2,426
2,922
184,379
.1
Capital stock
Earned
Period Endia
50,000
Due customers
922,281 Acer, taxes & pay.
1,951,758 Sundry payables..
Ry.—Earnings—
Earnings for the 10-Doj,
i
$563,780
800,000
Paid-in surplus...
Canadian Pacific
Dec.31/38
Bank loans
Paper supplies and
Capital assets
Deferred charges.
Dec.30/39
Liabilities—
Dec.31/38
$320,341 $1,288,028
Cash
Other assets......
$4?445,669 $1?981,401
210,218
$518,929
1,977,165
$2,074,103*
Earned surplus
postage stamps.
10-Day Peri:i Ended Jan. 31
175,184
$218,432
1,976,824
$2,417,559
343,456
Total
Accts. & notes rec.
Ry.—Earnings—
Earnings of the System for the
146,854
$308,849
2,108,710
.
Dividends declared
.
55,000
3,295,760
expenses
Profit from operations
will continue his post as
—V
22,755,437
22,048,665
taxes..
Bulova Watch Co.—New Vice-President—
Gross
Jan. 1, '38
Jan. 2, '37
$24,073,981 $26,406,785 $27,101,896
Dec. 30, '39 Dec. 31, '38
2,360,760
Samuel P. Epstein has been elected Vice-President of this company and
post as Sales Manager according to John H. Ballard,
^
compared with
Chicago Mail Order Co.—Earnings—
will continue in his
ore
Profit.—V. 149, p. 4022.
225,472
(238,056 shs.)..
$433,703
Selling, gen. & adminis.
After reserve for depreciation of
Tons
y
.
Cost of goods sold, incl.
preferred
Surplus
$5,648,673 $6,098,6211
Total
1938—V.
Loss,
Gross sales less rturns —.$25,853,626
25,528
2,334,404
Investments
x
211,405
Com. stock, no par
95,400
Deferred charges..
cum
stock
2,467,886
99,217
Patents
6%
Balance, deficit..
Years Ended—
144,374
6H%
prior cum.
pref. stock
Inventory
1938-
$74,677
Fed¬
Sundry reserves.
Inventory of steel
castings prod...
x
for
eral Income tax.
1,948,774
U. 8. Govt, secur.
$308,185
Accounts payable.
$699,676
$1,008,845
1,073,358
1939
Liabilities—
1938
1939
Assets—
Cash
1939—12 Mos.—1938
$6,173,966 $4,963,715
5,011,872
4,750,847
$440,297
405,662
1936
Years End. Dec. 31—•
Profits before deprecia'n
and income tax.
Inc.—Earnings—
1939—Month—1938
$614,076
387,453
Railway oper. income
-Earnings—
Buckeye Steel Castings Co.
Central Vermont Ry.,
Period End. Dec. 31—
Railway oper. rrevenues
Railway oper. expenses.
1,069,964
2,074,103
1,069,964
2,108,710
..$7,074,548 $6,431,907
5,000 shares (at cost).—V.
150,
Volume
The
150
Commercial & Financial Chronicle
Interest received
—
Other income.
j None
None
None
None
,
52 Weeks Ended—
Dec. 30, '39 Dec. 31, '38
Approximate consolidated earnings
$5,001,500
$3,541,700
xEarns per sh. on 1,709,723 shs of $2.50 par val. stk
$2.93
$2.07
1936
1937
1938
Gross income
Bond interest
$1,030,800
19,341
General expenses
Taxes
$1,030,800
19,461
19,476
20,616
Deficit, Jan. 1
20,616
20,616
$1,070,757
14,657,205
Loss_
$1,070,877
13,586,328
$1,070,892
12,515,436
1938
Assefs—
|
$
1939
I
$
Cash
2,890
3,106
129,800
investments
129,800
11,440.664
x This number of shares presently outstanding or to be outstanding upon
completion of the exchange of the old $5 par value stock.
The acquisition by company of 100% ownership of Columbia Recording
Corp. and its subsidiary companies was completed during the past year.
The operating results of these companies, which do not materially affect
the consolidated earnings, have been included in the 1939 figures shown
above.—V. 150, p. 275.
Accounts
221,000
76,576
268,025
payable.
curr.asset8.13,905,504 12,834,747
Reserves
14,038,195 12,967,654
Total
shares of
$
$
Liabilities
I Accrd. int. payablel3,472,593
14,038,195
Commercial Investment Trust Corp.—Options—
Corporation reports that options evidencing the right to purchase 56,937
common stock of the corporation were in existence as of Jan. 31,
1938
1939
Bills payable
Excess curr. liabil.
Total
$1,074,771
Liabilities Dec. 31
Statement of Current Assets and
over
$1,030,800
23,355
20,616
$15,727,962 $14,657,205 $13,586,328 $12,515,436
Deficit, Dec. 31
Other
$1,030,800
1940,
12,432,953
66,291
221,000
247,409
12,967,654
-V. 148, p.727.
Interstate
Commission
Commerce
examiner
Feb.
2
recommended
reorganization of the company under section 77 of the Bankruptcy Act.
The examiner, C. A. Bernhard, recommended that the Commission deny
the
Act.
company's application for financial adjustment under the Chandler
Action under this law does not involve bankruptcy.
road is a non-operating lessor company.
Its line extends from
The
Chicago, Memphis and Gulf Junction, about three miles west of Dyersburg,
Tenn., to Hickman, Ky., a distance of 48.5 miles.
The line is operated by
the Illinois Central under
a
lease.
supported the road's financial adjustment plan.
extension of the time of payment of $735,000 of first
mortgage gold bonds from Jan. 1, 1940, to Dec. 31, 1962, with interest
reduced from 5 to 3%.—V. 150, p. 275.
The
Illinois
Central
The plan called for the
Chicago Railways Co.—Interest—
Interest of 2 H % is being paid on the first mortgage 5% gold bonds, due
1927, (stamped as to 25% partial redemption) upon presentation of bonds
for endorsement of payment.
Interest is payable at the office of Guaranty
Trust Co., New York.—V. 149, p. 872.
Chicago Rock Island & Pacific Ry.-
■Saves Interest
on
Refinancing Arrangement—f
Company has arranged a refinancing of $1,553,585 of diesel locomotive
purchase contracts on a 2 H % interest rate instead of the 4% that prevailed
previously.
An interest saving of $104,000 will be realized from the trans¬
action.
Under
the
terms
of the
agreement approved by Federal Judge
General Motors Acceptance Corp. will assign
new
Michael L. Igoe at Chicago,
covering the purchase of 26 diesel switching locomotives to First
National Bank, St. Paul and Northwestern National Bank & Trust Co.
two notes
Payment of $260,000 on the notes will be anticipated thereby
the average maturity slightly to a little more than five years.
will take the new notes on a 2 H % interest basis instead of 4 %,
shortening
The banks
Judge Igoe also approved the issuance by the Rock Island of $2,680,000
equipment trust certificates Series S, which will be issued to defray part
of the cost of 1,000 box cars and 10 diesel switching locomotives already
purchased.
The Series S certificates will bear a 2 % % interest rate, be dated
Feb. 1, 1940, and mature serially over 10 years.
They will be sold to the
Reconstruction Finance Corp.
Budget Approved—
announced
of the 1940 budget of $7,486,000 for improve¬
E. M. Durham Jr., Chief Executive Officer of the company
the approval by the court
and structures, and equipment.
$4,339,000 of the
budgeted improvements is chargeable to capital account and the balance,
$3,147,000, to operating expenses.
The budget provides for 26,500 tons of new rail and fastenings; 22,400
tons* of secondhand re-lay rail and 285,000 cubic yards of ballast.
$1,471,000 is included for improvements to bridges over the System lines and
$409,000 for signaling.
The major signal work consists of instalation of
automatic block signals between Des Moines and Iowa Falls; between Fort
Worth and Saginaw, Texas, and between Little Rock and Biddle, Arkansas;
also, the instalation of interlocking plants at South Bend, Nebraska and
Chickasha, Oklahoma.
$243,000 is scheduled for improvements to station
facilities and $381,000 for shops, power plants, and shop machinery and
ments
to
roadway
tools.
major expenditures in the equipment improvement budget consist
10 passenger locomotives, including the applica¬
It also provides for the application of roller bearings
30 freight locomotives; and the enlargement of tender tanks and driving
The
of the modernization of
tion of roller bearings.
to
wheels.
Improvements to freight cars consist of the application of the latest type
air brakes to 200 cars; widening decks on flat cars, and tne
automatic
building of double deck stock cars and
cabooses.—V. 150, p. 835.
Chicago and Southern Air Lines—January Passenger
announced on Feb. 3 an
the month of January, 1940
D. D. Walker, Vice-President of this company
as
in passengers carried during
compared with the same period of 1939.
Revenue passenger miles flown during the first month of 1940 showed an
increase of 50.5% over the same period of 1939.
Chicago and Southern
a total of 663,684 revenue passenger miles in January, 1940, against
flew
441,082 in January, 1939.
Passenger traffic originating at Chicago for southern points, especially
for the New Orleans Mardi Gras and the opening of the winter season on the
Mississippi Gulf Coast, also passengers flying from northern points to
Florida, accounted for a large part of Chicago and Southern's January
increase in passenger traffic.
While a series of large conventions in Chicago,
St. Louis, and Memphis were also responsible for further gains in the air¬
line's revenue, noticeable during the past three months are the increased
35.00
Dec. 31, 1942
30045.00
—V. 150, p. 835.
Orleans
x
After all charges.—V. 149, p.
Clear
1936
$769807,839 $667138,391
50,729,211
62,110,543
4,351,132
4,358,391
$11.66
$14.25
3712.
Commercial Credit Co.—Annual
1939 was $39,382,205 less than during 1938.
generally lower financing rates, resulted in a
compared with 1938.
Net income from operations available for
dividend of $1.50 per share on account of
accumulations on the $6 cum. pref. stock, no par value, payable Feb. 15
to holders of record Feb. 5.
Like amounts were paid in each of the ten
have
declared
a
preceding quarters.—V. 149, p. 3256.
Cleveland Cincinnati Chicago & St.
Louis Ry.—Road
Peoria Interest—
Louis and the New York Central
and New York Central Ask to Guarantee
& St.
the Interstate Commerce Commission for authority
to guarantee the interest on $4,722,300 of first consolidated 4% mortgage
bonds of the Peoria & Eastern Ry., which, under a voluntary plan of
readjustment now pending would be extended from April 1, 1940 to April
1, 1960.
The two carriers also asked the Commission to approve a contract for
extension of the Peoria &
Eastern operating agreement, with certain
modifications, from April 1, 1940 to April 1, 1960.
The Peoria & Eastern, which is operated under lease by the Big Four,
has filed a voluntary plan under the Chandler Act for extension of certain
bonds and other readjustments.—V. 150, p. 275.
The Cleveland Cincinnati Chicago
railroads have applied to
Colorado & Southern Ry.—To Change Name—
Stockholders at an adjourned special meeting on Feb. 26 "will consider
changing the corporate name of this company to Fort Worth and Denver
Railway Co.—V. 150, p. 835.
Dec. 31, 1942
Report—
This reduction, together with
decreased net income for 1939,
consolidated interest and dis¬
charing off losses and providing ample reserves
$11,586,503, compared with $13,969,485 for 1938.
Consolidated interest and discount charges were earned 5.07 times for
1939, compared with 4.11 times for 1938.
Financing—The $35,000,000 of 2% % 5-year debentures of the company
due 1942, with all unmatured coupons attached, were called and retired on
Juiy 6, 1939, at $101, with accrued interest to date of redemption, through
the sale in the open market and to depository banks of short term notes of
the company at lower interest rates.
The premium of $350,000 and
unamortized discount and expenses of $310,358 on these debentures were
charged to earned surplus.
The $30,000,000 of 3 H % 15-year debentures of the company, due 1951,
with all unmatured coupons attached, were called and retired on Sept. 30,
1939, at $103.50, with accrued interest to date of redemption.
The pre¬
mium of $1,050,000 and unamortized discount and expenses of $305,568 on
these debentures were charged to earned surplus.
Following this retire^
ment, the company sold at par $30,000,000 of 2H% 10-year notes of the
charges for 1939, after
count
for doubtful items, was
_
,
four life insurance companies for investment, to wit:
politan Life Insurance Co., $10,000,000; Equitable Life Assurance
company to
Metro¬
Society
$10,000,000; Mutual Life Insurance Co. of New
York, $5,000,000; Prudential Insurance Co. of America, $5,000,000.
The
total expenses in connection with the sale of the $30,000,000 of 2M% 10of
States,
United
the
less than $13,500, including lawyers' fees, printing, &c.
Manufacturers' Finance Co.—On Nov. 30, 1938, the company acquired
shares of capital stock of Manufacturers' Finance
Co., Baltimore.
On Dec. 26, 1939, the company purchased for cash the
current assets of Manufacturers' Finance Co., which
company was then
year notes were
most of the outstanding
liquidation by action of its stockholders.
All
provided for and a cash distribution was made on
put into complete
were
paid
or
liabilities
Dec. 29,
holders of first preferred stock ($25 par value).
The remaining unliquidated slow assets were distributed "in kind" to or
for account of the first preferred shareholders, there being no assets avail¬
able for either the second preferred or common stock.
Canadian Subsidiary—The company has for many years owned and
operated a Canadian subsidiary for its Canadian business, which has been
satisfactory and profitable.
Due to the great difference between interest
rates on money borrowed in Canada and in the United States, the company
has for a long time borrowed money in the United States and advanced
1939 of $7.86 per share to
funds to its Canadian
subsidiary, in addition
had accumulated a
The Canadian subsidiary
part of the saving in interest,
to protect
to its capital invested therein.
sizable reserve, representing a
itself against normal fluctuations in
of the company as of Dec. 31, 1939,
Canadian subsidiary of $5,767,521 and its
losses and deferred income
$511,252, or net assets of $4,952,678, represented by invested capital of
$300,000, earned surplus of $2,825,839 and intercompany advances of
$1,826,838. On account of the decline in Canadian exchange, which resulted
from the declaration of war some months ago, reserves^ have been provided
to reduce the net assets of the Canadian subsidiary to $4,383,120 at ex¬
change rates prevailing Dec. 31, 1939.
The reserves accumulated by the
Canadian subsidiary from current and (or) prior years' operations were
sufficient to cover the amount necessary to reduce the inter-company
consolidated balance sheet
The
includes, at par, assets of the
current liabilities of $303,590,
and reserves for
$1,826,838 to exchange rates
for 1939 has been
income of the Canadian
advances of
prevailing Dec. 31, 1939.
Net
charged with amount necessary
subsidiary for 1939 of $370,814
to exchange rates prevailing Dec. 31, 1939, ande arned surplus of the com¬
pany has been charged with amount necessary to reduce its investment on
Jan
1
1939, in the capital and surplus of the Canadian subsidiary to such
exchange rates.
It is believed that the operations of the Canadian sub¬
sidiary will continue to require the use of such funds of the company as are
to reduce the net
now
invested in Canada.
.
.
_
_
,,
-
acquired all of
Corp., Philadelphia,
such manner that no
portion of its operations in 1939 accrued to Commercial Credit Co.
The
of said company has been changed to Calvert Fire Insurance Co. and
its capital increased to $1,000,000 and its surplus to $1,530,026 as of Dec. 31.
Insurance—On Dec. 18, 1939, the company
Automobile
capital stock of Pennsylvania Indemnity Fire
after its outstanding business had been reinsured in
the
name
1939, through cash
invested by the company.
Summary of
Consolidated Operations for Calendar Years
*"
[Company and
Subsidiaries]
1939
--
340,838
700,218
?1,554,066
int. & discount) 11,420,575
26,843,335
34,666,853
14,860,327
-
discount charges..-
Crl,453,011
2,284,757
1,381,752
undist. profits.
minority Interest.
Res. for surtax on
6,341
3,399,790
26,551,747
11,386,067
Cr912,636 Crl,345,657
3,781,605
1,941,880
1,571,615
2,916,610
12,816,762
57,088
422,984
""717
4,844
Cost of furniture
13,593,119/ 12,005,779
& fixtures, preearned surp.
8,997,363
Crl4,158
JX?.
viously changed to
C/39,880
Cr41,828
CY56.065
518",279
518",753
289',680
'
Cr97,173
Dividends—
_0
ly4% cum?(Siv. pre®!. sto^k:I
Common-
written off
retired In advs.
Furniture and fixtures
Premium on debs,
7,364,663
19,332
7,364,011
54,035
10,123,657
359,825
8,982,790
202,351
debt discount and ex-
expenses on
debs, retired
fluctuation...
of sees.
for exchange
Transf. to res. for deprec.
Net
518",237
1,400,000
of maturity date
Res.
2,409,569
145,803
8,306
7,913,653
Net income
EXS.?emrVned0to earnell
Unamort.
1936
$
789,508,418
26,210,909
638,951
Fed. Inc. taxes (less credit
due to filing consol. return).__
Net income for
1937
$
278,799
Oper.exps. (excl.
Net loss in excess of reserve
Interest and
$
625,868,943 524,345,720 933,854,332
21,275,268 26,204,384 33,9f 6,634
purchased
suSrincome;::::::::
Gross income
1938
$
Res. for
Springs Water Service Co.—Accumulated Div.—
Directors
Dec. 31, 1941
Dec. 21, 1943
40.00
300
Volume, Interest and Discount Charges—Gross volume of all receivables
acquired by the company during 1939 was $625,868,943 compared with
$524,345,720 for 1938.
However, the collections during the year exceeded
the new receivables acquired, so that the average cash employed during
Gross earnings
1937
Expiration Date
of Options
A. E. Duncan, Chairman, says in part:
Gross receivables
Chrysler Corp. (& Subs.)—Earnings—
1939
1938
Net sales.
$549,806,327 $413250,512
x Net income.
36,879,829
18,798,294
Shares of capital stock..
4,351,132
4,351,132
Earnings per share
$8.47
$4.32
Price
$45.00
32.00
Dec. 31, 1942
3,000300.
passengers
Calendar Years—
7,20043,437
Dec. 31, 1941
Dec. 31, 1940
who fly the company's route between New
and Chicago.—V. 149, p. 3712.
number of women
No. of Shares
Under Option
Expiration Date
of Options
Price
$33.33
45.00
2,400.
income of the company
Traffic—
increase of 47 %
follows:
as
No. of Shares
Under Option
Chicago Memphis & Gulf RR.—Bankruptcy Suggested—
An
Inc.—Earnings—
Columbia Broadcasting System,
Chicago City & Connecting Rys. Collateral Trust—
Earnings Cal. Years—1939
989
------
23,039
------
o74,-424
loss2,2 14,578
1,077,880
2,258,288
17,125,520
16,047,641
13,789,352
2,055,252
11,734,101
close of period
14,910,943
$4.01
17,125,520
$4.60
16,047,641
$7.09
13,789,352
$6.07
Earned surp. bal.
Net inc. per
4,577
begin, of period
profit
Earned surp. bal.
6 1 5,926
316,828
sh. on com. stk. out.
The Commercial & Financial Chronicle
9 90
Consolidated, Balance Sheet Dec. 31
1939
Assets—
1938
31,753,297
Motor lien retail time sales notes.
Indus, lien retail time sales notes.
96,624,620
Motor
lien
wholesale
S
27,747,372
28,077,827
23,529,530
91,403,475 155,015,564 143,998,158
41,797,691
57,795,609
32,121,518
37,437,091
z23,396,396
Customers' llab.
27,245,019
28,496,676
25,802,061
rec.
60,740,756
36,948,482
a82,936
33,893,956
138,684
b1,101,288
C127.534
Assets, now current, Ac
Repossessions In co.'s possession,
740,537
779,746
Consolidated Cement Corp.—Accumulated Dividend—
246,750
Directors
Motor
(U. 8. & Canada)__
cars
45,605
39,504
145,112
1,870
10,801
16,690
7,061
Sundry marketable securities..
142,937
721,579
414,935
378,224
Gleaner Harvester Corp
520,448
cars
57,088
period dividends
Insurance Co.
218,486
,.
370,111
sec. held by Am, Credit
Indemnity Co. of N. Y
Interest
4,059,094
4,304,291
4,775,710
Consolidated
705,623
1,303,585
1,923,312
Furniture and fixtures..
4
4
4
221,936,356 224,484,557 343,678,697 272,533,345
Liabilities—
Unsecured short-term notes
Coll.
Finance Co
59,950,906
on
for'n drafts sold
lncl.
payable,
accts.
35,000,000
30,000,000
3,401,526
for
Canadian
3,300,308
2,164,215
4,470,478
Inc.—Weekly
announced
Gas
Co.
Exchange Commission has issued orders consenting
following: Application (File 56-75) of Consolidated
for
p. 2228.
5,433,947
6,684,920
6,054,633
4,498,286
4,458,951
6,268,433
4,862,866
5,283,987
2,832,434
3,473,231
Sales
6,226,991
3,766,356
—V.
1,070,881
1,158,911
8,837,915
1,122,607
16,121,209
917,725
9,350,727
Consolidated Laundries Corp.—New Director—
a
director of this corporation.—V. 149,
exchange
Indemnity
Co.
Period End.
Gross revenue
12,369,094
com. stocks and
40,643
158,500
44,668
12,194,800
18,419,920
17,672,458
17,125,520
12,194,800
18,419,940
17,964,494
16,047,641
12,269,900
18,407,440
17,901,982
13,789,352
Common stock
Capital surplus
17,667,833
14,910,943
Earned surplus
Total
Motor lien wholesale notes and advances,
z
b Includes accounts In process of
31-
Co.—Earnings—
1939—Month—1938
1939—12
Mos.—1938
$3,824,592
2,024,484
390,000
$3,447,207 $40,528,894 $36,842,751
1,800,004
21,443,167
19,394,473
335,500
4,680,000
4,026,000
$1,410,108
374,674
Gross income
Net income
a
Divs.
on
$1,311,703 $14,405,727 $13,422,278
372,021
4.730,504
4,620,813
$1,035,434
Customers' liability
liquidation of $343,674 after
-V.
$9,675,223
$8,801,465
285,428
3,424,822
65,278
3,424,821
783,339
$684,728
Balance
c
$939,681
285,428
65,278
pref. stock
Amortiz. of pref. stk. exp
Assets, non-current, of Manufacturers' Finance Co. held for
liquidation $1,680,743 less reserves for abnormal loss, $1,553,209.
d Contingent
liability on letters of credit.—V. 150, p. 431.
reserves,
Power
Dec.
Int.A other fixed charges
221,936,356 224,484,557 343,678.698 272.633,345
Par S10.
1939
$641,672
stock
(par$ 100)
letters of credit,
1940
$626,794
Operating exps. & taxes.
Prov. for depreciation..
45,235
12,193,800
18,420,070
pref.
conv.
of January—
150, p. 275.
Consumers
of
surplus (subs. cos.)..
cum.
Consolidated Retail Stores, Inc.—Sales—
Month
588,609
Credit
deducting
York
reserves:
Minority pref. A
y
of New
Gerard W. Wigle, has been elected
N. Y.—Insurance reserve, Ac.
Deferred Inc. A chgs. (unearned).
on
Co.
shares of
30,000,000
fluctuations
y
6,176,507
35,000,000
Margin due cust'rs only when
receivables are collected
4K%
New York,
of
approval of the sale of all of the issued and out¬
standing securities of its subsidiary. Citizens Gas Co., consisting of 2,000
common stock and $209,000 of first mortgage
5H% gold bonds,
due July 1, 1987, to Bioren & Co. of Philadelphia.—V. 150. p. 275.
130,151
6,123,729
30,000,000
Dealers' partlc. loss reserve...
Reserve for possible losses
Amer.
Edison
Securities and
Electric &
30,000,000
Manufacturers and selling agents
credit balance (Textile Co.)...
Reserve
138,684
4,386,281
2 %% debentures, due 1942
2,14% promissory notes
3*4% debentures, due 1951
Contingent
The
all
4,150,158
Co.
to the withdrawal of the
d82,936
Federal and other taxes
cumulative to the extent earned.
were
Consolidated Electric & Gas Co.—Petition Withdrawn—
171,786,656 142,142,273
1,579,000
....
Contlng. llab.
Sundry
97,376,500
Manufacturers'
trust notes
the class A stock
production of the
electric plants of its system for the week ended Feb. 4, amounting to
150,300,000 kwhs., compared with 148,900,000 kwhs. for the corresponding
week of 1939, an increase of .09%.—V. 150, p. 836.
1,276,966
3
Total
A
Output—
3,309,772
and
^discount prepaid, etc
on
Consolidated Edison
Invest,
charges,
dividend of $1 per share on the class
a
2508.
p.
Credit Alli¬
Corp
Deferred
declared
Therefore, the total amount of accumulative dividends for such period was
$1.93 per share.
As of Jan. 1, 1940 dividends on the class A stock at the
rate or $1.40 per annum become cumulative, whether or not earned.—Y. 149,
Securities held by Calvert Fire
Securities held by
1
Company advises us that this dividend is on account of, and to the
extent thereof reduces, the dividends accumulated on the class A stock with
respect to the period from Jan. 1, 1937 to Dec. 31, 1939 incl., during which
Investments:
ance
Feb.
on
stock, payable March 30 to holders of record Feb. 29.
depreciated value:
Other than motor
1940
130,151
1,079,973
foreign drafts
on
10,
Upon consummation of the proposed plan of simplification of Community
Power & Light Co., Electrical Securities Corp. will be entitled to acquire
25,000 shs. of that company's com. stock, constituting 6.89% of such s ock
then outstanding, and G. E. Employees Securities Corp. will be entitled to
acquire 1.5,000 shares constituting 4.13% of the stock then outstanding.
General Electric Co. owns all of the outstanding stock of Electrical Securities
Corp. and G. E. Employees Securities Corp., and will therefore, be entitled
to acquire
indirectly 11.02% of the Community Power & Light Co. common
stock then outstanding, it is stated.
(See V. 149, p. 3551).—V. 150, p. 275.
1936
$
and
notes
acceptances
Open accts. notes A factoring
at
1937
S
S
Cash
Feb.
$588,975
$5,467,063
$4,593,303
150, p. 836.
Continental Baking Co.—Annual
Commonwealth Edison
Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended Feb. 3, 1940 was
159,514,000
kilowatthours compared with 143,292.000 kilowatthours in the
correspond¬
ing period last year, an increase of 11.3%.
The following are the output and percentage
comparisons for the last
four weeks and the corresponding periods last year:
Kllowatthour Output
1939
1940
159,514,000
.163,550,000
163,390,000
163,084,000
Report—
An important event in company's
Co.—Weekly Output—
The electricity output of the
Week Ended—
Feb.
3
Jan. 27n
Jan. 20.
Jan. 13
783.339
% Increase
143,292,000
147,929,000
146,450,000
146,218,000
11.3
10.6
11.6
11.5
—Y. 150, p. 836.
affairs during the year was a merger,
8, 1939, of Continental Baking Corp. with Continental
Baking Co.
This, therefore, is the first annual report of the Continental
Baking Co., the surviving company. Hence all comparisons shown will be
based on the company's final figures of 1939 against prior year or
years of
the corporation.
Subsequent to the effective date of the merger of the corporation with the
company, all of the pertinent facts pertaining thereto were submitted to the
Commissioner of Internal Revenue and in a letter dated Aug. 12, 1939, he
ruled that for income tax purposes no gain or loss is recognizable either to
the corporations or their stockholders by reason of the merger.
The tax status of the processing tax refunds received from vendors in
effective March
1936 and 1937 and claims for floor stock tax refunds have not yet been
settled, although they have been brought closer to a final determination.
Consolidated Income Account (Incl. Subs.)
Connecticut Power
Calendar Years—
Electric sales
Co.—Earnings-
1939
1938
1937
1936
$6,262,749
1,030,301
$5,916,623
1,014,783
$6,133,573
966,831
$5,948,047
973,755
$7,293,050
Operating expenses
3,649,866
Retire, reserve accrual..
752,000
Taxes.
957,853
$6,931,406
3,557,067
736,000
891,511
$7,100,404
3,604,393
710,000
921,024
J 6,921,802
Gas sales
Total oper. revenue..
Operating income
$1,933,330
3,639,912
686,000
819,694
$1,864,987
87,686
5,471
$1,776,195
97,943
$2,020,810
186,283
$1,838,446
189,958
$1,958,145
175,986
$1,874,547
133,129
and surplus
Common stock dividends
$1,834,527
1,646,358
$1,648,488
1,646,357
$1,782,159
1,646,356
$1,741,418
1,647,752
Balance to surplus...
Net direct chgs. to surp.
$188,169
$2,131
Cr26,208
2,134,441
$135,802
8,006
2,006,645
$93,665
89,541
2,002,521
1
revenue
Other income
Gross corp. income-_
Int. chgs., amort., &cBal. for
Surplus
com.
as
408
stk. divs.
of Jan. 1
as
Surplus
87,479/
\
j
438,400
2,162,780
of Dec. 31.
$1,912,549
$2,162,780
$2,134,441
$2,006,645
Figures for 1936 include the operations for the 6 months ended June 30
Co., Thomaston Electric Light Co. as an investment
organization, and of all subsidiaries except East Hartland Improvement
of Bolton Electric
Go.
Figures for 1935
Loss
1939
1938
$
$
25 ,777,585 25,519,948
691,238
811,525
1939
Liabilities—
1938
$
$
Com. stk.($25 par) 16 ,569,775
Premium
on
stock.
16,569,775
17,000
17,000
4 ,844,000
549,747
355,031
134,311
4.888,000
225,620
132,228
10,385
Taxes accrued....
628,589
601,782
1,274,028
Interest accrued..
25,378
26,054
1 ,005,149
962,763
1,974
2.019
Mat'ls A supplies.
699,070
21,394
1 ,268,863
45,340
45,700
Misc. special funds
Unamortized debt
231,789
230,237
dlsct. & expense
Work In progress.
124,733
9,200
130,850
60,908
45,070
Miscell.
Invest'ts.
Sinking fund
Miscell.
suspense.
Total....
-V.
Bonds...
Misc.
llabils.
183
171
Misc. unadj. cred.
Reserves
48,885
5 ,401,540
Earned surplus...
1 ,912,549
44,466
4,925,883
2,162,780
accr.
5,486
29,937,241 29,593,759
Total
29,937,241 29,593.759
148, p. 877.
Community Power & Light Co.Acquire Stock—
Electric
Com
pany to
The Securities and
Exchange Commission announced Feb. 5 that General
J an4 Electrical Securities Corp. filed a joint application (File
46-203) under the Holding
Company Act for approval of the acquisition
of securities of Community Power &
Light Co.
The securities are to be
acquired
of
in
connection with the
proposed
Community Power
plan of corporate simplification
& Light Co., it is stated.
$7,683,959
21,088
2,102,832
137,748
54,771
9,433
eqpt. disposed of
Estimated Federal taxes
on
$7,227,037
9,145
2,158,658
81,951
844,000
1,011,465
b826,600
$4,176,122
Add'l Fed .inc.taxes (net)
5.397
Divs. on 8% pref. stock. g4.209,450
$4,493,803
46,793
$4,150,683
Balance, deficit
$38,726
46,832
4,209,450
d4.409,900
sur$37,110
56,416,781
14,159
2,167,982
15,107
c717,045
$3,502,487
12,039
3,207,200
$105,599 sur$283,248
a Includes
$251,300 processing tax refunds received,
b No provision
was made for surtax on undistributed
profits since dividends paid during the
fiscal year were in excess of the net income from operations during the
year,
c No
provision was necessary for tax on undistributed profits, d At rate of
$11 per share
8% pref. stock,
on
e
Arrived at
as
follows:
Net sales, $66,-
706,151 ($69,492,650 in 1937), less cost of goods sold, selling and delivery
expenses, advertising and administrative expenses, $59,298,601 ($62,550,074
in 1937) leaving net profit from operations as above.
f Arrived at as follows:
Net sales, $63,696,492, less cost of goods sold
$39,347,485, cost of delivery and selling expenses other than advertising,
$14,703,983, adveritsing $1,812,927, general and administrative expenses
$820,946 and bad debts charged off $23,064 leaving net profit from oper¬
ations as above, g At rate of $10.50 per share on
8% cumulative preferred
stock.
Consolidated Balance Sheet
Dec.30/39
Dec.31,'38
$
Assets—
$
Land, bldgs.,ma¬
Dec. 30,'39
Liabilities—
$
chinery, &c
31,647,973 32,173,549
Patents, goodwill,
701,814
Accr. int., tax, Ac.
540,731
536.064
Fund, debt instal.
6.831,405
10.294,153
4,959,489
4,647,448
Acc'ts rec., trade.
845,003
859,693
c
Sundry acc'ts
170,321
163,342
Salesm's' gu. dep.
Fire Ins. reserve..
10,666
Inventories
2,672,110
Sundry investm'ts
141,996
20,322
Loans advanced to
employees
Deferred charges._
596,949
2,420,288
Est.
liability
Rec. fr. vendors.
Sundry
12,000
13,000
844,000
469,809
419,258
566,326
140,301
31,000
1,011,465
for
Federal taxes...
reserves..
Fund dt. of subs..
469,887
413,600
566,326
117.827
43.000
306,265
CI. A A B
575,968
Pre'erred stock...40,090,000 40,090.000
com.
Capital surplus
Earned surplus
Total
%
794,982
Ac
rec.
Dec.31,'38
Accounts payable.
Cash
Accounts payable.
Misc. curr. liabil..
rec.
Int. & dlvs. recelv.
Prepayments
2.079,745
are on a
Condensed Balance Sheet Dec. 31
Notes & accts.
$7,247,048
Depreciation
a
Assets—
Dec. 31, *38 Dec. 25, '37 Dec. 26, '36
f$6,988,088 e$7,407,550 e$6,942,576
$5,926,189
258,960
276,409
284,460
a490,592
Total income
Interest paid
comparable basis except that the operations
of Bolton Electric Co. and Thomaston
Electric Light Co. as an investment
organization are excluded.
Fixed capital
Cash
Dec. 30, '39
Other income
Net income
$1,746,828
87,741
3,877
Dividend
Years Ended—
Net profit from oper
47,875,912 51,461,029
Total
stk.cl ,000,000
See b
1,500,000
1,467,505
4,989.269
47.875.912
51,461.029
2,508,777
a After
deducting reserve for depreciation, Ac.
b Represented by
291,813 shares of class A common and 2,000,000 shares of class B common
without par or stated value, c Represented by 291,813 shares class A stock
and 1,999,900 shares class B stock, both of no par value.
Note—The companies have filed unjust enrichment tax returns, in con¬
formity with the regulations applicable to that tax as it interprets them,
covering refunds received during the fiscal years ended in 1935, 1936,
and 1937—said refunds during the years 1935 and 1936 having been taken
into income during those years.
Except for minor amounts which have
been paid, none of these returns show any unjust enrichment tax
payable.
Since, however, these returns are subject to review by the Treasury Depart¬
ment, and companies have considered it conservative to hold the net refunds
received since Dec. 26, 1936, in suspense for the time being.—V. 149.
p. 3713, 3552, 1758.
Volume
The Commercial &
ISO
Continental Securities
Curtiss-Wright Corp.—New Vice-President—
Corp.—Offer of Settlement—
corporation, an investment trust
now in reorganization proceedings under Section 77B of the BankruptcyAct, has applied in the U. 8. District Court for the Southern District of
New York to Judge Patterson for an order directing a hearing with respect
to offers of settlement made by some of the defendants in the action brought
by the trustee in the New York Supreme Court, through his attorneys,
Cook, Nathan, Lehman & Greenman, to recover the value of assets of the
investment
trust
which
were
dissipated after a transfer of control in
October, 1937.
Offers of settlement have been made by J. Henry Schroder Banking Corp.
in behalf of itself and former directors of the investment trust, Paine,
Webber & Co. and Barkley-Grow Aircraft Corp.
The aggregate amount
offered in settlement is approximately $1,265,000.
If the settlement is
approved, the action will be continued against defendants who did not par¬
ticipate in the settlement.
A statement of J. Henry Schroder Banking Corp., Feb. 6, follows:
J. Henry Schroder Banking Corp. has made to the trustee for Continental
Securities Corp. a formal offer of settlement.
This offer contemplates
paying to the trustee for the account of Continental Securities Corp. the
full amount received by J. Henry Schroder Banking Corp. from the sale
in 1937 of its stockholding in Continental Securities Corp., plus interest
and what it might reasonably have cost it to defend the present litigation,
or a total of $690,000.
This offer gives practical effect to the position which J. Henry Schroder
Banking Corp. has taken since it discovered in 1938 the misappropriation
of the assets of Continental Securities Corp. and took steps to notify the
authorities thereof.
It is only now, however, that it has become possible
to make this proposal under conditions which permit the trustee to secure
the maxim of recovery from other parties.
Under this offer J. Henry
Schroder Banking Corp. is to receive an assignment of certain plaims against
Fiscal Management Co., Ltd., Alexander B. Berverly and certain others
who were parties to the acquisition of control of Continental Seurities Corp.
Arthur A. Ballantine, as trustee of the
1937.
n
a notice of hearing in the case of the Continental
Corp. reorganization the hearing originally scheduled for March
held March 18, before Robt. P. Patterson in the U. S. District
the Southern District of New York.—V. 150, p. 685.
According to
for
Sales
Securities
14 will be
Court for
February,
The election of Robert P.
1940 were $663,992 as compared
of $49,308 or 8%.
to $614,684
for
of
building in N. Y. City,—V. 149, p. 3258.
Inc.—Accumulated Dividend—
Cushman's Sons,
The directors
7%
of record Feb. 16.
of 87M cents per
each of the 11 preceding quarters.—V. 149, p. 3258.
declared
have
a
dividend of $1.75 per share on the
pref. stock, par $100, payable March 1 to holders
Like amount was paid on Dec. 1, last, and dividends
cum.
share
paid in
were
Deere & Co.
(& Subs.)—Earnings—
Consolidated Income Account for Years
1939
1938
Gross
1936
19o7
$71,527,016
78,540,732
57,617,879
profit.........$11,199,709 $13,340,559 $21,858,978
3,583,793
3,103,163
3,707,935
$13,909,137
$14,783,502 $16,443,722 $25,566,913
1,692,692
1,757,681
1,621,323
$17,204,885
b4,954,995
b8,782,673
3,900,947
261,115
226,441
184,123
65,893,238
58,965,527
Cost and expenses....
a
Ended Oct. 31
$70,165,236 $79,233,797$100,399,710
Net sales....
3,295,748
Other income
Net profit....
Depreciation
1,518,509
Prov. for Federal income
4,133,040
and other taxes.
Interest
on
payable
obligations dl,330,415
notes
and sundry
Net profit for year
Previous surplus
....
$9,469,931 $14,936,476 $11,601,306
18,850,872
21,682,634
13,784,528
$7,627,355
22,104,714
.$29,732,069 $28,320,803 $36,619,110 $25,385,834
2,160,200
2,160,200
5,786,250
3,703,200
2,253,272
4,055,889 cll,981,988
Gross surplus
Preferred dividends
Common dividends
$22,104,714 $18,850,872 $21,682,634
Surplus end of year...$25,318,598
Shares
a
February, 1939, an increase
Farnsworth of Montclair, N. J., a member
of the corporation, as a Vice-President of this organiza¬
tion, was announced by Guy W. Vaughan, President.
He will continue to
make his headquarters at the corporation's general offices in the R-G-A
the export division
com.
stock
out¬
3,004,362
1,001,454
$4.25
$9.42
administrative and
including provision for possible losses in collection of
standing (no par)
Earnings per share.....
Co.—Sales—
Crown Drug
991
Financial Chronicle
Cost
of manufacture,
general expenses,
3,004,362
$2.43
3,004,362
$1.81
distribution, collection and
decline in market values of inventories, and for contin¬
b Including approximately $630,000 ($1,980,000 in 1937) for
undistributed profits.
c Includes
cash dividends of $2,002,908 and dividend in common (at
rate of two shares for each common share held) of 200% aggregating $9,~
979,080.
d Consists of adjustment necessary to reduce Canadian net
current assets at Oct. 31, 1939, to a valuation based on exchange rates at
that date, $1,134,603 and interest on notes payable and sundry obligations
receivables
for
gencies, &c.
To
Pay Five-Cent Dividend-—
surtaxes on
the common
amount was
the 10-cent distribution
declared a dividend of 5 cents per share on
25 to holders of record April 15.
Like
Directors have
stock payable April
paid on Dec. 15, last and previous payment was
made on April 10, 1937.—V. 150, p. 276.
Cudahy Packing Co.—To Write Down
$195,812.
Assets—
Consolidated Balance Sheet Oct. 31
President of the company, on Feb. 5 sent stockholders
a letter, which read, in part, as follows:
The management has been considering the matter of the valuation of
the properties, and, at the close of the last fiscal year, engaged the services
of The Lloyd-Thomas Co., Chicago, 111., reputable and competent appraisal
engineers, to make a cost valuation appraisal of the buildings, machinery,
and equipment, and a study of their probable useful lives.
The partial
studies completed to date confirm the urgent advisability of an adjustment
of the property accounts and accumulated reserves for depreciation, and of
the par value of the common stock of the company.
The management also has been considering the elimination from the assets
of the item of unamortized debt discount and expense, amounting to $588,942, applicable to refunded issues, and an item of $750,000, Old Dutch
Cleanser unamortized advertising investment, a total of $1,338,942.
In
the opinion of the management, it would be desirable to eliminate these
intangibles from the accounts at this time.
It is estimated that an adjustment of the porperty values and related
reserves will require a net reduction of approximately
$7,000,000; this,
together with $1,338,942 mentioned in the previous paragraph, is a total of
approximately $8,400,000.
An adjustment of this latter amount would
cause a deficit in the combined capital and earned surplus at the beginning
of this fiscal year of approximately $3,500,000 after exhausting the balances
in such surplus accounts at Oct. 28, 1939 aggregating $4,921,159.
It is, therefore, the proposal of the management to the stockholders that
the par value of the common stock be reduced from $50 per share to $30 per
share.
No changes in the preferred stock are proposed.
This reduction in the par value of the common stock would provide for
E. A. Cudahy Jr..
the adjustments
mentioned herein and would also create a
capital surplus
approximately $5,900,000,
It is the opinion of the management that
capital surplus in that approximate amount to provide for
the contingencies of the business.
To effect these adjustments, it is necessary, under the by-laws, that we
receive the consent of owners of two-thirds of the preferred stock and twothirds of the common stock.
Accordingly, the management earnestly
solicits your consent, believing that it is to the best interests of the stock¬
holders and the company to make this adjustment as promptly as possible,
so that future earnings may more quickly become available for the payment
of dividends, in accordance with the by-laws and trust indentures.
Ir is, of course, the aim of the management to resume dividends on all
classes of stock as soon as is feasible in accordance with the by-laws and
trust indentures.
On the other hand, we are confronted with the reduction
of the net property values as recorded on the books, and believe it beneficial
to make the adjustments of the Old Dutch Cleanser advertising and the
unamortized debt discount and expense applicable to refunded issues, and
unless the resultant deficit in the surplus accounts is absorbed through the
suggested restatement of common stock value, the company's ability to
resume dividends will be appreciably postponed.—V. 150, p. 836.
of
there should be a
Cutler-Hammer,
Inc.—Earnings—
1938
loss$13,238
180,783
1937
1936
$1,949,895
152,952
$1,834,056
$1,137,939 loss$194,021
68,028
57,056
$1,796,943
48,583
$1,630,053
33,248
$1,205,967 loss$ 136,965
389,756
168,639
1,512
1,834
$1,845,526
x559,907
11,150
$1,663,301
x345,925
2,603
$814,700 loss$307,437
$1,274,469
$1,314,773
838,493
922,498
1939
Calendar Years—
Profit from operations..
Pro v. for depreciation
Net operating
__
profit..
Other income
Gross profit:..
Provision for taxes
Otherdebits
Net profit
$1,322,831
184,892
for the rear
Common divs. paid plus
204,002
504,540
State tax
of cap
stock out¬
standing (no par)
Shs.
329,999
$3.98
x
Includes
Comparative Balance Sheet Dec. 31
payable-
$244,394
receivable (net) .11 ,541.864
Mutual ins. depos.
Value
579,788
29,236
$1,147,484 Notes pay. banks.
708,780 Accruals:
Taxes, geneial..
31,535
policies
inventories- 2 ,601,093
26,194
& prop 2 ,896.869
investments 1 ,043,366
Deferred charges.,
Net plant
Paten cs,
less
at
190,356
taxes
Wages <fc salaries
54.582
44,329
17,159
4,118
2,991,938
Royalties & com
Social secur. and
1,044,313
unempl. insur.
54,376
33,974
50,419
taxes
cost
amortiza'n.
96,953
Fed .& State inc.
22,677
1,757,845
lotal
a
91.028
'
life insur'ce
24,118
Total
1938
$159,468
300,000
Accounts
b Notes and accts.
Cash..
1939
Liabilities—
1938
1939
Assets—
162,559
Amt.duesub
7,346
34,725
108,316
_
Reserves
7,231
55,518
Miscellaneous.
174,129
73,240
3,299,990
Paid in surplus
—
3,078,009
3,299,990
2,832,321
Earned surplus
—
1.407,127
1,342,655
c
Total
a
$8,908,085 $7,929,120
Total
$8,908,085 $7,929,120
for depreciation of $4,306,907 in 1939 and $4,b After reserves of $64,781 in 1939 and $43,084 in 1938.
shares.—V. 149, p. 3552.
After deducting reserve
59,063 in 1938.
Capital stock...
Represented by 659,998 no par
1938
$
20,389,791
2,780,264
20,436,678
Preferred stock.
31,000,000
31,000,000
2,662,090
6 Com. stock...
30,079,080
30,079,080
Divs. payable..
2,793,322
50,130,532
56,975.841
Empl. savs., dep
Inventories...'20,120,612
22,315,901
b Accts.
f.Co's.stk .owned
147,428
147,428
Notes pay
Pension fund inv
402,179
11.273,852
512,968
Accrued taxes
4,225,229
cProp.& eqpt..
Investments
...
d Notes & accts.
receivable
e
Cash
3,468,906
4,452,933
5,898,303
3,138,892
25,318,597
..
22,104,714
life
pensat'ns and
pensions..,
of officers
Res. for contlng.
rec.
8,400,000
lns.accld.com-
Depos. in closed
banks
807,979
2,137,570
.banks
Res.for group
540,050
752,590
3,399,069
pay'le.
Notes and accts.
....
...
and employees
54,853
Deferred charges
5,418,367
2.990,462
600.165
Total
604,103
105.848,761
107,931,1551
Surplus
Total..
105,848,761 107,931,155
After reserve for depreciation of $24,779,921 in 1939 and $23,853,901 in 1938.
d After reserves for cash dis¬
counts, returns and allowances, and possible losses in collection
of $14,464,655 in 1939 and $13,864,172 in 1938.
e After reserve for possible lo?ses
of $8,485,723 in 1939 and $8,160,405 in 1938.
f Represented by 7,000
preferred shares and 3,546 common shares,
g Represented by 3,007,908
no par shares.—V. 149, p. 2969.
b Includes sundry obligations,
Dayton Power & Light
c
Co.—$25,000,000 Bonds Offered
headed by Morgan Stanley & Co., Inc.,
offered Feb. 8 $25,000,000 of first mortgage bonds, 3%
series due 1970.
The bonds are priced at 104, to yield
2.801 % to maturity and 2.782% to Jan. 2, 1966, the earliest
date at which they are redeemable at par.
Other principal
underwriters of the issue are: W. E. Hutton & Co., Smith,
Barney & Co., Harriman Ripley & Co., Inc., Bonbright &
Co., Inc., White, Weld & Co., Mellon Securities Corp.,
Union Securities Corp. and Kidder, Peabody & Co.
[In the absence of a final decision by the Securities and Exchange Com¬
—A
banking
group
of Morgan Stanley & Co., Inc. under the application
U-12F-2 (arm's-! en gth-bar gaining rule), the firm, in order to
offering of the bonds, has agreed to have its portion of
the underwriting fees placed in escrow pending the SEC's decision.]
Dated Jan. 1,1940; due Jan. 1,1970. Interest payable J-J 1 inN. Y. City.
Coupon bonds in denom. of $1,000 registerable as to principal. Registered
bonds in denoms. of $1,000, $5,000, $25,000 and $100,000.
Coupon bonds
and registered bonds are interchangeable.
Semi-annual sinking fund, com¬
mencing Oct. 15, 1940, of % of 1% of the amount of bonds theretofore
authenticated and delivered less the amount of bonds theretofore retired
otherwise than through the sinking fund. In lieu of making such payments
in cash, the company may tender bonds at cost to it or at the then redemp¬
tion price, whichever is lower.
All bonds acquired by the trustee for the
sinking fund are to be canceled. Redeemable at the option of the company
as a whole at any time or in part on any interest date on at least 30 days'
published notice, at the principal amounts thereof, together with the
following premiums: 7% of the principal amount thereof ir redeemed on or
before Jan. 1, 1943; the premium thereafter decreasing ^ of 1% of such
principal amount on Jan. 2, 1943 and on Jan. 2 of each of the following
mission on the status
of the Rule
facilitate the public
respectively: 1946, 1948. 1950, 1952, 1954, 1958, 1960, 1961, 1962,
1966; and if redeemed on Jan. 2, 1966 or thereafter, without
premium; together with accrued interest in each case.
Legal investment, in the opinion of counsel for the underwriters, for savings
banks in New York, Ohio, Rhode Island and Vermont.
Bonds of the 3% Series due 1970—The bonds, the issuance and sale of
which have been authorized by the P. U. Commission of Ohio, are to be
issued under the company's indenture, dated as of Oct. 1, 1935, to Irving
Trust Co., trustee, and indentures supplemental thereto.
In the opinion
of Counsel for the company the bonds will be secured, pari passu with
other bonds outstanding under the indenture, by a first mortgage lien on
substantially all of the properties of the company. The indenture permits,
under certain conditions, the issuance of additional bonds of this or other
series, which would rank pari passu with bonds of all series, and provides,
on certain conditions, for releases of and substitutions for property covered
by the indenture.
As provided in the indenture, notice is required to be
given to bondholders after releases and substitutions.
With certain ex¬
ceptions, the pro visions of the indenture may be modified with the consent
of holders of 75% of the outstanding bonds affected by such change.
Purpose—The proceeds ($25,436,875) will be applied as follows:
(1) To extent of approximately $19,720,000, to the redemption on or about
March 16,1940, at 104 hi of company's first and refunding mortgage bonds,
3Ys.% series due 1960 ($19,720,000 being the approximate amount which,
together with the amount of approximately $150,000 available in the
sinking fund after the Jan. 15, 1940, sinking fund payment, will be suf¬
ficient to redeem all of the bonds), accrued interest to the redemption date
($305,032) to be supplied out of other funds of the company; and
(2) To the extent of approximately $5,717,000 to reimburse the com¬
pany's treasury for and on account of certain uncapitalized capital ex¬
penditures, which reimbursed treasury funds will provide.
(a) cash required for certain additions and .improvements to one of the
company's generating stations, to substations and other properties, which
1963, 1964 and
any
659,998
659,998
659,998
$1.23
Nil
$1.93
$67,803 ($43,140 in 1936) undistributed earnings tax.
Earnings per share
$
Liabilities-
$
$•
years,
.
1939
1938
1939
Assets—
TheCommercial & Financial Chronicle
992
additions will cost
aiders to be in the
History and
Business—Comply
was
Ohio as Hills A Dales Ry., which name was changed to present title May 5,
1911. In June, 1911, company purchased the properties of Dayton Citzens
Electric Co. and of Dayton Lighting Co., one of the predecessors of which
From February, 1914, to July, 1925, the
company acquired 15 small electric properties.
In July, 1925, the com¬
pany, which theretofore had been engaged principally in the generation and
distribution of electric energy, entered the gas business by purchasing the
property of Dayton Gas Co. From July, 1925, to January, 1935, company
purchased 12 additional electric and gas systems.
There have been no
material acquisitions of public utility systems since January, 1935.
$
1,057,910
Inventory
1,257,387
Property A plant—11,614,747
Deferred charges.92,214
Accts. A notes rec.
—
Insurance reserve.
Capital--—
Surplus—.—
a
Company disclaims any admission of the
ft by The United Corp.
principally in the production, purchase, trans¬
mission, distribution ana sale of efectric energy for residential, commercial,
industrial and municipal purposes, and to other public utilities, and in the
purchase, distribution and sale of natural gas for residential, commercial,
industrial and municipal purposes. Company's business is solely in the State
of Ohio where the company,renders service in 19 adjacent counties.
The
service area covers approximately 3,247 square miles and now has an
estimated population of approximately 1,453,500 (.based on the 1930 Federal
census). Company has approximately 1,450 employees. It has no subs.
a
The company is engaged
Capitalization as of Oct. 31,1939
Authorized
Outstanding
series, due I960.,a
3K% series, due 1962-----—
a
Cum. pref. stock, 4 K% series ($100 par)—----150,000 shs,
Common stock, no par-------------500,000 shs.
b$19,015,000
1,457,000
10,000,000
360,000shs.
a Not limited except as set forth in the indenture,
b Company, out of
the proceeds of the sale of $25,000,000 bonds now offered proposes to
retire all of the outstanding first and refunding mortgage bonds.
The
1st & ref. mtge. bonds—3K%
-
-
effect, therefore, of the issuance of the bonds will be to increase the total
funded debt of the company outstanding as of Oct. 31,1939, by $5,985,000
.
Earnings for Stated Periods
1936
Total gross
Years Ended Dec. 31———• lOMos.End.
1937
1938
Oct. 31, '39
revenues—--$12,226,925 $13,239,465 $12,707,510 $11,219,963
Gross income
3,227,741
769,587
2,458,154
a
Income deducts,
Net income
(net) b
-
3,436,908
704,757
2,732,151
3,433,100
831,252
2,601,848
3,099,933
651,254
2,448,679
$
-
3.617,848
7,671
2,107,860
52,074
227,401
982,600
143,456
6.584,000
703,500
3,199,767
9,374
2,107,860
43,088
—14,029,007 14,001,047
Total--
Represented by 253,484 shares class A stock, no par, and 123,088 shares
148, p. 2122.
class B stock, no par,—-V.
Edison Brothers Stores—Sales-
beneficially by The United Corp.
actual existence of effective control of
.14,029,007 14,001,047
Total—
1938
$
3,623 Accts. pay. A accr.
173,958
liabilities-904,400
664,300
1.458,938 Bank loans—
142,796
11,582,261 Accrued interest—
51,825 1st mtge. bonds— 6,584.000
678,500
10-yr. 5H % notes.
Deprec. reserve.. -
All of the common stock
(representing 100% of the voting power) of the
Columbia Gas A Electric Corp. Company is advised
by Columbia Gas A Electric Corp. that as of Dec. 31,1939, approximately
19.4% of the voting stock of that corporation was owned of record or
Liabilities—
$
6,750
had been incorporated in 1882.
company is owned by
1939
1938
1939
Assets—
Cash
organized on March 23, 1911, in
1940
10,
Consolidated Balance Sheet Dec. 31
approximately $4,420,000 and which the company cosh
ordinary course of its business; and
capital for the company
(b) to the extent remaining, additional working
amounting to approximately $1,297,000,
Feb.
Month of
Sales---...
—V.
1940
1Q3Q
$1,297,206
$1,315,936
January—
150. p.
127.
(E. I.) du Pont de Nemours & Co.—Annual Report—
and L. du Pont, President,
Pierre S. du Pont, Chairman,
state in part:
Income—Consolidated net income was $93,218,664.
After providing for
on the outstanding debenture and preferred stocks, and including
company's equity in undivided profits of controlled companies not wholly
owned, earnings on the common stock were $85,119,490, equivalent to
$7.70 a share, exclusive of shares held in treasury* In 1938 earnings on the
common stock were $41,847,363, equivalent to $3.79 a share.
dividends
Surplus—Consolidated surplus was adjusted in the following respects:
(1) Increased $6,500,000 through revaluation of the investment in
10,000,000 shares of General Motors Corp. common stock from $19.05 a
share to $19.70 a share.
In accordance with a practice followed since 1925, the amount at which
this investment is carried in the accounts is adjusted annually to an amount
closely corresponding to the equity indicated by the consolidated balance
sheet of General Motors Corp, at Dec. 31 of the preceding year.
The net
amount so added to surplus from 1925 to 1939, inclusive, is $139,378,242.
(2) Increased $431,720, the amount by which the value placed on common
bonus plan exceeded the cost thereof.
(3) Decreased $13,209,444, by transfer to capital stock account to adjust
the capital liability of the outstanding preferred stock to $100 a share, its
value in the event of involuntary liquidation or dissolution of the company.
The preferred stock issued in exchange for debenture stock, was originally
assigned the same aggregate capital liability as that of the debenture stock
stock awarded under the
a After deduction of the
provision for retirements and provision for taxes
including Federal income taxes,
b After deduction of interest charged to
surrendered.
construction.
over par
Underwriters—The names of the several principal underwriters, and the
several principal amounts underwritten by them', respectively,
are as
follows;
on
Morgan Stanley A Co., Inc.—$4,350,000
Almstedt Brothers.-..100,000
BancOhio Securities Co-----300,000
A. G. Becker A Co., Ine
200,000
Bonbright & Co., Inc.——.. 1,600,000
Central Republic Co
——" 260,000
Curtlss, House A Co.
160,000
Fahey, Clark & Co...... ....
100,000
Field, Richards A Shepard,Inc,
260,000
First Cleveland Corp-----150,000
First of Michigan Corp.—
160,000
Glore, Forgan & Co
600,000
Goldman, Sachs A Co600,000
Greene & Brook.—100,000
Harriman Ripley A Co., Inc.. 2,000,000
Harris, Hall & Co. (Inc.)——
300,000
Hawley, Huller A Co---.—200,000
Hayden Miller A Co.....—£00,000
J. J. B. Hilllard A Son.
100,000
—
.
Jackson A Curtis
600,000
Kidder, Peabody A Co.—.—
1,000,000
Lee Higglnson Corp--.—-.—
Lehman Brothers-..
600,000
600,000
100,000
...
W.L.Lyons A Co—-—..—McDonald-Coolidge A Co.—
260,000
1,500,000
250,000
160,000
Mellon Securities Corp.-
Merrill, Turben A Co
MaynardH. Murch A CO-.—
——...
G. M.-P. Murphy A Co
160,000
E. H. Rollins A Sons, Inc
500,000
Smith, Barney A Co..
—
2,000,000
Stone A Webster and Blodget,
Inc
600,000
LowrySweney, Inc.100,000
Union Securities Corp
1,000,000
G. H.Walker A Co—
150,000
White, Weld A Co—
1,000,000
-
——
—
The Wisconsin Co
260,000
W. E. Hutton A Co_2,500,000
Balance Sheet as of Oct. 31, 1939
Liabilities—
Assets-
Prop., plant A eqpt., incl.
intangibles—.-.
-.—..$49,949,197
Construction work In progress
1,091,256
Cash in banks A on hand
640,377
Accts. A notes rec. (less res.).
957,334
Inventories, at cost,
425,941
Prepaid taxes, Ins., Ac. items
299,134
Special funds—12,087
Deferred charges573,451
-
.....
Long-term debt.
;
Accrued bond interest
$20,472,000
3P0,868
1,166,310
63,352
•
Accounts payable..
Accrued taxes...
;
-
Accrued dividends
..;
75,000
120,999
225,662
-
Consumers' serv. deposits—
Amts, pay. to affil. cos.——
Reserves—Retirements
8,245,779
Advs. A contribs. for con-
construction-.——
Contingencies, Ac.——Preferred stock
...——
192,765
1.025,391
10,000,000
Common stock.
Total-.-.—....
$53,948,777
8,030,000
Earned surplus.
3,970,650
Total
$53,948,777
-V. 150, p. 686,
Delaware Electric Power Co.—Bonds Called—
A total of
$400,000 principal amount of gold debentures, 5K % series, due
Jan. 1, 1959, have been drawn for redemption on March 1, 1940, at 102%
of the principal thereof, together with accrued interest to March 1, 1940.
—V. 149, p. 1758.
Denniaon
common
stock, par $5.—V. 149, p. 4173.
Manager since 1923, was elected to succeed Mr. Dow.
The changes took
place at a meeting of the company's board of directors following the annual
meeting of stockholders on Feb. 5.
has
with the Detroit Edison Co. since its
associated with its predecessor company seven
He has held the post of President since 1912.
been associated
organization in 1903 and
years before that time.
—V. 150, p. 686.
was
Distillers Corp.-Seagrams, Ltd.—Shares Purchased—
Corporation reported to the New York Stock Exchange that 425 com¬
shares were purchased at $22 per share tinder option granted to
James E. Friel.—V. 149. p. 4027.
Bullion
output in January reached a new record high for the mine at
$669,543, against $665,465 in December and $601,430 in January, 1939.
In January 52,800 tons were milled, indicating average recovery of $12.68
a ton.
In December 50,900 tons were treated for recovery of $13.07 a ton.
—V. 150, p. 687.
Consolidated Income Account for Calendar Years
1939'
-
Balance, surplus
As Per Cent of
Year's Total
1939
1938
22%
22%
27%
29%
-——27% increase
—
For the year-
22%
23%
26%
29%
100%
100%
The increase in the company's business in 1939, shown in the first column,
consistent with improved business conditions generally. The company's
business during the first eight months was at about an even level: during
was
the last four months it was substantially higher, the peak being in October.
All lines of the company's products contributed to the increase, and only
about 1% of the increase for the year was from military products.
Sales Analysis—In order to show the extent of change in the past 15
an analysis of the company's sales by industrial classification for
1939, and for the years 1934 and 1924 as shown in the annual reports for
those years, is set forth in the following table;
—Per
Cent
of Total Sales
$766,054
296,280
1938
Industrial
Classification—
Textiles—
1939
—————
Miscellaneous--
1937
38,693
419,849
$501,700
293,537
40,013
165,445
2,246
474
$600,275
257,873
33.323
259,223
9,000
$8,986
$2,232
$40,856
Automotive
Chemical manufacture——
Construction qnd maintenance
Mining (coal and metal)
Export (excl. sporting & military powders)
— —
Iron and steel-.
Petroleum products and refining
Agriculture..---—
—-—
Sporting & military powders (incl. export) -
Paper Co., Ltd.—Earnings-
Profits for year.:
Int. on 1st mtge. bonds.
Int. on 10-year notes
Deprec. & depletion....
Prov. for income taxes.
1938
—28% Increase
31% increase
19% increase
30% increase
Paper, containers and wrapping materials-
Mines, Ltd.—January Output—
Donnacona
First quarter------——
Second quarter
Third quarter
—
vs.
years,
mon
Dome
1939
Fourth quarter————
Detroit Edison Co.—-New Chairman, &c.—
Alex Dow resigned on Feb. 5 as President of this company, which he was
instrumental in founding, to take over the post of Chairman of the Executive
Committee of the utility.
Alfred C. Marshall, Vice-President and General
Dow
Exchange and Redemption of Debenture Stock—-At a special meeting Sept.
29, holders of the preferred and common stocks approved an amendment
certificate of incorporation increasing the authorized number of
shares of preferred stock from 500,000 to 3,000,000, and increasing the
redemption price of such shares from $115 a share and accumulated divi¬
dends thereon to $120 and accumulated dividends.
The reasons for this amendment were to enable the directors to offer
preferred stock in exchange for debenture stock on a basis which would
result in reducing the dividend requirements of the company's senior
securities, and to make available additional shares of preferred stock which
the company may issue in the event such shares are required for corporate
purposes in the future.
On Oct. 9 holders of the debenture stock were offered IK shares of
preferred stock in exchange for each share of debenture stock outstanding.
Under the offer, which expired at the close of business Oct. 24, 1,056,756
shares of debenture stock, or about 97% of the total then outstanding,
were exchanged.
The 36,192 debenture shares that remained outstanding were called for
redemption on Jan. 25, 1940, at $125 a share and accumulated dividends,
as provided for in the certificate of incorporation, payable in cash upon
surrender of the debenture stock certificates.
The amount required to
redeem these shares, and the final dividend thereon, in total, $4,578,263,
appears in the balance sheet as a current liability.
The reduction in dividends on the company's senior securities, resulting
from the exchange and redemption of the debenture stock, is approximately
$1,207,000 per annum.
Sales Volume—Sales to customers and other operating revenues of the
company and its wholly owned subsidiary companies were approximately
$299,000,000, an increase of about 27% over the dollar revenues in 1938.
Sales, expressed on a tonnage basis, are estimated to have been about 32%
greater tha in 1938.
A considerable part of the growth of the company, since about 1920, has
been from integration; that is, from the manufacture of certain ingredients,
which otherwise would be purchased from outside sources, for use in the
manufacture of other products.
Intra-company billings of such materials
are excluded from the figures shown avove, which include only sales to
outside customers.
It is obvious, however, that in those cases where the
manufacturing and consuming branches of the company are essentially
distinct, any such billings are closely analogous to sales by one manu¬
facturing concern to another and, from that viewpoint, a truer measure
of your company's business would be the aggregate of outside sales Dlus
intracompany billings between essentially distinct branches. These intracompany billings aggregated approximately $26,000,000 in 1939. Therefore,
it might be considered that the company's total business in 1939 was ap¬
proximately $325,000,000.
The per cent increase, by quarterly periods, in the company's sales and
other operating revenues in 1939 as compared with 1938, and the quarterly
volume as per cent of the total for each year, are shown in the following
of the
table:
$50, and the class A
Mr.
Decreased $904,800, to provide for payment of the premium (excess
value) on 36,192 shares of debenture stock called for redemption
Jan. 25,1940.
Manufacturing: Co.—Listing and Registration
The New York Curb Exchange admitted to listing and registration on
Feb. 6, 1940, the 8% debenture stock, par $100, $6 prior preferred stock,
par
(4)
1924
16%
16%
10%
11%
14%
7%
5%
4%
3%
2%
2%
2%
7%
1%
1%
100%
100%
included in 1934, principally because of prod¬
during the preceding 10 years.
Positions of Departments and Divisions in Volume of Business—The companv's nanufacturing and sales activities are conducted through 11 depart¬
ments or divisions.
Their respective positions from the standpoint of dollarbusiness for the years 1939 and 1938 are shown by the following table:
Three new categories were
ucts added
103",943
1934
20%
17%
100%
1936
$285,003
181,060
22%
22%
12%
11%
9%
5%
5%
4%
4%
Volume
The Commercial &
150
1938
Departments, Divisions and Principal Products—
1939
Rayon Division—a division of the rayon department (viscose
and acetate rayon)
1
Organic Chemicals Departments ((dyestuffs, tetraethyl
lead, ethyl alcohol, and other organic chemicals)
2
Fabrics and Finishes Department (pyroxylin and synthetic
resin finishes, paints
and
varnishes, pyroxylinand
R,
&
H.
chlorinated
solvents,
4
4
5
5
6
methacrylate and polyvinyl acetal plastics and ai tides
made therefrom, and "Exton" Nylon Bristles)
Krebs Pigments Department (lithopone, titanium dioxide,
titanium lithopone, extended titanium pigments, and
dry colors)
Smokeless Powder Division—a division of the explosives
8
9
10
10
a
"The du P9nt Company and
has no
important
has
foreign governments, the company
available plant facilities with which to execute such orders in any
volume.
Volume production of military explosives for such purposes
not
been, and is not now being,
sought.
63,472,896
not
38,139,973
40,818,511
40,790,667
37,521,122
common
381,889
executives' plan...
Common
awards
stock
to
for
under
acquired
employees
1,723,365
5,816,773
2,856,219
4,993,274
373,381,586 356,333,251 354,399,421 317,807,884
30,091,712
30,076,287
29,995,523 29,943,125
2,017,661
1,779,226
1,897,381
1,489,938
Plants and property...
Patents, goodwill, &c
810,543,555 804,107,836 721,230,126
857 618,123
Total
Liabilities—•
—
communication to stockholders and employees,
protection.
With respect to orders from
for
19,365,829
190,500,000 184,500,000 176,000,000
stock. 197,000,000
cos.
Deferred charges
in September, 1934,
Munitions." it was stated that the
company in 1919 considered withdrawing completely from the production of
military explosives but refrained from any action at the insistent request
of the then Chief of Ordnance of the United States Army; and that such
manufacture, though carried
on
in a small way during intervening
years, has been negligible in relation to the volume of the company's peace¬
time products. Furthermore, since 1936, efforts to sell military explosives in
foreign countries have been entirely discontinued.
In recent months, as part of the general program of increased provision
for the national defense, the company's production of military explosives
for the Unitec States Government has been increased somewhat, although
resulting in no important 3xpansion of the manufacturing capacity which
remained after the drastic dismantlement and abandonment of plants of
this character in 1919 following the World War. The company's services, in
keeping with its policy over the years, will continue fully to be at the disposal
of the United States Government in carrying out any further measures of
In
receivable
2,394,979
58,636,044
65,844,572
26,036,925
50,547,571
2,830,095
9,970,783
stock sold to employees under
9
desirable.
entitled
common
wholly-owned & miscell. invest.
bonus plan
11
11
Military Products—At this time, a brief statement as to the company'8
present policy with respect to the manufacture of military products is
department (sporting and military powders)
General Motors
7
8
2,105,020
d9,981,000
45,489,017
2,564,427
22,109,135
51,538,062
advances, &c
Investment in affiliated
Notes
ammonia
rec.
Marketable securities
$
92,228,572
20,898,195
51,512,586
119,701,749
26,017,392
1
Misc. accts.
1936
$
$
$
Accounts and notes receivable...
1937
1938
1939
a
products, methanol, higher alcohols, and related products)
Plastics Department (pyroxylin, cellulose acetate, methyl
and the value placed on common stock
[Including Wholly-Owned Subsidiary Companies]
Inventories
7
ammonia,
g Difference between cost
2
Department (electro-chemicals,
ceramic
colors,
and
chemical
(synthetic
Department
Jan. 25, 1940.
awarded under bonus plan.
Consolidated Balance Sheet Dec. 31
6
Chemicals
on
Cash
specialties)
Ammonia
1
f Consists of $13,209,444 for transfer to capital stock account to adjust the capital
liability of the outstanding preferred stock—$4.50 cumulative to $100 a share, and
$904,800 premium (excess over par value) on debenture stock called for redemption
Assets—•
and related products)
The
3
3
rubber-coated fabrics)
"Cellophane" Division—a division of the rayon department
("Cellophane" Cellulose Film, "Cel-O-Seal" caps and
bands, and cellulose sponges)
Grasselli Chemicals Department (inorganic heavy chemicals,
acids, zinc and zinc products, insecticides and spray
products)
Explosives Department—not including sporting and mili¬
tary powders (commercial explosives, blasting accessories,
993
Financial Chronicle
The management feels it is not
justified in risking the company's capital for such a purpose.
Any furure
developments will be dictated by world conditions and the needs of this
Nation.
Nylon—The first unit of the nylon yarn plant at Seaford, Del., com¬
Dec. 15. This unit, when in full production, will have
capacity to manufacture, annually, approximately 4,000,000 pounds of
nylon yarn. Flans are being prepared for construction of a second unit.
Various manufacturers have been supplied with yarn, made in the piiot
plant at the Experimental Station at Wilmington, for experimental knitting,
weaving and dyeing.
Hosiery manufacturers have made many thousand
pairs of nylon stockings, and tests have confirmed their excellent wearing
menced operations
qualities.
Nylon in the form of monofilament has met with pronounced success
in toothbrushes, and in other toilet brushes
and in special types of industrial brushes. In addition, nylon monofilament
is used for fishing leaders and surgical sutures. Nylon is also being marketed
in the form of sewing thread and fishing lines.
The toughness, strength and elasticity of nylon have suggested its appli_
cation in numerous forms for a wide variety of purposes, and experiments,
9 ,865,665
562,500
23 ,704,878
14,000,281
6 ,038,861
4 ,578,263
5,368,325
Dividends payable on deb. stock.
Dividends payable on pref. stock.
f Accrued liabilities
6,230,021
1,639,422
562,500
19,551,106
5,875,869
6,237,074
1,639,397
1 ,899,956
Accounts payable
Miscell. accts. payable, adv., &c.
Red. val..of deb. stk. & final
dlv.
Provision for awards to employees
7,687,036
1,639,422
20,246"799
2,734,210
8,805,446
4,984,414
gl, 135,000
gl,055,000
109,294,800 109,294,800
b Common stock
221 ,315,240 221,315,240 221,315,240 221,315,240
50,000,000
h Preferred stock
50,000,000
..168 ,885,000
95,818,127
Res. for deprec. & obsolescence..121 ,794,607 109,681,565 104,968,541
6,812,555
8,036,240
9,413,634
Reserve for insur., bad debts, <fcc
8 ,315,544
9 ,129,329
1 ,055,000
under bonus plan
Bonds of sub.cos.In hands of pub.
i
Debenture stock issued....
5,130,387
1,055,000
109,294,800
.
Obligation to trustee under pen
22,001,174
20,724,847
23,194,902
24 ,667,065
256 ,368,715 256,251,529 244,772,477 226,236,595
sion plan
Surplus applic. to company
c
857,618,123 810,543,555 804,107,836 721,230,126
Total.
a
General Motors Corp.
common
stock—10,000,000 shares carried at $19.70 a
$19.05 a share in 1938, $18.45 a share in 1937 and $17.60 a share in
1936.
b Represented by common shares of $20 par value (in 1939 includes 31,994
[18,600 in 1938, 44,237 in 1937, and 20,458 in 1936] shares in treasury held for awards
to employees under bonus plan),
c E. I. du Pont de Nemours & Co.'s equity in
surplus of controlled companies not consolidated has Increased since acquisition by a
net amount of $3,727,651 in 1939, $3,149,528 in 1938, $2,685,431 in 1937 and $2,501,498 in 1936.
d The quoted market value on Dec. 31, 1939, was $9,981,000.
f In¬
cluding provision for Federal and other taxes of $17,608,834 in 1939, $8,822,369 in
share in 1939,
1938, $13,971,526 in 1937 and $15,074,914 In 1936. g Assumed on liquidation of a
h Represented by 1,688,850 (500,000 in 1938 and 1937) no-
subsidiary company,
par
shares,
called
for
i The debenture stock issued and outstanding on Jan. 25,1940 has been
redemption on that date at $125 a share and accumulated dividends
thereon, the liability for
which is included in current liabilities.—V. 150, p. 838.
Lines, Inc. (&Subs.)—Earnings—
Eastern Steamship
1939—12 Afos.—1938
1939—Month—1938
Period End. Dec. 31—
$559,702
644,457
$575,316
623,256
$9,326,610
8,617,046
$9,295,563
8,703,660
x$84,755
x$47,940
$709,564
$591,903
2,760
26,220
1,787
16,631
14,966
55,293
605,269
656,900
x$108,215
x$101,446
$120,926
Operating re venues
Operating expenses
when made into bristles for use
work
is
being directed to adaptation
Operating income
Other income
Other expensesNet income
Note—The
Employment and Payrolls—Satisfactory
management continued during the year.
relations between employees and
approximately 54,800 employees, including
At the end of the year
3,100 engaged in construction of plant additions and new plants,
the rolls of the company and its controlled companies, an increase
about
Ovmership of Du Pon t Co.—Thenumberof stockholders
compared with Dec. 31, 1938, is shown in the following
,
x
points.
Dec. 31, 1939, as
table;
1939
1938
Common stock
®9'o9t
Debenture stock
l.^JS
18,737
81,235
Total
Consolidated Income Account
for"Calendar Years
[Including Wholly-Owned
1939
$
£o'Zo9
Subsidiaries]
1938
1937
1936
$
$
$
rev...298,833,238 235,409,426 286,043,075 260,333,220
Cost of goods sold & oper. chgs_.172,669,211 147,349,624 174,744,472 155,521,419
Selling, general and admin, exps. 40,030,622
32,976,702 39,016,557 36,624,086
Ebasco Services
86,133,405
operations.
and obso¬
& equipment.
72,282,046
68,187,715
Income from
&c_.
Total income.
Provision for Federal taxes
Interest on outstanding
bonds
Net income
Surplus at beginning of year
Amount
P.C.
19,262,000 17.9
Electric Power &
7,345,000 13.6
National Power & Light Co.__ 81,721,000
76,355,000
5,366,000
7.0
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 150, p. 838.
Electrolux Corp.—To Pay
Motors Corp
Miscellaneous credit
2970.
Total
Dividends on preferred
Dividends on common
The
36,795,283
14,628,621
4,769,673
55,976,867
36,672,635
6,648,858
52,965,490
44,004,389
4,746,320
56,193,577 99.298,360 101,716,199
5,950,000 cll,210,000 cll,775,000
52.750
56,417
56,750
93,218,664 50,190,827 88,031,943
256,251,529 244,772,477 226,236,595
342,287,669 300,963,304
4,972,452
6,557,561
2,250,000
35,904,214
89,884,449
196,312,228
opening of business Feb. 1.
The exchange will then have on its list 412,853
stock, no par value, and 90,000 shares of preferred stock,
which has been listed for several years.—V. 150, p. 433.
Endicott-Johnson Corp.—New Director—
Feb. 5 elected a director of this corporation,
Chrisfield, resigned.
Like his grandfather, George
F.. Chairman of the board, and his father, George W., President, Mr.
Johnson began at the bench working two and one-half years laying soles on
tennis footwear, later as making room foreman and succeeding to the
superintendency of the Jiffer-Sunrise factories.—V. 150, p. 433. ^
Frank A. Johnson was on
succeeding H. Edward
Engineers Public Service
12 Months Ended Dec.
Co. {&■ Subs.)—Earnings—
1939
31—
Operating revenues
226,236,595
11,044,594 11,032,724 11,049,470
Amount earned per share.e
$7.70
$3.79
$7.29
$7.56
b The value of du Pont company's investment In General Motors Corp. common
stock was adjusted on the books of the company in 1936 to $176,000,000; in 1937 to
$184,500,000; in 1938 to $190,500,000 and in 1939 to $197,000,000 which closely
correspond to Its net asset value as shown by the balance sheets of General Motors
Corp. at Dec. 31, 1936, 1937 and 1938, respectively.
These shares were valued,
Dec. 31, 1938, at $19.05 a share, c Includes provision of $1,267,125 ($2,148,000 In
1936) for surtax on undistributed profits,
d Transfer to capital stock account in
connection with issue and sale of 500,000 shares of $4.50 cumulative preferred stock
for $48,750,000.
e Including equity in undivided profits or losses of controlled
,
The listing
capital stock of
corporation be suspended from dealings at the close of business Jan; 31,
and the common stock of the company to be admitted to the list at the
Crl4000,000
321,518,539 300,196,678
6,557,586
6,557,586
1.237,500
—.—
68,950,975 67,402,497
256,368,715 256,251,529 244,772,477
$20)___ 11,050,767
owned.
Jan. 31.
shares of common
number of shares com.
companies now wholly
has held the common stock of the operating
at the close of business
has accordingly ruled that the
the
107,321,414
14,050,000
52,750
Profit and loss surplus
Capwell Co. has advised the San Francisco Stock
between that company and Emporium Capwell
Corp., which latter company
15,222,225
stock
3,587,456
stock.... 77,359,046
stock outstanding (par
Emporium
company, became effective
committee of the Exchange
maint., deprec. & taxes
Bal. applic. to stocks of Engineers Pub. Service
Balance for common stock and surplus
Earnings per share of common stock
a
Includes
17,709,454
16,381,114
Co. b5,256,538
b2,961,755
c4,475,043
b$1.55
income (net).
b Excludes
amounting to $31,783 in excess of
non-operating
subsidiary company,
1938
$54,244,928 $52,715,815
Balance after oper.,
a
Average
Corp.—Merger Effective—
Emporium Capwell
Exchange that the merger
16,305,179
..Cr6,500,000 Cr6,000,000 Cr8,500,000
&C-_fDrl4,114,244
dZ>rl250,000
g431,720
Dividends on debenture stock
30-Cent Dividend—
Directors have declared a final dividend of 30 cents per share on the
capital shares $1 par value, payable March 15, 1939, to holders of record
Feb. 15.
Dividend of 20 cents was paid on Dec. 15, last; dividends of 30
cents were paid on Sept. 15 and on June 15, 1939 and previously regular
quarterly dividends of 40 cents per share were distributed.—V. 149, p.
18,287,817
Adjustment resulting from re¬
valuation of interest in General
Transfer to cap. stk. acct.,
Increase
1939
107,890,000
Light Corp.. 61,419,000
54,074,000
1940
Operating Subsidiaries of—
American Power & Light Co... 127,152,000
67,252,271
35,000,000
5,069,143
operations
Income from miscell. secur.,
subsidiaries of American Power & Light Co.,
and National Power & Light Co., as com¬
week during 1939, was as follows:
Electric Power & Light Corp.
pared with the corresponding
18,881,134
Inc. from invest, in Gen. Motors.
b
55,083,100
for depreciation
Inc.—Weekly Input—
Feb. 1, 1940 the kilowatt-hour system input of the
For the week ended
operating companies which.are
Sales (net) and other oper.
Income from
non-operating adjustments.—V. 150, p.
127.
8,101
81,161
Preferred stock
lescence of plants
x$50,031
operations after depreciation, interest,
but before Federal income tax, capital stock tax,
covers
capital gains or losses and other
of about
8% over the
panies were approximately $97,600,000, an increase of about
total paid in 1938.
Upward adjustments in wage rates were made at all operating
statement
rentals and local taxes,
were on
17% since 1938. For the entire year, the average number was approximately
49,200, an increase of about 4% over the 1938 average.
Total wages and salaries paid by the company and its controlled com¬
Prov.
1
of this versatile material for many
different uses.
c2,151,487
c$1.13
earnings of one
its preferred div.
requirements, transferred in consolidation to the parent company's reserve
for depreciation in investments in subsidiaries, c Adjusted to a comparable
basis with results for 12 months ended Dec. 31, 1399.—V. 150, p. 277.
Fajardo Sugar Co.—New Directors—
,
held on Feb. 5, Alexander R. Cochran and
elected directors.—V. 149, p. 3408.
At the annual meeting
H. Hoodless were
Fifth Ave. & 29th St.
The following committee
William
Corp.—Protective Committee■■—
has been formed to protect the interests of the
mtge. gold loan certificates due Feb. 1, 1948; Harry C. Kilpatrick,
Chairman,
(Vice-Pres., Manufacturers
Trust Co.); Clarkson Potter,
1st
(Partner of Hayden, Stone &
Co.);Channing L. Wegefarth, (Vice-Pres. of
The Commercial & Financial Chronicle
994
Chaa. F. Noyes Co., Inc.); with Newman & Bisco, Counael,
29 Broadway,
New York City; and Harry A. Frey,
Secretary, 45 Beaver St., New York
entered
into
(1)
in
negotia¬
formulating
Comparative Balance Sheets
"A"
a
Assets—
feasible plan of reorganization, which the committee considers to be
in the
best interests of certificate holders and fair to all
concerned,
(2) has
"A"
4,166
4,166
333,923
Accts. receivable..
512,422
512,422
Notes receivable..
Misc. receivables-
3,180
3,180
y
11,519
11,519
y
1,670,417
1,670.417
851,740
514,555
Inventories
Board
of
Directors
have
declared
a
stock
distribution
Int. in
on
Inc.—Bank Stock Series and Fiscal Fund, Inc.—Insurance Stock
Series payable March 15, 1940 to holders of record at close of
business
Feb. 15, 1940.
Shares will be quoted ex-distribution at close of business
Feb. 14, 1940.
These distributions amount to
30
Proven bk. claims
Proven merchan¬
dise claims
219,668
478,000
572,418
6,268,007
14,949
5% 1st mtge. bds.,
_
for furn.
1947
Mortgage loan
Detroit
(M. H.) Fishman Co., Inc —Sales—
2,100,000
Stores in operation
—V. 150, p. 128.
doubt
$207,086
39
___
39
Joseph B. Cowett, Attorney, of Springfield, argued for the plaintiffs.
The bill of complaint alleged that the acts of directors of Fisk
Rubber were
as
against the company: that the vote of stockholders taken
Dec. 29, 1939, was void, and that the price offered or
paid by the United
States Rubber Co. was grossly inadequate.
Judge McLellan, in expressing doubts as to jurisdiction in the
case,
pointed out that while the proceeding in the Federal Court was
alleged to
be founded upon diversity of citizenship there
appeared as plaintiffs and
defendants persons who are citizens of Massachusetts.
He did not, how¬
ever, rule specifically upon this point! In
refusing the temporary injunction,
he also denied application for a writ of
attachment.—V. 150, p. 839.
to holders of the old preferred stock,
43,213 shares to
holders of the old common, 3,000 shares to executives
and employees, all
provided in the plan. and 36,000 shares are set up as the estimated number
of shares to be sold for cash or its
equivalent as above stated.—V.
150,
433.
p.
General Motors Corp. (&
Subs.)—Earnings—
Delaware,
Calendar Years—
Co. and will continue
x
Earnings
yl939
Net profit
z
reorganized company.
Plant Modernization—Pursuant to the
plan of reorganization, as confirmed
by the Court, plants will be modernized by the installation of new
cold
reducing mills and other equipment at a cost of
x
1938
1937
1936
.$183,300,000 $102190,007 $196436,598 $238482,425
per
Includes
share
$4.04
$2.17
$4.38
$5.35
company's
proportion of profits and losses of subsidiary
consolidated, and after depreciation, Federal and foreign
income taxes and other deductions,
y Preliminary,
z On average number
of shares of common stock
outstanding.
companies
approximately $1,270,000.
large integrated steel cor¬
A
9,963,657
as
Co.—Reorganization Plan—
the
11,265,893
208,287.4 shares of common stock to be
outstanding, 33,666.7 shares are
to be issued to holders of the old
bonds, 17,407.7 shares to unsecured cred¬
A brief outline of the reorganization plan as modified and
reconfirmed by
on Jan. 6, 1940 and consummated on
Feb. 6, follows:
Reorganized Company—Follansbee Steel Corp., organized in
as
Total
itors, 75,000 shares
the Court
acquire all of the assets of Follansbee Brothers
9,963,657
x Curr. liabilities
(trustees' obligations). y Liabilities prior to
trusteeship.
Note—The respective amounts of the outstanding shares of the
proposed
preferred stock and new common stock set forth in the above pro forma
balance sheet have been computed on the basis of
exchange of all bonds and
preferred and common stocks of Follansbee Brothers Co. as
provided in the
plan, and the elections of various choices of settlement provided for in
the plan as exercised
by the unsecured creditors, and that only 36,000 shares
of common stock will be sold at $15
per share.
The plan provides that
additional common stock may be sold at $15
per share and that a portion
of the allowances and fees of the
reorganization fixed by the Court may be
paid in common stock at $15 per share.
Of the 25,549.7 shares of preferred
stock shown in the pro forma balance
sheet, 25,250 shares are to be issued
to holders of the old bonds and
247.3 to old unsecured creditors; of the
fraudulent
the business
11,265,893
2,082,874
3,060,954
new
anti-trust laws.
will
2,549,733
(A) Follansbee Brothers Co. balance sheet as per books Oct. 31, 1939.
(B) Follansbee Steel Corp. (reorganized company) pro forma balance
sheet as of Oct. 31, 1939.
Refused—
to
Follansbee Brothers
conv. pref. stk.
Capital surplus...
jurisdiction and holding that no showing of
damage had been made, Judge Hugh D. McLellan in the
U. S. District Court at Boston, Feb. 5, declined to issue a
temporary
injunction sought by Roland La Vallee of Northampton,
Mass., and
others against the sale of Fisk Rubber Corp. assets to United
States Rubber
Co. The petition, among other things, contended that the sale
was, in fact,
a merger or consolidation of the two
companies in violation of the Federal
as
67,385
3,000,000
4,321,300
167,484
Com. stk.($10 par)
Total
Fisk Rubber Corp.—Injunction
Expressing
"irreparable
5%
1939
67,385
.
Deficit..
1940
$219,296
102,710
warehouse
mortgage
6%pref.stock
of January—
174,229
2,525,000
Common stock...
Month
63,587
rebuilding, Ac..
Reserves
2per share for Fiscal Fund, Inc.—
per share for Fiscal Fund, Inc.—Bank
Sales
305,618
Bond Int. to May
11,1934, Ac
Present fixed assets 7,568,863
Deferred charges.
107,485
Fiscal
Fund,
Insurance Stock Series and 2j^%
Stock Series.—V. 149, p. 3555.
assoc. cos..
200,390
Preferred claims
(dividend)
y
liquidation
%
556,167
interest
y
Assets available for
Fund, Inc.—Dividends—
"B"
t
xAccts. payable.,
x Trustees' certs. &
58,102
Funds In hands of
ing thereby the expense of receivership, and (3) an escrow of the funds in
the treasury of the corporation amounting to
approximately $132,000,
which the junior interests have consented to make available for
the pur¬
poses of the plan of reorganization, if the same is consummated.—V.
150,
p. 839.
of Oct. 31, 1939
Liabilities—
%
58,102
bond trustees...
Add'l cash paid in.
pro¬
as
"B"
S
Cash...
cured for the benefit of certificate holders an assignment of rents
running to
the first mortgage trustee of all rents due on and after Feb.
1, 1940, avoid¬
The
1940
McCoy
William B. Paul, Lloyd W. Smith, Lauson Stone.
tions with the interests junior to the first
mortgage certificate holders and
with the first mortgage trustee and has succeeded
Fiscal
10,
following have been chosen as the first board of directors: John Fol'
lansbee. Chairman; W. T. Brownscombe, President; Frank F. BrooksDavid L. Frawley, Marcus A. Follansbee, George T. Ladd, John H.
City.
The committee issued the following statement:
The committee immediately upon its formation
Feb.
The
five-year contract has been arranged with a
poration [Jones & Laughlin Steel Corp.] under which the
reorganized com¬
will secure its entire requirements of pig iron at an
advantageous price
and also its entire requirements of hot
strip steel upon terms which will,
In the judgment of the officers of the
company, enable the reorganized
company to produce products for its customers at a cost
comparable with
the cost of producing the same
products should the reorganized company
be obliged to install its own hot
strip mill, thereby effecting a saving of
$2,750,000 in capital investment.
New Money and Its Use—About $2,500,000 of new
money is to be secured
by (1) a loan of $2,100,000 from Union National
Bank, Pittsburgh, First
National Bank, Pittsburgh, and National
City Bank, New York (with
deferred
participation by
Reconstruction
Finance Corporation),
and
(2) private sale of common stock of Follansbee Steel
Corp. at $15 per share.
The loan will be secured by a first
mortgage upon the plants, property and
equipment of the company and pledge of other assets
(but .not current
assets); interest rate is limited to a maximum of
5%; principal and interest
will be payable in
monthly instalments over a period of 10 years, with addi¬
not
pany
75-Cent Dividend—
A dividend of 75 cents per share
stock,
Corp.
common
Sales to dealers in the United States totaled
164,925 in January compared
116,964 in January a year ago.
Sales in December were 188,839.
to consumers in the United
States
totaled 120,809 in January
compared with 88,865 in January a year ago.
Sales in December were
156,008.
Total Sales of General Mitors Cars and Trucks
from All Sources of
TTmitoH Vfniw „nri r„-r,„,unn
United States and Canadian Factories
Vr,i.*r>~iee—Sales to Dealers and
Manufacture
Export Shipment:
1940
to be
stocks of
are
share of
Feb. 8 released the
Sales
January.
February
'
1939
181.088
April
May
June
July
August
September
October
November
December
76,665
77,929
89,392
91,934
85,855
84,885
73,159
41,933
19,566
108,168
185,852
172,669
207,637
new
Total.
The par value of the new preferred stock is
$100 per share.
New com¬
stock has a par value of $10
per share (a book value of $24.69
per share
is shown by the pro forma balance
1938
136,489
133,511
161,057
142,002
128,453
139,694
84,327
12,113
53,072
144,350
200,071
March
stock.
common stock.
company on
with
outstanding bonds, claims and
Follansbee Brothers Co. as follows:
Bonds—For each $1,000 present bond: $1,000
par value (10 shares) of
new preferred stock and 13
1-3 shares of new common stock.
Unsecured Claims—For each $100 face amount of claim:
any one of four
choices, viz.: (1) 1 share of new preferred stock and
11-3 shares of new
common stock; (2)
share of new preferred stock and
3M shares of new
common stock;
(3) H share of new preferred stock and $50 in
cash; or
(4) 3H shares of new common stock and $50 in cash.
Preferred Stock—For each share of present preferred
stock, 2K shares of
new
Common Stock—For each share of
present common stock:
Feb. 5 on the common
January sales of General Motors cars and trucks in the United States and
Canada, including export shipments, totaled 181,088 compard with
136,489
in January a year ago.
Sales in December were 207,637.
working capital.
Steel
on
par
with
January Car Sales—The
following statement:
tional payments on principal equal to one-half
of any net earnings in any
one year
exceeding twice the amount of payments on principal and interest
in such vear.
The proceeds of the loan and sale of new
stock will be used
to pay for the plant modernization
mentioned above, retire obligations of
the trustees, pay a portion of the
reorganization costs and expenses, pay a
portion of the claims of unsecured creditors who elected to
take common
stock in part settlement of
claims, pay in full all claims of less than $100,
and to provide additional
Basis of Exchange—New securities of
Follansbee
issued in exchange for present
declared
was
$10, payable March 12 to holders of record Feb. 15.
This com¬
$1.25 paid on Dec. 12, last; 75 cents paid in each of the four
preceding quarters; 25 cents paid on Sept. 12, June 13 and on March
12,
1938; $1.50 paid on Dec. 13, 1937; $1 paid on Sept. 13 and on June
12,
1937; 25 cents paid on March 12, 1937, and a year-end dividend of
$1.50
paid on Dec. 12, 1936.
pares
1,542,776
1,108,007
1937
89,010
59,962
244,230
221,592
201,192
185,779
208,825
175,264
65,423
151,602
180,239
145,663
1,928,781
mon
sheet).
Optional Sale of Additional Stock—Stock Purchase
Warrants—Additional
new common stock
may be sold under the plan at $15 per share to
provide
additional working capital.
The plan also
provides for stock purchase
warrants permitting the
purchase of 20,000 shares of new common stock
at prices ranging from $22.50 to
$28.50 during the four years
following
confirmation of the plan.
These will be issued
to the executives and em¬
ployees of the company, subject to court approval.
Description of Neio Securities—There will be no funded debt other than
the secured loan mentioned
above and a mortgage of about $67,300 on the
Sales to Dealers in
United States
1940
January
February..
1939
164,925
116,964
115,890
142,743
March
April
May
126,275
112,868
June
Detroit warehouse.
The preferred stock
(par $100) carries voting privileges of one vote for
each share, will be entitled to
preferential dividends at the rate of 5% per
annum, which will
become cumulative after Jan.
124,048
71,803
7,436
47,609
129,821
180,133
188,839
July.
August
September.
November.
December.
dividends
are paid earlier on the
vertible into three shares of the
be callable at $102 per share
common
1, 1942 (or earlier if
stock), and each share will be con¬
stock after Dec. 31, 1940; it will
plus accumulated divs. at any time on 60 days'
notice, and in liquidation will be entitled to reserve
preferential payment of
$100 per share plus accumulated
dividends, but no more.
Conversion
privileges continue as long as any preferred stock remains
outstanding, and
The
common stock (par
$10) carries voting privileges of one vote for each
share; it will be entitled to receive all dividends declared and
paid out of
surplus beyond the cumulative dividend
requirements of the preferred stock,
and will be subject to
the other provisions outlined above.
In any disso¬
lution or liquidation of the
company, holders of the common stock shall
be entitled to receive
all assets of the
company
ments to the holders of
the
Stock
proval
preferred stock.
Exchange Listing—Company
or
the
agrees
listing of the new common stock and the
York Stock Exchange.
1940
January._
February..
March
April
May
June
new
use
.
October
November.
December.
Total
-V. 150, p. 840.
on
the New
of the reorganized
company shall consist of ten members.
120,809
56,938
63,771
76,142
78,525
71,676
72,596
61,826
34,752
16,469
92,890
159,573
150,005
935,163
1937
70,901
49,674
216,606
199,532
180,085
162,390
187,869
157,000
58,181
136,370
153,184
108,232
1,680,024
United States
1939
88,865
83,251
142,062
132,612
129,053
124,618
102,031
76,120
56,789
110,471
162,881
156,008
1,364,761
1938
63,069
62,831
100,022
103,534
92,593
76,071
78,758
64,925
40,796
68,896
131,387
118,888
1,001,770
1937
92,998
51,600
196,095
198,146
178,521
153,866
163,818
156,322
88,564
107,216
117,387
89,682
1,594,215
General Refractories Co.—New Director—
its best efforts to effect
preferred stock
„
July
August..
September.
after full preferential pay¬
Management of Follansbee Steel
Corp.—The plan provides that the first
board of directors
1,364,426
Sales to Consumers in
that promptly upon final ap¬
plan, it will make application and
Total.
common
in case of call for retirement will remain
convertible after call up to the
seventh day prior to
redemption date.
No dividends may be paid upon the
common stock unless
arrangements shall have been made for payment of
all accumulated dividends on the
outstanding preferred stock, and no divi¬
dends may be paid or other cash
disbursements made on either preferred
or common stock
without written consent of the holders of the
secured loan
while the said loan remains
unpaid.
V
October
1938
At a special meeting of directors held Feb.
2, E. D. Bransome was elected
director to fill the vacancy caused by the death of S. M. D.
Clapper and
Dr. Russell P. Heuer was elected a member of the Executive
Committee.
—V. 150, p. 689.
a
Volume
General Cigar Co.,
1939
Directors
Years
$21,723,6661
15.737,434/
1936
Not
available
$6,374,754
3,929.594
491,868
304,361
160,161
225,403
$5,986,232
3,640,782
466,149
280,279
$782,128
97,120
$1,107,165
100,017
$1,599,021
b74,908
$1,648,931
153,726
$879,248
8,530,895
$1,207,181
8,444,677
$1,673,930
8,539,693
$1,802,657
8,978,964
$3,884,098
2,941,810
See
Federal, &c., taxes
Net
Other income
Net income.
_
Previous surplus
Total surplus
$4,297,277
2,964,710
See
a
$9,410,143
Preferred divs. (7 %)
Common dividends
_
_
_
350,000
_
827,719
_____
Profit & loss surplus.
Shs. com. outst. (no par)
$8,232,424
472,982
$1.12
_
Earned per sh. on com.
_
a
$9,651,859 $10,213,623 $10,781,621
175,000
350.000
350,000
945,964
1,418,946
1,891,928
$8,444,677
472,982
$8,530,895
472,982
$1.81
have declared
a
dividend
of 50 cents per share on the com¬
stock, payable Feb. 29 to holders of record Feb. 19.
Like amount was
paid on July 31, last and on Nov. 25,1938, this latter being the first dividend
to be paid since Nov. 10,1937, when a special dividend of 50 cents per share
mon
1937
1938
Gross sales,less disc.,&c.$18,966,345 $20,154,402
Cost of sales.
15,082,247 al5,857,125
Gross profit
Sell., adm. & gen. exps__
Deprec. & amortizat'n
General Tire & Rubber Co.—o0-Cent Dividend—
Inc. (& Subs.)—Earnings—
Consolidated Income Account for Calendar
distributed.
was
Personnel—
Company directors on Feb. 6, named the following company
the coming year: W. O'Neil, President
472,982
$3.07
$2.80
b After
provision for depreciation and amortization.
ducting $132,922 loss on sale of non-operating properties (net).
de-
officers for
and General Manager; W. E. Fouse,
Vice-President; C. J. Jahant, Vice-President and Factory Manager; T. S.
Shore, Vice-President and Treasurer; L. A. McQueen, Vice-President, in
Charge of Sales; S. S. Poor, Vice-President, in Charge of Retail Merchan¬
dising; H. R. Jenkins, Secretary; T. S. Clark, Assistant Treasurer; F. W.
Knowlton, Assistant Secretary.
This increases the list of vice-presidents of
company from two to five, by the promotion of Mr. Shore, Mr. McQueen
and Mr. Poor to vice-presidencies.
Mr. Jenkins has been promoted from
assistant secretary to secretary,
assistant secretary.—V. 150, p.
appointed
and Mr. Knowlton is the newly
689.
Georgia & Florida RR.—Earnings—
—Jan.
—V.
150,
p.
$83,581
$85,925
$26,956
$26,975
(est.).__
840.
revenues
1939
1939
1940
Oper.
1 to Jan. 31
1940
Week End. Jan. 31
$8,539,695
Includes
a
995
The Commercial & Financial Chronicle
ISO
Georgia Power Co.—Earnings—Consolidated Balance Sheet Dec. 31
1939
$
S
Assets—
b
Land,
2,706,879
1
586,387
743,348
Mtges. receivable.
50,750
U. S. Govt, seeurs.
2 ,815,777
53,750
3,069,332
Cost of licenses for
machinery
mat'ls,
14,144,441
1,934,603
2,307,118
14 ,285,617
Accts. receivable 2 ,256,903
2 ,056,348
•_
Deferred charges..
Total
116,745
5,298,410
Insurance reserve.
/
500,000
00,000
8,232,424
General
Capital surplus
3,899,658
3,899,658
$1,485,616
877,082
$1,032,499
854,716
$2,008,815
855,685
$1,193,707
720,347
$177,783
58,044
$1,153,130
126,052
$690,233
305,219
81,266
$235,827
.,279,182
375,102
98,306
$587,629
298,565
55,378
10,300
56,155j
1939—Month- -1938
$154,204
$170,121
94,833
114,081
50,792
Prov. for depreciation14,583
Oper.
expenses
stock
y160,623
Divs.
$194,109
138,228
321,030
80,258
1939
321,030
on
1939
Preferred
stock,
Common stock..
Ac
4,063,280
4,154,398
2,051,201
827,598
499,879
2,303,800
6,420,600
accrd. expenses.
773,679
887,664
Divs. payable.
475,225
96,437
Mkt. sec. at cost
199,987
1,626,204
280,723
1,585,570
and advances.38,232
111,342
rec.
Exclusive of
16,143
in
$393,481
x$87,854
no-par
treasury
at
$3,335,041 in
charged to surplus.
$88,379
Accts. and notes
393 473
329,691
367, 205
324,808
23, 395
21,832
10 252
receivable..
30,000
Cash A secur. dep.
as
guarantees...
$85,382
118,762
80,014
Notes payable
Bank loans
4Yi% conv. debs.,
ser.A.due May 1
17,225
192,466
22,179
1,086,000
1,086.000
1941
cost
y
'38
$124,638
Sundary invests, at
1,193,984
Oct. 28 *39 Oct. 27
Liabilities—
Accounts payable_
Accrued liabilities.
$180, 466
Investments:
Go¬
10,145
2.407, 277
33, 920
Fixed assets
Instal .note for pur.
of equip.
Mortgage
8,594
30,000
payable
2,462,194
30,000
9,487
Res. for conting..
55,890
Capital stock and
surplus:
Com. stock
$1)
Surplus
11,852,398 11,800,229
Total
for shrinkage in market value of
reserves
by 321,030
held
$255,738
Comparative Balance Sheet
$388,525 in 1939 and
shares, after deducting 3,970 shares reacquired
$79,400,
d After reserve for depreciation of
1938.
e Represented by shares of
1939 and $3,265,251 in
$100 par.—V. 149, p. 3261.
$3,415,989 $3,322,940
Total..
The estimated market value Dec. 31, 1939 was $243,174.
b After amortization of $3,608,161 in 1939 and $3,411,339 in 1938.
c Rep¬
and
5,374
123,262
9,695
Oct. 28 •39 Oct. 27 '38
Assets—
$410,318 in 1938.
resented
5,782
96,491
21,723
$48,750 interest paid on 6 H % notes and
Cash
34,557
1,737,751
112,312
14,928
55,241
11,852,398 11,800,2291
After
9,166
$101,528
51,051
132,800
68,530
12,675
loss$78,056 loss$206,939
50,442
62,546
114,918
19,218
Loss on non-oper. prop--
bel Co. of Iowa.
132,800
25,229
9,844,700
of bond diso't
Deferred charges..
_•
Total
a
1,737,751
Earned surplus... 1,178,348
on
estate
11,667,059
and expense
Depreciation
93,394
36,670
real
10,146,631
17,365
Interest
pi. invest,
Prepaid item.
$137,501
•
$60,956
55,749
—
Inventories
Paid-in surplus
Mortgage
$175,460
9,978,208
Total income
x
66,000
34,557
State taxes..
Ac.,
Contr. work unbill.
em
x$17,200
$204,521
67,014
Oct. 28, '39 Oct. 27, *38 Oct. 28, '37 Oct. 29, '36
$10,021,800 $10,043,346 $11,447,445
$9,937,062
$
6,420,600
Prov. for Fed. and
Off. A
67,014
Profit
2.303,800
Accts. payable and
1,698,918
Inventories
5,584
241,393
(Adolf) Gobel Inc.—Earnings—
Years Ended—
1938
$
e
c
2,019,647
Cash
a
$242,474
$13,420
preferred stock.
Net sales.
x
Liabilities—
.
b Patents, goodwill
in affii.,
x$l 1,616
$128,928
$185,892 def$265,149
321,030
321,030
$1.58
$0.17
1938
^
1,947,947
companies
175,000
$445,810
241,290
Deficit.—V. 150, p. 129.
x
Balance Sheet Dec. 31
Inv.
1,133,017
$483,867
22,452
*
Federal surtax not assessable.
Accts. receivable..
$1,753,827
$19,004
5,584
Balance
y29.275
$645,150
138,228
$109,365 def$351,838
321,030
321,030
$0.34
Nil
share
1
$1,883,545
1,224,678
$8,579
20,195
Other income
......
stk. outstand.
d Plant, fixts., Ac.
1939—12 Mos.—1938
175,000
$41,456
Net income
Amortiz.
A sscts
and taxes
12,143
$247,593 Ioss$133,352
138,228
138,228
Surplus..
y
-Earnings-
Costs and expenses
profit
pref. stock....
per
$1,602,113
Gross revenue
114,269
State
on
com.
$304,502
52,534
._
Y.
N.
franchise tax
Earnings
$2,033,804
Period End. Dec. 31-
$473,360
Fed. & State taxes vest.)
com.
$225,877
1936
$608,534
81,699
Capital stock taxes
Shs.
$4,552,463
2,950.350
Int. & other fixed cbgs__
1937
Total income
on
$4,984,154
2,950,350
150, p. 128.
Gulf Power Co.^..24,664,227 25,096,169
Total..
1938
Maintenance and repairs
Divs.
$471,739
245,862
x$21,201
_
Deficit.—V.
x
1939
Deprec. & amortization-
Net
Balance
136,697
Operating income
Other income.
Divs.
$224,661
24 5,862
pref. stock....
on
8,530,895
Railway Signal Co.—Earnings—
Sell., admin. & gen. exp.
for
535,343
Gross income
Calendar Years—
Gross operating income.
Prov.
$1,007,082
558,761
Net income
Divs.
$11,602,846 $11,156,772
6,618,692
6,604,309
$783,422
Gross income
Int. & other fixed chgs..
of $75,893
reserves
revenue
Oper. expenses and taxes
Prov. for depreciation._
633,770
233,437
in 1939 and $65,193 in 1938.
b After re
serve for depreciation of $3,120,707 in 1939 and $3,014,816 in 1938.
c Rep¬
resented by 472,982 shares of no par value,—V. 149, p. 3261.
a
Gross
1,000,000
177,308
Fed. & Cuban tax.
25,096,1691
24,664,227
After
5,000,000
cum. pref.stk. 5,000,000
Common stock__ 5,298,410
Special capital res. 1,000,000
Accounts payable,
556,426
payrolls, &c
c
Earned surplus
sup¬
plies, Ac
a
Cash.,
S
7%
buildings
1
Raw
1938
$
Liabilities—
machinery, Ac__ 2 ,495,700
Goodwill, Ac
1939—Month—1938
1939—12 Mos.—1938
$2,870,925
$2,653,178 $31,451,738 $28,795,292
1,817,503
1,414,846
16,608,892
14,871,020
270,000
231,250
3,240,000
2,767,500
Period End. Dec. 31—
1939
1938
x
After deducting
debts,
y
Total
(par
-
430,989
430,989
1,407,313
1,578,889
$3,415,989 $3,322,940
for bad
$28,092 in 1939 and $48,272 in 1938, reserve
After deducting reserves for
depreciation.—V. 150, p. 840.
Goodall Securities Corp.—Pays $1 Dividend—
dividend of $1 per share on the common stock, no
value, on Feb. 1 to holders of record Jan. 26.
Dividend of 50 cents was
paid on Nov. 1, last; $1.50 was paid on Aug. 1, last, and dividends of
50
cents were paid on Feb. 1, 1939, and on Dec. 5, 1938.-—V. 149, p. 3261.
Company paid a
par
General Shareholdings
Directors
have
declared
a
Corp.—Dividends—
dividend
on
the
$6
cumulative convertible
preferred stock (optional stock dividend series), payable March 1, 1940 to
stockholders of record at the close of business Feb. 13, 1940, as follows:
In
the rate of 44-l,OOOths of one
convertible preferred
stock (optional stock dividend series) so held; or
At the option of the holder, in cash at the rate of $1.50 for each share of
$6 cumulative convertible preferred stock (optional stock dividend series)
so held.—V.
150, p. 689.
General Shoe
Corp.—Earnings—
Period End. Jan. 31—
Net sales
Net profit
x Earns, per
x
(B.iF.) Goodrich Co.—Tire Prices Raised—
An increase in prices
stock of the corporation at
common
share of common stock for each share of $6 cumulative
share
1939—3 Mos.—1939
$3,726,379
$3,096,024
215,045
138,941
$0.33
$0.20
On 628,013 shares (par
$1) of common stock.—V. 149, p. 3717.
General Steel Wares,
Directors have declared
in addition to the regular
1939—12 Mos.—1939
$17,211,892 $14,071,195
1,003,298
707,863
$1.53
$1.06
Ltd.—Participating Dividend—
on
list and the wholesale price for the
line Lifesaver Silvertown tread tires have been increased,
The consumer list price was raised about 7 }4 %, the exact
10.—V.
amount varying
price, that is the price received
5%. Increases were effective
Feb
1.
p»««H
As applied to the 6:00x16 tire, the most popular of passenger car sizes
which is used on about 45% of the Nation's automobiles, the increase in the
consumer list amounted to $1 bringing the price up to $14.95, from $13.95.
Prior to the reductions effected Nov. 1, 1939, the list price of this size and
type tire was $15.95.
The new wholesale price, it is understood, is nearer
to the pre-November level than the consumer list.
Goodrich has not changed the price either of other lines of tires or of
tubes, it is
a participating dividend of seven cents per share
quarterly dividend of $1.75 per share on the 7%
149, p. 3557.
General Telephone
Corp.—Stockholders Favor Financing
President, announced Feb. 7 that affirmative proxies for the
stockholders' meeting called for Feb. 20 had been received, according to
count made by the officers of the corporation, from more than 66 2-3%
required for favorable action upon the proposals to be submitted to the
meeting in connection with the creation of a proposed issue of $2.50 preferred
stock.
Proceeds from the sale of 135,000 shares of this stock will be used
in connection with the retirement of the now outstanding $3 conv. pref.
stock of the corporation and the $6 pref. stock of General Telephone Allied
840.
p". 279.
Great Northern
Power Co.—Bonds Called—
mortgage 5% gold bonds maturing Feb. 1, 1950
redemption on March 15 at 104M and accrued interest.
Payment will be made at the Irving Trust Co., New York City.—V. 148,
p. 1643.
A total of $190,000 first
Green Bay &
Western RR.—Class A Debenture Interest—
$1,000 debenture will be made on Feb. 19 on class A
presentation of debentures for stamping.
Interest is payable
the office of Robert Winthrop & Co., New York.
Payment of $50 per
debentures on
at
Mr. Winn also stated that,
p.
$5,931,006
-.
150,
have been called for
Corp.
assuming continuation of satisfactory market
conditions, the corporation intends to enter into an agreement with under¬
writers on Feb. 13 for public offering of the stock on Feb. 15.—V. 150,
1940—Month—1939
1940—12 Mos.—1939
$5,531,067 $103761,668 $97,516,419
Period End. Jan. SI—
Sales
John Winn,
understood.—V. 149, p. 3261.
(W. T.) Grant Co.—Sales—
—V.
Proposals—
into effect
company's first
slightly in different sizes, and the wholesale
by the manufacturer, was increased about
participating preferred stock, both payable Feb. 20 to holders of record
Feb.
of first line passenger car tires was put
Feb. 1.
Both the consumer
Class B Debentures Interest—
debenture will be made on Feb. 19 on class B
presentation of debentures for stamping.
Interest is payable
the office of Robert Winthrop & Co., New York.—Y. 150, p. 840,
Payment of $5 per $1,000
debentures on
at
The Commercial & Financial Chronicle
996
(H. L.) Green Co.—Sales—
Period, End. Jan. 31—
Sales
Stores In operation
—V. 150. p. 279.
132
133
mon
on
stock ownership plan..
purchases and sales of treasury stock
400,000
stock under present
on
1939
Charge,
expenses
in connection with sale of
stock
2,401
6.365
$287,207
$8,577,970
6,045,017
....
$6,901,239
6,160,913
—
Earned Surplus—
period of Baton Rouge Electric Co. (except bus) and Louisiana Steam
Generating Corp. properties acquired Aug. 25, 1938.—V. 150, p. 435.
Total
1939
$76,855
49,669
1938
8,593
$64,989
46,669
$27,186
$18,320
7,867
.
Net income from metals produced
Development and operating costs
Estimated
operating profit.
revenue,
1,314
Estimated total profit
Common stock
203
$28,500
,
$14,622,986 $13,062,152
900,000
900,000
3,685,138
3,584,182
Excess of cost of capital stock of Household Finance
Co. (Ohio) acquired during 1939 over the net
book value of the assets of that company and its
subsidiary
361,293
Dividends, cash, 5% preferred stock
Balance
at end of the year (1939 includes $826,220 of undistributed surplus of the Canadian
$18,523
>
subsidiary)
Note—In the above figures no allowance has been made for
taxes, depre¬
$9,676,556
ciation
Gas
1939
Corp.—Reorganization Memorandum—
Land Title Bank & Trust Co., Philadelphia, Pa. had available for
delivery
to the old Hamilton Gas Co. security holders, the new securities of
Hamilton
Gas Corp. on Nov. 21, 1939.
These securities were exchangeable on the
following basis:
Each $1,000 Hamilton Gas Co. 1st mtge. 6Hs received
$1,000 Hamilton Gas Corp. 1st mtge. pr. lien 4s of 1954 and 30 shares
(v. t. c.) common stock.
(2) Each $1,000 Hamilton Gas Co.
6%% debenture received 36.11
shares (v. t. c.) common stock of Hamilton Gas
Corp.—V. 149, p. 4176.
1938
$
%
Assets—
Cash
In accordance with the plan of reorganization
approved on Sept. 22, 1937
by the U. 8. District Court for the Southern District of West Virginia, the
on
1939
Liabilities—
hand and
in banks
a8,711,245
9,364,327
b Instalment notes
receivable
Accounts
officers A others
65,114,730
rec.
Ac..
Fed. A
55,060,073
946
33,963
Divs.
off. pursuant to
former stk. own¬
dividend of 25 cents per share on the common
stock, payable March 1 to holders of record Feb. 15.
This compares with
55 cents paid on Dec. 1, last, and 15 cents paid in each of the
three preceding
Res.
Hartford Electric Light
Calendar Years—
Sales of electirc current:
Local sales
Co.—Earnings—
1939
1938
1937
1936
$6,688,573
770,525
111,938
$6,732,616
895,415
56,311,894
1,117,520
116,339
$8,385,100
$7,571,036
$7,744,370
338,392
$7,546,775
$7,571,036
28,065
$7,405,978
27,347
$7,546,775
45,880
$8,215,460
3,679,909
564,242
1,260,000
$7,599,101
3,434,925
613,705
1,169,200
$7,433,325
3,581,226
281,724
996,000
$7,592,655
3,704,972
$2,711,309
159,168
$2,381,271
161,418
$2,574,374
195,361
$2,394,270
160,167
$2,870,477
105,417
2,351,449
Approp. to retire, reserve
108,477
Adj. for prev. periods,&c
48,700
$2,542,690
a69,569
2,303,309
137,051
$2,769,736
a71,122
$2,554,437
3,303
2,303,303
__
189,509
Net sales elec current $8,195,590
Misc. oper. revenues...
19,870
Total oper.
revenues.
Oper. expenses & maint.
Retirem't res. accrual..
Taxes
569,412
924,000
2,338,861
136,860
13,406
700
Flood loss
146,265
3,948
117,322
surplus"
for year
a
$256,434
30,155
(unreal, apprec.)
43,780
43,800
Res. for conting..
Mln. int. in sub.co
153,782
32,826
500,000
493,976
$209,485
Earned
Total
con¬
1939
$
1939
Liabilities—
1938
$
$
31,801,941 31,585,673 x Capital stock.-.21,000,000 21,000,000
Gash
1,537,991
866,787 30-yr. 3% debens. 3,360,000
3,430,000
Notes A accts. rec.
770,087
732,461 Accounts payable
288,508
208,853
Mat'ls & supplies.
861,359
992,215 Consumers' deps..
24,999
22,801
.
curr. assets.
7,946
5,574
Co.
2,038.064
190,900
Miscellaneous
2,038,064
Misc. curr. liabll..
Accr'd taxes, Ac__
49,526
53,811
929,767
819,938
Retirem't res've..
7,904,521
7,603,329
Contributions
117,026
117,026
line extensions._
Mlscel. unad j .cred.
288,043
Suspense
196,896
370,202
Surplus
Hartford El. Light
Co. com. stock.
Total
x
37,613,356 36,904,8991
Represented by shares
Hecla
Total
for
11,453
183,812
3,860,770
11,444
150,386
3,604,336
37,613,356 36,904,899
of $25 par.—V. 149, p. 1326.
Hollinger Consolidated
Gold
Mines, Ltd.—Extra Div.—
Directors have declared an extra
dividend of 5 cents per share in addi¬
the regular
monthly dividend of like amount on the capital stock,
both payable Feb.
26, to holders of record Feb. 12.
Dividends of like
tion to
am,?u?&wereo?£id
—V
p.
3874.
on
6ec 30* Dec-
2. Nov- 4, Oct. 7 and
on
Aug. 12. 1939.
Net
Total
revenues
credits...
income.
_
_
I
paid
& Dominion tax
surtax on undis¬
Total oper. revenues..$91,710,178
17,149,792
10,829,315
Traffic expenses
17,303,476
Commercial expenses...
7,745,779
Operating rents
909,163
Exec. & legal departm'ts
468,355
Accounting and treasury
departments
3,185,492
Prov. for employees' ser¬
vice pensions
972,942
Empl's' sick., accident,
death & other benefits
748,165
Services
received
$8,474,080
15,967
$7,303,794
36,049
$7,781,766
308,088
1,421,761
$7,844,894
266,463
1,412,949
$8,490,048
293,207
1,344,076
$7,339 ,843
261 ,658
1,142 ,725
463,000
6,901
4,570
4,700
3,469
Net income
$6,045,017
5% pref. stock divs
900,000
Partic. preference divs..
$6,160,913
900,000
$6,382,156
899,782
income
income..
earns, of sub.
company
Income
available
fixed charges..
Bond interestOther interest
3,584,182
3,565",228
2A90 ,685
Balance, surplus
$1,459,879
outstanding
736,886
$1,676,731
716,781
$1,917,146
717,025
$1,746 ,000
$7.34
$7.65
$ 7.04
Com. shares
c
per share
Including provision for
905,502
985,248
628,457
672,691
627,422
1,225,303
1,224,196
1,135,563
864,468
757,126
14,111,020 al2,933,970
962,384
12,384,900
2,512,161
$15,098,244 $14,484,594
61,762
208,961
$15,462,337 $12,878,812
1,575,000
1,575,000
228,638
267,333
$15,160,007 $14,693,555
1,575,000
1,575,000
377,461
356,889
Net inc.avail, for divs.$13,658,699 $11,036,479
Divs. on com. stock
12,750,000
12,000,000
$13,207,545 $12,761,667
13,125,000
12,000,000
$82,545
$761,667
Bal. carried to surplus
Earns, per sh. on 1,500,-
000 com. shs. (par $100)
$908,699 def$963,521
$9.11
$6.98
losses
on
$7.36
$8.81
$8.51
The company does not consider that any
liability exists in respect of
on undistributed earnings in 1937.
1938
S
A. 8S&tS,mmmm
§
plant._327,106,649 317,936,304
Miscell. physical
300,689
1,078,149
cos.
356,010
1,033,543
356,010
1,008,524
250,000
property
Investments
controlled
in
xess
$
Capital stock...150,000,000
Prem. on capital
stock
Sinking fund
250,000
deposits
Working funds.
x
Notes
sold
4,554,455
165,638
210,279
Notes receivable
1,101,805
16,094
receiv'le.
8,634,567
Mat'ls A suppl's
Deferred debits.
2,847,133
2,256,298
27,117
7,977,017
3,299,156
731,023
Temporary cash
795,532
$
19,576
45.000,000
5,127,359
5,127,359
to
trustee of pen¬
sion
fund
Customers'
2,083,669
19,576
1938
150,000,000
45,000,000
Funded debt
Cash and special
investments-
1939
Liabilities—
Teleph.
de¬
posits and ad¬
vance
billing.
1,767,281
1,675,730
Accts. payable A
other cur. liab.
3,820,715
3,510,833
10,622,907
1,804,731
9,874,834
Accrued
Uabils.
not due
Deferred
Deprec.
credits
reserve.
1,937,585
104,928,097 101,914,119
Unappropriated
surplus
Total
x
601 ,674
instalment notes receivable,
previously written off, $550,792.
Includes provisions for losses on
instalment notes receivable.
notes
2,874,335
952,207
for
1031 ",600
_
3,685,138
on
3,100,819
$15,327,105 $12,843,782
135,231
35,029
$5,268 ,285
Minority interest against
b
$87,186,670 $87,489,839 $81,371,162
17,153,372
16,675,267
15,128,097
10,662,163
11,450,150
11,101,125
16,646,895
16,389,870
13,981,471
7,632,793
7,145,340
6,668,532
906,172
927,323
937,822
459,217
435,821
461,844
1,280,413
Accts.
~2". 909
371 ,500
290 ,000
2 ,206
contingencies.
recoveries
$87,677,539 $81,567,702
187,700
196,539
under
license contract
Other gen. exps. (less
"exps. chgd. constr'n")
885,443
Taxes
14,904,736
non-oper.
1936
Comparative Balance Sheet Dec. 31
$7,827,059
17,835
Other charges
Earnings
1937
$91,995,141 $87,418,943
284,963
232,273
1939
$7,767,656
14,110
tributed profits
Prov. for
Common dividends
1938
$66,111,445 $66,119,348 $61,983,617
19,083,887
19,648,680
17,986,904
2,255,447
2,223,611
1,909,511
1,597,180
Other investm'ts
income..
Gross
Interest
Federal
Federal
of
Telephone Co.—Earnings—
Miscellaneous revenues.
Subs.)—Earnings—
1939
.
income
United States during the month
Calendar Years—
1939
Local service revenues..$69,421,117
Toll service revenues... 20,318,577
a
1938
1937
1936
Gross inc. from
oper...$18,208,964 $17,904,048 $17,513,849 $14,656,628
Operating expenses
cl0,441,308 cl0,076,989
c9,039,769
7,352,834
Other
the
new dealers have joined the Hudson organization so far in
the current model season.—V. 150, p. 436.
Consolidated Income Account for Calendar Years
.
in
Federal surtax
Household Finance Corp. (&
r,
Co.—January Sales Up 51%—
cars
a
March 15, 1939.—V. 149,
p. 3874.
149,
Hudson Motor Car
Retail sales of Hudson
January totaled 5,189 a gain of 51% over January of last year according to
George H. Pratt, General Sales Manager of the company. Mr. Pratt also
Net
dividend of 10 cents per share on the common
stock, par 25 cents, payable March 15 to holders of
record Feb. 15.
This
compares with 15 cents paid on Dec.
22, last and 10 cents paid on June 15,
on
(Charles E.) Hires Co.—Capital Reduction Voted—
Stockholders at a special meeting held Feb. 8 approved a reduction in the
capital of the corporation to $417,729 from $2,582,019, such reduction to
be effected by reducing the amount of capital represented by shares of
stock having no par value; and the $2,164,290 by which the
capital is to be
reduced be transferred to capital surplus.
Stockholders also approved new
bylaws.—V. 150, p. 841.
Net oper.
Mining Co.—To Pay 10-Cent Dividend—
Directors have declared
and
treasury in 1938.—V. 149, p. 3558.
Depreciation expenses..
1938
$
Assets—
Fixed capital
stock
8.577,970
74,517.984 65,088,852
a Includes
$225,000 deposited for payment of dividends on Jan. 15,
1940.
b After reserves for losses of $4,743,193 in 1939 and $4,112,827 in
c After reserves for
depreciation and amortization of $392,258 in
1939 and $409,242 in 1938.
d Represented by 737,389 no par shares,
less 503 shares in treasury in 1939 and 717,389 no
par shares, less 608 in
Current maintenance...
.
Power
surplus... 9,676,556
Total.
74,517,984 65,088,852
def$19,706
Comparative Balance Sheet Dec. 31
Misc.
29,561
5% pref.stock
18,000,000 18,000,000
d Common stock.18,422,150 17,919,525
Capital surplus... ' 687,994
287,207
Uncollec. oper.
$32,061
Includes portion of debenture bond
interest; balance charged to
Conn.
60,045
exch. fluctuat'ns
542,545
improvem'ts
Illinois Bell
Total income
Miscell. interest, &c
Common stock divs
struction
941,781
stated that 720
Net oper. income
Inc. from other sources.
Total added to
961,886
200,251
payable
for Canadian
139,375
Other rec'bles, Ac.
Office equipment
117,361
Total.
Gustomers dividends..
243,720
1,595,243
1938.
$7,050,103
1,172,931
162,066
Other electrical corps.
Street railways
389,290
1,489,469
59,754
55,746
a
quarters, the March 1, 1939, dividend being the first paid since June
1,
1938, when 25 cents per share was distributed.—V. 149, p. 3116.
$
16,890,000
inc.
Miscell. liabilities.
c
and
Dom.
A cap .stk .taxes.
Loans to empl. and
ership plan
1938
$
Notes pay. banks.24,460,000
Notes pay. empl.
Harbison-Walker Refractories Co.—25-Cent Com. Div.
Directors have declared
$8,577,970
Consolidated Balance Sheet Dec. 31
or deferred development.
Of the increased profit shown roughly
$7,000 can be attributed to increased price received for gold due to premium
on U. 8. funds.—V. 149,
p. 2974.
Hamilton
$293,572
com.
$687,994
After depreciation and including non-operating income (net),
Note—For comparative purposes only; includes operations for the entire
Non-operating
Dr3,810
$690,395
1938
Guysborough Mines, Ltd.- -Earnings-
......
3,188
a
3 Mos. Ended Dec. 31
Tons of ore milled
$297,382
sale of 20,000 shares of com¬
—net
$10,369,097 $10,667,899
4,071,755
3,414,686
2,638,094
2,120,943
revenues
Balance for interest
Balance for dividends and surplus
1938
$287,207
Premium received
Co.—Earningsj—
a
1939
Capital Surplus—
Premium
12 Months Ended Dec. 31—
Operating
1940
10,
Summary of Consolidated Surplus Years Ended Dec. 31
1940—Month—1939
1940—12 Mos.—1939
$2,125,375
$1,998,350 $34,723,587 $32,398,266
Gulf States Utilities
Feb.
not
344,691,327 339,684,3341
Total
21,600,660
20,624,296
344,691,327 339,684,334
Demand notes held by trustee as an investment of pension trust fund8
presently required to meet pension payments.—V. 150, p. 841.
Houston Natural Gas
Corp.—To Merge Subsidiaries—
The Securities and Exchange Commission Feb. 2 announced that
corpo¬
an application
(File 47-53) under the Holding Company Act
ration filed
for approval of a proposed plan for the acquisition of the
utility assets
o
Volume
ts
The Commercial & Financial Chronicle
150
subsidiaries, Houston Natural Gas Co., Texas Natural Gas Utilities,
Gulf Cities Natural Gas Co. and Tex-Mex Natural Gas Co. The subsidiary
companies will be dissolved, it is stated, and Houston Natural Gas Corp.
will become
an operating company only.
The utility assets are to be acquired in return for the assumption of all the
debts and liabilities of the subsidiary companies and the delivery for can¬
cellation of their outstanding securities, all of which are held by the parent
The corporation also requested the Commission to issue an order
company.
tlie p*an declaring that it is not a holding company.—V.
149np°2234ti<>n
Consolidated Balance Sheet Dec. 31
1939
Cash
$
Co.—Earnings—
4,133,313
m
1939
,
Operating
1938
1 000,807
1,000,807
exps., &c
Depreciation.
Net income.
1936
1937
Dividends
$2,491,409
1,896,414
$2,153,662
1,658,269
$4,753,044
2,842,746
$2,518,984
2,297,886
Surplus
$594,995
$495,393
$1,910,298
$221,098
474,291
473,791
$5.25
$4.55
473,791
$10.03
473,791
$5.32
Shares capital stock out¬
standing ($5 par)
per share
Earnings
153,602
Federal
f Trade accts. rec.
1 ,625,099
Inventories
1 ,304,185
2,083,495
93,277
17 ,171,961
27,489
e
90,544
111,941
273,000
Accrued taxes and
3,198,387
708,041
16,467,355
demand deposits
6 Time deooslt
Cash
7 309,840
Insurance,
dep. with
on
trustee
&c._
and
State
taxes on income.
Capital stock... 10,124,333 10,124,333
Capital surplus
4,735,714
4,735,714
Earned surplus
6,016,935
5,237,505
&
rights
$16,757,160 $15,266,658 $19,693,739 $13,227,666
11,662,650
11,160,386
12,765,835
9,309,714
1,790,252
1,314,598
1,819,380
1,063,543
812,849
638,013
355,480
335,424
Taxes..
,100,000
771,630
7,100,000
Goodwill & patent
[Including Interest in Subsidiary Companies]
Total oper. revenue
484,393
Accounts
payable.
First mtge. bonds.
dProp., plant
equipment
Consolidated Income Account for Calendar Years
$
$
Liabilities—
hand and
on
1938
1939
1938
$
Assets—
Total other assets.
Howe Sound
997
1
Deferred charges.
Total
1
385,540
_
423,938
28,887,978
28,108,6121
28,887,978 28,108,612
Total
d After reserves for depreciation of $6,129,693 in 1939 and $5,487,118 in
1938, and special reserve of $76,000 in 1938.
e Represented by 759,325
shs. of no par value,
f After deducting reserves, g Includes accrued int.
—V. 149, p. 3558.
Independent Pneumatic Tool Co.—To Pay 40-Cent Div.
Directors have declared a dividend of 40 cents per share on the common
stock, payable March 29 to holders of record March 19.
This compares
with $1 paid on Dec. 28, last and previously
quarterly dividends of 25 cents
per share were distributed.—V. 149, p. 4031.
Consolidated Balance Sheet Dec. 31
1939
1938
%
$
Assets—
a
Prop., plant and
equipment
13 051,982
Inventories
13,700,286
720,946
664,960
45,455
49,963
Accts. & notes rec.
Fire Insurance fund
Investments
263,480
688,152
557,569
Metals on hand
$
$
2.368,955
Capital stock— 2 ,371,455
Reserves
1 ,008,254
curr.
U. S. & for'n taxes
701,159
Earned surplus
Capital surplus
Govt, bonds, &c._
Cash
4 ,601,077
2
136,280
35,745
511,620
16 895,250 16,311,835
431,483
438,983
3,588,755
Deferred charges..
404,908
18,200
975,849
llab
37,344
Total
22,100,685 21,104,476
a After
deducting
$6,969,197 in 1938.
22.100.685 21,104,476
Total
for depreciation of $7,778,766 in 1939 and
b Represented by shares of $5 par value.—V, 149,
reserve
P. 4031.
Independent (Subway) System of N. Y. City—Earnings
Period End. Nov. 30—
Operating
Operating
1939—Month—1938
1939—5 Mos.—1938
$1,779,525
1,311,732
$8,403,476
6,428,037
$7,430,190
$422,528
964
$1,975,439
6,716
$1,413,607
1,152
$468,945
expenses
$1,651,704
1,229,175
$467,793
revenues
$423,492
$1,982,155
$1,419,957
Income from ry. oper.
Non-oper. income
Interborough Rapid Transit Co.—Foreclosure Decreed
by Court—$50,000,000 Upset Price Fixed for Moitgaged Properties—
Federal
394,349
16,545
&o.
255,576
121,505
1,984,928
1.057.475
Payrolls, vouchers,
Misc.
Due from smelters
1938
1939
Liabilities—
b
6,016,^83
Judge
Robert P.
of
revs,
6,350
over
oper. expenses
of
dissenting I. R. T. security holders will get more money by coming in on the
plan than by staying out.
The foreclosure decree was obtained by the Guaranty Trust Co. as trustee
under the first and refunding mortgage. In signing the decree Judge Patter¬
son directed the sale of the properties
at public auction and appointed^
Madison S. Pratt Special Master to conduct the sale.
No date has as yet
specified
In fixing $50,000,000 as the lowest price for which the mortgaged assets
of the line could be purchased, Judge Patterson set $6,000,000 as the
minimum price acceptable for the line's unmortgaged assets, which include
real estate, cash on hand and miscellaneous property.
Judge Patterson fixed the $50,000,000 upset price on the I. R. T. mort¬
gaged properties after E. S. Sunderland, attorney for the Morgan com¬
mittee of holders of I. R. T. 5% bonds, presented evidence through repre¬
sentatives of the engineering company of Day & Zimmerman, Inc., to
establish an upset price of $40,000,000.
The Bankers Trust Co., on behalf
of holders of about $2,500,000 undeposited 7s, contended for an upset price
of $87,500,000.—V. 150, P. 841.
International
Excess
supervisor of the receivership
Patterson,
the company, decreed foreclosure Feb. 5 of mortgaged properties of the
I. R. T. and, in fixing an upset price of $50,000,000, brought a step nearer
the city's plan to buy the lines for municipal operation by insuring that
—V. 150, p. 129.
mittee
Agricultural
Corp.—Stockholders'
Com¬
Against Plan—
notice to common stockholders, Louis Lober, Chairman of a com¬
expressed the committee's opposition
management's proposed plan of recapitalization, and is asking for
proxies to defeat the plan.
The stockholders' meeting of last Jan. 23 was
postponed until Feb. 20, after the Lober committee had voted 87,402 shares
against the plan, on instructions of common stockholders, the notice says.
Principal arguments of the committee included: objection to the ex¬
change of 7 common shares for 1 new common share; objection to conversion
privileges accorded the proposed new debentures; objection to the issuance
of new stock remaining in the treasury, amounting to 147,708 shares, or
about 237% of the number of shares that present common stockholders
would get for their holdings; if such stock is issued from the treasury, ap¬
proval should first be obtained from the stockholders; and objection to the
offer of stock subscriptions to employees unless the price is submitted to
stockholders for approval in advance.—V. 150, p. 692.
In
a
mittee for such common stockholders,
Indiana Associated
Period End. Dec. 31—
Operating
Telephone Corp.—Earnings—
^140,633
$126,797
137
177
$1,633,971
1,589
$1,524,457
1,536
$140,496
75,247
$126,620
67,966
.$1,632,382
845,725
$1,522,921
$65,249
Operating revenues
Operating expenses
Rent
oper. revenues.
for
lease
of
1939—12 Mos.—1938
1939—Month—1938
revenues
$58,654
$786,657
$723,080
Uncollectible oper. rev..
^Net
to the
__
799,841
oper.
50
50
637
1,733
19,425
18,681
241,271
219,730
$45,774
33,289
$39,923
30,357
$544,749
397.239
$501,617
353,982
property
Operating taxes
•Net oper. income
Net in come
Registers
with
See list given on first page of this department.—V.
Industrial Rayon
ville—
150,
p.
"*
841.
Corp.— ■Increasing Capacity at Paines*
Corporation will increase the present capacity of its Painesville plant by
more than 50% adding in excess of 6,000,000 pounds to its total annual
output of yarn for the weaving industry, Hiram S. Rivitz, President, an¬
nounced in the annual report to stockholders which was made public this
This
week.
Industrial's
plant,
where
new process
the continuous spinning machines applying
have been in continuous operation since December,
1938, has been producing at capacity since Aug. 1, 1939.
Mr. Rivitz stated that the cost or the extension, estimated at $4,000,000,
will be met from present cash resources.
"Our engineers are already at work preparing plans and we expect to
break ground within six to eight weeks," he stated.
"The continuous
spinning machines will be furnished by our wholly-owned subsidiary, Rayon
Machinery Corp. We hope to be in operation by the spring of 1941."
The report pointed out that the character of production and distribution
at the company's Covington, Va,. plant has been changed substantially
in 1939 as a result of the incentive provided by the Painesville plant in
the acquisition of new customers in the weaving industry.
In prior years
75% or the production from this poant was shipped to the knitting trade
25% to miscellaneous users, including some weavers. Now 50% of the
Covington output is being shipped to the weaving trade and the other
50% to knitting mills manufacturing hosiery, underwear and outerwear
on
Feb. 5 declared a dividend of 50 cents per share on
"This
gives us a more equitable distribution in line with the trend of the
consuming industry of rayon yarn," Mr Rivitz said.
"The Cleveland plant operation is devoted entirely to the manufacture of
yarn, converted into knitted cloth, dyed and finished and sold primarily to
the underwear and cutting-up trade throughout the country.
A portion of
this product finds its way into outerwear trade, polo shirts, pajamas, &c."
New
Director—
director of this company at the meeting
5, according to an announcement by Robert C.
H. R. MacMillan was elected a
of directors
held
Feb.
Stanley, Chairman and President.
death of James A. Richardson.
1939
1938
Profit from operations..
$2,764,984
Profit, sale of Govt. sees.
47,914
35,188
Cash discount earned
$1,049,918
59,752
39,525
Red. in reserve
1937
$801,791
92,112
26,580
1936
$2,281,009
70,538
24.904
75,503
new
general offices in Copper Cliff,
cost of series A
The
Securities
and
Exchange Commission,
Feb. 1, but reserved decision regarding payment of 43 % cents a share on
$1.75 preferred stock on account of accumulated unpaid dividends
aggregating $9.62 a share on Nov. 30.—V. 150, p. 280.
the
16~933
21,331
105", 125
Sundry income
28,294
33,304
23,302
Gross profit
Reserve for depreciation
Interest
charges
$2,456,947
623,312
139,965
101,336
198,456
15,822
Jaeger Machine Co.—To Pay
Inc.—Earnings—
Dec. 30, '39 Dec. 31, '38 Jan. 1, '38 zJan. 2, '37
$24,782,383 $23,726,533 $23,277,441 $20,762,707
17,986,540
20,611,808
21,935,719 21,119,641
Costs and expenses
386,414
353.960
378,354
373,157
'. $2,460,250
$2,252,932
$2,287,279
244,551
$2,403,010
241,695
Depreciation
i
Operating profit
■
28". 401
"l2".320
271.622
45,419
$1,348,924
569,494
$184,410
759,325
759,325
$1.77
$0.24
Prov. for income tax
Net
profit
Dividends
8hs.cap.stock outstand¬
ing (no par)
Earnings per share
x
Includes
expense
y
$2,644,705
850,605
$1,423,959
1,340.026
$1,452,120
1,244,315
$1,794,101
1,718,413
def$9,311
2,702,412
"5",275
18,749
48,897
$83,933
2,618,479
$207,805
2,410,674
$75,688
2,334,986
$2,693,101
276,915
$5.72
$2,702,412
275,809
$5.16
$2,618,479
274,523
$5.29
$2,410,674
273,080
$6.57
x240,60C
$262,210
1,321,845
$1,361,460
1,322,170
759,325
$0.34
606,500
23,106
Common shs.
$2.24
Less unamortized bond discount and
outstand'g
Earns, per sh. on com
x
provision for surtax
of $21,844.
$2,531,830
991,909
x87,801
$1,583,178
1,592,489
Total surplus
r
271,441
$2,524,373
1,100,415
Miscell. deductions.
"(L 990
Sundry charges
260,185
$2,720,435
1,137,257
Other income—
20,466
Prov. for doubtful accts.
25-Cent Dividend—
dividend of 25 cents per share on the capital
value, payable March 1 to holders of record Feb. 15.
This
compares with 623^ cents paid on Nov. 22, last; 25 cents paid On Sept. 1
and on June 1, last, and 50 cents paid on Nov. 23, 1938, this latter being
the first common dividend paid since Nov. 24, 1937, when $1.25 per share
was distributed.—V. 149, p. 2976.
123,956
39,788
the common
no par
&
exps
Mills, Inc.—To Pay 25-Cent Div.—
dividend of 25 cents per share on
Directors have declared a
203,192
Pre-oper. exp. of Paines¬
ville plant
disc.
8,804
$1,124,412
571,632
4,656
Addn. franch.tax pr. yrs,
bd.
#
$1,207,737
579,369
140,463
_
of
71" 691
$2,893,314
745,113
319,500
Experimental expense &
equi pment scrapped .
Amort,
Interstate Hosiery
Directors have declared a
stock, payable March 15 to holders of record March 1. This will be the first
dividend paid on the issue since December, 1937, when 75 cents per share
was distributed.
This latter payment was in lieu of that which ordinarily
would have been made in February, 1938.—V. 149, p. 1478.
Net sales
y3,906
acquired
Interest earned
Authorizes Div.—
with Leon Henderson dis¬
senting Feb. 2 permitted the corporation to declare a regular quarterly
dividend of 87 H cents a share on its $3.50 prior preferred stock, payable
Years Ended—
bonds
Ont.—V. 149, p. 3264.
International Utilities Corp.—SEC
Jewel Tea Co.,
Excess of prin. amt. over
He filled the vacancy caused by the
Stanley also announced that Robert L. Beattie was elected to the
office of Assistant Vice-President and will remain at the company's
Mr.
stock,
Consolidated Income Account for Calendar Years {Incl. Subs.)
the com¬
March 30 to shareholders of
record Feb. 29.
Like amounts were paid in preceding quarters.
The Canadian Foreign Exchange Control Board has approved, as hereto¬
fore, the disbursement in United States dollars of the dividend payable
in respect to certificates issued by the company's Toronto, Montreal and
New York transfer agencies and in the prevailing equivalent in pounds
sterling in respect to certificates issued by the London transfer agency.
stock in United States currency, payable
and
fabrics.
Ltd.—Dividend—
International Nickel Co. of Canada,
Directors
mon
SEC—
Provision to reduce marketable securities
whichever is low)er, less profits (net) on sale of
to basis of cost or market
securities.
stock to employees of
After adjustments arising from sale of common
$66,177 in 1939; $36,780 in 1938; $56,630 in 1937.
z Consolidated figures.
y
and $53,451 in 1936.
The Commercial & Financial Chronicle
998
(F. & R.) Lazarus & Co.—Extra
Comparative Balance Sheet
Dec
x
LiabUUtes—
t
$
2 547,016
L'd, bldgs., &c..
Dec. 31 '39
30 '39 Dec. 31 '38
.
Assets—
2,550,136
y
Dee. 31 *38
J
Common stock.
%
471,988
Accts. rec. (net)..
Marketable
2, 524,584
75,347
68,018
35,156
49,648
513.665
490,124
1,100.094
215,642
394,696
Letters of credit &
acceptances
Accounts payable.
4,935,462
376,087
1
2,196,419
219,948
2.530,617
secure.
policies
Misc.
to Jewel
investments
and
deposits
Jewel
em pi.
—
Retire¬
Loans to empl'ees.
1 199,284
8,135
Deferred charges..
1, 039,990
106,074
121,556
9,265
559,245
22,357
Lease
34,288
71,434
513,665
490.124
285,000
285,000
assumptions
& adjustments.^.
asset value on Jan. 31
compared with $32.72 on Dec. 31, 1939.—V.
The company reports
employees
savings deposits
Res. for contlng
Res.
for auto,
ac¬
amounted to $31.54 a share
150, p. 131.
Lerner Stores Co.—Sales—
Employ, surety <fc
Common stk. for
and 1974, "plain"
the office of First
Corp.—Asset Value—
Lehman
574.316
7,722
other taxes
Sundry accruals..
1,011,979
Cash
the first and refunding mortgage sinking
150, p. 694.
National Bank, New York.—V.
247,726
ment Estates
Lehigh Valley Coal Co.—Interest—
The interest due Feb. 1,1940, on
fund gold bonds, 5% series of 1924, due 1944, 1954, 1964
and "stamped," is being paid.
Interest is payable at
Federal, State and
trust
fund assets
z
contrib,
for
Dividend—
an extra
date.—V. 148, p. 2431.
bonus
Prov,
declared
stock, no par value,
91,326
Accrued wages and
Value of life Insur.
10, 1940
dividend of 75 cents per share on the
payable Jan. 25 to holders of record Jan. 15.
Regular quarterly dividend of 15 cents per share was also paid on above
Directors have
common
4,935,462
1
2 ,363,295
255,665
Goodwill
Inventories
Feb.
1940—Month—1939
1940—12 Mos.—1939^
$2,249,764
$2,040,294 $40,481,251 $37,976,785
Period Ended Jan. 31—
Sales..
—'V.
_
150,
P.
281.
cident and other
self-lns'd
Res.
for
186,927
10,668,212 10,347,804
Total
After deduction of $1,747,633
x
356,458
2,693,101
2,702,412
The directors on Feb. 6 declared a
10,668.212 10,347,804
Total
($1,606,371 in 1938) for depreciation,
Represented by 280,000 shares of no par value,
z 3,135 shares on Dec. 30
1939, and 4,567 shares on Dec. 31, 1938, of which 50 shares on Dec, 30,
1939, and 376 shares on Dec. 31, 1938, are under contract for sale to em¬
y
ployees.—V. 150, p. 842.
Investors Fund
C, Inc.—Registers with SEC—
(George E.) Keith Co .—Reduces Preferred Stock—
Stockholders at
recent
a
meeting voted to reduce the authorized first
preferred stock from 90,000 to 80,000 shares of $100 par value, by retiring
10,000 shares now held by the company.—V. 148, p. 4177.
«
dividend of 50 cents per share on the
stock, no par value, payable March 15 to holders of record Feb. 29This compares with $1.25 paid on Dec. 15, last; dividends of 50 cents were
common
paid in each of the four preceding quarters and
paid on Sept. 15, June 15 and March 15, 1938.
dividends of 25 cents were
Feb. 6 the election of Milton Knight, VicePresident, to the board of directors to succeed Ralph A. Bard, who resigned.
The company announced on
—V.
150, P.
131.
Lockheed
Aircraft Corp.—Orders
Received—
Corporation announces receipt of an order totaling $2,000,000, including
and special equipment to be supplied later, from South African
Airways, a British Government subsidized unit.
Order calls for a fleet of
16 of the new "Lodestar" 14-passenger transports to be used in passenger
service between Lake Victoria and the Cape of Good Hope.
Lockheed also has received orders totaling $560,000 from two French
spare parts
first page of this department.—V. 150, p. 693.
See list given on
Libbey-Owen-Ford Glass Co.— Dividend—
208.577
357,000
losses.
altera'ns,
Irnpt. <fc devel
Surplus
Keystone Public Service Co.—To Sell Note—
major aircraft units calling for delivery of six "Lodestars."
Air France
has ordered three with an option to purchase additional planes of this type.
The other three were purchased by Regie Air Afrique, a government sub¬
sidized French line which operates a 7,600 mile route from Marseilles to
Madagascar.
While this is the first purchase of aircraft from Lockheed by
the Regie Air Afrique order is repeat business,.—V. 150, p. 694
Company has filed with the Securities and Exchange Commission an
application (File 32-194) for exemption from the requirement of filing a
declaration in connection with the issuance and private sale of a $300,000
Air France,
5% promissory note to the Oil City Trust Co. The proceeds from the sale
of the note will be used to retire bank loans which, at Jan. 29, 1940,
amounted to $70,500, it is stated, and the balance will be applied to the
cost of additions and improvements to the company's physical property.
—V. 149, p. 3265.
Co.'s
^
Loew's, Inc.—Earnings—
12 Weeks Ended—
share oper. profit
preferred dividends
Depreciation and taxes
Reserve for contingencies
Nov. 23, '39 Nov. 24, '38 Nov. 25, '37
after subs.
$3,017,481
1,124,025
500,000
$4,938,934
1,458,991
500,000
$4,368,850
1,451,441
$1,393,456
$10.19
$2,979,943
$21.80
$2,917,409
$21.34
$0 71
-
$1.74
$169
Key West Electric Co,—Earnings—
12 Months Ended
1939
D<%. 31—
a
Balance for interest
Balance for dividends and surplus....
After
depreciation
150, p. 437.
a
and
non-operating
Lone Star Gas
Inc.—Earnings—
See Nassau & Suffolk
$22,833
David Haines Ball, 70, President of the company,
1940
$9,548,653
'
1939
$9,262,994
Company operated 675 American and 60 Canadian stores in January as
compared with 680 American and 58 Canadian in January, 1939.—V. 150,
p.
842.
(S. H.) Kress & Co '.—Earnings—
Consolidated Income Account for Calendar Years
1939
240
Stores operated
Sales
1938
1937
234
239
'
1936
235
$84,851,373 $82,187,173 $87,871,478
$86,767,531
76,963,410
2,371,349
800,000
80,127,965
2,117,593
1,175,000
78,918,774
2,097,713
1,225,000
1,494
200,000
21,306
19,466
100,000
208,181
7,155
$3,258,955
1,704,915
$2,050,920
1,617,296
$4,210,147
1,646,299
$4,210,706
1,641,689
$4,963,870
14,142,131
$3,668,216
14,669,084
$5,856,447
13,007,860
$5,852,395
12,274,009
$18,337,300 $18,864,307
3,762,861
3,762,922
$18,126,405
4,115,695
Cost of mdse. sold, oper.
expenses and rent.... 78,378,944
Deprec. & amortization.
2,298,474
Federal normal taxes
915,000
un¬
on
distributed income
on
sale of invest
Interest
Net income
..
Other income
Net profit-..
—
Previous surplus.
Total surplus
$19,106,001
Divs. on common stock.
3,762,679
Stock div. paid in special
pref. 6% cum. stock.Divs. on 6% special pref.
432,332
432,309
587,956
414,893
432,301
Earned surplus
$14,910,991 $14,142,131
common stk. out¬
standing (no par)
2,351,674
2,351,674
Earns, per sh. on com._
$1.92
$1.37
$14,669,084
2,351,826
$2.31
Condensed Balance Sheet Dec. 31
1939
1938
$
6,092,838
$
1939
1938
$
$
Liabilities—
6,385,555 6%
other
special
pref'd
stock
9,119,762
cLand and bldgs.32,786,655 32,210,561
Goodwill, &c
1
1
9,119,761
a Common
stock.48,511,253 48,511,253
Accounts payable. 1,709,973
1,492,666
Fed. tax reserve.. 1,110,126
1,038,165
Inventories
14,373,636 12,201,191
Sundry debtors...
56,371
61,739
Accrued
Loans
Surplus
improvements. .10,970,844 11,016,272
&
advances
to landlords
349,475
Cash
350,821
&c.__
d Treas.
expenses,
1,815,538
1,907,320
....14,910.991 14,142,131
stock.-Dr2,030.648 Dr2,030,578
10,098,390 11,334.237
U. S. Govt,
25,508
Deferred charges..
393,275
595,271
.75,146,995 74,180,718
Total
75,146,995 74,180,718
Represented by 2,357,574 shares, no par, including treasury stock,
b After depreciation of $8,377,710 in 1939 and $7,790,918 in 1938.
c After
depreciation of $4,911,860 in 1939 and $4,266,141 in 1938.
d Treasury
stock at cost: 191,084 shs. of special pref.
(1938, 191,077) and 5,900 shares
common stock.—V. 150, p. 281.
Kroger Grocery & Baking Co.—Sales—
Four Weeks Ended Jan. 27—
Stores in operation
3,952
1939
$17,168,937
3,990
p. 437.
Lane Bryant—SalesMonth
of January—
Net sales
150,
1940
$1,026,548
p.
(Ky.) (& Subs.)—Earns.
el939
Operating revenues
Operation
Maintenance and repairs
-----
Appropriation for retirement reserve
437.
operating income
-------
— -
Dividends from affiliated company—
Miscellaneous income
Grossincome—
Interest
on
1,427
1,106,986
603,806
1.423
1,120,576
567,600
$4,106,130
213,437
$3,956,322
213,125
6,915
funded debt—
1939
$918,387
$4,172,038
1,030.450
—
2,591
$4,326,483
——
Amortization of debt discount and expense
Other interest (net)—
1,030,450
160,227
35,155
Amortization of flood and rehabilitation expense, Amortization of contractual capital expenditures.-
160,227
90,650
250,000
250,000
37,000
37,000
23,647
Earned surplus, beginning of period
Adjustment of reserve for doubtful accounts
Adjustment of taxes, prior years
a Dividend
b Refund
c Net adjustment,-.
—
—
1.150,051
—
56,000
17,000
30,295
22,132
18,640
_
—
$2,582,234
1,251,962
Net income.
21,477
$2,790,003
Miscellaneous deductions
Total
1938
$11,044,443 $10,773,546
3.305,498
3,359,374
639,596
587,251
1,281,000
1,181,000
Amortization of limited-term investments
-----
—
$4,113,032
1,595,000
990,064
$3,805,284
1,595,000
933,147
11,643
25,175
—
$1,251,962
a Received
on deposit in closed bank previously written off.
b Of
insurance premiums applicable to prior years and interest thereon,
c Items
previously charged and (or) credited to surplus, which are applicable to the
period prior to May 31, 1936.
d For Federal tax deficiencies and interest,
prior years,
e Preliminary.
/
Earned surplus, end of period
Louisville to Seek
1940
$18,214,867
—V.
Louisville Gas & Electric Co.
Years Ended Dec. 31—
d Provision
Miscellaneous direct items
a
150,
Ry.—To Borrow from RFC—
Common dividends
25,070
—V.
Louisiana & Arkansas
The company has applied to the Interstate Commerce Commission for
authority to issue and sell to the Reconstruction Finance Corporation $1,536,000 of 3% equipment trust certificates in connection with the purchase
of equipment costing $1,707,285.
The equipment includes 300 50-ton box cars, 255 flat cars, eight oilburning locomotives, and one switching locomotive.
Delivery already has
been obtained on the fiat cars.—V. 150. p. 843.
Preferred dividends
secure.
dep. in escrow..
Total
Angeles Industries, Inc.—SI Div.—To Change Name
Company has declared a dividend of $1 a share out of capital surplus
a proposed change in name to Blue Diamond Corp., assuming
at the same time an operating status from the transfer of activities now being
conducted by its building materials subsidiary, Blue Diamond Corp., Ltd.
The dividend in payable Feb. 14 to holders of record Feb. 5, and repre¬
sents a distribution of approximately 75% of the cash on hand after saie of
the company's portfolio of marketable securities which was liquidated in
accordance with the policy outlined at the annual meeting last March. It is
anticipated that the remaining cash of about $250,000 will be utilized to
retire the outstanding first mortgage serial 6% bonds of the Blue Diamond
subsidiary.—V. 149, p. 3721.
and announces
Net
$2.30
years,
y Issued or reserved for exchange of old stock, excluding 5,900
(5,748 in 1937) shares held in company's treasury.
The common stock was
split 2-for-l in May, 1936.
Leasehold &
Los
died of heart disease
149, p. 3720.
$13,007,860
2,351,826
x Write-downs in
building and equipment accounts for obsolescence and
eliminations and provision for additional depreciation applicable to prior
#
Feb. 3.—V.
Provision for Federal and State income taxes.--—
Shs.
Assets—
on
Taxes
Miscell. deduction
b Furn. & fixtures.
Lighting Co., below.—V. 149, p. 580.
(P.) Lorillard Co.—Obituary—
(S. S.) Kresge Co.—Sales—-
for surtax
Corp.—Obituary—
Denning, President of the corporation since its organization on
illness.
He was 69.—V. 149, p. 2977.
Long Beach Gas Co., Inc.—New Director-
1939
149, p. 2693.
Prov.
B.
Feb. 6, died after an extended
all changes.
Month of January—
Sales..
y
Per share, average common stock
—V. 150, p. 438.
(net).—V.
income
Earnings for 6 Months Ended Dec. 31,
Loss
Per share, preferred stock—
L.
Kinner Motors,
Net income after
—'V,
59,580
36,184i-
40,408
*
including
$179,580
63,618
—
Company's share net profit
1938
$196,009
Operating revenues.-
—
$1,516,325
Authority to Buy Property—
legislature soon
ownership of the Louisville Gas &
& Electric System, and estimated
to have a value of $60,000,000.
A bill giving the city authority to buy the
property will be placed in the legislative hopper at Frankfort next week.
Mayor Joseph D. Scholtz has announced.
The Mayor said he will take the bill, drawn by Dr. John Bauer, New
York utility rate consultant, for submission by a member of the Louisville
delegation.
The measure will provide that a city of the "first class" may
Louisville officially will make a move in the Kentucky
which may ultimately result in the city's
Electric Co., a unit in the Standard Gas
Volume
The Commercial & Financial Chronicle
150
acquire ownership of any private utility subject to transfer under the Federal
Public Act of 1935.
It provides that such
(Of constituent banks and trust companies, but excluding affiliates)
a city of the "first class," which in Kentucky's
only Louisville, could acquire such property by negotiation,
but if that approach proved unworkable, it would have authority to con¬
demn for purchase after a local ordinance was adopted.
The bill contains
an emergency clause to make it effective upon the Governor's signature.
Financing, the proposed legislation provides, would be by means of reve¬
nue bonds.
Interest and amortization would accrue from operating income
and would not be a general obligation of the city.
Interest limit was fixed
at 6% and retirement in 40 years.—V. 150, p. 843.
843.
p.
securities
fr.
1940
bks.
9,226,098
securities
51,387,322
McLellan
&
18,538,801
797,831
2,390,968
1,776,673
923,208
on
ters
of credit-
ioterest
Total
x
150, p.
Marion-Reserve Power
438.
Manufacturers Finance Co.,
Baltimore—Liquidated—
148, p. 283.
Corp.—Earnings—
1937
1938
1939
be granted
1936
$29,499
$28,470
$20,140
1,868,372
1,978,320
2,501,934
$1,914,686
Operating expenses102,826
$2,530,404
119,298
x53,000
$2,710,612
100,097
z.57,000
$2,007,820
107,527
z60,000
$1,754,860
al,750,846
$1,840,293
al,867,569
$2,358,107
a2,305,754
$2,538,515
y2,515,318
$4,014
def$27,276
$52,353
$23,197
$24,895
Profit from sale of U. S.
Government securities
Div. from constit. banks,
trust cos. & sec. affil..
38,425
21,419
Total income
_
Prov. for Federal taxes.
Net profit—
Dividends paid
Balance, surplus
x72,000
Includes $21,000 for Federal surtax,
y Including dividends of $95,481
Employees' Service Corp,
z Includes
$11,000 in 1939,
$12,000 in 1938, and $18,500 in 1937 for capital stock and franchise taxes,
a Includes dividends of $51,489 in
1939, $55,116 in 1938, and $69,229 in
1037 applicable to subsidiary companies.
1939
1939
$
Dividend
Maritime Telegraph
& Telephone Co., Ltd.—Earnings
Earnings for the
Operating
Operating
Year Ended Dec. 30,
revenues
1939
$2,081,066
1,237,311
....
expenses
Net operating
Operating taxes
- —
...
revenues
$843,755
230,004
—
Net operating income
Non-operating income
$613,751
-
—
8,448
—
banks.
10,559
1,654,852
300,000
200,000
1,540,000
4,438
securities at
int
Cap. stk. of
Net
700,338
233,643
(par
Fixed
55,529,075 55,986,1451
55,529,075 55,986,145
Total
by responsible officials of the
Consolidated Operating
Surplus
150,944
Total
....$12,247,851
1937
1938
159,825
167,527
172,298
172,097
$113,512
$138,027
$143,827
$113,532
38,425
21,419
& Fed. taxes
1938
1937
1936
$3,504,924
316,574
427,804
443.913
$3,425,605
179,702
444,116
479,358
3,110
$2,596,470
1939
Profit from operations $2,471,390
Interest on borrowings.
255,285
y
Bond interest & expense
417,416
Approp. for depreciation
Government securities
of Marine Mid. Corp.
■Registers
Life Insurance Co.
given on first page of this department.
Years End. Nov. 30—
$20,140
295,042
2,963,064
...
Massey-Harris Co., Ltd.—Earnings—
1936
$28,470
Reserves..
4179.
Massachusetts Hospital
See list
$29,499
$24,895
Corp
38,571
payable
with SEC—
Statement—Year Ended Dec. 31
Profit from sale of U. S.
exp.
Accrued liabilities..
149,700
5,714
Total
Marine
of
207,913
20,554
funded debt
on
—V. 149, p.
(Marine Midland Corp. & its constituent banks, trust companies & affiliates)
1939
3,500,000
Accounts
re¬
spective companies, $52,019,255 ($52,447,815 in 1938).
Less amount
applicable to minority interests ($1,064,136 in 1939 and $1,093,614 in 1938.)
3,800,230
250,023
receivable....
Other deferred debits
the basis of book value of net tangible assets as at Dec. 31,
$1,500,000
stock-..
debt
Funded
$12,247,851
Discount
1,423,560
7% preferred stock
Common
135,789
Prepayments
shown by accounts submitted
income
$11,086,914
391.245
-
Cash and deposits
Cap.stk. of Empl's
Midland
assets
Investment securities
Materials and supplies
1,173,560
1939
Assets—
$5)
29,180,765 29,180,765
Capital surplus...25,260,902 25,598,603
Accounts
Service Corp...
$29,179
Balance Sheet Dec. 30,
affiliates-50,955,120 51,354,201
on
407,780
272,795
stit. banks, trust
Valued
$436,959
Dividends paid and payable
272,795
reserves..
con¬
Total
funded debt
on
income
Balance, net income transferred to surplus.
2,973
General
Capital stock
par
HOLC bonds at par
funded debt
on
230,997
&c
10,559
2,885,399
Other banks
U. 8. Treas. Govt,
Interest
Other interest deductions, &c
$
583,615
payable.
$622,200
170,000
3,291
11,949
Income available for fixed charges
for taxes,
Reserve
Marine Midland
Oper.
A
preferred stock of the company.
1938
$
Liabilities—
Cash In banks—
Int.
It also proposes to alter the rights
certain voting rights and representations will
that
so
to the holders of the $5
Amortization of discount
CHolding Company Only)
1938
$
Assets—
as
declaration of the
to
Balance Sheet Dec. 31
a
13, 1940 in the Securities and Exchange
joint application was filed by The Marion-Reserve Power Co. and Utility
Service Co. regarding the proposed contribution by Utility Service Co. of
9,101 shares of $5 preferred stock of the Marion-Reserve Power Co. to
the issuing company for cancellation.
The amendment and the joint
application will also be considered at the hearing.—V. 150, p. 844.
2,652,046
Interest
Co.—Hearing Feb. 13—
Utility Service Co.
of its shareholders
Operating Statement—Years Ended Dec. 31 (Holding Company Only)
1„39,
assets.—V. 149, p. 3721 •
company regarding the issuance and sale of $7,750,000 of first mortgage
bonds, 3)4% series, due Sept. 1, 1960, and $1,250,000 of 8-year 214%
promissory notes.
The company also has filed an amendment to the
application regarding the proposed sale to the public of 7,500 shares of
$5 preferred and the issuance of 3,000 shares of common stock as a common
stock dividend to
Marine Midland
<fc
541,899,889 512,829,777
Total
541,899,889 512,829,777
After applying certain reserves to write-down
Commission's Washington office on the application or
$1,286,060 $23,083,021 $22,282,068
$1,307,579
cos.
484,370,969 453,819,504
accepts. & let¬
A hearing will be held on Feb.
1940—12 Mos.—1939
1940—Month—1939
See under Commercial Credit Co.—V.
a
962,473
_
Deposits
19,374,767
1,794,247
1,094,460
Other liabilities
28,550,810
bldgs.
equipment.
Cast's' liabil.
Stores—Sales—
Jan. 31—
Sales
Accrued
2,490,462
1,045,843
credit
61,847,064
127,381,783
28,594,285
accepts.
of
letters
132.
p.
Period End.
x
928,259
on
and
Loans and disct.135,282,451
202
Stores in operation
applicable
890,860
Liab.
9,681,488
2,255,000
taxes,
interest, &c__
Other bonds and
$2,535,118
201
695,404
981,592
for
Prov.
36,016,089
27,245,204
1939
$2,767,405
_
1,240,549
Reserves
x
Other resources-
of January—
Sales.
5,461,990
33,030,018
$
24,387,500
Marine
Accrued
McCrory Stores Corp.—Sales—
—V.
other
agencies
State and munic.
&
Magazine in 1927 at the
age of 22, has just been elected a director of the corporation according to
an announcement by William B. Warner, President.—V. 149, p. 4179.
150,
98,474,125
of
Fed.
Banks
McCall Corp.—New Director—
—V.
U. S. Govt. sees.Ill,415,958
Mortgages
Otis L. Wiese, who became editor of McCall's
Month
22,381,997
Oblig.
1938
$
Capital
23,900,000
Surplus & undi¬
vided profits. 27,301,047
Capital notes &
2,215,000
pref. stock
104,030,804
23,080,459
Midland
Central Hanover Bank & Trust Co. has been appointed trustee of the
10-year collateral trust 3H% bonds due Jan. 1, 1950, and the 20-year
collateral trust 4% bonds due Jan. 1, 1960.
Authorized issue $30,000,000.
150,
Call loans
Liabilities—
%
$
Cash & with bks.122,195,970
Due
Louisville & Nashville RR.—Trustee—
—V.
Assets*"**"*
1939
1938
1939
means
case
999
Condensed Combined Statement of Resources and Liabilities Dec. 31
426,757
Directors' fees
114,402
456,001
474,199
3,580
Remuneration to execu¬
Net
loss
Oper. profits of constit.
banks, trust cos. and
affils. for the year
of earns, applic.
Shs.
3,894,726
3,768,098
x4,281,379
4,552,970
Dr87,755
Dr84,153
Dr81,664
Dr78,246
Approp. for for'n exch..
Approp. for pension fund
Prov. for contingencies. |
bad
doubtful debts
Provision
Oper. profits for year,
carried to surplus.. $3,693,459
x
$3,545,918
$4,055,888
Includes $135,159 part of the trading profits in
Statement
$4,361,193
securities.
of Consolidated Capital Surplus for the Year Ended Dec. 31, 1939
Balance at Dec. 31,
Net
$25,260,902
Consolidated Balance Sheet Dec. 31
Marine Midland Corp. & constituent
1939
$
1939
§
Assets**—•
Liabilities—
Cash & with bks. 125,808,974 107,550,999
Call loans
23,080,459
U. S. Govt. sees.Ill,915,958
Oblig.
of other
Fed. agencies.
5,461,990
State &
22,381,997
100,014,125
...
x
2,215,000
$
2,255,000
1,247,907
1,236,639
1,145.026
for taxes,
interest,
<fcc..
Mlnority int. In
Other bonds and
surplus of con¬
stituent bks.,
Bank bldgs. and
trust
18,562,875
19,405,268
of credit.
797,831
2,390,968
Acer. Int. ree'le.
1,798,684
1,779,646
Other assets
1,107,251
923,208
other real est.
Cust's' liabil.
Total
x
and
538,488,067 510,057,653
After applying
cos.
on
I
c
Invest,
in
12,215,081
13,175,372
225,644
255,365
186,734
225,291
receivable
Investments
indebted¬
1,090,743
358,100
«fc other taxes
1,093,614
accepts,
of
928,259
2,490,462
Other liabilities1,400,577
1,494,884
Demand depos.311,122,046 268,135,994
Time deposits..163,611,168 176,829,962
Divs. payable..
679,743
566,452
Total
1,097,524
320,410
1,644,828
1,082,506
1,342,057
953,257
3,544.623
622,579
602.668
612,809
Contingencies
12,910,211 12,956,675 Pensions
2,430,880
352,968 Profit & loss defd.20,720,752 20,072,761
2,730,200
2,730,200
Total
35,135,553 34,471,598
Total
35,135,553 34,471,598
Represented by 739,622 (738,856 in 1938) shares of no par valuedepreciation, &c., of $9,316,294 in 1939 and $9,346,279 in 1938»
c After
contingency reserve of $1,377,225 in 1939 and $1,857,080 in 1938d After reserve of $2,630,891 in 1939 and $2,856,973 in 1938.—V. 148, p.
a
b After
587.
Ltd.—Earnings—
1939
..
produced
Development and operating costs
Net income from metals
.
39,731
$218,919
148,670
letters
credit
8,405,000
Bank loans
Matachewan Consolidated Mines,
1,064,136
11,000,000
and dealers
Accounts pay., &c.
prepd.
d Bills & accounts
Cash
Funded
Res. for inc., sales
South
govern..
Ins. dep. &
a
Comm's due agents
1
Germany
Inventories
12,089,900
Common stock. .26,774,753 26,769,008
ness
Net assets of subs.
3 Mos. Ended Dec. 31—
538,488,067 510,057,653
certain reserves to write-down assets.
4,775,726
1
4,436,801
Patents
in
$
$
Liabilities—
Preferred stock... 12,089,900
Tons of ore milled
and
affiliates
Liab.
on
accepts. & let¬
ters
cap.
$
buildings,
&C
1938
1939
1938
$
Assets—
stock and
52,748,925
63,326,926
Loans & disc'ts. 135,568,776 127,708,787
Mortgages
28,606,326
28,559,641
securities
$202,519 in 1936.
29.180,765
25,598,603
1,807,816
Reserves
Prov.
36,016,089
'
Cap .stk. (par $5) 29,180,765
Capital surplus. 25,260,9^2
Capital notes &
oref. stock
munici¬
pal securities. 33,030,018
$
1938
555,133
$1,065,639 $1,043,729 loss$58,414
from investments of $159,135 in 1939, $359,982 in
expenses
banks, trust companies & affiliates)
1938
780,527
-
1939
Amer.
31, 1939
150,000
Consolidated Balance Sheet Nov. 30
b Land,
Dec
112", 796
80.831
^
1,034,035 {
398,118
6,356
54,991
808,392
129,549
$705,338
profit
—
Together.
$29,292,063
Appropriations to general reserves from undivided profits of
constituent banks, trust companies and affiliates
2,267,189
Miscellaneous surplus charges, net..
127,009
Proportion thereof applicable to minority interests
Cr62,394
Dividends paid and accrued by Marine Midland Corp
1,699,357
136,128
88,207
and}-J
y Includes income
1938, $295,262 in 1937 and
1938
$25,598,603
Operating profits of the holding company and its constituent
banks, trust companies and affiliates
3,693,459
Balance at
for
52,280
66,300
16,666
149,302
— ~-
180,269
Prov. for for'n inc. taxes
to
minority interests.___
tive officers, &c
Legal fees
Estimated operating profit.
Non-operating revenue
$70,249
2,364
1938
38,974
$218,152
170,268
$47,884
992
$48,876
jVofe—In the above figures no allowance has been made for taxes, depre¬
ciation or deferred development.
Of the increased profit shown, roughly
$19,000 can be attributed to increased price received for gold due to premium
Estimated total profit
on
U. S. funds.—V. 149, p. 2979.
$72,613
The Commercial &
1000
on
Corp.—Extra Dividend—
Masonite
Directors
addition
150,
dividend of 25 cents per share in
regular quarterly dividend of 25 cents per share on the
both payable March 10 to holders of record Feb. 20.—
Jan. 31 declared an extra
the
to
stock,
common
V.
on
282.
p.
Mengel Co.—Directorate Reduced—
Stockholders at
a
special meeting held Feb.
2 approved recommendations
capital surplus. More than 70% of the stock
was represented at the meeting.
These changes complete the reorganiza¬
tion program begun in June, 1939, according to Alvin A. Voit, President
of the company.—V. 150, p. 439.
Dec. 31, 1939 to
account on
Co.—To Pay 20-Cent Dividend,—
Miami Copper
of 20 cents per share on the common
to holders of record Feb. 16.
Last previous
15-cent distribution made on Dec. 23, 1937.—V. 148,
Directors have declared a dividend
payable March
stock,
dividend
p.
the
was
1
2594.
Phones—
Michigan Bell Telephone Co.—Gain in
Company had 748,754 telephones in service on Feb. 1, a gain of 6,636
during January.
In Detroit and suburbs there were 393,316 telephones in
service, an increase of 3,689 during January.—V. 150, p. 282.
Mississippi Power Co.—Earnings—
Gross revenue
Oper. expenses & taxes..
Prov. for depreciation..
5,000 shares thereof will be issued
effective date of the registration state¬
share on or about the
by tne company to Charles F. Moriarty, Treasurer, clerk and a.director,
for services rendered and said 5,000 shares are being offered to the public
ment
at $3 per share on behalf of Charles F. Moriarty.
thereof will be issued by the company to Harry E.
by Mr. Benedict are, subject to their prior acquisition by him, being offered
public at $3 per share.
The remaining 50.000 shares offered hereby
may be issued and sold by the company at $3 per share upon the exercise
of the purchase rights to be evidenced by the $3 purchase warrants.
to the
Options—-It is contemplated that subsequent to the effective date of the
registration statement, options may be granted by the company to persons
who now are officers of the company and (or) who may hereafter be em¬
ployed by the company as officers or otherwise, to purchase all or a part or
87,330 shares of the common stock ($1 par).
Although the conditions
upon which such options, if granted, may be exercised have not been de¬
termined by the company, it is anticipated that any options so granted will
provide for an option price as to part of said shares of $2.25 per share, and
as to the balance of said shares of $3 per share.
It is anticipated that the
period during which any options so granted may be exercised will be not In
excess of two years in respect of options to purchase at $2.25 per share and
not in excess of four years in respect of options to purchase at $3 per share.
It is contemplated that if any such options are granted, the exercise of the
same may be conditioned in whole or in part upon the continued employ¬
ment by the company of the grantee of such options.
$62,737
61,581
x$14,676
46,906
$1,106,253
590,425
$965,580
605,487
$1,156
21,088
x$61,582
21,088
$515,828
253,062
$360,093
253,062
x$19,933
x$82,670
$262,766
11 Mos.End.
Net
Divs.
income
on
preferred stock.
Balance
Deficit.
x
Dec. 18,1939 of certain properties
conveyed to Tennessee Valley Authority and other public agencies on that
date are included herein.—V. 150, p. 282.
Note—Results of operations through
$8,382 prof$10,336
973
1,577
$7,408
5,441
$9,773
Total loss
prof$l1,913
"5,250
3,000
4,200
1,134
3,000
$18,865
$16,055
prof$3,577
3,841
Total other expense
—
Federal income & State excise taxes
a
25,762
966
income
$134,784
99,978
24,469
79,240
$10,740
Operating loss
1937
1938
$96,620
$78,967
62,462
27,245
(less returns, &c)
Cost of goods sold
Selling, general & admin, expenses
Other
—Years End. Dec. 31—
30, *39
Nov.
$107,031
Int. & other fixed chgs__
Periods
Earnings for Stated
Gross sales
Gross income
5,000 additional shares
Benedict, a director, at
share for services rendered in connection with this financing, said
shares to be issued only on a pro rata basis as sales are made of the 175,000
shares to be offered on behalf of company. Said 5,000 share* so to be acquired
per
1939—12 Mos.—1938
$3,671,961
$3,526,853
2,285,708
2,281,273
280,000
280,000
1939-rM<mffc—1938
$289,545
$295,858
203.475
195,534
23,333
115,000
Period End. Dec. 31—
10, 1940
behalf of the company by the agent.
at $2.25 per
$2.25
of the management to reduce the number of directors from 22 to not less
than 7 nor more than 11, and to transfer of the defecit and earned surplus
Feb.
Financial Chronicle
205
Additional compensation
Net loss
Mississippi & Skuna Valley RR.—Stock—
The Interstate Commerce
Commission on Jan. 22 authorized the com¬
to issue not exceeding $144,412 common stock, (par $75)
changed together with $25 a share in cash for a like number of
outstanding stock of the par value of $100.—V. 150, p. 282,
pany
to be ex¬
shares of
Missouri-Illinois RR.—Interest—
George II. Moore has entered an order authorizing the
Missorri Pacific RR. to pay two semi-annual interest in¬
stalments on Missouri-Illinois RR. first mortgage bonds due July 1, 1938
and Jan. 1, 1939, respectively, in the amount of $68,437 each, or an aggreFederal Judge
The petition states that asrecommending payment the
hand of $408,892.
In
of Jan. 15, 1940, Missouri-
on
trustee declared that in
view of the cash position and favorable business
outlook for 1940, it is feasible and
advisable to pay the two instalments of
interest.—V. 150, p. 844.
Montgomery Ward & Co .—Sales—
Gross sales for January, 1940, were
$29,984,030 compared with $24,768-
a year ago, an increase of $5,215,485 or 21.06%.
For the 12 months to
Jan. 31, 1940, $501,819,199 compared with $432,813,501 a year ago.
This
is an increase of $69,005,698 or 15.94% .—V. 150, p. 282.
545
Montreal Island Power Co.Gross
1939
revenue.
Expenses
Net revenue.,,
Fixed charges,
interest
and exchange
1938
1937
no par
Motors Realty
Corp., New York—Report—
through reorganization to Broadway
The company is successor
$763,017
140,768
$763,872
139,442
$764,789
$602,588
$622,249
$624,430
Statement
of Income, Year Ended Dec. 31,
1939
$1,148,015
518,303
513,419
514,917
9,411
$610,402
517,575
154,387
Total income from operation of
$1,138,605
building
769,535
459,252
Operating expenses
Other deductions, including interest, &c._—
operations
(net)
—
first mortgage bonds
Net loss from ordinary
$90,182
18,304
73,095
—_
Refund of real estate taxes
—
Profit on corporation's own
$85,013
a
Surplus
a
Transferred
to
$95,486
$111,010
$103,945
Surplus net profit, year
Deficit at Dec. 31, 1938-
depreciation reserve.
Balance Sheet Dec. 31
1939
Accts. receivable.
$
Deferred charges..
64,457
17,713
7,446
25,424
Funds with trustee
7,446
y
10,684,522 10,726,666
Fixed* assets
Liabilities—
Acer. Int.
7,076
bondsI
83,096
83,096
9,065,000
1,000,000
9,065,000
375,000
375,000
10,797,375
on
10,816,282
Funded debt
6% pref. stock
Common stock..
10,816,282
$1,217
250,008
ended Dec. 31, 1939---—
Deficit at Dec. 31.1939 (dating from
$248,791
Aug. 1,1935)
$
Condensed Balance Sheet Dec. 31,1939
286,110
274,280
Bank overdraft
x
Total .........10,797,375
1938
$
Accts. & bills pay.
16,251
63,732
.
1939
1938
$
Assets—
Cash
1,000,000
75,000 shares without par value. y After deducting reserve for depre¬
ciation of $826,034 in 1939 and $741,021 in 1938.—V. 148, p. 738.
x
Liabilities—
A ssets—
$174,146
20,736
Cash
Notes & accts. rec., less res...
35,290
82,459
Prepaid exps. & def'd chargesSpecial deposits
Oil heating equip, at cost, less
4,537,162
$22,413
expenses payable
—
Fixed & additional contingent
Interest accrued
105,478
-
5,970
66,312
bds.)_
Deferred Income (rents)
1st mtge.
Building and leasehold at cost,
less amortization
Accounts & accrued operating
Int. accrued (2nd mtge.
28,051
depreciation
Midtown
4,083,000
leasehold 6s.
Motors Bldg. Corp.
199,000
2nd mtge. 3s
Accrued int. on 1st mtge. bds.
Corp.—Stock Offered—Stoltz & Galligan,
New York, are offering at $3 per share 185,000 shares of
common stock (par $1).
Transfer
agent, Guaranty Trust
Trust Co., New York.
Co.,
New
York.
Registrar,
Manu¬
Company—Corporation name changed Dec. 26, 1939, from Morart
Paper Co., Inc., was incorp. in Massachusetts July 16, 1927.
Company
has engaged for more than 10 years in the business of printing and decorating
paper
principally
by the process known
as
rotogravure
printing.
The
rotogravure process, which has been developed In relatively recent years,
involves the use of cylindrical copper rolls with the design engraved on the
roll by etching, milling , or some other method.
Certain of tne company's
products, however, are made by the rotary surface method of printing.
The rotogravure process of printing from rolls etched with designs which are
photographic reproductions of the original makes possible faithful printed
reproductions in color in fine detail of designs, materials, colored photo¬
graphs, paintings, wash drawings, and illustrations having soft values or
strong and heavy tones.
Reproductions can also be made of typed matter
in conjunction with color work on pictorial subjects.
Company proposes to use a part of the proceeds from the sale of shares of
its common stock offered to acquire that portion of the outstanding stock
of Morart-Rotophot Corp. not now owned by the company, whereupon said
Morart-Rotophot Corp. will become a wholly-owned subsidiary.
It is
contemplated that after such acquisition all the assets of Morart-Potophot
Corp. will be transfrred to the company subject to all the then existing
liabilities of Morart-Rotophot Corp. and that thereafter the property ana
equipment of the two corporations will be operated as one business.
Company's plant, all of which is leased from the City of Holyoke, is
located near the Connecticut River in Holyoke, Mass.
The aggregate floor
space is approximately 32,500 square feet.
without giving effect
services, is as follows:
Authorized
Common stock (par $1 per sh)
Outstanding
400,000 shares
27,670 shares
Purpose—Company proposes to use the estimated net proceeds to be
received by the company ($368,679) for the purposes and in the estimated
amounts
as
follows:
Purchase of certain equipment ,&c
Purchase of two 4-color rotogravure presses and supplementary
25,000
/
50,000
Balance ($177,129) will be used for additional working capital.
Offering—185,000 shares of the common stock are being offered to the
public at $3 per share.
175,000 shares thereof are being offered to the public
p.
15,000
248,791
Total
$4,877,844
-
2399.
Mountain States
Telephone & Telegraph Co.—Earns.
Uncollectible oper. rev..
1939—Month—1938
1939—12 Mos.—1938
$2,178,386
$2,092,200 $25,596,056 $24,477,841
7,111
8,444
68,743
117,039
Operating revenues
Operating expenses
$2,171,275
1,451,157
Net oper. revenues
$720,118
299,308
$766,550
284,560
$8,577,229
3,684,272
$7,702,084
3,385,369
$420,810
$481,990
399,145
$4,892,957
$4,316,715
3,867,712
3,265,061
Period End. Dec. 31—
Operating
revenues
Operating taxes
Net oper. income
Net income
—V.
292,663
_
$2,083,756 $25,527,313 $24,360,802
1,317,206
16,950,084 16,658,718
150, p. 696.
(G. C.) Murphy Co.—To Pay $1 Dividend—
Directors
have
declared
a
dividend of $1
per
share on the common
stock, payable March 1, to holders of record Feb. 16.
Like amount was
paid on Dec. 1, last and previously regular quarterly dividends of 75 cents
per share were distributed.
See V. 146, p. 3194, for record of previous
dividend distributions.
Income Account
for Calendar
1939
202
Years
1938
201
(Incl. Subs.)
1936
195
1937
200
.$47,284,970 $42,190,212 $42,522,253 $37,995,419
64,636
60,604
67,584
68,433
Sales
Other income
Total income.
Operating expenses
Depreciation
_
$47,349,606 $42,250,816 $42,589,837 $38,063,852
37,968,47 1
33,506,395
42,377,115
38,332,562
607,496
503,620
746,524
698,365
Reserve for Federal and
681,000
167,200
101,533
31,754
25,000
699,700
122,200
97,770
163,889
823,000
614,500
Int. paid or accrued
Flood loss and expenses.
76,325
98,181
Provision for empl.
18,821
17,341
$3,307,822
Preferred dividends
200,000
Common dividends
1,561,625
No. of common shares480,500
$2,489,867
200,000
1,561,625
480,500
$3,007,383
$2,945,278
200,000
$4.77
$5.84
200,000
1,622,397
464.598
$5.90
State income taxes
$25,250
22,000
2,300
67,000
Acquisition of outstanding stock of Morart-Rotophot Corp.
Payment of notes payable, held by banks.
Payment of funded debt—note held by bank
Payment of accounts payable-trade, and sundry liabilities
equipment
145,
Number of stores
Capitalization
Capitalization of the company as of Jan. 30, 1940
to the issue of 5,000 shares to Charles F. Moriarty for
$4,877,844
Total
-V.
629,463
Capital stock (100 shs., no par)
Deficit (dating from Aug. 1, '35)
Morart Gravure
facturers
Motors
Building Corp., owners and operators of General Motors Building, 1775
Broadway, N. Y. City.
The corporation has assumed the Broadway
Motors Building Corp. 1st mtge. leasehold 6% bonds of 1948, fixed interest
of 4% and 1% additional contingent interest as called for by plan being
paid currently.
A final decree of court discharging the debtor, Broadway
Motors Building Corp., still to be obtained.
1936
$762,970
Years—
Corp.—10-Cent Dividend—
10 cents per share on the common
value, payable April 2 to holders of record March 15.
This
compares with 20 cents paid on Jan. 1, last; 10 cents paid in each of the
three preceding quarters; 15 cents on Jan. 3, 1939; 10 cents on Oct. 3,
July 2 and April 2, 1938; 30 cents on Jan. 3, 1938. and dividends of 25 cents
paid on Aug. 10 and Jan. 2,1937, and on Dec. 28 and Jan. 1,1936.—V. 150.
P. 845.
stock,
Total gross operating income—_—.—
Deductions from gross income
—Earnings—
160,382
Calendar
company.—V. 150, p. 282.
Morristown Securities
Directors have declared a dividend of
trustee of the
fate of $136,875.
llinois had cash
of the
Provision for surtax
relief
Net income
Earned per share
$6.47
1,719,464
480,500
1
25,000
Volume
The Commercial & Financial Chronicle
150
1939
Assets—
Misc. accts.
66,275
67,999
3,229
7,377
,429,237
5,567,569
21,605
Deposits in closed
Inventories
6
Investments
19,363
expenses
885,131
438,326
193,672
1,041,566
811,718
Long-term loan...
930,304
247,058
Reserves
122,938
116,737
4 ,000,000
4,000,000
1,729,800
(current)
income taxes
12 490,764 12,267,501
224,245
227,804
_
payable..
Term indebtedness
im¬
provements
Prepaid
accts.
Reserve for Federal
Furn. & fixtures,
leaseholds,
$
1,284,874
50,000
1,050,662
Accounts payable.
Dividends payable
Accrd.exps.A other
& restricted bks.
*
$
1,241,652
50,000
Liabilities—
$
2,257,580
rec
1938
1939
1938
$
3 ,004,631
Cash
Purchase money A
other mtge.
and
notes
1,022,147
...
Preferred stock
y
Common stock.
Paid-in surplus
Earned surplus
1001
that the defendant corpora¬
tion was insolvent and unable to pay its debts and that it had no office or
place for the transaction of its business in the State of New York or
terms of its contracts with certificate holders;
Consolidated Balance Sheet Dec. 31
1 ,729,800
1 ,300,391
.
elsewhere.
Between April 17, 1931, and Dec. 31, 1937, the defendant corporation,
the Attorney General charged, issued to the public participation certificates
representing 2,402 units in an aggregate contract in the amount of
$3,026,520.
The Attorney General charged that, commencing shortly after Aug. 18,
1937, certain of the officers have "in numerous instances wrongfully taken
advantage of the deficiency in the records of Peoples-Pittsburgh Trust Co.,
trustee
by fraudulently issuing instructions to the said trustee
to sell a certain number of participations for the accounts of certain cer¬
tificate holders, fraudulently and illegally obtaining possession of the
checks issued by said trustee to the said certificate holders and converting
the proceeds of such checks to their own use without the knowledge or
consent of the said certificate holders involved.—V. 143, p. 4161.
...
National Transit Co.—Earnings—
1,300,391
8,775,907
10 ,322,105
1938
1937
1936
&c. $1,541,487
Divs., int. & misc. inc._
94,055
$1,549,761
89,800
$1,861,105
201,371
$1,584,121
$1,635,541
1,171,917
depr., tax, &c
$1,639,561
1,191,911
$2,062,475
1,457,491
$1,671,735
1,270,569
$463,624
432,650
$447,650
381,750
$604,985
509,000
$401,166
381,750
$30,974
$65,900
$95,985
$19,416
$0.91
$0.88
$1.19
$0.79
1939
Calendar Years—
Rev. from pipe lines,
Total
22,227,744 20,417,435
After
...22,227,744 20,417,435
Total
$5,053,724
Represented by 480,500 shares (no par).—-V. 150, p. 440.
x
y
of $5,756,571
depreciation
in
1939
and
in
1938.
Total
Oper.
Mountain States Power Co.—Plan
approved by
Judge John P. Nields Feb. 6 in the U. S. District Court at Wilmington,
Del.
The Securities and Exchange Commission has already approved the
amended plan.—See V.
exp.,
.
Approved by Court—
Net
An amended plan of reorganization for the company was
income
Dividends
paid
Balance, surplus
150, p. 845.
87,614
Earns, per sh. on 509,000
shs. capital stock (par
(A, I.) Namm & Son —New Vice-President—
Leonard S. Rosenzweig, Chairman of the Executive Committee, has been
appointed Executive Vice-President of the store, it was announced on Feb.
2.
Mark Valentine, general merchandise manager, has been elected to
the board of directors and appointed Vice-President in charge of mer¬
chandise.—V. 148, p. 3854.
$12.50)
Balance
31
1939
Liabilities—
1938
1939
Assets—
Sheet Dec.
1938
Capital stock
$6,362,500 $6,362,500
$1,779,986 $1,946,731 Self ins. & annuity
reserves
583,283
568,383
Other investments 2,564,250
2,353,425
Invest, in wholly
Surplus
940,838
923,990
115,099
147,249
owned subs
2,544,750
2.544.750 Current liabilities.
23,681
51
Deferred debits—
4,576
11,859 Deferred credit...
x
Inv. in plant
and
eouipment
Nassau & Suffolk
Lighting Co.—New Director—
stockholders of this company and of the
Inc. held Feb. 8, Brigadier General Charles G.
Blakeslee was elected to directorships, in place of the late George W.
Olmsted.—V. 149, p. 2698.
At the annual meeting of the
Long
Gas
Beach
Co.,
National Aviation
Calendar Years—
1938'
1939
,
$600,234
Profit from sale of s ecu rs,
Int. & div. rec.,
loss$34,956
1936
1937
187,031
194,353
143,711
$159,397
$205,838
78,415
70,452
69,964
354,516
124,555
334,466
161,211
586,286
571,386
66,482
78,346
Cash
Inventories
$902,669
132,188
$62,128
$787,265
Accts. receivable..
Empl. annuity fd.
Corp.—Earnings—
After reserves for depreciation
x
Profit.
.
Managem't&corp. exps.
Prov.
for
$1,034,857
90,316
x65,816
x72,805
Est. Fed. income tax...
See
81,850
z
undistributed
profits
z4,688
8,152
$131,186
$854,538
477,352
_
Net profit for year.. _
$451,046
Dividends paid238,637
$23,129
119,319
Includes $16,786 ($42,387 in 1938) for taxes other than Federal income
New York'& Suburban Air Lines, Inc.
z Provision for surtax
profits for year ended Dec. 31, 1937 (no normal tax
a Provision for estimated unrealized depreciation in investment
in and advance to Chandler-Evans Corp.
taxes,
y
undistributed
on
payable),
Balance
from
for
sec.
880,424
Cash
796,750
597
Receivables
3,098
Furn. & fixtures..
Accruals-..
$3,476
$3,829
60,856
National
Broadcasting
1939
1940
$1,284,103
$1,172,536
Month of
1939
1940
January—
$3,009,994
Sales.....
$2,807,952
—V. 150, p. 283.
Gas
England
New
Electric
&
Association—System
or
the NBC Networks for Jan.,
1940 reached
all-time high in the history of the company—totaling $4,405,208—an
increase of 9.2% over Jan., 1939 and 2.9% over Dec., 1939.
Starting this month, NBC announces a simplified method of accredit¬
ing advertising revenue as between the Red and Blue Networks.
This
change marks a further definition between the two NBC Networks as
individual and independent nation-wide advertising mediums.
From now
only the
network
the NBC
revenue on those stations which are specifically iden¬
rate card as Blue Network stations will be regarded
Thus, the identity of the Blue Network as
established on a nation-wide basis during 1938 and 1939 will be further
clarified, and its advertising progress more accurately measured.
In order to provide a proper comparison with the corresponding montli
of last year for each network—NBC's total revenue for Jan., 1939 has also
been broken down on the new basis.—V. 149, p. 2596.
Blue Network
revenue.
National Container
Corp.—20-Cent Dividend—
dividend of 20 cents per share on the
common stock,
payable March 15 to holders of record Feb. 24.
This
compares with 17 Yi cents paid on Dec. 15, last; dividends of 7Y cents were
paid in each of the four preceding quarters: five cents paid on Sept. 1, 1938;
12Y cents paid on June 1, 1938, and dividends of 25 cents per share pre¬
viously distributed each three months, the Sept. 1, 1937, dividend being
the initial distribution.—V. 149, p. 3415.
directors
have
declared
a
National Tea Co.—Sales—
Sales for
For the week ended
Feb. 2, New England Gas & Electric System reports
kwh. This is an increase of 1,004,116 kwh.,
electric output of 9,403,441
Gross network revenue for
The
Brothers, Inc.—Sales—
—Y, 150, p. 133.
Co.—January Network Revenue
an
as
Neisner
Month of January—
Output—
Up 9%—
on
the date mentioned
Net sales..
$6,802,482 $6,676,357
3415.
tified
on
(J. J.) Newberry Co.—Sales—
Total
Represented by 477,275 no par shares,
y Paid-in surplus $4,139,369
and earned surplus since Jan. 1, 1938 of $212,409.
z Includes $4,236,299
paid-in surplus; $22,389 earned surplus since Jan. 1, 1938; total $4,258,687
less dividends declared$119,319,balance (as above), $4,139,369.—V. 149,
on,
stated that while there is no probability of a delay
by either the Curb Exchange or the SEC, issuance of the stock
is contingent upon prior approval by both the
Exchange and the Commission.—V. 150, p. 283.
dent of the company
Jan. 14, 1939
x
p.
Application is being filed for listing the additional shares on the New York
Curb Exchange, and the necessary registration statement will be promptlyExchange Commission.
H. R. Mott, Presi¬
filed with the Securities and
27,468
119,319
xCapital stock... 2,386,373
2,386,373
Surplus
y4,351,778 z4,139,369
$6,802,482 $6,676,3571
issuance of additional shares of common stock
on April 22,
1940, to owners of common stock of record at the close of
business April 1, 1940.
Holders of common stock will receive four addi¬
tional shares for each common share owned by them on the record date.1**!
6,428
13,868
Prep'd & def. chgs.
of additional shares.
The action provides for
Divs. declared pay-
61,761
has been informed that at a meeting of
29, final action was taken in the matter
stock dividend, following an amendment to the charter adopted at a
stockholders' meeting early in January, providing for the required number
a
in action
1938
1939
Res. for Fed. taxes
brokers
sold..
Total
31
Liabilities—
(atcost)..$5,842,734 $5,873,180
Invest,
Due
Sheet Dec.
1QQQ
AqxpJQ
Corp.—Stock Dividend—
directors of Nehi Corp. held on Jan.
of
Prov. for Fed. surtax on
x
Nehi
The New York Curb Exchange
al84,999
....$8,025,401 $8,002,174
Total
of $7,629,602 in 1939 and $7,533,870
1938.—V. 149, p. 3270.
n
unreal.
est.
depreciation
$8,025,401 $8,002,174
Total
the four weeks ended Jan.
27,
1940 amounted to $4,663,557
compared with $4,162,899 for the corresponding four weeks of 1939, an
iiicrcE^ of 12 03 %
The number or stores in operation decreased from 1,103 in 1939 to 1,072
at Jan. 27, 1940.
Average sales per location increased 15.26%.—V. 150,
p. 440.
as
a
Accused of Fraud—
from the "Herald Tribune" of Feb. 7:
by Attorney General John J. Bennett Jr., which
(Feb. 6) in charging five past and present officers of the $3,000,000"
National Unit Corp., with participation in a scheme to defraud and with
abandonment of the company, will be turned over immediately to District
Attorney Thomas E. Dewey, Mr. Bennett's office announced Feb. 6.
According to the press statement from the Attorney General's office, the
"prospect of the defendant corporation indicated that the participation
certificates of National Unit Corp. were registered with the Federal Securities
and Exchange Commission."
The Attorney General's charges were incorporated in an application to
the Supreme Court, where Justice Edward R. Koch temporarily enjoined
the defendants from further sales of participation in the plan or any other
securities.
The order required the defendants to show cause why the
The following is taken
"Evidence developed
he used
injunction should not be continued pending trial and why a temporary
receiver should not be appointed.
The order is returnable Feb. 14.
Despite a lack of available records of the company's transactions, in¬
vestigations by Mr. Bennett's staff uncovered nine specific instances in
which a total of approximately $5,400 belonging to individual participants
in the thrift plan was taken from the fund by tne officers of the defendant
corporation and converted to their own uses, it was stated.
It was stated in the affidavits of Assistant Attorney General John R.
O'Hanlon and Senior Securities Accountant John Roggen that the re¬
maining assets of trust fund have a liquidation value of about $118,000,
that the defendant corporation and its officers have neglected to keep
adequate and proper records of its business transactions or to carry out the
kwh. for the corresponding week
year ago.
reported at 126,461 mcf., an increase of 19,691 mcf,, or
18.44% above production of 106,770 mcf. in the corresponding week a
year ago.—V. 150, p. 846.
Gas output is
New Jersey
The
Feb.
New
Bell Telephone Co.—Phone Rates Reduced—
Jersey
5, rates which
Board of Public Utility Commissioners approved on
will reduce from 5 to 25 cents toll charges within the
State.
Harry Bacharach, Commission President, said the new schedule provided
for rate reductions on all calls exceeding 42 miles, effective March 1.
Under the rates, he added, calls which now cost 40 cents would be reduced
<■
to
p.
25, with progressuvely greater
1332.
reductions on longer calls.—V.
148,
New York Fire Protection Co.—Bonds Called—
National Bank, successor trustee, announced that there has
redemption on March 1,1940 $1,000 principal amount
first mortgage 4% gold bonds due Sept. 1, 1954.
Payment at par and
accrued interest will oe made at the corporate trust department of the bank,
11 Broad St., New York.—V. 147, p. 2696.
The Chase
been drawn by lot for
New York Life
Insurance Co.—Noteworthy Gains Made
During 1939—
Noteworthy gains were made by the company in 1939, according to
preliminary figures made public Feb. 1 by Thomas A. Buckner, Chairman
of the Board, at the company's home office, 51 Madison Avenue, New
Y°Payments
to living
policyholders and beneficiaries amounted to $210,previous year.
625 618 in 1939, an increase of about $9,000,000 over the
The payments to policyholders amounted to $139,804,833,
to
National Unit Corp.—Officers
11.95% above production of 8,399,325
beneficiaries totaled $70,820,785.
for life insurance in 1939 was
New paid
^Total
insurance in force on
and payments
$427,756,600, an increase of
Dec. 31, 1939 aggregated $6,830,834,796.
of $37,008,487 over the close of 1938.
"Payments to policyholders and beneficiaries, new business, and insurance
in force reflect the activities of the company's agency force in cities, towns
and villages throughout the United States and Canada," said Mr. Buckner.
"It is interesting to note that although the company had approximately
400 fewer agents, the volume of new paid for life insurance increased by
This is an increase
$5,000,000." The New York Life confines its business to "ordinary"
and writes no industrial or "group" insurance.
normal growth of assets during the year, the total assets of
the company on Dec. 31, 1939 amounting to $2,762,278,483, an increase of
$114,823,771 for the year. Liabilities amounted to $2,636,639,461. 8urplus
funds reserved for general contingencies amounted to $125,639,022 as
compared with $124,555,211 at the close of 1938.
Included in the liabilities is a voluntary investment reserve of $50,000,000,
which is $5,000,000 greater than at the close of 1938. Also in the liabilities
is included the sum of $39^216,872 for dividends payable to policyholders
in 1940. The New York Life has always been a mutual company and pays
almost
insurance
There was a
dividends to
policyholders only.
"While detailed figures are not yet available," Mr. Buckner said, "pre¬
liminary figures indicate that 1939 was a very satisfactory year.
The
company's mortality experience was favorable and the expenses of oper¬
ating the company were
normal.
available new investments of the
However, the rate of interest return on
high quality demanded by the company
continued abnormally low."—V. 147, p. 4062.
The Commercial & Financial Chronicle
1002
New
York
State
Electric
&
Gag
Corp.—Listing and
Registration—bonds, 3yi% series, due May 1, 1964.—-V. 160, p. 846.
New York
Walter
Susquehanna & Western RR,—To Operate—
Kidde trustee, Jan. 28 said that arrangements were being made
Susquehanna with its own
operate the
organization instead of
con¬
tinuing the operation by the staff of the Erie RR.
The change is being
made, Mr. Kidde said, because over-charges by the Erie may amount to
than the Erie's claim of almost $7,000,000 against the Susquehanna.
Walter Kidde, trustee, filed Jan. 29 a petition In Federal Court, Newark,
asking for an adjustment of claims between it and the Erie.
Mr. Kidde
also petitioned for a complete separation of the business of the two roads,
—V. 150, p. 846.
more
New York
Telephone Co.—Earnings—
Period End. Dec. 31—
Operating revenues
1939—Month—1938
1939—12 Mo*.—1938
.$18,203,833 $18,069,582$212,332,971$205,975,293
50,941
64,397
842,393
1,045,837
tJncollectible oper. rev..
Operating revenues...$18,152,892 $18,005,185$211,490,5781204,929,456
Operating expenses
11,688,543
12,004,543 139,535,453 140,062,684
Net oper. revenues
$6,464,349
2,848,177
Net oper. Income
Net income..
$6,000,642 $71,955,125 $64,866,772
3,391,859
33,807,287 32,597,453
$3,616,172
3,788,808
Operating taxes
$2,608,783 $38,147,838 $32,269,319
3,233,839
35,370,799
29,377,181
Gain in Phones—
Company reported a net gain of 9.948 telephones in service during
January, compared with 6,380 a year ago. 3,235 in the like month 1938,
12,699 in the similar 1937 period, and 6,440 stations added in January,
1936>r-V. 150, p. 846.
New York
Towers, Inc.—Acquires Ritz Tower—
See Ritz Tower Apartments below.
New York
Trap Rock Corp.—Subsidiaries Merged—
Company reports that The Carbonate of Lime Corp. and The Kohi
Realty & Development Corp., both wholly owned subsidiaries, were
merged under certificates of merger filed with the Secretary of State as of
Feb. 1, 1940, with the New York Trap Rock Corp.—V, 149, p. 3724.
Niagara Share Corp. of Md. (& Subs.)—Earnings—
Consolidated Income Account Years Ended Dec. 31
1939
Commissions
......
.....
Total gross income...
General expenses
Interest on funded debt.
$809,454
557,631
36,427
1,881
496,009
20,811
218
...
Miscellaneous.
1938
$745,993
Dividends
Interest
$1,263,031
Amortization
of
bond
discount and expense.
Income tax paid at the
debentures.
Int. on unfunded debt..
Reserved for taxes
source on
.
Loss
settlement
on
1937
$1,375,525
1936
$1,484,383
497,227
31,965
551,346
37,057
11,041
804
144,369
586,846
$1,405,392
149,496
621,238
$1,974,968
172,723
631,728
$2,014,380
159,406
632,500
27,017
28,838
29,351
29,737
6,723
6,672
6,882
d41~,964
d43,545
3,569
c37,410
4,004
a44~,272
foreign exchange
Miscellaneous expenses.
"4450
"3"931
The five
companies petitioning the Commission are Buffalo Niagara
282
*"""325
762
639
$551,708
1,264,701
$1,087,548
1,243,845
$1,123,642
Gross earned surplus. $1,708,066
adjust, applic.
to prior years (net)
1,206
Divs. on pref. stock....
179,115
$1,816,410
$2,331,393
$2,319,664
3,430
180,330
1,273
182,226
authorization by the
Miscell.
common
on
class
1,196,022
New Director—
Francis J. Brett "Vice-President and Controller of corporation, has been
elected a directory it was announced on Feb. 9.—V. 150, p. 847.
,
365,986
366,703
883,193
892,792
b Earned surp. Dec .31
$1,161,759
Earnings persh. on aver,
class B shs outst'd'g—
$0.18
$1,265,947
$1,264,701
$1,243,845
$0.25
$0.61
$0.63
Includes $2,258 taxes paid to foreign governments,
$37,272 reserved
for Federal normal tax and New York State franchise
tax, and $4,741
reserved for surtax on undistributed profits,
b Unrealized depreciation in
the value of investments based on cost decreased
*
$5,849,093 during the
??2rA93M12 '40A-5121111938, increased $11,712,686 in 1937, and decreased
$16,094,630 in
1936.
c Includes
$1,869 taxes paid to foreign govern¬
ments, $15,481 Federal capital stock and payroll taxes, $15,082 provision
for Federal normal tax and State franchise taxes ana
$4,988 provision
for surtax on undistributed profits,
d Includes $3,314 ($2,612 in 1938)
taxes paid to foreign governments,
$14,889 ($14,035 in 1938) Federal capital
stock and payroll taxes and $23,761
($26,898 in 1938) provision for Federal
income and State franchise taxes.
Consolidated Statement of Capital Surplus Dec. 31, 1939
Capital surplus—Jan. 1, 1939
.$10,204,842
Reserves for fluctuation in value applicable to investments sold
or disposed of
8,699,534
Net loss on sale or disposal of investments based on
original
cost and computed by identification of specific
purchases
Dr8,526,815
Adjustment to par value of 700 shares class A preferred stock
purchased for Treasury
Adjustment to par value of 4,000 shares class B
purchased for Treasury
5,084
common stock
Restoration of reserve for contingencies...
Restoration of miscellaneous reserve
2,875
1,500,000
13,307
I_.II"
...
_
Gross capital surplus
!
Adjustment to conform with value of investments;
Additional reserve at March 31, 1939-At June 30, 1939.
At Dec. 31, 1939.
$11 898 827
$3,411,367
438.223
_
—
1,837,428
$5 687 018
Less restoration to capital surplus at Sept. 30,1939
Net adjustment
J
Net premiums on purchase of debentures
(plus bond
P discount and expense applicable
thereto)
......
The Interstate Commerce Commission heard testimony Feb. 5 in support
a proposed plan to reorganize the road by reducing its capitalization from
$38,652,000 to $18,509,000.
No objection was raised at the hearing, and early Commission approval
of financing arrangements was indicated.
The road has been in receiver¬
ship since 1932.
The proposal would set up a new corporation, the Norfolk Southern Ry.,
to acquire property of the old company at a foreclosure sale and to issue
necessary securities.
Annual fixed interest charges would be reduced from
$827,540 to $231,880.—V. 150, p. 847.
2',836*576
North American Light & Power Co .—Stock
chase shares under the conditions shown below.
The company is offering, until 2:00 o'clock p. m.,
common
stock
as
Miscellaneous
on
M^3>rch
5
1935* stud
(2) 666,667 shares at a price of $3 per share (at the rate of 5-27ths of a
share for each share held) to (a) all common stockholders of the company
of record
of record
date in
on
on
on
March 5, 1936, (b) all common stockholders of the company
Feb. 5, 1940, with respect to the number of shares held at such
of the number of shares, if any, held by them, respectively,
excess
March 5, 1936.
Attention is directed to the fact that the closing price of the common
stock of the company on the New York Curb Exchange on Feb. 5, 1940 was
87H cents per share.
In all cases each such offering will permit common stockholders of record
aforesaid to purchase the number of full shares (all fractions to be treated
as full shares) to which they would be entiled on a pro rata basis with respect
to their holdings on March 5,1935 (or on March 5,1936, as the case may be)
or on Feb. 5,1940, whichever is greater.
The North American Co., which
has since April, 1934 owned directly or indirectly approximately 73% of the
common stock of the company, has agreed to waive its right to purchase
shares of common stock pursuant to the offerings to the extent necessary to
permit the offerings to be made to other common stockholders on the basis
set forth above, but will, pursuant to the Court decrees above referred to,
take up all shares not subscribed for by other common stockholders.
Stockholders desiring to subscribe should, as soon as possible, and in any
event prior to 2:00 o'clock, p. m., March 1, 1940, deliver the subscription
forms (filled in and signed, and accompanied by any necessary supporting
documents) to Commercial Trust Co. of New Jersey, 15 Exchange Place,'
Jersey City, N. J., the agent of the company for that purpose.
Subscrip¬
tion forms so delivered must be accompanied by funds in the required
amount payable to North American Light & Power Co. and free from collec¬
tion charges.
See also V. 150, p. 847.
as
Northern Natural Gas Co.—SEC Orders
Read
Transaction
$8,976,781
Consolidated Balance Sheet Dec. 31
1939
xftAccts.A notes
rec
xunt. & divs. rec.
y
1938
$
Cash
$
1,037,110
135,903
*
87,237
307,178
131,944
84,037
Invest'ts (bonds,
notes &
stocks).28,527,253 33,857,960
Unamort. bd. disc.
and expense
250,880
20,793
Miscell. assets
1939
Liabilities—
$
Accounts payable.
Int. and divs. pay.
1938
$
8,456
9,055
88,034
103,886
20-yr. 5)4% conv.
debs., due 1950. 9,500,000 11,228,000
Reserves for taxes.
60,750
64,850
Res. for conting's.
1,500,000
325,207 Class A pref. stock 2,930,000
23,598 Class B common
3,000,000
stock (par
$5).. 7,333,395 7,353,395
Capital surplus... 8,976,781 10,204,842
Earned surplus... 1,161,759
1,265,947
Total
x
After
30,059,176 34,729,9741
reserves,
y
Total
-30,059,176 34,729,974
Indicated present value.—V. 149,
p.
Hearing in Sale
Company to Be
The Securities and Exchange Commission ordered Feb. 2 a public hearing
March 4 at its Washington offices to determine whether arm's-length
bargaining existed between Dillon, Read & Co. and Northern Natural Gas
Co. in the private sale of the latter's bonds by the investment firm for which
it was to receive an $80,000 fee.
The Commission brought the action under Rule U-12F-2 of the general
rules and regulations promulgated under the Public Utility Holding Com¬
pany Act of 1935.
Willis E. Monty was designated to preside at the hearing.
Northern Natural Gas issued and sold last August $16,000,000 1st mtge.
and 1st lien bonds, series A, 3H%* due 1954, and $6,000,000 of unsecured
promissory notes, 2 H %The bonds were sold privately and Dillon, Read & Co., a joint stock
association, was to receive from Northern Natural Gas a fee in connection
with the negotiation leading to the consummation of the sale 0.5% of the
face amount sold.
The fee of $80,000 was for services rendered,
A hearing was held on the declaration before the SEC on July 25, 1939,
and was continued subject to call by the trial examiner in the proceedings.
On Aug. 1, 1939, the SEC permitted the declaration to become effective.
However, the approval was made "subject to a reservation of jurisdiction
by the Commission to determine at a later date, whether the fee to be paid
to Dillon, Read & Co. in connection with the Issue and sale of said bonds
on
.....
with
Sttidied—
2,922,046
Capital surplus—Dec. 31, 1939
March 1,1940, shares of
follows:
(1) 2,000,000 shares at a price of $1 per share (at the rate of 5-9ths of a
share for each share held) to (a) all common stockholders of the company
of record on March 5, 1935, (b) all common stockholders of the company of
record on Feb. 5, 1940, with respect to the number of shares held at such
date in excess of the number of shares, if any, held by them, respectively,
of Bonds—Dillon,
71,577
27
Offered—
Company is required by decrees of the Federal District Court to offer
aggregate of 2,666,667 shares of common stock of this company at the
prices indicated.
Stockholders have the opportunity, if they wish, to pur¬
an
$2,850,442
_ .
Assets—
Testimony in Support
of Reorganization—
801
B
stock
Commission of the acquisition by the new consolidated
corporation, in the event of the consummation of the consolidation proposal,
power Co., which is now
owned by Buffalo, Niagara & Eastern Power Corp.
The consolidation petition states that it will be "necessary for the oper¬
ating cos., proposed to be consolidated, to finance additions, extensions
and improvements to the electric generating, transmission and distribution
facilities of such companies to the extent of $150,000,000 during the next 10
years; and the consolidated corporation should be able to finance these
requirements and the refunding of certain of the presently outstanding
obligations of the constituent corporations in a more advantageous manner
than such requirements and such refundings could be financed by the
constituent companies."
The same petition further points out that the proposed refunding opera¬
tions will effect substantial savings in interest charges to the consolidated
corporation.
After giving effect to the proposed consolidation and to the transfer of
The Niagara Falls Power Co. stock, the two petitions show that the capital
of the new corporation at the date of consolidation will be not less than
$173,802,915 and would not exceed the aggregate par and stated value of
the present stocks of the constituent corporations, plus the stated value of
the stock of The Niagara Falls Power Co.
This capital would consist of
518,811 13-20 shares ($100 par) 5% preferred stock and 4,876,870 shares
($25 par) common stock.
It is proposed that holders of the 251,584 8-20
shares of preferred stock of Central New York Power Corp. will retain
their present shares and continue as stockholders in the consolidated corpo¬
ration.
Furthermore, holders of the preferred stocks of New York Power &
Light Corp. will receive 267,227 5-20 shares of the preferred stock of the
new corporation in exchange for their present holdings, based upon the call
price of $115 for the 7% preferred and $105 for the $6 preferred of New
York Power & Light Corp.
All of the common stock of Central New York Power Corp. and of New
York Power & Light Corp., the petitions state, is now owned by Niagara
Hudson Power Corp.
All of the common stock of Buffalo Niagara Electric
Corp.; Niagara, Lockport & Ontario Power Co.; Niagara Falls Power Co.,
and Lockport & Newfane Power & Water Supply Co. is now owned by
Buffalo, Niagara & Eastern Power Corp.
Substantially all of the common
stock of Buffalo, Niagara & Eastern Power Corp. is owned by Niagara
Hudson Power Corp.
Of the 4,876,870 shares of common stock of the new corporation, 3,490,755
would be held by Buffalo, Niagara & Eastern Power Corp.; the remainder,
1,386,115 shares, would be held by Niagara Hudson Power Corp.
Of the
518,811 13-20 shares of preferred stock of the new corporation, Niagara
Hudson Power Corp. would hold 103,077 H shares by reason of its present
holdings in the preferred stocks of Central New York Power Corp. and
New York Power & Light Corp.
of the entire capital stock of The Niagara Falls
182,226
Previous earned surplus.
Electric Corp.;
Lockport & Ontario Power Co.;
Lockport & Newfane Power & Water Supply Co., and Central New York
Power Corp.
All of these companies are subsidiaries of Niagara Hudson
Power Corp.
Central New York Power Corp. has also filed a petition requesting
New York Power & Light Corp.; Niagara,
of
1,978
$442,119
1,265,947
Net income.
principal electric and gas operating companies of the Niagara
Norfolk Southern RR.—ICC Hears
13,623
11,733
on
div,
Corp.—Subsidiaries Ask Ap¬
6,629
of
notes receivable
Cash
Power
1940
Hudson System serving large areas in New York State filed with the Public
Service Commission Feb. 7 a petition for consolidation in an additional step
toward further simplification of the corporate structure of the system.
The
409
Special legal expenses.
Loss
Hudson
10,
proval of Merger—
The New York Curb Exchange has admitted to listing and registration
the hYi % cumulative preferred stock, par $100, and the 1st mortgage
to
Niagara
Feb.
3724.
_
Volume
is
or
is not
The Commercial & Financial Chronicle
150
paid."
reasonable, and whether such fee shouid or should not be
1032.
-Earnings-
Parker Rust-Proof Co. (& Subs.)
—V. 149, p.
Northern States Power Co.
1003
1939
1938
1937
1936
$1,472,509
$1,026,028
$1,779,111
$1,581,409
Calendar Years—
Gross profit from manu¬
(Del.)—Weekly Output—
facturing operations.
Selling, adver., shipping,
_
Electric output of the Northern States Power Co. system for the week
ended Feb. 3, 1940, totaled 30,146,434 kwh., an increase of 15.3%, com¬
pared with the corresponding week last year.—V. 150, p. 848.
Northwestern Bell
Period End. Dec. 31—
Telephone Co.—Earnings—
1939—Month—1938
$2,874,447 $35,042,850 $33,995,067
8,815
96,880
112,119
Operating revenues
$2,945,667
Uncollectible oper. rev._
10,469
Operating revenues
Operating expenses
$2,935,198
2,036,017
$2,865,632 $34,945,970 $33,882,948
1,983,336
23,431,465
23,087,185
Net oper. revenues
$899,181
455,677
$882,296 $11,514,505 $10,795,763
383,769
4,593,418
4,466,689
$443,504
$498,527
476,948
Operating taxes
Net operating income
Net income
—V.
149,
.
344,500
Ohio Bell
revenues
revenues...,
Uncollectible
oper. rev.
1939— Afonth—1938
1939—12 Mos.—1938
206,930
81,853
1,260
10,868
$3,647,170 $44,446,339 $41,669,721
2,252,114
27.246,670
26,665,119
Operating revenues.. $3,857,282
Operating expenses
2,287,599
$1,395,056 $17,199,669 $15,004,602
483,348
6,413,037
4,702,951
$1,569,683
Operating taxes.
657,528
129,446
63,546
$1,150,073
$689,500
$1,417,004
$1,279,386
Ill Z
Total income
Amortiz. of
patents and
patent litigation exp. _
Loss on bldgs.abond.&c.
See
See
c
""6,122
Prov. for Fed. inc. tax..
dl86,436
Net profit
$911,708 $10,786,632
$912,155
977.885
income....
oper.
Net income
908,656
429,498
$2.22
10,764,691
$10,301,651
9,986,035
Gain in Phones—
Company gained 6,700 stations in January, bringing total stations in
on Feb. 1 to 772,100 or the highest in the history of the company.
This compares with 4,968 stations gained in December, 1939 and 3,896
gained in January, 1939..
Long distance calls in January averaged 58,900 daily, as compared with
53,147 daily in January, 1939, or a gain of 10.7%.—V. 150, p. 441.
provision for prior
on
Gross income
Int. & other fixed chgs.
_
$676,813
277,646
$728,001
281,120
$7,600,486
3,428,709
on
.
$399,167
155,577
$446,882
155,577
$4,171,777
1,866,923
$3,701,982
1,866,923
$243,590
preferred stock
Cust.'s
notes
164,439
193,781
72,526
1,097,075
1,013,526
333,455
Patents
$291,305
$2,304,854
29,620
31,075
21,938
_
.....
Feb. 7 notified holders of ist Its mtge. bonds, series B 3 M %
of the bonds have been
in the sinking fund, on
April 1, 1940 at 103H% and accrued interest.
Interest on the drawn
bonds will cease from and after the redemption date.
The drawn bonds
should be presented and surrendered for payment on or after April 1, 1940
at the principal trust office of the Chase National Bank of the City of New
York, 11 Broad St., N. Y; City.—V. 150, p. 848.
Street
Corp,
(Woodbridge Building) —
See list given on first page
Directors have declared
for
to
a
final dividend in liquidation
$74 per share.
Directors have authorized the proper officers to take necessary action to
allow the company to be dissolved.
See also V. 149, p. 3272.
Pacific RR. of Missouri—Interest—
Interest at the rate of 4% per annum from Aug. 1, 1939, to Dec. 31,
1939, inclusive, and at the rate of 3H% per annum from Jan. 1, 1940, to
Jan. 31, 1940, inclusive, ($19.58 1-3 per $1,000 bond) is being paid on the
first mortgage extended gold 4% bonds, due 1938, on surrender of
warrant No. 3.
Interest is payable at the office of J. P. Morgan
New York.—V.
149,
p.
interest
& Co.,
1032.
Pacific Telephone &
[Formerly Yukon-Pacific Mining Co.]
Period End. Dec. 31—
1939—3 Mos.—1938
Net inc. before deprecia¬
tion and depletion....
1939—12 Mos.—1938
$366,000
114,000
.....
$782,000
270,000
$448,537
125,883
$43,000
$512,000
$322,654
23.2 cts.
income
$73,000
30,000
$252,000
Depreciation & depletion
1.3 cts.
47.1 cts.
9.2 cts.
Per sh. Yukon-Pac. Min.
Co.
—V.
stock
149,
p.
.
-
._
.$2,644,820 $2,438,909
p.
This
1939.
is
$18,292,008 as compared with
increase of $1,765,396, or
an
285.
1938
1937
1936
$943,210 x$l,531,743 x$l,589,201
$6.29
$10.21
$10.59
deducting surtax and undistributed profits, y After depreciation,
and Federal taxes,
z On 150,000 shs. capital stock.—V. 150,
1939
Dec. 31—
Net profit
After
x
depletion
285.
.
$1,577,569
$10.52
p.
Peoples Gas Light & Coke Co.—Loses on
Appeal—
The Illinois Supreme Court Feb. 7 refused to grant the company a re¬
hearing on the court's Dec. 12 decision which knocked out an approximate
$3,000,000 a year rate increase to Chicago gas users.
The only appeal by the company now is to the U.S. Supreme Court.
Under the ruling, $6,000,000 in excess collections which the utility had
enforced under an injunction since February, 1938, were directed to be
returned to some 800.000 Chicago customers.
The funds have been held
escrow.
had sought to increase the minimum gas bill from 60 to
increase the rates for the first units of gas used
149, p. 2702.
,
cents a month and to
Photo Engravers
Div.—
& Electrotypers, Ltd.—Extra
of 50 cents per share in addition
the common stock, both
payable March 1 to holders of record Feb. 15—V. 149, p. 2376.
Directors have declared an extra dividend
to a semi-annual
dividend of 50 cents per share on
Portland Electric Power Co.—Bank Upheld—
intervening in reorganization of the company,
supported Feb. 7 in its contention that the holding company's bonds
The Guaranty Trust Co.
was
were
defaulted
on
last March 2.
The Trust company,
„
Estes Snedecor, bankruptcy referee,
'
,
,
ruled, therefore
Electric
is within its rights in having common stock of the Portland General
and Portland Traction companies, two operating units, transferred
The stocks were pledged to
Mr. Snedecor's
Postal
to its
the Guaranty Trust as security for a
ruling must be approved by Federal
Judge James A. Fee
before becoming final.
Both the Guaranty
,
1,
,
,
„
the right
Telegraph & Cable Corp .—Collateral Released—
Guaranty Trust Co., New
York, reports that pursuant to an order
decree, dated Jan. 25, 1940, made and
for the Southern District of New York
and
entered in the U. 8. District Court
in the matter of Postal Telegraph &
Cable Corp, The Associated Companies, debtors, in proceedings for re¬
organization of a corporation, Guaranty Trust Co , as trustee, under th:
collateral trust indenture, dated July 1, 1928, released and surrendered on
Jan
3880.
90
by
32 cents a month.—V,
Trust and the independent trustees claim
to control and vote the stock.
The hearing will be resumed on Feb. 28.-—V. 149, p. 2703.
Pacific Tin Consolidated Corp.—Earnings—
Net
Total....
$11,000
Earns, per share
nominee.
Telegraph Co.—Operations—
Company reports gain of 11,000 telephones for January, compared with
8,449 in January, 1939, and 4,730 in January, 1938.—V. 150, p. 284.
4
Pennsylvania Salt Mfg. Co.—Earnings—
The company
15 to holders of record Feb. 8.
payable Feb.
of
January,
10.68%.—V. 150,
in
of 50 cents per
This will constitute
sixth such payment made since 1937, and will bring the total disbursed
share,
the
of this department.—V. 122, p. 2670.
Company—Final Liquidating Dividend—
1,244,622
(J. C.) Penney Co.—-Sales—
$16,526,612
on
Registers with SEC—
1,073,697
($1,100 in 1938).
b After allowance for
depreciation of $267,523 in 1939 and $248,833 in 1938.
c Represented by
96 (203 in 1938) no par shares, at stated value of $192 ($406 in 1938) and
429,402 (429,205 in 1938) shares of $2.50 par.
d Includes legal expenses.
—V. 149. p. 4037.
reserve
z
due Aug. 1, 1955, that $100,000 principal amount
drawn by lot and will be redeemed, out of moneys
......
Common stock..
c
....$2,644,820 $2,438,909
After
y
Otis
stock
•
12 Mos. End
William
7% cum. preferred
Surplus.....
&c
$1,835,0.59
Oklahoma Natural Gas Co.—Bonds Called—
100
27,270
1,073,643
1,026,842
-
Prepaid taxes, ins.,
—V. 150, p. 134.
Company
19,700
26,670
«
357,297
21,943
equip.
114,000
d40,000
61,365
Land, buildings.
mach. &
190,000
conting..
Res. for
Other assets
b
13,301
Prov. for Fed.tax.
$56,529
payable—
payable.
Dividend
Accrued taxes
604,536
&
1938
$57,279
107,374
12,800
Accts.
$155,390
$925,763
Sales for the month of January, 1940 were
Balance
$2.51
1939
Liabilities—
1938
1939
plus accrued int.
a
$7,131,217
3,429,236
Net income
Divs.
1939—12 Mos.—1938
$1,716,514 $19,405,801 $18,564,836
788,512
9,305,315
9,033,619
200,000
2,500,000 * 2,400,000
$1,749,482
837,669
235,000
429,498
years.
hand and
deposit
on
a
Oper. expenses & taxes..
Provision for deprec'n..
$1,080,646
1,987
998,583
1,966
1,073,745
Consolidated Balance Sheet Dec. 31
Cash
Total
Co.—Earnings—
1939—Month—1938
429,498
$2.75
al82.085
Includes $5,000 in 1937 and $1,660 in 1946 surtax on undistributed
profits,
c Provision for depreciation $28,912 in 1939, $29,215 in 1938 and
$25,301 in 1937, and amortization of patents, $3,013 in 1939, $3,101 in
1938 and $3,295 in ,1937.
d After deducting $3,564 ($1,797 in 1938) over-
Inventories
service
Ohio Edison
1,075
11,734
$1,181,179
429,498
$1.33
751,622
~
"3", 969
a212,000
$575,738
1,909
375,811
1,914
Common dividends
Shs. common stock out¬
accounts..*____
Period End. Dec. 31—
Gross revenue
3,845
c
1,560
dl 12,20.3
$957,515
Preferred dividends
U. S. Govt, securs.
Net
See
c
19,855
Prov. for contingencies.
Miscellaneous
Assets—
Net oper. revenues...
377,041
$1,204,368
75,018
a
$3,648,430 $44,528,192 $41,876,651
$3,868,150
_
425,653
$1,353,457
standing
Earnings per share
Telephone Co.—Earnings—
Period End. Dec. 31—
_
$6,329,074
5,920,004
4182.
p.
Operating
$6,921,087
5,673,463
401,710
$624,318
65,182
& admin, exp
other iqcome.
1939—12 Mos —1938
451,882
$1,020,627
gen.
31,
1940, to Raymond C. Kramer and George 8. Gibbs, as trustees
Telegraph & Cable Corp., all of the collateral held
such collateral being as follows: $20,000,000 of 4%
of the estate of Postal
Pan American Airways
Corp.— Underwriters Listed—■'
Corporation filed Feb. 7 with the Securities and Exchange Commission
amendment
reporting the underwriting syndicate for its proposed
offering of 525,391 shares of ($5 par) common stock.
The underwriters
and the number of shares to be underwritten by each will be as follows:
an
Shares
Underwriter—
G. M.-P. Murphy &
Co
......56,195
Hemphill, Noyes & Co
10,000
.10,000
56,195
Harriman Ripley &
Co
Smith, Barney & Co
Schroeder, Rockefeller & Co
Hornblower & Weeks
Lazard Freres & Co
10,000
Stone & Webster and Blodgett
10,000
10,000
7,500
....20,000
Emanuel & Co
White, Weld & Co
Wertheimer & Co
20,000 Auchinclo88, Parker & Redpath
17,000 Carlton M. HIgbie Corp
17,000 Jackson & Curtis
17,000 Merrill, Lynch & Co
Hayden, Stone& Co
Blyth & Co
Glore, Forgan & Co
Goldman, Sachs & Co
Domlnick & Dominlck
17,000
10.000
10,000
Hallgarten & Co
10,000
Kidder, Peabody & Co
A. G. Becker & Co
was
Shares
37,500
37,500
37,500
Lehman Brothers
It also
Underwriter—
Paine, Webber & Co
Rogers, Torrey & Cohu
Dillon, Read & Co
Kuhn, Loeb & Co
they
5,000
5,000
6,000
5,000
37,500
..37,500
stated in the amendment that the common stock would be
offered through the class A warrants, which will be issued to
of record of Feb. 16.
The warrants will expire on March 1.
which
5,000
5,000
may
stockholders
The price at
be exercised will be supplied by amendment.
Earnings for 9 Months Ended Sept. 30, 1939
$1,311,250
$0.93
Net income after charges and Federal income taxes
Earns, per sh. on 1,411,964 shs. capital stock (par $5)
—V. 150, p.
698.
Parke, Davis & Co.—To Pay 40-Cent Dividend—
Directors have declared
a
dividend of 40 cents per share on the common
stock, payable March 30 to holders of record March
16.
Like amount was
paid on Jan. 2 last: dividend of 20 cents was paid on Dec. 19, 1939,
regular quarterly dividend of 40 cents was paid on Sept. 20, 1939.—V.
p
699.
and
150,
under said indenture,
obligations, due not later than
$422,176 4% preferred shares of
July 1, 1953 of Commercial Cable Co.
Mackay Companies (now The Associated
Companies), and 413,191 common shares of The
The Associated Companies).—V. 150, p. 851.
Powdrell & Alexander,
Mackay Companies (now
Inc.—To Pay 10-Cent Dividend—
Feb. 7 declared a dividend of 10 cents per share on the
stock, par $5, payable March 15 to holders of record March 1.
This compares with 20 cents paid on Dec. 15, last, and dividend of 10 cents
Directors on
common
paid in each of the three preceding quarters,
paid since Sept. 15, 1937
the first dividend
distributed.
The company
„
the March 15 dividend being
when 20 cents per share was
..
.
announced that Henry J. Nichols, was elected a
annual meeting held Feb. 6, V. 149, p. 3419.
x
director
at the stockholders'
Premier Shares,
Inc.—Initial Liquidating Dividend%—
Company declared an initial liquidating dividend of $3.85 per share,
payable to stock of record Jan. 2.
Pennsylvania Co. for Insurances on
Lives & Granting Annuities, which has been designated as distributing agent,
in a letter to Premier Shares stockholders, stated: "We have received from
Price, Waterhouse & Co., accountants for Premier Shares, Inc., a certified
copy of their report to the board of directors of Premier Shares, Inc., to
the effect that all securities in the portfolio of the company as at Dec. 31,
1939, have been sold and that the net proceeds of such sales, together with
all cash balances of the company, except such sums as are required to re¬
main on deposit to cover outstanding dividend checks, have been transferred
to this company, as agent for liquidation and distribution.
The letter further stated that upon completion of the liquidation, the
company will distribute in the form of a final liquidating dividend the re¬
maining assets, if any, to present stockholders.—V. 149, p. 2378.
Public Service Co. of Oklahoma—To Issue
Notes—
Company has filed with the Securities and Exchange Commission a
(File 43-287) covering the issuance of $1,000,000 of
unsecured serial notes, due semi-annually Aug. 1, 1941 to Feb. 1.
decla¬
ration
1946.
The notes are to be sold
Republic Natural Gas Co.
privately to three banks, National Bank of Tulsa
Co. both of Tulsa, Okla., and
First National Bank & Trust
Harris Trust & Savings Bank, Chicago.
and the
the sale of the notes, it is stated, are to be applied,
together with other funds of the company, to the redemption of the com¬
pany's 4% serial debentures presently outstanding.—V, 149, p. 3882.
$16,361,830 $15,793,069
-
5.869.588
Balance for dividends and surplus
2,165,973
1,527,723
a After depreciation and including non-operating income (net).—V. 150,
Balance for Interest
a
1936
$653,064
701,726
$600,522
1,062,142
116,352
104,085
196,200
490,771
162,469
$1,245,175
$1,391,845
$1,858,864
$1,306,304
579,309
663,560
492,592
499,645
296.623
168,028
153,383
$356,653
$613,884
514,939
Natural gas sales
Oil production
Other.Total revenue
31-
-Earnings
1937
1938
Revenues:
(& Subs.)-—Earnings
Puget Sound Power & Light Co.
12 Months Ended Vec.
1940
10,
(Del.) (& Subs.)-
1939
6 Mos. End. Dec. 31
The proceeds from
Operating revenues
Feb.
Chronicle
The Commercial & Financial
1004
$586,034
520,336
Operating expenses
Prov. for depre. & deplet
366,700
127,326
381,977
168,071
$230,812
$262,488
$534,684
152,934
152,816
Interest & amortization.
,
p.
442.
Net income before in¬
come taxes
Dividends paid
Pay 25-Cent Dividend—
Purity Bakeries Corp.—To
Directors have declared a
Consolidated
Income Account
Dec. 30, '39 Dec. 31, '38
Jan. 1, '38 Jan. 2 '37
_$16,573,983x$L5,770,763 $15,407,354 $1^323,390
779,640
790,235
749,074
690,008
Deprec.ofplt. & equip..
1,172,781
1,200,794
1,181,063
1,205,429
Sell., gen. Aadm.exps.. 12,188,006
11,841,789 12,353,037 10,921,763
Years Ended—
_
^
A
Properties..—. 10,319,854 10,227,957
Cash
532,029
555,012
a
—
Notes A accts. re¬
in
Oil
storage
at
21,708
$2,433,556
$1,937,946
$1,124,180
28,730
13,886
100,664
10,121
98,276
$1,232,578
310,013
31,496
176,715
$1,659,983
328,866
31,496
278,923
31,102
86,418
$683,252
41,493
152,866
Net profit.
$1,840,045
*188,231
$1,382,895
211,932
$1,651,813
1,157,214
$1,170,963
Common dividends
$690,114
771,476
$399,487
def$319
def$81,362
$2.14
Surplus
$1.52
$0.60
$0.89
After deducting cost of materials, supplies,
x
in 1938.
Dec. 30 '39
%
Common stock__ 10,066,203
Contractual oblig.
y
14,811,181 15,059,761
to
Prop, tobeacq'd in
95,000
of contract
36,642
35,832
1,015,910
328,457
933,335
328,457
Sund.tr.accts., Ac.
Inventories.
b Funds
segregated
10,066,203
acquire prop
5% debentures— 5,600,000
147,500 Accts. pay. & accr. 1,188,344
Closed retail plants
200,000
200,000 Res. pending determlna'n of wind¬
Goodwill, Ac
5,598,309 10,116,576
328.457
fall tax liabilityCash3,157,875
2,869,490
324,301 Mtge.indebtedness
313,197
Cust, accts. rec'le1939 in terms
yr.
Dec. 31 '38
$
Liabilities—
$
Prop., plant and
equipment
:
Dec.31 '38
$
Assets—
771,476
production labor and ex¬
in the amount of $19,640,166 in 1939 and $20,708,749
Consolidated General Balance Sheet
Dec. 30 *39
x
5,800,000
1,186,588
328,457
85,000
of sub
361,294
Prov. for Fed.tax.
518,940
Conting. reserve..
100,000
100,000
3,032,042
3,328,806
4,370,110
6,552,426
Min.stkhldrs.' int.
20-yr. 5% sink. fd.
666,440
135,397
135,397
341.346
Bal. due fr. em pi's
341,448
2,315
Prepaid expenses &
deferred charges
939,097
in stk. of subs—
372,716
900,752
gold debentures.
Statut.
deps. wth
Mtge. receivable &
sundary
Capital surplus
Earned surplus
7,047,025
z Treasury stock.. Dr419,743
—
State authorities
invest-
..27,546,268 31,769,140
Total
After reserve for depreciation of $9,948,956 in 1939 and
x
Z>r419,743
3,677
27,546,268 31,769,140
Total
$9,474,126 in
Represented by 805,045 shares of no par value,
z Represented
by 33,569 shares at stated value. b Funds segregated pending determination
tion of windfall tax liability.—V. 149, p. 3275.
1938.
bonds
B
matur¬
y
46,700
48,891
1,518,080
2,381,404
Earned surplus... 1,505,879
1,529,482
2,397,100
Total
—
11,281,731 11,066,0071
After allowance for
and $3,379,834 at June
reserve
share on the common
par $10, payable March 15 to holders of record Feb. 29.
This com¬
with 50 cents paid on Dec. 15, last; dividends of 20 cents paid in
preceding quarters and dividends of 25 cents were paid
on
Nov. 1 and on March 1, 1938, this latter being a regular quarterly
dividend.
A year end dividend of 15 cents was paid on Dec. 24, 1937.
—V. 149, p. 3275.
stock,
depletion and depreciation of $3,709,869 at Dec. 31
30. b Of wholly-owned subs.—V. 149, p. 1487.
Reynolds Investing Co., Inc.—Group, Attempting to Pur¬
Control
This and Other Corporations Fraudulently,
of
Indicted—
and the Securities and Exchange Commission
Grand Jury in New York City had returned
with fraud and
conspiracy in an attempt to obtain loans from banks, insurance companies
and Investment trusts on worthless collateral in order to gain control of a
group of corporations with aggregate assets of over $60,000,000.
The 14-count indictment, which was returned in the U.
S. District
Court for the Southern District of New York, named as defendants:
Harold
L. Bishop, Frederick J. McDermott, Vincent J. Kennedy, Walter A.
Stegman, Slagle J. Halsted, Arthur J. Keon, and Kinder Corp.
Defendants Halsted and Keon, according to the indictment, posed as
officers of 15 non-existent corporations, for which fake bonds were printed.
Stegman, a Certified Public Accountant, of New York, was charged in the
indictment to have prepared the financial statements of these fictitious
corporations.
McDermott and Bishop were alleged to have engineered
the operations of the plot to defraud banks, insurance companies and invest¬
ment trusts by using the bonds as collateral to obtain loans by which they
intended to purchase the control of a number of companies.
Among the corporations which the group attempted to purchase by their
fraudulent operations, according to the indictment, were Reynolds Investing
Co., First Income Trading Corp., R. C. Williams and Co., Utility Equities
Corp., Eagle Warehouse and Storage Co., General Public Service Corp.,
Manhattan Life Insurance Co., Eureka-Maryland Assurance Co., Colonial
Life Insurance Co., Utility and Industrial Corp., Franklin Life Insurance
Co. and Universal Indemnity Co.
This is the second indictment resulting from the investigation conducted
by the New York Regional Office of the Securities and Exchange Commis¬
sion.
The earlier indictment, returned on Dec. 7, 1939, charged Harold L.
Bishop and Frederick J. McDermott with fraud in connection with the
alleged looting of an investment trust, Financial Shares Corp. McDermott
pleaded guilty to the earlier indictment.
The Department of Justice
Feb. 3 reported that a Federal
an
indictment charging six individuals and a corporation
Plan
Affirmed—
The amended plan for
reorganization of the
company, as
The trustees reported on
alleged mismanagement of the company and
of action available to the debtors' estate against
held that there
former officers and directors in an amount exceeding
Queens Borough Gas & Electric Co.—New Director—
meeting of the stockholders, Franklin S. Koons,
director, succeeding George
Radio-Keith-Orpheum Corp.—Registrar—
Bank &
Commercial National
of New York has been
Co.
Trust
Reliance Grain Co.—Accumulated Dividend—
on_ the 6M
holders of record Feb. 29.-
dividend of S1.62U
a
per
share on account of
^ cumul. pref. stock, payable March 15 to
149, p.3882.
Republic Insurance Co. (Texas)—Special Dividend—
declared regular quarterly dividend of 30 cents per share
payable Feb. 25, stock of record Feb. 10.
In addition stockholders auth¬
orized and directors declared special dividend of $2.50 per share payable to
trustees for purpose of organizing Allied Finance Go. Feb. 11, to stock of
Company
record Feb.
10.
Financial Statement Jan. 1, 1940
jA.SS€tS
♦United States bonds
*
Bonds
a
Stocks
$1,998,076
Federal Land
*
,
622,794
395,516
430,213
Bank bonds
Cash in banks and office.
(miscellaneous)
Mortgage loans
_
3,565,042
658,783
6,300
_
Collateral loans
348,180
Agency balances not over 90 days
Bills receivable taken for fire risks
Due from other companies
Home office building and grounds.
Other real estate.
...
212,233
52,943
132,495
193,259
36,193
28,576
-
Real estate sold under contract
Interest accrued.
1
Miscellaneous assets
Total.
$8,680,605
--------
T Anhiliti 0ki
Unearned premiums
Net losses and claims unpaid.
Estimated taxes hereafter payable
$2,738,240
84,166
115,000
._
-
Other liabilities
Contingency
Capital
Surplus
_
reserve
_
-
Total
*
/
Amortized
_______
value,
a
Market
Note—On basis of market value for
would be $613,723.—V. 150, p. 852.
5,991
552,656
2,000,000
3,184,552
$8,680,605
*
value.
all
securities
$3,000,000.
The SEC
made known that suit had already been started in the New York Supreme
in preparation.
Several recommendations were made by the SEC on the necessity for a
full disclosure to security holders of the nature and value of the new securi¬
ties to be issued for the reorganized corporation, a purely liquidating agency
to be known as the Reynolds Realization Corp.
The Commission also urged that present debenture holders be represented
by a majority of the board of the reorganized corporation until all deben¬
tures have been retired.—V. 149, p. 4040.
Court, and that other suits
are
Rheem Manufacturing Co.—To
Pay 25-Cent Dividend—
a dividend of 25 cents per share on the common
15 to holders of record March 1.
This compares
with an extra dividend of 15 cents and a quarterly dividend of 25 cents paid
on Dec. 15 last, and
regular quarterly dividends of 20 cents per share pre¬
viously distributed.—V. 150, p. 852.
stock,
Directors have declared
are causes
Directors have declared
appointed registrar of the common stock.—V. 150, p. 851,
accumulations
Com¬
hold¬
standards."
each of the three
The
put forward by
its trustees, was approved Feb. 6 by the Securities and Exchange
mission.
The affirmation appeared in an advisory report to security
ers under Chapter 10 of the Bankruptcy Act.
pares
Vice-President of the company, was elected a
W. Olmsted, deceased.—V. 149, p. 2704.
1,288,120
11,281,731 11,066,007
Total
The Commission wrote that, except for certain minor qualifications,
"the plan is fair and feasible within the applicable statutory and judicial
Quaker State Oil Refining Co.—To Pay 25-Cent Div.—
Directors have declared a dividend of 25 cents per
At the recent annual
400,000
Capital surplus
and
chase
$462,567
462,886
Earns, persh. on 771,476
shs. com. stk. (no par)
penses
220,686
.
$494,599
Consol. net profit----
1,000
mtge.
Contingent liability
a
profits.
— .
1st
series
$934,279
244,165
31,496
361,294
Prov. for Fed. surtax on
Divs; on sub. co. pf. stk.
41,625
12,385
income taxes
and
Com. stk. (par $2)
105,859
$2,568,145
Int .on debs. & other debt
249,312
Amort, of dt. disc.&exp.
31,496
Prov. for Fed. inc. tax._
447,292
Total income
undistributed
property
A general taxes-
ing currently
Int., disct. & sund. rcts_
69,290
61,604
b Prov. for Federal
9,046
144,747
$2,052,496
276,811
Accrued
12,848
$1,506,190
through sinking fund-
22,248
4,146
taxes and exps..
assets
5,690,500
Accrued interest on
bonds and notes
posted prices
Prepaid insur., int.,
Other
$
$
Liabilities—
Long-term debt-. 5,200,000
Notes payable
75,000
80,679
Accounts payable
.
206,450
251,127
(net)..
deferred charges
Net operating profit-_
Discount on debs, retired
Dec. 31 '39 June 30 '39
Dec. 31 '39 June 30 '39
ceivable
Gross oper. profit
Maintenance & repairs.
Consolidated Balance Sheet
dividend of 25 cents per share on the common
stock, payable March 1 to holders of record Feb. 16.
This compares with
85 cents paid oh Dec. 1. last; 25 cents paid on Sept. 1 and on June 1, last;
15 cents paid on March 1, 1939; 55 cents on Dec. 1, 1938 and dividends of
15 cents paid on Sept. 1, 1938 and each three months previously.
contingency
reserve
payable March
Ritz
Tower
Apartments
(103
E.
57th
St.
BIdg.)—
Reorganized—
Successful consummation of the reorganization plan of one of New York
City's larger and more fashionable apartment hotels is announced with the
of the property and assets of the 42-story Ritz Tower Hotel
to a new corporation to be knaown as New York Towers, Inc., formation
and personnel of which is also made public.
The officers and directors of
the new company are the five voting trustees named by the stockholders.
Lloyd E. Lubetkin, of Seligman, Lubetkin & Co., Inc. is President; Charles
Horowitz and Michael May Jr. are Vice-Presidents; James Beha is Treas¬
urer, and Joseph Nassoit is Secretary
The new owners announced that they will place the operations of the
hotel under the management of Spencer-Taylor, Inc., who are also known
as managing agents for such hotels as the Delmonico,
the Madison, the
conveyance
Beaux Arts and
New
shares
York
Class B shares.
the rate of
One
Fifth Avenue.
Towers,
(no par)
stock,
Inc. has an authorized capitalization of 43,900
consisting of 26,340 Class A shares and 17,560
The Class A stock is to be distributed to bondholders at
1 share for each $100 of bonds and will be placed in a voting
trust for an initial
five-year period, subject to renewal for a similar period.
will be given to holders of a $200,000 subordinated
bond, proceeds of which were used to purchase furniture and furnishings
of the hotel not subject to the lien of the original first mortgage.
Holders of the $2,634,000 of outstanding old bonds will receive an equal
amount of new first mortgage 20-year bonds bearing interest at the rate
of 2% annually, if earned, this interest to rise to 3% if earned when the
mortgage has been reduced to $1,500,000 and to 4% if earned when the
mortgage amounts to $1,000,000.
The change in ownership and management is being effected under an
amended plan of reorganization for 103 East 57th Street Building (Ritz
Tower) first mortgage serial 6% coupon gold bonds of Parkab Corp. pro¬
posed by the Rosdniw Co., Inc., recommended by the reorganization
referee, and approved by the Supreme Court of New York County.
The new plan accomplishes certain important objectives, the new owners
The
Class
B shares
point out in announcing their acquisition.
It continues the bondholders
in a first mortgage position and provides cash for the purchase of furniture
and furnishings of the hotel and for reorganization expenses.
It gives
better security to the bondholders since the new first mortgage will be a
first lien upon all the property including furniture and furnishings, of the
Volume
The Commercial & Financial Chronicle
150
corporation.
Bondholders will also receive a majority of the stock, thereby
retaining control of operations and of possible benefits which may accrue
through future refinancing or sale.
The Ritz Tower Hotel Was erected in 1924 by the William Randolph
Hearst organization, with financing accomplished through the issue of
$4,000,000 of first mortgage bonds and $500,000 of second mortgage bonds.
The property went into reorganization in the middle of 1938, when interest
was discontinued and Continental Bank & Trust Co. was appointed trustee,
at which time bondholders gained control.
The property was sold at
foreclosure late last week in a nominal bid to the bank.—V. 147, p. 4066.
(Helena) Rubinstein, Inc.—To Pay 50-Cent Common Div.
Directors
common
on
Feb.
1
declared
stock, payable May
a
dividend of
50 cents
1 to holders of record
per
share on the
April 15.
A total of
25 cents of the current dividend is payable from profits earned in the year
1939 and the balance, 25 cents, from the current earnings.
A dividend of
25 cents was paid on Feb. 1 last, 75 cents was paid on Nov. 15 last, and on
Dec. 23. 1938, and an initial dividend of $1 was paid on Dec. 15, 1937.—V.
149,
p.
See list given
St.
1005
Includes $395,620 amount transferred from ex¬
change equalization reserve,
e Includes $177,897 adjustment of Federal
income taxes for the years 1933 to 1937; $425,000 premium, exchange and
expenses in connection with the redemption of series B bonds and the issue
and sale of series G bonds; $140,000 discount and expenses in connection
with the sale of 3^% 7-year notes,
f After income taxes,
g Before
d
income taxes.
Comparative Balance Sheet Dec. 31
1939
1938
$
169,899,321
$
169,364,229
375,000
1,144,654
438,545
6,654,123
375,000
1,140,096
447,932
1,700,727
2,038,698
23,000
2,421,985
2,030,804
315,683
1,076,957
182,995,326
176,451,427
67,562,997
67,562,997
84,947,000
6,000,000
85,870,000
AsS€tS-~~X
Total fixed assets
Deposit with Quebec Government.
_
Movable plant and stores
Prepaid charges
Advances to St. Maurice Power Corp
Accounts and bills receivable.....
Investments
Cash.
3874.
Rustless Iron
,
After adjustments,
c
on
& Steel
Total
Corp.—Registers with SEC—
Liabilities—
first page of this department.—V. 149, p. 3882.
Louis-San
Francisco
Ry.—Interest
on
Capital
Kansas City
Memphis & Birmingham RR. Bonds—
By an order entered Jan. 9, 1940, by the U. S. District Court, Eastern
Division, Eastern Judicial District of Missouri, J. M. Kurn and John G.
Lonsdale, trustees, were authorized to pay int. accruing to Mar. 1, 194U, on
fen era 1 mortgage 4% bonds and the income 5% bonds of Kansas City
lemphis & Birmingham RR.
Bonds
Collateral trust notes
both classes of said bond£ of $156,010.
on
Pursuant to the order of the Court, the trustees will pay interest on the
bonds at the office of C. W. Michel, Executive Eastern Representative,
1,337,870
1,168,230
2,215,391
16,964,198
395,620
1,170,140
y2,605,628
182,995.326
Total
1,382,801
18,458,387
Depreciation reserve
Exchange equalization reserve
Contingent and insurance fund.
Surplus
interest aggregating $66,460; on income
5% bonds interest aggregating $89,550, making a total aggregate amount
500,043
1,305.451
Accounts payable.
Accrued bond interest and dividends
On general mortgage 4% bonds
of interest
stock
176,451,427
x
Includes securities of subsidiary and other companies amounting to
$19,605,773 in 1939 and $19,607,192 in 1938.
y Subject to deduction for
income tax.—V. 150, p. 445.
120 Broadway,
(Room 1950), New York City, on and after March 1, but
upon presentation of such bonds so that an appropriate endorsement
be stamped thereon indicating the payment of such interest.—Y
150,
p. 853.
Sears, Roebuck & Co.—Sales—
only
Period End. Jan. 29—
may
Sales
—V
Safety Car Heating & Lighting Co.—$1 Dividend—
Directors have declared
a
dividend of $1 per share on the common
1939
Operating
a
$2,337,438
revenues
731,087
Balance for interest
355,867
Balance for dividends and surplus
After, depreciation
150, p. 444.
a
and
Seaboard Air Line
including
non-operating
income
Directors
on
extra dividend
Feb.
Feb. 5 declared a regular dividend of $1 per share and an
of 50 cents per share on the common stock, both payable
15.
This compares with $1.50 paid on
26 to holders of record Feb.
Oct. 15 last; dividends of $1 and extra of 25 cents
75 cents paid on Oct. 15, 1938, and $1 paid on Feb.
Savannah Electric & Power Co.—Earnings—
12 Months Ended Dec. 31—
(W. A.) Sheaffer Pen Co.—To Pay Extra Dividend—
stock,
payable April 1 to holders of record March 15.
Dividend of $1.50 was paid
on Dec. 15, last, and dividends of $1 per share were paid on Sept. 1, June 1,
1939 and Dec. 23 and on June 1, 1938.—V. 149, p. 2987.
1940—4 Weeks—1939
1940—52 Weeks—1939
.$37,767,394 $31,496,864 $657061,593 $534741,427
150, p. 286.
1938
$2,232,355
748,892
370,831
Skelly Oil Co.—Registers with SEC—
(net).—Y.
See list given on
first page of this department.—V. 150, p. 855.
(L. C.) Smith & Corona Typewriters, Inc.
Ry.—Hearing March 4—
Tazewell Taylor, special master in the road's reorganization proceed¬
ings, has set March 4 for a hearing on the two plans of reorganization
already filed by security holders with the District Court.—V. 150, p. 853.
3 Mos. End. Dec. 31—
x
Net
Earnings—Power Output at New Peak—
exchange annually.
The purchase of exchange in 1939 required
$145,278", compared with $41,337 in 1938.
The company's consolidated balance sheet as of Dec. 31, 1939 shows
current assets of $4,483,684 and current liabilities, including accrued bond
interest and dividends, of $2,643,321; a surplus of current assets over current
with such
liabilities of $1,840,363.
Construction of a new hydro-electric plant at La Tuque has been financed
by Shawinigan up to the present time in the form of cash advances to St.
Maurice Power Corp.
The plant is owned by the latter company and its
issued common shares are held in equal amounts by Shawinigan and the
Brown
The estimated cost of the plant at completion is $15,000,000,
approximately $10,000,000 will eventually be financed by the issue
Corp.
first mortgage bonds of St. Maurice Power Corp.
The proceeds
of such issue will be used to repay a portion of the advances made by Shawin¬
igan and any unpaid balance will be covered by the issue to Shawinigan
of general mortgage bonds or preferred shares or St. Maurice Power Corp.
The work on the new plant has progressed satisfactorily and in accordance
with construction schedules.
It is expected that three 40,500 h.p. units
will be put into service in 1940 and a fourth unit of the same capacity in
January, 1941.
The business of Shawinigan Chemicals, Ltd., a subsidiary, has shown im¬
provement over the previous year, Mr. Wilson reported.
This improve¬
ment commenced in the early summer and with the outbreak of war the
demand for this company's products in export markets showed a marked
and sale
or
increase.
Comparative Income Statement for Calendar Years
1939
Gross oper. revenue
$13,994,918
a Misc. non-oper,rev_-_
1,138,609
1938
1937
1936
$13,224,613 $13,461,418 $12,589,996
1,163,387
1,307,724
1,364,362
Gross earnings, all
sources
Operating expenses, &c
Power
purchased
Taxes and insurance
Interest
$15,133,527 $14,388,000 $14,769,142 $13,954,358
3,651,793
3,542,247
4,055,738
3,803,219
1,788,625
1,627,160
1,810,998
1,771,897
888,270
834,254
911,408
1,046,140
3,832,397
3,901,339
3,797,721
3,735,926
500,000
Special depreciation
Depreciation reserves—
1,800^666
1,600~6()0
Prov. for income taxes._
419,000
387,361
Net
$2,245,857
1,415,862
$1,075,014
cl, 117,277
$829,995
c704,718
$2,958,288
$2,218,267
$2,192,291
$1,534,714
e742,897
—
$2,215,391
2,178,250
f$1.06
Totalsurp. Dec. 31—
Shs.cap.stk.out.(no par)
Earned per share
a
$2,926,526
1,851,512
$4.53,183
1,765.084
Total.
and
$2,261,131
1,807,948
$344,401
d2,613,887
Balance, surplus
Previous surplus
Surplus charges
142,035
$2,218,267 b$2,192,291 b$l,534,714
2,178,250
2,178,250
2,178.250
f$l .04
g$1.34
g$1.03
other companies
Surplus subject to deductions for income tax
Including revenue from investments in subsidiary and
property rentals,
$279,141
276,237
276,193
175,577
$0.21
$0.70
$0.65
$1.36
After
y
Socony Vacuum Oil Co.,
Inc.—25-Cent Dividend—
dividend of 25 cents per share on the capital
$15, payable March 15 to holders of record Feb. 21.
Like
were paid on March 15and Sept.15 of 1939 and 1938—V.150,p.855.
Directors have declared a
stock, par
amounts
Co.—Preferred Stock Offered—Eldred, Pot¬
Solar Aircraft
ter
& Co.,
b
I
& Co.,
Los Angeles, and Heinzelmann, Ripley
Inc., New York, offered Feb. 7 50,000 shares (no par) pre¬
ferred stock, series A ($0.50 dividend, cumulative, convert¬
ible) at $8 per share.
Each share of said
preferred stock, series A, is convertible at the option
stock of the company of the par value of $1
of the holder into common
share as follows: into two shares of common stock
1940; into llA shares of common stock thereafter and
1942; thereafter into one share of common stock.
per
to and incl. Dec. 30,
to and incl. Dec. 30,
Capitalization—Prior to Sept. 28, 1939 there were outstanding 230,000
stock (par $1) out of a total authorized capital stock of
shares of the capital
600,000 shares.
On Sept. 28, 1939 the articles of incorporation were
for an authorized capital stock to consist of 250,000
amended to provide
shares of preferred
par), and 600,000 shares of common stock (par $1).
The designa¬
tion of the outstanding 230,000 shares of capital stock was changed to
"common stock."
On Dec. 11,1939 the company filed with the Secretary of State of the State
of California its certificate of determination of preferences of such preferred
stock, and on Dec. 28, 1939 the company filed its amended certificate of
determination of preferences of its preferred stock, classifying 80,000 shares
of such preferred stock as series A thereof.
The 50,000 shares of preferred stock, series A, proposed to be issued are
a part of said total authorized amount of 80,000 shares of preferred stock,
stock (no
_
.
„
,
series
History and Business—Company is engaged in
developing, manufactdring and selling airplane
manifolds for airplane engines.
At the present
the business of designing,
parts, principally exhaust
time approximately 90%
of the business consists in the manufacture and sale of its line of exhaust
manifolds.
Other products of the company include steam heaters for air¬
plane cabins, cowl wells and muffs, fuel and oil tanks, struts, fittings,
fairings, miscellaneous stampings, tube bends, and other small manuApproximately 40% of the company's normal business operations is in
sale of its products for installation on new airplanes
approximately 60% is In the manufacture and supply of replacements,
spare parts, and repair of its products sold as original equipment.
Sales
of equipment for installation on new airplanes are made to the aircraft
manufacturing companies.
At the present time, due to the large amount
of new construction in all airplane manufacturing companies, the majority
of the unfilled orders now on the company's books are for new equiopment.
The company Is the largest manufacturer of exhaust manifolds for air¬
plane engines in the United States.
,
As at Dec. 18, 1939 the company had on hand a backlog of $638,791 in
unfilled orders confirmed, plus, additional orders then unconfirmed esti¬
mated at $391,688, making a total of $1,030,478 of business in sight.
This
compares with unfilled orders as at Dec. 10, 1938 in the amount of $67,961.
Scheduled production and deliveries for the balance of the fiscal year
ending April 30, 1940 is approximately $25,000 per week.
the manufacture and
and
As at
Dec.^18^1939 the company had 416 employees, compared with
^Company's
factory and principal office is
^Company now owns
approximately 76% of the outstanding capital stock
Products Co., which corporation is in the
producing an automotive air cleaner.
Prior to Jan.
pany owned a minority interest in this corporation.
The company's predecessor was founded in 1927.
of
(the issuer) was
146
located on Lindbergh Field,
of Industrial
$2,304,826
1,960,425
income
1,000,000
159,157
Unamortiz. bond prem.,
discount & expense—
Dividends
1,500",006
1936
y$200,613
depreciation, depletion, amortization, interest, and Federal
After $26,121 surtax on undistributed profits.
Current assets on Dec. 31, 1939, amounted to $6,489,094 and current
liabilities were $1,533,372 against $7,076,719 and $1,917,536, respectively,
on Dec. 31, 1938.V. 449, p. 3884.
x
?>aid during the year as income taxes on 1938 earnings. Depreciation was
ncreased to $1,800,000, this figure exceeding by $200,000 the amount set
up for 1938.
Allowing for the increased income taxes and depreciation
charges, the net earnings applicable to 2,178,250 shares of outstanding
capital stock for 1939 were $2,304,826, compared with $2,261,130 in the
preceding year.
James Wilson, President of the company, in his report to stockholders
points out that over a period of years there has been an important increase
in tax payments, to Federal, Provincial and municipal authorities.
Over
the last ten years 6uch taxation (excluding Federal and Provincial income
taxes) as applied against gross revenue has increased from 3.4% to 6.9%.
Total power output of the company, including power generated and pur¬
chased, reached a new high record or 5,772,948,353 kilowatt hours in 1939
compared with 5,256,466,184 kilowatt hours in the previous year.
During the year there was transferred to surplus account the sum of
$395,619 previously set up in the company's accounts under the heading of
"exchange equalization reserve."
This reserve was established some years
ago to provide for purchase of exchange to meet payment of bond interest
in United States funds and in sterling.
In the future it is intended to deal
(& Subs.)—
1937
1938
$209,485
276,237
Shares common stock
taxes,
The annual report for the year 1939, made public Feb. 7, shows gross
earnings of $15,133,525 and net earnings after all expenses and fixed charges
but before depreciation and income taxes, of $4,523,826.
These figures
compare with gross earnings of $14,388,000 and net earnings of $4,248,492
for the preceding year.
The company has made provision of $419,000 for payment of Federal and
Provincial income taxes on 1939 earnings, which compares with $387,360
1939
$77,530
profit
Earnings per share
Shawinigan Water & Power Co.—Reports Higher 1939
of which
paid on Feb. 25, 1939;
26, 1938.
for meeting quarterly for the purpose of
making dividend declarations.
The quarterly meetings during the fiscal
year will be held May 5, Aug. 5, Nov. 5 and Feb. 5.—V. 149, p. 3728.
Directors also adopted a plan
experimental stage
18, 1940, the com¬
Solar Aircraft Co.
incorporated July 21,1936 and took over the entire business
and assets of its pedecessor on Aug. 13, 1936.
The company's predecessor was engaged until
1931 in the manufacture of
it discontinued that bisiness and commenced the
of airplane parts, principally exhaust manifolds.
Purpose—The estimated net proceeds to be received will be $320,000.
Net proceeds are to be used to reduce trade accounts payable, for payment
of notes payable, for reduction of miscellaneous contracts payable and
liabilities, for additional laboratory equipment, and for cash working capital,
airplanes, at which time
business of manufacture
&c.
Underwriting—Company has entered into an underwriting agreement with
Eldred, Potter & Co., as underwriter.
No firm agreement exists for the
purchase of the stock.
The Commercial & Financial Chronicle
1006
Earnings for Stated Periods
South Carolina Power
May 1 '39 to May 1 *38 to May 1 '37 to Aug. 13 '36 to
Nov. 11 '39 Apr. 30 '39 Apr. 30 '38 Apr. 30 '37
$461,147
$533,646
$495,411
$198,014
363,604
386,580
358,100
141,282
74.829
107,010
80,501
36,996
Period—
Total net sales
Cost of goods gold
Total other expenses
Int. & other fixed chgs..
$42,942
9,590
1,225
5,362
$59,340
27,520
1,115
8,406
$20,796
5,691
Divs.
Net income
Cash dividends paid
—V. 150, p. 855.
$26,763
34.345
$22,298
$13,107
5,051
$14,551
preferred stock.
Balance
—V. 150, p. 136.
Oper.
1939
c
$2,335,437
837,868
123,845
300,000
329,353
65,280
327,840
Provision for Federal and State income taxes
66,800
Net operating income
$711,782
income
$713,550
34,174
Other interest (net)
10,750
Miscellaneous deductions
4,261
....
Net income
$254,666
117,702
Surplus, beginning of period,
Contributions for ext'ns transferred from reserve..
Reduction of reserve for uncollec. accts. & notes._
Deficit
as
of
April 30, 1938 transf'd to
cap.
pref. capital stock paid in cash
Expired debt discount, premium and expense
a
...
on
retired issues of funded debt
$372,368
170,064
_
a
a
$4,446,873
85,032
938,528
536,477
494,020
67,646
580,915
1,000,000
•
Discount and expense on capital stock
Appropriation for retirement reserve..
Appropriation for reserve for adjustment of book
cost of property
Miscellaneous (net) charges
2,679
Net income..
Divs.
on
preferred stock.
Write-off
April 30,
of
1938.
c
619,904
6,648
$199,625
•_
items
previously
Preliminary.
charged
to
b$117,702
capital
b
reserve,
Note—In
the above statement of income accounts net income for the
Dec. 31, 1938 has been reduced by $11,391 to reflect
adjust¬
ment applicable to the period
prior to April 30, 1938, included therein of
amortization of debt discount and expense on 1st mtge. gold
bonds, series
A 6%, due July 1, 1947,
outstanding at Dec. 31, 1939, charged to
of
—Y.
Southern New
England Telephone Co.—Report—
Total
!
revenues
$19,072,065 $18,091,993 $17,975,338 $16,800,233
42,500
55,000
39,000
26,000
Total oper. revenues..$19,029,565 $18,036,993
Current maintenance
Depreciation
1936
5,039,426
revenues.
Uncollec. oper.
1937
$12,665,284 $12,536,409 $11,801,921
4,698,093
4,724,716
4,334,113
770,932
728,615
714,212
664,198
Toll service revenues.__
Miscellaneous
1938
3,971,773
3,299,458
expense...
Traffic expenses
Commercial expenses...
2,796,929
1,502,133
123,210
Operating rents
Gen. & misc. expenses:
Executive department
4,270.651
3,164,344
2,717,125
1,415.800
$17,936,338 $16,774,233
3,560,875
3.331,090
3,172,283
3,095,024
2,731,609
1,405,179
196,568
180.919
2,492,609
1,342,245
204.516
175,092
173,746
178,336
562,926
536,112
Operating revenues...
Operating expenses
Net oper. revenues...
$110,113
62,200
$106,288
58,039
$1,290,570
787,954
$1,235,771
738,329
Operating taxes
$47,913
20,343
$48,249
14,542
$502,616
134,682
$497,442
118,656
Net operating
$27,570
$33,707
$367,934
$378,786
—V.
149,
income.
4186.
p.
Southwestern Bell Telephone
Period End. Dec. 31—
Operating
Operating revenues
Operating expenses
$7,943,025
5,211,489
$7,485,881 $92,508,411 $87,484,339
4,955,802
59,017,583
56,687.937
$2,731,536
136,796
$2,530,079 $33,490,828 $30,796,402
996.970
12,721,838
11,722,712
$1,594,740
1,451,378
$1,533,109
1,630,369
Operating taxes
....
Net oper. income
Net income
—V. 150, p.
Springfield Manufacturing Corp.—Liquidating Div.—
Holders
of 7%
sinking fund gold bonds due Sept.
152,770
150,685
1,501,469
139,224
1,442,901
64,416
$3,320,338
107,644
$4,042,579
1,694,940
Net operating income.
non-oper. income..
$4,108,310
being
Springfield Manufacturing Corp.), pursuant to which agreement said bonds
issued, has received from the trustee in bankruptcy of said corporation
fourth and final liquidating dividend of 1.121%, amounting to $18,265.78.
After deduction of the fees and expenses of the trustee, said trustee will
distribute the balance of funds
on
hand to the holders of bonds at $13-94
with respect
to each $1,000 principal amount of bonds outstanding with
Sept. 1, 1931 and all subsequent interest coupons attached.
Such payment
when made will constitute a final liquidating credit on the
principal of
said bonds, on semi-annual interest coupons appertaining thereto which
matured Sept. 1, 1931, to March 1, 1935, inclusive, and on the accrued
interest
on
said bonds from March 1, 1935 to July 8, 1935.—V. 148. p. 892.
Standard Brands Inc.
(Operations
foreign
in
(& Subs.)—Earnings—
countries
of
certain
subsidiaries
included
for
similar periods ended Oct. 31, or Nov. 30)
Period End. Dec. 31—
Gross snl©s
l(^5s cLiscfcs
returns
&
1939—3 Mos.—1938
1939—12 Mos.—1938
allowances'.^,878,880 $28,431,334$108,854,155$108,287,954
18,273,623
gen.
exps.
18.694,500
$9,605,257
6,629,552
._
$9,736,834 $37,462,270 $38,293,815
6.565,063
28,050,404
28,120,777
71,391,885
69,994,139
921
xl,034,014
60,218
$3,889,615
26,723
Net inc. for the period
Divs. on $4.50 cum. pre¬
$3,427,983
756,333
$4,102,797
$3,916,338
x
830,000
61,491
570,000
80,146
152,228
Cr3,218
12,593,917
2,800.000
1,538,214
1,606,164
$7,356,308
$8,721,305
stock.
225,000
1,264,811
225,000
1,581,178
900,000
5,691,975
900,000
6,956,790
599,223
Net income per share of
common stock
$0.1604
$0.1824
$0.5105
$0.6184
243,745
Deprec. incl. in cost and
452,183
435,590
1,754,057
on
__
common
riving
$3,380,569
3,100,000
$420,958 def$206,083
400,000
$8.05
$3,073,370
2,500,000
$280,569
$573,370
400,000
400,000
$8.45
$7.68
at net
for the period
x
The premium of $1,000,000 paid on retirement of
debentures is a charge
against surplus.
This item is deductible in the determination of taxable
income, leaving no balance subject to the surtax on undistributed
profits.
1938
$
$
con¬
1939
Liabilities—
$
$
1,000,000
80,731
373,207
1,298,988
1,302,888
funds...
40,000
40,000
Mat'l & supplies..
Acc'ts receivable..
783,482
807,974
2,039,173
2,106,583
210,645
29,137
78,972
488,019
186,395
17,031
income
,
1,717.591
12,648,108 shares in hands of public Dec. 31, 1939 and 1938.
3730.
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
and Electric Co. system for the week ended Feb. 3, 1940, totaled
129,301,973 kilowatt-hours, an increase of 16.3% compared with the
responding week last year.—V. 150, p. 855.
cor¬
(S.) Stroock & Co., Inc.—Earnings—
1938
.
Common stock...40,000,000 40,000,000
Prem. on cap. stk.
136,539
136,539
1st mtge. 5s
1,000,000
on
ar¬
Gas
Comparative Balance Sheet Dec. 31
1939
Based
—V. 149, p.
400,000
$6.48
x
Telephone plant..90,652,434 88,553,301
Other investments
140,378
141,660
$9,797,646 $10,715,274
903,125
387,805
509,662
Cr2,414
Bal. avail, for divs... $3,220,958
Divs. on common stock.
2,800.000
_
$3,264,005
223,092
$2,531,251
other accts. before
share
$9,411,866 $10,173,038
385,780
542,236
373,342
long-
Bal. carr, to surplus.
Shs. outstand. (par $100)
$3,171,770
92,235
$2,253,446
Divs.
Bond interest
Other interest
,
$2,975,706
149,198
$3,124,903
498,115
Gross income
ferred stock
Other def'd debits.
are
were
Prov. for Fed. & foreign
income taxes
for
$4,109,231
Prepayments
1937,
a
Income charges
Net
Working
1,
notified that the New York Trust Co., as trustee under the trust agree¬
ment dated Sept. 1, 1922, of Rolls-Royce of America, Inc. (now named
115,910
253.517
cos
$20,768,990 $19,073,690
18,018,650
17,247,682
855.
Net profit from operns
Income credits
107,727
254,130
trolled
1939—12 Mos—1938
Uncollectible oper. rev..
Sell., adm. &
130,989
Misc. phys. prop.
Cash
Co.—Earnings—
1939—Month—1938
$7,517,463 $92,897,368 $87,863,253
31,582
388,957
378,914
201,583
284,196
Investm'ts in
2,700
$7,979,011
35,986
revenues
235,238
133,494
Assets—
Co.—Earnings—
1939—12 Mos.—1938
$1,238,471
194,515
283,601
per
$386,178
—
charged to
construction
(Cr)__
Operating taxes
Earnings
$364,812
250
252,743
and death benefits..
on
$28,682
Uncollectible oper. rev..
210,448
Expenses
Release of prem.
term debt
$928,655
412,296
130,181
$1,293,870
3,300
254,725
Other general expenses
charges
$1,154,789
412,296
130,181
247,500
$106,538
213.946
available
$73,888
34,358
10,848
1939—Month—1938
revenues
268,198
Empl's sickness, acc't
fixed
$1,294,251
365,596
$110,413
300
Operating
Gross profit
Services
Income
$1,546,701
391,913
33,291
150,p. 136.
Cost of goods sold
pensions
$107,180
483,254
Prov. for empl. service
rec'd
under
license contract. J..
$3,933,234
2,171,732
467,251
Southwestern Associated Telephone
160,030
611,249
Accounting & treasury
departments..
1939—12 Mos—1938
$4,300,132
2,440,717
312,713
27,500
Period End. Dec. 31—
surplus
April 30, 1938, which has been applied retroactively in the accounts.
—-V. 150, p. 855.
Calendar Years—
1939
Local service revenues..$13,261,707
Co.—Earnings—
$378,794
209,027
62,588
Since
year ended
as
$127,637
$42,012
Net oper. revenues.._
Surplus, end of period
a
$236,237
$114,718
34,358
10,848
chgs._
Amort, of pref. stk. exp.
Amort, of ry. prop, losses
on
...
Expired debt discount and expense on present
outstanding 1st mtge. bonds prior to Jan. 1, 1938
Property losses resulting from flood in 1921
Sundry deferred charges
a
$218,857
271,900
86,116
30,000
3,840,000
surplus
Total
Dividends
$679,626
409,698
34,174
11,425
5,472
409,698
.—
$5,946
$146,196
31,477
Gross income
Balance.
Gross
$299,075
171,438
535
income
Interest on funded debt
Amortization of debt discount and expense
$407,675
171,438
$413,186
245,036
21,954
expenses
Int. & other fixed
$679,091
1,768
$20,232
14,286
1939—Month—1938
& taxes._
Provision for deprec n
1938
$2,409,259
875,684
127,154
300,000
revenues
...
Maintenance and repairs
Appropriation for retirement reserve
Taxes
$987,083
688,008
•
Period End. Dec. 31—
Co.—Earnings—
Year Ended Dec. 31—
$1,085,026
677,351
Southern Indiana Gas & Electric
Gross revenue
Southern Colorado Power
Other
Net income
1,998
$76,421
56,189
$19,771
14,286
$19,735
1,060
674
$296,506
180,083
40,002
$85,598
65,827
_
Gross income
$56,809
2,530
2,573
1939—12 Mos—1938
$3,645,957
$3,372,908
2,185,930
2,002,072
375,000
383,752
240,939
31,250
$357,787
$40,056
2,886
State income taxes
1940
Co.—Earnings—
1939— Month—1938
...
Oper. expenses &. taxes._
Provision for deprec'n_
on
10,
$5,484
revenue
$26,782
8,983
Gross income
Other deductions.
Operating
Operation
Period End. Dec. 31—
Gross
$22,713
4,068
Other Income
Feb.
Calendar Years—
1939
Gross profit from oper.,
before depreciation
Other income
$423,509
1938
1937
1936
$335,611
7,296
$624,806
22,488
$516,162
24,196
$342,907
61,603
$547,294
61,412
$540,358
a31,179
al84,820
a27,239
a213,737
a24,453
x14,871
46,955
29,190
68,443
m
77,055
$103,826
86,000
86,000
$40,055
z40,055
89,600
$0.45
$179,248
zl79,248
91,500
16,622
..
30-year deb. 3>£s,
due 1966
16,000,000 16,000,000
3J4% debs., 1968
Adv.
from
.
8,000,000
8.000,000
1,200,000
1,100,000
Cust. dep., adv'ce
billing & pay'ts.
568,064
537,962
1,169,771
Acc'ts pay., &c.
$440,131
Depreciation
62,259
61,930
Adm., sell. & gen. exps.,
Amer.
Tel. & Tel. Co..
Total income
1,179,324
Accrued liabilities.
1,751,297
1,270,139
107,115
112,451
Deprec. reserve...21,937,407 20,913,142
State
franchise
and
N. Y. City taxes
Property taxes
Discounts on sales, Federal taxes, &c__
al95,911
168,642
Deferred credits.
Insurance
Surplus
74,612
69,629
3,770,780
3,336,227
reserve.
...
Net income..
Dividends paid
Shs. of cap .stk. (no par).
Earnings
Total
—V.
150,
95,715,586 93,655,414
P.
Southern
V.
95,715,586 93,655,414
—Fourth Week of Jan
1940
1939
earning! (est.)... $3,770,550
150, p. 855.
per
share
$1.21
$1.96
Includes payroll taxes,
months ended Dec.
y Excluding dividends of $65,289 paid during
31, 1936, from capital surplus,
z Excluding
$4,795 ($7,252 in 1937) charged to capital surplus for payment of dividends,
a Includes
social security taxes.
x
the six
Ry.—Earnings—
.
Gross
Total
136.
$217,859
yl69,210
93,800
$2.32
Balance Sheet Dec. 31, 1939
Jan. 1 to Jan. 31
1940
1939
$3,524,528 $11,424,987 $10,711,606
Assets—Cash
in
banks
and on hand (including $1,528 certificates of
deposit representing entire assets of inactive subsidiary), $372,229: market¬
able securities, $23,475; accounts receivable (less, allowance for uncollectible
.
Volume
The Commercial & Financial Chronicle
150
1007
accounts and discounts of
$6,352), $312,261; inventories. $628,158; deposits
companies, $5,900; advances to employees against
group life insurance policies assigned to the
company, $3,404; land, build¬
ings, machinery, equipment, &c. (less, allowance for
depreciation of $940737), $907,316; 4,250 shares of American Felt Co, common stock, estimated
value at date of acquisition.
$318,750, reduced to amount at market quota¬
tion June 30, 1936
(amount
at Dec. 30, 1939, bid quotation, $55,250),
$85,000; prepaid insurance, $5,929; total, $2,343,673.
with mutual insurance
THERMOID
1st Lien Coll. S. F.
Liabilities—Draft payable, $13,470; provisibn for
city taxes, &c., $42,018; capital stock (100,000 shares,
Federal, State and
no par), $2,000,000;
earned surplus, $17,826; capital
surplus, $381,914: 14,000 shares capital
stock in treasury, at cost (3,600 shares
acquired during 1939), Dr$lll,555;
total, $2,343.673 —V. 149. p. 3884.
TRADING
COMPANY
(W.W.) 5s due 1961
DEPARTMENT
Eastman, Dillon 8 Co.
MEMBERS NEW YORK STOCK
Sutherland Paper
Co.—Earnings—
Calendar Years—
1939
1938
1937
$8,490,320
$7,342,988
$8,245,045
$7,494,749
administrative expense
7,739,967
6,639,523
7,216,005
$750,352
115,974
$703,464
4,829
$1,029,040
Dr32,487
$931,928
Dr35,448
$866,327
143,137
$708,293
123,147
$996,553
xl91,622
$896,479
xl67,363
$723,190
373,100
$585,146
459,200
$804,930
516,600
$729,116
516,600
$350,090
$125,946
$288,330
$212,516
287.000
287,000
$2.03
287,000
$2.80
287,000
$2.52
Broad
EXCHANGE
Street
New
York
6,562,822
Profit from operations
Other inc. less charges..
15
1936
Net sales
Cost of sales, selling and
Federal taxes.
Net profit
Dividends paid.
Balance
Shares of cap. stock out¬
standing
($10 par)
Earnings per share
Includes $43,488 in
x
1937 and $32,320 in 1936 surtax
$2.54
undistributed
on
profits.
Note—Provision for depreciation amounted to $242,221 in 1939, $261,471
in 1938, $247,184 in 1937, and $233,397 in 1936.
Tel. Bowling Green 9-3100
Bell System Teletype N. Y. 1-752
Thermoid Co.—To Enter Home
Furnishings Field—
Company
announced its first major entry into the home
funishings field
with the stablishment of a
tufted rug division for the production and sale
of a new line of tufted throw
rugs at popular prices.
Announcement of the
new line follows
intensive research and includes a wide assortment of
plain
colors, moresques and patterns.
They are made
rubber-backed by special process to prevent
on jacquard looms and are
slipping.
They are of cotton
being completely
and nearly double the
weight of an ordinary rug, besides
washable, heat resistent and non-shrinkable.
The experience and equipment which Thermoid
gained from weaving
asbestos tape used in its brake
linings was first capitalized upon six years
ago in the development of a rubber-backed velvet
carpet.
In less than two
years the company became an
important source of supply to car manufac¬
turers for this carpet, and the volume has
shown
steady increase ever since,
running at the volume of 1,800,000 yards a year at the present time.
William Oseasohn has been
appointed director of sales of the new divi¬
A New York sales office has
sion.
V. 150, p. 703.
been opened at 295 Fifth Avenue.—
Comparative Balance Sheet Dec. 31
Assets—
1939
1938
$280,651
$512,399
Liabilities—
and
bonds,
35,852
26*508
44,429
43,213
34,113
32,120
151,314
Notes, trade accep.
accts.rec.(net)
y483,590
331,856
2,291,126
1,160,538
92,580
102,209
and equipment- 3,334,746
Prepaid expense A
2,946,349
Inventories
Cash val. life ins.,
xReal estate, plant
deferred
31,821
tax,
year
10,871
_
for Fed¬
charges
year
143,137
123,147
2,870,000
2,870,000
2,321,532
1,941,781
1
...
Period End. Dec. 31-
Operating revenues
Uncollectible oper. rev.
Operating revenues
Operating expenses.!
Net oper.
_
_
Capital stock.
Surplus..
_
—
_
__
$540,036
395,562
$6,215,832
4,824,941
$6,343,880
4,518,800
$144,474
54,069
$1,390,891
510,689
$1,825,080
601,782
$42,488
43,328
$90,405
$880,202
826,255
$1,223,298
492,448
.
Net income
Total
$6,514,515 $5,251,404
Trusteed
reserve for depreciation of $3,506,255 in 1939 and
$3,351,252 in
Accounts receivable only.—V. 149, p. 2707
51,217
Industry Shares—>EarninasJuly 1 '39 to
(James) Talcott, Inc. (& Subs.)—Earnings—
Calendar Years—
Gross income.
1939
Prov.
reserve
manufacturers'
against
1937
$1,882,775
1,630,266
_
for
1938
$2,004,575
1,677,829
$2,078,043
1.346,470
662,917
193,007
inactive
accounts..
See y
Organization exps. of subs. written off
Prov. for Fed. normal tax & surtax._
stock
on common
92,000
l-
;
$252,509 loss$338,677
80,391
81,427
153,259
215,034
5i4% partic. pref'ce stock.-
on
2,506
_
___
Net profit
Divs.
Dividends
$446,565
82,500
251,573
y
Additional provision of $474,787 for reserves, principally against
advances to manufacturers and others prior to 1939 iwhich
charges are
considered to be unrelated to the operations for 1939), has been
charged
directly to earned surplus.
Assets—
1938
on
hand.
Liabilities—
2,128,569
2,431,147
223,845
423,231
Advances to mfrs.
a
Accts.
A
notes
receivable.... ..10,784,277
b
Accepts. A
Inactive
1939
$
Cash in banks and
13,422,414
6,454,832
5,236,268
26,941
73,406
3,599,370
taxes
22,366
150,010
c537,959
of credits & guar
23,216
52,303
112,564
d
Security invest'ts
e
Office furniture.
47*061
68,034
5lA% partic. pref.
stock ($50 par).
39,034
.
64,343
Cora. stk. ($9 par)
Capital surplus
13,438.734
16,992,709
22,366
1,461,750
2,898,504
335,958
1,461,750
3,198,510
275,105
216,774
Total....
13,438,734
After
reserve
for
depreciation,
Total distribution fund.
f Payable at various dates for
137.
282,313
4,499
__
$173,422
28,270
$286,812
40,420
$145,152
$81,470
__
Net income transferred to distribution fund
Net loss realized for the periods
_
$246,392
$725,771
Balance Sheet Dec. 31, 1939
Assets—Capital fund
(.securities
held
in
portfolio at
p.
Period End. Dec. 31—
Operating revenues
Operation
1939—Month—1938
$423,543
$388,916
180,725
150,495
29,900
22,700
58,098
56,984
_.
Maintenance
Taxes
—
...
Net operating revs..
$154,819
$158,737
$4,694,792
1,790,015
on
deposit, $27,758; dividends receivable,
charges of $1,637,470 and market depreciation
$76,639), $5,170,433;
149, p. 4187.
distribution
fund,
of portfolio
$16,945;
Union Stock Yards Co. of Omaha
Gross
total,
Net
1939
....
$2,049,119
1,736,969
$390,567
450,000
$312,150
450,000
$3.47
earnings
1938
$2,168,280
1,777,713
Dividend
per
securities of
$5,203,297.—V.
(Ltd. X& Subs.—
revenues
Earnings
$2.77
share
Consolidated Balance Sheet Dec. 31, 1939
Assets—
Land
Liabilities—
and improvements
Inventories..
,
receivable
Accounts
L.
$17,614,758
132,272
24,965
Def'd charges to operation
33,284
Capital stock
Surplus
Bonded
debt
$1,942,281
667
400
3,040
$159,13/
$1,939,357
430,000
$1,509,357
7,714
35.833
35,833
$1,945,321
430,000
$119,653
617
$123,304
$1,515,321
582
6,930
$119,035
$122,722
$1,508,391
Retirement accruals
Gross income
—
...
Net income
Preferred dividends
$1,501,642
70,000
1.338,887
70,000
1,338,937
Common dividends
Balance Sheet Dec. 31
1939
Assets—
Property,
1939
a
.19 257.357 18,902,197
equipment
Cash
246.001
Notes receivable..
11,863
502,692
15,013
Accts. receivable..
1 205,871
971,563
Mater. A supplies.
351,110
A
stock:
Accounts
—
Total....
-V.
149,
—
$18,592,327
.
p.
;..
...
Total..
$18,592,327
4044.
United Fruit Co. (&
Subs.)—Earnings—
Consolidated Income Account for Calendar Years (Incl. Subsidiaries)
1939
1938
1937
1936
$24,304,412 $18,914,158 $21,944,762 $24,753,727
1,322,924
1,559.359
1,309,289
1,786,428
foreign exchange
181,415
Operating income..
Other income
Gain on
—---
Total income.
Depreciation
—
...
Income taxes
Interest
on
$25,627,336 $20,473,517 $23,435,466 $26,540,156
7,493,505
8,834,777
7,957,404
9,236,653
bl ,688,804
b2,142,961
2,670,267
2,168,589
105,262
234,027
215,948
286,751
61,379
468,110
—
*
Foreign exchange
property sold or
abandoned
Net
1,000,000
1,000,000
stock. 11,959,993
429,625
income
Dividends
146,663
....$14,101,929 $10,272,747
11,586,388
9,413,940
476,932
1,090,015
$11,817,128 $14,176,995
11,610,388
12,350,484
11,959,993
Accounts payableConsumers' & deal¬
,—
....
113,443
102,674
Surplus...
Previous si rplus
deposits
254,813
Bal. of reval. res., &c—
Taxes accrued
ers'
payable
$11,250,000
2,613,178
700,000
3,916,637
86,639
25,874
$
ser.
7%
b Common
310,101
—
Pref.
1938
$
Liabilities—
$
Reserve for depreciation
Reserve for taxes
231,776
Doss
1938
plant &
655,271
639.211
$155,486
.
Interest..
$4,501,701
1,647,655
277,233
276,560
685,936
$1,937,603
1,754
Non-operating inc. (net)I
Balance
1939—12 Mos.—1938
market
Liabilities—Distribution fund-reserve
for Federal income and Federal
capital stock taxes, $15,220; supervisory fee due depositor, $699; capital
fund (less realized net losses on sales of
underlying securities and other
Cash
Tampa Electric Co.—Earnings-
less
cost
depreciation of $76,639), $4,885,953; cash on deposit, $226,297; accounts
receivable for securities sold, not delivered, $58,184; total
capital fund assets,
Stocks, bonds, ctfs., Ac
assigned accounts receivable.—V. 150.
'39
of
.
Expense
16,992,709
Assigned by manufacturers, &c., and trade acceptances purchased»
after reserve for doubtful accounts and discounts,
b Chargeable to manu¬
facturers when due.
c Including collateral merchandise
acquired,
d After
e
...
31
$972,162
169,576
3,846
dividends
Gross expenses..
a
reserves,
Income—Gash
'39
$226,622
_
12 Months Ended Dec. 31—
65,936
Operating surplus.
Total-....
fund:
record
Dec.
31
under
Sale of stock rights and stock dividends
26*753
Acer. rent A exps.
Accepts. under let's
accounts
Deferred charges.
$
4,912,348
Dividends payable
Accounts payable-
65,936
guar.
manuf'rs'
1938
$
Notes pay. to bks.
f Credit balances..
Acciued
Distribution
$5,170,433; distribution fund-cash
$5,106; total, $5,203,297.
Consolidated Balance Sheet Dec. 31
1939
Capital fund: Net loss realized od sales of
lying securities transferred to capital fund
Jan. 1 '39 to
Dec.
Period-
Expenses
$6,365,176
21,296
$101,061
58,573
_
Net operating income
1939—12 Mos.—1938
$6,229,181
13,349
$530,867
429,806
_
revenues
Operating taxes
Co.—Earnings-
—1939—Month—1938
$539,329
$542,186
8,462
2,150
—V. 149, p. 4187.
...$6,514,515 $5,251,404
y
income
prior
Provision
46,739
1
After
x
1938.
Fed'l
eral tax, current
Patents
Total
500,000
__
accrued interest-
&
$214,635
Tri-State Telephone & Telegraph
1938
$554,579
Accrued payrolls
Other accrd. exps.
plus
1939
Accounts payableNotes payle, bank
Accrd. local taxes.
Cash
U. S. Treas. notes
418
1,335
365,172
242,593
430,401
27,893
28,068
Interest accrued..
6,775
6,784
investments
19,740
19,790
Mlscell. liabilities.
60
3,090
4,015
reserve
4,867,309
4,584,054
reserves
168,096
168,511
Unadjusted credits
78,798
45,199
2,214,429
$858,807
35,643,921
d4,253,895
$206,740
35,437,180
$1,826,511
35,360,668
136
Unadjusted debits
$2,515,541
34,431,622
Appllanc.
on
rental
Prepayments
Misc.
*
Retirement
Operating
Earned surplus
2,313,883
Amount prov. for contg.
claims for taxes
Total
417,000
$37,364,164 $40,756,623
transferred
Amount
a
....21,123,343
20,754,774|
Par value $100 per share,
Total
.21,123,343 20,754,774
b Represented by 597,867 shares of
Excludes 575 shares reacquired and held in treasury and includes
liability for 122 (1938—134) shares of common stock scrip outstanding,
exchangeable for full shares of
Timken
Roller
common
stock.—V. 150,
p.
703
Bearing Co.—50-Cent Dividend—
Directors have declared
dividend of 50
share on the common
stock, no par value, payable March 5 to holders of record Feb. 16.
This
compares with $1.50 paid on Dec. 5, last; 50 cents paid on Sept. 5, last and
dividends of 25 cents paid in preceding quarters.—V. 149, p. 3125.
a
cents per
deduction
......
4,000,000
©2,325,000
no par
value.
which is
Miscell.
1,750,000
...
losses
Total
$35,643,920 $37,187,179
to
for insurance.
Res. for abnormal prop.
reserve
Surplus
.$37,364,164 $34,431,622
Shares capital stock out¬
standing (no par)
c2,896,600
c2,896,600
Earnings per share
$4.86
$3.54
$35,643,920 $35,437,180
c2,896,600
a2,906,000
$4.08
$4.88
Excluding 19,000 shares held in treasury,
b Includes $180 for undis¬
tributed profits tax for 1936 and $353 for 1937.
c Excluding 28,400 shs.
held in treasury,
d Balance of revaluation reserve on mail ships not re¬
quired restored to surplus.
© Additional income tax assessments and pro¬
vision for contingent claims for further additional income and other
taxes.
a
The Commercial & Financial Chronicle
1008
Note—Based
Consolidated Balance Sheet Dec. 31
1939
$
11 ,750,000
960,473
stk.
fund.
d Co.'s own
and
468,123
other deposits
2,896,597
590,818 Dlvs. payable.
892,360
1,321,421 Deferred income
22,729,834 Insur'ce reserve. 11,750,000
4,229,077
13,147,550 Tax reserve....
599,367
Cash
5,328,380
34,431,622
37,364,164
169,826 Surplus
144,261
repurchased) of approximately $29,563,400,
Foreign Securities Corp. under option to
at $2o per share.—V. 149, p. 4044.
which is $13,752,664 less than
,
_
.,
^
,
stock of United States &
the President until March 1, 1942
Subs.)- -Earnings-
United States Leather Co.f(&
Consolidated Income Account
Operating profit
Depree. and depletion.
1936
1937
1938
1939
Years Ended Oct. 31—
z$584,028 x$l,192,221
365,831
306,289
$725,612
390,735
$871,132
407,229
$218,197 y$l,498,510
27,625
26,773
_
$334,877
6,247
$463,903
Cr 13,462
90,000
70"666
Notes A accts.
4,626,057
5,396,346
4 ,377,918
Merchandise
1 ,523,404
Mat'ls A suppl's 12 ,082,717
Deferred assets. 10 ,388,849
Deferred charges
3 ,800,861
3,344,998
1,640,096
8,499,914
9,089,176
receivable
Oper. profit before int,
Sugar and other
products
and Fed. inc. tax—
Interest
paid (net)
Discount
_
notes receiv¬
on
68,299
102,943
able surrendered
Prov. for contingencies
4,249,122
40,000
Prov.for Fed. income tax
Total.....-.187,020,466 183,770,758
a Represented
by 2,925,000 no par shares (inel. 28,400 shares held in
treasury)
b After reserves for depreciation of $152,060,998 ($150,163,538
in 1938) and revaluation of $13,602,192 ($15,310,163 in 1938).
d 28,400
shares having a market value of $2,421,100 ($1,860,200 in 1938.
e After
reserves of $125,355 ($132
462 in 1938).—V. 149, p. 3731.
187,026,466 183,770,758
Total
$150,572 y$l,696,524
$238,629
$407,365
80,500
80,500 ■
902,233
after including other income of $24,925.
yLoss. z Includes $5,166
Netprofit.
Prior pref. dividends
x
Loss
investment in affiliated companies.
dividends on
Consolidated
,
Co.—Weekly Output—
United Gas Improvement
output for
electric
The
I. system companies for the week
the U. G.
just closed and the figures for the same week last year are as follows:—
Week ending Feb. 3,
1940, 111,100,997 kwh.
Same week last year,
101,489,755 kwh., an increase of 9,611,242 kwh. or 9.5%.—V. 150, p. 856.
Real
On
1939
1936
$2,020,689
163,777
31,228
$1,694,841
157,791
21,656
$1,394,002
$2,215,694
Dividends
140,013
xCrl8,968
71,422
161,386
29,500
125,072
xCrl08,497
31,506
159,910
59,000
482,269
income tax
Insurance
105,852
secure,
received_
34,310
Cap. stock & other taxes
171,588
37,000
Other expenses
Prov. for Fed. inc
taxes
loss$51,482
Profit for year
received
securities
and
$831,846
fl,146,379
Total
13,365,311 14,010,546
May Reduce Directorate—
March 13 stockholders will be asked to
changing the number of directors
approve an amendment to the by-laws
from 15 to 12.—V. 148, p. 3547.
United States Rubber Co.
Securities received as taxable dividends.
( & Subs.)—Earnings—
Consolidated Income Account for Calendar
Net
sales,
after
all
$
•
Years
bl937
$
bl938
$
a1938
al939
$850,125
of Reichsmark balances.
in settlement
1,556,279
gl,296,950
Represented by 249,743 shares (no par),
b Represented by 397,010
shares (no par),
d After reserve of $5,257,733 in 1939 and $5,514,018 in
1938.
e After reserve
of $56,001 In 1939 and $38,745 in 1938.
f Capital
surplus Oct. 31, 1938, $2,923,403; deficit from operations, $1,696,524;
total, $1,226,879; dividends paid, $80,500; balance surplus, $1,146,379.
e
Capital surplus Oct. 31, 1939, $2,923,403; deficit from operations, $1,545,953; total, $1,377,450; dividends paid, $80,500; balance surplus, $1,296,950.
48,000
$2,110,125
1,260.000
$30,675
.
3,111,798
1,556,279
_
a
$
$1,290,675
1,260,000
3,111,798
—
surplus
34",243
107,000
$1,418,518
1,470,000
1,100,956
881,268
4,600,000
Class A stock
14,010,540
13,365,311
Total
124,190
40,000
$2,091,846
1,260,000
profits.
Operating profit
1st preferred dividends.
1.137,070
761,970
accounts
Prov. for Fed. surtax on
undistributed
13,647
stock., 4,600,000
reserves
b Common stock.
Combined
At the annual meeting to be held
vestments
5,829
40,000
Provision for Fed.
2,515,219
86,753
75.873
47,974
5,653
unpaid.
Other reserves
Net realized profit on in¬
Cash
107,000
73,606
48,567
Accrued payrolls..
Miscell. accruals..
242,275
Prepaid Insurance,
$1,874,288
20,147
Crl6,416
Total income
1937
$1,231,654
162,349
$1,624,853
Other income
1938
$1,447,145
168,874
y8,833
1,100,000
of
credit.
a
Int. ree'd and accrued..
Cash &
450,000
letters
Com'l
Dec.
Cash divs. received
$
263,542
to
bank
31,542
in¬
...........
1938
S
283,417
payable
Prior pref.
$36,237,7i
preferred
preferred and common stocks of United States & International Securities
Corp. and in the second preferred stock of German Credit & Investment
Corp. were included at indicated values based on market quotations of
underlying assets, the investment in the 15,000 shares of the corporation's
own common stock at the nominal value of $1, securities without quoted
market prices at cost of $710,312, and all other securities on the basis of
market quotations.
Income Account for Calendar Years
x
Notes
671,475
cluding timberlands. plants,Ac 2,175,508
Ac.
,
1939
Corp.—Report—
Securities
& Foreign
United States
estate,
31
Oct.
Accounts payable.
9.262,616
1,181,566
8,307,133
e Accts. rec. (trade)
1,664,606
Accts. rec. (misc.)
58,199
784,370
Cash
Marketable secur.
49,265
Investments
239,475
Inventories
d
Sheet
Liabilities—
«
$
Assets—
declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 30 cents per share on the common
stock, both payable March 1 to holders of record Feb 16.
Like amounts
were paid on Dec. 1, last.—V. 149, p. 3126.
Directors have
Balance
1938
1939
Co—Extra Dividend—•
Union Tank Car
y
31, 1939, the securities
the above book value.
Securities, at cost, include 5,000 shares common
962,737
11,750,000
3.876,904
4,065,742
Other reserves._
market'le
securities
540,432
market quotations as of Dec.
on
1940
10,
owned had an indicated value (which should not be construed either as the
amount for which the securities could be sold or for which they could be
2,896.597
_
1 ,265,950
15 ,763,246
11 ,078,666
U. 8. Govt. sees.
Other
Capital stock. 118,499,671 118,499,671
payable &
accrued llab..
6,860,132
5,484.415
4,045,255
3 ,130,055
bonds
Leasehold
e
a
Customers'
Secs.ofaffil.cos.
%
Accts.
960,473
Other stocks and
1938
$
Liabilities—
96,835,927
11,750,000
105 ,534.643
b Fixed assets..
Insurance
1939
1938
S
A ft ft/* fit
Feb.
re¬
turns,
discounts, excise 21,0(1
t&X6S
x
154,935,756 142,115,099 186,253,188
117,001,948 109,237,370 146,661.571
transp. andallowancesl95,310,847
Cost of goods sold
150,560,670
&
admin.
Selling,
gen.
expenses
29,228,790
26,242,493
24,071,618
25,859,265
Profit from operations
15,521,387
959,914
11,691,315
884,049
8,806,111
1,000,544
13,732,353
1,013,292
16,481,301
cl,457,208
1,681,265
12,575,364
c869,625
2,188,502
9,806,655
730,842
2,163,099
14,745,645
384,486
2,574,35.3
13,342,828
9,517,237
6,912,714
11,786,806
1,792,082
1,854,245
zl,647,768
Comparative Balance Sheet Dec. 31
1939
$
1939
$
AS8CtS—
1938
$
1938
$
Liabilities—
2,388,540
Securities purchase
but not receiv.
116,076
103,052
Securities, at cost.32,562,234 31,456,129
Reserve for taxes &
1,127,429
Cash
Divs.
receiv.,
ac¬
d Inv.
In U.
Int. Sec.
a
67,500
Total income
Other income charges
Int. on fund, indebt
stock..21,000,000 21,000,000
1st pref.
b 2d
1
1
Corp..
74,500
accrued expenses
&
S.
97,500
_
crued int., Ac..
Other income credits
50,000
50,000
4,950,000
100,000
4,950,000
984,459
6,646,781
984,459
6,698,203
pref. stock
e
General reserve.
c
Common stock..
Capital surplus
f Oper. surplus
100,000
Net
inc.
before
prov.
& adjustments
Adjustment of invent, to
market
yProv. for Fed.& foreign
Represented by 210,000 no par shares,
b Represented by 50,000 no
shares,
c Represented by 1,000,000 no par shares,
d 94,100 shares
2d pref. and 1,987,653 shares common stock,
e Set up out of $5,000,000
paid in cash by subscribers to 2d pref. stock,
f Operating surplus (including
results of security transactions) arrived at as follows: Balance at Dec. 31,
1938, $6,698,263; profit for year, $1,418,518; total, $8,116,781; less divi¬
dends in 1st pref. stock, $1,470,000, balance at Dec. 31, 1939, $6,646,781.
Notes—Securities, at cost, include 15,000 shares common stock of the
corporation under option to the President until March 1, 1939. at $25 per
share.—V. 149, p. 2531.
a
&
States
International
Securities
Corp.—
Annual Report—On Dec. 31, 1939 the net assets of corporation had an indicated value,
based on market quotations, of approximately $29,898,000, which is
equivalent to approximately $125 per share of first preferred stock.
Income Account for
1939
$1,281,240
Int. receiv. and accrued.
115,887
Other income
x6,796
Net inc. for the period
Divs. and
1937
1936
$1,717,325
128,711
64,523
$1,138,191
109,490
$1,403,923
1,509,456
3,804,641
8,629,582
364,562
320,696
6,522
21,679
5,885,888
3,798,120
8,607,903
equity in earn¬
ings applicable to mi¬
nority ints in subs
Net
inc.
transf'd
to
earned surplus
Full
a
b
consolidation,
As
consolidated
heretofore,
x
Including de¬
preciation of active plants and plantations of $8,189,578 in 1939. $8,305,642
in full consolidation for 1938, $5,740,845 in 1938 as heretofore and $5,635,726
in 1937.
(No depreciation provided on plants not required for manufactur¬
ing purposes.)
y Provision for Federal income tax amounts to $2,379,862
in 1939, $1,479,654 in full consolidation, $1,238,087 in 1938 as heretofore
and $1,479,177 for 1937.
z After deducting provisions created in previous
years for this purposes in the amount of $2,000,000.
c Includes adjust¬
ments due to foreign exchange fluctuations in the amount of $821,513 in
1939 and $127,318 in 1938.—V. 150, p. 704.
$1,496,951
98,284
11,794
Utica Knitting
Net prof, on sees. sold. yloss219,572
$1,247,681
8,335
$1,910,559
34,159
$1,607,029
36,641
Total profit
Cap. stk. & other taxes.
$1,256,017
23,856
$1,944,718
23,267
.,643,670
33,000
162,188
32,000
150,484
55,500
31,500
151,459
4,125
30,000
118,621
$985,023
$1,049,677
$1,682,992
Co.—Accumulated Dividend—
a dividend of $3.50 per share on account of ac¬
cumulative preferred stock, payable Feb. 15 to
Arrearages as of Jan. 1 last amounted to $12.75
Directors have declared
cumulations
on
the
7%
holders of record Feb. 5.
share.—V.
per
Total income
1,253,828
Calendar Years
1938
Cash divs. received
1,518,571
6,206,583
w-
..33,805,740 33,947,722
Total
par
United
2,759,417
10,583,411
10,218,849
income tax
33,805,740 33,947,722
Total
145,
p.
3832-
$1,473,795
Utility Equities Corp.—Annual Report—
Dec. 31, 1939 shows net assets as of that
share of $5.50 dividend priority stock.
The priority
The report for the year ended
Prov. for Fed. surtax
$1,184,351
4,139
on
undistributed profits.
Prov. for Fed. inc. taxes.
Expenses
Net income.
x
17,129
Securities received
as
taxable dividends,
y
Net realized loss
on
invest¬
ments.
date of $90.14
per
stock is entitled to $100 and accumulated dividends per share in
involun¬
tary liquidation and to $110 and accumulated dividends in voluntary
liquidation.
The net assets as shown in the respective reports amounted to
$80.17 per priority share at June 30, 1939, and to $90.54 per share at
Dec. 31, 1938.
Income Account for Years Ended Dec. 31
1938
1937
1936
earned
$292,531
23,819
$277,896
15,147
$646,885
16,691
$617,628
22,751
Total income
$316,350
$293,043
$663,576
$640,378
99,907
94,097
111,767
76.434
$216,443
$198,946
$551,809
$563,944
zl65,688
1,163,626
zl78,835
937,992
y70,288
179,768 loss744,598
950,069
1939
Dividend income
Interest
.
Balance Sheet Dec'. 31
1939
Assets—
$
Cash.
Sec.
257,363
1938
1939
Liabilities—
Res.
sold, but not
delivered
Dlvs.
receiv..
accrued, &c
for
taxes
a
$
57,250
52,300
1st pref. stock..23,920,000
123,823
112,319
Securities, at cost.43,316,064 43,107,298
c
pref. stock.
500,000
Special reserve.. 9,475,000
d Common
stock.
24,855
Capital surplus... 9,346,831
Operating surplus.
384,110
Total
43,708,046 43,914,073
Total.
500,000
9,475,000
24,855
9,346,831
595,086
43,708,046 43,914,073
Represented by 239,200 no pj.r shares,
b Represented by 100,000 no
par shares,
c Set up out of amoant paid in cash by subscribers to second
referred stock, d Represented by 2,4,5,543 no par shares.
a
Excess of income over
23,920,000
b 2nd
Int.
Oper. exps. & franch. tax
&
accrued exps
10,796
1938
$
t
S
694,456
expenses
Divs. received
after
Dec.31. 1937--.
Total to surplus
Net profit on sale
of sees.
622.096
563,944
413,838
Change in basis of accounting for dividend income:
Prior to Dec. 31,
1937 dividends were taken into income on payment dates.
Thereafter
dividends will be taken into income on the dates when the respective stocks
first sell ex-dividend.
Net income from dividends and interest for the
y
year
1937 on the basis to be followed in 1938 amounted to $594,421.
paid on priority stock.
dends
z
Divi¬
Volume
The Commercial & Financial Chronicle
150
Balance Sheet Dec. 31
Assets—
1939
-
Cash
1938
$168,169
Accts.
rec.
Liabilities—
$247,169
lor see's
215,394
1938
1939
.
Assets—
304,656
328,159
Preferred
stocks
1,234,275
1,254,782
Common
stocks
5,806,990
6,363,495
Bonds
Int., dlvs. A accts.
Office
31,716
82,878
equipment.
1
$7,761,201 $8,276,484
132,587
12,5991 Accrued payroll __
~~6~3i5
2,724
2,400
227,243
2,670
7,373
5,053
Investments
56,755
$0.10)
Fixed
3,253,236
Surplus
7,990,053
Treasury stock
See a
Unrealized deprec.
Acer,
295,637
|
Total
42,000
12,367
7,021
Orders
Guar,
7,000
deposits by
distrib.
34,660
10,801
520,000
520,000
60,193
60.193
Res. for contlngs—
$7,761,201 $8,276,484
_
$4,689
and
bals
Custs. deposits on
265,129
5,472
6,720
county
1938
Custs. Aoth. credit
2,670
253,365
1939
Fed. taxes
assets—less
for deprec'n
Deferred expenseres.
Dr99,802
I
Ur766,092
(net)
Total
a81,674
-
receivable
$14,269
Accounts rec.—less
Common stk. (par
Investments—
1938
$80,597 Accounts payable.
| Notes pay.—bank
Cash
18,121
y5,067,549
Capital stock
$5.50 dlv. priority
stk. (par $1)
Liabilities—
1939
reserve
$37,380
12,000
$36,901
Notes rec,
Inventories
Accounts payable- z$386,811
Provision for taxes
sold not deliv'd.
1009
Condensed Balance Sheet Sept. 30
497
Cap. stk. (145,000
shs. no par)
Capital surplus.—
Represented by 90,000 shares $5.50 dividend priority stock and 567,549
shares common stock, both of no par value.
Of the unissued common
stock, 270,000 shares are reserved for conversion of the priority stock and
330,000 shares are reserved for exercise of outstanding warrants at $20
per share at any time without limit, except that the time may be limited
upon notice under certain circumstances as provided in the warrants.
z Consists of accounts
payable for securities purchased—not received—of
$370,824, and other accounts payable, accrued expenses and taxes of
$15,987.
a
Represented by 81,674 shares of $1 par value after deducting 1,240
shares held in treasury.—V. 149, p. 3280.
y
Earned surplus
Total
$662,104)
$661,886
—V. 149. p.
6,709
2,126
$661,886
$662,104
...
Total
1342.
Walgreen Co.—Sales—
Period Ended Jan. 31—
Sales.________
150, p. 448.
1940—Month—1939
$5,864,873
1940—4 Mos.—1939
$5,646,703
$25,504,031
$24,772,347
—V.
Van Norman Machine Tool Co.—10-Cent Dividend—
The
Ward Baking Co. (&
directors
have declared a dividend of 40 cents per share on the
stock, payable March 20 to holders of record March 8. This com¬
pares with 80 cents paid on Dec. 20, last; 40 cents paid in each of the three
preceding quarters; 60 cents paid on Dec. 20, 1938; dividends of 40 cents
paid in each of the three preceding quarters; a dividend of $1 paid on Dec. 20,
1937, and dividends of 40 cents per share paid in each of the four preceding
quarters and on Nov. 1, 1936, this being the initial payment on the shares.
In addition, an extra dividend of 20 cents was paid on Dec. 21 and Nov.
1,
1936.—V. 149, p. 3885.
common
Venezuelan Petroleum
52Wks.End.
53Whs.End. 52Whs.End.
bDec. 30 '39 bDec. 31 '38
Dec. 25 '37
$32,150,447 $34,492,745 $33,856,766
1,420,316
2,260,321
2,665,244
278,227
237,990
266,699
Net earnings
Other income
Total
income
$1,698,543
2,028
$2,498,311
24,222
$2,931,943
58,175
1,327,640
106,729
1,446,414
196,110
1,366,439
b300,967
$203,972
383,712
$831,565
a640,020
$1,140,926
1,088,034
__-_____def$179,740
$191,545
$52,892
Interest
Co.—Rights to Stockholders—
_
_
Prov. for possible loss on investment
in New York World's Fair bonds..
Notice has been received by the New York Curb Exchange that holders
common stock of record at the close of business on Feb. 14 will be
offered the right to subscribe at $1 per share to one additional share of
Depreciation
—
Federal taxes.
stock of the company
common
expire at 3
for each share held. The right to subscribe
(EST) on March 11.—V 149, p. 3885.
p. m.,
Net profit
Ward Baking Corp. preferred divs—
Vertienties-Camaguey Sugar Co. (& Subs.)—Earnings
Consolidated Income Account Year Ended Sept. 30,
Raw sugar produced
—
Surplus
1939
$4,303,539
145,494
_
Molasses
Dividends
a
on
thereafter of Ward Baking Co.
48.766
214,014
______
Miscellaneous income (including $107,451 exchange profit)
Consolidated Balance Sheet
Dec. 30 '39 Dec. 31 '38
Total income
—
on
539
Notes
2,902,793
652,778
11,187
Inventories..
1,183,803
Consolidated Balance Sheet Sept 30, 1939
Assets—
148,172
hand—
$1,173,703
Accts. rec., advance pay., Ac.
Sugar
on
77,789
hand A in liquidat'n
Molasses
on
2,127,244
36,503
hand A in liquid.
Matls. A supp. on hand and in
transit
Invest, in
shipping expenses—
Acer, rents, taxes,
—
copyrights
Sink. fund in hands of trustee
for first mortgage bonds
18,995
Prop., plant A equipment—
First
251,306
-
Total
x
conv.
$10,486,721
an extra
3,795,500
630,033
Total
^.$10,486,721
Weeks Ended—
a
1939
Balance for interest
—
Balance for dividends and surplus.
a
150,
After
p.
depreciation
448.
and
including
__
—
income
1,182,867
1,065,248
23,474
30,000
300,000
12,359
285,000
365,000
40,000
375,000
$49,163
52,425
$1,583,621
102,711
$1,948,980
99,192
$101,588
C'r2,217
$1,686,332
$2,048,172
Dr733
I>r236
$103,805
Nil
$1,685,599
$2,047,936
$0.42
$0.52
Federal taxes
Vogt Mfg. Corp. (& Subs.), Rochester, N. Y.-
Profit
1938
a
Includes
$306,660
230,000
Net profit
Dividends
Earnings
com.
x
per
stock
Does
-Earnings
not
1938
$170,694
100,000
y$346,948
250,400
$366,894
x250,34C
$1.53
$0.85
$1.73
$1.83
share on
(no par)__
include
$500,000
paid
in
1937
1936
capital stock,
y Provision' for
profits, and New York State
Federal income tax, surtax on undistributed
franchise tax amounting to $103,000.
Drl39
_____
$642,129
on com__
$0.14
$
on hand and in banks,
$440,806; TJ. S. Government se¬
bonds, $335,302; accounts receivable,
cash surrender value life insurance. $48,423; merchandise in¬
ventory, $197,436; cash on deposit, closed banks, Detroit, Mich., $7,905;
mortgages receivable,
$11,510; accounts receivable, suspense, $2,252;
real estate, plants, machinery, equipment, trucks (after reserve for
depre¬
ciation of $473,782), $449,894; patents, $1; deferred charges,
$6,295
total, $1,853,838.
Liabilities—Accounts payable, $45,439; accruals, $20,124; reserve for
taxes, $100,000; common stock (200.000 shares, no par),
$1,000,000;
earned surplus, $688,275; total, $1,853,838.—V. 150, p. 857.
Waco Aircraft
Co.—Earnings—
1939
._
Net operating loss
1938
$425,791
768,382
169,221
$747,909
614,294
175,000
$11,813
$41,386
7,060
129,897,394 133,502,040
5,681,073
6,909,384
Dr584
Inventories
7,012,639
19,029,144
Deferred income
2,052,623
1,493.593
Due affil. cos.—
69,303
100,741
2,616,844
2,700,054
1O8S$34,326
Cr 135
current
278,370
296,905
546,277
431,299
Conting.
110,000
110,000
Ioss.?39,067
908,303
3,212,549
396,000
543,400
390,870
438,726
pay. film
service, Ac.„
Net
secur
1,075,529
970,139
curr.
llabll.
of subs
1,382,167
104,762
38,554
245,207
282,440
Propor. appllea¬
and
Deferred charges
1,064,975
1,282,119
1,047.271
Goodwill
8,331,792
rn minor int..
8,327,667
advances
c
Remit, fr. for¬
eign
651,771
460,771
Capital surplus. 57,241,427
57,134,331
cos
f Treag. stock
Surplus
—
168,238,226 174,234,222 i
Total__
—
Dr41,668
2,325,908
def200,410
168,238,226 174,234,222
a
Represented by 103,107 no par shares.
b Par $5.
c Remittances from
foreign companies held in abeyance,
d After reserves,
e Net
current
assets of subsidiaries operating
in foreign
territories having exchange re¬
strictions.
f Represented by 830 shs. of prefi stock.—V. 150, p. 448
& Co .—Earnings—
Years Ended Dec. 31—
—
income.
1939
1938
1937
$110,007,346 $104145,876 $97,104,070
426,109
418,628
226,925
393,695
383,727
368,152
4,741
$4,582
873,384
3,061,018
reserve
Adv.
from
officers
Ac
pay—
Fed. tax reserve
Expenses and taxes.
Net income
Total additions to surplus.
Serial bonds, Ac.
Royalties
Sales
$4,447
1,005,922
recelv.,
Investment
5,460,757
6,769,836
—
contr.,
$
5,670,885
19,006,723
69,970,165
pay. and
sundry accr'ls
of subs
to
$
Accts.
eNet curr .assets
rec.
25, '39 Nov. 26, '38
5,670,885
b Com. stock.. 19,006,723
Mtge. A fd. debt 63,747,592
Notes payable._
3,055,739
—_
2,138,615
1,274,955
Deps.
Pref. stock
2,015,206
scen¬
arios
Gross
Net profit for the period.
79,472
15,764,201
receivable——
Rights and
Liabilities—
a
Accts. and notes
Weeden
Other income less deductions.
Federal income tax
Ac
Cash
Total
12 Months Ended Sept. 30—
Cost of goods sold.
'
Nov.
Nov. 26, '38
$
d R'l est., bldgs.
Acct.
Assets—Cash
$354,015;
20,206
45,000
Consolidated Balance Sheet
Nov. 25, '39
Ac
curities and marketable stocks and
1,225,602
1.159,088
depreciation of studio properties.
Assets—
Mtges.
Consolidated Balance Sheet Dec. 31, 1939
,
$642,268
„.
Minority interest-—*.
profit.
Earns, per sh.
1939
1,203,519
1,111.256
632
$601,909
40,359
Other income
Net
(net).—V.
Inc. (& Subs.)—Earnings—
leasehold, eq.,
Years End. Dec. 31—
28.336,752 29,103.586
1,182,135
943,979
iated companies
Prov
for contingencies.
$19,354,026 $18,177,597
5,571,593
5,341,152
3,833,617
3,484,296
non-operating
Total-
deprec. on all
expense.
Profit
Virginia Electric & Power Co.—Earnings—
a
100
932,419
Prov. for invest, in affil¬
Virginia Coal & Iron Co.—50-Cent Dividend—
—
&
property.
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 1 to holders of record Feb. 19.
Previously regular
quarterly dividends of 25 cents per share were distributed. In addition, an
extra dividend of $1.5Q was paid on Dec. 15, last, and an extra of $1 was
paid on Nov. 15, 1939.—V. 149, p. 4189.
'
100
f7,450
752,679
__
surplus.__
Nov. 26, *38 Nov. 27, '37 Nov. 28, '36
$9,842,853 $10,423,603 $11,828,663 $11,034,254
6.761,356
7,828,333
7,500,061
6,206,112
Amort, of film costs.
Interest,
dividend of 10 cents per share in ad¬
revenues
Com. stk. cl. B_
Nov. 25, '39
Operating profit.
149, p. 4045.
stock, both payable March 1 to holders of record Feb. 15. Similar amounts
have been distributed in preceding quarters.—V. 149, p. 3732.
12 Months Ended Dec. 31—
contlngs._
208,462
212,161
7% pief.stock
25,580,^00 25,600,800
d Com. stk., cl. A_
82,976
82,975
28,336,752 29,103,586
—
Warner Bros. Pictures,
628,843
...
dition to the regular quarterly dividend of 50 cents per share on the common
Operating
Res. for
7.595,000
7,595,000
4,812,500
Co.—Extra Dividden—
Feb. 2 declared
on
39,044
731,279
For future deliveries,
Amort.
Vick Chemical
Directors
7,452
731,279
in 1939 and
no par
bonds
After reserve for depreciation of $289,468.—V,
500
—
Rec'd fr. vendors
b After reserve for depreciation of $18,578,116
$17,680,213 in 1938.
c Amounts received from vendors with
respect to processing taxes in suspense,
d 82,975 shs. of no par value,
e 500,000 no par shares,
f Being excess of par value over cost of company's
preferred stock purchased in 1939.—V. 149, p. 4046.
a
11,500
—
13
Total
payable
Misc. accr'd liabll.
c
111,127
(coll.) 5%
mtge.
on
Capital surplus.
189.775
Capital stock (962,500
shs.)
Capital surplus
Earned surplus
5,272,284
Deferred charges
—
notes
Earned
Jan. 2, 1940
Censos..
534,661
taxes
Accrued Interest
e
First mtge. bond int. payable
17,761
196,110
271,245
Accrued
42.323
Res. for Cuban profits tax A
U. 8. income tax...__
colonos'
414,602
122,351
int., ins.,
and wages payable
accounts
121,208
106,729
228,497
and
trade-marks____
149,924
1,098,746
A
cane
$115,197
_,
412,389
Other investments
x
Prop, and plant. 15,377,396
463,608
Goodwill, patents,
Deferred chaiges..
General accounts payable
Res. for sugar and molasses
509,12 ">
212,497
16,180,705
b
Liabilities—
on
500.000
—
Est'd Fed'l taxes-
20.983
Invest'tfl (at cost).
$
to
Accounts payable.
Salesmen's deposits
980,875
13,200
Cash In closed bks_
96,250
—
Cash in banks and
637,599
Dec. 31 *38
$
payable
banks.
2,930,078
purch. contract.
111,127
$501,050
Common dividends
hand
Accts. ree'le (net).
aAdvs.
on
mat'l
192,630
'___
Provision for Cuban profits tax and United States income tax__.
Net profit for the year
Liabilities—
Cash in banks and
146.256
Other interest
Dec. 30 '39
Assets-
54.711,813
3,760,211
Expenses of producing, manufacturing, &c
Pro vision for depreciation
Interest on first mortgage (collateral) 5% convertible bonds
123,610
preferred stock of Ward Baking Corp. until merger, and
b Includes Ward Baking Corp. which was
merged with Ward Baking Co. on Dec. 5, 1938.
produced
Profit realized on liquidation of 1937-1938 crop sugar and molasses
(net).
Sub.)—Earnings—
Consolidated Income Account for Stated Periods
Net sales.
of the
will
'
■
i
Period—
Earned per share.
$32,414
$1.30
$34,902 loss$l41,227
$1.40
loss$5.65
$42,900;
(unsecured),
$10,580; accrued
due
contended that the Federal Supreme Court in
held that the "reproduction cost new' theory is not
principle under Federal constitutional law.
As a counterclaim, the telephone company argued that the commission s
rate ruling, in addition to being confiscatory, was made without a proper
or fair hearing and in violation of the due process clause of both the State
and Federal constitutions.—V. 147, p. 3032.
various decisions had
(secured), $3,060: securities lent,
customers
$6,538; common stock (25,000 no par shares),
$138,000; total, $1,950,192.—V. 149, p. 2385.
other taxes,
Western Auto
1939
Month of January—
_nf.
Sales
1939
$2,368,000
(Including Domestic and
Profits
off.
1937
1936
x$316,997
x$364,226
29,213
x$392,073
28.749
49",797
74,458
3,500
64,568
4,000
4,000r
844
727
58,000
53,000
$226,729
$175,607
83,601
50,829
~$212J17
50,829
48,287
$41,177
587,298
$80,829
506,469
$77,253
429,216
$720,774
8628,475
$587,298
Total income
$196,434
*3,601
35,580
$92,299
628,475
Net income
Interest, &c
$506,469
83,601
dividend
Common dividend
...
Costs and expenses.
Depreciation
3,925,283
310,102
159,549
4,200,000
300,000
152,948
4,190,000
3,712,323
144,755
185,7.30
4,130,000
210,000
300,000
29.310,353
23,288,663
28,584,944
23,288,666
33,176,509
23,288,670
32,624,988
23,288,671
6,021,690
5,296,278
9,887,839
9,336,317
$3.02
$2.95
...
Foreign exch. loss (net).
Federal tax
Balance, surplus
Previous surplus
Profit & loss surplus..
Earns, persh. on 16,943
x
com.
$77 in
and
undistributed
Common dividends
^
Surplus..
Net earn.per sh.on com.
stock (par $10) *
1936.
Balance Sheet Dec. 31, 1939
hand
a
After depreciation and including
p.
„
Inventory (merchandise, &c)
Stores, supplies, &c
Prepaid insurance and sundry items
1,358,016
©612,631
815,497
310,139
Total.
241 ,321,765 229.614,592
-
.
Liabilities—
Common stock
448.
10,000,000
2,480,850
1,482,045
9,344,866
in transit
Accounts payable and accruals
Accrued interest on debentures
Westinghouse Air Brake Co.—Dividend Doubled—
Reserve for taxes
Directors have declared a dividend of 25 cents per share on the common
Other
35-Cent Div.
5,168,286
137,500
4,433,117
27,600
600,000
137,500
5,386,747
—
Mortgages payable, current
Reserve for foreign exchange losses
Reserve for employees' benefits.
payable March 15 to holders of record Feb. 15.
Previously regular
quarterly dividends of 12H cents per share were distributed.—Y. 149,
p. 3281.
stock
97,500,000
10,000,000
2,532,825
97.500,000
10-yr. 3% sinking fund debentures
Purchase money mortgages.
Accounts payable, merchandise
non-operating income (net).—V. 150,
Westvaco Chlorine Products Co.—To Pay
1
f53,590,999 d52,352,798
22,492,691
22,620,077
713,733
563,400
42,478,702
47,459,023
1,006,116
1,063,360
....—
Accounts and other receivables
545,387
196,566
Balance for dividends and surplus
a
Cash.
$2,216,351
476,632
150,452
46,716,838
37,003,646
50,265,831
39,662,031
1
-
German Government bonds
$2,129,988
$
24.879,419
leased
on
Investments
1938
1939
12 Months Ended Dec. 31—
improvements
&
Furniture and fixtures
Goodwill
(& Subs.)—Earnings—•
Balance for interest
owned
premises to be amortized
c
$80,000; accounts and bills payable, $654,590;
provision for Dominion and Provincial income taxes, $100,410; dividends
payable, $33,607; dividends previously declared and still
unclaimed,
$2,057; amount owing to subsidiary companies, $290,000; reserve for con¬
tingencies, $100,000 ; 7% cumulative preference stock (par $100), $1,194,300: common stock (16,943 no par shares), $1,022,863; earned surplus,
$720,775; total, $4,198,602.—V. 149. p. 2386.
Liabilities—Bank loans,
a
Real estate and buildings owned
b Buildings
$4,198,602.
Operating revenues
1938
$
24,971,406
Assets—
sundry debtors, $27,264; customers deposits, $4,951; mer¬
$14,952; investments, $1,227,487;
land, plant and equipment (at cost less depreciation), $760,116; total,
chandise, $1,358,794; prepaid expenses,
Western Public Service Co.
$3.35
$3.40
1939
and
chandise
i
Consolidated Ba lance Sheet Dec. 31
and in banks, $54,817; customers' accounts re¬
ceivable (after providing for possible losses), $750,220; advances on mer¬
on
profits.
Net income..
$8.44
stk. (no par)
Assets—Cash
134", 121
4,310,000
Pro v. for Fed. surtax on
$5.43
$7.62
$6.66
Including dividends received of $11,603 in 1939, $72 in 1937 and 1938
shs.
3,486,520
4,287,153
impts. on leased prop.
Interest.
321,377
.330,025,617 317,034,344 318,799,887 304,304,612
289,039,363 277,514.450 275,281,700 261,666,736
2,366,719
1,958,869
1,782,247
2,719,096
&
Amortization—bldgs.
83,601
4,957,503
7,951,392
3,874,677
9,148,114
265,236
2,848,680
8,861,603
307,828
1,506,638
8,833.011
107,108
foreign subs
55,000
916
Income tax
of
earns,
Income from sec. owned.
3.431
70,000
Legal fees
__
Undistributed
38,852
36.725
57,631
4,000
.
-
Executive salaries. .;
Directors fees paid
318:839,664 304,304,742 304,774,656 290,386,936
687,404
737,204
739,196
711,492
Net rental income..
1938
27,154
Depreciation
Land not used, writ.
Net sales
Ltd.—Earningx1939
x$402,759
Years—
1936
%
1937
$
1938
$
$
Western Grocers.
Calendar Years
Canadian Subsidiaries)
1939
289.
—V. 150, p
$19,652,646
$20,512,002
...
Consolidated Income Account for
1940
S3,206,000
-
-
-
Colendar
W.) Woolworth Co.—Sales-
(F.
$709,000;surplus,
,
Supply Co .—Sales—
Month of January
Sales
the correct
and bonuses, $25,114; provision for Federal and
expenses
1940
10,
The service commission
1939
Balance Sheet Dec. 31,
Assets—Cash, $148,657; inventory, $1,721,965; accrued interest receiv¬
able, $16,541; due from customers (secured), $29,644: accounts receivable
(unsecured), $1,051; bid deposit, $10,000; furniture .fixtures and automo¬
biles, $11,289; prepaid expenses, $11,043; total, $1,950,192.
Liabilities—Note? and drafts payable (secured), $1,024,000; loans payable
Preferred
Feb.
The Commercial & Financial Chronicle
1010
28,020
376,819
100,000
—
100,000
g6,000,000
reserve
108,484,917 109,115",265
Surplus
Directors have declared an extra dividend of 35 cents per share on the
common
stock, payable March 1 to holders of record Feb.
10.
Total
Previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition, an extra dividend of 60 cents was paid on Dec, 1, last, and an
extra of 25 cents on 8ept. 1, last.—V. 149, p. 3281.
depreciation reserve of $4,210,190 in 1939 and $3,868,564 in 1938.
1938. c After
depreciation of $12,027,103 in 1939 and $11,642,140 in 1938.
d Includes
majority holdings in stock of F. W. Woolworth & Co., Ltd., England,
$39,080,646: (market value) $208,894,899 inves'ment inF.W. Woolworth
& Co., G.m. b. H., Germany, $11,662,250; mortgages receivable $1,404,267
and other securities—cost, less reserve $205,633.
e Includes restricted
funds,
f Includes majority ordinary shares of F. W. Woolworth & Co.,
Ltd., England, $40,587,325 (market value $189,633,559), majority interest
in F. W. Woolworth Co.,G.m.b. H., Germany, $11,473,859; mortgages
receivable $1,33,3,054 and other securities $196,761.
g Reserves for intestment of F. W. Woolworth Co., G. m. b. H., Germany.—V. 150,
p.
138.
Wheeling & Lake Erie Ry.—Pref. Stock Offered—Smith,
Barney & Co. and Blyth & Co., Inc., New York; Havden,
Miller & Co., Merrill, Turban & Co., Hawley, Huller &
Co., and MeDonald-Coolidge & Co., Cleveland, on Feb. 1
offered 21,500 shares of 53^% cumulative convertible pre¬
ferred stock at $99 per share.
The offering does not repre¬
sent new financing.—V. 150, p. 858.
Wisconsin
..241,321,765 229,614,592
-
.
After
a
b After amortization of $4,287,153 in 1939 and $3,925,283 in
Sheet & Tube Co. (& Subs.)—Earnings
Youngston
Calendar Years—
Telephone Co.—Wins Rate Case—
yl939
.$14,904,337
1,588,363
from operation
Other income.
x
Upholding this company, the United States Supreme Court on Feb. 5
denied the Wisconsin Public Service Commission a review of a decision by
Supreme Court setting aside the rate reduction order by the
commission directing the telephone company to reduce its rates by 8%.
The State Supreme Court had invalidated the order on the grounds that
the rates established would not give the company a reasonable return on the
Profit
1938
1937
$9,193,924 $24,328,816
1,438.470
1,993,408
the Wisconsin
Total income
.............._.$16,492,700 $10,632,394 $26,322,224
Other charges
853,375
1,574,831
4,487,444
Interest....
3,739,602
3,085.565
2,694,266
Depreciation and depletion
6,895.239
6,630,932
6,949,866
'
fair value of its property.
high court review, the State's Public Service Com¬
that the State court erred in adopting the "reproduction
principle in developing a rate base.
The State court, while
expressing some disagreement with this principle, took the position that
this was made mandatory under Federal court decisions.
In
its petition for
Net profit.......
mission argued
cost
z
new"
Earnings
x
After
1,675,008
per
$5,004,484 loss$658,934 $12,190,648
$2.49
Nil
$6.79
share
Federal income taxes,
&c.
y Preliminary,
shares of common stock.—V. 150, p. 138.
expenses,
no
par
The Commercial Markets and the
z
On
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY
GOODS—WOOL—ETC.
*
•
American producing
COMMERCIAL EPITOME
countries restricted interest in coffee.
Santos contracts, here, were
fteb. 9, 1940
Friday Night,
Coffee—On the 3d inst. futures closed 4 points net
for
all
deliveries
in
confined to Mar.
respectively.
Actuals
There
were
spot price of Rio 5s
10 kilos.
were
Santos
was
sales
afloat
and
in
were
the
news
all in the
of real in¬
In Brazil the
100 reis higher at 16.40 milreis per
Arrivals at New York, according to latest
931,634 bags.
stock
Afloats
were
Brazilian
figures,
414,300 bags and
coffee
Receipts at Santos ports
and stock 2,081,000 bags.
1
little in
quiet and unchanged.
was
5,600 bags from Brazil.
totaled
The
contract.
higher
May positions at 6.20c. and 6.25c.
Transactions totaled only 4 lots,
Santos contract.
terest.
the
and
were
amounted
to
14,000 bags
On the 5th inst. futures closed
point net lower for the Santos contracts, with sales totaling
11
lots.
A Lundi Gros
dull trading
very
holiday in Brazil and other Latin
up
unchanged to 1 point lower in
There
early afternoon.
to
change of consequences reported for actuals
was
extremely slow, due to the holiday.
will be
will
be
closed tomorrow—Mardi
observed
Wednesday.
closed unchanged to 1
point higher.
other
Central
brought trading to
and
a
6th
half holiday
a
inst.
South
American
coffee
totaled 5,000 bags up to early
Switches, mostly from Mar.,
afternoon.
Mild coffees
steady, with 9c. asked for first hand Manizales.
small percentage
New
on
were
While only
of the coffee imported into the port of
York passes through
figures
countries,
slow pace in actuals and also
very
restricted interest in futures.
a
futures
Sales totaled 64 lots,
The religious holiday in Brazil
all in the Santos contract.
and
no
Brazilian markets
Gras—and
On the
was
and business
these stocks
are
licensed public warehouses, the
important indicators of the trend
Volume
The Commercial &
150
Financial Chronicle
of
supplies.
Such licensed warehouse stocks of Brazilian
coffee have been decreasing steadily since the middle of Dec.,
and stand
Dec. 19.
today at 178,277 bags against 209,472 bags on
On the othei hand slocks of "other than Brazilian
growths" have shown
since Dec.
298,242 bags, against 213,275 as Nov.
started.
On the 7th inst. futures closed 1 point net lower,
with sales totaling only 2 lots in the Santos Mar. contract.
With the holidays in South America still being observed,
coffee futures were dull.
Santos contracts were 2 points
higher, with Mar. at 6.22c.
There was nothing new from
Brazil.
From Colombia came reports that Russia was seek¬
ing 100,000 bags of Colombia coffee.
It was presumed that
this, if bought, would be for Germany, but no one was in a
position to deny or confirm this story.
The question, now
old, of just how long American roasters can stay out of the
market is still being debated.
1
and
On
the
lower.
constant weekly rise ever
a
total
now
inst.
8th
The market
closed nominally 2 cents net
completely devoid of activity. The
futures
was
lack of business reflected
the restricted interest in
actuals
using the exchange for hedging purposes.
Some business in Central American coffees was passing and
at somewhat higher prices than recently quoted, which re¬
flected buyer resistance to recent advances in asking prices
of Colombian grades.
Today futures were again unchanged,
with no transactions reported.
Nothing was done in coffee
futures as buyers and sellers were still apart on price and
neither side appeared willing to make a concession.
Busi¬
ness in actuals, stalled by the pre-Lenten holidays, has still:
failed to amount to anything substantial.
Mild coffees,
especially the choice lots, are fully steady, while Brazilian
offers remain in the same range as has prevailed since early
November.
The last three months, for Brazils, if not for
other growths, have been about the longest period in recent
years during which prices have remained virtually unchanged.
It has also been a period of extremely dull business, as roast¬
ers used stocks earlier bought.
the
among
groups
Rio coffee
prices closed
March
J.
as follows:
3.701
Santos coffee prices closed as follows:
March
...
_
.
_
_
_
_
_
_
May
July
_6.16
September.,..
6.20 December
6.24
6.27
_
6.33
Cocoa—On the 3d inst.
futures closed I to 2 points net
light, with transactions totaling
79 lots, or 1,059 tons.
The trading consisted largely of
exchanges, with spreads again tending to widen slightly.
Fifteen Mar. contracts were switched into Dec. at 39 points,
while the Mar .-Sept. differential widened to 27 points.
Prices for the week ended today (Saturday), showed a net
lower.
Trading
loss
from
of
was
10
to
very
14
points.
Liquidation of the Mar.
more rapidly
than
the
distant deliveries.
Local closing:
Feb., 5.08;
Mar., 5.19; May, 5.28; July, 5.37; Sept., 5.46.
On the
5th inst. futures closed 2 points higher to unchanged.
Transactions totaled 212 lots.
Mar. liquidation continued
position resulted in the nearby months easing
dribble into the
cocoa market with the result that
prices
points, with Mar. quoted this afternoon at
5.17c., off 2 points.
In addition to liquidation, there was
switching out of Mar. into deferred months.
The open
position in Mar. still is quite large—about 2,000 lots. Feb.
23 will be first notice day.
Until Mar. is cleared up, un¬
certainty will surround the market, it is believed.
Primary
offerings continue small.
Warehouse stocks increased 700
bags over the week end.
They now total 1,061,758 bags.
A year ago the total was almost the same—1,003,320
bags.
Local closing: Mar., 5.20; May, 5.30; July, 5.38; Sept.,
5.47; Dec., 5.59.
On the 6th inst. futures closed 1 point off
to unchanged compared with
previous finals.
Transac¬
tions totaled 289 lots.
After an early decline of 4 to 6 points,
due to continued Mar. liquidation, the cocoa futures market
rallied, to stand about unchanged during early afternoon
to
eased
'
on
1
to
2
turnover
a
Street
to
that
buying made its
several weeks.
time
of
200
appearance
Manufacturers also
lots.
for
Scattered
the
first
Wall
time
in
the buying side.
Most of the holders of Mar. contracts prefer to switch into
deferred options rather than lose their position.
The open
were on
interest in Mar.
today still was 1,953 lots, with first notice
day due Feb. 23.
Warehouse stocks increased 5,100 bags.
They now total 1,066,419 bags as compared with 1,006,320
bags a year ago.
Local closing: Mar., 5.19; May, 5.29;
July, 5.37; Sept., 5.46; Dec., 5.59.
On the 7th inst. futures
closed 1 to 2 points net lower.
Transactions totaled 252
lots.
Trading in cocoa futures was quiet and almost feature¬
less.
Further scattered liquidation was done in the Mar.
position with the result that prices lost 2 to 3 points with
Mar. going to 5.17c.
However, the undertone was steady.
The turnover to early afternoon was 98 lots.
Warehouse
stocks increased 180 bags to a total of 1,066,590 bags com¬
pared with 1,010,819 bags a year ago.
A cable reports
that the Bahia Institute's figures show total arrivals of
cocoa from May through
Dec. were 1,684,000 bags against
1,785,000 bags a year ago.
The Institute comments that
forecasts of smaller arrivals have been realized.
call for
Forecasts
about 25% smaller than at first indicated.
That would mean a yield of around 2,000,000 bags, it is
said.
Local closing: Mar., 5.17; May, 5.27; July, 5.36;
Sept., 5.45.
On the 8th inst. futures closed 1 to 2 points net lower.
Transactions totaled 629 lots.
Trading in cocoa futures
picked up as a result of heavy operations, in the March
now
a
crop
1011
position.
During early afternoon prices were 2 to 3 points
lower with March selling at 5.15 cents a pound.
Sales to
that time totaled 416 lots, of which about 80% consisted of
switching operations. A big manufacturer was credited with
transferring his interest out of March into later positions.
The trade expects big tenders of cocoa on first March delivery
day on Feb. 23. The open interest in March still is 1,789
lots despite the heavy liquidation and switching that has
been going on.
Warehouse stocks increased 26,700 bags to¬
day.
Local closing:
March, 5.6; May, 5.25; July, 5.35;
Sept., 5.43.
Today futures closed unchanged to 1 point
net higher.
Transactions totaled 195 lots.
Cocoa futures
were
steady today.
Prices at,one time advanced 2 to 4
points, with March going to 5.17, May to 5.28 and July to
5.38 cents respectively.
Trade and dealer buying was a
little more active, influenced it was said, by the rapidity
with which March liquidation is being conducted.
Newsupport was encouraged by better foreign demand for Ian
commodities, leading to the belief that some cocoa export
trade might be worked.
Warehouse stocks increased 21,400
bags, due to arrival of a cargo from West Africa. They total
1,114,650 bags vs. 1,008,541 bags a year ago. Local closing:
March, 5.16; May, 5.26; July, 5.35; Sept., 5.44; Dec., 5.56;
Jan., 5.61.
Sugar—On the 3d inst. futures closed unchanged to 1
point net higher for the domestic contracts.
Transactions
totaled only 42 lots, about half of which were switches from
Mar. to Sept. at 15 and 16 points.
The actual market for
raws was quiet.
Refiners would pay the last price of 1.90c.,
but sellers were asking 1.93c., although on a bid the price
could be shaded 1 and possibly by 2 points. At the equivalent
duty paid basis of 2.80c. Godchaux late on Friday bought
1,000 bags of Louisiana raws.
At the week-end 78 mills
were grinding in Cuba against 100 a
year ago at the same
time.
The movement in refined sugar was slow against the
4.50c. guaranteed contracts which expire on June 30.
On
the 5th inst. futures closed 1 point net lower to unchanged
for the domestic contracts, with sales totaling 302 lots.
The
world sugar contract closed unchanged to 1 point higher,
with sales totaling 170 lots.
The sugar^markets were gen¬
erally steady. The domestic futures were a point higher in
quiet trading during early afternoon. The trend of the raw
market is the determining factor.
Both buyers and sellers
were hesitating today after last week's
drop of 5 points to
2.80c.
Refiners were reported willing to pay that price.
Known offers included Feb. shipment Puerto Ricos at 2.83c.
and prompt Cubas at 1.95c., equivalent to 2.85c. duty paid.
It is said that raws are not pressing on the market.
In the
refined market a substantial quantity of business submitted
last month has not yet been confirmed, it was said. Eightyfive Cuban mills, slightly more than half of the total, have
begun grinding the Cuban cane crop On the 6th inst. futures
closed unchanged to 2 points net higher for the domestic
contract, with sales totaling 201 lots.
The world sugar con¬
tracts closed 2 points to Yi point net lower, with sales totaling
only 29 lots. A rise of a point in the raw sugar market late
yesterday was reflected in higher domestic futures prices
today. The sale of raws referred to, was made at 2.81c. a
pound. Futures today responded with sales of May at 1.93c.,
also up 1 point.
Trade and producer interests were credited
with covering.
In the raw market offers were liberal, but
refiners were indifferent.
Sellers wanted 2.83c., while re¬
finers were believed willing to pay 2.80c.
From Cuba came
word that 102 mills are now grinding sugar cane.
In the
world sugar market contracts were dull and % to 1 point
lower, with May selling at 1.52c. It is now believed that the
British Government wants additional Cuban sugars, but that
no agreement has been reached on price.
Yesterday it was
disclosed that the United Kingdom had bought 42,000 tons
at 1.50c. a pound.
On the 7th inst. futures closed 1 to 2
points net higher for the domestic contract, with sales totaling
The world sugar contract closed y2 to 1 point net
270 lot3.
higher, with sales totaling 66 lots.
Sugar markets were firm.
higher during early after¬
noon on continued covering in the face of only light offering,
with May at 1.94c., up 1 point.
Raw sugar was quiet. It
was said that a cargo of prompt Cubas was offered at 1.95c.
a pound, but refiners were not interested above 1.90c.
It is
estimated that 25,000 tons of Philippines are afloat to this
country unsold.
They will begin to arrive soon.
However
no pressure from that source was noted.
Refiners were re¬
ported to be confirming most of the business recently sub¬
mitted to them.
In the world sugar market prices were
steady, with trading light.
On the 8th inst, futures closed unchanged to 1 point net
The domestic list was 1 to 2 points
lower for the domestic contract, with sales
totaling 236 lots.
world sugar contract closed 2 to 4 points net higher,
with sales totaling 236 lots.
Trading in domestic sugar
The
unusually active, but was so evenly balanced
unchanged after a turnover
of 10,000 tons.
While it was assumed that something had
been done in the raw sugar market, no sales were confirmed.
Raws were offered at 2.85c. and refiners were reported willing
futures
was
that this afternoon prices were
to pay
2.80c.
In the refined market
as
refiners confirm
more
business it is becoming apparent that legitimate
trade needs until the end of June are being covered on a
and
more
basis of $4.50
a hundred pounds.
In the world sugar market
prices advanced 2 points with Mar. at 1.57c.
Producers
were light sellers
vitb the result that buyers were forced to
bid the market up to obtain even a limited quantity of sugar.
The Commercial & Financial Chronicle
1012
The basis of the market's strength was believed to be rumors
that Great Britain is dickering for additional quantities of
Cuban sugar.
Today futures closed unchanged compared
with previous finals in the domestic contract.
The world
sugar contract closed lA to 1 point down. Trading in sugar
futures slackened but prices were steady.
Domestic futures
unchanged during early afternoon, with May selling
1.94c., the previous day's final bid.
The raw sugar
market was quiet.
It was said that a cargo of prompt.
Cubas, offered earlier in the week, had been withdrawn.
Cubas for Feb. and Mar. shipment were offered at 1.95c. a
pound.
Puerto Ricos were offered at 2.83 and 2.85c. for
Mar. shipment. Shipments of Puerto Rican sugars this year
have been slow.
Refiners were said to be willing to pay
2.81c., but showed no eagerness to buy even at that price.
It is estimated that fully 125,000 tons of Philippines sugars
are afloat for this country and due to arrive within the next
six weeks or so.
In the refined sugar market withdrawals
continued in a routine way.
The world sugar market was
steady, unchanged to 1 point higher.
were
at
Prices closed
follows:
as
March
—
September
1.94 January
2.00
...
-
..
2.03
2.01
—
United States Exports of Refined Sugar in 1939
Increased
100% Over 1938
Refined sugar exports by the United States during 1939
totaled 111,211 long tons, as contrasted with 55,202 tons
during 1938, an increase of 56,009 tons or a little over 100%,
according to Lamborn & Co.
The 1939 exports are the
largest since 1934 when the shipments amounted to 121,840
tons.
The firm's announcement added:
The refined sugar exports
during 1939 went to more than 70 different
countries, while in the previous year over 60 countries were included in the
list.
The United Kingdom topped the list in 1939 with 22,467 tons, being
followed by Norway and Finland with
tively.
18,374 tons and 13,437 tons
respec¬
In 1938 the United Kingdom with 31,735 tons also headed the list,
while Panama and Holland with 4,409 tons and 3,253 tons, respectively,
f
followed.
the
Lard-—Op
3d
inst.
futures
closed
unchanged to 7
The opening range was unchanged to 2
Trading was light and fluctuations very
narrow.
There was little feature to the trading.
The hog
market was quiet today, with scattered sales ranging from
$5 to $5.35.
Western hog marketings totaled 17,900 head,
Chicago
against 10,200 head for the same day a year ago.
expects 25,000 head tomorrow and 100,000 head for the
entire week.
On the 5th inst. futures closed 2 to 7 points
net higher.
The early range of prices was 2 to 5 points net
points higher.
points higher.
lower.
There
was a
further decline from these levels.
This
followed by a rally of 5 to 10
points from the lows of the
little feature to the trading, though
the market was fairly active.
Hog receipts at Chicago
today totaled 35,000 head, which was 10,000 more than
expected. Western hog receipts today were 111,700 head,
against 67,000 head for the same day a year ago.
Hog
prices at Chicago closed 5 to 10c. higher.
Sales ranged
irom $4.60 to 5.60.
On the 6th inst. futures closed 2 to 7
points net lower.
The extreme decline for the day was 10
points.
The market ruled heavy during most of the session,
with trading relatively light.
There was nothing in the
news of real interest.
Lard shipments as reported from
New York today were 120,000 pounds, with the destination
"Europe." Hog sales at Chicago were scattered and ranged
from $4.50 to $5 55.
Western hog marketings were fairly
heavy and totaled 89,300 head, against 54,000 head for the
same day last year.
On the 8th inst, futures closed 12 to 15 points net higher.
The outstanding news item was the report that Finland was
inquiring for 10,000 tons of American lard, with about half
the order being filled to date.
The latter news influenced
considerable new buying for speculative account in lard and
was
There
day.
as
a
was very
result of this demand the active deliveries
rose
12 to
15 points
above previous final quotations. For the past two
days there have been no export shipments of American lard
reported from the Port of New York, Western hog receipts
as reported today were 77,000 head, against 45,500 head for
the same day a year ago.
Receipts at Chicago totaled 20,500
head and sales were reported there during the early part of
the day at prices ranging from $5.25 to $5.55. Today futures
closed unchanged to 2 points net higher. Trading was dull
and without particular feature. Curtailed receipts lifted hog
prices as much as 10c. today in a fairly active market.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
March-
-
May
July
September-——
October—
—
,. —
—
-
— — — -
Mon.
Tues.
6.17
6.22
6.20
6.22
6.35
6.35
6.37
6.57
6.72
6.77
6.42
6.60
6.80
6.35
6.52
6.72
6.80
6.37
6.57
6.75
6.50
6.70
6.90
6.50
6.70
6.90
6.80
6.95
6.97
6.85
Wed.
Thurs.
Fri.
Pork—(Export), mess, $17.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
Meats: Pickled Hams: Picnic, Loose, c.a f.—4 to 6 lbs.,
9%c.; 6 to 8 lbs., 9%c.; 8 to 10 lbs., 9%c.
Skinned, Loose,
c.a.f.—14 to 16 lbs., 15%c.; 18 to 20 lbs., 15c.
Bellies:
Clear, f.o.b. New York—6 to 9 lbs., 1234<l; 8 to 10 lbs.,
11 %c.; 10 to 12 lbs., 10 %c.
Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 6%c.; 18 to 20 lbs., 6%c.; 20 to
25 lbs., 6%c.; 25 to 30 lbs., 6%c.
Butter: Creamery: Firsts
to Higher than Extra and Premium Marks:
27A to 30%c.
Cheese: State, Held '38, 21 to 22c.; Held '39, 20 to
2034e.
Eggs: Mixed Colors: Checks to Special Packs: 21% to 27 %c.
10,
OiU—Linseed oil remains dull at 9.9c. for tank
1H0
quanti¬
Quotations: China wood: Tanks, "regular" trade—bid; Independent nearby drums—28 bid nominal; Futures
—26 bid.
Coconut:
Crude, Tanks—.0334 bid; Pacific
car
ties.
26
Coast—.02% bid.
.06 bid nominal.
Crude, West, tanks, nearby—-
Corn:
Olive:
Denatured:
Drums, spot, afloat—
Soy Bean: Tanks, West—.05% to .0534; New
York, I.e. 1., raw—.075 bid. Edible: Coconut, 76 degrees—
.09% Lid.
Lard: Ex. winter prime—9% offer; strained—
834 offer. Cod: Crude, Norwegian, dark filtered—64 offer;
light—70 offer.
Turpentine: 41 to 43.
Rosins: $6.15 to
95 to 97.
$7.60.
Cottonseed Oil
contracts.
sales, yesterday, including switches, 177
Crude, S. E., val. 6.
Prices closed as follows:
February
March—
—
—
April
May——
June
7.00®
n
7.01® 7.04 July
August
7.06® n
7.14® 7.16 September------
-
7.19®
n
7.24® 7.25
7.29@ n
7.33®
——
Rubber—On the 3d inst. futures closed 4 points
to
2
points lower.
tons.
1.87
May
July
Feb.
Outside of
Trading
higher
light, totaling only 380
was
trade
switching of the Mar. delivery
little feature to the market.
quiet.
Shipment offer¬
ings from the Far East were light and too high for the local
trade.
Spot standard No. 1 ribbed smoked sheets in the
trade remained unchanged
at 18%c. per pound.
Jan.
rubber consumption in the United States is estimated be¬
tween 50,000 and 52,000 tons.
This compares with a
consumption of 48,428 tons in Dec. and 46,234 tons in
Jan., 1939.
Local closing: Feb., 18.61; Mar., 18.69; May,
18.19; July, 18.01; Sept., 17.83; Dec., 17.62.
On the 5th
inst. futures closed 3 points up to 4 points net lower.
Trans¬
actions totaled 50 lots.
Rubber futures had a generally
steady undertone in sympathy with firm primary markets.
The market was quiet, sales to early afternoon totaling only
350 tons.
New speculative interest in rubber is small at
present, but the outstanding open interest is 3,069 contracts,
of which 1,055 are still outstanding in Mar.
During early
afternoon Sept.. stood at 17.80c., off 3 points and Dec. at
17.50, off 12 points.
Certificated stocks of rubber in
licensed warehouses have decreased somewhat.
They now
total 2,860 tons.
London closed l-16d. lower to 34d.
higher.
Singapore reported the same range.
Local closing:
Mar., 18.72; May, 18.22; July, 18.04; Sept., 17.80; Dec.,
17.58.
On the 6th inst. futures closed 2 to 6 points net
into the
some
May position, there
The outside market
lower.
was
was
also very
Transactions totaled 228 lots.
trading centered
for actuals.
upon
The total
Interest
in rubber
large exchanges of Mar. contracts
was
690 tons out of total transac¬
tions of 1,500 tons to early afternoon.
The exchanges were
believed to represent accumulations by a consumer interest.
Trading in futures was scattered, but prices showed a ten¬
dency to firm up.
During early afternoon May stood at
18.21c., off 1 point; July, at 18, was off 4 points; but Sept.,
at
17.80, was unchanged.
London and Singapore closed
quiet, unchanged to 3-32d. lower.
Local closing: Mar.,
18.70; May, 18.22; July, 17.98; Sept., 17.78.
On the 7th
inst. futures closed 1 to 17 points net higher.
Transactions
totaled 44 lots.
Rubber futures rallied in quiet trading, the
feature of which was the scantiness of offerings.
During
early afternoon the market was 10 to 22 points higher on a
turnover of only 260 tons.
Mar. then was selling at 18.80c.
Dealers and the trade were reported buyers of July, while a
London
dealer firm
was
a
seller
of Mar.
London closed
unchanged to 7-16d. higher.
Singapore also closed firm.
Local closing: Mar., 18.71; May, 18.32; July, 18.10; Sept.,
17.95; Dec., 17.65.
On the 8th inst. futures closed 24 to 15 points net higher.
Transactions totaled 225 lots.
After hesitation at the outset,
prices gained sharply in the rubber futures market, the rise
during early afternoon ranging from 20 to 23 points, with
March selling at 18.94 cents, up 23 points.
Delivery of 290
tons on the Feb. contract was a handicap at the outset.
The improvement here followed the London market where
prices gained 1-16 to 9-16d. because of growing apprehension
over the smallness of stocks in
England. Among the trades
here today were 150 tons exchanged for physical rubber.
Sales to early afternoon totaled 680 lots.
The trade reports
that small factories have been buyers of actual rubber.
Local closing:
March, 19.05; May, 18.55; July, 18.30;
Sept., 18.10; Dec., 17.85.
Today futures closed 15 to 20
points net higher. Transactions totaled 124 lots. Advances
in prices abroad were reflected in higher prices here, with
increased activity in trading.
Trade interests were reported
as buyers of March
against sales of May, while others bought
May but sold July. Inquiry for actual rubber from factory
interests was better.
During early afternoon prices were
21 to 23 points higher, with March at 19.28c., May at
18.76c., and July at 18.51c.
The turnover to that time
was 830 tons.
In London, where scarcity of supplies is a
factor, prices closed 34 to %d, higher.
The Singapore
market was closed.
Local closing;
March, 19.20; May,
18.75; July, 18.46; Sept., 18.25; Dec., 18.02.
Hides—On
the 3d inst. futures closed unchanged to 4
points net lower.
Transactions totaled 2,040,000 pounds.
The opening range was 6 points higher to 2 points lower.
Trading was fairly active, though without any noteworthy
features.
The tone of the domestic spot hide market ap¬
peared a shade improved, though no substantial sales were
recorded.
Local closing:
Mar., 14.05; June, 14.34; Sept.,
14.57; Dec., 14.86.
On the 5th inst. futures closed 17 to 19
Volume
The Commercial
150
points net lower. Transactions totaled 78 lots.
Raw hide
futures ranged from 8 points higher to 9 points lower on the
opening.
Prices eased off somewhat in later dealings, with
transactions totaling 2,240,000 pounds.
During early after¬
noon Mar. sold at 13.91, off 14 points; June at 14.19, off 15
points and Sept. at 14.83, off 19 points. The market weak¬
ened under offerings by trade firms and commission houses.
Local closing: Mar., 13.88; June, 14.17; Sept., 14.40; Dec.,
14.67.
On the 6th inst. futures closed 22 points net higher.
Transactions totaled 120 lots.
Raw hide futures strength¬
ened
10
during the morning trading, after opening 3 higher to
points lower.
Transactions totaled 1.840,000 pounds.
March
sold at
13.90c, up 2 points; June at 14.28; up 11
points, and Sept. at 14.45, up 5 points.
Trade selling
satisfied speculative demand.
Certificated stocks of hides in
warehouses licensed by the exchange decreased by 1,013
hides to a total of 931,558 hides in store.
Local closing:
Mar., 14.10; June, 14.39; Sept., 14.62.
On the 7th inst.
futures closed 1 to 3 points net higher. Transactions totaled
195 lots.
Raw hide futures opened 3 to 12 points lower.
Prices strengthened during the morning on sales of 5,360,000
pounds.
March sold at 14.12, up 12 points, and June at
14.40, up 1 point. Certificated stock of hides in warehouses
licensed by the exchange decreased by 3,185 hides to a total
of 928,373 hides in store.
6,000 hides sold at steady prices
in the Chicago packer market.
Local closing: Mar., 14.11;
June, 14.41; Sept., 14.65.
On the 8th inst. futures closed 15 to 20 points net higher.
The strength of hides today was attributed largely to the
sharp upward-movement in the securities market. Opening
prices showed losses ranging from 3 to 11 points, but the list
worked steadily higher in spirited trading.
Transactions
totaled 10,000,000 pounds.
Certificated stocks of hides in
warehouses licensed by the exchange decreased by 5,462
hides to a total of 922,911 hides in store.
Local closing:
March, 14.31; June, 14.56; Sept., 14.85; Dec., 15.06.
Today
futures closed 4 to 6 points net lower, with sales totaling
281 lots.
Raw hide futures opened 9 to 1 point higher.
Prices held firm during the morning on sales of 7,600,000
pounds.
March sold* at 14.35, up 4; June at 14.65, up 9;
and Sept. at 14.90, up 5.
In the domestic spot markets
sales-amounted to about 8,000 hides, including light native
cows, Jan .-Feb. take-off, at 1334c.
Calfskins sold at ad¬
vances
of Yie. a pound.
Local closing:
March, 14.27;
June, 14.52; Sept., 14.79; Dec., 15.01.
Ocean Freights—A fairly large amount of tonnage was
reported as chartered during the early part of the week.
Charters included:
Grain: Atlantic range to
Denmark, Feb.-
Mar., no rate given.
A steamer, River Plate to Antwerp,
Feb., $23 per ton.
A steamer, River Plate to Antwerp,
Feb.-Mar., $24 per ton. Grain Booked: Three loads New
York to
Antwerp, prompt, 65c. per hundred pounds.
Two
York to Antwerp, Mar., 65c per 100 pounds.
Time: Three to six months general trading, delivery New
York Mar. 10-20; $4.25 per ton.
Round trip East or West
Coast South American trade; option round trip
transAtlantic trade neutral trading, Feb. 23 24; $4 per ton.
Four
to six months general trading, Feb. 15 canceling; $3.75 per
ton.
Delivery Hatteras, redelivery Far East, Feb., $5 per
ton.
Trip up, South Africa to North of Hatteras, Feb.,
loads
New
$5 per ton.
Coal—Tnere
situation the
were
no
unusual
developments in the coal
the change in the weather being
reflected in a slight falling off in demand.
The National
Coal Association, from incomplete carloading reports from
the railroads, estimates bituminous coal production in the
United States for the week ended Feb. 3d. as approximately
past week,
10,300,000 net tons. Production for the corresponding week:
1939, 8,138,000 tons; 1938 7,709,000 tons.
Percentage of
change: 1939, increase 26.6%; 1938, increase 33.6%.
The
report of the bituminous coal division of the Department of
,
unchanged.
The price of crack double extra silk in the New
York spot market advanced 134c- t? S3.27 a pound.
The
Yokohama Bourse closed 29 yen higher to 31 yen lower.
Spot grade D silk was 40 yen higher at 1,820 yen a bale.
Local closing: No. 1 Contracts: Apr., 3.05; May, 3.0334;
July, 2.96; Aug., 2.94.
On the 6th mst. futures closed 3 to
7 points net higher.
Transactions totaled 20 lots.
Prices
were firm in the silk futures market on comparatively light
sales.
and speculative demand for contracts was
In early afternoon sales totaled 170 bales, all
1 contract.
May stood at $3.12, up 834c., and
Trade
reported.
No.
on
In the uptown spot market
advanced 3^c. to $3.2734lower to 44 yen higher.
Spot grade D silk, however, declined 35 yen to 1,785 yen a
bale.
Local closing: No. 1 Contracts: Mar., 3.12; Apr.,
3.09; May, 3.09)4; June, 3.06; July, 3.03.
On the 7th
inst. futures closed 234c. to 834c. net lower.
Transactions
totaled 62 lots, all in the No. 1 contract.
Liquidation and
selling by Japanese interests were reported in the raw silk
futures market, with short covering offering the principal
support.
Prices were weak, losses of 7 to 834c. being regis¬
tered on a turnover of 420 bales, all in the No. 1 contrae*
Tenders of 230 bales in the Feb. No. 1 contract were posW
making a total of 490 bales so far.
The prices of crack
double extra silk in the New York spot market dropped
734c. to $3.20 a pound.
Yokohama Bourse prices were 56
to 86 yen lower.
Spot grade D silk advanced 5 yen to 1,790
yen a bale.
Local closing: No. 1 Contracts: Feb., 3.0734;
Mar., 3.07; Apr., 3.04)4; May, 3.01; July, 2.97; Aug., 2.92.
On the 8th inst. futures closed 34c. down to 6c. net higher.
July, at $3.04)4, also up 8)4c.
the price of crack extra silk
The Yokohama Bourse closed 1 yen
lower.
Spot grade D silk declined 50 yen
bale. Local closing: No. 1 Contracts: Feb.,
3.07; Mar., 3.08; May, 3.02; July, 2.99)4; Aug., 2.96; Sept.,
2.93.
Today futures closed 4 to 7 points net lower. Trans¬
actions totaled 83 lots.
Prices of silk futures were fairly
higher to 14
to 1,740 yen
grams
in bond have for the first time in weeks been revised down¬
This group
of four standard grades has been nominal
for a long time at 70.2c., clean basis.
The group price now
stands at 66.7c. with further revisions expected.
New
Zealand 56~58s hitherto nominal at 58 to 60c. are now rated
at 55 to
57c. and
are
still nominal.
In Montevideo wools
the
primary market has strengthened. Low grade 4s and 5s
held here have gained lc. in the grease, while the finer wools
are lc. lower.
Low grade Argentines have advanced lc. in
i
totaled
40 lots.
3Hc. net lower.
was done in
Mixed trading
Improvement in Japanese prices
ignored.
Prices here eased off after the opening.
This
afternoon Apr. stood at $3.05, off 2c.; July, at $2.99)^, was
the silk futures market.
was
For the
tonight, is given below.
from the South
Aug. 1, 1939, 5,681,032 bales,
the
same
against 3,008,464 bales for
period of 1938-39, showing an increase since Aug. 1,
8,047
45,907
3,502
14", 859
45,068
70,901
3,121
2,313
6,495
19,268
3,906
2,861
5,330
4",669
6", 044
13",052
2",942
486
486
Brownsville.
Houston
282
282
Corpus Christi..
—.
10,763
15,408
19",505
15",661
10",224
596
New Orleans
392
661
220
"656
723
534
344
96
197
289
"ill
"79
190
6,666
25.318
34,347 168,665
Mobile.
726
...
6
3
3
_
3
3
Lake Char leis—.
Wilmington
"388
Baltimore...
Totals this week.
The
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Receipts at—
Galveston
23,249
42.058
37,027
388
following table shows the week's total receipts,
total since Aug. 1, 1939,
the
and the stocks tonight, compared
with last year:
1938-39
1939-40
Receipts to
This
Feb. 9
Week
Galveston
Brownsville
Houston
Beaumont.
...
70,901 1,910,475
128,629
3,121
44,253
1,792
56,179
2,313
6
38,309
45.902
3
Orleans
Mobile
Pensacola & G'p't
Jacksonville
Savannah
Charleston
—
Bake Charles
190
ilmington
Norfolk
1939
.....
Week
1
1938
Totals
786,167
696,903
7*217
935,132
278,542
16,678
692,351
720(533
46,342
792",140
445
9,216
2,267
49.160
9,549
7,450
13,172
2
450
12,146
13,188
416
15,546
168,665 5,681,032
531
19
3
94,960
795,475
90,114
76,694
1,603
122,895
34,358
5,394
10,267
25,782
2,500
1,235
1,125
57,329
31,849
659,112
65,211
z5,349
1,868
149,764
36,746
7,736
16,487
28,748
100
2,058
1,250
29,078 3.008,464 2,815.44412.552.650
Christi.
zGuifport not included.
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
1939
901,767
1,872
30,898
15,618
38,569
10,636
xReceipts included in Corpus
1940
8.512
New York
388
Stock
Since Aug
This
66,158
___—
New
W
1
45,068 1,686,302
177,583
282
...
Corpus Christ!
Since Aug
45,907 1,450,487
486
41,153
___
Baltimore—.
Silk—On the 5th inst. futures closed 2 to
1940.
tele¬
our
ending this evening the total receipts have reached
168,665 bales, against 137,532 bales last week and 149,768
bales the previous week, making the total receipts since
Boston
the grease.
Transactions
of the Crop, as
Movement
week
Wool—The wool markets
comparatively cheap foreign wools, domestic wool growers
may become more amenable to the actual situation and find
it advisable to relinquish some of their extreme notions as to
new clip values,
Meanwhile, quotations for Australian wool
Feb. 9,
indicated by
Friday Night,
The
Savannah
are still sagging to lower levels.
the picture to stimulate optimism.
noticeable in spot wools. With the
1940 clip moving nearer, the prevailing low level on domestic
wools and formidable obstacles offered to any advance by
a
COTTON
Charleston.
There is very little in
Weakness is especially
yen
steady, but trading was quiet, the turnover to early after
noon totaling only 220 bales, all on the No. 1 contract.
Feb.
sold at $3.08.
The price of crack double extra silk in the
New York spot market advanced lc. to $3.1734 a pound.
The Yokohama Bourse closed 8 to 15 yen higher, while spot
Grade D silk was 10 yen higher at 1,750 yen a bale.
Local
closing: Feb., 3.03; Mar., 3.03; May, 2.97; July, 2.92)4;
Aug., 2.89.
the Interior shows
production of 9,920,000 tons for the week
the week ended
Eastern Canada
have increased substantially since the war began and prob¬
ably will increase further, an authoritative source states.
Prices of raw silk futures were
Transactions totaled 115 lots.
fairly steady in trading which was largely local in character.
Sales to early afternoon totaled 640 bales, all on the No. 1
contract.
All that time April stood at $3.03, off 134c. a
pound; July at $2.9434, off 234c. The price of crack double
extra silk in the New York spot market declined 3)4c. to
$3.16)4 a pound. Ninety bales were tendered for delivery
on the Feb. No.
1 contract, bringing the total so far this
month to 580 bales.
The Yokohama Bourse closed 7 yen
ended Jan. 20th, and 10,320,000 tons for
Jan. 27, 1940.
Alberta coal shipments to
ward.
1013
& Financial Chronicle
The Commercial & Financial Chronicle
1014
found
1939-40
Receipts at—
Galveston
1937-38
8,512
7,217
9,216
2,267
2,313
531
6
Orleans.
1936-37
1935-36
1934-35
19
6.538
21,115
32,565
11,719
17,514
5,962
51.114
13,176
8,673
13,096
1,445
Savannah
Charleston
—
23.458
2,144
1,194
1,723
35,228
4,047
2,395
2,308
2
563
354
688
450
Mobile
834
526
Norfolk
2,950
57,820
63,630
40,895
864
168,665
Total this wk.
to
29,078
112,608
4,372
1,255
1,148
the
859
for the week ending this evening reach a total
260,235 bales, of which 77,563 were to Great Britain,
53,508 to France, nil to Germany, 29,300 to Italy, 40,943
to Japan, 30,226 to China and 28,695 to other destinations.
In the corresponding
week last year total exports were
79 058
bales.
For
the
that
date
aggregate
exports
Below
season.
are
the exports
for the week:
is
kind
needed
an
effecting
it
cotton
with
half
manufacture,
operations
cotton
of
in
The
in
to
Great
Exports from—
Galveston
France
Other
Total
1,852
7,820
12,151
2,651
19,985
20,153
7,878
209
8,461
4,834
1,643
31*503
10",548
6", 194
2,025
....
51,777
94,538
129
9,928
Mobile
1,772
3,697
80,004
13,433
12", 134
15,458
"300
1,908
(f,4?0
400
Savannah
Los
China
Japan
7,312
Cospus ChrlstLNew Orleans
7,048
500
29,300
40,943
30.226
8,742
8,179
444
34,607
79.058
14,679
10,014
100
7,598
and
distribution.
jobs
those
77,563
53,508
Total
1938
10,711
5,582
Total
1937
27.230
8,984
10,793
8,937
who
8,688
"50
7,998
28,695 260,235
Exported to—
Great
France
Corpus Christ!
Brownsville
Beaumont
8,490
Italy
China
Japan
ing
to
public assistance.
say
The
Other
Total
to
as
cotton
provide
490,985 288,757
16,290
1,135
Moblle
48,633
Jacksonville
Savannah
»
25,935
Wilmington-.
New
York...
Francisco
*.
-
8,234
stamp
cotton
the
1,704
the
m
~
-
^
811
6,453
100
8,837
64,611
27,510
w
*■
«.
«.
-
6,773
„
m
W
-
-
*►
*
*
5,232
16,934
284
8,118
14,392
*
199
134,328
16,197
45,932
19,354
774
1,117
31,023
10
10
9,778
—
—
7,950
.
......
1455,937 558,504
Total
1938-39
Total
33,456 388,084
331,262 339,745
629,932 286,087 905,342 4257,342
333,913 214,038
674,802 364,283
570,496
47,987 462,888 2300,329
258,886
36,841 747.253 4018,054
In addition to above exports, our
give us the following amounts of
cleared, at the ports named:
Feb. 9 at—
trade.
the
Galveston.
telegrams tonight also
cotton
on
shipboard, not
purchasers
worth
Other
Foreign
Coast¬
Stock
wise
Total
6,500
24,500
30,202
26", 687
10.453
three
Mobile.
56,962
34,187
4.533
3",900
7.341
12.362
the
combined
Be
Similar
to
Food Stamp Program
Experimental Basis Within Six
on
on
Feb.
goods
6
that
relief
to
trade will
be
within six
recent
Agriculture
of
in
Henry
Wallace
put into operation
The
in
cotton
on
an
announcement
which
farm
experimental
followed
leaders
and
basis
series
a
trade
of
groups
the
the
stamp plan, the
Department adds, will be financed
specifically earmarked by Congress as available
for increasing the domestic
consumption of cotton during
from funds
the
fiscal
Wallace
The
cotton
the
making
the
announcement
Secretary
said:
Department
Under
In
year.
stamp
which
plan
will
supplement
designed to
are
program
being
the
been
case.
business
maintained
Now
at
assist
in
the
other
programs
solving the
cotton
through
channels,
it
is
paid
with
good
for
is
be
of
power
families will
then
stores.
it
their
limits
free
is
State,
in
local),
or
present
be
will
The
and
stamps
expenditures
fixed
surplus stamps
25c.
green,
effect.
buy cotton
to
like the food
of
colored
will
be
made
and
by
the
and
stamps
be
to
those which
for
eligible
for each
order
stamps
$1.00
in
now
purchased
will
participating
maximum
these
at
of
much
the
our
higher
cotton
hope
level
stamp
that
an
than
otherwise
would
more
money
plan,
which
utilizes
even
better
matket
private
can
be
be
in
the
rates
of
three-month
be
given
families
purchase,
intervals,
every
and
will
free
be
as
$3.
an
the
cotton
at the
in
and it
They
plan
which
as
they
the
books
each
or,
for
as
a
each
or,
as
$12. worth
to
provide
a
cf
for
of
of
Previously
change will be
cotton
goods
commodities
the
the
presence
made.
No
delivery of
25c.,
the
in
are
stores.
value
give
may
order
purchases
the
and
for
schedule.
retail
with
$10
in
up
multiple of
difference
purchaser
a
for
to
be
must
be
credit
slip
purchases.
the
Department also
Cities
cities
in
$8,
stamp
time
when
even
$6,
made
the
honored
merchant
advices from
be announced
be
connection
than
$4,
distribution
from
instances
or
of
will
with
not
In
the
are
to
cotton
Be
Named
stamp
selected.
state:
The
program
number
is
of
to
be
cities
tried
will
out
be
will
limited,
is
expected that they will range in population upward from
50,000.
be named from among the cities where the food order
stamp
operation, and arrangements will be made to administer the i
stamp plan and to sell the surplus cotton stamps in the local
will
is
in
now
handling the food stamps.
Cotton
Trade
their
which
groups
cooperation
Institute of
have
the
are
Industry Endorses Plan
most
recently
National
Distribution, Inc.
Retail
endorsed
the
Dry Goods
plan
and
Association
pledged
and
the
Previously, the Cotton Consumption Council
a meeting in New Orleans in December:
adopted the following resolution at
"(a) That the Federal Surplus Commodities Corporation be asked
to give due
consideration to the possibility of
initiating, In certain carefully selected munici¬
palities, a Federal cotton stamp plan (similar to the Federal food
stamp plan now
in operation) that will be
thoroughly acceptable to the cotton
vending retailers,
of all types, of the selected
municipalities and which will be intended to stimulate
cotton purchasing power of the
families of these municipalities that are
re¬
ceiving public assistance.
(6) That as, If, and when such a cotton stamp plan
may be provided by the
FSCC, resultant cotton stamps shall be used In any retail
establishment of the
municipalities in which the program may be Instituted to
the
•
factured from cotton, provided such goods are
in the United States, and manufactured in
this
The
Cotton
Association
of
Consumption Council
is
buy
any goods manu¬
of cotton, produced
."
made wholly
country
made
up
of
.
.
representatives
of
the
Southern
the
be
total
a
stamps
will
future
The
problem.
administered
a
through
buying
new
(Federal,
where
to
stamps,
be detached
cotton manufacturers,
by the Agricultural Adjustment
Administration and the
Commodity Credit Corporation, and through export
subsidies, direct purchases for relief
distribution, and the payment of
indemnities to promote new uses for
cotton, income for the cotton farmer
has
program,
distribute
or
brown.
cotton
merchants
announced
surplus cotton problem unanimously en¬
plan.
The new program, according to the De¬
partment, will be similar in principle to the food stamp
program which is now in operation, or scheduled to start
soon, in more than 40 areas throughout the
The
country.
dorsed
buy
these
opportunity
maximum
cotton
accordance
stamps.
delivered
offices
A.
stamp program for distributing cotton
families through the normal channels of
meetings
interested
the
equal
minimum
a
weeks.
and
relief
areas
worth
dry goods merchant
by
cotton
Weeks
Secretary
and
containing
stamps
surplus
5,605 161,909 2,653,535
8.542
79,822 2,472,828
9,204 122.234 2,982,232
49,854
73.383
retail
The
Start
the
denominations
will
The
stamps will
given
34,358
90,114
65,155
in
detached
Distributing Cotton Goods to Relief
Announced by Secretary of Agriculture
Will
in
stamps
books
issuance
the
Stamp Plan for
Wallace—To
direct
stamp
entirely
not
families
retail
at
pay
724,067
25,782
240,120
12,993
19.944
and
will
needy
stamps,
food
goods
(b) Three- and four-person families could purchase, as a minimum
three-month period, a $6 book of stamps for which
they would pay $3,
maximum, a $10 book of stamps for which they would pay $5.
(c) Five-person and larger families could
purchase, as a minimum
three-month period, an $8 book of
stamps for which they would pay $4
maximum, a $12 book of stamps for which they would pay $0.
683,937
732.262
.
Families
Government
given
$1.00
The
colored
of
the
as a minimum, for each threemonth period, a $4 book of stamps for which
they would pay $2, or, as a maximum,
a $6 book of
stamps for which they would
62,100
Norfolk
Total 1938
economic
our
follows:
36,596
63,213
....
Total 1940
in
be
distribution, to be made
605
Charleston.
Total 1939
be
months.
stamp
plan
receive
be issued
will
with
case
goods
or
approximately
will
Purchases
5,000
Savannah..
Other ports..
as
have
eligible for such relief but not actually receiving
public assistance through the social security
of additional aid will be
eligible to participate
as
will
by eligible families
free
122.895
Orleans..
hope to salve
can
surplus cotton
order
cotton
work
Minimum
purchased.
will
of
The
cotton
need
stamp
persons
goods.
Stamp
Leaving
Ger¬
many
France
26,100
5,789
25,073
Houston
groups,
cooperation
in government. ' It is only
us
receiving
in
are
amount
The
New
unemployed.
farm
Department has the following
the
give eligible
secure
getting
cotton
cotton
use,
special
persons
who
Eligible
an
It will
to
is
as
movement
certified
persons
and
in
Shipboard Not Cleared for—-
Great
Britain
of
(a) One- and two-person families could purchase,
1937-38 1283,166 652,823
On
in
245,389
200
Seattle
Total
aid,
of
persons
needy
4,755
50
*
-
1,050
4,605
i.
6.871
goods.
stamps
program
78,157
50
11,170
All
The
plan,
channels of
30,329
601
2,959
*
-
100
41,811
San
4-
1,271
*
50
Angeles..
18,994
w
~
1.825
5,193
Boston
185
50.975 174,280 1202,121
4,179
2,631
„
1,575
7,834
Los
-
486
-
6,773
8,606
Gulf port
27,922
190
■
Norfolk
—
75
42,314
Charleston...
64,784
491
».
«.
3,922
185
—
—
211
6,182
Pensaeola, &c.
4.309
-
.
m
8,169 124,171
4,339
550
..
40,452 327,383 1002,233
179,927 155,503 300,506 1290,687
36,081
10,390 24,755 198,929
18,129
4,334
*
be
otherwise
some
the workings of the plan:
for
the' form
in
155,156
8,257 143,611
*
Lake Charles.
97,098
10,242
...
Orleans-
New
286
6,861
the
our
to
It is likewise stated by the Department that there
large accumulation of cotton in the United States, and
a
definitely estaplislied need for additional cotton goods
among a substantial number of people who are now receiv¬
the
many
273,023 108,835
392,176 110,707
71,308 27,424
Houston
of
in
and
a
use
Galveston..,..
result
a
them.
is
the normal
Ger¬
Britain
Exports from—
we
from
connection
available
made
suggestions
helpful and encouraging to all of
AUU. 1, IVOV IU
1940
would
constructive
As
in
railroads,
our
made
like the food stamp plan, it is
Department, is designed to provide a means of
getting agricultural surpluses into the hands of low-income
people who need and want the commodities but cannot buy
will
From
Feb. 9,
be
will
on
trade
Considerably
employed
and their pledges of whole-hearted
groups,
normal
articles
for
labor
of
factories,
for
and
through
goods
noted by the
77,542
Angeles
Total..
of
program
The cotton stamp program,
Italy
many
53,003
Houston
a
a
There
problems.
Ger¬
Britain
in
the
provide
consumption.
engage
retail
at
wages
plan,
samp
garment
stores
cotton
spent
the
pay
practical
trade
of
transportation,
our
retail
our
many
as
to
with
will
important employment feature.
an
dollar
the cotton
mibs,
extent
well
domestic
it
there¬
me,
record
whether
necessary
movement
each
of
directly
goes
be
to
seems
experience
practice
increased
will
It
over.
basis.
the
increasing
than
more
in
through this kind of united effort that
Exported to—
fanners
broadening farmers' markets for cotton, providing badlygoods and clothing for relief families, and stimulating busi¬
channels, the program has
been most
Week Ending
Feb. 9, 1940
goods
cotton
more
to
cotton
by
is
get
national
a
on
addition
war
to
when
time
a
the
determine
to
of
means
when
desirable
very
plan
stamp
come
this
even
it
practical
may
against 2,300,329 bales in the
period of the previous
same
to
season
have been 4,257,342 bales,
that
families.
likely to harm cotton
very
they were harmed by the last World War.
Our
be sharply curtailed if war continues.
The situation
ness
of
and
needy
1940
worse
cotton
64
1. 5,681,032 3,008,464 6,202,679 5.375,132 5,868,975 3,564.588
to
is
war
10,
greater degree than
a
fore,
1,543
The exports
supplies,
made available
the present
run
likely to be
In
Since Aug.
be
can
long
Feb.
cotton
our
is
1,475
1,159
1,055
1,135
All others
clothing
for
export markets may
564
154
190
Wilmington..
and
In
45.907
45,068
70.901
3,121
Houston
New
1938-39
domestically
Commissioners of Agriculture,
cotton
growers,
and the principal organized retail distribution
groups.
Speculation in
week
less
cotton for future delivery
during the past
moderately active, with the price trend more or
irregular.
Demand for March from the trade con¬
was
tinued.
to
of
sell
Leading spot houses
several
advance.
cotton
were credited
with
thousand bales of that month
No
developments of definite
appeared in Washington.
at
continuing
each
point
significance to
The Commercial & Financial Chronicle
Volume ISO
On the 3d inst.
prices closed 5 points off to 1 point
Liquidation in the
up.
The
months had much to do with the
near
new
market
cotton
high
level
1015
bid
was
for
the
up
current
6 to 10 points today to a
movement.
Trade price-
heaviness in cotton futures today.
The market was steady
early, in sympathy with foreign markets, but turned softer
under offerings which came chiefly from New Orleans.
Opening prices were 1 to 2 points higher and at about the
highest levels for the day.
The trade was a buyer of nearby
deliveries, and Bombay purchased distant months in a small
way, as the East Indian broach contract went to a slight
premium over the New York market for the first time in 10
days.
Outside speculative interest here, however, was small
fixing and undoing of hedges furnished the chief demand.
Opening prices were 2 to 8 points higher in active trading.
Strong markets abroad were a factor. Liverpool was 4 to 9
and in the absence of other support,
bullish
as
ficial
the market soon eased
offerings appeared.
Pressure centered in the May
position as offerings from New Orleans appeared.
Selling
from this source continued during most of the session and
was estimated to have totaled 10,000 bales.
Overnight news
of action by the House of Representatives in passing the
agricultural department appropriations bill $66,900,000
below the budget estimates, had little immediate effect.
Spot sales today at reporting markets totaled 8,750 bales
compared with 5,319 a year ago.
On the 5th inst. prices
closed 11 to 2 points net higher.
The cotton market ruled
slightly higher in quiet trading, while"waiting on political
developments in Washington.
In light trading die market
opened 4 to 7 points net higher.
Strength in the Liverpool
market was the chief influence in the improvement.
Buying
ascribed to cooperatives and spot firms, which absorbed
offerings in nearby positions, chiefly May and July, by
brokers for Bombay interests, was the feature of the early
While Bombay sold nearby positions, it was
trading.
reported a buyer of new crop months, chiefly October.
Brokers with Liverpool connections were fairly active on the
buying side.
Liverpool cables said that the buying there
reflected a good Alexandria and a steady Bombay market.
They commented that South American crops aggregating an
estimated 2,000,000 bales would enter world markets in the
spring, with the result that larger supplies should be available
to the Allies.
The American market is regarded as under
political influence as traders await outcome of the man¬
euvering in Washington, where farm appropriations have
been cut by the House while the Senate farm bloc is waging a
fight to restore items eliminated.
On the 6ht inst. prices closed 10 to 14 points net higher for
the old contracts, and unchanged to 12 points net higher for
the new contracts.
The cotton market tightened up today
in quiet trading, prices standing 6 to 10 points net higher
during early afternoon.
Holidays in Bombay and New
Orleans had a tendency to reduce the volume of dealings on
the New York Cotton Exchange.
Trading was quiet and
price fluctuations small.
Initial sales were made at virtually
unchanged prices.
The undertone continued steady in later
dealings, with the result that by early afternoon prices were
up several points.
Reports of new peace proposals were of
small market influence.
Liverpool was 4 to 8 points better
than due.
Cables reported a narrow market and an apparent
scarcity of contracts.
While no new bullish developments
were reported, bears were restrained
by the possibility that
war
hazards might cause an upward trend in the market.
Sales of spot cotton amounted to 10,058 bales, compared
with 5,287 bales a year ago.
Middling quotations were
9 to 16 points higher.
On the 7th inst. prices closed 1 to 4
points net higher.
The opening range was 1 to 4 points
lower, and eased to net losses of 2 to 5 points under Southern
selling and scattered
liquidation.
Foreign orders were
limited and seemed to be mostly on the buying side.
The
best
demand
seemed
to
from
come
trade
sources,
repre¬
senting foreign and domestic price fixing.
Easier foreign
markets had a partial reflection in early trading here.
Spot
houses continued to supply contracts as March worked up
to within 3 points of the 11-cent level.
These offerings were
attributed to hedging or liquidation of long holdings in near
months.
They have not acted as a depressing influence this
week, as they have been executed on a scale up.
Such tales
are estimated to have amounted to 50,000 bales so far this
week.
A
further
decrease
occurred
certificated
in
stocks
at all
delivery points ro 3,614 bales.
Southern spot markets
today were unchanged to 4 points higher, with middling
quotations ranging from 10.18c. up to 10.92c.
Spot sales
for the day amounted to 21,245 bales, compared with 7,333
a
points better than due, and Bombay also was higher.
kers representing
with taking 10,000 bales1 of near positions.
The
foreign demand was supplemented by continuance of buy¬
ing by mills to fix prices.
Contracts were supplied by sell¬
ing of hedges and local offerings.
Sentiment was aided by
estimates
the
result
that
old
crop
by
Price-fixing
trade
months were
interests
the
market
Trade
opened.
interests
Trading
were
was
of
a
mixed
character.
buyers of March and May
Liverpool also were reported lined
options.
Bombay and
up on the buying side.
The South was credited with selling
hedges in May and July.
Spot firms sold several thousand
bales
of
March.
prices was done
Later
in
in
both
the
March
effect of steadying prices.
markets picked up yesterday.
the
Tuesday,
cotton
with
was
a
total
session
and
mill
buying to
May positions,
quoted at 10.55c.
a
Feb. 3 to Feb. 9—
Sat.
Mon.
Tues.
Middling upland % (nominal) .10.81
Middling upland 15-16 (nom'l)-11.01
10.89
11.09
10.98
11.18
contracts, while the
new
contracts
closed 9 to 4 points
up.
Wed.
Thurs.
Fri.
11.02
11.02
11.12
11.22
11.22
11.32
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
Old Contract—Basis
Middling J^-inch, established for de¬
Feb. 15, and staple premiums repre¬
60% of the average premiums over %-inch cotton at
liveries
sent
the
contract
on
10 markets
on
Feb.
on
7.
Old Contract—Basis
Middling 15-16 inch, established for
deliveries on contract on Feb. 15, and staple premiums and
discounts represent full discount for % inch and 29-32
inch staple and 75% of the average premiums over 15-16-inch
cotton at the
10 markets
on
Feb. 7.
Old Contract
New Contract
%
15-16
1 In.
%
29-32
15-16
31-32
Inch
Inch
and Up
Inch
Inch
Inch
Inch
Fair
.62
on
.63
on
.71
on
.34
on
.43
on
.52
on
.67
on
.63 on
St. Good Mid-
.47
on
.57
on
.66
on
.29
on
.37
on
.47
on
.52
on
.68
od
Good
.41
on
.51
on
.60
on
.23
on
.31
on
.41 on
.47
on
.62
on
.28
on
.39
on
.48
on
.11
on
.19 on
.28
.34
on
.39
on
on
.12
on
1 Int
and
Up
White—
Mid.
St.
Mid
Mid
on
Mid
Basis
.11
on
.20 on
.18 off
.10 off
Basis
.00
St
.44 off
.35 off
.27 off
.62 off
.55 off
.46 off
.41 off
.97 off
.87 off
.81 off 1.14 off 1.07 off
.98 off
.95 off
.51
.47
Low Mid..
Low
Mid
♦8t.
Good Ord.
•Good
Ord
.35 off
.90 off.
1.47 off 1.39 off 1.35 off 1.64 off 1.60 off 1 52 off 1.50 off 1.46 off
2.05 off 1.95 off 1.92 off 2.18 Off 2.15 off 2.07 off 2.05 off 2.02 off
Extra White—
on
.60
on
.23
on
.31
on
.41
on
on
.52
St. Mid
.28 on
.39 on
.48
on
.11
on
.19
on
.28
on
.34
on
.39 on
Mid
Even
.11
.20
on
.18 off
.10 off
Even
.06
on
.12
St. Low Mid—
.44 off
.35 off
.27 off
.62 off
.65 off
.46 off
.41 off
.35 off
Low Mid
.97 off
.87 off
.81 off 1.14 off 1.07 off
.98 off
.95 off
.90 off
Good Mid
—
.41
on
on
on
on
♦St. Good Ord_. 1.47 off 1.39 off 1.35 off 1.64 off 1.60 off 1.62 off 1 60 off 1.46 off
2.05 off 1.95 off 1.92 off 2.18 off 2.15 off 2.07 off 2.05 off 2.02 off
♦Good Ord
Spotted—
Good Mid
.07
.17
on
on
.24
.11 off
on
.02 off
.07 on
.12
.18 on
on
.24 off
on
.15 Off
.06 off
Even
.06 on
.40 off a.76 off a.68 off a.69 off a.54 off a.48 off
Low Mid... 1.20 off 1.12 off 1.06 off 1.37 off 1.33 off 1.24 off 1.22 off 1.17 off
St. Mid
.06 off
.05
Mid
.59 off
.12
.48 off
♦St
on
1.85 off 1.80 off 1.78 off 2.03 off 2.01 off 1.95 off 1.93 off 1.91 off
•Low Mid
Tinged—
Good Mid----.
St. Mid
♦Mid
Low Mid—
♦St
.47 off
.39 off
.33 off ♦.64 off ♦.60 off ♦.62 off ♦.48 off ♦.43 off
.53 off ♦.85 off ♦.81 off *.73 off ♦.70 off *.64 off
.67 off
.60 off
1.23 off 1.19 off 1.17 off 1.40 off 1.38 off 1.33 off 1.32 off 1.30 off
1.79 off 1.77 off 1.77 off 1.95 off 1.94 off 1.91 off 1.91 off 1.91 off
2.27 off 2.26 off 2.26 off 2.44 off 2.44 off 2.44 off 2.44 off 2.44 off
♦Low Mid
Yellow Stained-
.91 off
.98 off
Good Mid
.85 off 1.16off *1.13off ♦1.04 off ♦1 01 off *.96 off
1.34 off 1 32 off 1.30 off 1.61 off 1.60 off 1.48 off 1.47 off 1 46 off
1.82 off 1.82 off 1.82 off 2.00 off 2.00 off 1.99 off 1.99 off 1.99 ofl
•St. Mid
•Mid
Gray—
.58 off
.41 off ♦.75
.64 off
.56 off
Not deliverable on
future contract,
a
New York
1939
1938
1937
1936
1933
—
-11.12c.
8.9.50.
1931
-8.79c.
8.81c.
-13.17c.
1930
1929
-
—
...
—
.66 off
Quotations for 32 Years
-11.80c.
-12.65c.
6.15c.
-
1928
1927
1926
1925
have been
1924 —..33.85c.
as
1916 ..,*.12, 15c
1923
28.00c.
15.75c.
1922
,17.40c.
.._20.10c.
...18.45c.
14.15c.
1921
1920
..13.85c.
..37.75c.
1919
..25.15c,
1911
-20.85c
1918
.31.50c.
-15.55c.
1909
—
-
..
-
on
follows:
6.55c.
10.90c.
1932
-
—
59 off ♦.52 off
.73 off
quotations for middling upland at New York
—
—
77 off
Off 1.30 off 1.27 off 1.25 off
Middling spotted shall be tenderable
Feb. 9 for each of the past 32 years
1940
•
♦.63 off
.86 off
.
Offll. 36
establishes a type for such grade.
only when and If the Secretary
The
off,*.71 Off
89 oiii
offi
1.22 off 1.16 off 1.12 off 1.40
•Mid
•
.50 off
.72 off
Good Mid
St. Mid
—
—
..
-24.55c. 11917
-
1915
S 65c.
—
1914 —4.12 5.5c1913 —.13 05c.
1912
10 65c.
14 35c.
1910 —.15 25c.
—-
9. 85c,
Market and Sales at New York
Spot
Old
Saturday
Monday..—
Tuesday..--.
WednesdayThursday.
Friday
1..
Total
Contract
New
Old
Old
New
200
.
200
310
500
...
500
1,000
Tot? 1 week.
Since Arp
New
30^
-
—
1,010
75.721
31.600
1.20.1 107 321
Futures Market Closed
with
Today prices closed 5 to 9 points net higher for the old
would
Premiums and Discounts for Grade and Staple—The
table below gives the premiums and discounts for
grade and
Spot Market Closed
Old
Sales in the Southern spot
pound.
crop
The official quotation for middling upland cotton in the
New York market each day for the past week has been :
fix
They were double those of
of 21,000 bales.
Middling %-inch
Unof¬
crop.
the
been sold with the exception of some tinges and stains.
bid up 5 to 6
the feature.
reported
cotton
that
was
5,960,000 bales of 400 pounds each, compared
6,477,000 bales produced last year.
The Western belt
reported that some fair-sized holdings of cotton remain in
the interior, but that most of this season's production has
was
Small initial orders, about evenly distributed among buyers
and sellers, caused narrow irregular price fluctuations when
Bombay
with
down to 2 points up.
Demand for cotton, more
particularly May and July options, improved this afternoon,
with
Indian
East
the
from
to
3 points
points.
of
information
amount
1934
On the 8tli inst. prices closed unchanged to 5 points net
higher for the old contracts, while the new contracts closed
Bro¬
good buyers, being
were
credited
1935
year ago.
Bombay interests
Saturday.Monday
Tuesday
Wednesday
Thursday—
Friday
Nominal
Nominal
Nominal
Nominal
Nominal
Nominal
Steady.
Steady.
Steady-..
Steady...
Steady...
8teady._.
_.
New
Steady
Steady
Steady
Steady
Steady
Steady
1
200
The Commercial & Financial Chronicle
1016
Futures—The highest, lowest and closing prices at New
York for the past week have been as
Monday
3
Feb.
Wednesday
Tuesday
Feb. 5
Saturday
Feb. 6
Thursday
Friday
Feb. 8
Feb. 7
Feb. 9
are
not
Stock in Bombay, India
{old)
10.9777
10.9377
10.8477
Closing. 10.76«
10.9777
11.0277
(new)
Range
Closing. 10.91n
..
(old)
Afar,
Range.
11.1277
11.0877
10.9777
11.1277
11.1777
.
98-11.03
5.07d.
3.97d.
8.30d.
4.3()d.
*5.88cf.
7.30d.
11.63d.
7.53d.
8.80d.
5.52d.
6.27d.
9.55d.
7.40d.
Liverpool
fine,
4.02d.
4.42d,
5.90d.
the
movement,
02-11.03
At
Mar. (new)
11.05-11.08 11.08-11.08
Range..
11.08
Closing.
11.15-11.15
14-11.15
11.1577
11.1877
11.1477
1577
10.7777
—
10.7977
10.8277
10.8977
(old)
Apr.
968,000
385,000
C. P. Oomra No. 1 staple, super¬
10.74-10.80 10.78-10.84 10.83-10.95 10.89-10.97 10.94-10.99
10.93-10.95 10.97 —
10.97 —
10.84 10.76 —
Closing
748.000
369,000
5.02d.
915,000
447,000
384.000
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
1937
1938
1939
1940
736,000
.
Stock in Alexandria, Egypt
Range..
Feb.
1940
Cotton—Due to war conditions,
permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Bombay and Alexandria and'the spot prices at Liverpool.
statistics
Feb. 9—
Feb. (1940)
10,
The Visible Supply of
cotton
follows:
Feb.
10.6677
Towns,
corresponding period of the
Range-
Closing.
Interior
the
that is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
previous year—is set out
in
detail below:
Apr. (new)
Range..
10.9777
10.9577
10.8577
Closing
10.9877
11.0277
10.43-10.48 10.47-10.63 10.56-10.66 10.61-10.70
Range— 10.38-10.46
10.62
10.61
10.67
Closing. 10.41-10.42 10.48 —
71-10.77
76
10.62-10.62 10.75-10.75 10.78-10.78
Range.
10.8177
10.4577
10.4477
10.3077
10.4977
10.6577
Feb.
250
68,065
10
56,773
1,484
9,305
589
12,548
729
8,941
719
73,571
471
84,948
1,522
90,151
1,219
63,132
166
43,573
1,034
78,490
283
165,943
30,331
182
130,642
1,145
167,146
48,812
1
38,944
40
52,100
65,895
2,282
1,474
1,660
168,024
160
59,882
270
149
40,468
556
39,532
"59
38,696
96
58,992
48,441
2
8,421
354
33.235
4
19,310
181
35,984
51,671
37-10.42
Hope
10.29-10.30 10.32-10.33
41-10.42
Jonesboro
Rock
1,137
95,639
4,239
148,667
174
102,203
862
140,868
10.41-10.41 10.45-10.47
55-10.56
Newport...
1
38,304
557
40,838
171
39,855
180
42,482
10.4077
56
2,377
128,210
10.13
10.06
.
10.27
—
Little
10.29-10.30
Range.. 10.25-10.25
10.3C77
10-4277
Closing. 10.2371
10.3277
10.3977
10.2377
10.3077
10.3977
127,004
5,000
93,817
885
131,140
7
62,369
442
48,499
182
13,950
39,282
181
42,691
16,248
29
512
31
12,727
178
18,166
540
45,734
490
30,694
225
41,632
98,604
2,554
122,274
1,000
102,126
4,000
120,066
3,096
130,715
153,072
Bluff
Pine
Range—
.
2,000
Walnut Rge
Ga., Albany..
10.4977
Aug.—
64
Athens
10.4077
3,348
1,907
Atlanta
Sept.—
44,133
3,300
136,820
3,184
99,762
400
9,900
100
31,500
Macon
Closing
Columbus..
367
34,514
585
32,931
"TI
26,245
"360
20
16,154
106,745
149,104
120
38,319
52
16,588
20
693
28
85,532
869
902
122,641
2,864
20
26,226
180
42,005
686
190,472.
4,975
112,078
125
31,603
512
40,669
Augusta..
Range—
10.0177
9.9277
9.9177
0.8477
.
10.0377
10.1077
Oct.—
Range—
Closing.
9.47-
9.50- 9.54
9.52- 9.63
9.57-
9.52
9.43- 9.49
9.62
9.66
9.68
9.63- 9.68
71- 9.76
9.67
75
Rome
—
Range..
Closing
9.5777
9.4777
9.4377
.
9.6177
9.6177
9.6877
30,900
36,593
32,845
86,421
67,471
220
17,966
396
Greenwood.
1,772
222,713
5,947
68,376
68,986
38,325
103,008
261
31,312
1,349
21,702
139
16,847
11
7,533
189
20,507
676
21,957
348
27,458
l",I66
22,668
5
1,892
48,805
446
49,925
11,735
5,738
5~233
45,128
113,707
5,245
3,462
149
1,330
4,057
78
3,228
337,093
2,842
286,332
66,660
3,151
39,019 1650,112
2,156
75,010
51,047
834,439
30
13,544
4,631
319
1,319
Jackson
Dec.—
Range—
9.40
9.42- 9.45
—
9.43- 9.54
9.48- 9.56
9.50- 9.57
.59- 9.63
9.5377
9.56
9.5677
.6277
Vicksburg..
—
.57- 9.57
Mo., 8t. Louis
11,649
.5877
N.G., Gr'boro
185
47,593
227,736
2,910
3,077
309,020
6,870
259,331
3,373
89,878
61,187 2699,046
Yazoo City
(1941)
9.47-
Range—
9.4977
9.3977
9.3577
.
9.53
9.53
—
9.53-
5,027
7,255
Natchez..,
9.4377
9.40
9.35-
Closing.
Closing
7,100
Columbus..
—
La., Shrevep't
Miss., Clarksd
9.48
Nov.—
Jan.
27,211
Stocks
Week
146
293
City
Forest
10.7377
(new)
Closing
,
merits
Season
10.05-10.12 10.10-10.15 10.13-10.30 10.22-10.34 10.26-10.37
—
Closing
1,761
Ship-
Receipts
Week
Helena
Ark.,Blytbev
10.6177
10.5877
10.4677
10.39/1
.
(old)
Range
182
Seima
Range..
July
9
52,020
27,083
1,370
Montgora'y
10.5877
June (new)
Closing
Feb.
39,424
15,503
10
Eufaula
Range..
10,23n
Season
2,013
Ala., Birm'am
Closing
1
9077
(old)
June
Week
Stocks
Week
Receipts
87-10.87
10.7777
10.7577
10.6377
10 Mn
Closing
Ship¬
ments
Towns'
(new)
May
July
Movement to Feb. 10, 1939
1940
Movement to Feb. 9,
(old)
May
9.53
9.5277
16,243
Oklahoma—
Nominal.
15 towns '
292
78,570
3,591
85,612
829,056
17
27,620
673
10,977
3
7,367
15,461
128
30
200
Dallas
905
43,744
Paris
147
73,008
3,889
36,072
"~16
1,466
1,594
30,802
55,303
673
15,519
8. C.. Gr'vllle
Range for future prices at New York for the week ended
1940, and since trading began on each option:
Feb. 9,
Tenn., Mem's
Texas. Abilene
Austin
Brenham
Range Since Beginning of Option
Range for Week
'Option for-
.
.
Feb.—Old..
San
Marcos
"*67
Feb.—New.
Texarkana.
248
10.74
Feb.
11.03
Mar.—New 11.05
Apr.—New.
Apr.—Old..
10.38
May—Old
May—New. 10.02
Feb.
7.30 Apr. 20 1939 11.28 Dec
8.19 Aug. 28 1939 11.45 Dec.
11.16 Feb.
Mar.—Old
.
13 1939
341
Waco
Tot., 56 towns
*
8.05 Sept.
1 1939 11.07 Jan.
3 1940
1939 10.60 Jan.
1939 10.82 Jan.
3 1940
Feb.
9
7.54 May
Feb.
5 10.87
Feb.
9
.
The
Feb.
3 10.42 Feb.
9
7.63 Sept.
Feb.
.
3 10.50
Feb.
9
7.90 Sept.
8.08 Aug.
Aug
1
1
31 1939
9.54
3 1040
Deo.
7 1939
Jan.
in the
9.43
Feb.
3
9.76
Feb.
9
8.25
9.35
Feb.
3
9.63
Feb.
9
9 728"
9.47
Feb.
7
9.57
Feb.
9
9.07 Jan.
1 1939 10.14
Nov
Nov
Dec
Jan." 29~ 1940 16707 "Jan."" 3* 1940
1941—
Jan
23 1940
9.69 Jan.
1
14,367
48
1,145
35,830
311
30,863
12
43,494
63,080
658
2,497
'
1
618
3,320
44,400
43,843
1,260
13
6,471
10
13,224
....
289
2,679
"193
36,009
23,702
27,077
47
53,860
20 1940
totals
2956,982'
57,978 4080,587
91,537 3212,973
15 towns in Oklahoma.
that
show
interior
the
stocks
have
59,705 bales and are tonight
255,991 bales less than at the same period last year.
The
receipts at all the towns have been 41,117 bales more than
3 1940
Sept
Oct
15,301
31
99,095 5306,741 158,800
above
decreased
June—New.
July—Old.. 10.05
10.25
July—New
4
2,123
Includes the combined totals of
3 1940
3 10.77
2,293
13 1939
17 1939 10.92 Jan.
Feb.
-
June—Old
Feb.
21,944
6,518
Robstown..
1940—
7
during the week
sam^week last
year.
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since
Aug. 1, as made up from telegraphic
The results for the week and since
Aug. 1 in the last two years are as follows:
reports Friday night.
Volume of Sales for Future
Delivery—The Commodity
Exchange Administration of the United States Department
of
Agriculture makes public each day the volume of sales
-1939-40
1938-39-
Since
Feb. 9—
Since
Week
delivery and
future
open
contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from
which
figures
are
have
we
compiled the following table.
given in bales of 500 lb.
gross
The
Feb. 2
Feb. 3
Feb. 5
Feb. 6
Feb. 7
Feb. 8
Contracts
Feb. 8
Via Mounds, &c
Via Rock Island
Via Louisville...
I__.
20,200
800
1,300
187800
30,700
582,300
17,800
197166
599,100
300
400
51,800
10,300
lO'.ioO
14,700
3587666
5~,2o6
2", 500
6", 700
78,200
1,200
100
100
200
13,800
25,100
100
200
100
21,600
3", 300
16,300
18,700
100
300
6,300
6",800
6",800
6",600
1~,706
3",66O
200
May—Old
New
July—Old
New
191
157
29,839
776,740
416
207
13,210
5,414
179,165
8,650
15,857
5,982
269,673
388
*
187
3,375
197,789
9,253
291,512
34,270
Leaving total net overland *
36,100
December—Old
New
506,212
3,941
16,355
842,511
20,586
.485,228
300,200
October—Old
New
105,737
2,780
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
2,800
15,000
15",800
9,600
3,950
4,063
15,079
Total to be deducted
25,600
29,500
6,200
21,200
New
189,900
8,587
5,531
Aug. 1
113,509
115,571
2,364
5,919
104,480
434,897
168
±
Via Virginia points
Via other routes, &c
1940—
March—Old
5,245
6,600
Via St. Louis
Aug. 1
weight.
Open
New York
224,333
37,645 1,040,300
for
11,735
Week
Shipped—
Including movement by rail to Canada.
The
net overland movement
against 20,586 bales for
the season to date the
increase over a year ago
foregoing shows the week's
has been 34,270 bales,
the week last year, and that for
aggregate net overland exhibits an
this
year
of 357,283 bales.
1941—
January
1939-40
Inactive months—
In
August, 1940—Old-
""206
New
Takings
Receipts at ports to Feb.
Net overland to Feb.
•
Total aU futures
65,500
New Orleans
Jan. 31
33,900
55,400
89,200
62,200
Feb. 1
Feb. 2
Feb. 3
Feb. 5
92,700 2,010,600
Open
Feb. 6
Contracts
Feb. 6
Week
168,665
Total
Excess
over
Aug. 1
3.008,464
485,228
3.268,000
169,664
*33,559
6,761,692
1,260,050
9.. 145,000
excess
Southern
29,078
20,586
120,000
34,270
9
marketed
of
Since
Week
Aug. 1
5,681,032
842,511
3,910,000
347,935 10,433,543
*59,705
526,933
9
South'n consumption to Feb.
Interior stocks in
1938-39
Since
Sight and Spinners'
mill
takings
consumption to Jan. 1
991,692
490,231
1940—
March—Old
4,200
1,550
1,650
600
1,350
97150
4", 200
47350
37166
5,800
Came into sight during week..
Total in sight Feb.
9
New
May—Old...
New
Holi¬
_
July—Old
5",350
2,900
New
"750
3,700
800
2,000
100
6,850
300
100
5",250
December
Total aU futures
day
day
North,
*
spinn's'takings to Feb.
1,300
27050
100
23,950
10,050
15,000
5,350' 13,150
9.
8,511,973
11,952,168
33,128
1,035,514
29,770
830,964
Decrease.
Movement into
October—Old
New
Holl-
136,105
288,230
(Vetk—
sight in previous
years:
Bales
J
.Since Aug. 1—
243,60911937
Bnles
...12,213,679
1938—Feb. 11
1937—Feb. 12
.154,66211936...
r__
1936—Feb .14
.142,49811935.
!
.
_
11,370,176
10,887.151
Volume
The Commercial & Financial Chronicle
ISO
Quotations for Middling Cotton
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
Other Markets—
at
1017
Below
are
the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
8
a.
of the dates
m.
given:
Feb. 9.
Closing Quotations for Middling Cotton
Week Ended
Sat urday
Monday
Wednesday
Tuesday
,
Thursday
New
14
15-16
%
15-16
%
15-16
14
In.
In.
In.
In.
In.
In.
Galveston
10.37 10.57 10.43 10.63 10.55 10.75
New Orleans. 10.35 10.55 10.44 10.64 Hoi. Hoi.
MobUe
10.46 10.56 10.53 10.63 10.66 10.76
Savannah... 10.52 10.67 10.58 10.73 10.71 10.86
Norfolk..... 10.65 10.80 10.70 10.85 10.85 10.95
H
15-16
14
In.
J In,
In.
In.
Above
zero
Feb. 10, 1939
...Above
zero
9.6
1.6
47.8
3.8
26.6
Above zero of gauge.
.Above zero of gauge.
Above zero of gauge.
11.8,
5510
10.60 10.80
6010
10.65 10.85
10.92
10.72 10.82
10.91
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
10.77 10.92
11.01
tions.
_.
10.88
7.9
29.3
of gauge.
Shreveport.
Vicksburg—
In.
Feet
1.0
1.9
of gauge-
...
Nashville.
15-16
.15-16
Orleans.
Memphis...
Friday
Feb. 9
In.
1940
Feet
on-
10.85 11.00
10.30 10.40 10.40 10.50 10.50 10.60
10.71 10.86 10.78 10.93 10.91 11.06
Augusta
Memphis.... 10.15 10.35 10.25 10.45 10.35 10.55
10.50 10.60
10.70
....
10.97 11.12
11.21
10.40 10.60
10.70
Houston
10.40 10.60 10.45 10.65 10.58 10.78
Little Bock..
9.95 10.15 10.20 10.40 10.30 10.50
10.64 10.84
10.93
10.35 10.55
10.65
Dallas
10.23 10.4310
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
11.05
Montgomery.
10.52
....
9.93 10.13 10.01 10.21 10.17 10.37
crop
which finally reaches the market through the outports:
Week
Receipts at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
New Orleans Contract Market—-The
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Monday
Mar
July
Feb. 6
Thursday
Feb. 9
Feb. 7
1. 227,545
8. 210,127
11.186
11.226
11.246
10.59
10.75
10.80
10.936
10.996
10.45
10.51
10.24
HOLIDAY 10.39
10.386
10.536
9.536-9.54a
9.49
9.346
Spot
Old futures
New fut'es
22. 240,688
29. 189,049
9755-977a
9.71
'12. 181,553
9.586-9.59a
9566 -958a
9626-964a
19.
9506 -©52a
9566-958a
26.
Steady.
Steady.
2. 137,632
Steady
Steady.
Steady.
Steady.
Steady.
9.
Steady
1937
94,876 202,425
73,964 213,711
66,209 230,448
39,901 199,284
«0,873 162,762
31,339 147,067
169,362
165,606
169,711
139,333
44.595 141,563
1939
3508,828
3496,222
3471,589
3448.226
3434,970
1940
1938
3534,867
3498,072
3449,968
3389.066
3346,020
1939
2254,908
2610,850
2640,423
2663,852
2658,348
225,422
173,332
208,997
1938
1940
179,786
232,095
42,596
38,827
37,387
43,199
125,656
121,714
116,840
120,588
3265,094 3400,270
3189.004 3369,048
3127,764 3329,120
3072 ,C88 3291,719
1938
1939
2619,799 89,025
2613,016 105,463
7,896
2626,636 136,437
2628,795 94,69V
Nil
133,463
5,798 119,744
86,716
7,605 128,497
Feb. 8
Week
Bombay..
Austin
—.
Brownsville.
43
54
19
1.51
2
0.95
0.07
68
69
79
33
26
_■«
from—
—
41
—...
Palestine.:
Port Arthur--—-Sau Antonio
Oklahoma—Oklahoma City—,
Arkansas—Fort Smith--__—
--
Little Rock
—,
35
67
0.58
69
61
3
0.49
0.33
1939-40'..
4
1.68
69
35
1.26
64
4
0.71
76
37
35
3
0.31
62
21
30
24
37
30
25
1938-39—
Georgia—Savannah—
Atlanta.
66
22
62
61
30
21
20
Total
_
—
_—_ —
-
_
_____
73
70
62
3
3.25
dry
,
2.39
1.75
1.28
2
1
__
,—
—
ChattanoogaNashville—-
Total
14,000
18,000
a
27?000 122*000
18,000
124,000
600,000
308,000
728,000
749,000
26,000
a
450,000
125?000 231*000
18,000
90,000
76,000
40,000
36,000
152,000
108,000
571,000
356,000
282,000
192,000
a
5,000
14,000
353*000
316,000
a
1299,000
600,000 1105,000
308,000 732,000
b Week ended Jan. 27.
increase of 194,000 bales.
Alexandria
Receipts
and Shipments—We have only
received the Alexandria movement for the week ended
Jan. 11,
been
which we present below. As these reports have not
coming in regularly, we can only publish them as
received.
1939-40
1938-39
241,000
5.970,368
Alexandria, Egypt,
4,849,407
1937-38
Jan. 11
Receipts (cantars)—
64
64
74
This week..
52
Since Aug. 1—
140,000
250,000
6,463,251
This
Since
This
iSince
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug* 1
104,104
95,844
7,200
9", 100
319,288
9,600
101,046
89,387
379,012
12,725
Exports (bales)—
44
55
To
50
To Manchester, &c_.... 11,000
To Continent & India— 22,100
Llverpoot.
.
To America—
......—
7,200
31,780
:
40,300
551,016 18,700
62,862
73,721
310,522
9,190
18',755
456,295 25,900
582,170
41
Total exports
42
Note—A cantar is 99 lbs.
Egyptian bales weigh about 760 lbs.
This statement shows that the receipts for the week ended Jan. 11 were
32
46
53
50
61
67
69
1.05
0.95
0.40
0.24
0.43
0.07
69
33
38
29
62
62
20
54
49
41
24
43
20
40
26
48
13
18
17
37
38
in
42
We
44
3
3
1
2
4
2
3
——
China
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
5,000 bales.
Exports from all India ports record an increase
of 36,000 bales during the week, and since Aug. 1 show an
76
3
i—
8,000
18,000
18,000
4,000
Not available.
a
1.17
2
Raleigh
Wilmington
Tennessee—-Memphis.
Japan &
nent
bl2000
19%)0 16?000
1937-38-
0.79
1.43
3
—_
Conti¬
Britain
all—
1938-39-
2
1
--
Carolina—Charleston
North Carolina—Asheville
Charlotte—
18,000
1939-40—
44
51
62
1.26
2.06
1.71
2.23
1
Augusta—————
5,000
14,000
a
1937-38-
2
—-—
— .
82,000 1,016,000
Great
Total
60,000
a
8?000
1,000
4,000
1939-40-
44
0.15
2
2
Pensacola——
Aug.A
46
3
3
Tampa_.
China
42
—
Miami.
Pap'n&
nent
52
51
56
Mississippi—Meridian
—
73,000 1,039,000
Since
Week
Other India:
54
31
34
2
,—__
Aug. 1
Since Aug. 1
Conti¬
a
1938-39-
46
70
3
.
Great
1937-38-
59
51
3
2
34
38
Louisiana—New Orleans—...
Shreveport—
Alabama—Mobile.
Birmingham-.
Montgomery
Florida—Jacksonville
a
Week
Bombay—
60
82
4
——
Aug, 1
68,000
Britain
51
0.67
dry
Rio
1937-38
Since
48
2
_
—
receipts
Exports
55
37
3
_
Corpus Christi—
Dallas—______
El Paso..—
Houston
67
0.36
3
....
0.35
1
Abilene——
High
4
1938-39
For the Week
-ThermometerLow
Mean
Days
1939-40
Since
now
_____——
135,433
Receipts at—
below normal.
Amarillo---—
74,203
Nil
India Cotton Movement from All Ports—The
Returns by Telegraph—Telegraphic, advices to us this
evening indicate that there has been considerable rain in the
cotton belt and temperatures have ranged from normal to
Texas—Galveston
Nil
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled
for three years, have been as follows:
Loan Policy on 1937 Cotton Announced by Secretary
Wallace—Secretary of Agriculture Wallace announced on
Feb. 6 that under the program of the Commodity Credit
Corporation, any producer who placed cotton grown in 1937
under Federal loan and who had an equity in the cotton on
Sept. 1, 1939—the date on which the CCC took title to the
1937 cotton remaining under loan—will be paid the differ¬
ence between the loan price plus carrying charges and the
Sept. 1, 1939, market value of the cotton.
Comparatively
few producers will be affected, says the Department, since
only cotton of exceptionally high quality had a market value
in excess of the loan rate and carrying charges.
The classing
of 1937 crop cotton, which is expected to be completed by
July 31, 1940, will indicate those cases in which payments
are
to be made.
The Secretary also announced, in re¬
sponse to an inquiry, that loans on cotton now owned by
CCC would not be reinstated.
The program with regard
to the 1937 loan cotton was stated in a letter from Secretary
Wallace to Representative McMillan.
Rainfall
Inches
35,546 104,958 3016,687 3246,532 2598,040 81.531
29,078 112,608 2956,982 3212,973 2575,215 108,960
8,018,061 bales.
(2) That, although the receipts at the
outports the past week were 168,665 bales, the actual
movement from plantations was 108,966 bales, stock at
interior towns having decreased 59,705 bales during the week.
ington, D. C., and such proposals will be considered on the
15th and 1st days of each month, beginning Feb. 15, 1940.
The Corporation also announced that arrangements have
been completed for the exchange with the Federal Surplus
Commodities Corporation of approximately 65,000 bales of
low-grade cotton for the cotton of better grades and staples
owned by the FSCC.
Rain
168,665
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1,1939, are 6,275,239 bales;
in 1938-39 they were 4,392,943 bales, and in 1937-38 were
stock under the program recently announced.
All proposals
exchange of cotton are to be submitted on printed
forms which will be furnished upon request by CCC, Wash¬
Macon.
196,677
149,768
Steady
Steady
Steady
Steady
Steady
Steady
Steady
for the
South
1938
Feb.
CCC Announces Date for Exchange of Cotton—Ex¬
change Made with FSCC—The Commodity Credit Cor¬
poration announced on Feb. 1 that on Feb. 15 it would con¬
sider all proposals received up to that date for the exchange
of high-grade cotton for low-grade cotton of the 1934 loan
Del
1939
88,143 160,660 3536,990 3524.821 2501,559 166,018
1940
6. 169,951
9.526-9.54a
9.396
1937
Jan.
10.656
10.596
9.69
December. 9.385-9.40O 9.43 5-9.44a
Jan. (1941)
Tone—
11.12
—
1938
89,957
77,815
64,634
54,236
10.86-10.87
10.886
—
10.726
(old) 10.16
(new) 10.306
„
11.066-.07a 11.10
11.056
(new) 10.986
(old) 10.50
(new) 10.636
October
15- 257,101
10.936-.94o
1939
1937
10. 237,671
92,125 245,688 3543,918 3510,308 2387,570 248,407 141,936 406,335
17. 202,576 125,857 195,034 3549.579 3518,088 2459,694 208,237 133,637 267,158
24. 178,607
Dec
Friday
Feb. 8
Wednesday
1938
Nov
(1940)
(old) 10.86
May
Tuesday
Feb. 5
Saturday
Feb, 3
1939
3
.
0.76
60
69
60
57
,
0.97
0.77
67
/ 0.66
61
19
25
1.31
61
16
38
39
1.22
57
17
37
69
241,000 cantars and the foreign shipments 40,300 bales.
Cotton
York
,
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
Liverpool Imports, Stocks, &c.
The Commercial &
1018
previous page, the
United States thb past week
The shipments in detail, as
from mail and telegraphic reports, are as follows:
shown on a
News—As
Shipping
exports of cotton from the
have reached 260,235 bales.
made up
Bales
Bales
GALVESTON—
To Great Britain—
To France.
To
To
To Japan
7.878
209
To China
8,461
...—
8,287
To Belgium..
...
Belgium....
1,931
.......
To Sweden
4,510
130
4,827
Portugal.
To Spain.
......
NEW ORLEANS—
To Great Britain...,
To
i—
„
.
16,548
31,503
9,928
6,194
Italy
To Japan
.......
.....
...
To
Belgium.
1,643
.....
To Italy....
2,025
13,433
........
To Japan
ANGELES—
LOS
To Great Britain
400
....
7.048
To Japan
597
To China.....
500
50
......
To Manila
_
300
To Great Britain..
1,908
6,480
..
To China.........
-
.....260,235
Total....
by cable to¬
report received
Market—Our
Manchester
129
...
To Italy
SAVANNAH—
To Japan
CHRISTI—
MOBILE—
3,100
....
To Spain..,
To Sweden
713
966
To Denmark..
CORPUS
12,134
To China
1,682
1.473
America
To South
300
......
Spain.
To
......
To Norway
To France
To Italy.....
7,826
12,151
— -
......
To Denmark
To
53,003
20,153
2,651
Italy.
To Japan..
To China
HOUSTON—
To Great Britain....
To France..
7,312
1,852
—
that the market in both yarns
We
give prices today below and leave those for previous weeks
night from Manchester states
Demand for home trade is good.
and cloths is steady.
for comparison:
of this and last year
1938
1939
32« Cop
d.
d.
H.
Cotton
Middl'g
32s Cop
ings, Common
Middl'g
Upl'ds
Twist
to Finest
Upl'ds
to Finest
Twist
8% Lbs. Shirt¬
Cotton
8% Lbs. Shirt¬
ings, Common
d.
d.
d.
s.
d.
s.
d.
d.
8.
Nov.
11
@14H
17..
14
14 Hi @15
11
10-
7.51
9H@12
@14%
24-
7.01
7H
4H@11
6
@H
11
14
7.10
9
5.05
3
9
@9
9
@9
3
5.0*
9
8%@ 9%
8%@ 9%
8%@ 9%
@9
3
6.22
@9
3
5.14
Dec
1
@12
3
12
7.95
8%@ 9%
9
0
8.19
8H@ 9%
8H@ 9%
8H@ 9%
8%@ 9%
8 10 H@
Nominal
12
29- 16H@16H
8.59
Nominal
Nominal
22-
3
@12
@16H 12
15
—
8- 16H@16
Nomina)
15-
8.78
0
9
@12
8.70
12
0
@13
1H
5.25
1%
1H
5.30
5.24
3
@12
4
@12
19-
Nominal
12
3
0
8.75
Nominal
12
1H@12
4H
8.80
Unquoted
Unquoted
12
1H@12
1H@12
4H
434
10H@
9
9
8.29
9%
9%
9H
8 1034 @
8
9
@
tf
5.18
»H
8
9
@
9
6.10
8%@
8%@
8.98
20-
8
8H@
8%@
8%@
8H@
9.2*
12
6- 18 H© 17 k
Nora in ai
12-
6.16
1H
8 10H@
8 10 H@
19 39
19 40
Jan.
4.14
9 1H
9 134
1H
9
8 10H@
9%
8
9
@
9
5.13
9%
8
9
@
9
5.07
5.19
Feb.
3..
9-
12
8.29
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
and futures each
prices of spot cotton have been as follows:
Wednesday
Tuesday
Monday
Saturday
Spot
Friday
Thursday
Quiet
Quiet
Quiet
Moderate
Quiet
12:15
demand
P. M.
4
Market
to
5 ptH. adv.
decline
to
1 unch.
advance
opened
Steady;
Market.
11
4
points
advance
P. M.
Dts. decline pts.
to
7
pts. 4
5
to
3 1
to
5 pts.
advance
pts. unch.
decline
advance
to
decline
Q't but st'y Q't but st'y
to 1 3 to 9 pts.
Quiet;
Q't but st'y
5
3 unch.
to
Steady;
Steady;
Q't butst'y Quiet; 1 pt. Q't but st'y
Futures
8.30d.
8.29d.
8.33d.
8.33d.
8.29d.
CLOSED
Mid. upl'ds
advance
pt. adv.
Liverpool for each day are given below:
Prices of futures at
Fri.
Thurs.
Wed.
Tues.
Mon.
3
Sat.
9
Feb.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
to
Feb.
(1940)-..
d.
d.
d.
New Contract
*
7.99
7.98
d.
8.02
8.07
8.03
8.02
8.03
d.
d.
d.
d.
d.
d.
d.
8.06
8.09
8.06
8.03
8.05
8.05
8.00
8.01
8.07
8.06
*
7.93
79.4
7.98
8.00
8.00
7.95
7.97
7.96
8.02
8.02
*
7.73
7.74
7.77
7.79
7.79
7.75
7.77
7.76
7.82
7.85
7.71
7.67
*
May
July
October.
7.99
7.98
*
December
7.65
7.05
*
March
*
May
-
.*
-
'
*
July
7.69
—
—
7.63
7.57
7.53
7.71
7.67
7.61
——
8.01
„
^
—
^
7.63
*
-
-
-
7.59
•
7.59
7.55
7.77
7.70
7.70
7.74
7.68
«*'
-
*
Jan. (1941)
*
7.68
mm
-
~
7.67
7.63
—
7.59
....
7.55
■
■mm
7 72
7.74
m
7.70
4.
7.05
~
7.61
Closed.
BREADSTUFFS
Friday Night, Feb. 9, 1940.
Flour— Demand for flour in the local area continues very
s ow.
of
Government
10,
1940
officials that the export subsidy program
beyond the Pacific Coast, little credence
had been extended
for
Further inquiry from the Orient
reported.
On the 5th inst.
given to the reports.
was
Coast wheat
Pacific
was
prices closed % to %c. net higher.
The wheat market
gained as much as lc. a bushel at one time during the session.
Buying based on unfavorable reports of wintercrop condi¬
tions in the northern hemisphere, particularly from Europe,
bolstered wheat.
Coast wheat was sold to the Orient with
the help of a Government subsidy.
A private crop observer
traveling in southwestern Oklahoma found little wheat up
and some just sprouting.
He said most farmers were pessi¬
mistic
regarding the outlook. Government authorities
reported unofficial advices from Europe indicated that
severe winter damage had occurred to crops on the Continent
the past month as a result of cold weather and insufficient
snow
covering.
No estimate of the extent of this injury
could be made.
On the 6th inst. prices closed iy$ to l%c.
net higher.
Wheat trade today followed the pattern of
yesterday's session, easing early and then turning upward,
the market scoring gains of as much as l^c. in the closing
minutes.
Buying and short covering were influenced by
Southwest reports of flour business and a better tone in the
stock market.
Quotations opened unchanged to %c. lower,
but then recovered and advanced as much as
over
previous closing levels, May reaching 97% and July 94 %c.
Then buying interest lagged and prices again dipped under
yesterday's close. Firmness at Winnipeg, where prices were
fractionally higher, was a strengthening factor here.
Light
moisture was received overnight in the Southwest, but this
and renewed peace talk apparently had little influence on the
market.
Grain, men pointed out that good snow had been
received recently in much of the Southwest, but that little
could be said about condition of planted wheat, which now
is in dormant stage, until another thaw and growing weather
sets in.
On the 7th inst. prices closed % to %c. net lower.
Wheat prices rallied about a cent at times today, strength¬
ened by reports of improved flour demand and milling
activity, but this temporary bulge faded in the final hour
and the market closed fractionally lower.
A burst of flour
business the last week, principally in the Southwest hard
winter wheat area, imparted some strength to the market.
Inasmuch as most sales were booked during the recent
price decline, there was little lifting of hedges in this con¬
nection today.
Most of the selling was associated with
modest profit-taking inspired by the price rally of the last
two days as well as prospects of moie rain or snow over much
of the grain belt.
Wheat dipped about A<s. in early deal¬
ings, but then advanced a cent during the first hour to the
best levels in more than a week.
Milling interests reported
milling ca¬
gain compared with only 11%
the previous week and 30% a year ago.
There were reports
of large chain bakery sales the last few days.
On tlie 8th inst. prices closed IV2 to l%c. net higher.
Wheat prices
reached their highest level in two weeks
today as the market advanced 2c. a bushel due to buying
inspired partly by forecast of cold weather over the grain
in the Southwest equaled 129% of
sales
flour
pacity the last week, a sharp
Market,
March
Feb.
Financial Chronicle
However,
considerable
business
was
reported done
the Southwestern mills.
In the local area sales have
very light and largely small lots.
The undertone of
the flour market, however, was firmer, in sympathy with
by
been
In spite of the lack of new business recently the
major mills expect to be kept busy until the end of this
week, as shipping directions have been running fairly
heavy the past few days.
grains.
closed A to %<s. net lowerdominated the trade today.
Snows ranging
many
news
to four to six inches in depth were reported from Texas
northward to the Dakotas, with some rain in the Far South.
traders expressed doubt that snow
bushels of
for shipment from Vancouver.
V^c. lower to VsC. higher.
Wheat
prices advanced lc. a bushel today to tlie best level in more
than two weeks, but then hacked down, giving up all of
the session's gains.
Improved demand for cash wheat aided
tlie early upturn, while profit-taking, encouraged by the
fact that prices were about 5c. above last week's
lows,
accelerated the reaction.
Some attention was attracted by
Washington reports of diplomatic moves
weather
of year.
as
about the
Crop experts regarded this
best that can be expected at this time
week.
If temperatures are high enough to permit moisture
into the ground, much wheat may be benefited, they
>
to soak
said.
Ungerminated wheat may not have time to mature
in about four months, it was said.
The trade could not confirm rumors that two cargoes of Gulf
wheat had been sold for export, but in view of recent denials
the highs re¬
accompanied by snow,
particularly in Kansas, and cold weather generally was less
clines
ranging
from 20 to 40
degrees from
ported Wednesday, but the drop was
than
severe
PRICES OF WHEAT IN NEW
•
Sat.
'»
CLOSING
PRICES
OF
Man.
WHEAT
Sal.
•
—
—
-.--- —
CLOSING
*
Hiuh and
FUTURES
Man.
IN CHICAGO
Thurs.
Wed.
Tues.
- —
When Made
I
Fri.
Season's Low and When Made
21.1939
Oct.
9.1939
Feb. . 1,1940
OF WHEAT FUTURES IN WINNIPEG
63%
109%
Dec.
19. 1939|May
July
September
107 ^
104 %
' >pc.
Jan.
19. 1939|July
3, 19401 September
CLOSING PRICES
Sat.
October
Fri.
96%
94
9334
Mav
DAILY
YORK
Thurs.
Wed.
Tues.
97% 9814 98
99^ 99%
94% 95% 95% 97
97
--—
9324 95%
94% 96% 96%
PRICES OF WHEAT FUTURES IN CHICAGO
-
—
-
September
MayJuly
wheat
.116% 117% 118^ 11834 119% 119%
No. 2 red
swiwrj
in
79,738,000 bushels.
DAILY CLOSING
DAILY
Open interest
expected.
been
had
tonight totaled
before harvest begins,
which many trad¬
regarded as encouraging peace prospects, but these were
by news of strained international relations in the
Near East.
Temperatures in the Southwest showed de¬
ers
offset
Furthermore, the long range forecast indicated more rain or
snow could
be expected Monday or Tuesday, and again
the
closed
prices
Today
DAILY
in
was quiet, although approximately 150,000
Canadian wheat was sold to the Continent, and
Norway purchased a cargo
May.
July-.--
late
covering was suf¬
weather. The
export market
up
possibly
above zero were
the crop against bitter cold
ficient to protect
Wheat—On the 3d inst. prices
Weather
Temperatures as low as 10 degrees
belt.
predicted for some sections of the hard winter wheat zone
Southwest.
Some Canadian
wheat was sold to Great
Britain and the Continent, and Finland took quantities of
United States'lard.
Light rain and snow was scattered
over
much of the hard and soft winter wheat areas, but
because of above freezing temperatures in the Southwest
-----
-
— -
.2
...
Mon.
„_
July
7734
9254
Tues.
84%
8534
84%
65%
8534
8634
8524
86*4
67%
Wed.
85%
86
67
Thurs.
65%
66%
67%
Fri.
65%
66%
87%
Volume
prices closed He. to He. net lower.
prices sagged with wheat, but the market found some
support through lifting of hedges in connection with shipping
sales of 67,000 bushels.
Although terminal market receipts
showed considerable expansion this week, bookings in recent
days have fallen off, which has lessened the amount of hedg¬
ing pressure. On the 5th inst. prices closed He. to IKc. net
higher. Corn prices advanced substantially today, strength¬
ened by reports that sealing of much grain under loans has
occurred.
An Illinois elevator interest estimated that unless
Corn—On the 3d inst.
Corn
were an upturn in corn prices before the final date for
obtaining loans, indications were that the amount sealed
might be 20 to 25% greater than last year.
Market con¬
ditions indicated farmers in many sections could obtain 10c.
or more above farm prices by sealing grain.
A cargo of corn
was sold to Denmark, but aside from this, export business
there
quiet.
On the 6th inst. prices closed He. to He. net
higher. Corn prices opened slightly higher in a slow, mixed
trade, but then declined fractionally under the previous
close, only to recover later and show light net gains in the
final range.
There were no indications early of any export
interest in the grain.
On the 7th inst. prices closed He. to
V8c. net lower. The United Kingdom bought 130,000 bushels
of United States corn, which helped to steady the market.
was
Receipts of corn and bookings from the country were on a
comparatively modest scale, but the volume apparently was
large enough to satisfy commercial demand. Active sealing
of corn under loan is cutting into market supplies, grain men
said.
to %e. net higher. The
lacked independent feature,
but the strength in other grains and buying by processors
and seaboard interests brought in a fair volume of specu¬
lative buying and short covering which carried prices % to
%c. above the previous close.
Today prices closed 14 to
14c.
net
lower.
Another reduction in receipts of corn
helped to strengthen that market, but export business was
reported to be lagging.
Open interest in corn tonight
On the 8th inst. prices
Chicago
closed
futures market
corn
PRICES OF CORN IN
CLOSING
DAILY
Sat.
No. 2
PRICES
CLOSING
Mon.
Season's High and
63%
.
als
the budge.
on
73J*
56
Fri.
12%
CHICAGO
Thurs.
PRICES
CLOSING
DAILY
Season's Hioh and
773*
76
75?*
September—
DAILY
Fri.
56?*
56%
56%
Oats—On
PRICES
CLOSING
was
prices closed unchanged to He.
light, though the market was relatively
closed He. net higher. Oats
prices were steady though there was no development of real
interest in the trading or news concerning this grain.
On
the 6th inst. prices closed He. to He. net higher.
Trading
On the 5th inst. prices
steady.
was
light, but the undertone was steady during most of
On the 7th inst. prices closed He. to He. net
very
the session.
the crop
Oats showed independent firmness due to
damage report.
Sales of 56,0C0 bushels of oats to
higher.
also
a
was
shippers
factor.
The advance
40%c., equal to the seasoil's high
established early in January.
Today prices
dosed % to %c. lower.
This market was dull, with the
mdertone heavy in sympathy with the downward trend of
On the 8th inst.
in
oats carried
74
July
72?*
73?*
72?*
753*
73?*
72%
74?*
73%
October.
69?*
693*
71
703*
71?*
DAILY
CLOSING
OF OATS FUTURES
Sat.
Tuly
—
Reason's High arid
40?*
363*
33?*
May
July
September
DAILY
CLOSING
Sat.
■
May
July.
-
October-
Tues.
Thurs.
Fri.
-
38%
33%
313*
Mon.
39%
34%
323*
Tues.
40?*
38?*
40?*
383*
40?*
38?*
34%
34%
34%
Wed.
403*
38?*
34%
Thurs.
40%
38?*
34%
34%
Rye—On the 3d inst. prices closed Ho. off to He. up.
exceptionally steady in view of the bearish
weather news and the heaviness of wheat values.
Prices did
GRAIN
turn
influenced in large measure by the very strong
of the wheat market at the close.
On the 7th inst.
was
prices closed He. to %c. net lower.
Trading was light, with
the undertone heavy in sympathy with the heaviness dis¬
played in the wheat markets.
On the 8th inst. prices closed 1% to l%c. net higher.
There was good speculative demand and short covering in
rye today, based apparently on reports of crop damage in
the South, and Eastern rumors that Finland might be in
the market for rye and oats.
Today prices closed %c. lower
Oats, New York—
No. 2 white
Wheat. New York—
No. 2 red, c.i.f., domestic.. .119?*
Manitoba No. 1, f.o.b. N. Y. 98 3*
85%
Barley, New York—
40 lbs. feeding
Chicago, cash
73?*
yellow, all rail.
No. 2
53 3*
1 Rye, United States c.I.f
Corn, New York-
66
55-64N
regarding the movement of grain
All the statements below
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and Since Aug. 1 for each
of the last three years:
Barley
R\te
Flour
Wheal
Corn
Oats
bush 00 lbs
bush 50 lbs
bush 32 lbs
bush 50 lbs bush 48 lbs
105,000
1,551,000
310,000
24,000
203,000
Minneapolis
807,000
248,000
203,000
100,000
000,000
Dulutli
278,000
111,000
30,000
2,000
28,000
91,000
122,000
85,000
401,000
00,000
13,000
92,000
7,000
66766
44,000
10,000
49,000
228.000
Chicago
Milwaukee
118,000
14,000
.
113,000
170,000
585,000
154,000
403,000
241,000
154,000
10,000
Toledo
30,000
50,000
,
34,000
Indianapolis
144,000
mooo
Louis
St.
Peoria.....
40,000
5,000
Kansas City
20,000
437,000
Omaha
St.
Joseph.
78,000
1,000
2,000
20,000
23,000
9,000
204,000
45,000
4,000,000
3,229,000
5,522,000
1,100,000
City-
Sioux
34.000
'100,000
...
"
Tot. wk. '40
453,000
2,238,000
Same wk *39
558,000
3,000,000
438,000
2,100.000
Same wk '38
1937
....
the week ended
1,002,000
400,000
170,000
1,453,000
243,000
1,058,000
of flour and grain at the seaboard ports
Saturday, Feb. 3, 1940 follow:
Wheat
Corn
Oats
bush 00 lbs
bush 50 lbs
bush 32 lbs
bush 50 lbs bush 48 lbs
53,000
111,000
24.000
4C9.000
403,000
Baltimore..
811.000
1,041,000
13,000
New Orl'ns*
24,000
55,000
210,000
19,000
83,000
"6766
4,000
12,000
2,000
177)00
2,000
2,000
02,000
York.
Philac'el'Ia.
for
Barley
Rue
Flour
bbls 190 lbs
Receipts at—
7 ,000
30,000
03,803,000 19,003,000 79,317,000
08,214,000 18,820,000 00,457,000
70,800,000 21.285,000 07,924.000
12,051,000 228,579,000 172,407,000
10,325,000 213,085,000 108.355,000
Total receipts
i76o
1,771,000
11.940,000 227,139,000 145.485.00C
1938
"
~
1,210,000
Since Aug. 1
1939
2,000
3,000
98,000
3,000
Wichita
109", 000
New
95,000
St. John...
115,000
2,000
011,000
200,000
150,000
3,180,000
2,120,000
359,000
70.000
188,000
5,535,000
920,000
203,000
305,000
28", 000
199,000
wk '40
Tot.
Since Jan. 1
1,237,000
10.503.000
311,000
1940
Week
1,530,000
391,000
71,000
4,000
99,000
8,090.000
4.334,000
328,0 0
80,000
249,000
1939.
Slnce Jan. 1
1,523,000
1939
*
on
183766
933,000
204,000
St. John W.
do not include
Receipts
grain passing through New
Orleans for foreign ports
through bills of lading.
The exports
ended
for the week
the annexed
from the several seaboard ports
Feb. 3, 1940, are shown in
Saturday,
statement:
Wheat
■
New
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from
Bushels
Barrels
Bushels
Bushels
Bushels
100,000
54,815
708,000
York.
101,000
88766
570,00*
103,000
1,050.000
off early, but there was a rail}7 of a cent a bushel
lows of the day, due apparently to short covering.
bushel
52
Rye flour patents
5.20@5.40
Seminola, bbl„ Nos. 1.3-.6 90@7.05
Oats good
3.25
Corn flour
£.10
Barley goods—
Coarse
Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.50@6.50
Nominal
Hard winter clear®.
080.000
ease
a
543*
503*
FLOUR
Spring pat. high protein..6.25@6.45
Spring patents
6.20@6.30
Clears, first spring
5.20(5)5.40
Hard winter straights
6.30@6.40
Hard winter patents
6.50@6.60
This market was
from the
On the
5th inst. prices closed He. to He. net higher.
Trading was
light, though prices advanced at one time about a cent over
previous final quotations, but the improvement was not
fully sustained up to the close.
On the 6th inst. prices
closed lHc. net higher.
This market showed early gains,
then reacted slightly and finally closed with substantial net
gains for the day.
The firm close and net gain of over a cent
70 3*
Closing quotations were as follows:
Fri.
40%
383*
543*
523*
49?*
October.
IN CHICAGO
Wed.
39% 40% 40%
34% 35% 35%
32?* 33?* 33%
When vlade
I
Season's Low and When Made
Jan.
9. 19401 May
273* July 24, 1939
Dec. 19. 1939! July
30?* Oct.
9,1939
Jan.
3. 19401 September— 313*
Feb.
1,1940
PRICES OF OATS FUTURES IN WINNIPEG
38%
33%
31?*
May
September_
Mon.
533*
51?*
543*
523*
53?*
51?*
53
513*
July
Halifax
CLOSING PRICES
DAILY
743*
72%
OF BARLEY FUTURES IN WINNIPEG
•Sat. Mon.
Tues.
Wed. Thurs. Fri.
PRICES
May...!
Boston
wheat.
66?*
663*
Sat.
prices closed lc. net higher.
May contracts to
Fri.
RYE FUTURES IN WINNIPEG
Mon.
Tues.
Wed. Thurs. Fri.
OF
May
3d inst.
the
Trading
673*
66?*
65?*
67
67
When Made
I
Season's Low and When Made
Dec. 26. 1939|May
43?*
Aug. 12, 1939
Dec 18, 19391 July
523*
Oct.
9,1939
Dec. 26. 19391 September— 643*
Feb.
2,1940
653*
May
July
65?*
643*
663*
65?*
65
643*
65?*
Thurs.
Wed.
Tues.
Mon.
64?*
64?*
Buffalo
down.
RYE FUTURES IN CHICAGO
OF
Sat.
May...
July...
September
bUs 190 lbs
56?* 56?* 56%
54K 55%
56
56% 56%
55%
56%
56% 57% 56%
When Made
I
Season's Low and When Made
Sept.
7. 1939 May
42
July 26, 1939
Dec. 19, 19391 July
52% Oct. 23,1939
Jan.
4, 19401September
55% Feb.
1, 1940
July
September
61?*
61J*
Thurs.
72%
OF CORN FUTURES IN
Sat.
Mon.
Tues.
Wed.
54%
May__
May
July
September
Wed.
72%
%q. below the
profit-taking by procession¬
The closing range was 1*4 to
unchanged.
NEW YORK
Tues.
72%
71%
yellow._________
DAILY
to
highs of the day, and indicated
Receipts at—
44,010,000 bushels.
totaled
1019
The Commercial & Financial Chronicle
ISO
84,000
1,000
3,000
95,000
933,000
Total week
Same week
150,000
4,138,000 1,220.000
a57,815
The
12,000
93.000
data not available
from Canadian ports.
destination of these exports
Since
Week
Feb.
3,
1940
Barrels
*
Total
1940
Total 1939
*
57,815
109,953
Detailed figures not
Corn
Wheat
Flour
July 1 to—
for the week and since
follows:
July 1, 1939, is as
Exports for Week
and Since
307,000
99.000
320,000
109,953
Complete flour export
a
186766
109,006
203,000
2.051.000!
1940-.
1939
83,666
011,000
Week
Since
Week
Since
July 1,
1939
Feb. 3,
July 1,
1939
Feb. 3.
July 1,
1940
1940
1939
Barrels
Bushels
Bushels
Bushels
Bushels
2,805,436
3,234,556
available.
4,138.000
2,051.000
78,088,000 1,220,000 17,803,000
93.930.00*
93,000 58,256,000
The Commercial & Financial Chronicle
1020
The
visible
supply
of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 3, were as follows:
GRAIN
Wheat
United States—
Corn
Oals
Bye
Barley
B me his
Bushels
Bushels
400,000
180,000
2i~6o6
244,666
193,000
1,312,000
14,000
4,000
2,000
2,000
595,000
22,000
26,000
3.000
119,000
2,000
215,000
10,000
677,000
1,306,000
461,000
2,879,000
1,000
Fort worth
7,613,000
'311,000
Wichita
2,000
Hutchinson
2,804,000
6,486,000
St. Joseph.,
2,907,000
722",000
141,000
17,000
17.C0O
21,961,000
2.078,000
73,000
489,000
34,000
6,934,000
2,880,000
640,000
225,000
101,000
45,000
171,000
42.000
1,519,000
1,574,000
188,000
6,000
17,000
157,000
227,000
176,000
226,000
6,103,000 12,959,000
1,546,000
New
Orleans
Kansas
-—
City
j.
Omaha
Sioux
City..
911,000
St. Louis
5,296,000
—
Indianapolis
1,233,000
Peoria
Chicago
afloat
1,248"666
36 L 000
793,000
5,235,000
2.562,000
1,037,000
3,184,000
2,276,000
6,000
3,000
1,853",000
1,009",000
895",000
138,000
565,000
1,198,000
afloat
2,157,000
7,150,000
1.174,000
240,000
in
106,736,000 40,355,000
1939.
8,104,000 10,002,000 13,878,000
8,775.000 10,145,000 14.051,000
14.730,000
8,079,000 10,247,000
Barley—New
York.
508,000
bushels; Buffalo, 1,054,000;
Baltimore, 354,000; Chicago afloat, 111,000; total, 2,027,000 bushels, against none
in 1939.
Wheat—New York, 3,509,000 bushels; Boston,
1,705,000; Philadelphia,
2,515,000; Baltimore, 7,447,000; Portland, 676,000; Buffalo, 3,864,000; Buffalo
afloat, 3,097,000; Duluth, 2,731,000; Erie, 25,000; Erie afloat, 1,034,000;
Albany,
7,598,000; total, 34,201,000 bushels, against 6,246,000 bushels In 1939.
Wheat
Canadian—
Corn
Bushels
Oats
Bushels
Total Feb.
3,
1940..301,433,000
.....
Barley
Bushels
2,156,000
1,220,000
6,901,000
27, 1940..302,422.000
4, 1939.-150,375,000
Total Feb.
Rye
Bushels
Lake, bay, river & seab'd 55,597,000
Ft. William & Pt. Arthur 59,982,000
Other Can. & other elev. 185,854,000
Total Jan.
American
Bushels
359,000
969,000
1,018,000
1,084,000
1,377,000
5,199,000
2,705,000
2,660,000
7,301,000
7,286.000
2,100,000
6,565,000
Total Feb.
3, 1940..408,169,000 40,355,000 18,381,000 12,707,000 21,179,000
Total Jan. 27, 1940.-411,370,000 41,321,000 18,739,000
12,805,000 21,337,000
Total Feb.
4, 1939..247,908,000 47,868,000 23,588,000 10,179,000 16,812,000
shipments of wheat and
furnished by
Broomhall to the New York Produce
Exchange for the week
ended Feb. 2 and since July 1, 1939 and
July 1, 1938, are
shown in the
corn, as
following:
precipitation
Wheal
Since
Week
Since
Since
July 1,
1939
July 1,
Feb. 2,
1940
July 1,
July 1,
1938
1939
1938
Bushels
Bushels
Bushels
Bushels
Bushels
and other grains are showing some revival with
higher temperatures and
precipitation, but the late planted just coming up was badly damaged or
Some spring oat seeding begun in that State.
West of the
Rocky Mountains the week continued favorable for small-grain crops.
New York—Friday Night Feb. 9, 1940
Although weather conditions, as a rule, were more favor¬
able during the past week, retail business
experienced a
moderate slowing down, notably in the
industrial sections of
politan
area
levels.
a
the volume of sales
4,611,000 112,629,000 148,919,000
1,030,000
17,415,000
62,766,000
808,000
27,068,000
2,408,000 105,509,000
223,000
1,819,000
2,179,000
69,384,000
91,825,000
70,679,000
11,293,000
17,232,000
23,352,000
India
ment
store
Jan. 27,
over
sales,
Total...
7,939,000 273,731,000 344,967,000
Weather
Report
for
the
31,172,000
29,637,000
3,595,000 120,150.000 194,130,000
Week
Ended
Feb.
7—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 7, follows:
At the beginning of the week
high pressure obtained in the Northeast,
with subzero temperatures in the
interior, but in Southeastern 8tates there
was a marked reaction to warmer.
In the Northwest the first few
days
of the period brought quite
changeable weather, much warmer on the
morning of Jan. 31, but a sharp reaction to colder the
following day. Other¬
wise, temperature changes during the week were not marked.
In fact, with
the exception of rather frequent
slightly below zero minima in the North¬
States, no zero temperatures were reported from first-order stations
anywhere after the beginning of the week.
Precipitation was frequent from the Rocky Mountains
westward, and
during the middle of the week it was widespread in the interior
valleys and
the South.
Considerable snow occurred in the western
mountain
eastern
districts,
but snow storage in the higher elevations is still
mostly below normal.
At
the close of the week heavy rains fell in the
north Pacific coast section and
also in the central Gulf area.
The weekly mean temperatures were
again much below normal from the
Ohio and Potomac Valleys southward,
although the deficiencies were small
in comparison with last week.
The greatest minus departures occurred in
the southeastern area where the week was
8 degrees or 9 degrees colder
than normal.
In the Northeast about-normal warmth
most
stations reported slightly cooler
where throughout the country an
the temperatures being aspecially
than
the
prevailed, although
average.
Else¬
seasonal
abnormally warm week was experienced,
high for the season from the Lake region
westward over the upper
Mississippi Valley and northern Great Plains where
plus departures ranged up to 10 degrees to 16
degrees.
Also, from the
Rocky Mountains westward the abnormalties were large in most areas.
Freezing weather again extended into northern Florida and central Gulf
districts, but in the west Gulf area the minima ranged from about 40
degrees
to 47 degrees.
Subzero temperatures were confined
largely to the interior
of the Northeast and the extreme
upper Lake region.
the temperature did not reach zero at
anytime
areas,
Aside from these
during the week,
except very locally in the upper Mississippi
Valley and the northwestern
Great Plains.
The precipitation was heavy in Pacific Coast
States, substantial to rather
season in much of the
Southwest, and heavy in the interior
Gulf area.
The largest amount
reported for a first-order
station was 4.1 inches at
Vicksburg, Miss.
In Pacific sections heavy rains
occurred in southern California, the
weekly totals being 3.3 inches at
Los Angeles and 2.3 at San Diego.
There was little precipitation in the
Atlantic States and the extreme northern
portions of the country.
With warmer weather, considerable
heavy for the
of the central
activity is reported in the South¬
east, especially in parts of Florida, in
replanting truck that was killed by
the severe freeze of last week.
However, except in southern Florida, but
little of this work could be done until near
the close of the week as ab¬
normally cold weather continued until that time.
Late reports indicate that some
hardy truck escaped in the coastal areas
of central and southern Florida,
although citrus fruit shipments have ceased
pending the determination of frost damage.
In Georgia all growing crops
sustained severe damage, with truck
extreme southeastern
In central Gulf
mates
as
to
the
practically all killed, except in
some
and southern counties.
loss was heavy, but there are still
conflicting esti¬
actual amount of damage.
In Louisiana late reports
areas
a
slightly increased call.
the country
Brooklyn stores revealed
establishments
metro¬
over,
for
the
Home-
Depart¬
week
ended
an
a
gain of 10.5%.
while in Newark
increase of 9.4% was recorded.
Trading in the wholesale dry goods markets
was less active
initial purchases of early Spring and pre-Easter merchan¬
dise have, in the main, been
completed, and merchants
as
generally
on
awaiting trade developments before enlarging
Newly introduced heavy underwear
with satisfactory response, in view of
depleted
are
their first orders.
lines
met
stocks
in
distributors'
hands.
Little
new
was
done
collections.
in
fall
Busi¬
in silk goods remained
dull, although scattered interest
Trading in rayon yarns continued
notwithstanding the fact that weaving operations
active,
experienced
were
a
decline.
While yarn stocks in producers'
reported to have increased slightly, the scarcity
in the finer counts continued.
Domestic
markets
523,000
the
according to the Federal Reserve Board, increased
the corresponding week in 1939.
New York and
Cotton
started
displayed
112,000
in
maintained at previous
9,902,000
Other
countries
was
Interest in apparel lines slackened somewhat, but
furnishings, too, enjoyed
hands
Black Sea.
40,159,000
64,514,000
7,344,000
South and in the
the country, whereas
continued active demand prevailed for accessories.
Bushels
~
highly beneficial in California.
de veloped in sheer fabrics.
No. Amer.
Australia
during
Nebraska, the snow cover melted slowly, with little runoff.
In Oklahoma the freeze damaged oats heavily, but the extent of harm
to
wheat is still uncertain.
In Texas there was some damage to wheat, but
apparently only a small amount was killed outright.
Early planted oats
ness
Corn
Since
Feb. 2,
1940
Argentina.
were
blankets, pending the opening of the
Week
Exports
disappeared
south-central Plains, particularly in Kansas, yielded from M to
M-inch of
moisture, but the snow has mostly melted in southern and western sections
of that State, with soil-moisture depths now from 2 to 6 inches.
Also, in
4%
10,277,000
9,964,000
8,858,000
106,736,000 40,355,000
8,104,000 10,002,000 13,878,000
301,433,000
10,277,000
2,705,000
7,301,000
The world's
snow
Small Grains—Warmer weather the latter part of the week reduced the
cover in winter wheat sections east of the
Mississippi River where
considerable ground is now bare.
In the western belt general snow in the
Summary—
Canadian
Considerable
THE DRY GOODS TRADE
Note—Bonded grain not included above: Oats—Portland, 11,000
bushels; Buffalo,
648,000; Buffalo afloat, 320,000; Erie, 120,000; total, 1,099,000 bushels, against
bushels
dry.
snow
90,000
4,154,000
4,253,000
Total Feb. 3, 19 40
very
968,000
1,241,000
135,000
afloat
Total Jan. 27, 1940... 108,948,000 41,231,000
Total Feb. 4,1939
97,533,000 47,868.000
none
continues
mostly killed.
4,128,000
2,000
393,000
Buffalo..
"
655,000
199,000
15,038,000
Detroit
"
50", 000
976,666
15,681,000
Milwaukee
........
subsoil
the week in the interior, with much ground now
exposed in the Ohio Valley.
The mountain snow storage in the more western States was increased
during
the week, but it still is subnormal rather
generally.
The warmth and
generous
19,000
23,000
—
Minneapolis
Duluth
1940
reviving
damaged or stunted,
precipitation during the week was helpful in the southern
Great Plains and highly beneficial from the Rocky Mountains westward.
However, much more moisture is needed generally.
In the Plains area
the
New York
Philadelphia
Baltimore
10,
somewhat less than at first throught.
In Texas only
hardy truck survived the freeze, the tender varieties being all killed, with
cabbage seriously injured, but not as severely as at first thought.
In that
State the follow-up rains and warmer weather were
helpful in
was
Moderate
477,000
Galveston
Feb.
crops that had been
STOCKS
Bushels
Bushels
Boston
indicate that It
more
asked for
Goods—Trading in the gray cloths
in dull fashion,
although mills
reluctance in conceding price concessions
the
week
by prospective buyers.
Later in the week senti¬
ment improved
noticeably, chiefly as a result of the friend¬
lier tone and greater
activity displayed by the security mar¬
kets, and also in view of a mild upturn in raw cotton values.
Somewhat more satisfactory reports from finished
goods
markets, too, helped to improve sentiment.
While actual
sales remained small, the fact that most bids were for
goods
for prompt delivery, was taken to indicate that
many users
are in real need of
goods.
Business in fine goods continued
quiet although late in the period a better feeling was en¬
gendered by reports that several mills planned an
early
curtailment in the production of combed
goods.
Slub
broadcloths moved in moderate volume, and some interest
developed for voiles, on the part of curtain manufacturers.
Closing prices in print cloths were as follows: 39-inch 80's,
7c., 39-inch 72-76's, 6%c., 39-inch 68-72's, 5%c., 38M-inch
64-60's, 5}{ to 534jC., 383^-inch 60-48's, 4*^c.
Woolen Goods
inactive
—Trading in men's wear fabrics continued
clothing manufacturers assumed a waiting at¬
pending the forthcoming opening of the new fall
as
titude,
lines, and a clarification of the price structure, in view of the
recent depreciation in raw wool values.
Mill operations
showed
a further
tapering off as order accumulations, in
instances, approached the vanishing point.
Over¬
coatings continued in active demand, with few spot goods
being available.
Reports from retail clothing centers made
a less
satisfactory showing although total sales continued to
reveal moderate gains over last
year.
Business in women's
wear fabrics turned
quiet as a slowing down in the movement
some
of garments in distributive channels induced
manufacturers
to show increasing caution in
adding to their commitments.
Foreign Dry Goods—Trading in linens continued ir¬
regular.
The increasing discrepancy in the prices between
older supplies and new replacements continues to exert a
deterring influence on business.
Trading in burlap was
quiet although shipment orders were reported to have in¬
creased
somewhat.
Prices followd a lower trend
early in
the week, under the influence of the
unexpected increase in
Calcutta burlap stocks, but subsequently,
staged a mild
sympathy with improved advices from the
primary center.
Domestically lightweights were quoted at
5.70c., heavies at 7.85c.
recovery
in
Volume
The Commercial &
150
1021
Financial Chronicle
1,115,000 Schenectady, N. Y., bonds purchased by the Chemical Bank
& Trust Co. and L. F. Rothschild & Co., both of New York,
as 1)48 at 100.57, a basis of about 1.43%.
to 1955, incl., and reoffered to yield from
150%, according to maturity.
jointly,
Specialists in
1941
1,000,000 West Virginia (State of) road bonds awarded to an account
headed by Lehman Bros., New York, as lMs, at 100.449,
a
basis of about 1.71%.
Due annually from 1940 to 1964,
incl.
Reoffered to yield from 0.15% to 1.85%, according to
maturity.
Illinois &M issouri Bonds
The
following are the issues which, for various reasons, were
during January.
Bonds involved aggregate $3,705,400.
Page number of the "Chronicle" u given for
Stifel, Ntcolaus & Cojnc.
reference purposes:
314 N. Broadway
DIRECT
CHICAGO
WIRE
ST.
sold
not
Founded 1890
105 W. Adams St.
LOUIS
Bay St. Louis, Miss
719
Connecticut,
revenue
725
SALES IN JANUARY
State and municipal
The fact that sales of long-term
7
obliga¬
month reached the somewhat impressive
total of $85,144,777 was due in important measure to the
activities of the Reconstruction Finance Corporation.
This
tions during the past
accounted for $25,050,000 of the month's output as a
sale to banking houses of $20,050,000 Phila¬
delphia, Pa., gas revenue trust certificates and $5,000,000
State of Mississippi bonds.
The Philadelphia loan, inci¬
dentally, was wholly ineffective as an item of general market
interest, as the bankers placed the securities privately.
The
other offerings of note during the month were generally well
received in investment circles, although the response in some
instances was not particularly aggressive.
•
The month's total includes the following items of $1,-
agency
result of the
000,000
or more:
$20,050,000
Philadelphia, Pa., 3)4% callable gas revenue
trust certifi¬
due semi-annually from 1940 to 1957, incl., purchased
privately from the RFC at a price of 103 by Smith, Barney
& Co. and Harriman Ripley & Co., Inc., both of N. Y. City.
The bankers announced that the securities had been placed
privately.
They were issued by the city in July, 1939 in
principal amount of $41,000,000 under the plan whereby the
municipality assigned for a period of 18 years the annual
income of $4,200,000 derived through leasing for private
operation of the municipal gas works.
The RFC subscribed
for one-half of each maturity of the trust certificates or a total
of $20,500,000, and the other half was taken by Philadelphia
institutions.
The
amount
purchased by the investment
houses mentioned above represented the unmatured portion
of the certificates held by the Federal agency.
cates,
Angeles, Calif., Department of Water and Power water¬
bonds awarded to a syndicate headed
by the First Boston Corp., New York, as 2J4b and 3Ms, at
par, or a net interest cost of about 2.81%.
Due serially from1943 to 1959, incl., and reoffered to yield from 1.25% to 3%,
according to coupon rate and date of maturity.
5,500,000 Los
works refunding revenue
5,000,000 Mississippi (State of) 3)4% highway, third series, bonds 6old
by the RFC to John Nuveen & Co. of Chicago and associates,
at 105.11, a basis of about 3%.
Due $500,000 each six months
from 1950 to 1954, incl.
Reoffered to yield from 2.60% to
3%, according to maturity.
3,500,000 Minnesota (State of) rural credit certificates of indebtedness,
due $1,500,000 in 1949 and $2,000,000 in 1950, sold to an
account headed by Lehman Bros, of New York as lMs at
100.0799,
basis
a
of
about
The maturities were
and 1.65%, respectively.
1.74%.
priced by the bankers to yield 1.60%
(State of) 2% highway refunding bonds purchased by
of Georgia and associates at 101.13, a basis of
1.83%.
The bonds mature March 15, 1947 and were
the Trust Co.
about
reoffered to yield 1.50%.
1
N. J., 3%% general refunding bonds purchased by
an account managed
by B. J. Van Ingen & Co., Inc., New
York.
Due annually from 1956 to 1964, incl.
A block of
$976,000 bonds due from 1960 to 1963, incl., were reoffered
yield 3.50%.
pub¬
ing rural credit bonds.
N. Y., bonds sold to an account
headed by th®
Co., New York, as 1.2Cs, at 100.089, a basi8
1.18%.
Due serially from 1941 to 1950, incl.
Re"
offered to yield from 0.20% to 1.35%, according to maturity.
Bankers
Trust
of about
2,100,000
Minneapolis, Minn., bonds awarded to Phelps, Fenn & Co.,
and associates, as follows: $1,370,000 public
drain issues, due from 1941 to 1950,
incl., sold as 1.80s at 100.22, a basis of about 1.76%.
Re¬
offered to yield from 0.30% to 1.85%, according to maturity.
An issue of $730,000 refunding bonds, also due from 1941 to
1950, incl., sold as lMs, at 100.03, a basis of about 1.74%.
Inc., New York,
and work relief and storm
1,892,000 Trenton, N. J., bonds awarded to a syndicate headed by the
First National Bank of New York as 3s at 100.449, a basis of
about 2.96%.
Due serially from 1941 to 1970, incl.
Re¬
offered from a yield of 0.75% for the 1941 maturity to a price
of 99.50 for the 1968 to 1970, incl., maturities.
1,770,000 Buffalo, N. Y., bonds awarded to a syndicate
Halsey, Stuart & Co., Inc., New York, as 2s, at
basis of about 1.98%.
Due from 1941 to 1960,
reoffered
to
yield from
headed by
100.115, a
inch, and
0.35% to 2.30%, according to date
of maturity.
x
(State of) storm notes, due from 1942 to 1945, incl.,
purchased by Lazard Freres & Co., New York, as 0.50s, at
100.03, a basis of about 0.49%.
Reoffered to yield from
0.15% to 0.70%, according to maturity.
N. Y., public welfare bonds sold to Adams, McEntee & Co., Inc., New York, as 1.20s at 100.386, a basis
of about 1.13%. Due from 1941 to 1950, incl., and reoffered
to yield from 0.20% to 1.30%, according to maturity.
1,504,000 Rochester,
x
New Straitsvllle, Ohio...
bSouth Carolina
x
Mich^
(State of)
Bids rejected
249,200
,
Sale restrained
1,546,000
x
Rate of Interest was optional with the bidder,
a
Sale was called off in order to
b State Supreme Court was asked to
clarify provision regarding delivery of bonds,
rule on constitutionality of issue.
Temporary borrowing by States and municipalities during
January amounted to $125,509,425, of which about $40,-
000,000 was accounted for by the Chicago Sanitary District,
111., and $35,000,000 by the City of New York.
Also
included are $34,481,000 notes awarded by a group of local
housing authorities to the Chemical Bank & Trust Co., New
York, and associates. This was the second such operation,
the first financing in amount of $50,000,000 having been
completed last November.
Interest rate bid on that occa¬
sion was 0.60%, while in the recent sale the rate was only
Taxing units seeking interim credit continue to be
0.45%.
favored by a combination of circumstances which lowers the
cost on loans to record low levels.
Interest rates have
receded to such
an
extent that,
in
instances, it is
many
no
such
longer profitable for investment bankers to compete for
business.
Long-term Canadian municipal financing in the past
was largely made up of the Dominion Government's
war loan offering in the amount of $200,000,000.
The
month
first
operation was completed in short order, cash subscriptions
amounting to approximately $250,000,000 having been
tabulated within two days after the issue was announced.
The Government loan and the $12,000,000 refunding issue
marketed by the Province of Quebec accounted for practically
all of the month's total output of $213,472,037.
Temporary
borrowing in the amount of $55,000,000 was accomplished
by the Dominion.
No United States Possession issues were placed in the
United States during January.
Below we furnish a comparison of all the various forms of
during the last five
municipal obligations sold in January
years:
Perm, loans
*
(U. S.).
$
47,888,417 207,228,381 89,523,614
75,207,641 173,965,568
90,168,112 186,428,161
55,000,000 50,000,000 55,000,000 25,000,000
85,144,777 103,823,188
Temp, loans (U. S.) 159,990,425
Canad'n l'ns (temp.)
1936
$
$
$
$
1937
1938
1939
1940
January
55,000,000
Placed in Canada. 213,472,037
None
Placed In U. S
Bds.U.S
*
Posses'ns.
—...
55,657,500 8109151900
20,000,000
None
513,607,239 324.648,800 393,468,478 478,452,522 337,039.096
Includes temporary
securities Issued by New York City—$35,000,000 In 1940
$45,000,000 In 1939, $42,500,000 In 1938, $40,600,000
1936.
a Includes Issue of $50,000,000 underwritten In
The number of
municipalities in the United States emitting
made
This
For comparative purposes we add the following table
showing the aggregate of long-term bonds put out in the
United States for January for a series of years.
Ijt will be
observed that the 1937 January output was the largest on
record:
1940
1939
........
1938.
1937
1936
1935
1934
1933
1932
1931
1930
1929
1928
1927
1925
$85,144,777
103,823,188
47,888,417
207,228,381
89,523,614
97.172,419
55,071,204
35,834,603
138,248,064
50,648,907
109,842,814
75,710,723
100,343,627
206,877,975
70,366,623
135,536,122
1921
1920
1919
1907........
1906
1905
1904..
1903.
24,060,118 1902
40,973,081 1901
1918
1917.
1916
50,176,099 1900
1915
34,303,088
84,603,094
1914
1899
1898
—
1912.
1911.
78,510.274 1895
1910
16,319,478
29,318,403
.....
30,414,439 1897
25,265,749 189j._
1913
1909
1894
1893
following is a detailed list of the municipal
brought out in Januaiy:
The
Name
Page
469
$10,942,068
10,160,146
8,307,582
8,436,253
23,843,801
15,141,796
10,915,845
9,240,864
20,374,320
6,075,957
8,147,893
10,405,776
6,507,721
10.332,101
7,072,267
5,438,577
1908...
$99,625,470
96,995,609
108,587,199
87,050,550
83,529,891
25,090,625
1924
1923
1922
Abington Township S. D., Pa
Amount
Rate
Maturity
1)4
1943-1960
$290,000
r9,000
155 Alton, Okla
2)4
Amherst Ind. 8. D., Tex. (3
1943 to
Bankers
871
l88)3M-3M
Ankeny Consol. S. I)., Iowa
2
304
Asbury Township, 111
,
In 1937, and $54,838,000 In
London, England, r
permanent bonds and the number of separate issues
during January, 1940, were 308 and 363, respectively.
contrasts with 322 and 362 in January, 1939.
156
(State of) certificates of indebtedness, due from
1955, incl., awarded to an account headed by the
Trust Co. of New York as lMs at 101.748, a basis
1.30%.
Reoffered to yield from 0.50% to 1.40%,
549,914
48,000,000
56,016,500
85,000.000
None
Maryland
1,200
not exc. 4%
877
Alice, Texas, (2 Issues)
according to maturity.
Bid rejected
Bids unopened
No bids
Not sold
No bids
not exc. 6%
Pleasant Ridge,
878
of about
4%
873
1926
1,700,000 Vermont
1 370,000
x
not exc.
469
Total
»
2,200,000 South Dakota (State of) rural credit refunding bonds
licly offered Jan. 3 by Lehman Bros, of New York and asso¬
ciates, at prices to yield from 2.50% to 2.75%, according to
maturity.
Due serially from 1950 to 1959, incl.
This offer¬
ing marked the first step in the proposed refinancing of $20,425,000 of the outstanding rural credit debt.
Additional
purchases of new securities will be made by the banking group
provided that it can arrange for simultaneous surrender to
the State for cancellation of equal principal amounts of exist¬
2,200,000 Syracuse,
Issue)
Canad'n l'ns (perm.):
2,200,000 Clifton,
to
450,000
1,350,000
50,000
10,000
(domitory
Mt. Vernon, 8. Dak
877
Report
Sale postponed
x
of
Manorhaven, N. Y._„
3,350,000 Grays Harbor County Public Utility District No.
1.
Wash., 4M% electric revenue bonds due serially from 1942
to 1960, incl., and callable prior to maturity: sold at a price
of par to John Nuveen & Co. of Chicago and associates.
2,650,000 Georgia
State
aHouston, Texas
1
Amount
$49,000
Int. Rate
Name
Page
466
MUNICIPAL BOND
Due from
0.20% to
10-20 yre.
40,000
1941-1953
97,500
1940-1951
~
-
-
1940-1959
r34,000
9,000
r700.000
bond issues
Basis
Price
1.42
100.81
~
_
*,«.
*
-
100.44"
—
~
2.50
100
*.
—
Mr —
1.93
The Commercial & Financial Chronicle
1022
Page
Name
hate
463
Ava High 8. D. No. 164, 111
875
309
Baughman Rural 8. D., Ohio
Barnesboro, Pa
875
Barnesville S. D., Ohio
724
Beaverton, Ore..
Maturitg
Amount
1941-1958
Price
23,000
406
Lawrence County, Miss
100
2.00
469
Law ton, Okla
1*4
1944-1964
25,000
100
2.50
720
Lexington, Ky.
6
100.63
2.18
304
Lewis ton, Idaho
3
873
Bay 8t. Louis. Miss. (2 issues)
Belding 8. D. No. 9, Mich
Bells, Tenn._
152 Benton, 111
726
Liberty, Texas
3
1941-1960
r45,000
1941-1950
4
.3*4
306
100.000
1941-1951
--
r59.500
.[
49,000
4
1941-1955
<115,000
20,000
306
Berrien County, Mich
1942-1946
r<f404,000
302
Bessemer, Ala
1941-1970
r811,000
304
Blcknell School City. Ind21947-1949
6,000
14~14
4
878
Big Horn County, Wyo
304 Big Mound Twp., Ill
.,3
Blount County, Tenn
Bound Brook. N. J
Brentwood, Md
2%
1942-1966
100,000
100.79
2.68
470
Lubbock, Texas
214
1940-1953
165,000
100.23
2.22
721
McComb, Miss
6
1947-1948
34,000
306
Macomb Co., Mich.
1
1942-1946
100.47
0.88
3*4
2
1949-1953
10,000
100
3.50
152
Mahaska County, Iowa*
Buffalo, N. Y (3 issues)
1941-1960
1,770,000
100.11
1.98
724
Malvern, Ohio
Byars, Okla_._
6
1945-1964
20.000
100.50
5.94
467
Bridgeport, Conn...
722 Brown County, Neb.
309
26.000
-
721
Calhoun County, Miss
721
Calhoun County, Miss
150,000
468
308
Canton, Ohio
1941-1955
r20,000
100.22
2.72
1942-1949
28,462
100.07
1.48
r20,000
100.22
34
1942-1952
1.90
1941-1950
37,000
723
Cattaraugus County. N. Y.
878
Center, Texas..
155
1.40
Center Twp. 8. D., Pa
Chappell, Neb
466
1941-1951
100.14
50,000
Charleston, Mo
152
1941-1955
.34
-3
Childress
Chilton County, Ala.....
2A
1941-1958
Cleveland, Miss
Clifton, N. J
3*4
3%
1956-1964
Clinton, Iowa
462
1950-1967
2*4
Codeli 8. D„ Kan
Colorado City,
100.50
877
100.004
1.24
100
4.00
100
3.48
5,000
1948-1950
25,000
100.44
2.20
100
3.50
Manchester, N. H
-.14
1940-1949
4,000
50,000
100.34
1.43
..5
15,940
100
5.00
1957
r<fll6,000
14
1943-1955
1,370,000
101.74
1.30
D.
2.20
1941-1970
270,000
100.42
2.17
3*4
&c.,
8.
—
-
»
-
w
-
-
96.50
"e". 17
2.40
16,000
114.75
2.96
Morristown, N.J.
2 4
1952-1955
r85,000
101.21
2.39
5
1942-1960
<Z30,000
Moundsville, W. Va
Mt. Lebanon Twp. 8. D., Pa
Muscatine County, Iowa.
Muskegon Heights, Mich
Muskogee Co. 8. D. 89, Okla
3-34
462
723,500
2,000
100
1943-1960
7122,000
36,500
1941-1969
101.56
Norfolk, Neb
Norfolk, Neb...
722
3.00
153
2.11
722
723
4
10,000
90~89
1943-1964
180,000
100.11
r.99
1948-1950
38,000
1945-1970
425,000
100 002
"3.16
rl.500
*.«.
1941-1957
15.000
106.42"
3.28
1942-1959
240,000
100.06
3.66
14
2^-2^
1941-1955
20,000
100.79
1.12
4
North Platte, Neb
North Bergen TWp., N.J
872
1945-1950
<16.357
1941-1945
1*4
24
rlO, 000
11.000
.
*»
»
-r
—
—
•
166.31"
1940-1944
r96,000
2
1941-1960
250,000
100.31
3
1941-1958
7-686,000
100.51
2.88
1941-1952
60,000
100.64
2.39
100
3.50
...A*4
North Hempstead. N. Y
Oakland County, Mich
Ocean County, N. J
304
5,000
1-10 yrs.
2
....34-3*4
874
3.30
1.74
..2
Newton, Mass
722
100
1941-1945
Nevada County, Ark
Newport, Tenn
306
l6l~.46*
1940-1955
100.03
4
877
1943-1950
.24
34
100
4.25
1.97
Dallas Twp. 8. D., Pa..
--
3
546,000
1940-1944
1941-1960
719
7250,000
—
470
O*Fallon Twp., Ill
Olmsted, 111.
Oneida. Wis......
878
Orange, Texas
4
1945-1960
r84.000
873
Otter Twp. 8. D. No. 38, Minn...3
1941-1956
r49,500
100.65
2.91
1941-1961
10.750
100.01
2.24
20,000
100.10
2.99
4.000
25,000
DesMoines, Iowa
1941-196->
4'>,000
1-lOyrs.
100.25
2.22
31,142
1941-1944
154 Oyster Bay, N. Y.._
304 Palos Park, 111
724 Patterson Twp., Pa.
1942-1952
5.500
108.07
3
1941-1955
80,000
104.81
24
__
•»
...1*4-2
1944-1950
22,000
1940-1949
<120,000
100.12"
1.98
1940-1957 <120050,000
1941-1950
5.000
l"o6".02"
4.49
151
Pell City, Ala
2.40
876
Perrysburg, Ohio
d75,000
100.68
2.93
876
Perry 8. D., Okla
153
Petoskey, Mich
2
Philadelphia. Pa
34
Pinal County 8. D. No. 28.
Ariz..4H
1943-1952
10,500
304
DonovanS.D.,I11
Douglas Co. 8. D. 5, 111
310 Dudley-Denton 8. D., Tex, (2 lss.)
722 Dunellen, N.J. (3 issues)
.2
368 Durham,
N. C
1*44
464 Eliot, Me
1*4
719 Elizabeth, 111
.A4
152 Elkhart County, Ind
\*4
719 Elwood, Ind:
3*4
304 EnglishTwp., Ill
2*4
310 Enterprise 8. D., Texas
3*4
308 Erie County, Ohio
1*4
309 Estill H. 8. D. No. 25, So. Car
3*4
463 Eustls Spec. Tax 8. D. 10, Fla
4
Fabens Ind. S. D., Texas
470 Fabens Ind. 8. D., Texas
11,900
100.17
1.96
304
100.10
1.87
1941-1954
52,000
100.89
1.68
1941-1945
5,000
24
.44
Forest Twp. 8. D„ Miss
3*4
304 Fulton Co. S. D. No. 81, 1113*4
724 Gage, Okla.
4^-5
873 Gallatin Co. 8. D. No. 15.
Mont..2*4
721
1941-1945
10,000
1943-1979
565,000
10,000
....
1940-1944
2,000
1943
100.09
1.23
100
3.50
100.33
1.16
3.73
77,000
95.11
4.55
25,000
100
4.00
1942-1951
100
4.00
872
80,000
100.70
2.66
469
740,000
14,800
lbl". 35"
2.08
15,000
100
1940-1953
20,000
100.02
3.24
1946-1954
Y-l)4
874
Goshen,
Hamptonburgh,
Etc.,
S.D.No. 1, N. Y*.
1.80
Grays Harbor Co. Public Utility
Dist., Wash
44
720 Greenfield, Iowa
..2*4
GreenfuldTwp. S.D., Pa
4
Greenville, Miss. (2 issues)
,'*
D.f Okla
466 Hardin, Mont
872 Harlan, Iowa...
r2,650,000
16,000
1940-1955
32,000
1943-1960
d3350,000
1.83
878
100.03
1.79
-
-
102.80
rl7,500
100.74
100.07
28.000
100
4.00
1941-1959
r268,000
100.46
1.85
1940-1959
121,000
100.46
1.85
102.80
2". 55
1.23
32,000
2.87
r6,000
1942-1950
100,000
100
4.25
2.32
104.79
3.5 1
100
5.00
35,000
100.02
150,000
100.08
2.24
100.28
1.45
1949-1959
118,000
100,000
100
5.00
1942-1957
15,000
101.65
2.81
83,000
100.38
1.13
65,000
100.79
2.67
1940-1949
52,000
100.03
1.24
466 St. Louis Co. S.D.No. 19, Minn
152 St. Mary Parish.
First Ward Spec.
2.33
Salt Lake City, Utah.
Sand Springs, Okla
723
466
2,000
155
rd28,000
7-28,000
718
Twp., Ill
rl43.000
12,500
100.81"
1.87
3.49
878
100.01
10.000
100.10
] .47
17,000
100.28
2,97
1940-1958
150,000
100.20
1.90
306 Itawamba County, Miss
464 Jackson County, Iowa
54
1)4
1941-1945
719 Jacksonville School City, Ind
870 Jefferson County, Ala
310 Jim Hogg County, Texas
4
1941-1955
3 >,000
14,000
27,500
1948-1949
IOO.39"
I.39
878
4.00
28,000
1953-1958
6,000
30 years
1941-1951
20,000
<132,000
140,000
10-20
yrs.
877
Knox County, Tenn. (2
issues)...3*4
I960
872
r315,000
3)4-3*4
34
5*4
1940-1969
1941-1965
2.40
1951-1955
295,000
r58,935
r43,000
24,000
r259,800
5,000
r60,000
r80,000
Lake Park, Fla
1969
464
Lakota, Iowa
34
1941-1950
155
Lancaster, Pa
"..1*4
1944-1956
-t
1.21
4.25
125,000
6,500
100
1.00
36,000
100.45
2.90
1941-1960
40,000
100.55
4.44
1941-1950
1.43
2.70
*
3
305
305
3.46
466
99.15
1.65
878
3.23
309
Timpson, Texas.*.
Toledo, Ohio (2 issues)
3.71
515,000
100.57
100.57
1.43
19,000
1941-1950
450,000
l66"07"
2.24
30,000
r457,000
100
4.00
1942-1945
1942-1959
157,000
100.li"
3.80
1940-1948
1940"1954
1950-1959
8,000
1941-1950
467
5.00
2.68
100
3.00
65,000
r1,600,000
100.78
1941-1950
100.08
1.18
1941-1950
600,000
100.08
1.18
1940-1944
2,500
100
5.00
5
34
1941-1960
3*4
1942-1946
1947-1965
1.85
35,000
4
*_*_*_
<1235,000
r55,000
r97,000
*
40,000
450,000
24-2*4
1941-1970
1.80
1941-1950
14
1940-1944
3
Trenton, N. J
Tyler, Texas
l"06""""
106.14"
1.20
Tonawanda, N. Y. (5 issues)
720 Topeka, Kan
878
8,933
100,000
r75,000
r2,200,000
35,500
1.20
723
3.71
100
50,000
Thurston County, Neb
100.18
2.20
r600,000
3
Thlbodaux, La
100
100.33"
111.02
1951-1955
3*4-4
Sweetwater Co. S. D. 2, Texas...2
Texas County, Mo
Thlbodaux, La
56,000
1940-1944
....2*4
Syracuse, N. Y
Syracuse, N. Y. (2 issues)
470 Teague, Texas.*
307
3.16
100
250,000
14,000
308
100.18
100.06
34
308
r4,000
1941-1946
Smith County, Tenn
722 South Amboy, N. J
155 South Dakota (State of)*
310 Spur 8. D., Texas
873 Starbuck, Minn
100
15,000
1940-1948
5
*
*
96,000
100
1941-1955
1940-1944
24
34-4
„
d600,000
100.20
1944-1950
44
Schenectady, N. Y. (3 issues)
14
Schenectady. N.Y
14
Scott County, Miss.
34
Scranton, S. D., Pa
......24
Searcy, Ark
4
1941-1954
I960
5,000
32,000
..3
San Mateo County. Calif*
San Clemente, Calif
.2-3
1941-1957
3.50
88
__
470 Seattle, Wash
877 Sevierville, Tenn
156 Shelby County S. D., Texas
724 Sheridan, Ore
872 Sioux City, Iowa
1941-1950
1.95
100
40,000
1
1.68
1940-1952
100.02
rll.OOO
...6
3.75
1943-1950
50,000
1941-1948
150.000
Salem
470
95
1.30
2.96
1941-1956
_
304
724
870
462
723
108.60
100.36"
1941-1959
...3-31*
44
Salem, 111
871 Salem, 111
6,000
...
1.20
723 Rocky Mount. N. C
****1^-2
873 Rosebud Co. 8. D. No. 33. Mont..3*4
306 Royal Oak Twp., Mich
4
721 Ruth Separates. D., Miss.
.4
719
.
r
1,504,000
1946-1956
14
60,000
20,000
8. D. No. 1, La
rl45,000
25,000
18,000
1943-1959
1941-1950
2*4
2.16
Lauderdale Co., Miss. (6 lss.) .3)4-3H
-
Rockvllle Centre, N.Y
100
1*4
-
Rochester, N. Y
Roc* Hill, 8. C
100.63
6
470 Karnack S. D., Texas
4
725 Karnes Co. R. D. No. 3,
Texas..3)4
310 Kaukauna, Wis
w
307
100.06
3*4
1*4
l"o6"""
2,000
-
5,000
17,336
.2
7*909,000
-
1942-1948
20,300
307 Irvington, N. Y
1941-1960
1944-1953
1940-1944
3*4
1*4
r70.000
3
1942-1951
*.._3
5.00
1941-1947
2.30
3
1.70
Hyde Park, Pa.
1.55
100
Ri vert on, Wyo...
307
38,000
1941-1955
1942-1946
Hutchinson, Kan
101.58
rlOO.OOO
3
1.50
38,000
5 yrs.
1941-1950
1945-1959
872
101.90
90,000
.44
100
101.16
95,000
1945-1965
2*4-2*4
1^-2^
877
100,000
<125,000
1.90
101.13
45,000
2
1941-1960
1946-1950
..1.90
Rensselaer County, N. Y
Rensselaer County, N. Y
3%
2-2^
Horton, Kan. (2 Issues)..
305 Huntington, Ind
726 Huntington, W. Va
2.36
■
1944-1963
4
1940-1959
872
1.24
100.44
1941-1948
Renwlck, Iowa
....A)i
Homer, La...
100.008
15.000
1941-1965
Richmond School City, Ind
470 Richmond 8. D., Texas
25,000
1940-1949
1)4
469 Hood River, Ore
468 Hoosick Falls, N. Y
r75.000
2^-3
Republican City, Neb..*
310 Rhinelander, Wis
10,000
4
307 Harrison, N. Y
1A
725 Henderson Co. Con. R.D.I, Tenn5
721 HigbeeSpec. R. D., Mo
3
470 Highlands, Texas
5
304 Hillsdale 8. D. No. 15, 111
14.500
1946-1960
725
1947
24
Guthrie 8.
1941-1946
719
1941-1950
5
2)4
726 Grays Harbor County, Wash
470 Griffith Park, Texas (2 issues)
308 Guilford County, N. C
14
2.40
Bayou
873
1941-1958
Glidden, Iowa
3.20
1*4
River, Atchafalaya &
Levee, District, La
720
723
1.74
3.64
100.01
-
723
9,000
100.12
100.50
4
Red
16,000
250,000
10,000
Ravenna, Ohio
20,000
21,000
120,000
-
»
r945,000
Radcliffe 8. D., Iowa
Rainier, Ore.
720
4.50
«.
Port Lavaca, Texas...
724
1948-1950
1942-1948
1.94
4.00
1942-1961
Presque Isle, Me
1*4
873 Quitman Co., Miss.
(2 issues).34-34
49,000
.
100
1940-1949
872
1941-1980
100
3*4
309
1941-1965
166.53"
15,000
3,500
„
3-3 4
Pontiac, Mich
152
100.15
—2
467 Glenvllle Sewer Dist. No. 2, N.
»
1940-1959
308 Portsmouth, Ohio
24
Pottawattamie County ,low&...A4
Prairie City, Ore
5
16,600
16,000
50,000
872
1941-1950
1*4
873 Port Huron, Mich. (2 issues)
154 Port Jervls, N. Y
310
*___
1941-1953
310 Galveston Co. Water Control and
Impt. Dist. No. 2, Texas
463 Georgia (State of)
Piqua, Ohio
3
Pigeon Grove Twp. II. 8. D., 111..
Pittsburgh, Pa
718 Placenta, Calif
306
25.000
'
1-30 years
309
1940-1968
3
876
61,000
189,000
4
....2.70
100
1941-1950
1941-1972
Farinington, Minn
721 FarmingtonS. D., Mo_.
304 Flora,111
870
1943-1956
4
721
725
5,500
..
470
2.40
25,000
871
5,000
-
-
1942^1955
1.57
100.20
1960
-
1941-1947
100.15
100,000
3
-
4
10,000
1941-1945
—
^
-
2.34
...-2
1941-1950
1.60
Dickinson 8. D„ Texas (2 lsaues)2-2H
10,000
5
467 De Witt Fire Dist., N. Y.
307 Fair Haven, N. Y__._
-
8,000
-
Moses Lake, Wash
1.86
100.12
-
1.76
878
466
-
3.00
100.85
7,500
4
310 Dickson County, Tenn
876 Dickson 8. D. 77, Okla
463
25,000
r70,000
Middletown San. Dist. No. 1, Wis.5H
Milton Twp. 8. D. Ohio
24
310
11,300
100.01
Lafayette, La..
Lafayette, La
721 Lafayette County, Miss
304 La Grange Park Dist., Ill
3.51
10.151
10,000
6.915
872
96.54
5,000,000
155
756,000
720 Johnson County, Iowa
876 Jones City, Okla
3.08
1950-1954
306
....
5
872
101.20
1.74
2.75
1941-1950
724 Hobart, Okla
718 Holbrook, Ariz.
2.99
100.07
2.99
3
2*4
876
3.45
1949-1950
100
1941-1953
Green River, Wyo
100.25
100.22
100.11
Crookston, Minn
156
4,400
101.19
81,000
2*4
Covington County, Miss
3)4
Ind.
8. D.. Texas
(2 issues)
34-3*4
466
3.19
1941-1949
2.81
r491,000
720
3^-4
152
309
100.53
57,500
1941-1951
873 Deermore Twp., Minn
304 De Kalb Co. 8. D. 401, 111
470 DePere, Wis.
726
100.04
200,000
1941-1950
20,000
..
304 Cutler,III...
876 Cuyahoga County, Ohio
870 Dallas County, Ala
212,000
50,000
rl81,000
309
2.44
...
310 Crockett
721
1942-1965
1941-1960
(
Too""
1941-1950
1941-1955
3)4
—
3,000
r5,500,000
1941-1964
1941-1960
-.2
469 Cortland 8. D.t Ohio
156 Covington, Va
153
rl91,000
9,000
Cochise Co. 8. D. No. 64, Ariz...3
Texas
876 Coos Co. 8. D. No. 54. Ore
1943-1959
r730,000
1,370,000
3,500,000
....
r2,200,000
3H-3*4
Coldwater, Ohio
4,430
102,000
1941-1950
Minneapolis, Minn
...1*4
Minneapolis, Minn. (3 issues)... 1.80
873 Minnesota (State of)
1*4
873 Mississippi (State of)
3)4
719 Morgan County 8. D. No. 45, 111..5
....
65,000
153
467
725
1941-1944
1941-1970
466
3.36
Texas
872
464
-
726
8,500
156
876
-
mem.
466
101.01
30,000
718
D„
*.
1944-1959
Maryland (State of)
308
1.38
1.91
^
r7,000
^
463 Mascoutah Twp., Ill
305 Maynard 8. D. No. 1, Iowa.„_._2>£
100
9,000
Chicago Heights Park Diet.,111**2
8.
^
^
w
1941-1955
Maryland, Milford,
No. 1, N. Y
878
_
10,000
153
Ind.
^
w
722
3*4
(2 issues)
w
_
1942-1951
720
1.89
__
r85,000
--
^
__
100.06"
4,500
--
45,000
24
723
_
28,000
Carteret, N. J
Castana, Iowa
3-20 yrs.
2.95
*- *
1941-1954
_
Manly, Iowa
467
100.46
100.25
14
Marion County, Fla
877 Canton, 8. Dak
26,000
345,000
18,000
3 4
152
305
1941-1956
__
4
(3 iss.)
Magnolia, Miss
719
14
100.51
4.00
2-34
.3)4
_
10,000
2%
2%
-
—
6.00
1940-1944
—
rl7.000
--
-
Candor, N. C
Canton, N. C
308
306
100
1941-1943
—
10,000
1.70
13,000
1941-1943
--
1940-1949
100.25
10,000
--
4
463
874
2.36
100
10,000
1-10 yrs.
*_
4.00
101.04
14.000
-
Bloomfield. Neb
100.002
100
12,600
...
4*4
Blacklist Township, Pa..
873
724
Basis
49,000
Liberty County, Texas
2
Lima, Ohio
876 Lindsay, Okla
14-5
305 Littleport S. D., Iowa
3*4
876 Lockland, Ohio
3
719 Lockport, III....
4
469 London, Ohio
462 Los Angeles, Calif
2^-3^
303 Los Angeles Co., Calif, (> iss.)
3
303 Los Angeles County, Calif
34
718 Los Angeles County, Calif
..3*4
3.06
1940
Price
1943-1947
878
101.02
10.
Amount
Maturitg
4
<142,000
877
872
Rale
1941-1961
—
877
Name
24
2%
*
873
Page
2
*
469
Baals
Feb.
1941-1970
126,800
55,000
1,892,000
100.42
2.54
100.13
1.77
101.16
0.57
100.44
2.96
100.10
2.39
100
3.25
719
Valley County S. D. No. 5, Idaho.
Vandenburgh County, Ind
.14
1941-1950
100.76
1.42
462
Ventura County, 8. D„ Calif
360,000
100.11
1.23
2
1941-1955
100
871
75,000
Ventura County S. D.t Calif
2.00
24
1941-1952
12,000
100
2.50
304
*
34
46,000
1,500
__
The Commercial &
Volume ISO
Page
100
6.00
1,700,000
100.03
0.49
1.60
Vermont (State of)
1942-1947
100,000
100.28
1.54
1941-1944
rl5,000
100.05"
0.98
100
4.00
100.12
2.74
3.90
6
873 Virginia, Minn
719 Walsenburg, Colo
1,000
15,000
309 Warren County, Pa
1
4
___3
468 Washington Public S. D., N. C_.2%
873 Wayne, Mich
4
873 Wayne County, Mich
4
724
3,000
1941-1945
1942-1951
872 Washington Twp., Iowa
873 Watertown, Minn
2,000
1949
1941-1961
r413,500
736,000
1941-1949
6,000
3K
874 West New York, N. J. (3 issues).4
726
West Virginia (State of)__
470
1950-1959
White Plains, N. Y
Wichita, Kan
303
102.17
r300,000
100.21
0.63
500,000
100.44
1.71
500,000
100.44
1.71
1949-1960
r516,000
100.28
2.38
1941-1949
2.40
2.40
1%
rl43,000
2.57
1940-1964
2%
1
1%
White Plains, N. Y
464
4.12
1941-1945
West Virginia (State of)__...
468
101.10
1940-1964
West Orange, N. J
West Virginia (State of)
310
100.30
70,000
1941-1962
100.58
18,194
4
Wellston, Ohio
rlO.OOO
305 Westside, Iowa (2 Issues)
468
Basis
Amount
1942-1945
Rate
Volusia Co. S. D. No. 38, Fla
156
874
Price
Maturity
1952
0.50
Name
304
120,000
100.28
2.38
37,683
Wilcox, Ariz
20,700
875 Williamson, N. Y
1941-1962
Wilmot Ind. S. D., S. Dak
153
Wilton, Minn
305
Winn Par. S. D.. La. (2
723
Winston-Salem, N. C
306
Woburn, Mass
4
100,27
r9,000
1,500
__6
2.87
100
5,500
1942-1950
2.90
309
4.00
iss.)..3^-4H
2-2 K
1940-1954
206,000
1950-1965
2.19
1940-1944
r300,000
10,000
100.05
\%
1945-1950
150,000
100.30
1.46
1941-1950
60,000
100.72
1.30
100
3.75
464
Woodbury County, Iowa
872
Wyandotte County, Kan
1
\\i-\ K
310 ZavallaS. D., Texas
5,000
_3K
municipalities,
Total bond sales for January ("03
d
Subject to call in and during the earlier year and to
k Not including $1)9,990,425
temporary loans or funds
municipalities from agencies of the Federal Government.
We have also learned of the following
in various months in 1939 and
in
were
mature in the later year,
obtained
r
by
and
States
Refunding bonds.
previously recorded
downward trend, the
Chamber of Commerce predicts in a report
just issued on New Jersey municipal finances.
The study
attributes the improved tax picture among New Jersey local
government units to better budget-making procedure, to
"cash-basis" financing and to the decreasing local debt
burden trend.
A major problem still to be solved by the municipalities, the
points out, is that of "liquidating more than $85,000,000 of frozen
which
Maturity
1942-1951
Rale
Name
Price
Amount
the form of taxes
exist in
liens."
charged against property
Simplification of the tax foreclosure
report
assets
under tax title
procedure is an urgent need,
the report declared.
The report prepared
by Alvin A. Burger and Thomas J. Graves, of the
Chamber's department of governmental research, is offered as a supple¬
ment; to a previous bulletin on the same general subject, published last
November, in which it was shown that the total local government debt
burden in New Jersey had decreased by nearly $280,000,000 since 1933.
and that property tax collections in 1938 were the best in 11 years.
Credit for improvements in local public finances in New Jersey was
given by the Chamber to "persistent public pressure since 1932 for sub¬
stantial economies in all levels of government in the State, and for more
businesslike handling of public finances."
This public pressure 'mas been implemented
ganized
effort
women voters
by taxpayers'
and other civic
said the study.
The report presents
a
groups,
by sound,
effective, or¬
of
chambers of commerce, leagues
associations interested in good
10-year statistical picture
government,'
of the debt burden
defaults and property assessments.
Summarizing the various trends prior to 1931, the report states;
"Between 1920 and 1931, while the population of New Jersey was in¬
creasing by 28% and the assessed valuation of all taxable property was
increased by 100%, the total property tax levy grew to two and a half
times its 1920 size and the local debt burden was more than quadrupled.
"The property tax levy
which
was
heavier
annual
Page
Predicted—Loc.al
Jersey—Lower Property Tax Rates
New Jersey State
sales which occurred
not
tables:
our
New
property tax rates soon will start on a
trend, tax collections, tax title liens, debt
$85,144,777
covering 363 separate issues)
1023
Financial Chronicle
a
debt
sums
reached an all-time high in
1931, at $260,413,615,
figure that has not been equaled since, despite the present
service requirements and the compulsory setting aside of
to offset uncollected taxes under the new cash basis laws.
Basi3
156
Colorado, Texas
4
1944-1948
3.27
York, N. Y.—$4,860,196,374 Value Placed on TaxExempt Property—Government buildings, schools, churches,
hospitals, cemeteries and other property exempt from the
tax rolls of New York City during the current fiscal year
have a total valuation of $4,860,196,374, it was announced
155
Conyghan Twp. S. D., Pa. (Sept.)4
1940-1949
20,000
100
4.00
on
154
East Lenoir San. Dlst., N. C
1941-1960
10,000
100
5.00
463
Bar ring ton, 111
3
„
719 Bell wood, 111
4
152
3K
Bray ton, Iowa
153 Cape May Point, N. J
1941-1961
725 Cheraw, S. C. (Nov.)
154
1941-1960
4K
,
Cleveland Heights, Ohio (2 iss.)
_ .
.
$17,000
29,500
3,000
r41,000
35,000
100.55
100
1K
1941-1944
80,000
100.56
13,000
104.44
5
464
New
101.94
4.25
1.07
3,100
Forrester S.D. No. 2, Iowa (Nov.)
466 Kansas City, Mo
I
4K
..
1940-1959
d459,054
100.18
8,000
720
Lake Mills, Iowa (Oct.)
466
Mantorvllle, Minn
1942-1945
6,000
154
Marlboro Twp., N.J
1941-1951
>37,000
4
Massac County, 111
MenardvUleS.D., Texas
464
Mlllbury, Mass
Muncle, Ind
463 Petty Twp., Ill
,
153
85,000
30,000
101.33
2,700
rlO.OOO
15,000
15,000
13,846
100
1.50
1942-1945
100.40
3.86
"1948"
Sedgwick County, Kan
ShalersviUe Twp. S.D. .Ohio
100.215
100.22
,
12,000
Sarles Spec. S.D..N. Dak
152
309
1941-1955
1940-1979
IK
AK
Robblnsdale, Minn
155 Sandusky County, Ohio
154
4". 50
4K
3K
3K
2
1H
4
304
310
152
100
1941-1950
100,000
100.01
1941-1954
30,000
100.17
1940-1944
-AK
2K
18,000
2.48
Nattawa & Coldwaters
Twps., S. D., Mich
151 Shasta County, Calif
.5
304 ShipmanTwp., Ill
4K
155 Somerset Twp. 8. D., Ohio
3K
154 South Glens Falls, N.Y
„__3
154
156
1940-1959
2,700
1940-1950
20,000
1940-1947
1940-1949
4.24
IOO". 16"
11,000
The Court in effect
5,500
1940-1949
100
3.50
20,000
__
(unless otherwise indicated) are for
December, 1939.
These additional issues will make the
total sales (not including temporary or RFC and PWA
loans) for that month $90,115,445.
All of the above sales
DEBENTURES SOLD BY CANADIAN
Name
156 Belleville, Ont
310470
Canada (Dominion of)
470
Canada (Dominion of)
878
Canada (Dominion of)
156
Fredericton, N.B
470 Hamilton, Ont
726
Nanaimo,B.C
1941-1950
1940-1964
Dominion's
first
Temporary loan; not included in total
war
1,000,000
153,000
91.25
4". 92
3.95
for month.
of State and Municipal Bonds
prepared by Mr. Warren, contains a veiled criticism of
Supreme Court for "veering away . . , from former
the subject.
It reiterates find¬
ings of the Attorney General's office in tax opinions given in the past two
as
years.
Replying to a question asked by Charles J. McColgan, California State
Tax Commissioner, the attorney general found that recent de¬
high court have changed the Federal tax status of
State instrumentalities but are not controlling in the matter of State
taxation of State and subsidiary obligations.
Mr. Warren's opinion was hinged on the question of interpretation of
the old United States Supreme Court finding that "a tax on income is a
tax on the source."
The Federal court, following that reasoning in the case
of Pollock vs. Farmers Loan & Trust Co. in 1895, held that inasmuch as
the source (municipal bonds) could not be legally taxed, the taxation of
income from such bonds was illegal.
"There can be no doubt," the attorney general's opinion says, "that this
view was an accepted theory of taxation throughout this country seven
Franchise
cisions of the Federal
later, when, in 1902, the people of the State of California adopted
IK of Article 13 of our State Constitution.
[This section holds
obligations of the State and its political sub-divisions shall be * free
and exempt from taxation'.]
"This being true, it must be concluded that they intended to make not
only the corpus of the bonds but also the income therefrom 'free and exempt
from taxation'—at least free and exempt from all taxation then in existence
or which was then contemplated or authorized by the constitution.
While
there was no income tax at that time, yet authority therefor was contained
in Section 11 of Article 13 of the Constitution."
that all
,
objections but wrote no
Bridge Con¬
Triborough
Bridge Authority and the New York City Parkway Authority
recommended by Park Commissioner Moses, passed the
Assembly on Feb. 5 and was forwarded to the Senate, the
approving count being 132 to 13, according to Albany
State—Assembly Passes Trihorough
New York
States
years
..
,
3.91
theories of taxation" in recent decisions on
section
„
_
Couit of Appeals, that
96.59
of Feb. 6.
opinion,
before the State
101.08
Upheld—Fears that California State and municipal bonds
might be declared taxable under laws of the State were
disposed of over the week-end when State's Attorney Gen¬
eral Earl Warren ruled that such income is not subject to
taxation under the personal income tax law, according to a
dispatch out of San Francisco to the "Wall Street Journal"
United
was
40,000
News Items
The
,
case
adequate non-Federal grounds.
solidation
Bill—A
measure
to
consolidate the
advices.
retain
under which the combined authorities would
Triborough Bridge Authority, would pave the way for
The consolidation,
the
the
Guif Oil
tribunal sustained the company's
name
con¬
proposed Battery-Brooklyn tunnel or bridge.
It would
permit the refinancing of bond issues of the combined authorities and
enable the consolidated authority, in anticipation of the refinancing, to
borrow money, Mr. Moses has explained, for improving the approaches to
the five bridges now owned by the authorities.
The bill was passed under a home-rule message from Mayor F, H. LaGuardia and the City Council of New York.
The five Assemblymen from
Westchester, all Republicans, voted against it after one of their group.
Assemblyman Malcolm Wilson, asked if it would mean that the people of
Westchester would be compelled to pay tolls "in perpetuity
on such
structures as the Henry Hudson Bridge.
^
,,
The bill was sponsored by Assemblyman Robert J. Crews, Brooklyn
Republican, and the companion measure in the upper house by Senator
Joseph D. Nunan Jr.. Queens Democrat,
SENATE PASSES BILL—Without opposition or debate the Senate on
Feb. 6 passed an$ sent the above bill to Governor Lehman for signature,
it is stated.
The bill provides unified control of the Triborough Bridge,
the Bronx-Whitestone Bridge, the Henry Hudson Bridge, the Cross Bay
Parkway and the Marine Parkway in Brooklyn.
Provision is made for a
bridge across the Gowanus Canal, an elevated highway to Owl s Head.
Park and a street level truck route under the highway leading to the Brook¬
lyn end of the Brooklyn-Battery tunnel.
struction
California—Tax Exemption
the
3.39
Basis
loan.
Constituted
*
When
3.25
I*rlce
Oshawa, Ont
a
foreign commerce.
100.57
1940-1952
rl60,000
...3-4
3 yrs.
7-12,000,000
726 Quebec (Province of)
2K
100.26
1941-1950
93,037
726 Teck Township, Ont._____4
Total long-term Canadian debentures sold in January -$' 13,472,017.
726
which it had handed down a few
in which the Gulf Oil Co. won
York City in the New York State courts, on the
contention that the tax could not be imposed on its sales of oil for use as
fuel in ships going to Europe.
The company argued that tne tax, as applied
to this portion of its New York City sales, contravened certain provisions
of the Federal tax law as well as imposed unconstitutional burdens upon
100
Maturity
Amount
1940-1959
?26,000
1952 ad200,000,000
*30,000,0 0
..-*25,000,000
1945-1969
4
2K
4
reversed an order
and agreed to reconsider the case
decision against New
opinion. There¬
fore, when the Supreme Covrt was first asked to review the lower court
decision it dismissed the application on the ground that no Federal issue
was shown.
In the absence of a written opinion, the court reasoned that
it would be unable to rule that the State court's action was not based on
MUNICIPALITIES IN JANUARY
Rate
3K
3K
Page
weeks ago
a
4,000
3
153 White Sulphur Springs, Mont
5.00
101.25
7,500
__
Weston, W. Va
100
4,000
15,000
3K
3K
Walllngton, N. J
Sales Tax Suit—Within a
City's 2% sales tax as
applied to goods moving into that jurisdiction in inter¬
state commerce, the United States Supreme Court agreed
on Feb, 5 to consider another phase of the levy so far as it
might infringe upon Federal law and the Constitution.
U. S. Supreme Court to Hear City
after upholding New York
week
465 Sherman,
463 TolonoTwp., Ill
309 Three Springs S. D., Pa
William Stanley Miller, president of the Tax
The present total assessed valuation of tax¬
able real estate in the city is $16,640,632,939.
The valuation of church property exempt from taxation, Mr. Stanley
reported, is $364,001,760, while the exempt property of benevolent asso¬
ciations is valued at $109,315,800.
The value of other exempt property
includes $152,002,200 for private schools; $114,912,950 for hospitals; $75,364,276 for cemeteries; $236,998,600 for Federal buildings; $107,224,130
for State buildings, and $3,559,435,110 for city buildings and parks.
pM
The park property that is exempt is valued at $1,273,253,405, Board of
Education property at $459,846,380 and Department of Water Supply,
Gas and Electricity property at $137,146,520.
Mr. Miller said the amount
of exempt property this year is greater than at any time in the history of
the city, except during the years between 1920 and 1932.
Feb. 5 by
Commission.
of the
,
,
~
Three-Year
Mortgage Moratorium and Interest Cut Pro¬
posed—A three-year extension of the mortgage moratorium
and reduction of interest rates on past due mortgages to
4k£% is being sought in a bill introduced on
Senator Carl Pack, Bronx Democrat.
The
measure
would also require a 2M%
Feb. 7 by
annual amortization payment,
bringing the overall payment to approximately 7%.
"This plan would bring interest rates down to the existing level of a normal
return on investments and at the same time provide for amortizations which
would satisfactorily reduce the outstanding principal within three years,
Mr. Pack said.
Governor Urges Cut in Small-Loan Fees—Governor Lehman
recommended on Feb. 8 sharp reduction of the maximum
chargeable by licensed-money lenders to prevent
he said borrow from "dire need,"
according.to newspaper advices from Albany.
interest rates
exploitation of those,
The Commercial & Financial Chronicle
1024
The present law legalizes loans up to $300 with maximum Interest of
3%
a month on that part of the loan not in excess of $150 and
2lA% on the
remainder of the unpaid balance.
The Governor would make new maximums of 2M% on any
part of the
loan not exceeding $10 and 2% on the balance.
In
special message, accompanying introduction of two enabling bills,
the Governor quoted a report of the State Banking Superintendent that
"these rates are adequate to enable capital to operate in this field
at a
fair return."
it is estimated will reduce the interest burden
more than $2,500,000 a year."
on our
low income groups by
The Governor,
who urged reduction of the interest rates in his annual
message to the Legislature, estimated a $58,000,000 indebtedness to licensed
lenders in New York.
10, 1940
Bond
Proposals and Negotiations
PHENIX
CITY, Ala.—BOND TENDERS INVITED—It is stated by
ALABAMA
a
"The adoption of the rates which I recommend will bring about a
great
saving to 500,000 small borrowers in this State," he said. "The new rates,
Feb.
J. S. Bird, City Clerk, that the city has the sum of $7,000 In a special sink¬
ing fund, derived from the levy and collection of the special five-mill tax,
authorized by law for the purpose, for the retirement of bonds hereinafter
described and that the city will receive tenders until March 10, at noon,
from holders of
5%, J. & J., Refunding Public Improvement txrnds. Series
A, Series B, Series C, Series D, Series E, Series G and Series 7, dated Jan.
1, 1936, maturing Jan. 1, 1956, and from the holders of $10,000, 5% Girard
refunding bonds dated Dec. 1, 1935, maturing Dec. 1, 1955.
The tenders
be less
must
than call
The city will
price of the bonds.
accept the lowest tenders.
Philadelphia,
Pa.—Earnings
Tax
Unpheld by State
Supreme Court—The city's earned income tax was upheld on
Feb 5 by the State Supreme Court, according to the Phila¬
delphia "Inquirer." Sustaining the ruling of Common Pleas
Court No. 7 that the tax is valid and constitutional, the
high court assessed the city for costs of the case.
The LH% tax is counted or. for $18,000,000 in revenue toward the
$82,386,461 city budget.
Employers who deduct the tax from wages are to
ma*ce monthly returns, wnile individuals must file returns
by March 15.
The suit contesting the validity of the tax was brought in tne
name of
Mrs. Jennie Dole, a $10-a-week clothing worker, but it had tne
bacsing of
labor
groups.
Gilbert J.
Kraus, Attorney for Mrs. Dole, announced shortly after the
decision that he would attempt to appeal the case to the
United States
Supreme Court, on the ground that the tax violates the "due process" clause
of tne Federal Constitution.
The order of the court, which heard arguments on
was
contained in
the tax
on
Feb.
1,
one sentence:
the opinion of President
Philadelphia."
States—Steady Decline In State Censuses Shown
by Survey—Although the constitutions of at least 22 States
provide that State population censuses be made every 10
years-^on the interdecennial years ending in "5"—no more
than five States now make population
counts, a survey by
the Council of State Governments showed on Feb.
5.
The five States,
according to the survey based in part on U. S. Bureau
of Census reports, are
Massachusetts, Rhode island, Florida, Kansas and
South Dakota.
The other 17 States either never carried out the constitu¬
tional provision, or have
dropped the practice within recent years.
A
sixth State, Indiana, takes a census
every six years of all male inhabitants
over 21 years of age.
When most State constitutions were drawn
up, the States were in the
process of being settled, and wanted State censuses—to
be made between
the regular United States censuses—in
order to reapportion their legis¬
latures.
About half the States, however,
provided in their constitutions for ap¬
portionment and reapportionment based on the
regular United States
census or, as in five States, on the number
of votes cast for a certain office
in the preceding election.
As the States became settled and the
population
static, many States dropped State censuses altogether.
Among the States dropping their State censuses most
recently are New
Jersey, after 1915; New York, North Dakota, and Wyoming, after 1925;
and Iowa, after 1935.
New York amended its constitution
in 1931 to
delete the provision for an tnterdecennial State
census, and Iowa did so in
more
The last State
censuses
for Minnesota and Montana
were
around 1905.
The
Council pointed out that despite the decline
in the
two States—Massachusetts and South
Dakota—are taking
The voters of
ment
ARIZONA
COCONINO COUNTY SCHOOL IDSTRICT NO. 1
Massachusetts, in 1930, approved
212.49, equal to 101.073, a basis of about 2.05%:
$75,000 Grade school bonds.
38,000 High school bonds.
Bidders—
a
State
heimer & Co
private capital of public housing
housing and slum clearance
low-rent
program of the United States
Housing Authority.
housing authorities in Syracuse, N. Y.; Allen town,
Pa., and St. Petersburg, Fla., will award to the best bidder
Local
on
the
15th
of this
month
over
detail under their
respective captions in
our
their
long-term
in
some cases
were
reported in
or
issue of Feb. 3.)
This is the first issue of
long-term bonds which local housing authorities
are
offering for investment by private capital, and will be sold to the
bidders
offering lowest rate of interest.
These bonds appear to offer an
attractive
the USHA
loans.
opportunity for investment
probable that they will be sold at rates
substantially lower than
required by the United States Housing Act to
cnarge on its
is
Lower interest rates for
long-term borrowing from private capital would
substantial savings in the cost of the
public housing program.
The major steps were taken in
November, 1939, and in January of this
year, when a number of local
housing authorities opened up to private
investment capital the
public housing market by offering at public sale
blocks
mean
of six months'
temporary loan notes.
The last issue of these
notes, which
was
to
°£ ;Peujlow!_rent housing and slum
of the
cost of such
,
75,000
for
38,000
100.273 for 113,000
3 % %
.......
100.01
for 113,000
100.046 for 113,000
a
annual
bonds aggregating $150,000, offered for sale on Feb. 6—V. 150.
p. 870-—were awarded to a syndicate composed of Eldredge & Co. of New
York, Sidlo, Simons, Roberts & Co., and the J. K. Mullen Investment
Co., both of Denver, paying a price of 113.80, a basis of about 2.68%:
$125,000 water works extension bonds.
Due on July 2 in 1955 to 1957.
25,000 sewage disposal plant bonds.
Due on July 2 in 1952 to 1954.
The second highest bid for the bonds was an offer of 111.66, submitted
by Shields & Co. of New York, according to report.
There were 10 bids
in all received.
WILLCOX, Ariz .—BOND SALE DETAILS—It is now reported that
the $20,698.28 Sanitary Sewer District bonds sold to the Fisher Contracting
Co. of Phoenix, as noted here—V. 150, p. 303—were purchased as 6s, are
dated Jan. 1,1940, and mature on Jan. 1 in 1941 to 1950.
California
Municipals
Bankamerica Company
485 California
Bell
OFFICES
IN
Street, San Francisco
System Teletype SF 469
OTHER
PRINCIPAL CALIFORNIA
CITIES
CALIFORNIA
CALIFORNIA, State of— WARRANTS SOLD— It is
stated that
registered warrants aggregating $3,506,000 were purchased on Feb. 5 by
Kaiser & Co. of San Francisco, at 3 H %. as follows:
$1,500,000 unemployment relief warrants, plus a premium of $3,165.
2,006,000 cash revolving fund warrants, plus a premium of $4,235.
Dated Feb. 7, 1940.
Due on or about Feb. 26, 1941.
Legal approval
by Orrick, Dahlquist, Neff & Herrington of San Francisco.
R. H. Moulton & Co. were the only other bidders for the warrants,
offering a premium of $2,505 for the unemployment relief issue and a
premium of $3,340 for the general fund warrants, both at 3M %.
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. O. Los Angeles)
Calif.—BOND OFFERING—We are informed by L. E. Lampton, County
Clerk, that he will receive sealed bids until 10 a. m. on Feb. 13, for the
purchase of the following issues of not to exceed 5% semi-annual bonds,
aggregating $75,000:
$65,000 Downey School District oonds.
Dated Feb. 1, 1940.
Due on
Feb. 1 as foiiows:
$4,000 in 1941 to 1945, and $3,000 in 1946 to
1960.
(This notice supplements the offering report given here on
Feb. 3—V. 150, p. 870.)
10,000 Garvey School District bonds.
Dated Aug. 1, 1939.
Due $1,000
on Aug. 1 in 1944 to 1953, inclusive.
Denom. $1,000.
Prin. and int. payable in lawful money at the County
Treasury.
The bonds will be sold for cash only and at not less than par and
_
accrued Interest.
Bids will be received for all or any portion of each issue
of the bonds.
In the eve it that the bidder submits a proposal to purchase a
portion of the bonds, the bid shail designate specifically the bonds bid for.
All bonds sold to a oidder bidding for a portion of the bonds shall bear obe
rate of interest, and bids for varying rates of interest for the same
block or portion of the bonds will oe rejected.
Payment for and delivery
of the bonds will be made in the office of the Board of Supervisors.
Enclose
a certified check for not less than
3% of the amount of the bonds bid for,
same
payable to the Chairman Board of Supervisors.
in the amount of $35,000,000, sold
Under the provisions of the United
States Housing Act, local housing
authorities may borrow from the USHA
up to 90% of the development cost
development
for
PHOENIX, Ariz.—BOND SALE—The following issues of 3M% semi¬
of 1 %. The current offering now makes
private capital long-term investments in local
housing authority
than the USHA.
for $75,000
for 38,000
Bank of Arizona
Interest rate of 45-lOOths
available
86CUrltl6&.
Co.,\2M%J 100.11
J
i
100.15
City, Mo.; Baum, Bern-t2M%/ 100.363
J
t
100.463
Co.; Shields & Co., andl2M%/ 100.311
for 75,000
100.311 for 38,000
100.011 for 113,000.
census are
^
maturing over a period of 15 years,
a
period of 26 years
(These offerings
Kan.
Co.; Boettcher &
Dahlburg Durand &
Brown. Schlessman, Owen & Co
J
1
Paine. Webber <fc Co.
2A%
Walter, Woody & Heimerdinger 1st$100,000 2A%
and Bosworth, Chanite, Lough-< last
13,000
2M%j
ridge
'
I
A. S. Huyck & Co. and Season-list
$75,000 2Y2%\
good & Mayer
../last 38,000 2%%\
amend¬
United States
Housing Authority—Bids Asked on
Bonds of Local
Units—The second major step is about to be
taken in the
financing by
bonds
Price Bid
Rate Bid
Co.,
reported
reapportionment purposes.
With the exception of
Arizona, Idaho, Maine, Georgia and Vermont,
the remaining State constitutions
say that legislative reapportionment may
be made on the basis of
Federal censuses.
public sale
Due on Jan. 1 in 1942 to 1950.
Due on Jan. 1 in 1942 to 1949.
follows:
Refsnes, Ely, Beck &
and Pasadena Corp
Alabama, Colorado, Michigan, Mississippi,
Nevada, Oregon, Tennessee,
Utah, Washington, and Wyoming.
Most of these States never took a
State census, however, and have
relied on the Federal census for legislative
at
were as
the practice.
a constitutional
Other States which have constitutional
provisions for
the
(P. O. Flagstaff),
Ariz.—BOND SALE—The following bonds aggregating $113,000, offered
sale on Feb. 5—V. 150, p. 718—were awarded to Peters. Writer &
Christensen of Denver, and associates, as 2Ms, paying a premium of $1,-
for
State census,
up
under
also
Bank & Trust Co., New York.
Bonds of the issue in sufficient amount
to retire $1,000 principal amount of Series D of the bonds of the date and
$2,000 principal amount of Series G bonds of the date.
The tenders shall
be delivered to the C'ty Clerk in person or shall be mailed to him and shall
not be opened until 30 days from the publication of the notice.
providing "In the year 1935 and every 10th year thereafter a census
of the inhabitants of each
city and town shall be taken and a special enum¬
eration shall be made of the
Legal voters therein."
South Dakota's con¬
stitution was amended in 1936 to
provide for a State census in 1945 and
every 10 years thereafter.
projects
is
.
dismissiing claimant's bill is affirmed
Judge Oliver, costs to be paid by the City of
United
1936.
ASKED—It
the city of Series D and Series G Refunding Public Improvement 5% bonds,
dated Jan. 1, 1936, due and payable Jan. 1, 1956, at the Central Hanover
Goden &
as
TENDERS
stated by the above
Clerk that he will receive sealed tenders at the same time for the sale to
Other bids
"The decree of tne court below in
on
ADDITIONAL
clearance projects. Thus, at least 10%
projects must be raised from sources other
CONNECTICUT
MILFORD, Conn —BOND ISSUE DENIED—The Board of Finance
is reported to nave denied a request of the Board of Education for a
$300,000
school construction bond issue.
David A. Clarke, Town Treasurer, reports that the school board has been
requested to submit another plan
Ordinarily, it is contemplated that this will be done by
6 Putdic of bonds of the local housing authorities. These bonds
will be known as series A
bonds, while those evidencing the remainder of the
development cost and to be taken up by the USHA will be
known as series
B bonds.
So great an interest has
already been shown in local housing authority
series A bonds that two of the
three local authorities
offering their bonds
on
the proposed construction program.
DELAWARE
HARRINGTON
SPECIAL
SCHOOL
DISTRICT,
Del.—BONDS
held recently the voters authorized an issue of
$190,000 school improvement bonds.
VOTED—At
an
election
this
month—Syracuse and Allentown—instead of
confining their offerings
A bonds to
10% of the development cost of their projects, are
of series A bonds in the amount of 10%
20% of the development cost. The
amount of series A bonds
actually
issued will be the amount
which, on the basis of the bids received, will
result in the lowest interest
cost to these two authorities.
Thus, if a 20%
series A bond issue
will mean a lower interest
cost, only 80% of the total
deX,u°^1?eSt5os1Lwi11 be financed by the sale of series B bonds to the USHA.
1 ue St.
Petersburg series A bond issue will be in the amount of
$104,000,
series A 18sue' bi the amount
of either $993,000 or
$505,000,
of series
myte1,lternate public .offerings
and
$174 000
town 861,168 A 188116 in the
amount of either $342,000
or
FLORIDA
FLORIDA,
State of—BOND AND NOTE
TENDERS RECEIVED—
for tenders of sealed offerings of matured or
refunding road and bridge or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on Jan. 20—
V. 150, p. 463—it is reported by W. Y. Knott, State Treasurer, that 13
parties offered bonds.
In connection with
the call
unmatured original or
MIAMI,
Fla.—BONDS NOT SOLD—The
exceed 3 %%
semi-aim. coupon
or
following issues of not to
registered refunding bonds aggregating
Volume
The Commercial & Financial Chronicle
150
S28.160.000, offered
bid received
was
on
Feb. 5—V. 150.
p.
871-
-were
redemption
July 1, 1950,
on
or on any
interest payment date
thereafter prior to their respective maturities, either in whole or
in
IOWA
turned down:
$392,000 Series EH bonds.
Due on July 1, 1941.
396,000 Series OM bonds.
Due on July 1 as follows: $8,000 in 1941 and
$388,000 in 1942.
27,372,000 Series GM bonds.
Due July 1 as follows:
$12,000 in 1942,
$400,000 in 1943 and 1944, $500,000 in 1945 to 1947, $1,000,000
in 1948, $1,100,000 in 1949 to 1951, $1,200,000 in 1952 and 1953,
$1,300,000 in 1954 and 1955, $1,400,000 in 1956 and 1957,
$1,500,000*in 1958 and 1959, $1,600,000 in 1960 and 1961,
$1,700,000 in 1962, $1,800,000 in 1963 and 1964, and $1,460,000
in 1965.
The bonds which mature after 1960 will be subject
to
in the inverse order of their maturities, at par and
accrued interest and a premium of 3% if redeemed on or prior
to July 1, 1953, 2% if redeemed thereafter and on or prior to
July 1, 1956, 1% if redeemed thereafter and on or prior to
July 1, 1960, and without premium if redeemed thereafter.
Dated April 1, 1940.
Denom. $1,000.
part,
It was announced subsequently that the city would invite bids at a later
date, after validation.
It was said that the only bid offered was conditional
and that in other respects it failed to meet the city's
specifications.
of the bond issue is to refund outstanding 4Mb, 4Mb, 5s,
The purpose
5 Ms, 5 Ms and 6s.
The advertisement said that bidders were to name a
M %.
The one bid submitted was the following offer, made by a large syndicate
headed by B. J. Van Ingen & Co. of New York:
rate which was not to exceed 3
For $28,160,000, 3Ms_
-----
-
For $13,800,000 maturing
July 1, 1941 to 1956,
360,000 maturing July 1, 1957 to 1965. as 4s
as
--..98.00
3Ms, and $14^98.50
RUTHVEN, Iowa—BOND OFFERING—It is reported that the Town
Clerk will offer for sale at public auction on Feb. 20, an issue of $2,300 paving
Due over a 10-year period.
bonds.
SCOTT
COUNTY
SCHOOL
BOND ISSUE
Finnegan
sought to
issue $7,785,000 of judgment funding bonds, mentioned in these columns
last Aug. 26.—V. 149, p. 1356—constitutional and valid.
Actual issuance
of the bonds will be deferred, however, until a decision is obtained from the
State Supreme Court, probably at its April term.
The bonds would be
issued to fund judgments issued to holders of the unpaid 1929 tax anticipa¬
tion warrants issued by the Board.
DISTRICT,
111.—FUNDING
COOK
COUNTY
(P.
O.
Chicago), 111.— WARRANT SALE—A
syndicate composed of the Illinois Company of Chicago, John Nuveen &
Co., Stern, Wampler & Co., Bartlett, Knight & Co., Blair, Bonner & Co.,
Farwell, Chapman & Co. and Martin, Burns & Corbett, all of Chicago,
was awarded on Feb. 2, a total of $6,856,000 warrants as follows: $4,930,600
corporate fund at an average rate of 0.10%; $1,926,000 highway fund tax
anticipation at an average rate of 1.16%.
Stifel, Nicholaus & Co. on the
corporate fund warrants bid a range of 1.125% to 1.85% and on the high¬
way warrants a range of 1.125% to 1.875% or an average of about 1.44%,
H. C. Speer & Sons bid a 1M % rate on the highway warrants only.
This represents a gain of $55,645,534 or 3.28% over 1938.
Value of land and buildings in Chicago totals $1,400,738,228
and in the
1939 personal property assess¬
roll, exclusive of that assessed
by the State Tax Commission, totals $2,335,840,836.
rest of the county $353,142,510.
With the
ment of $581,960,098, the 1939 property tax
issue of
$16,000 bonds for school building purposes.
111.—BOND
—V. 150, p.
ISSLE
DETAILS—The
school
$5,500
(P. O. Areola),
bonds
mentioned
in
871—were purchased by the Municipal Bond Corp of Chicago,
Due Jan. 1 as folllows: $500 in 1942 and $1,000 from 1943
5s, at par.
as
to 1947 incl.
NASHVILLE
TOWNSHIP
FEATED—Leslie
H.
Paul,
O.
Nashville), 111.—BONDS DE¬
Clerk, reports that the proposed
bonds was defeated by the voters at an
(P.
Township
issue of $30,000 road improvement
election on Feb. 3.
Dated Feb. 1,1940.
Due Nov. 1, as follows: $1,000 in 1941 and 1942, and
$14,000 in 1943 and 1944. Bidders should specify the semi-annual interest
award or awards will be made on the most favorable bid or
bids of not less than par and accrued interest specifying the lowest interest
The city will furnish the bonds and the approving opinion of Chap¬
rate.
man
&
Cutler, of Chicago.
STEAMBOAT ROCK, Iowa—BONDS SOLD—It is stated
Clerk that $8,900 water works bonds offered for sale oh
awarded to Paine, Webber & Co. of Chicago.
The successful
OGLESBY, III.—BOND SALE— The H. C. Speer & Sons Co. of Chicago
an issue of $36,000 2% sewer bonds at a price of 101.15.
111.—BOND ISSUE APPROVED—The City Council
recently pssed an ordinance calling for an issue of $100,000 water system
and sewage disposal plant bonds.
RUSHVILLE,
SALEM, 111.—BOND ISSUE DETAILS—The $125,000 road bonds con¬
C. Speer & Sons Co. of Chicago—V. 150, p. 871—
as 3Ks, at par, dated Jan. 1,
1940 and due serially from
tracted for by the H.
will be issued
1942 to 1951 incl.
VARNA,
Interest J-J.
111.—BOND
by the Town
Feb. 6 and were
bidder paid a premium of $48, equal to 100.528 on
was a bid of $47 premium on 3s, submitted by W.
The second best offer
Hanna
&
Co.
of
3s.
D.
Burlington.
WATERLOO, Iowa—BOND OFFERING—Bids will be received until
F. Matthews, City Clerk
Auditor, for the purchase of the following bonds aggregating $35,544.20:
$18,500.15 sewer; $13,131.80 sewer, and $3,912.25 sewer bonds.
The
bonds will be furnished by the city and the legal opinion by the purchaser.
8 p. m. on Feb. 12, according to report, by Knapp
and
are
payable from special assessments.
DES
MOINES, Iowa—BOND SALE—The $2,700 street im¬
provement, special assessment bonds offered for sale on Feb. 5—V. 150,
p. 872—were purchased by the Carleton D. Beh Co. of Des Moines, as
5s at par.
KANSAS
DENISON RURAL HIGH SCHOOL DISTRICT NO .2 (P. O. Denl-
son), Kan.—BONDS SOLD—It is stated by the Principal of Schools that
$20,000 high school construction bonds have been purchased by the Colum¬
bian Securities Corp. of Topeka, as 1Mb and 2s.
HORTON, Kan.—PURCHASERS—It is now reported that the firms of
Rhodes-Seltsam Co., and the Columbian Securities Corp., both of
the
Topeka, were associated with Beecroft, Cole & Co. of Topeka, an the pur¬
chase of the $143,000 refunding bonds, described in our issue of Feb. 3—
V. 150, p. 872.
WICHITA, Kan.—BOND OFFER ING—11 is reported that sealed bids
19, by C. C. Ellis, City Clerk, for
will be received until 7:30 p. m. on Feb.
the purchase of various issues of bonds
1941
to
Due in
aggregating $386,078.40.
1950.
WYANDOTTE COUNTY (P. O. Kansas City), Kan.—BOND SALE
is stated by the County Clerk that the $60,000 general
DETAILS—It
improvement bonds sold to Soden & Co. of Kansas City, at 100.122, as
noted here—V. 150, p. 872—were purchased as follows:
$30,000 as lMs,
$6,000 on Feb. 1 in 1941 to 1945; the remaining $30,000 as 1Mb, due
$6,000 on Feb. 1 in 1946 to 1950, giving a net interest cost of about 1.30%.
due
KENTUCKY
LOUISVILLE,
Ky.—CITY PLANS
UTILITY PURCHASE—It was
Feb. 5 that the above city is preparing to purchase the proper¬
Louisville Gas & Electric Co., as Mayor Joseph D. Scholtz
announced that a bill empowering such a purchase would be introduced in
ties
on
of the
the State
Legislature.
which was drafted by Dr. John Bauer, the
The measure,
electric rate con¬
sultant, permits a city of the first class, which denotes Louisivlle exclusively,
to acquire any utility subject to divestment under the Public Utility Hold¬
ing Company
Act.
Purchase may be made by negotiation or through con¬
demnation proceedings.
The city has been in dispute
with the company for some time with respect
In addition, Louisville recently started action to break a franchise
which, the company holds, is perpetual.
The case is now pending before
to rates.
purchased
.
Dated
rate and any
indicated
DOUGLAS COUNTY SCHOOL DISTRICT NO. 75
1.46%.
about
SIOUX CITY, Iowa—BOND OFFERING—It is stated by C. A. Carlson,
City Treasurer, that he will receive sealed and open bids until Feb. 14, at
2 p. m., for the purchase of $30,000 fire department equipment bonds.
COOK COUNTY SCHOOL DISTRICT NO. 30 (P. O. Northbrook),
111.—BOND ISSUE VOTED—At an election on Jan. 27 the voters authorized
an
Iowa—BOND SALE—The
of $501, equal to 100.3018, a basis of
Jan. 1, 1940.
Due on May 1 in 1943 to 1952 incl.
ASSESSED VALUATIONS HIGHER—Value of real estate for taxation
(Chicago) has been set at $1,753,880,738 for the
quadrennial assessment year of 1939, according to John S. Clark, Assessor.
purposes in Cook County
Davenport),
premium
WEST
HELD VALID—It is reported that Circuit Court Judge Philip J.
has held the statute under which the Board of Education of the city
O.
(P.
$166,000 issue of funding bonds offered for sale on Feb. 5—V. 150, p. 464—
was awarded to the First
National Bank of Chicago, as 1 Ms, paying a
These bonds
ILLINOIS
CHICAGO
1025
not sold as the one
the Circuit Court.
•
,
*
is taken over, the purchase will be financed through the
Operating income of the properties would be pledged
so that bond service would not be charged against general revenues.
The
maximum interest rate will be 6% while retirement in 40 years is con¬
templated.
If the property
sale of
revenue
bonds.
OF LOUISVILLE (P. O. Louisville), Ky.—BONDS
is stated by R. A. Kent, President of the University, that
First Mortgage Medical School Annex refunding bonds were
offered for sale on Feb. 6 and were awarded to Pohl & Co. of Cincinnati,
UNIVERSITY
SOLD—It
$135,000
ELECTION—R.
J.
Gustafson,
Village
Clerk,
be asked to authorize $5,500 general
obligation and $15,000 revenue water works systm bonds.
reports that on March 5 the voters will
paying
a
premium of $4,893.75, equal to
103.625.
LOUISIANA
INDIANA
MOREHOUSE
EAST
CHICAGO, Ind.—WARRANT OFFERING—Albert P. Lesniak,
City Comptroller, will receive sealed bids
until 2 p. m. on Feb. 15
for the purchase of $240,000 not to exceed 1M% interest time warrants.
Dated Feb. 1, 1940.
Bidders to state denoms. desired.
Due on or before
Dec. 31, 1940.
Payable with accrued interest at the First National Bank,
East Chicago.
Any portion of the issue may be called for redemption at
any time prior to maturity on five days' notice.
Bidder to name one rate
of interest.
ELKHART
H. P.
COUNTY
(P.
O.
Ind.—BOND
Goshen),
OFFERING—
Sisterhen, County Auditor, will receive sealed bids until 1:30 p. m.
PARISH
SCHOOL
DISTRICT
12
PLAQUEMINE,
OFFERING—It
La .—BOND
is
stated
Mayor
by
sealed bids until 7:30 p. m. on March 8,
$50,000 issue of not to exceed 6% semi-ann. town
1, 1940.
Denom. $1,000,
Due in 1941 to 1965.
Payable at any bank designated by the purchaser. The approving opinion
of Chapman & Cutler, of Chicago, will be furnished.
Enclose a certified
check for $3,000, payable to the Mayor.
Irwin J. Wilbur that he will receive
for the purchase of a
bonds.
Dated March
purchase of $49,000 not to exceed 3% interest commis¬
sariat fund bonds.
Dated March 15, 1940.
Denom. $1,000.
Due $7,000
on Nov. 15 from 1941 to 1947 incl.
Bidder to name a single rate of interest,
on
CONSOLIDATED
(P. O. Bastrop), La .—BOND SALE—The $40,000 school bonds
150, p. 152—were awarded to the Bank of
Oak Ridge, paying par for 3s.
Due on Dec. 1 in 1940 to 1954, incl.
NO.
offered for sale on Feb. 6—V.
March 8 for the
expressed in a multiple of M of 1 % •
Purpose of issue is to provide for
payment of cost of operating and manitaining the Commissariat of Concord
Townshop and the bonds are obligations of the county, payable from un¬
limited ad valorem taxes on all of its taxable property.
A certified check
the bonds bid for, payable to order of the Board of Commissioners,
each proposal.
Legal opinion of Matson, Ross, McCord
6 Ice of Indianapoils will be furnished the successful bidder.
for 3% of
must accompany
INDIANAPOLIS FLOOD CONTROL DISTRICT, Ind.—BOND SALE
—Halsey, Stuart & Co., Inc., recently were awarded an issue of $142,000
flood control bonds as 2s, at a price of 100.15, a basis of aoout 1.99%.
Dated Jan. 1, 1940.
Due Jan. 1 as follows: $7,000 from 1942 to 1060 incl.
and $9,000 in 1961.
Interest J-J.
Legality approved by Matson, Ross,
McCord & Clifford of Indianapolis.
Other bids:
Int. Hate
2M%
2 M%
Bidder—
Fletcher Trust Co
John Nuveen & Co
Union Trust Co. of Indianapolis
& Share Corp
Assel, Goetz & Moerlein
A. 8. Huyck & Co__
101.571
101.23
and Indianapolis Bond
-
Paine, Webber & Co
Rate Bid
-
J.
-
2M%
2M%
2M%
2M%
100.053
102.092
100.779
100.267
SALE—The $15,000 Brown
awarded to
the Fletcher Trust Co. of Indianapolis, as 2Ms, at a price of 102.02, a
basis of about 2.06%.
Dated Feb. 1, 1940 and due semi-annually on Feb.
1 and Aug. 1 from 1948 to 1953, incl.
Second high bid of 101.17 for 2Mb
was made by Browning, VanDuyn, Tischler & Co. of Cincinnati.
MADISON SCHOOL CITY, Ind.—BOND
Memorial school bonds offered Feb. 5—V. 150, p. 719—were
UNION TOWNSHIP SCHOOL TOWNSHIP
(P. O. Memphis), Ind.
judgment funding bonds offered Feb. 5—V. 150,
p. 719—were awarded to McNurlen & Huncilman of Indianapolis, as 2Mb,
at a price of 100.122, a basis of about 2.22%.
Dated Sept. 15, 1939, and
due as follows: $500, July 1, 1940; $500, Jan. 1 and July 1 from 1941 to
1948, incl. and $500, Jan. 1, 1949.
Second high bid of 100.244 for 2Mb
was made by Kenneth 8. Johnson of Indianapolis.
BOND SALE—The $9,000
MARYLAND
MARYLAND (State of)—WOULD ISSUE $10,000,000 ROAD BONDS
—Plans were announced by Ezra B. Whitman, Chairman of the Maryland
Commission, for asking the next Maryland Legislature to
$10,000,000 bond issue for road construction and increase the
from the present 4 cents tax.
by Governor Herbert O'Connor
who opposes any increase in taxation.
Mr. Whitman said the one cent per
gallon increase in the gasoline tax would produce an additional $2,500,000
a year for road construction and maintenance and with present revenues
and the bond issue would give the roads commission $10,000,000 a year for
State
Roads
approve
a
State's gasoline tax to 5 cents per gallon
However, the plans muse first be approved
a
four-year period.
POCOMOKE CITY,
Md.—BOND SALE—The $35,000 coupon refund¬
ing bonds offered Feb. 7—V. 150, P. 720—were awarded to Alex.
& Sons of Baltimore as 2Mb at a price of 100.626, a basis of about
Brown
2.70%.
1, 1940 and due Feb. 1 as follows: $3,000 from 1950 to 1955,
incl., $4,000 from 1956 to 1958, incl., and $5,000 in 1959.
The purchasers
resold the bonds at prices to yield from 2.25% to 2.75%, according to
maturity.
Other bids:
Dated Feb.
Int. Rate
Bidder—
Mercantile Trust Co. of Baltimore and Stein
Boyce
Minsch, Monell & Co., Inc
C. T. Williams & Co
Baker, Watts & Co
Mackubin, Legg & Co
Marburg, Price & Co
Bros.
_
_
2M%
2M%
&
3%
— —
3%
3%
3M%
Rate Bid
/
100.229
101.022
100.927
100.181
100.139
100.178
SUBURBAN
SANITARY
DISTRICT,
Md.—
Perry Bos well announces that sealed bids
office on Owens Ave., Hyattsville, until 3 p. m. on Feb. 16, for the purchase of $800,000 2M % series TT
water and sewer bonds.
Dated March 1, 1940.
Denom. $1,000.
Due
March 1 as follows:
$15,000, 1941 to 1950, incl.; $20,000 from 1951 to
1970, incl. and $25,000 from 1971 to 1980, incl.
Principal and interest
(M-S) payable at the Equitable Trust Co., Baltimore, or at the Chemical
WASHINGTON
BOND OFFERING—Chairman
will be received at the District Commission's
The Commercial & Financial Chronicle
1026
Bank & Trust Co., New York City.
The bonds are registerable as to prin¬
cipal alone.
General obligations; unlimited tax.
Exempt from taxation
1940 the
Feb.
INDEPENDENCE
the Second
and
notes
BROCKTON,
offered
Feb.
0.146%
8
awarded
was
Due
discount.
Other bids:
National
to
SALE—The
the
Second
$300,000 Nov.
Shawmut
issue
of
National
Bank
notes
Boston at
of
15 and $200,000 Nov.
Bank of Boston
and
22,
1940.
Merchants' National
Bank, jointly, 0.147%; Home National Bank of Brockton, 0.15%; First
National Bank of Boston, 0.17%; Jackson & Curtis, 0.22%.
LEOMINSTER, Mass.—NOTE SALE—The $500,000
revenue
anticipa¬
tion
notes offered Feb. 6—V. 150, p. 872—were awarded to the Second
National Bank of Boston, at 0.084% discount.
Dated Feb. 7, 1940 and
due
$200,000 Nov. 4
0.10%
was
and $300,000 Nov. 20, 1940.
Second high bid of
made by Chace, Whiteside & Symonds of Boston.
LYNN, Mass.—NOTE SALE—The $500,000
revenue
anticipation notes
offered Feb. 2
were awarded to the Security Trust Co. of Lynn, at
0.12%
Due Nov. 4, 1940.
Other bids:
Day Trust Co., 0.135%; Na¬
tional Shawmut Bank, 0.139; First National Bank of Boston,
0.15% plus
$2; Leavitt & Co., Newr York., 0.169% and Second National Bank of
AND
102.073; Arthur Perry & Co., 102.579; (for 2Ms) Merchants National Bank.
101.599; (for 1943-47 maturity as 1Mb and 1948-67 as 2Ms) R. L. Day &
Co.
and Estabrook &
1949-67
as
NEW
offered
Co., jointly
100.16: (1943-48 maturity
2s) Bond, Judge & Co., 100.038.
BEDFORD, Mass.—NOTE SALE—The issue
Feb.
6
was
awarded
to
First
the
National
as
2Ms and
of $1,000,000 notes
Bank
of
on
MIDDLEVILLE, Mich.-—BOND OFFERING— Dora L.
L.
Richard,
City Treasurer, will receive bids until 11:30 a. m. on Feb. 13 for the purchase
at discount of $150,000 revenue
anticipation notes of 1940
Dated Feb. 15,
1940 and payable Nov. 15,1940 at the Merchants National Bank of Boston.
The bank will certify that the notes are issued under the
authority of an
order of the City Council, the
legality of which has been approved by
Storey, Thorndike, Palmer & Dodge of Boston
PEABODY, Mass.—NOTE' OFFERING—Patrick M. Cahill, City Treas¬
will receive sealed bids until 11 a. m. on Feb. 13 for the purchase at
discount of $500,000 revenue anticipation notes of 1940.
Dated Feb. 14,
1940, and due $.300,000 Nov. 6 and Nov. 22, 1940, at the National Shawmut
urer,
Bank
of
Boston.
Notes
will
be
authenticated
as
to
.
LAKE,
Mich.—BONDS EXCHANGED—Xillage Clerk
reports that $67,000 refunding bonds have been exchanged with holders of
ORCHARD
the original indebtedness.
ORION, OXFORD
Mass.—NOTE SALE—The
tion notes offered Feb. 6
were
$200,000
genuineness
The $97,000 refunding bonds
a
group
revenue
a rate
of
offered Feb. 6—V. 150, p. 873—-were awarded
composed of McDonald, Moore & Hayes, Rathbun & Co. and
Miller, Kenower & Co., all of Detroit, at a price of 100.104, to
bear interest
2M% to April 1, 1941 and 3H% thereafter.
Due April 1 as follows:
$5,000 from 1941 to 1958 incl. and $7,000 in 1959: bond in amount of
$47,000 maturing from 1951 to 1959 incl., will be callable in inverse numeri¬
cal order at par and accrued interest on and after April 1, 1950, upon 30
days' published notice.
at
MINNESOTA
FLOODWOOD, Minn.—BONDS SOLD—It is stated by Gordon Dodd
Village Recorder, that the following bonds aggregating $21,500, were
offered for sale on Feb. 6 and were purchased by Homer Collins & Co. of
Duluth: $15,000 water works, and $6,500 sewer bonds.
HALLOCK,
Fuller Co.
Minn.—BOND SALE—'The $25,000 improvement bonds
466—were awarded to the Charles A
according to the Village Clerk.
Due in 1941
incl.
1953
to
of Minneapolis,
ROCHESTER,
Minn.—BOND
anticipa¬
SALE—The $48,000
2%
semi-annual
permanent improvement, revolving fund bonds offered for sale on Feb. 5
—V
150, p. 466—were awarded to a syndicate composed of Bigelow, Webb
& Co., Juran, Moody & Rice, both of Minneapolis, and the Union National
premium of $240, equal to 100.50, a basis of
Dated Jan. 2, 1940.
Due on Jan. 1 in 1941 to 1951, incl.
Bank of Rochester, paying a
about 1.90%.
(P. O. Duluth), Minn .—CERTIFICATE SALE
Auditor,
authorized the sale of
$400,000 tax anticipation certificates to the First & American National
Bank of Duluth, and associates.
It is said that these certificates are to be
redeemed in June from tax receipts collectible in May.
ST. LOUIS COUNTY
AUTHORIZED—It is stated by W. A. Newman, Deputy County
that the Board of County Commissioners on Jan. 24
and
awarded to the Merchants National Bank of
due Oct. 15, 1940.
Boston, at 0.12% discount.
Dated Feb. 6. 1940 and
Leavitt & Co. of New York, second high bidder, named
AND OAKLAND TOWNSHIPS FRACTIONAL
SCHOOL DISTRICT NO. 3 (P. O. Lake Orion), Mich.—BOND SALE—
MISSISSIPPI
validity by the aforementioned bank, under advice of Storey, Thorndike,
Palmer & Dodge of Boston.
WALTHAM,
White, Village
offered for sale on Feb. 5—V. 150, p.
& Trust Co., at
0.10% discount.
Payable Nov. 6, 1940.
The Second
National Bank of Boston, next best bidder, named a rate of
0.118%.
OFFERING—Albina
FRAC¬
lage will pay cost of printing the bonds.
A certified check for 2% must
accompany each proposal.
Legal opinion of Miller, Canfieid, Paddock &
Stone of Detroit will be furnished the successful bidder.
Nov. 7
NEWTON, Mass .—NOTE SALE—The issue of $500,000 revenue an¬
ticipation notes offered Feb. 8 was awarded to the Boston Safe Deposit
Mass.—NOTE
TOWNSHIPS
SPRINGFIELD
Boston, at
0.385% discount.
Dated Feb. 6, 1940 and due $500,000 each
and Nov. 20, 1940.
'
NORTHAMPTON,
o
Clerk, will receive sealed bids until 8 p. m. on Feb. 28 for the purchase of
$20,000 not to exceed 6% interest coupon sewer bonds.
Dated March 1,
1940.
Denoms. $1,000 and $500.
Due March 1 as follows: $500 from
1941 to 1948. incl., and $1,000 from 1949 to 1964, incl.
Prin. and int.
(M-S) payable at the Farmers State Bank, Middleville.
The bonds carry
full faith and credit of the village and are not subject to a limited tax.
and were approved at an election on Dec. 23, 1939.
Application has been
made to the State Public Debt Commission for approval of the issue.
Vil¬
to
LYNNFIELD CENTER WATER DISTRICT. Mass.—BOND SALE—
The First Boston Corp. of New York was awarded on Feb. 6 an issue of
$200,000 water bonds as 2s, at a price of 100.66. a basis of about 1.95%.
Dated Jan. 1,1940 and due $8,000 on Jan. 1 from 1943 to 1967 inci. Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston. Other bidders
were: (for 2Ms) Whiting, Weeks & Stubbs and F. L,
Dabney & Co., jointly,
100.326; Second National Bank of Boston, 100.779; Harriman Ripley &
Co. and Kidder, Peabody & Co.,/jointly, 100.677; Bond,
Judge & Co.,
Alliance
interest rates.
discount
Boston, 0.194%.
10, 1940
National
$115,000 coupon refunding bonds offered Feb. 6—V. 150,
p. 872—were awarded to Miller. Kenower & Co. of Detroit at a price of
100.132, to bear interest at 2M% to April 1, 1942, 3M% to April 1, 1947,
and 4M%
thereafter.
Dated March 1, 1940.
Denom. $1,000.
Due
April 1 as follows: $3,000 from 1941 to 1943. incl.; $4,000, 1944 to 1952.
incl., and $5,000 from 1953 to 1966, incl.
The $15,000 bonds maturing
April 1 from 1964 to 1956, incl., will be callable in inverse numerical order
at par and accrued interest on any interest payment date on and after
April 1, 1945, upon 30 days' published notice.
Crouse & Co. of Detroit,
second high bidder, offered a price of 100.072 for the same combination of
was
$500,000
Polish
TIONAL SCHOOL DISTRICT NO. 3 (P. O. Clarkston), Mich.—BOND
National
Mass.—NOTE
the
SALE—The
2 at 0.74%
in equal amounts to the National Shawmut
Bank of Boston, each institution having
named the same rate in the competition for the loan.
Due Nov. 27, 1940.
Other bids:
First National Bank of Attleboro, 0,12%; First National Bank
of Boston, 0.125%.
Bank
on
offer from
further notice.
until
MASSACHUSETTS
ATTLEBORO, Macs.—NOTE SALE—An issue of $200,000
an
Chicago. Til. Tax anticipation notes at 5% for 1940-41, said taxes subject
to legal opinion at the city's expense.
The above-mentioned offer was
temporarily rejected, and the P. N. A. was asked to please hold the offer
by the State of Maryland and by the counties and municipalities in the
State; unconditionally guaranteed as to both principal and interest by
Montgomery and Prince George's Counties by endorsement on each bond;
form of bonds substantially the same as bonds of the last preceding series.
Bonds will be delivered on or about March 15, at place of purchaser's
choice.
Application has been made to the Public Service Commission of
Maryland for its approval of this issue of bonds.
The approving opinion
of Masslich & Mitchell, of New York, will be furnished.
Enclose a certified
check for 1 % of the amount of the bonds, payable to the Commission.
awarded
Feb.
Council received
BILOXI, Miss.—BONDS DEFEATED—AX an election held on Feb. 1
the voters are said to have turned down the proposal to issue $75,000 in¬
dustrial plant bonds.
v
MUNICIPAL SEPARATE SCHOOL DISTRICT
Brookhaven) Miss.—BOND SALE— The $65,000 school bonds
150. p. 721—were awarded to Dane & Weil
New Orleans, at par, divided as follows:
$52,000 as 3%b, and $13,000
3s, according to the City Clerk.
BROOKHAVEN
0.167%.
(P.
O.
offered for sale on Feb. 6—V.
MICHIGAN
of
as
BELDING, Mich.—PROPOSED
BOND ISSUE— The city has asked the
for permission to issue $15,000 not to
Debt Commission
exceed 3 % interest bridge construction bonds authorized
by the voters at an
election on Jan. 9. Dated April 1, 1940.
Denoms. $1,000 and $500.
Due
$3,000 on April 1 from 1941 to 1945 incl.
Principal and interest (A-O)
payable at the City Treasurer's office.
The 314% bonds mature on Feb. 15 as follows: $2,000 in 1941 to
and $3,000 in 1946 to 1959, while the 3% bonds mature $3,000 in
and $2,000 in 1961 to 1965.
Prin. and int. (F-A 15) payable at the
BIRMINGHAM, Mich.—BOND SALE—The $254,592.94 refunding
bonds offered Feb. 2—V. 150, p. 465—were awarded to a
group composed
of First of Michigan Corp., Crouse & Co. and
1945,
I960,
Chase
$20,000 water works revenue were approved recently by the voters.
State
all of
Public
Campbell, McCarty & Co.,
Detroit,
3s and 3Ms, at a price of 100.061,
Sale consisted of:
as
about 3.172%.
a net
interest cost of
$39,000.00 series C-l bonds.
First $6,000 as 3Ms; balance 3s.
Due Oct. 1
$1,000 from 1942 to 1950, incl. and $3,000 from
1960, inclusive.
215,592.94 series G-A bonds.
First $146,592.94 as 3Ms; balance as 3s.
Due Oct. 1 as follows:
$7,592.94 in 1940; $14,000,1941; $16,000,
1942; $18,000, 1943: $20,000, 1944; $22,000, 1945;
$24,000,
1946; $25,000, 1947; $24,000, 1948; $23,000 in 1949 and
$22,000
follows:
as
1951
in
to
National Bank in New York.
ETHEL, Miss.—BONDS VOTED—It is stated by the Town Clerk that
NATCHEZ, Miss— BONDS SOLD TO RFC—It is stated by Lemuel P.
City Clerk, that $500,000 4% semi-annual toll bridge revenue
were purchased recently by the Reconstruction Finance Corporation.
Due on Dec. 1, 1956.
These bonds are said to be part of an authorized loan
of $1,925.000, of which $400,000 was taken up on Jan. 2, 1939.
Conner,
bonds
_
SCOOBA, Miss.—BONDS SOLD—It is stated by W. 8. Carter, Town
Clerk, that the following bonds aggregating $30,000, were purchased
jointly by Max T. Allen & Co. of Hazelhurst, and J. G. Hickman, Inc. of
Vicksburg, as 5Hs at par: $22,000 water works improvement, and $8,000
street
improvement bonds.
1950.
A}1 of the bonds
$224,592.94
are dated Feb. 15, 1940.
Second high bid of 100.08 for
3Ms and $30,000 3s was made by a group composed of Ryan.
Sutherland & Co.; Pohl & Co., Inc., and Fox, Einhorn & Co.
MISSOURI
TR°Y, ROYAL OAK AND SOUTHFIELD TOWN¬
SHIPS FRACTIONAL SCHOOL DISTRICT NO. 1
(P. O.
Mich.
Birmingham),
TENDERS
WANTED—John H. Rosso, District
Treasurer, will
receive sealed tenders of 1936 refunding
bonds, series A to E inclusive
dated March 2, 1936, until 4 p. m. on Feb. 13.
Offerings should be firm
for five
days.
™iy57i^AND DAVISON TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 9 (P. O. R. F. D. No.
3, Flint), Mich.—BOND OFFER¬
ING—Fred J. Warren, District
Secretary, will receive sealed bids until
5 p. m. (to be opened at 8
p. m.) on Feb. 19 for the purchase of $18,000 not
to exceed 4% interest
coupon school bonds.
Dated Feb. 1, 1940. Denoms
SI.000 and $500. Due Aug. 1 as follows: $3,000 in 1941;
$3,500 in 1942 and
1943 and $4,000 in 1944 and 1945.
Rate or rates of interest to be expressed
in multiples of
M of 1 %. Principal and interest (F-A) payable at office of
the Treasurer of Board of Education.
The district is authorized and
re¬
quired by law to levy on all of its taxable property such ad valorem taxes
may be necessary to pay principal and interest on the issue within the
limitations prescribed by Section 21 of Article X of the
Michigan Con¬
stitution and the Michigan "Property Tax Limitation Act." An
as
additional
12-mill levy has been voted by the district for a
five-year period from 1940
1944, both inclusive.
Bids shall be conditioned upon the
unqualified
opinion of the purchasers' attorneys approving the legality of the bonds.
The cost of such opinion shall be
paid by the purchaser. The district shall
pay the cost of printing the bonds.
Enclose a certified check for $500.
payable to the District Treasurer.
u?ItJIbotRN TOWNSHIP (P. O.
Inkster), Mich.—TENDERS
SUBLi/,
—connection with the call for tenders of refunding bonds and
certificates, Arthur Nixon, Township Clerk, reports that tenders
were
on
bonds at 62 and certificates at 58.
DETROIT, Mich.—BONDS PURCHASED—Donald Slutz,
City
troller,
reports
average yield
.,
that
$303,158.38 refunding bonds
150, p. 465.
were
of 3.3463%.—V.
^.AMTRAMCK, Mich.
v^i ^n p. 872, wan*
150, t? R798 we are
Y.
purchased
Con¬
at
an
NOTES MAY BE SOLD—In connection with
f,0r, ^i8811? of
advised by the
City Clerk
tax anticipation notes—
as
follows:
On Feb.
1,
RICHTER
SCHERCK,
LANDRETH
COMPANY
BUILDING, ST. LOUIS, MO
MISSOURI
JEFFERSON
CITY, Mo.—BOND ELECTION—It is reported that
election will be held
in public
on
Feb. 27 in order to vote
on
an
the issuance of $200,000
building bonds.
SEDALIA, Mo.—BONDS VOTED—At a recent election the voters are
said to have approved the issuance of $200,000 in municipal
building bonds.
to
received
BONDS
Markets in all State, County & Town Issues
WEST
WALNUT
MANOR
SCHOOL
DISTRICT
(P.
O.
Clayton)
Mo.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
Feb. 15, by Oliver Koeneman, Secretary of the Board of Education, for the
PurchaseFeb. 15
of $30,000 follows:bonds. Denom. $1,000. Dated Feb. 19531940.
school $1,000 in 1945 to 1952, $3,000 in 15, and
)ue
on
as
1954, $4,000 in 1955, and $6,000 in 1956 and 1957. Bidders are requested
designate in their bids a single rate of interest which the bonds are to
bear in a multiple of % of 1 %. Prin. and int. (F-A) payable at a
place to be
designated by tbe bidder, subject to the approval of the Board of Edu¬
cation.
No bid for less than par and accrued interest will be considered.
to
These bonds were authorized at an election held on Jan. 16, by a vote of
107 to 15. and are issued for the purpose of building additions to and re¬
pairing old school buildings, furnishing the same, and purchasing additional
sites.
The district will furnish the legal opinion of Charles & Trauernicht,
of St. Louis, and will pay for the printing of the bonds and the
registration
fee at the office of the State Auditor.
Secretary.
Enclose
a
Bids to be on forms furnished by the
certified check for $750, payable to the district.
Volume
The Commercial & Financial Chronicle
150
township and the School District after the issuance of the above bonds,
willbe $32,000, or 3.13% of the assessed valuation.
NEBRASKA
BLOOMFIELD,
DETAILS—It is reported that
the $26,000 electric light and power plant revenue bonds sold recently,
as noted here—V. 150, p. 873—were purchased as 3s by Steinauer & Sohweser
of Lincoln.
Denom. $1,000.
Dated Jan. 1, 1940.
Prin. and int. (J-J)
payable at the office of the County Treasurer.
Neb .—BOND SALE
DESHLER, Neb.—BONDS SOLD—It is stated by the Village Clerk that
$30,000 3M% semi-ann. refunding bonds have been purchased at par by
the Walter V. Raynor Co. of Omaha.
Denom. $1,000.
Dated Dec. 1,
Due in 1959.
1939.
REPUBLICAN CITY, Neb.—BOND SALE DETAILS—It is stated by
the Village Clerk that the $6,000 refunding bonds sold recently, as noted
here—V. 150, p. 873—were purchased by the Wachob-Bender Corp. of
Omaha,
as
4J4s, at par, and mature $500 in 1941 to 1952 incl.
NEW
Bidder—
E. H. Rollins & 8ons, Inc..
Indian Head National Bank of Nashua.___
___
Second National Bank of Boston...
....
_j£
_____
Newark Citizens'
Court to have the
MANAGER ELECTION CALLED FOR
Reichenstein, City Clerk, stated
of government
Feb. 20. The
Union announced that it would appeal to the Supreme
election postponed until March 5, on the ground that the
J.—CITY
SOUGHT—Harry
earlier date does not
voters "what
allow sufficient time in which to fully acquaint the
Council-Manager government means."
NORTH BRUNSWICK TOWNSHIP (P. O. New Brunswick), N. J.
—EXCHANGE OFFER APFRGVEI —The State Funding Commission on
Jan. 29, approved the offer of B. J. Van Ingen & Co., of New York, to
exchange $127,000, 5% refunding bonds of 1934, for $135,000, 4% general
refunding bonds of 1939, plus $575, in cash and accrued interest.
Discount
.0.175%
,__0.19%
0.193%
First National Bank of Boston
MEXICO
N.
Mex.—BOND SALE—The foUowing coupon
bonds aggregating $90,000, offered for sale on Feb. 6—V. 150, p. 307—
were purchased jointly by Sidlo, Simons, Roberts & Co., and the J.
K.
Mullen Investment Co., both of Denver, at a price of 100.13:
ALBUQUERQUE,
$60,000 airport bonds as 2Ms.
Due on Jan. 1 in 1942 to 1959 incl.
30,000 fire protection bonds as 2Ms.
Due on Jan. 1 in 1942 to 1959
HATCH,
extension
N.
and
incl.
is reported that $55,000 water
purchased by Banks, Huntley &
M.—BONDS SOLD—It
bonds
sewer
have
been
Co. of Los Angeles.
__0.195%
0.209%
0.21%
F. W. Home & Co
HAMPSHIRE
N.
20—DELAY
Feb. 6 that the question of whether the City-Manager form
should be adopted would be considered at an election on
NEW
Other bids:
NEW
NEWARK,
FEB.
HAMPSHIRE
KEENE, N. H.—NOTE SALE—The $200,000 tax anticipation notes
offered Feb. 6—V. 150, p. 873—were awarded to the Merchants National
Bank of Boston, at 0.13% discount.
Dated Feb. 9, 1940 and due $100,000
each on Aug. 15 and Dec. 16, 1940.
R. L. Day & Co. of Boston and
Leavitt & Co. of New York each made the same bid of 0.165%, which was
the second best offer received by the city.
Ballou, Adams & Co
1027
NewYork State
Municipals
^State
of)—$500,000 NOTES AUTIIORIZEDFUNDING IN PROSPECT-—8tate Treasurer Kimball announces that the
Governor and Council has approved a temporary loan of $500,000, in
anticipation of taxes, to be paid 60 days after it is issued.
This increases
the amount of temporary loans outstanding to $2,949,000.
This latest loan was made necessary because of the elimination of the
direct State tax, which makes it necessary to wait until proceeds from the
tobacco tax
are
received,
Tilney & Company
76
NEW YORK, N.
Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
,
It is likely that some outstanding loans soon will
BEAVER STREET
be funded, including
those made for the following projects:
State House annex, $600,000; Rye
Harbor jetties, $154,000: highway program, $1,500,000; aerial tramway at
Franconia
Notch, $195,000.
SALE—The $100,000 coupon or registered
150, p. 874—were awarded to Campbell,
Phelps & Co., Inc., New York, as 2Mb, at 100.10, a basis of about 2.249%.
Dated Feb. 15, 1940 and due Feb. 15 as follows:
$3,000 from 1941 to 1956,
incl. and $4,000 from 1957 to 1969, incl.
Second high bid of 100.38 for
2.30s. was made by Blair & Co., Inc., New York.
ATTICA,
JERSEY
sewer
ATLANTIC COUNTY (P. O. Atlantic City), N. I .—STATE BOART)
MA Y SUPERVISE FINANCES—'The State Board of Local Government
which has supervised
YORK
NEW
NEW
financial operations of Atlantic City during the past
Y.—BOND
N.
bonds offered Feb.
9—V.
.
two
years requested officials of the county to show cause in Trenton on
Feb. 5 why the board sholdn't assume similar jurisdiction over the county's
finances, according to report.
Since
66.8% of Atlantic County's tax ratables are in Atlantic City and
since the city is behind in its county tax payments, the board expressed
belief it was required under a new law to take over the county's finances, too.
The new law, sponsored by
than
50% of its ratables are in
a
city which is already under State
control and behind in its county taxes.
If the county is placed under State
/
supervision, it will be the first in
what is described by George C. Skillman, Secretary
"preliminary financial protectorate."
Edmund C. Gaskill, County Solicitor, said it would prevent the county
from issuing bonds for a proposed $450,000 addition to the county hospital
and for $75,000 of repairs to the Brigantine Bridge which collapsed last
New Jersey to go under
of the State Board, as a
month and left 600 families stranded on an island.
The city has a bonded debt
of $26,000,000, half of which was created by
Its taxpayers paid $6.39 on every
to pay 33 cents less this year through
sale of the city's radio station for $275,000 and its street lamps for $176,000.
The county has an indebtedness of $4,600,000 and George M. Parker,
County Auditor, says it is in "good shape," but Dr. Fred C. Shuckman,
director of the Atlantic City Survey Commission, a privately sponsored
group seeking lower taxes, says "whatever happens to Atlantic City will
eventually happen to the county."
Mr. Gaskill says the county's biggest v.orry is that Brigantine owes it
$557,000 in back taxes—about $1,500 for each adult in the town.
erection of its giant convention hall.
$100 of valuation last year, and expect
PLANS TO FREE SELF FROM BOARD'S CONTROL—Anent
the city is in position to remove itself
jurisdiction of the Local Government Board and thus eliminate the
possibility of the board assuming control of the county's finances.
Such
action should be taken by the city, according to members of the board,
in order to avoid financial embarrassment to the county, which is reported
to be planning the sale of two bond issues this year.
The board, which
met the past week, took no action to place the county under board jurisdic¬
tion, but members said the conference went further than that in discussing
means of releasing the city.
Members felt that the publicity connected
with placing restrictions on the county might be detrimental, "especially
CIT Y
the above topic, it is reported that
from
when there
is no
also for
Senator Arthur Foran, Republican, of Hunter¬
don, makes it mandatory to place a county under the State Board when
more
ELMIRA, N. Y.—CERTIFICATE SALE—The $600,000 certificates of
indebtedness offered Feb. 6—V. 150, p. 874—were awarded to Barr Bros. &
Co. of New York, as 0.20s, at par plus a premium of $229.60.
Dated
Feb. 1, 1940 and due $300,000 on June 1 and Oct. 1, 1940..
Other bids,
Checmical Bank & Trust Co--.
the bonds offered, payable to order of the township, is required. Legal
opinion of Caldwell & Raymond of New York City will be furnished the
The statutory 20-day period for the commencement of
litigation against the validity of said refunding bonds will expire on Feb. 22,
1940 and any award of said refunding bonds will be conditioned upon the
.expiration of such statutory period without the commencement of litigation
involving the said refunding bonds
.
HIGHLANDS, N. J.^BOND SALE— H. L. Schwamm & Co. of New
York have purchased $625,000 4% coupon or registered general refunding
bonds.
Dated Dec. 1, 1939 and due Dec. 1 as follows:
$5,000 in 1940,
$10,000, 1941 and 1942; $11,000, 1943 and 1944; $12,000, 1945; $13,000,
1946 and 1947; $14,000, 1948 and 1949; $15,000, 1950; $16,000, 1951 and
1952; $17,000, 1953; $18,000, 1954; and 1955 $19,000, 1956; $20,000, 1957;
$21,000, 1958; $22,000, 1959; $23,000, 1960 and 1961; $24,000, 1962;
$25,000, 1963; $26,000, 1964; $27,000, 1965; $28,000, 1966; $29,000, 1967;
$30,000, 1968; $32,000, 1969; $33,000, 1970, and $30,000 in 1971.
Prin.
and int. payable at the Sea Bright National Bank, Sea Bright, or at the
option of the holder at the Bank of The Manhattan Co., New York.
Legal¬
ity approved by Caldwell Sp Raymond of New York.
HOLMDEL TOWNSHIP SCHOOL DISTRICT (P. O. CenterviHe),
N. J.—BNOD OFFERING—Alex L. McClees, District Clerk, will receive
sealed bids until 8 p. m. on Feb. 19 for the purchse of $29,000 not to exceed
interest
(P. O. Buffalo), N. Y.—BOND SALE—The $6,300,000 coupon or registered home relief bonds offered Feb. 8—V. 150, p. 467—
were
awarded to a syndicate composed of Halsey, Stuart & Co., Inc.,
Blair & Co., Inc., Hallgarten & Co., B. J. Van Ingen & Co., Inc., Darby
& Co., Inc., Otis & Co., Inc., all of New York; The Milwaukee; Co.,
Milwaukee; Equitable Securities Corp.; Stern, Wampler & Co., Chicago;
First of Michigan Corp., New York; Braun, Bosworth & Co., Toledo;
Campbell, Phelps & Co., Inc., and Schwabacher & Co., both of New York;
H. C. Wainwright & Co., Boston; A. . Kidder & Co. and
F. W. Reichard
& Co., both of New"York; Mullaney, Ross & Co., and V. P. Oatis & Co.,
Inc., both of Chicago.
Bankers purchased the bonds as 1.90s, at par
plus a premium of $2,457, equal to 100.039, a basis of about 1.89%.
Dated
Feb. 15, 1940 and due $630,000 on Feb. 15 from 1941 to 1950 incl.
BONDS PUBLICLY OFFERED—Halsey, Stuart & Co., Inc. and
as¬
sociates re-offered the bonds to yield from 0.35% to 2.10%, according to
maturity, as per the announcement in our advertising columns on page ill,
The offering was accorded a strong reception in investment circles, orders
for two-thirds of the entire loan having been received by the banking group
prior to the close of business on the day of the award.
The bonds, regarded
by the bankers as legal investment for savings banks and trust funds in
New York State, will constitute, in the opinion of counsel, general obliga¬
tions of the County, payable from unlimited ad valorem taxes.
County
reports an assessed valuation, 1940 as $1,300,936,401 and the net bonded
debt, including this issue, is $36,493,376.
OTHER BIDS—The following other bids were submitted in competition
for the loan:
Bidder—
Chase National Bank of New York, Manufacturers
or registered school bonds.
Dated Jan. 1, 1940.
Due Jan. 1 as follows: $2,000 from 1942 to 1955 incl. and
valorem taxes.
order of afore¬
Legal opinion of
eral obligations of the District, payable from unlimited ad
A certified check for 2% of the bonds offered, payable to
mentioned Custodian, must accompany
each proposal.
Caldwell & Raymond of N. Y. City will be furnished the successful bidder.
The School District is coterminous with the Township of Holmdel.
The
the township (real and
The township has no bonded debt, and the gross
District, exclusive of the indebtedness repre¬
by the above bonds, is $3,000.
The total gross debt of both the
1939 assessed valuation of all taxable property within
was
$1,021,801.
bonded debt of the School
sented
Rate Bid
Int. Rate
& Traders
Buffalo, Blyth & Co., et al
2%
Smith, Barney & Co., First Boston Corp., Harriman Ripley
& Co., etal__
2%
Lehman Bros., Marine Trust Co. of Buffalo, Salomon Bros
& Hutzler.et al.—-—
—
2%
CITY PARK WATER DISTRICT (P. O.
Town of North Hempstead, N. Y.—BOND SALE—The
GARDEN
100.299
100.279
100.149
Garden City),
$4,500 coupon or
bonds offered Feb. 5—V. 150, p. 722—were
York, as 1.70s, at a price of 100.07, a basis
of about 1.67%.
Dated Feb. 1, 1940 and due Feb. 1 as follows:
$1,000
from 1941 to 1944, incl. and $500 in 1945.
Other bids:
fire
registered
apparatus
awarded to Tilney & Co. of New
Int. Rate
Bidder—
Union
Securities
Corp
—
Bank of New Hyde Park—
__
Roosevelt & Weigold, Inc__.
LEWISBORO
(P.
O.
_
—_ —
South Salem).
N.
Rate Bid
2%
2.30%
3%
100.22
100.08
Par
Y.—BOND OFFERING—
Cyrus W. Russell, Town Clerk, will receive sealed bids until 2 p. m. on
Feb. 13, for the purchase of $27,000 not to exceed 5% interest coupon or
registered highway bonds,
Dated Oct. 1, 1939.
Denom. $1,000. Due
Oct. 1 as follows:
$5,000 from 1940 to 1944, incl. and $2,000 in 1945.
Bidder to name a single rate of interest, expressed in a multiple of M or
Principal and interest (A-O) payable at the Mount Kisco
Kisco, with New York exchange. The
general obligations of the town, payable from unlimited taxes. A
certified check for $540, payable to order of the town, must accompany
each proposal.
Legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
l-10th of 1%.
National Bank & Trust Co., Mount
bonds
are
LIBERTY, N. Y.—BONDS VOTED—At an election on Jan. 30 the voters
an issue of $90,000 sewage disposal plant improvement bonds.
future, according to Chandler Borden,
authorized
They will be marketed in the near
Village Clerk.
MILLS, N. Y.—BOND SALE—The $10,000 coupon or
works bonds offered Feb. 9—V. 150, p. 874—were
1Mb, at a price of 100.13, a
basis of about 1.205%.
Dated Feb. 1, 1940 and due $2,000 on Feb. 1
from 1941 to 1945, inclusive
NEW
YORK
registered
public
awarded to Sherwood & Co. of New York, as
NIAGARA FALLS, N. Y —BOND
coupon
$1,000 in 1956.
Bidder to name a single rate of interest, expressed in a
multiple of M or l-10th of 1%.
Prin. and int. (J-J) payable at the office
of the Custodian of School Moneys of the Township.
The bonds are gen¬
personal)
— —
ERIE COUNT Y
2 % of
successful bidder.
Denom. $1,000.
Premium
$124.05
90.00
70.00
Chase National Bank of New York
Trust Co.,
need for it."
HADDON TOWNSHIP (P. O. Westmont), N. J.—BOND OFFERING—
Leroy V. Worrell, Acting Township Clerk, will receive sealed bids until
8 p. m. on Feb. 20 for the purchase of $236,000 not to exceed 4% interest
coupon or registered refunding bonds. Dated Nov. 1,1939. Denom. $1,000.
Due as follows: $6,000, March 1,1940; $1,000, Nov. 1, 1946; $19,000, Nov.
1, 1947; $28,000, Nov. 1, 1950; $3,000, Nov. 1, 1954; $6,000, Nov. 1, 1955;
$8,000, Nov. 1, 1956; $11,000, Nov. 1,1957; $19,000, Nov. 1, 1958; $44,000,
Nov. 1, 1959; $31,000, Nov. 1, 1960; $43,000, Nov. 1, 1961 and $17,000,
Nov. 1, 1962.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1%.
Principal and interest payable at First National
Bank, Collingswood; the $6,000 bonds maturing March 1, 1940 will carry a
four-months' coupon. The sum required to be obtained at sale of the bonds
is $236,000.
The bonds are payable from unlimited ad valorem taxes to
be levied on all of the township's taxable property.
A certified check for
6%
0.20s, were:
Bidder—
Marine-Midland Trust Co
Manager, will receive sealed bids
of $639,000 not to
as
OFFERING—W. D. Bobbins, City
until noon on Feb. 13 for the purchase
exceed 4% interest coupon or registered bonds,
divided
follows:
$423,000 Public works bonds, series B.
Due Jan. 1 as follows: $40,000
from 1941 to 1945 incl.; $43,000 in 1946 and $60,000 from 1947
to
1949 incl.
,
_
^
216,000 Public welfare bonds, series C.
Due Jan. 1 as follows: $18,000
from 1941 to 1946 incl. and $27,000 from 1947 to 1950 incl.
All of the bonds will be dated Feb.
1, 1940.
Denom. $1,000.
Bidder
single rate of interest, expressed in a multiple of M or l-10th of
1%.
Prin. and int. (J-J) payable at the Central Hanover Bank & Trust
Co., N. Y. City.
The bonds are general obligations of the city, payable
to name a
The Commercial & Financial Chronicle
1028
be levied on all of its taxable property.
from unlimited ad valorem taxes to
The purposes for which bonds are issued are exempt from the so-called
down payment required by Section 6 of the General Municipal Law,
certified check for $12,780, payable to
5%
A
order of the city, must accompany
proposal.
Legal opinion of Dillon, Vandewater & Moore of N. Y.
City will be furnished the successful bidder.
each
ONEIDA, N. Y.—BOND ELECTION CANCELED—The election pro¬
issuing $35,000 sewer improvement
posed for Feb. 5 on the question of
bonds was canceled.
OSSINING
(P.
O.
Town
of),
Y.—BOND SALE—'The $88,000
N.
coupon or registered bonds offered Feb.
to the Manufacturers & Traders Trust
100.42y, a basis of about
5—V. loO, p. 874—were awarded
Co., Buffalo, as 2s, at a price of
Sale consisted of:
1.94%.
$61,000 public works bonds, series A.
Due July 1 as follows: $3,000
1910 to 1954, incl. and $4,000 from 1955 to lw58, incl.
27,000 public works bonds, series B.
1948, inclusive.
All of the bonds will be
from
Due $3,000 on July 1 from 1940 to
Other bids:
Rale Bid
Int. Rate
Bidder—
Campoell, Fheips & Co., Inc. and Sherwood & Co.
2%
100.37
H. L. Allen & Co
Union Sec urities Corp
2%
2.10%
100.22
100.46
.
D. White &
2.10%
2.20%
100.348
100.37
2.20%
2.20%
100.217
100.199
2.20%
2.25%
2.25%
2% %
100.19
190.31
100.018
100.009
Co-.
Roosevelt & Weigold, Inc
George B. Gibbons & Co., Inc., and F.
W. Beic-
hard & Co
Kidder, Peabody & Co....
A. C. Allyn & Co., Inc.
Tnc...
and E. H. Rollins & Sons,
-
-
Bacon, Stevenson & Co
Halsey. Stuart & Co., Inc
County Trust Co. of White Plains.
—....
OSWEGO, N. Y.—PROPOSED BOND FINANCING—Mayor Willard
Hall reports that the question of whether the city will issue $110,000 home
relief and $75,000 Work Projects Administration permanent improvement
bonds will not be determined until adoption of the budget, scheduled for
Feb.
20.
•
,
AUTHORITY, N. Y.—BOND OFFERING—
Frank C. Ferguson, Chairman, announces in our advertising columns,
on page IV,
that the Authority will receive sealed bids until 11 a. m.
on Feb. 19 for the purchase of $33,000,000 3% fourth series general and
refunding bonds.
Dated Dec. 15, 1936.
Coupon bonds in denoms. of
$1,000 each, registerable as to principal, or as to both principal and interest,
PORT OF NEW YORK
and when so registered reconvertible into coupon form upon payment of a
Due Dec. 15, 1976.
nominal fee.
1950,
only through
Subject to redemption prior to Dec. 15,
Subject to this
the operation of the sinking fund.
limitation, redeemable in whole, or in part, at the option of the Port of
New York Authority on interest payment dates, at 103% beginning on
Dec. 15,1941, and thereafter on or before Dec. 15, 1945; at 102% thereafter
and
on
or
before Dec. 15, 1950; at 101% thereafter and on or
in
three years.
RICHMONDVILLE, N. Y.—BOND SALE—The $26,500 coupon or
registered water works system bonds offered Feb. 5 were awarded to
Campbell, Phelps & Co., Inc. and Sherwood & Co.* both of New York,
jointly, as 2.30s, at a price of 100.509, a basis of about 2.25%.
Dated
Jan. 1, 1940.
One bond for $500, others $1,000 each.
Due Jan. 1 as
Prin. and int.
payable at the Bank of Richmondville, with New York exchange.
Legality approved by Dillon, Vandewater & Moore of N. Y. City.
The
village is empowered and will be obligated to levy such ad valorem taxes
on all of its taxable property as will
be necessary to provide for payment
of principal and interest on the bonds, such taxes to be unlimited as to both
(J-J),
rate
or
anticipation of the collection of such taxes.
TRIBOROUGH
Bidder—
George B. Gibbons & Co., Inc
Roosevelt & Weigold, Inc
Other bids:
*
Smith, Barney & Co—
CENTRAL
SCHOOL
an
DISTRICT
election
on
NO.
Feb.
1
ft WARRENSBURG, THURMAN, CHESTER, BOLTON, CALDWELL,
HORICAN,
STONEY
CREEK
AND
JOHNSBURG
CENTRAL
SCHOOL 6ISTRICT NO. 1 (P. O. Johnsburg), N. Y.—BOND ELEC¬
TION—N. Aubrey, Clerk of the Board of Education, reports that an
election will be held March 9 on the question of issuing $575,000 bonds for
school construction
(P.
O.
Rate Bid
said.
SCHENECTADY, N.Y.—ADOPTS NEW POLICY IN DELINQL ENT
COLLECTIONS—By adopting a policy of compromising with those
TAX
property owners who owe more in delinquent taxes than their real estate
is worth, the city expects to collect about three times as much as by its
former policy of foreclosure and sale.
Schenectady has established a Tax
Arrears Board which will administer the new policy, according to the
International City Managers Association.
The old system of foreclosing
tax liens and
selling the property at auction usually brought the city
about 25% of the assessed valuation of the property.
The new
which may settle at a compromise figure the tax bill on property
Board,
that is
delinquent in excess of its value, thus leaving it in the hands of its owners,
expects to collect an average gross return of about 75% of the assessed
The first petition to come before the Board requested an adjustment of
on a block of 81 lots assessed for $48,600, on which more than
$130,000
taxes
outstanding in taxes, special assessments and penalties.
Interlocked
with these lots was a group of 87 parcels also owned by the petitioners, on
which delinquencies totaled $15,000.
Becuase the lots were intermingled,
was
the
petitioners were unable to develop economically the portion on which
they could afford to pay back taxes.
The Board made an adjustment calling for the payment of $36,000 to clear
the lots included in the petition, with the provision that the other lots had
to be cleared by full payment of all delinquent taxes.
Since the lots con¬
were
or
trust
forms to be furnished with additional
information
company,
C.—BOND
N.
HICKORY,
sewer
SALE—The
$50,000
coupon
semi-ann.
150, p. 875—were
As, paying a premium of
bonds offered for sale on Feb. 6—V.
awarded to Kirchofer & Arnold of Raleigh, as 2
$93.50, equal to 100.187, a basis of about 2.48%.
Due on Feb. 1 in 1942 to 1960 incl.
Dated Feb. 1, 1940.
HILLSBORO, N. C.—NOTES SOLD—It is reported that $4,000revenue
purchased by the Bank of Reidsville, at 6 %, plus a premium
Due in four months.
ROCKINGHAM COUNTY (P. O. Wentworth),
N. C.—BOND SALE
—The $45,000 coupon or registered refunding bonds offered for
Feb. 6—V. 150, p. 875—were awarded to Braun, Bosworth & Co. of
as 2 As, paying a premium of $190, equal to 100.42, a basis of about
Dated Feb. 1,
sale on
Toledo,
2.47%.
Due on Feb. 1, 1956.
1940.
NORTH
DAKOTA
Dak.—WARRANT SALE—The following paving
aggregating $28,300, offered for sale on Feb. 5
—V. 150, p. 724—were purchased by the McElroy Co. of Jamestown, as
5As\ $25,000 Paving District P-3-39, and $3,300 Paving District P-4-39
warrants.
No other bid was received, according to the City Auditor.
JAMESTOWN,
construction
N.
warrants
DAKOTA, State of—CERTIFICATE SALE—The following
NORTH
report is taken from the "Wall Street Journal" of Feb. 6:
North Dakota Industrial Commission has authorized the issuance and
sale of $300,000 certificate of indebtedness to the Bank of North Dakota
to be secured by $1,000,000 of taxes levied for the Real Estate Bond In¬
terest
Proceeds will be used to take care of interest due to
Fund.
funds.
State
'
"The offering was authorized after it was intimated that the State might
be in technical default to State departments on Jan. 1, 1940 interest on real
estate bonds.
Last December, the State Treasurer, anticipating an in¬
sufficient cash fund to meet all interest arranged with the Bank of North
Dakota to carry such interest coupons on real estate bonds
as the State Treasurer had cash available for payment.
held until such
State depart¬
given them for interest on regis¬
tered bonds for a like period.
The delay in cashing the checks was to be in
the form of a loan to the State Treasurer for the Real Estate Bond Interest
time
ments were likewise asked to hold checks
Fund.
excess of $1,000,000 of ad valorem taxes
interim, would be available April 1 and the Treasurer would
jave sufficient funds to take up and pay the coupons and checks.
No
delay was to be caused in payments on bonds held by the investing public
A question was raised whether the delay in payments to State agencies did
"It was anticipated that in
levied in the
then
not constitute
a
technical default.
preclude that possiblity the Industrial Commission authorized the
is expected
be redeemed April 1."
"To
certificate sale to the Bank of North Dakota and the certificate
to
ROLETTE COUNTY SCHOOL DISTRICT NO. 3 (P. O. St. John),
Dak.—BONDS SOLD—It is stated by the District Clerk that the
valuation.
cerned
on
by a certified check upon an incorporated
payable unconditionally to the order of the State
Treasurer for $480.
The approving opinion of Masslich & Mitchell, N.Y.
City, will be furnished the purchaser.
bank
bonds.
Rye),
The charter was referred to committee.
Mr. Schmidt, a Republican
leader of the Board, said the document might be brought out of committee
Feb. 15.
on
Bids are required
and each bid must be accompanied
Ripley),
RYE (Village of), N. Y.—SEEKS STATLS OF CITY—The Village of
Rye sent its proposed city charter to the Westchester County Board of
Supervisors on Feb. 5, asking the Board to join in a petition to the State
Legislature for adoption of the document.
The Town of Rye, from which
the village would secede, opposed the plan successfully a year ago but re¬
versed itself today in a communication to the County Board.
Frederick G. Schmidt, Supervisor of Rye Township, explained that the
town's approval had been won by a new provision in the charter requiring
Rye Village to continue paying 39.87% of town welfare costs until July 1,
1947, although the present villagers make use of only 10% of the welfare
expenditures.
Port Chester, constituting the other half of the town, uses
the balance and opposes the Rye city charter even in its amended form,
Schmidt
interest will be entertained.
of $46.66.
N. Y.—CERTIFICATE SALE—Leavitt & Co. of
New York purchased on Feb. 1 an issue of $105,000 certificates of indebted¬
ness at 0.185% interest.
Due Oct. 1, 1940.
Mr.
Sart of the bonds (having the earliest maturities), and another rate for the
alance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the city, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less than par and accrued
notes have been
100.187
100.415
100.011
O.
CAROLINA
NORTH
HENDERSON, N. C.—BOND OFFERING—Sealed bids will be received
until 11 a. m. on Feb. 13, by W. E. Easterling, Secretary of the Local Gov¬
ernment Commission, at his office in Raleieh, for the purchase of $24,000
refunding bonds.
Dated Dec. 1, 1939.
Due $6,000 on June 1 in 1947
to 1950 incl.
There will be no auction.
Denom. $1,000; coupon bonds
registerable as to principal alone; principal and interest vJ-D), payable in
legal tender in 'N.Y. City; general obligations; unlimited tax; delivery on or
about Feb. 26 at place of purchaser's choice.
1
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of A of 1%.
Each bid may name one rate for
19 the voters will be
asked to approve an issue of $175,000 high school addition
purposes.
YONKERS, N. Y.—GOVERNOR REFUSES INQUIRY—For the second
time in a week Governor Herbert H. Lehman notified Horace M. Gray,
chairman of the City Manager League of Yonkers, on Feb. 6 that under the
law he could not appoint a Moreland Commissioner to make investigations
in connection with the fiscal affairs of Yonkers.—Y. 150, p. 875.
100.29
(P.
AUTORITY, N. Y.—CONSOLIDATION
bill providing for consolida¬
Authority and the New York City Parkway
Authority—V. 150, p. 468, and empowering the combined agency to incur
a permanent funded debt of $100,000,000 was approved by both houses of
the State Legislature during the past week.
The measure was forwarded to
Governor Herbert Lehman, whose approval was generally expected.
The
new agency,
to be known as the Triborough Bridge Authority, would
employ $71,000,000 of its bonding power to refund the $53,009,000 of
existing Triborough debt and $18,000,000 of the Parkway unit.
Balance
of authorized debt would be used as needed for further improvements in
the Metropolitan area.
Large Issue To BeMarkeled Soon—A nationwide banking group headed by
Dillon, Read & Co. of New York is expected to place on the market sometime
in the coming week a bond issue in the amount of close to $100,000,000.
Bulk of the proceeds of the financing will be used, as already noted, to re¬
finance outstanding indebtedness of the Triborough Bridge Authority and
the New York City Parkway Authority.
The bill combining the two agen¬
cies was signed by Governor Herbert H. Lehman on Feb. 8.
100.26
2.40%
2.70%
3.60%
C. E. Weinig Co.
RIPLEY
100.399
100.619
Int. Rate
Bidder—
Marine Trust Co. of Buffalo
N. Y.—BOND ELECTION—At
100.269
2.30%
2A%
2.70%
3.10%
3.20%
E. H. Rollins & Sons, Inc
RYE
Rate Bid
Int. Rate
Union Securities Corp
Manufacturers & Traders Trust Co
BRIDGE
BILL APPROVED BY LEGISLATURE—The
tion of the Triborough Bridge
water and
Other bids:
amount.
levied on property in
therefor upon the taxable property in said
1940, authorizing the county to refund taxes illegally
county outside of said city in annual instalments over a period of not more
than five years, and to borrow moneys therefor on temporary loans in
before Dec.
15, 1955; and at 100% thereafter to maturity.
Payments will be made into
Sinking Fund," commencing in 1941.
The moneys in the sinking fund will be applied to the retirement of the bonds
of the fourth series by purchase or call.
Principal and interest (J-D) payable at principal offices of the paying
agent or agents of the Port Authority.
The bonds will be exempt, in
opinion of general counsel and bond counsel, from Federal income taxes,
without the consent of the States of New York and New Jersey, and exempt
from New York State income taxes.
They are issued to provide funds to
refund New York-New Jersey Interstate Tunnel Bonds, series E, heretofore
issued for Holland Tunnel purposes.
All legal proceedings incident to
issuance and sale of the bonds are subject to the approval of Julius Henry
Cohen, General Counsel for the Port Authority, and of Thomson, Wood &
Hoffman, New York, bond counsel.
Proposals must be accompanied by a
certified check or cashier's check in the amount of $660,000.
Temporary
bonds will be available for delivery on or about March 1, 1940.
$1,000 from 1941 to 1966 incl. and $500 in 1967.
1940
TOMPKINS COUNTY (P. O. Ithaca), N. Y.—AVTH0RI7ED TO
REFUND TAXES—Governor Herbert H. Lehman on Feb. 1, approved
the Shaw Bill (A. Int. No. 317, Print No. 319) as Chapter 3 of the Laws of
the "Fourth Series, 3%, Due 1976,
follows:
10,
only when delinquent taxes amount to more than
the property is worth, and the city gives up none of its power of foreclosure
and sale by this policy.
Reduction of $230,000 in bonded indebtedness, a cut of 40 cents in
the tax rate and the collection of $76,000 in delinquent taxes and special
assessments under
a
moratorium on penalties were among the major
accomplishments of the city Government during the past year, according
to a summary submitted to City Council by City Manager C. A. Harrell.
Fire losses were down to the lowest total since 1920.
Mr. Harrell's summary disclosed that the reduction in the bonded
indebtedness brought the total bond reduction to $1,076,694 in three
years, and the tax rate reduction brought the total reduction to $1.84
The Board compromises
the City of Ithaca, to levy taxes
dated Jan. 1, 1940.
Marine Trust Co. of Buffalo and R.
Feb.
N.
$2,100 school bonds unsuccessfully offered on Nov. 27, as reported here
at the time, have been sold to local purchasers.
TURTLE LAKE, N. Dak.—BOND SALE—The $1,000 4% coupon semirefunding bonds offered for sale on Jan. 30—V. 150, p. 469—was pur¬
ann.
chased by the
1940.
Bank of North Dakota, of Bismarck, at par.
1, 1943.
Dated Feb. 1,
Due on Feb.
OHIO
in the best residential section, the city not
only received 50%
AKRON
CITY
SCHOOL
DISTRICT,
Ohio—BOND OFFERING—
than the usual auction sale would have
brought, but also made avail¬
able for immediate residential building desirable
Hazel Fleek, Clerk of the Board of Education, will receive sealed bids until
noon on Feb. 26 for the purchase of $363,000 4% coupon bonds, divided
taxes will
as
more
property on which future
probably be sizable.
follows:
,
/
Volume
The Commercial & Financial Chronicle
150
$300,000 building and improvement bonds.
Due Sept.
1
$23,000 from 1946 to 1957, incl. and $24,000 in 1958.
follows:
A certified
as
check for .$3,000 is required.
63,000 final judgment bonds.
Due Nov.
1
as
follows: $12,000 in
and 1942 and $13,000 from 1943 to 1945, incl.
for $1,000 is required.
1941
A certified check
All of the bonds will be dated March 1, 1940.
rate of interest provided
Denom. $1,000.
Bidder
that fractional rates are
Legal opinion of Squire, Sanders &
may name a different
expressed in
a
multiple of M of 1%.
DfiniDfiftv of rjlpvflljind "will hp fiimifihAd fhA AiippAfisfiii hiddpr
uempsey or Cleveland will t>e furnished the successful bidder.
BELMONT
COUNTY
BROOK
PARK,
O.
St.
Ohio—BOND
Clairsville),
TENDERS
SUBMITTED—In
con-
nection with the call for tenders of refunding bonds, dated July 1, 1938,
Alfred H. Scrivens, Village Clerk, reports that tenders were as follows:
$7,000 at price of 73; $7,000 at 75 and $1,000 at 68.
.
COLUMBUS,
Ohio—BOND SALE—The $635,930
The principal and interest of the bonds now offered will be payable solely
from the net revenue of the Sandusky Bay Bridge.
The bonds will be
secured by a trust indenture to be executed by and between the State Bridge
Commission of Ohio and the Commerce Guardian Bank, Toledo, Ohio, as
trustee, and the trust indenture securing the bonds now offered will contain
substantially the same provisions and covenants as the trust indenture
s?cY,riK*Fthe£OI\Ys to be refunded, insofar as such provisions and covenants
8
AiiilY^pp
?*
mU8» aP"ee ?jPa3Lr of«
t/h.0 publication
the uot/ice of s&le
*
coupon
bonds
of-
fered Feb. 8—V. 150, p. 469—were awarded to a group composed of R. W.
Pressprich & Co., Eldredge & Co., both of New York; Pohl & Co., Inc. and
Seasongood & Mayer, both of Cincinnati, at a price of 100.039 for $334,330
1 %8 and $309,600 1 34s.
Sale consisted of:
1
as
incl.; $23,000
bonds issued
One bond for $330, others $1,000 each.
follows: $24,330 in 1941; $24,000, 1942 to 1952,
Purpose of issue is to refund
.in 1953 and 1954.
m
Mitchell, 120 Broadway. New York City, for the preparation of the trust
indenture and their legal opinions approving the validity ofthe bonds. A
certified check for $26,000, payable to order of the State Bridge Cornmission, is required.
A petition for writ of mandamus, to compel the Secretary of State of the
State of Ohio to attest the bonds now offered, is pending before the Supreme
Court of Ohio.
In the event that the Supreme Court of Ohio shall not have
issued the writ of mandamus requested in said petition prior to the date
fixed for receipt of bids, no award of the bonds will be made, as the notice
of redemption of the outstanding bonds must be published no later than the
following day.
PAINESV1LLE
matifrft Sirino-
refunded by this
loan
CUYAHOGA
COUNTY
(P.
O.
Cleveland),
Ohio—NOTE
rDAMirt
in
coiiNTV
/n
f
Reedie
i
■
•,
Bo
of
v\i
daatd
-
fiprforxr/i
bounty~Comnds^raere^
.
$4,000 in 1942 and $5,000 from 1943 to 1949, inclusive.
incl.
SHALERSVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
F. D. Mantua). Ohio—BOND SALE—The $30,000 school bonds
724—were awarded to the First Savings & Trust
Co. of Ravenna as 234s ut* u price of 101.016, a basis of about 2.10%.
offered Feb. 7—V. 150, p.
vrib
State in
conformity with the Uniform Bond Act of Ohio, and the resolution of the Board of County Commissioners adopted on Jan. 31, for the
purpose of providing
of the collection of
funds for poor relief for the year 1940, in anticipation
delinquent taxes.
A complete transcript of all proceedings had in the matter of authorizing, advertising and awarding the
bonds will be furnished the purchaser at the time of the award, and bids
conditioned on the acceptance of bonds bid upon only upon the approval
of the proceedings by the attorney of the bidder will be accepted and considered and a reasonable time will be allowed the purchaser for the examination of the transcript before requiring compliance with the terms of the
notice of sale or any bids thereunder.
A certified check for 1% of the
bonds bid for, payable to order of the Board of Commissioners, is required.
KELLEYS
ISLAND,
Ohio—BOND
OFFERING—The Village Clerk
20 for the purchase of $1,500
5% coupon waterworks bonds.
Dated March 1, 1940.
Denom. $300.
Due $300 on March 1 from 1942 to 1946, incl.
A certified check for $25,
payable to order of the village, is required.
until
noon
on
Feb.
LAWRENCE TOWNSHIP RURAL SCHOOL DISTRICT
(P. O.
North Lawrence, Box 33), Ohio—BOND SALE— The issue of
5,000
school bonds offered Dec. 30—V.
149,
p.
4066—was awarded to the Proviprice of 100.08,
On Oct. 1 from
dent Savings Bank & Trust Co. of Cincinnati, as 2548, at a
a basis of about 2.74%.
Dated Oct. 1, 1939 and due $500
1941
to
1950 incl
27—V
(The above sale canceled nrevious award on Dec
canceled previous awara on Dec. zi
Si
bld8:
^—
rates are
expressed in a multiple of 34 of 1 %. Purchaser must pay charges,
any, for delivery outside of Columbus.
Bonds are issued under the
provisions of Section 2293-43 of the General Code of Ohio, under authority
of and pursuant to and in full compliance with the general laws of the
TLidNOT WlsKdlilM
of 100'4'46 f°r 2*8 WM made by Stranahan- Harrls & Co"
to
March 15 and $12,000 Sept.
from
to 1950,
Bidder may name a different rate of interest provided that fractional
if
Due $2,500 on Nov. 1 from 1941
All of the bonds will be dated Aug. 1, 1939.
on
will receive sealed bids
sidewajk ^onstr uction bonds.
R.
4%jpSJ^ef!Denom0
$1,000.
15
1941
Due $13,000
Sale
««662»treet improvement bonds. Due Nov. 1, as follows: #4.662 In 1941;
ISSUE
p. 876—of the sale
$848,000 tax delinquent anticipation notes, we are advised that they were
iseued as 334s, at par.
,
of
BancOhio Securities Co.
SALE—The
Ohio—BOND
Purchased 553,662 3% special assessment bonds at par.
10,000
D/iTAILS—ln connection with the report in—V. 150,
of
2s.
as
„r
RITTMAN,
One bond of $600, others $1,000
?M2to?9MSetSi 1 Th?Safux60b2n^4L%nedfS^/S
fmr1ft
Bank of Columbus
anticipation of collection of special assessments
All ofthe bonds will be dated March 1, 1940.
DISTRICT, Ohio—NOTE SALE—
purchased on Jan. 29 an issue of
CITY SCHOOL
The Ohio National
$31,278.94 refunding notes
and maturing March 1, 1940.
309,600 refunding general No. 1 bonds.
t)ii0 r6u6inption notice, jxnci toe
the same as the outstanding bonds with such changes as may be necessary
to conform with the provisions of the official offering notice, and the fees
and expenses of Hugh Huntington of Columbus, Ohio and of Masslich and
$334,330 refunding No. 5 bonds.
Due Sept.
„
preparation of the bonds, the form and terms of which will be substantially
Ohio—FUNDING
ISSUE AUTHORIZED—The State Board of Tax Appeals on Feb. 5 authorized the county to issue $150,000 bonds to pay off indebtedness.
(P.
1029
o*.
tt
.
on
$134.00
125.00
3/.00
2 34 %
2 34%
Yo'cq
333.85
234%
r
*
—z~A
nioa
Su,,
,°r^—
Weil, Roth & Irving Co
24.00
7,%/m
—
io4nn
iz/.uu
2/4 /©
coupon or registered
Feb. 6—V. 150, p. 724—were
and Ryan, Sutherland & Co.,
price of 100.083, a basis of about 1.72%.
$40,890
SALE—The
BOND
no
2 34%
Trust Co
Ohio
«iqa
^
2)4%
234%
234%
«.
TOLEDO
309 )
D
r>„,„
oi>
.
Stranahan, Harris & Co
BancOhio Securities Co
Saunders, Stiver & Co
Seasongood & Mayer.
Braun, Bos worth & Co
Ea*ne-fr. ,1®bber_
S?j^en
150
v. iou, p. avv.)
T„.
property portion street impt. bonds offered
awarded to Stranahan, Harris & Co., Inc.
both of Toledo,
as
154s, at
a
OtherXds^ ** f°ll0W8: 58,890 in 1941 and $8,000
Sonfm^to IqI^ISh
'
mdder—
Tnr,
Premium
#a£e
jnj
Sutherland &
and Rvan
njTToledo
$34 00
154 %
Ir^ngCo:.'54 %
P. B. Kline inc. and Fox, Einhorn & Co., Cincinnati. .2%
33.00
The Weil, Roth &
?'1i
^a
?
d
Seasongood & Mayer, Cincinnati
.
Van Lahr, Doll & Isphording, Inc.,
MINSTER, Ohio—BONDS SOLD—The Minster State Bank purchased
Cincinnati
51.85
212.63
SALE—The
Ohio—BOND
LAFAYETTE
WEST
2%
234%
i" V *rf«,"orcn*" cinMnnatT"nnri
Savi?gsCincinnati, and
Site1". Carpenter & Roose, Toledo
a
•
o?
~
Sli
176.30
gino
51
issue
85
$30,000
of
^n^Vefrnm6id?n°tn 1959, incl. plant h°ndS' Due $1,500 on May 1 and
Nov. 1 from 1940 to iQ?QS?W^ge
sanitary sewer bonds offered Feb. 2—V. 150, p. 469—was awarded to Pohl
& 0o^ jnc of Cincinnati, as 234s, at par plus a premium of $516.75, equal
NORWOOD, Ohio—BOND OFFERING—A. M. Schoneberger, City
Auditor, will receive sealed bids until noon on Feb. 26, for the purchase of
$15,000 series No. 2 water works improvement 4% bonds of 1939.
Dated
March 1, 1940.
Denom. $1,000.
Due Sept. 1 as follows:
$1,000 in 1941
in3'I'/oOO Mav^and NovWf=
f £22Mav
Nov
l B $1 000 May 1 'and Nov
1 1958" $500
^£6, $5W May 1 and Nov. 1, 1957, $1,000 May 1 ana jov i
, *ouu
^ay
OOO Mai l and Nov
1
1962 $500 May l ar^ Sov
l,
and $2,000 from 1942 to 1948, incl.
Bidder may name a different rate of
interest provided that fractional rates are expressed in a multiple of 34
ti
First National Bank,
validity of the bonds
Favorable final opinion of Peck, Shaffer, Williams
before submitting offers.
& Gorman of Cincinnati will be furnished to the purchaser at his cost.
A certified check for 5% of the bonds,
payable to order of the City Treasurer, is required.
NORWOOD, Ohio—BOND SALE— The $15,000 building and motor
bonds offered Feb. 8—V. 150, p. 876—were awarded to
Seasongood & Mayer, of Cincinnati, as 134s, at a price of 100.225, a basis
of about 1.46%.
Dated March 1. 1940 and due $1,500 on Sept. 1 from
lane equipment
& Co
of
OHIO
Second hiirh hid of 100
g
Toledo.'
BRIDGE
COMMISSION
11 for 1 Us
1
1UU
(P.
O.
was
marfu hv Prnrtrtfln
was made Dy l rudden
Columbus),
Ohio—BOND
OFFERING
Robert A. Schiffer, Sec.-Treas
State Bridge Commission,
will receive sealed bids at Room No. 3140, A. I. U. Bldg., Columbus,
until 10 a. m. on Feb. 29, for the purchase of $1,300,000 2% Sandusky
Bay Bridge revenue refunding bonds.
The issue was previously offered
Aug. 29, 1939, at which time all bids were rejected because or pending
litigation—V. 149, P. 1510. They will be issued to provide funds, together
with funds available for such purpose, for redeeming all of the outstanding
$1,307,000 State of Ohio bridge revenue 334% bonds, Sandusky Bay
Bridge, dated April 1, 1936, maturing April 1, 1951, and redeemable on
April 1, 1940 at par plus a premium of 234 %
The bonds now offered will
-
be dated Feb. 1,
Denom. $1,000 and $500.
Due Oct. 1 as follows:
$125,000 from 1940 to 1945, incl. and $550,000 in 1948.
The bonds which
mature in 1948 may be redeemed, when selected by lot, on any interest
payment date from moneys in the sinking fund for the bonds of this issue
not required for paying (a) the interest payable on such interest payment
date on all of the bonds of this issue then outstanding, (b) the principal,
if any, maturing on such interest payment date, (c) the interest payable on
the next succeeding interest payment date on all of the bonds of this issue
then outstanding, and (d) the next maturing instalment of principal of the
bonds of this issue which mature on or before Oct. 1, 1945.
And all of the
bonds of this issue at any time outstanding, including the bonds maturing
Oct. 1, 1948, may be redeemed in whole on any interest payment date
from the proceeds of new refunding bonds or other moneys made available
for such purpose.
Such redemption may be made upon thirty (30) days'
notice by payment of the principal amount of the bonds to be redeemed and
accrued interest, together with a premium of 2% if redeemed on or prior to
1942,1% if redeemed thereafter and on or prior to Oct. 1, 1945, and
Both principal and interest of
without premium if redeemed thereafter.
the bonds (A-O) will be payable at the office of the State Treasurer or at
the Chemical Bank & Trust Co. in New York City, at the option of the
holder.
as
to
The bonds will be subject to registration in the names of the holders
principal alone.
The bonds will be delivered and payment
chaser's choice
on or
therefor made at place of
pur-
about March 15, 1940, and the proceeds of the bonds,
exclusive of any premium, will be deposited in
Co. of New York for paying a like amount
trust at the Guaranty Trust
of the principal of the out-
standing bonds which will be called for redemption on April 1, 1940.
The
amounts required for paying the redemption premium on the outstanding
bonds and the interest payable thereon on April 1. 1940, and for paying
the principal of the remaining $7,000 of said outstanding bonds will be
paid from the sinking fund for the outstanding bonds and will be deposited
in trust to meet such payments.
Any balance remaining in the sinking
fund for the outstanding bonds after making the foregoing payments will
be transferred to the sinking fund for the bonds now offered.
^ov
1
1964 and $500 May 1 and Nov 1,
9made bv Fox Einhorn & Co
1965!
Inc
Einhorn & oo., inc.
3
t/incinnau.
V/ f\
AI40IUIA
LHIIV/1VI r\
DISTRICT (P. O. Carmen), Okla.—BOND
OFFERING— Sealed bids will be received until 7 p. m. on FeD. 13. by Charles
CARMEN
SCHOOL
pox
sopd to
a°d
thl
mhnir
tJit lowest
?S47baThe boncffshadbe
interest'the
rate of
bidder <rffmng the lowert rate
fi te_^®
bonds shall bear
h
issued
,
in
rhaS?1(2 rf7he OkllhoSa sSlion I^ws
Chapter 3z, Ol l-ne ciKianoma cession
K
accordance with Article 5,
Enclose a certified check for 2% of the
amount of bid.
re^rtSfthat ^OOO^ (£:mPanm°"fundS^
Tf£I^THo^ld of Okiaho^a City,
puichaTed1 on
,
,
LAVERNE, Okla.—BONDS DEFEATED—The voters turned down a
proposal to issue $48,000 in municipal light, water and ice plant improvement bonds at a recent election.
cruiNni v
„,iV7.ln
«
ntl»
m
noNn
Sealed
OFFERING
hJ
^iq
nrnnan
bids will be received
Citv Clerk
for the
Sullivan
P
vS'fSJKSi l^nd?$75®'
000 in
nnn
n,.a
An
40,000 sewer bonds.
1943 to 1952
and $5,000 in
Due $3,000 in i«46 to iyoz, anu »o,uuu m
«35,000 water works bonds.
1940.
on
Oct. 1,
im
No
conditional bids will be accepted.
1941 to 1950 incl
0nn M«v1and
d
of 1%.
Principal and interest (M-S) payable at the
Norwood.
All bidders must satisfy themselves as to
in
iQ4g
to
1952 incl
Due $4,000 in 1943 te 1952 incl.
It is stated that these bonds shall besold to'thei bidder'offering:tne lowest
rate of interest the bonds shall bear and. agreeing to pay par and^ccniMinterest.
The bonds are issued in accordance with Sections 5929 and_5930,
Oklahoma Statutes, 1931.
Enclose a certified.check for 2% ofthe amount
of bid.
/"\M
n
UntvlUli
nrt,rn
FREE WATER,
0
.
r
^
rnv.„
®on
COI.^c
nnn
a
Ore.—B^^D SALE—The ^^0,000 refunding. serie
bonds offered for sale on Feb. f-V. 150, p. 876
mfprt
State Bond Commission, reports the City Recorder.
Dated
Due on Aug. 10 in 1941 to 1945; optional on Aug. 10, 1943.
in
104ft
Feb. 10, 1940.
Ore —BOND SALE—The $40,000 issue of light and
r>ower bonds offered for sale on Feb. 6—V. 150, p. 876—was awarded to
& McClearey of Portland, according to the City Recorder.
Dated
1
1940
Due on Feb
1 in 1942 to 1960; optional on or after three
xrPb
MONMOUTH
vears
y
from the date of issue
.
.
,,,
...
,
„
,
.
PORTLAND, Ore.—BOND OFFERING—Sealed bids will be received
until 11a.m. on Feb. 14, by W. E. Gibson, City Auditor, for the purchase
of an issue of $100,000 assessment collection bonds.
Interest rate is not to
exceed 2%, payable semi-annually.
Bids will be received for the whole or
any part of the issue.
Dated Feb. 1, 1940.
Denom. $1,000. Due
Feb. 1, 1950, provided that the city reserves the right to redeem the bonds
on the last day of any calendar month after the expiration of three y®ars
from the date of the bonds.
Prin. and int. payable in lawful money at the
City Treasurer's office, or at the fiscal agency of the city in N. Y. City,
The bonds will be sold to the highest responsible bidder for cash at not less
than par and accrued interest. The bonds will be sold subject to the prior
approving opinion of Storey, Thprndike, Palmer & Dodge of Boston,
Enclose a certified check^or 2% of the par value of the bonds, payable to the
city.
The Commercial <£ Financial Chronicle
1030
Other
Secretary, will receive sealed bids until 8 p. m. on March
chase of $50,000 coupon bonds divided as follows:
WARWICK
11 for the pur¬
Feb. 26 for the purchase of $12,000
CROSS
CREEK
crued interest to
burgh,
as
2Mb, at
7
a
were
SCHOOL
awarded
DISTRICT
price of 100.33,
(P.
O.
personal property in the city will be subject to the levy of unlimited ad
taxes to pay both principal and interest.
The rate on tangible
personal property is fixed by statutory limit.
The bonds will be certified
as to
genuineness by the Rhode Island Hospital Trust Co., Providence, and
legality of issue will be approved by Storey, Thorndike, Palmer &
Dodge, of Boston, a copy of whose opinion will be furnished.
Telephone
bids acceptable.
their
Rea
SOUTH
coupon school
ORANGEBURG
Citizens National Bank
Peoples National Bank of Washington
Peoples-Pittsburgh Trust Co
BANGOR
Premium
2M%
2M %
2lA%
2%%
2%%
2%%
2M%
3%
_
Johnson & McLean
Glover & MacGregor
$113.80
72.80
41.60
156.60
54.75
Par
Par
426.00
JENKINTOWN, Pa.—BONDS SOLD—An
improvement bonds
issue of $50,000 refunding
purchased by the sinking fund.
was
LOGAN TOWNSHIP SCHOOL DISTRICT
(P. O.
DISTRICT
Incl.; $1,000 from 1947 to 1959 incl. and $500 in 1960.
NORTHAMPTON, Pa.—BOND
bonds offered Feb. 6—V. 150,
p.
in 1954 and 1955.
as
2s, at
724—were awarded
a
price of 101.349,
were
SOUTH
CAROLINA
PUBLIC
SERVICE
AUTHORITY
(P.
O.
Charles H. Gerald that $1,000,000 4% semi-ann. temporary revenue bonds
have been purchased by the Public Works Administration.
Due on July
1,
1976.
SOUTH
coupon
refunding
to
Int. Rate
2%
2%
2%
2M%
2M%
___
E
W. & R. C. Miller & Co.„.E. H. Rollins & Sons, Inc
___
Moore, Leonard & Lynch
Mackey, Dunn & Co., Inc
Blair & Co., Inc.
Singer, Deane & Scribner.
Halsey, Stuart & Co., Inc._
Hemphill, Noyes & Co
Rate Bid
101.275
100.58
100.55
101.119
100.89
voters
bonds.
approved recently the issuance of $11,000 in 5% municipal building
Due annually in 10 years.
HURON, S. Dak.—BONDS NOT SOLD—The City Auditor states that
$50,000 4% semi-ann. street improvement bonds offered on Feb. 5
the
—V.
150, p. 470—were not sold
1940.
Due
March
on
1 in
as no
bids
were
sequently by the Public Works Administration, paying
TENNESSEE
BRADLEY
COUNTY
(P. O. Cleveland), Tenn.—BONDS SOLD—
the $39,000 refunding bonds offered for sale without
April 29, 1939, as noted here, have been purchased by C. H.
Little & Co. of Jackson, as 3Ms.
Dated July 1, 1939.
Due as follows:
$9,000 in 1943 and $10,000 in 1948 to 1950.
on
DYERSBURG, Tenn.—BONDS ,SOLD—'The $159,000 4% sefai-annual
high school bonds that were originally offered for sale on June 7, as noted
here, are said to have been purchased by the Municipal Bond & Investment
Co. of Memphis.
LAKE
COUNTY
(P.
O.
Tiptonville),
Tenn .—BOND SALE—The
$32,000
coupon semi-ann. refunding bonds offered for sale on Feb. 5—V. 150
725—were awarded to the First National Bank of Memphis, as 4s, at par.
Due on Feb. 1 in 1941 to 1963, incl.
p.
PUTNAM
100.57
100.569
to
1953.
2M%
100.143
100.812
PHILADELPHIA, Pa.— WAGE TAX LA WRULED VALID BY STATE
SUPREME COURT—The State
Supreme Court of Pennsylvania on Feb. 5
upheld the constitutionality of Philadelphia's
1M% tax on wages.
The
a lower court
ruling which dismissed an attack on the levy
brought by Mrs. Jennie Dole, a shirt factory
employee—V. 150, p. 877.
Counsel for the complaintant announced
that the decision will be appealed
before the United States
Supreme Court on the ground that the law vio¬
lated the Federal Constitution.
decision affirms
BORRO IPS
TO MEET PA YROLL—Loss of revenue from the
municipal
plant forced the city to borrow to meet Feb. 1
payrolls, it was an¬
by Assistant City Treasurer W. Carlton Harris. The
$1,050,000
quarterly instalment on gas rentals, formerly paid to
city, this year went to
Fidelity-Philadelphia Trust Co., trustee for gas loan certificates
To meet
the $1,300,000
semi-monthly payroll, city borrowed $500,000 from Phila¬
delphia National Bank and $600,000 from the
Highway Fund. Tax revenue
is
now
TEXAS
BELLVILLE, Texa%—BOND SALE—'The $15,000 4% semi-ann. street
improvement bonds offered for sale on Feb. 1—V. 150, p. 878—were
awarded to the Austin County State Bank of Bellville, at a price of 110.33,
a
basis of about 2.61%, according to the City Secretary.
Due $500 on
Dec. 1 in 1940 to 1969: optional after Dec, 1, 1949.
The second highest bid was an offer of $1,404.50 premium on 4s, tendered
by Rauscher, Pierce & Co., Inc. of Dallas, while A. W. Snyder & Co. of
Houston was third, bidding $976.50 premium.
JEFFERSON
gas
nounced
COUNTY
(P.
O.
Beaumont),
County Judge.
to
Dated Dec. 30,
1939.
Due $7,500
ISSUE— The
City Council
$22,000,000 to the city's
antiquated city water works, Mayor Lamberton
announced.
Whether the city, already over
borrowed, may legally increase
its debt for the water
program is a question now before Common Pleas
The Court has set Feb. 19 for
loan may be floated
a
hearing to determine whether the
the ground that it is
exempt from the debt limit
on
self-liquidating
as
obligation.
Those at the conference agreed on serial
sinking fund form, the Mayor said.
Interest
will probably be set at a maximum
of 4%, he said, but will
depend on bids
to be called for later.
"The bonds would be sold
during the course of
the work, as the
money was needed," he explained.
bonds instead of the usual
PITTSBURGH, Pa.—BOND
bonds offered Feb.
6—V.
SALE—The $2,398,000 coupon
refunding
150, p. 725—were awrarded to a syndicate com¬
posed of Singer, Deane & Scribner of
Pittsburgh; Estabrook & Co., New
York; Moore, Leonard & Lynch of Pittsburgh, and
Barclay, Moore & Co.
of Philadelphia, as
1.90s, at 100.08, a basis of about 1.89%.
Dated
Feb. 1, 1940 and due Feb. 1 as follows:
$120,000 from
Dec. 30 in
1940
I
WELLS
SCHOOL
DISTRICT
(P.
O.
Mineral Wells),
Jan. 25 the voters
Texas—BONDS DEFEATED—At an election held on
rejected a proposal to issue $75,000 in construction bonds, according to
report.
THROCKMORTON,
Texas—BONDS
OFFERED—Sealed
bids
were
received until 7 p. m. on Feb. 9, by Mayor S. Stribling, for the purchase
of $55,000 not to exceed 4% semi-ann. water works system revenue bonds.
The bonds will mature in such
manner that the burden of principal and in¬
approximately uniform, the maximum maturity being not
The bonds are secured by a 1st mtge. on the physical
properties of the system and by a first pledge of, the net revenues of the
terest
more
will
be
than 30 years.
system.
TYLER, Texas—BOND SALE DETAILS—It is stated by the City Clerk
that the $46,000 3M% semi-ann. swimming pool bonds sold to the Citizens
National Bank of Tyler, as noted here—V. 150, p. 878—were purchased for
premium of $28.86, equal to 100.062, a baisis of about 3.49%.
Dated
1, 1939.
Due on Dec. 1 as follows: $1,000 in 1940 to 1943; $2,000,
1944 to 1948; $4,000, 1949 and 1950, and $3,000 in 1951 to 1958.
a
Dec.
1941 to 1959 incl.
and $118,000 in I960.
Other
on
1949 incl.
MINERAL
»
will receive, next
Thursday, an ordinance to add
debt for rehabilitating the
Texas—BOND SALE—
The $75,000 issue of coupon tuberculosis hospital bonds offered for sale on
Feb. 8—V. 150, p. 878—was awarded jointly to Crummer & Co. of Dallas,
and Mahan, Dittmar & Co., of San Antonio, as lMs, according to the
slightly higher than in January,
BOND
purchased sub¬
according to
par,
the above auditor.
COUNTY (P. O. Cookeville), Tenn.—BONDS SOLD—It
reported that the $12,500 school bonds offered for sale without success
24, as noted here, have been purchased by the Cumberland Se¬
curities Corp. of Nashville.
Dated May 1, 1939.
Due on May 1 in 1941
100.629
100.575
2lA%
....
WATER
Dated March 1,
were
Oct.
100.738
2M%
2M%
2M%
2M%
Johnson & McLean
CONSIDERS $22,000,000
received.
1941 to 1948 incl.
BONDS PURCHASED BY PWA—The said bonds
on
2M%
for first month of the
year was $1,272,567.
DAKOTA
FAITH, S. Dak.—BONDS VOTED—The City Auditor states that the
a
Bidder—
maturity.
Orange¬
It is reported that
Other bids:
E. Lowber Stokes & Co
M. M. Freeman & Co
Burr & Co., Inc.
a
O.
school bonds.
success
SALE—The $65,000
Dougherty, Corkran
basis of about 1.85%.
15, 1940 and due Feb. 15 as follows: $2,000 in 1941 and 1942;
$3,000 from 1943 to 1947 incl; $4,000 from 1948 to 1953 incl and
$11,000
Philadelphia,
Dated Feb.
Court.
(P.
9, by the Board of Trustees, for the purchase of $10,000
Petersburg), Pa.
—BONDS NOT SOLD—'The $15,000
3M% school bonds offered Dec. 22
149, p. 3904—were not sold.
Due Jan, 1 as follows: $500 from 1944
—V.
& Co. of
received until Feb.
SCHOOL
DISTRICT, Pa .—BOND SALE— The
$12,500 funding bonds offered Jan. 26—V. 150, p. 469—were awarded to the
First National Bank of
Bangor, as 3s, at a price of 101, a basis of about
2.84%.
Dated Feb. 1, 1940 and due Feb. 1 as follows: $500 in 1941 and
$1,000 from 1942 to 1953, inclusive.
to 1946
SCHOOL
Columbia), S. C— BONDS SOLD TO PWA—It is reported by Secretary
Int. Rate
E, H. Rollins & Sons, Inc
Singer, Deane & Bcribner
Moore, Leonard & Lynch
and general
CAROLINA
COUNTY
burg), S. C.—BONDS OFFERED—It is reported that sealed bids
Denom. $1,000.
Due $2,000 on Feb. 1 from 1942
to
1951 incl.
Irtsrest F-A.
Legality approved by Burgwin, Scully & Churchill of Pitts¬
burgh. Second high bid of 100.565 for 2Mb was made by E. H. Rollins &
Sons, Inc. of Philadelphia.
Other bids;
Bidder—
No bid for less than par and ac¬
be considered.
The bonds will be
valorem
Phillips, Schmertz & Co. of Pitts¬
basis of about 2.20%. Dated Feb. 1,
a
Bidder to name only one
Gorton School bonds and
city and all taxable real estate and tangible
to
1940.
EAST
Providence.
date of delivery will
valid general obligations of the
Pittsburgh.
A
payable to order of the District Secretary, must
TOWNSHIP
Feb.
C.
follows:
as
Due $5,000 on March 1 from 1963 to 1970, incl.
Island Hospital Trust Co.,
coupon
each proposal.
bonds offered
divided
for the Public Works and Water bonds, with annual net interest cost
to the city indicated.
Principal and interest (M-S) payable at the Rhode
Bonds will be sold subject to approval of the Depart¬
Affairs of Pennsylvania and the district will furnish the
Station), Routes No. 28), Pa.—BOND SALE—The $20,000
OFFERING—G
I.— BOND
one
bonds and legal opinion of Burgwin, Scully & Churchill of
accompany
R.
Apponaug),
inclusive.
tiple of M of 1%.
certified check for $500,
O.
All of the bonds will be dated March 1, 1940.
ratPe of interest in a multiple of M of 1 % for the
school bonds.
Dated March 1, 1940.
Denom. $1,000.
Due March 1 as
follows: $2,000 in 1944 and 1945; $1,000 from 1946 to 1949. incl., and $2,000
in 1951 and 1952.
Bidder to name one rate of interest expressed in a mul¬
ment of Internal
(P.
40,000 water bonds.
CRESCENT TOWNSHIP SCHOOL DISTRICT (P. O.
Glenwillard),
Pa.—BOND OFFERING—Mary H. Lach, District Secretary, will receive
on
1940
$27,500 Gorton School bonds.
Due March 1 as follows: $5,000 from 1946
to 1950, incl., and $2,500 in 1951.
110.000 public works bonds.
Due $5,000 on March 1 from 1941 to 1962,
posal.
m.
10,
Anderson. City Treasurer, will receive sealed bids until 11 a. m. on Feb. 15
All of the bonds will be dated May 1, 1940.
Denom. $1,000.
Due
$2,000 on May 1 from 1941 to 1965, incl.
Bonds may be registered at
option of the holder.
Borough will pay cost of printing the bonds and legal
opinion of Reed, Smith, Shaw & McClay of Pittsburgh.
A certified check
for $1,000, payable to order of the borough, must accompany each
pro¬
8 p.
Feb.
the
for the purchase of $177,500 coupon bonds,
$40,000 municipal building construction bonds.
10,000 funding bonds.
bids until
included
following: First National Bank of Boston,
0.105%; First Boston Corp., 0.11%, plus $1; Bond, Judge & Co., 0.114%.
PENNSYLVANIA
BROWNSVILLE, Pa .—BOND OFFERING— T. A. Waggoner, Borough
sealed
bids
Reoffered
to
bids:
yield from 0.20% to 2.13%, according
Bidder—
int. Rate
Phelps, Fenn & Co., Inc.; R. W. Pressprich & Co., et al.2%
UnionTrust Co.,Pittsburgh;Mellon Securities
Co.,et al.2%
National City Bank of New
York; Harriamn Ripley
& Co.,et al.
j;
2%
Harris Trust & Savings Bank; First Boston
Corp., et al_2%
Halsey, Stuart & Co., Inc.; Ladenburg, Thalmann &
Co., et al._.
_2%
Chemical
Bank
&
Trust
Co.;
Salomon
Bros.
Hutzler.et al
Lehman Bros.; Stone & Webster and
Blodget, Inc
RHODE
Rate Bid
100.96
100.815
ELDER
COUNTY
SCHOOL
DISTRICT
(P.
O.
Brigham
Utah—BONDS OFFERED—Bids were received by the District
Clerk until 2 p. m. on Feb. 9, for the purchase of $90,000
refunding bonds
Due on Jan. 1 in 1943 to 1952 incl.
City)
100.609
100.439
WASHINGTON
100.388
&
2%
2.10%
UTAH
BOX
100.239
100.64
ISLAND
KELSO SCHOOL DISTRICT (P. O. Kelso), Wash.—BOND SALE—
The $65,000 building bonds offered for sale on Feb. 3—V. 150,
p. 726—
purchased by Blyth & Co. of Seattle, paying a premium of $100,
equal to 100.153, on the bonds divided as follows:
$21,000 as 3s, due on
Jan. 1 in 1942 to 1950; the remaining $44,000 as 3 Ms, due on Jan. 1 in 1951
to 1963.
No other bid was submitted, according to the County Treasurer.
were
NEWPORT, R. I.—BOND OFFERING—B.
F. Downing, City Treasurer,
m. on Feb. 20, for the purchase of
2%% Interest water works bonds, proceeds of
which will be used in
purchase of facilities of the Newport Water Co., as
recently authorized by the Board of Finance—V.
150, p. 877.
The bonds
he dated March 1, 1940 and
mature March 1 as follows:
$74,000 in
1943! $79,000, 1944; $80,000, 1945; $82,000,
J946; $83,000, 1947; $85,000, 1948; $87,000, 1949; $88,000, 1950, $90,00rt,
lSSi'VM34^2:SJ4Aq00, 1953; $96,000, 1954; $98,000, 1955; $100,000,
t?in nni rn«i »i i§
,00®i 1958» $106,000, 1959; $108,000, 1960;
lOgl; $112,000, 1962; $115,000, 1963; $117,000, 1964; $119,000,
wixl receive sealed
bids until 2:30 p.
$3,100,000
exceed
not
to
filO.OOO.
S132:000?^'97(},' am?$93^000', 1971?^^' *127'°0°' 19681 $129'°°°'
*'7T^[9rFE SALE—The
19691
revenue anticipation
39»P- 877—were awarded to Lee Higginson
Corp.,
0.10% discount.
Dated Feb. 14, 1940 and due
Aug. 28, 1940.
'
>jew York at
$100,000
WYOMING
COWLEY SCHOOL DISTRICT (P. O.
Cowley). Wyo.—
SOLD
—The Stockgrowers National Bank of Cheyenne is said to have
purchased
$12,600 3% school bonds.
CANADA
QUEBEC (Province of)—LARGE BOND ISSUE IN PROSPECT—The
Province is expected to undertake further bond financing within the near
future.
Terms are reported under consideration for an issue totaling $25,000,000, probably a long-term issue with a coupon at
ensure a wide public distribution of the loan.
The Province has maturities
a
rate that would
totaling $22,000,000 to meet in the latter
part of 1940, having already met its first 1940 maturity by the sale of
$12,000,000 of 2M% debentures last month.—V. 150, p. 726.
@FedFRASER