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v
SATURDAY
FEB 10 1242
Beg. U. 8. Pat. Office j
■■*<■■■':£, V
York, N. Y., Saturday,. February 14, 1942
.New
Number 4046
Volume 155
Price 60 Cents
a
Copy
CITY DEPARTMENT
STATE AND
BOND PROPOSALS AND NEGOTIATIONS
Kaiser & Co. of San Francisco,
ARKANSAS
Jefferson County
Sewer Dist. No. 1
(f. O. Pine Bluff), Ark.
Debt
0.75%, plus a premium of
Dated Feb. 14, 1942.
Due
about Feb. 25,
at approved May 9, 1939, and of
$25.20.
on
or
Legality ap¬
1942.
Refunded—According to a
proved by Orrick, Dahlquist, Neff
& Herrington, of San Francisco.
This sale is expected to be the
Treasurer,
funded
its indebtedness
and is last made of warrants by the
now current as to principal and
State before
it goes on a cash
interest.
The
outstanding issue basis around Feb. 25.
It brings
report
C. Reeves, District
the district has re¬
J.
by
consists of $43,978.83
4% refund¬ to $57,407,273 the amount of out¬
Dated Sept. 1, 1941. standing warrants, all of which
ing bonds.
Due
in
on
Jan. 1
1943,
follows: $1,978.83
as
in
$3,000
1944
1948,
to
$4,000 in 1949 to 1954 and $3,000
in
The
1955.
National
Simmons
Bank of Pine
Bluff, is the trustee
and paying agent.
Legality ap¬
proved by Rose, Loughborough,
Dobyns & House, of Little Rock.
Texarkana.'Forest Park Paving,
Water, Sewer and Gas
District No. 1,
Debt
—The
Ark.
Service
Ruling Appealed
Rock "Gazette" of
Little
Feb. 4 reported in part as
follows:
The
Miller
Chancery Court's
dismissal
of
a
suit
by several
bondholders
of
.the
Texarkana-
Forest Park
Paving, Water, Sewer
and Gas District No. 1, to require
assessments against
property in
the
district
because
of. alleged
service
debt
defaults,
ap¬
was
pealed to the Supreme Court yes¬
terday^ ■ *
The district issued $129,500 in
Bondholders
bonds in 1928.
com¬
plained that it defaulted in inter¬
est payments on March 1, 1931,
and had not collected assessments
scheduled
are
for
retirement
of)
Clark
Jefferson•
County (P. O.
ville), Jnd.
Offering—Charles A. Nut¬
Bond
ting, County Auditor, will receive
sealed bids until 10 a.m. on Feb.
25 for the
exceed
to
purchase of $25,000 not
4%
interest
county
memorial hospital bonds.
Dated
March
1,
1942.
Denom.
Due $5,000 Jan. 1, 1944 to
1948.
Callable July 1, 1947, in in¬
in accordance with Chap¬ verse numerical order, at par, plus
$1,000.
provements to the existing water of and
supply system, including costs of ter 15, 772 Laws of Florida, 1931* accrued interest. Rate of interest
O. San acquisition of
land, rights of way, to refund an equal amount of in¬ to be in multiples of y\ of 1% and
Bernardino), Calif.
and water rights, costs of compen¬ debtedness which State Supreme not more than one rate shall be
School Bond Sale—The $24,000 sation, water storage and equal¬ Court decisions have established named by the bidder.
Issued un¬
Warm
Springs
School District izing reservoir, highways, pipe as full county obligations. The is¬ der the provisions of Chapter 144
of the Acts of 1917, and the gen¬
semi-ann. building bonds offered lines, filtration or other purifying suance of said bonds has
been
for sale on Feb. 9—v. 155, p. 489— plants and such other construction validated
by a decree of the eral statutes relating to the issu¬
were
awarded to Dean Witter & as
Legality ance of bonds by counties, includ¬
may
be necessary to meet County Circuit Court.
Co. of San Francisco, as 3!As, pay¬ emergency needs
from time to to be approved by Caldwell & ing Chapter 119 of the Acts of
1937, for the purpose of providing
ing a premium of $36, equal to time; and for the purpose of en¬ Raymond of New York,
funds to be used in paying the
100.15, 'a basis of about 3.22%, larging and improving the East
ILLINOIS
cost of an addition to the county
Dated
March
1, 1942.
Due on Branch Additional Water Supply
Marcb 1 in 1943 to 1952 incl.
hospital. Direct obligations of the
in the interest of national defense.
Woodstock, III.
The legality of this issue will be
county, payable out of unlimited
Bond Issue Details—The $150,- ad valorem taxes to be levied and
CONNECTICUT
.
passed upon by Storey, Thorn000 2% power plant bonds sold collected on
all of the taxable
Canaan Fire District, Conn.
dike, Palmer and Dodge, of Bos¬
to Ballman
& Main,; and Blair, property in the county. The bonds
Proposed Financing—At the an¬ ton, and the purchaser will be Bonner &
Co., both of Chicago, will be awarded to the highest
furnished with their opinion with¬
nual district meeting on Feb. 14,
jointly—v. 155, p. 490, are dated bidder who offers the lowest net
out charge.
a
proposal was considered pro¬
March 1, 1942, in $1,000 denoms. interest cost to the county, to be
viding for extension of the sewer
} Waterbury, Conn.
and mature $15,000 on March 1 determined by computing the total
Bond Offering—Joseph M. Shea; from 1943 to 1952 inch Bonds due
system and the borrowing of not
interest on all of the bonds to
more than $25,000 on bonds, notes
City Clerk, will receive sealed March 1, 1948 to 1952 incl., are their
maturities
and
deducting
or other forms of indebtedness to
bids until 8 p.m. on Feb. 26 for callable in inverse
order, at par, therefrom the premium bid, if
the purchase of $300,000 coupon on
finance the project.
any interest payment date.
In any.- No bid for less than par and
or registered series of 1941 water
the opinion of bond counsel, the accrued interest to date of deliv¬
Hartf ord County Metropolitan 1;
supply bonds. Dated Feb. 1, 1942. bonds are valid and binding obli¬ ery at the rate named in the bid
District (P. O. Hartford),
Denom.
$1,000.
Due Feb. 1, as gations of the city, payable solely will be considered.
In the event
Conn.
follows: $260,000 in 1956 and $40,- from revenues derived from the no
satisfactory bids are received
Bond
Offering — Charles
A. 000 in 1957.
Bidder to name a municipal electric light plant and at the time and on the date fixed,
Goodwin, Chairman of District single rate of interest, expressed
system.
Under the law and the the sale will be continued from
Commission, will receive sealed in a multiple of V\ or 1/10 of 1%.
ordinance
adopted
pursuant day to day until a satisfactory bid
bids until noon on Feb. 16 for the
v
.
-
,
,
a
and
(State
one
San Bernardino County (P.
accrued interest.
A certified
check for 2% of the bonds bid
California
for $400. Due June 1, as
titled
"An
Act
Increasing the follows: $15,400 in 1944, $16,000 in
1945
and
Powers of the Metropolitan Dis¬
1946, $17,000 in 1947,
trict, Respecting Water" passed at $14,000 in 1948, $17,000 in 1949,
its January session 1931 and ap¬ $15,000 in 1950, $14,000 in 1951
proved May 20, 1931, and by vote and 1952, $15,000 in 1953 to 1956,
of the District Board of The Met¬ $14,000 in 1957, $15,000 in 1958
ropolitan
District
passed
at
a and 1959, $14,000 in 1960, $15,000
meeting duly warned on Feb. 9, in 1961, $16,000 in 1962 and $14,Prin. and int. pay¬
1942. They are issued for the pur¬ 000 in 1963.
able at the Guaranty Trust Co.,
pose of supplying funds for the
construction of additions and im¬ New York. Issued under authority
000,
around Feb. 25.
against the property as required
in its pledge to bondholders.
On June 11, 1934, the Supreme
Court ruled that the bonds were
null and void.
Miller Chancery
purchase of $1,480,000 not to ex¬
Court sustained a district demur¬
ceed 6% interest coupon or regis¬
rer
and dismissed the case for
tered
emergency
water
supply
want of equity last fall.
bonds.
Dated March 1, 1942.
DeThe
bondholders claimed that
nom. $1,000.
Due $37,000 on March
they were not bound by the 1934 1 from 1943 to 1982 incl. Bidders
decision, which represented a di¬ to submit
proposals naming a sin¬
vided Supreme Court and over¬
gle rate of interest for all of the
ruled former Supreme Court doc¬
bonds in multiples of lk of 1%.
trines.
They charged that the Prin. and int.
(M-S) payable at
1934
decision
also has recently
the
District
Treasurer's
office,
been ignored or overruled by the
Hartford. It is requested that bids
"same court."
be made upon the basis of $100
CALIFORNIA
INDIANA
Dated Dec. 1, 1941; Denom. $1,~
an
act of said General Assembly en¬
for,
order of the District
Warrants Sold—An issue of $3,- Treasurer, is required.
Purchaser
pay
accrued
interest
from
150,581.84 general fund registered to
warrants was sold on Feb. 10 to March 1, 1942, to date of delivery.
Said delivery of bonds will be
ma<4fiv on or about March 2, at the
INDEX
;
Page District Treasurer's office, Hart¬
payable
to
Bids must be for the entire issue.
and
Prin.
the
int.
will
bonds
The
(F-A) payable at
Bank, Boston.
Natoinal
First
of
obligations
be
the
from taxation in the
valid
general
city,
exempt
State, and all
property in the city will
be subject to the levy of unlimited
ad
valorem taxes to pay both
taxable
principal and interest. The bonds
will be printed under the super¬
vision of and the signatures and
seal
thereof certified as to genu¬
ineness by
of
the First National Bank
thereto, revenues derived from has been received. No conditional
operation of said system shall be bids will be considered. The ap¬
set
aside as collected and
de¬ proving opinion of M^tson, Ross,
posited in a separate fund desig¬ McCord & Ice, of Indianapolis,
nated
as
the
"Electric
Light will be furnished the purchaser.
Fund," which shall be used only
in paying the cost of operation
of
system,
to
and
maintenance
of
the
the
certified check for 3%
a
amount
for,
payable
their legality ap¬ Act passed by the General Assem¬
Storey,
Thorndike, bly of the State, approved July
whose 22,
1941,
and
an
ordinance
opinion will be furnished adopted by the City Council to
vided by the
County Auditor.
by
Griffith, Ind.
Palmer & Dodge of Boston,
legal
bid
the Board of County Commis¬
Delivery within 14 days
providing for adequate deprecia¬ sioners.
The purchaser
tion fund, and paying the prin¬ after the sale date.
cipal of and interest upon all rev¬ shall accept delivery at a bank
enue bonds
that are payable for designated by the county.
Bids
such purposes. The bonds are is¬ must be on forms approved by the
sued under the provisions of an Board of Commissioners and pro¬
Boston, and
proved
Enclose
the successful bidder.
No bid for
refund
a
like amount of
Bond
Offering—Adolph C. Pen¬
outstand-' ning, Town Clerk-Treasurer, will
and accrued interest ing electric light plant and system receive sealed bids until 2 p.m.
accepted.
Bonds will be certificates of indebtedness. (CWT) on Feb. 24 for the pur¬
delivered to the purchaser on or
chase of $17,000 not to exceed
Legality to be approved by Chap¬
about March 11, at the aforemen¬
3V2% interest sewer bonds.
man & Cutler of Chicago.
State and City Department
ford1;
The bonds are exempt from
tioned bank. ; A certified check
Bond Proposals and Negotiations
689 Federal Income Tax under exist¬
for 1% of the bonds bid for, pay¬
General
Corporation and Invest¬
regulations of the ^United able to order of the City Treas¬
ment
News
691 ing
States Treasury Department Bu¬
Redemption Calls and Sinking
, v
urer, is required.
Fund Notices
700
-
Dividends
Discount
700
;
Rates
of Foreign
Central
Banks
Weeklv
Return
Banks
of
./I
704
Member
..........44'709-711
Clear- ; : -
reau
der
ing House ...................... i - 710
Bankers' Acceptances ....../*703
New York Money
Rates............
Exchange Rates...........
Money Rates..,".j.........
of Bank Clearings.....
Discount Rates of Reserve Banks..
Course
of ^erling Exchange
Bank of England Statement.......
Non-Ferrous Metals Market
Foreign
Foreign
Coxirse
Crude
Oil Output
Government
..............
Capital-'Flotations
Legisla¬
Connecticut.1^
are
44;-
authorized
by
of
the
State
of
Connecticut-
titled "An Act Creating a
en¬
Metro¬
politan District Within the County
of Hartford" passed at its January
session of 1929 and approved May
1929,
13,
entitled
as
"An
Act Creating
trict Within
708
amended by an act
Act
a
Amending
an
Metropolitan Dis¬
the County of Hart¬
We
FLORIDA
■;
bonds
These
State
special act of General Assembly
709
Carrabelle Port District (P. O.
\ ^
Bonds
Carrabelle), Fla.
704
704
704
announce
the opening of a
MUNICIPAL BOND DEPARTMENT
Voted —The
states that at an
City Clerk
election held on
under the management
30, the voters approved the
issuance of $112,000 4% dock con¬
struction bonds. These bonds will
of
- ■
•
:
•:
Dec.
be offered for sale as soon as
are
| MR. CHARLES D. MORSE
they
validated.
Hillsborough County (P. O.
Tampa), Fla.
Bonds Publicly Offered—Stran-
ford"
703
Debt Report. 705
(January)...<? 706
Country
Treasury Preliminary
the
exempt from taxation in
the State of
710
*
Act of
are
703
Liabilities...,.
Treasury Money Holdings..........
Comparative Public Debt Status...
Federal
and Exnenses....
Stock of Money in
712
704
710
.709-710
Agencies' Monthly Re-
port
^reasurv
710
711
709
of Internal Revenue and un¬
an
ture
Weeklv Return of N. Y. City
The
be
can
1
'
^
less than par
approved April 30, 1931, as ahan, Harris & Co., Inc. of To¬
further amended by an act en¬ ledo, are offering for general in¬
titled "An Act Amending an Act vestment $301,400 3%
semi-ann.
Creating a Metropolitan District highway refunding, Series 1941-c
bonds.
:
Within the County of Hartford"
....
NEWBURGER, LOEB ■& CO.
Members New York Stock Exchange
40 WALL STREET
Philadelphia
:
and other Exchanges
WHitehall 4-6300
'
Atlantic City
^
Lebanon
^Saturday, • Februalyj 14^ 1942
690
Dated Jan.
10, 1942. Due $1,000
that
of
value
the
taxable
all
in
property
of providing funds to pay
drains
and
and
the
are
the town
limited
town,
obligations
direct
of
payable out of the un¬
collected
be
to
taxes
valorem
ad
and
levied
said
in
sewers
certain
of
construction
the
for
the
all
on
property in said town.
The approving opinion of Matson,
taxable
;v
y;•;..
.
before his death..,.
Sale—-The
ote
*
ly-
Maiden, Mass.
v
$75,OOU tax An¬
ticipation ' botes ^offered Feb. 9
were
awarded, to the Bay City
National ' Bank, and the Peoples
'£>
MASSACHUSETTS
each bidder.
by
purpose
.
Bay City, M
v.
;
;
Vice Chancellor. Buchanan shortly
MICHIGAN
brought about in
counties.'
many
No bid $1,367,839,588; in 1938 to $1,352,for less than par and accrued in¬ jio,33o;
in
1937, $i,338,oo^,ouo,
terest shall be considered.
Said and in 1936, $1,291,283,475.
The increase in property valua¬
bonds are
being issued for the
•named
which political expediency
sessors
in the past has
Louisiana had in¬
from " $1,338,790,705
in
10, 1944 to 1951. Rate of interest creased
to be in multiples of
of 1% and 1940 to $1,373,217,692 in 1941.
In 1939 the total amounted to
not more than one rate shall be
July 10, 1943, and Jan. and July
Hershenstein
stressed
before
.
Justice Bodine the desirability of
early determination1 of the
question- to- avoid; confusion in
an
adopting municipal budgets for.
& Savings Bank of ly4o.
t
City, jointly, the only bid¬
As spokesman for a half dozen
offered Feb. 10—v. 155, p. 646—
ders,; at a rate of 1%. Dated Feb. railroad attorneys at the hearing,
tions, Moore said, could be laid were awarded to the: National
10, 1942,; and*diie Sept. 26, 1942. M> M.. -Stallman, opposed undue
chiefly to greater prosperity in Shawmut * Bank
of % Boston, ; at
Prip. and int. payable at maturity haste in forcing early argument.
general throughout the State and 0.383% discount. Dated Feb.
li, at the City Treasurer's office. The He outlined
complex legal ques¬
to
a
vast move during the past 1942 and
due $750,000 on Nov. 4
notes are general obligations
of tions involved and urged counsel
year on the part of merchants to
and $250,000 on Dec; 11,
1942. the city and the city will furnish be
given sufficient time to pre¬
increase their inventories in fear
Other bids:
the notes and the purchaser must
of shortages due to war.
pare their answering briefs. This
Bidder
\
Discount
The Tax Commission Secretary Maiden Trust, Co., MaMen.o.bi)'/P' supply the -legal opinion, if one he said would not be possible if
First National Bant oi Maiden.
.-..i/ivO. 0.41$
is desired.
Jersey City's request for. submis¬
pointed out that the total did not M.ddlesex County National Bank..-;;.'.*,/, 0.50';%
sion during March-were granted.
include $170,472,791 of new indus¬ Second National Bank of Boston,;.;,0.50%;
-Sale—The $1,000,000 'rev¬ Commercial
Note
enue
anticipation
notes; of
1942
Bay
^
•
Ross, McCord & Ice, of Indian¬
apolis, will be furnished to the
bidder
successful
of
the
expense
conditional bids
No
town.
the
at
Enclose
will be considered.
a cer¬
MINNESOTA
additions to exist¬
trial plants or
Wellesley, Mass.
ing plants which are not subject
to
taxation under 10-year con¬
Note Sale—The issue of $200,~
000
granted by the State.
figures for Orleans Parish
tracts
The
Edind
offered
notes
awarded
the
to
Feb. V 9
Boston
was
Safe
Warrant
;
NEW YORK
(P. O. Minneapolis), Minn.
Sale
warrants
sewer
The
—-
$36,000
for
offered
Nassau
sale
O.
(P.
Cpunty
Mineola),
N. Y.
■
De¬
on' Febl 9—v. 155, p. 543—-were
Bond Authorization Considered
posit :; & Trust Co., Boston,- - at awarded to
the Northwestern Na¬ —We understand that the
its valuation of prop¬
County
0.23% discount, plus a premium
tional Bank & Trust Co. of Min¬ Board of Supervisors will meet
erty a year ago and not as of
of $7. Dated Feb. 9, 1942 and due
Mitchell, Jnd.
t
Jan. 1 since, under an Act of 1936,
neapolis, as V/2S, paying a price on Feb. 16, to consider ordinances
Bond Offering — William ; A;
Oct. 23,1942. Other bids:
•
the parish collects its taxes a year
OL 100.291, according to the Vil¬
authorizing $2,523,000 bonds di¬
Bidder
;
Sylvester, City Clerk-Treasurer,
Discount
earlier than other parishes in the Now England Trust
lage Recorder.
vided
as
follows:
Co., Boston
.0.248%.
$1,000,000 re¬
for $500,
check
tified
payable to
represent
the town.
..
will receive sealed bids until 7.30
State.
-
1
'
•.
•
*
•
First
*
.
National
of
Bank
Boston...
0.249%,
Day & Co....
y,..
G.i0%r
Feb. 27 for the purchase
The largest single taxpayer in Second National Bank of Boston....... 0.339%
of $4,100 3% fire apparatus bonds.
Weilesley Trust Co.. ,;
«.34%r
Louisiana, according to Moore, is
Dated Feb. 25, 1942. One bond for
the
Standard
Oil Company of
Worcester, Mass,
$100, others $500 each.
Due as
Louisaina, while the largest as¬
follows: $500 July 1, 1945; $500
Debt Reduced $773,700 Ih 1941
sessment on any single piece of
Jan. 1 and July 1 from 1946 to
property, more than $2,000,000, is —Mayor William A. Bennett re¬
1948 incl.; $500 Jan. 1, 1949 and
cently reported that the city's
on a New Orleans bank building
$100 July 1, 1949. Prin. and int.
bonded debt had been cut $773,(Canal Building).
(J-J) payable at the City Clerk700
during
1941
and
$619,700
Only three parishes, his records
Treasurer's office. No bid for less
in the previous year. .Describe
reveal, show considerable drops
than par
and accrued interest
from the 1940 valuations:
Clai¬ ing the city's financial con¬
will be received.
dition
as
excellent, they Mayor
borne, Concordia and Richland.
(These bonds are part of an
Claiborne's loss of $427,100 was said that in the absence of wel¬
original issue of $4,500 offered
borrowing
and
relatively
attributed by Moore to depletion fare
Dec. 29 last, the sale of which had
for
WPA in the current
of gas fields, Richland's loss of little
to be postponed in order to meet
$102,566 to the same cause and year, "we may be able to reduce
requirements of the State Board
our debt still further even though
to
a
slump in the carbon black
of Tax Commissioners. — v. 155,
we borrow substantially for water
industry. Concordia's decrease of
p. 93.)
and other purposes." Welfare and
$452,642 was laid principally to
WPA bonds, he declared, "have
the
IOWA
completion of the tax-free
reached a substantial portion, be¬
Vidalia-Natchez bridge over the
Spencer, Iowa.
Mississippi River and withdrawal ing about one-half of our present
Bond Offering —It is reported
bonded debt.
For this * type Of
of the contractor's equipment, in¬
that M. M. Moulton, City Clerk,
borrowing there are about $5,;cluded in last year's valuation.
will
receive
sealed
bids
until
East Baton Rouge Parish led 000,000 outstanding." Continuing
8 p.m. on Feb. 16, for the purchase
with
his ~ Teview
of the
city's
the State in increase in property
of
$7,061.74 street improvement
financial
standing, ' the; "Mayor
valuation with a jump of $6,276,R.
p.m. on
L.
.
$500,000
capital
funding,
$763,000
MISSISSIPPI
■
.....
public works,
improvements,
.......
-
#
bonds. Dated Dec. 1,
1941. Denom
558 from last year's total of $118,$500,
$300,
$100
and one for
535,000. Orleans Parish was second
$561.74. Due on May 1, as follows:
with
an
increase
of
$3,180,797
$561.74 in 1942, $800 in 1943 to
1949 and
time
any
city.
take
interest
the
specify
shall
Bidders
of
rate
$900 in 1950. Callable at
at the option of the
which
at
bonds
at
par,
from
1940's
total of
$493,304,325.
the
Maryland (State of)
he will
plus
Sale—-The
Certificate
ac¬
$522,000
crued interest. Payable out of spe¬ general of 1941 certificates of incial assessments which have been debtedenss offered Feb. 10—v. 155,
levied and certified to the County
Auditor. The approving opinion
646—were
p.
awarded
Clark,
to
Dodge & Co. of New York, as IV4S,
of
Stipp,
Perry,
Bannister
& at a price of 100.45, a basis of
Starzinger, of Des Moines, will be about 1.21%. Dated Jan. 15, 1942,
furnished' the purchaser.
A cer¬ and due Jan. 15, as follows: $61,tified check for 5% of the amount 000 in 1950; $62,000, 1951; $63,000,
bid for, is required.
1952; $64,000, 1953; $66,000, 1954;
$67,000, 1955; $68,000 in 1956 and
Woodbury County (P. O. Sioux
$71,000 in 1957.
The successful
City), Iowa.
bidders placed the issue privately
Bond Sale
The $70,000 semi- on
terms not publicly announced.
ann.
funding bonds offered for
Counties Start Reassessment Of
sale at auction on Feb. 9—v. 155,
Property — General reassessment
p. 586—were awarded to Halsey, of real
property in five counties of
Stuart & Co., Inc., of Chicago, as the
State, scheduled for this year,
lM>s, paying a premium of $876.00, will begin soon in Caroline, Kent,
—
equal to 101.251,
1.34%.
basis of about
a
Dated Jan.
$34,000
on
000
June
on
1,
1942.
Due
Dec. 1, 1949, and $18,and
Dec.
St.
Mary's and Garrett counties.
already has been initiated in
Wicomico county.
It
1, 1950.
Of the remaining
eighteen
coun¬
ties, all but Frederick and Har¬
KANSAS
ford
Summerfield, Kan.
in
In
Frederick
County a
Sold—It is stated by W. continuous
assessment
of
real
Blakeway, City Clerk, that property, patterned after the plan
$20,000 semi-ann. water improve¬ in Baltimore city under which
ment bonds have been purchased each piece of property comes up
by Estes, Snyder & Co. of Topeka, for review once in every five-year
Bonds
3s and
3V2S, at
Harford
t
LOUISIANA
Louisiana
1
under
(State of)
;•!, Property Valuations Increase—
An
Associated
from
Baton
ported
of
Press
as
Rouge
follows:
than
more
dispatch
recently re¬
An
increase
$34,000,000 in tax¬
able property valuations in Louis¬
iana
Wcjs
reported
by
Dan
County has the
power
The
county failed to avail itself of an
opportunity to institute the, con¬
system
under
anj Act
passed by the 1939 Legislature.
tinuous
.
Seeking uniformity in assessing
Moore, Secretary of the Louis¬ procedure to achieve an equitable
taxable basis, the State Tax,Com¬
Commission, after check¬
ing the rolls submitted by parish mission has invoked power, re^
.
iana Tax
i With
ishes
St.
still
in
reports
the
Bernard
from
three
par¬
State,
and
unreceived,
Plaquemines,
St.
Tammany,
Moore
declared
of
to
it to
This
_
_
,
in
the
an
not
borrow
from
at
no
this
bor¬
borrowing interest ranged from
$200,000 to $300,000 annually.
city's
average
bonded debt
on
in
i interest
1930
and
present average inter¬
rate and the 4%% of previous
ve»rs. means
a
saving of about
$250,000, which is about $1 on the
tax
rate.;.
,
as¬
..
.
v..
"There
probably is no other
city in the United States that has
a
lower
average
bond interest
March
for the purchase
of $65,000 building bonds.
These
bonds carried by a vote of 573
"for" to 61 "against" at the elec¬
tion held
3,
on
Jan.
7.
Bond Call—The
Authority will
15, 1942, at 104
and accrued interest, all of its out¬
redeem
x
County
O.
(P.
Monti*
standing (First and Second Issue)
maturing on Mar.
15 from 1943^^ Umough 1960. Hold-y
of
the
them,
bonds
together
Bonds Sold—The Leland Speed
Co. of Jackson, is said to have
turing
purchased the following 3% re¬
funding bonds aggregating $75,000: $50,000 court house, and $25,000 steel bridge bonds.
Dated Oct.
Trust
present
First and
may
with
Issue Series A bonds
Second
cello), Miss.
Mar.
on
Series A bonds
ers
Lawrence
ma¬
Mar. 15, 1942, for im¬
on
mediate
payment
Bankers
at
Company, New York, fiscal
agent fo rthe bonds. The housing
authority recently completed a
refinancing
program
involving
the sale of $17,350,000 bonds to a
1, 1941.
syndicate headed by Lehman Bros,
MISSOURI
of New York.—v.
y
St. Louisy Mo. ;
Housing Authority Note Offer¬
ing—Sealed bids will be received
155,
p.
355.
■
until
NORTH
CAROLINA
Albermarle, N. C.
noon
Edwin
T.
he
will
on
Feb, 1 from 1943 to 1968 incl.
receive
rate than Worcester's 1.66%. This
year
it is estimated that interest
B'dder
Int. Rite
Van
Ingen Sc Co
H. B. Boland & Co
Jul:us • A. Rippel,
Inc.......
B,
J.
First National Bank, Butler.,
Mimch, Monell & Co
M.
M.
H.
L.
Freeman <fc Co.......
Allen & Co...........
2.70%
2%%
2%%
2.80%
3.10%
3.20%
8.20%
Rite Bid
'
100.11
100.22
100.14
100.13
100.19
100.10
100.08
y Refuses
To
(State of)
Advance Date
grant
application
Charles
Hershenstein, appearing for Jer¬
sey
City, to advance the date
fixed by Justice Porter for argu¬
ment
an
on
Hudson
the
by
combined
writs
of
municipalities and James
payments will be $200^- T. Owens, Newark taxpayer, con¬
they were last- year. testing ' constitutionality
of
the
"Valuations of Worcester real Railroad Tax Act, The date stands
000 less than
estate
expected
are
their 'trend
toy reverse
this 'year
higher rather than lower
and
as
the
case
aiso
ments."
for
have
years.
fewer
be
%has
: We
abater
of the
next. term of Supreme Court.
Constitutionality of the act also
is involved
in Chancery Court
as
May
litigation
General
5,. opening
day
instituted* by
Wilentz
and
Attorney
referred
interest cost
town, such cost to be de¬
termined
deducting the total
premium bid from
aggregate amount of interest
upon all of the bonds until their
respective maturities.
No bid of
less than par and accrued interest
by
amount of the
the
be
entertained.
Bids must be
Of
Rail Tax Hearing—Supreme Court
Justice
Bodine
has
refused
to
the lowest
at
the
will
New Jersey
•
bonds
to
Other bids:
and bond
appoint¬
unwieldly force of
until
Irvine, City Clerk, that in lawful money. in New York
sealed bids until City;
coupon bonds registerable
rowing of this kind, Worcester March 14, for the purchase of as to principal only; general obli¬
tax title loans are now $131,000
$12,500 not exceeding 4% refund¬ gations; unlimited tax; delivery at
as against $252,000
a year ago.
ing bonds.
Due in 1954.
These place of purchaser's choice.
Bidders are requested to name
"The city now owns its municir bonds carried at an election held
the interest rate or rates, not ex¬
on Jan. 26, by a vote of 157 "for"
pal auditorium. On Jan. 2 all of
to 9 "against."
our auditorium bonds fwerepaid
ceeding 6% per annum in mul¬
off with the exception of $12,000
tiples of 1/4 of 1%.
Each bid
NEW JERSEY
may name
one rate for part of
which will become dud: Jan."
the
bonds
(having the earliest
1943.
Butler, N. J.
Bond Sale—The $52,000 coupon maturities) and another rate for
"Continued cheap money rates
the balance, but no bid may name
for temporary borrowing resulted or registered sewer bonds offered
more
than
two rates, and each
9—v.
last year in an interest cost for Feb.
155,
p.
491—were
bidder must specify
in his bid
this purpose of less than $10,000. awarded to Colyer, Robinson &
the amount of bonds of each rate.
This is a great saving over such Co. of Newark, as 2.70s, at a price
The bonds will be awarded to the
interest costs for many years in of 100.208, a basis of about 2.68%.
bidder offering to purchase the
the past when such temporary Dated Feb. 1, 1942 and due $2,000
in 1942. Because of
source
.
strikes
Offering—We understand
.
we
been
move
ment of
the number
appointed
assessors
pp,iw*ip(i
limit
$350,000 land acquisition bonds.
New York City Housing A uthority,
N Y.
1'
.
est
has been reported, however.;
served
■
tween the
S.
tax assessors.
'
years was about 4%.
In
January. 1940, it was 2%, Today
it is 1.66%.
The difference be¬
enabling Act passed in
adopt a like system. Little,
progress in that direction
if any,
will
follows:
previous
an
1941 to
be
rate
period, is in force.
par.
as
"The
E.
as
Bond
-
that the County Superintendent of
Schools will receive sealed bids
,
will undertake reassessment
1944.
3
Bond Offering Details—In con¬
(CDST), on Feb. 17, by
Berry Craven, Secretary of the nection with the offering sched¬
"There is a substantial amount Housing
Authority, for the pur¬ uled for 11 a.m. (EWT), on Feb.
remaining
unexpended
of
last chase of the following temporary
17, of the $170,000 electric lighting
year's WPA borrowing; and there loan notes aggregating $6,500,000:
system bonds, noted here on Feb.
is every probability that defense
$500,000 Fifth Series; $1,000,000 10-^v. 155, p. 647—the following
activities will employ more avail¬ Sixth
Series; $2,000,000 Seventh additional information has been
able WPA help this year. There¬
Series, and $3,000,000 Eighth Se¬ furnished:
fore it is probable that we will ries.Dated Feb. 27, 1942.
Due on March 1, as follows:
Due
not borrow more than $300,000 for
on $ept. '30, 1942.
$6,000 1945- to 1956 and $14,000
all classes of WPA projects.
>- y
1957 to 1963, all inclusive, without
MONTANA
"Last year there was:7no - tax
option of prior payment. There
title borrowing, which is to the
will be no auction.
Denom. $1,y.r>'' Philipsburg,■ Monti
credit of the city, and it may well
V- Bond Offering—It is stated by 000; prin. and Int.: (M-S) payable
stated
MARYLAND
Jackson County Sch. Oist. No.
%
(P. Q.iPascagoula), Miss.
>
certified
accompanied by a
an incorpo¬
check upon
rated bank or trust company, pay^
able
of
unconditionally to the order
the State Treasurer for $3,400.
to reject all bids is re¬
approving opinion
The right
served.
The
Reed, Hoyt, Washburn & Clay,
City, will be furnished
the purchaser.
In the event that prior to the
of
New York
.
delivery of the bonds the income
received by private holders from
bonds of the same type and char¬
acter shall be
of
any
taxable by the terms
Federal
income tax law,
may, at his
the successful bidder
to .election,
be relieved of his obli-
Volume 155
Number 4046
gations under the contract to
THE COMMERCIAL & FINANCIAL CHRONICLE
shall
acter
pur¬
chase the bonds and, in such case,
the deposit accompanying his bid
of
be taxable
the
following
his
at
office
of
aggregating
bonds
for
Feb.
on
81,000 refunding bridge and road
bonds.
Due
Feb. 1; $15,000
on
1956, and $21,000 in
19.57.,
$1,000.
Dated
Feb.
1,
Prin. and int.
(F-A) pay¬
City in legal
obligation; un¬
limited tax; coupon bonds registerable as to principal alone; de¬
livery on or about March 6, at
place of purchaser's choice. There
able
in
New
tender.
A
York
auction.
no
less
than
and
par
interest) is required.
requested
rate
to
acrued
Bidders
the
name
are
interest
or
rates, not exceeding 6%
In multiples of 14 of 1%; each bid
tnay name one rate for part of the
bonds of either issue (having the
earliest maturities) and another
rate for the balance, but no bid
may name more than two rates for
either issue, and each bidder must
specify in his bid the amount of
the bonds of each rate.
will
be
awarded
to
The bonds
the
bidder
offering to purchase the bonds at
the
lowest
interest
cost
of
the
county, such cost to be determined
by deducting the total amount of
the premium bid from the
aggre¬
gate amount of interest upon all
the
bonds
until
maturities.
•
furnished
their
form,to be
on* a
with
formation
respective
,
Bids must be
.
will
noon
of
Denom.
Mar.
on
$50,000
15 from
of
interest;
fractional
rates
1962
'
*
1
l
and
"
t
"J*"'
*
t
that
'
''
i
Columbus, Ohio
Bond
ard,
for
Clerk,
bids until
the
will
noon
additional
must
be
in¬
accom¬
share
100.M8
2%r/0
100.29
receive
on
Feb. 26
purchase of $358,000 4%
general
tax
bonds.
two
from 1946 to 1948 incl. and $71,000
in 1949 and 1950. Issued for the
100.18
102.10
dollars, the lowest
Plymouth with
$1.42 and Indiana with $3.17.
of
While
as provided by
law. The bonds are payable from
ample taxes levied within the tax
Among the net
boroughs, from which
of
sets
of
debt ratios
This total
A certified check for
ducting
1% of the bonds bid for, payable funds
Bidder must accept and
pay for bonds on Mar.. 16, at 10
within
other
Sept.:l, at par and ac¬
interest, at the City Treas¬
office
or
tional
Bank
in
at the
New
Chase Na¬
York
City,
Nos. 1 to 935 of the 5% semi-ann.
improvement bonds, dated Sept. 1,
1922. >•' Denom.
$1,000.
Due on
Sept. 1, 1962.
Interest ceases on
Sept. 1.
Roanoke, Va.
Bond Payyment Levy Approved
—The City Council passed a reso¬
lution recently setting forth that
of
groups
on
crued
considerable
were
the
ment
urer's
units
from
the
furnished
in
gross
short-term
which
notes
successful bidder.
units there
ported only
10-—V. 155, p. 493—were awarded
to J. A. White & Co. of
Cincinnati,
100.22,
1.46%. Dated
those which
were
Morris
Only
fighting
be
equipment
submitted
election
an
to
the
scheduled
24, it is reported.
CANADA
Canada
(Dominion of)
Offers $600,000,000 War Loanthe County Judge that the Na¬ Canada's second $600,000,000 Vic-,
Loan will be
offered
in
tional Bank of Daingerfield has tory
three maturities, Finance Minister
Sold—It
is
stated
by
-
purchased
$6,000
struction
2%%
warrants.
jail
Due
con¬
in
J.
15
L.
of
Omaha, Texas
Bonds Approved—It is
reported
at an election on Jan.
as
obligation
bonds,
$320,000 debt other than
?
j $29,000 / and
follows: $6,000 general
and
$23,000 Tevenue
approved ' by
were
Feb.
previous
Books will be
16 and the active
aggregating
divided
been
10.
loans
$200,000,000 and $300,000,000 in
to the first
$600,000,000
loan.
24,
bonds
short-term debt, but
announced
have
addition
that
re¬
Ilsley
There
years.
long-term bonds.
Feb.
for Feb.
County (P. O. Daingerfield), Texas
Warrants
all of these boroughs report some
»a
at
April, have been sold.
vote of the people and
by action of the council.
Among the other classes of local
Bond Sale—The $22,000 street
improvement bonds offered Feb.
fire
will
voters
bonds approved at an election last
by
sues
bonds
Leatherman, Superintendent of
Schools, that $35,000 construction
those
Marietta, Ohio
Bond Election—The issuance of
$25,000
L.
J.
councilmanic.
Thus the debt is
divided almost evenly between is¬
the
(P,. O,
Bonds Sold—It is stated by
also
are
Sheridan, Wyo.
Hitchcock), Texas
$8,-
are
wyoming
Hitchcock Ind, Sch. Dist.
sinking
debt. In¬
debt
gross
system revenue bonds is
said to have been sold recently.
texas
470,700 electoral bonds, $8,471,700
councilmanic bonds, and $325,081
a.m., at Columbus. Legal opinion
of Squire, Sanders &
Dempsey of
of
there
de¬
were
obtained by de¬
was
$1,995,580
City Treasurer, is cluded in the
required.
price
being
basis.
apparent.
The group of 46 boroughs have a
total net debt of $15,271,901.
bonds, registerable
as
IV2S, at a
basis of about
these
differences in the relative stand¬
of funding unfunded poor
relief obligations outstanding and million dollar
level, while three
unpaid as of Jan. 1, 1942. Coupon other net debts are under $100,000.
be
$80.
■
3$
rived, all but four are between
$100,000 and $800,000.
Wilkinsburg is the only one exceeding the
purpose
will
and
boroughs, however, have a
debt of over $40 and
one shows
$68.13, or $272 for each
family of four persons.
Nine
boroughs have a per-capita debt
appearing in the January
debts
Cleveland
$40
per-capita
local
once
Mar.' 15, 1942. Denom. $1,000. Due Nov. 1 as follows: $72,000
to order of the
between
Some
100.5?
1UJ.168
ings
Dated
limitation.
is
101.*9.
—
,
Offering—Helen T. How¬
City
sealed
Rate Bid
2V4'/«
2y4'/o
2V«l'n
Bond
Call
James E. Bowen,
Jr., City Clerk, is calling for pay¬
—
.
'
capita debts fall between $10 and
$20.
That is,
for an average
family in these boroughs the debt
studied, between the the city should have power to
levy
per-capita and per-thousand-doL special taxes above
any specified
lars real property figures, among
tax rate in order to pay
principal
partment of-Internal Affairs:
the
larger : boroughs,
radical and interest on
any bonds issued
Of
the
934
boroughs in the changes are compartively few. henceforth.
Copies were sent to
State, only those over 10,000 pop¬ Dickson City and Shenandoah, local members of the General
As¬
ulation—46 in number—have been however, which do not show par¬
sembly
with
the
request
that
considered in this survey of local ticularly
high per-capita debts,
they they ask for an appropriate
indebtedness.
All but five ot this stand at the top of the list when
amendment to the City Charter.
number have populations
falling debt is calculated on the basis of
between
10,000 and 20,000 and the value of real property sup¬
washington
only one borough exceeds 30,000.
porting
the
debt
load.
Most
Omak, Wash.
The effect of this comparative boroughs, nevertheless, remain in
Bonds Sold—A $52,000 issue of
about the same position on either
uniformity on the debt totals is at
water
certified check for $500, pay¬
able to order of the Board of Edu¬
,
.Int. Rate
...
....
virginia
Charlottesville, Va.
issue of the monthly bulletin
pub¬
lished by the Pennsylvania De¬
are
cation, is required.
on
article
May
provided
V-
1
actually
incl.
$1,000
1952
Pennsylvania (State of)
expressed in
multiple of y4 of 1%. Int. M-N.
a
to
1
:0 Debts of Boroughs Over
10,000
—The following is taken from an
15," 1942.
incl. Bidder may name a different
rate
1943
/
be
ever
More than one-third of the per-
of less than ten
3
on
such credits will
applied to the debt.
pennsylvania
4%
1943 to
due
White.&
receive
$1,250. Due $1,250
and Nov.
15
A.
deficiency
separate bid for each issue
(not
until
purchase
General
will be
:
.
and
Co., Cin.
Ryan, Sutherland & Co., Toledo
Weil, Roth Se Irving Co., Cin.
Assel, Kreimer & Fuller, Cin.
Provident
Savings
Bank
&
Trust Co.,-. Ginn....v>.
Miami
Deposit Bank, Yellow
Springs .;;..........:...,.;
A
Denom.
1942.
the
Clerk,
school bonds. Dated Feb.
1964 incl.
in 1953 to
bids
sealed
school
building bonds.
1; $7,000 in 1945
to 1950, $12,000 in 1951 and
> 1952, and $17,000 in 1953 to
V
District
rell,
Due
1
J.
Brady Lake School District (P. O.
R. F. D. 1, Kent), Ohio
Bond Offering—Edith E. Mer-
$351,000:
$270,000
:
ohio
1942,
beasungood & Mayer, Cin.
*
purchase
L from
Bidder
case
the deposit accompanying his-bid
will be returned.
;
-V
17, by W. E. Easterling,
Secretary of the Local Govern¬
Commission,
Oct.
Other bids:
Feb.
Raleigh, for the
1,
chase the bonds and in such
N. C.
Bond Offering—Sealed bids will
be received until 11 a.m. (EWT),
ment
Feb.
his
election, be relieved of his obli¬
gations under the contract to pur¬
Iredell County (P. O. Statesville),
in
bus, as l%s, at a price of 100.065,
basis of about 1.737%.
Dated
a
the successful bidder may, at
will be returned.
on
by the terms
income' tax law,
Federal
any
691
the
opened Feb.
selling campaign
conducted between that date and
March 7 under direction of the
National War Finance Committee;
Mr. Ilsley said maturities would
be as follows: A
21/2-year per cent
issue, maturing Sept. 1, 1944; a
considerably larger amount than
County (P. O. Austin),
six-year issue, maturing March 1,
was
Second high bid of 100.80 for l34s that
reported
as
credits
9
, Texas
to the order of the State Treasurer
1948, bearing a coupon of 2y4%,
was made by
Bonds Sold—The
Fox, Reusch & Co. against the debt in the form of ac¬
for $7,020.
County Audi¬ and a 12-year issue maturing
The approving opinion
counts receivable and anticipated tor states
of Cincinnati.
that $40,000 semi-ann. March
of Masslich and Mitchell,
1, 1954, bearing interest at
New
taxes.
The impossibility of re¬ road and
bridge refunding bonds 3%. The long-term issue will be
York City, will be furnished the Miami
Township (P. O. Yellow
ducing all the reports to a con¬ have been purchased
by the Capi¬ payable at maturity at 101% and
purchaser.
Springs), Ohio
panied by
a certified check upon
incorporated bank or trust
company, payable unconditionally
an
1, 1942 and due $1,100
and Oct.
on
bonds and notes
April 1
Bond Sale—The $10,000 fire de¬
prior to the
delivery of the bonds the income partment equipment bonds offered
received by private holders from Feb.
7—v.
155,
p.
311—were
bonds of the same type and char¬ awarded to the Ohio Co., Colum¬
the
that
event
General
RAILROAD
share
per
record
Feb.
Feb. 6
on
the
011
18.
like
A
including March 12,
Dec.
on
declared
common
stock,
amount
1941,
,
regular quarterly dividend of
payable
March
12
to
holders
of
has been paid each quarter since and
in addition, an extra of $1 was paid
1488),—V. 155, p. 593.
c.nd,
30, last (see V. 154,
the
p.
for
items
from
Associates, Inc.
Registration Statement With¬
—
drawn—
•
additional
filed
company on
with the SEC
cumulative
(par
$1)
Feb. 3
on
convertible
common
withdrew its registration statement (2-4851)Sept. 27, 1941, covering 50,000 shares $1.37 V2
preferred
stock—V.
stock
(no
par)
and
A
.
total
of
$186,500 first
100,000
shares
cumulative
interest.
155, p. 153; V. 153,
Stores Corp.—Stock
due July
shares 5%
Commercial
few of
and
p.
1412.
Austin,
on
March
as" be
p.
a
callable
after 1952.
15,
at
101%
during
will
,
-
INSURANCE
MISCELLANEOUS
•
Note—Under
income
$2,627,116
$2,141,076
$1,989,403
334,379
360,298
361,196
365,374
269,296
24,921
271,071
22,157
9,206
395,810
281,555
236,713
< " 525,712
140,307
$911,973
$951,432
Section
722
date
of
the
of
\
on
for
notes.:
Fed.
income
$1,621,233
40,340
$1,861,573"
340,980
254,412
'
*
.-
Fed. exce& proffts/taxi'
'
income.——--i—
paid
in
the
amount
of
the
on
$1,068,150
$811,234
sub.
pref.
stock.
Net
accruing
28,681
11,
1121.
•"'> parent
Previous
Surplus
r
block of 4,000
inc.
Total
A
Class B
surplus-
earn.
y
1,682,668
.
—
surplus..
$951,432
1,595,036
—
-
.
dividends—
Miscellaneous
1,141,720
4,501
$782,553
735,333
.10,116
$2,594,641
$2,551,029
36,888
133,000
103~347
133,730
111,931
142,238
150,981
537,838
500,226
338,418
Balance
f;i 219,315
1,178
24,202
$1,682,668
$1,595,036
$1,141,720
debits
$2,209,870
$1,528,002
'
.
.
'
;
$1,953,456
for
profits
a
tax
was
reduction
for
filed
of
under
$46,885
the
year ended
claimed in respect
Sheet,
27,'1941
Dec.
on hand,
$1,233,107; customers' accounts
$7,249), $166,709; miscellaneous accounts
receivable
(incl.
$5,703,due
from
employees), $12,126; inventories,
$522,644; property, plant and equipment (less reserve for
depreciation
of $2,232,192),
$3,361,564; prepaid expenses, $103,930; goodwill, $1,772,189; total, $7,172,269.
receivable
(less
reserve
of
accrued
(other
than
income
and
and
income
sundry
and
accrued
expenses,
$44,015;
excess
profits taxes), $75,491;
taxes, $1,014,480; unsecured
bank loan (due $50,000
semi-annually 1943 to 1950, interest at 27/a%),
$750,000; class A stock (34,452 shares, no par), $1,520,899; class B
stock
(117,279 shares, incl. 4,050 shares in treasury deducted
below,
no par),
$1,906,357; earned surplus, $1,953,456; capital surplus, $3,679;
provision
for
excess
profits
77,370
dividends..—
dividends——
$1,068,150
application
an
Code
excess
Assets—Cash in banks and
taxes
,'$911,973
company.—
credits
Preferred
Class
to
1941,
Revenue
Federal
Dec. 28, 1940.
The amount of the reduction to be
of the year ended Dec.
27, 1941, is estimated at $185,000 after deduct¬
ing the estimated increase in normal and surtaxes. If the relief claimed
and to be claimed should be
granted, the earned surplus as of Dec. 27,
1941, would be correspondingly increased.
'»
State
&
tax
31, '38
Sept.
Internal
18,234
'464,758
Maintenance to repairsInterest
Dec.
class
B stock in treasury under
option to officers at
(4,050 shares, at cost), Dr$96,108; total $7,172, 269.—V.
American Car
motor
&
$5
per
share
154, p. 424.
Foundry Motors Corp.—Orders—
company on Feb. 10 announced receipt of orders for 32 s.c.f.
coaches powered with the Hall-Scott
horizontal engine, viz.;
Chronicle (Reg. U. S. Patent
Office) William -B. Dana Company, Publishers, 25 Spruce Street, New York, BEekman 3-3341.
Herbert D. Seibert, Editor and
Publisher;
Managing Editor;' William Dana Seibert,: President; William D. Riggs, Business Manager.
Published three times a week (every Thursday
(general news and advertising
Issue) with statistical issues on Tuesday and Saturday].
Other offices:- Chicago—-In charge ot Fred H. Gray, Western Representative, Field
Building (Telephone State 0613).
London—Edwards
& Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1942 by William B.- Dana Company. Reentered as second-class matter September 12, 1941, at the
post office at New York, N. Y., under
the Act of March 3, 1879.
Subscriptions In United States'"and--Possessions*
•$26;OO"P)e!r/'-^e6EHa^06miniGa~'©f-ceftna^ftr"$27-;5O.-peip-''yearr-''--South---and'^Central--A!nerlca,"'Sp'alff,"'Mexico' fcfid" Cuba,""'
$29.50 per year; Great Britain, Continental Europe (except Spain), Asia, Australia and: Africa. $31.00
per year.
NOTE: On account of the fluctuations in the rates of
exchange, remittances for
foreign subscriptions and advertisements mufet be made In New'York funds.
ikhl1.
-?t.
; u;»'.
.ML
j.v :: ,rs.u
v-VU
J
-i«
v.
Frederick
W.
Financial
Jones,
or
The yield on this 3%-
be sold at par.
The
$2.—V. 154,
of
1948.
income
profit..-
preferred stock (par $100) at 78% net. Deal¬
er's discount
,
reason
Total
.
1;
Offered—Wertheim 8c Co.
after the close of business Feb. 6 offered
: Due
debt, but an as follows: $5,000 in 1942 to 1944. issue if held
to maturity would
for excluding
$6,000, 1945 to 1947 and $7,000 in be 3.07%.
All of the issue
Liabilities—Accounts' payable
bonds,
Payment will be made at the offices of Halsey, Stuart & Co.„
Allied
.
Bank
par.
net
Dec.
company
1958, have been called for redemption on March 13 at par and accrued
New York City and Chicago.—V.
National
Miscell.
Net operating
Dividends
income
tal
2.20s, at
American. Bakeries Co.—Earnings—
Net
15j), p. 358.
lien
main
these
27, '41 Dec. 28, '40 Dec. 30, '39
$2,571,863
$2,093,385
$1,948,720
55,254
47,691
40,683
Allied Owners Corp.—Bonds Called—
:
the
the
both
INDUSTRIAL
-
Years Ended—
Prov.
The
been
them is the fact that very
Depreciation
Air
has
omitting
Corporation and Investment News
Acme Steel Co.—Regular Dividend—
The directors
$1
basis
reason
PUBLIC UTILITY
-
voters.
A
Travis
sistent
In
reported.
was
1 from 1943 to 1952 incl.
,
—
.
■
:
THE COMMERCIAL & FINANCIAL CHRONICLE
692
L*'V:
Saturday, February 14, 1942
»
12
for
<te
Boston
Street
Co.,
Ry.
ended
American Gas & Electric
"
Operation
—;
Maintenance
Amortiz.
3,087,468
—_
acquisition
"Federal
"Excess
plant
V,
■-
taxes.
•
••»*
Fall
7,007,530
704,044
9,612,491
season
34.149
income
Gross
Int.
funded
on
Divs.
The
608,638
42,062
99,726
554,111
1,911,411
Feb.
stocks—
323,692
396,145
3,955,035
5,064,269
125,112,026
'
on
$1,531,321 $14,450,653
$1,166,188
stocks
$13,617,352
12,427,173
740,030
917,839
net
V
v
Utility Service
Of
..
consolid.--
subs,
$2,023,480
$791,291
$248,349
of
$4,051,066
share
Divs.
$248,?49
$791,291
$2,023,480
50
$4,051,066
/'
Int.
917,839
740,030
12,427,173
bds.
130,046
693,926
advs.
69,679
125,347
839,641
17,728
&
Total
81,652
net
exps.,
Balance
Int.
and
Balance
<
earned
tax
tl>689,209
$1,493,248 $12,198,695
$13,441,591
Securities—10-Cent Dividend—
American Investment
i-Tlie
.
the
23.
A
—V.
V-'t
directors
like
declared
amount
also
was
American
■
4
.
#
Vt
10
cents
share
per
on
paid on March 1 and Aug. 15, last year.
'
-
'
t
of
16 to holders of record Jan.
'
..
J
dividend!
a
payable Feb.
$10,
par
139, p. 1544.
*-
*
have
stock,
common
'
(
1
.
* v'.
'
-
•'"The company on Feb. 2 paid a dividend of 85 cents per share on
{he common stock, par $25, to holders of record Jan. 21.
This com¬
pares with $1 per share paid on Aug. 1, Nov. 1 and Dec. 24, last,
and 60 cents per share on Feb. 1 and May 1„"1941.
Dividends last
S
Output of electric energy of the' electric properties of this company
the week ended Feb. 7, 1942, totaled 72,173,000 kwh., an increase
17.4%
over
the output of 61,465,800 kwlnMor the corresponding
for
week
of
1941.
-
five
1941
1940
1939
1938
54,066,000
44,973,000
40,743,000
Jan.
62,056,000
53,526,000
46,455,000
39,727,000
Jhn.
31—___-72,646,000
61,875,000
52,404,000
46,094,000
39,300,000
61,466,000
52,899,000
45,923,000
39,717,000
7,
—i.72,173,000
—V. 155, p. 594.
Dividends
%. 1940
1941
$727,065
43,453
—.
Interest
4
been
has
$677,597
~
dislocations
war
87,947
$770,518
:
Frovision for taxes
3,627
to
Mr,
panies and classes as best fitting into the broader viewpoint.
is
No
years.
Odium
the most important measured by results over /the
the business of investments can foresee an unpro¬
far
by
in
one
such
attack
which have
Pearl
at
as
touched
been
this
on
road
markets sometimes
than when things
distinct
ahead
are
be¬
uncer¬
respect
it
is
Income
24,696
$699,202
(Including
$671,379
Account
for
reserve
___
——
shareholders
(not including gains or
Company
„
.
1939
$1,741,291
$1,611,557
365,277
$1,114,040
224,427
217,797
Underwriting fee
losses
income
107,318
;;
liquidation dividend 70.4 cents per share on
Amoskeag Manufacturing Co. shares————
Net profit from
34,369
1941
divs.
a/c
shares
purch. and canceled
1,055
1940 Federal taxes
817
declared
469
590,930
preferred shares purchased and" canceled
34,509
Paym'ts acct. Moore's Falls Corp. charged to profit and loss
Balance,
Dec.
31,
1941
Assets—Cash,
1,770
$14,583,255
Balance
$409,344;
Sheet, Dec. 31,
1941
$714,189;
receivables,
investments,
$15,250,-
652; total, $16,374,184.
Liabilities—Bank
$4V2
loans,
shareholders
for
reserve
cumulative
$1,200,000;
and
preferred
profit
and
dividends
and
89,911
loss
payable,
(represented
shares,
common
no
$590,930;
by 71,377
out¬
par,
standing), $14,583,255; total, $16,374,184.
Note—The indicated value of
ket
quotations
444,139.
the
or
other
the
estimated
securities
fair
owned, based upon
31, 1941, was
value
Dec.
This value should not be construed
securities
could
be
sold
979-
p.
the
as
purchased.—V.
or
'"//./V
The
directors
non-cum.
record
Feb.
amount
154,
1589;
p.
mar¬
$10,-
for which
V.
153
have
pref.
13.
Corp.—$4.32 Pref. Div.—
Net
declared
stock,
This
no
dividend
a
of
$4.32
with
$6
on
paid
share
per
value, payable March
par
compares
ref.
Bankers
mtge.
to
4V2%,
tenders
amount
not
exceed
those
sterling
on
of
sufficient
denominations
on
Trust
Co.,
105
of
2
to
on
24,
holders of
March 1, 1941, and
1, 1940.—V. 154, p. 857.
on
March
1,739,243
1,119,852
of
New
York,
bonds
bonds
exhaust
plus
pounds
due
until
the
accrued
will
on
increase
N.
Y.,
July
interest.
at
13,
the
As
all
1961.
and
The
will
the
bank
purchase
of
the
Surplus
Year
Ended
On
common
excess
stock
Dec.
preferred stock
Unrealized
31,
the
portions
Depreciation
1941
$36,000,082
1,164,878
1,319,321-
—
value of capital stocks acquired
462,959
period
Balance of capital surplus at
prices
Deficit:
are
the
52
Dec.
31,
$442,802
1940———
Santa
Deficit
at
Dec.
31,
1941
—*
—
——
in
weeks
Pe
compared
9,410
System
with
{Surplus at Dec.
tNet
unrealized
31,
31, 1940
Add, Increase in net unrealized deprec. during the year—
At
$1,213,404
—$31,839,520
1941.
depreciation:
unrealized
§Surplus
at
depreciation
Dec,
Dec.
31,
1941
at
Dec.
—
or
management's
valuations
receivable.
of that date.—V.
as
32,538
week
same
ending Feb.
1941.
preceding week this year.—V.
Baltimore & Ohio
Total
rev.
from
connections
155,
5944;
p.
Same Wk.
Same Wk.
Week End.
Feb. 7,'42
1941
1930
Jan. 31 '42
39,184
34,170
42,214
39,499
23,105
revenue
19,148
24,007
23,302
53,318
66,221
62,801
loaded
cars
rec.
22,225
were
62,289
cars
freight
1942
from
RR.—Carloadings—
Week End.
Total
7,
Received
7,105 same week 1941. Total cars moved 31,635
25,064 same week 1941.
Santa Fe handled total of
with
cars
153, p. 828.
Ry.—Carloadings—
with
freight
connects.
Total
loaded
31,
and
received
—-V. 155, p. 594.
Beau Brummell Ties,
The
Inc.—iO-Cent Dividend—
directors have declared
common
stock,
of
and
1941, and
Nov.
24,
dividend
a
of
like
amount
made
were
10 cents
to
holders
on
$1, payable March 2
par
Distributions
March
per
of
share
on
the
Feb.
record
11.'
I, June 1, Sept. 2
dividend of 15 cents per share was paid on
a
July 25, last year.—V. 153, p. 388.
Net
Co.—Earnings—
Net
profit
1941
sales
Earns,
after
Jan.
deprec.
share
per
Jan.
On
31
$1,805,728
on
stock
com.
balance sheet
a
$3.49
amount
called
shows
ago.—V.
year
of
cash
155,
p.
1939
paid
of
$3.63
•
preferred
and
for
stock
in
$2,252,299,
cash,
$3.42
outstanding
after
which
compared
as
with
258.
Stores, Inc.- -January Sales—
Month of
January—
Z
■
•
'
*
1942
Sales
—V.
1940
$17,787,990 $16,384,120 $15,607,340
1,055,495
1,111,398
1,047,004
tax.
&
res.
30,
the entire
to $140,200, was
1941
$5,993,584
155,
1940
$2,333,707
$1,931,862
258.
p.
The
net
system
1941__—
—
Co.—Output Up 13.8%—
output
of this company as reported to the Edison
week ended Feb. 7, 1942, was 31.803,000 kwh
compared with 27,944,000 kwh. for the week ended Feb. 8,-1941. an
Electric Institute for the
as
increase
of
For'''the
kwh.,
13.8%.
preceding
increase
an
155, p.
week
of
ended Jan.
14.1%
over
31, 1942, output was 31,868,000
corresponding week last year.—-
the
595.
(J. G.) Brill Co.—Receives Order—
The
company
Corp.,
motored
on
Feb.
10
announced
Fort
Wayne, Ind., for
coaches.—V. 154, p.
trolley
receipt of order from Indiana
forty 44-passenger Bcill single1260.
Brompton Pulp & Paper Co., Ltd.—Annual Report—■
Arthur
}■
:
F.
erties
at
White, President, states:
the approval given at a' general meeting of the share¬
Montreal, Nov. 10, 1941, an offer of $500,000 in cash apd
general mortgage debenture stock was made for the prop¬
Following
holders
in
and
Red
assets
Rock,
will
Company
installation
Income
of the Lake Sulphite Pulp Co., Ltd., in
liquidation,
This offer was accepted by the creditors of that
6, 1942, and sanctioned by'the courts on Jan. 23, 1942.
Ont.
of
shortly
the
enter
necessary
into
possession
plant and
Account, Year Ended Dec. 31,
Profit from
oper.
from
and
proceed
with
the
equipment.
1941
(incl. $218,637 premium
(incl.
on
wholly owned subs.)
U. S.
funds)
investments—™——.
Total
$1,850,589
;
9,880
Provision
for
for
Provision for
Net
profit
depreciation—j.—
H$15,883,757
$15,955,763
484,600
depletion—
10,494
•
income and excess-) profits
taxes
532,628
$832,745
;
—
Dividends
15,668,648
215,109
$1,860,469
——
;
600,000
Consolidated
Assets—Fixed
Net
dividends under Dela¬
to
as
market
over
carloadings week
17,959
compared
Provision
770.603
sterling,
for
at
cost
accounts
33,052,925
1941—.—...
an
offered,
bonds
Balance
Dec. 31,
which
with
company on Jan.
($3.00 per share)—
($.50 per share)-.
of cost over par
of
the
at
reorganization of Utilities
$1,263,190, representing par value
treasury, is restricted
t(Excess
$tlncludes
§Cost $606,-
statement
the
Atchison Topeka & Santa Fc
$500,000
Net
and
'Capital surplus: Balance at Dec. 31, 1940
be
Statement
eliminating
will
March
reported by subsidiary companies
$4,369,
after
representing a net income of
minority interests,
respectively.
§Loss.
in
""Of
with
appraisals by the board of directors
Income
lowest
of
and
are,
to
442,802
15,668,648
respect to investments acquired at inception of
the company through consolidation which became
effective on Oct. 31,
1936, are based on market quotations or, in the absence
thereof*
$889,000 applicable to Atlas
JAmounts shown in above state-;
1939
and
stock
law.
connection
Corp.
Note—Costs
approximately
companies.
1940
Dividends paid: On 6%
as
1,
March
funds
for
applicable
of
such
in
income
For
—
sales
net
interest
,1,213,404
15,883,757
of this statement at the above amount.
Uln
Light
assets.
Service
companies.
Aggregate changes in surplus accounts of all
majority-owned subsidiary companies as reported by
such companies for'the 12 months ended Dec. 31, 1940, before deduct¬
ing dividends and interest payable to Atlas Corp. and its subsidiaries,
thereof
36,000,082
1
Boston Edison
non-consolidated
a
<"'33,052,925
by the management for purpose of this
common
subsidiary
of
13,615,235
'
V.
indicate
20,634,750
12,352,045
depreciation
for purpose
included $231,390 dividends and
$43,686 interest from non-consolidated majority-owned subsidiary com¬
panies.
Aggregate changes in surplus accounts of all non-consolidated
majority-owned subsidiary companies as reported by such companies
for the year ended Dec. 31, 1941 before deducting dividends and interest
payable to Atlas Corp. and its subsidiaries, indicate a net increase of
approximately $537,800 applicable to Atlas Corp.'s interests in isuch
companies.
tThe amount of income shown above included $386,554
dividends and $200,055 interest from non-consolidated majority-owned
Corp.'s
18,660,750
11,800
"The amount of income shown above
ments
13,999
_"
$48,800,113 $56,499,150
carried
ware
of
mm
§$770,603 t$2,521,022 $$1,222,451
profit for period
during
Associated Dry Goods Corp.—Sales
HigherUnaudited
§1,699,381
contingencies
the
the amount to be paid in dollars
computed at the exchange rate for pounds
13.
Accepted bonds should be delivered
when payment will be made.—V. 152, p. 1123.
accepted
prevailing
March
50-year
these
to
for
Consolidated
trustee, announces
approximately $13,571 is available in the sinking fund for 1st &
receive
$114,400
14,000
Aroostook Valley RR.—Tenders Sought—
that
$$81,779
35,000
Net
The
$977,778
Prov. for Federal income taxes
.
initial distribution of $3.66 made
an
ment
from divs., Int.,
expenses
Provision
$573
Arizona Power
$6
over
Net prof, on sale of secus. on basis
of average costi——
$15,210,463
of
$1,338,467
1,224,067
—
for
13,353
Radio-Keith-Orpheum Corp.
tRepresenting securities for which
market quotations are available priced at Dec.
31, 1941, market quota¬
tions
(cost $44,659,037).
{Cost $14,204,878, carried by the manage¬
amounting
*$1,959,089 t$2,084,152
981,310
1,102,373
.
1,172,401
—
"Under allowance by District Court in connection with
reorganization
Bond
etc.,
63,487
—
Total
Dividends
income
Excess of income
90,181
sale of securities—.
Excess provision for
Cost
Total
Expenses
$14,411,533
699,202;
:
Final
and Loss
Profit
100,484
995,922
Years Efided Jan. 31—
:
1940
Interest
316,026
104,032
Total
Years
Subsidiaries)
1941
Calendar Years—
565,405
302,427
deficit
unrealized
$192,218
226,770
of
the
Analysis of Changes In Reserve for Shareholders and
Balance, Dec, 31, 1940
Excess prov.
tfNet
Best &
Calendar
for
Investment
; on sales of vSMuritie?)-.;:;^;";/;-:^/''~ '/
.•Net
Earned
All this doesn't necessarily have
above.
interesting to look at the action in the
London Stock Market which up to the summer of 1940 declined about
35% to 40% from the prewar level of 1939 but which has since com¬
In
$189,050
>
guard against its immediate
Harbor or
investor as security
to the
discouraging
tain.
capital stocks—
purchased
and accrued expenses--
applicable to minority interests.
6% preferred stock cumulative (par $50)
Common stock (par $3)
:___
_;
Capital surplus
The first
consequences.
Such incidents, however, have a direct bearing on the
longer program.
"The year 1941 was a difficult one in which to operate because of
the many uncertainties relating to a general national course of con¬
duct with respect to the international situation.
Our course is now
laid out.
A net set of problems requiring decision confront us, some
be
issuable
on
Amount
compared
investment trusts,
problem of the Investment Trusts and Investment Com*
panies divides itself essentially into first, the study of the broad basic
forces at work and their long range interpretations, and second, the
selection from time to time of particular securities as between com¬
Income—Dividends
________
payable
accounts payable
Provision for current year taxes
Provision for contingencies—,.—
"The whole
56,920
;
"Net income
^Carried
an
'
12,547
?•-
56,911
_
...
1
$765,544
10,777
Expenses
;
readjustments will have
and
further the problems of
Discussing
120,852
$48,800,113 $56,499,150
brokers for securities
Other
pletely recovered this whole decline.!'
Total income
Interest
:
a
pointed out
have better with the
*•■'<
Years Ended Dec. 31—
plant
every
otherwise. Our
building, and to be built, will have
in
vice versa?"
to
Amoskeag Co.—Annual Report—
■
rapidly expanding
degree
some
above is not intended to be inclusive
for managements con¬
securities. What will
be the short term and long term prospect for various industries and
businesses?
What is likely to be the trend of securities prices? What
will
be
the
impact of taxes on various companies?
Are common
stocks a safer investment than bonds under prospective conditions or
of
J
increasing
and
an
continuing beyond the war equalling a substantial
Post
formed.
"What
voked
1942
61,155,000
Feb.
be
function
73,424,000
24—73,280,000
17_„__
to
intensity depending to some degree on the length of the struggle and
the sound planning and preparation work done in the meantime.
follows;
years
Week Ended—
Jan.
Due to
things
old
the
11790,471"
Liabilities—
Dividends
&
'" t
*
a
Power
table of weekly output of electric energy for the last
Comparative
:
announced
also
that were a part of our habit of life. Vast
unfilled demand for certain things will constitute a . reservoir for re¬
lease
into
the
economic
stream
following peace.
New
trade blocs
will
______
33,550
amount.
per share, as against $2.8$ in 1940.—V. 153, p. ,541,
American Water Works & Electric Co., Inc.—Output—
of
report
but merely indicative. Many problems are posed
cerned with investments through the medium of
t
Paper Goods Co.—85-Cent Dividend—
{[ear totaled $4.20
the
above
of
__
30,055,630
15,325,940
§320,000 * V 369,361
—___
236,
many
"450,000
t{245,625
$16,449,530
•
part of our entire pre-emergency national productive capacity. Substi¬
tute materials and products will be developed to take the place of
yyas
cos.
;
Deferred charges
power
facilities, built,
New
$9,141,271
_—_
t26,816,017
control,
—
Expenditures
will get down pretty close to absolute essentials so
materials and plant capacity for warr production.
productive capacity
,
-
21,985
from non-consol.
rec.
of
1940
'
-
•
169,352
___
labor,
purchasing
revenue.
&
per-
will be in excess of things available for
purchase. Various measures will be taken to prevent inflation.
Taxes
will be greater and will serve other purposes than merely raising of
Civilian
adjustment
••
$4,989,679
—_
holdings
in
7%
the Axis powers are defeated and peace
affect
will
It
economy
release
to
as
a
credited directly to surplus at the close of that year.
{Restated for comparative purposes.—V. 155, p. 187.
Invest,
the common stock payable March
Dividends paid last year amounted
business in the nation—some beneficially
and
subsidiary for the year 1941 were de¬
creased by approximately $927,000
(of which approximately $375,000
would have been excess profits taxes)
as a result of a non-recurring
reduction in taxable income due to the 1940 refinancing.
A decrease,
for. the same reason, in tax charges for 1940 of approximately $984,000
of
charges
on
20.
The effort will absorb half or more of a
income.
civilian
$980,815
Feb.
that will continue until
is restored.
national
nonconsolidated
',1941
a—,_>4.
«__*
interest, dividends receivable-
Other investments
$2,484,198,
effort
$16,309,191
1,178,390
.
for
stock
common
"Federal
1,128,192
1,689,209
95,046
140.767
from
»"
Receivables
.
876,207
$1,729,062 $15,016,097
92,928
140,767
deducts.,
share
per
record
releasing
in
directors
of
receivables
Consolidated" Balance/Sheet Dec. 31
,
Total
cents
25
man¬
the year after payment of dividends of
value during
of
of
holders
and
C&sh
share.
per
board
to
at
or
companies.
This increase in management's
dividends and interest received from non-
Assets—
<
Portfolio
an indicated asset value of $11.42
Dec. .31,. 19.41,- showed less than a
10
stock
common
asset
market
over
unrealized
Accounts and notes rceivable
comprised of a total of 50 cents per share on the out¬
standing common stock and $3 per share on the preferred.
Company
also expended $3,700,000 in reacquiring
at a discount shares of its
own preferred and common stock during
the year.
In reporting to shareholders, Floyd B. Odium, President, said:
' :
"Our nation is now in the beginning of an all out war and defense
to
66,792
1,013,200
75,380
$1,214,510
_
other
Divs. on pref/ stock
12
$1,804,443 $16,029,297 $17,185,398
$1,296,162
and
45,077 ;-
cents
The
1,952,535
1,548,719
income
Taxes
ended
week
as
reporting Feb.
its
in
dividend
9,566,286
54,165
6,130
pref.
on
Other
stocks
stocks-
com.
on
on
for
decrease
Income from subs, cons,:
Divs.
for the
general decline of almost 18% in the market level
measured by Standard Statistics 90 Stock Index,
a
stocks
corporation
inc.
net
above)
(as
reports that
Corp.—Annual Report-
common
in
net
'
'
*
(Corporation and Its -Investment Company Subsidiaries)
above production of 105,352,651 units a year ago.—V. 155 ,p. 594.
Atlas
9.566,286
/.i;
and
\
output of the Associated Gas & Electric group was
(kwh.),
This is an increase of 19,759,375 units, or
units
{Excess of cost
in
Net unrealized depreciation at Dec. 31, 1941 includes
$847 net depreciation applicable to minority interests.;
Corp.
704,953
and
receivables from non-consolidated
majority-owned subsidiary
companies since dates of acquisition amounted to $97,212 as compared
with a net decrease of approximately $206,000 in surplus accounts as
reported by such,companies.
v.
f.v
-../..yv
v
^
p? 35ff:
of
in
&
'
Amer. Gas & Elec. Co.—
i.
Lord
electric
compared with
Undistributed net inc.
Undistributed
of
Accred
stocks.-—
com.
15.4
branch
value
par
consolidated
majority-owned
subsidiary companies during
the year
aggregate $962,289 as compared with the aggregate net increase in
surplus accounts reported by these companies of approximately $537,800.
The aggregate net decrease in management's valuations of investments
-
Taylor (not in¬
amounted to $872,326 for the period from May 27, 1941,
Atlantic
6
18.8%
Divs.
$73,113,518
//$63,383,675
Manhasset
investments
$275,076
for
earned
common
the
over
§After deducting net
increase
subsidiary
'
debt-
pref.
on
15.6
19,263,335
/
■
of
HThe
valuations
Associated Gas & Eleetric Co.—^Weekly Output—
deduct.-
Balance
..
of
above)
and
int.
Other
$2,644,921 $26,236,976 $28,160,361
617,729
7,277,177
7,567,328
$2,140,580
$43,429,531
td'Jah.*3lj 1942;-^V. 155,
•
v
$37,577,841
;
Note—Sales
$2,611,973 $25,905,616 $27,993,220
32,947
331,360
167,141
$2,106,431
_
income
valuations
16.6
14.7
—
Year
8,852~460
cluded
income.
Operating
Other
24,166,196
16,516,060
cost
unrealized depre¬
depreciation during
is after deducting a net increase of $687,213 in management's
assets.
majority-owned
15.0
x——21,061,781
depreciation of assets.
of
the year
15.3
\
5,335,696
2,548,000
779,726
14,108,440
$29,683,987
of
excess
in
agement's valuations of assets.
ciation
• • £% i
585~257
861,998
taxes
J.
24 999
486,645
...
profits taxes—
quarter
Fourth quarter
4.651,182
i
12,231,873
$2,185,412
stock
common
treasury at that date and retired in 1941,'
$13,588,591 dividends paid to Dec. 31, 1940. {.Before deducting net
and
1941
'
$25,805,834
season-—
Third
12,257,951
-
8,333
adjust—_
income
5,081,583
■
•-.$13,573,961
quarter
Spring
27,257,841
12,774,484
1,061,453
1,085,908
elec.
r
deducting
unrealized
$86,348,350
34,757,191
2,523,634
385,256
451,869
——__—
of
quarter
,
Second
Depreciation
Other
First
1941—12 Mos.—1940
$7,877,618 $97,711,895
$8,868,379
revenue
■'■After
shares of
j;. •% Increase
"$15,575,547
14.8
1940
consolidated—
Operating
are
(& Subs.)—Earnings—
1941—Month—1940
Period Ended Dec. 31—
Subs,
Co.
31,
year
1942, and sales for the same periods: of the pre¬
given below.
For the sake of comparability, ,the sales
of the Manhasset branch of Lord & Taylor which did not begin- busi¬
ness until May 27, 1941, are shown separately.
•;•••\
Co.,
Nassau Transit Lines, Woodside, Long Island, N. Y.—V. 155, p. 593.
•
Jan.
ceding
Little Rock, Ark.; 10 for Middlesex
Newtonville, Mass.; and 10 for Queens-
Capital Transportation
assets
(at
Balance
cost
Sheet.
less
Dec.
amount
31,
1941
written
off),
$9,516,092;
cash deposit in respect of offer to purchase the properties and
rights,
etc., of Lake Sulphite Pulp Co., Ltd., in liquidation (for sum of $1,000,000.
payable
$500,000
in
cash
and
balance
in
debenture
stock),
•
$50,000;
Volume 155
cash
hand
on
Number 4046
and
in
banks,
THE COMMERCIAL & FINANCIAL CHRONICLE
inch.*call, loan,
$1,629,945;
/'v.
investments
Kbook values)*, $157,674; accounts .and bills receivable,'less reserve,
$1,470,440;
deposits
with
trade
associations,
$26,905; - inventories,
^$1,277,456; deferred chgs., $28,662; total, $14,157,174.
V•rf;-,
-
Balance.-'Sheet,
Dec.
v;'
31
•' ?
K'-7
Cash
United
Vi •&> •'
defense
savings bonds_,*,____
serves
.Inventories
Liabilities—Capital stock ; (300,000 shares, no par), $7,500,000; re¬
for depreciation, $4,162,025; reserves for depletion, $137,048;
payable and accrued charges, $490,767-; reserve for income and
'excess profits taxes, $536,291; dividend payable, $75,000; capital sur¬
plus (including $358,650 arising from consolidation!, $390,463; earned
surplus, $865,580;- total,.. $14,157,174.—V, 154, p. 1145.
Brown-McLaren
-Cash
100,875
value
of life
Prepaid taxes, insurance, - etc...
!
;iLand
*
Buildings, machinery and equipment
■
The' directors
declared
16.
stock,
like
A
(F.)
$1,
par
amount
payment, also 5 cents,
i
a
-dividend
5
of
cents
share
per
on
Biirkart
payable
March
2
holders
to
was
Manufacturing .Co.,
St.
$6,349,435
Capital stock and social
security taxes____
-Miscellaneous- accruals'
Federal income and excess
Loufs, ;Mo.^~
•
Earnings'for Fiscal Year Ended Nov. 30,
Operating profit
.
Other
■
income
(net)
—
-
income-—!!j_!
on
:
Net profit
-Balance, surplus at JDec. 31,
••■"y;1 ;i-.V'.-• /,<•
Total-
\
Total
surplus
Balance at Nov.
30, 1941———————
Note—Provision
for
depreciation
The
441,412
to
$2,607,218
:
same
$42,980;
wages,
(and
State
tive
the
stock
'common
income
on
dividend
$2.20
$1).
(par
$135,819;
$3,914,067.—V. 154, p. 425.
«
shares,
earned
(cumula¬
$405,900;
$2,607,218; total,
surplus,
;
.
—V.
v
155,
An
the
on
;
<
.
com¬
/;•" /
.
.
payable at the Old Colony Trust Co., transfer
p. 983.' -..--"/.v
•
Canadian National Rj%—Earnings—,
-
Week Ended Feb. 7—
-
•
revenues
1941
•
v
•
31,
1
the
'i
:]
:
for
Court
Feb.
an
an
..extra dividend of 40
$20,
both
of
payable
40
Feb.
cents
14
Feb.
also
was
paid
1941
year
for
reserves
have
directors have
B. stock,
Feb.
16.
no
During
issue;
March
cents.
Feb.
on
15, last year,—V. 152,
152,
payable
of
25
March
cents
2
to
per
share
holders
of
on
the
to
$804,314 after
was
a
for
reserve
Taxes
of
taxes,
normal
a
Week
2
paid
following .distributions were made on this
and Sept.
25 cents each, and Dec. 1,".75
in
totaled. $1
1940
share
per
Caps
amortization
$1,038,872.
the
etc.,
net
of
After
war
payment
addition
to
the
$488,381.
declared,
Dividends
596..
31,
1941
an
..initial
dividend
paid
in
30
of
Years End. Sept. 30—
Gold and silver bullion
sales
1941
from
-V.
per
share.—
;
.
Balance
-
Operating expenses
Net
—
oper. Income
income
1939
Total Income
Normal
income
Prov.
for
Cash in
Net
income
/Earnings
636.
$841,687
$931,435
Feb,
7,
1942
$840,289
22,414
Feb.
762,862
8,
1941.
762,486
675,041
19,925
Jan.
8,727:1
31,
1942
23,258
9,922
$168,949:*
Cars
Week Ended—
Revenue
loaded
the
on
Milwaukee
1 to 7,
1942
32,454
——
1
to
7,
1941
—28,645
cars
2,769
2
to
7,
1942
,962
23,016
cars
2,796
10,706
,7,985
—V.
155, p. 598.
103,161
$22,558
84,000
$57,762
132,001
Nil
$0.02
—V.
excess of bank balance, $8,767; trade
payable, $32,400; current amount .due to parent
company,
$410; payroll payable, $14,206; Federal income tax payable,
$962; other
Itaxes payable or accrued, $9,184; capital shares
($1 par), $2,400,000;
Idiscount.on capital shares (no provision has-been made
for writing" off
this
item),
Dr$531,967; deficit, $70,895;
total, $1,863,068.—V.
152
p. 3173.
.'/■ ? ■ vvv* -v/Z •
Cars
Feb. 8, '41
18,471
15,067
11,314
cars
32,408
33,213
26,381
i.
598.
'
,
<
>•
loaded
disposition of plant and equipment......
for deprec. in prior years..!,.'-:.
u__
48,704.':;/'*
of
$2,771,273
or
per
-
depreciation.
Provision for Fed.
Income
inc.
and
$754,020
■;
53,553
excess
prof,
taxes—
tax
Excess profits tax___
profit
-
.
share
at
of
1941.
-1
1,226,000
-
$1,000,720
660.000 '
*tEarnings per share,,,,.
deducting provision for depreciation
-taxes..: tOn 240,000 shares of capital stock, $10
62,263
178.026^
,
.
released
4,068
$4.17
and
par.
Federal
.
%
$509,662
360,000"
$2.12
income
;
-
$12.38
29,893
the
per
end
/
Inc.,
in
of
a
sale
Midland
Defense
3,748,320
925,460
$4,922,797
$4,971,992
$3,748,320
Co.—
$298,212
3,399
•Represented by 1,457,256 (1,499,328 in 1940), no par shares.
>
/Represented by 181,156 (185,092 in 1940) no par shares.
J Represented by 182,157 (187,416. in 1940), no par shares.; "
{Represented by 90,578 (92,546 in 1940), no par shares.—V. 154,
p. 955. -
Colonial Utilities Corp.—Plan of Reorganization
proved by Court—
Company
,.///
participation
substantial
and
in
had
//;"/
the
Increase
liquidation
1940.
Machine
products
Plant
trust
Hill
due
6%
tion
of
B.
bonds
.5'/2%
of
in
bonds
1,
letter
a
June
due
Colonial
July
1,
Feb.
1,
Utilities,
1941
has
to
the
1958
1942
Inc.
been
in
of
Colonial
states
that
Colonial
and
approved
by
the. first
no
■
of
bank
1941
or
loans
was
$11.31
the
at
.
an
secured
Utilities
the
U.
Corp.
dated
as
District
S.
Court
at
of the plan must be filed. '
** '
J""''
' «
Only holders of Colonial Utilities Corp. first lien bonds and-Colonial
Inc. collateral trust bonds will be entitled to participate in
*the distribution of stock of the
reorganized company and therefore
Utilities,
they
the
are
only
has
been
of
pany
creditors
either
holder
declared
or
Contracts
to
have
complete
favorable
will be
been
been
and
filed
petitions
with
Trust Co.
for
the
is
com*
stock¬
or
in
the plan
certain
insurance
outlined
in
companies
the
plan
on
the
approval of such financing have
state regulatory commissions.
such commissions it is anticipated
be
Exchange
obtained.
//
;;
Commission,
of New York,
Guaranty. Tru^t
Co.
of
trustee of the collateral trust bonds,
expressed their approval of the plan
hearing before the Court
reorganization.
In addition, holders
amounts
their
directors
is
Each
creditor
participate
respective
the
substantial
tion
plan.
other
to
trustee of the first lien bonds, and The Commercial National
Bank and
of
the
on
no
subsidiaries
necessary consents will
and
vote
with
into
preliminary conferences with
Securities
to
and
entitled
v-xM?
entered
financing of the
terms
New York,
at
the
entitled
insolvent,
company
to vote thereon.
in
of
approval
that
the
classes
the
early
an
best
both
of
It
bonds
and
have
the
is
consummation
interests
representatives
or
of
plan.
of
the
holders
of
indicated
considered
plan
to
the
opinion
of
of
reorganiza¬
prompt approval by the bondholders'
"
requested.
All
acceptances should be returned to the Registrar and Transfer Co.,
Exchange Place, Jersey City, N. J., named as depositary under the
plan. For full details of plan, see V. 155, p, 259.
:
15
Columbia
The
Aircraft
Products, Inc.—Initial Dividend—
directors have declared
March
This
16
is
company
holders
to
engaged
initial dividend of 5 cents
an
of
in
Feb.
record
the
share,
per
23.
///: 'Z
manufacture
of
p^rts
for
aircraft
engines and airplane control equipment.—V, 155, p. 305.
Co.—Weekly Output-
week's
electricity output of the Commonwealth Edison group
companies, excluding sales to other electric utilities, showed a 12.1%:;increase
over
the
corresponding period of 1941.
Following are the
kilowatthour output totals of
the
past four weeks and percentage
comparisons with last year:
Kilowatthour Output
1942
1941
Week Ended—
Feb.
7
24
17
169,267,000
167,320,000
164,103,000
165,277,000
31__;
,
—V.
155,
598.
p.
i.-
Inc.
151,018,000
150,696,000 /
12.1
;
11.0
152,546,000"
7.6
154,442,000
7.0 r
1
.
Duncan, Chairman of the Board, in his remarks to stockholders
in
part:
of
Interest and Discount Charges—Oross volume of all receiv¬
ables acquired during 1941 was $1,018,586,327, the largest for
any year;
in
the
As
armament
in
International
Machine
Tool
history
the
the
Chicago,
as
and
for
company, compared with
receivables acquired during
of- the
of
employed
lower,
the
of
collections
purchase
cash
of
amount
ceeded
serve
Government's
for $125,000.
own
lien
Utilities, Inc. collateral
the plan of reorganiza¬
Oct.
31,
after
of
1941,
in
other
for
plant
agency
This
company
is
with it own machinery
of the Government.
now
for
in
&
1940.
greatly
ex¬
due
Investment
to
Co;,
a
increase
an
other
Bond
year
principally
large increase in average
Although financing rates were
was
1940.
over
and
$845,258,803
the
receivables,
National
there
providing
income
increase
outstanding
portfolio
during 1941
even
Federal
substantial
on
taxes
in
there
reserves,
of
$2,807,421
1941,
was
and
also
increase
an
in
re¬
for
in
a
net
income available for dividends of $771,042 for 1941 compared with 1940.
Net
income from operations
available
for
interest
and
discount
charges
for
reserves
for
for
1940.
1941,
after
charging
doubtful items, was
Interest
and
off
all
losses
and
providing
$17,669,561. compared with
discount
charges
earned
were
1941t compared with 6.48 times for 1940;
Corp.
its
holders
and
Wilmington, Del., by order entered Feb. 7,; 1942. The court has fixed
March 10 as" the date on or
prior to which proofs of claim and
the
end
.
Cdtporation,
Ap1
-
-
,
Arthur
Volume,
compared with $2,262,013
as
1940.
'■
December,
manufacturing
the
Coca-Cola
Commercial Credit Co., Baltimore—Annual Report—
Company also purchased in July all the 1,250 outstanding ($100 par)
preferred shares and 30%
of the outstanding
($10
par)
common
shares
$373,877
3,643,140
905,780
$3,643,140
of
$4,971,992
states
states:
share,
of
increased
the
1940
24,736
from
V":*
required
by,
:
Sheet, Dec. 31
$4,922,797
■
plant and equipment for
the manufacture of presses.
The completion of this expansion, in¬
volving. the. expenditure of
approximately $600,000 was successfully
accomplished with the aid of the manpower and the use of funds
Co.,
/•
Dividends
I;. "Before
program
v!
-
491.000.^.
-
.
the previous year were $280,950 or $1.40
per share.
Net
worth
applicable to common stock at the
end
ZZllIZ''
company
Company's
for
-
Glasrief, Presiderit,
Wi':
$2,475,733
$754,020
20,563'-'-.
provisions
28,704
•,
operations for year 1941 were $320,391
or $1.60
per share after provision for all reserves including those for
bonuses and estimated income-and excess profits taxes.
Earnings for
.
-1940
.
operation_i.-_._J.j.-_-__i_„___- ;;$2,702,006
Total
Net
/
1941
.
JDeficit.
Total
Jan.
Feb. 7, '42 Jan. 31, '42 Feb. 8, '41
155, p, 598.
Earnings
\:v7.
-
/R.
$$924
tax.
925,460
A.. E.
:
7,364,770
$1,252
___
Jan.
Clearing Machhie Corp.(/Chicago—-Annual Report—
:
8,021,675
$$105
of
14,742
Week Ended—
—Vs
-7,894,551
$1,985
1941
stock
Jan.
;■
k-
(A. M.> Castle & Co.—Earnings—
Years—
loading days)
(6 loading days)
(5 loading days;
Jan. 31. '42
line
p.
$7,363,846
294,813
(6
18,364
14,044
—_______
155,
$8,022,927
368,493
5,384
from
Chicago Rock Island & Pacific Ry.—Carloadings—
-
; o/-'..
received
Feb. 7, '42
line
Total
$0.02
$7,894,446
Commonwealth Edison
Week-Ended—
On
Connecting
Nil
32,454
Chicago & North Western Ry.—Cars Loaded—
$52,658
48,000
8,978
$7,561,462
___
905,780
Last
102,185
__
{Class A stock_*_
Reserve for Federal normal income tax
349
Liabilities—Checks issued in
.Provision
cars
Jan.
accounts
on
and
Feb.
___
209,823
.,,.10,173
Liabilities—
tCommon stock
payable
,
Excess
Road
$165,946
—-—
45,139
53,941
295,640
,10.30,7
_
Total
£8,652
33,180
during the period:
947
Assets—Casii, $14,618; accounts receivable—bullion,
$31,280; accounts
.receivabler-miscellaneous, $3,662; inventory - of stores and supplies,
,$29,424; fixed assets (net), $1,776,715; deferred
charges, $7,370; total
$1,863,068.
\
;
Profit
Received
Loaded
10,040
$172,576
24,000
from
Connections
Line
813
Balance Sheet, Sept, 30, 1941
profit
and
$80,109
share on
on
2,400,000
shares
capital stock (par $1)
-•Net
from
on
cars
connections
698
Received
Loaded
$165,248
3,627
_
bank__
directors
$830,808
1,284
192,283
369,313
_____
tClass A stock of Coca-Cola Co.
of
5,069
$4,233
paid
Calendar
8,527
23,721
Chicago Milwaukee St. Paul & Pacific
RR—Loadings
per
i-'.y
10,977
$845,359
tax—
depl. & depr.
15,194
29,404
5,721
$78,826
$7,565,107
surplus—!
•Common
that the
11,213
$51,364
1,030
____
profits ta?t__
'Dividends
18,427
$937,156
161
expense
Undistrib.
17,375
connections.
7,513
$51,203
$8,242,923
Balance
already
Jan. 31, '42 Feb. 8, '41
$849,200
779,605
161
$8,200,393
Assets—
the
1938
Feb.
Interest
Feb. 7, '42
3,688
______
Other
1940
1938
$7,564,946
273
acceptances
28,588
p.
1939
$8,242,650
100
•Including $825, Delaware franchise
The
^
cars
155,
1940
$8,200,293
884
/
cents
per
$834,496
—
Refining chgs., express,
insurance, etc.
v
$3.30
978.
p.
Carson Hill Gold Mining Corp.—Earnings—
.
totaled
Zy
'foadtid/^-Z---——
Total
-
1940
/.
Ended-/-:
Received
the;, cjqss B
on
•
Z
1941
paid_
Balance,
depre¬
Chicago Burliugton & Quincy
RR.—Carloadings—
record
2678.
p.
Surplus
-
the
June
1,
dividend
a
value,
1941
Dividends
.stock.—-V.
declared
par
;;/ • •//
7,559,477
_
income
From
The
class
'
$7,947,789
.
________
_
Dividends
of
edmmon stock^par/$5i payable \Feb; % 16 io
holders:
5:
share.
p.
$125,000; other assets, $26,171; fixed assets,
applications and licenses (in process of
$7,948,773
income
Net
share
per
holders
to
directors
y. 155,
contracts
patent
Coca-Cola Co.
rec.
Expenses
cents per share
„
the- new-
on
accounts;
and
directors
record
patents,
Calendar Years—
Divs.
Other
1939.—V. 155, p. 539.
Chesapeake Corp, of Virginia—Initial Dividend—share
hand^ $644,560;
on
Coca-Cola International Corpr—Earnings—
application
.
/ of
and
income and excess profits taxes, $229,022; accrued
liabilities,
$124,554; provision for additional cost of product shipped, $10,000;
capital stock (par $1), $200,000; capital surplus, $538,284; earned sur¬
application, Judge Fake said,
properties and instead of owing
$611,031 unpaid.
The reduction, he
quarterly dividend
,
and
banks
Total
.
pofit for the
in
receivable, trade, $1,128,582; inventories, $888,916; prepaid
and deferred charges, $23,921; investment in capital stock
•Taxes
6
$1,60
intervention.
par
.
cents
'
net
The
'*.■?£*;. v-
■
■
Carman & Co., Inc.—25-Cent Dividend—
;
200,000
;
capital stock___________>____
on
Federal
-
certain
regular
stock,
y,
extra of 40
per
..
79,048
$320,391
;
share
Midland Machine Corp.,
-
•
1_ /
plus^ $1,737,449; total, $4,168,665.—V. 147,
have declared a dividend of $1 per share on the
.Prior to/the change
}n name from .The Chesapeake Corp. and the
common
stock, payable March 31
to holders of record
March
20.
change in capitalization, the
company during 1941 paid the following
'During 1941, the company made the iollowing disbursements: March
dividends on'the old $25 par common stock: March
12, June 12, Sept.
'31 and June 30, $1 each; and Sept. 30 and Dec. 23, $2 each. An
extra. "10 and -Nov. 1, $1
each; also on June 12, an extra dividend of 50
of $2 was also paid on Dec. 23, 1941.—V. 153, p. 983. .
cents
;
149,974
;
Liabilities—Accounts payable; $239,327; construction contracts pay¬
able, $20,832; customers' deposits on orders, $1,069,195; provision for*
■
buildings, $1,643,667; machinery and equipment,
$1,497,523; patents, $114,688; U. S.
Treasury bonds, $100,000; other
investments, $14,525; inventories, $2,675,294;
cash, $416,572; accounts
receivable,
$1,289,107; deferred
accounts
receivable—patent license,
$40,000;• deferred
assets?-$38,397;-total, $7,829,773.
Liabilities—Common stock;- $3,5D0,000; preferred
stock, $500,000; accounts payable,
$341,906; deferred accounts "payable (patents),
$100,000; accrued wages, $81,918; reserve for
taxes," etc., $1,099,869; reserve
for plant
amortization, $75,000; surplus, $2,131,080; total, $7,829,773.
r—V. 155, p, 360.--• 1
;'
*
v,
^
Dec.
.
Canfield Oil Co.—$1 Dividend—
The
to
common
dividends
r—-!-^/46»439,000.'/$4,905,000
:
held at
notes
$1,265,742;
$5,685,754
-
-
1942
■W, 155, p. 595.
r
surtax
city made its
balance of
a
grounds
Assets—Land
'agents; Boston,- Mass,—V. 153,
•:
the
surplus account amounted
$6,747,418
This
<Gross
2,436,926
w
tax series,
Federal
.
The previ-
payable Feb. 14 to holders of record Feb. 5.
with $1 per share paid on Aug. 15 and Nov. 15, last.•*ous distribution was one of. $1.59 on
Aug. 14, 1937* , *
f-
and
amortization),/$65,774? totql, $4,168,665.
Jersey—Reorganization— Z
ciation charge of $190,200 and
facilities of $75,000 and Federal
588,139
Cabot Manufacturlnsr Co.—Larger Dividend—
The directors have declared a dividend of
$1.50 per share
V
2,7771647
.
reorganization proceedings started Oct.
30,
The
$6,159;279
$8,075,254
-
has
out
1125.
1941.
pares
i
notes,
Balance Sheet Dec.
The current dividend is
.c'v
•
of
■
Chapman Valve Manufacturing
Co.—Earnings—
capital stock,
;
IZ--Z
->'•
-.
lost in
abandoned
595.
p.
iqq qq7
-
has
now
ruled
the
of
——-
2,400,000
igo 307
«
reorganization proceedings of the company.
Fake held that the
city was amply protected and
intervene 50 other
municipalities might follow the
time when
record Jan, 31.
p.
January—
1942
/Company .wholesale sales-/.!ir—$7,283,195
•Scott-Burr Stores Corp. retail sales..
—1_—
792,059
sales-
the
addition
in
on
stock
par),
no
Month' of
Consolidated
'
_■
,
The. directors .have declared
•'
Butler Brothers, Chicago—-Sales Up—
•
tax
profits tax
paid
per
expenses
Central Surety & Insurance
Corp.—Extra Dividend—
trade accounts payable,
preference
16,236
course.
The
$98,499; accrued taxes and
claims (est.), $3,650; Federal
$470,000;
share,
/
the
L.
to
railroad
said,
•
(est.),
a
Guy
$3,119,903
etc.,
compensation insurance
taxes
annual
bank, $150,000;
taxes,
635.
p.
city of Jersey City
Since
arid equipment
of property; plants
Balance Sheet, Nov, 30, 1941
..wages,
155,
permitted
Assets—Cash, $148,397; receivables, $659,018; inventories,- $2,065,633;
other assets, $96,031;
property, plants and equipment (net), $920,938;
deferred charges, $24,050; total, $3,914,067.
payable to
commissions, pay roll
2,400,000
J
•
and
185*744
$6,349,435
intervene-in
Judge
,1,500
.
amounted to $45,810.
Liabilities—Note
'v;
-
Central RR. Co. of New
if
the year
:
•
,
on
common stock
($3.25 a share)-.!
Excess of cost over stated value of 200 shares of
preference
stock purchased during year____"
•
income
excess
______
Assets—Cash
18^433
48;246
52,400 '19,109
corporation has notified the New York Stock
Exchange* of the
appointment of Empire Trust Co. as transfer
agent of its common, 5 'k
prior preferred, 1% prior preferred, and
7% second preferred stocks,
effective at the
opening of business on Feb. 9, 1942.—V. 155,
p.-305.
$3,086,289
*36,159
share)--
a
f^»;
39 109
Celanese Corp. of America—Transfer
Agent—
$940,486
'Dividends
for
normal
Balance Sheet, Dec. 31, 1941
The
.2,145,803
.
($2.20
50,948
"'468*471
—
j*Less'.$l,252;000 'U,. 'S. Treasury
..120,000
2,175
taxes.———--;
1940
/Dividends On preference stock
'
profit
Dividends
"$1,410,661
profits
excess
Additional provision for prior "years'
'
Federal
$367,036
•_
--
.
.Federal and State Income taxes.___—:^___-—- 348,000
I Federal
•
29,840
$549,413
—
for
Earnings
profits taxes,,
stock (par-$10)—
Paid-in surplus •
4.:,•
.Earned; surplus
$1,395,450
15,211
srf--—-
Profit before taxes
,
$5,665,754
$352,326
-Capital
1941
1941.—V.
!
Provision
...
Accounts
Gross proht from sales^ after deducting cost; Of goods; soldw$2,125,523
Shipping, selling, administrative and general expenses.---730,073
■
(net)
625,405
Net
Liabilities—
payable
Local taxes, -:
*/;
352,236
profit
Provision for. Federal
,
Total
.
record
of
paid on Nov. :15, last year. The previous
made on Oct. 1,1937.—-V.147,; p.- 1029.
was
'
,
income
Net
653,160
:-/
$871,809
profit from operations*!!!!!!*.■ $519,573.
Other
24,391
"
674,728
1941
expenses
.
common
Feb.
•
have
Net
243,932
22,080
640,501
(net)
—
the
:
836,557
Statement, Year Ended Dec. 31,
profit, from sales__
and administrative
Selling
2,142,641
258,445
insurance policies.
,
Co;—5-Cent Dividend—
120,875
995,153
739,810
surrender
Gross
$1,018,792 "
50,000
;Deposits with life insurance companies
Customers' accounts
receivable, etc. (net)
.accounts
Condensed-Income
?/1940~:"
-
$2,867,843
States
693
Book
1941,
ing
on
of
shows that
was
rent
Value
$29.58
receivables
Dec.
31,
Common
the
share,
per
and
1940.
book
listed
The
Stock—The
value
of
its
represented
securities,
book
value
of
r
balance
sheet
common
almost
compared
the
stock
times
/
•
as
ample
$13,200,035
5.54
of
then
for
> ;
Dec.
31,
outstand¬
entirely bv cash, cur¬
with $28.61 per share
common
stock
does
not
in
;
/
either
,
Consolidated
include any value representing equity in reserves er
the company and of its subsidiaries, and includes only $3
and $7 in 1941 to cover their substantial investment in plant
case
in
1940
Gross
receivables'
Gross
oper.
less
market"
counter
prior
Just
said
assets
limited "over tne
Sundry
thereafter.
in
25,862,784
^-36,160,207
21,554,066
-26,843,334
and
compensation.-••-8,689,858
Taxes .(exc.
Fed.
of
!■■■
Nov.
On
Co.
1,962,352
4,603,799
was
.bill
earn,
1,071,834
509,341
2,284,757
ints._
3,186,645
5,398,919
?■ 2,047
2,035,306
2,852,076
-F.745
1,381,752.:
•
.'6.341
income——-—
9,081,950
8,310,908
7,9i3,653 ~ 8,997,363
charges
disct.
and
for Fed.
for
inc.
inc. taxes
min.
ptef.
Cash divs. pftid on'
stock
divs.
Cash
(
518,237 '
518,237
518,237
:
7,364,663
5,984,133
5,524,103
——
of
Balance
from
inc.
1 -
'
*
-
11
-
1941,
17,
11,
1943,
a
Dec.
11,
depository
that
bank of National Bond & Invest¬
lVfe% note for $1,500,000, due
ll/2% note for $1,500,000, also due
earned
with
connection
in
In
for
for
.purchased
assets of
the
Canada.
in
use
Bond
National
•
Investment
&
-
Co.—Company,
■
•••
as
of
*
.
Oct.
31,
.
liquidation (net),
small loans receivable
in
Accounts
Direct
or
valuei
of
Y._
n.
Deferred
I
Furniture
1941,
the
local offices with the same
same
business
The
>■
of -the
National
Bond
companies
names
primarily
.V
Liabilities—
ments
Federal
Reserve
'
.
> l'
'
based
and
income
for
priorities
not
W, promulgated
■
••■'--»
"
and unused "stock pile" automobiles and light trucks orig¬
inally financed for dealers, thereby relieving dealers of any further
liability for the payment of the purchasa^ price of such automobiles
and light tri cks.
A rationing program has also been announced in
connection with the distribution and sale of automobile tires, which
will. no doubt
further curtail the general use of automobiles by
new
public.
»
.
These restrictions will substantially reduce the volume of instalment
receivables available for acquisition by company and its subsidiariesThe financing of the sale of used cars, which, so far, is not subject
to any restrictions other than Regulation W, is continuing to furnish
a
substantial volume of instalment business.
•:
Board's
materials,
customers
of
case
40%
capacities
power
Gas
and
steam
the
at
generating
current
the
and
regulations,
extension
the
by
the
installation
of
designed
Companies
for
services
after
study
worked
the
for
out
of
conditions
war
for
measures
prompt
interruption through
the
restoration
air
raids
trained
be
of
in
date."
to
sabotage.
or
by the New York City Police and Fire Departlias
of
has
in
installed
have
been
of
case
been
these
been
zones
evacuated
plants
any
service
public authorities a system of guarding plants
gas holders is in effect."
Air raid and fire war¬
-equipment
property.
Safety
would
abroad
protection
of
with
and
been
which,
utilities,
methods
emergency
to
up
air
practiced
without
at
raid
all
at
times
7
that
so
•
System
em¬
Experimental
could
developments
with
practices
the
be
are
various
kept
be
may
•
«
..,
on
which
blackout
a
Current
fire
places
to
alarms.
that
so
difficulty,
Special
many
designated
-
r,®po.1!t al^° indicates that, for the first time since the existence
1,734,043
of the tie-line between the Consolidated Edison
^
of N. Y.—Insurance
rv:
—
—
'systems,
1...—
87.
-
-—-l—i—l-li:451,421,017
..
.
electric
more
sent
power was
to
and
Niagara
Hudson
-
the
8.90%*.
1
,
this
'
have
1964,
action
Price,
by
the
stockholders.
Waterhouse
the
audit
to
with
do
the
provisional
ing
contractual
•the
&
of
accounts
Co.,
the
retired
and
of
The
first
asks
and
for
publicV
independent
as
company
pensions under
plan to $5,000
limit was fixed at
top
a
in
its
system
a
the
$20,000
a
plan
is
by
year
non¬
and
the
management
officers
receive
now
points
out
vote
of
only
retirement
that
30
annuities
ex¬
$5,000
a
year,
and that the amounts paid in 1941 to these
in excess of $5,000 each aggregated $125,373.
Arbitrary
limitation of any retirement annuity, as proposed in these resolutions,would be, in the opinion of the management,
"unnecessary, inconsistent
with the
general character of the plan and constitute an unwise
30
.
persons
limitation
r
the
upon
discretion
of
the
board
of
trustees."
It
is
stated
.that.the management proxies will be voted®against such resolutions
'except where the stockholders indicate an affirmative vote.
\
,
Combined
corporation
Earnings Statement for Calendar Years (Incl. Sub. Cos.)
J-;!-''
'
-
1941
-
Operating revenues:
sales
of
energy
From sales
Of
From
„
From
been called for redemption as of March 1, 1942. at 102
Payment will be made at the City National Bank & Trust
Chicago, trustee, 208 So. La Salle St., Chicago, Til.-r^r;; S54,
1940
_
$
;From sales of gas
1939
$
*
$
41,023,445
?0i,746,78* 197,277i694'
electric
187,554,530
9,670,191
2,647,555
*
206,765,558
Steam._ % 9*793,962 - 10,793,348
miscell.
1938
$
41,220,810
40,641,621® 41,889,087
sources.
2,585,440
10,044,808
2,499,392
2,628,035
have
of
•
\
956.
- "
v
"
"
7
r
Gross
oper,
^Operating
"
•
■
revenue.
expenses
259,786,581 256,928,608 '2S*i7l,407 :240,895,^21
116,398,698 117,051,965 115,929,086.117,080,596
of New York,
Edison -Co.
Consolidated
annual
25,016,344
18,828,893
62,357,098
57,991,064
54,320,798
51,004;075
52,157,733
55,267,671
Operating
-•
revenue.__U_
<Non-oper.
rev.-deducl.-
The
Int.
on
Misc.
in
>1941
I of
than
1940.
.
•
;
•
report points out that
$28,873,052 against
was
81/2%.- On
31,
Dec.
1941,
.reserve
stood at $102,410,083.
In
the
.♦
discussing
tax
>•
f;
.
the
of
,
^
■
,
increase
is
rates
taxes.
report show how the System's taxes have inThese charts indicate.the following:
The Svstem Companies' total taxes, which were $33,338,429 in 1932, r
increased 89%
in the ten-year period.
Several
charts
in
the
'creased in the last ten years.
In
1941
1932
468,562
487,080
U- 487,727
taxes
amounted
they were.up
to
14
to 24 cents.
55,190,500
55,918,268
17,719,877.;, 17,693,767
17,275,590
-
-
-'"(3
V
53,962,992
17,961,912
I
,
deductions-
stock
cos.': held
V
769,952
>
*2,132,748®
946,520
■
t
-i'i '
'*• H
Cr477,530
—
65,891
1,037,674
of
by
95,349
81,811
33,920,911 >36,454,864
:
-•
36,428,119
34,893,619
20,647,349
22,942,054
22,942,804
22,943,054
10,922,200
10,922,950
10,924,038
10,928,282
stockholders
cents
*
income
t69,787
..
Divs.
on
company
stock:'
Common
;•
$5
preferred—i
cum.
>
,
..
Consolidated Edison System
primarily in Federal taxes due to higher
in effect for Federal income, capital stock and electrical energy
the
500,169
/
& expense
pref.
minority
Net
.
Companies, the report gives the total taxes of 1941. as -$62,965,9b4,- an
increase of more than 7Va% over the previous year. rThe report says
that
>>
535,365
•
,
burden
on
■subsid.
the overall operating expenses were
of
disc.
chgd.. to construe.-
Divs.
•
51,999,101
long-term debt-"
int.,
amort,
of
miscel.
Int.
less by about one-hail
■>•r*V :
the amount set aside *for depreciation in
$26,617,908 in 1940, which is-an increase
the company's consolidated depreciation
For the year
-
debt,
>
&
,*
income>i^„®-_»
.Gross
;
than absorbed, how¬
"This increase was more
report says:
by $4,366,034 of higher operating taxes plus $2,255,144 of njgher
depreciation charges." Sales of electricity in kilowatt-hours and the
'revenue
therefrom
were
the highest ever ^recorded by .the;-System.
1%
-
1
ever,"
The
53,982,157
55,905,179
458,194
427,508
>
-'586,140
report
.
•1940.
income.___
Non-oper.
shows a net income of?,$33,920,91"lif'which Is.
6.95% less than previous year. It is equivalent, after dividends. on_the
preferred stock, to earnings of $2 a share on the common stock.
This
compares with $2.23 for 1940. ,
•
' r-..'
••'•• •>'•>.;
Total operating revenues of Consolidated Edison System companies
la mounted to $259,786,581, an increase of $2,857,973 or 1.11% over
The
28,873,052 V 26,617,908
Inc.—Annual
mailed :to stockholders
10
•Report—Company on.-Fob.
icopies of its annual report
Depreciation
Taxes
P
-
company's exist¬
This
year.
1939.
statement
proxy
employes
ceeding
limitation
retirement
stockholders
In- the
and interest.
Co.
for
of
to
companies for the year 1942.
The other two, which a stockholder of
the company has announced his intention of presenting to the meeting,
..
1940, an increase of
resolutions
approval
accountants,
output of The Commonwealth & Southern Corp.
31,
three
ithe
340,015,430
^
j
„
Community Public Service Co.—Bonds Called—.
.
A total of $49,000 of first mortgage bonds, 4% serfes, due March I,
Company,
by
the
war
up
on
city departments
hour output of electric energy of/subsidiaries
adjusted to show general business conditions of
territory served for the week ended Feb. 5, 1942, amounted to 201,832k378 as compared with 183,643,314 for the corresponding week in 1941,
an increase of 18,189,064, or 9.90%.—V.; 155, p.,.598.
4 : v" "
:>
>
-
Feb. 15, 1942..
'.. .
.
v
:
V
In order to facilitate the- wholesale financing of the purchase of
."stock pi.e" automobiles and light trucks by distributors and dealers,
•the
Reconstruction Finance Corporation has announced a plan by
which, after six months upon 60 days' notice and under certain con¬
ditions, it will take over from financing agencies contracts covering
any
to
as
^under careful scrutiny and contact is maintained
Weekly" Output—
.
'
have
effected
.The weekly kilowatt
of
■
cease
p.
22.03%.
-Dec.
-
will
in
the
at
over
long ago looking to the protection of the Com¬
property, and to the adaptation of operating
conditions
that
might
arise.
A "System
defense
and
in
darkening
system for the
month of December was 2,169,002,800 cubic feet as compared with
•2,039,002,200 cubic feet for December, 1940, an increase of 6.38%.
Total output for the year ended Dec. 31, 1941, was 20.108.508.100 cubic
feet as compared with 18,464,306.200 cubic feet for. the; year .ended
however, is
opposed to any further restrictions as to down payments or maturities
as being quite unnecessary in view of the curtailed production of most
articles usually sold on tne instalment plan on account' of the need
for .materials.and labor in defense industries.,
•
1
■
In addition to freezing all new cars in the hands of distributors and
•dealers on Jan. 1, 1942, subject to sale at. retail only in accordance
with a rationing program, the Government ordered all manufacturers
.of
passenger
cars and light
trucks to label such vehicles as were
shipped after Jan. 16, as to passenger cars and Jan. 17 as to light
trucks, so that they may be held as a Government "stock pile" and
subject to sale and delivery by distributors and dealers only upon
Government order.
It is expected that all production of passenger
cars
and light trucks, other than those designed for war purposes,
receivables.
155,
Gas
by the Federal Reserve Board, effective
available'instalment
testified
Production
set
was
substations
ployees
■
Electric output of The Commonwealth St Southern Corp; system 'for
"the month 'of December was'995,645,454 kwh.f as compared with 838r785,063 kwh. for December, 1940, an increase of 18.70%.
Total output
for the year ended Dec. 31, 1941, was 10-852,992,238 kwh. as compared
with 8,894,005,919 kwh. for the year ended Dec. 31, 1940, an. increase
of
payments and
other articles
usually sold
on
the
instalment plan, also ' for certain maximum
maturities on "small loans"
payable in monthly instalments.
Com¬
pany favors the present restrictions as being sound especially during
the existing
national emergency, even though they will reduc* the
of
were
and
any
effect
company
r
Sept.
volume
installed
1938,
work
is
cooperation
.and
Commonwealth & Southern Cerp.—December Output
1, 1941, provides for certain minimum down
maximum maturities on automobiles, refrigerators and
■on
in
load
the
war
industries
ments for service at plants and commercial buildings.
.
t
affected,
>.. ■.>.:
etc.
'.L—-'———I'---"
Total
•—V.
Financing—So far, governmental restric¬
the company.
Regulation
,
have
capacity,
starting
in
heavy
•
but probably have increased,
the current volume and income derived from, the acquisition of open
accounts
receivable
on
the
"non-notification" plan, ., the factoring
business and credit insurance,
which activities produce a substantial
tions
generating
of
—
organizations
Board
Instalment
•and
v-
.
lack
taken
to
their
dens
6,024,394- J 6,139,752.,
8,315,881 ;':AV 6,205,542
9.073,271. 3.589,169
899,206
816,631 a
^ ^ 216.010
•:•
the
upstate companies during
1,123,434
.,the year
than was taken from them by the Consolidated Edison
Deferred income and charges (unearned)—20,970,300 -13,560,591
System. During the year Consolidated Edison sent 311,912,000 kilowattMinority interests' equity in subsidiaries-———
55,21645,738
hours upstate and received 81,147,000 from the
Niagara Hudson System.
j4'/4% cum. conv. preferred stock (par $100)1—
12,193,800 >12,193,800
The annual meeting of stockholders of the
Common stock (par $10)
company will be held on
—
18,414,730
18,419,730
March
16
at
2:30 p.m.,
according v to the notice of: meeting being
Capital surplus
e
—
1
17,672,463 '• 17,667,538
mailed to stockholders.
The proxy statement for the
Earned surplus
:
_■—'L^".*18,398,300
16,611,677.
meeting presents
reserve,
.
on
.
electric
of
government
present
were
property
In
>■
•
receivables \
reserve——&
Amer. Credit Indemnity Co.
was
<—
.
•
possible losses———-——4^'v
Canadian exchange fluctuations.—
for
Reserve
profit tnrough tne
Restrictions
—
'Unreported losses and loss adjustment expenses
'Unearned insur. prem.—Calvert Fire Insur. Co.
orderly liquidation of such assets by a
going concern.
On account of the uncertainty regarding restrictions
upon the sale and financing of articles usually sold on the instalment
plan, no consideration was > paid for good -will or for benefits which
mignt accrue from future business acquired by the new subsidiaries
of the company being operated generally by the old National Bond
personnel.
Operations of these new subsidiaries are-included in the
•consolidated operations of the. company only after Oct. 31, 1941, the
date as of which these assets were acquired.
;:;•
V
•»»
—————————
partic. loss
Reserve for
personnel
similar to
purchased the assets of the National Bond companies for
©ash
at
their
approximate
book value, after providing sufficient
reserves for deferred charges
and losses so as to produce normally a
-
and
16,055,956 • 8,206,546
46,500,000 30.000.0QO
'•••'
s 3,816,23s.
War
personnel
committee
of
27G,837,500 199,669.000
bal. (Textile CQ.)--
collected
are
.
Dealers'
Company
reasonable
:
Contingent reserves:
Margin due customers only when
providing, for minimum down pay¬
and maximum maturities on certain time payment purchases.
the
of
—>———_
——
Manuf. & sell, agents credit
•
"W
payable
Notes
"motor lien retail sales
or without recourse upon the dealers.
i
The puicna.se of the portfolios of the National Bond companies and
any future business acquired through the new National Bond organization will act as a cushion for the company against the expected dec.ine
in all time payment financing resulting from the discontinuance of
production of new automobiles and the curtailment of the production
of refrigerators, heating equipment and other articles usually sold .on
the instalment plan, as well as from the restrictions under Regulation
experienced
3
•
„
t
notes
short-term
far,
because
>
Con¬
demands
materials.
panies
451,421,017 340,015,430
'
•
separate and
.notes" either with
such
"Steps
3,501,861
987,777
...7
;
Sundry accts. pay. incl. all Fed. & other taxes-
from dealers of their "motor lien retail time sales
.notes" without recourse upon
said dealers, whereas, such business
;©f the company is generally with recourse upon or repurchase agreement from dealers.
Accordingly, the company can now handle through
ttwo
1,808,048
—
the
severely restricted. Furthermore, only minor mainte¬
jobs may be undertaken without explicit priorities as to the use
practices
chgs., interest & discount prepaid, etc. and fixtures
—————,—
Unsecured
the purchase
.-upon
-
found
any
officials
essential
to
customers
customers"
;
at
Insurance Co.
Total
;
secured by new and a small amount of used automobiles
; financed
for dealers.
A small portion of these receivables were wnat
lis generally known as direct or "small loans" to individuals, most of
iwhich were, secured by liens upon their automobiles^ The old National
Bond companies changed their corporate names and are In liqulda>tion.
The business formerly conducted by these companies is now
carried on
services
of
70,057
520,448
902,331
——
—
the
conserve
new
by Am.,Credit Indemnity Co.
Invest, sec. held
.
to
personnel
the report says.
war
report
the
System
"Under
of
520,448
4,530,867
—
their
and
end,"
the
mobilized
the Public' Service Commission.
likewise ample.
of
to
166,493
3,029
5,278
Harvester Corp.—
Securities held by Calvert Fire
v*
November
nance
securities——
marketable
-
that
into
are
.
—-
States
meet
small
Federal
companies
cooperate to
continues.
"Actually so
fabrication of materials used
the
for
these
Companies
Reserves of
the
capacities
i
'
.
arise,"
has
United
System
the first obligation of the American
taken every occasion
to state to
that
that
to
the
of
relatively
of
request
440,679
»
.
Gleaner
cash at approximate book value substantially afl of
National Bond & Investment Co., Chicago, and its sub¬
through new subsidiaries of
the company having
those used by the old National Bond companies.
cars———*.
Sundry
>
"motor
being
motor
than
In
l,973,8il
352,521 ?
■
2,652 >
promotional activities of th'e
satisfactory appliances
make
prices."
greater than the System's highest peak load and probably constituted
the largest concentration of
unused
power capacity
in the country.
29,874,968
v.,*V-.V,;•
•
efforts
and
war
effort
anxious
System
been
behest
63,783,596
60,705,105
the
Edison
.New York.
depreciated
■
Other
33,979,822
to
the
entry
might
the
>has
3,603,228
.—
Investments:
vances,"
v
37,109,048
1,374.937
* 161,687
Motor cars
in excess of $70,000,000.
Most of -these assets
lien-retail time sales notes" of purchasers, secured by
new
and used, automobiles originating from the retail sales thereof.
.Some of these receivables were * 'motor lien, wholesale notes and ad¬
.
55,307,363
-—
—--——
Repossessions in co.'s possession, at
aggregating
sidiaries,
.'were
79,679,979
——
factoring rec
Sundry accts. & notes receivable-.
Open accts. notes &
win
to
ready and
that
•
•
.
the
their
reasonable
management believes
is
directing
on
.
substantially by
in
at
kept in first-class operating condition.
"Formal
216,784,672 143,105,451
.——_
Motor lien wholesale notes
company
,
Canada
sales notes—_
time sales notes
and advances
Indus, lien retail
50,174,283
——————
—
retail time
lien
$
'
Since
size of the
important to keep in good order the electrical appliances
systems in their residences.- Customers were urged
appliances, cords, house wiring,
fuses and other parts of
electrical systems checked regularly by competent service
men
stand
1940
-1
total.
electrical
solidated
$
the
of
particular change in the
no
war
those
$4.t'0
1941
20%
to
was
people
31
Assets—
Motor
it
their
"
and its subsidiaries have for
.several years done practically no business outside of the United States
and Canada.
All assets not in the United States are included in the
consolidated balance sheet, at par, but reserves have been provided
'for conversion at exchange rates prevailing on Dec. 31, 1941.
Net
income of the company for 1941 has been charged with the amount
•necessary to reduce the net
income of the Canadian subsidiary for
11941
to exchange
rates prevailing Dec. 31, 1941. - Earned surplus of
the company has been charged with the amount necessary to reduce
'its investment on Jan. 1, 1941, in the consolidated capital and surplus
of the Canadian subsidiary
to such exchange rates.
Current con¬
solidated operations of the Canadian subsidiary
have continued to
require the use of such funds of the company as are now invested in
Canada and, in addition, substantial sums have been borrowed in
Subsidiary—The
Canadian
Dec.
Sheet,
number
20
program's needs for materials, factories and workers
begun to curtail the supply of new appliances in the
of the year, the System Companies advised
customers,
advertising and through the cooperative appliance dealers,
the
and
*" '
$4.01
$4.23
Balance
Consolidated
" v."
**v
J
$4.65
period—
of bills sent to
kilowatt-hours a month
the
for
total
have
to
1,841,992
1,842,007
1,841,973
1,841,473
.Cash
the
"The
period
period
period
the
of
months
and
1,115,073
•
the
with
already
that
inc. per sli. on com.
at end of
tory banks aggregating $81,740,000.
,
30,754
to
Companies
through
'3
outst'd'g
its
and
"3,039,611
•stk., incl. scrip, outst.
-
subsidiaries, the unsecured short term borrow¬
ings of the company were temporarily increased in November, 1941,
by about $70,000;000, principally with its depository banks, aside from
its fixed credit lines with thern, and readied a peak of $293,212,500
on
Nov. 19, 1941, the date the" transaction was closed.
On Dec. 31,
»1941, company and its subsidiaries had cash balances of $50,174,283,
and, in addition, unused and available credit lines with its deposiChicago,
Co.,
•" *
1,808,539.
'
to
compared
revenue,
the average of residential use
1940.
The average residential
in
bills
is,
29%
that
available
Since
later
stk.
com.
scrip,
end of
at
Net
purchase the assets of the National Bond & Investment
to
order
$30,000,000 borrowed from four life insurance
10-year promissory notes, due Sept. 30, ■ 1949,
which the total expenses were less than $13,500.
owes
its 2W%
companies on
of
shs.
of
No.
incl.
also
Company
company's
credited
surplus
operat.
company's
1943.
the
for
631
that
(that
from
in
been
contributed
had
\ 7,364,011
'
*
in
Moreover,
customers
decreased
readily
paid on com.
stock
1936.
use'
System
518,279
>
for
less)
edly
.
>
•
——————
of
1941
In
increase
living quarters or in the habits of living of customers in the territory
served, this increase in the residential use of electricity was undoubt-
-
.
Net
dollars
"Con¬
increase in sales
was
3%
in
an
This
steady growth in residential use of electricity
of years
is shown by the fact that the average for
kilowatt-hours is an increase of 21% over the average
645
there had
^
1,470,581
3,399,-789
1,571,614
7*6 '
3,431,309
in
year.
against
showed
$33.97.- The
term
a
'small
2%%
and
kilowatt-hours
of
use
1,413,494
"Increased Electric Use," the report says:
of several years, 1941
residential customers.
the previous
for
was
<or
———
the heading
645
.1941
losses
against
charge,
Prov.
results
.
one
exchanged
Dec.
1932 to $15.80 in
tkilowatt-hours
,
'Cr35,883
J.385,315
513,553
insur.
for
lilt,
4,117,486
117,176
•
>
1941 was equivalent
employe in
the total of electric, gas and steam meters at the end
the amount of taxes a meter has risen from $8.76 in
the year 1941.
upon
year,
year
over
of net losses, Cr"_
premiums
•Net
905,668
for losses in ex¬
Reserve
cess
7,307^293
844,742
1,068,155
4,666,261
77,562
fluctuations
Prov.
^494,230
7^124,637-
1,328,733
5,482,737
profits)
Other managem. exps.y
Provision for Can. exch.
stock compared
common
>
for each active
taxes
tinuing the trend
of
electricity
to
■
ment
the
the
&
inc.
undistributed
•
„
(
Feb. 21, 1941, the company borrowed $15,000,000 for
life insurance company at 1.10%
per annum,
connection with which the total expenses were less than $4,000.
from
278,799
;
employees
agents
■
Financing—On
years
amount of
share of
a
1941.
in
$1,842, having risen steadily from the 1932 figure of $720 an active ;
Based
192,453
1,937,704
«/■, 638,950
-
share
a
employe.
1,715,996
356,404
-
'
due
$5.49
Under
National Bond & Investment Co. changed its name
in liquidation, and during December, 1941, its pre¬
ferred stock was retired at
par
and accrued dividend, and holders
t of
the common stock were paid a first liquidating dividend of $18
I cash per share, and a further dividend of $1 or more per share is
i expected to be paid.
Liquidity of Receivables—Due to the character of its business, the
assets of the company and its subsidiaries consist almost entirely of
cash, current receivables and marketable securities as before men¬
tioned.
An analysis of current receivables aggregating $392,490,289,
; based upon a computed approximate spread of maturities, shows ap¬
proximately $237,207,718, or 60.44%, due on or before June 30, 1942,
and $93,311,094,
or
23.77%, due in the last half of 1942, making
approximately $330,518,812, or 84.21%, due during 1942; approxi¬
mately $44,518,676, or 11.34%, due in the first half, and $11,557,853,
or 2.95%,
due in the last half of 1943, and approximately $4,503,326,
or
1.15%,
due in the first half of 1944, and $1,391,619, or .35% '
,;two
to
•
3,245,834
6,487,602
-
income—
Gross
placed
was
.with
pre-
income—,.
Officers,
purchase,
and
.
-1,018,586,327 845,258,803 625,868,943 524,345,719
29,322,202
22,424,496
19,559,2«2 24,266,679
acq.
etc
fees,
miums,
>
company's common stock was currently selling on the New York Stock
Exchange at from $9.50 to $10.50 per share.
After consummation of
this
1932 taxes amounted to $2.90
In
.
.
1
1938
income—,;.
Earned; insurance
purchase for cash by the company, in October,
of National Bond & Investment Co., the latter
the
to
the
of
1941,
"
on
177,689
owns
based upon the
shares
Dec. 31, 1941.
of
value
the
than
company
.Vv-f-
1939
"
The
shares,-or
the
Moreover,
equipment.
>>y>
Calendar Years
for
1940
1941
59.22%., of the outstanding common stock of Gleaner Harvester Corp.,
which are carried in its balance sheet at $520,448, or some $700,000
and
Account
Income
1
goodwill of
,
Saturday, February 14, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
694
on
each dollar of. revenue;* by
"
■
;
Bali
carried
;
to-sur->'Y\;.'
plus account
Shs.
.Standing .(no
.Earnings,
per
■^Includes
Fair
bonds
terest
in
par)—
of
v
in
$738,372.
.
.
1939
tAnd
$2.23?" f
$2.00
of
net
11,471,027
$2.22
11,471.027
11,471.027
share—>
write-off
r'.'.v
2,589,860 ."® 2,561,277
'.1,024,282
,
2,350,862
stock out-
common
investments
income
capital stocks of subsidiary
in
New
applicable
companies.
11,471,527
$2.09
York
World's
to minority
in¬
Volumel5iK Number 4046
Comparative
Income
THE COMMERCIAL & FINANCIAL
7^
Statement
for
Calendar
(Consolidated Edison Co. of New York,
-:v.v.-■
iOperating
revenues:
1940
$
$
$
"
revenues-
Operating expenses
Depreciation
Taxes
(incl.
Fed.
___
for
taxes)
income
Miscell.
debt,
disc. •&
;
miscell.
Int.
28,753,855
27,514,714
28,041,285
27,102,071
•
18,454,282
1,224,095
19,516,675
1,047,335
20,618,516
20,550,189
'
44,257,250
26,821,639
43,898,503
Interest
•
*l,i23,294
616,337
35,945,530
415,022
income
1939
in
of
35,169,166 /
investment
Statement
of
in
Company
'3 Months Ended Dec. 31—
Sales
oi
electric
Sales
of
gas
World's"
York
New
Sales
of
electric
1941
!
Total
operating
8,794.472
8,874,949
19,474,248
—
4,429,866
4,430,216
179,795
8,429.222
,~25,446
♦Operating Income
;
$5,900,136
Non-operating revenues
3,808,167
Non-operating revenue deductions— '?
271,558
$625,000 for
2%
.7,491,264
4,638,923
10,
income
•Other
Int.
On
256,184
cos.
long-term
debt_^^-i,;_^
—:
interest——
1943,
2,677,397
39,624
Cr477,530-'
charged to construction—
2,677,748
37,998
—
"Amortization
2,677,822
scribed
699.395
—
ductions,
excess
debt
including
World's
Fair
$6,997,254
,
of
discount
and
of
$8,461,019
and
expense
in
tNo
of
1939
$447,499.
write-off
bonas
discount
write-off
and
$9,238,244
miscellaneous
investment
allowance
has
in
New
in
1939
of
investments
tHeld by the public,
in
and
New
share
-
Utility
Other
stock
Other
-f-
de-
excess
of
York
of net
subsidiary
*"/
lor
for
subsidiary
investments, at cost
Cash
pursuant
1940
U. S. Treasury Notes—
Accounts receivable (incl.
3,186,509
share
7,620,802
debenture
installment
Materials & supplies at
and
.Total
ac¬
co3t
1,348,500
1,317,611
Securities
Cash
197,664
Deferred debits
Total
an
Matured
long
PayaLles
to
Taxes
the
accrued
Customers
other
&
int.
197,664
330,892,
(contra)
companies,./
//-/,:./——
—
construction
credits
the
-Contributions ,in
*$5
aid
cumulative
tCommon
of
192,860
more
•"
800,044
S$t
799.283
for
the
in .effect: to
(a)
-
the
load
the
of
Dec<
transmiss'on
■
"
correction
3^
and
thus
and
'
time
when
have
converted,
or
loans
with
have
of
at
been
made,
conversion,
any
amounts
Dec.
thereof
100%
31,
1951,
together
of
of
with
to the
of
the
assets
accrued
of
in
and
increase
generators
which,
be
the
shares
the
of
stock
expense.
New
or
Other investments. at cost or tess—v.i--—
911'
1
Materials-and
Cash
Securities
;.v
•
supplies'v (at
restricted
for
deposited
missioner
of
N.
"term debt and
1 209 465
54,338,891
less
cost)j:
expend.,
Industrial
etc.
Other
23,920,106
24,213,719
"
and
York
such
on
■i
Com..:,
State.
/
-2,255,837.
2,251,877
for matured int., (contra)v
the
254 007
1,894,550
v
-•
Deferred
.-.453.997
6,555,990
1-1—___v-v——1-
debits
>—••;/ 1,403,618,197
'.-/Liabilities^
~
Long-ternt
Accounts payab'e'ahd suhdry accruals——
1 Dividends
Matured
>.
long-term debt and
deposits -_j_-—
,int/ (contra),
Customers'
other
:*
—!—
About
•$5
•
*
New
cum.
tCunmon
1.039,737
117,003,326
r^
5,440,334
.
l
«$;'
■
/
1,225,9*0;
103,521.452
3.9.7^.0*0
3
2,793,437
2,841,937;
2.957
stock,
stock
-,y
•* \ r i. -.
40%
of
without
par
value
199,584,555
poi
->-1—
199,602,829
007 Pig
3°l.907.912
147,946,214
Balance
*».,
y, ,184 390 >2.185 590
11,471,027
.
-
than
no
banks
products sold bv. ,t.he
At
f^e.'TDresent-time
emnloy
the
anDroLX'rpately
expenses—
160,559
(current),
$400,009
•126,843
680,983
payable
bank
19.410
(not current).
(par ,$1)
surplus
surplus
Total
350,009
264,640
—!
309,863
.--,i
1,241,293
-L
—
i
$4,193,037 1
-
r
'
U*.
.
r"
*
'
'
li/h"'''
'
"
'
tl
i;'.
1
,
no
par
shares.
in
1940)
no
par
shares. < fRep¬
L
'
Dayton Rubber Manufacturing; Co.-^-Earnings—
Years End. Oct? 31—
Net sales
profit
Earns/per share of
•
J941
————,—^
stock
common
'
$8,334,054 '
518,897
$3.50
A^fter taxes and provision for contingencies.—V. 154,
$2.41
1052.
p,
Devoe & Raynolds Co., Inc.—Initial Pref.
Divv~~
directors
The
have
declared an initial
quarterly dividend of VUft
on
the outstanding 5% cumul. pref. stock, and
a
dividend of 25 cents per share on the class A and B
common-stocks, payable March 2, 1942, to holders of record Feb.
21.
1942.
Quarterly dividends of 25 cents each were oaid on the c'ass
($1.25)
share
per
regular quarterly
A'
and
V.
B
stock
comm«n
155,
p.
from
Jan.
2,
the
common
This,
like
is
stock,
the
ffrst
amount
C.'r.
comm'ss'o*
and
incl.
Jan.
2,
1942
\
\
J.-
Ebasco
-
Feb.
s'nee
25
to
Jan;
428.
p.
' /.
holders
3,
1939,
of
per
record
when
a
svare
on
Feb.
»
16. t
quarterly
;
of
•}
v
;
•"
:•."•.•■■
;;
Services, Inc.—Weekly Input—
v
pur-
\::
pavablp
dividend
paid.—Y,, 154,
was
:n
[For"the weekf'eu^ed Feb. 5, 1942 the System
inputs rf client, ^oerfttirig companies of Fbis*© Services Inc., whi^h are subsidiaries of American
Power & Light Co.,"'Electric Power & Light
Com. and National
annual
;•
to
Eagle Lock Co.~rDividend Resumed-—
The directors have ^declared a
d'vidend of 25 c»nts
•
were
to
.
1941
501.
ous-
1936.
men
its total
-
i«>40
$11,*748,728
710,291
—
•Net.
■
Power
■.■
rales
&
Light_Co.;
compared
as
with
the
corresponding week
1941( jvere'as fbllows:
—
Onorating
subsidiaries qt—
The
*'* panies
.1.600" at the New Bedford nlpnt.
yTbe comb'ned net. sales (less discounts, etc.)
above
not
L'<»ht
&
&
*
during /
in
Incease
■
Amount
%
both
26 897
20.4
66 847
9 005
13.5
109,096
include
131. 876
75 RF2
Co.^T
do-not
appearing
1941
.
158.773
Corp.^_—_
Light
figures
1942
'Ccr.
American-Power. & Lieht
and its wholly owned s^hsidi*'"'
em^lc'ees. 2,100 at the South Plainfield
1
I
Thousands of Kilow-t.t-Honrs
•
company
3.700
$311,723
1,043,559
(net)—
-frV-i 155, pi' 501,
l
are -manufactured
company
•
(trade),/,—,,.
Earned
contracts-for
r.
$5
•
1941
533,642
194,181
payable
comnany's
rena'r
....
move
30,
Capital stock
follnws
pursuant
than 2%--of
■.
...
Sheet, Sept.
hand—
on
prepaid
Paid-in
its .newlv
at
88 653
20.443
the
system
periods.—V.
155,
inw'ts
p.
of
any
23.1
com-
599.
plant and
wholly
and
owned-^ubsid-'ary as assembled
Its
of the company and its
f"om the books of the company '*
$ubsid:ary^are shown in the following table:
Fiscal Year
Oct.,
1941-
Er(d. Sept. 30Nov./Dac.f i/—l—
Jan. Feb-Match
194ft
-
$1,219,438
'I—
*
•
1.541.556
-
'
'
>
*
1939
'
$1,027.P93
$7C5.756
880 0«3
538.943
;
-1
AnrU; May,
June_L_',_L—
1.314.556
883.325
591.355
July.,
Sept./i——
2.340,956
1,167,134
Emporium of St. Paul, Inc., of Del.
•
•The
,
Seeks Trustees-I
Pending Revamping—
comrany,
Paul. Minn.,
ODera<-;ng
has filed
n*
one
the
Hr^st
''"-au-nrnt s*o-es fri
a
petition with the Federal D'strict
asking that trustees be named to administer its affairs
pending
adoption of. a plan of revamping.
St.
there
757,231
Aug.,
Total
In
$6,416,506
May, '1937, the
r/neeUAr
-business
to its
shortly
$1,403,618,197 $1,383,140,373
——
by
*,
the
tens'veiy
resented
current- order bas's
•
York
The
reorganization
structure
of
nlan, it
the
was
said,
is intended to
strengthen the
company.
/••
"
152,608,319
-Total
a
on
New
/
accounts
capital
York, Inc.—
pref.
bv it
;■
ai.d of "r>";-'-XT)tion__--_.-v
MinoeiW interest in subsidiary co.—Llll.'
Capital stock- of Consolidated Edison Co.
of
,
and
J——1_—
Contrihutinns
254,007
5,485,992
14,741,918
5,385,533
creditS-^-^_l.J-Ll_l:^L/_v //:'
deferred
Reserves
264,191
*
——_
advances for construction
'2,730,737
.19,009,838
are
the
on
l ab l'.ties
acquired New Bedford.'-Mass.,- plant.
Anprox mately
/
Flect.rjc Power
./ fO-tfr/ipl/- the-products-sold bv the; comnanv are-ir*«n,,f0r.t,n-ert f«r j*
National Power
-V;its wholly owned subsidiary at the Plant at Sm'th Pleinfie'd. *r j. /
9,694,094
5,421.282
s
:
accrued
'
the
and
company held by it,
efforts to accomnl'sh,
,
who operate.m the .pr'nc'ral sales areas 'n the United
and. South America, and w^o are assisted by ..the sales
eng'neering'staff maihtamed by the comnany,
$494 532 000
■■'
"
2,730,487
v
accrued
Interest
$494,504,000
/ 8,042,500
:pftvab!e;l.»-__L--ll.---^-/ll^-.-L,;;
Customers'
Taxes
1,383,148,373
resell
service
the
best
company
$4,193,037
Sundry
trans--
remr^sentatiyes
stat/us/Canada^
—
Total.,
to
/ CotmSanV: s^HiS/its products through
1,290,555
5,720,178
—-i—_i—.-——i_ ":;
jobbers
Such
renlacempnt,
for
of
its
the
Power
of
•
comnanv
tc^d/er^.cin.ord'nary form and .the* comnanv has
sales,-Mj--.
•
436,064
12.697,116
,—.—-——v^———
jobbing field the
"^ tH#v jjaie of its products involving more
264,191
-
Prepayments
the
of
Curb Exchange and the
reg'strat'on of
Exchange under the Securities Exchange
receivable
and
to
Notes nayable to
rad^o,.'automotive ign'tmn, and household electr'c annl'ance feld.
,,f chase
1,893,700
•
In
author5zedvjobbers.
Substaut'ajly alT'saies.
>
...
';480
tproduct5,-."principailv
3^8S443u
redemp. of matUirV long-v'-
th. any one customer.v
stock
use
stock
'
1,944 282
charges
Accounts
bjs
matelv
19,647,657
150,000
..
in
10%
6%%.;/'{■////>
(net)
payable
'Accrued
pol:cV pf granting/each jobber customer exclusive jobbing rgMs
terr'tory.^ Among its customers the company numbers anjJrox4-
the
22,937,570
res.
Cash deposited for interest payable jan. 1
„
made
4,000.000
average
cap.
with
Y.
Cash dep. for the
;
pew
1,118,324
49,412,274
U, S. Treasurv;.notesr-___:——
Aocts.-rec.
(incl. instill, accts.),
.
13J/3%
assets
Liabilities—
maintaining voltage,
commercially as "wet" electrolytic and "dry" electorlytic.
the .year end'ng Sept. 30. 1941. company served over 2.400
*'vnFV& as compared with approximately 575 customers served in
No/, more than 8%-of- the total sales m the Dast fiscal year
*
5 719 264
13'664
Beane.
.
common
for,
common
stock
assets
Notes
the
'
physical .property—
20%
25%
«•
Capital
re¬
25%
Total
«
1 ' 248 578 660
the
follows:
as
Common
deposits and cash
Deferred
usefully
condit'ons.
capac'ty
in
are
Co
&
application
of
Intangible
31,
while add'ng
cannot
useful
assist
.?
non-conductor.
or
commerc'al
them,
Curtis/,,,—
List
amounts, etc.,
Fixed
generating
the
and
such
com¬
1934, as amended.
Not""
and
generators,
Of
the
of
Bank, New York, and /
Mass., and $501,350 will »
Inventories
principal
100%
$1,407,913.
retirement
Assets-
interest,'
the
&
&
common
of
Demand
also redeemable
of
dielectric
a
make
principal
together with
price of
the
National
Pierce, Fenner &
Weeks-,—
Consolidated
the
all
are
101 V-i'k.
1944,
Dec.
to
up
Chase
underwritten by
to
a
provided
shall be
time
one
to
National Bank, New Bedford,
the retirement of the $500,000 of 2% promissory notes i
held by Chase Nat'onal Bank, New York, maturing
1942, 1943 and 1944.
The balance of the
net
proceeds
Exchange
such
Act
the
at
,
approximately
devoted
to
listing
Stock
for
if
11
w
the
been
so
be
be
company
stockholders of
it
an
stock
'
,
will
will
Stock—Company has agreed with the
underwr'ters
that
upon
the request of Eastman,
D'llon
.!{
Co.
and
McDonald-Coolidge & Co., and upon the substant'al completion of the
distribution in liqu'dation
by Dub her Condenser Cornoration to its
effect
may
be
is
year.
Proceeds
bank
■Jackson
rach
common
of the current
some
l'nes
capacitors'
equipment
will
rates
It
$250,000
Agreement
option of the company, .^n whole
least 30 days' notice at prices com¬
acquired all
company
30,
in effect prior to enactment of the
anticipated that taxes at substantially
applicable to the company's business during.:
the
at
Hornblower
.
Other
41,549
income
Merr'll Lynch.
the
employed by the: consumer under usual
102,051,922
-1,259,350,844
5,719,264
13,449,116
3,034
,
Eastman, D'llon & Co
Kidder,-Peabody & Co._,,,,
•
substantial economies in power costs.
^"Represented by 2,188,890, no par shares, - fRepresented by 11,476,527 /
The many., types- of capac;tors produced and sold
by the company
no par shares.
apd.its.subsid'ary, some of wh'ch differ widely in s'ze, design, electrical
Consolidated Balance Sheet, Dee. 31
:charact'eristfcs-and unit price, are commonly classified according tothe d'glect.ric employed as (1) paper capac'tors, (2) mica
1940
caoacito-s,
' Assets
and
(3)
'
7
"*
01
' ■, *'«'
$
electrolytic: capacitors, of which there are two types known :
—
2,535
144,830
*
one
of
such
date
the
ending
year
capac;tors serve to. neutralize
to
392,095,820
,————J-*--— $1,080,146,297 $1,069,635*132
Utility plant J..
26,512
$227,743
.
March,
($656,563) will be used to provide additional
working capital.
Un^rwiW?—'The r>om«s of tb« "nver<il underwriters and
.
-
106,145,124
$804,851
•356,700
taxes
•130,253
37,585.
$1,023,353
——a..
Merchants
devoted
the
spective
,
mission
■
$201,230
1941.
fiscal
in
:
going business,
to all of the lia'o lities, of Cornell Dub Iter
Corporation, which
factor
.
/ $767,268
2,021,493
.
oscillating cur¬
rents ef high frequency; to filter or smooth
out/ ripples when steady
direct current; is required to. be supplied from an
alternating current
source; and to hold-back currents of low frequencies while
permitting
currents-of
higher frequencies to pass. - Power- factor
correction
199,995,714
392,095,820
of
theretofore
conducting surfaces separated by
principal..-functions are to assist
Their
113r712
199,995,714
stock——
i./.————v—r—;
"
Total
791,843
$970,462
expenses
7,986
of
current
of
and
types of capacitors, known also as fixed electrical condensers,
Capacitors are devices for storing electrical energy between two- or
52,636.849
;.w,:
Surplus
at
of
amount
debentures
d
i-a
various
3,346,365
60,492
construction—
preferred
stock
1939
$2,652,985
income
net
rates
be
been organized on May 22, 1933, in New York.
Company^ and its wholly owned manufacturing subsid!ary, Condenser
Corporation of America, are engaged in the manufacture and sale of
7,217,843
and,
i:
J—
1936.
subject
3,435,402
9,466,158
3,311,452
>'
~
for
advances
deferred
shall
rate
the
to
debenture
price in effect at
full
into
the
at
of
debentures^ called for redemption
thereof
Act
proceeds,
pany's
had
424»196
3,437,284
57,959,754
t
1940
$3,958,219
2,695,961
•193,992
operations.-,.
payable
are
current
net
year ending Dec. 31, 1951.
History and Business—Company was organized in Delaware Oct. 22.
1936, under the n^me of .Cornell Dubilier Corporation.
Name changed
to Cornell-Dubiiier Electric
Corporation June 23, 1937.
As of Oct.
6,702,429
2,730,737
2,730,487
264,640
30
4,654,196
—
Purpose-—Net
principal amount thereof for the
$297,892,000
5,751,412
—1—_i——__i—i_-_.i
accrued
Interest
debt
term
deposits
adjustment
each
4,688,982
subsidiary
Customers
of
by operation of sinking fund at prices,
decreasing/ gradually from
the
price
$297,864,000
V
Sept.
52,891
Income
increased
"
paid or retired and canceled
or
share
one
amount .thereof
31,
——_—
6500,000
authorized)-.
Ended
•
be converted
may
principal
prior
$750,000
of
258,134
950,i>00
$1,080,146,297 $1,069,635,132
Long term debt —1—
—i/—-.:—
Accounts payable and sundry accruals,—
—
of
657,822
.*' v;
Dividends payable
$7.50
redeemed
or
rate
principal, amount
price
each
convers'on
4,069,092
—
Liabilities—
v
the
1952,
stock
common
for
for
241,238
—
——
the
stock
1,
accrued interest to date of redemption; ' Debentures
192,860
941,950
—
shares
Years
*
March
-
$658,667
$657,486
$183,158/
•Including $138,000* for excess profits tax for the year ended Sept. *
1941.
Company's Federal taxes for its fiscal year ended Sept.
1941,
Debentures
Jan.
8,290,409
deposited for interest payable Jan. 1
deposits-",^—■.——
including
amount
at
conversion
all
amount
(contra)
Prepayments:
of
1952.
in part, at any time upon at
mencing with 105% : of the principal amount
1944, and' gradually decreasing thereafter to
deposited for the redemption of ma¬
tured long term debt and for matured
.Other
shares
1,
or
1,160,807
Cash
interest
1944
$6,416,505
McDonald-Coolidge
convertible at? the same rate.
Debentures are redeemable
3,388,443
1,159,373
10,
etc.
30,
rights.
Accordingly, $1,purchased by the several un¬
were
and
common
principal
$10
that
13,469,789
deposited with the Industrial
^Commissioner of N< .,Y*' State
i—
March
(300,000
discounts,
from
.Consolidated
,
such
due Jan.
to
thereafter
adjusted
13.0^4,453
14,839,500
-
$150,000 due
——,—
less
expense
for Federal
Eastman, Dillon & Co; in the under*
surrendered
conversion
companies-
average
1942;
prior
such
b)
<
each
12,933*01
1942,
income
Prov.
.
to
surrendered for conversion
827,373
28,594,135
capital expenditures
new
of
aggregate
339,567,176
730,108
26,693,245
_,
;
1,000,000
counts), less /reserve,—
Receivables from subsidiary
time
any
non-assessable
$650,689,436
339,582,192
less—
—
Cash restrict, for
with
Jan." 1,
3,186,509
•
companies
or
at
7,497,152
^
property——
in
Dated
1 Q/fl
10,
Interest
profits taxes.
writing group are: Kidder, Peabody & Co.; McDonaldCoolidge .& Co.; Merrill Lynch, Pierce, Fenner & Beane;
(Company Only)
-
—$657,427,464"
expense,,——
physical
Investments
-
1_—
plant
Capital
Sheet—Dec. 31
*
$1)
(par
Sept. 80, 1941
notes/ dated March 10, 1941, of
$200,000 due
salegi.
profit
Other
Hornblower & Weeks; and Jackson & Curtis.
Balance
■
stock
of
Net'
de-!
■
stock
common
7%.w-Y;-155, d-636.
•Associated
York
made
been
<
$9,008,192
and/: miscellaneous
expense
INo allowance has been made for
488,000 of debentures
derwriters.
$9,201,615
profits tax.
AfPftj-p '
and
sales
Cost
,
,Net income.
South
1941
Gross
21,328
$8,415,551
debt
including
Outstanding As of
due March
1,260,692
Cr477,530
stk. of sub.
bff^red by the company for subscription, by the
stockholders of the company and of Dubilier Condenser
Corp. pursuant to the stockholders' rights were sub¬
$9,236,745 $11,176,765 $12,578,832
——
at
'
tures
Gross
Interest
$150,000
Earnings,
writing, group headed by Eastman, Dillon & Co. The de¬
bentures priced at 100 and accrued
interest, have been
oversubscribed. An -aggregate of $12,000 of the deben¬
5,606,604
254,495
plant
expended approximately
equipment to meet the demands for its
and additional
new
unsecured promissory
which
Cornell-Dubiiier. Electric Corp.—Debentures Offered
—Public offering was made Feb. 10 of
$1,500,000 10-year
4
convertible sinking fund debentures
by an under¬
$7,228,412
—
the
product.
Revenue
"3,703,500
$6,792,337
both
inadequate.
of land in New Bedford, Mass.
During the past fiscal year it
necessary for tne company to spend $272,923 for
equipment in
its South Plainfield, N. J., and New
Bedford, Mass., plants, and
it was necessary for the
company to train over 1,500 new omaloyees.
Since
March
31,
1937,
the
company
has
26~459
117,894
income -jj——ir-L
increase^of
19,338,706
8,027,944
v
States,
were
was
4,318,897
compared with .155,900,000 kwh. for the corresponding week of
1941,
1,521,823
19,327,785
3,739,500
4,748,500;
tax)
labor
tract
/The "company 'anndufices production of the electric
plants, of its
system for the week ending-Feb. 8, 1942,
amounting to 166,800.000 kwh.,
-8.988,373
..
United
'
$38,552,106 $37,887,566 $37,764,882
revenues———
tjax. (incl. prov. for Fed. inc.
the
available
of
and the
1941, the company purchased from The Kendall
Company
for $55,000 cash a plant of
392,600 square feet, situated on a 15-acre
(Output-^
945 601
8,877,469
1,452,698
^
Operating expenses
Depreciation —'
debt-
charged- to construction
companies.
1939
$27,557,339 $27,254,686
8,491,984
Other operating revenues/,,,,1 1,671,586
—
the
sales
by contractors supplying
March,
$12,507,109 $13,873,701 $14,614,240
long-term
minority interest in
975,017
$28,388,536
energy
SaleS of' gas
-In
of
Capitalization
World's. Fair bonds 'of $738,372.
income applicable to
.1940
kwh.)-1,011,130,135
feet)—8,389,415,600
cubic
forces
Plainfield and
$12,570,344 $13,919,869 $14,828,159
111,532
105,667
Dr88,868
deductions,.
174,767
151,835
125,051
interest
ductions,
Only
IM.
energy
(M.
on
.•Amortization of
Pair: bonds of $447,499.
Income
armed
Sell., gen. and admin,
33,641,104 v34.857.9li
^Includes* write-off
the
Common
t Dividends.onpref.
Net
Net
factor correction, the steady increase in
established products in radio and other
fields,
for communication capac.tors
power
demand
.
Gr6ss -income-—
.
11,113,000
Int.
383,674
Cr47.7,530
3,097,828
Non-operating revenue
expi &
construe.
10,548,198
3,169,821
__
753,757/
47,780,114
10,711,290
10,025,225
1,684,815
in
company's
heavy
energy—
Operating income
Non-operating .revenues
"Other
deductions,.
chgd. for
45,984,054
10,711,121
10,710,002
increase
the
1939
pounds)—2,792,597
(M.
electric
1940
1,725,141
10,536,675
Total operating revenues,,*,/!—
$67,886,283 $66,943,628 $66,649,211
Operating expenses *—n_:
30,701,570
30,887,612
30,824,202
Depreciation
8,384,831
7,009,807
6,783,236
JTax; (incl., prOv. for Fed. inci tax)
10,229,538
15,126,340
14,213,614
27,027,063
____
of
(Including Subsidiaries)
1941
1,790,868
695
both
30,340,813
879,687
of;steam
31
*•
kwh.)_
(M. cubkv feet)V,,V.t'-V
■
32,332,766
__
long-term debt
int., -amort, of
on
4,878,594.
143,832,425 144,596,295 139,417,873
74,149,988
74,548,898
73,923,155 ^75,440,481
14,428,000
15,728,000
13,878,000
10,053.630
pro v.
income
Gross
6,114,103
gas
Dec.
"**
(M.
energy
$54,181,674 $52,559,897 $52,227,052
Cales Of,
10.272.997 -10,719,407
10,788,438
Sales of • steam—
2,738,314
3,031,174
2,960,363
Other operating revenue——
693,298
633,150
673,358
149,237,817
Operating" income—
Non-oper. revenue
_•
Non-oper, rev. deduc.,.
Int.,
34,464,603
of
Sales
34,405,888
electric
Sales
100,074,675
of
Sales
104,076,301
.
oper.
Sales
1938
£
"
'energy ' —L£——108,805,518 103,182,657
sales of gas.
33,708,254
34,785,170
sources.
From miscell.
6,724,045
5,864,598
Prom
V
•'
V
1939
<
.■
Earnings for Quarters Ended
Inc., separately)
1941
From- sales- oJ% electric:
Total
Years
CHRONICLE
for
the'r
canac'tor
In
sal*s
thereafter
the
comnauv
of
the
bv oublic
early
a
l'nes.
utilities
at
power
factor
correction
Machinery Mfg. Co.. adding evin the field, of power factor sales, and
coverage
part'of
the
Under
$2,652,985
oole
The
tvDe'caoacitor
arceotance
and
for
use
nubPc
of
Ut;l1ties
this type
it
became
apparent
r>lan
least $300,000
new
of
submitted
new
to
with
the
large
Court
the
Emporium
w'll
The
the
ont;on
of
subser'b'n"
sfo-k
or
turning- in their stock at a price which
market, value of the stock for the past four
years
anpointment
of
trustees
business which
it
122, p. 756.
was
said.—V.
obta'n
working caoital.
given
the Emporium's
that
the
comnanv
of the
of
has stead'ly -increased.
1941
the
Stockholders will be
Electric
develooed
transm'ss'on
purchased
$3,958,220
w'll
m
will be
no
wav
affect,
continued
is
the
without
in
5n
the
excess
eo-"hic>,
nf
interruption
,
1
THE COMMERCIAL &
696
Goodyear Tire & Rubber Co., Akron, Ohio
Report—
Endicott Johnson Corp.—Annual
37 V2 -Cent Dividend—
1941, after
provision for all taxes and all other charges, including a special reserve
of $250,000, amounted to $2,351,110, which is equivalent, after deduc¬
tion of preferred stock dividends, to $4.90 per share on the outstand¬
ing common stock.
Net profits for the year ended Nov. 30, 1940, after
all charges, including taxes and a special reserve of $250,000, amounted
to $1,664,316, or $3.20 per share on the common stock.
The consolidated sales were $80,852,388.90, as against $57,635,909.49
in the preceding year, an increase of 40.28%,
The unit sales increase
was 27.91%.
Both from the standpoint of shoes sold and their aggre¬
gate sales value, the volume was .the-greatest in the history -of the
company.—V.
profits for the year ended Nov. 30,
net
consolidated
The
548.
153, p.
The
directors
the
on
Feb.
on
declared
3
The
dividend
the
includes
of
2 to holders of record
per
share declared
V.
—
of
increase
an
total
a
$543,415
-
surplus which,
added to
was
profit
Gross
■
stock to
mon
stockholders of
tion
rights, at
expire on Feb.
The
Profit
struction
The
Finance
Uniform
Securities
tions
Land
to
"•
the
Committee
District
Inc.,
in
District
13
made
demands
incidental
to
increased
in
President.
of
transportation,
war
industrial
increased
of
direct
the
and
on
both
of
Net
Feb.
military
a
war
program
and
the
Bottlers,
which
Inc.,
the companies holding
owns
all
after
Such
notes
was
issued
mon
stock
shares
changes
a
reduction
and
year
total
of
$262,000,
$79,129,
Net
to
40%,
or
of
sales
$3,375,149,
62%,
or
for the
The
last
annual
report
company's
excess
year's
the
in
beverages
before
income
during
77%
gain of
a
of
compared
taxes,
Provision for
subsidiaries
company's
-ales of $1,912,160 in the
plant
new
at
which gives it
Chicago of 9,000,000 cases annually.
39,000 outlets.—V. 155, p. 600.
North
1745
Kolmar
is
The
directors
common
like
amount
Nov.
15, last
have
stock,
declared
payable
pa:d
was
15
15
of
12V2
cents
per
of
record
May
15,
holders
to
(init.al),
contingencies,
+Accrued taxes only.—V.
A
,
.Appointment
Aircraft
L.
C.
of
Wallace
Division
Goad,
of
G.
Kileen
General
General
Motors
Manager
of
Comptroller
as
announced
was
the
of
have
directors
stock,
no
—
-
etc
—
—
1630.-
154, p.
declared
,
13.
Division.
on
Kileen
Mr.
&
stock
value.
common
no par
of
Feb.
Dividend—
$2
20
per
share
Office
Cost
General
planes
used
Motors
for
plants
in
for
Don
E.
the
New
is
now
S.
of
Detroit.
in
The
It
is
New Jersey
production.
Division
Aircraft
Eastern
to produce
of organization
process
Navy.
York,
will
Vice
serve
President,
General
Motors
it
was
Corp.
Berlin,
Mr.
on
154, p.
,
the
An
the
late
the
Philip
pursuit plane, was formerly director' of military engineering
airplane division of the Curtiss-Wright Corp., Buffalo, N. Y.—
155, p. 637.
General
Public
Service
of
and
the
also
is
a
of
director
Elizabethtown Water Co.—
The
152, p.
3656.
directors
Paper
have
Co.—25-Cent Dividend—
declared
a
dividend
of
cents
25
j
■
share
per
on
payable March 20 to holders of record
March 5.
Distributions during
1941 were made- as follows on this
issue: March 20, June 20 and Sept. 20, 25 cents each, and Dec. 20,
50 cents.—V. 154, p. 1264.
the
Corp.—To Change Par Value
the
stockholders
common
stock
will
no
March
2
value
par
changing
on
10
to
cents
the
par
value
share.—V.
per
stock,
common
par
$10,
General
vertible
March
a„
preferred
to
1
tae
series)
$1.50
held;
so
of
or
one
at the
share
amount
was
option
$6
cn
of
as
on
the
stock
the
Bond
cumulative
dividend
follows:
common
stock
$6
series)
payable
Dividends
on
♦Earnings
per
common
stock
so
dividend
Corp.
1,
Sept.
1 and
"•</
Dec.
■
i t
below.—V.
155,
p.
399.
,
—10 Davs End. Jan. 31
,
Operat.
—V.
revenues
19-12
(est.)
$51,950
155, p. 540.
*
•
stock—..
on
com.
Balance
1.
surrender
-
19,333
23,333
$1,131,599
$716,989
$353,210
187.458
149.967
149,967
$3.77
$2.39
.
176.514
stock
$789,414;
of
value
life
fixtures
1942
ipdi'
$34,526
$148,600
$105,126
$1.20
•
:
;
Administration
Federal
the
awarded
of the U. S.^ Department of
Telegraph Co., manufacturing
;
the
equipment
installation
weather.—V.
at
155,
p.
540/
-
..
International Utilities Corp.—Stockholders
Reach -Ac-
New Directors Elected—
V cord—Three
•
»
the various stockholder
groups
of the corporation through rearrangement of the board of
directors under which representatives of the independent stockholders'
V committee have become members of the board, according to a letter
sent to stockholders Feb. 10/
The letter, addressed to the stockholders
"A
compromise
has
Proceedings
mission
under
pending
are
Public
the
reached
been
among
before the Securities and Exchange Com¬
Holding Company Act of 1935 with
Utility
recapitalization of company and a redistribution of the
voting power of its various classes of stock. The need for a recapital¬
ization of the company is apparent and it is highly desirable, that a
plan of recapitalization be developed in conformity with the require¬
ments of the Public Utility Holding Company Act.
A solution of the
respect
to
a
has been complicated, however, because there has been a
of views betwen crtain groups of stockholders and the
as to the composition of the board of directors, which
resulted in the formation of an independent stockholders' com¬
management
has
contest at the last annual meeting of stockholders
with respect to the holding of an extraordinary
stockholders, additional legal expenses and delay in de¬
veloping a plan of recapitalization.
In order that the best interest of stockholders may be served, litiga¬
mittee,
a
extended
proxy
litigation
of
meeting
economies effected and
terminated,
an
accord reached with vari¬
the board of directors
groups of stockholders, a rearrangement of
been effected.
William B. Milner, Wendell
E. Warner and Theo¬
represent substantial stockholders' inter¬
ests, have been added to the Board. In addition, Theodore S. Watson
has been
elected chairman of the board of the Dominion Gas and
Electric Co. (a subsidiary). William F. Carey continues as chairman
of the board of directors, and William B. Yeager continues as presi¬
dent.
The litigation
involving the extraordinary meeting of stock¬
holders of the company has been terminated, and thus the company
will save the additional expenses of continued litigation.
The Independent Stockhplders' Committee will discontinue its activi¬
ties and will at the annual meeting of stockholders on May 6/ 1942,
has
dore
in
S.
all of whom
Watson,
conjunction
with the board of directors, endorse for election tha
designated by the board of directors. At such annual
(ret), $13,830; real
total, $4,617,366.
accrued
expenses,
(299.933
income
estate
(net),
no
nar
$14,883;
"
deferred charges,
.
3%
$4,617,366.—V.. 154,
p.
(less
prepayments,
first
1148.
will recommend to the
the company
so
as
to
that thereafter the entire board of directors shall be elected
Mannually instead of for a term of years.
This arrangement has the complete approval of the management
of the company as well as of the Independent stockholders' committee.
It
also has the personal endorsement of each of the directors and
is
de.igned to afford representation on/ the board of directors to
vvarious groups of stockholders, to assure continuity of management,
provide
to
expedite
enable
best
a
the
united
interests of
promulgation
of
a
plan
of recapitalization
of directors wholeheartedly
stockholders.—V. 155, p. 503.
board
the
to
serve
and
in
to
the
Iowa
Southern
Utilities Co. of Del.—Debentures Of¬
fered—Offering of $5,000,000 4V2% sinking fund deben¬
tures due Dec. 1, 1966 was made Feb. 11 by a syndicate
headed
by W. C. Langley & Co., and
Halsey, Stuart &
The debentures are priced to the public at
and accrued interest.
Associated with W. C. Lang-
Co., Inc.
.
commissions payable, $14,203;
$160,000), $591,472; accrued
mortgage bonds, $300,000; common stock
shares), $1,088,853; earned surplus, $2,391,577; total,
taxes
$3,549;
of stockholders, the prcent directors
stockholders the amendment of the by-laws of
meeting
Sheet, Dec. 31, 1941
Bonds—Dominion of Canada, $169,525; cash
$61,452; accounts receivable (net),
insurance,
Liabilities—Accounts payable, $227,713;
—Jan. 1 to Jam 3t—
1941
-
$614,401; inventories, $944,916; sundry interest and. accounts receiv¬
able,
$3,323; investments, $59,338; land, $196,950; buildings .(net),
$767,915; machinerv and equipment
(net), $967,498; furniture and
$13,920;
Georgia & Florida RR.—Earnings—
Period—
profit———
share
Assets—Cash,
June
188,342
12,00p
common
holder, in cash at the rate of
convertible preferred stock
1,
194,700
♦Before deducting income tax provision.
held.
March
$924,664
——
operating
stock
(optional
■_
Tri-Continental
♦Net
"or each share of
In
New Director—
See
on
interest
$558 057
$1,338,299
■
con¬
cumulative
series)
paid
'
sto:k
Feb.; IS,
share of
preferred
of
dividend
d'videhd
(opt onal
record
convertible
for; each
I ke
last.
stock
holders
(optional stock
A
declared n
rate of 44/1,000 of
cumulative
$6
have
profit————.
bldgs., mach. and equip..
operating
Deprec.
Shareholdings Corp.—Dividend—
directors
1939
1940
1941
Years Ended Dec. 31—
Net
The
Ltd.--Earnings
of Canada ,
of
155
263.'
p.
Corp.—Associate
three candidates
vote
from
Aeronautics
has
for
bad
ous
a
of Common Shares—
The
den
tion
dividend of 10 cents per share on
common stock, par $10, payable Feb. 10 to holders of record Feb. 9.
initial distribution of like amount was made on May 27, 1941; none
Ilammermill
the
V.
He
Roosevelt.
J.
recently declared
P-40
of
33,072
43,876
42,405
601.
p.
divergence
1529.
directors
since.—V.
Curtis
Feb. 7, *42 Jan. 31. '42 Feb. 8, *41
problem
Hamilton Fire Insurance Co.—Dividend No. 2—
The
the
designed
who
Chemical Bank & Trust Co.
fighting
staff of
announced by C. E. Wilson, Presi¬
engineer
been
brother,
V.
and for increased wages
a contract
for 10 airplane instrument landing
principal airports. This is in addition to
systems of the same manufacture being installed this year at LaGuardia Field and the Municipal Airports at Atlanta, Chicago, Cleve¬
land, Kansas City and Los Angeles.
•/ 1
This
instrument
landing
system,
which permits flyers
to land
"blind," entirely by instrument, if forced to do so by weather, was
developed for the CAA by I. T. & T. engineers.
The equipment was
tested and adjusted for several years at the CAA Experimental Station
at Municipal Airport, Indianapolis, and was then adopted for installa¬
tion at the other airports.
Many pilots have already been trained in.
its use at Indianapolis and the new installations being made through¬
out the country
are intended to familiarize
all commercial air line
pilots with its operation as a- vital additional safeguard against sud¬
record
of
taking over five General Motors
and Maryland that were formerly
aeronautical
as
Radio,
the
Berlin, prominent aeronautical engineer who has just joinod
Motors,
Hunt,
dent
in
U.
automobile
R.
General
O.
Section
taxes
-
the
on
holders of
to
Roosevelt, Vice-President and director of All America Cables
Inc., and engineer in charge of the Commercial Cable Co.,"
elected a director of the Hackensack Water Co. to succeed
has
merly assistant comptroller of General Motors in charge of the Central
1.296,619
manufacture
to
$7,025,538
* $9,084,979
1941,
his
for¬
was
16,395.412
.
John K.
Eastern
Feb.
13
by
16,249,325
1,393,863 ♦10,557,195
—
Civil
systems
810,000 4:
155,000
8,097 -V*
6,097
67,500
672,817
488,309
2,491,113
2,491,113
3,169,043
2,686,749
,
dividend
a
payable
value,
par
155,
The
—4
,
the
1,376.842
International Telephone & Telegraph
;// +48,334
year.—V. 152, p. 1917.
Corp.—Forming Eastern Aircraft Di¬
vision—New Appointments—
1,368,328
1,690,913
882,449
Awarded Contract—
$800,000
349,935
67,569
and
Motors
—
.........
16,865,461
'
ntVipr
charges
loaded
—V.
18,560
4
.
Ilackensack Water Co.—New DirectorGeneral
55,879
Gtiri
Week Ended—
Cars
the following distributions were made on the common
stock: Feb. 15,.- $2.50, and May 31, Aug. 30 and Dec. 1, $1.50 each
(compare V. 152, p. 3183).—V. 155, p. 502.
r
~
r " '
'
on
10.
15
fixed
94,891
.;
591,341
Great Atlantic & Paoifie Tea Co.—-$2
During
share
Feb.
Aug.
44,691
$7,025,538
: /
—
common
dividend
a
Feb.
Feb.
on
838,797
3,334
41,573
•Company has outstanding 64,000 shares of class A
and 54,000 shares of class B common stock; both of
General Industries Co.—Dividend of 12 V2 Cents—
the
voilrnfiHc
Net income
377,541
144,063
1,102,926
2,914,322
$1,207,500
_
Total
Feb.
75,179
5,780
rent for leased
Interest,
a
The
88,164
190,342
46,165
1
36,096
—
Federal, Dominion and State taxes
for
in
i——
income
Miscel. deductions
associate of the International Telephone & Telegraph Corp.,
stock
surplus
some
1,229,855
26.012.414
;
Avenue,
serving
now
42,630
2,698.860
Commerce
lnteiest——————
debt
♦Capital
came
present, bottling capacity
a
Company
Other
169,957
2,976,857
22,136
-
—
—
and
Reserve
preceding
•1,381,462
...
income.
Dr.).
oper.
40,185
——
Payable to unconsolidated subsidiaries
with
(net
ry.
providing for Federal income
retroactive to Sept. 1, 1941/
gain of 82%.
a
Chicago, during the year,
by
1941
over
18,332
i
payable
taxes
Earned
required
28.300,131
10,053,208
44,767
.
payable
Accounts
was issued
profits for
114,266,410
85,966,279
40,709,260.
13,466,991
3,378,979
637,489
4,022,509
875,695
-
44.068
—
—.—
——
Accrued
preceding year.
Case sales showed
company
built a
year.
after
$12,732
1940 net income to $118,392.)
Federal income and excess profits taxes
for
Provision
of
>'
Liabilities—
increased
the
from
1941—12 Mos.—1940
10,325,258 142,438,326
6,946,279 101,729,056
$9,084,979
Insurance
—
Total
$2.08 a
expenses
Debenture Interest
York Curb. Exchange
192,406
life
—
Long-term
made
Net
com¬
1940 V
>
41,036
,'1//
Deferred charges
share on 83,012 shares of com¬
compared with $1.46 a share on 81,192
to
31,
of
value
Patents
1940.
year
law
(Tax
effected
the
during the year,
the
-
47,880
receivable.!..
and accounts receivable—_—
notes
surrender
—
S.
Notes
from ry oper.
rev.
rents
322,800
145,134
1,675,312
3,709.959
receivable
accounts
and accounts
notes
Treasury bonds, etc
Investment
(affiliated cos.)
Federal income and excess profits taxes,
the previous year.
after dividends on the preferred stock which
outstanding Dec.
for
and
—
Employees'
$118,392 for
net was equivalent,
of
Equip, and joint facility
$720,141
416,009
—
Inventories
including
charges,
compared with
classes
System Carloadings—
:
Customers'
the Pepsi-
New
1941—Month—1940
revenues
Railway tax accruals
$1,809,051 $1,370,234
899,451 4;; 668,075
—
—;
Miscellaneous
the Chicago area and for 21 counties of
southwestern Missouri, reports net profit for the year 1941 of $173,335
by
13,546,056
9,523,547
operating expenses.
Net
710
affiliated
31
1941
"
.
securities
franchises for
other
x
•After
Marketable
Report—
and
representing
Cash
U.
$78,672
and amortization of lease-hold Im¬
System—Earnings-
Ry.
h162,572
resulting
depreciation
Timber properties
Cash
39,500
1—
operat.
.a""
Goodwill-
bottling
and
16,439
income—
on
received
been
has
for
—3,800
.......—
Ry.
owned) was $30,245 in excess of dividends received during
Assets—
a
General Bottlers, Inc., Chicago—Annual
Cola
27,302
Land, buildings, machinery and equipment, etc.,
plant in Fort Wayne,
Ind, particularly adapted for heavy-duty production and having a total
area of land and building of practically 2,000,000 square feet.
Production in the Kansas City plant is 100% military.
When pro¬
duction starts during the next few weeks at Fort Wayne,
Ind., this
also will be entirely of a military nature.
The plant at Detroit also
is devoting a large and growing percentage of its productive capacity
to army needs and the balance is, of course, devoted to fulfilling the
requirements of companies with Government and essential programs
requiring truck-trailer transportation.—V. 155, p. 600.
General
owned)
Consolidated Balance Sheet, Oct.
Manufacturing plants are located in Detroit, Kansas City, Los Angeles
added
87Vz'%
to
(55%
subsidiaries
surtax
Period End Dec. 31—
$815,093
332,800
$138,410
provision
adjustments,
—___
381,87*1
^
'
less
To these has recently been
——.4.—
and
>• Illinois Central
8,411
'
stated.
and Omaha.
19,458
•//-/'
.
tax.
Income
$86,146
52,265
——
,
shown above includes $34,899 for the Canadian sub¬
that subsidiary's net profit for the year, less
from reduction of its net current assets to the
Canadian Control Board rate of exchange at Oct. 31, 1941.
area of the Fruehauf plant in 1941 totaled 839,935
compared with 311,161 square feet for 1940, it was
as
etc
/.
corporation that inasmuch as there were no earnings applicable to
the
corporation's 5%
sinking fund income debentures, due Sept. 1,
1954, no interest will be paid on the debentures on March 1, 1942.
The above debentures are dealt in "flat."—V. 154, p. 1054.
Net profit
(2)
charge
productive
feet,
claims,
614,217
—
Hotel Waldorf-Astoria Corp.—No
year.
sidiary,
the
situation account for a 25% increase in payroll in January,
3942, as compared with January, 1941, and also in an addition'during
the past year of 3,400,000 square feet in land and buildings.
The
to
$772,923
——
exchange
taxes.——
profit
Notice
/
'I'l
3,594 ,f/v
hr
profit
(50%
pany
company
square
!
excess
solidated
upon
16
1941
—,u
provements charged to manufacturing
amounted to $53,889.—V. 154, p, 1378,
deducting cost of goods sold but before providing for deprec.
Notes—(1) The corporation's equity in the net earnings of uncon¬
nature
share
72,561
________
normal
income
•
Net
', 9,248
;
L,
adjustment-;
exchange
for
less recover.
Dividends on class A stock—......
Production—
the
receivables,
doubtful
State
♦After
of
per
March
ended Dec. 31,
—
——
/Note—-Provision for depreciation
$938,594
...
-/>
16,450
•—"■'£:< 13,385
deductions--
Federal
;.
of
reflected directly
according to Harvey C. Fruehauf,
effects
'
profits tax.ih——^_—325,000 V'
Canadian and State taxes on Income,
97,636J
Provision to reduce net curr. assets in Canada ■/
transac¬
after
" r"
»
\r
$1,833,734
normal
Federal
Federal
activity, have been
output by this company,
Some
all
'
.
general contingencies——150,000
adjust, applicable to prior years
21,454 ,h 1
for
Canadian
3803.
p.
Fruehauf Trailer Co.—-War Speeds
The
that
announces
No.
152,
Association
"si-
expense
Provision
will
>'
Income
tracts
Miscellaneous
all but one of
Net proceeds of the
loan with the Recon¬
National
the
13,
No.
"ex-rights."—V.
be
of
^
.
cents
payable
expense
doubtful accounts, etc,"...
4.120
13,512
./?
—
,
general
foreign
Discounts,
13,186
7,700
.
,
Interest
com¬
company.
outstanding
an
share,
per
;
...........
income
Total
5,741
18,181
—
royalties
—
Total
Corp.
Practice
members
shall
of
pay
and
Operating profit
23,848
16,872
net
Income
rents and
Timber
ten' held,
each
for
•
dividend of 25
a
cents
incl. selling, advertising and delivery epense-
Administrative
$860,007
30,732
—
property and equipment,
of
earned
Miscellaneous
individuals,
by
underwritten
directors
used
Dealers,
between
1942
been
and
be
to
are
share
new
one
$1,725,337.
8,896
u
—
.
Interest
$5.50 a share. Subscrip¬
at
25
*.—1——
sales
Cost of sales,
671,564
received
sales
on
Provision
has
officers
are
of
rate
Feb. 9
declared
par
holders of record Feb. 14.•, 'v,.-v .--'/.v 'Wivx/i -- X..
:v /'•
During 1941, the following distributions were made: March 15, 20
cents; June 20 and Sept. 15, 25 cents each, and Dec. 8, 50 cents (see
V. 154, p. 1004).—V. 154, p. 1191.
Net
$1,531,571
828,508
Rentals,
27.
offering
whom
offering
30,
the
record
Feb. 7
stock,
common
Consolidated Earnings for the 3 months
44,197
Operating profit
the policy¬
but unissued
the
/
$2,553,845
profit
Selling, general and administrative expenses—
Subscription—
of authorized
15,000 shares
offering
is
Company
U;
\ 1941 > V
1940
$2,835,650 $1,778,409
281,805
246,838
\
/
.
depreciation--.-..—
Provision for
Stock for
Co.—Offers
Foundation
;;
The directors on
-
on
(& Sub^.)—Earnings—
sales—
from
for
Provision
$611,530 to reserves,
1941,
31,
& Western RR.—Interest-—
Years Ended Oct. 31—
Dividends
stood at $9,182,613.
As of the same date
holders' surplus amounted to $11,582,613.—V. 155, p. 361.
Dec.
/
863.
p.
♦Gross
the close of business as of
at
Mining; Co.—25-Cent Dividend—
;v Hecla
:./y
,
on
Other Income
year,
paying dividends of $720,000 and adding
After
.■;
share
no par
Greif Bros. Cooperage Corp.
by
of
$1,055,084
154,
Feb. 16.
1940.
over
,u.
per
18, 1942,
on
class B debentures on presentation of debentures, for stamping.
Interest is payable at office of Robert Winthrop & Co., New York.—
V. 155, p. 540,
the company's assets were increased by $1,666,614
$27,256,949.
The latter figure includes $13,493,478 in
U. S. Government securities and $4,048,567 in cash.
the
During
to
cents
Payment of $10 per $1,000 debenture will be made on Feb.
by this company during 1941, according to the report made on Feb. 11,
at the stockholders' annual meeting, by President Frank A. Bach.
This
represents
37'/2
To Pay
—-
it.. > <•
■- -
of
(Charles E.) Hires Co. (& Subs.)—Earnings—
premiums of $13,811,107 were written
and insurance
bonding
stock,
Green Bay
Increase
Fidelity & Deposit Co, of Maryland—Prem.
Gross
••
rt.
of 50 cents per share
dividend
a
cents
25
<
.
dividend
a
value, payable March 16 to holders of record
Feb. 16.
A like amount was paid on Dec. 15, last, prior to which the
company
made regular quarterly payments of 25 cents per share.
In addition, an extra of 25 cents was disbursed on March 15, 1941.—
the
Fajardo Sugar Growers Association, an affiliate. A like amount was
paid in preceding quarters,—V. 154, p. 863.
This
f
-
declared
have
directors
the common
Rico—50-Cent Dividend—
payable March
stock,
common
'i '
•
Fajardo Sugar Co. of Porto
FINANCIALSaturday, February 14^1942
100
ley & Co. and Halsey, Stuart & Co., Inc., are Bonbright
& Co.; The First Boston Corp.; Blvth & Co., Inc.; Stone
& Webster and
Blodget, Inc.; A. C. Allyn and Co., Inc.;
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4046
The
assigned liabilities amount to $1,067,91.7,035, of which $954,620,096 constitutes the legal policy reserve.
The general surplus or
(safety fund is $98,581,330, which is 9.23% of the liabilities it protects.
The mortality experience continued to be favorable for all classes of
Hemphill, Noyes & Co.; W. E. Hutton & Co.; Central Re¬
public Co., (Inc.,) Chicago; Bacon, Whipple & Co., Chi¬
cago; The Milwaukee Co., Milwaukee; H. M. Payson &
Co., Portland, Me.; and Quail & Co., Davenport, Iowa.
Dated
•.
Dec.
December.
1,
1941;
due
1,
Dec.
debentures
payable
interest
1966;
business
vious
and
June
to principial only in
denominations of $1,000 and $500.
Company will agree (a) to reim¬
burse any Pennsylvania taxes
(other than estate, succession, inher¬
itance and income taxes) not exceeding five mills per annum on each
dollar of the taxable value or principal amount of the debentures,
whichever is less, imposed upon and; paid by the owners of the deben¬
tures, and (b) to reimburse Massachusetts income taxes not exceed¬
ing 6% of the interest on the debentures.
Chemical Bank & Trust
Coupon
Co.,
New York, trustee.
prices ranging from 105
1,. 1942, and decreasing
registerable
Redeemable
and
on
Purpose
of
amount
Issue—The
other
after
thereafter
Sinking fund is also provided,
as
and
1941,
1,
Va'/o
for
the
other
than
come
taxes
Income
for
-557,484
389,915
E.
-
90,000
383,000
Net earns, from opers.
441,500
$1,514,767
$1,416,892
to
34,030
34,819
71,112
ductions
tax
$1,549,586
incident
Net
$1,488,004
&
&
Otis
series
such
ever,
1,
The
interest
Otis
$1,402,136
$1,446,036
$1,380,061
long-term
debt
be
to
outstanding
incorporated
was
Feb.
12,
this
business comprise an
distribution
system
located
at
the
in
24
parts of the State
five
communities
of
electric
counties
Iowa.
served
are
served
in
transmission
the
About
134
at
wholesale.
and
southern
of
each
are
population
and
The First Boston
Central Repub. Co. (Inc.)
Bacon, Whipple & Co.-
Corp.__
and
(par $15)
Sheet,
Sept.
$10,000,000
5,000,000
deferred
charges
Accounts
1,426,382
—
——
20
p.
Accrued
taxes,
'
.
aid
in
—
of
Feb.
construction
since,date
the
of
and
V.
Stock
declared
7
no
There
Cleveland
follows:
Feb.
stock,
28.
recapitalization,
par
are
a
value,
Aug.
165,768
Exchange.;
dividend
of
50
1,
27,
shares
,.
10
to
10,
50
$1.25
/
...
,
cents
The
gain
$464,746,466
per
|
In
in .1941,
^
conection with
market
value
of
the
which compared
with
increase
an
«•..»;
the
asset
'
>
gains,
John1 Hancock's
.-!■
-r-•
President Cox
.
bonds
is
?-.v
-v
$99,267,900,
Dividends
policyholders
to
$329,793
or
reported
than
more
beneficiaries
business day.
policies for 1942
1937 and continued through
The
same
general formula is continued
retirement annuities and group policies.
adopted
The
in
amount
$23,658,802,
for
1941.
set
.an
aside
in
for
of
increase
the
$39,000,000
r
:
v i n ¬
1941
amounted
to
continue
at
the
rate
over
of
dividends
the
77-7-
amount
.
in. 1942
set
is
aside
7
7
.
2,902
1,425
7,798
4,555
1,496
2,804
2,257
5,068
3,753
'.•">»
'
,
e>
r
*,'•'* J '
connection
ref.
admitted
mtge.
5%
to
list
the
30-year
suspended
gold
to dealings
extended to
and
bonds,
irom
to
Corp.—Participating Dividend—
have
declared
usual
participating
holders
were
this
on
1,
preferred
record
of
paid
Dec.
participating dividend of 6 cents per
dividend of 35 cents per share on the
stock, par $20, both payable
a
quarterly
7
Feb.
issue
cents;
During
follows;
Dec.
share,
per
16.
as
and
29,
1941,
June
participating
and Sept. 2,
making total
2
cents;
50
against
as
directors
$1.50
1940.—V.
in
151,
Pay 50-Cent Dividend—
v
Feb.
on
stock,
common
(G. C.) Murphy Co.—January SalesJanuary—
1942
Sales
1941
$4,803,747
1940
$3,479,057
$3,082,667
At Jan. 31,
1942, the company had 206 stores in operation
204 at Jan. 31, 1941.—V. 155, p. 192.
Ltd.—V. 154, p. 1149.
January—*
of
and
Monthly
1942,
billings
exceeded
of
the
the
Mutual
Broadcasting
million-dollar
mark
for
in
System
the
first
January,
time
in
the
history when they totaled $1,024,512.
The previous top
$958,935 in November, 1941.
The January,
1942, billings represent an increase of 102.8%
January, 1941, when the billings totaled $505,231.—V. 155, p. 192.
was
"
"
against
as
Mutual Broadcasting Co.—Record Billings—-
Increase
65%
•
20
cents
share
per
on
March 10 to holders of record
were as follows: March 10, June 10
Dec.
10,
40
1942 paid
7,
value,
since
April
and
20
to
1939
Dividends
cents.
Nash-Kelvfiiator
paid
The
155, p. 90.
dividend
a
holders
were
23,
of
as
1941,
$1
of
record
follows:
25
~
1942
$3,222,721
the
cents
directors
The
share
per
on
previous distribution, also
—V.
20, 1940,
each.—V. 153,
of
insurance
high marks in
Increase
to
to
lack of
be
of
of
held
a
feature
about
$2,500,000
of
$2
per
payable April
Distributions
April
1,
and
the
number
of
for
the
9
to
special meeting
vote
to
the
on
Feb.
of stockholders
proposed
17.—V.
155,
issue
the
report
was
the
the
weeks
*
and
two
days ended Jan.
31.
tThree
weeks
and
three
1942, the company had 1,016 stores in operation,
1,059 a year earlier.—'V. 155, p. 265
compared with
Nehi
payment
$567,941,290 during the
which these payments
Corp.—Earnings—
Years Ended
31—
Dec.
Gross profit on
issued
by
the
company
in
as
1941
sales
$4,696,840
■Selling-expenses-'777,613
to
707,727
General
year,
Other
have
expenses
and
administrative
deductions,
other
and
State
normal
for Federal
Net income
154,
excess
profits
of
the
year
inc.
271,543
602,000
taxes
taxes
—
week
12,161,073
above
375,000
628,000
$1,069,499
—
ended
Feb.
kwh. This
production
,
on
$991,743
of
is
Electric
Association—Output—
Association
this
6,
reports electric output
of
kwh., or 15.60%
corresponding week a
increasl
an
10,520,246
kwh.?
1,640,827
for
the
ago.
output
27,032,000
feet,
341,310
223,888
1381.
p.
New England Gas &
For
amounting to $109,974,302, a
compared with last year.—V. 155,
I
2,009,518
432,400
income
for Fed.
—V.
expenses
less
Provision
during
1942
.on
1940
$6,174,652
2,441,251
Advertising
an¬
is
cubic
reported
feet
or
at
147,507,000
22144%
in the corresponding week
above
a
cubic
feet,
production of
ago.—V.
year
increase
an
120,475,000
155,
p.
of
cubic
639.
Newmont Mining Co.—37^-Cent Dividend—
:
'
.
The directors
on
Feb.
10 declared
a
dividend of 37 %
cents per
share
the
capital stock, payable March 16 to holders of record Feb. 24.
1941 distributions were as follows:.
March 15, June
16 and
Sept. 15, 37V2 cents each, and Dec. 15, 87% cents.—V. 154, p. 1005.
/
During
.
New York Central
the 8% cumulative first preferred stock,
1 to holders of record March 6.
on
made
and Oct.
of $3.
year
on
the
stock
in
1941
as
follows:
1, 50 cents each, and Dec. 23, $1.50, or a
Total paid in 1940 was $5.50 per share.—
\
1380.
common
/
.Below,.is statement of
from connections
the
of
the
of reorganization
loaded
at
of
•
-
stations
and
-;
the
road
that the plan should be rejected, Mr. Young states that no tax avoid¬
ance
is sought in substituting income bonds rather than issue stock
proposed by Alleghany Corp. will
'C
received
Central, incl.
,
-
'
,
Leased Lines—
Loaded
Received
43,114
50,610
—
1941
44,623
_______
~
Week End. Feb. 7
1942
45,949
Week End.
Jan. 31,
1940
1942
37,093
47,546
40,367
52,414
77,460
'
99,960
was
urged again Feb. 6 by Robert R. Young, Chairman of Alleghany Corp.
The-balloting on the plan, now being collected by the Interstate Com¬
merce
Commission, ends on Feb. 17.
In answer to various charges brought against Alleghany's contentions
since "the essence of the plan
cars
including leased lines and
Pittsburgh & Lake Erie RR., week ending Feb. 7, 1942:
J
N. Y.
Stedman plan
RR.—Carloadings—
revenue
for the New York Central,
*
RR.—Rejection of Stedman Reorgan¬
ization Plan For MOP Again Urged by Young—
Rejection
sched¬
of
p.
31,
Missouri Pacific
—
1938.
25.
as
policy¬
7 declared a dividend of 50 cents per share
share
were
1
July
total
v.; 154,. p.
A
year.
stock, 50 cents per share on the non-cumulative dividend
common
and
on
2.
Co.—January Sales—
Provision
vote Feb.. 17
will
stockholders
March
27, Sept. 26 and Dec. 29, last
12V2 cents, was made on Feb. 21,
the
quorum
postponed
Note—On Jan.
in assets brought the total assets to
end of 1941.
This amount, all of which is
policyholders covers liabilities, including statu¬
policyholders
to
share
per
June
on
Feb.
on
was
days'ended Jan.
$290,255,559
the
at
benefit of
-Cents—
cents
record
_—
•Four
of $25,433,226,148 of
the company's history,
of
of
12%
155, p. 192.
National Tea
.
54,07%
dollars.
half-billion
the
of
holders
to
National Distillers Products Corp.—Meeting Postponed
ferred stock
V 1941
paid
was
27
.
1942.
5,
Jan.
dividend
a
over
sum
Another
said.
a
Corp.—Dividend of 12
declared
payable March
amount
May
$2,091,664
have
capital stock,
like
to
amount
new
t
*
with
p.
Midland Steel Products Co.—50-Cent Common Div.-~
all
:
.,
7 declared a dividend of 50 cents per share'
payable March 30 to holders of record March
20.
This compares with $1.50 paid on Nov. 26, last, and 75 cents on
June
16, last.
During 1940 the company made distributions as fol¬
lows; iJune 28 and Nov. 22f. 50 cents each.—V. 155,
p. 639.
the
1938, 1939, 1940 and 1941.
in effect for dividends on
disbursement
$1,461,912
.
will
the
each;
the
on
Co.—Pays $1 Dividend—
par
The directors on Feb.
•
that
1941
25,428
3,130
Mueller Brass Co.—To
The
on
;
of
v.--J". "'.7./ ;'jr..
per
ordinary
on
and
2
cents
1904,
changing the tfate of the
annual meeting to the fourth Tuesday in September and on changing
the fiscal year of the corporation to
begin on Aug. 1 and end on
July 31 in each year.-r-V. 154, p. 1266.
in force
V.-v
-
greater than their amortized value used for asset figures..'
payments
1,
April
in
1942
31,231
,
Exchange
payments last year $2.09
Micromatic.Hone Corp.—To Change Meeting Date, etc.
,
/
the highest amount in the comoany's history, v,;:' V. ;
assets was $112,128,733, making a total, of
-
no
principal
payable
'-.The
share.—
admitted
•
involved
602.
:
1941
10,298
*
/
in the previous year, brought the total, insurance
in
dated
Total "
1942
13,865
Exchange
1st &
The
cumulative
Gas
as
stock
$1,166,498,365.
bonds
dividend
a
363.
the
.to $5,078,564,528,
for
deposit
Rec'd from Conns.
1941
p. 3402.
Commission
$10,000,000 of
Exchange
on
each,
Guy W. Cox, President, in his report to policyholders, made Feb. 9
company's annual meeting, announced that the company passed
$5,000,000,000 mark in insurance in force in the year 1941.
An
r
of
Alleghany in asking bond¬
speed rather than delay
Period Ended—
represent
decrease
p.
the
of
and
payable
each;
Jan.
on
Both
for
dends
at the
$263,139,806
and
March
tory policy reserves, of $5,189,988,752; special surplus funds of $7,190,000, unassigned funds (surplus) of $340,894,142, and reserve for divi¬
of
outstanding and listed
during 1941 were
port—1941 Largest Year In Company's History—-
increase
7%
Shoe Corp.—January Sales-
increase
An
John Hancock Mutual Life Insurance Co.—Annual Re¬
•
cents
Jhn.
$5,648,047,196
share
per
holders
,V."y.
Stock
the
1951.
directors
share
to
paid-for life insurance
1941 amounted to $2,012,039,448.
1938.—
Distributions
10, 37% cents; June 10 and Sept.
$1.
Payments in 1940 amounted to
154, p. 1149. '
cents
payable March
March
Nov.
declared
stock,
protection
The'total
Drl,643,773
,
'
Feb.
have
i_
gave
exceeded
472,140
arrearages
,
15,130
2,264
York
13,
1,
The
$1;353,219
Securities
issued
.
better earnings margin
a
$7,338,667
$5,920,528
policyholders and their beneficiaries of
marking the
10th successive year in
Jaeger Machine Co., Columbus, Ohio—50-Cent Div.—
record
$9,337,713
Feb.
Due
nouncement
123,935
1,643,773
5,381,987
t
on
and
Increase
public offering is
certificates.—V. 155,
stock,
and
10.
held
common
be
distributions made
sales
holders
$23,921,223
directors
plan
insurance providing
benefits and $25,997,024 weekly benefits,
the more than 29,400,000 of the company's
policyholders in the United States and Canada, Frederick H. Ecker,
Chairman of the Board, and Leroy A. Lincoln, President, reported on
155, p. 602.
the
the
1941
certificates
earn¬
,
Missourt
a
dealings on Feb. 13: (a)
1st & ref. mtge. 5% collateral trust
bonds, series A, due July 1, 1941;
(b) 30-year 5%
gen'l. & ref. mtge. sinking fund bonds, series A, due
April 1, 1955; (c) 30-year 5% gen'l. & ref. mtge. sinking fund bonds,
series B, due April 1, 1955; (d)
gen'l. & ref. mtge. 4%% sinking fund
bonds, series C, due April 1, 1955; and (e) gen'l. & ref. mtge. 5%
sinking fund bonds, series D, due April 1, 1955.—V. 155, p. 54.
155, p. 363.
which
1,698,063
Total
on
of
1942
1941
$1,825,816
$1,106,639
;:77:'
20
10,
$1,634,617,475
19,194
V.
The
for
of
603.
p.
The New
July
avail¬
1942—12 Mos —1941
$445,384
The company ended the year 1941 with a total
life insurance in force, and accident and health
24,223
arrearages
accumulating
notified
is
on
said
are
Metropolitan Life Insurance Co.—New Records Set—
352,800
,___
(par $15)
surplus
Outstanding dividend
155,
Sales
42,482
Earned
•Net
Justice
decision
1942
Month of January—
325,627
———________________
stock
of
companies
1942—Month—1941
or
the
company
Retail
115,657
.
.
other than income taxes...
Contrbutions
will be
companies
.
holder
a
Montreal Tramways Co.—Extended Bonds Listed—
the
for
155, p. 602.
would
common
common
—V.
205,116
...
_
Reserves
Common
Sept.
cents;
$15,160,000
_
:
_
•Outstanding dividend
two
favorable
a
and
Corp
January—
Melville
$23,921,223
—
1942
Northern
—V.
•
liabilities
current
warrant
uled
641,217
Accrued Federal and State income taxes
Other
to
1280..
932,301
—
—
—-
interest
as
Steel
Department
The
9.
soon
Distributions during 1941
Other
1,341,882
536,860
payable to trade creditors
payrolls '
Accrued
both
Laughlin
the
to
Feb.
as
1940 also totaled $1 per share.—V.
the
$17,906,332
—
—
Accrued
and
Maud Muller Candy
supplies
liabilities
of
par
3
accom¬
Stedman.
Mr.
17,366
Gulf Coast Lines.™4,896
1,106,550
_
Deferred
enough
of
would
Loaded Locally
358,799 shs.
;
(including working funds of $18,135)
Receivables
(less reserve)
Long-term debt
submitted
learned
&
that
action
plan
Pacific
the
29(700
-1
Jones
.
claims
the
claimed by
as
Missouri
bonds to April 1, 1945.
Of the bonds outstanding
been extended to April 1, 1942, and $691,000 has not
directors
no
and
in
30, -1941
—.—i_—_
,
be
situation, and that present
T
.,
.
,.
*
•
also
Stedman
No. of Cars—
arrangement
united.
How¬
(P. R.) Mallory & Co., Inc.—20-Cent Dividend—
The
$5,000,000
Feb.
on,
truck-borne
may
chain's
the
Not limited
deposits
■
the
filed with the
underwriting
The
Liabilities—
far
be
dividends
-—V. 155, p. 363.
Outstanding
Cash
/
some
the
issuance
Feb. 25.
360.000 shs.
—
the
Moran Towing
Sales
Assets-
——
proceeded
Lane Bryant, Inc.—Sales for
71,000
Utility plant—Tangible property—
Intangibles
———r~__———
Total
held
could
represent deposit of the bonds
plan and agreement dated Feb. 15, 1942, for extension of the
Month of
71,000
71,000
—
.
Balance
and
been
Lake Sulphite Pulp Co., Ltd.—Sale of Properties—
176,000
Payson & Co.
Quail & Co
283,000
No
213,000
H. M.
mortgage bonds, 4% series 1970
sinking fund debentures, 1966
Materials
of
certificates
of
265,000
The Milwaukee
353,000
-
and
been
was
statement
has
the
Journal"
diversion of
restrictions
Loadings Feb* 7th Week—
confirms
with officials
$265,000
Co
Authorized
accounts
of
-
states that
reject
reorganization
Corp.,
$7,273,747
a
Street
tire
,
to
Int.-Gt.
not
January—
$9,302,000
265,000
Hutton &
?
Prepaid
Steel
toward
companies
$854,964
of
"Wall
of
refunding bond would receive
Mr.. Young also
holders
been extended.
To Be
Special
it
maturities
the
W. E.
353,000
investments*
far.
155, p. 336.
under
Capitalization, Sept. 30, 194 L (Giving Effect to Present Financing)
stock
has
Co.
stockholders
The
of
Hemphill, Noyes & Co.
441.000
Blyth & Co., Inc
Common
have
looking
two
See Brompton Pulp & Paper Co.,
Goldman. Sachs & Co.__
4 %%
Laughlin
discussions
have
non-competitive,
registration
follows
as
_
First
the
Month of
underwriter
C. Langley & Co
$866,000
Halsey, Stuart & Co., Inc.
866,000
Bonbright & Co.__
441,000
Webster
whereby
proceeded
.
principal
are
W.
Boldget, Inc.
A. C. Allyn & Co., Inc
&
refunding and extension mortgage 5%
outstanding in the hands of the public.
and
communities
The
;
name
respective amounts underwritten
&
&
Laclede Gas Light Co.—Registration Filed—
at
communities.
Stone
arrangement
Jones
this time."
at
merger
Company has
a
of
census
Underwriters—The
the
6
retail
and
wholesale is estimated, based
1940, to be about 170,000.
Company also
sells electrical energy at wholesale to several
large customers includ¬
ing four public utility companies which resell at retail in several other
so
Federal
an
of
1923,
including the cities of Ottumwa, Burlington, Newton,
Creston, Chariton, Washington and Grinnell, Iowa, and
territory
the
on
Jones
Sales
and
retail
Centerville,
about
inter-connected
ignored?
in his letter
•'*/' "r
Month
the
result
a
under the proposed Alleghany plan than under the Stedman
plan, and that holders of the convertible 5V2S, the only issue In which
Alleghany has an interest, would get new securities which, in 1941,
would have earned and been entitled to receive over
$25, as against
nothing under the Stedman plan.
'
said Feb. 7 that pre¬
officials
—V. 155, p. 191.
Business—Company
be
Young
Pacific first and
(S. H.) Kress & Co.—January Sales Higher-
principal business is that of generating, distributing and selling
energy for light, heat and power.
The facilities devoted
southeastern
discussions
statement
Steel
—V.
•
served
&
Kennedy's, Inc.- -January Sales—
$1,356,862
as
coverage
with
toward
the
Period End. Jan. 31—
electrical
to
held
Cleveland
of
Sales
Delaware.
The
Otis and Jones
—
41,968
.
May
and
of
asked to approve it.—V.
011
Company
Co.
proposed
be
that
emphasize that any
men
railroads
reflect the "permanent"
should
Mr.
-
debt
requirement on total
interest $646,060.
general
In
of
preliminary
interests
consideration,
1, 1970, will require $400,000; annual interest
$5,000,000 4% %
sinking fund debentures, due Dec.
$225,000 and general interest $21,060, making the annual
1966,
148,
ment—
able
expense
due
requirement
been
President
Steel
the
further
The annual interest requirement on $10,000,000 first
mortgage bonds,
4%
had
Corp.," looking
that
report
int.
of
amort,
disc't
...
achievement."—V..
President of the Otis Steel'Co.,
Lewis,
whereby
$1,380,061
147,450
_
greatest
for his plan,
E.
stated
bond
the
panied by revenue gains for the leading systems far out of proportion
to
the physical
volume of business so diverted," and asks why does
Stedman think that the earnings of the Dust-Bowl
years of the
middle thirties, which confronted the ICC when it
approved the bases
Officials of the Jones & Laughlin Corp. said that
plans for a merger
the Otis Steel Co. were being
considered.
A statement
read:
of
to
bef,
earns,
company's
Laughlin Steel Corp.
Steel
to
250,075
of
year
discussions
a
re¬
refunding
Misc. adjustments
the
is
J. Kulas,
"H.
73,983
$1,606,937
inc.
exceptional
also
"Rail
to
with
$1,306,077
earnings
alent
of
6,000,000 policy¬
of the two companies would be united.
"However," he added, "such discussions have not
enough to warrant a further statement at this time."
Deduct—Amounts equivv
mark
over
Young
traffic
Proposed Steel Merger Submitted to Justice Depart¬
$1,572,907
Other income
Net
--
Mr.
stated:
Mr.
Laughlin
67,250
360,000
-
480,000
$5,000,000,000—a
other
tinuously
Interests
326,170;
,
than
more
liminary
$4,072,445
1,731,399
281,546
535,851
13,025
retirements
like
Laughlin Discuss Merger Plans—
in¬
taxes
Pro v.
to
privilege
Pacific;
borrowers, has asserted and been granted this right con¬
in its tax returns to date... Mr. Stedman,
holding himself
out
as
your
'protector,' labels our desire to preserve and perpetuate
this right 'a transparent tax avoidance
scheme.' "
,7
V
Jones &
v
1938
1939
$4,209,365,
1,669,063
260,494
$4,426,993
1,678,634
.
234,607
_
pre¬
"The
ings
$4,564,566
1,721,058
241,724
Maintenance
any
'
••
1940
in
1030.
.
Taxes,
force
"1941
p.
Years Ended Dec. 31
Sept. 30,'41
in
ance
Comparative Income Account
___
been
ever
the
holders.
together with other funds
will be paid by the company out of its general corporate funds, will
be
used for the payment,
redemption or retirement of all general
mortgage 4%% sinking fund bonds, due May 1, 1950, and 6% gold
debentures, series A (maturity date May 1, 1950).
Operating revenues
Operating expenses
has
.-7.<
attainment, made possible by the participation of
net
12Mos. End.
it
the company's strength and
public appreciation
quality and usefulness of its services in 1941 may be measured
sum of $112,128,734; by the increase of
insurance in force o.f $464,746,466, and by the increase, of total insur¬
proceeds (estimated at
estimated at $644,696.. which
$4,735,003),
than
by the increase of assets in the
,
the
1941
1964-1965,
year
'
of
In
is ready to do its part to assist our Government in
quality and usefulness of its services in 1941 may be measured
"Public confidence in
of
at
Dec.
before
lower
was
they currently enjoy"
debt to contingent interest
of deducting interest, fixed or
contingent, fronr
taxable income
has
been accorded borrowers since the
Constitution
was amended in
1913 to. legalize taxation of income.
Missouri
company
the
sinking fund
for
than
Dec.
to
of
and
year.
7 "The
to the bondholders some
$7,000,000 of tax savings
and would translate existing fixed interest
debt.
preserve
Total
_______
V
95,233
89,063
Pittsburgh & Lake Erie—
t
Loaded
7,404
Received
f
Total
—V.
155,
*
______
p:
-
7,564
'
5,667
8.274
7,185
6,822
6,631
7,534
14,589
14,386
12,298
15,808
604.
-
THE COMMERCIAL & FINANCIAL CHRONICLE^
698
Norfolk & Washington Steamboat Co.—Extra
.
no
Dividend
have; declared
directors
addition
to
common
stock, both payable Feb.
the
regular
extra distributions
dividend
extra
an
semi-annual dividend
made
were
of
of
$4
$2
share
per
share
per
on
16 to holders of record Feb.
during 1941.—V.
in
the
No
6.
Norfolk & Western
Cars
loaded
Rec.
20,073
-
6,384
Year to—
Cars-
I.
437 7.35%.
Feb. 8,'41
113,859
loaded
'.
declared'
the
on
dividend, of
a
cumulative
6%
$2
account;
$100;
share on
per
stock,
preferred
was
of
$1
Dec. 20," 1940.—V.
/ rS.//v/'
on
6,323
151,
Pneumatic
Scale
Consolidated
Income
from
Corp. Ltd.
Earnings
sales,
machines
(&
Ending
and other
lease
on
V.
SO,
Nov.
Total
-V.
146,932
'
155,
Net
profit
Preferred
Co.
Power
Northern States
j
(Del,)'—Weekly Output—
of the Northern States Power Co. system for the week
7, 1942, totaled 36,204,000 kwhv, as compared with 32,-'
kwh. for the corresponding week last year, an increase of
U.3%.-rV. 155,, P. 604.
.
;
■
.
i
Feb-.
Assets—Cash,/: $376,774;
$80,000;
539,000
life
North
■
Reinsurance
Star
Corp.—To
it
Feb.
11
time
samer
The
E.
with
rate
of
a
value
par
$12.50
of
of
share,
pep
surplus.
,
there
for
will
one,
be
The new stock will
$5.
to
$5
be
allocated to
be
paid
capital
Reinsurance
stockholders,—V.
152,
'
to
•Net
799.
p.
*
j
,
'
:
\
■
* '*.-
-
the
$7.50; to
of
for
Baltimore Parcel
fund
sinking
Post
Station
bonds due March
1, 1942, at 101
gold
be
at
made
the
Safe
Deposit
&
municipal bonds,
share
per
been
Baltimore,
-
of Philadelphia
$468,621
$15,629
the
$2.58
Consolidated
$2.06
$1.35
$0.04
the
entire
time
dent.
Sheet, Dec.
31,
securities,
notes
(347,534
154,
no
shares)
par
and* surplus,
$7,807,382;
The
total,
the
on
semi-annual
tributed
The
Farm Equipment
I.
When
not in
The
Co.—Wage Dispute Settled—
Board
settlement
announced
Feb.
on
of
6
1941.
paid
New
Weeks
hearings opened
Jan.
30, it
-found
was
;
which
contract,
is
the
first to
be
signed
the
between
parties,
special examiner to make
study of the rates existing at the plant.
a
On the basis of this inves¬
the board will set rates which the company and the union
to accept.
The union waived its demand for a checkoff
union security clause and the company-agreed to-give employees
tigation,
have
and
agreed
a
vacation
V.
amounting
pay
155, p.
604.
•
Otis Steel
See
Jones
21/s>%. of
to
Feb,
on
paid
1
par'value
no
of
dividend
Aug.
on
&
./•//
10
cents
Laughlin
Steel
Corp.—V.
155,
dividend
of
five
cents
of
J.
D'.
had
Creveling,.
paid to
consideration
President,
Indiana
Gas
Gas
Co.
the
sum
purchase
The
Feb.
13
in: addition to the regular
share.
Like amounts were dis¬
153,
p.
848.
the
company
Distribution
of
$439,326
provided
were
Corp. and had: paid to
for certain properties,.
against
by
the
recent
sale
of
stock.
for
Funds
Panhandle
West
the
of
Michigan
Gas
$142,000 for stock
.//%.,■/■/
Gas.
ana
Panhandle Eastern has
000
class
outstanding
all
and
owned
mentthe
of
called
A
by Columbia
$6
Gas
and
Type B is
/
ings,
Indi¬
agreed
to
accept
the
completion
of
The
market.
'Since
taken
the
1937
in
the
served by
lias
of
it
cost
dividend
stock
of
the
an
rate
Panhandle
the
of
average
the
over
carries
class
burdensome
Feb.
Oct.
a
Co.
the
as
an
of
to-
years.
to
the
The
•
per
made
•
of,, the
Proceeds
properties
recent
financing
and the retirement
authorize
expenditures
of
605. './.•••/
p.
-
class
A
is
majority,
a
East
the
in
of
the
the
of
declaration
quar¬
the
on
preferred
$6
stock
were
1,
made on Nov.
641.
p.
3
in
Earnings
district
Nov.
'
*
~
1941
31—
Dec.
stock___
.
276,237
$0.83
$77,530
the
276,237
$1.28
___
earned
$0.70
$0.21
depletion/amortization,
Federal
'
* ' *
and
interest,
*
$418,573
,
income for
ended Dec. 31, 1941,
44%/vover the $475,100
the September quarter, net
in
months of the company's fiscal year,
$685,012,
totaled
$209,485
276,237
$373,925
276,237
/•:■"
'
With
•
share
depreciation,
1938
1939
1940
$266,439/
per
•After
of
increase
an
more
than
reported for. the corresponding period of the previous fiscal year.
.7:
Provision for Federal and foreign taxes in the December 1941 quarter
sturdy moistureproof material, especially
fibre cans, or as liner's, bags, bbx cover¬
a
for
declared
have
May
On
t
for titewraps
the
1941.
'
End.
Mos.
Shares of com.
vapor-proof material
marketed as Type R
product is being
10,
Nov.
on
"
business
.
common
The last quarterly distribution
17.
♦Net profit
•
Product—
Corp. below.—V.: 155, p. 403%
Steel Strapping Co.—25*Cent Dividend—*
Earnings—
located
stores
Liberty
water-proof,
new
a
new
cartons.—V.
and
154,
"
'
1150.
p.
'
amounted
dividend. of. 50:. cents per share on
a
15,
50
and
cents,
Dec.
22,
in
pur¬
preceding fiscal year, an *
consolidated balance
sheet as of Dec. 31, 1941, shows total current assets of $10,009,843
against total current liabilities of $3,668,036.—V. 154, pp. 1496, 1151,
438, 155.
increase- of
the
last year
Total
$1.
$608,136, compared with $133,583 set aside for these
to
the
in
poses
*
*
corresponding
quarter
350%.
than
more
The
the
company's
Southern Phosphate Corp.—Registrar—
;
following distributions were made on this issue:
15, 50- cents each; July 1, $1; Aug; 15, 50' cents;-/'
common
Feb.
on
Feb.
on
stock,
20.
a
value,
par
Shares of capital stock, $10 par value.—V.
was
/
•
has been appointed registrar for 239,754
The manufacturers Trust Co.
155, p. 367.
Spencer Kellogg & Sons, Inc.—50-Cent Dividend'—
the
capital stock,
like
amount
of
of
cents
25
cents
20
per
share
distribution
March
1, 1941; none since.—V. 155, p. 308.
on
have
directors
The
share
March 17 to holders of
dividend
payable
initial
An
this issue
declared
6
no
Month of January—
sales
per
was
declared
dividend
a
payable March
disbursed
was
Dec.
on
10,
of
50
cents
per
share
on
10 to holders of record Feb. 21.
A
10, last, as compared with 40 cents
1939, to and including Sept.
share paid each quarter from Dec. 11,
1941,—V. 154, p. 1417.
per
'
—-V.
$6
155, p.
!
1941
1942
$3,162,948-
.
Net
t
_•
194.
:
v-
....
(New Jersey)—SEC Lists Company
Standard Oil Co.
for Exemption Is
As A. Utility Holding Company—Plea
$2,748,542
Denied, but Order Is Suspended for 6 Months—Natural
Gas Units Were Once Oil Companies—
-
,
non-
purchase
will
be
Standard Gas and' Electric
of
Electric
.
totaled
155
'
-
output
Standard
applied
construction.—V
]
defer
to
'
preferred
and
the
preferred
new
voted
1
Gas
of
the
Electric
&
163.304,000
/corresponding week
kwh.
last
utility
public
Co.
as
Go.—Weekly Output—
in
companies
operating
an
increase
19%.—V.
of
155,
p.
application by the company for exemption from the Holding Com¬
Act on the ground that it was "only incidentally a holding com¬
the / pany"
system for the week ended Feb. 7, 1942,
compared with 137,214,000' kwh. for thp
year,
An
pany
not required' for
of the
$8,748,000 for
have
ago
(L. C.) Smith & Corona Typewriters, Inc. (& Subs.)—
Spiegel, Inc.—January Sales Up 15%—
participating."
to
$1;
$1.50
share on the
made
it was announced on Feb. 11.—V. 155, p. 159.
This
covering
directors
the
record
Corp.
regular
new
share
The
on
Panhandle
relieve
addition
and
year
a
155, p. 268.
customers
Distribution
will
$5.60
with
opened
be
announced
as
1941
period
stock, payable Feb. 21 to holders of record
(also 25 cents per share) was
Dec. 27, 1941, the company also paid
a
special dividend of 50 cents per share and on Nov. 4, 1941, a 5%'
stock distribution was made.—V. 154, p. 1731.
'
."J ' ' :■:%'///"//' /■
w
V:';/ / ///v :
./.
Sharp & Dohme, Inc.—25-Cent Dividend—
V
Detroit
participating feature which
four
or
dividend
Gas
stock
a
/^'////v/
Feb.
drug chain, totaled $185,346.08, as
month-last-year, the company re¬
in the
Metals Co.—New
a
comparable
/ The directors have declared the usual quarterly dividend of 23 cents
per
,
through the Michigan Gas line.
share in
three
past
cumulative
the
to
distribution
Indiana
preferred
per
1,
by Michigan Gas has
primarily for delivery to
line
for
provisions of
$3
primarily
outlet
an
6,
Oct.
on
$5 per share, as against $3.12V2 in 1940.—V. 143, p. 601.
out "its-dis¬
rounds
built
was
it
" /
stock, par $25, payable Feb. 16 to holders of record. Feb. 6..
15
transported
or
Eastern
Eastern
A.
which
giving
Gas
Likewise,
area.
"Retirement
Eastern
sold
gas
Panhandle
Consolidated
Detroit
has been
Eastern,
all
the
from
Michigan
link
Gas" line
Michigan
Panhandle
of
Maryland,
will
directors
During
these
connecting
a
The
system.
extension
been
with
Eastern
tribution
like
announced as
as
well
as
common
transactions," Mr. Creveling. said*
"Panhandle Eastern's position is strengthened from both an operating
and financial standpoint.
"Acquisition of the Michigan Gas Transmission Corp. provides Pan¬
handle
Of
155,
S iffnode
(The) Risdou Mfg. Co. (Conn.)—50-Cent Div.-—
-
for
par
acquired
stores
Selected Industries, Inc.—New Director—
;
stock.
"With
'■'/
retail
the
in
packing.
Stock.;'
valuable
on Feb. 6r its $10,000,participating preferred stock,
Electric Corp. which has waived pay¬
premium
Rand's,
defense
"Victory
recently
See Tri-Continenfcal
area.
has
//Company
for
and
of
and
ferred
the first six
for redemption
&
of
and
store,
new
the
during
operated
directors
taxes.
cumulative
$10' redemption
a
debt
and
Virginia
Reynolds
payment made to Columbia Gas & Electric Corp. represents the
prices
for the properties acquired:
$10,624,715
for stock
debt
84
adjusted to include the Reeves operation.—V'.
1941.—V.
operates a chain of retail drug stores in Pennsylvania, Ohio,
Pittsburgh
A-
;
following
and
sales
of Pittsburgh this month,
the
-
bonds
the
of
Securities Corporation General—Dividends Deferred—
r
New-. York, and Teheran,
FelST 10 by| R. C. A. Communications, Inc.
t
$168,436.84
Rand's
'
//':•'''
//
sales
and
Inc.,
Reeves,
terly dividends due Feb. 1, 1942, on the $7 preferred and $6 preferred
stocks.
The last regular quarterly payments of $1.75 on the $7 pre¬
January 1942 sales were the highest for any. January
company's history.
Sales tor the year 1941 were at a new record level.
Ohio- Fuel
the
38.33%
<
...
that
Increase
radiotelegraphic
ported.
Columbia Gas & Electric Corp.- the sura of $10,766,715 in
for its acquisition of Michigan Gas Transmission Corp,
and
preferred-
announced
the
stores
been
per
Rand's, Pittsburgh—Record January Sales-
Panhandle Eastern Pipe Line
i
all
now
January
' 'f-
Co.-—Pays $11,206,041 to
Columbia Gas & Electric Corp. and Ohio Fuel Gas Co'
For- Properties—Old Preferred Stock Redeemed—
i
1/41
this year totaled 2,934, against 3,021 a year ago.
stores acquired in August, 1941, in the merger with
1941", from the National Grocery Co. have been included in the figures
the four weeks ended Jan. 31, 1942.
Sales figures and number
radiote^epoplAcircuit between
opened on
was
■■■■■■■-.■.
604.
p.
quarterly
"stock
per
last year.—V.
1,
extra
an
common
/•
///;/ ■:•' /
Co.—Merger Plan Discussed—
direct
new
Until
their previous year's earnings.—
,»"
,
of
Daniel
155, p. 508.
traffic'from the: United states toTeheran had to be routed by,/way of London, where, under war con¬
ditions, there was a considerable time lapse before clearance.
The
new
6,000-mile circuit will eliminate serious" delays. - With the addition of Iran, Ifc-C.. Av-Communications operates direct
radiotelegraph circuits to four countries of the Near East.
The other
three- link
New
York
with Beyrouth,
Syria/ Istanbul, Turkey, and
Cairo, Egypt.
R. C. A. C. direct radio circuits connect the United
States with a total of more* than 40 countries*—V.-155, p. 641.
■'/
agreement on a single clause of the contract.
provides for appointment by the board of a
A
Iran,
the parties
that
Feb.
Jan. 31,'42
Ended—
$45,735,123/: $33,061,263
Sales
Radio Corp* of America—Opens New Circuit-^-
:
this company and the United Automobile Workers^
which involves 460 workers, followed seven
before Dr. Paul A. Dodd; associate member of the
settlement,
hearings
of
days
board.
Labor
'
between
The
O.
were
War
National
the dispute
C.
payable
$1,
Stores in operation
The
Oliver
cents per
seven
dividend of five cents per
March 28 to holders of
quarterly
a
par
the company paid four regular
share.—V. 152, p. 4139.
1941
Safeway Stores, Iiic^—Sales Increase—
business for January amounted to
is another all time high for a single month's pro¬
of
year
company
share
1495.
p.
stock,
During
Sales
Quinte Milk Products, Ltd.—5-Cent Extra Dividend—^
manufacturing plants- and equipment, $2,820,610; total, $9;322,166,
/
Liabilities—-Accounts payable, $405,656; reserve for taxes, $1*109,127;
stock
declared
have
common
14.
for
re¬
ceivable, $10,386; accounts receivable, $1,340;682; inventory, $2,514,900;
$9,322,166.—V.
Feb.
Four
figure
duction, the announcement said.—V.
1941
$1,938,906;
the
on
dividends of
of
high
This
$15,000,000 which
Balance
marketable
$696,682;,
directors
The
share
/
.
On Jan. 31,
all
1938
depreciation- and- taxes.
Assets—Cash,
Sylvanite Gold Mines, L1d—Smaller Dividend—
Payi
*
of
$720,417
__
10.8%; common
mort¬
have
record
Life Insurance Cu.
l'.4'%;/
and
public utilities, 9.4%; mortgages, 5.0%; real estate. 2.2%;
policy loans, 8.2%; cash, 1.7%; other assets, 3.1%.—V. 155, p. 161.
trustee, 13 South St., Baltimore, Md.—V. 128, p. 264.
Provident Mutual
guaranteed stocks,
preferred
stocks of industrial and financial corporations,
of
stocks
1949
Co.
2.8%;*.
19.3%;
bonds,
per¬
Government bonds, 2518-%
industrial bonds,. 5.0% *,' railroad bonds,
5.3%;
—Policies at New High—
1939
1940
1941
utility
public
T
and interest.
Trust
following classification showing the
the
centage of total assets under each heading;
154,
:
leasehold
1,
redemption as of March
will
ment
of
$11,500
5%%
called
*,
*
total
A
gage
by
000,000,
com-'
common
,
-
is disclosed
pay¬
$80,500; preferred stock/$137,830;
surplus, $1,131,998; total, $2,904,237.—V.
$1,200,000,
'
r
>
$127,7-74;'
accounts
Postal Service Bldg. Corp.—Bonds Called—
-
'
common
and
(for patents purchased),
stock,
j,
accounts,
notes
1942 insurance in force in this company reached a new
$1,032,000,000, according to M. Albert Linton, Presi¬
is approximately $12,000,000. higher than it was at
end of December, as contrasted with a gain of $24,000,000 during
31—
Dec.
profit
•After
accrued
$97,600; ■ deferred
$897,673
End.
Earnings
'/if
$128,534;
payable,
income- taxes,
for
able
Ohio Brass Co*—Earnings—
Years
Liabilities—Accounts
for at
and
'
'
<■
mon
owns
1443.
p.
(net), $319,089* .patents' and good-r
$19,119;
plant and equipment
$2,904.
reserve
approimately 98Va% of the exist¬
ing stock, so that its payment to the North Star Reinsurance Corp.
on
this account will' be approximately $985,000, and, in addition, the
General Reinsurance Corp. has agreed to take up and pay for at the
same
rate
any
shares which
are
not subscribed by the minority
Corp.
.
,
new
*
,
notes/
anticipation
* (less
reserve),;
cash ) surrender value
«
$20,117;
com¬
outstanding;
shares
$619i619';
(less amortization),^ $896,522; deferred; and prepaid- items,
an
after the
that
so-
200,000
'
General
effect
to
stockholders the right to- subscribe
two-thirds
completed,
is
President that the
Boles,
necessary
tax
receivable—eustojmers;
$16;939; miscellaneous accounts, receivable, investments,
insurance,
total
increase
from $600,000 to $1,000,000.
At the
money will be added- to-surplus.
new
basis
the
on
H.
steps
has offered to
company,
capitalization
each
of
$600,000
shares*
new
by
completed the formal
capital of the company
has
the
in
announced
was.
.
Treasury
S.
inventories,
will
ization—$600,000 New Money To Be Added to Surpluspany
.U.
accounts
and-
merchandise
etc.,
Capital¬
Increase
notes
$556,059;
.
132,009
—____________
Consolidated Balance Sheet, Nov. 30, 194 L
/ '»
/-
Electric output
ended
9,648
dividends
•
"•
began two years ago amount to only 2.2% of total death claims/
compares most favorably with the death rate from accidents dur¬
peace-time, when automobile fatalities alone accounted for about
4% of the total death claims and claims from all accidental causes
were about 9%
of the total.
The mortality experience of the British
business
is particularly noteworthy, for,
including all deaths among,
the armed forces, and among civilians due to air raids or other causes
attributed to the war, it is substantially the same as the average death*
rate under the company's entire business thus far during the war.Other important figures appearing in the Sun Life's annual report
are:
Premium income, $112,500,000; investment income, $30,300,000;,
total receipts from all sources, $169,300,000; payments to policyholders/
$88,300,000, including nearly $12,500,000 paid in dividends to policy¬
holders; total .benefits paid since first policy Issued, approximately
$1,500,000;000; over $2,500,000 "was paid in taxes by the company during
[ the year;, surplus and contingency reserves, $32,000,000.
% The broad: diversification of the assets, which now stand at $995,-
$270,079
dividends
Common
over
company. 'This sum
last year,
and brings
the
ing
2,001 1.34%
148,933
'
Wood believes,*
national crisis.
12" months covered
the
that during
ties
98,290/
:
fact
This
—
,
604,
p.
i
$2,311,276
Federal and Canadian income taxes
the
by
$187,000,000 of new business was secured
is an increase of more than $17,000,000'the total amount of protection for all
Sun Life policyholders to almost $3,000,000,000.
By far the greater
part of this business is in Canada, United States, Great Britain and!
British countries, while no less than 98%
of the company's total in¬
vestments are in these countries.
The total war claims since hostili¬
by
Manufacturing cost, operating, admin; and selling expenses V. 1,785,002
Development expense
,.*,' 157,905"
1,961 1.69%*
40 0.12%
efficiency of life, assurance, Mr.
to the public mind in. times* of
substantiated
over
1941
sources__
evident
more
is
by the Sun Life report,
149,,
>.£&■::..
'
Subs.)—Earnings—
the Year
for
3898;
p.
/vi///■
and'
purpose
This
18 to holders of record March 4. :~The last payment on
issue
The
become
par
one
—Decrease—•
33,113
/
:
have
3881'.
p.
27,532
115,820
33,073
Received from connections.
X
905 3.31%
Feb. 7, "42
■*
'
.
directors
accumulations
21,209
D.
5,947
guaranteed bonds, $53,215,946 of United States Government bonds, $47,208,809 of British- Governments, $32,042,826. of. Government bonds of
other British Empire countries.
Incidentally, the total investment of*
the Sun Life of Canada in the United States is well over $430,000,000...
(For offer¬
'
'
.
payable March
D.1,343 6.27%
27,363
conn-
—
>
this
Jan. 31,.'42
Inc. or Dec.
21,416
26,457
from
Total
Feb. 8, '41
155, p. 193".
" *v' >V
:•/v'■/
1269).—V.
p.
«
The
•
Ry.—Carloadings—
Feb. 7, '42
V. 154,
see
Pennsylvania Industries, Inc.—Accumulated Dividend-
:
144, p. 287.
of
Week Ended—
value, payable Feb. 28 to holders of record Feb. 14..
par
ing,
The
;
Saturday^ February 14,/1942.
'
within
meaning
the
other than the
business
of
the
of
a
act
primarily
is
and
engaged
in
public utility company, was denied Feb- 6
and Exchange Commission.' The order denying the
application; however, provided that its operation
should be sus¬
pended for six, months.
/
»
\
,
t
The Commission based its decision
on
the* ground that the gas
the Securities
"by
607.
,
Patino
Mines &
Enterprises Consolidated
Pay Dividend of 50 Cents—
*
The
directors
on
Feb.
to
holders of record Feb.
payable Feb,-28
United
in
amount
States
was
A, special
11
funds
30,
30
as
compared with 25 cents
60
cents
on
Jan,
the
at
paid' on Dec.
dividend' of
declared
rate
of
cents
on
21.
50
1941.
1941.—V.
15,
dividend
a
per
Sept.
share
Month
2s.
6d
per
A
paid
on
^
v
28
June
last
5
/
and
(J.
C.)
Month
—V.
Penney
Co.—Sales
of' January—
'—
155,_ p. 193.
_____
for
•
$30,583,498
January—
1941
Increase-
$20,295,954
$10,293 544
'
-
States.—V.
35
155,
p.
1941
$411,863
installment, furniture
269.
•
'
r
Penn Mercantile Properties—Tenders—
'
The Fidelity-Philadelphia Trust Co., trustee,
Philadelphia, Pa., will until 12 o'clock noon,
receive
'Jan. :1,
not
bids
for
the
1936,. to, an
sale
to- it
of
secured
amount sufficient
to
exceeding par and interest.—V. 152, p.
135
South
War
sinking
exhaust
Time,fund
Increases
St"
Broad
March
bonds
2
dated
$8,697.10- at prices
1290.
Report Shows
shown
are
of the
71st
by
annual
the
dollar
Sun
statement
directors
per
share
have
on
declared
the
$1.25
an
initial
cumulative
quarterly
applied,
dividend
of
31V*
convertible, preferred stock.
,be
afterwards
for
in
as
made
the
up
of
the
of
Canadian
and
Its Public-Utility
Subsidiaries
Its
cor¬
Rules
and
Section 2 ,(a>. (4) of the Holding. Company Act and
Regulations thereunder.s
These are* Hope- Natural/dGas
The East Ohio Gas Co., The River Gas Co. and The Peopled'Natural Gas CO;/ All of the s'eoufities'of these subsidiaries are owned
Co.,
'by applicant.
In
and
the Allied, countries,
Government and Government
holds
natural
*
;
•
gas
the
to
-_/ *, .
■/:*
subsidiaries;
controls various natural gas. producing companies
.
"
its investment in- the four natural gas
,
addition- to
applicant owns
or
-following investments
in companies .which
utility companies'-in Other States for . resale:
Lycoming United
Gas
Corp., .81.7%
•
•
-
-
«
*
*
'
Interstate
Natural Gas Co.,
Inc., 53.9%
.
*.•<*...
.*..-
Keuka Construction Corp.
;
supply
of common stock;] 92.8%<. of
outstanding notes.*
*
*
' '
New York State Natural Gas Corp.
long as is» necessary, not only during the war,, but
time
of reconstruction.
The-Sun-Life now has
$83,367,250
defined1; in
.as
security for the individual and the family,? is
together with the investment income- of the com¬
upwards of $215,000;000 in- Government- bonds of
Applicant
incorporated on Aug. 5, 1882, in New Jersey.
stocks, bonds and other securities of
of owning
.
to the purchase of Government loans.* The contribution of ,the
companies to the war effort has been most- substantial and must
sustained
of
was
consists
porations, most of which are engaged principally in producing, refin¬
ing transporting, buying and sellihg, at wholesale and* retail, petroleum
and' products derived
therefrom, in far-flung areas throughout the
-world/> Four of - applicant's
subsidiaries,- however) are gas. utilities
-of providing
being
.also
of/Standard
Applicant
business
of'policyhoiders' premium savings? while performing its-'primary
rpurpose
system
Description
'////V/;//':/-,
pany,
Pennsylvania-Central Airlines Corp.—Initial-Div.— :
The
cents
/
Life of Canada in all important
just released, including substantial
gains in assurances in force; new policies ;and total assets which are
•nearly $1-,GO0,OOO,0OO;
With the new business showing, a strong upward
trend throughout the period under review this leading -Canadian com.pany
once again
demonstrates the significance - of life assurance in ?*
national economy.
"
*
" >
•
*
;
Arthur B.
Wood, Sun Life President, in his annual revieV of the /
.company's" operations, gives, particular emphasis* to the; functions- of
life assurance under war conditions.
He declared that every available '•
life
<
seven
:
,
'
$316,224
in
of New Jersey, though small in relation
to its other activities,
is probably the -third largest im the United
States, and that it would not be in the public interest to relinquish
supervision "of the company's affairs since there were intra-system
transactions requiring the Commission's scrutiny to prevent abuses.
.The findings and opinion of the Commission follows:
; ,
Utility
1940
"
,
stores
...
Sun Life Assurance Co. of Canada—1941
items
1942
—
operates
Increases In All Important Items—
.
i
Sales
1942
$387,131
January—
corporation
southeastern
like
Inc.—January Sales—
:
Oct
on
of
sales
The
made
'
50 cents
1632'.
be
share.
Net
share
per
will
,
was
30; last;
154, p.
(Inc.)—To
Payment
cents
1 *
•
of
Sterchi Bros. Stores,
of common stock.
f
Volume 155:l Number 4046
THE COMMERCIAL & FINANCIAL CHRONICLE
699
"i—
•Colorado
Interstate
Gas Co.,
42.5%
of common stock; 50.5%
of
-preferred -stock.
*
Mississippi River Fuel Corp., 22.4% of common stock.
•*
:.a: 'Natural
Gas
Pipeline Co. of America, 14.3%; of common stock;
u >4-' .14.3%,
of outstanding bonds and
debentures.-/; ■
'V,'/
%
,
The
Size
of
Applicant's
Gas
Utility Business
•
,
.
^ While "the noft-existende
applicants
itself
utility
gas
require
of "ahy
operations
us. tcf'reject
its
;
and'its
claim
primary
that
is
it
Test
Applicable
Under
"Only
Incidentally
Molding
a
i
would
::
'''"■//" '•
^Company" Clause /.//•■:, :'v.;/;'/ ■//-• •■-:[/•••'is, evident from -the record that applicant has always been, .and
V j is now, primarily engaged or interested in a business other than the
;
business of a public .• utility company, auch business being the pro¬
stated
'the
products,
In
"only
businesses
other
than
the
business
of
in
one
or
businesses
more
utility company'
a
other
than
the ibusiness
of
a
;
company.We
•
must
necessarily- be 'only incidentally a hold¬
asked, in i-effect, to ignore the phrase 'only
incidentally aholdingcompany,' to -read this section -as though the
''I (['Words had heen:»mitted,: and .thua ' to : viOlate; the cafrdmal ; rttle:' of
;
statutory construction,-that, if possible, • significance and effect must
be given to ;every word" in1 a statute.
*
*ing
r
are,
{
;
^
•
"While
we cartnot:accept ^applicant's contention
agree:.with; its ^argument
,
.
that
the. words
-
.
ing company, being primarily engaged; .or. interested in tone or mote
businesses other: than the- business of a public utility company' must
read -together to create
.a.-single test and -that the - scope- <of the
::0«4Jtfication«;is exbladned by>the latter portion of the quoted language.
V
"-iBut Itis eqhally true that; the meaning .of the entire clause -must be
; ;
construed in the light of ;the
'incidentally,' phrase.: Thus in determin¬
ing whether applicant is .'only. incidentally a holding
^company, toeing
r
primarily engaged or interested in one or more businesses other than
and
:
„
effect
to
'only .incidentally'
tof
company,.'
well
as
as
must 'give
we
to
from
* "
«*
>jiess
^ the
:.Ahe
-
.
such
the. .relationship between the gas and electric
of ■ the^company's utility subsidiaries - and the other -busibusinesses in which it is engaged or
interested, .i; e., whether
business of -the utility subsidiaries is incidental or accessory to
non-utility business or - is wholly unrelated to it, the size of the
utility
subsidiaries
and the
but
the -close
and,
to
of
the
century,
lesser
a
nineteenth
the
States
extent,
New
York
were
responsible
in
gas
vania
attempt
to
find
later,
years
in
utility
in
-
: abuses
-
in
oil
make
would
natural
Without
gas
of
the
of
producers
resorted
were
in
to
order
to
-of
well
*
-
subject",'of.
our
^scrutiny./
wish
we
to /draw
with
contrary
no
to^the
attempt
public
define
to
interest.'
or
pass
issues
"the-outstanding
Wesley
had
been
under
utility
in
the
country"
and
of
55 -Gents
Probable
that
an
satisfactory
a
; ■''
"/
Common Stock—
on
McAfee,
p.04,181,910 kwh.;
(P. 608. V •'•V-/■ ■""r:
may
mo
V
Increase
ah
of
15,394,051 -kwh.,
"""
or'34.8%.- -V.
155.
V'1
/
■
j.United States Lines Co.—Listing—- V
■
The
1
shares
such
•
Curb Exchange
for-the
of
the
Feb. 4 approved the application of
listing of X492;0Q8 -outstanding shares «of
authority to add to the list 7,500 additional
original
for
stock
official
upon
notice
iaries ahd operates 37 others under charter
out
the world.
iger vessel,
we
of
issuance
against
-cash
subscription therefor by -the International Mercantile Marine Uo^
United States Lines Co» owns 20 vessels -directly or through subsid¬
and
at the
New'' "York
company
^preferred stock and
con-
to
respect
neoessary
such
debentures
appeared to be
electitic output foi1 'the U. G. X system companies for the week
ju4t closed and" the figures for the same week'last year are as follows:
WOek eridirtg Feb. "7, 1942,
119,575,961 'Icwhi; same week last year,
is
Moreover,/ while ; again
upon
American
*
-.
While
North
The
'Circumstances.
it
of
*
order to .achieve
in
($50,000,000
United Gas Improvement Co.—Weekly Output—
More¬
ocourred
actually
the
date,'Herbert C, Freeman, Vice-Tresi-
new
President, j on Feb. 10 stated ?,that he .would
•recommend .-a first quarter dividend of 55 cents a share on the com¬
pany's common stook.—W. ;:155,-p. 607.
i,. -,
' V";-''-;
J
interest -of
curative -and
as
to
•
Its
Washington.
present
V
include
properties
built in
ever
'
an
various -trades through¬
the-America,-the largest passenshipyard, the Manhattan and the
American
an
v
1
•
^
Company
was merged on
Nov. 26, 1941 with United States Lines,
preference stock of which latter company was listed on the
Curb Exchange from April 13, -1929 until Dec. 3, 1941.—'V.
154, p. 1633.
/•Inc.,
|
the
United States Steel Corp.
New Officers of Scully
—
Steel Products Elected—
i
cooperate
11941,
in
solution
a
of-the problems
arising from
its public utility
Will
accordance with
in
suspending its operation lor
Will Dispose of
-
this ppin'on
period of six months.
a
Ali its Gas Units—
-The Standard Oil Co.
600
natural/ gas'
and
than
other
utility
subsidiaries
under
the ' stockholders 'will-'be-informed.
engaged ' primarily
world
maintain
cannot
wider provisions- of
control
of
V.
meet the
p.
155,
expanding market.
As early as 1925, the major
part
distributed
by applicant's gas utility subsidiaries was
the
in
such
a
the
the
status
the
staff
of
producing
public
a
and. the
Act,
non-utility
regulations
corporation
of
Act
itself
is
materials
of
of
the
Procedure
Section,
;;-r:
"'
/'■>,.
Corporation—
and
the
executive
of
committee
announced on
were
,dent.—V. 155, p. 608.
Feb.
United States Steel Corp. of
by Benjamin F. Fairless,; Fresi-;
11
r
-.,t
(& Subs.)—Earnings—
/ - Nov. 29, '41 Nov. 30, '40 Nov. 25, '39 Nov. 26, '38
royal- ■>//</■:■,/■/Vv-v
etc. /U-X—$28,586,534 $24,934,488 $24,741,167 $25,418,166
13 Weeks Ended—
Film
for
inc.,
ties,
Parish.—
Mr.
;Warner Bros.. Pictures, Inc.
r
/'
the
rents,
^Amortiz. of film costs—;
7,252,950
6,910,873
6,761,356
7,828,333
Other
| .Sunray OirOorp.^-Earriings—
from non-affiliated .producers.
Moreover, during the same
additional gas distribution systems were
acquired by appli¬
cant's subsidiaries even though the production of -the
semi-finished
Director of Industrial Relations,
Roger M. Blough, General Solicitor, as members of the board of
edirectors-.and
v
purchased
assistant
-Delaware,
law, so
subsidiaries
designed
not
and
the
.throughout
to
bar, strip,
The elections of John A.-Stephens,
f
utility holding comoany
according
company,
of
with
oil
of sales,
manager
New Members of Board of Delaware
1
194.
was
Carnegie-Illinois Steel Corp. at Pittsburgh. Mr. Vernooy comes to the
/Scully Company from the home office of American Steel & Wire Co.,
'.United States Steel subsidiary at Cleveland, Ohio, where he has been
with, a ruling by %he HEC
A
business
subsidiaries
Corp.
(N. JA has decided to dispose of its $220,538.-
system -in. accordanoe
director; and Charles B. Vernooy, Comptroller, Secretary, and a
Mr. Aldous was Manager of Sales for United States Steel
at Houston, Texas.
Mr. Worthington, sinoe Aug. >1,
a
idirectoiv
denying /the- company's application for exemption from the Public
Utility Holding Company -Act.
W. S. Farish, President, will send a
letter to-stockholders affirming this decision, it is stated.
< ;:
A thorough study' of the
Holding Company Act has convinced direc¬
tors that it will be impossible to carry on the ooeration of subsidiaries
"a
to
the
gas
the- latter.
as
business,- the order - to be -issued
early
non-affiliating
demands
have
as
reason
stock
planned
The directors of Scully Steel Products Co., a United States Steel
Corp. subsidiary, at a meeting in Chicago on Feb. 11 e^cted E. E.
/Aldous, President and a director; L. B. Worthington, Vice-Presiaent
of'-gas
from
as: well
contain a provision
fairly launched
independently and
to
'J.
light of the
-
the
oil business,
and developed to a scope :ar
"by-product"
character.
Thus,
almost
from
its
beginning, gas leases were bought from individuals and
corporations
not affiliated with the
applicant for the purpose of safeguarding and
augmenting applicant's gas reserves and in addition
purchases
its
by
it had
,•
require lis *tb deny the exemption.
'
:On the /basis of 'facts presented in the- record, therefore, we must
deny the; application for exemption from the provisions of the Holding
Company Act under Section 3-ta-i (3) thereof.' In view-of the peculiar
problems' pi'dsent'byrreasan bf applicant's' interests-in its other busi¬
nesses, however.: and in view of -applicant's -expressed willingness to
however, that once applicant had
business, that business was operated
relation
beyond
present
Originally
common
member of the finance committee of North American, asked
an
order on Feb. 20 which would permit
\ Dividend
<
of the Act- and has been declared
by Congress to be
The- need, for -scrutiny of intra-system transdeny the application for exemption from the provisions of the Holding
transactions which tnay -be collateral thereto would in themselves
business.
appear,
Jonly such abuses
potthtially
the
'
before
until
postpone
of
•offering^of 'that quality could be carried through with
'-price.
>/ J~r:-: -^ .:•/ ■
hi "the public interest.
gas
production
the
consumers."'
order
might be said, in their origin, to bave borne
relationship and to have been accessory and incidental
applicant's
and
with
of. Missouri.
17.
would
it
shares
He
-
'company; was
1
time, the magnitude of applicant's gas utility business, its position in
the tiatural :gas ^industry,, and the
scope of
its operations give rise
to problems of integration,
the resolution -of. which 4s: basid to the
the
operations
substantial
scrutinized in
investors
Stock
hearing
The plan finally offered to
the orily one
.adaptable to the task of disposing of such a huge offering.
It calls
'lot sale Jof the issue to an underwriting group without a commitment.
The underwriting group will work with a vast
selling group.
f.
Asked1 why it--was -decided to sell Union-Electric rather than some
Mother, holding, Mr. Freeman said that It was felt that the Missouri
appropriate for us to retain jurisdiction over applicant-and its subsidiaries
in order 4o'-scrutinize such transactions-and
prevent the possibility of
the
for
1903,
former
made'the
,
reserves, applicant bought its
Peoples which owned distribution iaoilities in the
PennnsylIn
thus serving as an outlet for
gas incidentally dis¬
carrying out its oil production activities, applicant's
in
of
f- elusion. as ::t6.?thefr;existence of actual abuses
transactions';; withiri applicant's system, it 4s
reserves
outlets
shall be
interest
Co.
2,696,000
a
Commission-issue
sale.-
arbund
arrangemerits, which .are of the type which was recognized by
Congress: as-the subject of potential abuse and Which were,
therefore,
area.
covered
Its
to
Virginia and Ohio.
A few
further outlet for Hope's gas
a
interest
It
and
West
find
to
subsidiaries
the- Act
Union
in
at
12
Commission that
offering -of
Feb.
Feb.
^discussion privately since late last Spring.
administration
for most ,of
gas
applicant's oil
%
Exoept (Clause"
Delay
suggested
i.
Exchange
offering
a
the
Co.
;thfe Commission--for approval, he added,
icing
production of oil-in this country.
In drilling for oil, large quantities
of natural gas were
discovered, particularly in the West Virginia area.
At first,
the gas so discovered was allowed to
waste, being burned
in
the flambeau tips around the
fields.
As its commercial
poSsibilitles
became manifest,
however, the producing companies, including
applicant, became interested in conserving it and
transporting it io
markets which could
profitably absorb it.Accordingly, River and
later Hope and East Ohio were
organized to take over the
of
the "Unless and
In/the^presePtirsitUatipn, our record discloses that there have'been
infrra-system-traftsafctions,- including intercompany advances 'and serv¬
century and the beginning -of the
Pennsylvania, West Virginia, Ohio,
of
iprovision of
any
also: those
•
the
£
Relationship of Applicant's Gas Utility Operations -to Its
"Primary Business
At
Under
be necessary or appropriate to retain jurisdiction
.
their -operations, .and,
where the utility business is
small, the company's stake tin the utility
business-as compared with its interest in the
other lines -of 'business."
twentieth
holding
.
hecd^r^-to^cp^tle| not
of
scope
other
if the
''Thfe^purposes of; the^ Act'are preventive-as
as
or
company's
probably
figures could be
the
exemption,- it
thev opinion;:therefore, that
operations
;
.
;r
fyr.
*
-
of
Seeks
said Nortji American expected to sign on that day an
agreement with the underwriting group of 141 firms on the ini¬
tial, price. ' V
'
':///V;
Mr. Frfeeman, said in response to questions'that the matter of dis¬
posing of the Union: Electric stock to -raise,, funds for retirement of
constitutes
If comparable
operations
gas
in determining I whether the public interest and -the
investors: ahd| consumers-require the denial of the
significance
primarily."
natural
over,
the »questioh Whether «,
holding company, satisfies, this requirement of Section 3 fa) (3) must
be determined in each case upon consideration of a variety of Cir¬
cumstances;
*■'
public .utility
a
the
public interest/abd/the
..
of
utility
gas
the United States.
;to
the
.that,
pfoVision-s -of th4/Public Utility Holding -Company. Act./' As As have
previously said^-'Wer and-above the necessity of
complying with this
formal; reqrdfement,isthere'iis ,tihe requirement that each
exemption
;■
-
be
business
applicant's
in
l.mited
and
the -proposed
Union Electric
.dent and
The
:applicdntrwere;- contrary to our -conclusion, iound to be
f'oniy..incidentallyja holding company" that would not be enough in
itself to
^entitle - it to an exemption from the operations of the various
V:
the
system
Co.
American
to connection
.i
fact'that
Even
,;v %
..
make
relationship,
*
in this respeot,
incidentally a hold-
'Only
that
94
rof the
.
^ Sta»d»ifd Applicabie
I'i
■
.
v
•
the
to
North
Securities
Feb.
comparable rank plight be even higher.
applicant's gas utility business is small in relation to
Its other 'activities is.4rrelsvant
since, as we pointed out in the Cities
Service Company Opinion,
supra, 'that factor is important only when
the ;gas utility businfess is small in an
absolute as wfell as a relative
Sense.
Certainly^. ;the intention of Congress was not to exempt from
the (operations,,Of:' the ; Abt a
company which
would otherwise
b'e
subject thereto,
ts^olely by rea"sotibt its hybrid character;
V
r
The
<
interested
addition
Company systems^ applicant's
public '(Utility
company."
The applicant, urges that the phrase 'only incidentally <a
.■holding company' is defined and restricted by the words following and
therefore that a holding,
company which
is»'primarily .engaged or
.pqblic
in
were,
the
and,
the third largest
'.r: obtained
,:v
•
factors
^
eligible for the exemption provided therein must be 'oniy inci¬
dentally a holding company, -beiiig primarily engaged or interested in
more
relevant
the
.
the
It, appears
-
be
or
The
company's utility "subsidiaries and the scope of
thefr
where the utility business is small, the
company's
utility business as""Compared with its interest in other,
of business."
in
lines
Act. Release
one
the
size'of
stake
our
.opinion, in Cities Service Co., Holding Company
No.. 2444, however, it was made clear that this factor
is insufficient in itself to
constitute the basis for a claim ifor exemp¬
tion under Section 3 (a)
.,(3).. As we said in that deoesion,
H3):
"Section 3 (a). (3) requires, inter alia, that a holding company to
.
.
that
operations,
.
duction,-transportation,, refining and sale of petroleum and petroleum
..
^North* American
Offering—
in
Incidentally a
holding company" within the meaning of Section 3
(a) (3)
the sanie
result
would'necessafily follow even were such functional relationship
present, by reaspn of the magnitude of the
gas
utility operations.
Relerring mgain to our opinion' in Cities Service
Company, supra, we
/
•
;
.
between
business
,
V
r
:
functional'relationship
costs, incl. royalties and partic.
-
Oper.
—"
and
^858,109
432/043
434,821
15,262,170 ,14,119,6Q1/:X4,463,493
*459,388
14.535,176/
$5,2.13,306
$3,471,971
$3,081,497
$2,895,269
1,139,475
1,123,815
1,182,135
1,182.867
749,679
826,557
943,979
1,065,248
3,570
gen. 'expense
23,475
632
7,000
30,000
12,359
$334,163
period,
.
<gas; subility subsidlaries was entirely inadequate to -fulfill the
requirements of the
existing .distribution facilities,
While applicant's natural gas business in the
Appalachian area was
thus constantly expanded and
extended, its oil -production business
in that area has
constantly dwindled until It has reached almost a
vanishing point.In; 1900, some 63,000,000 barrels of oil were
pro¬
■1.
-
j
,
..
duced
in
the
entire
United
States
and
of
that
amount
'Net
consisted
$836,552.
.
appl cant's
of.
only
483,852
This ..compares
subsidiaries d
barrels,
with
having
total
a
domestic
oil
value
!
mission,
of;
barrels,
i
i
.
$40,000,000
is
could
incidental
2%
give
of
and
suoh
accessory
v,
to
a
that
the
-
/,
ness: of
oil mro-
•
.
applicant's- gas
Hope
and
the
balance
from
non-affiliates.
.'Similarly, Peooles
produced only: some 33 % <of its-needs, purchasing
approximately 35%
from
Hope -iand the; balance from non-raffiliated
producers/; - River
produced none of the-gas sold by it. almost all -of -its' needs
toeing
supplied. by .affiliated companies.•.:. Hope, which has been seen, is
•
,
the principal source of
production in applicant's gas -utility system,
produced, only, about 25% -of gas sold by it in meeting its own needs
and the ^ requirements of. its affiliates,
purchasing the balance '.f rom
,
non-affiliates.
Thus.
utility business
to
involve
must
be
concluded
that
applicant's igas
longer can, if it ever could, be considered primarily
distrbution of gas produced by . it but
rather has
independent business-of purchase .and sale
any other phase of applicant's business.
Indeed, even so .far as the gas util'ty companies -distribute igas produoed by them, applicant's representatives have admitted that
<only an
insignificant part of .such production at the present time 4s of (gas
bearing
,
whole
of
entirely
relationship
no
discovered
an
the
in
such
to
process
of
prospecting
production is from gas
for oil
and
that
reserved developed
almost
member
was
elected
of
a
the
Securities
director
of
and
three
United
such..
fis
in
' i"
;/
..
'
2,695,000
common
entire- outstanding
list-of
members
SEC,
of
shares
the
company.,
representing
stock of the company.
<
/ ; /
nation-wide underwriting group, as filed
Dillon, Read .& Co,, and oomprises 141
common
of .the
is beaded :by
& -Go.; Stone & Webster .and Blodget, Inc.;- Harriman
Ripley & C.o.;, Inc; Mellon Securities Corp,, and Smith, -Barney -& Co. -[a
the bankers, together with the amount of their participation,
|was: given in ."Chronicle"*of Feb. 11 under "Calendar pf Securities"].
.Oyer 500-additional security dealers from coast to coast will -participate
in.ithe distribution -of the issue.
-V./'
/ •
/
% -public-sale of the common stock which is now held-entirely/by The
North AmericanGo. is expected to be made Feb. T7. subject .to approval
/ pf tjhe SEC. > 'It will- represent the largest common stock-offering -ever
to be made under the* Securities Act.- /. •
•
; : - A
/
;■
/
:
/ In announcing 'the- proposed sale, recently, Edward CL, Shea, 'President
of The North' Aiperican Co., explained that proceeds would be applied
first to retire all qf- North American's outstanding debentures, which
^ total ab6ut]$5fl,600,000. /Mr. Shea added that the 'sale will i&ls'o be ,a
'step toward'compliance with the recommendations made to the :SEC by
its .public. 'utilities division,
in integration -proceedings against The
North American 'Co."
:■ /
""
'
' /,
:• /
Spencer -Tyask
list / of
•
the
in
•
: /
-
.■
The Union Electric System is the largest operating utility in the
Mississippi Valley, serving the diversified St. Louis industrial area of
Missouri, ahd Illinois .with a total population approximating 1,-400,000.
•
More
at the
than
close
015,000
of
eletcric
1041.
customers were
'
reported
by the
company
,
-
According' to financial statements filed with the SEC. consolidated
operating revenues of the company and-subsidiaries for 1941 were $39,538,150, "coifipared With $34,984,845 in 1940.
Common stockholders'
\
area,
business
oil
nor
and
area..
has no possble
such relationship
of course,
can
production
States
to the oil production business of applicant in
The.oil transmission, and distribution business
relationship
Appalachian
that
in
any
relationship to the
be
found
with
of applicant's subsidiaries in other
areas
gas
respect
uitbty
to
the
of the United
territories.
Similiarly. :even if a /functional
.relationship
were tp
be/found between
aoolicant'-s non-utrl'ty gas
transmission business and. .its primary petroleum business,-there is no
such
foreign
relationship between
and -the
gas
•
from
bution
non-utility
entirely
the
business
transmission
different
sources
systems in other areas of the
of
the
lines which
and
gas
distribute
country,^
utility
derive
:
their
such
■
.
,
subsidiaries
supplies
of
-
gas
to
distri¬
,
;./'/"•/•
$3,018,507
$1,511,029
$901,908
67,712
*223,140
40,360
income
$3,086,220
$1,734,169
Dr6,618
460,000
ij
Cr2.147
1,000,000
—i—
52,425
•
interest..;
$942,268
•
$386,588
Drl39
:■
Cr2 218
300,000
285.009
Net
$2,079,602 $1^76.316
$642,129 .
$103,804
com.^._
$0.53
$0.31
$0.14
Nil
"includes $148,585 foreign -exchange profit and exchange adjustments
(net).
tother than that in respect of studio properties charged to
(profit
Earn, iper share
film
costs.
•
;
4
Consolidated
Assets—
.
•
-».
Balance
1
Sheet
Nov. 29,'41
"
Nov. 30,'40
§Real estate, bdildings, leasehold, equipm., etc._
CaSh;
U. "S-.
124,343,561. 127,499.529
9,064,968
b0nds__'i
Government
inventories"
f8,452,4)22
212,943
1,733~822
1,469,335
Aceo,unts „an.d notes, receivable-:
1—
20,-425,259
15,086,910
i-
Advances, to outside producer—
tf-Netfe current; assets -of subsidiaries
Mortgages receivable, etc.a-^—
377,523
.3)086,494
497,810
491,577
4t9;670
Deposit to secure contracts, etc—
1,282~256
Investment"and advances in-affiliated cos.—
4,381,883
1,306,290
911,St#
Accounts' receivable from ®fficers_-i_-_.-"-__-
Deferred charges
95,000
p-1
Total
1,335,671
——
J„„
—
l."312.4bV
8,331,776
:
8,331,777
174,425,724 166,024,Via
,.
-the
/'r:.
5,646
net
—
0//
Minority
/■"
investment-firms, including The First Boston Corp.; Morgan Stanley &
Blyth- & Co., /Inc.; Kuhn, Loeb & Co.; Union Securities Corp.:
-
adjust.,
Federal income taxes—
I
3oo,ooo
and
loss
—
Total
"
(
:
conting.__
,
/distribute
the
for
cos
income
Other
i.i
of Missouri—Underwriting Group
Co., Comprises 141 Invest¬
Banking Firms—
affil.
exch.
Profit
group:
i-
depreciation
expense
in
Provision
the
.Co,;;
"Pfom the -foregoing, there would seem to be no question that the igas
utility business of applicant's subsidiaries does not today bear any
functional
Invest,
Exchange Com¬
companies
-
,
Interest
Btates
largest Investment banking group ever organized for the- -under¬
a public utility common stock issue was announced Feb. ;9
The
-with
ipurohased
or
&
property..^-.
exchange
the
•
-the
no
the
developed into
it.
The
the
•/./i
,
utility subsidiaries no longer serves primarilly
their historic function of distributing gas
produced by those subsid¬
iaries, i In 1940 the East*-Ohio Co. produced .only
17%%",of the gas
required for its. distribution system, purchasing 75 % d the remainder
from
10
Union Uleojtric Co,
to
<a
business yielding
relationship-as might
contention
ducing business 'in -this area 4s incidental to the gas utility business
and hardly the converse, which is the-issue here.
»•»
•
.To the foregoing, must be added the fact that the
,gas utility busi-
,
former
.Feb.
writing of
to
Such
amount.
support ionly
/Haries/ former -Under-Secretary- <of
and
.on
,
ment
Util'ty area :compare. with total gas sales of the gas -utility subsidiaries
100.604,472 Mcf. .giving rise to total revenues of $46.604,064.92.'/ It
hardly be claimed that a business resulting in total revenues of
approximately
-605,551
Headed %y: DilJon, Read-&
can
only
$5,474,333
527,910
.
74,965,950
portion of the oil production of applicant's subsidiaries.
these figures with respect to crude oil production in the
gas
be (present
$5/481,951
830,000
of
Tri-Continental Corp,, /-Selected Industrie^ Inc.,
and'General Shareholdings Corp. - Mr. Hanes was a director of com¬
panies in the same group--from 1932 -to 1937. resigning to become a
member Of the Securities and Exchange Commission.—V. 155, p. 510.
bf
.over
tAmort.
-
$6,554,000
!•»__-
Tri-Continental
having a dollar value
$81,514,300 and a total domestic and foreign production of
186T,458,700 barrels, having a dollar value of $168,750,514.
-It is apparent,
(therefore,, that the present crude . oil production in this area As a
negligible
W.
Treasury,
of
Moreover,
1039
.
Tri-continental Corp.—New Director—
% Uohn
of
-production
income——
income
Net income
v:
<
■1940
Foreign
Pennsylvania,
dollar
-a
t!941
»Afteri.aH charges and taxes.. tPreliminary earnings.—V. 154; p. 1-152.
•
Virgin'a, Ohio and New York produced about 53,000;000 barrels.
Applicant's-subsidiaries at that time produced about 12/000.000 barrels
in these four States.
The total crude o'l production in 1640 of all of
applicant's subsidiaries in. Ohio, Pennsylvania, "West 'Virginia and New
York
$11 ?Co.)
(Including Sunray
s
operating
%
West
.
Calendar.Yearsr-
Gross
.'equity in 4941 net income amounted to $7,186,811, bqual to $2.67 .per
Share ori 2,695.000"shares outstanding a,t the end -of the year.
For
1940:the'common'stockholders' equity in income amounted to-$6,324,196,
or $2.76 -a share on 2,295.000 shares then
outstanding.
Total resources
of the company and subsidiaries on Dec. 31, 1941, were $273,292,096;
Union ^Electric, is now .engaged in a $33,000-000 program for the
expansion of its steam generating plants, whioh is-expected to increase
the/system's output capacity .to approximately '950,000 ^kilowatts before
the end of 1943.
According to J. Wesley McAfee, President, the com¬
pany is -concentrating within three years Its normal -expansion of the
next six years in order to meet the emergency needs of the national
defense
program.
/
,
i
,
••
.
.
.
Liabilities-r-
tOortimon
Funded
'//
stock/
Preferred
stock
and
5,670,885
2---—
other
long-term debt-1—
—h—12—
Notes
payable
dividend .payable I—X—
-t-
reserve
Advance payment
——
—
Earned
!
Total
—-1
assets
557,009
295,372
419,022
253,204
254,683
246,790
493,348
265.393
57,316,563
—
5.7?°
11,221,797
Dr170,141
Drl70,141
174,425,724
-
166,024,77^
tPar $5.- fRemittanoes from
companies held in abeyance.
§ After reserves.
'/Net current
of subsidiaries operating in foreign territories having exchange
Restrictions.
V.
3,430;004
57,316,563
^Represented by 103,107 "no par shares.
foreign
/ 4,746,634
—
v——
j,..,'.
813,154
3,598,485
_———J_.
■^"Treasury stock
676,872
——.
subsidiaries-™,.--
Proportion applicables to minor interests
fRemittance from foreign companies
surplus
surplus
63.395
2,507,1
2,159,280
—————
of
1,918.824
2,467,908
—
film service, etc.
Net current -liabilities
6.601.819
1,594,642
16,933
bond's,: etc.; current———
Royalties .payable
Federal tax reserve—'—:
Capital
7.,553,702
companies-1—
Serial
Contingent
60,200,479
1,190,619
1,239,754
—
accruals™——
/income ;—1—--—--i—
Due : affiliated
19,006,723
95,882
Accounts payable land sundry
Deferred
5,670,885
19,006,723
56,186.402
56,186.402
--h
**Represented
155, p. 368.
by
3,490
shares
of
preferred
stocks
.
THE COMMERCIAL & FINANCIAL CHRONICLE
700
Per
Redemption Galls and Sinking Fund
Name of Company
Chicago
Notices
found
Below will be
$7
preferred
&
6y2ft
Coast
preferred stocks called for redemption, including
those called under sinking fund provisions.
The date
indicates the redemption or last date for making tend¬
and
Fuel,
Counties
5ft
1st
5 '/a ft
Alabama
due
First mtge.
1st
Co.
Power
bonds,
Date
v *
1967
&
refunding
Mar 10
A
30-year 5ft
bonds, series A,
mortgage 5% bonds,
First mtge. lien & refunding 5ft
bonds,
First mtge. lien & refunding 5% bonds,
First
&
due 1946
Mar
due 1968
refunding
Mar 10
1
Class
B
1
497
*
j
•v.
Autotar first mortgage 7s, due 1947.
(B. F.) Avery & Sons Co. 5% notes, due 1947
B&usch Machine Tool Co. 8% bonds of 1921—
Burlington Mills Corp. $2.75 preferred
May
Apr
Mar
>
2
stock
*
Central
of
Central
*
$1590
"
Georgia
Tennessee
1st mortgage 33/4S,
& ^Western
North
Mar
due 1955
Carolina
RR.
Dominguez
Eagle
Light <fc Traction
6ft
El
bonds, due 1954
(P. H.) Glatfelter Co. 1st mortgage 4'/2S, s. f. bonds
Great
Mar
1
599
1
International
Co.
refunding
mortgage
f.
s.
-
-
503
v
due
1955———
due
Lehigh
1948
Coal
Navigation
4%
Co.
due
Lexington
fund
1„
1
1st
Water
gold
Power
5'/2 ft
Co.
debentures, due
191
convertible
V
$6.50
t
3 ft ft
Inc.
s.f.
preferred
Louisville
Mississippi
debentures,
Power Co. 5%
due
Fireproofing
Aug.
bonds,
due
General
Shareholdings,
1955
$1700
$1700
1
602
1
$752
Mar
1
505
Omaha
and
bonds
Ozark
Council
dated
Power
59'c
Bluffs
Street Ry.
1st consol.
Feb 24
...
& Water Co.
first
Shoals
Penn
Power
Jan.
1,
Co.
1st
mtge.
Peoples Gas Light
due
1952
Apr
1
507
2
*
first
consolidated
leasehold
-
mortgage 5'/2ft- bonds, due 1949
Mfg. Co. of Illinois preferred stock
'
Reliance
bonds,
due
;1
Smith
-mortgage
.-
Terre
gold
Haute
mortgage 5ft
f
•
bonds,
Traction
gold
Announcements
&
1965—
Light
1
508
1
542
607
1
56
1, 1942.
$In Vol.
154.
r
2-20
3-15
Illinois
Munic.
Institutional
270
Jaeger
Gas
1
6ft
Water,
Chemical
&
shares),
Machine
$1704
Kalamazoo
Vegetable
Kaufmann
to
Department
5ft
"
preference
(D.
Lansing Co,
are
grouped in two separate tables. «• In the
bring together all the dividends announced the
current week.
Than
follow with
we
second table in
a
show the dividends previously announced, but
which have not yet been paid. Further details and record
we
of past dividend payments in many cases are
der the company name
in
given
un¬
"General Corporation and
Department" in the week when de¬
Investment News
our
clared.
,
announced this week
..Life
&
N.
Aclel
Co.
Precision
Agricultural
of
(quar.)
Products
Ins.
Co.
Corp.
(stock
(Watertown,
Capital
ferred
Gas
Corp.,
Extra
Elec.,
$5.50
Casualty Ins. Co.
prior
Lincoln Stores,
7ft
(Ludlow
Manufacturing Associates
McClatchy Newspapers, 7ft preferred (quar.)
7ft
preferred
(quar.)
7ft
preferred (quar.)
.1
preferred
4%ft
American
$1%
Ardens
Farms,
Arizona
,
$6
$3
Power
preferred
non-cumulative
Artloom
Atlas
Corp.7ft
5ft
preferred
(quar.)
preferred
3-20
6ft
preferred
(quar.)
(quar.)
preferred
(quar.)
2-16
3-16
2-18
4-
1
3-
3-
3
2-19
3-
3
2-19
3- 2
2-18
t75c
,
,
9
preferred
preferred
(irreg.)
$4.32
—
3-2
$1%
'
(quar.)_
3- 2
25C
——
2-13
;
2-20
3-12
2-20
4-
-
3-21
'
Central
Balwin
Mfg.
Locomotive
Corp.,
4 ft
preferred—
pref. (quar.)
$1.05
3-
2
2-14
_—
$1%
4-
1
3-10
$l'ft
4-
1
3-10
$$3
4-
1
Works, 7 ft
7ft pref. (quar.)
Bangor Hytiro-Elec.,
6%
preferred
of
Bank
(quar.)_
Scotia
Nova
Beacon
Bearings
Co.
(quar )—
of Amer.,
Hardware
Belknap
Berens
River
Mines
Sons,
5ft
&
Border
City
7ft
Ltd.
Cabot
Canfield
7ft
&
Co.,
7ft
preferred
(quar.)
Midland Steel Products Co., common
$2 non-cumulative preferred
8ft preferred
(quar.)
——
$1 'ft
3- 5
t$3ft
3-
2
3- 3
2-26
3-
25c
2-17
2
2-
2-25
4
—
(irregular)—
.•
—
—
Newport .Electric Corp.
New
York
Niagara
6ft
Shares
2-14
2-
Class
A
2-16
Class
A
$1
3-31
3-20
Norfolk
50c
.
3-31
3-20
3- .2
2-16
3- 2
2-16
Corp.—
Nineteen
30c
3- 2
2-16
2-16 "
2-
Trust
Corp.
A
Hundred
&
(quar.)___
4-1
(
class A
United
Co.
Northeastern
(s-a)i
/
Water
preferred
RR.
&
3-10
sff
Co.
5ft
preferred
.
Insurance
Railway
2-27
5-29
8-29
11-28
3- 2
2-20
20c
50c
30c
3-10
3-30
4- 1
l3Ac
2-16
3-14
3-16
4- 1
3-16
3- 2
Amer.
3-18
3-18
2-14
2-27
$1
(quar.)—
2-20
3-20
3-21
1-31
2-21
2-28
3-16
2-16
/
25c
25c
60c
37'Ac
$2
3-25
5-15
8-15
11-16
2-16
(Wise.)—
$1'A
Aerco
3-10
3-
2
6-10
6-
1
9-10
9-
12-10
12-
1
3-10
3-
2
62 f/2C
i.
3-27
50c
3-16
»;<5:
1
3-17
~
2-10
"4■'
1
3-14
f;- 3- 2
2-19
4-
50c
3-12
—
1
—
_
(quar.)—
15c
2-15
(quar.)
2-
5
$l'/2
3-
2
2-
9
$3
preferred
3-
1
2-15
pref.
(final)—.—.
$1%
Co
25C
1-31
3- 3
2-20
2-14
2-
30 ft
3-
6
2-10
5ft
deposit
Co.
(J.
3-
6
2-10
'
$1.20
(ann.)
:
4
Co., Ltd—
receipts
D.)
Corp.
(final)
of Company
Alabama
$7
»
$6
$5
J/./:
com.
7ft
v"
Aluminum
2
2-16
4-1
3-16
4-
1
3-13
$1%
4-
1
3-13
5-
1
4-17
$1%
—
3-
2
!
2-16
25c
2-15 *
25c
.;/■
—
Cement
Goods
; 2-12
3-
$1%
<'
—
(quar.)————
(quar.)—
Co,
Portland
2-11
2-27
15C
$1%
preferred
Allied Kid
3-14
2-20
y $$1%
Co.—
—
1-31
3-28
$40c -i
(s-a)
preferred"'
Allegheny Ludlum Steel Corp.—
Alpha
of Reo.
2-14
20c
(quar.)
(quar.)
(quar.)—
.
Holdere
Pay'ble
6'/4c
Co.
Products
Power
.
50c
Manufacturing
preferred
preferred
When
Share i
(irregular)
(quar.)
Aeronautical
3-25
2-10
V 3-
2
Mfg. Co.
Aluminum Industries, Inc.
(irregular)—
15c
4-
(quar.)_________
15c
3-14
Aluminium, Ltd.,
(quar.)
$$2
3-5
2-13
3-
common
6ft pref. (quar.)
Amalgamated Oils,
1
(payable in U. S. funds)
Ltd.
(interim)
Arch
(irreg.)—
American
Automobile
Co.
(quar.)
(quar.)
8- 1
11- 2
American
2- 6
American
5ft
Insurance
_
3-16*
2-28
1
2-
6
$4c
3-15 '
3-
1
25c
______
(St.
1
3-
2-20
3
Louis)
25C
Co.,
7ft
&
Cable
Quarterly
Quarterly
3-
3-16
2-28
4-
3-16
$1%
$1
—
—
Chain
preferred
(quar.)___
3-15
25c
preferred
Co.,
1
2-16
50c
7ft
pref. A
—
(quar.)
.'
Sl%
6-
3,
1
9-
12-
1
5,25
1
$1%
4
3- 4
2-25
1
$1%
—
•"
——
3-
1
1-23*
3-14
$1%
(irreg.)
3-15
$l'/4
com.
(quar.)
Envelope Co.,
Quarterly
2-16
$l'/2
————
Can
Quarterly
6
2-20
>
$1 '4
v
—
Agnew-Surpass Shoe Stores, Ltd.,
7ft
preferred
(quar.)
.n
3-13
3- 2
2-18
(s-a)
6'/2ft
(F. W.)
Wire
Adams
'
——-
2
$1%
(quar.)
6ft
Grocers
Governor
American
•
3-
Per
2-14
3-1
2-18
$1%
—
Corp.—
Name
2-17
$1
3-17
2
$1%
Bonus
Acme
2-24
2-
3-17
3-
being given in the
3- 6
2-16
3-27
-
y-m 3-27
preceding table.
3-6,
2-25
9
8-10
Below we give the dividends announced in
previous
weeks and not yet paid. The list does not include
divi¬
dends announced this week, these
3-20
5-
5-
11-10
$1%
:
preferred
Corp.,
Woolworth
2-20
2-20
3- 2
4- 1
4- 1
2-28
3- 9
pref.
(quar )_
Ltd.
Electric,
Villa
Woodward
2-28
6-1
9-1
2-28
6-1
9-1
5-15
8-15
11-14
$1%
i.-—
Woolf Bros., Inc., class B partic. pref.
3- 5
$1
$l*/2
$13A
50c
2-10
50c
(quar.)_
Supply
convertible
Whiting
3-20
3- 1
3- 2
3-10
3-31
4-1
4-1
4-1
2-20
2-10
2-14
$l'/2
—
preferred
White
2-14
t$5
81'Ac
50c
$13A
50c
50c
$2
2
2-14
-
Water Service Co.—
Wheeling
3" 7
3- 5
6-5
9-5
3- 5
6-5
9-5
3-
2-20
2-20
•
25c
(quar.)
(quar.):
Wamsutta Mills
Utilities
3-20
2
Common
Western
25c
25c
25c
30c
30c
30c
3-
25c
(quar.)_
Auto
2-28
5-30
8-31
11-30
3- 5
4- 1
50c
2-10
2
50c
preferred
(George),
3"i4
3-
58y3C
(quar.)—
6
2-10
«
3-12
41 %c
$1
Weston
,^2
Co.
preferred
$6
;
!
4.5714ft
(Dallas)
Co., common..
1st preferred (quar.)^—
Western
r
3-9
3-12
25c
[ West Virginia
Electric—
(quar.)
lift/
—
2- 6
2-24
2-24
$4
(quar.)
(quar.)—:
^Northern States Power
3-30
(final)
reg.
25c
—
Pacific
Virginian
,
2-14
Ltd.—
Raalte
7ft
2-16
-
25c
7 ft
2-20
,
3-28
i—
Co..
deposits rets. ord.
7ft
-
5
Trust
2-16
2-24
$5c/
—
Securities
Vapor Car Heating Co., 7ft
7 ft preferred
(quar.)—
3- 3
3-14
$1
•
Pennsylvania
Corp.-..
■■
25c
Extra-,.
2-20
433Ac
433Ac
43%c
433Ac
$25c
$13A
—
Steamboat
3-20
2
Additional
2-16
r
$1'A
(quar.)—50c
50c
L
50c
(quar.)
(quarterly)
(quarterly)
Wash.
1
3-
Co.,
Extra
(Md.)—
Corp,
4-
$20c
preferred
Oil
American
Shares
Extra
North
$4
$1%
Bank
preferred
3- 2
$iy2
—
Rubber
$50c
5
Manufacturing
(Bait.), class A
"
Machinery (irregular) _____
Neisner Brothers, Inc. (quar.)—
Newberry (J. J.) Co. (quar.)—————
ftewmont Mining Corp.,.
National
$ift
Trust,
—
—
National Credit Co.
2-10
Ohio
Co.
Murray
3-10
(quar.)
—
Corp
Brass
5
50c
(initial),.
Motor Wheel
Mueller
5
50c
(quar.),—
Corp. of "Va.
Machine Tool——
3-
.<£_
Public Service
(quar.)——
Carpet Mills,«Inc
3-
2-27
(quar.)
7ft preferred A
3-31
2-20
(irregular)
——
Monarch
7 Vic
3-16
(irregular)—___
common—
Mohawk
3-16
3- 2
Investment
Mississippi Valley Public Service,
6ft preferred B (quar.)__
3-31
25c
preferred
Metal
preferred
Textile Corp., $3.25 partic. pref.(quar.)
& Thermit Corp., common———
6'ftc
3c
Inc,~ $2 class A
Arkansas
1
$1%
;_
B
Chesapeake
50c
(quar.)—,_
(accumulated)
Co., common
preferred
Carman
Central
preferred
Oil
———
(initial),
Co.
International
5ft
Ltd.,
preferred—
Manufacturing
Manufacturing
Canadian
1st
(interim 1
preferred
Brewing Corp. of America
6%
.___
Co.;
Mfg.
&
Bird
Class
_____
Investing Corp., common
preferred
(quar.)—
Mfg. Co., 6ft pref. (quar.)——
6ft
»
,
National
Bankers
Merrimack Manufacturing Co., 5ft
Metal
$75c
A.)
7ft preferred (monthly)
Trinity Universal Insurance Co.
2-28
2-13
3-20
2-16
2-26
2- 2
-;
50c
2-13
4- 1
2-18
(quar.)___^_
Ltd.—
participating preferred (quar.i
American deposit rets, deferred reg. (final)
Edison Co., 5ft
preferred (monthly)
6ft preferred (monthly)_i._______^
Van
43Ac
—
2
2-18
3-20
(quar.)
common
of California—
(quar.)
3-
3-16
2-11
3-2
3- 2
<
3-
6
3-20
Ltd.,
Toledo
>
60c
(quar.)
Acceptance Corp.
preferred
3-16
*.
3-20
1'
American
,
Corporation
Auburn
preferred (quar.)
5ft
20c
________
Co.
2-18
10c
(quar.)
Corp.—
(B.), 7ft
—
$1.18%
Machinery
Paper Co
(quar.)__
40c
(quar.i
Laundry
&
preferred
pre¬
____________________________
preferred
Mercantile
(quar.)
Power
Electric
a-
3-14
3
i
(D.
Tobacco
2-28
2-16
3- 5
2-14
2-14
<
30c
$13A
v
LO
3-
4-
-Tennessee
3- 2
V; 2-14
>
■
(quar.)
6ft
;
-
(quar.);
common
preferred
5ft
80c
V
(quar.)—
of Tenn.
25c i
15c
ry
6ft
75c
(quar.)
com.
(irregular)
2-26
4 ft
;
&
of Rea.
Y.)
___
(quar.1
HoMore
3-12
$1
1
N.
_•
American
Pay'ble
_
(quar.)
American
When
Share
Company
Glass
4-
$1%
Sylvania Industrial Corp. (quar.
Sylvanite Gold Mines (reduced quar.)
2-11
3-15
50c
Manischewitz
Par
Name
Steel
(quaf.)___*._-,^_—--—v_^-—--
2-
a;=4-
t
3- 2
3-12
2-16
2-16,
Y.) stock div.(l share for each 14 held)
MacLaren
are:
:
vLincoln Alliance Bank & Trust Co. (Rochester,
Master
Acme
25c.
2-20
$30c
convertible
Class A
2-14
2-14
2-16
3-20
$13A
30c
15c
30c
(quar.)—...
Libby-Owens-Ford
7ft
The dividends
preferred A__—
preferred (quar.)r
.Leslie Salt
.
6ft
Stuart
^
3-14
3- 2
1
2-16
$1%
:__
Additional
il'A
t$3'/2
3-
$1
Additional;
'
2-20
$1%
$15c
Brothers,
2-28
3- 6
3- 3
-
1
2-20
2-28
-
3-
2-21
3-10
•
2-13
10c
2
3-20
''A'''-:-
2-14
3-16
3
50c
60c
15c
(irregular)
Kresge (S. S.) Co. (quar.)_____—w___
2-17
2-28
_____________
Extra
__—
•
;—•
2-21
2c
$2c
3-
3- 1
2-28
Co.—
Kysor Heater Co.
62'/2C
tquar.)__——
3-10
50c
—
Stores—
2-17
60c
$l'/2
10c
■
Parchment
2-21
2-21
50c
3-16
3- 1
3-16
/
(quar.)
Emil)
3-16
25c
37'/2c
(quar.)
Co.
2-21
3-2
25c
Ltd
____—
$0.0216
preferred
(irregular)
Jewel Tea Co. (quar.)—
\
25c
Corp
Ltd.—-•
class A
Securities,
(Bank group
DIVIDENDS
which
pref.
(G.) Brewing Co.——
Hobart Mfg. Co., class A
(quar.i..
Home Fire & Marine Ins. Co. (Calif.i (quar.)
Klein
we
(quar.)—_
Heileman
Key West Electric, 7%
ifirst
3-20
4- 1
3- 2
Kobacker Stores, 7ft
Dividends
10c
$5
75c
160
1
2-20
2-20
2- 9
3- 5
50c
class A
3- 2
75c
common——
Stedman
3- 2
25c
-
$1%
3- 3
2-10
$1 Vs
50c
2-20
$5.50 second preferred (quar.)—
Spencer Kellogg & Sons (quar.)
—_
Oil (Kansas)
30c
common
2-20
;3- 2
Standard
2-13
2-20
2-20
50c
(s-a)__
Mill
2-25
3-17
10c
Brewery
Mines,
2-25
3-15
2-13
2-20
$2
—
Indiana
time .prior
any
Y.)
(N.
convertible
$2
(Wm.)
3-15
$l'/2
(irregular)
Gold
2-28
2-28
25c
Southwestern Gas & Elec., 5ft pref.
iquar.)
Spear & Co., $5.50 first preferred (quar.)
2-16
2-28
3-16
Corp.—
Soule
2-16
(irreg.)
com.
(quar.)
(Cal.),
Puhlishlng
1-27
3-16
3-15
3-16
23c
3-31
3-16
•
75c
A_____
3-31
(quar.)__
367
consolidated
at
Co.
class
2- 2
$1'A
t70c
—
$1%
Sontag Chain Stores, common.
7ft preferred (quar.)—
37'/2c
(quar.)
certificates
2-20
25c
3- 2
2-20
r-
6
1-31
—
$1
common
Co.
Co.,
Simon
Siscoe
Co....—
Co.
(N. Y). (irreg.)
Ins.
convertible
Common
2-16
1
50c'
Strapping,
$2.50 preferred (quarj
3-1
3-
2-28
$3 convertible preference (quar.)
com-
3-20
3-15
——
50c
Tea.,
Ins.
preferred
(quar.)
Brothers, Inc. (interim)
Signode Steel
Sugar Co. (liquidating)————
Corp.
(quar.)
Mining Co. (irregular)
,r
Hecla
■1
May
first
tRedeemable
2-10
Hazeltine
May
Co.
this .issue.
3-16
2-15
Hawaiian
Jly
bonds, due 1944—
in
and including March
due
4-1
(quar.)
Hart-Carter,
*
308
Southern Pacific Co.-San Fran. Term. 1st
mtge. bonds__Feb 27
Southern Pacific RR. first refunding
mortgage bonds__Feb 27
Superior Water, Light & Power Co. first consolidated
,
30c
3- 1
3-1
1
Feb 23
1948
Simmons-Boardman
Paper
Paper
Oil
B
1
Alar
Rollins Hosiery Mills, Inc., convertible stock
& Wesson, Inc., 1st
mortgage 5'ft s, due
>
3- 5
of
1
25c
3-16
*
3-21
2-
4-
2-28
(quar )
common
60c
pay¬
4-20
2-16
2-25
Sharpe & Dohme, Inc. (irregular).
Shenango Valley Water. 6ft preferred (quar.)
F.)
3- 8
V
1-H
3-10
Serrick Corp., class B__;
90c
5- 1
4-
.003c
Extra
2-21
4-1 /
■:
50c
2-21
j
v.
■
■
+8c
Co
3-31
5c
67Ac
,
50c
Class
Apr
1951
Fire
Fire
Mar
;i
Richmond Term. Ry. 1st mtge. 3%%
bonds, due 1965..Mar
Rochester & Lake Ontario Water Co. 1st
mortgage 5%
-
$1599
t
Lead
2-21
■
9
25c
3-31
3-31
15c
3-8
1
50c
2-21
Co
Pacific
preferred
Hancock
(irregular).
(quar.)
Pendleton
Company;:
5 Va ft
3-10
2-
4-
$1%
Co.
2-21
(quar.)—,--™—$I3A
Northern
4'/2ft
mort-
gage (non-callablel 6%
bonds, due 1943——.
Postal Service Bldg. Corp.-Baltimore Parcel Post Station
.
&
Eastern
Hammermill
Co., conv. partic. preferred..
Income Shares, series A (irregular)
«-v
3-31
(quar.)
Rubber,
preferred
Hamilton
Roxboro
Seeman
1
3-10
2-16 "> v
25c
i
common
$2'/2
preferred
Co., dividend
Great
604
7-25
■
1
4-
:
$1 ' 2
$l'/2'
m $1%
^
1
-,
'4-
87*/aC
3- 2
(S.
share
2-20
2-20
>:■'
(quar.)
3-31
(s-a)
Corp.
&
Great
1
Mar
Co.
Tire
Atlantic
7ft
sinking fund bonds
1
Coke
&
5s,
secured
1936...
preferred
Union
Great
Mar
Mercantile Properties
dated
Grand
sinking fund
mortgage
bonds, due 1952
Parr
604
mtge.
1902
preferred
&
2-18*
2-20
3- 2
•;P
Roesser
•
2-25
2-28
3- 2
&'■ $1%
4-25
Schiff.
2-20
3-14
3-2
>
3- 2 •>
1
2-20
3- 2
•
58'/a C
5-
3- 2
^'
4
2-28
41%ci'
H
(quar.)____
Manufacturing
Royalty
3-
2-18*
America—
convertible
St.. Joseph
2-14
1
3-1 '
■
$l'/a
.
;
Risdon
2-18
3-
■$VA
—
2-19
10-24
3-10
of Colorado—
(quar.)
Manufacturing Co.,
11- 2
$iy2
convertible
$5
(quar.)
(monthly)__
(monthly)
preferred
•
2-21
3-18
$1%
3- 2
Co.—
Fire Ins.
Manufacturing
Goodyear
506
$6
15c
s
Co.
t$2
$l'/2
(monthly).—
of
3-5
2-28
Ry.—
2-17
\ 3- 2
■
31 '/4c
(quar.)
3-20
7ft
3-20
$1%
pref.
pref
$l'/2
preferred,
$6
44/1000th
or
Securities
Goodman
639
1
cash
Rutgers
2nd
& Ashtabula
5ft
Co.,
1
Reliance
2-28
2-20
/
'«V
(quar.)
stock
Goodall
v
9
in
Si
5ft
54
National Supply Co. 1st mortgage 3%s, 1954
Mar
Niagara Falls Power Co. 1st & ref. mtge. 3 Vis of 1936—Mar
*
able
mon
Globe
(initial
(quar.)_
Industries
General
15
i
$$2
li.
Indemnity
191
Feb
preferred
$5 preferred B
,
2
3-20
'
8-
-
30c
quar)
Stock Corp...
504
A, due 1946
;•
Fund
Bank
-3-5
1st
3-
25c
.
3- 2
50c
_____
$3.50
.
2-20
50C
—
4-
30c
^
(quar.)—
1
Feb 16
.4-1-
75c
25c
;
preferred
15
Mar
_
1942
v
(quar.)
com.
(quar.)
Mar
Corp. 10-year 3'Mo debs.__Mar
1st mortgage 5fts, series
Corp.
First
3- 5
3-10
2
'
—
12ftc
class A
Amer.,
Feb
1946
1,
157
-
4-.1,
Corp.
5
3-20
3-
Inc.
Oil
Radio
3-
50c
—
Consol.,
5c
of
(increased
Feb 20
__.
bonds,
National Distillers Products
National
due
stock.—
Ry. 4ft ft
Warehouse
&
common
Fireman's
sinking
1953—.—.
Lincoln Mortgage Co. 10-year 5ft debs., due 1948
Loew's, Inc., $6.50 preferred stock—
Loew's
5'A ft
2-17
2-20
10c
Co;, 5ft'preferred (quar.)___
/■. 6ft
preferred (quar.)^____
Quissett Mills
(irregular)
2-16
$1%
a
Extra
gold bonds,
______—
•-
:
Class : B
602
...Feb 25
5%
mtge.
17
Co.
Extra
.
Feb
1968—.—
363
improving
&
•
—:——
Compress
Finance
bonds..:
Lexington Water Power Co.
series
funding
Quarterly
2-20
2-28
2-25
30c
Grain, Ltd., preferred...
Federal Light & Traction, $6 pref.
1;^; 503
Mar
*
_
&
mortgage,
-
Mar
Kentucky Power & Light Co. first mortgage 5'/2S, series
B,
>
series A,
3- 2
25c
$lVi
$1V2
Pure
2-20
2
3-14
25c
Service,
6ft- preferred
7ft
preferred
5 ft
preferred
.
3-31
25c
(quar.)
Federal
2-28
4-20
$$l'/2ft
>'
—v
&
Federal
6%
*
bonds,
$40c
Quarterly
626
.
2-13
•
Finance
2
3-
43 %c
(quar.)J.
Enterprises
Public Service Co.
2-13
Walker Dry Goods "(irregular).'
Employers Casualty Co. (Dallas, Tex.) (quar.)
600
<
1st mtge. 5s, due 1950
Mar 11
1st mortgage bonds, due 1955—'—Mar
1
Paper
Ely
$1377
*
Northern Power Co.
? Hotel Syracuse, Inc.,
*
Jun
3- 3
7 ft pref. (quar.)__._
Mfg. Co.____:
&
3* 2-2-21
3-12
Steel, 6ft pref. (quar.)
(monthly)
Gas,
Public
50s
'
Natural
Controller
2-21
9
3-
Co.
&
Gamble
&
2-20
50c
(quar.)
common
Pittsburgh, Youngstown
7% preferred (quar.)
Procter
2-16
2-
3- 2
,
60c
quar.)
Pennsylvania Industries, Inc., $6 preferredPeoples Telephone, 6% preferred (quar.)__
Pittsburgh Coke & Iron, $5 pref. (quar.)
6-20
3- 2
of Rec.
v
•
58'/3c
—
(quar)
Inc.,
convertible
2-21
50c
Co.,' common
$1'A
12-19
*
—___—$2 A" 3- 3
preferred
Paso
Electric
___Feb 14
6ft
Co.
(quar.)
common.....—
(resumed)
Kodak
6
1- 5
$1^
-
Fields
Co.
7-
3- 2
25c
(quar.)
Ltd. (reduced)
Oil
Lock
Eastman
599
.
Co.
Corp.,
Dominion Foundries &
599
1
Alkali
Mines,
$2
$2
/
2-17
2-20
25c
,
(quar.)_____
preferred
Dome
first
mortgage 5 ft bonds, due 1965—
*
$2
______________________—
Raynolds Co., class A
Class B
(quar.)
5 % • preferred H (initial-
8',o
261
,
'
Light,
&
Dictaphone
*
Federal
2-20
&
preferred
B'Gosh,
Mines
41 %c
(irregular)—
common
(interim)
Peck, Stow & Wilcox Co
Pennsylvania-Central Airlines—
2-27
;
*
East
3-16
$1V'8 X/ 3- 2
Power
Diamond
Pacific Ry.
Cudahy Packing Co.
56'Ac
(Chic.)
Co.
2
3- 2
$l'/8
—___
;1"
2-16
(interim)
prior
Patino
(quar.)
(monthly)
Tube,
$2 convertible preferred
3- 2
3- 2
>
539
Connecticut River Power Co. 1st mtge. 3%s, due 1961
Feb 15
Consolidated Title Corp. collateral trust 6s, due 1951—Mar
1
3-16
30c
: > 498
,
.
25c
___
(quar.),,
Co.
preferred
Parker-Wolverine
3-15
3-16
Semi-annual
Ry. equip, trust ctfs., series S
Apr
1
48
first refunding mortgage bonds
Feb 27 9t, . 154
Central States Edison, Inc., 15-year coll. trust bonds
Feb 24- $1697
Chicago Union Station Co. 4% gtd. bonds, due 1944_i.Apr
1
v
636
Cleveland Ry.- 1st mortgage 5ft
bonds, due 1945
Mar
1
539
Community Public Service Co. 1st mtge. 4s, due 1964
Mar
1
,i
*
i
2-20
„
3-31
2-25
Devoe
"
-
V
6
$1%)
3-16
Dayton
$1258
•
3-
V
,
3-31
*1590
>•■
,/;/
.
Crown Cork & Seal
*
1
Mar
__
1
1
:
(Ind.).-^
3-
$$1%
(monthly)
(monthly)
preferred
Seamless
$1.75
Corp., $2.25 pref. (quar.)
4'ft ft pref. (quar.)
Delaware & Bound Brook RR.
(quar.)—_
Detroit, Hillsdale & S'western RR. (s-a)__
497
1
Oshkosh
50c
Casualty
Jun
2-20
6ft
-X/'
v
50c
Continental
May
Ohio
-a':;: /
(quar).:
Co. (Chicago) (quar.)
Continental Assurance
Can
due 1956
2-14
7ft
>
Holders
Payable
Service—
preferred
2-25
30c
Inc.
Continental
due 1951
5ft
30c3- 6
(quar,);
Congoleum-Nairn,
Public
1
3-
share
preferred
3-16
$1%
(irreg.)___'
preferred
497
Allied Owners Corp. 1st lien cum. inc. bonds, due 1958—Mar 13
Aroostook Valley RR. 1st & ref. 4 Vis, due 1961
_____Mur 13
Atlas Imperial Diesel Engine Co. 6% gold notes of 1930—Mar
1
Ohio
:
593
*
Ohio
2-21
31'Ac
System—
(irreg.)
5ft
497
3-14
3- 2
Co., Ltd.—
(quar.)
Power Co., 4'/aft preferred
7%
,Vft
(quar.)
Class
4'/2 ft
mortgage
.—
3-31
30c /.
$1%
(quar.)
Broadcasting
*
Page
"3-10
'
-V
Company
Ogilvie Flour Mills
(Lima, Ohio)—
Commonwealth Loan Co.
Company and Issue—
*
<:
3-20
Elec.—
&
preferred
Columbia
and the page number gives the location in which
the details were given in the "Chronicle."
ers,
$1%
(quar.)___
preferred
Colonial Finance
;
3-10
•
When
Per
2-15
3-20
common
Gas
3-
Name of
1
$1
(quar.)
preferred
of Rec.
Payable
t75c
Towel
City Ice
list of corporate bonds, notes,
a
share
Corporation, $3 preferred
Co., common (reduced)
Chicago
Saturday, February 14, 1942
Holders
When
8-25
-
11-25
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4046
Volume 155
Per
When
Holders
share
Payable
of Rec.
■
Name
Chicle
American
of Company
Co.
t30c
3-16
2-25
———t35c
(quar.)
3c
$2.50 pref. (quar.)
62'/2c
(quar.)——.
'/// 75c
(quar.)———
50c
3-16
2-25
preferred
2-14
i 2-12
Canada
2-13
Canada
preferred—
$6
,..$3
preferred
preferred
$2
Hide
Leather—
&
„
75c
convertible preferred: (quar.)
American Home Products-(monthly)
Investment
3-
1
2-13
6V2%
2-13
Class A
common
common
,
20c
,
3-20
2-14*
2
Stores - Co,——'——
—;4$,
25C,
■
pref.
(quar.)
Co., common (irreg.)
(irreg.) ————
——
Glass
Window
convertible
57o
,
Amoskeag
Co.,
Co.
5c/o
,
Archer-Daniels-Midland
Co.
Common
(year-end)
Gas
Atlantic
3-
(quar.)
6
Atlantic
Refining Co.
Powder
9- 4
Central
V/o
2-20.
2-14
6
>
2-21
3- 5*
3- 3
3-
2-
Chicago
2-
5
3-16
3-
3-
Chile
3-2
2
Trucks, common (initial)
'
Participating preferred (irreg.)
Automotive Gear Works, Inc.—
$1.65 convertible preferred (quar.)——,—
Mills,
Common
Works,
(Baltimore American
Bandini
Petroleum
Montreal
of
of
12-31
Insurance Co.
Co. (quar.)
(quar.)
3
2-14
2-16
2-5
2-16
2-
2-16
1-31
2-16
1-31
2-20
2-
7V2C
J$2
*$2%
$iy4
Columbia
&
Gas
Electric
First National Bank of Hartford
6-16
First
2-25
2-
First
67c
6
Pictures
5-15
9-
1
8-15
5-
1
4-20
3-
2
2
2-11
3-
2
3-
2-13
Columbian
2-16
Combined
Carbon
Fruehauf
3-
2
3-
2
General
America
25c
3-
1
General
Bottlers
3-
1
2-28
General
Cable
2-28
2-11
General
Cigar
$lJ/2
2-15
1-20
General
$1 /*
2-15
1-20
3-10
2-20
2-16
2
Steel
Bethlehem
Corp.,. common
——
$iy2
$134
50c
'
V/o
preferredMquar.)
Bigelow-Sanford Carpet Co,, com.' (reduced)
Q'/o
preferred. (quar.)>
—
Blauner's (Phila.)
(resumed) ___———
—
$l}i
.
40c
75c
iquar.)_____
——
(s-a)
preferred (s-a)—.———
5^
convertible preferred (s-a)
Blue Ridge Corp., $3 preferred (quar.)—
l/32nd
share
of
common
stock or,
at
preferred
$3
Bliss
Co.. common
W.)
(E.
$1
75c
62y2c
_
convertible
6"o
-
-
'holder's
.(Richard)
Mfg.
Manufacturing
Boss
Boston
Extra
Bourjois,
Inc.,
Roller
Bower
preferred
6%
Bristol-Myers
Co.
American
British
Fibre
2-16
2-2
Continental Light & Power
1
2-2
■v
Oil
Cook
&
3-1
2-14
14
$4
2-16
2- 2
3-
2-20
2-28
2-16
2
2-18
1-20
2-18
1-20
3-16
2-28
2-28
2-
6
6
3-
2
2-
2
2-16
2-20
2-25
2-
3-
2
2-15
2-
3-14
(Quarterly)
(Quarterly)
2-20
1
2-19
2-
2-25
2-14
2-28
2-11
9
; Special
15c
15c
37 Vic
——
convertible
preferred
(quar.)
Byron Jackson Co—
5%
—
Packing Corp., common—
preferred (quar.)
—
California
—
3-
2
Diamond
2-16
3-
5
1
3-
5/o
25c
11Y?C
C2/aC
Water Service Co.—
- ■
,
.
preferred A (quar.)—
37 /aC
preferred B (quar,)«——37 ko
2-14
2-16
1-31
1-31
•,
6'i
G7«
1-31
Pub.
3-
3
1
3-14
2-17
-3-31
v
3-21
'
3-
2
-2-1*
V 3- 2
•
$1%.
(quar.)
6%
3-
2-M
.
1
4-
Gossard
(H.
W.)
National
Grace
Granby
Co.
<N.
1
Mining,
Grant
2-17
Graton
3-
2
-
,
2-26
$3
and
in U. S. funds
prior
preferred
(s-a)
Great Lakes Dredge & Dock
Green
(quar.)
Griesedieck
67a
Brothers
Stores
Mines, Ltd.
7.25C
Co.
8-
3
7-22
3-16
3- 2
3-
2
2-16
4-
1
3-
preferred
$5
A.)
Co.,
preferred
6'«
67c
pref.
Co.,
(quar.)
Chemical, 4'/2%
$134
4-
1
4-
1
$1%
7-1
7-
1
10-
1
Havana Elec. & Utilities Co., 67o 1st pref.
Hawaiian Pineapple Co., Ltd. (quar.)
Hawley Pulp & Paper, $6 second preferred
2
50c
2-16
2-
5
50c
5-15
5-
5
50c
8-15
8-
3-
$4
preferred
1-31
Hibernla
3-10
3-
2
2-14
2-25
1-31
CO
J50c
9-
3
2-20
$3
4-
1
3-31
5-
1
4-17
2-20
1
preferred
(accumulated)——
Dover & Rockaway RR. (s-a)
y
.
15c
—>*_^_
8-
1
7-21
15c
11-
1
10-20
15c
12-27
12"17
.
1-30
2-25
5
2-15
3-
2
2-1-4
$1%
I2c
4-
1
-3-H
2-16
1-24
75c
2-16
2-16
1-24
2-16
.1-24
$1
6-17
$2
10-20
1-24
6-18
'
;
10--6
;
75c
3-
2
2-18
$1.06%
3-
2
2-18
50c
7-
1
6-15
20c
2-16
:
National
Hilton-Davis
Hires
Bank
(New
Orleans)
Chemical
(Chas. E.)
Co.
(quar.)
(quar.)
30c
Electrochemical
(Geo.
A.)
Horn
5 7o
& Hardart Co.
preferred
0
2-14
„3-31-
15c
2-14
45c
2-25
2-11
2-25
2-20
4-
Co
2-
1
4
3-14
40c
&
Co., common
67o preferred
(quar.)
'■Horn (A. C.) -Co., 77o non-cumulative
prior
participating preferred (quar.)__;
6 7a second participating preferred
(quar.)
—~
2-
2
4-10
37 %c
Mining Co. fmonthly)
Honey Dew, Ltd. (quar.)
Hormel
3-
$1
(Holeproof Hosiery Co., 6%% pref. (quar.)__
Holland Paper Co., Ltd. (extra).
Hollinger Cons. Gold Mines (monthly)
Hooker
v
2-16
25C
Homestake
$1%
6
2-20
2-
t75c
_
Manufacturing Co. (irregular).
Irreaular.______________________________
4-
$30c
4-
2
2-15
4 $18
Hettrick
2-15
7
3-
5
$1
$l»/4
2-
4-30
$1%
Heyden Chemical Corp., common.—
4y4% preferred A (quar.)__
$$iy4
—
i,quar.)_
(ouar.)__
2-10
2-16
2-13
$1
conv.
2-10
25c
2-14
2
Extra
2
1
3-
2
3-
(quar.)
3- 2
62%C
2-. 2
25c
75c
37>/2c
(s-a)—
2-27
2-18
2-16
$1%
preferred
Hedley Mascot Gold Mines, Ltd. (quar.)__
Hershey Chocolate Corp., com. (quar.)
5.;
2-27
2
3-
(quar.)
Hazel-Atlas Glass Co.
5
2-13
3-
•
3-12
preferred
Haskelite
3-
3-21
•
37%C
common.
Harshaw
30c
1
3-16
$1V4
Refractories
Mfg. Corp.
4-
3-16
25c
common
(quar.)
2-16
(quar.)__
2-14
75c
(quar.)
2-14
12-23
2-xO
3-3
$1%
2- 2
12-23
2-16
3- 2
10c
25c
2
1
2
$25c
2
10-
l-IO
1-10
3-
+
3-
$1%
1
1
25C
(reduced)
Ltd
Co.,
2-14
4-
7-
$lVa
(quar.)
3;
75c
1
25c
2-16
35c
—_
3-
3-20
3-20
:
25C
(quar.)
Harbison-Walker
50c
34%C
1
(irregular)
Instrument
(M.
Hanna
6
1
(quar.)
Co.,
Watch
75c
1
25c
Bridge
-Hamilton
t$l% :
44-
Company
Hamilton
3-18
Hammond
-2- 3
2-18
2-18
1334C
(quar.)
2-10
$iy«
2-16
2-38
$5
preferred
2-28
67c
5
1-31
2
$10
(quar.)
5-
2-14
3-
Western
3-31
10c
2- &
5-15
25c
$1.40
•
Greyhound Corp. common
5/2/0 preferred (quar.)
Haloid
1-20
2- a
$50
2-10
v
2-16
2-15
90c
i
Co.
(increased)
1-31
Hallnor
-
2-14
Bay & Western RR
1
1
:
2-19
(quar.)
(irregular)
2-15
6
2-18-
.
2
2-20
*
Green
3-9*
3-
4c
3-16
3-25
2-11
2-26
;;
-3- 2
60c
preferred
1-30
3-
<'
70c
.!
Co., 7Vo
3-31
Co.
2- 6
2
V 3- 4
5c
(final)
2-13-
;
15C
funds___
2-16
(D.)
2-16
3-
3-31
~~2-k8
-
Smelting
pay.
(final)
Co.
& Knight
$1.80
2-17
+$3 !
Mines
(W. T.)
3-10
25c
(s-a)
div. arrear ctfs.
$2
Co., common—
^
Y.)
(quar.)
Co.,
•••
(irregular)
Bank
Consolidated
Union
•50c.
3-
—
$1%
r
Hajoca Corp.,
——
pref.
(quar.)
2- 5
1st preferred (quar.)——_—
Investments, Ltd.—
«
—
pref.
20c
2
2-27
50c
(s-a)
Corp
Gosnold Mills, 6 7o preferred
3-T
Scottish
Quarterly
7 7o
Co.,
Telegraph Co.
2-15
4
_
6
V 2-10
.
3-16
•4-
50C
Cycle
$1%
1-31
2-15
Golden
2-
..Quarterly
2-15
40c
$1%
2-27*
Bridge Co., Ltd. (quar.)-—
Envelope & Cartons (Western),
Corp.—
-1-34
2-10
2-20
62 J/aC
(s-a)
common
2-16
5/o
Dravo
•
2-20
J25c
(quar.)
Globe-Democrat
,
1
$$1%
<quar.)_
Rubber Co.,
&
preferred
Grandvlew
1
15C
1-31
2-16
Dominion
2-14
California
■
Match
Ltd., 7%
2
67o
Tire
Power Co., Ltd.
$1%
Mfg.,
+$iy2
debentures A
(quar.)_
preferred (quar.)— ________—
Dominion
3-
preferred
3-16
—
participating preferred
Dominion
t$1.9759
2-
Special, payable in U. S.
'
2-13
1
5- 1
2-16
-
Gibraltar Fire & Marine Insurance Co.
Extra: /.
3
Corp.—
5% pref. (quar.) —
class A (quar.)
Dodge Mfg. Corp. (Indiana), (quar.)_——
Dominion & Anglo Investment Corp., Ltd.—
2-13
2-2
5-15
(quar.)___
Steel
43% c
Diem & Wing Paper Co.,
2-13
3-1
2-16
$iya
(quar.)
preferred
2
25c
Dixie-Vortex Co.,
1-31
3-
$iv»
preferred
debentures B
__—
2-16
2
2
5- 1
Income
Michigan Stove Co.
preferred'(quar.)
5/o preferred (quar.)
5/o preferred quar.)
6/0
2-
5-15
Income
5%
2-13
3-
1-31
Detroit
■
i
2-16
$1
2-16
__
—
&
2-14
3
$1
participating class A
3-
50c v:
—
——
Gasket
3-
$1%
.___
56>/4c
.(Quarterly)
Detroit
2- 9
4-
1-31
3-
$iy4
(quar.)
8% preferred
preferred, class A (quar.)„
& Co., 7°/o pref. (quar.)
Supply Co. of N. Y., com.
l/o preferred (quar.)—
3-20
1
3-16
25C
4-
1-31
$2
5
3-16
1-20
4-15
Hale
Dentists'
4J
3
10c
1-31
——*
Deere
2
5
3-
t$l3i
Brewery Co.—
5/2/0 convertible preferred (quar.)
Gulf Insurance Co. (Dallas, Texas)
U Additional
Inc., A/2/0 preferred (quar.)—
Cushman's Sons, f/o preferred
Curtis Publishing Co., prior preferred (quar.)
Dayton Rubber Manufacturing Co.—'
3-
2-
(resumed)
3-
Zellerbach Corp.—
3-
5
2-16
2-ie
3~ 2
(irreg.)
—
Forster,
2-
1
3-30
2e
Cuneo Press,
2-23
5'%
Seal Co., Ltd., com.
preferred
2-16
$1%
2-15
87»/2C
preferred
&
3
15C
5-
2-14
(quar.)
convertible preferred (quar.)
Crum & For§ter Insurance Shares
V/o
3-
3-12
2-14
(year-end)
Culver & Port Clinton RR. Co. (s-a)———
3
Byers (A. M.) Co., 7% preferred—
(Representing the quarterly dividend of
$l3/4
due
Aug.
1,
1939
and Interest
thereon to March 2, 1942)
(quar.)
$5
Crum
5
3-12
50c
130c
Crown
3-
5
Inc.—
preferred
Quarterly
$2.25
5
2-
75c
Advertising—
t$l%
2
3-14
6
2-18
2-
2-15
$1
America,
2-
2-16
(quar.)
Outdcor
$1
Gold Mng. & Mil. Co.
Crown Cork &
f.
2-28
2
i—
of
convertible
2-16
(quar.)
com.
J15c
$3.50
•
35c
preferred
$5c
3-
3-16
3-14
3-
common
(quar.)
Investors,
Cresson Cons.
3-16
37 Vac
_____
(quar.)
Corp. (quar.)
preferred
20c
(quar.)
common
Phosphate Co.
Creameries
5
17
2-14
25c
Co.,
6
3-
Bros.,
preferred
5
2-
(quar.)J
3-14
,
$1%
(Del.)
3-
25°
Butler
Co.
Varnish
2-
4-
2-16
Grand
Extra
1-20
(quar.)—$1V4
Burlington Mills,
common
(quar.)
35c
$2.75 convertible* preferred (quar.)——
683/4C
Burroughs Adding Machine
15c
—
Paint
2-
1
3
Co.—
(irreg.)
Ltd. (quar.)
Corrugated Paper Box, 7% preferred
Cosmos Imperial Mills, Ltd. (quar.)
2-14
2
2-16
3-
25c
(final)
preferred
Continental
2
3-2
3-16
3-
3c
(quar.)
(quar.)
3-20
preferred
2-15
2-16
40c
(quar,)
*_
Crown Drug Co., 7% conv. preferred (quar.)
45c
50c
2
2
25c
2-16
$1
25c
3-
Inc
75c
Pipe Line
——t
f
Buda Company
(irregular)—
—jb
Buffalo Forge Co.
(irregular)—!—.—.!y,Bullock's, Inc. (Los Angeles)
(quar.)____*_
Bunker Hill & Sullivan Mining & Concentrat¬
5%
Y.,
2- 2
receipts)—
r
Final for fiscal .year ending Sept. 30, 1941
3d
Interim for year, ending Sept.. 30, 1942—
5d
British Columbia Packers
(initial)—$$1V2
Brooklyn Edison Co., com. (quar.) (reduced)
$1%
Preferred
(quar.)
——
$iy4
Brown-McLaren Mfg. Co
5c
Brown Shoe Co.
(quar.)___—•——*
50c
Bruck Silk Mills, Ltd. (resumed)
tlOc
Brunswick-Balke Collender Co., com. (irreg.)
.,7
25c
$5 preferred
(quar.)——
$1V4
Buck Hills Falls Co. (quar.)
12y2c
Bros.,
5/2/0
2-14
3-1
2-20
2-15
(quar.)
40c
$2.50
,
--
3-
2c
2-14
60c
5
>
Spring
1-20
75c
2-
25C
Cushion
2-28
—
ing Co. (quar.)———
N.
Diamond
deposit
Bunte
of
America
Continental
(Amer.
Buckeye
Co.
of
Continental
2-25
t?y2c
t$lJ/2
5
1
1
Paper Co.
Corp.
2-20
2
'
2-27
3-31
—
Ltd.
Container
Inc.
Co.,
Gold & Stock
2-13
3-
3-
$1%
2-25
a
2-
33-
62y2C
683/4c
(quar.)—...
(quar,)—
(quar.)Tobacco Co.,
(quar.)
1
8/10c
$1%
2-15
—_
$2.75 preferred (quar.)
Bearing--,—*-————
Briggs & Stratton Corp.
Bright (T. G.) & Co., common
683/4C
23
2-13
2-20
12c
50c
,
& Rubber Co
Woven Hose
Boston
.
Edison
Consolidated
2
2-15
50C
General
:
1
16c
Co.
(quar.)
1-30
Co.
3-
3-
<
2-10
preferred .(quar.)
^Consolidated
•'
2-10
$1
$3
$2
__
RR
Albany
&
Fund, Inc.
Boston
75c
30c
Co
2-16
(new)
Power
2-25
Consolidated Cigar Corp.
Corporate
(interim!—__
Co.
Borden
Connecticut
3-14
2-26
preferred (new)
pi'eferred (quar.)
2-13
2-13
Castings, $6 conv. preferred.General Steel Wares, Ltd-, 7% pref. (quar.)
Participating
General Telephone Corp., com. (quar.)
1
t50c
preferred
1
2
(quar.)
6%
tlOc
$2.20
Corp.
6%
Co.—
2
2-16
2-14
2
preferred
Power
&
3-
4-
1-15
3-
50c
;
-
33-
$1%
(quar.)
Corp., 77c
Foods
General
3-2
.
2-16
3-
2-18
■V
87%c
Co.
preference
preferred
Common
(irreg.)
Ltd.
Light
$2.40
Coronet
75c in cash
option,
Borden
3-4
t4C
Service
7 c/o
Co.,
Mines,
Connecticut
series
General
2~ii
2-27
$l5/e
8
3- 8
1
$4
1-20
2-
,
3-
3-13
3-15
3-
$4 participating class A
2-15
2-16
tic
(final)
C
2-18
••
5c
$1.50
683/4c
$iy4
2-10
3-1;
25C
General Metals Corp. (initial s-a)_
General Motors Corp., common (irreg.)
(quar.)
3-21
2
$lVa
Extra
(quar.)
3-34
v
15C
$iy4
pref.
3-
$1%
,
(quar.)
General Acceptance Corp.—
17c conv. pref. (quar.)_____
$1
$5
"3-21
^
35C
2-28
(quar.)
1
35c
25C
(quar.)
2-15
1
$1V4
(quar.)
17c preferred
participating preferred
77c
2-16
-1-34
•
3-31
25C
common.,
2-28
c
.2-14
2
4-1
15c
preferred
Galveston-Houston
1
50c
3-13
17o
3-
4-
$1%
;•
15c
Internat'l Corp., Ltd.
Public
Gas
Coniagas
V/o
Co.,
3-
$iva
(quar.)
3-31
*.
preferred
Community
! 5 Vu %
pref. A
1-20
'
Concord
Corp,, 7%
Drug Co.,
•
2-10
2-27
/■/■■/: $2
Co., Inc.
Trailer
conv.
$5
Telephone,
6V2 ',0
Power
Gallaher
Utilities—
—
H.)
2-16
Trust Shares
Commonwealth
(quar.)
Inc.Mills, Inc., common (irreg.)———
Ties,
Pawners
(M.
2-10
57c
2-11
■
-2-14
;$i%'
(quar.)
'(Pittsburgh) (quar.)
Society (Chi.) (quar.)_
7% preferred (quar.)
Freeport Sulphur Co. iquar.)__„_
2-10
2.011c
Co.
Commonwealth
Ltd.
Mines,
(quar.)
6- 4
$iy4
preferred
Commonwealth
3- 2
2-13
$25o
3-20
3- 4
$4c
3- 2
! .2-11
10c
2-16
3-1
Beaunit
25c
2-16
3- 1
: $1.50 convertible preferred
(quar.)—
37y2c
2-17
Belden
Manufacturing Co. (irregular)
35c > 3- 2
2-14
3- 2
Belding-Corticelli, Ltd. (extra)—-——t$2
2- 4
3- 3
Belding Hemingway Co.
(quar.)
*—_
20c
2- 6
3- 2
Bendix Aviation
Corp
$1
Berkshire Fine Spinning Association—
2-20
3- 2
$5 convertible preferred (quar;)
$lVi
3-2
:
2-20
$7 preferred (quar.)—.——
$1%
2-10
2-16
Berland Shoe Stores, common (quar.)
—
12'/2c
2-10
2-16
T/o
$1%
preferred«(quar.) —————•—2-15 $■. 1-31!
Bertram (John) & Sons, Ltd. (s-a)——
tl5c
2-15 h 1-31
Extra
J5c
Gold
A
Bank
3c
$2
y-
•
2-11
3-
2-11
2
Co.—
(quar.)
Fit7, Simons & Connell Dredge & Dock Co.—
Common (quar.) _!
Flintkote Co., common, (quar.)
$4.50 preferred (quar.)__________________
Corp.—
convertible
Beattie
Brummell
preferred
National
State
Rubber
&
12V2C
Commoil, Ltd.
Beau
-
3-17
7-15
Tire
2
preference (quar.)
Columbia
Bathurst Power & Paper Co., Ltd.—
Class A (interim)————————
,
2-19
4-15
Firestone
Corp.—
57o
3-9
3-2
3
6-18
preferred, series A (quar.)
preferred series (quar.)
15c
.
Players Canadian Corp. (quar.)
Compress & Warehouse Co. (quar.)
Fidelity-Phlla. Trust Co. (quar.)
(reduced)
2-16
Iron
&
6%
Barnsdall Oil Co.-—-
»
common
25c
Fuel
5%
:
Co.,
(s-a)
2-14
621/2
1-31
2
50c
1
(quar.)
2-14
3-
$25C
Federal
50c
(quar.)
2
30c
Famous
2-28
3-14
3
common
2
Co., class A (quar.)—
2-10
4-
2-
11-20
V
3-16
1
•
8-21
'
'
Brewing
preferred
25c
Aikman Corp.,
Stores, Inc., common
preferred A (quar.)
$2.75
an
4 2-25
6-
Special
2-14
3-18
Sugar Growers Asso.,
67o
$1.061/4
convertible preferred
Colorado
2- 2
2-14
4-
5-21
by
Fajardo
affiliate.
Falstaff
87V2C
(quar.)
3-
3- 2
2-28
2-18
•
declared
15c
preferred
3-
2-11
——
15c
dividend
t25c
Colonial
9
3-
1-31
3-
Collateral Trustee Shares (bearer)
57o
3
3- 3
50c
2-20
$1V4
Colgate-Palmolive-Peet Co., common
2-14
3-
50c
Includes
1-31
;
$l,/2
3-
2
50c
;
■
2
$1
Cocksliutt Plow Co., Ltd
3-
1
1
1 >;*
1
3-
Sl'A
(quar.)
2-27
3-15
9-
32-
36-
2-16
•
2-14
$1V4
Fishman
(quar.)
2-20
$iy4
Florida
2-20
1
1-31
$1/4.
(Chic.)
3-16
Collins &
315c
$1V4
$1V4
preferred A (quar.)_
Fairbanks Morse' & Co. (quar.)
.Extra
Fajardo Sugar Co. of Porto Rico
Co.—
3-10
4-
**w~..2
of N. Y.(quar.)
Nationale (Mont.)
& Seelig Mfg.
preferred
57o
;
25C
(quar.)
3- 2
2-20
2-14
40c
$1 % /
City Water of Chattanooga, 5% pref. (quar.)
Cleveland & Pittsburgh RR. (quar.)
Special guaranteed (quar.)
2-15
2-14
•
i-J4
—
$5
____________
$1 y2
.!_•
2-20
1
2-14
2-28
40c
2
2- a
!
i
.
2-
2-28
2rl6
$5
2-14
$1/4.
4-24
2
RR.
2-28
IOC
40c
5
pref. A (initial quar.)
$5 preferred A (quar.)
$5 preferred A (quar.)
2-28
(quar.)
2- 9*
5
(Interim)
•
3-
17%C
■
.
50c
1
$4.25
2-20
3-20
■•••(!;,
(quar.)
Employers Reinsurance Corp. (quar.)
Equitable Life Ins. Co. of Canada (Ont.)
2-14
2
3-20
Co..
preferred
♦
1
3-
■
25c
(quar.)
of New Castle Water
6c/o
3-
|;
Gas
25c
Co.
2-16
J$2
Barlow
r
Empire Capital Corp., class A
$0.70 preferred A (quar.)
Natural
25c
Oil
5-
10c
10c
-
———_—_.
2-20
t$!Va
City Nat'l Bank & Trust Co.
$1.05
(s-a)_
(quar.)—
Canadienne
(quar.)
2-20
3-16
Cab
Cotton
City
7c
Bankers & Shippers Ins. Co.
Banque
3-16
Registered
...
Toronto
3-16
Paso
25c
3-13
3-
(S-a)
*.
3- a
3-31
$iy2
2-20
3-
«
pref.
*■*!!!..
Bank
Bank
V/o
3-23
60C
common
2
4iy4c
—
Baldwin Locomotive
25c
El
City,
(quar.)
4-1
7c
common———
.Extra
3-2
$3
Elgin
1-31
t$l3/4
;
14c
$1
Ltd.
2-14
2-14
'
(Kansas
75c
(quar.)—
2-
t$iy2
Cinn., New Orleans & Texas Pacific Ry. Co.
57o preferred (quar.)
2-13
•;
2-16
2- 0
Manufacturing Co
National Watch Co
15c
Copper
425c
5
2
(Quarterly)
2-13
2
convertible preferred (quar.)
Utilities Associates • (quar.)
2-16
!
Yellow
Chickasha
9
2-10
;X 2-10
2-25
Charis Corp.
2-20
i
1
75c
Co
6-20
3-
3- 1
t$iy2
•
preferred
2-
2-16
50c
3-
Autocar
Avondale
preferred
6
;
$1%
$1%
Ltd.—
50c
3
7-
■
*
(quar.)
Products,
2-28
$i»/2
-j.
Belt
Co.—
Eastern
!
Serv., $6 pref. (quar.)
Century Ribbon Mills, Inc., V/o pref. (quar.)
67o
2-11
Eaton
3-
Champion Paper & Fibre,
2-11
2-10
3-25
$1.62%
Chain
2
75C
Central Vetmont Pub.
2-10
Service
2
3-
$1
6-28
,
Utilities Co.—
6-20
'25c
$1
$iy2
t$5y4
.
2-10
-
3-
3- 2
$1%
(annual)
50c
(quar.)
Extra
2-25
2-25
1
3
prior lien preferred
Surety & Ins. Corp.
Mo.),
5To
Steel
2
2
$1%
(quar.)
preferred
33-
Water Co.—
1
3-
prior
10c
IOC
Public
preferred
.
4-
$1.16%
$7
3-13
W.
7-
(accumulated)
lien
$6
$6.50
Erie
Central
2-28
2- 2
4-1
4-VS2
,
preferred (quar.)
Eastern
1-31
2- 2
2-16
$2
15C
$6
v
3-16
2-19
2-16
(quar.).
6/c preferred (quar.)___
Corp., 5 7o preferred
12-31
(accumulated)
South West
Central &
4
1
preferred
Louis & Interurban
Shore
of Rec.
$iy4
;
2-16
(initial)
B
Poyable
75c
Eastern
Light Co.—
2-14
•
Aunor Gold Mihes,
17c
87o
Holders
When
Share
$3
(quar.)
&
preferred
preferred
! 6c/0
2- 4
2-
Co.
Paper
Central Power
2
3-17
t25c
(quar.)
Ohio
Central
2-27
3-
$$I
Light & Power Co.—
$6 preferred (quar.)
2-28
;f
Co.
2-14
10c
G2y2c
25c
—
preferred
2-28
4-
.
$75c
(quar.)
Central 111. Public Service Co., $6 preferredv
6% preferred
__i_
;;
6- 5
2-
Tel.
(accum.)
75c
(quar.)—
Q%
Co
2-28
Company
common
Hosiery Mills, class A (initial)
Class
2-28
3-15
Caterpillar Tractor Co. (quar.)
Cedar Rapids Mig. & Power Co.
'
12- 4
.
&
6
$1
$4%
$iy2
—
Corporation,
Atlas
Tel.
5preferred
Corp., common (resumed)—
preference (quar.)—
prior
3-15
m*A
____
Carolina
2
(s-a)
(quar.)__
preferred
2-14
2
3-15
Canadian Oil Cos., Ltd. (increased quar.)
Capital Finance Corp., 67o pref. (s-a)_:
Breweries, Ltd., $2 pref.
Celanese, rights Urreg.)
7-
——
—
67o
participating pref. (accumulated)
3-*2
10c
;
•-
Rayon
$2.50
Atlas
Light,
3-
Corp.,
Eastern
Canadian
Atchison, Topeka & Santa Fe Ry. Co.—-
Atlanta
Durham
t$l
Canadian
3-
3
25c
1
Atlanta Ss Charlotte Air Line Ry.
7
$500
9
4-14
3-3
31V*c
Armstrong Cork Co. (interim)-——i—c'
47o
convertible preferred (quar.)——— •
Associated Dry Goods, 6%- first pref.
7 % second preferred—.
2-
Ltd.—
$2.25
>
(s-a) —
Company (resumed)————
Apponaug
Duplan
t$l5/8
2-20
4'2
3-
Bakeries,
75c
(quar.)
preferred (quar.)
(semi-annual)-
common
$4.50 preferred
:
(quar.)
2-20
4yl
$1%
$1
$1
Tobacco
American
2
East St.
1-23
-—- -
Sugar Refining, 7%
3-
;
Co.,
preferred .(quar.)
2-16
Uuc
2-14
2-
—.
Common B
preferred
Canadian
3-31
3-
;
Co.; of
American
t$3/u
(s-a)
(interim)
Co.—
American
3-16
(quar.)
Class B
Chemical
Dow
Co., Ltd.—
•;i 3- 1
—
American
2-24
9
J37»/2C
Cable
Per
Name of
3- 2
3-
57c
Co., Ltd., 7% preferred
Vinegars, Lta. (quar.)
&
of Rec.
3-16
15c
Canada Starch
Wire
Holders
Payable
noc
(quar.)
1
$iy2 H 3- 2
3- 2
111.
20C
2-16
American Investment Securities^!
;—
IQc
3- 2
American Metal Co., Ltd., common
25c
3- 2
67o
preferred (quar.)___
—*
—
$1V2
4-15
American Nat'l Bk. & Tr. Co. (Chic.) (quar.)'V//// $2
3-16
American Paper Goods, 7% pref. (quar.)»„ •
$1%
6-15
77o
preferred
(quar.)—
—
$1%
9-15
V/o preferred (quar.)
—
$1%
12-15
7%
preferred
(quar.)
^
$1%
3-20
American Public Service, 7'/<? preferred—.
t$l%
American
Radiator
&
Standard
Sanitary
3-31
Corp., common
15c
3-1
7 % preferred (quar.)
$194
2-14
American He-Insurance Co. (quar.)
40c
-2-14
:; V .'Extra v
w; v / ;v;:4 0c ;
3-14
American Rolling Mill (reduced)
•
25c
American Smelting & Refining!-—.
.v!*
50c I! 3- 3
3-16
American Steel Foundries (irregular)
f; 50c
Indemnity
American
(interim)
.
6 Vo
American
Corp., Ltd.
3-
General Corp.,
American
> .Ciass A
When
share
Canada Dry Ginger Ale (quar.)
Canada Foundries'& Forgmgs, Ltd.—
2-9
V
American 'Furniture Co.
American
Crushed Stone
2-16
preferred (quar.)—
American & Foreign Power,
of Company
Canada
$1V*
5%
$7
3-16
$1
(quar.)
Lines, Inc.
American Export
Per
Name
3- 2
701
-
2-28
50c
.2-16
$1%
2-16
1-24
8%C
3-
2
2-16
3-2
2-16
3- 2
2-1(1.
45C
-
■2-13
1-24
(N. Y.)—
___
$1U
,
('
THE COMMERCIAL &
702
Brothers
Hunt
(quar.)—
Huntington Vvater uoip.,
$1%
Husion
Michigan Public Service Co,,
2
2-11
2-lt>
2-lti
preferred
preferred
(quar.)
5
6%
preierred
series of
5
$6
Tobacco
Impenal
Co.
Ltd.—
Ireland,
&
Steel
$1
Co.
lngerson-Kand
Inland
$1
Co
2-20
2
preferred
50c
(irreg.)
A
com.
3-
9
4 7c
9
4-
1
$1V2
4-10
3-23
pref.
(quar.)
International Nickel Co. of Canada, Ltd.—
$1%
3- 2
2-5
Business
International
Harvester,
Common
(quar.)
International
Macn.
Corp.
7%
—______
Ocean
International Rwys.
Co.
(quar.).
Jantzen
5%
preferred
(quar.)__
Jersey Insurance Co.
(N.
2-
preferred (quar.)
Monsanto Chemical Co., common
7::i $4.50
preferred .A (s-a)_.
3-
2-15
1
2-14
5)1
(s-a»
/
Johnson
Automatics,
25c
._
2-28
Co., 6%
preferred
(quar.)
2-16
2-
2-15
Kalamazoo
Vegetable Parchment Co.
Kayser (Julius) & Co
Kearney & Trecker Corp. (initial)—
2-15
Keith-Albee-Orpheum
convertible
7%
Kendall Co,,
$6
15c
(irreg.)
1
(quar.)
$l'/2
3-
1
junior pref. (quar.)
(irregular)
series B-4
87y2c
3-
preferred
7%
Kerr-Addison
A.
Mines, Ltd.
Kinney
Kress
&
special
*6%
'7%
Crosse
Salle
Lake
Common
l'/o
1-31
2-14
pref.
Milling
'
2-
2-20
3- 2
1
1
2-27
12-20
5c
2-20
2-10
3-
130C
3-
2
2
77o
5-15
5-
8-15
8-
11-16
1136-
$1%
9-15
9-
12-15
12-
5
25c
3-
2
3-16
$50c
3-11.
3-
(accum.)______
t50c
6-11
6-
77c
(accum.)
9-11
9-
convertible preference
(accum.).
$50c
12-11
25c
2-28
Monotype
(R.
Tourneau
Lee
(quar.)
t20c
.
(H.
D.)
Portland
$7
Gold
3-
5
57c
3-14
Corp,
Liggett
&
2
B
Tobacco,
40C
3-
common
$i
Life Ins.
Co.
Light
Service
Belt
6y2%
Lion
preferred
Co.,
RR.
Original
capital
(quar.)
Original
capital
(quar.)
Special
guaranteed
(quar.)—__.
Special
guaranteed
(qusr.)
Special
guaranteed
(quar.)
9-10
12-10
t25c
2-
2
2-10
3-
2
2-10
$1%
2-15
(final)
Lord & Taylor, 6 7o first preferred fquar.)__
Louisville, Henderson & St. Louis Ry.—
preferred
Common
(s-a)
preferred
&
—
(s-a)
—
Nashville RR.
Steel
■
av*
$4
20c
Cc._
Cor-mration
(ouar.)
Macintosh-Hempxuii
50c
—
21 Vac
Co.
2-
1-28
2-14
1-30
2-16
2-
2-25
2
5
2-14
Co.,
—
.
25c
2-16
2-11
50c
(quar.)
common
& Co.:
iR. H.)
Special
4-
6
3-13
4-
6
Magnin
67c
& Co.,
25c
.___
(quar.)—
Quarterly
2-27
2-14
2- 5
5-15
5-
5
8-15
8-
11-14
20c
3-10
11-
2-9
3-
2-9
$1
r
2
3- 2
$1.50
preferred A
(quar.)
ll.)
(P.
&
Co
___
Mallory Hat Co., common
Managed Investments, Inc.
Shirt
Manhattan
Manufacturers
Extra
Marshall
67c
Co.
Inc.
;
3-10
.
3- 2
v..,
>
,
.
Rolland
Co.,
67c
pref.
•-
6%
.2-16
.
2-16
2
(quar.)__
(quar.)
Pharinacal
Scotia
preferred
2-16
3-31
$l'/2
3-31
(quar.)
Bank
v
,
2-
.
!
:
_•
Louis),
National
common
Bank
•.
Joseph
3- 2
2-13
6
2-24
f40c
S40c
f40c
J40c
t$l%
30c
3- 2
2-16
15c
15c
3c
6834c
50c
Steel
1
'8*> 6
,
•.
S %2-10
f-;2-
3-16
2-20
1
2-11
'
(quar.)
2
2-10
1
2-10
3-
2
2- 2
3-10
2-24
3-1
2-14
3-1
2-14
2-15
1-31
Co.
6 Va %
preferred
A
—
——
partic. preferred (quar.)
2- 2
4-
$1%
2-15 1
1
3-20
i-31
t$2y2
3-
3- 2
2
2-14'
2r2o
2-14
3- 2
1-31
3-
2
2-24
3-
2
2-24
1-31
2-10
2-16
2-10
2
2-11
3-
2-16
3-
3-10
$3
4-
$154
$134
$1%
62
25c
50c
40c
$1
4-
3-10
4-
3-10
(s-a)
3-10
44-
3-10
2-16
2-
5
2-16
2-
5
2-14
2-
5
2-16
1-26
(N. Y.)—
.25c
com.
2-14
1-31
25c
'75c
3-14
3-
3-10
2-13
20c
4__
(quar.)
4-1
3-10
(quar.)___
2
4-
,1
3-10
3-
1
2-11
t23c
2-25
1-26
50c
2-25
2-14
25c
2r25
2-14
75C
2-16
1-31
tlV*
3- 2
2-14
fl5c
5-
$$1%
4-
____—
25c
,
,
• >
.
1
4-15
1
3rl5
40c
3-14
2-21
50c
—4_
—4
(quar.)__^_____4_.—
Co.____'_.j_J__-_______
2-20
4-i/y 25c
3-16
2-20
3-25
2-28
^
;
Steel
•Co._j_._—i____^._—___
Sonotone
5c
' '50c
$1 Mi
—______________
common
preferred (quar.)___—
3-
2-
9
2-14
5
2-14
2-^5
2-11
1-20
3-20
2
.2-14
3- 2
2-14
,
,
(s-a)
;•
.
4-
1
£-16
±
—
3- 2
2-20
3-
2
2-20
3-
2
2-20
2-15
1-20
___
57o
preferred
Outboard Marine 8s Mfg.
Owens-Illinois
;44'4^r'52-10
.(quar.)_,
Glass
Co.
(irregular) ___u
>4506 '*•
•
Co
•
Extra
2r20nr n2- 3
' 1-30
Oxford
Paper
Co.,
$5
;
5»/2% preferred
57c
Co.
preferred
$ll/2
37V2c
343/8c
31'4c
75c
<(quar.)
pref. (quar.)
67o
(quar.)
(guar.)
Pacific Lighting Corp.
Package
Machinery
Parker Pen
Co.
(quar.)
Co. ' (irregular)
$5.50
Peabody
preferred
Coal
Co..
;
6%
preferred
.4
Grinding Wheel
Penman's,
Ltd., common
$7
preferred
•
.
$1%
t$l%
10c
35c
f75c
•'...
$1%
./
(quar.)
Peoples NatT Bank of Wash. (Seattle) (quar.)
•
,
Telephone, pref. A
(irregular)
(quar.)____—
(quar.)
25c
2-28
25c
-
(quar.)__.^
Peninsular
2-18
2-16
2-16
3- 2 .
2-28
.
•-
25c
2-28
.
.
5%
2- 6
1-31
1-31
1-31
1-20
2-20
y 2-17 ;
' .2-16
"J25C
.
Proof Co. (ouar.)
Parkersburg Rig & Reel Co.—
.
50c
V'
(quar.)
Extra
Parker Rust
rlr.^^'2-14
14
; t$l
preference
Electric.
'•
67c
Co.—
Water
(quar.)___
preferred- __o.
—
Canada Power
Southern
(ouar.)
Co.,
31v4c
37V'2c
—
.___
—
Ltd.,
Pipe Line Co.
'Southern
'Southwestern
(irre°rul"r)_____4-__
(Dallas)
Life Ins. Co.
$20c
30c
35c
10c
I
•
(quar.)
2-10
Water
-
.
Standard
3- 2 ,.-2-20
3- 5
2-23
2-15
.1-26
2-15 ,1 2- 5
2-16
-2-5
;Standard
Standard
$160
"
pref.
(quar.)
preferred
(quar.i
& Seal—
convertible
Coated Products
.Standard
Dredgbig
convertible
3- 2
-
$4.50
2-11
$1.60
3-31
3-25
Standard
(Detroit)
Co.
•Standard
■
—>*
.
Rrands.
Can
Ins.
Oil. Co.
4
Corp.,
Corn.*—
4-13
(increased)
1-31
3-14
3-
2
3-16
2-
6
3-5
2-23
3-16
2-20
3- 2
2-16
1
'
4
,.
y.
,
3-20
3-10
40c
pref.—
(quar.i!
2-20
$114
;
;
______
-
preferred
(Calif.)
$1
2-144
40c
flOc
-
'Co." (quar.)____;
Accident
1-31
2-28
4-15
^Oc
62V2C
•
_
J
2-16
Sl'/s
Investors, Inc. (quar.)—
Spieeel, Inc.—
' 4 '
" • •
•
$4.50 convertible preferred .(quar.),—;
Sovereign
2-16
2-16
3-
common
:—'
'Stamford
1
•
preferred
'
"
(extra)—.—
preferred
California
Southern
4
:—
—
Original
2rt&'
--r50c
.
Pennsylvania State Water Corp.—
8iy4c
2-28
4-15
RR.
common
Peninsular
$1 Va
(ouar.)
Mercantile Stores, 17c preferred (quar.)
teJerritt-Chapman & Scott Corp.—
Metal Textile, $3.25
2-16
(St.
3-10
25c
Co.,
8s
3-
2-14
2-16
Canada, Ltd.—
Gorp.
Soundview Pulp Co.,
4
2
3-31
2-20
(interim)
■
2-11
2-11
1
25c
25c
(quar.)
$1V2
—50c
Inc.
&
1
1
4-
$1.15
•
& Marine Ins. Co.
(Del.)
3-
2-
Company." (irregular)..-
preferred
6
3-
3-
(irregular)—4
Co;
3-
2-14
(resumed)
(quar.)——
preferred
Socony-Vacuum ,Oil
(quar.)_
Syracuse
Insurance
3-16
3-10
2-15
&
Gas
5
4-15
2-28
Siv.ver Steel Castings' Co
67c
1
3-20
3-31
f'quar".)_____:——44_4_~
Acceptance Corp.,
Common
"t
4-15
5-
62'/2c
(quar.)
—4
Simonds' Saw
'■
1
1-26
(quar.)_________
B
Sherwin-Wilhams of
,
2-10
5-
1-26
:
;.
2-25
2-
•
17c
2-28
2-16
.
f
3-14
+15c
+$1V2
15c
37Y2C
t$2
15c
_4___-___-__
—"
'$1.%iV-3-.:2:'2-19. 7 4. Bhawinigan Water 8j Power (quar.)
Sheaffer (W. A.) Pen Co. (quar.)___44,_4-w
$1V2
~3- 2
2-19
Extra
•.
4 20c •. -3-10
2-20
Sherwin-Wllhams <Co. 4
W;'
4
>
iy 5,%. preferred ,A$A
(quar.)
4———
v.
,3- 2 7 . 2-14
-
11-16
.
(quar.)___^
A
preferred
a
1
2-16
Roebuck & iCo4 (quar.)
Servel.
'
8-15
12-
2-16
$l1/2
Sl'/a
$1%
$13«
(final)
1st pref.
4quar.)
Initial
Securities
.
1
Corp.—
preferred
C
Seaboard'Gil Co.
Sears,
1
37,/aC
(quar.)
Corp.y(irregular)
& Pow. Co.. 6% pref.
(quar.)__—
Dillon
•Seaboard FlTe
4
5-15
6-
9-
$l5/a
4
_•_
debenture
Scullin
2-19
3-12
(qunr.)__
Elec.
debenture
Scotten,
3-
3-16
,
participating
$2
5
3-16
Schumacher Wall Board Corp., com.
.
2-16
2-2
1
preferred (quar.)
6% preferred
debenture
8.7c
■i
2-13
2-28
2-27
debenture D
7'Va%
.
2-13
2
3-
2-
(quar.)
6V27p
Corp.,
Shops
Arms
&y2%
2-13
3-16
4-
Water'Co.,
Savannah
.
2-13
3-16
87'/2c
common
(quar.)
C
$1 convertible
St.
3-16,
3-16
25c
preferred
Elevator
Fire
3-
t30c
(accum.)
Trust
9
South Bend Lathe Works; (quar.)
__;y
75c
61% *.^'2-14 ,7- ^.77;
v.,
* - •* '
,4-.44$2%^ ^2e20.^^;.647 t; South Carolina Power Co..—,
$1%.
> 20c
,i 3-20..
2-24.- .;f $6.-..first- preferred (onar.)_i—4—__4
Southeastern Greyhound
Lines, Inc., com.
6%
preferred (quar.)
•-$l-V2-: -.' 3-20 « •2-24 4
Otis Steel Co., $5.50 cony, first
•(quar.4 •; __j_u_
.:4 37 VpC
oreferred_-_*-jy7t$2%7i".;'.3--14
3- 2
c
6% non-cum. pref. (quar.)
•
30c
Ottawa Light, Heat & Power, Ltd.—
'!
44: 6% conv. nref. :fcq)iar.)
7.30c
Common
(quar.)
<
f l5c . * 4-4>Ifv--2-10 4
.Soutb'>ru California Edison, com. (quar.)_
37'Ac
77c
Pacific
4- 4 U
37y2c
(quar.)
&
2-14
(quar.)__
convertible
$2.50
$1.2-16. 7^2- 6
•
.
preferred
.(extra)
Saco-Lowell
:
2- 9
9*:v
.
.•
.
Co. (irregular)... 25c-7 ?.2-20
Ltd., com. ^interim)? ^4t25c- :4;'2-14
Products,
Pacific
$1%
preferred
participating
2-14
43-1
3-28
Otis
2
Melchers Distilleries, Ltd.—
67o
2-
3- 1
3-16
preferred (quar.)
Rutland & Whitehall RR. "(irregular)_______
:
2- 6
2-28
f50c
^ 50c,2.-16
.,12l/*c ;.
.2-16
(quar.)
Manufacturing
3-15
$iy2
preferred A (quar.)
$5.50 preferred B
(quar.)
Mercantile
2-14
2-16
1
of Canada (quar.)______
Rustless Iron & Steel Corp. 1 quar.i
35c
Co
3-15
;
75c
25c
Co.
/
4-
preferred (quar.)
7%
(quar.)_
National
Oswego
2- 2
155 V2c
,
com
Telephone
1-23
'
2-28
1
pref. (accum.)
(quar.)
Paper Co.,. Ltd.—
Savage
Light & Power Co., Ltd.—
Ontario Steel
2-10-
$1
(quar.)
ZZ
Meadville
"2-19
3-2
'2-15
4-
Royal Bank
2 ;r;2-14
5t.1
4-15
:.;r-50c
(irregular)
Texas
Roxy Theatres, SI Me
v.
.
^,$114
Public Service Co.—
preferred
Ontario
2
25c
——
Mclntyre Porcupine Mines, Ltd.
Corp.,
3-
40c
$iy2
(quar.)
(quar.)—_—__—
Department .Stores
May, McEwen Kaiser Co.
64
preference
(quar.)
2-19
■
Co.—
Rome Cable Corp.
2-20
2rl0
,
,.f,
Tel.
Common
-
2- 6
2-16
-7 .r,:'
Omaha
2-25
2-
10c
&
preferred
May
Mead
3-10
2-16
25c
■
Field
second
2-16
3-2
1-25
't$4"
preferred D (quar.i—
preferred E (quar.)
5%
2-6
(quar.)_'__
of
& Elec.
Gas
Rochester
•
5
5c
(quar.)—
Co.
2-.16
3*: 2
50c
12V2c
83/4c
4__
6!/2%
preferred
preferred
4 6%
:
<:4;7%c 4>..2-28
2-23 -4
Occidental Insurance Co. (auar.)__._
4 ; .30c V-i.2-16 .y 2-. 5
O'Connor, Moffat 8s Co.. $1.50 class AA-^ri- *t37.-'/2.c
2-16yvl?28
Ohio River Sand, 7% 1st pref
--vs,-t$l%^;.3.- 2[. ,^ 2-14-7
Okonite Co., 6% preferred (quar.)
4: r-.$l.'/2 ;; '-3-' 2
t. .2-11
Oliver Farm Equipment
-7. •»-.,50c ,«■. •/2-I4..: 4,1-30
2-25
20c
(irregular)
(quar.)
(quar.)
Casualty
2-20
2-16
-
Mallory
2-16
50c
conv.
6%
2-13
3- 2
-
....ISlViv.--.
Corp., olass A
Co.
Button
Rochester
Nu-Enamel Corp.
5
$iy2
3-2
'
$1.27Va ,.:-t:«3-.
\ $1V*
3- 2
«•,,
(irregular)
Corp.
preferred
Nova
2-13
$1V2
av2
Corp
preferred
Square Garden
(I.)
9-30
1
2-28
3-
a
25c
44
preferred
,
Ltd.,
Rich's, Inc., 6»/2%
2-20
B
77n
3-13
$l>/2
Madison
,
1-31
11-31
7-31
3-14
'
67c
2- 2
2-16
2-16
2-16
8-15
3- 2
Shipbuilding & Dry Dock—~.«r
(irregular)
Electric
67c
2-16
Co., 57c
Mfg. Co.
Northwestern
2-17
2
17c
Macmillan
1-31
2-25
Class B
Rochester
:;7- $l3/4
ovo;$lV4
——
2-28
$2%
(irregular)—
Co.
3-
(quar.).___
Hundred
Norwich
—
1-31
2-20
.
11-24
class A(quar.)
.
Extra
8-24
00c
t25c
Loew's, Inc., $6.50
Macy
3-25
6-10
50c
Ins.
.
2-24
;—
B
(J. J.)
7%
Republic Investors Fund—
6% preferred A (quar.)_
6% preferred B (quar.)
i
Republic Petroleum Co., com
5J4>%
preferred A
(quar.)
Reynolds (R. J.) Tobacco Co.,
.773-10.
2--14 ^
Nonquitt Mills (irregular)
61 /v.,^3- 3
,1-27
Noranda Mines, Ltd.
(interim)
■:
:r.. t$l,-v.,^3-17
;2-20,;
Norfolk 8s Western Ry. Co., adj. pref.(quar.)$1 >"
2-19
41-31
Common
(quar.)
_i__
$2.14* v. 3-19. 442-28
North River Insurance Co. (quar.)
;__r_ ^4; :,^25c. ,4 3rlO r> .2-24
North
Texas
Co
7,15c 4':4- 1 ^
3-.16
.Northern Insurance Co. (N. Y.) (s-a)__i7__
' $11^*,
*2-46 •.
• 2- 6
:
8-24
3-10
50c
______
—
Loblaw Grocerterias Co., Ltd.,
Louisville
Class
Noma
11-24
50c
Special
Lynch.
'
9-10
12-10
Republic
2-20
2-18
•;
•Reduced
3-25
6-10
$1.10
'
preferred
Nineteen
5
2-24
3-10
7-22
10-20
2-13
2-27
1-31
7
Niagara Lower Arch Bridge Co., Ltd.—
2-11
■
Grain,
3-2
3-2
,
30c.
r
.
.
preferred (quar.)
Gas Corp.—
Elec. &
State
Common
2-11
2-28
Reliance
2-16
,50c
v
(annual)
Elec. Lt. & Pwr. Co.—
$5 coflv. preferred' (quar.)__
3-16
1
$1.10
(quar.)
guaranteed (quar.)
Lukens
4-
2-28
$1.10
—
—!
"Original -capital
3-14
3-16
"
Mills, Ltd.—
preferred
Quarterly
1-31
Newport News
9
2-
6-
$1
(quar.)
57o
•f 3- 1
Co
(reduced)
Newmarket
Co.—
capital
Y.
5.107c
Newberrv
7
2-
15c
Original
Class
N.
2-20
2
6-20
35c
Miami
2-18
2-2
$25c
_____
2-16
$1%:
—
non-cumulative
$5
10-26
3-
50C
Extra
Little
1
2-20
Quarterly
3- 2
,v
.
(quar.)_
(quar.)
Zinc
Jersey
7-25
$1%
(irregular)
(quar.)
Corp.
3-16
2-20
25c
i
non-cumulative
$1.60
-
.-4-21
8-1
10-30
3- 2
3-14
;
$1 Va
(s-a)___
preferred
17c
Co.,
!
j quar.)
common
Knitting
Regent
4-18
2-20
2-13
Common
4-25
11-
Co.
Insurance
A
Glass
5- 1
■$l1/4.
—$iy4
—_—
V
Power
.
y
2- I
i;;2- 9
r
1
50c
(quar.)
com.
2-13
jf
4-30
\
Reading Co;, 4%, ffpn-cum. 1st "pref. (quar.)
Drug Co., common ,(iVregulari_
Reed-Prentice Corp.,
3- 2
2-10
1
$2V2
(quar.)
common
2
f6-30
50c
Reed
25c
common.
(s-a)
New York & Queens
2-10
2
5-
20c
Chemical Co
Corp. of Texas, $5 pref. (s-a)
&
Co.,
Match
Lionel
2
3-
!; 8-
30c ;
Extra
Link
3-
I
30c
__.
Lindsay
3-
Mills, Inc.—
;
2-15
2
30c
fcAtla
1
7-15
,4' 40%
preferred :__'-™-4_____
7%
■
'..
25c
—;—^—
New World Life Insurance Co,
(Ft. Wayne) —
Extra
Linen
2-
2
Co.,
Type
_>_____4^4__'
Rayonier,- Inc.
Real Silk Hosiery
•
3-24
$iy2
New
2-23
$1
(quar.)
(quar.)
Natl.
4-
2-15
-'4 25c
r *;$!%'
'4 Quebec Power Co. (quar.)____________
Rath Packing Co. f stock .div. I
2-16
-&3Va
$2'/2
,••
(irregular)
(s-a)
6%' preferred
2-11
2-28
3-
$1%
(quar.)
(quar.)
(quar.)_
Myers
Class
Lincoln
2
1S-15
-
-
2-28
4-18
Neptune Meter Co., 87c pref. (quar.)—.—$2
New Amsterdam Casualty Co. (N. Y.) (irreg.)
47^c
1-31
14c
preferred
preferred
(s-a)
Extra
*
2-16
t2c
■
Life Savers
<,
preferred, (monthly)__v-___—
Bakeries Corp. (irregulan__*_4______
Quaker Oats Co., >67c- preferred Jquar.)
Quaker State Oil Refining Corp.__4_4.___—
Corp.—
(s-a)
Union Fire
National
1
3-16
$1.V4
2c
2c
2c
$1V8
$l3/4
10c
(s-a)
Co.
preferred
pi'eferred
Nebraska
Liberty Finance Co.—
Participating
2-14
2
10-15
Quarterly
(quar.)
America
.
..
10c
Paper &
2-20
1
of
Co.
Ins.
Service
Linen
preferred
57o
9
4-
Liberty
4-
25c
$4J/2 conv. pfd. (quar.)
pref. A (quar.)
National
9
25c
(quar.)
7%
Water Co.,
•Lexington
22-
$1
Ltd.
Mines,
2-17
3-
15c
rA5ci.
_____
67c
2-17
3-16
8-.1
5- 1-
;
V'v 75c
—
Oats
2-15
2
1
1
—
(quar.)__.
(irregular)—
(Seattle)—
1_
preferred
$5
Cement—
preferred (quar.)
Leitch
3-
33-
$1
25c
50c
(quar.i
National
2-18
50c
preferred (quar.)___
Mercantile Co. (quar.)___
(quar.)
Ex'tra
2
12-
$iy8
(quar.)
common
convertible
Lehigh
47o
Inc.,
G.),
4
3-
,8s. Co.,';$.l.S0'Class;A j)reference4_4.-1444''7:1"37 V5ec4
&.Ogdensburg, Ry. Gtd. (irregular)
35c.
Purity
3-17
,:;!;2-13
Corp.
Co.
preferred
National
2
17c
3-.2
4-15
;«2-28
(quar.)—
preferred
National Lead 17c
2
t50c
(accum.)__
Bank of Chicago
Quarterly
2
convertible preference
convertible preference
$4.50
2-3
3-
,15c.
*'
.
4^ 0%
:2-18
-
40c
(quar.)_
Credit
National
4- 1
$1%
common
Quarterly
2-18
convertible
Laura
2-16
2-20
.
7^
'J
National Gypsum Co.,
2-13
25c
Inc. (quar.)—_—-—____■
(quar.)
Co.
,,
55c
National Elec. Welding Machines Co.
5
$1%
A
National
5
17c
Le
7
2-15
2-15
2-5
Transport Co. (s-ai___4_______'_
t20c
Public Service: Cp. of Jnd,, common •(qqar.)4r/'44'i25e;.
^2-11
":-t 7*'
T
25c- ;
Co.,
Container
5
6-15
—_______
Machine
Secord Candy Shops, Ltd.
2-
1
2-16
Provincial
2- 9
,
(quar.)
convertible
57c
..
(quar.)
Boulevard
Class
5
3-15
l'/o
Lanston
3
,
4
c.v,':^;15c X&.Z-2 ;;«-v2-10
.
preferred
Metals—
National
5
25c
preference
3-
3-
,
*;2-16
5OC.7.. 2-16
firregular)
Biscuit
preferred
$3
t:
(quar.)
City Lines, Inc., common
Ltd.—
Langley's,
■*,
s-s^SOc 7;>2-25
National
5
$1%
—
Bryant,
3- 2
:
-c:
National
5
$1%
Quarterly
Lane-Wells
2-
—
Quarterly
Lane
2-16
25c
(quar.)___
.__
2-10
3-1
Portland
••
Common
2-16
25c
preferred
Bearing
National
2-14
3-
________
Quarterly
preferred
Quarterly
Poor
.
.:.-v75C:'7."C3r" 32*14
(quar.)—
Battery Co.—
National
2-14
2
t$l 3A
...
(incr's'd)
(quar.)
2"
1
.:Co.,;^pmmon__4_-_-l_—^
4 Common .-——_——-i____*4_____—____
^7;
.^.^'.Common.;
.3^-,");^2-13
$ 1 V5e
(irregular)
Co.
convertible
$2.20
4-18
Ltd.,—
Quarterly
7%
Ploinb Topi
.
Coated Paper
&
convertible
■87c
3-14
5-
$iy4
com.
3-
(quar.)4_______l'__—$1%
$5.50 preferred
7
:
Automotive Fibres—
National
1-30
4-
$iy2
•
Co.,
2-10*
.
—.■$1
2
2
2
,
(irregular)
Mills
Acme
2-24
$1%
(quar.)
(quar.)
Machine
2-10
3-
4-
»potdmac: Electric Power 5Yg%4pref. : (quar^44
$ 1 y8
2^-159; * 4;ri7i 6.7c preferred .(quar.)4_;41_____-s4_44_._j_>4441: "•$TYi '
v,*;25cl4ik2-28^--'. 2-14 4-. prentice-^HaU, Inc.(_ :cQmjnoh. (quaT.V4i'__4.4
' 470c'
7'y ',$3 -preferred 1 (quar.) 4r_"r44_4__44—4.444'_4**",:75c
v '/lc■ vl. &-'•$
Procter fc iQamble <Cq. ..^qupr.) __4._44_4;_^4- «
;;',;t$3W'.^ .3-! 2
2-13
450c
:$2 ^V;3-16'.-V;3-:* 2
Proprietary Miffes,;Ltd.\Tirregular).'
55c
(quar.)
National
2-24
3-14
25c
Landis
4'
2-
-
2-16'
-
(quar.)
National
1-31
$iy2
—
(interim)
preferred
2-25
2
Pittsburgh Suburban. Wgter Service Co.—
.
.
preferred (quar.)
Gummed
Nashau
Superior
5 7c
3-
3-
'.preferred .-•A4.(quar.)444l4_4-r4l4_--4^* ",*61% :
$2 class A-o(quar.)___—_--;7:;;.v5bc",^'^2£28^. ••^2:16::'-;
Public SeryiceVCqrp.,of
Jersey—
4|i
.Nanaimo-Duncan; Utilities,
." ;8%JoPi;eferrea K(quar.)7ri_i_r_'41_44:4__-—
!* *62 '
6ViTo : preferred (quar.).——_J— ;?"8iv4cY
7%. preferred.. Tquar.)*4_*4--_---"__—4;_4_4r • .61%4
3^ -17v;'-2.-,14
Nash Kelvinator Corp
12 ,/2C .:. (J:(;3-273- 2,
• $5 preferred (quar.)
4" " $1%
Nashawena
7
3-14
50C
(quar.)
(quar.)
Co.,
2-20
3-10
'75c
prior pref._4—
,
2-11
15c
_*___
2-18
f$2%
.
Steel'Co.*, 5l/2-7o
x
1-31
40c
common....—-
(quar.)
Champagne
Woods
2-14
8c
preferred (quar.)
District Power Co.—
Lake
2-14
5c
r.
Telephone, 6%
of the
Semi-annual
Pittsburgh
,
.
1-31
2-25
______
—
Company,
&
Pitney-Bowes Postagp Meter Co. (quar.) 4--4
Pittsburgh, Bessemer 8s Lake Erie RR. Co.-l-
.
.
.
1
3-10
15c
i IQc
(quar.)—
6
2-
2-14
3-
-
2-10
t$iy4
Inc., $5 prior preferred
preferred
Wines
Co.
Muskegon Motor Specialties—
2
2-28
2-14
-
65c
Grocery
La
Riper Aircraft, 60c cpnv. preferred
_
first
La
15c
20c
& Baking, common
preferred (quar.)
second preferred (quar.)
Kroger
1
,
__1
Co. ' (quar.)-
C.)
Brewing Co._____
,
Fund
H.)
(S.
6%
(G.
—
2
.
.
Knickerbocker
Works
Muskogee Co., 6%
2-10*
2-
,
(quar.) 4
Co.. .'(irreg.)—'
7^.
$7 preferred
Co., 87c pref.
Corp,,
Water
Murphy
3-16
3
Mfg.
Muncie
-
.
(G. R.) Co.;
Drug
Co
ICinsel
'
Machine
&
(quar.)
Diablo Oil Min. & Develop.
Mullins
1
40c
.
Fund,
K-l
Series
2-
Mt.
2-13
2-15
4-
(quar.)—
Kentucky Utilities,
Gold
2-25
75c
,
.
2- 3
2-14
2-16
" $1%;.3-1.6 rs ;.3- 2
87&c
; 4- L ,7 3- 7
7 ■>
^
—
Drill
Twist
Morse
Motor Finance Corp.
5
3-
25c
$1%
partic.
Custodian
Special
9
Corp.—
preferred
Keystone
3-16
2-16
3-2
3- 2
...
2-20
5c
$l'/2
/(initial)—
Inc.
Battery Co. .(quar.)
'
1—_—
(quar.)—
—
W.
Kable Bros.
/
*
<
,
,
K.
\
\
t$l%
$iy4
t$2y2
2-20
——.—
J
2-
'
,'y
.
2- 2
$iy4
—
Y.)
2-20
3-10
:
$1 ::V; 2-28
(s-a)7—
preferred
Phelps Dodge corp. (irregular)
;
'
40c
Philadelphia Co., b7o non-cum. pref. (.s-a)
25c
Phiiadeipnia Insulated Wire (s-a increased) -'
50c
Philadelphia Suburban Water, common..,.
20c
67o
preferred (quar.).
*
1
$1V2
Phillips Petroleum <Co. (quar.)_.
L
50c
Phillips pump 8s Tank Co., class B_______- "4
2VzC
■>.
Class A (participating)
2V2c
Phoenix
Acceptance, class A (quar.)______
12y2c
Phoenix Hosiery Co., 17c first preferred..• t$6J/8
Photo Engravers & Electrotypers, Ltd. (s-a)
£50c
Pillsbury Flour Mills (quar.)_____4_
25c
Pilot Full Fashion Mills, $'/2% pref. (s-a)__
65c
•
343/8C.
.3-. 2..2-20
60c: ' 3^2.,- 2ri0
A*-. $2V*.
6- i •;7,:-5' 9
$4.50 preferred B (s-a)
•_—
'4 $2y»"
*6-:l":^;'V5- 9
$4 preierred C (s-a)
$27 ^ 6r .1: • T 5- 9
Montreal Loan & Mtge. Co.
(quar.)—f3ly4c;3rl6 V;;2-28
Moody's Investors Service, Inc.—
' ,v";
^
$3 participating preference
(quar.)—_—
v 75c *l,,;.2r^6 ^2- 2
Moran Towing, l'/c partic. preferred (quar.)
35cji-k3-,;2; ...;.'*2-16
z'<; Participating
L
2
3-1.6
2-16
3-10
50c
pref. (quar.)——,
'7
Society—
Loan
,
25c.
—
—
5,y2%
9*
3-
25c
25c
:
Corp. (irregular)
Knitting Mills,
Intertype
________
(quar.)
convertible
Monroe
3-2
3-31
1
2-15
t$i%
,1
;
Mills
Hosiery
3-31
4-
ay*
B
Monroe Chemical Co. $3.50
of Central America—
preferred
5%
Interstate
50c
.____
Telegraph
20c
PlGw jjiipiement Co.—
preferred
L
Missouri Utilities, 5% preferred (quar.)
Mitchell (J. S.),& Co., Ltd. (irreg.)
Monarch Life Ins. Co. (Mass.). (s-:a)_
*4.
3-15
(quar.)
International
___.
preferred
$6.50
2-28
50C
(s-a)
3-
f25c
.
Minneapolis'Moline
2-28
50c
(irreg.)
Class B common
4%
Corp.,
$2
Extra
2-28
•
Inter-Ocean Securities
Corp.,
Supply (extra)—
MmneapoLs-Honeyweli Regulator
(quar.)
2-13
9
Oil
Co., Ltd.
b7o
of Rec
2-16
3-
$4
t2c
Sl'/a
25c
(s-a)
Co.
Payable
—
•"
3-21
3-21
3- 2
*2-/6
2-20
:.;r 4- 1
.4-1
3-16
2-14
$1
*61
of Cnicago
convertible preferred
Bank
Gas
.share'
'
•«
y
2-13
t7:0
8s
Co.,
Pfeiffer
7 3-14
j: 2-24
t30c
.
Midwest Piping &
y
2-
3- 2
4- 1
Oil
•
Holders
When
y7;;-:..4y44'r47:4*-'. Per
Name of Company
Manufacturing
Pfaualer
4-1*':-3-14
$l'/2
Co.—
Petrol
3-14
$l'/2
(quar.)J_\—
Pepperell
;.3-14
4-1
r
National
Midland
2
3-
.
$1
________
2-
3-
V2
$1
_—
Co.
7
2
Mid-City
2-2
3-
3-
lVa7c
(quar.)
7
3-
2 '/2 7c
Inter-Ocean Reinsurance
Products
Food
Additional
Bonus
-Indianapolis Pub. Welfare Ln. Assn.
2-10
Mickeioerry's
(final)
dep. rec. for ord.
Amer.
2-21
5c
(monthly)—
of Great Britain
Idaho-Maryland Mines
1940-
4- 1
$iy2
junior
J
2-14
$1%
7
;_
preferred (quar.)
M.cnigan Sugar Co., 6% preierred
*
3- 2
Saturday, February 14, 1942
•
of Rec.
25c
(quar.)—
com.
--
;■7;4.V:ry744':;:>:^
Holaere
/
Pay'ble
Share
(quar.)
6 7o
2-
; 3- 2
7%
2-11
2-
'
i4O0
tyuar./
com.
(quar.j
2-
;
Company
of
When
77
Per
Name
of Rec.
2
7oc
Peanut,
tiomj
preierred
53
3-
1
$iy2
preierred (quar.i
6Vi>
3"
t30c
(quar.j__
pref.
7% pref.
67o
Packing,
Payable
Share
of Company
Holders
When'
Per
Name
FINANCIAL-CHRONICLE-.
3- 2
2-17
35c
3-16
2-16
^
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
•*Number 4046
Par*-
Standard
Oil
Standard
Silica
Co.
(Indiana)
"20c
,
5-15
5- 5
*:M 4f 6
3-14
3-
31(40
2-16
United'
,;"v' 2- 5
20c
■
——
$5
vg
Stanley
Stein
;
—
Works,
(A.)
5%
pref.
(quar.)
& Co..
Inc.
Furniture
2-
2-16
2-
3-
2
2
prior preference
2-28
2-16
1
2-14
-
U.
i* $l,/a
Sullivan
Machinery
Oil
Co.
:
Swan
Fincll
Swift
&
.f Special
SWift
?
Corp., 6 %
25c
(quar.)
Syracuse
>
Thatcher
Thermoid
Tide
2-28
2
Roller
Tobacco
3-
4-
1
3-
Extra
3-
2-15
1
S.
Playing Card Co.
3-10
3-20
2-28*
3-
2
-v
S.
2-
convertible
Steel
S.
United
2-16
2
3-
'
$5
Sugar
,(quar.)__
t$l
$1
3-20
1-30-
$1(4
__
(quar.)„\.__-
Canada
Co.
Mines,
f3c
1-31
Quarterly
3-16
3-
5
Utilities Stock &
3-
2
2-
9
3-
2
2-
9
Valley Mould & Iron Corp.,
$5.50- prior preference (quar.)
3-
3-
6
——
—
62'Ac
Bond
Van
Dom
3- 2
$1%
2-23
1-22
2-16
2-
3-
(Dallas)
25c
3-20
$1
3- 2
Co.
50c
3- 2
2-16
3-
2-16
Virginia
Coal
&
Iron
(irregular)
preferred
(quar.)
6%
preferred
(quar.)
(s-at
(quar.)—
preferred
Inc.,
33-
5
3-
2
,
2-16
2-20
3-
3-16
75c
3-
2
3-
2
2-
3-
1
Warner
4
3-
1
3-
2
pref.
(quar.)
—
2-10
3-
3
$13A
3-
3
(irregular);——
preferred? (quar.)<„
United
Corp.,
2-16
United
5%
5%
2-20
t38c
1-15
75c
Common,
2-20
class
A
(quar.)
•
—
preferred
Welch
Light & Railways Co.—
$1.50
Wentworth
7%
58'Ac
3-
2
2-16
7%
58'AC
4-
1
3-16
53c
3-
2
4-
1
3-16
50c
3-
2
2-16
50c
4-
1
3-16
Mfg.
2-16
53c
(s-a)
7%
second
3- 2
2-13
3-20
4-20>;
3-10
4-10
3-10
2.-14
3-20
3-16
2-20
10c
prior preferred; (monthly) —W——
prior preferred (monthly)
prior preferred (monthly)
6.36% prior preferred (monthly)
6%
prior preferred (quar.)
—
6%
prior preferred (quar.)
0.36%
Wesson
$4
West
Penn
Electric
preferred
Co.,
Co.,
Youngstown
5(4 %
7-15
8-1
11- 2
10-15
$1
11- 2
10-15
7-15
3-16
2-28
3-16
2-28
3- 2
■.
$1%
2-17
$134
3-
2
2-19
40c
3-
2
2-10
1
$1(4
3-15
3-
5
$1(4
(quar.).
3-15
3-
5
25c
5-
1
4-20
of
2-20
4-
3-20
10c
2-28
2-18
$1%
4-
3-20
120c
2-16
2- 6
t$3(4
2-16
2-
6'
t$3(4
2-16
2-
6
75c
3-14
2-14
(interim)..
com.
(s-a)
Tube
(quar.)—
(quar.)
books not
account
3*2;
(irreg.)
common
(s-a)
&
preferred
25o
■?
—
preferred
Sheet
•Transfer
TOn
:-
;4-15'!
$1%
for
closed
accumulated
this
1
1*
>:4-
1
3-7
dividend'.
dividends.
^Payable in Canadian funds, tax deductible at the source.
Non-resi¬
dent tax, effective April 30, 1941 Increased from 5% to 15%.
Resi¬
3-16
3-16
2-20
dent
3-10V
2-16
3-1
2-13
2-28
2-14
50c
3- 2
2-14
—
$10
tax
remains at
2 %.
Less
a
British
Income
tax
2-20
Bankers'
The market for
•
Acceptances
prime bankers' acceptances has been
25c
2-28
2-28
2-16
2-16
3- 2
6- 1
6- 1
2-16
5-15
5-15
by the Federal Reserve Bank of New York for bills
$13A
2-28
2-14
to
25c
2.-16
2- 2
$1
3-2
2-14
asked;
$1(4
$13A:
2-16
2-16
1-19
1-19
asked.
$1(4
2-16
2- 2
Bank is
stk.
quiet this
(quar.)—
(quar.)
Virginia Pulp & Paper, 6% pref.(quar.)
week.
The
demand
bills have been very scarce.
Inc.—
(quar.)'
(quar.)___
6%. pref.
;
75c
(quar.)__
pref.
preferred
4-15
1
8-1
$1(4
$1(4
$2(4
conv.
$1
Snowdrift
&
convertible
7%
West
Oil
Co.,
5-1
5-
.
r *
196(40
—
preferred
2-21
2-16
(quar.)'—
:—
7%
Grape Juice,
1-31
t$2.9124
(quar.)—.
Knitting Mills, Ltd.,
7-18
(initial)
preferred (quar.)_^__
preferred (auar.)__
2-14
(monthly)...
Co.,
8-1
i
(quar.)
V 2-10
t$2(4
(quar.)
$1
25c
Ry. & Elec. Co., common.:
Partic. units benef. ownership of com.
5%
(Rudolph)
preferred
40c;
$1(4
Corp., $3 pref.
2-11
3- 2
25c
fclOc
Pictures, Inc., $3.85 preferred
(Northam)
3- 2
.$1
W
Co.
first, preferred
Washington
$3
United Engineering & Foundry—
Ltd.,
Corp.
pref
——
7%
4
Warren Foundry & Pipe Corp.
2-13
75c
Warren
&
4-18
(quar.)__
Aircraft
Jr.
$1(4
$13A
(irregular)
Ltd.; (interim)
(quar.)
(quar.)
(quar.)
Warner Bros.
2-16
$1 (A
7%
2-18
Gooderham & Worts, Ltd.—
(H.)
(Wm.)
20c
common
$1 preferred
2-13
25c
Go.J
preferred
Common
2-26
25 c
4(4%
Walker
2-16
2
27'Ac
common
;
1-31
3-14
Amulet Mines,
7%
prior preferred
preferred
iquar.)
5-1'
(quar.)
Detinning Co., com,
preferred (quar.)
Walgreen
1-31
+20c
(quar.)——
Waite
1-31
2-16
$l'/8
,
(quar.)
7%"
5
3-15
$l'/2
50c
America,
7-21
1
Co.
37(4c
.
2-21
4
$1
pref. (quar.)
preferred
W.)
37(4c
Vogt Manufacturing Corp.
Vulcan
$1V4
(quar.)-
Chemicals,
8-
— —
—.-I-
3-15
16%c
—
(quar.)
(quar.);
preferred
of
Co.
$5
$1%
.
Products, com.__j..„:
—
preferred, (new 'initial)-—,
convertible
11-15
'
■
pref.
5-15
8-15
— —
7%
(F.
Wurlitzer
Virginian Railway,
6%
—
3- 2
2-10
3-
3- 4
,
Monthly
Monthly
York
2-15
25c
—
50c
2-16
$1(4
;
.
U
prior
Wrigley
2
2-15
—
3-10
2
3-18
$1(4
convertible
4(4%
2-13
(quar.)
10c
Chemical
25c
(quar.)
3- 2
Co.
Steel
4- 1
; ;
Worthington Pump & Machinery Co.—
2-20
3-16
50c
Norman Machine Tool Co
Vick
2-21
2
3- 2
3-18
$1(4
Bros.,
2-20 /
4(4%
Works
Iron
Vanadium-Alloys
1-22
$1 (2
,
Canada/Ltd.
Co.
Car
Biscuit
40c
Corp.. (s-a)
-•
1
$2(4
——
12-21
V
V: 3-14
4-
$1(4
(quar.)—
(quar.)——.
Wolverine Tube Co., 7%
«••>
2-23
25c
of
Aircraft
1-1-43
1-30
4- 1
;
25c
——
;
i Wisconsin Power & Light Co.,
6% preferred
-
6-20
9-20
7-
3-16
:! 25c £:•
;
Extra
,
3-10
3-16
2-14
$l
Woolworth
2-18
5
3-21
1
10- 1
$6 pref,
1
4- 1
10c
—.
—
Quarterly
!
2-13
4-
$1(4
(quar.),—
Extra.
|.
2- 2
Woolf
Van
convertible
United
2-15
25c
Tank
5%
62 V2c
10c
—
United
Quarterly
t3c
(quar.)
.
5%
9
25c
Co., 5'/2%
4-1
62(40
2-
11%
i
Co.
62(40
(quar.)r
Quarterly
3-
Ltd.—
Union Elec. Co. of Missouri, $5 pref.
$4.50 preferred (quar.)
Gas
pBior. pref.
2
50c
6%
preferred (quar.)
Trustee Standard OIL Shares, series- B
5(A%
Utica, Knitting; Co.;: 5%
3-
-
,
3-16
$1%
(quar.)
Quarterly
2-16
2-16
.
15c
;
Coal
3- 2
15c
2-16
30c
(s-a)___—;
Hosiery Co.
5
4- 1
(s-a)-.
preferred
2-27
3-
$1
|.Extra
2-14
Ltd,—.,
first
2-10
3-10
75c
Co.—
Water Co^,
4
v
—
common
2-10
3-
50c
—«
(quar.)„—
Wilson Line,. Ino.
Winsted
7- 2*
3-2
2-11
•
preferred
Co.,
Willlamsport
4- 2*
7-15
25c
Sugar Co—
25c
Truax-Traer
United
Utah-Idaho
2-11
4-13
$1(4
(quar.)
2-21
2
$0.75
5%
(quar.)___r__
Candle
Baumer
4
$1(4
(quar.).
$5 prior pref,
2-14
3-
35c
(quar.)
3-16'
50c
-
common
(irregular)
common
(quar.)
;
2-20'
2-20
____
Extra
Troy & Bennington RR.
Union
l/
preferred
&
2-14
2-10
$1
pref
Corp.—
Corp.,
common
Inc.,
i
Corp.—
preferred
Stores,
(J, B.)
|
3-19
SPA
common
75c
_■
Quarterly
Quarterly
Quarterly
Union
2
tic
preferred
Will
2-14
4-1
90c
(quar.)
2-28
1-31
1
2-16
25c
partic.
(quar.)
Williams
10c
(quar.)
Wieboldt
3-
lc
„
Dental Manufacturing(Wm.) Co., 7% pref. (quar.)—
«
3-16
7 ioc5
■T 50c
(quar.)
common
3-16
2-20
30c
S.>
;;Whitman
3-16
37'/2c
(quar.)—
Universal. Insurance
(S.
6%
preferred
Corp.,
$5 -preferred
2
2-
-—
Co.,
1
4-1
Products
Co.,
Paper
preferred
White
Plywood Corp.—
Upper
(final).
Ltd.
4-
50c
>
of Ree.
$1(4
Co..——
convertible prior preferred
$5
1%
11-30*
50c
!
Chlorine
Whitaker
r
*2-13.
2-16
$1%
■
?i;
Holdere
$1
Wheeling Steel Corp.,
4-1
50c
(quar.)———
(quar.)
common
Electrical. Instrument
Westvaco
1-31
t$l%
——
Printing & Lithograph Co.—
6%
convertible preferred A_
2-15
$13A
i
Universal Ins..Co.
I Extra
I
prior 'preferred
U. S.
1
3-
75c
i
j
first
Trinity
'
7%
2-16
2
45c
4—
—
Trust
2-11
8-31*
$1.50
2
•'/
(quar.)
registered
Gold Mines,
Trane Co.,
—
Co.,
3c
Brake
Air
preferred
(Iowa),
Common
5-29"
U.
'
Bearing Co
Securities
Ordinary
Toburn
Oil
i,
Co.
Westinghouse Elec. & Mfg., 7%
Weston
;
2-16
1
50c
Corp.'(initial.)——-
Asso.
i
2- 3
2-26
Grocer
(Westmgnouse
3-20
«
Westgate-Greenland Oil Co. (monthly)
& Power Shares, Inc." (Del.)—
Extra.
2-181-.
34r
50c
A—
Timken
•
15c
(quar.)
preferred
(special)-.A..;
Manufacturing, $3.60 pref.
Co., $3 preferred
Water
Extra
^
2-25
Western Cartridge Co., 6%
Western
When
Pay'ble
Share
[
I
6-20
U.
preferred: (qjuar.)-—
Gulf
Producing Co.——
Texas
<
4-10
$1(4
Company
;
2-27
$2(4
of
;
2-27
3-31
Haute Water Works—
V/o
$6
3-31
(quar.)„
Pipe & Foundry Co. (quar.)
:"
Co., Ltd.—
Texas Gulf Sulphur Co. (quar.)_____—____
Texas Pacific Coal: & Oil Co.
(quar.)_-
,
15c
—
Per
Name
2-6
50c ,;
9-19
50c
12-19
U.
5
30c
—
(quar.)_l_____i__"_—___
Transit
3■
30c
—
Tampa Electric' Co.; com
v Preferred
A
(quar.)„_
Terre
3-16
5c
i
receipts
Co,
3-2
$1(4
com
Quarterly
2-14
37'Ac
(quar.)—
_i
receipts
t$2'A
50c
2-25i
-
International
Deposit
2-25
3-16
_____
pref.
of Rec.
Quarterly
9
tl'/2c
r_
Deposit
<
Oil
Co.
2-
2"
25c
:—
Sunset
Oils, Ltd._____„_„__—
Superior Tool & Die (irregular)
3-
$1%
(irregular)—
A_.
Co.
(quar.)
Holder•
Quarterly
—
Stromberg-Carlson Tel. Mfg. Co.—
.6 Vi %
preferrediquar.)—______
Sun
3-
B
Leather
S.
U. S.
(quar.)_;
Specialties
Series
Strawbrldge & Clothier—
6%
$7 preferred
(quar.)__—
U. S. Elec. Light
2-16*
121/2 C
(quar.)
United
2
95c
(quar.)——
Corp.
5
25c
—___
Sterling Products,
Storkline
V
Share
United New Jersey RR. & Canal Co. ?(quar.)?
United Shoe Machinery Corp.
(special)
Standard- Wholesale Phos. & Acid Wks., Inc.—
Quarterly
of' Company
Gas^Improvement,
preferred
When
Pay'ble
Per
..
United Gas; Corp.,
2-14 .£
3-16
2-14
common__li__L-_!:li_.
Corp.,
Common
.
Name
Pay'ble A of Re*.
25c '►
(quar.)_i-._r__
•
Holdere
When
■
-
Share
Name-of Company
703
and
including 90 days
holds
good
Dealers' rates
are
Vz%
five
and
The bill
six
months,
prime
reported
up
bid and 7/16 asked;
for bills running for four months, 9/16%
for
but
as
%%
bid and lh%
bid
and
9/16%
buying rate of the New York Reserve
Vz % for bills, running from 1 to 90 days.
STOCK OF MONEY IN THE COUNTRY
after
vaults
of member banks of the Federal Reserve System) was
$11,160,087,131, as
against $10,639,588,759 on Nov. 30, 1941, and $8,732,229,069 on Dec. 31, 1940, and
comparing with $5,698,214,612 on Oct. 31, 1920.
Just before the outbreak of the
in Washington has issued the customary monthly
stock of money in the country and the amount in circulation
Treasury Department
The
statement showing the
deducting the moneys held in the United States Treasury and by Federal
and agents.
The figures, this time are for Dec. 31, 1941,. and show
World War, that is, on June 30, 1914, the total
lowing is the full statement:
Reserve banks
that the money
in circulation at that date (including, of course, that held in bank
CIRCULATION
-MONEY
STATEMENT
Amount held
as secur.
IN
HELD
'V
against
:
OF
THE
t$22,736,556,638
Gold
——
Gold
certificates
t (20.564.761,141)
Silver
certificates
$156,039,431
TION OF
CONTI¬
Res. Banks
—ttln Curculation—
and
Total
Money
Agents
Amount
U. S.
Capita
(ESTIM.)
({$2,015,756,064
—
t § ($17,688,242,202)
$2,815,444,500
$61,074,439
$0.46
63,023,392
2,551,175
60,472,217
.45
t (1,943,276,960)
1,943,276,960
210,358,066
1,732,918,894
1195
J(1,159,022)
_——
NENTAL
Per
$2,876,518,939
1,159,022
bullion
of 1890
Treasury notes
All
Other
and
Agents
t (17,688,242,202)
484,054,424
468,329,648
1,476,106.334
Silver
.
($20,564,761,141
$22,736,556,636
547.077,816
Standard silver dollars
1,476,106,334
1,476,106,334
15,724,776
3.500,806
496,964,623
silver
Subsidiary
Notes of 1890)
POPULA¬
Held by
Federal
Treasury Notes
Of 1890)
Total
AMOUNT
MONEY
OF
Notes (and
The fol¬
OI> THE TREASURY
IY OUTSIDE
Federal
Reserve Banks
against U. S.
only $3,459,434,174.
1911
Held for
Reserve
Gold and Silver
KIND
MONEY—DECEMBER 31,
TREASURY-
Ctfs. (and Treas.
TOTAL
STATES
UNITED
was
215,131,899
3,500,806
1,936,858
;
1,159,022
.01
12,742,891
493,463,817
480,720,926
3.59
1,936,858
213,195,041
3,768,145
209,426,896
1.56
346,681,016
3,592,774
3,592,774
343,088,242
30,254,233
312,834,009
2.34
8,611,926,825
18,353,952
18,353,952
8,593,572,873
456,045,350
8,137,527,523
60.80
Federal Reserve bank notes.
19,829.589
205,459
205,459
19,624,130
156,300
19,467,830
.14
National Bank notes---——
145,671,770
341,195
341,195
145,330,575
845,200
144,485,375
1.08
Minor
coin—
United
States
notes..—
■:
Federal Reserve notes*.
•
-
....$34,595,946,508
$24,724,648,438
$22,509,197,123
$156,039,431
$3,532,165,860
$11,160,087,131
$83.38
$34,032,954,511
$24,765,980,313
$22,578,194,590
$156,039,431
$17,753,067,352
$2,031,746,292
$14,092,101,436
$3,452,512,677
$10,639,588,759
$79.56
133,738.000
31,338,393,452
23,910,641,801
21,697,344,275
156,039,431
16,945,028,234
2,057,258,095
12,180,067,692
3,447,838,623
8,732,229,069
*65.86
*132,581,000
8.479.620,824
2,436,864,530
718,674,378
152,979,026
1,212,360)791
352,850,336
?6,761,430,872
1,063,216,060
5,698.214,612
53.21
107,096,000
5,396.596,677
2,952,020,313
2,681,691,072
152.979,026
117,350,216
5,126,267,436
4,172,945,914
40.23
103,716,000
1914
3.797,825,099
1,845,569,804
1,507,178,879
150,000,000
188,390,925-
3,459.434,174
3,459,434.174
34.93
99,027,000
1, 1879—
1,007,084,483
100,000*000
90,817,762
816,266,721
16.92
48,231,000
Total
31,
Dec.
1941
Comparative totals:
Nov. 30, 1941--———
.
t($17,688,242,202)
**$2,059,411,884 tt$14,692,252,991
133,843,000
*
Dec.
3t 1940t—
(
Get.
i
March 31,
June
(
Jan.
31,
1920--—
30,
r.-
:
1917————'-
<■
212,420,402
;
?
21,602,640;;
;
,
953,321,522
-
...
816,266,721
'
\
—
^
♦Revised figures.
tDoes not include
;
gold other; than that held by the Treasury.
NOTE—There
.
■)-
^This
total
includes credits. with the
Treasurer of the United
States payable-in
a
dollar.
1
*
'•
~
v'--"-
•
.
..
equal
amount
the
obligations
of such silver certificates; and (Iv) as security for
gold certificates—gold bullion of
legal standard equal to the face amount of such gold certificates. Federal Reserve notes
Federal
of
the
United
States
>
fund
banks
which
actual
-
Reserve
gold certificates
Reserve
"ttThe
States.
at
dollars
and a first lien- on all the assets of the
issuing Federal Reserve
notes are secured by the deposit with
Federal Reserve agents of a like amount
of gold certificates and such discounted or purchased paper as is eligible under the
terms of the Federal Reserve Act, or, until June 30,
1943, of direct obligations of the United States if so
authorized by a majority vote of the Board of Governors of the Federal
Reserve System.
Federal
of
'
United
face
Bank.
Stabilization' Fund arid-$143,321,541- balance of- increment resulting
♦♦includes-$59,300,000 lawful money deposited as^a reserve for Postal Savings deposits. \
amount of-gold and Silver certificates'and Treasury notes-of 1890 .should be deducted from
this amount before combining with- total-money-held in the -Treasury to arrives-at-.the total amount of
money in the United States.'
'•
r
^T'-vr.".
t tThe' -money in circulation includes any-*paper currency held outside the .- continental-'limits of the
the
are
•••*
■
maintained
1890—$156,039,431
value
to
gold certificates in
Certificate Fund-Board of Governors,. Federal Reserve System,, in the amount of $17,674,572*723
.•and (2): the redemption fund fori: Federal Reserve notes'in the amount of $13,669,474.
.
-
of
notes
amount in standard silver
(1)' the Gold
jimciudes $1.800,OOO'.OOt) Exchange:
from reduction* lit weight? of the' gold
is
in the Treasury—(1) as a reserve for United States notes
and Treasury
in gold bullion; (ii) as security for Treasury notes of 1890—an
equal dollar
(these notes are being canceled and retired on receipt); (iii) as
security
for outstanding, silver certificates^—silver in bullion and standard silver dollars of a
monetary value
-
amoimts: are not included In ther.total.l Since the gold or silver held'as security ageinst gold
Vnd silver certificates and'Treasury hotes of '1890,'is included under'gold, standard silver dollars, andsilver bullion, respectively....
' ,v i "
4
'?';v'
tThese
States
or
must
must
circulation.
be
maintain
deposited
"Gold
a
reserve
with
payable in gold certificates.
of retirement.
in
gold
Treasurer
certificates"
as
certificates
of
herein
the
used
Federal Reserve
of
at
least
40%,
United
States',
credits
with
including
against
Includes
Bank
notes
and
Federal
the
National
the
hank
redemption
Reserve
Treasurer
notes
notes
In
of
the
United
are
in
proces*
following compilation, made up from the daily
Government statements, shows the money holdings of
S
$
"
Net silver coin and bullion
Net United States notes
...
Net National bank notes.
675.972.755
3,607.210
2,553,719
292,564
18,122,820
Internal revenue—Income tax.....
204.108
96.733
Miscellaneous internal revenue
8,088,088
35,540,013
5,328,146
22,313,995
3,563.522
31.542,090
19,975,333
1,088,949,329 1,070,354,050
Minor coin, Ac,.-.
*1104 826,290
156,039,431
932,909,898
914,314,619
948,786,859
914,181,930
'
Cash balance In Treas..
deposltarles-
62,838,218
93,291,555
47,470,090
Islands
120,141
1,366,646
802,996
186,535
-
Deposits In foreign depts..
281,004,725
Deduct current liabilities.
Available cash balance.
*
includes
reii-
on
371,605,388
31,827,348
5.192,923.210
449,365,233
342,916.700
339,778,040
4,743,557,977
3,264,340,924
70,796,250
106,250.716
I 70,168,687
457,085,832
I 463,375,586
j94,912,339
452,226,921
r! ,637,446
J590,049,131
"""747", 899
~b2,309*,696
45,350.694
b~5~2*,*4*07
4,636.183
4,519,957
459,660
1,787,490
32,727,702
3,865,166
1,514,081
1,490,092
4,478,693
13,418,088
37,057,587
22,270,810
3,943,097
b85,573,280
654,433
812,771
6,251,516
5,667,966
492,350
fund.c.
Net receipts.
'
I. General—Departmental (not otherwise classified)
Agriculture Department d—Agricultural adjustment program
Commodity Credit Corporation—Restoration of capital Impairment
Farm Credit Administration_e
++
Farm
1,319,613
6,738,046
16,932,535
6,000,000
4,441,391
Security Administration
Farm Tenant Act
indicated in statement "Stock of Money,"
...
Federal Farm Mortgage
'
Forest roads and trails
,
"
"
Corporation.e f
Federal land banks
.
...
Rural Electrification Administration.f._
Comparative Public Debt Statement
"""6*41*953
3,881
106,644
12,069,780
7,653,846
50,617,547
12,554,096
20,798,44t
13.223.978
3,721
850,173
115,582,866
Reconstruction Finance Corporation.*
Debt
Gross Public
Conservation Corps
National Youth Administration
Com¬
Date
Per
Social Security Board..
puted
Int.
Capita
Amount
Rate
Federal Works
c
3,125,360
Administration
Agency—Public Buildings
Public Roads Administration
9,882,985
;
1,587,502
127,468
Public Works Administration_e_..
%
S
debt—v.—.
Aug. 31, 1919—Highest war debt. Dec. 31, 1930—Lowest post-war debt.
Mar. 31,1917r-Pre-war
31, 1941—A year ago...
Jan.
1941—Last month
31, 1942—This month..
Dec. 31,
Jan.
12.36
2.395
United.States Housing Authority.f
Work Projects Administration
250.18
1,282.014.346.28
26.596.701.648.01
16,026,087.087.07
45,876,972,769.10
57,938,123.096.94
60,011,579,351.27
4.196
Other
}■ '
.
-
-
69,204,531
50,760
129.66
3.750
Interior Department d—Reclamation projects
a345.76
2.541
Panama Canal
b432.88
2.409
b448.02
2.404
9,054,034
4,241,681
;
-
River and harbor work
Obligations of Governmental Agencies
Guaranteed by the United States
,v
Valley Authority
public debt
T...
puted
Balances
II. National defense (g)—War Department
Interest e
Int.
Amount
Subtotal
Fund
and
'*
'
debt
5,906 J72,755.28
JF&n.
month 6.316.593,955.28
*31, 1942—This month. 5.672.834,305.28
Jan.
1.885
17*415,302.43
2,025.024,498.74
2,950,146,807.43
6,530
6.051,282
20,040,213
4,409,110
25.108.979
5,.500,254
45,630.133
67,754,558
557,020,182
51,632,404
324,395,993
145.556,352
24,274.511
515,705,350
514.460,499
3,482,417,976
3,734,350,652
345,537,146
5,341, 009,365
1.209,404,444
215,595,743
3,027, 890,226
1,055,472,211
Foreign
-
of
rates
any
shown in the
Rate in
_
Bulgaria
S
Dec
Canada
2Vfe
Mar
Rate
Total expenditures (excluding
Dec
Jly
Jan
vakia
Jan
Danzig
26,
4 V2
__
Greece
6Va
May 13, 1940
Poland
4Va Dec 17, 1937
Portugal
4
Mar 31, 1941
Rumania
3
Sep 12, 1940
South Africa 3y2 May 15, 1933
Spain
*4
Mar 29, 1939
Sweden
3
May 29, 1941
Switzerland
l'/a Nov 26, 1936
Oct
Dec
__
3
1939
3ft Apr
6
Jan
officially
r;
4
3Vi
5
3.65
3
Norway
__
1, 1935 5
3, 1934 4ft
1941 2
1% Mar 17,
-
Germany
Morocco
30, 1932 3ft
4
___
France
Not
16,
Oct
Finland
6
4»/a
1940
Oct
,
England
3
1, 1936 3Va
2, 1937 5
Jun
__
Erie
•
4%
3.29
Java
Czechoslo¬
Estonia '
Nov 28,
Lithuania
__
Denmark
3
18, 1933 5
Chile
Colombia
3
6, 1940 4
4, 1937 7
s
Yugoslavia
6
Feb
Excess
of expenditures
'
1
Date
•IK
Dallas
•IY2
IK
Sen
1
1V2
1V2
.___U
1V2
4
•IV2
Atlanta
•iya
Chicago.
•1%
Louis
1Y2
Francisco
on
Government obligations bear
Sept. 1, 1939. Chicago; Sept. 16,
6ept.
73,101,150
40,964,900
1,117,843.612
14,183,827,573
0,292,515,903
770,852,072
778,065,572
9,367,168,446
2.987,210,0X0
3,028,174.980
9,440,269,596
770.852,072
9,367,168,446
—15,080,315
+ 1,365,994,624
2,987,210.080
—212,049.706
10,733,163,070
+310,972,745
+ 134,281,357
2,775,160,374
2,683,442,962
4»/a
5
3Va
2
+96,569,523
2,073,456,254
57,938,123,097
45,024,631,488
11,050,135,816
48,061,443,536
42,967,531,038
45,876,972,769
60,011,579,351
45,876,972,769
38,578,698
2,141,858
-
755,771,758
—609,986,707
33,922,752
404,739,793
a358,926,352
2,095,405
15,374,561
16,009,643
36,436,840
Total excess of expenditures..
31,827,348
342,916,709
343,425,838
general fund balance.
*
of month or year
Gross public debt this date
Trust Accounts, Increment on
Gold, &c.
Receipts—
1, 1935 6%
2,909,441,73 K
-
Federal old-age and survivors Insurance trust
Less reimbursements to
852,341,281
.
fund—Appropriations.
general fund
168,904
163,973
36,605,744
Net appropriations.c
449,365,233
741,682
31,991,320
450,106,915
21, 1939, St. Louis.
-
-
-
Railroad retirement account—Interest on investments.
Transfers from general fund
-
•.
r
530,129
Surplus Marketing Administration—Sale of commodity stamps
Transfers from general fund
Unemployment trust fund—Deposits by States
-
Oct. 10, 1940)
-
"86,00*0.066
120,614,382
jH,275,000
68.204,164
j67.287.38l
j38.563.957
11.602
77,970,000
613,707,560
31,282,564
96,069
39,598
35,161,059
..
1938)—
the gold dollar
35,415
907,083-!
—
;"';
1,
27,
4,
11,
27,
21,
21,
2,
24,
3,
31,
1939
1937
1937
1935
1937
1937
1937
1937
1937
1937
1937
3,
1937
Previous
'V;'
-
'
•
2
2
2 V2
2
2
2
2
a rate of 1%, effective
1939, Atlanta, Kansas City and Dallas:
7.500,000
■„ 98,906,407
j230,477,186
■
-v
*-
34,575
+
2,044,605
.181,554
10,611,600
— - -
---
-
Surplus Marketing Administration—Redemption of
commodity stamps.
Unemployment trust fund—Investments
•-
'---
.......
Railroad unemployment Insurance account—
State accounts—Transfers to railroad
1,732.751.282,
165,995,798
5,421.655
9,265,907
-----—
klO,000,000
IB,485,460
21,000,000
: 27,970,470
-
Investments.
'
;
-
fund—Benefit payments
Railroad retirement account—Benefit payments. - -1
2
2 *.
'
„
Investments
IV2
,
X
274,152
14,244.419:
..
1.436,028,104
-
-----
--
Federal old-age and survivors Insurance trust
1ft
30,170,973
-
Total receipts
Expenditures—
Rate
;•
490,479,271
22,671,521
-•
3,909,867;
2*7*9,204*658
122,433,898-
2*8*,4*66,889
Other trust accounts
reduction in the weight of
1
7,500,000
2,461,794
-
-
—
'
"
Other funds and accounts— *
>V.
,
.
-
•
Transfers from States (Act June 25,
Increment resulting from
109,350,000
75.306,818
.18,301
---■
Railroad unemployment insurance account—-Deposits by Railroad Retirement Board.
Transfers from railroad unemployment insurance administration fund
(Act
•'
10*000*000
j 12,999,242
10,040,000
---■
-
651,325
176,055
31,500,000
17,780,180
—
-
200,932,554
Minneapolis
Kansas City—
>-•
__
•Advances
6,251,551,003
+ 663,392,301
receipts (—) —
Interest on investments
Established
Feb. 13
Philadelphia
6an
224,778,957
14,110,726.423
2,050,050,660
retirements)
—
of expenditures (+) or
Seigniorage
Sep
Aug
Sep
May
Aug
Aug
Aug
Sep
Aug
Sep
Aug
fit.
294,114,920
1,110,630,112
7,213,500
2,050,050,660
2,053,320,710
5 •
AVt
3'/a
banks:
Rate in Effect
Boston
Richmond
25,775,000
2,630,967,710
Trust accounts, increment on gold, &c., excess
Gross public debt at beginning
Discount Rates of Federal Reserve Banks
Cleveland
18,275,000
7,500,000
]38,563,957
Interest onlnvestments
at the different Reserve
York
86.000,000
3.909.667,
77,970.000
2,627,697,660
3,270,050
retirements).
Increase in the gross public debt
changes this week in the redis¬
count rates of the Federal Reserve banks; recent ad¬
vances
on
Government obligations are shown in the
footnote to the table.
The following is the schedule
of rates now in effect for the various classes of paper
New
109,350.000
41,540,000
Summary
Excess of expenditures (excluding public debt
kY%
no
*;
92.715.000
10,000,000
10,040,000
(including public debt retirements)
Increase (+) or decrease (—) in
Reserve Banks
Federal Reserve Banks
b43,339.777
7,500,00ft
public debt retirements)
of expenditures (excluding public debt
Net receipts
,
19,252,725
-
Excess
7
4Vi
confirmed.
There have been
1*5,694,366
1,702,102
-
60,011,579,351
4
Discount Rates of the Federal
<
*9,841,881
102,885,262
public debt retirements)
3
2Va Jun 26,
Italy
Japan
1935
1936 4
Rate
1941
Oct 22, 1940
1935
May 18, 1936
Apr
7, 1936
Jan 14, 1937
Jly 15, 1939
May 28, 1935
Holland
Hungary
India
1, 1936
5, 1940 2M»
1, 1940 6
11,
16,
Effective
Feb. 13
b59J)34 J143
2,032,038
share)
Pre-
viou«
Date
Effect
Country
vious
Effective
Feb. 13
Argentina
3Yz Mar
Belgium — 2
Jan
"
Rate in*
Pre-
.
Bate
2.335.761.170
9,410,844
31,500,000
-
10.314,940,793
-
Total expenditures (including
:'f-v
Effect
Country
1 31,128,531
b329,936
commodity stamps)
V. Public debt retirements (sinking fund, &c.)
table which follows:
161, 276,504
568,692,542
1940)..
There have been no changes during
discount
5,651,378
,
109 ,496,102
fund transfers to unemployment
insurance administration
(Act Oct. 10, 1940)..
Subtotal
Present rates at the leading centers are
33.660.877
16, 445.774
2.305,757
1 b3,586,136
——
Surplus Marketing Administration (surplus
the week in the
of the foreign central banks.
243,720
201, 741,829
107, 470.726
88,174
8.751,858
T
Railroad unemployment
trust fund
*
92, 895.817
&c.—Adjusted service certificate fund
employees' retirement funds (United States
Railroad retirement account
Central Banks
1,256, 714,449
-
Subtotal
IV. Transfers to trust accounts,
Discount Rates of
Administration
(capital stock reduction, Act June 25,
Public Works Administration
Government
50,001.853
322.485,763
bl ,802.823
Federal Farm Mortgage Corporation
c
3,535,656
10,m
Subtotal
III. Revolving funds (net)—Farm Credit
Computed on interest-bearing debt, d Does
not include obligations owned by the Treasury,
e Cash is held by the Treasurer cf
tho United States for the payment of outstanding matured principal of and interest
o,i guaranteed obligations and is Included in the general fund balances.
b Subject to revision,
Revised,
a
,
18,985,803
bl,813,812
-—
-
Other. 1
1.885 al0598642.44 3,560,133,514.69
1.879 35,662,561.48
50,069,854
2,382,669
49,505,005
18,160,091
-
-
United States Maritime Commission
306.803,319.55
293,763
50,282,179
21,070,171
2,100,754,426
Selective Service (administrative expenses)..
1,118,109,534.76
Dec. 31, 1941—Last
—
-
National defense funds for the President.
-
1930—Lowest post-
wardebt.i
31, 1941—A year ago.
+1
-
-
Federal Works Agency
74,216,460.05
debt
Aug. 31, 1919—-Highest war
Dec. 31,
—
Federal Security Agency.h
'
%
Mar. 31,1917—Pre-war
---
Navy Department
Defense aid (lend-lease).
Rate
1,352,427
269,101
1,087,980,446
518.48L.77-i
368,002,744
10,771,298
29,141,916
16.328.483
-
Treasury Department (d)—Interest on the
Refunds of taxes and duties
General
Matured
Principal
■7
79,551.391#
122.138,237
16,842,117
13,512,143
31.736,737
11,461,266
46,366,533
Unmatured Principal d
Com¬
761,155,822
49,426,514
30.395,791
473*238
684,919
-
....a
-
and flood control...
Veterans' Administration
Date
14,129,225
5,410,710
550,313,032
60,782,284
301,888,459
49,660.156
20,184,012
5,376,953
11,819,776
4,292,122
bI65,563
107,071,080
24,202
8,801,044
3,098,656
487,206,056
Railroad Retirement Board
Tennessee
3,790
748,950
157,694,265
59,785.483
265,665.890
73,033,340
46,384,954
126,267,663
15,699,566
Post Office Department (deficiency)
•!!;
•
340
110,157,984
^
Federal Security Agency—Civilian
3,607,257,638
4,076,467
b5,327
119,183
767,426
Administration.f.
Federal Loan Agency—Federal Housing
statements)
40,337,324
51,856,962'
6.000,000
District of Columbia (United States share)
Other
S."/
58,102,597
69,549,911
614,083,839
36,436,840
Total receipts.
1,126,087
449,826
sum
(On the basis of dally Treasury
5,097.970
10,891,172
96,966
15,549,397
13,588,531.
19,656
Deduct—Net appropriation to Federal old-age and HUrvivors insurance trust
76,268.337
2,319.496.022
2.950.146,807 2.025.024.499 3.560,133.515
.
i,
9,386,793
Seigniorage.
255.702.717
177,715.502
7,655,242
1,606,623
577,646,999
543,395,854
3.815,836,231 2,544,262,602
3,231,751,532 2,202,740.001
224,766.580
in banks.-
1,579,668
3,350,780
191,815,528
....
...
.....
Expenditures—
and
Net cash In Treasury
58,067,827
33,256,685
...
Panama Canal tolls, Ac-....
761,979
Cash in Philippine
Prlncipal—foreign obligations.
Interest—foreign obligations
63.137,569
59.587,739
84,199.8-45
435,548
U. S...
__
securities:
Other miscellaneous
To credit dish, officers..
a361,340,298
32,603.980
67,108,331
79,022,764
3.906,704
239,488,257
1,938,655
1,034.520
8,241,713
12,640,631
c_.
946.703,000
.
1,103,395,006
1,726.214,510
10,638
Customs
Miscellaneous receipts—Proceeds of Government-owned
479,333,000 1,756.351,000
965.713,262
702,000,394
1,957,362,503
2,270.116,191
464,739,793
33,573,708
33.022,752
12,081.795
603,679
4,388
1,276,591 ;
Other
391,442,720
Deposit in Fed. Res. banks
Deposited In National and
62,759,357
209,801,298
35,186,771
.
Railroad unemployment insurance contributions
1,070,221,361
156,039,431
•Deposit in special deposi¬
tories account of sales of
Government securities..- 1,760,346,000
_
Taxes upon carriers and their employees
156,039,431
fund....
133,468,894
368,996;807
38,578,698
12,710,021
_
.
Social security taxes—Employment taxes
Tax on employers of 8 or more
3.758.923
156.039.431
Total cash In Treasury,
To credit Treas.
-
340.975
18,295.038
Net subsidiary silver.....
other bank
:•« Receipts—
170,386
1940 41
3
'<.'••
'
1941-42
1941
1942
General and Special Accounts
14,862,590
141,103
Net-Fed.-Res;.notes.
July 1 to Jan. 31
Month of January/
14,855,818
132,184
-
'
1941
355,063,689
670.558.199
2.353.100
371.300,592
;++• 297,830
_
Net Federal Reserve notes
fsess gold reserve
1941-42 and 1940-41.
[For footnotes sec page 705]
686,844,789
.
years
Dec. 1,
';-'
338,139,322
352,921,645
673,817,635
3.296,126
bullion.
Not gold coin and
■
Through the courtesy of the Secretary of the Treasury we are enabled to place before our readers today the
disbursements for January^ 1042 and 1941, and the seven months of the fiscal
■
details of Government receipts and
first day
Jan;1,1942
Feb, 1,1941
#foldings in U. S. Treasury Feb.T, 1942
J;
the first
the beginning of business on
day of February, 1942 and 1941, and also on the
of January, 1942 and December, 1941.
the Treasury at
14, 1942
Receipts and Expenditures
Government
Treasury Money Holdings
The
Saturday, February
FINANCIAL CHRONICLE
THE COMMERCIAL &
704
58,460,873
345,800.000
9,988,931
120,366*219
73,107,138
37,500,000
202,362,254
29,000,000
498.000,000
3,085,368
4,708,633
39,000,000
1,256,991
i
klO,000.000
.,
-
+
30.875,485
268,400,000
09,717,537
6,000,000
j93.655.003
264,300,000
9,233,498
----------—■
unemployment insurance
account (Act June 25,
----*
98,906,407
2,461,794
-
Special deposits (net)
Subtotal
187,591,499
271,341,841
120,634,194
249,594,650
j226,534,502
233,126
1,879
1,799,579
b3,520,295
bl6,115,063
787,561
16,176,816
b40,355,215
bl,148,828
133,461,538
1,618,631,291
1,334,290,962
—-
...
Chargeable against increment on gold—Melting losses, Ac
Public Works Administration revolving fund (Act of June
35,539,000
27,587,248
-
......
43,104,000
153,788,138
1938)
Withdrawals by States....
Other trust accounts
Other funds and accounts—
21, 1938)
1,812
---a
v
;
Y4'M''\
,''
'{■!''
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 155 HNumber 4046
GOVERNMENT RECEIPTS
i
K'-i&j* *\iOM'u*,^d&i/iWUV4L:
m
AND EXPENDITURES—(Concluded)
Preliminary Debt Statement ef the
Month of January
1942
July 1 to Jan. 31
1941
1941-42
UnHeil Stales Jan. 31,1942
1040-41
Transactions In checking accounts of governmental agencies, «fcc.
preliminary statement of the public debt of the
United States Jan. 31, 1942, as made
up on the baste
of the daily Treasury statement, is as follows:
(net):
Sales and rodcmptions of obligations In market (net):
Guaranteed by the United States:
;
\
Commonlty Credit Corporation. _ _
Mortgage Corporation
;
-
J™*. i.——-Federal Farm
Federal Housing
Administration
Rec instruction Finance
37,000
.
„
.
b4,862,000
310,609,1(H)
1,387,150
,
Home Owners' Loan Corporation—
3.10,675,800
1,145,700
1,315.650
393,950
_
3,827,725
247,709,000
b 100,000
307,899,000
103,000
Corporation
United States Housing Authority—i
2,986.400
-
b
112,060,000
Public Issues—Bonds—
b289,458,000
120,500
2,409,500
17,315,725
b500,000
Electric Home and Farm
8(55,000
Authority....*
240,000
35,000
Federal home loan banks
Federal land banks—
I
;
;
2 625
2,407,985
463,213
12,078,299
b524,132
b034,876
Export-Import Bank of Washington....
Federal Housing Administration...
4,674,000
bl ,094,306
222,781
b2,302,329
bl9,373,995
bl8.109.997
bl47,919,952
United States Housing Authority.—...
37,976,744
b92,985
36,753,035
16,440,275
b983,870
32,128.457
833,940,128
580,523
62,267,512
Other
bl ,014,949
Home Owners' Loan Corporation—...
\
Reconstruction Finance
.
Corporation.n._
llural Electrification Administration
4H% of
4%
of
3H% of
3H% of
3H%ot
3%
Of
34% of
3V<% of
Subtotal..—.—
680,536,717
—'—-
—
....V.
Total expenditures....
17,453,945
834,324,855
-
bllO.312,564
3.098,745,907
150,915.483
1,223,978,398
15,080,315
Excess of
receipts.
Excess of expenditures
Of
2Ji%,Of
2*4% of
2H% of
2*4% of
2*4% of
2H% of
2H% of
2Jj% of
254% of
2H% of
2*4% of
2%
of
2%
of
24% of
2l<% of
2%
of
2%
of
2X% of
2*4% of
jbl4,937,882
1,480,114,616
212,049,706
633,392.301
1,305,994,624
Excess of receipts (+) or expenditures (—):
Federal old-age and survivors Insurance trust fund
Railroad retirement account......
+37,330,838
+ 36,589,665
+ 45,846,042
+ 44,177,353
+ 190,5 5
—150,289
—
+ 11,069
—665,814
+ 10,282,463
+ 908,023
—3,777,873
+ 12,196,335
+ 8,130,996
+ 1,799,704
—14,885,197
+ 29,610,008
+ 9,942,684
+ 49,346,911
+ 19,191,881
....—
Surplus Marketing Administration....
—— -
—7,939,803
Unemployment trust fund
Other trust accounts
•
+ 879,641
'Otherfunds and accounts
Transactions In checking accounts of governmental agencies, &c.
-
-
+ 16,824,434
...
—024,511,975
—2,638,975
—56,024,742
....
—14.814,970
Other transactions (net)
—633,392,301
—
...—
+ 418,698.950
—308,386,386
—669,196,725
—810,917,891
+ 15,080,315
1946-56
Receipts—.
600,781,000
501,783,000
634,583,500
Treasury notes (tax series)
Treasury bonds.....
+7;;- '
502,866,000
237,750,525
*.*.,.
609,690,000
United States savings bonds (Including unclassified sales).
1,074,029,308
2,717,126,425
3,619,587,650
2,987,837,364
68,611,000
Depositary bonds
189,275,833
4,865,000
j
1951-55
1943-45
Subtotal...
1949-52.491.375,100.00
1965-602,611,092,150.00
1,325,642,333
13,903,253,439
5,508,282,832
127,150
147,600
826,800
1,461,550
406,187,200
595,764,300
406,187,200
595,764,300
726,440,700
L214;
'
.428,950,00
1,223,495,850.00
,
1.626.687,150.00
981,826,550.00
1,786,129,150.00
510,843,550.00
450.978,400,00
...........
1956-59...
1949-53
1945
1948
1958-63
1950-52.....
1960-65.
1948-50 (Dec.,1939)
1951-53
1954-56
1953-55-.....1948-50 (Mar., 1941)
1,115,368,400X0
1947
$170,921,005.25
311,111,302.00,!;",
404,286,013.25
486.334,058.25
803,017,596.00
996.472,503.50
_....... _....
i**
i
.
.
.v.
.
*
..............
U nclassified sales
&£
-
wii'4
......
-
-
-
*
-
291.866.638.92
....
*
*
-
.
iiSJM
.
..
7,198,31S,052.42
'
2% depositary bonds
3% adjusted service bonds of 1945
Total
.:V>
446,367,370.75
1,151,400,118.75
229,237,773.50
1,270,731,800.00
354,810,656.25
55,327,136.00
226,434,080.00
....
.
a')
1.012,834,100.00 34.3S3,270,400.00
................
Series G-l 942
w-'V-S;'
■fi'
2,669,228,000.00
532,683,950X0
—
Series F-1941...
Series E-194 2
IffisilS
1,448.747,650X0
--»**
Series G-1941.i... *
•
;
...
1,023,568,350.00
.......
Series E-l941..
'
.
680,692,350.00
724,677,900.00
1952-54.
1956-58
Series D-1939..*
Series D-l 940..
-
.
918.780,600.00
L185,841,200.00
1,485.384.600X0
701,072,900.00
571,431,150.00
1,118,051;100.00
....
Series D-1941
1,762,800
724,677,900
Exchanges—Treasury notes..
Treasury bonds..
Y*..
1915-47.
1948-51....
1951-54
Series' F-1942.. u .4
2,527,115,833
Adjusted service bonds
755,431,50,0.00
1.4(10,528,250.(0
1,518.737,650.00
1,U35,873,400.00
....
Series C-1937...
680,692X50
547,261,282
\-;v
.
+
1943-47.454,135,200.00
454.135,200.00
818,627,000.00
Series B-1936
3,114,907,000
1,165,422,200
4,007,225,000
.
*
,
United States Savit.gs bonds: *
Series A-1935
Public Debt Accounts
Treasury hotesii,.*—..*—
$195,990 ISO 09
.—__
1946-49..................
Scries C-1938
Ji Public Issues—Cash—-Treasury bills.....
—
2% of 1951-55..
2% of 1949-51.......
+212,049,706
—1,365,994,624
——
$758,945,800.00
1,036.692,400.00
489,080,100.00
1914-54
24% of 1967-72
,
(net):
Sales and redemptions of obligations la market (net)..
Total—...—
+ 5,946,425
—6,239,282
S49,800,0C0.C0
15,761,000.00
13,133,500.00
117,295,680.00
1947-52
1944-46.....
of 1946-48
3%
134.946,901
b2,498,257
_
o
*
jb25.579.187
:.
,
112,099,000
6,018,000
34,325
229,168,179
b369,184
b5,535,749
bl 28,803,901
94,618,614
b700,593
23,800
66,627,484
.•
■'
3% Conversion bonds of 1946
3% Conversion bonds of 1947....
24% Postal savings bonds (22d to 49th series)
Treasury bonds:
b195,000
b42.345.000
9,295,000
2,775
Other transactions (net)-Commoalty Credit Corporation
■
bl
*3*2~15"666
—
Home Owners'Loan Corporation----,*...,,.----..-..-*-.
,
,
2,155,000
;
:
3% Panama Canal loan of 1961
Not guaranteed by the United States:
:
"
The
ExvendUures (Concluded)—
68,611,000.00
232,107,200.0(1
-
^
.
X,w.
.
.
$42,078,297,832.42
..
Treasury Notes—Regular Beries—
Subtotal—....
Special issues—Adjusted service certificate fund (certificates)
Unemployment trust fund (certificates) ^
2L-—.
19,100,000
59,000,000
-
—
.ri.
.
——
Federal old-age and survivors Insurance trust fund (notes)....
Railroad retirement account (notes)...
'
1,960,000
15,000,000
1,000,000
3,000,000
9,100,000
60,000,000
34.030.6o6
88,260,000
1,283,209,000
3,074,727,183
1,414,049,933
15,783,053,539
7,037,927,082
501,589,000
10,700
1,364,750
987,550
10,545,825
2,396,000
15,408,349
1,059,850
504,861,000
3,566,704,000
72,000
102,750
767,550
26,707,650
3,093,725,000
536,350
16,641,800
20,00b,000
141,297,000
Expenditures—
:
•
■
•
Treasury notes (tax series) received for taxes
Treasury bonds.....
9,406,625
10,545,825
First Liberty bonds
228,800
Fourth Liberty bonds
Postal Savings bonds...
203,650
50,500
'££■:
other debt Items.—'—
-
-
......
....
1
i
—
15,134
12,066
1,531,621
1,854,685
—
National bank notes and Federal Reserve bank notes
30,731,600
103,472,364
9,282,050
1,197,400
1,126,050
110,100
116,994
8,643,066
102,420
Adjusted service bonds
,
Subtotal—.....
80,825,706
14,577,750
1,352,800
1,435,800
595,764,300
726,44^,700
9,500,000
19,600,000
11,000,000
10,000,000
65,090.000
11,300,000
80,000,000
78,200,000
53,600,000
408,187,200
Federal old-age and survivors insurance trust fund (notes).p..
18,850,000
20,000,000
10,000,000
Railroad retirement account (notes)
10,500,000
59.350,000
"
300,000
Y,600.000
Foreign Service retirement fund (notes)
22,000
19,000
20.000
12,000
TsYsoo'ooo
6,300,000
172,000
Canal Zone retirement fund (notes)....i
127,000
civil service retirement fund (notes)
..
Alaska Railroad retirement fund (notes)
Postal Savings System
101,000
143,000
i.
~2>),000,000
(notes)........
Government life Insurance fund (notes)
31,259,000
55,000,000
Subtotul
32,131,000
59,692,000
20,000,000
340,008,000
j...
Federal Deposit Insurance Corporation (notes)
180,944,000
1,001,270,929
^
561,708,652
4,732,917,724
4,158,485,351
2,073,456,254
Total public debt expenditures.
Excess of receipts
852,341.281
11,050.135,816
2,909,441,731
Excess of expenditures
Increase ( + ) or decrease
(—) In the
gross public
debt:
+ 99,192.000
—10,700
+ 440,521,000
+ 633,815,950
Ccrtidcatts of indebtedness———
Treasury notes
———
—.—.....
Treasury notes (tax series)
Other debt Items.......
Aug.
—536,350
$42,280,175.00
—8,643,066
Treasury bills (maturity value)
Special Issues
+ 10,106,934,816
+2,258,643,731
+ 852,341,281
+ 2,073,456,254
.
44% adjusted service bonds (Govt, life ins. fund, series 1946)..
Special Issues—Treasury Notes—
...
Fed. old-age and survivors Insur'ce trust fund:
3% old-age reserve account series, maturing
June 30,1942 to 1944
able for appropriation to
b Excess of credits
c
Represents
avail¬
Federal old-age and survivors Insurance trust fund.
(deduct).
of
1939 less reimbursements to
the general
find
f jr
admi listrative
Such net amou it Is reflected as net appropriations to the Federal old-age
and survivors Insurance trust, fund.
expe.ises.
d Adlltlonul expenditures are
Expenditures In
"+650,798,000
+11.050,135.816
+ 2,909,441,731
Included in "Departmental" above.
attributable to national defense, payable from funds
which have supplemented regular appropriations of the civil establishment/are
ncluded under general expenditures In group I, above.
g Additional expenditures
Expenditures In fiscal year 1941 from appropriations for national defense activi¬
are looluded lu"Otiier" under "Federal c-ecurity Agency" in group I, above.
for
national
defense
the President," "Depart¬
dav of the month to adjust for changes In
3d, 1911, on acenunt of the sale and
Surplus Marketing Administration.
recemptionof commodity stamps issued by the
k Excess of
redemptions (deduct).
last day of the month to adjust for changes In
made beginning Aug. 30, 1941, in order to include the
I This amount Is revised on the
classification wnich
were
States Maritime Commission as
formerly classified as "Departmental."
expenditures of the United
n
Included under "Transactions In checking accounts
of governmental agencies, &c. (net)" above.
b
19J1 from appropriations
classification which were made beginning Sept.
were
Additional transactions are Included in revolving funds, stated separately below.
f Additional transactions are
ties
fiscal year
included under "National defense funds for
mental," and "Panama Canal," ab^ve.
which
e
are
j This amount is revised on the last
appropriations equal to "Social Security—Employment taxes"
provided under Sec. 201 (a) of the Social Security Act
collected and deposited as
amendments
1
activities
Includes transactions on account of RFC Mortgage
"National defense,"
trust fund
Reserve
Company,
1944 to 1940
1,328,100,000.00
24% Federal old-age. and survivors insur¬
ance trust fund series, maturing June 30,
1946.
Mortgage Association. Metals Reserve Company,
Defense Plant Corporation, and Defense Supplies
424,000*000.00
3% railroad retirement account series, matur¬
ing June 30, 1944 to 1946..
Civil service retirement fund:
account."
(
r
caption "Old-age reserve
'
3, 1941.
turing June
turing June
■■
6,438,000.00
1,215,000.00
03,000,000.00
6,500,000.00
■
■
'-V;.'
; ■
i.:
11,900,000.00
95,000,000.00
5.050,000.00
3,773,301,000.00
$18,800,000X0
2,424,000,000.00
30,1942...i..—,
trust fund scries, ma;+
30,1942.347,000,000X0
Total Interest bearing debt
outstanding.....
2,759,800,000.00
fiscal year 1941 but not appropriated
„
.859,530,900,663.33
Ceased—
matured—Issued prior to April 1,1917
Matured Debt, on Which Interest Has
Old debt
(excluding Postal Savings bonds)..........
24% Postal Savings bonds...-.-.....-.-.—.
34%. 4%, and 44% First Liberty Loan
bonds of 1932-47..—
1927-42
_
of
------
—
Loan bonds of 1928- — -.
V4% FourthH iberty Loan bonds of 1933-38.
3*4% and 4*4% Victory notes of 1922-23 —
Treasury bonds, at various interest rates—
Treasury notes, at various int. rates, reg. series
C'tfs. of i idebtedness, at various interest rates.
Treasury bill3, regular series
Treasury bills, National defense series. .
414 % Third Liberty
Treasury savings
V S3.737030.26
37,360.00
7,621,850.00
•
'
1.084,600.00
1.741.550.00
-
10,941,250.00
553,600.00
12,313,300.00
30,901,450.00
:
3,129,000.00
45,879,000.00
2,179,OCX.00
164,175.00...
certificates...
120,286,165.23
Debt Bearing No Interest—
United States notes
—
_
—
$346,681,016X0
—
- - -
*
- -—
156.039.430.93
$190.641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
fractional currency....
Thrift and Treasury savings stamps
Total gross debt.....—
*
■.
1,036,000.00
5,362,000.00
2% Government life insurance fund series, ma¬
turing June 30, 1946
3% National Service life insurance fund series,
maturing June 30, 1945 aad 1946
2% Federal Deposit Insurance Corporation
series, maturing Dec. 1, 1944 and 1946
2% Federal Savings and Loan Insurance^Cor¬
poration series, maturing June 30,1945....
Certificates of Indebtedness—
4% Adjusted service certificate fund series,
maturing Jan. 1, 1943
'
2 4% Unemployment trust fund series, ma¬
^
..
Represents capital impairment applicable to
by Congress until July
111,500,000.00
739,900.000.00
4% series, maturing June 30,1942 to 1946..
3% series, maturing June 30,1944 to 1946..
4% Foreign Service retirement fund series, ma¬
turing June 30,1942 to 1946
—
4% Canal Zone retirement fund series, matur¬
ing June 30, 1942 to 1946
......
4% Alaska Railroad retirement fund series, ma¬
turing June 30,1942 to 1946
:
2% Postal Savings System series, maturing
June 30,1943. and 1944
........ ~
...
Old demand notes aud
Includes transactions formerly classified under the
::
■
—
Less gold reserve.* - * - -
Corporation.
p
$974,300,000.00
series, maturing June 30,
Company, Disaster Loan
Corporation, Federal National
Rubber
500,157,956.40
24% Federal old-age and survivors Insur¬
4% and 44% Second Liberty Loan bonds
Includes the amount of 82,413,946.05, representing receipts from "Social Security
taxes—Employment taxes" jJleeted prior to July 1, 1940, and which are not
2,101,451,000X0
—169,085
+ 943,201,000
+ 56,129,000
+ 81,005,000
-
2,697,173,975.00
g
Special Issues—Bonds—
—10,899,340
+ 793,212,281
+ 1,991,851,254
*
6,122,000,00
220,122,900.00
2%% Unemployment
—12,066
—15,134
—1,531,621
MM
;
.
2,428,648,900.00
A-1944, maturing Jan. 1,1944
+1,823,201,206
167,413,682
'
1,
B-1044, maturing Jan. 1, 1944
.
Subtotal...
a
li;i
1,165,903.iep.no
1,
1943
+ 425,865,-300
+2.697,173,975
+ 7,097,102,700
—116,994
—1,854,685
+
+ 2,075,551,509
National bank notes and Federal Reserve bank notes.
+ 21,182,000
—102,750
—119,000,050
—3,078,000
—72,000
—407,551,950
+226,217,150
Public issues—Treasury bills
'
..
Aug.
maturing
B-194.3,
724,677,900
1,762,800
605,900
-
Subtotal
.
*.
maturing
A-1943,
3,251,100,651
595,158,400
406,187,200
Special issues—Adjusted service certificate fund (certificates)
"-'•■■vUnemployment tiust fund (certificates)
.
.V"
®sV:
-m
530,838,700.00
Tax Series—
.
'
$4,424,816,800X0
Dec. 15, 1945
175,420
169,085
10.899,340
3,797,145,424
529,577,652
535,391,729
Exchanges—Treasury notes
i
f
Treasury bonds....,
—.
'
;
'^SepTlS, 19 444!. m.at.Ur.i-8 $635,064,400.00
ance
f
.
8.287.S93,875.00
59,730,550
6,709,700
12,933,581
1,607,950
397,450
259,250
—
United States savings bonds....
.
C-1944, maturing Sept.-15, 1944..
A-1945, maturing Mar. 15, 1945..
A-1946, maturing Mar. 15, 1946..
.
Treasury notes
Treasury notes (tax series) cash redemptions
„
B-1944, maturing Mar. 15, 1944..
1943
;
Public Issues—Cash—Treasury bills.....
Certificates of Indebtedness..
...
,
2,750,000
420,971,500.00
279,473,800.00
65,963,700X0
415,519,000.00
515,210.400.00
283,006,000X0
718,012,200X0
502,866,000.00
%% series B-1945, maturing
Total public debt receipts...
,
series
series
series
series
15,1943..
15,1943..
15, 1943..
15, 1944...
National Defense Series—
500,000
Subtotal
■
1%
1%
*4%
1%
$20,162,300.00
342,143,300X0
232,375,200.00
629,113,400.00
series C-1942, maturing Dec. 15, 1942..
series A-1943, maturing June 15, 1943..
seriesB-l943, maturing Dec,
series C-1943, maturing Sept.
U% seriesD-1943, maturing Mar.
*i% series A-1944, maturing June
831,742,000
1,650,000
30,000,000
Federal Savings and Loan Insurance Corporation (notes)
>:
15,000,000
"
7~,bbb~666
National Service life iusurance fund (notes)
Federal Deposit Insurance Corporation (notes).'—
;
830,000
1,164,000
175,000
.
Postal Savings System (notes)UZi.......
Government life Insurance fund (notes).—.
,
101,951,000
06,850,000
47,000
...
Alaska Railroad retirement fund (notes)
344,300,000
322,000,000
6,000,000
92,723,000
"
31,500.666
Foreign service retirement fund (notes)
Canal Zone retirement fund (notes)—
•
V/V;.
9,800,000
821,000
1,177,000
210,000
Civil service retirement fund (notes)...'
:■
19,100,000
563,000,000
424,000,000
9,800,000
40,000,000
1*4% series A-1942, maturing Mar. 15, 1942..
series B-1942, maturing Sept, 15,1942..
2%
\*4%
1^4%
1H%
1%
—-
163,969.738.50
2,023,952.37
3,757,2*16.25
360,392,522.19
$60,011,579,351.27
Series G is stated at par; all others are stated at current redemption values.
.W
CHRONICLE
THE COMMERCIAL & FINANCIAL
706
•
Month of January
Capital Flotations In the United States Daring the
The
Saturday, February 14,-1942
•
PUBLIC UTILITIES
$80.000,000 Alabama Power Co. 1st mtge bonds 3 % % asries, due 1972.
little
over
aggregate amount in this
the smallest in
Harriman
v"
££
s
7
71
days
351,600,000
150,230,000
99.940
*0.304%
Jan.
9-_ Jan.
14
91
days
381.644,1)00
99.970
*0.119%
Jan.
16., Jan.
21
91
351,585,000
99.950
*0.196%
Jan.
23... Jan.
28
day?
91 day?
150,047,000
150,330,000
371.501,000
150,074,000
99.942
*0.231%
Jan.
12.. Jan.
15
year?
1.013,839,300
1,013.839,300
Jan.1-31, Jan.
1
10-12 yre.
1.074.02'),3u8
1,074,029,308
Jan.1-31. June
1
12 year?
4,865,000
4,865,000
100
237,750,525
100
Jan.1-31. Jan.
*
1
total
January
_
2 years
237.75J.525
2%
100
44
a
a
2%
b
_
Average rate on a bmk dRcouit basis.
which sferles E have
Comprised of three separate series, of
a
yield
10-year maturity, are sold on a discount basis at 75, and
12-year maturity, are sold on a discount basis, at 74, and
yield 2.53%; and series G have a 12-yeir maturity, are sold at 100, and bear 2H
interest,
b Comprised of two separate issues, designated Treasury notes of tax
2.90%; series F have
a
series A-1943 and tax series B-1943; series A earn about 1.92% a year and series B
about 0.48%.
,
USE OF
FUNDS
v"
'
j
Tire of
Dated
Security
Total Amount
• New
Indebtedness
Pefundlrig
:.
V. stein J. ros. & i oyce; Swiss American Corp.; Almstedt i ros.;
Courts A Co.; R. L. Fay A Co.; Folger. Nolan A Co.. Inc.;
Creen, Ellis A Anderson; J. J.
R. Hilliard A Son; Laird, ,
Pissell A Meeds; Marx A Co.; Moore. Leonard A Lynch; '
Schwabacher A Co.;Chas. W. Scranton A Co.; Singer, Deano
A Seribntr; Starkweather A Co;; G. H. Walker A Co., and»
Welis-Dickey Co. >►- ' *
'. ■
;
.
..
,
~
ted
Acce
,
I
c,
classifica¬
"
'%■'
t
Jan.
28
Jan.
15...
100.207.000
150,330,000
150,330,000
150.074.0u0
Treas. bonds,..
U. S. Savings bonds
: -
■
1...
Depositary bonds..
Tax
anticlp'n notes.
4,865,000
4,865.000
I...
237,750,525
.■
'•;'•••
'•
1,416,281,833
1,514.883,300
increased to $118,255,951 last
December, the largest since
March, 1941, when the figure of $179,648,561 was reached.
The portion representing new financing rose to $83,399,076 from $42,014,869 reported in December.
Below we present a tabulation of figures since Jan¬
uary, 1940, showing the different monthly amounts of
corporate financing as revised to date. Further revisions
of the 1941 figures will undoubtedly be necessary from
time to time, particularly as additional private financing
is brought to light in annual reports and other places.
INTRA-GOVERNMENT FINANCING
U
$81,000,000
•
*
Purpose, property adult Ions, working capital, Ac.
I rice, 99 add interest.
Offered by A. G. Becker A Co., Inc.,
and Kuhn, Txreb A Co.
Net Issued
S
Januari—
78.100,000
4 January total
38.850,000
63.197.U00
j|„ ...... i.
Notes
20,842,000.
39,250,000
42,355,000
59,612,0(10 7
81,605,000
141.297,000
.•
*$3,000,000 General Refractories Co. 3promissory note*, due
Jan. 1, 1957Purpose, r. funding ($499,140), modernization
of plants, advance to affiliated company for increasing pro¬
duction facilities and working capital ($2,500,860) iv Price 100.
Sold privately to I rudential Insurance Co. of America, and
Metropolitan Life Insurance Co.
*
Comprises sales of special series certificates and notes; certificates sold to Ad¬
justed ^ervic? Certificates Fund aid U teoa played Trust Fund, and notes to Federal
Old Age and Survivors Insurance Trust Account, Civil Service Retirement Fund,
Foreign Service Retirement Fund, Canal Zone Retirement Frid, Alaska Railroad;
Retirement fund, Postal Savings System, Government Life
Insurance Fund,
National Service Life Insurance Fund, Federal Deposit Insurance Corporation, and
Federal Savings & Loan Insurance Corporation.
SUMMARY OF CORPORATE FIGURES BY
MONTHS,
1942,
OIL
$15;000;000^ Unioi* OIL Co- of Californfe - 3% debentures, rftid 1967,
I mpose, general corporate purpose s. Tiice, 9914 and ihtx rest.
Off. red by Fillon, Read A C o.; t lair A Co.. Inc : fclyth A
Co., Inc.; Brush, Slocumb A Co.; Elworthy A Co ; First
Schwabacher
1940
1941 AND
A
INDUSTRIAL AND M INUFACTURING
OTHER
Certificates....
*
Pittsburgh Steel Co.-1st mtge. bonds, series II. 414%, duo
1950.
Retired
ISSUed
1942
•
STEEL, COAL, AND COPPER, AC.
IRON.
-
$2,000,000
-
financing
month from $60,287,387 in
•-
'237,750.525
•'VV
2.931,165.133
Power Co. and $16,620,000 common
Telephone & Telegraph Co.
stock of New England
„
*1,000,,000 Kentucky Utilities Co. 1st mtge. bonds, series of 1970. 4%,
:
"i. due Jan. I, 1970.
Impose, refunding.
I rice 106%.
Sole!
privately to EquitaLle Life Assurance Society of the United
A
States.
>
A. A 'A;v:.'AVL - •
AAA.'!'
1,074,029,308
1,074.029,308
June
i
„.
1,013,839,300
Jan.
total
•v
49/40.000
150,074,000
1.013,839.300
91-day Treas. bills
January
-
49,797.000
100.433.000
159,047,000
2%
1...
Jan.
150,230.000
91-day Treas. bills
91-day Treas. bills
preferred stock by United
of the total was taken by
company's common stockholders.
Two other stock is¬
sues over $10,000,000 were also? sold during the month
viz., $11,440,208 $2.20 cumulative preferred stock of Con¬
of $26,566,900 5%
Aircraft Corp.
Over 60%
placing
7#-
$
71-day Treas. bills
7
Jan.
21...
Municipal
r
r
V-
Jan.
&
4
4' $
Jan.
month's financing was the successful
Light
\
2..
14-V.
necticut
Yield
Price
ted
Jan.
Jan.
A feature of the
Irire. 101% and ii.tmst.
Offered by
Corp.; J onlright A Co.; llyth A C o., Inc.;
ipley A Co., inc.; Smith, t art,«y & Co-; Prexel
Goldman. Sachs A C o.; Kidder, Peabody A Co.; W. C.
Langley A Co.; Fan rd Tr res A Co.; Lehman i ros.; Stone A
Websfer and Blodget. inc.; Ui ion Seturities Corp ; Coffin A
1 urr. Jhc ; Harris. Fall A C o
(Tr.e.): F. S. Moseley A Co.;
E. H. > oil ins A Sons. Inc.; Shields A Co.; White, Weld A
Co.: Eastman, Pi!ton A Co.; Hemphill, Noyts A Co.; W. E. /'•
Hutton A Co.; Lee Figginson Corp.; Spencer Trask A Co.;
Tuck/ r. /iUhony A Co ; -A. 0. >•' llyn A Co., Inc.; Central
Republic Co. ( nc.); Tick A Merle-Smith: Ponririck A
Tomb-irk; Equitable Seeurhi- s Corp.; Estalrook A Co,; Jack¬
son A Curtis; J aine, Webber A Co.; R. W. Ircsspriih A Co.;
L. F. Rothschild A Co.; The Wisconsin Co.; i: lair A Co., Inc.;
( raham, 1 arsons A Co.; Ifornblower A Weeks; Laurence M.
Marks A Co.L;'rthur Peify A Co., Inc.; Ward. Sterne. Agee
A Lcach; Whiting, Weeks A Stubhs. Inc.; Bodell A Co., Inc.;
Alex, i rown A Sons; K. W. (lark A Co.; Milwaukee Co.;
Putnam
A Co.; Riter A Co.; Robir.son-Huntpi.rey Co.;
Schoellkopf. Hutton A Ponuroy, Inc.: Sum. W'ampler A
Co.,- Inc ; Dean Witter A Co.; l aker, Watts A Co.; taeon,
Whipple A Co,; R. S .Fickson A Co., Inc.; first oir Michigan
Corp.; Granbcry, Marache A Lord; Hayden, Miller A Co.;
Johnson, Lane, Space A Co., Inc.; Merrill, Turben A Co.;'
W. H. Newbolei's Sons A Co.: Newton, Abbe A Co.; Ohio Co.; '
rirstw oston
Amount
Acce
Ap lied for
A Co ;
1939.
tion since April
Tiie
Dated
Offered
which represented more than 53%
The private financing in January
of that month's total.
Amount
Tate
.
privately last month, representing three
totaled only $5,800,000 and represented a
3% of the total.
This compares with $59,572,-
000 in December last
was
refuncing.
j urpose,
Issues sola
emissions,
1042
FINANCING DURING
STATES TREASURY
UNITED
the issuance
of securities
in January
aggregated $170,032,190, the
largest since October, 1941.
The total volume of financ¬
ing for new new capital purposes of $87,185,826 was
slightly above the monthly average for the year 1941
and Was more than 65% greater than the $52,928,677 re¬
ported in January, 1941.
As compared with the month
of January of previous years the month's new capital
was
the greatest since
1937, when $96,594,477 was
recorded. The refunding total for January was almost
equally divided with the new capital issues and was
made up almost in its entirety of the $80,000,000 Alabama
Power Co. 1st mtge. 3%s of 1972.
The refunding total
for January was also the largest since October, 1941 but
was more than 35% under the 1941 monthly average.
financing operations through
Corporate
A
Co.;
Shields A Co.;
Smith,
Farney A Co..
rt. Staats Co.; Stone A Webster ard
William
I lodget. Inc.;
Weeden A Co., White, Weld A C o.,
and Dean Witter Sc Co.
'
Ui ion Securities Corp.:
*1940
*1941
1942
LAND, BUILDING, AC.
Total
s
$
%
Refunding
Nero Cavilal
$
Refunding
New Capital
$
New
Total
1
'.'V.
.
lefundln 1
Total
%
Capital
s
; $•/•
y-
35,469,718
137,994,832
173,464,550
46,004,059
211,341,581
257.315,640
31,527,41/1
103,799,050
135.326,541
86,634,370
115,287.655
324,316,342
273,561,870
201,922,025
186,112,817
613.687.420
799,800,237
113,001,268
453,135,463
566,136,731
39,469,665
107,180,735
197,102,123
146,650.400
59,175,210
260,976,300
89,787,130
192,497,442
84,280,300
/ 113,390,374
203,857,159
9,771,328
101,476,480
251,672,652
'7174,067.430
111.247.808
52,928,677
February
March
\
First quarter
-
.....
J*.—---
•r
-';
-
.
271,387,665
46,549,770
170,032,190
82,846.364
87,185,826
January.
$132,000 (The) Catholic Bishop of Lincoln and St. Miry's Ca¬
thedral, Lincoln, Neb. 1st. mtp3. 3% sinking fund bonds,
due. Jan. 1, 1954.; Purpose, refunding. Offered by Dempsey-
227,012,100
Tegeltr A Co
*1,800,000 St.
April--.-...
63,874,177
90.466,785
May
June
Second quarter
193,810;627
417,673,232
611,483,859
158:733,668
137,8.254,222
J
Six months
379,923,444
1.031,360.652
1.411,284,096
271,734,936
'831,389,685
1,103,124,621
130,037,550
49,833,450
292,281,400
67,938,134
242.447.950
112,893,538
68,006,465
65,594,785
--
T
■
Virtcent's Hospitsl. N. Y. City 15-year 1st
I urpose, construction.
bonds.
:
#c.
mtge, 3%
to John
Sold privately
Hancock Mutual Life Ii<surance Co.
t
$2,027,000
'
-
95,000 St. Joseph's Convent of Mercy In St, Loufo (Mo.) 1st mtge.
(1J4,2, 2
%). s rial tmnds. due 1943-1949. Purpose, refund¬
ing; Offered by Demjsey-Tegeler A Co.
r
,1
:
•
SHIPPING
133,601,250
536,987,890
.
$95,000 St.
>
43,569,170
327,402,743
34,264,713
Jlly
August
September.-—-...
——
86,468.380
74,427,157
401,829,900
161,391,300
195,656,013
/
—
V
Nine months....-;.
322,286,837
727,523,463
185,778,049
420.936,273
1,353.647,489
2.138,807,550
457,512,985
1.252,325,958
1*709,838,043:
200,311,420
47,728,100
345,346,770
131.811.350
168,943,139
111,520,250
62,198.558
November,
89,427,250
97,050,220
42,384,100
December
59,465,696
52,054,554
October
.
">
93,942,646
■
252,154,146
--—
191.488,874
443,643,020
1.037.314.216
——,:
■■
1,545.136,363
278.869.797
-<
773,869,098
2,026,195.056
------
.
;
'
•
.
1951.
Ky. 10-year 5% sinking
I'uipose, working capital.
100 and interest.
Offered by
Bankers Lond Co., Inc.
"
•
,
2.762^77,838
Price,
Piper, Jaffray A Hopwood and
.
STOCKS
-\-
.
(Preferred stock® of a stated par value are taken at par. while preferred
stot:ks of no par value and all t lasses of common stockare computed at their offering prices,)
v;,r
*
Finance Co., Louisville,
1,052.738,895
736,382,782
2.582,450,579
Sons. Inc.: Coffin A Burr, Inc. fcioren A
A Goodwin. Inc.
*
► '
Rollins A
H.
Co.. and Bond
$1,150,000
Twelve months
MISCELLANEOUS
fund debentures, due
396,778,240 {
.
Fourth quarter
E.
;
400,000 Time
.262,885,785'
,,
'
1st mtge. 4-4%%
Purpose, run-hase" of
Offered by Dempsey-Tegeler A
1941-1950.
-
'•
393.074,870
334,579.682
due
working eapital.
$750,000 Railroad Employess* Corp. 5 % convertible sinking fund
debentures, due Dec. 1. 1966.
I urpose, to reduce bank loars.
coin menial
paper, «c.
I rice, 98 and Interest.
Off red by
606^14,322;'
785,160.070
.
405,236,626
103,261,200
Third quarter.;....
C°".
180,831,672
bonds,
estate
property,
.
.
Shipbuilding & Steel Co.
Louis
real
Revised.
/
?
PUBLIC UTILITIES
"
>$11,440,208 Connocticut Light -4 Powor Co. 220,004 sbar^ of $2^20
In the
Treasury Financing In January
undertook the refunding of more than
billion dollars of its own notes and obligations of two
The Treasury
a
compare
15, $103,000,000 2%% FFMC bonds of
1942-47 called Mar. 1, 1942, and the $310,000,000 RFC
notes which matured on Jan. 15.
Only a small portion
cf
aggregate
issued.
I
an
were
tails of the capital flotations
every
.
.
Sales of Defense
:
,
-
$536,285,664
was
attained in December.
tinues at this level receipts
If sales
zero.
The Treasury
tax
continued to sell depository bonds and
the month; sales of the
$237,750,525 compared with $341,865,-
,
In the tabulations which follow we
year:
,
,
;
!
_
,
Corp.;
Boston
KitU er.M (al ody
A
Co.;
Ponlrivht
,
NOTES
FIVE
(ISSUES
M.
i
,
•
;
.r.V*."V
-('raham. Parsons A C o.; Mackubm, Legg A Co.: G." M -P.
Murphy A CTo.; Rit' r A Co : L. F. Rothschild A Co.; Baker, '
■
W. Laiahan A Co.: Butcher A Sherrerd;
Middlebrook; Eddy Brothers A Co.: The R
F
Origgs Co ; P'incks '• ros. A Co., Inc.; W. R. Pull St Co4 Inc.;
77 4.
;
'fjii
V
Watts A Co.: W.
MATURING LATER
YEARS)-,*;
/-.yy
Cayrior, Olcmeuce A Co.,;Tne.; Merrill A Co.; T. L. Watson
and Whaples,,! i.ring A Co,
- 4
■; 74 '■
i
..A Co;,
'-v-'y*
^
-
-
-
v
-
.
I
;
2,940,000 New York New Haven & Hartford RR. 2t4% equipment
trust certificates, due 1943-1952. Purpose. Purchase of equip¬
ment.
1 riced to yield from 1% to 2.75%, according to
maturity.
Offered by Halscy. Stuart A Co.-, Inc.; I^idenburg, Thaimann A Co.: Otis A Co.. Inc.; G, M.-P. MurphyA (;o.; G regory A Son, Inc.; W. H. Newbold's Son A Co.:
First of Michigan Corp.; Edward Lowber Stokes A Co-., and
Walter Stokes A Co.
1,800,000 Northern
Pacific
Ry.
-
2K% equipment trust certificates.
priced
to yield from 0.85% to 2 50%, according to maturity. Off* red
by Salomon Bros. A Hutzler; Dick A Merle-Smitb and'Stroud
due 1943-1952.
outline the Treas¬
A Co., Inc.
the
$9,890,000
Purpose, purchase of new equipment,
7
A
C^oburn
•
275 in December.
ury's financing activities during the first month of
($1,120,224). _Price. $52 Jar
...Dodge
' A Co -Dian Wittfr A Co.; fperccr Trask A Co.; Tucker,
;:rt;,Aiitl)Oiiy A ('O.;. Domh ick A Dominick; W. E, Hutton'
;
:;A Co;;, Jacison A Curtis; .F.
8. Moseley A Co.
E.
H
i
Polling A Sons. Inc.; Wertheim A Co.; Hornblower A WeeksWhiting, Weeks ;A F(ubbs,_lnc.u Bodell A Co.. Inc.; AIua.
Frown A Sors;.Colley -A
; Equitable Seeuriths Corp.;
that month.
■■■!
anticipation notes during
latter amounted to
First
•
681,000 sold represented new money.
Yields on the new
issues were somewhat reduced from the high December
absolute
.
a brook
Smith* Xai
559,182
$5,150,000 Chesapeake & Ohio Ry. 1%% equipment trust certificates. /
(of 1942). due 1943-1952.
Purpose, purchase of new equip- '
■;"r
ment.
Priced to yield from 0.65% to 2.15%. according to
>:
maturity.
Offered by Halsey, Smart A Co.* Inc.; Blair A
Co., Inc.; Ladenburg, Thalmann A Co/, Gtis A Co., Inc.;
Equitable Serurities Corp.; G. M--B. Murphy A Co.;.First of
;j > 16,620 000
Michigan Corp.; Walter Stokes A Co.;Gregory A Son, Inc.;
:44.;v;;:v4t.
F. S. \antis A Co., Inc.; Edward Lowber Stokes A Co,, and
Moore, Leonard A Lynch.
,1
-.
:
from this source will aid ma¬
last year, however, bills were so
greatly in demand that they were sold at prices yielding
5%% preferred stock
Off
Est
;in^iu^ini
during
railroads
con¬
January
AND
THAN
meeting maturities but about $100,000,000 of the $600,-
in
BONDS
'
terially in the financing of the huge war deficit.
Bill sales last month were chiefly for the purpose of
level;
redeem
share.
give- complete de¬
Details of New Capital Flotations
LONG-TERM
$1,074,029,308, by far the greatest of any month since
they were placed on sale last May 1.
The previous high
of
w.
*
'
During January, 1942
.
Savings Bonds rose to a new high of
cumu'ative preferred ateck (no par).
Purpose, fir aire con¬
struction program ($9 319 984), pay bank loan ($1,000,000),
,
|
of the new bonds
.
we
■
issue of any kind brought out in
securities failed to accept the offer
of $1,013,839,300
/
Following the full-page table,
of Jan.
the outstanding
and
the following page we
the January figures with those for the corre¬
ing a five-year comparison.
Treasury bonds of 1949-51 for the $426,000,000 Treasury
notes of Series A-1942, due Mar. 15 next, the $236,000,000
3% Federal Farm Mortgage Corp. bonds of 1942-47,
as
on
sponding period in the four years preceding, thus afford¬
government agencies during January.
The operation
was carried out by means of
an exchange offer of 2%
called
comprehensive table
f
...
'
■f
dealers and broke is. including the following;
Otis A Co., and J. D. \ an Hoostr A Co.
.
s
Smart A Wagner:'
-
;
.
.
,
New England Telephone & Telegraph Co. 166.200 shares 4
*100); 1 urpose, reimburse treasury for
unrapitalized expenditures, additions, Ac.
Trice, $100 per
share.
Off red by the company direct to shareholders.
A *
of capital stock (par
total of 222.243 shar«s were off red. of which 166.200 shares4
subscribed by public, and 56,043 shares to be sold to American '
Telephone A Telegraph Co.
...
, 7
7- *:
pi-.
'i-
Louisville Gas & Electric Co. (Ky.).23,795 shares of common stock-(no par); - Purpose, reimburse company's treasury
fnr funds
for funds pvncmlrri for roi si rui-t ion.
expended for coi struction. PHca .<23.50 per otioro
Price, fO<l fin n*r share.
Offered direct fa the rublic by the compary and by certain
4' ~ 601,400 Pacific Telephone & Telegraph Co. 6,014 shares of com4 7;
mon stock (par $100).
Purpose, reimburse treasury for un,■ 7
capitalized expenditures, Ac, Trice, $100 per share. A total
of 656,250 shares offered to common and preferred stock¬
,
j
;
holders
j
Co.).
:
.
;
$29,220,790
'
'
(including parent / nurican Telephone A Telegraph
Only 6,014 shares subscribed for by public.
4 ...
"
.
'
"
,
;
OTHER INDUSTRY L AND MANUFACTURING
$82,500 Columbia Aircraft Products, Inc. 50.000 Rhares of common
stock (par *1).
T urpose. provide larger plant facilities, Ac. '
Price, $1.65 per share. Offered by Floyd D. Cerf Co.
<
2
H
O
O
G
3
G
Cn
O
W
O
M
W
O
>
§
2
o
>
r
o
o
w
O
3
r«
cr
Cn
t-1
cn
CD
-Fx
-fx
Total
.
S
41,250 2,0 .0 3.719.0 3,561,96
55
40,3 0
20 .0 0 7~2 5~,6
41,25.0
2.0 ,0 2,0 ,0
Refundi g 1,03 60
1 0, 0 300",
000
1,4 60
1.67 .0 C 1,67 ,0
425,6 6
39.78 40
32 ,0 323,0 0
. 1.470,
3(80 , 0 1,480", 0
50 ,0 0 250. 0 7,50 , 0
30 ,0
50, 596 23.50~6 47.8 ,417 12.74 13
3,80 , 0 "8050"0,
250, 0 5,20 , 0
Total
40 ,598
5.179.3 8 60 ,0 0
1, 01, 0 7,280,9 6 40,3 0 40 .598 5,379,3 8 60 ,0 725,0 0 3,10 , 0 50. 596
1.0 2.50C
20,30
4,176,89 60 ,0 0
1.08 .70 6,258,196 39,26840 40 ,598 4,26,89 60 .0 425,0 0 1,403.70 46.34596
1
4'•.
Refundi g 1,41,60 1.67 ,0 1,02,80
4,1 ,40 17,~50,6 7,5 8,50 29.4 ,90
4149;:438: Capitl 39,783.40 2.6920 3,562.96
323.0 0
•
v,■'V
%
New
'
New
16,32 3 20. ,0 137,96 0,1382,18 27.531,20
Refundi g 5,20.0 5,0 .0 "■186.30
: : : 10,386 0 19.256~ 27,12356 56.74865
'
«
;
$
Capital
$
Total,
S
Total
,
1939
"
5,0 ,0 "ibo',6
2,50,0 7,60 , 0
462,3 2 750, 0
1,2 ,3 2 5,0 ,0 1,470. 0 10 ,0 0 4.26,32 750. 0 1.480, 0 50 .0 2,750, 0
5,0 ,0
5,0 ,0
186,30
186.30 5.0 .0 30 ,0 0
0
3.986.30 , 850"0,
2.50.0C 2,60,01
276,032 750, 01
1,026,032 1,70, 0 10 ,0
276,032 750, 0 630, 0 50 ,0 2.50 , 0 5.926.032
"
16.32
250, 0
10.386 0
"
20.782,64
Capitl
Refundig
875,0 0
173,4650 28,s"6b 84,7317 287. 6,27
12,980 37,846.50 13,67.50
Refundi g 102,43.52 35.62,36 1 t- .
Total
20.5 ,0 83,056 0
18,40 0 12,980
37,096 50 1,40,0 1, 250 1,40,0 475,0 51,48350 20,5 .0 120,5 0 1,40,0 1, 250 1,40,0 18,756 173,46.50
-
.
20,493602 6.341,0
15.97,30 102,43 52
35,6230
31,398
2,802.70 19,548 6
1,53 ,751 1,40,0( 1. 250C 1,40 *.
1940
35.469,718 58,69 42 875,0 0 95,014.60
302.4 0 17.0 0 3.403 1.63 042
324.16,342 32,150"6O 63,45197 420.1 ,539
New
fun
Re
OJFAYNEIUVRS
YJFOMAENIVURTHS
C7'7" apital 19,548.6 2,83.750 13,67.50
$
630, 0 50 ,0 0,
2,30 , 0 10 ",0
"
i\ew
137,94832 28". 0",6 26,07235 192.8607
S
:17940
S
40 ,598
1,02 ,80 1,031",60 1, 2,50 36 ,65 1.697.30 4.1 .40
1,70, 0
5,926,032 20. ,0 18",I46 76,10832
2,30,0 2,60 . 0 1,62 ,032
New
jv;
$
s
7.50 7.60.0 1,2 ,32
,
Total
90,0 0
Capit l 39,26840
46,34596 5,60" 40,329 17 92. 4513
.
1939
1938
Capit l 16,750
Nero
35.62,30 20,493602 10,93 0
15.97 30 137,94.832
31.39*
15,921 5 18,24 750 1,40 0 1. 250 1.40, 0 3,27.0 35.469718
475.0 C
.-
i
Total
$
35,18.0 145.26 0t 3.0 t 3,498,06 2,150, 0 60, 0t 3.920C 19,50 302,4 0( 5,0 ,0 7.bo~,oc
Refundi g 4,790. 134,50 28.0 , 0 3,498.0 1,650 56.82 0 3.870 18,74.695 251,89 65 5,0 0 70.bo0".
685,327 5,076342
5,0 ,0 17.0 ,0 "390",30 4,0 ,715
4.6705 16,70. "390 030 2,435"670
Total
ITUONCSFTMSGONRRHOEHAPUNEPEFWRAID
FTFGLAMIFNOOUOHAVRECREREPNIDGMGLNT, notes. agencis.&_ GbfSfoFuvrteomtaaornuhdnngmicdypiealdss.elys manufctrig- &c_ manufctrig &c_ manufctrig
540. 0
Re'fundi g 251.89 65 16,70 2, 85.970 ^v;?•
1941
•
«
3 0, 0
Capital 50.34805 1.54.30 1.096.042
2
Total
s
];/-r5.
14,62.0 38.60718 17.S63082
y
In
ol
82.46,34 3,7560 34.856,7 15.478,239
SUM ARY Canit l 32.45,860 36.8 84 17,863.082
87.15826 1.750 83,9 076 18.759 02
S
pic
A
50 ,0 0 3,178,0 15 ,0 0
Capit l 30.95,0 10,7n0 5,0 ,0
1942
CORPATE,
$
170,32.190 4,950.6 18.25,91 3 ,28.14
•
/:■. Refundig 81.726,140 1.20,4
CF
1941
52,9867 2,6"6o40,1 02 95.3869
•
$
New
,38765 29750, 6 23, 517 324,57.840
i"l
;■
.
$
405,305
3 0, 0 3 0, 0
60,348 0b
New
95,0 6
1942
CAHARNTDE
49 .140 2 7,0 0
Capitl
Aetf
1,20 4 82,1024
28,10 56 26,49 06
9,8 0, 0 2,0 ,6 2,50 ,860 15.0 ,0 1,80 , 0 1o,1d5e0, 32,45860
95,0 0
5,87019 9,80. 0 10,2 .790 2,0 ,0 29,64.06 15.0 0 2,07,0 f.iso' o
95.0 0
54,79 6f 9.80. 6 28.10,56 2,0 ,0 29,15026 15.0 ,0 1.80,0 I.156. 0 87.15826
Can dian Other
T
j:
;
MONTH
."Grand These
*
Farm
*
Term Railroads Public Iron, Equipment Maotnodrs
Long
United
Total
Other
Oil
Railroads Public Iron, Equipment Maotnords Other
Land, Rub er Ship ing Inv.
Total
Oil
Land, Rub er
Inv.
Stocks— Railroads
Equipment and
Public Iron, Motors Other Land, Rub er.
Total Total—- Railroads Public Iron,Equipment Maotnodrs
Ship ingInv.
x.
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Com on Can dian Long-term Pref red Com on Other Long-term Pref red
Domestic—
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22*7"
OJANUFRY Shor^t_-eLm stock.. bonanotdess. Short-em stock. stock foreign— bonanotdess. Short-em stock
JOANUFRY NBoteosa—nds utiles&csco_topea.ll,,,manufctres oi indausntrdl &buildcngs, htotrrladudisnintgg,,,Miscelanou. 1NBoStheoosar—nt-Tdesm utiles&ccsootpeall,,, manufctres *oi indausntrdl b&uildcngs. Shipng.httorraluddsiinngg,,,Miscelanous utiles.&scoatUeple,r,mnufacts eoriindausntrdl b&uildncgs, :&httroraulddsciinntgg,,,Miscelanous — utiles ccsoto<ep&all,,,manufctres. oi inmdaaunsunftrcdtrilg b&uildcngs. • h&tortarluddciisnngg,,,Miscelanous!sceocrupritate.
TnComstock ocotrpaatel. Gvnm t forgoeveringmnt. GLoaann, Muncpatl—S ,PSosteaiens. toal idnficgDluuordeets
Corpate— bLoonagn-tderms Presftockd
MONTH
■V9
30,950 10,75.0 5,0 ,0 2.065.0453.178,0 15 .0 0 1.420,632 52.98,67
1, 20, 24
81,726.40
95,0 f
$
685,327 2, 50.372
56,783.
271
29, 0796 26,49 06
9
Keiwdna 81.0 ,0
2,85970 9.70 C 134,90 35,0 . 0 3,4980 4.085,670 56.82,0 3,87.0 23.41 695
1,56 .045
890, 0 81,0 0 2,0 ,0 3.0 .0 15.0 0 2.07,0 l.SO' O 14,620
'1
40,185.0 145,6 .30 40, .0 3.498,0 6.150715 60, .0 3,920 24.835,2'; 324.1632
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CHRONICLE
THE COMMERCIAL & FINANCIAL
v
Monthly Report
?
Governmental Corporations and Credit Agencies
on
showing assets and liabilities as of Dec. 31, 1941, of govern¬
wholly or in part by the United States, was contained in the
Department's <lDaily Statement" for Jan. 31, 1942.
' 1
'
.Y
'• I
»i'-. i'
YY
As now computed, the Federal Government's proprietary interest in these agencies and corporations, as of
Dec. 31 was $4,464,011,667, and that privately owned was $431,058,085.
'
•
;
monthly report of the Treasury Department,
The
mental, corporations
Saturday, February 14, 1942
and credit agencies, financed
,
.
,
Jt
.
The
cash
holdings of the Government as the items
1942, are set out in the following.
The
figures are taken entirely from the daily statements of
the United States Treasury of Jan. 31.
stood
Jan. 31,
'
Y
■,
CURRENT ASSETS AND XIABILITIES ^
i
■
>
'
SUMMARY (d) OF COMBINED STATEMENT OF
LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF
REPORTS RECEIVED BY THE TREASURY*—DEC. 31, 1941
ASSETS AND
THE
FROM LATEST
UNITED STATES, COMPILED
'
h
•'
:
Assets—
Gold (o«.
:■
>
>
GOLD
-
'
,
.
649,911,364,6)
$22,746,897,760.34
.
Assets
Total-....
Investments
•4
Estate
and Other
and Other
Guaranteed
by U. S.
Receivables
Business
States
Securities
Corporations
and v >
Property
Gold
Reconstruction Fin. Corp..
hd 33,739,275
188.834,550
26,079,660
38,438,419
6,534,128
.
21,515484
Insurance
Loan
&
Savings
federal
Corporation—
Banks,
573,198
33,313,732
Admin...
Assn..
U. S. Housing Authority.—
farm Credit Admin...
.
federal Housing
federal Farm Mtge.
>. 95,281
49,341,027
the
$22,550,015,546.56
'
,
.
resulting from reduction in the weight of
dollar:.!.'
gold
•' %
'
<
;
.
.
-...J..
....
143,353,449.83
53,528,763.95
In working balance..
SILVER
Assets**m:
*
'
- ■■
^
Silver dollars (oz. 374,250,678.4)...
444,888
336,384
22,612,578
Total
'
Liabilities—
Silver certificates outstanding
Treasury notes of 1890 outstanding
Silver in general fund......
Total...
.
-
GENERAL FUND
RR. Admin.)
Assets—
Corp.—
Gold (as above)
Corp..
U. 8. Spruce Prod.
Silver—At monetary value (as above).....!
Other:
Subsidiary coin (oz. 5,850,720.5).l_....•...._
Bullion—rAt recoinagc value (oz. 1,203 7)..
.'
Loan Corp
& Farm Auth_.
Farm Security Admin...
Disaster
"
1,800,000,000.00!
' /K
Balance of increment
201,412,796
126,488,259
corp'ns &
agencies (in llquid'n):
Navy Dept. (sale of sur¬
plus war supplies)
Bee. of the Treas. (U.S.
U. S, Housing
'
-
Silver (oz. 1.145.975.993.0)........
emergency
War
',
.
,
2,236,205,476
324,707,041
2,686,991
1,644,196
Credit banks.
Cooperatives
froduction eredlt corp'ns..
Regional ogric. credit corps.
fed. Lnterm.
Ranks for
v».
,
,
1,442,098,860
169,286.168
banks.*..—■.
Federal Land
Treas¬
by'silvpr dollars In the
100,041,677
4,056,538
Corp..
also secured
are
Gold In general fund;
213,194,696
514,803,885
278,881.798
h4.028.368
federal Nat. Mtge.
1890
of
133,069,394
308,306,368
6,061,351
federal Home Loan
notes
346,351,416
2,585,934,793
5.449,390
175167060
l
Loan Corp .y
784,090,323
6,785,105
Electrification Adm.
WWme Owners'
$1,158,772 of Treasury notes of 1890 outstanding.
'
88.128,563
Maritime Cofflm'"..
Mural
585,929,149
11,159,409.10
156,039,430.93
States notes
ury
Treasury.
Exchange stabilization fut»di...
469.529,788
Tenn.
(tF S.
17,706,872,727.63
•
and
1,272,452,381
12,635,179
Deposit Ins. Corp.
—_i-.."..•i—i.
•Note—Reserve against $346,681,016 of United
3,561.654,489
Valley Authority...
Mubllc Works Admin
■
$2,876,243,979.00
Governors, Federal Reserve
Redemption fund—Federal Reserve notes...
Gold reserve.!J..k-..^..1
h48 373,335
Corp...
certificate fund—Board of
'System
;
s
<(30,877,615
«*port Import Bk. of Wash.
federal Crop Insur. Corp...
(Federal
Agencies
..............122,746,897,760.34
Liability— •
■ <-• ' ■■■>',.
»
,
' ,
Gold certificates—Outstanding (outside of Treasury)..:
Government
Securities
United
Capital
Stock, <tc.
Commodity Credit
Real
Accounts
Preferred
loans
Due from
—
Ei. Home
At cost value (oz,
v;
1,358,390,378.9)*;.
Minor coin........
Indus., Inc..
Dept.
(Indian
Fed. Prison
United States notes......
Interior
Federal Reserve notes
loans)
1
Inl'd Waterways
Corp.t.
National bank
corp'ns.r_.
RR. Co.t...—.
Puer. Rico Uecon. Adm..RFC Mortgage Co
Nat. Defense
i
notes.......
Unclassified—Collections,
Deposits in:
Panama
...
—.'..!
Federal Reserve bank notes
etc
Federal Reserve banks
:. Special depositaries account of sales of Government securities.
/'.National and other bank depositaries:To credit of Treasurer United States..!..........
Valley Associated
Cooperatives, Inc. t._.
Tenn.
.....
Department:
Advances to Fed. Res
banks for Indus, loans.
Treasury
To
To credit
Fed. savs. & loan assns
—
iii..<
...
:
To credit of Treasurer United States..:
by Bur.
of int. Rev. tn set¬
tlement of tax llab's.
Secure, ree'd from the
RFC under Act of
Total....
...
'
corpora¬
Uncollected items, exchanges, etc...—.—.—
to other govern¬
mental
corp'ns
or
I
agencies
Subtotal-—
Other deposits—..........——f.._v....::;..'
Postmasters, clerks of courts, disbursing officers, etc;.!......
agencies
Due
Balance today—Increment on gold (as above)*"" $143,353,449.83
598,664,916 495.853,425 884.090,826
—
115,169,019 959,432,185 573,592,070 713.576.2U6 2594,386,932 3,337,397,854
18,758,885,704-
1
Seigniorage (sliver, see note IF.
Working balance.„
In¬
terests Incl. above..
Interagency
Less:
y:'v;
-v;
■
-
ttems: m
from other gov¬
tions or
•'
<
Deposits of Government officers—Post Office Depart men t. V:..
Board of trustees, Postal Savings System—5% reserve, lawful
V:';:'..: money.
i—i—.f.—_
Interagency
ernmental
'■
Liabilities—
Treasurer's' checks.outstanding,:...^.. i
Feb.24,1938
•:
United States
ree'd
Secars.
Due
of Treasurer
Philippine treasury:'
1920).
tipn Act,
officers
'
<
To credit of other Government officers..
•
(Transports
RR. loans
of other Government
credit
Foreign depositaries:
....I:
■
.
;
'
598,664,916 495.853.425 884.090.826
Total-...——--—
Li ib I ties and Reserves ;
;
Not
Guaranteed
-:-v
Due to .
I
Corp'ns
|
Guaranteed by Govt*
by United
States t '
l
United States
and Agencies
:
;
;
' -'
.
;
3,337,397,854
Total-
-
Assets Over
Liabilities
»
1
of
-
,
i
,
.
A
f.
Privately
Owned
0 15.421,487,850
Interagency
—
Owned by '•
,
United
Capital Stock
States
\ '■ •
'
Surplus
.——!.
—
'" 615,988,536.31
2,190.804.821.29
.
3.337,397.854
Interests
(Net)
:
.*
Total.,
♦
Distribution of U.S. Interests United States
Proprietary Interest
! 5
Excess
;
' I
>
-
115,169,0191959,432,185 573,592,070|713,576,2Q6 2594,386,932 jXs &. {;
—
—
<Y——
V-—
------
The weight of
cost p?r ounce at
$3,231,751,532.34
—-.t-ii.'—.
thls'ltem of silver bullion-is computed on the basis of the average
the close of thr month of December, 1941.
Note I—This item of seigniorage represents the difference between the cost value
and the monetary value or
silver bulltoir revalued and held to secure the silver certifi¬
cates Issued on account of silver
acquired under the Silver Purchase Act of 1934 and
under the President's proclamation dated Aug. 9, 1934.
Reconstruction Fin. Corp.. kl807791,777
Corp— k703,563,940
Commodity Credit
Export-Import Bk. of Wash.
Federal Crop Insur. Corp.. '
Federal Deposit Ins. Corp.. '
Note 2—The amount to the credit of disbursing officers and certain agencies today
$6,039,343,683.11.
was
330,472
12,079,660
296,623,592
:
Authority
Tenn. V'al.ey
£318,393,858
305,739,452
*
22,553,349
k
Admin
U. 8. Maritime Comm'n..
Rural PJlectnficntion Adm..
(Public Works
These reports are
the respective
t Includes accrued Interest.
........
LoanCorp.y 2,432,080,777
Loan In¬
Corporation
Federal Home Loan banks
Federal Housing Admin
21,839,998
Federal Nat. Mtge. Assn
U. S. Housing Authority... kll4,951,613
121,774,611
Farm Credit Admin
220,568,044
56,134,103
Homo Owners'
........
Non-stock (orIncludes non-stock
a
b Excess Interagency
1,759,067
surance
Deficit
c
£.328.193
purchases
6,635,732
Banks for
........
........
plus war
i Shares of Htate
of sur-,
of
Prod. Corp.
....
(Indian
Dept.
of
Waterways Corp.t.
...I....
69,931,433
2,478,717
-
....
n
Fed. Res.
..i.....
.
........
.... —.
the
-
mental
.
— -
liabilities:
gov¬
liabilities of the Treasury Department and
Included In. this statement.
arid paid-in surplus Items
paid-in surplus of the corre-*
the capital stock and
V'"'
•
-
r
.".
Treasury and included as liabilities under tho
"Due to Government corporations and agencies—Treasury,"
Rubber Reserve Company, Defense Plan¬
Includes Metals Reserve Company,
Includes
capital stock
and paid-in surplus of Government corporations and
*"*•.*;
agencies.
—
........
govern¬
al280267,495
bl280267,495
t Figures
shown arc as of Nov, 30,
available,
or
x
Includes
the
assets
and
liabilities
,
of
V
V
v
'.'-v.
the
V'-.".-.
Federal Land
In¬
previously held by the Federal Government.
y
terests incl. above—
Total.
;
■■■-J
banks of Louisville,
Ky., and Houston, Texas, which have retired the capital stock and
Interagency
■.V
:
Figures as of Dec. 31, 1941, arc not
1941.
— -
Subtotal-.......... 6,359.328.050 4,167,090,048
Lots:
Valley
Tennessee
ning Corporation and Defense Supplies Corporation and Defense Homes Corporation
— .
corpora¬
corp'ns
and notes held by the Secretary
interagency
holdings of capital stock
Represents Interagency
account of obligations held by the
a
agencies
;
as
Includes cash In trust funds.
on
tions or agencies
other
by
Exclusive of the amouut of the Government's financial-Lnterest In these agencies
'■•x
RFC Act Feb.24.1938
to
financed
—
Interagency items: m
Due
shown
are
Represents Interagency assets and
caption:
tlement of tax llab's..
other
being
now
p
tlon Act, 1920)
Secure, ree'd by Bur.
of Int. Rev. In set-
from
$200,512,000
q
RR. loans (Transporta-
ernmental
which
sponding organizations.
....
Fed. savs. & loan assns.
Due
Treasury,
whleh. are not deducted from
bks. for Indus. loans.
from
to
of Government agcaoles, which agencies are not
........
Treasury Department:
ree'd
the
m
Tenn.Yal.Asso.Coop.,Inc.
amounting
2,737,838
........
........
has also agreed to disburse $203,041,500 on additional
commitments
and Commodity Credit Corporation, $162,000,000.
Puer. Rico Recon
Becurs.
as
Authority, $56,772,500; U. S. Housing Authority, $254,000,000; RFC, $804,770,COO,
1,184,970
.....e...
RFC Mortgage Co
;
contract
k Excluded are the following amounts in bonds
/.-/V
Nat. Defense corp'ns.r...
Advances to
made in the amount of $365,522,000,
securities issued by local housing authorities.
loans)!—
RR. Co-t.----.
Adm.
Housing
loan
98,715
14,991,719
28,492,308
552,400
—....
Authority
The
........
.
Corp..
Auth-.
Admin
Fed. Prison Indus., Inc..
Farm Security
Panama
Advances have been
1941, against loan contract commitments amounting to $505,658,000.
31,
........
El. Home & Farm
Inl'd
Dec.
........
Corp
Other: Disaster Loan
Interior
$766,170,000.
of
ltlt. Admin.)
U. 8.Spruce
As of Dec. 31, 1941. the United .States
Housing Authority had entered into definite contracts calling for maximum advances
(U. 8.
Bee. of the Treas.
under
building and loan associations, $36,390,810; shares of Federal
) Also excludes contract commitments.
supplies)
U.S. Housing
shown
savings and loan associations, $138,776,250.
agencies (in llquid'n) :
Navy Dept. (sale
now
Items and items in transit,
£ Adjusted for Interagency
&
corp'ns
emergency
aro
h Also includes deposits with the RFC) and accrued interest thereon;
690,716
War
which
f Also includes real estate and other property held for sale.
367,573
Regional agric. credit corps.
from Surplus Marketing Administration for lend Icaso
under this classification
Excludes unexpended balances of appropriated funds,
e
2,207,243
Production credit corpus...
formerly shown
Interagency Assets.
Corp.. 1,279,120,915
63,785,900
bauks.x.. ...
1,797,258,572
Credit hmk3.
238,479,771
Cooperatives
proprietary Interests),
assets (deduct),
(deduct).
d Excludes amounts due
89.502.493
Federal I-'arm Mtge.
Fed. lnterm.
therefore may not agree exactly with statements Issued by
agencies.
489,436,550
Federal Savings &
Federal Land
7
revised by the Treasury Department to adjust for certain
interagency items and
........
T'"./!'-.'
i
.
Flgires represent preliminary report of Corporation/-;
...
6,359,328,050 4,167.090.048
•
z Includes $154,221
due to Federal
subscription to paid-in surplus,'. "'
banks from
"
paid-in surplus
,
Final report not received,*-
the'United
States Treasury for
,-'
1 !
.
Volume 155
Number 4046
>
THE COMMERCIAL & FINANCIAL CHRONICLE
London open market discount rates
In
Friday
on
as
creased
for short bills
against 11/32%
all
reporting member banks.
Money
11/32—11/16%
call at London
on
on
Friday
on
Friday
last
of
week
-
1%.
was
in securities declined
Demand
specting the returns of the entire body of reporting
for the
increase of $78,000,000
in
000
an
ward to conform with the
to
ceilings
The
The publication
further reported:
under which the
will
Co.
pay
the
arrangement
on
in
during
copper
the
and
is
enlarging its
quota classes are provided
plan:
1—Zero quotas, to apply to any
Five
re¬
49,366
tons.
tons
2—Intermediate quotas, for any
which
property
produced
more
tons
of
production.
5—Special quotas, for excess of
100%, covering production which
can be reasonably expected from
certain properties at the estab¬
lished ceiling prices for copper,
zinc.
and
lead
^Quotations
Valley,
continued
at
that own two or
mines must account for any
material decrease below quota
any
one
property.
that such a decrease
with
avoidable
of
all
will
results from
quotas
circumstances,
properties of the company
combined and premiums
be
paid only to the extent that total
production exceeds the total com¬
pany quota.
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
9
52.000
52.000
52.000
52.000
10
52.000
52.000
52.000
52.000
11___—52.000
52.000
52.000
52.000
Chinese
51.125c.
London
Producers described the market
a
more
or
less
routine
affair.
11,621
5th
to
quota¬
no
OPA,
Quotations continued at
6.50c., New York, which was also
sellers
estab¬
in
New
confused about quota¬
were
freight and 2% to the base prices;
brokers added freight plus 1% to
the base prices;
and consumers
claimed that they could purchase
the
on
Pacific
Coast
and
freight to arrive at
the New York equivalent.
This
situation resulted in a range in
simply
add
prices of $195.14 to $198.96 per
flask, with virtually no business
in
the
metal, pending further
totaled
.
4,354
tons,
at
35VsC.
Companies which did not oper¬
mining properties dur¬
but had plants under
way
to operate them may be
assigned a quota higher than zero.
Companies in this classification
ing
1941
have received notification.
As
announced
in
the
previous
week, premium prices will obtain
an
over-quota production for a
period of two and one-half years,
beginning Feb. 1, 1942.
Should
the emergency end before July
31, 1944, the Metals Reserve has
stated that it reserves the right
deposits
ad-
—
36,000,000^
40,000,000
—
—226,000,000
.
—1,385,000,000
22,000,000
20,000,000
+
47,000,000
—
—
—
32,000,007!
•
•
—290,000,000
24,457,000,000
Domestic
+1,659,000,000
27,000,000
—
+
13,000,000
+
+
5,214,000,000
U. S. Gov't deposits
Interbank deposits:
78,000,000
—
238,000,000
..i_
\
1,482,000,000
banks
9,166,000,000
§26,000,000
126,000,000
+
14,000,000
—
1,129,000,000".
19,000,000
—
1,000,000
___,
The
American
Petroleum
Institute
estimates
that
the
daily
crude oil production for the week ended Feb. 7, 1942, was
4,336,900 barrels, an increase of 465,550 barrels over the previous
week, and a gain of 719,250 barrels over the corresponding week
last year.
The current figure was also in excess of the 4,101,800
average
barrels
daily average recommended by the Office of the Petroleum
month of February.
The daily average output
the four weeks ended Feb. 7, 1942 is estimated at 4,141,300
barrels.
Further details as reported by the Institute follow:
Coordinator for the
for
Reports
received from refining companies owning 86.9% of
4,680,000 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, 3,853,000 barrels of crude oil
daily during the week ended Feb. 7, 1942, and that all companies
had in storage at refineries, bulk terminals, in transit and in pipe
lines
of the end of that
week, 100,224,000 barrels of finished and
The total amount of gasoline produced by
all companies is estimated to have been 12,895,000 barrels during
as
unfinished
gasoline.
the week ended Feb. 7, 1942.
AVERAGE CRUDE OIL PRODUCTION
DAILY
1942
5408,200 h'.:+-±
5246,700
1
Nebraska
Week
35c.,
re-
177,500
J
150
5,100
+
20,050
87,500
74.050
+
3,850
146,150
131,000
—
Texas
Total
+
68,650
+
'344,200
Texas
—
—
1,596,000 cl,606,389i
72,750
230,650
^
376,100
200,1-50
80,700
94,050
309.700
+ 461,400
1,731,400
Louisiana
237,700
89,400
384,700
6
+ 148,100
255,200
Southwest Texas
2,800
309,700
15,750
+
439,100
;
Coastal
+ 110,950
95,750
Texas-
1,557,200
300
81,559
69,350
—
250,150!
1,341,900
'
Coastal Louisiana
283,850
—
335,000
Arkansas
74,500
74,500
Mississippi
—
1,950
57,400
283,250
224,850
2,250
364,800
294,200
100
364,550
344,955
Total Louisiana
74,150
74,600
583,550
3,800"
+
70,000
77,800
19,95#
1
371,800
Indiana
Eastern
_
New
+
150
19,700
21,50#
90,350
10,450
95,650
87,650
53,200
+
;V 1,900
50,850
39,500-
89,400
+
350
88.650
73,100
20.400
20,750
50
20,800
6,500
6,650
recommendations
of
Office
the
3,650
1,350
119,450
100,650
+ 451,500
3,502,250
2,997,950
4-
14,050
4,336,900
4,101,800
of
18,850
6,300
650,350
d632,300
632,300
are
—
3,686,550
3,469,500
States.
—
120,700
119,300
119,300
;
United
These
a
520,900
__
Mexico
Total
324,250
78,000
_
_
361,700
47,000
—
Colorado
500
94,200
—
Montana
+
incl.
(not
111. & Ind.)
Michigan
Wyoming
370,500
17,200
Illinois
California
and
422,450
251,750
95,550
353,400
Texas
North
1941
408,350
4,500
148,200
Central
East
Feb. 8
650
—
'55,100
1
5,200
.
East
Ended
Feb. 7
1942
395,300
251,700
Week
Ended
Previous
Feb. 1
251,700
,
From
Feb. 7
Beginning
395,300
4 Weeks
Change
Ended
abies
-
dations
Oklahoma
Week
Allow-
Recommen
(FIGURES IN BARRELS)
—Actual Production—
State
aOPC
+
the
639,050
Petroleum
619,700
4,141,300
465,550
3,617,650
Coordinator
for
the
of February.
month
bOkla., Kans., Neb., Miss., Ind. figures are for week ended 7 a. m. Feb. 4.
c This
is the net basic 28-day allowable as of Feb. 1, but experience indicates that
it will increase as new wells are completed, and if any upward revisions are made.
With
21,
few exceptions the entire State was ordered shut down
and 28.
-
a
22
d Recommendation
spectively.
RUNS
CRUDE
of
Conservation
TO
STILLS;
Committee
of
PRODUCTION
California
OF
Feb.
on
4,
GASOLINE;
8,
14,
15,
/
.
Oil
Producers,
STOCKS
i
OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
DAILY PRICES OF METALS
—Electrolytic Copper—
Exd. Refy.
Dom., Refy.
Feb.
Straits Tin,
New York
5
11.775
6;
11.775
11.700
52.000
7
11.775
11.700
52.000
9
11.775
11.700
10
11.775
11.700
11
11.775
11.700
.
—LeadNew York
St. Louis
<
(Figures in Thousands of Barrels of 42 Gallons Each)
8.25
6.50
6.35
8.25
6.50
6.35
8.25
6.50
6.35
8.25
Daily Refin-
Crude Runs
52.000
6.50
6.35
8.25
ing Capacity
to Stills
52,000
6.50
6.35
8.25
52.000
•
v
6.50
11.775
11.700
.
52.000
Figures in this section include reported totals plus
an
,
6.50
.
6.35
8.25
Average prices for calendar week ended Feb. 7 are: Domestic
f.o.b. refinery, 11.775c.; export copper, f.o.b. refinery 11.700c.;
Straits tin, 52.000c.; New York lead, 6.500c.; St. Louis lead, 6.350c.;
St. Louis zinc, 8.250c.; and silver, 35.125c.
copper
ten-
above
quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies. They are reduced to the
basis of cash, New York or St. Louis, as noted. All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In
the
trade,
domestic
prices are quoted on a delivered basis; that Is.
plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard. Delivered
prices in New England average 0.225c. per pound above the refinery basis.
delivered
at
copper
consumers'
quotations for copper are reduced to net at refineries on the Atlantic
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 r>f ,05c. is deducted from f.a.s. basis
On
(lighterage, etc.)
to
arrive at
the
f.o.b.
refinery
quotation.
.
Gulf
La.
&
U.
basis
Tot.
U.
basis
U.
S.
a
S.
■
sidual
and
Fuel
Gasc-
Oil
Oil
line
ished
Gaso-
Distillate
of Re-
Blended
line
1,715
19,343
12,756
85.1
523
3,943
376
566
784
84.9
709
90.4
2,691
20,799
4,344
418
81.1
327
78.2
1,277
65.0
191
71.8
825
9,567
3,560
3,763
1,078
120
1,130
91.3
1,031
91.2
3,352
18,361
7,697
9,213
Not
172
94.8
160
93.0
475
4,633
1,519
2,180
Avail¬
51.5
80
82.5
236
962
73
365
—_
Jan.
of
7,
,
ated
8,573
Avia¬
tion
Gaso¬
2,078
line
1,273
Stock3
138
50.7
82
59.4
351
2,190
281
616
90.9
542
68.9
1,450
16,866
12,375
61,651
4,680
86.9
3,853
82.3 12,895 100,224a 40,038
86.9
3,848
82.2 13,201
40,674
This
90,859
4,680
able
91,189
Week
M.
'42_
of
-
fuels
81.7
ing
787
B.
Hon
97
___
B.
Avia-
148
Ark._
Feb.
Bur.
M.
31, '42
97,810
of Mines
8. '41.
•
"
3,616
11,773
92,511 37,223 97,782
Finished 92,141,O00'tbi:ruhfrnlshed S,'G83.000 bhl. e At refineries, at bulk terminals,7
basis
-
S.
e
Oil
583
California
Tot.
' i Aver,
Oper- Natural
Stocks f Stocks
of
Gas
Unfin-
84.5
Mountain___
Rocky
Daily
Fin-
100.0
Texas
Louisiana Gulf
Export
seaboard.
port-
Incl.
Stocks
e
ished St'. \
266
Inland
No.
P. C.
Stocks
174
Appalachian
Ind., 111., Ky
Okla., Kans., Mo.__
Texas
Produc'n
fineries
Re.
Rate
Gasoline
at Re-
'
714
Coast.—__—?
East
estimate of unreported amounts, and are therefore on a Bureau of Mines Basis
P. C.
Po-
tial
The
1942
Zinc
St. Louis
6.35
52.000
11.700
District
Average.
WEEK ENDED FEB. 7,
OIL,
("E. & M. J." QUOTATIONS)
„
ate certain
V,oV'.V
—
6,000,000
Liabilities—;
Total East of Calif.
Silver
changed
'•
Ended Feb. 7,1942 Increased 465,550 Barrels
study of the situation.
January statistics revealed that
The silver market in London
output of zinc made a new high,
the
daily rate for the month has been unchanged at 23 ^d. The
being 2,555 tons.
The market New York Official and the U. S.
situation was unchanged.
During
prices
are
also
un¬
the week ended Feb. 7 the Prime Treasury
8,754 tons.
'
Daily Average Crude Oil Production For Week
Dealers added
area.
218,000,000*
2,029,000,000!
+
1,000,000
+
3,282,000,000
...
North Texas
the ceiling prices
by
532,000.000'
—
•
domestic
Panhandle Texas
lished
186,000,06a
+
17,000,000
25,000,000
—
532,000,000
;
with
February
inclusive,
11th,
metal
tons.
Shipments
vault
in
Balances
■
Market—Feb.
tions for this
Sales for the week involved
2,710,000,000
3,683,000,000
Borrowings
tin,
<V:?
24,000,000
+
—
,+•
banksi—.;—10,226,000,000
serve
99%, spot, was
nominally as follows: Feb. 5th,
51.125c.; 6th, 51.125c.; 7th, 51.125c.;
9th, 51.125c.; 10th, 51.125c.; 11th,
York
Lead
as
~1—.
Gov't
S.
West Texas
foreign metal at 11.75c., f.a.s
of
If it appears
52.000
52.000
Under
12c.,
on * domestic copper,
Western division sold
Companies
more
52.000
5
7
Quicksilver
any
of
May
tions.
less than 600 tons.
rate
April
6
Feb.
ceilings
on
brass
slightly revised the
scrap schedule.
metal but the contract settling basis of the
American Smelting & Refining
3—100% quotas, for any prop¬ Co.,
and
at
6.35c.,
St.
Louis.
erty which produced more than Chemical lead sold at 6.40c., St.
600 tons of any metal.
Louis.
4—Special quotas, to apply on
Zinc
less than 100% of 1941 monthly
200
than
U.
Kansas
and
property
tion
March
Feb.
for in the
which had no produc¬
or
produced less than 200
of any metal during 1941.
arrival
Feb.
issued
copper
'
far
so
OPA
1, 1942, regardless of the time
tonnage
quotas are an¬
v
month
scrap
prices apply to
production after
w.-v
future
Feb.
the
serve
when
nounced.
for
Feb.
supply. Sales for the week
the basis of mines or groups of by
the domestic trade totaled
mines by a joint committee com¬ 39,906 tons, making the total for
Premium
tin
follows:
Feb.
Activity
1,264,000,000
2,345,000,000
9,112,000,000
—
18,000,000
+
3,000,000
+
the
Feb.
Copper
a
Quotas are to be established on
over-quota
tin supplies.
Feb.
Government
OPA.
Steel
three
War Production Board.
follow:
WPB
S.
that
Straits
was as
Batt, of WPB, and Leon Hender¬
son, of OPA.
The rules, in part,
of
U.
conserve
for February will be smaller than
those of the month previous. The
officials
be¬
+
1,914,000,000
bonds
51,000,000
—
2,obo"66o
./■
Reserve with Federal Re¬
the
Corp.
an¬
electrolytic
tin plating production lines and
six supplemental lines for chem¬
ically treating black plate will be
installed
by its subsidiaries to
last week centered in taking care
of allocations.
Tonnages released
of
stunned
15,000,000
" 1,000,000
+
35,000,000
Foreign banks
was
111.000,000
23,000,000
—
410,000,000
Other securities.
4, 1942, follows:
depressing
news
coming out of the producing areas
of the Far East.
The price situa¬
tion remained unchanged.
The
premium on extra production of
copper, lead and zinc were an¬
nounced on Feb. 9 by William L.
posed
of
nounced
All
inquiries concerning the
application of the premium price
plan are to be directed to the cop¬
per, lead or zinc branches of the
easier in spots
shipping terms.
favorable
terminate
tin trade
1,661,000.000
+
1,248,000,000
...
justed
104,854
+
...
.
Time deposits
backlog increased to
7,000,000
Obligations guaranteed by
of the principal assets and liabilities of
cause
12 reported
equitable terms.
manganese ore was
Reserve
in
City and $78,000,000 at all reporting
Tin
the approach to the subject by the com¬
Quick¬
imposed by OPA. Magnesium has
been selling at 22V2C. a pound, it
was revealed last week.
Foreign
Regulations
$194,000,000
tons.
to
on
pur-
loans
S.
14,000,000
+
425,000,000
banks—..—
to
+4,171.000,000
+ 1,904,000,000
carrying
loans.
estate
Demand
The
mittee empowered to fix quotas, many in the trade believe.
silver prices were revised down-<§>-
Feb.
declined
banks.
apply for obtaining premium prices for overquota production of copper, lead, and zinc were announced in
Washington during the last week.
Success of the plan to raise
all
deposits-adjusted
reporting member banks together with changes for the
in deposits credited to domestic
"Metal and Mineral Markets" in its issue of Feb.
output depends largely
for
or
Loans
U.
A summary
Non-Ferrous Metals—Regulations Issued
For Premiums On Extra Production
Metals
Real
•
$
j/';
13,000,000
424,000,000
securities
New
Feb. 5, 1941
and
Treasury bills
week and the year ended Feb.
on more
chasing
Holdings of United States Government bonds
New York
member
.
banks."
are
loans
Other
.
.
balances with Federal Reserve Banks
and
—
6,785,000,000
securities.
in
banks...:
changes for the week ended Feb. 4: Decreases of $226,-
that rules that
dealers
district, and $24,000,000 at all report-
banks, and declined $35,000,000 in
+
11,241,000,000
brokers
to
'
'
;
Open market paper—.'
City, $24,000,000
$
30,355,000,000
Loans
■
Cash
demand deposits-adjusted,
investmejw*—'
and
Since
Jan. 28, 1942
$
v
,
Commercial, industrial
and agricultural loans
Deposits credited to domestic banks increased $59,000,-
banks in 101 leading cities shows the following principal
in
•:''
••
Loans—total
$290,000,000 at all reporting member banks.
The condition statement of weekly reporting memebr
$290,000,000
$23,000,000.
New York City, $37,000,000 in the Chicago district, and
week ended with the close of business Feb. 4.
reserve
•
Feb. 4,1942'
>
Treasury notes..
Board of Governors of the Federal Reserve System re¬
and
Loans
'*
'
'
Assets—
increased $25,000,000.
following will be found the comments of the
000,000 in
cv"
'
Other
Member Bank Condition Statement
member banks of the Federal Reserve System
member
York City,
) or Decrease <—)
Since
:f
Holdings of Treasury bills increased $25,000,000 in the
ing
the
Increase ( +
loans: in¬
Loans to brokers and deal¬
New York district outside of New York
in the Minneapolis
In
agricultural
total
week, and 11/32—11/16% for three months' bills,
against
and
$16,000,000 in New York City and $7,000,000 at
Friday
on
ers
of last
as
11/32%,
were
industrial
Commercial,
;|1||
Foreign Money Rales
709
Feb.
in transit
and
.
in pipe lines.
\ Included in finished and unfinished gasoline totals.
THE COMMERCIAL & FINANCIAL
710
Bank of England
The statement for the Bank of
ended
Feb.
shows
11
drop of £5,389,854 in other deposits.
The latter amount
is the difference between bankers accounts which were
months maturities.
six
£5,453,438 and other accounts which rose
£63,584.
Government securities and other securities in¬
creased £285,000 and £238,095, respectively.
This last
amount is the difference between the increase of £363,272
in securities and the decrease of £125,177 in discount and
by
Following
items
.
COMPARATIVE STATEMENT
ENGLAND'S
OP
BANK
Feb. 11,
1942
1941
£
£
749,525,000 602,032,000
Public deps.
9,197,000
23,941,000
Other deps._ 180,553,095 165,803,585
Bankers
Feb. 15,
Feb. 14,
Feb. 12,
Circulation.
Feb. 16,
'
1940
1939
1938
£
£
£
531,635,700 473,220,558 474,083,361
39,217,685 12,476,556 15,771,619
146,054,046 146,027,611 141,900,836
;'"V.
*'
122,318,143 110,628,593
accounts
of the different
present a comparison
we
several years.
for
'
f
105,529,637 110,529,400 106,405,418
Other
29,415,825
40,524,409
126,136,164
27,843,557
35,498,211
82,491,164
30,988,903
35,495,418
97,863,165
24,962,846
4,737,134
23,106,423
18,122,700
21,866,197
34,440,000
29,351,000
49,377,614
646,872
Securities
Res.
coin-
1,383,189
54,202,945
53,046,666
and
bullion
—
1,013,314 127,423,503 327,130,027
Proportion of
Bank
15.4%
34.1%
33.6%
2%
2%
2%
168s.
2%
rate-
26.6%
2%
16.3%
to liab.
res.
168s.
.
Gold value per
fine
168s.
oz._
84s. liy2d.
84s. ll'/ad.
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full
below:
of
members
the
Clearing House Association
York
New
at close of business Wednesday, Feb.
Profits
•Capital
Trust
236,265,000
15,795,000
20,000,000
27,453,600
77,500,000
Co.
City Bank
Bank
95,391,100
632,192,000
a2,602,333,000
154,301,000
20,000,000
90,000,000
Guaranty Trust Co.
Trust
35,341,000
&
Co.
Manuf.
$
14,511,000
Man¬
the
Chemical
Average
$
$
of
Deposits
6,000,000
Bank of N. Y
hattan
Tim#;
Net Demand
Deposits
Average
Undivided
Members
National
Co.
41,891,200
12,989,000
923,366,000
189,470,900 b2,087,840,000
42,233,700 :
811,856,000
59,161,700
87,016,000
110,017,000
Cent. Hanover Bank
Trust
&
Co
83,899,000
26,660,000
10,000,000
110,278,400
380,270,000
746,840,000
50,000,000
54,193,600
715,727,000
6,824,000
77,911,000
140,639,800 d3,396,383,000
4,384,800
62,823,000
86,203,500 el,193,177,000
1,272,000
15,000,000
Co.
First Nat.
77,530,400 cl,132,872,000
21,000,000
Bank
Exch.
Trust
Bank
Irving Trust Co.
.
20,458,200
1,025,000
Continental Bank &
Trust
Co.
Chase Nat.
4,000.000
...
Bank—
100,270,000
Fifth Avenue Bank
500,000
Bankers
Title
Trust
Co.
Guaranty
25,000,000
37,148,000
4,411,000
67,933,000
Totals
•As
change
date);
anti-aircraft
34,663,000
7,000,000
9,094,300
142,610,000
1,099,000
11,060,000
110,401,000
52,006,000
986,605,500 15,898,509,000
737,381,000
31,
Dec.
State,
1941;
Dec.
31,
(latest avail¬
11.), $2,564,-
(latest available date); e (Jan. 31), $24,303,000.
barrels
New
above
of the Bureau
barrels,
the
February
of Mines.
was
the
market
Texas, with
major factor
was
demand
a
climb
in the
new
record flow of oil.
Inventories of finished,
unfinished and aviation
line crossed the 100,000,000-mark
time
in
months,
total
to
100,224,000 barrels.
a
92,551,000 barrels.
gaso¬
last week for the first
rise of 2,414,000 barrels lifting the
A year ago, stocks
were
Stocks of finished and unfinished
gasoline, light and heavy fuel stocks on the East Coast
all
Daily average flow of crude oil to stills during the
of the month
was
up
to 3,853,000 barrels,
against 3,848,000 barrels a week earlier.
at 82.3% of
duction of
895,000
Refineries
ran
capacity, against 82.2% a week earlier. Pro¬
gasoline showed
from
the
by
single
cash appropriation
sought- in
was
the
trucks and equipment.
Approval of the expen¬
the total lend-lease appropriations to
penses,
diture would bring
and the transfer of naval and
anti-Axis nations without limitation
to value brings the total authorized under the lend-
date
to
as
$27,715,000,000,
tonnage
cargo
to
lease program to more -than
$30,000,000,000.
-
Moderate improvement in British
food supplies during
past 9 months is ascribed to lend-lease aid by the
United States Department of Agriculture, which re¬
the
ported on Wednesday that more than 3,311,000,000
pounds of agricultural products valued at $36^,000,000
had been shipped between last April and the end of the
year.
Meat consumption in Britain in 1941 averaged
20,000
between 60% and 70% of pre-war
levels, fats 60%, sugar
Fish and fruit were sharply
curtailed, but fresh milk was only slightly below pre¬
war
consumption, and bread, potatoes, vegetables, all
unrationed, were 10% to 20% above pre-war levels.
According to British Labor Ministry figures, the cost
of living advanced about 30% between Sept. 1939 and
the end of 1941.
Small shopkeepers were warned by
the Board of Trade recently that the 1942 retail outlook
is bleak,
as shortages
of war materials and finished
,
40%, and eggs only 33%.
as
our
of
goods, price control and rationing will be more severe.
Soap rationing was announced on Feb. 8 in order toi
save 50,000 tons of shipping space by reducing consump¬
tion about 20%.
In order to obtain dollar exchange for
purchases, British manufacturers are studying
products which they could sell in this country without
competing with American products, a representative of
a British chain system stated recently.
He found that
necessary
•
,
china,
leather
earthenware,
goods
Under the 1942
fine
and
textiles
:
could be offered for sale here.
production program outlined by
President Roosevelt early in January, 53% of the aggre¬
war
production effort and efficiency until the
of converting durable goods industry to war ' gate industrial ouput will be devoted to war purposes.
Department of Commerce experts state, compared with
completed in June. The experience of the Brit¬
21% last year. In the durable goods class alone the ratio
ish during their intensive armament"-drive after Dun¬
will be 80% as against 35% in 1941.
Since a total in¬
kirk indicated that factory workers could not put in
crease in industrial output of only 15% is expected this
more
than 10y2 hours a day without impairing their
efficiency.
Monday President
arms
13,201,000
January.
production^program,
and for $3,852,000,-
shipping,
utilization of
United States tonnage in the common war effort, Presi¬
dent Roosevelt on Feb. 9 took control of all phases of
the American merchant marine, apart from the actual
construction of ships and training of personnel, from the
five-man Maritime Commission and placed full authority
in the
18,000,000 tons of cargo
to
hands
the change will have to be accomplished at the
of civilian production, with a resultant low¬
ering in the standard of living of about one-third.
Td
turn out the 60,000 planes set as the 1942 goal, four times!
as, many planes must be produced as last year.
Increases in service pay and allowances of £55,000,000
a year were announced on Tuesday, in order to provide
a reserve for use after the war.
Daily allowances of 6d.
(10c): will be set aside for non-commissioned soldiers
and sailors, and family resources will be increased by
reducing the compulsory allotment for dependents by
year,
v
Roosevelt signed the $26,495,000,000 naval appropriation bill and asked Congress for
nearly $23,000,000,000
to provide ; equipment for a
7,000,000-man army, including more than $13,000,000,000
for ordnance and more than $3,000,000,000 for acceler¬
On
ensure
of
the
the most effective
board's chairman,
Admiral Emery
newly created War Shipping
Land is empowered to allo¬
(other than those engaged in domestic
transportation) for use by the Army, Navy, other Fed¬
eral departments and agencies, and the governments of
the United Nations, and must handle the many complex
problems involved in adapting available shipping re-;
sources to changing supply needs on many fronts, while,
carrying out the 18,000,000-ton construction program
S. Land, as head of the
Administration.
Admiral
cate
all vessels
Establishment of a supply'
States garrisons on islands
across the Pacific to New Zealand, reported on Tuesday,
opens another vital seaway for the flow of troops and
/supplies. :
:
/•'•
'//1
/ ''-V '/":- V, "
to
be
route
completed in 1943/
protected by United
-
showed losses.
initial week
60,000 planes, 45,000 tanks,
requested
was
facilities, vessels and ships, necessary services and ex¬
Aug. 4
and 8,000,000 tons of shipping fixed
,
$5,430,000,000
Feb. 10 for lend-lease aid through June 30,
on
A
1943.
maximum
In order
The total
Institute.
Petroleum
American
461,400
the
of
Canada.
interests of speedy administration to meet requirements
such as agricultural and industrial commodities, storage
War
guns,
and
additional
work is
production of crude oil during the week ended Febru¬
ary 7 carried the industry
to a new record high of
4,336,900 barrels, according to the mid-week report
of
of
President
productive resources.
The increased
munitions/production is reflected in the
War Production Board report that about $2,276,000,000
was spent during January on war output by the Treas¬
ury and the Reconstruction Finance Corporation, com¬
pared with the rate of $2,240,000,000 estimated as neces¬
sary to keep pace with the President's 'program*
Mili¬
tary contracts approved in January totaled $11,652,000,000 against $3,482,000,000 in December.
Plane and
tank output was stated to be up to schedule and in
some cases ahead, and marked improvement was noted
in artillery,
ordnance and machine tools, j The War
Production Board is considering a spring drive to attain
duplicate
momentum
469,048,000
deposits in foreign branches: a $271,778,000
b $63,199,000 (latest available date); c (Feb.
estimate
belligerency the President on Feb. 9 re¬
the effective prosecution of
An
Germany, Italy
the objective in 1942 will
require immediate conversion of existing plants to war
purposes, according to Donald M. Nelson, head of the
War Production Board, as well as increased war output
by factories already partially devoted to munitions.
Conversion is the only straight, fast road to victory, he
said, for there is not time, material or manpower to
28,383,800
jump of more than 465,000 barrels in daily average
the
our
process
Crude Output Spurts To
235,100
on
Production, Lord Beaverbrook
will supervise and coordinate the work of the three
existing aircraft, shipping and transport supply depart¬
ments and will represent the British Government in
the
various
pooling arrangements with
the United
States, Prime Minister Churchill told the House of Com¬
mons
on Tuesday.
A White Paper issued on the sub¬
ject states that the Minister of War Production is
responsible for the allocation of resources, productive
activity, and raw materials, but not for labor power.
of
Minister
As
000 to build
of
Act
in
these countries was similarly suspended, but
on
ating the
A
is not quoted
trading in the Shanghai yuan was resumed on
under special Treasury license.
2,894,000
518,661,200
Includes
In view of
quested Congress to repeal Section 7 of the Neutrality
of the invaded European countries.
In London,
exchange on China and Japan have been suspended by
Government order since July 26.
In New York ex¬
2,088,000
per
000; d $98,609,000
on Dec. 3 amounted to $2,200,000,000 and at
the San Francisco Mint to $800,000,000.
'
any
17,570,000
official reports: National,
1941; trust companies, Dec. 31, 1941.
able
in the
placing four-fifths of the year's
Assay Office
The pound is firm
Britain
In London exchange
159,025,000
7,000,000
—
Co
government
$630,000 to transfer $1,000,000,000 from New York and
$500,000,000 from San Francisco. Gold at the New York
3.2280-3.2442.
1,171,000
Bank
Nat.
and Trust
in
1941
1937, in order "to legalize transactions essential
the war."
The section,
which forbids private loans to foreign belligerents or
$4.0314 and $4.04 compared with a range of between
the sale of their securities in this country, was not in¬
$4.0314 and $4.04 a week ago.
Official rates quoted by the Bank of England con¬
tended, he explained, to apply to a situation in which
the United States is itself a belligerent.
tinue unchanged: New York, $4.0214-$4.0314; Canada,
Senator Con4.43-4.47
(Canadian official, > 90.09cl90.91c per United j nally, of the Senate Foreign Relations Committee, said
that repeal of the section would facilitate trade with
States dollar); Australia, 3.2150-3.2280; New Zealand,
10,410,800
Com. Nat. Bank &
Trust Co.
half of
$11,000,000,000 increase in privately held and guaranteed
government obligations in the hands of non-bank in¬
vestors, whereas in 1940 the banks absorbed two-thirds
of the year's $2,500,000,000 increase in the Federal debt.
Plans to remove $3,000,000,000 in gold from New York
and San Francisco to interior depositories were disclosed
by a recent request from the Director of the Mint for
;
in light ;
trading.
The range for sterling /this week has been -j
between $4.0314 and $4.03% for bankers' sight, com¬
pared witn a range of between $4.0314 and $4.03% last
week.
The range for cable transfers has been between
5,000,000
12,500,000
Y. Trust Co.
Public
There /
sterling exchange is devoid of inter- i
est and under strict control.
6,000,000
Midland
Trust Co.
N.
4,574,900
&
Trust Co.
Marine
active this week.
second
Sterling Exchange
by President Roosevelt
11, 1942:
•Surplus and
Clearing House
Corn
market for
Production
of
Statement
Bank
Course of
The
or
notes
and
Coin
very
in the demand and the supply of
by selling
securities to investors other than banks resulted
continues fairly large.
Rates are unchanged al- I
though there has been a slight stiffening all along the j
line.
Rates are 5/8%-—%% for all maturities.
18,907,644
&
advances
continued
let up
no
Efforts to curb inflation
year.
}
paper
6,155,202
22,752,233
3,713,786
19,814,955
55,174,992
58,234,952
148,183,000 154,882,838
secur.
secur.
Disct's
23,528,741
6,663,592
accounts
Govt,
Other
been
liabilities de¬
week ago. The
slightly to 16.3% from 17.6% a
bank rate was unchanged at 2%.
clined
■
has
to
or
i
000,000 for the 1942 and $23,500,000,000 for the 1943 fiscal
j
proportion of reserves to
The
advances.
mercial paper
$110,000,000,000
$31,000,000,000 during the present fiscal year
$59,000,000,000 during 1943, new budget receipts
under the increased taxes will amount to only $11,900,-
tinued nominal at 114% up to 90
to
least
and
The market for time money continues
a
at
to
altogether. ' While expenditures are expected
reach
to
quiet. Rates condays and lVz% for four
The market for prime com-
limit
debt
it
remove
Dealipg in detail with call loan rates on the Stock
Exchange from day to day, 1% was the ruling quotation
all through the week for both new loans and renewals,
£3,113,000. Gold holdings of the bank increased £66,376, so that reserves fell off £3,047,000.
There was a
gain of £2,848,000 during the week in public deposits and
reduced
,!•
circulation
of
the
raise
Money Rates
England for the week
increase in notes in
an
New York
Statement
Saturday, February 14, 1942
CHRONICLE
a
slight loss, dipping to 12,-
barrels
in the
final week of
supplemental Navy and Army expenditures will
bring the nation's war costs to more than $140,000,000,000
by July 1, 1943, and the Budget Bureau estimates that
the national debt will then exceed $110,000,000,000.
The
The
latest
$1,500,000,000
of Treasury
current debt close to the
financing brings the
present $65,000,000,000 statutory
limit, itself $20,000,000,000 more than the level prevaling
during the World War, and Secretary Morgenthau an¬
nounced on Monday that he will soon ask'Congress to"
expense
6d.
35s.
week.
a
An
increase
made in the allowance for each
of
Is.
The threat to Australia implicit in
of
week
a
child.
■'
.
is
to
be
r
the imminent loss
produced immediate stringent action to*
mobilize ihe full strength of the country in a united
Singapore
war
the
effort.
Minister
Prime
Cabinet's
announced
decision
a-series
of
to
Curtin
call
up
economic
on
Feb.
additional
measures
10
stated
men
by
and
which
workers, wages, prices, profits, investments and inter¬
est rates are brought under rigid Government control.
Wages and prices arq pegged at current levels, subject
living adjustments, profits are limited to 4%,
the sale or investment of capital is forbidden without
to cost of
Government
loans
or
permission, except for investment in war
official war purposes.
Recent regular
other
tions, to be put into force immediately, require all
employees to obtain work through Government labor
bureaus, impose severe penalties for employee absences
except for illness, and forbid dismissal of war workers.
Government called for 29,000 more
half of them women, within the
next six months.
In addition, women will be needed
to join the 40,000 now engaged on work in textile mills.
On
Monday
munitions
The
though
the
workers,
Canadian
dollar
continued
relatively
firm,
below the high of 88.56 reached last week in
Tuesday's trading.
Canada will float its second $600,000,000 Victory Loan between Feb.' 16 and March 7,
*
Volurrie 155
THE COMMERCIAL &
Number 4046
'
Finance
offered at par
Ilsley stated on Tuesday..The loan
in three maturities: a 2^-year
issue at 1 lk %,; maturing Sept.,, 1, 1944; a six-year issuer
at
'%, to mature on March 1, 1948; and "a 12-year
issue at 3%, maturing on March 1,1954.
TheTong-term
issue; available in denominations from $50 to $25,000,
will be. payable at maturity at 101 and may be called
at 101 during or after 1952.
An issue of $95,000,000
lx/2% bonds and an issue of $60,000,000 2% bonds ma¬
turing this-May 15 and June 1, respectively, which are
largely held by the life insurance and trust companies,
banks, and financial institutions, may be exchanged for
the new Victory Loan.,
*
"
; : Canadian companies
purchasing -essential materials
or manufactured
products in the United States will re¬
ceive the same priority assistance as in .the case of
our
own industries, the United States War Production
Board announced on Monday. " Canadian industries may
apply the priority ratings stated in the appropriate gen¬
eral preference orders or may submit individual appli¬
cations for priority assistance!.
Applications under the
general priority orders should be sent to the Canadian Department of Munitions and Supply at Ottawa, which
will obtain approval from Washington.
In the case of
individual
applications by Canadian companies for
priority aid, applications should be made to the same
department but directed to the United States Priorities
Specialist who is to be stationed: there to assist in
handling such applications.
The
American
of
Foreign Exchange Rates
^
>
review that,
tifying daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the
had
dimished
Montreal
funds
foreign exchange
rates certified by federal reserve bank to treasury under tariff act of 1930
Noon
Value
Feb. 6
EUROPE—
-
-
.
,
Bulgaria, lev
Czecho-Slovakia, koruna
during
the week
Other
Free
by the Reich Finance Minister
von
marks.
between
t
franc
France,
i
U.
-
t
The
in
i
a-
figure
is
based
on
at
■•V't
-
V
t
'
t
.
-:v;.
t
t
;
t
■',
«
t
t
t
8
8
S
/,/:■.
/''.7
'
t
t
t
t
•V
t
§
1
§
§
■"A,§
§
8
,
dinar
./•v.
t
Chefoo
Shanghai
dollar
§
-./a'
§
t
t
t
t
t
t
t
t
t
Tientsin
India
dollar
(British),
t
(yuan)....
t
t
t
t
t
t
(yuan)
t
t
Straits
AUSTRALASIA—
New
*
,
t
.301215
t
.301215
.301215
t
.467400
t
%
.467366
Holiday
t
,
.467400
.465300
>3
pound—
4.228000
3.228000
3.228000
3.228000
3.215033
3.215033
3.215033
3.215033
3.227833
3.227833
3.227833
3.227833
3.227833
3.980000
pound
3.228000
3.215033
:
Zealand,
3.980000
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
AFRICA
Union
of
South
Africa,
pound
AMERICA—
dollar—
Canada,
.909090
Official
.880625
Mexico,
.882734
.205625
.205625
.909090
.909090
.909090
.909090
.878125
.879375
.880000
.880000
.880208
.297733*
.297733*
297733*
.297733*
.237044*
.237044*
.237044*
.237044*
.237044*
.060580*
.060580*
.060580*
.0605f}0*
.060580*
.051385*
.051410*
.051335*
.051385*
.051360*
dollar
Official
Free
.882500
.205625
.297733*
Newfoundland,
.882421
.205500
.909090
peso
.881875
.205625
Free
placed in blocked savings ac¬
was
,
.301215
t
.467400
dollar
t
+
.
t
.301215
rupee_____
Yen
Settlements,
Japan,
;
(yuan)
dollar
Kong, dollar
Hong
-'
t
(yuauj
dollar
China,
NORTH
—
SOUTH AMERICA—
war.
revenue had risen, he said,
marks in 1938 and to 110,000,000,000
marks in 1940 and 115,000,000,000 marks in 1941. Note
circulation mounted from 13,200,000,000 marks to 22,000,000,000 marks from the beginning to the war to
Argentina, peso—•
//Official
Free
„
Brazil,
milreis—
Official
-
Free
Chile,
.
.
./•
peso—
'
.
,
§
Official
•
;/■/:
Export
:
Colombia,
.
.570050*
/ / Non-controlled
Nominal
.569925*
.570000*
.570000*
.658300*
.658300*
.658300*
.658300*
.532225*
.532225*
.527500*
.528000*
.528166*
'
Controlled
•
.570000*
.658300*
peso
Uruguay, peso—
1
rate,
....
omitted.
S Temporarily
available.
rates
t No
.
the Finance Minister stated, was, in
proportion to population, only 1/3 that of Britain.
The
German debt was placed'at 37,200,000,000 marks in Sept.
marks in
1939,. 79,400,000,000
from
t
f
t
■
t
§
Hankow
80,000,000,000
on
1940, and
Count
the end of 1941.
out that interest
t
t
t
t
S
China.
met
000,000 marks in 1933 public
marks at
Holiday
4.035000
v
t
t
t
franc
China,
Count
was
increased from 6,800,060,000 marks in
17,700,000,000 marks in 1938 and 32,000,000,000
marks in 1941. Count von Krosigk stated that savings
deposits increased from 11,400,000,000 marks in 1933 to
19,800,000,000 marks at the outset of the war and to
36,000,000,000 marks by the end of 1941. From 46,000,-
t
/
t
-
t
t
■
r
China,
■
r
revenues
Reich debt,
4.035000
4.035000
'
placed
to
The
•
r
■<
t
v.'
krona
Free
recent address
a
counts and used for the conduct of the
last November.
r
t
'
'
peseta
Yugoslavia,
182,600,000,000 marks, to which must be added
the 36,000,000,000 marks of machinery replacement re¬
to
4.035000
-
4.035000
■:/:
.
/
t
'
-
asia—
the cost to
Tax
/:
t
■
Switzerland,
taxation and half was added to the public debt.
According to his statement, the increase in the debt
amounted to 91,300,000,000 marks. Twice this sum brings
1933
4.035000
4.035000
.
t
___
leu
Sweden,
t
t
4.035000
t
r...
Italy, lira
Netherlands, guilder
Norway, krone
Poland, zloty
Portugal, escudo
by
which last fall
V
4.035000
pengo
Rumania,
t
t
t
Germany, reichsmark
drachma
Spain,
:
4.035000
.
Greece,
Hungary,
Feb. 12
$
t
,
t
../
markka
Australia,
war was
Kjosigk's statement that half of the cost
serves
/•■■
V.
/
■
t
—
;
Finland,
Feb. 11
'
—
•
/
$
..
t
i.
Denmark, krone
England, pound sterling—
:
official
.
Foreign Exchange
Germany of 27 months of
218,000,000,000
$
■
t
Official
The cost to
$
.
&
—
and a discount of 113/16%.
and
Feb. 10
Feb. 9
"/Belgium,: :Belgarr-iwi^;v«—--i.
to
ranged
Continental
United States Money
In
V
Feb. 7
■
'
-
Buying Rate for Cable Transfers In New York
and Monetary; Unit
Country
'
v
feb. e to feb. 12, 1942, inclusive
u
on
$16, and it is expected that
by December, 1942, the Canadian figure will be $93 less
than the per capita debt of the United States.
discount of 11%%
We give below a record for the week just passed:
v
both
ference
Pursuant to the requirements of Section 522 of the Tariff Act of 1930, the Federal Reserve Bank, is now cer¬
world.
Securities
Corporation reports in its
the basis of official records
countries, Canada's per capita debt, which at
$295 in June, 1930, was $165 greater than that of the
United States,
^was only $30 greater in December, 1940,
when it stood at $387.
By the end of last year the dif¬
quarterly
»•>
711
Minister
will be
FINANCIAL CHRONICLE
von
Weekly Return of the Member Banks of the Federal Reserve System
128,500,000,000
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giv¬
ing the principal items of 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
Krosigk pointed
Reich borrowings had been reduced
7%
to 3x/2%, while the terms of Treasury bonds
had been extended from 4 years to 20 years, making it
themselves.
*
"
possible to carry the public debt with 10% of the normal
ASSETS
revenue.
The Bank of France disclosed
on
AND
LIABILITIES OF
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
(In
Feb. 9 that the total
German occupation costs to the end of 1941
amounted to 210,000,000,000 francs, placing such a severe
drain on the Treasury that the government "has been
forced to resort to printing presses" for money.
The
New
arbitrary
exchange rate of 20 francs to the mark has
buy all the commodities they
the Germans to
require for next to nothing and to acquire large interests
in French companies and enterprises.
The French Fi¬
nance Ministry is trying to offset the low exchange rate
by maintaining fixed commodity prices, but its efforts
are complicated by the competition of the black markets
for
dwindling supplies.
It was made known recently that Spain's debt to Italy
for war material provided during the civil war was
established
by
accord signed
in Madrid
May 8,
1940, at 5,000,000,000 lire (about $250,000,000).
Spanish
Treasury bonds for that amount were accordingly trans¬
ferred to the Central Bank of Italy as evidence of the
an
debt.
>
on
-.v'
what
feature.
following
1%%.
The rate
its
on
The Cuban -peso receded some¬
recent advance to a premium of
Venezuela rose to 28.50 on Wed¬
nesday.
Brazil closed the year
■:
with
a
,
-•
'•
'
•
:
$65,000,000, having exported 6,729,401 fcontos and im¬
5,514,417- contos.
The United States: bought
56.94% of Brazil's exports and supplied .60.30% of its
imports, and Argentina purchased
9.16% and sold
11.25%.
Strategic materials accounted for the major
,
share of the increase in exports to the United States."
Nicaragua is considering the modificaiton
tion of its exchange control, because the
or
aboli¬
improved ex¬
change position of. the cordoba, favorable export .prices,
the decrease in available United States products, and
:
Loans
30,355
Commercial
indus.
market
Open
Loans
estate
13,234
1,510
CITIES BY DISTRICTS ON FEBRUARY 4, 1942
Dollars)
—£
4,165
Cleve¬
Rich¬
At¬
land
mond
lanta
Minne¬
Kans.
Chicago
Louis
apolis
City
$
$
$
$
$
$
943
536
860
684
2,664
272,
464
360
1,137
150
$
$
$
$
1,419
2,366
911
874
339
555
St.
4,400
828
414
460
1,418
San
Dallas
Fr'isco
292
421
168
959
286
302
255
487
107
95
42
39
19
8
41
23
2
29
2
23
secur—
425
11
295
27
15
3
6
46
4
2
3
4
carrying securs.
410
15
192
34
17
12
8
57
11
6
10
13
35
1,248
76
190
49
184
52
34
145
59
16
33
22
388
195
6,785
agricul. loans
and dealers in
Other loans for purch. or
Real
of
424
and
paper
brokers
to
$
783
11,241
Loans—total
delphia
$
$
-
investments—total
and
Boston
Total
Districts—
Reserve
ASSETS—
loans
—
430
2,802
233
-
9
'
Loans
33
35
banks
to
1
'
•
•
/
1
V
Other loans
1,914
144
558
111
204
85
124
170
76
96
87
64
bills
Treasury notes
1,264
50
485
18
20
9
30
457
16
35
18
34
2,345
40
1,520
26
185
75
51
237
43
15
42
42
69
9,112
456
3,908
447
845
321
161
1,423
255
144
137
145
870
2,710
54
1,562
104
170
103
63
292
57
30
78
39
158
Treasury
United States
Obligations
bonds
by
guar,
U.
S.
Govt—
Cash
in
3,683
127
1,594
269
272
64
109
573
112
40
121
64
338
493
5,203
466
756
284
206
1,455
260
105
248
188
562
27
17
85
14
7
15
14
30
238
249
630
219
89
307
295
305
45
47
74
21
14
19
32
304
554
532
with domestic
banks—
140
101
25
57
3,282
vault
Balances
181
230
199
340
:
1,226
70
444
68
88
24,457
1,520
11,242
1,275
1.878
713
3,518
630
367
652
619
1,489
5,214
218
1,095
192
712
200
189
955
185
107
135
129
1,097
1,482
17
794
30
54
46
62
240
23
3
30
37
146
9,166
343
3,601
445
543
401
424
1,467
513
201
517
330
381
626
21
■
assets—net
Other
92
10,226
securities
Other
Reserve with Federal Reserve Banks
LIABILITIES—
deposits—adjusted
Time deposits
United
States Government
Inter-bank
Domestic
deposits
banks
—
;
costs
and hazards
6
1
2
10
750
253
12
"23
"43
~17
"23
"~6
8
"~4
251
1,664
217
396
102
99
431
100
64
1
20
~~5
334
92
398
111
of travel have
marked decline in demand for United States
caused
dollars.
Furthermore, Nicaraguans are finding that their money
can be safely invested in their own country.
Exchange on the Far Eastern countries is nominal.
It is reported that China may float an issue of domestic
bonds in dollars and pounds sterling, which with the
new loans of
$500,000,000! from the United States and
$200,000,000 .from
Great! Britain, will absorb legal
tender now-in circulation.
A Chinese dollar is worth
about 5- cents at the official rate of exchange, but prices
.
have reached
1
564
1
23
3,925
:
Capital accounts
increased
/
1
—
Other liabilities
a
"
deposits:
Foreign banks
Borrowings
the
...
favorable trade balance
of
ported
■
Demand
-
the latest Rumanian loan was reported
so
unfavorable that the Subscription period was ex¬
tended for the third time. Jf satisfactory results are not
obtained by March 1, a forced levy may be expected.
Exchange on the Latin American countries is dull
Response to
and -without
Federal
/
Phila¬
York
paid for
enabled
Millions
—
__
.
fantastic levels in Chungking,
Relief for
the Government
undertaken
—
—
'
being
Commodity Pro¬
employees with fixed salaries is
by the newly established
duction and Distribution Administration,
which intends
industries and institu¬
tions and to establish cooperative stores where goods
obtained with Government funds at much lower prices
to
run
from
all Government factories,
neighboring provinces will be sold at cost.
being used to expedite
While lend-lease facilities are
delivery of supplies to the Netherlands East Indies, the
People's Council stated on Feb. 9 that the Government
will continue to pay cash for its United States purchases
unless its exchange
position should deteriorate.
THE COMMERCIAL &
712
FINANCIAL CHRONICLE
.
Saturday, February 14, 1942
,
Week
•
CLEARINGS
THE COURSE OF BANK
clearings this week show an increase
Bank
chief cities
clearings
clear¬
+0.5% above those for the corresponding week last year. Our prelim¬
inary total stands at $5,549,719,372 against $5,519,732,079 for the same week in 1941.
At this center there is an increase for the week ended Friday of 2.5%.
Our com¬
ings will be
"York
New
1
261,989,843
—
—
3,286,540,487867,935,010
3,737,788,300
886,977,844
days.
five
cities,
+
+
32.5
4,833,329
+
32.4
.16,703,129
17,370,119
73,600,000
+
31.5
53,800,000
48,200,000
1,362,878
1,687,283
34,817,955
+ 130.1
—32.3
>
+
17,228,000
25,731,732
+ 35.3
20,403,356
18,371,255
2,316,778
+ 60.0
264,781
3.5
1,777,960
172,433
1,760,364
158,161
47,525,647
+ 33.2
37.224,386
38,852,496
266,387,050
206,782,640
+28.8
157,806,981
,148,155,953
+
Dlstrict—Chlcagd—
1.7
382,385
487,079
+ 46.2
88,777,819
76,156,467
4.8
2,821,560
1,582,821
2,855,239
693,801
706,153
188,306,490
128,825,396
3,865,389
V 2,603,354
2,487,924
24,688,000
Rapids
V V'
Lansing
Wayne
Indianapolis
0.5
833,650
20,736,000
255,526
(10 cities)
Ind.—Ft.
5,519,732,079
•'925,650
1.9
3,707,035
Grand
South
1,003,297
1,230,738
+ 16.9
—
63,299,647
....
3,688,580
+
2,060,101
+ 26.4
Mich.—Ann Arbor
2,001,702
21,612,000
2,563,865
6,731,821
Bend
Haute
2,710,298
5,902,792
—
1,085,830
24.3
1,589,657
1,409,085
+ 14.2
16,154,000
5.4
1,782,514
15,901,000
1.293,739
+
—
+ 14.0
5,210,351
4,551,557
24.7
20,672,135
19,643,670
+ 31.6
+ 29.2
1,148,201
8,881,428
7,827,862
+ 36.3
3,365,149
3,125,360
Wis.—Milwaukee
We cannot furnish them
.t
29,194,700
J
1,725,529
23,412,870
1,311,310
+
la.—Cedar Rapids
13,521,617
10,466,410
3,866,824
595,016
—33.2
314,806
293,261
Chicago
5,269,706
397,255
388,182,335
327,015,689
+
18.7
272,138,787
261,069,295
Decatur
+
17.0
911,479
1,026,132
6.9
3,793,464
3,127,071
Des
which we present further below,
final and complete results for the week previous—the week
ended Feb. 7.
For that week there was an increase of 15.7%, the aggregate of
clearings for the whole country having amounted to $7,157,196,872 against $6,183,409,824 in the same week of 1941.
Outside of this city there was an increase of
23.8%, the bank clearings at this center having recorded an increase of 8.5%.
We
group the cities according to the Federal Reserve districts in which they are located
and from this it appears that the New York Reserve District (including this city),
recorded an increase of 8.6%, the smallest for any District in the country.
At the
top of the list Kansas City had a 38.2% increase in volume of checks cleared over
the same week last year; Minneapolis followed very close with an improvement
of 35.2%.
St. Louis was next with a rise of 35.2%, Dallas with 30.9% and Atlanta
with 28.8%.
San Francisco and Chicago showed gains of 26.0% and 25.2%, re¬
spectively.
The Cleveland Federal Reserve District had an increase of 22.8% and
Philadelphia of 18.3%. Richmond improved 17.5% and Boston 15.1% from the
corresponding week a year ago.
In the following we furnish a summary by Federal Reserve Districts.
Moines
Sioux
City
111.—Bloomington
_
.
1,230,162
1,051,676
Peoria
4,488,699
4,198,322
1,924,279
1,660,680
Springfield
able to give the
1,395,136
1,401,621
679,270,112
542,487,440
Total
(18
cities)
1,045,594
!
Rockford
detailed statement, however,
In the elaborate
4,968,704
21,592,837
3,136,207
Seventh Federal Reserve
estimated.
are
.
27,732,000
+ 11.3
4,378,605
6,583,402
28,596,710
.
r
Mobile
today, inasmuch as the week
ends today (Saturday) and the Saturday figures will npt be available until noon
today.
Accordingly, in the above the last day of the week in all cases has to be
we
115,633,040
La.—New Orleans
exaci ueicuia
anu
129,195,907
96,800,000
......
Miss.—Vicksburg
2.2
1,365,256,582
4,624,766,144
924,953,228
issue of next week.
+17.5
....
Terre
t-oinpieie
our
173,576,968
1,972,568
+13.7
4,154,475,497
5,549,719,372
in
58,316,030
20,745,993
District—Atlanta^—
Detroit
cities, one day.
66,663,130
22,223,782
203,997,551
(6 cities)
Federal Reserve
Total
1,210,898
+ 17.2
+ 11.6
27,218,000
+ 16.4
32,879,314
90,234,068
Macon
+ 16.4
2,165,000
36,361,001
1,193,025
+ 35.9
+ 13.1
70,239,434
+ 30.5
2,305,000
19.9
+
31,213,956
Augusta
+ 30.1
86,515,980
*
—
Baltimore
All
101,177,080
81,776,821
'
+ 35.7
3,911,000
45,961,348
1,540,591
Fla.—Jacksonville
r+ 37.0
■;
34,849,712
.NasJhvme
>
21.7
'
315,805
449,889
105,719,562
C.—Washington
Ga.—Atlanta
+ 23.8
131.639,938
97,879,704
--
;—
Cleveland
105,132,718
—
_—-—.«—
Detroit
Other
130,103,184
:
Francisco
5,308,000
2,093,377
Ala.—Birmingham
+
'
.t.
;Vi,
+ 27.7
716,005
55,112,539
Total
+ 15.3
191,551,470
75,823,773
74,400,000
108,201,000
I939U,-:
1940
t-
914,361.
1
Md.—Baltimore
.
2.3
-V
v1
V.
v
District—Richmond—
C.—Charleston
D.
7
Inc.brDec.:
•
Richmond
S.
2.5
314,000,000
98,924,969
City
Louis
St.
San
+
+
101,900,000
125,970,000
-
Pittsburgh
2,055,043,928
256,194,171
362,000,000
233,144,675
—
Boston
Reserve
Tenn.—Knoxville
$
$
2,106,429,166
Chicago
Kansas
1941
1942
-
Philadelphia
Federal
Va.—Huntington
Sixth
Telegraph
Clearings—Returns by
Week Ending Feb. 14
1942 y:\:
$
' -
Va.—Norfolk
week follows:
parative summary for the
-
Fifth
W.
"
v4* V'V V
Vfv, > ,V
Prelim¬
compared with a year ago.
inary figures compiled by us, based upon telegraphic advices from the
of the country, indicate that for the week ended today, Saturday, Feb. 14,
from all cities of the United States from which it is possible to obtain weekly
I '
>
,
Ended Feb.
V
1941--J/}
+
+ 15.9
1,147,047
971,778
0.5
1,212,785
1,044,585
+25.2
431,886,388
402,914,604
—
Eighth Federal Reserve District—St. Louis—
Louis
130,800,000
96,700,000
+
35.3
76,100,000
72,700,000
Ky.—Louisville
58,355,877
36,625,396
768,000
44,794,238
+
30.3
34,687,981
34,663,127
29,407,833
576,000
+
24.5
16,081,383
+
33.3
19,717,386
521,000
226,549,273
171,478,071
+32.1,
131,026,367
123,875,510
Mo.—St.
Tenn.—Memphis
111.—Quincy
Total
(4 cities)
431,000
Ninth Federal Reserve District—Minneapolis•
2,015,094
3,119,892
2,957,190
5.5
2.644,531
Minneapolis
93,341,519
68,643,458
+ 36.0
56,985,791
47,673,188
St.
37,079,010
26,266,993
+
41.2
22,984,207
18,994,190
1,840,541
Minn.—Duluth
....
Paul
+
N.
D.—Fargo
3,056,050
2,846,887
+
7.3
2,406,158
S.
D.—Aberdeen
1,204,822
743,572
+
62.0
665,005
474,977
-975,176
836,429
+
16.6
4,470,266
3,636,771
+
22.9
663,184
3,624,939
2,602,280
143,246,735
105,931,300
+35.2
89,973,815
74,116,702
Mont.—Billings
V
Helena
516,432
SUMMARY OF BANK CLEARINGS
Inc. or Dec.
1st
New
12
Boston
2d
v
••
'
•
-
10
Philadelphia
3d
338,396,305
Cleveland
Richmond
6th
Atlanta
10
7th
Chicago
8th
St.
8th
Minneapolis
4
6
11th Dallas
i
17.5
129,195,907
115,633,040
+ 28.8
157,806,981
148,155,953
+ 25.2
431.886.388
402,914,604
+ 32.1
131,026,367
123,875,510
143,246,735
542,487,440
171.478,071
105.931,300
+
35.2
89,973,815
74,116,702
194,348,347
140,612,269
+
38.2
118,034,259
112,537,649
103,454,158
ff
ff
79,027,665
+
66,289,343
64,579,919
224,200,676
30.9
346,294,820
274,883,700
7,157,196,872
3,652,244,481
6,183,409,824
2,951,137,268
+15.7
+23.8
5,002,211,582
2,357,582,891
District—Kansas City-
461,796,470
421,136,408
9.7
603,991,487
290,539,903
If
Outside New York City
32,343.229
3,020,624
3,029,638
5,204,057
3,314,651
+
57.0
2,562,006
2,582,159
132,234,328
'• 4,399.719
784,735
94,105,749
+
40.5
77,221,504
74,026,654
+ 31.4
3,107,769
2,734,426
42.1
637,553
472.769
786,394
Omaha
810,170
2.9
674,593
622,350
194)348,347
140,612,269
+38.2
118,034,259
112,537,649
2,596,729
—19.0
1,564,866
1,796,038
33.4
51,070,309
51,885,636
+ 34.0
6,301,342
6,549,095
•
Wichita
_.VR
—
*
Mo.—Kansas City
I
Joseph
Colo.—Colorado .Springs
...
•
Pueblo
2,180,825,004
:
cities)
(10
+
our
Week
figures for
the
detailed
each city for
Ended Feb. 7
Inc. or Dec.
Total
$
3,192,336
2,282,663
289,121,027
814,604
456,487
842,950
252,885,502
Portland
Mass.—Boston
River
Lowell
Bedford
New
H.—Manchester
cities)
Haven
Total
(12
-•
7,179,854
2,059,548
Y.—Albany
Blnghamton
Buffalo
2-
Elmlra
Jamestown
—-—
York
New
Rochester
'
J.
N.
-
.
Montclair
Newark
Northern, N.
Total
(12
J.
—
+ "
5,819,298
530,177
26,433,306
30,663,403
3,644,061,156
Cities)
Third Federal Reserve
Chester
-
;
Philade'phia
Reading
f\~-
-
546,000,000
1,244,873
Bcranton
1
i
Wllkes-Barre
York
N.
J.—Trenton
Total
Federal
Reserve
+ 37.1
28,221,034
0.3
—
+
—
2,870,691
2,771,296
7,874,145
2,534,000
Utah—Salt
Lake
599,617
799,437
8.1
423,230
424,480
+
31.4
993,360
940,123
5,228,940
+
2.6
2,871,332
3,233,451
79,027,665
+ 30.9
64,579,919
66,289,343
+ 37.8
35,505,757
+ 13.8
561,132
669,016
2,986,944
1,930,560
2,595,100
San
1,707,193
Santa
9,910,447
Stockton
26.3
9,767,144
4,417,549
10,231,200
0.9
587,068
City
Sui Francisco
1,114,498
+
6.5
803,415
792,766
38,604,835
+
22.4
26,683,215
23,661,877
15,305,781
+ 32.8
12,594,635
10,776,268
4,124,811
Youngstown
Fa.—Pittsburgh
L
+
3,763,083
3,311,504
45.4
+
552,500
0.1
—
+ 11.6
+
17.1
+
25.2
+
—
293,884,661
5,997,251
Beach
4,134,684
3,847,389
197,686,000
159,822,000
7.5
3,526,401
3,815,975
+ 23.7
135,381,000
126.408,588
11.9
2,335,403
2,441,431
1,340,114-
+
3,144,297
2,809,487
1,491,445
1,648,777
2,940,069
2,423,981
346,294,820
274,883,700
7,157,196,872
3,652,244,481
6,183,409,824
+
2,951,137,268
Jose
Barbara
__
9.5
1,888,194
21.3
2,171,152
1,803,844
+ 26.0
224,200,676
203,183,698
15.7
5,002,211,582
5,273,873,627
+ 23.8
2,357,582,891
2,180.825,004
—
+
3,778,995
9,056,700
Total
+15.1
237,753,715
231,047,715
(10 Cities)
Total
Outside
(112
cities)
York
New
Week Ended Feb.
VV"
6,021,849
+ 19.2
7,770,421
20,880,173
7.
1,661,109
+
24.0
1,267,935
32,500,000
860,422
37,100,000
+ 23.7
681,884
+ 47.9
764,258
+ 29.0
3,231,772,556
11,257,571
<
i
5,930,026
t
,
5,009,676
508,847
'+v 8.5 '
+
8.2
+
7.0
+16.2
+
4.2
'
.
29,000,000
433,537
441,439
"t,,:
700,464
2,644,628,691
+7
7
1
8,538,453
5,950,609
4,036,239
589,153
3,093,048,623
9.8
103,572,541
+
24.0
34,659,695
+
15.4
19,754,027
69,370,223
+ 11.7
59,486,259
6,067,542
5,719,429
+
6.1
3,663,473
3,070,702
+
19.3
8,505,878
8,459,339
+
0.6
6,398,911
7,350,748
2,356,667
—
2,539,211
1,968,09®
2,813,421
4,584,446
3,850,518
368,234
560,765
1,516,626
578,321
1,026,814
40,003,833
Vancouver
22,064,017
4,070,064
Ottawa
376,327
__—
Quebec
15,200,636
'
Halifax
.7 21,110,849
8.6
2,747,216,527
3,196,979,310
28,794,405
7.5
+
Winnipeg
+ ^6.6
+
137,493,969
150,928,689
128,380,831
7,382,923
427,117
'
Hamilton
Calgary
3,354,099,678
+
St.
John
Victoria
2,127,090
+
London
563,147;
+
1.4
360,920
438,437
Regina
Brandon
7.6
486,793
+
1.7
1,147,005
1,122,160
461,000,000
+18.4
386,000,000
343,000,000
1,529,131
—18.6
2,482,272
+
6,296,835
289,571
+ 30.2
+
r
2,923,481
Edmonton
752,586
491,560
634,046 V
420,459
1,476,472
V
-
—
503,531
623,605
6.7
2,135,408
1,159,611
+
6.8
7877,340
1,507,508
+ 39.9
1,077,754
3,234,800
+ 34.0
2,881,800
•
843,318
1,034,576
2,769,200
Fort William
New
Hat
396,866,641
353,467,961
Prince
2,116,740
1,844,009
54,163,997
50,535,991
112,637,172
89,240,587
75.727,936
,7.1
,
882,626
666,815
+
32.4
;
255,255
677,345
+ 34.9
7
11,799,500
7.4
9,378,600
9,413,700
Chatham
2,386,113
1,925,854
+ 23.9
1,628,970
1,564,802
Sarnia
3,037,348
+ 21.5
2,435,550
2,512,134
Sudbury
171,791,812
+ 16.2
114,707,043
366,637,986
+22.8
273,671,387
245,672,142
785,988
—
+
+
Total
9.6
53.0
1,008,455
.
" '547,269
;
-
■
,
1,399,482
; : 7848,767
726,390
552,881
*
7 834,887,
549,247
205,692
162,962
590,442
716,940
517,539
616,209
841,919
1,186,791
+ 13.0
+
15.4
1,363,250
2,895,974
2,422,602
+
19.0
341,450
271,699
515,963
3,198,068
433,657
843,327
+
34.5
745,028
+
5.6
1,062,326
769,573
496,193
692,883
—19.7
104,073,570
450,264,304
v
277,413
426.158
,
556,107
Kingston
—
11.2
787,061
Moncton
+ 28.0
+
4,607,873
2,115,382
4,461,199
4,189,059
1,764,962
1,803,186
2,338,869
3,293,423
2,880,583
1,134,122
Albert
2.0
+36.7
+
3,691,400
+ 35.8
+11.6
980,423
1,202,812
1,341,239
2,781,697
37.4
4.0
Kitchener
Sherbrooke
62,664,603
3.9
+
7.7
Windsor
+18.3
+
29.3
612,177
Peterborough
474,007,446
8.1
+
21,309,570
15,365,639
22,015,801
f
'
+
1,049,572
—
Westminster
Medicine
7.2
—
90,704,617
.r
344,322
Brantford
-
—12.9
101,919,629
"
+
V.V' 747,593
1,067,479
Jaw
Moose
—14.2
245,998,397
167,464,533
55,734,651
31,858,903
37,617,840
4,996,264
V
7,834,450
7,263,223
8,507,453
5
5,564,382
2,196,056
4,187,329
Iv
4,699,695
V 4,052,781
v»>
X 340,881
513,306
...
1,455,118
:
?'v; 589,097
+
1,632,650
Saskatoon
1,225,181
2,070,449
•
4,297,156
-r-
—
Lethbridge
1,330,544.
$
$
Toronto
Montreal
1939
1940
%
fv^VChhaaa^rtJVv:;
4,026,603
,
18,940,020
22,014,139
24,597,497
Inc. or Dec.
1941
1942
3,688,879
199,604,039
:
28,379,752
45,182,141
1,042,576
47,260,423
20,331,445
Pasadena
Calif.—Long
12,666,900
Mansfield
1,885,000
1,778,710
+ 19.0
1,000,003
62,266,630
20,2
144,123,931
Cleveland
Columbus
+
District—San Francisco—
Yakima
2,726,042
-
Reserve
Ore.—Portland
85,068,400
Cincinnati
(7 Cities)
199,273,933
204,108,838
+14.3
District—Cleveland—
Ohio—Canton
Total
2,648,714
1,238,740
2,109,419
4,335,700
560,927,061
(10- cities)
Fourth
1,711,692
Grand
570,753
825,279
452,462
1,501,121
2—,
-
Lancaster
1,619,947
District—Philadelphia—
1
Bethlehem
.
39.9
+
505,062
*
Fa.—Altoona
568,222
+
3,474,119
2,290,391
11,703,497
5,192,488
12,908,200
45,900,000
1,008,822
986,163
3,504,952,391
12,180,400
6,347,794
Syracuse
Conn.—Stamford
520,436
+
60,888,203
District—New York—.
Second Federal Reserve
N.
+ 17.7
740,583
338,396,305
-
t—-
I.—Providence
R.
131,766
2,317.600
26,698.118
103,454,158
Federal
677,828
2,555,444
13,709,689
6,500,893
16,284,200
500,537
Worcester
N.
132,507
2,611,111
4,134,585
—.
(6 cities)
Twelfth
422,240
3,473,944
Springfield
Conn.—Hartford
New
v
8.4
+ 14.6
1,313,565
-
...
Wash.—Seattle
802,088
944,194
lie.—Bangor
Fall
552,173
+
—
1939
1940
%
$
District—Boston-
Reserve
Falls
Wichita
La.—Shreveport
1941
1942
'Clearings at—
First Federal
3,347,118
2,104,558
81,237,777
10,554,318
3,015,000
1
;
Dallas
Ft. Worth
Galveston
add
now
202,679
Reserve District—Dallas-
Federal
Eleventh
Texas—Austin: V
statement showing
the week ended Feb. 7 for four years:
We
81,116
44,349,949
.
....
Kan.—Topeka
Total
••
Canada
94,886
118,250
2,788,612
„
Hastings
Lincoln
St.
57.9
186,748
185,555
3,196,238
Neb.—Fremont
5,273,873,627
32 cities
'•••'
Total
Tenth Federal Reserve
203,183,698
112 cities
,f
V '
•?'
+
+ 22.8
+ 26.0
10
Francisco
12th San
:-'
273.671.387
173,576,968
226,549,273
ff
10
353,467,961
206,782,640
366,637,986
679,270,112
II
7
<—
3,196,979,310
203,997,551
II
'ft
ff
Louis
231,047,715
2,747,216,527
396,866,641
+ 18.3
245,672,142
450,264,304
18
.
6
237,753,715
8.6
+
266,387,050
(1
7
4th
4th
3,354,099,678
474,007,446
(7 cities)
$
+ 15.1
293,884,661
3,644,061,156
560,927,061
cities
12
York
Total
1939
$
$
$
Reserve Districts
1940
1941
1942
Week Ended Feb. 7
Federal
»—
596,080
(32
cities)
460,733
+ 13.5
506,236
467,026
522,927
952,968
+
13.4
887,061
760,212
1,080,622
^Estimated.
695,048
529,857
461,796,470
421,136,408
+
9.7
603,991,487.
290,539,903
@FedFRASER