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B 1
7
COPYRIGHTED IN 1541 BY WILLIAM B. DAMA COMPANY, NEW
VOL. 152.
YORK.
'88U8d W$ie8.004pe?eYeara C°Py
ENTERED AS SECOND-CLASS MATTER
NEW YORK,
JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER
FEBRUARY 15, 1941
NATIONAL BANK
,
Chartered 1866
NO. 3947.
CHASE
THE
B A NK
THE ACT OF MARCH 3, 1979.
^'sprifce^Stf New York City8'
BROOKLYN TRUST
COMPANY
1941
OF THE CITY OF NEW YORK
OF
George V. McLaughlin
President
BROOKLYN
NEW YORK
N E W
Maintaining effective cor¬
respondent bank service
is
a
tt^ditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
YORK
Broaden your customer
.service with
Chase
cor¬
respondent facilities.
Member Federal
Hallgarten & Co.
Deposit Insurance
Corporation
;
.
Established 1850
United States
NEW YORK
Government
London
Chicago
City of
Securities
Philadelphia
YUY,
Bonds
PUBLIC UTILITY
INDUSTRIAL
FIRST BOSTON
RAILROAD
CORPORATION
MUNICIPAL
Moncure Biddle & Co.
BOSTON
NEW YORK
PHILADELPHIA
CHICAGO
BONDS
SAN FRANCISCO
PHILADELPHIA
AND OTHER
PRINCIPAL CITIES
■
>>.'
A.C.AL1XN»® COMPANY
INCORPORATED
CHICAGO
New York
Detroit
Boston
Philadelphia
Milwaukee
Omaha
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
(Drumhdlur, Ehrlichman
Company
Capital Funds
.
Company
$37,500,000
Seattle
Exchange BIdg
OTIS & CO.
(Incorporated)
IOO
BROADWAY
Established 1899
New York
CLEVELAND
City of Philadelphia
Bonds
Chicago
$25,000
MADISON
R. H.JOHNSON & CO.
AVENUE
AND 40TH STREET
4
%
Sept. 16, 1975/45
Oct.
16, 1976/46
4 H%
Dec.
2, 1979/49
5%
Mar. 16, 1951
25,000
4 H%
25,000
20,000
1.50%
1.60%
2.00%
2.00%
INVESTMENT SECURITIES
■Yarnall & Co.
64 Wall
Street
New York
PHILADELPHIA
BOSTON
ONE EAST
1528 Walnut Street,
Philadelphia
57TH STREET
Canadian Securities
CarlM.Loeb,Rhoades&Co.
61
BROADWAY
Member of
NEW YORK
lLondon
Geneva
Buenos Airee
the
Federal Deposit
Insurance Corporation
HART SMITH & CO.
52 William St.
Montreal
NEW YORK
Toronto
The Commercial & Financial Chronicle
K
Feb.
15, 1941
Dividends
AMERICAN GAS
AND KLECT1IIC
COMPANY
//
Preferred Stock Dividend
"["HE regularquarterlydividend of One
0
I Dollar
Eighteen
and
Three-quarter
Cents ($1.18%) per share on the 4%%
cumulative Preferred capital stock of the
company
issued and outstanding in the
hands of the public has been declared out
of the surplus ret earnings of the company
for
Mtlm,
aT
-
the
ending March 31, 1941,
quarter
payable
inr
April
1,
1941, to holders of
on the books of the
the close of business March
such stock of record
company
8, 1941.
Since, 1871,
in its seventy years of
practical service, the Sun Life of Canada
Common Stoek Dividend
OF
NEW
were
during
the year increasing the total of
protection to the amount of $2,963,708,831
NUMBER OF POLICIES
Certificates)
thousand.
exceeds
.
.
.
now
one
TOTAL
in force
record
books
extra
/\(10c)
the
at
to
per
issued in United States
currency
the
company
at
dividend of Ten Cents
share on the Common cap¬
ness
and
1941,
on
the
the close of busi¬
company at
February 19,1941.
FRANK
are
of
February 19, 1941.
company, payable March 15,
holders of such stock of record
books of the
$948,067,304, the highest in the history of the Company.
Policies
of
ital stock of the company issued and out¬
standing in the hands of the public has been
declared out of the surplus net earnings of
hundred
stand
AN
a
THE
now
dividend
Extra
Common Stork Dividend
issued
assurance
two
ASSETS
the
on
the close of business
(including Group
million,
quarterly
ending March 31, 1941, payable March
15, 1941, to holders of such stock of
during 1940.
ASSURANCES
regular
I Forty Cents (40c) per share on the
Common capital stock of the company is¬
sued and outstanding in the hands of the
public has been declared out of the surplus
net earnings of the company for the
quarter
paid benefits totalling $1,389,808,553,
including $94,173,482 received by policy¬
holders and beneficiaries
THE
0
has
$169,508,809
at
B. BALL, Secretary.
February 14, 1941.
are
payable in the same currency at any of the
42 Sun Life Branch Offices from coast to coast..
•
The total liabilities of the Sun Life of Canada in
the United States
Policyholders
are
are
$346,754,165
..
.
American
fully covered by permanent trust
HOMESTAKE MINING
($.37%) per share of $12.50 par value Capital
Stock, payable February 25, 1941 to stockholders
funds held within the United States for the sole
of record 3:00 o'clock P. M.
protection of themselves and their beneficiaries,
pany,
February 20, 1941.
will be mailed by Irving Trust Com¬
Dividend Disbursing Agent.
Checks
R.
February 4,
For complete Annual
'ASSURES
A.
CLARK, Secretary.
1941.
Report apply to nearest Branch.
KAUFMANN DEPARTMENT
—»*v\\Y\WVi^
i\WWW—-
COMPANY
Dividend No. 838
The Board of Directors has declared dividend
No.
838
of thirty-seven
and
one-half cents
STORES, Inc.
®
5% Preference Stock Dividend No. 9
SECURITY
Pittsburgh, Pa., February 12, 1941.
FOR OVER
The
Directors
have
declared
dividend
a
of
One
ONE-
and 25/100 Dollars
($1.25) per share on
5% Cumulative Preference Stock, payable
March 15, 1941, to all holders of record February
the
MILLION
28, 1941.
Checks will be mailed.
E.
PARTNERS
tf li
R.
CLARKSON, Treasurer.
The current quarterly dividend
llfl,
|ilf[
Of $1.25 a share on $5 Dividend
Preferred Stock and a dividend of
20
cents a. share on Common
Stock have been declared, pay*
able March 31, 1941, to
Notices
^
respec¬
tive holders
Municipality of Medellin
I. W.
6l/2% Gold Bonds of 1928
Notice of
Additional Part
February 28, 1941.
THE UNITED GAS IMPROVEMENT CO.
Republic of Colombia
External
of record
MORRIS, Treasurer
January 28, 1941
Philadelphia, Pa.
The
Payment
of December 1, 1931 interest coupon
Pursuant
to
Judgment of Accounting entered
County of New
January 7, 1941, the Fiscal Agents have
available the sum of $103,420.11 for pro rata
in
the office of the Clerk of the
York
distribution
to
the
at
the
rate
of
the December 1,
additional part pay¬
$12.73 for each $32.50
and $6.36 for each $16.25 coupon, upon
presentation of such coupons on and after Feb¬
ruary 10,
1941 to the undersigned for notation
of such payment thereon. With this distribution
the Fiscal Agents will have paid to couponholders
the entire
remaining balance of the
Special Reserve Fund with respect to the above
loan, $9.10 per $32.50 coupon and $4.55 per
$16.25 coupon having been previously distrib¬
uted. After such additional part payment, each
coupon should be re-attached to the same bond,
since a bond will not constitute a good delivery
unless all its coupons bear the same serial num¬
ber.
Banks
receiving coupons for collection
coupon
should be informed that the
same
identical
opens as
a
single
flat
our
as
be returned to each depositor.
All
1931 coupons presented for addi¬
payment must be accompanied by
letters of transmittal, forms for which may be
obtained from the undersigned.
Hallgarten & Co.,
worth
several
hundred
CAMERA
FLOATER
Street, New York, N. Y.
Equip¬
dollars,
of obtaining
POLICY, in¬
hazard—at home
one
year
or
elsewhere.
Rate for
is 1% with $5 Minimum Premium.
Write for particulars, without obligation.
MARINE
In sizes up to 13x8 % inches
OFFICE
OF
DEPARTMENT
116 JOHN
STREET
AMERICA
1
NEW YORK, N. Y.
Price $2.00 each
Phis postage
Prices for larger sizes
on
Cotton Facts
application
Carry
1,
February 7, 1941.
is
cou¬
part
44 Pine
Camera Outfit and Darkroom
suring "All Risks" against Theft, Fire. Break¬
age, Accidents and practically any other
copy
must
December
tional
your
ment
take the sensible precaution
holders of
1931 interest coupons as an
ment,
pons
"Expandit" Binder
on
The "EXPANDIT" Binder
26 Spruce 8t„ New York City
your
message
to
these readers at
a
cost
advertising
through
columns.
our
moderate
Vol. 152
FEBRUARY 15,
1941
No. 3947
CONTENTS
Editorials
The Financial Situation
The Market Action of
Unfair
...
.
_
,
1021
Newly Issued Bonds
.
_
-----
Federal Income Tax Provisions
-
....
-
-
1034
1036
Affecting Securities
1037
Comment and Review
Gross and Net Earnings of United States Railroads for
the Month of December
.1039
Letter from
England—
Lawyer in London Elucidates Views
An American
War to Friend in America
Week on the European Stock
on
-1042
Exchanges.
1025
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
1025
,.1031 & 1076
Course of the Bond Market
Indications of Business Activity
Week
on
Week
on
1041
1042
the New York Stock
Exchange.
the New York Curb
Exchange
1024
1075
News
Current Events and Discussions
1055
Bank and Trust
Company Items...
General Corporation and Investment News
Dry Goods Trade.
State and
.1075
1122
.1156
Municipal Department
1157
Stocks and Bonds
Foreign Stock Exchange Quotations
1078 & 1081
Bonds Called and Sinking Fund Notices
1078
Dividends Declared
1083
Auction Sales
New York Stock
1083
Exchange—Stock Quotations
1090
♦New York Stock
Exchange—Bond Quotations.1090 & 1100
Exchange—Stock Quotations
1106
♦New York Curb Exchange—Bond
Quotations...
1110
Other Exchanges—Stock and Bond Quotations
1112
New York Curb
Canadian Markets—Stock and Bond
Quotations
Over-the-Counter Securities—Stock & Bond
1116
Quotations. 1118
Reports
Foreign Bank Statements
Course of Bank Clearings
1030
1076
Federal Reserve Bank Statements
General Corporation and Investment News
..1055 & 1087
.....1122
Commodities
The Commercial Markets and the
Crops..
1148
Cotton
1150
Breadstuff s
1154
♦
on
Attention is directed to the new column
incorporated in our tables
New York Stock Exchange and New York Curb
Exchange bond quota¬
tions
pertaining to bank eligibUity and rating.
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York
City, N. Y.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; WilliamD. RIggs,
BusinessJManager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
(Telephone State 0613).
London—
Edwards & Smith, I Drapers' Gardens, London, E.G.
Copyright 1941 by William B. Dana Company.
Entered as second-class
matter
June 23,1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions, $18.00
$10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per year, $11.75 for 6 months: Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00
per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request.
NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New
York funds.
per year,
The Commercial &
Feb.
Financial Chronicle
15, 1941
WE SERVE
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
Springfield, Massachusetts
Organized 1851
Bertrand J. Perry,
President*
Summary of Annual Statement
Figures
December 31,
1940
Admitted Assets
Bonds, Mortgages, and
other Assets
$704,170,432
.
8,352,574
Interest Due and Accrued
Premiums Due and Accrued
11,771,029
.
.
$724,294,035
Liabilities
Policy Reserves
.
$550,122,160
.
135,524,545
.
Policyholders' Funds
2,442,205
Policy Claims in Process of Settlement
Dividends to
9,627,547
Policyholders
1,802,607
Taxes Due
687,517
Miscellaneous Liabilities
Special Reserves
.
.
$700,206,581
6,004,163
.
$706,210,744
Surplus
Total Contingency
Funds
United States Registered
In
24,087,454
deposited as
$250,000; State of Georgia, $10,000.
Bonds included in the above statement are
required by law: State of Massachusetts,
Insurance
18,083,291
.
.
.
.
.
Force
December
1940,
31,
520,290
policies for
$1,989,685,982
Payments to Policyholders and
To Living
Policyholders
To Beneficiaries
:
Beneficiaries in 1940
.
.
$30,593,720
17,400,901
$47,994,621
Since
organization in 1851, this Company
and their beneficiaries more
has paid in benefits to its policyholders
Thirty-Six Million Dollars
than Nine Hundred and
!'W
-./L"
A
IN 1941,
HIS the
Annual
Message
on Jan. 6,
President
at to Congress
point said: "In the
forward
to
seek to make
we
world
a
founded
look
secure, we
did
supposed.
"The first is freedom of speech and expression—
everywhere in the world.
"The second is freedom of every person to
"The
from
third
into
victory, "the clash of
world
What Are
terms,
Senator
which
every
nation
will
a
se¬
healthy
peace-time life for its in¬
habitants—everywhere
in
the world.
fear—which, trans¬
lated
world
into
means
point in such
fashion that
of
act
sion
a
no
thorough
Our
physical
against
"That is
a
any
aggres¬
neighbor
vision of
no
miUenium.
It
definite basis for
time and
At the
a
is
kind
a
of world attainable in
own
our
generation."
time
these
sen¬
appeared to attract
relatively little attention.
Nation
was,
deed it is now,
with emotion
events in
as
in-
surcharged
aroused
by
Europe and by
a
plethora of sentimentalism
Senator
country, and the
words of the President had
a
familiar ring.
always insisted
We have
free¬
upon
home, and have always
been
sympathetic, perhaps
over-sympathetic,
those
were
with
peoples abroad who
denied them
or
denied
themselves these
leges .
Reynolds
—
Senator
our
and
of Britain.
Willkie—Well,
much
this
in
aid
to
I
think that
your
or
as
not
democracies will survive.
see
to
you,
Senator,
not
I
bit
of
some
the
number
wildly
Nor
Willkie,
of
of
is it
country,
perhaps,
are
falling
sciously
influential
this
in
notably,
America.
Mr.
not in danger
victim,
con¬
otherwise,
or
this notion of
a
to
New Deal
world.
Can it be that Mr.
others
who
speak
Willkie and the many
in the same vein under¬
If the
stand
of
what they are saying when they talk
the United States of America "dominat¬
ing"
means
to
only international but internal
the nations of Europe, under¬
not only to cause certain of them
not
affairs among
taking
to
"revive" but
to
"survive"
as
make
things
and
democracies?
President
that
as
of
we are
really
to "seek
such
secure"
freedom of speech
worship
"every¬
where in the world" he is
obviously
going beyond
subjects, probably
more than half
the lines
as
political oratory—reminiscent,
excellent for arousing
world.
figures
prevail without effective
a
not
per¬
of President Wilson's fine phrases,
specific significance.
any
does
clear, unfortunately, that
aid,
attention, merely set his utterance down
unusual
a
front
justice"—anywhere
the
a
If America gives, that
then America will have the
power to
determine whether the captured
democracies of Europe survive.
And, in my
judgment, the American public sentiment
will require that they survive.
usual protestations on these
haps, of
present
loudly and
"social
privi¬
who gave
would
*
be supplemented?
Mr. Willkie—Yes; I will supplement it.
I
will make it exactly correct.
I do not be¬
from
form
of democratic
not
champion what they term
think that
Senator Reynolds—Thenf don't you think
it fair to say that your statement needs to
effective
and fixed—to
only to dictators or
these enslaved
And
*
can
crystallization if
government which
that they survive.
England
of
tyrannies, but to
in
lieve
man¬
this country—a
in
bloc
not
give her that effective
aid, then, gentlemen such
will
determination
solid and aggressive
believe Britain's ability to
substantially dependent--—maybe
not to survive, but to prevail—is dependent
j
upon the effective aid that we give to her.
you
to¬
but of New Deal countries
is
we
a
the New Deal
which
Willkie—I
And I think that if
puts all
two's
you
land will be restored.
prevail
one
and
*
if, in
opinion, if Great Britain prevails, Fin¬
Mr.
If
on.
two's
lated
a
*
not
may
indeed it is not fully formu¬
dominate what
Senator Reynolds—I am asking
the President appeared to be
most observers
or
cess
cjlepends
happens afterward.
*
per¬
determination in the pro¬
the part that America plays
matter.
If America gives effective
America will
something
widely
be
agers
upon
Britain
the
understood
among
would you predicate your belief that Finland
Mr.
like,
now
spell out
would be restored?
so
op¬
eco¬
gether it is not difficult to
that statement
on
and
ceived, recognized,
the
We have long been
as
the
going
You believe that, do
Reynolds—And
advocates of reduced armaments, and in the abstract
at least fewer restrictions upon international trade.
So far
philosophies,"
else not
Willkie—\ do very sincerely.
Mr.
dom of speech and religion
at
nomic
you?
aid
this
cause
political
is broader than the welfare of
*
The
in
concern
will determine whether
tences
an
will revive."
—anywhere in the world.
distant
that
single nation: it is that the area of free¬
dom be as large as possible.
If Britain pre¬
vails the enslaved democracies of
Europe
nation will
position to commit
a
formal statement
posing
preservation of democracy
against
the entire discussion to the
tion of armaments to such
be in
note that
liberty in one part of the
world is a threat against liberty in another
part of the world.
Then you added:
"But
we
must not make the mistake of narrowing
terms,
worldwide reduc¬
a
your
Willkie, I
any
"The fourth is freedom
from
attack
They Saying?
Gillette—Mr.
said in
you
standings
an
exhortations about the necessity to us of a British
freedom
is
economic under¬
means
a
lying, all this aid-to-Britain propaganda and all the
want—which, trans-,
lated
cure
worship
way—everywhere in the world,
own
have
not
more
in mind than was commonly
Many things taking place since the early
part of last month seem very definitely to raise the
question as to whether along with, perhaps under¬
human freedoms:
God in his
World?
have, however, begun to wonder if the President
four essential
upon
Deal
Thoughtful students of the trends of the time
one
future days, which
New
masses
but without
very
cause
which
that
one
ever
no
we
have
never
responsible
far
as we
know,
preach the desirability of such
admirable arrangements.
says
means
to
so
we
must
of "economic
every
nation
a
His third "freedom" which
"make secure"—from want by
understandings which will
secure
healthy peace-time life for its
inhabitants-—everywhere in the world" is not
to
a
and
thought of espousing before—unless it be that
he merely means to
he
man,
espousing
espoused before,
easy
interpret in light of the President's well-known
The Commercial & Financial
1022
habits of thought except in terms
that far
The
ordinary trade treaties and the like.
Mr.
that
Hopkins
surpass
very
fact
sent to Great Britain,
was
to
nothing of the obvious fact that he was fully
in seeing as much of Mr. Bevin as
say
interested
as
Churchill, lends strong plausibility to the theory
Mr.
that much
than ordinary "cooperation" among
more
New Deal
is in the mind of the
countries"
"free
The choice of Mr. Winant as Ambasthe Court of St. James' may well be another
managers.
sador to
the wind,
straw in
is the studied policy of the
as
the more
American labor leaders a
Administration in doing what it can to give
radical
elements
among
"fifty-fifty" position in practically everything that
done in Washington.
is
Mr. Winant
has, as everyone knows, a background
international labor or social
of what is known as
cooperation, and little else to recommend him to
such
position
a
significance in such an
no
of his address to the New
well to take careful note
York
Those who see
appointment would do
he now assumes.
as
City League of Women Voters at the end of
"Foreign policy", said he upon that occa-
last week.
considered
sion, "today cannot and should not be
apart from social and economic policy." Then after
a brief reference to the International Labor Office
of the
Hampshire through the worst years of
depression, I saw at first hand the social and
the
problems facing our State and the nation,
economic
I
"As Governor
this vein:
in
continued
he
State of New
learned then
issues
then—as
believed
I
tiers.
these
roots of these
how extensively the
pushed out across State and national fronbelieve
I
today—that
questions must be solved by the friendly coop-
eration
of
went to
Europe in 1935 to become assistant director
peoples in every part of the world.
I
of the International Labor Office because I believed
that this
was
I believed that peace was
true.
the
paramount issue for the peoples of the world.
"In the
intervening
have seen the direct
years we
relationship between foreign pplicy and social advance.
The depression left its mark on both.
Every
citizen
his
learned
own
by experience the extent to which
security, that of his family and that of his
country, depended
nomic
held the
an eco-
promise and provided the basis for lasting
and world-wide social
"The last years
in
the achievement of
upon
structure, national and international, which
some
security.
did witness great social advance
directions—the extension of basic social in-
surance
to
millions of
people, the development of
reciprocal trade agreements, the adoption of legislation
guaranteering elemental rights to workers in
many
countries.
years
witnessed the disintegration of efforts toward
collective
among
But,
security,
on
the
the other hand, the
slow
of
spread
same
oppres-
S10n*
the low tide
of social
socialism, stemming from
achievement in
mobilized the insecurities of
citizenry.
common
or
employment;
unwillingly,
machine.
many,
their
a
depression
discouraged
In Germany Nazi leaders promised the
citizen
they promised
security; they raised his hopes.
ingly
everywhere implicit in na-
tional socialism.
of war shook Europe to its
very foundations in September, 1938, was there any
real awakening by the average citizen to his stake
and his responsibilities in the foreign policies within
democratic countries.
And this was not soon
enough; for war came and found the democracies
largely unprepared to meet this challenge to their
"Not until the threat
very
existence.
military.
"Unprepa redness was not only
was
There
of readiness in the
to the democracies when
also a lack of foresight and
social field.
War came
they still had thousands of unemployed. It found
them holding out little promise to the young or to
the old, with poor living
The fascist promise of
conditions, with tired faith,
work and hope fell on fertile
ground under these conditions. It contributed to
division within the house of democracy,
"We could not expect—and we cannot now expect
—that a citizen with no share in the benefits of
democracy will give his faith and his life for the
preservation of the empty promises of democracy,
"Every citizen's stake in foreign policy mounts as
his social stake in his country and in his community
is increased. Even though today the problem before
the democracies is one of survival, we must give
constant thought to the content of democracy.
But
even
a
He
was
small part of
a
made, will-
mighty
after the Nazis conquered
united with Italy, and
were
him
war
Ger-
openly avowing
aggressive intentions, the great majority of
citizens in
other
countries failed
to
recognize the
We
must be ready, each one of us, to help to build a
world in which free peoples can live and work together in security and peace. This means that every
citizen and every nation must accept the full reAnd this can come about
sponsibilities of freedom.
only if we are willing to wipe out
the hunger and
the want and the hopelessness of the pre-war period,
... To win the war or to build our defense, we must,
first justify our beliefs by strengthening the fundamental economic, social and civil
rights of all free
citizens. . . . Each one. of us must keep in mind, now
and in the future, that social justice is a basic
requisite for a united and alert citizenry, for war
and for peace."
Here plainly is another fervent avowal
of typical
New Deal faith, this time written in the key of
"everywhere in the world." Evidence is indeed daily
mounting of ambitious schemes of promoting
New
Deal ideas on a world wide basis, and it is, let it
be carefully observed, being interpreted as such by
students close and distinctly sympathetic to the
New Deal.
The student of current public affairs
must take due cognizance of this situation,
if he is
to escape disagreeable surprise when attention'is
turned less to the immediate tasks of armament and
more toward the objectives sought in arming and
ull the rest,
War Aims
If the "war aims" now being
formulated or al-
ready formulated in Washington and perhaps
"Fascism and national
years,
Feb. IS, 1941
threat to free citizens
mistrust
nations, rearmament and systematic
Chronicle
where are in these respects what they now
appear
to be, it is obvious that they far
those avowed during the "war to end
to "make the world safe for
else-
begin to
transcend
all war" and
democracy."
In those
cooperation to secure peace, and of the liberation of peoples—on the
assumption that peoples which afterward appeared
to have no very burning desire for freedom really
days we talked of international
desired liberty as do we—but we likewise had a good
deal to say about "self-determination," and the like,
We
insisted that the "Kaiser must go." but we
Volume
showed
The Commercial & Financial Chronicle
152
little
form of
insistence upon
no
social
policies
of conquered
even
eco-
coun-
But, in the event, it turned out that
allies had much
our
dictating the
government, least of all the internal
nomic and
tries.
or
vague
less
interest
even
the defehse program is occasion-
ture suggests that
The con-
ing effective inquiry for accommodation.
dition statement of New York City weekly report-
if
ing member banks, combined, indicates an increase
of commercial loans by $17,000,000 to $1,980,000,000,
in
clear, the American people
This increase is
extension of the movement which
an
decisively declined to have anything to do with the
League of Nations which President Wilson had man-
began last autumn, and which continued week by
aged to organize
York City institutions found their loans- to brokers
of peace and
on paper
at least
as
the guardian
freedom, and repeatedly during the
that have since elapsed
years
have adhered to
we
week, regardless of seasonal influences.
and dealers
What
a
to be in the air
perhaps
group,
now
is not
league
a
the affairs, of the world,
league, of those nations- which
a
have determined to follow the
the Bevins and which would
programs whether the
not.
or
countries to make these
estly, and total
$20,257,590,000.
well
abroad
as
And
strangest,
tile eyes.
a
is the fact that
anywhere else in the world,
league would cast hos-
group or
Nonetheless the
program now
envisaged by the New Deal
reminiscent of the
and
apparently
is strongly
managers
early days of Bolshevism when
the Russian reformers
were
fired with
Messianic
a
missionary zeal.
It need
hardly be added that it flies directly and
equally at odds with every dictate of
It may
More
nitely
seems
and the
wilder dream.
a
to be in the air.
Yet it defi-
The American people
peoples in other democratic countries would
do well to
inquire not only into the content of de-
mocracy, as the New Dealers are fond of
into the content of the minds of these
saying, but
New
same
Dealers, and particularly into the content of plans
now
a
decrease of foreign deposits by $20,an
increase of other
deposits by $72,943,000 to $673,254,000. The reserve
ratio fell to 91.0% from 91.2%. Discounts by the
regional banks advanced $405,000 to $2,544,000. Industrial advances were up $6,000 to $7,877,000, while
commitments to make such advances declined
$20,000 to $5,127,000. The Federal Reserve banks
continued to refrain from open market operations,
holdings of United States Treasury obligations
being advanced in the
again
unchanged at $2,184,100,000.
were
name
Business Failures in January
or
com-
well be doubted that Sir Thomas
dreamed
ever
$622,471,000;
075,000 to $1,163,849,000, and
American tradition
every
concerning foreign relations and foreign policies,
mon sense.
488,000 to $16,83-0,267,000, with the account varia-
as
viciously in the face of
that it is
of defense.
COMMERCIAL failures last
V
usual
seasonal
increase
month showed the
over
December, but
dropped substantially below the corresponding month
in the preceding two years, according to the records
of Dun & Bradstreet.
The credit agency recorded
1,124 failures during January involving $11,888,000
liabilities, compared with 1,086 involving
current
$13,309,000
in
December
279,000 in January last
and
with
$15,-
in January,
1939,
1,237
year;
1,567 firms failed for $20,790,000.
In the past 19
years January's insolvencies have exceeded those of
Federal Reserve Bank Statement
every
other month
in
the
year
except in 1937 and
CREDIT
tendencies
in the United failure
1940. than
Last year
the month
of May had
States and currency
the weekly
period ended Feb. 12
January.
Consequently the
one more
for
modestly in the direction of expansion.
were
ficial
This gain
was
able disbursement of
account
Currency
in
credit total.
entirely the result of
12
circulation
$8,665,000,000,
which
An
total of $6,330,-
a
a
Treasury funds from its
with the
Federal
was
tended
up
Reserve
increase of non-member
sizgen-
banks,
$38,000,000
modify
to
an
to
depress the
excess reserves
of the
figure.
in
the
banks
credit
reported
was
an
of
improvement
fication
The
January,
over
only 2.3% in the commercial service.
to
retail
group
which
customarily
previous of only 3.7%.
result of
and industry
1940, ranging from 24% in the manufacturing classi-
year
actual, if small, decrease in their
relatively
divided showed widely
the
adjustment between the regional institutions and
divergent degrees
commerce
deposits
not reflected
as a
which the figures are
of
situation, for the Federal Reserve
holdings of gold certificates, probably
The different divisions of
into
bulk
Monetary gold
low level
augur
few business calamities in the months ahead,
the
country increased $8,000,000 to $22,-
130,000,000, but this modest gain
month, would seem to
idle
the
and other Federal Reserve accounts also tended to
stocks
of disasters last
legal
excess reserves over
requirements by $20,000,000, to
eral
Of-
banking statistics for the week reflected
increase of member bank
000,000.
actual
circulation advanced $25,298,000 to $5,931,464,000.
Total deposits with the 12 banks increased $12,-
balances by $29,181,000 to $13,870,693,000; a drop
in the Treasury general account by $69,561,000 to
of all
apparently be found among the countries to-
ward which such
lower by $6,296,000 at
Federal Reserve notes in
tions consisting of a gain of member bank reserve
Russia, the nation which first championed many of
the New Deal notions and which has carried them
would
reserves were
likewise to be envisaged,
perhaps,
farther forward than
decline of holdings of
as
ideas safe at home
new
appears
the "enlightened"
among
a
gold certificates by $1,500,000 to $19,902,781,000.
Other cash of the regional institutions was off mod-
to it that the other
peoples of these countries like
Cooperation
banks, combined, reflects
Roosevelts, the Blums,
see
nations of the world adopt similar ideas and similar
them
security collateral down $10,000,000
The condition statement of the 12 Federal Reserve
seems
of all nations to
manage
but
on
The New
to $287,000,000.
that decision.
,
The demand side of the credit pic-
the Treasury.
theories of human freedom than did we, and
after the fact became
beautiful
1023
this
insolvencies,
division
showed
a
accounts
for
decrease from
Insolvencies in
dropped last month to 771 involving
$5,084,000 liabilities from 800 involving $5,663,000
in January,
to
161
1940.
with
Manufacturing failures dropped
$4,217,000 liabilities from
$4,896,000 in the corresponding
212,
month last
with
year,
Wholesale failures dropped about 15% to a total of
95,
involving
volving
$1,629,000
$2,597,000
a
liabilities from
year
earlier
112,
in-
Construction
The Commercial &
1024
numbered
disasters
54,
1599,000
with
liabilities
$1,509,000 the year before. Here the
reduction in liabilities involved was especially marked.
from 69 with
43 houses failed for
In the commercial service group
compared with 44 for $614,000 a year
$359,000,
liabilities far
In this group also the drop in
ago.
outdistanced the decrease in number of cases.
Not all sections of the country
month's
the breakdown
improvement in failures,
shows.
Boston, Minneapolis, and Dallas districts ^had
figures by Federal Reserve districts
the
of
participated in last
The
failures last month than a year
more
earlier and the
The New
York, Chicago, Atlanta, and Cleveland districts
accounted for the greater part of jthe decrease.
financial Chronicle
pushed the legislative proposal for a vast increase
of the nominal debt limit.
Best rated corporate
offerings took place.
eign dollar bonds naturally tumbled, in view of the
fresh uncertainties of world affairs.
Commodity
markets
Market
Stock
York
New
that little
but
Exchange,
was
'Mild as it was,
occasioned cumulative losses
largely in the nature of liquidation.
the
selling pressure
for
the
stocks
ranging from fractions in inactive
week
leading steel and
six points in
five and
to
Investors simply held aloof
other industrial issues.
diplomatic
pressure in the Balkans and in the Franco-Spanish
region.
The financial community gained the im¬
pression that fresh developments in the European
Asiatic
and
might be
wars
matter of days, or
a
hours, and this situation hardly provided an
even
incentive
foreign
the
as
increasing
of
multiplied
reports
as
for
On
shares;
joined
ordinary investment activities.
Tuesday, 415,720 shares; on Thursday,
on
mained
On
The
the New York Stock
on
Exchange
shares;
Curb Exchange the sales on
New York
the
Saturday
52,540 shares; on Monday, 110,355
were
Tuesday, 141,220 shares; on Thursday,
on
178,680 shares, and on Friday, 196,465 shares.
Dulness
pervaded trading in the stock market on
Saturday of last week.
the narrowest in
was
For
half-day the session
a
period of five months.
a
session got
shares
then
under way steel, motor and shipbuilding
managed to show fractional gains.
Firmness
was
mixed and
aimlessly
drifted
prices
on
present at the finish, but values were
trifle under their highest levels.
a
through
This, it
the range
of
action
Rome-Berlin-Tokio
the
reasoned, would increase the
was
complete American participation, and
of conjecture beyond that point is endless.
the
was
course
lend-lease
nervousness
allayed in
of the national debate
bill
for
unprecedented
on
Following
steady and modestly higher beginning,
a
market
turned
small
the
Birthday), and
L.
Wendell
the
Committee.
con¬
as
on
the other
One
Tuesday.
were
was
the testimony by
was
Willkie, the Republican candidate for
presidency, before the Senate Foreign Relations
views
The
expressed by Mr. Willkie
concerning the present plight of England adversely
of fair
All ordinary
Traders
Wednesday (Lincoln's
approaching holiday
influenced stock
aggressors.
of Saturday lost.
the
any manner
relegated to the background
con¬
on
subject to attack from
were
and
to the final period, when the
confronted with two factors
authority to aid Great Britain and other countries
siderations
up
irregularly easier and closed with
gains
the so-called
Administration
On
Monday the market resumed its accustomed way.
unchanged
European and Asiatic conflicts might be
From
narrowly.
and
tinued
to the belief
At
opening equities ruled quiet and mixed, but as the
advanced, with Far Eastern tension
many
re¬
unchanged at 1%.
week
Europe, leading
on
175,470 shares; on Monday, 294,910
dropped back into the doldrums
likelihood of
Nor
were
stocks
group.
by the
Exchange the sales
New York Stock
the
Saturday
dispatches became ever more ominous
added to that in
fixed
changes were idle, save for the transactions at
rates under the official controls.
news
that the
while
The foreign ex¬
steady to firm.
base metals were
Call loans
There was little business on the
ending.
irregular, leading grains and other
were
agricultural staples showing sizable losses,
affected
now
For¬
securities receded.
issues of senior
domestic
644,040 shares, and on Friday, 925,440 shares.
RISING political
tension
throughout
the inworld
financial
markets
adversely
the
week
that few new
Speculative railroad and other
dull, and it is significant
bonds Were
Philadelphia District the same number.
The New York Stock
Feb. 15, 1941
broke
prices here and induced liquidation
proportions
near
the close of trading. Values
through to the lowest levels since June, 1940,
international troubles continued to thicken and the
and
declines
prospect loomed of authority for Mr. Roosevelt to
on a
modest turnover in sales.
meddle in such affairs at the undoubted risk of in¬
ing crisis in the Orient brought further unsettle¬
volving the United States full-out in the world
war.
ment
ranged from fractions to two points
the
to
list
Fears of
fronted with
of the financial market.
points in the second hour, after
was
indicated
ties of much under
on
The disinclination
to
do
by turnover figures for equi¬
500,000 shares in the dealings
Monday and Tuesday.
After the holiday
on
Wednesday selling
was somewhat more urgent, and
trading mounted slightly above the modest total of
500,000 shares in each of the full sessions Thursday
and yesterday.
Much of the decline in prices was
registered during the latter half of the week, when
the foreign
reports were most unsettling.
Listed bond
dealings also
during the week
bond
prices
was
now
were on a
about to end.
The trend of
generally downward, for the
general influences prevailed.
ury
modest scale
same
United States Treas¬
obligations drifted fractionally lower in each
session of the market, with institutional
and every
buying almost at
a
standstill
as
Congress hastily
opening.
by
greater liquidation, gave
The afternoon
and the return of
pressure
down losses
as
fused state of
ness
in
values
stantially
affected
much
as
a
one
a
was
point.
The badly
much
as
as
turnover.
was
days.
five
points
All
Co.
on a
groups
sub¬
were
just
as
much absent yesterday
A comparison of closing prices
reveals
a
on
as
on
Friday
sharply lowrer trend.
General Electric closed
on
con¬
by the adverse trend, and the ability of the
week ago
33%
selling
firmer tone, which cut
Friday of this week with final quotations
a
reached
let-up in
Friday, and stocks relinquished
on
greater
rally
other
on
fractionally lower
a
foreign affairs produced greater weak¬
from fractions to
list to
saw
con¬
to two
up one
The depth of the movement
noon.
impend¬
Thursday, and equities,
on
In this situation
prices drifted lower in all sessions
business
an
yesterday at 30% against
Friday of last week; Consolidated Edison
of N. Y.
at
21
against 21%; Columbia Gas &
Electric at 4 against
at 27
As
30% against 32%, and American Tel.
18% against
Friday of last week; Allied Chemical & Dye
on
at 145
against 150%; E. I. du Pont de Nemours at
140% against 147%; National
indicating the course of the commodity mar¬
kets, the May option for wheat in Chicago closed
Cash Register
at
60%c. against 62c. the close
against 36c. the close
The
at 35%c.
spot price for cotton here in New York closed
against 10.89c. the close
yesterday at 10.77c.
Texas Gulf
Friday of last week.
14% against 17%; Continental Can at 36 against
Friday of last week.
Friday of last week.
on
against 13%; National Biscuit at 17 against 17%;
Sulphur at 35 against 35%; Loft, Inc.,
on
oats at Chicago closed yesterday
May
closed
yesterday at 20.62c. against 19.87c. the close
Friday of last week.
Domestic
closed yes¬
on
Brands at 6
terday at 12c., the close on Friday of last week.
90 against
at
In London the
95%; Canada Dry at 11% against
on
The spot price for rubber
37% ; Eastman Kodak at 126 against 130; Standard
against 6% ; Westinghouse Elec. & Mfg.
Fri¬
on
May corn closed yesterday at
day of last week.
12% against 13%; National Dairy Products at 13
at
of 4,127 cars
yesterday at 79%c. against 82%c. the close
160% against 163%.
Western Union closed yesterday at
20%
decline
a
was
the similar week of last year.
over
cars
78%; Montgomery Ward & Co. at 35% against 37;
This
previous week, but an increase of 82,767
from the
against 50%; Sears, Roebuck & Co. at 68% against
Woolworth at
Railroads.
ican
4%; Public Service of N. J.
against 28%; International Harvester at 46%
& Tel. at
1025
The Commercial & Financial Chronicle
Volume 152
;
copper
price of bar silver closed yesterday
12%; Schenley Distillers at 9 against 10%, and
at
National Distillers at 20
week, and spot silver in New York closed yesterday
In
rubber
the
against 21%.
Goodyear Tire & Rubber
group,
closed yesterday at 16% against
last
on
Railroad
week.
stocks
turned
downward
the
34%c., the close
fers
on
on
Friday of last week; Atchison Topeka
& Santa Fe at
12
19% against 22%; New York Central
against 13; Union Pacific at 76% against
80%; Southern Pacific at 8% against 9%; Southern
foreign exchanges, cable trans¬
European Stock Markets
p
RICE
changes
of steel stocks
course
yesterday at
London
centers, and dealings also were modest.
the
United States Steel closed
stock
on
and Continental markets were subdued because of
indications that the
5% against 6%.
small this week
were
exchanges in the leading European financial
at
Wide declines marked the
yesterday at $4.03% against
Friday of last week.
on
Railway at 11% against 13%, and Northern Pacific
this week.
Friday of last
present
Pennsylvania RR. closed yesterday at 22%
against 23
on
Friday of last week.
on
London closed
$4.03% the close
17% against 21%.
dunce, the close
pence per
In the matter of
Friday of
week; B. F. Goodrich at 11% against 13%, and
United States Rubber at
at
17%
at
23%
perturbing reports from the Balkans and other
war may soon enter a new and
active
more
levels
After
phase.
a
good start
Monday,
on
slowly drifted downward on the London Stock
56% against 63% on Friday of last week ; Crucible
Exchange.
Steel at
reports of the African campaigns, the shelling of
37% against 41; Bethlehem Steel at 75%
The initial advance was occasioned by
against 83%, and Youngstown Sheet & Tube at 31%
Genoa and the week-end war
against 37.
ister Winston Churchill.
In the motor group,
General Motors closed yester¬
day at 41% against 44
Chrysler
at
63%
Friday of last week;
on
against 66%;
Packard
2%
at
report by Prime Min¬
Repayment of
some
£90,-
000,000 of India loans also loomed, and the reinvest¬
ment demand caused'
securities.
edged
relatively good gains in gilt-
optimism was short-lived,
The
against 3; Studebaker at 6% against 7%, and Hupp
however, and as dispatches from the Balkans became
Motors at
more
% bid against %.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 33% against 34%
on
Friday of last
threatening
a
slow decline developed which
canceled all the improvement.
Trading
on
sterdam Bourse reflected nervousness and
the Am¬
apprehen¬
week ;
Shell Union Oil at 11 against 11%, and At¬
sion, partly because of increasing friction between
lantic
Refining at 21% against 22%.
the Netherlanders and the Nazi
Among the
copper
stocks, Anaconda Copper closed
yesterday at 22% against 25
on
Friday of last week;
American
and
Smelting & Refining at 37% against 41,
Phelps Dodge at 27% against 30%.
In the aviation group,
Ourtiss-Wright closed
terday at 7% against 8%
on
yes¬
Friday of last week
;
Prices receded
ities.
the
week, but rallied to a degree thereafter.
Berlin Boerse
gains of
were
of
no
Trade and industrial
late last year,
reports of the week reflected
high rate of activities attained
and the trend is expected to be
ward
as
Steel
operations for the week ending today
mated
steel and other industries
by American
Iron and
up¬
expand facilities.
Steel
were
esti¬
Institute
at
97.1% of capacity, against 96.9% last week, 95.9%
a
month ago,
and 68.8% at this time last
duction of electric power
year.
Pro¬
for the week ended Feb. 8
reported by Edison Electric Institute at 2,823,651,000 kwh., against 2,829,690,000 kwh. in the pre¬
was
ceding week and 2,522,514,000 kwh. in the
sponding week of 1940.
Car loadings of
freight for the week ended Feb. 8
710.196 cars,
corre¬
revenue
amounted
to
according to the Association of Amer¬
The
sessions, the small
Net changes on the German mar¬
consequence,
in these circumstances.
Aid to Great Britain
against 69.
maintenance of the
listless in all
day being offset by the equally modest
one
Boeing Aircraft at 14% against 16%, and Douglas
Aircraft at 66
was
losses of the next.
ket
occupation author¬
throughout the first half of
RAPID progress hasofbeen
made by Congress
the "lend-lease"
"aid to¬
to
ward enactment
Britain"
Great
or
measure,
holds
for
the
toward
and
whatever
States
United
under
the
future
this
proposal for an unprecedentedly broad grant
of
action
approval
of
on
the
vote
of 260 to
were
voted
a
Executive.
the
to
power
pleted
the
bill
Administration
165.
House
com¬
Saturday,
with
The
last
proposal
by
a
Several modest amendments
by the House, the most important being
provision that the value of the war materials, pro¬
cured
from
funds
the President
lend
or
may
previously appropriated,
otherwise dispose
shall not exceed
which
"sell, transfer, exchange, lease,
of" to foreign governments
$1,300,000,000.
No limit
was
placed
The Commercial
1026
President
the value of such materials which the
on
dispose of from further appropriations. The
House wrote into the bill a provision that it is not
may
authorizing the convoy of ships
to be construed as
by American war vessels, and is not to be considered
authorization for the entry
combat
a
The
presidential power of transfer and disposition
American
of
of American vessels into
violation of the Neutrality Act.
in
area
materials
war
under the House
version,
ends
automatically,
June 30, 1943, while
on
Feb.
& Financial Chronicle
15, 1941
tion for turning over five to ten destroyers
monthly
to Great Britain. Our Navy can spare no more destroyers, he said, and needs all it has for a ''balanced
fleet.'' •
Pertinent to the American debate on aid to Great
Britain are some comments which the British Prime
Minister, Winston Churchill, made in a radio report
on the war, last Sunday. Disclosing that Mr. Willkie had carried a note from President Koosevelt to
#
#
Mr.
Churchill, the latter said he would answer: "Put
Give us
confidence in us.
your
faith and your
commitments made before that date can be carried
your
out at
blessing, and under providence all will be well.
time before July 1, 1946.
any
activities under this
Executive to
90
must be made
measure
Congress at intervals of not
by the
more
than
days, but information need not be furnished if
this should -be
These
to the
still
the outlines of the bill that
are
All proponents
indicated that the aim is
outright aid to
received scant hearing.
suggestions
Britain
for
huge
voted
were
British
assured
the event
hearings
any
exhaustion of British dollar
Foreign
conferees
Relations
the
of
legislation.
House
Washington
of the
Committee
concluded
were
reports
Tues¬
on
Senate
and
promptly started their usual discussions
final passage
Great
to
grants
procurement in the United States
of
the proposal
on
and
monetary
In particular,
down, although they would have
Senate
resources.
tant
of the
Britain, but other methods of accomplishing
that purpose
day,
sent
adequate explanation of the reasons for the
measure
Great
was
Senate, after House approval, and there is
no
impor¬
on
state
that
probably will take place
measure
by the end of February, and it is already intimated
that enactment will be followed
transfer
at
to Great
$500,000,00-0,
The Senate
which ended
Britain
of
flying trip to England in the
he not
only visited
spokesmen.
the United States
shall be at
war
Mr.
course
many war areas but
the contention that if
need
for
raised in the London House of
nesday, this time in
insisted that American
a
BritislUdefeat,
strength
adequate to meet
any threat, the
being added that such strength
without risky expedients of concen-
observation usually
Alfred M. Landon, Republican candi-
date for the
presidency in 1936, described the bill
"guess and be damned policy."
In a Senate
speech, Monday, Senator Lodge declared that the
a
bill would establish
an
"internal
would weaken the
power of the
dictatorship"
on
ish aims be made outside the
country unless Parlia¬
Mr. Churchill assured the
ment first is informed.
House that "there is such common
in the United States of what we are
what
comprehension
fighting for and
stand for that I cannot recall any occasion
we
when the
question of peace aims or reconstruction
has been mentioned
by
any
of the representatives of
the American Government whom I have seen or cor¬
responded with."
be made
able to the
At
a
Statements of British policy will
by Ministers on such occasions as are agree¬
public interest, the Prime Minister said.
press
conference in
Washington,
Tuesday,
President Roosevelt expressed the opinion that in
the event of hostilities between the United States
and Japan, American war material deliveries to
Great
Britain
would
not
affected.
be
But
Mr.
was
danger of American involvement in the Far
Eastern
war.
American Freezing
Orders
VV/ASHINGTON reports at various times
VV
suggested
istration
circles
an
inclination
toward
among
"freezing"
have
high Admin¬
by
Executive
for those countries which the Administration wishes
to help, while hindering transfers of funds held here
by Germany, Italy and Japan. There is some danof reprisal in moves of this nature, and it may
gor
be due to such possibilities that action is delayed
from week to week.
That an Executive freezing
order applicable to all belligerents had been made
ready early in the year was reliably indicated in
Washington dispatches.
It has not yet been signed,
despite firm support from Secretary of the Treasury
Henry Morgenthau Jr.
appears,
The State Department, it
does not favor such summary action at
this time.
In Washington reviews of this problem, last Mon-
country to defend
day, it was noted that orders for the freezing of
Wednesday to Mr. Willkie's
connection with the United
A Member asked that no statement on Brit¬
States.
and
Secretary of the Navy Frank Knox added
postscript
Commons, Wed¬
guised endeavor to help Great Britain, Greece and
China by hurting the enemies of those countries.
The reported plan would be to release funds freely
in the event of
itself.
will finish the
Any such move would, of course, be a thinly-dis*
would encounter
be achieved
we
The question of British war aims once again
job."
was
the tools and
us
ships is desperate,
while
as
Give
down.
being developed by Mr. Roosevelt and his associates,
spokesmen for the bill in these hearings pointed
invariably to the dangers which the United States
can
long-drawn trials of vigilance and exertion will wear
we
a
destroyers monthly without delay, in addition
ships and bombing airplanes. Other
trated power.
or
the
month
permits Great Britain to fall
The British
be made
nor
erent countries, and action along this line possibly
will be among the next steps in the foreign policy
on
merchant
should
shock of battle
He urged early passage of the
with the dictators within
opponents
We
shall not weaken
Order all the assets in the United States of bellig-
United States should
supply England with five to
ten
We
falter.
Neither the sudden
tire.
was a
according to Mr. Willkie, who suggested that the
to
or
length with British Govern-
some
bill, with modifications,
two.
Among these
presidency in the recent election.
a
fail
Roosevelt also indicated that he did not believe there
Foreign Relations Committee hearings
Tuesday were enlivened by various
also conferred at
or
not
by Wendell L. Willkie, Republican candi¬
date for the
ment
valued
on
Willkie made
of which
material
thereabouts.
or
interesting items of testimony.
statement
immediately by the
war
shall
us
against the public interest.
extraordinary procedure.
in
Reports of
a
sugges-
German and Italian funds in the United States pos-
sibly would have litttle effect.
The mere suggestion
Volume
that such
a
step was contemplated had occasioned
the transfer of most of the Axis
Latin
American
closure
significant
invaded
in
statistical
United
the
it
the
at
European
the
by
nations,
made
was
compilation
States.
Committee,
in the form of
represented
stride down toward the Bosporus and the Suez
Canal,
The Spanish Generalissimo, Francisco Franco, con-
ferred at length with Premier Mussolini, and with
prepared
House
Marshal Retain of France, which brings up the
question of a possible Axis attempt to close the
total
of $4,-
Western entrance of the Mediterranean at the same
These
assets
are
$1,596,000,000, the balance
time that German troops try to close the Eastern
That the Far East also may be involved in
end.
these military plans and excursions was indicated
in the last few days by
British aerial reinforcements in Malaya, the scat-
Divided among owning countries the assets
tering of Netherlands merchant ships to neutral
by
claims
follows:
as
and
Holland,
$1,619,000,000;
France, $1,593,000,000; Belgium, $760,000,000; Norway, $175,000,000; Denmark, $92,000,000; Luxem-
ports, and fresh urgings by Washington that American residents of the Far East return to their native
shores.
burg, $48,000,000; Rumania, $53,000,000, and the
Baltic
States
of
Lithuania, Latvia and Es-
tonia, $29,000,000.
r
v
ALTHOUGH it
Worldwide Warfare
T
IS
often
shadows
said
that
coming events cast
before, and there
were numerous
brations
this week
world in
ever-widening circles of warfare.
haste marked the
the
of
a
fresh
their
adum-
envelopment of the
Frantic
r,rm,nv
arifi
seems
fairly evident that the
between Great Britain and
take
a
able
as
fresh turn, no
Germany
definite information
soon
was
war
will
avail-
to the further incidence of the conflict, this
Predictions that Great Britain would strike
week.
at Germany's "back door" by
Greece and the Balkans
were
attacking through
rife in
some
quarters,
preparations in various parts of
while others asserted that the Reich would endeavor
globe for the newest phase of the struggle being
between Great Britain and partially-com-
to pinch closed both ends of the Mediterranean and
intensify by other means the counter-blockade that
now is a major aspect of German warfare.
Equally
waged
mitted America
States
on
the
the other.
on
Government
one
In
the
The heavy
shattering of
any
plans
en-
by the Rome-Berlin Axis for control
Mediterranean
Chancellor Hitler
visable to
may
respects the British
by the Italian forces in Africa and
Greece spell a complete
tertained
side, and the totalitarian
some
plainly holds the initiative.
defeats suffered
through
Italian
possibly finds it
action,
of
alone,
necessary or ad-
rally to the aid of Premier Mussolini.
well be that such views at Berlin
with British intentions of
a
Rr;fa:„
Great Bntain and Germany
.
fx
I
councils in Australia,
war
miscellaneous
listed
three
counter stroke for any British attempt
or a
to invade the Balkan peninsula remains to be seen,
of
$2,387,000,000, and in the form of
securities to the extent of
were
a
Whether this means a Ger-
being augmented.
the
for
show
assets.
are
man
frozen
funds
of
bullion, currency and bank balances
to the extent of
items.
Dis-
highly
a
tables,
Department
frozen
of
previously
These
369,000,000
of
stated.
time
countries,
Treasury
country assets to
was
same
Appropriations
being
1027
The Commercial & Financial Chronicle
152
extending the
drive nothward from Greece
Peninsula.
are
The tremendous
It
concurrent
war
through
through the Balkan
successes
of the British
Empire forces in North Africa probably have freed
many troops
that
the
for fresh ventures, and it is quite clear
Germans
have
troops to spare, unless
direct invasion of Great Britain
is to
soon
a
be at-
tempted.
a
is not
German invasion
to be convinced
attempt against England
immediately in prospect, and that the coming
more likely to
circle around
phase of conflict is
British communications.
aerial and surface attacks
increase needs
planes
now
no
That German
on
emphasis.
British
submarine,
shipping will
German bombing air-
have ranged all the way to British-held
Iceland, and claims of increased sinkings of British'
merchant
ports
reasons
were
vessels
from
have
Berlin.
marked
Direct
recent
aerial
military
attacks
advanced
The actual
battle.
great
meanwhile,
was
as
to either side
course
of the conflict,
much along lines made familiar in
British aerial attacks
recent months.
tal objectives
on
Continen-
reported steadily growing in
were
strength and effectiveness, whereas German attacks
relatively mild.
were
In itself, this induced the
belief among a few observers that
preparing for
the Nazis
Weather
conditions
which leaves the
hand,
not
were
especially favorable for aerial operations,
other
are
heavy blow to be delivered in the
weeks.
few
uext
a
on
the
entire matter
un-
certain.
British bombing and fighting airplanes, which
now
include
a
sizable number of machines of Amer-
ican manufacture, were
Military experts seemed this week
that
weighty
taking the initiative in the coming phases of the
day
as
sion ports"
and
over
the nearby "inva-
the Continental side of the English
on
Channel, and
Reich
officially reported day after
making great forays
over more
in
Norway.
distant objectives in the
Large-scale attacks
were
made on some occasions in the daylight hours, with
evidence somewhat conflicting as to the results,
British claims
were
that damage
was
heavy and
losses to the British squadrons small, whereas German
reports put this matter the other way around,
re-
On Tuesday, for instance, Great Britain admitted
by the
the loss of four airplanes in the Northern European
diminished, al-
theater of war, while Germany claimed the destruc-
though heavy British attacks have been reported
against German industrial towns and the Nazi-held
made by British fliers upon Hanover and other Ger-
bases of France and the Low Countries.
man
Nazis
ish
against British
Navy
seems
cities
have
The Brit-
to be seeking means for enlarged
activities, as Ostend was shelled from the North
Sea, and the Italian port of Genoa suffered heavily
in
a
British bombardment.
day by day that
a
Balkan
capitals reported
German infiltration is taking
place in Bulgaria, and that Reich troops in Rumania
tion of 33 British airplanes.
over
and
industrial
towns.
Heavy attacks
German
were
airplanes soared
the United Kingdom chiefly in small groups,
singly, at times.
The most spectacular
even
Reich feat of the week was an aerial machine-gun
attack
on
British airflieds in Iceland, Monday, the
Germans having to fly
reach that objective.
some
800 miles in order to
Aerial, submarine and surface
The Commercial & Financial
j028
raider attacks
apparently were
British shipping
on
coordinated
by the Nazis, who reported heavy de-
struction of
convoyed British merchant ships, Thurs-
One German attack took place off the coast of
day.
mili-
Portugal, while in another action the German
tarists made what
they said was "probably the most
attack
successful
London admitted
losses could
a
on
in naval history."
convoy
hearing of an attack, but said that
be ascertained until the scattered
not
British Admiralty figures of ship-
sliips imported.
ping losses for the week ended Feb. 2 were 57,263
tons, which is under the weekly average of the war
to date.
One of the most
was
delivered
significant incidents of the week
report to all the peoples of the world,
war
a
over
the radio last
in
intended
Churchill
Sunday by Prime Min-
The address
ister Winston Churchill.
plainly
was
good part for American ears, as Mr.
his
reported
"incomparably
country
stronger" than last summer, and not in need of
American armies this year,
seeable
more
terrible soon,
who dwelt at
over
The
future.
Italian
fore-
year or
in
become
fiercer and
next
will
war
any
said the British Prime Minister,
great length upon the British victories
forces
Africa.
in
German
That
air-
plane attacks are less effective than is sometimes
supposed was suggested by Mr. Churchill, who related that the aircraft carrier Illustrious had been
able to steam from Malta under her
own
power
de-
spite the attack of Jan. 10 and attempted bombing
of
the
ship thereafter by 150 German Stuka air-
planes.
The Balkan countries
Churchill to* stick together
were
warned by Mr.
in defiance of the Reich.
Turning at the end to the danger of
German inva-
a
sion
effort, the Prime
such
matters, while insisting that Great Britain
fully prepared to meet
the United
States
that is necessary
Minister spoke gravely of
"ready to supply
as
for victory," and in
urged Washington to "give
finish the
us
us
a
was
He
contingency.
every
saw
with all
peroration
the tools and
will
we
job."
Chronicle
Feb. IS, 1941
to be garbed in civilian clothes, which did not suffice to obscure their identity.
The British Government took the initiative, last
Monday, in forcing the Balkan problem to a solution. Diplomatic relations with Rumania were severed on that day, and as the British Minister left
Bucharest he entrusted British affairs to the United
States Minister, Franklin M. Gunther. Sir Reginald Hoare, the British Minister, explained his ac-
tion as due to the presence of large numbers of German troops in Rumania, with the obvious approval
of Premier Ion Antonescu and his associates. London dispatches stated that the British long ago had
written off Rumania and were engaged in the process of writing off Bulgaria, as well. Rumors circuhited in the British capital that aerial bombing of
these countries might soon develop, with a view to
destruction of oil wells and other sources of Germ&n supply. But the question also was introduced,
by the British action, whether London has aban-
doped efforts to prevent the Germans from using
the Balkan route to attack against Eastern Mediterranean strongholds of the British
Empire. The
Berlin disclosure on Thursday that aerial attacks
already had been made upon the Suez Canal proved
perturbing, as the implication naturally is that the
German Nazis may next endeavor to close the Western Mediterranean portal by a move against Gibraltar, through Spain.^ Long conferences between
Die Spanish Generalissimo, Francisco Franco, and
Die leaders of the Italian and French Governments
were n°t comforting.
Sofia dispatches indicated rather definitely, yesterday, that the Germans already had assembled a
considerable force in Bulgaria, and intended to
march a sizable army through that pivotal Balkan
State, with a view to exerting pressure upon Greece,
Diplomatic circles in a number of European countires gained the impression that Berlin intends to
force Greece, if possible, to come to terms with
Italy, and thus end the threat of a British move
through the Balkan peninsula against the German
Balkan Crisis
E
XTENSION of the
'
as
European
of the Balkan countries
was
"back
war
to
one or more
regarded this week
increasingly probable, owing to the mighty tug-of-
war
which
British
bringing to hear
and
upon
German
influences
were
the Danubian region.
The
ultimate intent of the great antagonists in the Balkans is less apparent
than the
trous effect of their several
Winston
course
of
Churchill
a
revealed
radio address
on
immediately
last
Sunday
the war,
Hungary
and
driven
in
the
that London is
deeply perturbed by events in the Balkans.
absorbed
disas-
Prime Minister
moves.
Rumania
Having
into
a
"frightful internal convulsion," the Nazis already
are
and
upon
air
the Black Sea, he said.
force
stretched
built
its forward
tentacles
Prime Minister revealed,
escence
of the
Bulgaria
are
numbering
into
Bulgarian Government
being occupied by
thousands,
said
in needless and disastrous
Mr.
a
army
already
Ira's
Bulgaria
the
presumably with the
warned the small Balkan
30 years.
The German
in Rumania
up
a'cnui-
Airfields in
Nazi personnel
Churchill
who
country against engaging
war
troops
try, but the evidence
during the week.
were
on
conn-
point rapidly mounted
The German forces
were
reported
British
attitude
suggests that
development of this nature will involve the Balkans in the war- Military analysis of the situation
indicates, of course, that Germany may endeavor
to move a11 the way down the Balkan Peninsula and
t,ms threaten both the Bosporus and the Suez. Balkan reports quoted "reliable diplomatic sources" to
the effect that the Rl,ssian Government had decided
not to intervene or to block in any way the German
measures" Turkisb authorities watched the devel°Pmeats with Srim interest, and all dispatches from
Istanbul emphasized the readiness of Turkey to
stand by her commitments. The news filtered out
of Yugoslavia, Thursday, that Premier Dragisha
Cvetkovitchand and Foreign Minister Alexander
Cincarmarkovitch would undertake immediately, on
PressinS German invitations, a journey to the Reich,
for consultations with Chancellor Hitler. The two
Yugoslavian officials, according to Berlin reports,
are expected to remain "neutral" in the developing
Balkan sitllation> while Germany proceeds to establish a "new order" in Eastern E™pe.
for the third time in
filtering into their
this
The
any
'
...
n
African Campaigns
Bulgarian authorities promptly denied
that German
door."
G AVE for scattered actions in various African
theaters of war, and in Italy and Albania, the
great battle of the Mediterranean was at an appar-
^
Volume
ent pause
this week, partly because the British Em¬
tions between
Germany and the regime of Marshal
control of the Middle Sea has been established pos¬
and
on
A
Berlin
the personnel of the Vichy Govern¬
sibly will induce the Berlin partner to
ment.
Pierre
Laval, favored by Berlin, was not re¬
stored
to
pire forces plainly
world to conquer.
There
all
area
any
British forces of the "Western
put an end
Feb. 7 to the fighting
on
Libya, when they took the key town
Bengazi with
utter
But the dismal failure of
campaigns cannot be obscured by
in Italian East
of
Axis.
good deal of evidence that such
a
events of the future.
Desert"
to the
come
of the famous
end
contemplated.
Italian
Italian
new
The emphasis with which British
is, indeed,
action is
looking for
were
of the Roman
assistance
speed that indicated clearly the
a
demoralization
of the Italian
Great
troops.
Henri
Philippe Petain, in unoccupied France.
compromise seems to have been arranged by
Vichy
by Marshal Petain, but Foreign
power
Minister Pierre-Etienne Flandin
Admiral Jean Darlan
jectionable.
Vice-Premier
and
regime, obviously after prior approval by Berlin.
This
compromise
regarded
was
pire troops promptly started out in their machan-
week in which General Franco
ized 'units
Premier
along the road to Tripoli.
gains also
Other British
forged ahead in Eritrea, and
some
reported in the Ethiopian battle.
were
possibly greater significance than such Govern¬
changes in France
the Italian
the British took border forts from listless Italian
identity
defenders.
the
dents of the entire
war
disclosed last
was
by Prime Minister Winston Churchill,
with
pardonable pride
he dwelt
as
the British
upon
ments in the African warfare.
In the
Sunday
achieve¬
course
of his
Marshal
and
Riviera, where the usual "complete
of views"
established, according to
was
official statements.
On
his return
Marshal Petain.
French
and
southern
The
meeting between the Spanish
leaders took
France,
of
that matters
place at Montpellier, in
French
and
considerable
The meager
dispatches
importance
warships earlier in the day had shelled the Italian
prompted conjectures of all sorts,
port of Genoa with great
rumor
that the Rome-Berlin Axis
for
attack
loss of
a man.
Some 300 tons of shells
into Genoa in this
only
batteries.
London
stated that power
had
been
hit in
nouncement
on
on
announcements
stations and other vital objectives
the Italian
An Italian
port.
an¬
Monday disclosed that 72 deaths had
ing, which Rome said
planes
from Italian
response
official
been caused and 226 persons
residential
poured
surprise attack, which occasioned
freeble and ineffective
a
shore
were
areas
wounded in the shell¬
concentrated mainly upon
was
of Genoa.
British
bombing air¬
several occasions raided the Italian air¬
an
had
mors
ranean
area
included
an
long-range bombers had attacked the Suez Canal,
sunken
and
Greek
inland
for
vessels.
forces
The
in
Albania
between
centered
point of Tepelini, which is
made
any
Greek attack
an
was
launched.
by
Italian
the
around
important base
area.
until yesterday,
progress
consternation among
in
conflict
operations around the Valona
side
a
means
only that General Franco
ru¬
re¬
quested for
conversations between Italy and
peace
Great Britain.
that formal
French observers
were
of the
opinion
entry of Spain into the European
war
again had been sought by Mussolini, possibly
once
because
Italy
reported to be seeking French
was
assistance in Africa.
The
episode of these
possibly will not be clarified until
conversa¬
phases
new
in the European conflict.
Far East
assertion, Thursday, that
which the Nazi officials said had been blocked
two
them
seeking
made at Rome to dispel
were
German claims of action in the Mediter¬
operations.
among
was
that the aid of General Franco had been
appear
bases for Mediterranean
dis¬
these meetings
on
against the British base at Gibraltar.
particular efforts
apparently
as
suggest
were
"paid his respects" to Premier Mussolini, and
tions
using
information
Italian officials admitted
ports on the island of Sicily, which the Germans
are
journey to
Spain General Franco conferred, Thursday, with
cussed.
and without the
General
Petain.
report on the war, Mr. Churchill stated that British
success
this
exchanged views with
Signor Mussolini early on Tuesday at Bodighera,
on
instructive inci¬
Mussolini
conversations
were
Franco, it appears, left Madrid last Monday and met
Deep in the desert, "Free French" forces allied with
One of the most spectacular and
as
Petain.
viously taken by the British in Libya, and the Em¬
forces meanwhile
France
in
strengthening the Government headed by Marshal
Of
were
named as
was
Foreign Minister of the Vichy
ment
prisoners
resigned last Sun¬
day, reputedly because the Germans found him ob¬
added to those pre¬
of Italian
masses
,
1029
The Commercial & 1 inancial Chronicle
152
MUCH anxiety as to the FarbyEastern
situation
reports of fresh
was
developments in the European
volve
the
Japanese
Tokio Axis in the
Neither
and Greece
when
sors.
a
The Greek drive caused
the Italians, who surrendered
great numbers, Athens dispatches said.
occasioned this week
war
the
war
of
which might in¬
the
Rome-Berlin-
being waged by Great Britain
against the German and Italian
Australian
authorities
Thursday, that "the
of
partner
utmost
war
issued
has moved into
gravity."
aggres¬
warning,
a
a new
stage
was
made
This view, it
clear, resulted from communications received from
France and Spain
London.
Netherlands
shared the
apprehensions, for orders
East
Indies
authorities
were
issued
on
POSITIONScoming
to be occupied
by Francebetween
and Spain
test of strength
the
the
British
American consular officials in the Far East reiter¬
in
Powers
the
Empire and
apparently
versations
many,
the
were
Rome-Berlin-Tokio
weighed this week, in con¬
involving the highest authorities of Ger¬
Italy, France and Spain.
cations have become available
these
of
Axis
discussions, and
decisions
which
even
may
Few reliable indi¬
as
to
the
course
of
less is known publicly
have been reached.
The
far Pacific to
ated
their
less
admitted that
the
of
a
In Washington it
good deal of
possibility that Japan will
military
Italian
Britain.
urgent request that nationals
unavoidably detained.
talks, however, served to push into the background
"armistice" negotia-
repair immediately to neutral ports.
this
country promptly depart for the United States,
the
reports of dfificulties in
day for Dutch merchant vessels in the
same
movement
intensification
concern
move
coordinated
of
the
prevails
un¬
was
over
southward in
with
conflict
a
German-
with
Great
The tenseness of affairs in the Far East
The Commercial & Financial Chronicle
1030
apparently
was
related in part to rumors that Tokio
was
making rapid progress toward improved trade
and
diplomatic relations with the Russian Govern¬
Any agreement between Japan and Russia,
ment.
it
argued, would free the Japanese from worries
was
and
North
the
about
might incline them toward
Only in
respect was the official record as to
one
Far East
the
view in
The official
comforting, this week.
Washington seemed to be that warlike de¬
velopments between Japan and the United States
of Americans from
orders for the return
When he
East.
precautionary
notwithstanding the
unlikely,
are
asked at
was
a
press
halt American
States would
the Far
conference
Tuesday whether a clash between Japan
United
increase, resulted in
on
and the
loss of £892,000 in reserves.
a
to liabilities
reserve
week
a
increased
which
accounts,
15.4% from 17.1%
mounted to
ago; a year ago
Holdings of Government securities
£154,882,838,
week ago.
a
accounts,
The proportion of
26.6%.
was
over
other
and
£3,509,871.
it
bankers'
include
£172,302,
respectively. Other
which lost,
£3,337,569,
and
£10,105,000
deposits
an
increase of £13,680,000
Other securities, which increased
£681,127, consists of "discounts and advances" and
"securities," which gained £381,491 and £299,636,
No change
respectively.
Below
count rate.
was
made in the 2% dis¬
show the various items with
we
comparisons for previous years:
BANK
material
war
15, 1941
Deposits in both public and other accounts gained
fell off to
military drives southward.
Feb.
ENGLAND'S COMPARATIVE STATEMENT
OF
Feb.
Feb. 12,
1941
shipments to Great Britain, President Roosevelt not
Feb.
14,
Feb.
15,
Feb. 17,
1937
16,
1938
1939
1940
only replied in the negative, but also stated that he
did not consider such
Kichisaburo
sonal friend of Mr.
in
The
Washington,
new
Admiral
Nomura, arrived in Washington
Since Admiral Nomura is
day.
same
to
Ambassador
Japanese
clash probable.
a
an
the
on
£
per¬
Roosevelt, the opinion prevailed
the Far East
on
were
.
_
indi¬
90,551, 191
36,657, 333
82,128, 044
105,529,637 110,529,400 106,405,418
40,524,409
35,498,211 35,495,418
97,863,165
82,491,164
30,988,903 24,962,846
6,155,202
18,122,700
18,907,644
21,866,197
54,202,945 53,046,666
—
126,136,164
27,843,557
4,737,134
23,106,423
49,377,614
25,849, 147
5,467, 373
20,381, 774
60,836, 706
1,013,314 127,423,503 327,130,027 314,173, 161
Proportion of reserve
to
British views
.
.
old
Washington that relations with Tokio might im¬
prove.
531,635,700 473,220,558 474,083,361 453,337, 455
15,771,619 24,393, 657
39,217,685 12,476,556
146,054,046 146,027,611 141,900,836 127,208, 524
602,032,000
23,941,000
Other deposits
165,803,585
Bankers' accounts. 110,628,593
Other accounts
55,174,992
Govt, securities
154,882,838
Other securities
23,528,741
Disct. & advances.
3,713,786
Securities
19,814,955
Reserve notes & coin
29,351,000
Coin and bullion
1,383,189
Circulation.
Public deposits
26.6%
2%
15.4%
liabilities
2%
Bank rate
84s.
168s.
168s.
Gold val. per fine oz.
40.10%
2%
34.1%
2%
33.6%
2%
llKd. 84s.
ll^d. 84s.
11 Hd
cated, however, not only by the Australian warning,
but also
by the concentration of a number of bomb¬
It appeared,
ing airplanes in Malaya.
that
Japanese "mediation" in the conflict between
Thailand
and French Indo-China
(Siam)
versations at
intention
upon
reaffirmation of the Japanese
dominate
to
all
of
Eastern
peace
talks, which began on Feb. 7,
in
uncertain
an
con¬
Tokio, partly because Japanese spokes¬
insisted
men
not
was
Rifts appeared in these
especially successful.
New York Money
Asia.
ECTLE business was
doneand
this rates
week were
on themerely
New
market,
York
to increase very
is little
90
Country
the
Effect
Date
vious
Effective
Rate
were
Rate in
Country
Pre¬
Effect
Date
Feb.14
Effective
3
Aug. 29 1939
2
4H
Mar.
1 1936
Belgium
2
Jan.
5 1940
2K
Hungary...
4
Aug. 29 1935
Bulgaria
6
India
3
Nov. 28 1935
2 H
Aug. 15 1935
Mar.11 1935
7
Canada
---
Italy
4 K
Chile
3
Dec. 16 1936
4
Japan
May
Apr.
4
July 18 1933
5
Java
3
Jan.
7 1936
14 1937
Lithuania..
6
July
15 1939
3
Jan.
11936
3H
Morocco...
6 H
4
Jan.
2 1937
5
Norway....
4K
May 28 1935
Sept. 22 1939
4K
May 22 1940
Poland
4H
Dec.
17 1937
Colombia
..
Holland
Czechoslo¬
vakia
Danzig
Denmark
__
...
3.29
view*
18 1936
Rate
3K
4
5
3
June 30 1932
3K
Portugal
4
Aug.
11 1937
4K
2
Oct. 26 1939
3
Rumania...
3K
May
5 1938
4K
Estonia
4K
Oct.
1 1935
5
South * Africa
3K
May
15 1933
4K
4
Deo.
3 1934
4H
Spain
2
Jan.
4 1939
2K
Sweden
3H
May
17 1940
3
3H
Apr.
6 1940
4
Switzerland
IK
Nov. 26 1936
2
6
Jan.
4 1937
7
Yugoslavia
5
Feb.
6K
France
Germany
._
Greece
•
datings.
....
♦4
Mar. 29 1939
1 1935
Money Rates
DEALING
in detailfrom
withday
calltoloan
Stock Exchange
day,rates
1% on the
the
was
ruling quotation all through the week for both new
The
renewals.
and
loans
continues
7
4K
3K
Eire
...
very
Exchange held
market
for
time
money
5
3.65
England...
Finland
from
1%% for 60 and 90 days, and 1%% for four
to six months''
New York
3 H
Argentina..
ranged
1% for all transactions, while time loans again
leading centers
Pre¬
Feb. 14
awards
the New York Stock
on
shown in the table which follows:
Rate in
and
days,
Call loans
any
at
The Treasury sold on
slightly under par value to slightly above that level.
THERE
have been no ofchangesof during
the week
in
the discount
the foreign
central
rates
The
rapidly, and trading in such items
than nominal.
more
in
due
to
Present
previous weeks and months.
supply of bankers' bills and commercial paper fails
Monday a further issue of $100,000,000 discount bills
continued
were
Discount Rates of Foreign Central Banks
banks.
money
from
continued
The
atmosphere.
rates
Market
moreover,
up
to 90 days and
has
been
has
134% for four to six months'
The market for prime commercial paper
maturities.
prime
6
Rates continued nominal at 134%
quiet.
fairly active this week.
The supply of
has been in good volume and the demand
brisk.
Ruling rates are 54@1% for all
paper
been
maturities.
Not officially confirmed.
Bankers' Acceptances
Foreign Money Rates
IN bills
LONDON
open market
discountagainst
rates for
short
Friday
1 1-32%,
1 1-32%
on
on
were
as
Friday of last week, and 1 1-32@1 1-16% for
three
months' bills, as against 1 1-32@1
Friday of last week.
Friday
was
Money
on
rose
of
on
including 90 days
for bills
of business has been the smallest
Dealers' rates
call at London
Bank
New
as
reported by the Federal
York
for
bills
up
to
and
34% bid and 7-16% asked;
running for four months, 9-16% bid and J4%
are
asked; for five and six months, %% bid and 9-16%
asked.
serve
The bill-buying rate of the New York Re¬
Bank is 34% for bills running from 1 to 90 days.
of
a
ings
in years.
Reserve
THEshowed
Bank's moderate
weekly statement
dated
Feb. 12
advance in
circulation
which
£602,032,000.
are
out and the volume
on
1%.
£616,904,239,
been very
1-16%
Bank of England Statement
£979,000,
THE market quiet
for prime
bankers'
has
this week.
Fewacceptances
bills
coming
raised
the
total
Notes in circulation
was
the highest
on
outstanding to
as
of Dec. 25,
record.
Gold hold¬
£88,055, and, together with the circulation
Discount Rates of the Federal
Reserve Banks
THERE have been ofnothe
changes
thisReserve
wTeek banks;
in the
Federal
rediscount rates
recent advances on
Government obligations
are
shown
Volume
The following is the
in the footnote to the table.
schedule of rates
of paper at
classes
in effect for the various
now
V
1
Boston
Cleveland.,..
Richmond
Atlanta
Sept.
l
York
Philadelphia
..........
Chicago.
St. Louis
......
«.
Minneapolis
Kansas
Established
Feb. 14
City
Dallas.......................
Sept.
IN
May
IN
Aug.
•IN
Aug.
•IN
Aug.
•IN
IN
Sept.
•IN
•IN
Sept.
l
San Francisco
Aug.
evr
IN
Aug.
Aug.
K Sept.
N
Advances
testimony
2
:
the
of
European
countries
House
now
according
$4,369,000,000,
by Treasury officials to
given
committee
2
Appropriations
to
sub¬
a
Com¬
y*y
Of the total
mittee.
2
$1,619,000,000 belongs to The
2
Netherlands, $1,593,000,000 to France, $760,000,000
2
2
Norway, $92,000,000 to Denmark, $48,000,000
to
2
Government obligations bear a rate
on
total
^
.
of 1%, effective Sept. 1, 1939.
Chicago; Sept. 16, 1939. Atlanta, Kansas City and Dallas: Sept. 21,1939, St. Louis.
*
here
unfriendly action
an
reprisals.
invaded
of
assets
frozen
IN
2
by Italy and Germany as
The
IN
1.1939
27. 1937
4, 1937
11. 1935
27. 1937
21. 1937
21, 1937
2, 1937
24. 1937
3, 1937
31, 1937
3, 1937
The State
ago.
freezing order would be con¬
of the
extension
and would lead to
Rate
■
weeks
apparent a few
was
Department takes the position that legal or not,
strued
Previous
Date
Rate in Effect
Federal Reserve Bank
which
the
the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
New
1031
The Commercial & Financial Chronicle
152
to
and
Luxemburg,
$29,000,000
the
to
Baltic
republics.
Course of
The
Sterling Exchange
questions
of
inflation,
THEcontinuing
free poundthesterling
exceptionally
steady,
lower is
trend
which developed
The decline in the free
last week.
reflection of the
not indicate any pressure
to
a
originating in political or
they
Sellers have found that
economic conditions.
must lower their
pound is purely
slight volume of trading and does
prices
as no
advantage can accrue
buyers since registered sterling is always available
at the official
rates
are now
The official
selling rate of $4.03%.
quite predominant. Free sterling ranged
$4.03% for
sight, compared with a range of between
$4.02% and $4.03% last week. The range for cable
during the week between $4.02% and
bankers'
transfers
has
compared with
a
$4.03
between
been
a range
and
rates
of between $4.03 and $4.03%
quoted by the Bank of England
York, 4.02%-4.03%;
Canada, 4.43-4.47 (Canadian official, 90.09c.@
90.91c. per United States dollar); Australia, 3.21503.2280; New Zealand, 3.2280-3.2442.
American
commercial bank rates for registered sterling continue
continue
at 4.02
unchanged:
New
New
buying and 4.04 selling.
In London exchange
Italy,
is not quoted on Germany,
of the invaded European countries. In
York exchange is not quoted on the invaded
or any
countries of Europe,
Fear of inflation
but the German official mark is
registered mark is
pegged in New York
"Times" summarized
A matter of
outstanding interest to the market is
probability that the blocking of foreign-owned
funds in the United States may be extended at any
time to all
belligerents and even to neutrals.
Secre¬
Morgenthau in his press con¬
made it known that he is still
tary of the Treasury
ference
on
Feb .10
realization of the
Treasury's plan to extend to all belligerents the
present order freezing the funds of all conquered
optimistic regarding the chances for
been drawn
up
by Treasury officials and merely awaits the
President's signature.
It would seem that the
Treasury and State Departments are somewhat at
cross purposes regarding the expediency of extending
the order. Air. Morgenthau made it clear in his talk
with the newspaper men that in his opinion the
Treasury would have legal power to impose such an
As is well
order if it
known, the freezing order has
were
issued.
Discussion of the matter in
the past few weeks has
already caused the transfer of
funds to Mexico and other
responsible for the
firmness in Swedish kronor and Swiss francs
and in the opinion
greater
German and Italian
Latin American countries
of
some was
re¬
A special cable to the New
ago.
the discussion in sub¬
Feb.
On
Lord
12
of
Balfour
Burleigh told the
House of Lords that he feared the "vicious spiral of
inflation"
the gap
was
already in operation and he estimated
between expenditure and
and
£600,000,000
revenue
£700,000,000
at between
the
for
current
fiscal year.
Wholesale food prices,
he declared, had increasd
between August,
64%
by
1939 and September,
48% in the
1940 and the cost of materials had risen
period.
same
Lord Arnold contended that a
poll of prominent
financiers and economists would show a majority of
the opinion
that
some measure
of inflation
was
in
He warned the Government against un¬
balanced budgets and said that a national wage
process.
policy should be enforced. He pointed out that some
munitions workers are earning £8 to £12 a week,
while many men
conscripted in the
army are
getting
only 2s. 6d. a day apart from their allowances for
their wives and children.
Replying for the Government Viscount Simon, the
Lord
Chancellor, said:
"It
is
quite true that
many
getting greatly increased wages.
that
vast number of
a
never
been
so poor
skilled toilers are
But it is also true
people in this country have
in their lives. We do adhere to a
policy of avoiding inflation by every conceivable
means
in
our
power.
"It is very
aspect.
In
increase in
sense
us,
countries.
and
country.
every
stance.
at 5.05.
the
days
in
expressed in the British House of
York
nominally quoted at 40.00 and the
quoted at 14.10. Italian lire are
was
a
few
post-war
by economists
authorities
financial
price
and gold revaluation figure
discussions
in
and
currency
Lords
$4.03%,
week ago.
Official
constantly
sponsible
of
currency
it
important to remember the overseas
a
our
great war we are bound to have an
adverse balance of trade. In a certain
really that foreigners are lending to
means
but purchases abroad, even though at a high figure
providing foreign wqrking people with large rewards
in increased payments, do not affect our problem of
inflation at all."
Discussing post-war trends in various countries the
Reichskredit Gesellschaft, whose
Germany's economic position
before the
war
annual
were
surveys
of
widely quoted
for their reliability and conservative
judgment, asserts that the revaluation of the United
States dollar in relation to the European currencies
is
already
seen
as
a
primary post-war necessity.
in the absence of statistical
The Reichskredit's report,
and other information on
Germany's
war economy,
confined its 1940 review to an analysis of the inter-
national^price and currency problems.
The Commercial & Financial Chronicle
1032
Feb. 15, 1941
v
covering the same subjects and periods are often
_Jt points out that uniform world price trends are
non-existent since
stricted
pressed in
farm
of
outbreak
the
Re-
war.
products and
divergent
price
at the
Through these
marks,
materials.
the
movements
spread
between
_It points out
step it
be leveled, but
an
it
war
000 marks.
,
Reich authorities assert that the current national
monetary gold reserves in the United States should
debt is not considered particularly high.
eventually prompt the United States Government to
of the present debt of the Reich
remedy the situation by revising its excessive gold
4,000,000,000 marks
purchase price.
revenue
London
and
economic
have also recently
revision of the
to
level
a
approaching the statutory price of 85s.
The
London
demand
light.
and
Two-
Call
money
three-months
months bills 1
is available at M%.
bills
11-32%,
are
Canadian exchange continues to display
work, but it has
four-
financing
seems
to have resulted
the wide
from
million
offerings, reflecting the thin unofficial market for
Canadian exchange.
the week between
of
a
17M% and
a
follow
are
of
carried
gold imports and exports which
taken from the weekly statement
United States
In
cover
nhwTm
Refined bullion and coin
Total
—
----------
mexico
-
-
4
'
-
__
_____
84.03@84.03M for cable transfers.
84.02%@84.03
was
Friday
cable
were
transfers.
and
This
was seen
i
particularly
•
xi
m
the
case
largely responsible for the plans laid down in
freezing the gold of all countries held in the United
States.
It is not known how much gold or claims
84.03®
are
on
gold
held in the United States for German official
or
On
but the sudden firming up of Swiss
francs and of Argentine pesos a few weeks ago seems
84.03@84.03M; cable
to have been clearly attributable to the transfer of
(On Friday the
private
fnnds to Zurich and Buenos Aires.
funds
on
have,
according to
German dollar
report
common
in
the
financial district, been transferred in recent weeks to
Mexico and Brazil.
sight bills finished at
are no
sources,
comparatively large amounts of German and Italian
range
Closing quotations
Commercial
dispatches of the past feW
Washington, but thus far not put into effect, for
84.03M for demand and 84.03M for
84.00; 60-and 90-day bills
neWS
i
Europe.
were
on
84.03@84.03M for bankers' sight and 84.03M@
84.03M f°r cable transfers.
general foreign
0f the protests published here by the Netherlands
On Monday
market in New York.
was
lira, 5.2631 cents, the German gold stocks
and Belgian authorities. Such actual and threatened
seizures of the gold of conquered European countries
increased
was
84.03M f°r cable transfers. On Wednesday, Lincoln's
84.03M@84.03M.
Rome authorities, entirely
^
$4.02%@$4.03 for bankers' sight and
84.03@84.03M for cable transfers.
On Tuesday
was no
1940,
If
m
569,326
84.02M@84.03 for bankers' sight
Thursday, bankers' sight
was
been seizing gold holdings of the occupied territories
the range was
Birthday, there
earlier it
37,016
^Referring to day-to-day rates sterling exchange
was
gold and foreign
year
weeks have shown, the German High Command has
during the week ended Feb. 5 by $12,380,533 to $1,860,485,511.
sight
A
have
marks,
705^347
Gold held under earmark at the Federal*Reserve banks
was
war
77,000,000
gave
77,453,000 marks.
never
would approximate 81,052,620,000.
Nil
pMipptoeyisiands65 Cana<la' $163>586 Mexico,i$i65,279 Peru, $647,445
Saturday last
were
The Reiehs-
par
3,046,091
r
denied.
holdings then amounted to 20,000,000,000 lire.
As
_
Australia
Germany
this fiSure is assumed to be computed at the gold
Detail of Refined Bullion and Coin Shipments—
Japan
reserves,
conjectures
or
approximately
September,
of the
8,358,192
$9,862,795
_
ca^daLVL'riiril
as
in
war ./that apart
gold stock of several hundred
but these
at
war-
generally assumed
friendly to Germany, stated that the German gold
5, 1940.
Ore and base bunion
transfers
was
77,433,000 marks.
gold exports and imports jan. 30-feb. 5, inclusive
bankers'
gold
exchange
of the
Department of Commerce and
the weekended Feb.
and
It
an emergency
marks,
which, in
the Nation's
on
conspicuously small role in
The statement for Jan. 31
amounts
currency
bank's weekly statements throughout the
discount
16%%.
The
a
policies.
authoritatively confirmed
Montreal funds ranged during
discount of
for
cover
the Reichsbank's official
possessed
relatively small
on
a
neutral circles in Berlin before the
The weakness in
weeks.
as
Germany, is asserted to be based only
3-32%, and six-months bills 13^8%-
discount of the past few
Canadian
fiscal theorists
with
easy
revenue.
Gold is not only condemned by the Third Reich's
an ounce.
market continues
money
estimated at about 30,000,000,000 marks in
national ordinary
closely
more
about
With taxation and other
a year.
and amortization would absorb only 13% of the
a
England's gold price from
ounce
per
Servicing
requires
the current fiscal year, the payment of both interest
commentators
pointed out the necessity for
Bank of
the present 168s.
financial
said
was
Germany had borrowed approximately 42,000,000,-
essential
progressive accumulation of
that the
sees
as
At the outbreak of the
Thus in the first 16 months of the conflict
marks.
by which the dispro-
many ways
portion might yet
end of 1940 amounted to 79,000,000,000
this sum including the outstanding tax
certificates.
has been further widened.
war
analysis,
for
that the Reich's debt amounted to 37,400,000,000
European and United States prices already existing
before the
basis
stated early in February that the Reich's obligations
markets glutted with unsalable
raw
no
Mr. Fritz Reinhardt, Assistant Minister of Finance,
while prices have been de-
price level,
overseas
afford
and
contradictory
supplies of goods in blockaded Europe have
the
raised
the
<
subterfuges disguising German
gold and foreign exchange holdings.
For instance,
There
longer quoted.
Continental and Other Foreign Exchange
are
many
the disclosure made
a
few days ago
that the Inter-
FINANCIAL
tradewhether
figures from
coming
from national
General
ElectricinCo.Siemens
had sold
its holdings
of
Continental and
Europe,
Germany
participating
debentures
& Halske,
A. G.,
,
or
the occupied countries, cannot be
safe
guide since
pre-war
no
conditions.
comparison
Figures
can
from
accepted
as
a
be made with
these
sources
to
an
individual
representing
both
the
German
Government and the huge German manufacturing
concern
illustrates
one
of the methods by which
Volume
German
gold holdings
tributed.
is
a
The Commercial & Financial Chronicle
152
The
be disguised
may
International
General
and dis¬
Electric
Co.
wholly owned subsidiary of the General Electric
Co.
The debentures
40% to 50% of the entire Siemens & Halske debt.
are
considerable loss.
very
believed to have sold at
a
Likewise recently the E. I.
du Pont Co. announced that it had sold its invest¬
in
ments
German
companies
$2,500,000 for $1,175,000,
For
originally
costing
cisco from Japan in small amounts.
reliable sources, not
Russia and
According to
strictly barter
on a
basis.
Russia, it is understood, has in
stances
required gold, generally, it is asserted, for
retransfer
to
to
Japan,
has long been known
Russia
by
way
Germany.
normal
of its
excess
These materials
to
which
in¬
many
be buying certain raw materials in the western
hemisphere in
requirements.
believed to have been shipped to
are
to the volume of such
shipments
or
of the payment
According to Berlin dispatches of Feb. 6 Belgian
and
Luxemburg
francs
have ceased
be legal
to
tender in Luxemburg and the German mark became
the only
recognized
3.2 cents,
4 cents.
not
on
nominally
the invaded European countries is
quoted in New York.
The German reichsmark
trading is quoted at 40.00, while regis¬
tered marks
New York in
Italian lire
14.10.
are
are
pegged in
nominal market at 5.05.
a
kronor in limited
trading
are
23.24, against 23.24.
around 23.86, against
Exchange
on
quoted
Finland closed
at 2.05 (nominal), against 2.05 (nominal).
Greek
exchange is no longer quoted.
Spanish pesetas are
nominally quoted at 9.25, against 9.25.
EXCHANGE
on the due
Latinto American
continues steady
the actioncountries
of the
various national
free peso
The Argentine
exchange controls.
has receded from the extreme highs which
marked the rate since Jan. 22 when the transfer of
New
funds from
rate
to
23.75,
York to
It will be recalled that
ment
was
a
the
Buenos Aires lifted
This movement has
subsided.
now
to
Morgenthau
Argentina.
in
questioned
was
ment to the House of
Mr.
Recently
regarding
his
state¬
Representatives Appropriationg
sub-committee that he
the first of
was
conserve
was
series of steps to be
a
for
resources
National
observers, the decree
Defense
According
received
was
displeasure by Axis representatives, especially
those of Japan.
It is believed that
quantities
of
Japan has been buying larger
certain
products
than
are
normally
required which have been steadily transferred to
Siberia and made
available to
Germany.
In 1940
Brazil's exports to Japan showed an increase of
19%
in value of hides, castor seeds 224%, crystal quartz
38%, mica 163%.
Japan also made heavy purchases
of industrial diamonds.
The
Argentine
unofficial
free
or
closed at 23.65, against 23.65.
market
5.15, against 5.15.
Brazilian milreis
Chilean exchange is
nominally quoted at 5.17, against 5.17.
nominal at
is
peso
The Argentine official
has long been held at 29.78.
peso
16.00, against 16.00.
Peru is
The Mexican
peso
quoted at 20.75, against 20.75.
«
EXCHANGE
on theofFar
Eastern countries
presents
features
importance.
The Hongkongdollar and
considering stabilization
Shanghai
yuan
Far Eastern units.
The
ruling slightly firmer,
(Shanghai)
are
the only fluctuating
Hongkong dollar has been
while the National Chinese
recovered
from
the weakness which characterized it for many
weeks
and is
dollar
now
On
seems
to
have
steadier.
Feb.
11,
Tokio
published the official final
figures for Japan's budget for the fiscal
The
total, including
000 yen,
war
year
1941-42.
expenditures is 12,875,000,-
of which 7,574,000,000
As noted
rowed.
yen
must be bor¬
above, the Brazilian decree sub¬
large number of Brazilian
seriously limiting many of
Japan's exports from South America and hence its
re-exports via trans-Siberian railroad.
Closing quotations for yen checks yesterday were
23.46, against 23.46 on Friday of last week.
The
Chinese units continue to fluctuate. Hongkong closed
jecting to export license
materials is considered
a
as
at 24.45, against 24.00; Shanghai at 5.75, against
5.50; Manila at 49.80, against 49.80; Singapore at
47%, against 47%; Bombay at 30.33, against 30.33;
and Calcutta at 30.33, against 30.33.
short time ago an agree¬
par£ of the United States Stabilization Fund to fix
values
by President
with
Gold Bullion in European Banks
made between the United States Treasury
Department and the Argentine Government to use
currency
Feb. 7
on
and also for the defense of the Americas.
Swedish
The Swiss franc (commercial franc) is
23.86.
on
no new
or
"'v;"-1
.
in nominal
at
The exchange rate of the
fixed at 8 pfennig,
was
and the Luxemburg franc at 10 pfennig,
Exchange
understood,
taken
by order of the Chief of
money
the Civil Administration.
Belgian franc
is
closed at
therefor.
believed,
it is
Getulio D. Vargas subjected to export license more
than 200 items of Brazilian raw materials.
This, it
of the Trans-Siberian RR. and thence
No information is obtainable relative
transactions
A Brazilian decree issued
all trade arrangements between
Germany have been
there,
and the United States.
to Rio de Janeiro
loss of 53%.
a
long time gold has been reaching San Fran¬
a
with officials
questions of greater financial accord between Mexico
believed to represent from
are
The American holders
conferring
1033
T
HE following
table indicates the amounts of gold
bullion (converted into pounds sterling at the
_
British statutory rate,
in
84s. ll%d. per fine ounce)
principal European banks as of respective
of most recent statements, reported to us by
the
dates
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
agreements with Chile and Peru if the $2,000,000,000
Currency Stabilization Act
expires
on
were
extended before it
June 30.
Banks of—
England
He reaffirmed his belief that the Stabilization Fund
France y—
Germany x.
should be extended to other South American countries
Spain
Italy
besides Argentina.
He said he thought it would be
Netherlands
of
Switzerland
especially
Chile
and
desirable
Peru.
to
Edward
Counsel of the Treasury
White,
Director
stabilize
of
H.
the
currencies
Foley Jr.,
General
Department, and Harry D.
Monetary
Research
at
the
Treasury, have been in Mexico City for several days
Nat. Belg'm
Sweden
Denmark
Norway
.
-
---
Total week
Prev. week
1941
1940
1939
1938
£
£
£
£
127,423,503
*699,479
242,451,946
3,872,650
63,667,000
16,602,000
97,714,000
132,857,000
84,758,000
41,994,000
6,505,000
6,667,000
*512,433
328,618,065
295,815,490
3,878,100
63,667,000
23,400,000
85,341,000
68,187,000
88,443,000
31,389,000
6,500,000
6,666,000
3,007,350
63,667,000
25,232,000
121,770,000
99,000,000
112,522,000
32,856,000
6,555,000
8,222,000
697,788,075
693,743,545
706,601,598
707,425,705
1937
£
26,233,000
314,173,161
347,628,740
2,445,450
87,323,000
42,576,000
72,466,000
105,249;000
83,409,000
25,534,000
6,544,000
6,551,000
7,615,000
6,603,000
327,130,027
293,717,566
2,521,850
87,323,000
25,232,000
117,985,000
100,656,000
79,327,000
'
895,214,200 1,074,074,443 1,094,057,351
895,094,079 1,073,300,605 1,089,953,768
Note—The war In Europe has made it Impossible to obtain up-to-date reports
from many of tbe countries
shown In this tabulation.
Even before the present
war,
regular reports were not obtainable from Spain
France
received June 7; Switzerland,
was
Oct. 25; Belgium, May 24; Nether¬
Denmark, March 29; Norway. March 1 (all as of
lands. May 17; Sweden, May 24;
Notes Act, 1939, the Bank of England
Pursuant to the Currency and Bank
of the
March 1. 1939, and since have carried the gold holdings
statements for
of the statement date, instead of the statutory
Wftnir at the market value current as
On the market price basis (168s.
per fine ounce) the Bank reported holdings of £1,383,189, equivalent, however
to only about £699,479 at the statutory rate (84s. lltfd. per fine ounce), accord
lng to our calculations.
In order to make the current figure comparable with
former periods as well as with the figures for other countries In the tabulation,
we show English holdings In tne above In statutory pounds.
the basis of value.
price which was formerly
Gold holdings of the Bank
x
of Germany as reported In 1939 and 1940 Include
and "reserves In foreign currencies."
"deposits held abroad"
gold holdings have been revalued several times In recent
on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc). Insti¬
March 7, 1940, there are per British statutory pound about 349 francs;
The Bank of France
y
years,
tuted
7, 1940, there were about 296 francs per pound, and as reoently
125 francs were equivalent to the statutory pound.
of changes, see footnote to this table in Issue of July 20.1940.
prior to March
as
Feb.
15, 1941
Thus the
graph outline the ends of these bars.
the
chart shows that one new issue
dropped 23% points
offering price and one of the seasoned
below
its
issues
dropped 40% points below its average price
of Feb. 7, 1941.
1940), and Germany, as
•
and Italy, figures for which
The last report from
1938, and Mar. 20, 1940, respectively.
of April 30,
are as
Chronicle
The Commercial & Financial
1034
its "matched"
when
month
the
in
issue
new
was
offered.
By comparing the relative location of the solid
and the dotted
lines, it is possible to
the differ¬
see
in the fluctuations of new issues and seasoned
ence
The horizontal
issues.
the line
scale, the vertical axis, and
connecting the ends of the bars border
an
representing the total amount of fluctuation
area
the
from
offering price.
The difference between
September. 1936. as few as
For details
the
under the
area
lines is what is
the
in
Newly
The Market Action of
area
By
Myebs of the Faculty of The University of
'
■
Buffalo
■
■?/:
H.
John
:^V;:;;:y-'
In
Sept. 28
the
issue
an
article by Mr. Oscar
Issues,"
Lasdon, "The Market Action of New
charge sometimes made that invest¬
to the
an answer
gave
overcharge the public for new issues,
ment bankers
artificially hold the price up until after the issue has
distributed, then withdraw support, letting the
been
made
Lasdon
Mr.
issues that
that
study of the proportions of new
a
(a) did not
below the offering price,
go
broke below the
(b)
offering price and re¬
covered, that (c) broke the offering price and failed
to
recover
to the
offering price within
It is difficult to be
after the issue came out.
tain
as
short period
a
to
the
no
standard of Avhat
cer¬
significance of such figures, since
such
In order to
cases.
should expect
one
answer
that
in
question effec¬
tively, the following material compares the amount
of fluctuation of
lar
new
issues
listed
bond issues with that of simi¬
already found in the market at
the time.
The
the vertical
is
the
axis, the
the
offering price (to the left of the vertical axis)
one
sees
that in
been
presented
along the
Each bond has been allocated
vertical scale.
of
new
The line
issues
structed
below
follows:
as
zontal bar of the
one
space
scale.
along the
representing the fluctuation
the
offering price
For
same
each bond
width
left from the vertical axis
fluctuation from the
horizontal
was
was
issue
a
con¬
hori¬
extended to the
(the line representing
offering price)
a
distance
no
pro¬
places the
some
bonds.
the seasoned
for
In
graph the opposite is true.
other
The two
issues and seasoned
bonds, at
the first six months that the
ing, fall approximately the
new
same
seen
that for the 60 bonds
it
be
can
not
at any
all
paring the
same
for the
Similar
the
they
top.
A solid line
outlining the outer extremity of these bars.
lar solid line
was
drawn in the
drawn
was
A simi¬
same manner
to the
though
outstanding
curves
a
few
tip
new
issues
rose
Com¬
at these two
offering—price is approximately
issues and the seasoned bonds.
new
graphs
were
drawn covering various time
subdivisions of these nine years
but
issues
price in the base month.
between the
areas
new
Near the
is apparent that the total fluctuation
above the base—or
the
that
show
no
from 1924 to 1932,
significant differences.
Also,
graphs have been made of railroad, public utility,
and
industrial
issues.
Very similar results
tendency,
shortest bars at the
amount below the
time rise above the offering
of
above their average
points, it
seen
case
the
time within
rising farthest,
appeared to be
laid side
some
issue is outstand¬
than did seasoned issues.
more
However, in the
were
areas are very
ing movements above the offering price, it can be
below the
These bars
the
Comparing the two lines represent¬
offering price.
obtained for the railroad and
offering price.
sections of
nearly the same, thus leading to the conclusion that
portional to the amount that the bond issue fell
by side with the longest bars at the bottom and
issue line shows
new
greater fluctuations 'below the base than the line
nearly
price in the first six months after the date of issue
areas
the
twTo
did
have
Studying the
fluctuations
below
between
price,
original offering
lines for
bonds
1924 to 1932, and
years
their similar seasoned bonds.
issues
the
new
time within the first six
some
the
in
issued
were
On the
below
issue line
new
offering price for all non-convertible f
picture of what happened.
and
under the
Graph I shows the fluctuations above and below
the
accompanying graph the maximum fluctuations of
above
be¬
area
months—farther than have the seasoned issues.
curve
bond
larger than the
area
issues have moved—at
of the
each
If the
dotted lines.
larger, and we may conclude that the
resulting figures have been presented graphi¬
a
axis is
from the vertical
rose
cally to give
by studying the
tween the lines when the dotted line is farther from
new
there is
solid and
the
The difference
us.
be judged
best
between the lines when the solid line is farther
that
price fall, with the investor suffering the loss.
significant to
can
between
areas
Issued Bonds
areas
issue and the sasoned issue
new
for the
new
a
were
public utility issues.
of the industrial issues there
as
is shown in Graph II,
issues to fall farther below the
offering
price and to rise less above the offering price than
did the similar group
of seasoned issues.
This dif¬
right of the vertical axis to represent the maximum
ference is not
fluctuation
pected due to the chance factors of random market
price.
For
of
each bond
purposes
issue aibove
the
offering
of companison to similar issues
which had been outstanding for a period of time,
similar bars
tion
below
this bond
proportional to the maximum fluctua¬
and
was
"matched"
above the
average price at which
quoted during the month in which its
new
issue
was
offered.
Dotted lines
t Bonds studied were
ex¬
those which met the following requirements: (1) Issued by
private corporations located in the United States and Canada; (2) Listed
on
the
New York Stock Exchange or the New York Curb Exchange before the end of the
first six months after Issue;
eighty-one such
used
(3) Amounted to at least $10,000,000.
non-convertiole bonds
In this study.
tions and the
were
The remaining 37
purely for statistical purposes.
of the substantially
on
large, but it is larger than could be
Two hundred
found and 244 (87%) of these
were
eliminated In
an
unbiased
were
manner
Convertible bonds have been eliminated because
different fluctuations due to the variety of conversion attrac¬
impossibility of finding
a seasoned bond to match.
Volume
The Commercial & Financial
152
selecting the sample of outstand¬
fluctuation and of
his
as
statistical study was made, the results of which are
difference between the average
been due to chance, a
THE OFFERING
OF
NEWLY
ISSUED
AND
BELOW
ABOVE
BONDS
SEASONED
SIMILAR
AND
presented in the following table:
FLUCTUATIONS
PRICE
MAXIMUM
BONDS
Industrials seldom have
bond issues on the market; thus the invest¬
many
ment
banker does not have the
guidance of other
seasoned issues could have
fluctuations of new Issues and
AVERAGE
Railroad and public utility companies
price.
usually fall in this class.
ing issues to represent the market4
t Statistical note: To test whether or not the
1035
Chronicle
issues to
help him set the price.
On the
whole, it appears that investment bankers
have done
good job both for their clients, the issu¬
a
PRICE
ing corporations, and for the investing public, by
Public
All XonConverlibles
Railroads
Utilities
Industrials
(244)
(77)
(114)
(53)
new
Below
Above
Below
A hove
Below
selecting
market
a
opportunity equal to what he
Above
Below
Above
offering price that gives the investor in
an
issues
would have had had he cho^°n
:
only seasoned issues.
maximum
Avge.
fluctuation:
3.29
3.43
1.18
Bond...
3.00
2.17
2.22
Seasoned bond
2.85
2.57
4.83
2.31
1.91
3.02
2.01
2.00
.15
—.10
—1.01
—.14
.31
.27
1.42
—.82
.79
.36
2.13
.55
.76
.59
1.24
.44
New
Difference
Graph I
MAXIMUM
differ¬
Allowable
due
ence
3.82
2.47
to
chance*
PRICE
FLUCTUATION
Non-Convertible Bonds, New Bond Issues in First Six
Similar Seasoned Issues in Same Period-
♦
on
difference
fluctuation from the offering price.
between the average
Z70
Based
NEW /SSUES
l
SEASONED
that a dif¬
there is only one possibility in twenty
the theory of the normal curve
deviation
1.96 times the standard
difference due to chance is
The allowable
of the
Months, and
1924-1932
BONDS
ference due to chance would fall beyond this limit.
Z4-0
Another
interesting point is brought out by this
Though the average maximum
the offering price is very nearly
graphic approach.
fluctuation above
yi'r':
.
.%-■
■
;
'
,
.
2/0
i
i
average
fluctuation below the offering
are some
few bonds that go far below,
equal to the
price, there
though few rise
in
PHPP,
i
■'
1
■•.■•.v.-:.-;
1
%
/SO
I
1
far above the offering price
months.
There are two possible
very
six
first
the
i
i
to
1
•U
:v
c
i?;
"
/SO
First,
explanations for this.
of
bond
a
and
rates
dence influence the
u
general market confi¬
/20
g
the bondholder will realize
the dollar
on
only
jl/
!'v.
-t
conversion feature, for
no
3
90
hundred cents
one
jl
1/
(or perhaps five cents extra in case
•.
1
,
/
,
tions
below
above.
par
The second
range
new
a
1
successful in
very
securities.
From this
-SO
-30
-4-0
point all issues, will
tendency to decline, whether they
are new or
should
one
point out that in their emphasis
the fact that
new
offering price
issues
out, they have overlooked the fact that these
same
bonds
almost
price also.
invariably
rise
above the
Both price movements
are
II
Industrial
New
Bonds,
Bond Issues in First Six
Months and Similar Seasoned Issues in Same Period—1924-1932
60
upon
come
i
i
offering
i
the result of
natural market fluctuation rather than initial
20
FLUCTUATIONS
PRICE
generally decline below the
time shortly after they
some
/O
O
GRAPH
MAXIMUM
Non-Convertible
answering the critics of investment banking,
-/O
-zo
Fluctuations from Offering Price
seasoned.
In
30
possible explanation is that the
picking relatively favorable markets for the sale of
have
1
of fluctua¬
range
much greater than the
is
issuing corporations have been
the
\
should fall, the bond might go as low
Therefore, the possible
zero.
as
60
h
However, if the credit of
call) plus interest.
a
the company
i
50
i
i
1
i
1
over¬
V
pricing.
shown
This conclusion is supported by the results
here, which
fluctuation
of
are
new
based
issues
on a
and
the
fluctuation
of
i
1
i
I
tics.
The
seasoned
similar amounts of
market
issues
fluctuation
but
show
also
not
ii
1
same
tendency to decline from the offering price farther
of industrial
the
new
Even in the
issues where there is
a
one
and
one-half
in
pricing
error
banker cannot be
of
an
in his
points.
a
new
A
one
issue
and
a
much
s
credit measured
on
the bond
of bonds
the investment banker
market in
the
many
a
valuable guide in
setting
i
s
*
1
1
1
i
J
1
/O
r
r
C~c
case
they have outstanding give
3
ZO
1
p
by the investment
1
industrial issue.
other issues
g
1
i
f
A
1
1
f
as
As Mr. Lasdon
points out
article, the companies which have had their
u
0)
\\
i
j
half point
condemned, especially in the
50
i
i
tendency for
as
CQ
\
J 1
i
case
issues to decline farther than the seasoned
issues, the difference did not amount to
0
v1
7l
/ 1
they rise above that price.
C
ri
only
the
M
TJ
i
i
outstanding issues with similar characteris¬
4-0
1
comparison of the
older
than
Z
if
M
of
o
A
The price can¬
price of the bond.
if there is
rise far
not
O
CQ
stays in the neighborhood of par, fluctua¬
interest
in
tions
long as the price
as
zo
rr
-/o
O
o
/o
Fluctuations from Offering Price
New Issues
Seasoned Bonds
z.
The Commercial & Financial Chronicle
1036
Unfair
We liave
Feb. 15, 1941
wislL to comment in any manner con¬
no
cerning the merits of this pending contest between
On
the
Wednesday morning, of last week, a meeting
held in
was
Brooklyn, which, in the newspapers of
following day
and
employees,
more
tion
designated as a "strike rally"
was
to have been attended
seems
by
a
thousand
former employees, of
or
or
a corpora-
engaged in manufacturing in that borough.
accurate, the
union that is conducting the strike
insists ux>on a
closed shop, that is to say that none
dues-paying members of the union in good stand-
ing shall enjoy the privilege of employment in the
This demand has been opposed by the
enterprise.
employer, who offers substantial increases in wages
concessions
other
and
but is
from its service and the
the industrious and
unwilling to exclude
opportunities it offers to
capable those who for
reasons
satisfactory to themselves do not choose to pay tribute to this
other
particular labor union
organization
For
reasons
that
or
perhaps to
any
sect.
or
we
agreement with President Theodore Roosevelt,
press
wj1Q (Xeclar-cd that the
<]iSp0S6 of his
B0
pe
seen
stated, but that
can ever
jmpaired in
versal and
^he contest
gjve
even
and which therefore
conspicu-
was
a
investigation in
Work upon terms
we
have had
no oppor-
in Brooklyn
could
nor
complete and comprehen-
very
any way
affect
modify the
or
The
right to
satisfactory to the individual im-
plies the equal right to refuse to work when the
terms available
reason,
are
purpose
views
unsatisfactory,
and the right to
agree
for
or
other
any
with fellow-workers
employment in concert and for the
an
of bringing about
without
peace
permit
or
Apart from that uni-
observations that hereinafter follow.
directly responsible for the maintenance
public
rightfully restrict
degree.
in progress
now
^ie r€SUits of
authorities
readily be inferred, the audience
any
general principle,
whatever duress
can
mature man to
every
terms satisfactory to
tunity to inquire into the particular conditions of
approved themselves to the municipal
of order and the
upon
alone, is a fundamental human right which
have
must
right of
labor
own
government
to abandon
have not
body of employees and their former
employer, although we shall never hesitate to ex-
himself
Among other demands, if the press accounts are
but
cQn^iderable
a
can
a
come
lawful result through
from
peaceful strike,
a
attempted interference with others whose
of
the
suitability of the offered terms
different and who
are
consequently choose to accept the
ously supplemented by a considerable number of
employment, becomes
policemen, all in the full uniform proclaiming their
independent manhood. A strike, lawfully conducted,
well
presence as
9:30
a.
as
their function.
Shortly before
these officers of the law
m.,
formally
were
requested to relieve the assemblage, which filled the
hall
to
its
Mr. H. H.
of
the
capacity, of their restraining
presence,
Roach, general organizer of Local No. 3
International
Brotherhood
of
Electrical
Workers, affiliated with the American Federation
of
Labor, explaining,
"Times," that "their
and
upon
the
as
reported in the New York
lated
however
and,
SUch
unfortunate
voluntary idleness
easily
or
the
this
notable
emancipation
arrived upon
been
regu-
undesirable
to be, when too
may prove
or
when
occa-
support of views concerning the terms of employ-
the
single
ought to be accepted, which
case
compulsory
had
indus-
by unwarranted demands arbitrarily pressed,
right to strike is an element of strength in the
ought to deny to
when there
any
sioned
that
the forces of order supplied and sustained by
and
unnecessarily resorted to
ment
as
order and the
any
no
govern-
of its citizens—save in
of employment such
as may
be made
being essential to the preservation of
public safety.
Furthermore, modern
the platform of
governments have provided machinery for the ad-
meeting Miss Rose Schneiderman, secretary of
Department of the State of New York;
justment of labor controversies not only before they
the Labor
Mrs.
Henry Morgenthau Jr., wife of the Secretary of
Treasury; and Mrs. Franklyn Delano Roosevelt,
wife of the President of the United States
and,
as
such, the titular and admired First Lady of this
Nation.
The incident sufficed to
conservative of New York's
daily
obtain, in the most
newspapers, a
first
display-heading of "First Lady Backs Leviton
page
Strikers
at
Brboklyn Rally She Urges Unions for
Proposes to Educate Employers," followed by
All
considerably
more
than
a
column account
principally of summaries of
consisting
and extracts from the
addresses made by these visitors.
tive of the State of New
The representa-
York, Miss Schneiderman,
had, but
a
few moments before her arrival, led
a
parade of TOO pickets outside of the plant in which
the strikers
formerly worked and
she is
quoted
as
having told them, at the meeting, despite the fact
that
idleness
them
nearly six months' earnings, that "victory is
matter how long you
stay out" and that
since
last
August
has already cost
yours no
their
employers know
were
remark,
so
little that if their educa-
undertaken it would have to "start in the
primary grades."
the
permissible incident in
promising to maintain order without reliance
Scarcely
tion
a
corollary right of free and
society that is properly/organized and
ment
achieved
the
consequently
trial
tended to stir feeling"
presence
public.
the
js
a
The First Lady, had, before that
vociferous applause
by suggesting, as
"Times" paraphrases, that
"employers would
won
benefit from additional
schooling."
have led to
interruptions of work and production,
but while such
interruptions
Inevitably, in
a
are
in progress,
representative democracy, all this
machinery is
very strongly and effectively influby the employed and those most earnestly in
sympathy with them, and this almost inescapable
enced
and nearly universal bias has come to be
accepted,
at least
provisionally and until it can be mitigated
by superior education and understanding, by those
who
regard that form of government
humanly attainable.
as
the
best
Throughout the United States,
especially in the Federal government but also in the
governments of many of the States, this probably
inescapable bias has, at the present time, become
emphasized
and
much to say
that the indiscriminate favor accorded
exaggerated,
to all demands put
until
it
is
forward and pressed in the
of organized labor has become
a
too
not
name
palpable and
pre-
vailing partiality that exceeds all possible semblance
of
justification
and
that,
upon
its
other
amounts to unwarrantable and destructive
side,
hostility
to the
great industries whose leadership and capital
supply employment to the largest section of the
working
masses
and provide markets for the prod-
nets of agriculture and of other industries,
The incident described at the beginning of this
article is
demonstration
that
the
governments
of
presently
Sew York and of the United States are
going much further even than anything involved in
administration,
the
the strongly biased and ex¬
even
1037
Chronicle
The Commercial & Financial
152
Volume
divided into two classes—short-term
are
short-term if held 18 months or less,
are
They
Eighteen months is the dividing line.
term.
if
held
Short-term
months.
18
than
and long-
tremely partial administration, of any of the exist¬
term
ing laws relating to labor controversies and their
profits and losses go into one pot; long-term
another.
The two can never be mixed or used
Miss Schneiderman, 'Mrs. Morgenthau
settlement.
Roosevelt are, we have no doubt,
Mrs.
and
whose
aspirations and intentions
It may
ladies
be that, in consequence of unequalled intui¬
of short-term holdings, if
In the case
If there is
net loss no deduction is per¬
income.
dustrial conditions and
mitted at all in the 1940 return,
of private enterprise to recompense its
the capacity
employees out of earnings, anyone of them is ex¬
traordinarily qualified to
merits
the
upon
of
of them is
quite in the position of
disconnected
effectually
from
agencies of government.
ever
concerning
controversy
conditions of employment.
wages or
of them
accurate judgment
pass
any
a
But not one
private citizen
the
And
we
note that no one
the side of
appears upon
any
employer.
They ought not to appear in advocacy of any em¬
ployer.
Neither,
union,
or
the law
think,
we
the side of
on
labor leadership.
any
The
under certain
labor
any
processes
that
provides for adjustments between the
em¬
that
of
have noted,
ments
to be impracticable
seems
representative democracy, as such govern¬
exist, and it has become impossible in
now
New Deal.
under the
America
But it is still pos¬
sible to let the administrative process
its
the
on
either officers of
of
part
government
highest of those officers.
of
reason
honor
such
and
individuals,
notable
or
closely allied with
Ladies occupying, by
alliances, positions of the highest
dignity,
well
as
as
of interest to the
multitude, ought not, however avid they
may
be for
similar carry-forward
a
certain restrictions, be
profits of 1940.
under
So much for short-term holdings.
Long-term hold¬
ings are further subdivided into two
time periods,
the dividing line. On net profits
holdings between 18 months and two years the
with two years as
from
maximum tax is
two years
over
20%;
this
on
net profits from holdings
the maximum tax is 15%.
year,
making
the
maximum
ing as income, in the same way as any
two-thirds of the net profit on the
two-year holdings, and
than two-year
If instead of
term
22%
and
The tax can be figured in another way
come to a lower amount; that is, by report¬
if it will
more
(Actually
10% defense tax to be tacked
there is an additional
steam, by its own processes, without public
own
interference
the
proceed under
can,
year
16y2%.)
as we
profits, if there
deducted from the short-term net
on
any
As
in that year.
any
impartially and in an atmosphere of impartiality.
in
but the loss can,
restrictions, be carried forward to be
provision applied in 1939, the short-term net losses
ployed and the employers ought to be administered
That,
a
deducted from 1941 short-term net
be
and
processes
there is a
profit, it is taxed in the same way as any other
net
tion, possibly by means of exhaustive studies of in¬
profound comprehension of
into
as a
direct offset for one another.
of the loftiest.
are
more
50% of the net profit on the
holdings.
profits there is a net loss on long-
holdings it works in this way:
deduction from tax that can be
the net loss
other income,
18 months to
The maximum
procured is 20% of
from the 18 months to two-year hold¬
The
ings, and 15% on the holdings over two years.
tax must be
to
a
figured in another way if it will come
higher amount; that is, by reporting as a deduc¬
from income,
in the same way as any other
public service and for useful employment, to under¬
tion
take to
deduction,
two-thirds of the net loss
months to
two-year holdings, and 50% of the net
subject
versies to any
prejudice
already borne.
where
of the parties to labor contro¬
any
In
a
or
disadvantage beyond that
degree exceeding anything else¬
occnring, such interference is
an
unfair
ap¬
loss on the more than
two-year holdings.
long-term losses exist,
on
If enbugh
and are established, it is
plication of personal prestige not acquired in the
possible to wipe out the entire tax liability.
solution of any
is
of the problems affected and, in that
connection, of entirely fortuitous and unauthorized
no
into 1941.
EXAMPLES
A few
Federal Income Tax Provisions
By J.
Each
S. Seidman, C. P. A.
year-end a great deal is heard of tax selling.
considerations
hearing
doubt
have
end-of-the-year^ security
on
However,
no
a proper
an
important
transactions.
respect for one's tax bill calls for
attention to the calendar and the score
throughout
the year.
It is
proposed here to review this subject briefly
simply and at the same time point out new
angles resulting from developments in 1940.
many
special situations, will be omitted.
general
/
The
refinements and exceptions in the law, applic¬
able to
Not all security
are
taxable and not all
taken
were
liability.
The length of time securities
owned, and other things, have a bearing.
are included in what is known for in¬
Securities
come
tax purposes as
capital assets.
Capital assets
1940, but the $10,000 can, with
in
restrictions,
be deducted
certain
in 1941 from any net
profits in 1941 on holdings of
18 months or less.
held between 18 months
and two years are sold at a profit of $12,000, and
stocks held for more than two years at a profit of
Suppose in 1940 stocks
Of the $12,000, only two-thirds, or $8,000,
in the regular way; and
$10,000.
would be reported for tax
of
the
$10,000, only 50%, or $5,000, would be so
In no event, however, need the tax on
profits exceed $3,900 (that is, 20% of
reported.
two
10% defense tax.
losses in these
they would be deductible to the extent of
$12,000 and 15% of $10,000), plus
If, instead of profits, there were
security losses are deductible in figuring Federal
income tax
Suppose stocks
net
18 months are sold in 1940 at a
profit of $10,000. The profit is reportable in full
like any other income.
If instead of a profit there
is a net loss of $10,000, no deduction for it can be
these
principles
profits
examples may be helpful.
held less than
Affecting Securities
and
There
carrying forward of 1940 long-term net losses
power.
Tax
the 18
amounts,
$8,000
and
$5,000,
could the tax saving
be
more
than $3,900.
respectively, but in no event
resulting from these deductions
I
The Commercial & Financial Chronicle
jQgg
partnerships
corporations
and
fused with the
just
personal transactions of the partners,
if they were part of the partner's personal
as
Thus
transactions in the first instance.
his pro
rata share of partnership short-term losses,
and vice
So also
versa.
^
are
separately taxed, independent of
the stockholders.
New to 1940 is the fact that corpo-
rations
figure^ their security profits and losses, for
tax purposes,
is
in the same way
important exception.
one
individuals.
as
apply
with
Furthermore,
corporations.
to
are
subject to
long-term profits and losses
in
dealers
But
beginning
a new excess
apply to the ordinary
More accurately,
This is known
after the sale.
or
does it
Neither
^eg
p
|jie
j>e
bave been declared to be
trader is
It is therefore
traders
buys and sells for his
securities merchant.
holds securities
own
A
lehem
dealer,
on
owned
were
Short
sales
other sales.
ference:
The
in
the
same
manner
in
1937
1937 short sale.
50.
at
are
In
or
of
no
In
and
In December,
was
the
the
held from Janu-
was
ordinary
case
delivery to
on
short
the purchase of the stock
the previous
cover
sales
term transactions.
are
therefore
short sale
Profits and
usually short-
;
rules
technically
with
apply
as
a
sale.
tion.
or
redeems
To illustrate:
it, if it is offset by losses
Assume that short-term net losses
not be made
of in 1940.
use
$5,000.
These losses could
However, the taxpayer
appreci-
Specifically, he bought the stock for
$10,000 and it is
now
worth $15,000.
He sells the
stock, thereby realizing the $5,000 profit.
He imme-
diately buys the stock back, however, at $15,000 in
order not to lose his market position.
profit is absorbed by the $5,000- loss,
is
tax to pay on
no
held at
now
it.
The $5,000
so
that there
The repurchased stock is
cost of $15,000 compared with the
a
previous cost of $10,000.
The time period
now runs
from the repurchased date and not from the date of
the original purchase,
family
No loss
or
indirectly
family.
in
can
the
from
The word
law
transactions
be deducted where it results
and
sales
between
embraces
same
limitations
corporation.
if
of
a
a
business
partner, in
wife, brothers and sisters,
parents and children.
The
directly
members
"faniily" is specifically defined
addition to husband and
for this purpose
to
"sales
or
exchanges."
redemption of stock is regarded
of
stock
an
the
important
rule
entirely.
holds
Where
only part of its stock,
complete liquidation, the profit is taxed
actual tax to pay on
other deductions.
;
are
imposed
upon
sales to
a
A corporation is controlled
more
than 50% in value of its
stock is owned by the taxpayer
the corporation winds
up
ration
The profit
his family (this time not including a business partner), or both. Accordingly, if a person sold securi-
the
case
repurchased.
reportable, but there may be
only
Here, too, there is
In the
course
regard to security transactions
However. by special provision in the law the retirement of bonds
though their
A wash sale of securities involving
the sale is of
controlled
securities redeemed
The
same,
of $5,000 have been established.
The fact that the
generally take place simultaneously.
losses
cover
maintained for three years is
consequence for this purpose.
its
be about the
are
provision applies to losses only, and
profits.
less than 18 months, the
$1,000 profit is taxable in full.
position
are
January, 1940, 100
bought at 40.
As the stock
to December, 1940,
short
cover
To illustrate: 100 shares of stock
1940, the lOO^share purchase is used to
ary
as
sale, but rather from the date
purchase of the stock that is used to
short
even
ated
is, however, this important dif-
shares of this stock
industry and
has stock held less than 18 months that has
sales
holding period is not measured from
the short sale.
loss and Beth-
though they
prior to sale.
the date of the short
of the
a
short
treated
are
There
or
The dealer is tax-
even
profit in effect results in "marking up" the cost
a
no
deduct 100%
same
0f the securities sold and
the other hand,
may
in the
The wash sale
on
primarily for sale to customers in
debtor, value
same
be sold at
can
immediately purchased,
not to
a
losses, regardless of how long the securities
dealt in
sold
He is not
account.
100% of the profits and
on
of the
regular clientele.
no
the regular course of business.
able
A
stock
substantially identical with
ity date, have been held to be substantially identical,
However, U. S. Steel
important
dealers.
engaged in the business of buying and
one
selling securities, but he has
He
and
common
rate, but differing slightly as to matur-
market action may
between
On the other
company.
Bonds of the
stock.
distinguished from the private in-
differentiate
same
voting trust certificates for
common
buying
substantially identical with voting
stock of the
COIlimon
band,
on
Class A non-voting stock has been
caj gecurii[es#
jiep| no^
traders,
are
applies not only
security, but also substantially identi-
game
dealer
vestments of the dealer.
before
the wash sales
apply to individual traders,
jogs restnction
rpjie
both
to
as
app]y |0 corporations that
apply to the securities in which the
as
security
it does not apply to dealers in securi-
provision.
the rules do not
deals,
involved, if the called
SALES
WASH
an{j interest
They also apply to traders in securities.
they do not apply to dealers.
were
a loss cannot be deducted on the sale of a
excluded entirely,
are
securities
The rules thus far reviewed
investor.
are
In arriving at the amount of this tax,
profits tax.
profit
a
security were sold before the redemption date,
Long-term net profits
The 20% and 15% rules do not
1940, corporations
though
even
There
reportable in full, and long-term net losses
are
deductible in full.
such redemp-
on
•£ the security is bought back within 30 days
^
Corporations operate under an entirely different
They
A loss
That applies only to profit.
tion is treated as short-term or long-term, according
to the real facts. The real facts would also control,
share of the partnership
long-term gains and losses.
rule.
of the length of time the stock was actually held,
partner combines in his
a
his pro rata
return
own
partner
a
his personal short-term profits
offset against
can
profit, and therefore taxable in full regardless
term
Security profits and losses of a partnership are
Feb. 15, 1941
as
ties at
a
loss to
a
or
the members of
corporation in which his brother
excep-
owned 30% of the stock, and his daughter 25%, the
only if
loss would not be deductible. The loss is also disallowed on certain sales between controlled corpora-
a corpo-
against
as a
short-
tions,
or a
or
between
a
trust and the maker of the trust
beneficiary of the trust.
:
Volume
All
of
Profits
to
restrictions
these
family sales
on
of the
securities
bought
are
sale,
margin at dif¬
on
as
Taxes
sales
on
TIMING
impossible to
of
TRANSACTIONS
OF
outstanding importance in keeping tabs on the
is generally the case, it is
score.
identify the certificates, it is per¬
the
basic
as
The 18 months and
other
make
taken the tax is conserved
delivery from
a
particular lot bought
be deemed that the lot
so-called
instructions, the
or
"first-in, first-out" rule will apply; which
that the securities sold will be
means
garded
a
designated has been sold.
so
In the absence of identification
simply
on
In that event it will
given price.
a
re¬
COMMISSIONS
Commissions
the
on
the sale
no
are,
to the
ordinary investor, deductions from the selling price.
In the
of traders in securities and dealers, com-
case
Gross and Net
financial
statistics
for
month of that year,
at the
The
the
are
for
returns
which show both
gross
highest levels for December in
the
fina*
and net earnings
than
more
a
decade.
gains thus reflected in railroad transportation affairs
especially
are
plodding improvement of railroad
1940
matter for gratification because they
a
not
are
an
unmixed
blessing,
growing problems of taxation
that
moreover,
those familiar with the
as
testify.
can
demands underlie
war
afford
But the advances
insight into the trend of general business.
It is apparent,
sizable part of the
a
general business improvement in the United States which has
developed
that
since the European
war
The upswing
began.
in progress when that conflict
was
developed has been
stimulated sharply by European war orders,
by the American defense
so
program.
We
and
even more
only at the
are
beginning of the movement, and if uneasiness is apparent
in many quarters as to
trend, that is hardly
the result of the current
a
matter for surprise.
that the business stimulation afforded by war
Under the stress of
8ound.
war or
governmental
It is axiomatic
is not entirely
governmental expediencies of the moment, and there are
no
that the current episode will
indications
differ in that
To such
general reservations
be added
advances is
of
further
one
as
to the economic situation
relating to the railroads in
An almost inevitable accompaniment of financial
particular.
share
a
a
the
demand by unionized employees for the lion's
gains.
The railroads apparently
are
to
be
subjected to such demands, notwithstanding the high wage
scales of the
are
transportation workers.
the issue, which has been
the
Vacations with
possibility of
raised by the Brotherhood of
a
strike involving 750,000 rail employees,
if this matter is not settled to the satisfaction of
The
Washington
may
the attitude which
take, if this problem occasions a strike,
No immediate test of this nature is to be
of course,
into
the workers.
labor-coddling tendencies of the Roosevelt Administra¬
tion have occasioned much dubiety as to
test.
pay
Washington reports of last week suggest
Railway Clerks.
since
a
anticipated-
failure of direct negotiations would bring
play the facilities of the National Mediation
with National defense
is yet
Board,
requirements possibly the determining
can
also be
another phase about timing:
Exchange right
trol for that
on
a
tax
Buy
the floor of the Stock
to the last day of the year con¬
up
year's income tax
even
though delivery
of the securities is not made in the
regular
course
until the next year.
Railroads for the Month of December
factor in the end, if
other
the railroads running
efficiently.
means prove
Apart from such considerations,
that
satisfaction
December
were
gross
at
than in any
earnings
it
inadequate to keep
be noted with
can
of the railroads for last
eclipsing'anything reported for
rate
a
that month back to
1929, while net earnings were higher
Gross earn¬
previous December back to 1928.
reported for December, 1940, were often exceeded
in the closing month of the 10 to 12 years which succeeded
the first World War, but net earnings for last December
were at levels which were bettered onlv in that month for
ings
as
This suggests the
effected by managers
of the great transportation properties, under the stress of
necessity.
Gross earnings for December, 1940, amounted
1924, 1925, 1926, and 1928.
the years
degree to which economies have been
$381,011,167, against $344,463,789 in the same month
to
of 1939,
in
the
same
$19,692,826,
totaled $115,841,994, against $96,149,168
month of the preceding year, an increase of
This improvement, which was
20.48%.
or
general throughout the country, is set forth
tabular
Net earnings
gain of $36,547,378, or 10.61%.
a
for last December
in the following
presentation:
Month of
Gross earnings
Operating expenses.«,. .., —
Ratio of expenses to earnings
We turn
1939
1940
December
Mileage of 131 roadH—
now
to the
Inc.
(+)
or
Dec. (-—)
—723
233,162
—0.31%
*381,011,167 $344,463,789 + $36,547,378 + 10.61%
248,314,621
+ 16,854,552
+6.79%
265,169.173
(72.08)
(69.59)
232,439
SI 15,841,994
Net earnings
respect from its many predecessors.
must
Timing
safety-valve where stocks are called for redemption.
of preparations for war,
ordinary economic considerations usually are superseded by
Wash sales
deeply steeped in timing, since the 30-
course
day interval controls.
Earnings of United States
Much in line with the
of
There
purchase of securities are
Commissions
part of cost.
by offset from short'term
The same holds true in
versa.
and sell orders executetd
TAXES
AND
vice
and
respect to long-term profits and losses.
are
coming from the earliest purchases.
as
Where short-term profits have been
respects.
losses,
two-year marks are
The timing enters in many
mileposts.
missible for the customer to instruct the broker to
certain date at
the in¬
deductible in full to
are
summarize, timing of security transactions is
To
tax
If,
price, because
surround the treatment of
vestor, the trader, and the dealer.
what will determine the taxable profit or
identifiable.
busi¬
favorable treatment
a more
deduction from the selling
a
particular certificates delivered against the
are
be deducted in full as a
can
This is
profits and losses.
prices, and part of the
.loss, if the stock certificates of each of the purchases
are
sales
on
expense.
of the limitations that
sold, the time of purchase and the cost
are
missions
ness
than
ferent times and at different
holdings
losses.
on
SECURITIES
IDENTIFYING
Where
only
are
taxable just like sales
are
else.
anyone
1039
The Commercial & Financial Chronicle
152
$96,149,168 + $19,692,826 + 20.48%
trends in various business lines which
underlie the carrier gains.
In order to indicate in a
trade
we
simplified form the measure of
activity in relation to its bearing on railroad revenues,
have
indicative
brought together in the table below the figures
of
activity
in
the
more
important
industries,
together with those pertaining to grain, cotton,
livestock
receipts and revenue freight loadings for
the month of
December, 1940, as compared with the same
month of 1939,
Car loadings, it may be noted, were
about 10 % greater in December than in the same period of
1939 but did not approach the 1929 level.
Movement of
1938, 1932 and 1929.
agricultural products over the roads was obviously not a
livestock products were shipped
factor in the increase for only
in greater
volume than in 1939; cotton receipts at
southern
ports were only a third as large as in December, 1939 while
western receipts of flour and grain, were, with the exception
of barley, reduced in various proportions
The other indicators in the table below,
from
a year
earlier.
help to explain the
heavier freight movement; construction contracts rose 30%,
while smaller gains were shown in production of automobiles,
iron and steel, coal and lumber.
The Commercial & Financial Chronicle
1040
j'-1';
December
1939
1940
1932
1938
.
Production (passenger
452,142
388,346
$354,098
$389,439
483,567
trucks, Ac.).a..
cars,
107,353
120,007
Building ($000):
$456,189
Coal (net tons):
Bituminous _c...
Pa. anthraclte.d—
receipts,
$81,219
$316,368
40,600,000 38,066,000 36,541,000 31,522,000 47,046,000
4,671,000 3,914,000 4,533,000 5,141,000 7,377,000
Freight Traffic:
Car loadings, all (cars)
Cotton
Georgia Southern & Fla.
Pere Marquette—
Pittsburgh & Lake Erie.
Long Island
_——
South¬
966,181
305,420
—
1,039,511
271,407
7,931
7,799
2,094
2,089
2,498
2,340
..$35,100,826
Decrease
145,528 Wabash—
$102,326
——
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
PRINCIPAL
CHANGES
IN
NETfEARNINGSiFOR
OF DECEMBER
6,999
12,261
20,024
Southern Pacific (2 rds).
2,615
3,493
2,180
2,626
8,485
5,954
Atch Topeka & S Fe—
New York Central.
Chic & North Western.
.
xl,570
*1,574
*1,490
*1,428
*8,499
xl9,090
*11,986
*19,860
*5,269
*7,268
*2,092
*12,947
*17,961
*5,332
*5,302
*12,212
*9,438
*1,443
*575
x5,oo7
x7,952
x730
*3,222
*1,556
*20,555
Louisville & Nashville...
*28,542
*6,588
Chic Milw St P& Pacific
Missouri Pacific
*3,093
*4,946
Atlantic Coast Line.....
*2,693
Southern Ry
.
Seaboard Air Line—...
4,414,602
4,220,536
5,822,014
2,476,015
611,610
3,506,435
964,358
*828,213
*780,858
x959,077
*906,087
*762,650
*765,184
*680,430
*737,796
*787,310
6,300,768
Lumber (000 feet):
Production-m
Shipments, m
Orders received.m
3,177,345
3,251,373
*344,956 *1,127,561
*365,764
*968,657
*992,375
*406,680
Note— Figures in above table Issued by:
United States Bureau of the
Census,
Mountains).
d United States Bureau of Mines,
b F.
W.
Dodge Corp. (figures for 37
Bituminous Coal Commission,
National
c
Association of American Railroads,
e
f Com¬
piled from private telegraphto reports,
g Reported by major stock yard companies
city,
h New York Produce Exchange,
k "Iron Age."
1 American Iron
Reading
Nashv Chatt & St Louis.
St L-San Franc (2 rds)..
N Y N H & HartfordUnion Pacific-
Lehigh Valley
Del Lack & Western
Yazoo & Miss Valley
Western Pacific
Pennsylvania
-
Increase
Chesapeake & Ohio.....
$224,102
218,306
215,864
Central of Georgia
Grand Trunk Western..
Elgin Joliet & Eastern...
205,973
203,023
195,738
Boston & Maine
184
Delaware & Hudson
N Y Chic & St Louis
137,544
126,776
126,445
St Louis Southwestern..
Georgia Southern & Fla.
.
_
,643
Denver & Rio G Western
124,395
Spokane Portl & Seattle.
Pere Marquette
Illinois Central
123,388
119,503
1x7,811
106,184
Cin N Orl & Texas Pac..
Total (43 roads)—..$19,708,641
Decrease
Great Northern
$503,393
222,768
171,827
157,582
103,722
...
Chic Burl & Quincy—
Duluth Missabe & Ir R.
251,628 Pittsburgh & West Va
227,896 Perm Reading Seashore L
226,488
...
Missouri-Kansas-Texas
Chicago Great Western.
Minneap St P & St Ste M
-
MONTH
Wabash
,
Erie
THE
'
■
■
•
$1,789,827
1,364,937
a 1,270,035
1,186,429
1,182,769
979,418
795,260
768,352
764,943
710,922
666,198
637,562
635,805
546,609
451,348
432,688
432,284
399,777
398,938
327,884
313,536
292,220
Baltimore & Ohio
Pig iron production.k_.
Steel Ingot production.!.
Rocky
101,504
Total (56 roads)
a
Chic Rock Isl & Pacific.
of
Rich Fred & Potomac
146,430
Florida East Coast
Delaware Lack & Westn.
1,107,014
Iron & Steel (net tons):
east
...
Chic & Eastern Illinois..
Increase
Chicago (cars)
Kansas City (oars)...
Omaha (cars)..
Western flour and grain
receipts: h
Flour (000 barrels)...
Wheat (000 bushels)..
Corn (000 bushels)
Oats (000 bushels)
Barley (000 bushels)..
Rye (000 bushels)
a
Alton.
$126,823
113,399
112,179
110,127
104,359
-
Cincinnati Northern,land|Evansville Indianapolis & Terre Haute.
In¬
cluding ^Pittsburgh &|Lake Erie, the result is an increase of $3,208,765.
z3,332,078 z3,090,932 z2,947,152 z2,486,832 z4,137,016
.e
ern ports (bales).f...
Livestock receipts: g
States
Increase
Western MarylandBessemer & Lake Erie.
155,794
150,898
_
Constr. contr. awarded b
1941
Cin N Orleans & Tex Pac
$212,536
208,681
207,833
202,397
192,726
190,305
St Louis Southwestern.
Denver & Rio G Western
Automobiles (units):
15,
Increase
Delaware & Hudson....
Illinois Central
1929
Feb.
'
Total (5 roads)....
225,193
$1,159,292
— .
in each
Steel Institute,
and
National
m
Lumber Manufacturers Association
reporting mills varies In the different years).
*
Considering December's results
dual railroads, it appears that the
spread
was
various
virtually
over
Four weeks,
as
z Five
(number of
weeks.
applied to the indivi¬
the entire
railroad
in
system
were no
fewer than 56 roads show¬
ing increases of $100,000
or more
in their gross earnings while
only
one,
the Wabash, reported
The results
almost
were
a
decrease of like amount.
satisfactory with respect to net
as
earnings, 43 roads reporting gains of $100,000
only five reporting decreases.
or over
and
The Southern Pacific,
the
Atchison and the New York Central headed the lists of roads
showing improvement in December in both the
classifications but not
The Central
quite in the
same
gross
of $3,052,971 but third in the net earnings group
of
increase
far
as
$1,270,035.
gross
and net
order in each list.
first in the gross earnings list with a gain
was
Southern Pacific
came
with
an
second
so
returns were concerned showing an increase of
$2,999,642 but this road
able to carry $1,789,827 of the
was
gain down to its net earnings which placed it first in this
The Atchison Topeka & Santa Fe RR.
category.
as
a
far
betterment of its gross
as
earnings
was
was
third
of
commented
$1,364,937.
The
New
York
Central
is included
an
even
Other roads
increases
were
high
the
up
in both the
obtained, for
was
gross
gross
the
Pennsylvania which
earnings list.
it
revealed
loss of
gross,
showed
earnings.
$980,280 in
gross,
show all
for amounts in
any
decrease of $503,393.
decreases, and in both
of
gross
$100,000,
In the following
whether
increases
of
—
Seaboard Air Line.Missouri Pacific
N Y N H & Hartford—.
Chic Rock Isl & Pacific.
-
905,579
in
as
As
below.
as
a
the
40.84%
in
net
whole to show
a
Our
previously explained,
The result in this
areas
permitting
the
gain of 10.56% in
summary
by
groups
the roads to
we group
conform with the classification of the Interstate Commerce
The boundaries of the different groups
Commission.
regions
are
and
indicated in the footnote to the table.
SUMMARY^BY GROUPS—MONTH OF DECEMBER
Gross Earnings
District and Region
1940
1939
$
S
Eastern District—
(10 roads)
New England region
Great Lakes region (23 roads).,
Central Eastern region (18 roads)...
(51 roads)
Inc.
(+) or Dec. (—)
S
%
15,763,018
14,541,567
+ 1,221,451
+ 8.40
72,947,076
67,559,452
75,022,353
+ 5,387,624
+ 7.97
+ 5,442,596
+ 7.25
169,175,046 157,123,372 + 12,051,674
+ 7.68
80,464,952
Southern District—
Southern region (26 roads)...
...
Pocahontas region (4 roads)
Total (30 roads)...
51,318,603
21,567,444
45,261,836
20,662,577
+6,056,767 + 13.38
+ 904,867
+ 4.38
72,886,047
65,924,413
+
39,546,207
33,875,103
61,843,665
25,697,236
+ 9,836,895
+ 15.91
+2,026,071
+ 7.88
6,661,634
+ 10.56
Western District—
Northwestern region
(15 roads)
Central Western region
(15 roads)...
71,680,560
27,723,307
Southwestern region (20 roads)
+ 5,671,104 + 16.74
138,950,074 121,416,004 + 17,534,070 + 14.44
Total (50 roadsl
381,011,167 344,463,786 + 36,547,378 + 10.61
Total all districts (131 roads)
Net Earnings
District & Region
Eastern
Mileage
1940
District-
•
—
Lehigh Valley
Nashv Chatt & St LouisGrand Trunk Western.
_
Chicago Great Western.
-
Boston & Maine
Central of New Jersey—_
Norfolk & Western
Yazoo & Miss Valley
Virginian...
Elgin Joliet & Eastern—
N Y Chic & St Louis
Central of Georgia
—
Minneap St P & S Ste M.
Missouri-Kansas-Texas
864,604
687,367 Chesapeake & Ohio
659,442 Spokane Portl & Seattle.
-
.
1940
1939
$
$
Inc. ( + )
or
$
Dec. (—)
4,623,388
17,600,536
21,386,447
+ 748,840
%
+ 16.20
+ 3,526,043
+20.03
24,529
5,372,228
21,126,579
23,743,094
+2,356,647
+ 11.02
57,449
50,241,901
43,610,371
+6,631,530
+ 15.21
38,166
6,093
38,317
17,299,227
12,283,305
+ 5,015,922
+40.84
6,064
9,197,325
9,000,794
+ 196,531
+2.18
44,259
44,381
26,496,552
21,284,099
+ 5,212,453
+24.49
45,520
56,256
29,101
45,691
9,314,767
21,743,646
8,045,128
7,341,824
17,694,328
6,218,546
+ 1,972,943
29,268
+ 1,826,582
+26.87
+22.88
+29.37
Total.
130,877 131,332
39,103,541
31,254,698
+ 7,848,843
+25.11
Tot. all districts
232,439 233,162 115,841,994
96,149,168 + 19,692,826
+20.48
6,700
6,718
Great Lakes region
26,114
24,489
26,202
57,303
Southern
$637,567
424,648
382,574
358,504
351,933
344,646
328,054
251,837
251,619
243,649
230,177
228,399
225,992
217,495
_.
region
Total
Western
Diet.—
Northwest'n region
Cent. West, region
Southwest'n region
327,405
324,981
322,355
283,903
255,106
Dist.-
Southern region.
Increase
St L-San Franc (2 rds)
1939
New Engl, region.
Pocahontas
Erie..
Western Pacific
part of
a
the poorest results for here
and 24.49% in net earnings.
gross
is
and
gross
Southern District
Total
Increase |
_
13.38%
Cent. East, region.
DECEMBER
a$3,052,971
Southern Pacific (2 rds.)
2,999,642
Atch. Topeka & S. Fe—2,355,745
"Union Pacific
2,148,126
Pennsylvania
1,943,353
Chic Milw St P & Pacific
1,442,392
Baltimore & Ohio
1,247,120
Chic & North Western-_
1,219,848
SoutherhRy
1,109,287
Louisville & Nashville
1,094,431
Chic Burl & Quincy
r,080,350
Northern Pacific1,013,477
Great Northern
980,280
Atlantic Coast Line
915,167
Reading
909,372
broken down further,
region,
counterbalanced by gains in other southern
and net:
New York Central
Pocohontas
or
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF
returns and 15.21% in their
areas are
only 4.38% and net 2.18%.
was
and
increase of
an
changes for the separate roads and systems
excess
gross
gross rose
a
nevertheless headed the list of roads with
a
the
significant change
The Great Northern with-
declines in net with
we
did not show
more gross,
Roads
gross
the smallest degree of betterment with
geographical
that
14.44% in
region
$222,768 in net and the Northern Pacific which earned
$1,013,477
in net
of $1,080,350 in
is
of
compared with December, 1939.
Southern District, really showed
fourth and fifth in the
The Chicago Burlington and Quincy
RR. which reported a gain
table
When the
and net lists of
classification dropped to 18th and 23d respectively in
the net
as
gain of 7.68% in their
net.
However the Union Pacific
were
increase
an
Eastern roads reported
a
Total
Chicago & North Western, Baltimore &
Milwaukee St. Paul & Pacific.
area
25.11% in net earnings,
figures
Ohio, Louisville and Nashville, Southern Ry., and Chicago
and
showed
this
an
Pittsburgh & Lake Erie; if the
better result
geographical standpoint earnings showed
in
then increased $3,208,765 and net, $1,321,291.
gross
a
improvement in the Western District.
include the results of operations of its
upon
leased lines but exclude the
latter
Considered from
most marked
concerned with
gain of $2,355,745 and second with respect to net, -with
increase
cluding Pittsburgh & Lake Erie, the result is an ancrease of $1,321,291.
improvement in earnings
There
degrees.
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
a
,
56,373
+4,049,318
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following Indicates the confines of the different
groups
and regions:
EASTERN DISTRICT
New England Region—Comprises the New England States.
Great Lakes
New
a
Region—Comprises the section on the Canadian boundary between
England and the westerly shore of Lake Michigan to Chicago, and north of
line from Chicago via Pittsburgh to New York.
I
The Commercial &
152
Volume
Region—Comprises the section south of the Great Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River
Central Eastern
east of a line from
of the Ohio River, and north of the Ohio River to Parkers burg, W. Va.,
line thence to the southwestern corner of Maryland and by the Potomac
to the mouth
and
a
River to Its mouth.
SOUTHERN DISTRICT
the section east of the Mississippi River and south
Va., and a line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Southern Region—Comprises
of the Ohio River to a point near Kenova, W.
eastern
boundary of
Region—Comprises the section north of the southern
Pocahontas
Ohio River north to Parkers burg, W. Va.,
Virginia, east of Kentucky and the
Parkersburg to the southwestern corner of
thence by the Potomac River to Its mouth.
and south of a line from
Maryland and
ftft':ft
WESTERN DISTRICT
adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
Northwestern Region—Comprises the section
Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
Central Western
to the Pacific.
Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexico
Southwestern
Traffic in flour and
sidered
unit,
a
as
grain
on
was
the Western roads, con¬
over
considerably reduced scale in
a
1939. A
receipts of rye
which dropped to little more than a third of the previous
year's volume. Wheat also dropped considerably while only
slight reductions were shown in receipts of flour, corn and
oats.
Barley was the exception, showing a 10% increase
over the year before.
The total volume of grain carried over
1940,
December,
as
compared with December,
particularly marked reduction was shown in
the
with 46,475,000 bushels in December,
compared
decrease, year to year, amounting to
The percentage
1939.
41,278,000
aggregated
December
in
roads
Western
bushels
when
receipts dropped 17.6%, or to 53,171,000 bushels from
64,600,000 bushels the year
preceding.
Following, we
present our usual tabulation of the Western grain movement:
about
11.1%,
less marked than in November
was
WESTERN FLOUR AND
GRAIN RECEIPTS
999122808
of
Year
December
Given
Preceding
993312604857
Year
(000 Omitted)
Chicago
Minneapolis.
{Bbls.)
1940
740
1939
789
{Bush.)
{Bush.)
{Bush.)
{Bush.)
Barley
{Bush.)
22
1,158
7,149
6,552
1,276
2,008
1,021
1,631
35
977
2,707
402
3,203
5,619
2,051
1,370
610
713
1940
Rye
__
1939
1940
Duluth,__
1,232
3,386
941
483
70
11
439
894
1,292
895
331
174
4
798
67
26
2,659
,
1939
W
-
68
1940
Milwaukee
1940
«•
1939
........
1940
Indianapolis and Omaha..,
Peoria
Kansas City
-
«,
-
-
■
1939
St. Louis...
9
564
38
305
2,271
591
409
177
21
9
545
920
693
12
2
35
1939
Toledo
*.
-—
-
-
358
3,169
282
162
579
2,997
364
73
172
10
84
1939
490
604
348
13
176
1940
167
106
1,853
2,246
162
67
260
1939
164
52
1,672
256
1940
90
1,461
1,538
155
1939
96
1,862
1,420
160
........
_
1940
-
—
ft,'..
-
1
v
89
481
238
120
277
72
1,092
53
941
8
4
_
1939
/
-
1,095
1939
Total all.
-
444
1940
Sioux City
-
505
1939
Wichita..
-
1940
1940
St. Joseph
9
'
24
ft
269
60
-
-
........
1
•
11
96
393
45
9
120
48
254
48
7
12
7,952
7,268
1940
1,570
8,499
19,090
5,007
730
1939
1,574
11,986'
19,860
5,269
2,092
export market
sharply
December in comparison with the pre¬
Reflecting the depressed state of the cotton
movement of the
staple to southern ports was on a
reduced level last
Only 305,420 bales were received at these ports
vious year.
during the month, compared with
966,181 bales in Decem¬
Shipments were also at a low level in
ber, 1939.
the latter
December of that year receipts amounted
to only 271,407 bales but in December 1937 they aggregated
680,631 bales. Shipments of cotton overland made a better
showing, the preliminary figure for December amounting
to 203,622 bales compared with 212,967 bales in December,
1939 and 175,347 bales in December, 1938.
The following
tabulation shows receipts of cotton at Southern ports in
part of 1938 and in
December for the past
RECEIPTS
COTTON
OF
six
AT
SIX YEARS,
99911232643517840657
4
937685
...
...
495,574,485
468,395,541
468,182,822
377,473,702
495,950,821
SOUTHERN PORTS IN DECEMBER
1935 TO 1940, INCLUSIVE
FOR
Month of December
Ports
Galveston
246,955
85,679
98,832
229,189
Corpus Christi
Beaumont..
....
196,169
197,599
184,741
234,358
150,309
256,738
1,906
2,186
88,851
4,560
2,284
4,978
1,173
11,259
110
829
2,145
80,285
231,0,50
214,073
178,519
4,033
19,611
26,345
53,831
2,193
5,704
71,819
New Orleans.
1935
1936
1937
1938
96,528
Houston
617
Mobile
420,485
29,881
1,959
2
Pensacola, &c
5,441
257,199,427
295,880,873
371,673,127
299,827,815
317,795.866
344,530,498
381,011,167
940.
2,844
6,069
5,230
10,997
327
6,143
477
11,952
19,293
Lake Charles
881
903
633
9,426
4,213
1,548
1,485
400
1,191
769
3,162
3,826
3,041
2,131
1,268
1,159
10,181
2,562
4,293
63
48
38
84
34
966,181
271,407
680,631
609,986
773,734
26,142
.
-
-
Wilmington
Norfolk
Jacksonville
«. —
-
16,578
Finally,
of the gross
for^each
year
add
a summary
back to and including 1909:
—71,666,679
+ 17,968,050
+26,789,870
+ 36,547,378
Preced'g
229,369
225,666
228,687
238,561
—4.51
243,322
246,807
248,437
216,811
247,988
232,774
225,177
235,682
234,146
241,180
243,242
247,673
215,669
—9.94
+26.82
+8.31
+ 8.19
+30.62
238,072
247,271
+21.67
233,899
229,422
—22.87
225,619
+20.66
235,920
235,379
236,196
236,957
236,982
+ 2.61
—3.75
+ 2.29
+ 3.69
+ 0.56
—11.28
232,399
233,814
228,134
224,784
236,121
235,555
235,875
+ 5.80
238,552
240.337
—5.60
241,864
—19.46
242,677
—23.65
242,639
241,806
240.338
—14.73
+0.93
+4.94
+ 15.04
+25.65
238,570
237,074
236,191
—19.29
235,052
+ 5.99
233,889
+ 8.43
233,169
232,439
+ 10.61
236,057
237,373
237,711
239,286
240,773
242,592
242,319
241,950
240,950
239,833
238,436
237,288
235,431
235,051
233,843
233,162
Month
Year
Year
Given
Preceding
$67,014,765
68,276,448
61,225,377
81,701,974
68,800,026
61,134,750
105,878,758
83,237,395
85,715,727
44,738,149
38,536,432
51,322,679
67,849,188
111,942,758
106,248,158
124,480,894
134,445,634
119,237,349
90,351,147
138,293,445
106,315,167
80,419,419
*47,141,248
57,854,695
$68,317,388
66,101,371
56,776,970
72,932,360
82,622,271
68,274,222
61,186,558
86,302,108
103,520,028
85,767,019
44,919,752
37,517,854
44,250,090
76,738,092
108,687,310
106.482.164
124,090,958
134,504,698
118.520.165
909
.
910.....—...
920—
......
928..
.....
...
.....
939..
58,350,192
62,786,896
70,293,610
114,883,828
57,115,973
85,631,949
96,149,168
96.209.582
115,841,994
....
940
89,849,024
138,501,238
105,987,347
79,982,841
*53,482,600
57,861,144
59,129,403
62,187,963
70,445,503
114,829,753
57.116.581
85,602,788
...
Per
Increase (+) or
of
Decrease
Cent
(—)
—1.91
—$1,302,623
+2,175,077
+4,448,407
+ 3.29
+ 8,769,614
+ 12.02
—13,822,245
—7,139,472
+44,692,200
—3,064,713
—17,804,301
—41,028,870
—6,383,320
+ 13,804,825
+23,599,098
—16.73
+ 7.83
—10.46
+ 73.04
—3.55
—17.20
—47.84
—14.21
+ 36.80
+ 53.33
+ 35,204,666
—2,439,152
+45.88
+ 17,998,730
+ 16.90
—2.24
+ 10,354,676
+8.34
—15,267,349
—28,169,018
—11.35
—23.77
+ 53.92
+48,444,421
—32,186,071
—25,567,928
—32,841,593
+4,372,095
+ 1,268,259
+ 3,837,771
—23.24
—24.12
—41.06
+8.17
+2.19
+ 6.58
+ 12.20
+ 63.36
+ 7,658,607
+44,536,143
—57,767,247
+28,486,815
—50.28
+ 10,577,633
+ 12.35
+ 19,692,826
+20.48
+49.88
1931 included in expenses $6,453,714 for
dismantled equipment.
1932, in giving comparative figures for
1931, this item has been omitted from the expenses of the latter year.
This will
explain the wide difference in the 1931 totals in the respective comparisons.
*
The Chicago & Alton
in its return for
In its return for
The Course of the
Bond Market
to pervade the
General softness seemed
bond market this
the whole have been very little
changed.
Governments and high-grade corporates declined
fractionally and speculative rails lost ground.
Railroad bonds sought lower levels, with non-callable
week, but the averages on
Virginian Ry.
Union Depot 5s,
1972, at 113 were % point higher.
International news of a
threatening nature forced medium-grade and speculative
rail bonds downward.
Great Northern 4%s, 1977, dropped
3 to 89; New York Chicago & St. Louis 4s, 1946, at 87
declined 2V2 points.
New York Central, Southern Pacific
and Southern Railway issues closed at lower prices.
A
trustee's petition to the court for interest payments on
Chicago Indianapolis & Louisville 5s, 1947, pushed the price
high-grade issues displaying a
3%s, 1966, lost
to
a
sound tone.
% at 107, while St. Paul
1941 high of 23.
new
affected speculative
equities similarly
and low-grade utility bonds.
Noticeable
International Hydro-Electric 6s, 1944;
International Telephone & Telegraph 4%s, 1952; Western
Union Telegraph 5s, 1960; Associated Gas & Electric 4%s,
1918, and others. Higher grades moved in a much narrower
range, but the downward tendency has been evident among
occurred
issues
The
trend
in
also.
has
been
again
industrial bonds this week,
stantial
speculative
tions, notably the
which rose to a
The Atlantic
were
generally downward
There has been sub¬
shipping company obliga¬
registered.
interest in
International Mercantile Marine 6s,
80 for
Gulf & West
unchanged at 83.
been
1941,
toward the
a gain of 1% points on the week.
Indies Steamship Lines 5s, 1959,
Steel, oil and amusement company
obligations lost fractions, while losses of a
have
among
though in a few instances some
1941 high of 85%, but receded
close of the week to
of the December comparisons
and net earnings of the railroads of the country
we
+ 75,867,735
December
fractional gains have been
80
4,662
305,420
Total
317,740,628
344,463,789
+2,297,276
+ 12,107,100
+ 38,679,418
Year
Given
Net Earnings
these
Charleston
Savannah
Brownsville.
288,205,766
245,760,336
245,092,327
257,201,455
295,805,392
371,494,494
299,827,816
+27,178,944
—27,767,999
—91,220,835
—89,259,333
—42,454,535
Year
+6.83
+ 7.03
+ 0.57
+ 12.68
Developments resulting in pressure on
years.
1939
468,694,537
377,499,123
288,239,790
245,751,231
248,057,612
losses
1940
Per
Cent
Dec.
$217,724,459 $203,799,142 +$13,925,317
+ 15,067,962
229,379,163 214,311,201
+ 1,339,735
233,614,912 232,275,177
+29,681,242
263,768,603 234.087,361
254,218,891 266,224,678 —12,005.787
914_._____
232,598,369 258,285,270 —25,686,901
+ 62,438,948
295,202,018 232,763,070
+ 20,106,934
262,171,169 242,064,235
+ 26,038,666
917...
343,875,052 317,836,386
438,365,327 335,607,571 + 102,757,756
+ 11,510,209
451,991,330 440,481,121
+ 96,073,439
539,197,615 443,124,176
406,864,055 527,480,047 —120,615,992
+ 87,735,590
512,433,733 424,698,143
913
493,099,550 512,312,354 —19,212,804
+ 11,308,918
924
504,818,559 493,509,641
+ 18,591,184
925.......
523,041,764 504,450,580
+2,943,972
926
525,411,572 522,467,600
927...
466,526,003 525,820,708 —59,294,705
932
Oats
(+) or
(—)
Inc.
Year
922
Corn
Wheat
Flour
Mileage
Gross Earnings
M onth
921..
28
4 Weeks Ended Dec.
99901112356
1041
Financial Chronicle
registered among the following:
point or better
Hudson Goal
The Commercial & Financial Chronicle
1042
Feb.
5s, 1962; Studebaker conv. 6s, 1945; International Paper 6s,
have been weakest in the Latin American group.
1955, and United Drug 5s, 1953.
lost
Foreign
sessions.
bonds
suffered
and
developed
weakness
new
in
losses
of
three
points and
the
closing
the
Australian and Japanese have been under
Moody's computed bond prices and bond yield averages
loans have been soft, while Panama 5s and Dominican issues
are
the following tables:
in
given
MOODY'S BOND
MOODY'S BOND PRICES f
U. 8.
Avce.
Daily
Govt.
Corpo¬
Averages
Bond*
rate *
Feb.14.. 116.24
105.86
117.60
113.12
106.21
89.64
13.. 116.34
106.04
117.80
113.12
106.39
90.06
12..
Stock
11..
Corporate by Rating* *
Aaa
A
Aa
Corporate by Croups *
Baa
U.
Indus.
95.92
109.60
113.12
66.38
109.60
113.12
R.
R.
P.
1941
Avge.
Daily
Corpo¬
Average
rate
YIELD AVERAGES t
Corporate by Ratings
Aaa
13
3.39
12
Stock
Aa
A
Corporate by Groups
Baa
R. R.
P. U.
Indus.
2.77
3.00
3.38
4.44
4.01
3.19
3.00
2.76
3.00
3.37
4.41
3.98
3.19
3.00
Exchan ge Clos ed
3.37
2.98
2.76
3.40
14—
Feb.
Clos ed
Excnan ge
v
(Based on Individual Closing Prices)
(Based on Average Yields)
1941
which otherwise showed only unimpor¬
tant changes.
pressure
Canadian
more.
European list,
Italian 7s
bonds have been mixed in
points, while German
IY2
15, 1941
11
3.38
4.39
3.96
3.19
io
3.38
2.76
2.99
3.37
4.39
3.96
3.18
2.98
8
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
113.31
7
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
113.31
116.39
106.21
117.8C
113.50
106.39
90.34
96.69
109.60
113.50
10.. 116.51
106.21
117.80
113.31
106.39
90.34
96.69
109.79
113.50
8.. 116.51
7.. 116.52
106.21
117.80
113.31
106.39
90.20
96.54
109.79
113.31
106.21
117.80
113.31
106.39
90.20
96.54
109.79
;
'
2.98
106.21
117.80
113.50
106.39
90.34
96.69
6-
3.38
2.76
2.98
3.37
4.39
3.96
3.18
2.99
6.. 116.57
106.21
117.80
113.50
106.21
90.20
96.54
109.60
113.31
5„
3.38
2.76
2.98
3.38
4.40
3.97
3.19
2.99
4.. 116.70
106.21
117.80
113.50
106.21
90.20
96.54
109.79
113.31
4
3.38
2.76
2.98
3.38
4.40
3.97
3.18
2.99
3.. 117.06
106.21
117.80
113.50
106.21
90.34
96.54
109.79
113.31
3
3.38
2.76
2.98
3.38
4.39
3.97
3.18
2.99
1.. 117.12
106.21
117.80
113.50
106.39
90.34
96.69
109.79
113.31
1
3.38
2.76
2.98
3.37
4.39
3.96
3.18
2.99
31
3.37
2.75
2.97
3.37
4.38
3.95
3.18
2.97
2.98
6.. 116.59
109.79
Weekly—
Weekly—
Jan. 31.. 117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
Jan.
24.. 117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
24.
3.36
2.77
2.96
3.36
4.36
3.93
3.17
17.. 118.06
106.56
118.20
113.89
106.56
90.48
96.69
110.15
113.89
17
3.36
2.74
2.96
3.36
4.38
3.96
3.16
10.. 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.. 118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
3
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
3.00
2.77
3.40
High 1941
3.38
4.44
4.01
3.19
2.96
3.00
High 1941 119.05
106.74
114.85
106.74
91.05
97.31
110.52
114.66
Low
1941 116.24
105.86
117.60
113.12
106.21
89.64
95.92
Low 1941
3.35
2.72
2.91
3.35
4.34
3.92
3.14
2.92
106.74
119.00
115.04
106.74
89.92
96.07
i09.eo
110.88
113.12
High 1940 119.63
114.85
High 1940
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.36
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low
1940
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
102.46
115.82
112.37
101.31
84.43
90.63
107.09
111.07
Feb. 14. 1940.,.
3.60
2.86
3.04
3.e7
4.83
4.37
3.33
3.11
3.81
3.00
3.26
3.93
5.06
4.64
3.51
3.29
Low
1
1940 113.02
118.60
1
Yr. A go
Feb. 14'40 115.53
2
2 Y s.Ago
Feb.14'39 113.25
99.04
113.12
97.16
108.34
81.54
103.97
86.91
107.80
Year Ago—
Yea
Feb.
s
Ago—
14, 1939...
yields on the basis of one "typical" bond {3H% coupon, maturing In 25 years) and do not purport to show either the
average level or the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative
movement of yield averages, the latter oeing the true picture of the bond market.
t The latest oomplete list of bonds used In computing these indexes was published In the Issue of July 13, 1940, page 160.
•These prices are computed from
Art
American
dates
average
Lawyer in London Eluci¬
Views of War in Letter to
on
Friend in America
10
Dec., 1940.
Dear Jack:
As
we
cabled,
the office and
passed
on
your
letter
political
the latter to
some
that several of the partners
yours
has
that
no
case
if
as
come;
one
some
there
like rain in the desert. Both
most welcome, and I have
rather high quarters.
Don wrote
had said they would write.
but it is surely enough.
Only
I do indeed hope
else wrote in vain, as might well have been the
of their letters left
by boat about
a
week
ago,
sinking then.
was a
Adrianne
was
news were
and
I
comfortably fixed for winter
quarters.
The house itself is an appalling example of late
General Grant architecture, and boasts colored glass windows.
But it is a house, not a sleeping bag. And we have our own
cook who can put any mess to shame.
And the children
are
are
very
there.
The
Army is of course in a perfect fever of training.
I
imagine that, true to tradition, the Fuehrer will let loose
all he has about 5 a. m. some fine morning in the spring. At
least, we are all—those of us who are not under orders for
the Mediterranean—at work on that assumption.
We are
very confident.
I doubt very much that he will ever get by
the Navy. But if he does, I believe he will find a degree of
movility and armament that can meet whatever he sends.
This will be nothing like France. Every bit of that
peculiarly
stubborn type of bravery which has illumined British history,
is alive today; and they won't give ground easily or decline
to retake it.
Take the Duke of Northumberland.
He
was
in his
twenties, heir to everything this world has to give in
the way of property and pleasure; yet he and all his
company
are dead when he led a bayonet counter-attack in Flanders.
There are thousands of such examples.
We all know that
bravery isn't enough, but it is essential, and there will be
arms
enough to implement it in the defense of this little
island.
None of which
answers the ultimate question of how to
in Central Europe. The popular opinion here
today is that it can be done single-handed by the R. A. F.,
at least if the U. S. sends a full complement of bombers;
that then German morale will crumble; and the oppressed
people of Europe rise.
My own view unfortunately is that this doesn't dispose
of the German Army.
The German Army seems to me the
"fact of life" today.
Drawing now on the iron fields of
Lorraine, as well as on all those which gave it strength
before Sedan, it stands, 200 odd divisions strong, probably
6,000,000 men, well-weaponed, in parts at least superbly
trained and armored, confident and experienced. When the
French Revolution threw up such a force, it took a generation
to beat it down. I do not myself see how that power can be
kill this viper
beaten down, and that
means
that I do not
see
how the world
be set free, unless
the U. S. comes actually into the
war.
Only there is there a potential—in steel and iron,
and everything else, including man power—which can break
the back of the monster.
Indeed, if the U. S. came in, it
would break the heart of the monster, I think, so the back
need never be broken.
But the days of cash-and-carry are
surely numbered, Lord Lothian or no Loyd Lothian.
can
But the
than any other is
American is to face an
Englishman after the war without a sense of shame and
embarrassment, if the U. S. does not come in. When Musso¬
lini gave the game away by declaring war on the plutocratic
democracies of the West (as he phrased it June 10), surely
he did not imply an exception in favor of the most pluto¬
cratic, the most democratic and the most western. To me,
it is self-evident that Britain is fighting our battle, so more
power to your good right, &c., &c., in all you are doing in
Washington. And my love (and Adrianne's too, though she
is not in London with me) to Ellen—and best wishes to all
the moral
point that worries
one.
I don't
see
me
more
how any
the firm.
Yours
—
1
Bill.
..
[Editor's Note—The writer of this letter is William Dwight
Whitney formerly a partner in a large Wall Street law firm,
who is now a Captain in the Scots Guards .J
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Feb. 14r 1941.
Business activity reacted
to
the
slightly the past week, according
"Journal of Commerce" weekly
The
figure of 116.3 the preceding week and 116.7, an all-time
high of the index, registered on Jan. 28.
According to this
industries showed
slight setback for the week.
Depression prevailed in the securities market during most
of the
of
the
period, stocks at
one
a
time ruling close to the lows
Anything but a buoyant, optimistic feeling
prevails in the "Street," and this despite the extremely
rapid pace of industrial activity.
The war situation in
Europe, and especially the Far East, is rapidly reaching a
crisis.
year.
This
is
the
real
overshadowing
influence.
Re¬
repercussions, with chances that America
Should the war end suddenly,
distinct slackening of the face of business activity in
may
a
index figures.
latest weekly figure was 115.7 as compared with a revised
source, most
gardless of the outcome, this great struggle is expected to
have world-wide
this
soon
become involved.
country is regarded a certainty.
It is argued that
Germany defeat Great Britain our own defense work
should
would be stimulated and
where
ness
would
suffer
prolonged; but even so, trade else¬
drastically, with some slump in busi¬
here, to say nothing of another sharp run-up in taxes a
consequence.
The
domestic
cheerful
outlook.
labor
situation
It is pointed
presents
anything
but
a
out that strikes in defense
industries, are
rapidly assuming
alarming
proportions.
Secretary of the Navy Knox has expressed serious concern
lately over the increasing number of strikes since the turn
of the year,
and there is
every
indication that the Adminis-
tration and Congress will soon have to come
the
to grips with
Some form of Government intervention may
be necessary
the steel situation being created by the flood
of forward buying for both defense and non-defense require¬
ments and the piling up of huge backlogs far into the future,
to untangle
Age."
magazine points out that passage of the lease-lend
likely to be followed by the placing of a considerable
according to the weekly survey by the "Iron
The
ments
British
of
number
aid
estimated
are
contracts
for
3,000,000
at
to
which steel require¬
4,000,000 tons.
The
continues:
survey
"The Priorities Board has refrained from issuing
ranged from 36 degrees to 43 degrees.
Moderately heavy
rain was predicted for Friday night and early Saturday
morning, changing to cloudy and colder Saturday afternoon.
Fair and colder weather is the forecast for Saturday and
projects continue to take the form of 'preference ratings.'
"Steel sales in January having been well above those of
the upward trend of last month lias been con¬
this month.
In some products the mills are
and are booking
end of the year.
larger volume of de¬
orders for third quarter and even to the
"Into this
tight situation comes
a
which are being speeded up. Records
by January production and shipments.
Ingot
fense orders, some of
broken
production this week is estimated at 97%, being still af¬
fected by furnaces out for repairs."
In
week
tho
Feb.
ended
8
electric
production
power
2,823,651,000 kwh., the third successive decltne
from the previous week's total, according to the Edison
Electric Institute.
This compared with the previous week's
figure of 2,829,690,000 kwh., and was 11.9% more than the
2,522,514,000 kwh. produced in the corresponding period a
Kansas
to
Engineering construction awards for the short week due
the Lincoln Birthday holiday total $96,346,000, an in¬
week, as re¬
ported by "Engineering News-Record" this week.
This is
the twenty-fourth successive week in which current values
have exceeded their respective totals of a year ago.
Both public and private construction top the volumes
reported for the week last year.
Public awards are 214%
higher, and private construction is up 44%.
The current week's volume brings 1941 construction into
of
crease
151%
(
$774,636,000 for the seven-week period, a 120% increase over
the corresponding 1940 period.
Private awards are 91%
higher, and public construction, as a result of the 776%
increase in Federal work, is up 138%.
Loading of revenue freight for the week ended Feb. 8
totaled 710,196 cars, according to reports filed by the rail¬
roads with the Association of American Railroads and made
+
Revenue
Loading of
This total
was
112.22% of
average
loadings for
announced
the
the $45,135,000
in con¬
tracts closed with the automobile industry during the past
week included almost $17,000,000 for construction and ma¬
publication
said that
chinery to equip new manufacturing operations.
Highlight of retail trade this wedk was Lincoln's Birth¬
day,
described by Dun & Bradstreet, Inc., in its weekly
as
"highly successful and the biggest day's sales
review
so
far this
year."
Stores' projectional effort during the week was somewhat
week.
preceding
to
the
more
as
review,
than
and advertising linage showed
5%.
an
increase
an
was
of
82,767
further
Association
The
reported:
below the preceding week, but an increase of 59,073 cars above the
corresponding
week in
'
1940.
,
Loading of merchandise less than carload lot freight totaled 153,324 cars,
increase
an
cars
the preceding week,
week in
149,394 cars, a decrease of 2,763 cars below
but an increase of 2,849 cars above the corresponding
1940.
products loading totaled 28,730 cars, a decrease of 1,777
Grain and grain
cars
the preceding week, and an increase of
of 2,041 cars above
above the corresponding week in 1940.
Coal loading amounted to
and a decrease of 444 cars below the cor¬
below the preceding week,
In the Western Districts alone, grain and grain
responding week in 1940.
products loading for the week of Feb. 8 totaled
960
cars
17,316 cars, a decrease of
of 300 cars above the
below the preceding week, but an increase
corresponding week in 1940.
10.290 cars, a decrease of 121 cars below
Live stock loading amounted to
the preceding week, and a decrease
In the Western Districts
in 1940.
of February 8
preceding
below the corresponding week in 1940.
loading totaled 38,512 cars, a decrease of 999 cars
Forest products
the
of 250 cars below the corresponding week
alone, loading of live stock for the week
totaled 7,484 cars, a decrease of 176 cars below the
week, and a decrease of 288 cars
preceding week, but an increase of 9,249 cars
below
above the corresponding
week in 1940.
Ore loading
of 370 cars above the
above the corresponding week
amounted to 12,818 cars, an increase
preceding week, and an increase of 3,006 cars
1940.
Coke loading amounted to
14,373 cars, an increase of 554 cars above the
preceding week, and an increase of 3,402 cars
above the corresponding week
1940.
in
compared with the corresponding weeks in
All districts reported increases
V;:
.v
1939
1940
1941
2,288,730
2,557,735
Week of February 1
2,740,095
714,323
657,830
573,127
Week of February 8
710,190
627,429
576,352
4,164,614
3,842,994
3,438,209
Total
major railroads to report for the week ended
Feb. 8, 1941 loaded a total of 335,976 cars of revenue freight
The first 18
on
their
own
lines, compared with
336,176
cars
ceding week and 298,465 cars in the seven
Feb. 10, 1940.
A comparative table follows:
AND RECEIVED FROM
REVENUE FREIGHT LOADED
in the pre¬
days ended
CONNECTIONS
(Number of Cars)
greater than in the corresponding week last year, according
of
This
loading totaled 302,755 cars, a decrease of 1,432
Miscellaneous freight
cars
this week
year ago.
freight for the week ended Feb. 8
Association of American Railroads
13.
Feb.
on
4 weeks of January.
a
8
13.2% above the corresponding week in 1940 and an
increase of 133,844 cars or 23.2% above the same week in
1939.
Loading of revenue freight for the week of Feb. 8
was a decrease of 4,127 cars or 6-tenths of one per cent below
production of passenger cars and trucks would total 127,500
units, compared with 127,675 units last week and 95,050
trade
Cars
Totaled 710,196
Feb.
cars or
1940 and 1939.
The
Ended
revenue
the
corresponding week of the 10 preceding years.
Ward's Reports, Inc., estimated today that this week's
Loadings
totaled 710,196 cars, the
in
years ago.
Car
Week
Freight
In
This was a decrease of 4,127 cars from the
public today.
preceding week this year, 82,767 more than the correspond¬
ing week in 1940, and 133,844 above the same period two
41; Springfield, 111., 26 to 50;
Salt Lake City, 33 to 41, and
to
City, 24 to 50;
Seattle, 34 to 48.
the corresponding 1940
over
21
Mo.,
City,
Oklahoma
5,882
ago.
Mil¬
waukee, 30 to 39; Charleston, 47 to 70; Savannah, 53 to 67;
amounted to
year
52; Portland, Me., 32 to 35; Chicago, 32 to 45; Cincin¬
nati, 38 to 51; Cleveland, 41 to 52; Detroit, 41 to 50;
into
tinued
of
Overnight at Boston it was 34 to 37 degrees; Pittsburgh,
41 to
almost entirely sold out for second quarter
were
For the city and suburbs the lowest temperature
Sunday.
Friday night is set at 35 degrees, and with an average
about 38 degrees on Saturday.
manda¬
the supply situa¬
tion is much more critical than in steel, preferring to let
each industry work out its own delivery problems by some
method of self-imposed rationing to non-defense consumers.
Government requests to expedite shipments for defense
tory priorities even in commodities where
December,
principally in the Northwest and some interior south¬
sections, needing precipitation.
In the New York
City area the weather has been more or less unsettled the
past week, with temperatures not uncomfortably cold.
The weather on
Friday
was
rainy and temperatures
areas,
eastern
problem.
bill is
1043
The Commercial & Financial Chronicle
152
Volume
increase
Loaded on Own Lines
Weeks Ended—
Shoppers who turned out for special sales were described
"good spenders."
Interest in the better grades of mer¬
was
said to have been marked, particularly in
Feb. 8
Feb. 1
1941
1941
Feb.
10
1940
Received from Connections
Weeks Ended—
Feb. 8
Feb. 1
1941
1941
Feb.
10
1940
chandise
apparel and home furnishings.
"Despite the lateness of Easter
There
weather
were
the
no
very
outstanding
year
developments
in
the
Cold weather in the Southern
States checked the growth of vegetation, but favorably re¬
tarded
past
week.
premature advancement of fruit buds, according to
Some freeze damage was reported in
Government advices.
the
extreme
but this
through
was
Southeast,
Florida,
probably far outweighed
particularly
not extensive and wTas
the checking
in
northern
17,992
15,980
7,065
34,170
19,148
22,002
33,840
22,481
29,206
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. 8t. Paul & Pac.Ry.
23,921
9,770
15,194
15,107
14,440
19,925
15,070
18,849
17,862
8,727
8,742
15,320
14,064
11,305
11,683
3,130
2,900
1,425
1,601
1,490
2,257
2,838
10,298
2,336
10,232
45,730
45,526
12,786
Santa Fe Ry
Chicago A North Western Ry
cause
most sections continued too wet for
plowing
or
as
unusually
7,933
7,811
10,784
1,328
2,173
2,613
9,034
40,367
10,621
Missouri Pacific RR
15,130
New York Central Lines
43,152
43,810
5,070
21,410
5,381
5,187
21,074
18,920
5,947
5,808
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
69,700
69,007
58,764
45,097
6,185
0,128
5,715
5,667
6,338
0,822
44,869
6,311
6,439
Southern Pacific Lines
28,709
27,891
24,312
5,003
5,346
10,352
10,397
8,362
5,050
10,416
10,514
335,976 336,176 298.465 225,016 224,501
196,041
N. Y. Chicago A
3,971
RR
St. Louis Ry...
Norfolk A Western Ry
Wabash
Ry
7,504
—
Total
TOTAL LOADINGS AND
7,907
2,719
12,560
4,484
39,978
5,527
0,631
8,607
RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended—
other
The weather continued
generally favorable for livestock in the Western range
country, although serious water shortage is reported in
parts of eastern Wyoming where precipitation is needed
badly.
For the country as a whole the soil moisture situa-.
reported
8,061
3,191
1,474
3,589
13,734
37,093
M lssoiyi-Kansas-Texas
preparations for spring planting.
is
16,408
1,594
4,104
14,808
Gulf Coast Lines...
International Great Northern RR
of unseasonable advance in vegeta¬
Field wrork
tion
8,527
5,319
7,205
18,908
10,115
8,638
not active in the Southern States be¬
tion.
was
17,770
Baltimore A Ohio RR
Atchison Topeka &
(April 13),
spring merchandise is already moving at a good rate," the
review reported.
"Women's accessories remained in the
fore, but more attention was paid coats and suits."
Retail trade in dollars was estimated 9% to 15% larger
than a year ago, greater than in any corresponding period
since 1930, when retail orices were substantially higher.
this
favorable, with only local
Chicago Rock Island & Pacific Ry.
Illlnois Central
System
St. Louis-San Francisco
Total
Ry
-
-
Feb.
10,
1940
Feb. 8, 1941
Feb. 1, 1941
24,736
24,250
22,169
33,072
33,658
30,307
14,160
14,192
12,631
71.968
72,100
65,107
The Commercial & Financial Chronicle
1044
In the
following
undertake to show also the loadings
we
for separate roads and systems for the week ended Feb. I,
REVENUE FREIGHT LOADED AND RECEIVED FROM
Railroads
Total Revenue
Total Loads Received
from Connections
1941
1940
1939
1941
1941
(NUMBER OF CARS)—WEEK ENDED FEB. 1
Total Loads Received
Total Revenue
Railroads
Freight Loaded
1940
1941
Eastern District-
from Connections
1940
1940
1941
1939
Southern District—(Concl.)
Ann Arbor
Bangor & Aroostook
Boston &
15,
1941.
During this period 90 roads showed increases when
compared with the same week last year.
CONNECTIONS
Freight Loaded
Feb.
Maine
Chicago Indianapolis & Loulsv.
570
601
550
2,114
7,860
1,466
1,884
7,626
1,581
1,704
246
181
7,008
12,228
2,194
10,950
2,436
Delaware <fe Hudson
.
Delaware Lackawanna & West-
Maine Central
Monongahela
New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis
N. Y. Susquehanna & Western.
333
261
Seaboard Air Line
10,625
8,697
23,419
19,439
8,323
18,631
16,641
7,687
Southern System
Tennessee Central
496
366
365
682
7,663
Winston-Salem
4,957
8,961
8,815
797
73,066
15,320
2,376
19,849
12,259
11,683
2,397
2,304
2,909
19,132
4,067
3,784
17,581
3,556
8,742
3,734
11,288
2,958
8,212
3,477
297
240
11,754
4,653
11,250
4,221
3,828
14,081
8,794
2,286
1,461
7,945
3,110
270
199
Duluth Missabe & I. R
908
35
5
Duluth South Shore & Atlantic.
707
567
389
467
392
44,531
13,919
2,009
12,560
1,611
6,483
6,311
41,297
12,157
1,723
11,471
1,408
6,718
5,844
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
9,826
8,330
5,767
8,553
7,738
417
329
382
143
147
Great Northern
9,434
8,608
7,973
2,985
2,690
522
542
561
698
675
,
144
148
151
1,601
1,487
8,406
3,137
7,217
1,911
39,936
9,641
1,060
5,193
1,666
8,541
2,856
3,775
1,719
33,136
9,062
1,655
4,473
362
510
4,538
4,680
509
534
357
393
442
350
262
253
774
1,101
643
2,009
2,041
529
584
533
965
1,016
5,603
4,101
5,600
3,467
4,863
3,112
10,397
3,851
9,456
3,815
162,024
149,368
130,736
183,276
169,576
—
Rutland-.,
30
30
Alleghany District—
529
401
394
1,090
918
33,840
2,800
30,015
2,284
24,770
1,354
18,968
1,887
16,791
1,478
Central RR. of New Jersey
Cornwall
732
82,053
103
1,869
3,848
12,587
8,181
1,884
1,450
6,945
2,960
6,484
5,898
Buffalo Creek & Gauley
Cambria & Indiana
152
91,910
117
1,864
435
Bessemer & Lake Erie
151
100,729
250
2,507
7,923
Akron Canton & Youngstown-.
Baltimore <fc Ohio
141
111,983
Southbound-
233
2,890
6,128
Total.
5,468
15,234
1,015
233
Pittsburgh & Lake Erie.-
Wheeling & Lake Erie.---
2,892
1,006
1,294
5,289
3,108
5,381
Wabash
366
Richmond Fred. & Potomac
53
1,931
1,465
Pere Marquette
Pittsburgh <fc Shawmut
Pittsburgh Shawmut & North
Pittsburgh & West Virginia
1,190
1,543
5,795
6,345
60
10,901
1,082
—
432
2,213
8,710
7,418
4,836
1,883
44,805
-
3,188
975
394
22
9,232
3,496
Montour
2,589
850
400
1,063
5,011
377
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley-
2,534
1,167
16
13,612
5,494
Grand Trunk Western.
3,011
Piedmont Northern
1,307
Detroit & Toledo Shore Line,-.
Erie
Nashville Chattanooga & St. L.
Norfolk Southern
16
Detroit & Mackinac
Detroit Toledo & Ironton
1,417
1,297
6,748
9,373
Central Indiana—
Central Vermont
1,478
303
291
210
5
1,926
6,827
1,673
6,405
1,630
5,187
10
14
12,919
11,789
4
Total,.:.......,.,.....
—
Northwestern District—
Chicago
Chicago
Chicago
Chicago
& North Western
Great Western
Milw. St. P. & Pacific.
St. P. Minn. & Omaha.
Green Bay & Western
14,527
965
557
215
173
252
247
201
57
78
Minneapolis & St. Louis
1,542
1,470
4,355
Northern Pacific
4,911
9,236
1,570
5,004
8.410
2,073
Minn. St. Paul & S. S. M
1,920
2,349
3,100
Spokane International
Spokane Portland & Seattle—
102
84
105
204
220
1,550
1,325
1,229
1,783
1,370
81,019
75,821
66,700
50,714
46,829
Atch. Top. & Santa Fe System.
Alton
17,992
2,983
17,809
2,719
19,710
2,227
7,205
2,519
5,500
2,349
Bingham & Garfield
Chicago Burlington & Quincy—
Chicago & Illinois Midland
Chicago Rock Island & Pacific.
460
421
284
101
94
14,107
2,587
15,115
8,638
8,560
824
729
10,560
10,265
2,991
2,790
14,028
1,892
9,860
2,504
812
879
791
Lake Superior & Ishpeming
Total
8,011
2,822
3,688
Central Western District—
Chicago & Eastern Illinois
Colorado & Southern
2,514
9,691
9,164
2,966
2,651
1,301
1,508
2,712
591
544
537
60
66
2,878
2,883
2,886
Cumberland & Pennsylvania
314
280
297
26
27
Denver & Salt Lake
669
1,045
527
8
Llgonler Valley-Long Island
171
181
197
53
32
863
984
804
922
925
661
546
531
2,028
1,687
1,571
1,449
1,064
61,600
13,452
16,700
3,427
2,752
1,659
1,682
1,235
2,656
1,523
44,869
19,783
3,317
8,056
Fort Worth & Denver City
Illinois Terminal
Penn-Readlng Seashore Lines-Pennsylvania System
Reading Co
Union (Pittsburgh)
Western Maryland---
69,667
15,886
19,703
3,525
Total.
821
53,439
11,459
8,519
3,099
112,444
138,863
157,978
115,222
Denver & Rio Grande Western.
939
840
1,747
1,545
117
141
485
480
400
351
32
18
24
0
0
Southern Pacific (Pacific)
Toledo Peoria & Western
22,955
20,151
16,826
318
359
216
Union Pacific System
Utah
13,664
12,988
12,497
5,995
1,263
8,047
4,582
1,220
7,411
North Western Pacific
107,316
Peoria & Pekin Union
412
486
489
6
8
1,548
1,176
1,162
1,808
1,786
101,742
96,801
89,389
56,697
51,154
Western Pacific
Chesapeake & Ohio
Norfolk & Western
Virginian
Total.
22,481
21,674
4,649
23,600
18,374
19,455
4,379
15,598
48,704
47,434
8,340
4,560
4,036
10,115
5,808
1,562
38,008
17,485
14,190
Total
1,290
Southwestern District—
130
152
126
245
252
2,900
3,313
1,729
3,432
1,550
1,601
2,336
1,203
2,046
1,814
1,375
2,086
729
Burllngton-Rock Island
Southern District—
Gulf Coast Lines
Alabama Tennessee & Northern
344
Atl. & W. P.—W. RR. of Ala-
Atlanta Birmingham & CoastAtlantic Coast Line
240
185
202
168
786
698
688
1,345
676
476
556
11,484
4,263
9,647
3,509
9,142
3,798
3,084
1,405
2,602
—
International-Great Northern..
449
369
401
1,599
1,461
1,121
1,680
1,146
6,646
3,719
1,665
2,821
Columbus & Greenville
294
219
223
322
251
Missouri-Kansas-Texas Lines..
Durham & Southern
184
145
147
597
443
Missouri Pacific
955
927
1,059
1,148
Central of Georgia
Charleston & Western Carolina
Clinchfleld
Florida East Coast
971
5,526
6,477
3,567
120
133
185
57
77
14
32
47
323
26
50,873
48,814
43,940
39,962
35,781
145
1,203
727
Mississippi Central*
120
119
139
445
238
Note—Previous year's figures revised.
* Previous figures,
x
5,630
and
the
cars
just
and
Co.
Pullman
had
12,200
air-
operation on Jan. 1, 1941,
received by the Association of
in
made
public on Feb. 10.
This was an increase of 485 compared with the number
of air-conditioned passenger cars on Jan. 1, 1940.
1
this
year
tion,
such
6,961,
had
cars,
Class I railroads
increase of 365
an
date last year.
same
this year had
of
The Pullman Co.
5,239 air-conditioned
on
compared
on
Texas & Pacific
Wichita Falls & Southern
Wetherford M. W. & N. W
Total
Jan. 1
Advisory
3,335
4,398
3,888
Council.
unanimous support
safeguards against the
inflationary developments which might accompany greatly increased indus¬
trial production.
It now appears unlikely that the recommendations will
of
the
be
That
It
press.
program
largely
was
the
received
designed
nearly
create
to
adopted.
At
present the subject occupying the center of interest is the legislative
project appropriately designated as 1776, and designed to provide for ex¬
tending unstinted aid to Great Britain.
Such an undertaking would involve
a
huge expansion of industrial production.
Congress and in the public press has
So
the
central
theme of
degrees
and
aid,
kinds
and has
of
new
which
powers
far the discussion both
largely
centered
instead
on
swung
from
away
in
the
problems related to the
be
should
granted
to
the
President.
From
passenger cars in opera¬
this
all
discussion
there has
emerged the fourth subject of debate
about
production in the shape of fairly general agreement that we cannot
maintain our policy of business as usual and in addition
prepare adequately for defense.
The President has endorsed that attitude.
increase of 120 compared with Jan. 1, 1940.
or an
Texas & New Orleans
4,572
2,510
2,938
Gulf Mobile & Northern only.
Railroads Had 12,200 Air Conditioned Cars in Operation
on
Jan. 1
with the
120
2,186
6,303
3,588
155
Jan.
118
5,218
2,779
88
7,280
2,247
153
number
97
5,963
83
Macon Dublin & Savannah
total
9,393
3,648
12,507
3,903
14,263
7,696
2,735
6,874
4,020
19,445
the
10,232
4,164
14,834
361
St. Louis Southwestern
23,893
Of
312
2,719
2,696
St. Louis-San Francisco
491
Railroads
332
Quanah Acme & Pacific
3,038
11,199
American
233
107
78
693
reports
973
503
133
1,697
2,854
12,210
6,696
to
381
737
137
1,178
276
according
412
740
91
xl,322
19,095
passenger
329
Missouri & Arkansas——.
1,799
243
railroads
Litchfield & Madison
Midland Valley
24
2,832
I
996
1,880
1,570
757
22,231
Class
197
1,733
1,387
32
341
conditioned
195
2,481
1,672
769
3,559
22,323
23,616
Illinois Central System
Louisville & Nashville
167
2,004
31
Georgia & Florida
Gulf Mobile & Ohio
1,594
2,332
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
1,181
Galnsvllle Midland
Georgia
539
396
775
584
Nevada Northern
17,039
4,536
Pocahontas District-
4
1,870
M lssouri-Ulinois
43,254
6,960
—
2,390
indefinitely
Cleveland Trust Co. Says United States May Have to
Decide
Between 40-Hour
Maximum
De¬
Meanwhile the
operations
Effort—Adoption
Inflation
of
Federal
Reserve
Anti-
Proposals Unlikely
the
on
a
month official Washington has been
busily discussing increased production, and industrial Amer¬
become
ica has been discussing it also, it is stated in the Cleveland
Trust
Co.'s
"Business
monthly
Bulletin,"
issued
Feb.
One
ment,
of
them
which
has
has
been
been
the
newly-formed
created
the
in
expedite the output of munitions for
of the
there
A
ment
new
is
no
second
for
office is still in process,
way
System,
it
might
effort.
Manage¬
facilitate
The
and
organization
and until it is much further advanced
few
in
days,
the
same
was
the
field,
which
program
unanimously recommended by the Board of
serve
that
defense
to judge the degree of its probable effectiveness.
subject
a
Office of Production
hope
our
the
Presidents
of
all
the
of
attracted
fiscal
and
banking
Governors of the
Federal
Reserve
reform
Federal
banks,
com¬
and
Re¬
the
and
Labor
five
days
a
Perhaps
a
Statistics has
and
week,
we
maximum
important than
reports
and
shall
made
a
survey
of
industrial
that nearly half of these plants
that half
of them
are
working
have to choose between our 40-hour
defense
effort.
Production
threatens
to
discussion.
Moody's Daily Commodity Index closed at 172.6 this
Friday, as compared with 173.2 a week ago. The principal
individual changes were the advance in rubber prices, and the
decline in hogs and wheat prices.
The movement of the Index
Fri.
Sat.
considerable
week
more
of
plants,
Moody's Daily Commodity Index Declines
15.
These discussions, the "Bulletin" says, have centered around
four main subjects.
It goes on to say:
only
one-shift basis.
working
past
Bureau
defense
in
working
are
fense
During
Week and
Mon.
Feb. -7
Feb.
8
Feb. 10
173.5
Feb. 11
172.1
Feb. 12
Holiday
Feb. 14
follows:
Jan. 31
Month ago, Jan. 14
Year ago, Feb. 14
Tues.
Fri.
as
Two weeks ago,
173.6
Wed.
Thurs. Feb. 13_-_
was
173.2
_173.0
172.6
1940 High, Dec. 31
Low, Aug. 16
1941 High, Jan. 25_
Low, Jan. 2
172.6
173.4
158.7
171.8
149.3
175.5
171.9
The Commercial & Financial Chronicle
152
Volume
Price
Commodity
10 Countries Compiled
Cornell University
Corp. and Cornell University, which,
Indexes of
Retail Price's in January Advance for Fifth
Consecutive
Month, According to Fairchild Publications Retail
by General Motors and
Motors
General
prior to the European war, had collaborated in the publi¬
cation of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
basis than before the war.
Instead of a composite index of
prices, these organizations now are publishing the
information only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country, in so far as possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world production.
The actual
world
price data are collected weekly by General Motors Overseas
Operations from sources described as "the' Most responsible
agencies available in each country, usually a government
department."
The commodities involved include "a com¬
prehensive list of several groups, including grains, livestock
and livestock products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals, and a list of other
miscellaneous materials (rubber, hides, lumber, newsprint,
linseed oil, &c.).
Weights assigned in the index to the
different commodity groups are as follows:
Grains, 20;
products, 19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
The indexes, which are based on prices expressed in the
currency of each country, were reported Feb. 10 as follows:
livestock and livestock
Price Index
Fairchild
The
Mex¬
Aus¬
Can¬
Eng¬
Una
tralia
ada
land
Java
ico
index of 92.3
with
an
The
change
erland
den
118
120
143
116
113
112
131
132
112
118
120
144
116
113
114
131
109
118
136
June
118
118
120
145
115
112
114
132
140
109
July
August
September..
118
119
120
150
115
111
120
132
144
109
120
121
145
116
110
122
135
153
111
116
123
122
145
117
110
114
113
139
158
October
120
113
125
124
146
118
111
118
142
164
118
November..
7_.
112
126
125
rl48
119
r!20
111
119
143
rl67
119
111
119
144
126
126
rI49
rl!8
14..
112
rl67
Dec.
126
rl26
149
120
111
120
144
rll7
21..
rll2
168
Dec.
126
149
120
111
119
144
169
118
112
126
28..
Dec.
1941—
119
rll4
128
126
150
121
110
119
144
169
4..
127
126
*150
121
111
172
120
114
144
11..
119
Jan.
18..
*127
*144
rl21
Jan.
113
172
Jan.
25..
114
Feb.
1-
116
118
126
*150
121
111
127
*150
121
111
120
172
rl20
111
*120
173
120
120
*150
94.2
ago
year
month
was
Publications further stated:
Two of the major groups remained unchanged during the month.
were
a
gain of 0.5%
These
The women's apparel group showed
men's apparel and infants' wear.
and the smallest gain occurred in home furnishings, this
the home furnishings
However,
amounting to 0.1%.
largest gain, amounting to 2.2% above a year ago.
shows the
group
The smallest increase
during the past year has been in men's apparel, which is 0.6% higher.
the individual commodities
Among
woolen
hats,
piece goods,
blankets,
furniture.
and
clothing
men's
gains
were
women's
Slight
declines
and
by silk
recorded
furs,
aprons,
underwear,
men's
recorded
were
for
piece goods, men's and women's hosiery, infants' hose and floor
cotton
coverings.
Further moderate advances during the spring months are likely,
to
according
Zelomek, economist under whose supervision the index is com¬
A. W.
Gains will reflect in wholesale prices and may become more rapid
piled.
in the latter part
of the year.
THE FAIRCHILD
PUBLICATIONS RETAIL PRICE INDEX
JAN.
3, 1931=100
1941
Feb. 1,
1941
93.7
93.9
94.2
86.8
87.0
87.3
89.3
89.3
89.3
92.1
92.2
92.5
93.0
96.6
97.3
97.7
97.6
97.6
70.2
93.7
95.3
95.6
95.7
95.8
Silks
57.4
66.5
69.4
69.1
69.1
Woolens
69.2
86.5
87.6
88.0
88.5
89.4
Cotton wash goods
68.6
103.5
103.2
103.2
103.4
103.3
1933
Feb. 1,
1940
Composite index
Piece goods
Men's apparel
69.4
65.1
70.7
Women's apparel
Infants' wear
May 1,
furnishings-
Home
Nov.
1,
Dec. 1,
1940
1940
92.3
93.5
85.5
86.7
88.8
89.3
71.8
91.4
76.4
Jan.
2,
Piece goods:
69.3
Domestics:
Sheets
65.0
93.4
93.6
93.5
93.6
93.6
Blankets & comfortables
72.9
107.9
116.0
116.7
116.8
117.2
Women's apparel:
Jan.
126
a
the
Slates
120
Dec.
of
and 93.9 a month ago.
0.3%, whereas the
advance above a year ago was 2.1%.
Retail prices are
now 7.2% above the
1936 low, but are still 2.5% below
the high reached in 1937.
Under date of Feb. 13, Fairchild
during
Switz¬ United
Swe¬
New
Zeal'd
1940—
end.:
index
price
Copyright 1940 Fairchild News Service
May
Weeks
retail
Publications
1931, equals 100) as of Feb. 1 showed the fifth
consecutive monthly advance.
The Feb. 1 index compares
(Jan. 2,
(August, 1939=100)
Argetir
1045
Hosiery...
Aprons & house dresses.
59.2
76.6
73.4
73.4
73.3
73.2
75.5
105.5
106.1
106.4
106.4
106.6
Corsets and brassieres..
83.6
92.9
93.0
92.9
92.9
92.9
Furs
66.8
98.3
106.0
106.9
108.8
110.3
Underwear
69.2
86.6
86.0
85.9
85.9
87.0
Shoes.
76.5
88.5
88.0
88.0
88.0
88.0
apparel:
Hosiery
64.9
87.6
87.6
87.6
87.5
87.4
Underwear
69.6
92.0
92.0
92.0
92.0
92.0
Shirts and neckwear
74.3
86.4
86.0
86.0
86.0
86.0
Hats and caps
69.7
82.5
83.0
83.3
83.4
83.5
Clothing, Incl. overalls..
70.1
90.6
92.0
92.1
92.1
92.3
Shoes
76.3
93.6
94.8
94.8
94.7
94.7
74.0
101.4
102.6
103.8
103.8
103.6
Men's
*
Preliminary,
r
Revised.
Commodity Price
Feb.
Ended
Average Increased Slightly in Week
8, According to National Fertilizer
Association
Socks
wholesale com¬
modity prices was registered last week by the juice index
compiled by The National Fertilizer Association, which rose
A
in the general level of
slight advance
to 99.9 from
index was
A month ago this
the highest point recorded since 1937, and
99.8 in the preceding week.
100.9,
99.4, based on the 1935-39 average as 100.* The
Association's report, under date of Feb. 10, went on to say:
a
year ago
the all-commodity index was
fractional rise in
The
due mainly to higher
prices for foodstuffs and textiles.
Grain prices were up somewhat,
effect of this in the farm product group was counterbalanced by a
drop in sheep quotations. Higher
responsible for an upturn in the food
price index.
In the textile group, cotton, cotton cloth, wool, burlap, and
silk all advanced while no items declined, thus causing the textile index
to rise to the highest point reached since January, 1940.
Although steel
scrap quotations were again lower, the effect on the metal index was offset
by an upturn in the price of tin; the group index remained unchanged
from the previous week.
A drop in linseed oil caused a fractional down¬
turn in the building material price index.
The only other index to change
last week was that representing the prices of miscellaneous commodities,
which
slightly lower.
was
items included in the index advanced and 14 de¬
week there were 18 advances and 23 declines; in
preceding week there were also 18 advanced and 23 declines.
During the week 22
clined; in the preceding
the second
*
as
Feb.
4 from 1926-28 average to 1935-39 average
base were: Feb. 8, 1941, 77.8; Feb. 1, 77.7 ;
period changed Jan.
Base
100.
Indexes on 1926-28
10,
1940,
77.4.
WEEKLY WHOLESALE
80.9
93.5
94.2
94.1
93.9
93.9
69.4
100.8
101.5
102.7
103.2
104.3
79.9
122.8
127.6
127.6
127.8
127.7
Floor coverings
Latest
Week
Musical instruments
50.6
55.4
54.0
53.8
53.7
53.5
60.1
76.1
76.0
76.0
76.0
76.0
72.5
32.0
80.0
79.9
79.7
79.7
China
81.5
94.0
94.6
94.7
94.9
94.4
Note—Composite
Group
Bears to the
1941
Total Index
25.3
1,
1941
Fooda..
.............
oils.
Oottoiw^d oil.
Farm products...
_
_
Wholesale
Cotton
Livestock
Month
Ago
Jan.
11,
1941
Year
Ago
Feb. 10,
1940
Major
Indexes
group
are
Prices
Decreased
0.1% During
Statistics' Index
Further weakness in
the first week of
prices of agricultural products during
February brought the Bureau of Labor
Statistics' wholesale price
index down 0.1% to 80.5% of the
Commissioner Lubin reported on Feb. 13.
all-commodity index, composed of nearly 900 price
1926
average,
"The
series, is 0.4% above the level prevailing last month at this
time and 2.5% above a year ago," Mr. Lubin said.
The Labor Bureau's announcement also reported the
following:
In addition to a decline
building materials,
and
0.3%;
group
of 1.4 % in the farm products
group,
foods dropped
hides and leather products, 0.4%; chemicals and allied products,
0.7%;
0.1%.
The fuel and lighting materials
Textile products rose 0.3% as markets for
Housefurnishing goods were up
index advanced 0.4%.
clothing and cotton goods strengthened.
materials group index down 0.8% to the low point
Semi-manufactured commodity prices declined slightly while
prices for manufactured commodities were steady.
Among the important
decreases of
changes in agricultural commodity markets were
2.4% for grains and 1.9% for livestock and poultry.
past 4 weeks
In the
grains have declined over 5Yi% and in the past two weeks
prices have dropped nearly 5%.
From Feb. 1 to 8,
-
...
91.2
92.4
92.8
73.8
73.4
72.7
78.6
72.9
71.8
74.3
79.7
93.4
93.4
95.4
88.8
96.2
96.2
96.7
100.7
84.3
84.1
87.3
93.3
94.0
94.2
96.3
82.6
101.5
101.5
101.5
106.8
declined.
higher for calves, hay, hops,
Fuels
10.8
Miscellaneous commodities..
109.8
110.0
110.7
113.3
Textiles.------------------
113.0
112.6
112.7
111.4
8.2
7.1
Metal*,,.-
103.1
103.1
103.3
100.6
Building materials...--nChemical* and dmgSr.
112.7
112.8
118.0
106.0
6.1
103.9
.....
-
0.3
Fertilizer materials..
0.3
Fertilizers--..---
0.3
Commodity
91.5
17.3
100.0
aggregate,
Week Ended Feb. 8, According to Bureau of Labor
«
Farm machinery
All groups
T Base period cnangea
combined
Jan. * irom
Indexes on 1926-28 base were:
quotations were lower for all grains and for cows, steers, hogs, Iambs, and
live
poultry.
citrus fruits,
.
flour, and corn
cheese;
weakened for wool, cotton, flaxseed, eggs,
Prices for foods such as butter and
meal; for meats—beef, lamb, cured pork, veal—
The markets
fresh milk, and onions.
...
Grains......
1.3
weighted
a
livestock and poultry
Fats and
23.0
Week
Feb.
is
Index
arithmetic averages of subgroups.
of the year.
PrecedTg
95.2
Luggage
Eleo. household appliances
average
Feb. 8,
95.2
Chicago brought the raw
1935-39=100t
Percent
95.2
Weakening prices for farm products, hides and skins, and scrap steel at
Fertilizer Association)
Each Group
95.0
0.1% during the week.
(COMMODITY PRICE INDEX
(Complied by The National
74.3
Shoes..
marked
for most meats were chiefly
prices
95.2
Underwear
Furniture
but the
poultry and a more moderate
in
decline
Infants' wear:
and for glucose, raw sugar,
Price
Cattle
edible tallow, and certain vegetable oils also
fell 2.6% during the week.
Prices were
feed prices
movements
apples, potatoes, fresh pork, and cocoa beans.
in industrial commodity markets were
mixed.
Douglas fir items and maple flooring
103.9
103.9
100.0
ally.
In the lumber market most
106.0
106.0
105.9
106.1
were
lower, while prices for pine were
104.0
104.0
103.3
102.6
clothing again was quoted at
99.7
99.7
99.6
100.4
99.9
99.8
100.9
99.4
dustrial textiles such as
sheeting.
generally higher.
In the textile field
higher prices, while markets firmed for In¬
burlap, drills, ducks, osnaburg, tire fabric, and
Certain building materials such as chinawood oil and rosin ad¬
and turpentine declined.
Crude rubber rose about
vanced while linseed oil
average LU
Feb. 8, 1941,77.8; Feb.
average <u
1, 77.7; Feb. 10,1940,77.4.
Ac¬
companying a decline of nearly 2% in hide prices, leather decreased fraction¬
1H% and quotations were also higher
for cylinder oil and
soap.
The Commercial & Financial Chronicle
1046
The following tables show (1) index numbers for the principal groups
three months are:
for the
changes from a week ago, a month ago, and a year ago,
January, 1940
December, 1940
January, 1941
{Four Weeks)
{Four Weeks)
{Five Weeks)
$57,282,000
$99,686,000
299,018,000
(2) percentage changes in subgroup indexes from Feb. 1 to Feb. 8, 1941.
(1926=100)
Private construction
134,695,000
Public construction
Feb.
11,
25,
1,
1941
Feb.
Jan.
Jan.
Feb.
8,
1941
1941
1940
Feb. 8,1941 from—
Federal
Feb.
Jan.
Total construction
1.
1941
11.
10,
1941
1940
+ 2.5
Feb.
Farm products
Hides and leather products
Textile products
80.2
78.5
—0.1
+0.4
70.7
71.7
72.6
71.0
68,9
—1.4
—0.4
+2.6
73.2
73.7
74.1
73.0
70.9
—0.7
+0.3
+3.2
102.2 102.6 102.6 102.8 103.2
—0.4
—0.6
—1.0
+0.3
+ 1.6
+0.1
+0.4
—O.l
......
75.4
75.2
74.6
74.2
75.3
Fuel and lighting materials
72.9
72.6
72.6
72.6
73.0
Metals and metal products
97.8
97.8
97.8
97.8
95.5
0
Building materials
99.4
99.5
99.5
99.6
93.1
—0.1
78.8
78.8
+0.4
0
78.2
77.4
—0.3
90.5
90.4
90.5
90.4
89.8
+0.1
+0.1
+0.8
76.8
76.8
76.8
77.1
77.1
0
—0.4
—0.4
+0.5
73.8
74.4
74.9
74.1
72.7
—0.8
—0.4
+ 1.5
Semi-manufactured articles
81.2
81.3
81.1
80.8
80.1
—0.1
+0.5
+ 1.4
83.8
83.8
83.9
83.4
81.4
0
+0.5
+2.9
+2.5
—
in
current month's averages with those of December,
in streets and roads, 2%; public buildings, 1%;
39%; commercial buildings and large-scale private
housing, 32%; bridges, 148%; waterworks, 98%; sewerage, 65%; and
unclassified construction, 66%.
Earthwork and drainage, the only class of
work to drop below last month, is 66% lower.
Geographically, all sections of the country report gains over last Jan¬
uary.
The New England average is 377% higher; Middle West, up 275%;
South, 247%; Far West, 196%; West of Mississippi, 143%; and Middle
Atlantic, 67%.
Comparison
1940,
—
82.6
82.6
82.7
82.3
80.6
0
+0.4
84.6
84.5
84.4
84.4
83.5
+0.1
+0.2
All commodities other than farm
products and foods—
-
streets
CHANGES
IN
SUBGROUP
INDEXES
FROM
FEB.
1
the
buildings,
Four of the six sections report increases over
+ 1.3
the
recorded
PERCENTAGE
of
increases
reveals
industrial
All commodities other than farm
products
TO
Far
FEB. 8, 1941
37%;
West,
.
.y-i..---
■
Silk
0.7
Cotton goods.
Petroleum products
-
Clothing
Hosiery and underwear
0.3
Nonferrous metals.
0.1
Furniture
0.1
0.1
New
capital
'
New
6 and 5% lower, respectively.
are
for construction
Capital
for the month, $93,988,000, tops
purposes
Other miscellaneous
0.1
vestment, $80,325,000, gains 124% over a year ago, but drops 77% under
0.3
Lumber
0.1
a
...........
month
Dairy products..—........—..— 0.5
and municipal
Grains.--.—-.-.--...--.—------
2.4
Meats
000
Oils and fats
2.1
-—
1.9
1.8
Paint and paint materials
Other foods--.
0.3
Livestock and poultry
Hides and skins
——-
Leather
0.2
Cereal products —
...
1.1
Iron and steel
0.1
1.0
0.8
Paper and pulp
0.1
Fertilizer materials
0.1
0.5
...
in
Week Ended Feb. 8,
2,823,651,000 Kwh.
of $47,043,000 in State
up
0.3
November
Statistics
the
of
Electric
1941, Totals
Light
&
Power
Industry
of November,
industry, were
Feb. 5 by the Edison Electric Institute:
following
statistics for
the
month
covering 100% of the electric light and
released
on
power
SOURCE AND DISPOSAL OF ENERGY DURING MONTH OF NOVEMBER
The Edison Electric Institute in its current weekly
report
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
Feb. 8, 1941, was 2,823,651,000 kwh.
financing volume is made
bond sales, $33,282,000 in corporate security issues, $12,043,USHA loans, and $1,620,000 in RFC loans to private industry.
The
Electric Output for
Private in¬
ago.
The January new
2.6
Data undergoing revision as to classifications of industry generating plants and
form of presentation.
The generation for the U. S. power supply as a whole for the
month of November was as follows:
The current week's
output is 11.9% above the output of the corresponding week
of 1940, when the production totaled 2,522,514,000 kwh.
The output for the week ended Feb. 1, 1941, was estimated
to be 2,829,690,000 kwh., an increase of 11.3% over the
a
42%;
report losses,
January, 1940 by 2%, but is 73% below the December total.
Decreases
like week
that
regions
two
0.4
0.4
0.3
Cattle feed
Fruits and vegetables
Other farm products
The
New England
Middle West with
'
-
Other textile products
Woolen and worsted goods
last month.
followed by
;
15%.
South,
and
'
1.7
174%
gain,
greatest
Middle Atlantic and West of Mississippi,
Increases
Crude rubber..
show gains over
groups
housing,
private
70%.
+ 1.6
Manufactured commodities
Raw materials
274.859,000
$584,549,000
136%; bridges, 90%;
29%; and unclassified construction 157%.
Losses are reported
and roads, 5%; waterworks, 6%; and earthwork and drainage*
large-scale
and
building
sewerage,
+6.8
Housefurnlshing goods.
78.6
$398,704,000
$174,679,000
409,870,000
135,011,000
in public buildings, 423%; in industrial buildings, 216%; com¬
year ago
mercial
+2.4
—0.2
Miscellaneous commodities
Chemicals and allied products—
$191,977,000
the classified construction
January averages in
a
Foods—
21,733,000
80,581,000
218,437,000
10,
1941
80.8
80.6
80.5
All commodities
112,962,000
State and municipal
Percentage Changes to
Commodity Groups
1941
15,
and
commodities for the past 3 weeks, for Jan. 11,1941, and Feb. 10,1940,
the percentage
of awards
Values
of
Feb.
Per Cent
1939
1940
Fuel
3,928,811
3,121,587
+ 3.4
+ 25.9
12,429,923
11,340,332
+ 9.6
Hydro-..
Total
-
1938
Change
8,218,745
8,501,112
1937
6,548,017
5,948,652
3,464,241
3,636,054
10,012,258
9,584,706
year ago.
CLASSIFICATION
PERCENTAGE INCREASE FROM PREVIOUS YEAR
SALES
OF
Feb. 8,
1941
Week Ended
Week Ended
Week Ended
Feb. 1, 1941
Jan.25,1941
Jan. 18,1941
8.5
8.1
8.6
DURING
Per
1940
New England
Middle Atlantic
10.5
.
Central Industrial
10.8
10.9
8.5
9.2
15.0
15.0
14.0
14.0
7.0
9.8
8.1
9.0
Residential or domestic.--—
Rural (distinct rural rates)...——.
12.3
10.0
9.3
8.6
Commercial
5.5
3.9
4.8
7.3
West Central
Southern States
Rocky Mountain..
Pacific Coast
Total United States.
11.0
7.5
7.3
7.4
11.9
11.3
10.3
10.6
MONTH
OF NOVEMBER
K
Week Ended
Major Geographic
Regions
(REVISED SERIES)
Number
of Customers
or
as
1939
Ct.
Change
of Nov. 30—
24,907,175
683,515
23,940,561
631,277
+8.3
4,252,548
180,567
4,210,591
+ 1.0
24,166
25,008
89,017
79,278
+4.0
industrial:
Small light and power-....
........
Large light and power
Street and highway lighting
Other public authorities
...
.........
186,266
Railways and railroads:
DATA
FOR
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Street and tnterurban railways..
Electrified Steam railroads
Interdepartmental-
200
207
28
31
1,278
1,121
30,138.494
29,074,330
+3.7
1,093,071,000
1,872,054,000
+ 11.8
131,322,000
120.325,000
+ 9.1
[,980,252,000
),369,053,000
201,203,000
1,822,411,000
4,834,265,000
+8.7
197,132,000
+ 2.1
236,769,000
211,030,000
+ 12.2
338,487,000
165,582,000
60,904,000
331,245,000
...
....
Percent
Total ultimate customers.
Change
Week Ended
1941
1940
1941
1939
1932
1929
Kilowatt-hour Sales During Month of Nov.—
Residential or domestic
from
1940
Rural (distinct rural rates)
Jan.
4-.
Jan.
11
2.834,512
Jan.
18
Jan.
25
2,829,959
Feb.
1
2.829,690
Feb.
8
2,823,651
Feb.
15
Feb.
+ 9.4
2,473,397
2,592,767
2,572,117
2,565,958
2,541,358
2,522,514
2,704,800
2,843.962
2,169,470
2,269,846
2,289,659
+9.3
+ 10.6
+ 10.3
2,455,285
1
2,479,036
Mar.
8
2,463,999
1,542,000
1,602,482
1,733,810
1,736,729
1,598,201
2,292,594
2,201.057
1,588,967
1,717,315
1,588,853
2,199,860
2,211,818
1,578,817
1,545,459
1,728,203
1,726,161
2,207,285
2,199,976
2,212,897
1,512,158
1,519,679
1,706,719
1,538,452
1,702,670
+ 11.3
+ 11.9
2,475,574
22
Mar.
1,619,265
1,718,304
1,699,250
Commercial
or
.......
industrial:
Small light and power
Large light and power
Street and highway lighting......
Other public authorities....
—...
Railways and railroads:
Street and lnterurban railways
Electrified steam railroads
...
Interdepartmental
Total ultimate customers...
Revenue from ultimate customers
January Engineering Construction
Level in History
January
reached
engineering
the
second
construction
level
highest
Second Highest
at
awards,
RESIDENTIAL OR
DOMESTIC
$584,549,000,
News
each
a
Record.
of
the
issued
report
The
five
award
weeks
of
on
total
the
+4.5
48,581,000
+ 25.4:
10,576,643,000
9.595,466,000
+ 10.2
$214,160,800
$201,265,000
+6.4
SERVICE
14,
averages
month,
by
Engineering
$116,910,000 for
tops the
four-week
January, 1940 average by 144%, and is 17% higher than the
for the four weeks of December, 1940.
Private awards, on the weekly average basis, are the
highest for any January since 1929, and excepting last Octo¬
ber, the greatest for any month since June, 1937.
They are
(REVISED
SERIES)
Ended Nov. 30
ever
Feb.
+2.2
158,423,000
Average Customer Data for the 12 Months
reported, being ex¬
ceeded only by the record-breaking volume of last October,
according to
+ 11.1
1940
Kilowatt-hour per customer
Average annual bill.
Revenue per kilowatt-hour
1939
% Change
945
893
+ 5.8
$36.48
$35.81
3.86c
4.01c
+ 1.9
—3.7
average
144% above
a
year ago,
Public construction
is
and 40% above
the
second
work
is
over
last
year,
and 9y2%
month ago.
highest
and the record volume for any January.
144%
a
over
ever reported,
The average is up
last month.
exceeds the corresponding 1940 month
1% higher than in December.
struction
month.
Federal
by 913%,
and
State and municipal
con¬
is
4% lower than last year, but 34% over last
In arriving at these percentages allowance is
given
to the fact that the
figures for last month cover a five-week
period while the earlier months cover only four weeks. The
report also said:
i
January Construction Best in Ten Years
Construction in the 37 States east of the Rocky Mountains
continued
at a high level of activity during January, re¬
ported F. W. Dodge Corp. on Feb. 14.
The total valuation
of contracts awarded, the best January figure since 1930,
amounted
to
$305,205,000, 55% greater than the January,
1940, total.
In
January, 1941, the dollar volume of commercial build¬
$26,944,000 compared with $15,924,000 in January,
1940, and manufacturing building was $55,948,000 compared
with $12,865,000.
At the same time, small home building
ing
was
continued
tracts
to
be
awarded
family dwellings
quite
for
was
active.
the
January
construction
valuation
of
one-
of
and
con¬
two-
76% larger than during January, 1940.
Volume
It is likely that the pace of private capital investment in
building has been accelerated by demands outgrowing from
defense
the
The noticeable increase in activity
manufacturing buildings, however, is not
program.
in commercial and
only ascribable to this factor, but also probably to anticipa¬
tion of an upsurge this year in the demand for consumer
goods which will be created by the additional income as a
There is evident
Week
Ended
Above
Debits
to
Certain important classes
1941,
5,
EXPENDITURES FOR NEW
Ago
Plant
Public construction*.
13 weeks ended Feb. 5 amounted to
Private.
$126,068,000,000, or 10%
reported for the corresponding period a
At banks in New York City there was an in¬
7% compared with the corresponding period a
ago.
year
of
crease
1929
Public and private
increase of
by
System.
170
337
337
rl40
280
Electric power
387
172
160
210
387
228
213
275
Telephones
328
100
r91
117
287
248
242
283
82
39
54
51
53
62
53
63
256
117
r81
100
113
45
r40
50
1,441
1,053
775
975
2,155
2,069
1,650
2,300
turing
Agriculture
and
Housing
Non-profit
—
Feb. 5,
1941
Feb.
7,
1940
$552
$459
$7,384
$6,484
3,535
49,263
524
456
Cleveland
675
536
Richmond
378
290
781
689
52,630
6,775
9,035
4,863
4,010
18,431
3,873
2,154
3,719
3,176
10,018
$9,859
$8,208
$126,068
$115,009
New York City *
3,850
48,250
45,172
140 Other leading centers *
6,190
3,185
4,335
67,361
60,463
819
688
10,458
9,373
Atlanta
326
267
1,456
1,147
292
229
160
158
274
240
244
202
V
Chicago
St. Louis
Minneapolis..
Kansas City
—
Dallas
San Francisco.
Total, 274 reporting centers
j33 Other centers..
*
Centers for which bank debit figures are available back to
6,166
7,638
4,163
3,558
16,756
3,442
2,132
3,535
2,873
1919.
production during the week ended Feb. 1, 1941,
4% less than in the previous week; shipments were 3%
Lumber
less; new business 3% greater, according to reports to the
National Lumber Manufacturers Association from regional
softwood
and
.
Comparison
new
five
weeks
orders
of
shipments
1941
date
to
14%
were
1940; shipments
18% above
were
new
above
business
was
17% above
26% above the shipments,
were
the 1940 period.
the orders of
13%
was
above
ratio
unfilled
of
production and
production.
orders
compared with 21% a year
year
ago;
gross
stocks
to
ago.
gross
13%
were
stocks
was
on
and
for
for the
Feb.
1, 1941,
31% greater than
a
the
feet:
and Hardwoods
current week ended Feb.
1,
certain
to
1941, for the previous week,
Softwoods
in thousand board
Softwoods and Hardwoods
1941
1940
Week
Week
Previous
Week
(Revised)
Various
of
VALUE
374
Shipments
209,251
233,290
100%
111%
12,405
Orders
259,056
124%
11,976
Production
458
99
10,760
100%
115%
111%
220,011
245,695
271,032
458
180,878
208,115
203,769
480
229,922
253,580
263,275
Goods
Expenditures in 1940 16% Above 1939,
According to Federal Reserve Study
and
private expenditure in 1940 ap¬
have exceeded 1939 by about 16% and 1937 by
about 10%, according to a study by George Terborgh, Senior
Economist, Division of Research and Statistics of the Board
of Governors of the Federal Reserve System, appearing in
pears
the
to
February
issue of the
Federal Reserve "Bulletin."
It
remained, however, substantially below 1929, the pre-depression peak.
1939, while
as
Govern¬
typewriters,
of such equipment by governments have
the defense program, however, they are
Merchandise
of
STATES
FOREIGN
TRADE
WITH
GEOGRAPHIC
ECONOMIC CLASSES,
(Corrected to Feb. 6, 1941)
States Merchandise
(Value in Thousands of Dollars—000 Omitted)
Manuf'd
Crude
Crude
and
Total
Materi¬
Food¬
Country
Exports
als
stuffs
Geographic Division
,
1,603,596
Europe-Northern North Aruer.
694,408
Southern North Amer.
337,064
America
431,119
Foodstuffs
&
Bev¬
erages
Semi-
Finished
Ma nu-
Manu¬
factures
factures
201,753
141,780
6,570
29,371
32,089
66,803
16,409
416,830
7,096
40,315
57,783
225,300
13,829
82,564
2,022
14,448
3,073
23,193
91,922
177,939
327,343
115,876
888,839
388,254
308,898
Oceania
614,112
94,042
6,406
154
2,238
16,608
68,576
Africa---
160,343
3,233
213
3,475
31,056
122,365
3,934,685
456,135
74,019
166,881
106,386
74,218
269
402
52
1,367
24,446
4,100
4,489
5,252
1,845
1,146
Asia.---..
Total
109,644
5,263
851
1,116
British
India
68,216
5,983
19
728
British
Malaya
15,462
41
Brazil
Public construction was down about 7% from
decline in outlays under the 1938 Public Works
a
163
1,324
908,076 2,329,674
32,497
12,879
4,294
25,419
17,174
5,198
69,118
56,431
11,928
76,994
44,312
8,735
8,039
13
4
192
831
6,998
683,213
141,153
31,699
13,275
114,992
382,094
141
14
108
640
Chile
1,956
43,046
41
154
11,371
29,612
China
77,328
844
4,306
18,160
34,606
40,672
-
Ceylon--
-
Denmark
Republic.
Ecuador--
Egypt
Finland
France
51,118
84,133
6,875
6,864
6,302
1,053
1,868
19,407
1,503
3,017
189
2,791
2,575
19,680
6,063
11,725
1,058
1,985
215
1,068
145
83
732
828
5,076
32
6
676
695
4,892
892
117
470
4,717
14,340
16,938
171,186
20,542
23,533
1,346
529
245,684
37,209
613
2,629
2,090
2,646
34,030
b
154
14
47,137
1,549
139
Gold Coast.
2,435
355
4
366
372
1,339
Greece
9,717
4,571
816
261
2,478
2,413
3,749
——
HaitiHonduras
-------
_
Italy
Jamaica
Japan.,
total of public
publicly owned productive plant.
of ordinary commercial type, such
Exports of United
Ireland..
The
be pointed out that the estimates
naval vessels and special military equipment generally,
Classes
UNITED
OF
Hongkong
Iran (Persia)
Durable
5,300
rRevised.
DIVISIONS AND LEADING COUNTRIES BY
12 MONTHS ENDED DECEMBER, 1940
Germany a
Mills
2,950
Figures of the foreign trade of the United States for the
12 months ended December, 1940, divided into several
economic classes and according to source and destination,
were issued Feb. 13, 1941, by the Division of Foreign Trade
Statistics of the Bureau of Foreign and Domestic Commerce.
They are presented in the tabulation below:
Colombia
1941,
1941 Week
2,726 r2,275
5,000 4,700
5,910
Imports and Exports for United States for 12 Months
Ended December, 1940—Geographical Distribution
Dominican
1941 Week
250
segregated in estimates for later years.
Cuba
Hardwoods
r225
168
expand materially, and It Is hoped that they can be at least partially
Canada
corresponding week of a year ago follows,
1
■A"'');Vy ';"U:v..&"
8,250
expenditures.
Heretofore, purchases
been relatively insignificant.
Under
Burma
Record
r 6,975
*
tools, and motor trucks, are Included In the estimates for private eoulpment
Belgium
less.
Softwoods
7,726
ment expenditures for equipment
machine
Australia
32%
were
9,203
2,385
and hangars, for defense housing, and for
Argentina
Unfilled orders
2,635
1,740 r2,095
For the
Supply and Demand Comparisons
The
1,908 r2,320
r3,234
while Including (under public construction) outlays for military posts, yards, docks,
South
Reported production for the five weeks of 1941 to date
and
1,700
3,293
for durable goods exclude
mills.
23% above production.
Compared with the corre¬
sponding week of 1940, production was 22% greater, ship¬
ments 18% greater, and new business 33% greater.
The
industry stood at 148% of the average of production in the
corresponding week of 1935-39 and 134% of average 1935-39
shipments in the same week.
The Association further re¬
ported :
■
7.
corresponding weeks of
615
1,350
Note—In view of the defense program, it may
orders
Year-to-Date
r543
1,590
cars
operations of representative hard¬
Shipments were 12% and new
associations covering the
wood
697
1,650
8,999
Report of Lumber Movement Week Ended Feb. 1, 1941
was
613
445
♦Includes work-relief construction,
4,195
New York
250
355
Household goods
Philadelphia..
Boston
r230
568
Passengers
1940
222
403
institu¬
tions
13 Weeks Ended
Federal Reserve District
r348
1,186
r3,802
mis¬
cellaneous
Consumers'—Total
Feb. 7,
4,953 14,798 13,002 rll206 13,816
2,318
5,595
5,276 r4,231
5,566
rl30
Mining and manufac¬
(In Millions of Dollars)
1941
1940
189
Commercial
Feb. 5,
2,294 rl.876
1939
503
RESERVE DISTRICTS
Week Ended
4,202 r4,196
r4,531
1937
8,307 14,798 13,002 rll206 13,816
3,354
r2,802 r3,619
r8,333
1929
Railroads
Other utilities
11%.
SUMMARY BY FEDERAL
2,411
—
Transit
These figures are as reported on Feb. 10,
the Board of Governors of the Federal Reserve
1941,
Equipment
1940
1939
1937
rl0744 r7,004 r7,815
Producers'—Total
and at the other reporting centers there was an
ago,
year
deposit accounts
total
the
DURABLE GOODS
In millions of dollars]
20.1%
(except interbank accounts),
as reported by
banks in leading cities for the week ended
Feb. 5, aggregated $9,859,000,000.
Total debits during the
above
of producers' equipment, such as
{All 1940 figures are preliminary.
Feb.
Year
a
of
59% of 1929, in contrast to equipment expenditures 93% of
that year.
Outlays for producers' plant were only half of
1929, while expenditures for equipment were fully recovered.
ESTIMATED
for
Debits
continuation of the lag in the revival
a
private construction activity that has characterized the re¬
covery movement thus far.
Private plant outlays were only
industrial and commercial, made new highs.
result of increased industrial production.
Bank
1047
The Commercial & Financial Chronicle
152
—
Kwantung
Mexico
Netherlands Indies
49
21
682
384
3,435
7,236
20
127
556
1,867
4,665
17,229
2,018
247
1,360
3,286
10,318
6,460
2
4
12
1,565
4,877
2,742
7,908
855
2,263
720
1,327
49,325
20,696
111
428
21,724
3,521
257
51
207
773
2,234
223,948
48,702
3
341
99,778
75,124
9,826
1
3,358
5,280
144,924
1,187
8,391
3,029
3,994
26,626
53,683
1,058
162
1,534
11,996
102,885
38,934
3,973
7,991
11,323
6,365
Netherlands W. Indies
(Curacao)Netherlands
21,570
91
539
2,167
33,684
6,379
3,165
4,826
357
14,800
Newfoundland and
Labrador
New Zealand
10,334
614
2,894
800
5,668
17,988
1,923
73
825
3,662
11,506
14,312
1,160
1,141
3,881
6,288
Panama, Republic of.
18,970
69
341
1,843
1,860
1,944
14,756
Zone-
44,026
398
1,330
6,010
7,971
28,311
22,596
162
33
672
4,301
17,429
68,718
8,468
Norway
Panama
—
Canal
Peru
Administration and in Work Projects Administration activ¬
Philippine Islands
93,180
905
1,543
10,980
11,034
Portugal
17,772
315
5,213
Spain
25,002
3,737
6,532
39
ity having more than offset gains in the building of Gov¬
ernment-owned housing and in military and naval construc¬
12
55
7,724
10,679
969
1,841
9,215
21,163
673
1,583
9,738
tion.
Expenditures for privately-owned durable goods, on
22%, producers' goods showing an
increase of 29% and consumers' goods a rise of 17%.
the other hand, were up
Outlays for plant made a smaller relative gain over 1939
than
This is true even if we
which declined for the year.
expenditures- for equipment.
exclude
public construction,
Sweden
36,051
Switzerland
21,247
7,999
Turkey.
Union of South Africa
2,864
3,193
0,160
236
8
301
1,055
6,399
103,727
594
43
1,421
19,096
82,574
82,092
Union of Soviet Social¬
b
7,875
101,417
23,779
47,439
991,544
12,822
45,268
11,126
323
55
113
277,374
4,395
554,664
Uruguay
Venezuela
68,049
248
520
7,800
5,062
54,420
ist Republics
United Kingdom
2,999
6,240
Feb.
The Commercial & Financial Chronicle
1048
ACTIVITY
MILL
PRODUCTION,
REPORTS—ORDERS,
STATISTICAL
Imports of Merchandise for Consumption
15, 1941
(Corrected to Feb. 6, 1941)
Unfilled
(Value In Thousands of Dollars—000 Omitted)
Period
Manu'fd
Crude
Crude
Materi¬
Food¬
als
stuffs
Geographic Division
and
Total
Country
Imports
Foodstuffi
&
Bev¬
erages
Semi-
Finished
Manu-
Manu¬
factures
factures
377,608
72,225
6,491
72,332
96,339
Northern North Amer
410,863
55,519
35,739
26.205
139,616
47,262
67.212
86,887
33,378
163,276
119,579
34,743
13,909
78,042
74,433
186,305
Southern North Amer
244,318
America
South
Asia
379,136
972,707
—
569,806
27,725
1940—Month
131,161
153,884
9,580
4,329
107,420
438
2,710
21,901
960
1,794
23,198
1,483
............
2,540.287 1,010,393
285,112
277,444
558,632
408,707
628,155
420,639
579,739
453,518
167,240
137,631
72
429,334
449,221
129,466
69
April.—
520,907
456,942
624,184
193,411
247,644
236,693
196,037
162,653
70
May
682,490
508,005
———
July..
August...
...
October..-—.-.—
—
Belgium
—
Brazil
British
India
British
Malaya
...
1,188
2,639
32,387
172
17,585
64,697
3,203
3.54S
950
101,099
36,595
8,998
655
7,117
47,733
268,448
168,834
59
195
99,199
161
Jan.
1,242
764
5
467
7
Jan.
11.
137,150
18
•'
—
77
479,099
151,729
71
629,863
202,417
75
101,099
130,847
134,135
153,111
161,994
168,364
59
78
72
185,003
202,417
78
74
79
75
219.026
79
75
Week Ended—
1941—
4
35,427
7,986
24,535
139,250
148,378
21,790
9
363
229
Jan.
25
604
474
48,386
145
Feb.
1
149,001
130,750
133,032
2,661
35,639
15,780
Feb.
8
150,012
133.091
185
549
7,361
31,058
2,356
1,922
44,807
107,330
16,210
82,781
746
2,206
1,012
198
51
214
185
364
5,356
132
3,027
1,854
170
173
Denmark
Republic-
5,386
4,638
829
3,068
16
Egypt
Finland
6,319
6,070
35
72
33
109
5,391
101
40
3,962
1,288
38,827
3,833
1,037
8,738
7,918
17,300
176
3,193
2,825
146
11
1,358
339
France
Germany a
7,444
1,243
7
Gold Coast
16,195
16,052
4,698
11,339
10,245
424
Greece
3,686
3,622
803
2,636
35
82
Honduras
9,494
143
9,102
4
5
241
Hongkong
3,166
191
320
430
1,766
458
8,413
Haiti
66
4,404
1,385
119
1,020
21
2,849
2,059
25,177
5,109
497
9,319
2,278
7,974
1,461
225
530
515
18
174
156,933
1,430
62,503
112,388
3,947
7,938
6,709
25,950
Kwantung
Mexico
11
189
1,204
7
26,586
16,671
1,052
14,030
4,164
Netherlands Indies...
167,6.50
129,612
9,317
6,064
19,957
2,700
(Persia)
Ireland
1
Jamaica
■0v
20
Compensation for delinquent
stock, and other items made necessary adjust¬
equal the unfilled orders at the close.
not necessarily
reports, orders made for or filled from
ments of unfilled orders.
January Flour Production Represents Large Increase
That
Over
Last
of
Year
during the first month of 1941 totaled
more than 285,000 barrels over that of the previous month
and exceeded the production of January, 1940, by about
106,000 barrels.
Mills which account for 64% of the
national flour output reported to the "Northwestern Miller"
a January, 1941, production of 5,665,946 barrels, compared
with 5,380,593 barrels reported for December, 1940, and
5,559,674 barrels for January of last year.
The
three
major
producing sections—the Northwest,
Flour production
118
556
69
77
orders received, less production, do
Note—Unfilled orders of the prior week plus
481
244
Ecuador
Japan
72
79
161,986
52,971
56,970
74
163,769
184,002
30,378
87,493
72
470,228
400,562
47,462
76
79
of—
January..
9,003
70
648,611
509,945
138,863
147,634
China
Iran
1941—Month
702
509,781
587,339
487,127
Jan.
Colombia
Italy
100,798
7,838
19
114
Chile
Dominican
673,446
987
Ceylon
Cuba
December
66,020
20,657
Burma
Canada
528
5,198
1,721
544,221
452,613
468,870
670,473
488,990
464,537
24,286
29,613
104.786
80,571
Australia
Cumulative
Current
Tons
March.—.—
November.....—..
Argentina
Remaining
of-
September
Total
Orders
Tons
February
June
849
74,580
33,515
122,140
Oceania
Africa...——..
Production
Tons
January
Europe
Percent of Activity
Orders
Received
Netherlands W. Indies
Southwest and the Buffalo district—were alone responsible
(Curacao)
19,129
254
15
2
18,130
728
Netherlands
8,591
1,889
346
820
2,786
2,751
for the month's increase, for
8,916
1,223
312
1,669
210
5,502
102
95
by all other areas. Northwestern output in January repre¬
sented a 115,000-barrel increase over that of December, 1940,
and Southwestern production gained over 170,000 barrels.
Buffalo mills recorded an increase of 54,835 barrels.
Chief
Newfoundland and
Labrador
8,084
6,315
1,522
50
Norway
7,467
688
1
1,267
5,007
Panama, Republic of_
4,265
73
4,093
1
4
Panama Canal Zone..
656
21
240
Peru
15,364
6,288
102
751
8,077
145
Philippine Islands
89,632
16,217
279
51,976
10,143
11,017
Portugal
10,696
3,406
601
2,495
3,849
346
1,854
1,877
11,221
3,097
869
New Zealand
505
94
395
13,579
1,874
1,614
Sweden
17,153
1,229
1
Switzerland
25,237
163
Turkey
17,911
45,980
15,390
315
517
1,626
64
39,594
498
47
5,446
396
Spain
Union of South Africa
7,345
146
loser
producing sections was the North Pacific
mills at Seattle, Tacoma and Portland.
Their combined production for January was about 32,000
barrels less than the December, 1940, total.
4,487
20,123
19,254
94
450
1,979
497
135,690
13,844
473
33,204
27,510
60,659
Uruguay..
17,009
15,705
1
1,124
131
48
Venezuela
41,187
23,598
5,260
5
11,213
1,111
ist
22,274
Republics
For statistical
a
b Less than
including
The month's
among
Feb.
1941,
1,
reported
as
Manufacturers Association
An average
"Barometer"
Northwest
for the
as
Feb.
1, 1941:
1941
Softwoods
1941
1940
54,782
52,099
57,702
dl7,844
1,222.629
53,173
1,180,477
2,170,483
2,000,261
2,057,669
1,967,695
1,875,644
878,169
823,335
796,650
816,150
759,127
Eastern division
494,020
502,099
509,031
481,287
Western division.
Production
during
these
mills,
wood
production
the
17%
five
ended
weeks
243,198
271,826
311,009
295,723
124,551
125,559
591,251
623,047
152,401
544,798
*322,699
North Pacific Coast
130,690
594,426
5,665,946
5,380,593
5,559,674
5,445,717
5,116,460
1,
1941,
in
reported
as
Hardwood output was
of
Orders
a
1940,
1941,
1,
softwoods showing
were
a
Hardwood
1939.
sponding weeks
weeks ended Feb.
On
Feb.
1,
orders
showed
1,
1941,
1941,
the
gross
1938-39-40)
as
tively small.
weeks
same
compared with
stocks
larger
reported by 393
as
softwood mills
average
1, 1941, unfilled orders
were
average
production.
as
reported by 390 softwood mills
1,029,228 M feet, the equivalent of 30 days' average production, compared
with 777,171 M feet on Feb. 3, 1940, the equivalent of 23
days' average
production.
than
first
half
stocks
part
from
in
The Bureau's announcement further said:
of wool in the United States in
the
1940,
the
of
said,
Bureau
The
year.
greater
consumption
for
slightly
large
consumption
with
Weekly Statistics of Paperboard Industry
to
activity in the paperboard industry.
Tim
total
members
industry,
of
this
Association
represent 93% of the
and its program includes a statement each
week from each member of the orders and
production, and
also a figure which indicates the activity of the mill based
on
the time operated.
100%,
so
These figures are advcanced to equal
that they represent the total industry.
most
consumption
wool
of
for
1941 is expected to be
the
of
is
civilian
The
for
for military
larger
than
uses*
in
also
will be
1939;
except
uses
relatively
small
of
carryover
wool
large mill consumption of wool
a
factors
1935,
it
in
was
the
result
to
in
but
1941,
Consumption
large.
for
in
increase
expected
in
1940
larger
than
recent year.
any
to
earlier.
We give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
domestic and imported
of
April 1 probably will be rela¬
on
domestic
wool
prices.
in
Wool
in
Since last
this
country
1941 will
prices
expected to average higher this spring and
*
Wool
Domestic
!
was
were
total
and
Mill consumption
corre¬
production (three-year
compared with 3,520,647 M feet on Feb. 3, 1940,
equivalent of 101 days'
On Feb.
as
large,
wool in the United States
were
'
3,063,644 M feet, the equivalent of 87 days'
average,
18%
were
Softwood orders in 1941
gain of 6%
a
1940.
of
be
will
during the five
18% above those of similar period of 1940 and 25% above the
of
26% above
gain of 26%
gain of 23%.
received
above, those of corresponding weeks of 1940.
1941
favorable for
the 1911 domestic wool clip, the Bureau of
Agricultural Economics, United States Department of Agri¬
culture, reported on Feb. 11 in its monthly analysis of the
wool situation.
The carryover of domestic wool into the
new season, which begins about April 1, is expected to be
the smallest in recent years.
Although imports of wool in
the first quarter of 1941 will be large, mill consumption also
6% above production of the 1940 period.
corresponding weeks of
and hardwoods
Favorable for
Domestic supply and demand conditions are
was
Shipments during the five weeks ended Feb.
Includes Indiana, since 1938 under Central West, eastern division.
the marketing of
by
above that
1941
410,751
Clip, Says Bureau of Agricultural Economics
969,171 1,242.195 1,053,721
Feb.
272,039
229,371
Market Conditions
of corresponding weeks of 1940.
Soft¬
18% above that of the same weeks of 1940
26% above the record of comparable mills during the same period of
was
—
Southeast
50,149
i'
1,077,1^33
Total lumber
1938
1,172,377
1940
922,148 1,189,022 1,003,572
47,023
January,
Orders
1941
1940
865,745 1,164,927
1,022,351
Hardwoods
i
1939
1,199,382
Totals
Shipments
January,
1940
1,063,094
*
Production
January,
1940
Central West:
follows to the National Lumber Trade
five weeks ended
December,
1941
1,178,101
Buffalo
National Lumber
the
Feb. 11:
on
of 474 mills report
by
January,
Weeks
(In 1,000 Feet)
those
PRODUCTION
TOTAL MONTHLY FLOUR
$600.
give herewith data on identical mills for five weeks
1939.
Below appears
table, showing monthly and yearly comparisons
different producing sections:
Southwest
and
220,000 barrels
(Reported by mill producing 64% of the flour manufactured In the United States)
Ended Feb. 1
We
increase over
an
detailed
a
Poland and Danzig
Lumber Production and Shipments During Five
ended
production also represented
that of recent years, besting that of 1939 by
and that of 1938 by almost 550,000 barrels.
trade with Austria and with German-occupied areas
is included in trade with Germany,
purposes
Czechoslovakia and
In
among
Coast,
Union of Soviet Social¬
United Kingdom
monthly losses were registered
in
and
be strong
the
United
prospects
supporting
States
are
than
they did a year
spring, however, wool prices have advanced materially
summer
and any advance
from present levels is likely to be moderate.
Wool
supplies available for shipment from foreign countries to the United States
are
relatively large.
Stocks
stocks
on
of
apparel
farms
wool
and
by
reported
ranches
and
in
dealers
local
and
manufacturers,
warehouses
in
Western
and
sheep
States totaled 261,000,000 pounds, grease basis, on Dec. 31, 1940,
compared
with
217,000,000
pounds
68,000,000 pound of wool
excluded
the
pounds.
Stocks,
year
earlier,
years
1935-38.
stocks
held
a
year
afloat to
in
this
excluding wool
but
were
much
earlier.
The
the United
country
afloat,
smaller
on
were
than
1940
States.
Dec.
31
about
Dec.
stocks
If
wool
totaled
equal
31
to
included
afloat
is
193,000,000
those
stocks
in
of
a
the
Volume
States
United
Imports
and
1939
in
imports of apparel wool for consumption in 1940
pounds.
223,000,000
than
The Commercial & Financial Chronicle
152
266,000,000 pounds.
than in
in
the
were
1940
largest
125,000,000
were
6ince
when
1923,
Imports of carpet wool in 1940
totaled
bushels.
larger
bushels
pounds
totaled
imports
slightly smaller
were
1939.
Farmer in 1940 Received 42 Cents of Consumer's Food
Dollar,
According
Bureau
to
of
Agricultural
Economics
If
for
1940-41
the
the
even
10
the
1049
yield per planted acre—20.2
1929-30 to 1938-39—is harvested,
average
years
about 310,000,000 bushels.
Last
14,072,000
acres—was the third largest of record in Argentina.
The
first official estimate of corn planted for the 1940-41 crop
is 15,320,000 acres.
The comparable estimate last year was
17,791,000 acres.
The announcement in the matter further
year's
will
crop
be
crop—408,000,000
bushels
from
final
a
stated:
The
of
Bureau
Agricultural
Economics,
Department of Agriculture, reported
United
States
30 that the
farmer's share of the consumer's dollar spent for 58 foods
averaged 42c. in 1940, as compared with 41c. in 1939, and
with
40c.
year
was
1938.
in
45c.,
The
farmer's
share
the
at
of
end
the
contrasted with 42c. at the beginning,
for the year was decreased by the fact that
The average
as
the fanner's share
last June
Jan.
on
only 39c.
was
In the month
Exports from the large 1939-40 crop have been considerably smaller than
not more thain 56,000,000 bushels having left the country during
the period April-January, 1940-41, against a pre-war export average of
237,000,000 bushels.
Unless greater outlets for the disposal of present
usual,
supplies both at home and abroad develop during February and March (the
last two months of the current marketing season) about
245,000,000 will
remain for carryover into the new season
beginning April 1.
Present
indications
Argentina
on
before the outbreak of the European war—in August, 1939—
bushels.
The
the farmer's
corn
further
share
Retail
prices of
cember,
dollar
higher than in August,
contrast,
declined
for
1939,
the
4c.
the
account
August,
on
rise of
But by
dollar
during
in
farmer's
the
averaged
period.
These
food
the year 1913—the
year
of
averaged
There
53c.
little
was
variation
getting only 44c., and in 1929 he received 47c.
The largest
to 33c.
45c. average for 1937, but in
1938 there
was
in
recent
sharp drop—
a
♦
Farm
Product Prices
Jan. 15, had advanced three points since mid-Decem¬
ber, the Agricultural Marketing Service of the Department
of Agriculture reported on Jan. 29.
This is the sharpest
since
rise
the
10-point
index to
vember, 1937.
increase
in
September, 1939,
the highest level
30%
hogs
sheep,
and
of
meat
the
Grain
three
and
lambs.
At
and
up
were
truck
crop
while
down
were
and
chicken
prices of
the month,
prices
were
seasonally,
prices
egg
prices of
points
24
fruit
higher.
advanced
Cotton
and
Prices of dairy and poultry products,
dairy items being off seven points,
the
averaged
22
lower
points
than
in
mid-
December.
The
only
mid-January
five
animals,
a
for chickens
Wholesale
that
local
month.
truck
the
offset
fruit
Lower
sharply
prices,
prices
higher
for
prices
was
grains,
for
meat
moderately higher prices
increases
in
prices paid were not enough, however, to
level of prices paid, interest, and taxes since Dec. 15.
average
the 1910-14 average, this index
increase
Prices
interest, and
and 78%
in
taxes
paid,
prices
lifted
products
month.
since
earlier.
year
in
however,
was
one
point higher than a
'■
no
farm
a
increase
prices,
agricultural
dairy products prices.
price trends for most commodities bought by farmers indicate
market prices of
these goods increased a little during the
At 128% of
With
than
of
and eggs, and a minor increase in
year ago.
of
level
helped to
crops
substantial
Recent
change the
general
higher
points
and
cotton
their
received
in
interest, and taxes, the rise
in prices
exchange value two points during
farmers averaged 81% of prices paid,
per-unit
by
mid-January,
in January, 1940.
This
compared
was
with 79% a month earlier,
the highest exchange ratio recorded
1937.
October,
a.
♦
Bureau
of
Agricultural
Products
Prices
Economics
Uo, Marketings
Reports
Farm
Down—February
Income is Usually Lowest for Year
monthly analysis of the agricultural situation, the
Bureau of Agricultural Economics, U. S. Department of
Agriculture, stated on Feb. 3 that February is usually the
low month of the year in cash farm income, and this February
will be no exception.
Prices of farm products average the
highest since the outbreak of the European War, but farmers
—except in the livestock and dairy industries—have com¬
paratively little to sell at this time of year. Domestic con¬
sumer demand for farm products continues to
improve, es¬
pecially for commodities produced for home consumption.
Total 1941 farm income is expected to exceed income last
The Bureau further reported:
Farmers have been
paying higher wages to farm hands this winter than last, and they have
Domestic
consumption
expectations,
Bureau said.
up
Farmers
are
planning about the
same
total
of cash and feed crops this year as last.
acreages
of
cotton,
increased
beyond
earlier
optimistic
may total 9,000,000 bales this marketing year, the
However, increase in domestic consumption does not make
and
for the loss of export markets
the
same
on
Act
on
President's
the recent letter from President Roosevelt
was
indicated that Representative Cole,
complaint that completion of
now
in Florida,
pipeline and the com¬
delayed by the opposition
engaged in interstate commerce.
Wash¬
ington reports saidfthat the carriers in question were the
one
mencement of another have been
of
other carriers
railroads.
answering President Roosevelt's letter, Mr. Lea assured
the Chief
Executive that his committee would thoroughly
study the matter "with a view of determining what, if any,
legislation is available to meet the situation." At the present
time, Mr. Lea explained, "interstate gasoline pipelines can¬
not
be
constructed
Government.
In
without
order
to
the
consent
construct
such
of
the
Federal
lines,
pipeline
may be
companies must, of course, secure such consent
required under the laws of States affected.
as
"The Federal Government could be proper legislation grant
permission for construction of interstate pipelines to serve as
common
ance
of
carriers and authorize condemnation suits in further¬
such purposes," Mr. Lea pointed out.
"If such
procedure should conform to the general regulatory practice
of the Federal Government, pipeline companies would be
required to secure a certificate of convenience and necessity
from the authorized regulatory body.
"Before such
to make
a
certificate
was
granted it would be
necessary
showing before such Federal agency to establish
the need of such a pipeline from the standpount of
public
interest.
Such a Federal statute could, and probably would,
grant the pipeline carrier the right to bring condemnation
proceedings to acquire the right of way for such lines.
I
take it as improbable that the Federal Government would
grant the legal right for construction of interstate pipelines
without giving some regulatory Federal agency the right to
a
determine whether
or
not circumstances showed
a
need and
justification from the standpoint of public interest in such
"Due consideration will be given to the question of need
from the standpoint of national defense and would, of course,
be
a proper matter for consideration
by the regulatory body
deciding whether a certificate should be granted.
If this
problem, or the present controversy, is brought to our com¬
mittee, we will go into the matter thoroughly to learn
whether or not Federal legislation is necessary and desirable
and, no doubt, propose legislation we find appropriate."
President Roosevelt's letter to the House group was made
public last week-end coineidentally with the disclosure that
the Department of Justice is preparing litigation to assert
in
More tobacco probably will be consumed
title of the United States Government to the coastal
tide-water oil lands in the long-standing controversy between
the Federal Government and that of the States of California,
Texas, Mississippi, Louisiana and Florida.
In his letter, the
President explained that he was displeased by the delay in
construction of a gasoline pipeline from the Southeastern
refining areas to the industrial centers of the Eastern Sea¬
board.
The
in the United States this year, but in this case also not enough to offset the
loss of export markets.
to
the
Costs of farm production also are expected to rise.
been employing more workers.
in
lines.
In its
year.
It
In
with
5% above parity.
during
cottonseed prices were up one point.
however,
way,
substantial increases reported for cattle, calves,
128% of the 1910-14 average of Jan. 15, prices
animal group averaged nearly
prices also
hand
domestic
will stop off in Georgia on his return to Washington next week
and conduct an informal investigation into the President's
The announcement further said:
higher,
points,
and
reached since No¬
17-point advance in meat animal prices led the
A
on
increase
Foreign Commerce Committee
regard¬
ing the need for construction of additional pipelines for the
transportation of crude netroleum and petroleum products
following the report of Representative William P. Cole Jr.,
Chairman of its special oil subcommittee, it was disclosed
in Washington by Chairman Clarence Lea in
Washington on
will act
Higher
at 104% of the 1910-14 aver¬
Prices received by farmers,
advances the
to
Lincoln's Birthday.
Jan. 15 Three Points
on
Than in Mid-December
age on
attempted
Plea—Department of Justice Planning Tidewater
Property Suits—Daily Average Crude Flow Jumps—
Crude Oil Inventories Up
from
prior to the
40c.
to
corn
between 455,000,000 and 500,000,000
has
The House Interstate and
that in
but in 1917 the farmer's share averaged 60c.
years,
exportable surplus of
Petroleum and Its Products—Cole
the
differences
dollar
the
may range
Government
consumption through the use of unshelled corn for fuel, increased feed¬
ing to livestock and increased consumption for various industrial purposes.
farm and retail
the
share
on
Argentine
De¬
European
20c.
1940.
share
was
foods
this
farmer's share had dropped
the
was
dollar higher in
the
on
these
The spread between
1939.
show
1921 the farmer
of
6c.
farmer's
during the next three
By 1932
value
the
December)
to
War—the
years
farm
Bureau's records
World
Bureau's announcement
the 58 foods averaged 5c.
In
The
The
than in the month preceding the outbreak of the
1940,
war.
prices
39c.
was
stated:
that
are
April 1, 1941,
Domestic consumption of wheat probably will be
this season as last,
to
litigation in prospect by the Department of Justice
title to tidewater lands would involve not only
assert
shore
areas
of
California and the Gulf States where oil is
of the waterfront States of the East
known to exist but all
Argentine
Corn
Crop
Prospects
Acreage
Continued
Above
Average—
Reduced
conditions in Argentina might
or higher than, those of
1939-40, the Office of Foreign Agricultural Relations said
on
Feb. 10 in its weekly "Foreign Crops and Markets."
These prospects might result in a crop of perhaps 355,000,000
result
in
good
corn
growing
yields as high as,
/
as well.
The question has been the subject of exhaustive
probing by the Lands Division of the Department of Justice.
The suit is expected to be filed in the Federal District Court
in the District of Columbia and eventually will be before the
U. S. Supreme Court for final decision since both the Federal
Government and the State governments involved are set for
a finish fight.
The Commercial & Financial Chronicle
1050
Daily average flow of crude oil during the initial week of
February showed a sharp gain over the previous period but
held below the level suggested for the month by the United
States Bureau of Mines.
The American Petroleum Institute
report disclosed that average daily output for the period
ended Feb. 8 was up 27,500 barrels to hit a total of 3,617,650
barrels.
This compared with a daily average production
allowable of 3,628,900 barrels set for February in the regular
monthly market demand forecast of the Federal agency.
Oklahoma showed the sharpest expansion with daily
average production climbing 23,850 barrels to total 422,450
barrels, while California's increase of 22,700 barrels lifted
the West Coast daily average to 619,700 barrels. Texas
production of 1,341,900 barrels represented a gain of 4,700
barrels in the daily average wrhile Louisiana's daily total of
294,200 barrels was 3,700 barrels higher than the final week
of January.
Kansas, with a drop of 20,500 barrels in its
daily total, dipped to 177,500 barrels while a decline of 1,750
barrels for Illinois pared the daily flow there to 324,250
tank-car
foreign petroleum held in the
sharp rise during the final week of
Inventories of domestic and
a
January. The United States Bureau of Mines report for the
period ended Feb. 1 showed stocks of 261,208,000 barrels, a
gain of 1,115,000 barrels. Holdings of domestic stocks were
up 658,000 barrels while stocks of foreign crude oil rose
457,000 barrels. Stocks of heavy crude oil in California, not
included in the "refinable" crude totals, were 12,084,000
Price* of
barrel.
to 81.75 a
major marketing areas throughout the Nation.
Rising stocks of kerosene and heating oil on the East
Coast, which have brought with them lower prices in the
bulk and retail markets, was held responsible for easing in
the tanker rate structure.
Reductions from 10 to 17 cents a
barrel in rates for moving kerosene and gasoline developed
during the week.
Representative
6—Socony-Vacuum pared New York harbor and tank car prices of
Other
Feb.
companies met the reduction.
—-
-
Western Kentucky
U. S. Gasoline (Above 65 Octane), Tank
Mld-Cont't, Okla., 40 and above—
Rodessa. Ark., 40 and above.-
1.03
Sunburst, Mont
8 mack over, Ark., 24 and over.—
BY
——
CRUDE
OPERATIONS
OIL PRICES CUT—TANKER
Warwr-Qu.
CRACKING
PROCESS
OIL,
that
economy
in
production
of
economical
method
now
available.
gasoline
It
under
was
further
disclosed that building of three large commercial plants of
the new type are under way at the Bayway plant of Standard
the Baton Rouge plant of Standard of Louisiana
and at Baytown, Texas, where Humble Oil & Refining is
building a large unit.
The new fluid catalyst process, essentially the third step
in catalytic refining, differs radically from the existing
intermittent type of catalytic cracking which has gained
wide attention in the domestic oil industry in recent years,
Mr. Howard said, adding, in explaining the new principle:
"a chamber operating on the old principle of catalytic crack¬
ing might be compared with a single-cylinder engine.
Oil
of Jersey, at
vapor
was
passed through the chamber, which contained
catalysts in the form of lumps of pellets, for perhaps 20 or
30 minutes.
During this time, carbon deposits accumulated
in the catalyst, impairing its effectiveness.
"Consequently, it was necessary to stop operations, purge
the unit to get rid of vapors and burn out the accumulated
carbon with oxygen.
All of this took more time than was
consumed in actual cracking operations.
Moreover, the
regeneration, or restoration of the catalyst in the chamber,
required higher operating temperatures and much automatic
quite expensive. ... In the fluid
maintain continuous cracking operations
in one chamber and regeneration, or cleaning of the catalyst,
in a separate zone, through which the catalyst flows like a
liquid. The only thing that moves in the~ catalyst itself
and the operation is continuous, like that of a steam turbine."
Despite curtailment of refinery operations, stocks of motor
fuel showed a spurt of 2,401,000 barrels during the initial
week of February, rising to 93,265,000 barrels, which is an
estimated surplus of approximately 8,000,000 barrels.
The
American Petroleum Institute pointed out that the rise
developed despite a drop in refinery operations of 1.1 points
to 84.3% of capacity, with daily average flow of crude to
stills dipping 40,000 barrels to 3,640,000 barrels.
Produc¬
tion of gasoline was off 431,000 barrels during the week.
New York harbor and tank wagon prices of Mobilheat oil
and kerosene ware reduced 2-10th cent a gallon bv SoconyVacuum Oil Co. on Feb. 6, effective immediately.
Under the
new schedule, barge prices dropped to 4.2 cents a gallon for
Mobilheat and 4.8 cents per gallon for kerosene.
Other
companies met this cut. Standard of New Jersey pared the
apparatus
catalyst
which
was
process we
.06H-.07
.05H
Tulsa
.04K-.05M
$.041 New Orleans_$.0534-.0534
I North Texas
0334-.05ITulsa
$.0551 Los Angeles
.04
-.0431
$1.00
New Orleans C
California 24 plus D
Phila.. Bunker C
$1.00-1.25
$1.25
1.75
-
I
..
$.041
$.0234-.03
I Tulsa
Chicago—
$.0531
28.30 D...
Gasoline, Service Station, Tax Included
zNew York
*
....
$.17
$.1661 Buffalo
$.171 Newark
.1851 Chicago.....—.17
Brooklyn
. „
.171 Boston
a Not Including 2% city sales tax.
for Week Ended
Daily Average Crude Oil Production
1941, Gains 27,500 Barrels
Feb. 8,
Petroleum
American
The
dailv average gross
Institute
that
estimates
the
crude oil production for the week ended
This was a gain of
previous week. The
current week's figures were below the 3,628,900 barrels
calculated by the United States Department of the Interior
Feb.
8, 1941, was 3,617,650 barrels.
27,500 barrels from the output of the
to
imposed by the various
be the total of the restrictions
Daily average
oil-producing States during February.
duction for the four weeks ended Feb. 8, 1941, is
at
pro¬
estimated
3,604,700 barrels. The daily average output for the week
Feb. 10, 1940, totaled 3,688,100 barrels.
Further
ended
details
new process
ment will be
more
ports—
Fuel Oil, F.O.B. Refinery or Terminal
DIESEL
is due partly to the fact that smaller invest¬
required in plant and equipment and, as present
plants become obsolete, they will be replaced by the simpler,
the
Orleans.
Gulf
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
RATES EASE UNDER PRESSURE
new
plained
.07H-.08
1.18
1.36
petroleum cracking process—known as fluid catalyst
—by which better motor fuel can be produced at lower cost
was announced during the week by Standard Oil Co. (N. J.)
in a joint statement by President W. S. Farish and F. A.
Howard, President of Standard Oil Development Co.
It
was disclosed that the company expects to be operating a
commercial plant under the improved method by the end
of this year, and a wholly-owned subsidiary is prepared to
license covering patents to the remainder of the industry.
The statement from the head of Standard of Jersey ex¬
A
Shell East'n
I.04K-.05M
New
.07 34-.08
New York—
.90
LOWER—FUEL
Chicago
08H-.08 H
RlchOIl(Cal) .08H-.08H
STANDARD OF JERSEY—MOTOR FUEL STOCKS SPURT
—REFINERY
Gulf.
Soconyr-Vac. .06
-.06 34
T.Wat. Oil. .0834-.08H
$1.03
1.10
.76-1.03
Kettleman Hills, 39 and over
PRODUCTS—NEW
REFINED
over
Huntington, Cal f., 30 and over
126
.73
Other Cities—
$.07K-.08
Texas
-.0634
St.O»N.J-$.06
barrel.
a
Gas OH. F.O.B. Refinery or Terminal
.73
Michigan crude
$1.75
Gar Lots, F.O.B. Refinery
New York—
New York—
N. Y. (Bayonne)-
Darst Creek
1.06
.90
gallon in northern New Jersey, effective Feb. 7.
Feb. 6—Diesel oil prices were cut 10 cents to
Typical Crude per Barrel at Well*
-
Illinois—
of kerosene and No.
Feb. 6—Standard of New Jersey cut tank-car prices
2 heating oil 2-10th cent a
7 plus
Corning, Pa
week
Mobilheat and kerosene 2-10th cent a gallon, effective immediately.
Diesel
$2.30 Eldorado, Ark., 40
-1.02 Rusk, Texas, 40 and
posted during the
changes
price
follow:
Bunker C
(All gravities where A. P, I. degrees are not shown)
Bradford. Pa
In the third price cut since
oil -was cut 10 cents on Feb. 6
Gasoline prices showed little change in
N. Y. (Harbor)—
barrels, up 137,000 barrels.
There were no crude oil price changes.
1941
15,
prices of kerosene 2-10 cent a gallon in northern
New Jersey, effective Feb. 7.
the first of January, Diesel fuel
barrels.
United States showed
Feb.
as
reported by the Institute follow:
Imports of petroleum for
United States ports, for the
a
domestic use and receipts in bond at principal
week ended Feb. 8, totaled 1,594,000 barrels,
with a daily average of 207,714
1, and 228,429 barrels daily for the four
daily average of 227,714 barrels, compared
barrels for the week ended Feb.
These figures include all oil imported, whether bonded
weeks ended Feb. 8.
or
for domestic use, but it is
impossible to make the separation in weekly
statistics.
Receipts of California oil at Atlantic Coast ports
Feb. 8, amounted to
during the week ended
70,000 barrels, a daily average of 10,000 barrels, all
of which was fuel oil received at
the port of Baltimore,
owning 86.2% of the 4,535,000
United States,
to stills, on a Bureau of Mines'
Reports received from refining companies
barrel
estimated
daily potential refining
indicate that the industry as a
whole ran
basis, 3,640,000 barrels of crude
capacity of the
oil daily during the week, and that all
bulk terminals, in transit and in
week, 93,265,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,993,000 barrels during the week.
companies had in storage at refineries,
pipe lines as of the end of the
CRUDE RUNS TO STILLS: PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK
ENDED
FEB. 8,
1941
(Figures in Thousands of Barrels
Dailu Refin¬ Crude Runs
to Stills
ing Capacity
Po¬
District
ten¬
tial
Rate
P.
C.
P.
port¬ Dally
Aver.
C.
Stocks
eStocks
eStocks
Fin¬
of
at Re¬
ished &
Gas
of Re¬
Oil
sidual
tion
ished
and
Fuel
Gaso¬
Gaso¬
Dis-I
Oil
line
Incl.
Oper¬ Natural
ated
Blended
Unfin¬
line
19,683
13,197
9,756 /E.C'st
643 100.0
567
88.2
Appalachian
Ind., 111., Ky.
Okla., Kans.,
156
91.0
124
87.3
475
3,278
422
454
743
90.2
582
86.9
2,182
17,633
3,478
3,020
Missouri—
420
1,253
2,008
Inland Texas.
280
59.6
133
79.6
621
2,155
388
1,499
1,071
89.2
884
92.6
2,644
14,019
6,165
3,071
1,013
Texas Gulf—
1,478
Avia¬
tillates
East Coast...
.
tStocks
Produc'n
fineries
Re¬
ing
of 42 Gallons Each)
Gasoline
745
I
)
In-
( terior
76.9
267
c951
82.7
8,148
j
758
Gulf
7,262
2,041 •{ Coast
520 1 3,070
97.6
126
78.8
333
No. La. & Ark
101
51.5
48
92.3
,155
553
Rocky Mtn._
121
56.0
57
83.8
220
1,485
161
443
California
836
87.3
510
69.9
1,494
16,570
9,697
71,213
86.2
3,298
84.3
10,553
1,440
86,595
36,084
98,216
6,180
6,670
625
1,705
235
Louisiana Gulf
164
Reported
Est. unreptd.
342
310
♦Est. tot.U.S.
Feb. 8, '41.
Feb. 1,
'41.
4,535
4,535
[
1,607
3,640
11,993 g93,265
12,424
90,864
99,921
36,709
37,634 100,428
6,415
3,680
bll,165
93,055
26,007 102,798
d3,791
♦U.S.B.of M,
Feb. 8, '40.
/ Calif.
a3,509
6,299
January, 1940, daily average. bThis
is a week's production based on the U. S. Bureau of Mines January, 1940, daily
average
c 12% reporting capacity did not report gasoline production,
d This
is based on our interpretation of latest Bureau of Mines information.
Bureau
advises its entire series of aviation stock figures back to October 1939 is currently in
course of revision.
New series will be published soon as available,
e At refineries,
bulk terminals, in transit and pipe lines,
f Included in finished and unfinished
gasoline total, g Finished 86,339,000 bbl.; unfinished 6,926,000 bbls.
♦Estimated Bureau of Mines' basis.,
a
Volume
The Commercial & Financial Chronicle
152
DAILY
AVERAGE
CRUDE OIL
PRODUCTION
ESTIMATED
(Figures in Barrels)
a
Week
Week Ended
Weeks
Changs
lated
State
Ended
from
Ended
Require¬
Allow¬
Feb. 8.
Previous
ments
ables
1941
Week
Feb. 8,
1941
Feb. 1,
1941
Week
Ended
Bituminous Coal
1940
400,000 b422,450
196,200 bl77,500
—20,500
b2,800
+ 250
+23,850
—450
74,050
-
North Texas
100,750
30.250
West Central Texas._
West Texas—:
Coastal Texas
237,700
72,750
376,100
200,150
250,150
Total Texas
1,312,900 C1318873 1,341,900
East Central Texas..
East Texas
Southwest Texas
+ 150
+150
.
+ 9,000
—9,350
+ 350
+3,700
+ 1,150
Feb. 3,
c
1941
1940
1941 d
1929
1940
a—
10,100
1,683
Total, including mine fuel
Daily
•
Panhandle Texas
Calendar Year to Dale
Jan.25,
Feb. 10,
(Feb.)
442,500
193,200
3,200
Kansas
COAL
OF SOFT
Four
Calcu¬
Nebraska
PRODUCTION
(In Thousands of Net Tons)
Actual Production
B. of M.
Oklahoma
1051
UNITED STATES
402,000
193,500
2,650
423,700
174,650
73,250
102,250
30.400
229,600
80,550
376,000
198,200
249,300
79,000
96,900
35,300
218,500
78,760
400,000
a
average
-—
.
10,208
1,701
9,900
1,650
48,530
1,673
Includes for purposes of historical comparison and statistical
57,691
1,962
49,526
1,702
convenience the
production of lignite,
c Sum of five full weeks ended Feb. 1,1941, and corresponding
periods in other years,
d Subject to current adjustment,
e Sum of four weeks.
production
f:stimated
Pennsylvania
of
anthracite
and
Lvv-BEEHIVE COKE
(In Net
Tons)
Calendar Year to Date
Week Ended
215,450
Feb.
232,650
Jan.
1,
F>eb. 3,
25,
1941
1940
1941
1941
1940
1929
c
c
+4,700 1,339,550 1,356,550
I'enn. Anthratice—
North Louisiana
69,350
224,850
Coastal Louisiana...
+ 1,350
69,050
+2,350
222,500
68,900
210,400
incl.
Total,
fuel
colliery
1,190,000 1,257,000 1,048,000 5,051,000 5,575,000 7,321,000
966,000 4,799,000 5,296,000 6,794,000
1,131,000 1,194,000
a
Com m'l production b.
Total Louisiana
288,600
294,942
66,100
16,100
69,969
294,200
+ 3,700
291,550
279,300
69,100
5,100
384,550
5,650
Beehive Coke—
United States total—.
Arkansas
....
Mississippi
Illinois
70,000
—650
70,150
bl9,950
+ 950
18,200
342,100
324,250
—1,750
325,350
Indiana
22,500
b21,500
+ 1,700
21,000
Eastern (not incl. Illi¬
nois and Indiana). .
99,300
87,650
39,500
-5,250
90,650
—450
73,100
—1,700
40,100
74,450
Michigan..
47,500
74,600
20,000
3,900
100,700
Wyoming......
Montana
Colorado
.....
New Mexico.
18,850
Total East of Calif. 3,033,200
California.
•
3,650
106,000
100,650
595,700 d571,000
operations,
619,700
—50
18,550
68,950
16,800
+ 50
3,650
100,700
5,200
113,200
(The current weekly estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
the operators.)
ments and are
and State sources or of final annual returns from
(In Thousands of Net Tons)
612,650
+22,700
Week Ended—
621,400
Jan.
State
25 Jan. 18 Jan. 27 Jan. 28 Jan. 26
Jan.
3,628.900
a
These
are
3,617,650
+ 27,500 3,604,700 3,688,100
premises outlined in its detailed forecast for the month of
1940
1941
1941
Bureau of Mines' calculations of the reauirements of domestic crude
oil based upon certain
535,800
19,136
OF COAL, BY STATES
ESTIMATED WEEKLY PRODUCTION
99,000
64.950
+ 4,800 2,992,050 3,066,700
2,997,950
244,900
8,746
dredge coal, and coal shipped by truck from authorized
b Excludes colliery fuel, c Adjusted to comparable periods in the three
Includes washery and
years.
—50
v
23,000
537,300
19,189
47,100
7,850
112,800
18,800
138,000
Daily average
a
4
4
340
332
Alaska
1939
Avge,
1929
2
2
258
289
1923
f
e
f
372
434
February.
As requirements may be supplied either from stocks, or from new pro¬
duction, contemplated withdrawals from crude oil inventories must be deducted
Alabama
Arkansas and Oklahoma
105
94
127
45
165
from the Bureau's estimated requirements to determine the amount of new crude
to be produced,
b Oklahoma, Kansas, Nebraska, Mississippi, Indiana figures are
Colorado..
175
160
238
137
275
1
1
1
1
for week ended 7
Illinois
1,215
1,186
1,440
1,254
1,596
2,111
467
437
479
411
425
659
67
63
82
76
101
Kansas and Missouri
173
160
212
145
196
190
Panhandle, all fields in the State were ordered shut down for nine days, namely,
Feb. 1, 2, 8
9, 15, 16 22, 23 and 28.
Six shutdown days were ordered for Pan¬
handle, Feb. 2, 9, 15, 16, 23 and 28.
d Recommendation of Conservation Com¬
Kentucky—Eastern
795
780
888
759
985
607
217
197
335
194
396
240
37
36
35
34
65
55
mittee
Michigan
10
8
15
13
18
32
Montana.,
69
67
67
65
76
82
a. m. Feb.
5tIf. c This is the net basic 28-day allowable as of
Feb. I according to the order of the Texas Railroad Commission covering the months
of February and March.
Past experience indicates that it will increase as newwells are completed and if any upward revisions are made.
With the exception of
,
-
Georgia and North Carolina
-
Indiana.....
.
Iowa
Western
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Maryland.
Natural
207,900,000 Gallons
Utah
production of natural gasoline decreased in December,
1940, according to
for Harold L.
a
report prepared by the Bureau of Mines
Ickes, Secretary of the Interior.
was
50
f58
f50
468
452
814
2,465
2,445
2,213
1,888
2,984
3,402
137
122
133
132
110
133
11
12
17
15
25
90
87
112
67
157
109
333
308
336
288
287
211
production for the
Stocks continued to
month
The chief declines occurred
year
(2,320,458,000 gallons)
26
42
39
39
36
58
74
1,790
1,774
1,945
1,649
2,158
1,134
644
656
644
560
791
762
117
115
165
108
173
186
1
1
f2
f7
8,717
1,329
11,988
11,850
1,606
1,968
10,046
13,594
13,818
•Northern _b
Wyoming..
*
2
Total bituminous coal
Pennsylvania anthracite-d
decrease, the total
hand at the end
on
being 239,568,000 gallons,
Total, all coal
was an
compared
with
256,284,000 gallons in storage Nov. 30,1940 and 185,682,000
gallons
-
Washington-West Virginia—Southern.a
Texas, Texas Gulf, and Oklahoma City districts.
increase of 151,158,000 gallons or 7% over the total for 1939.
the
...
6,706,000 gallons compared with
6,777,000 gallons in November.
of
Virginia
73
73
479
Other Western States.c
in December
in the East
The daily
...
.63
69
482
Tennessee
Gasoline Production Totals
30
73
Texas......
The
140
496
North and South Dakota
Pennsylvania bituminous
December
28
21
25
New Mexico-..
Ohio
average
f
,
of California Oil Producers.
The
93
226
f
a
9,900
1,257
9,655
1,184
10,363
1,385
11,157
10,839
11,748
Virginian, K. & M., B. C. & G.,
b Rest of State,
Mason,'and Clay counties,
Includes operations on the N. & W., C. & O.,
and
the
on
in Kanawha,
& O.
B.
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina, and South Dakota included
with "other Western States."
* Less than 1,000 tons.
a year ago.
PRODUCTION AND STOCKS
Petroleum Products,
Petroleum and
Crude
OF NATURAL GASOLINE
Dec., 1940
(In Thousands of Gallons)
Crude oil production remained
Production
Jan.-
Jan.-
31, 1940
Nov.,
Dec.,
Dec.,
At
1940
1940
1940
1939
Refin¬
Plants
eries
East Coast-——
Oklahoma
Kansas
Texas
LouisianaArkansas
—
4,907
31,908
6,303
86,174
10,001
2,917
7,807
Rocky Mountain
California.
&
Ter¬
minals
49,207
71~507
8+27 80"000
4,336 35,234
14,768
32,622 399,156 436,123
5,892
64,229 62,175
83,338 920,637 770,047
9,816 109,082
94,090
2,836
33,336 24,634
7,785
92,789
88,719
48,520 585,995 607,237
252
5,485
669
At
Refin¬
eries
Plants
252
621
20,579
3,024
3,906
659
126
828
6,342
86,045
2,456
6,132
95,125
256
462
304
2,198
5,040
1,983 102,522
2,133
2,063
84
99,624
210
1,71.5
207,900 203,322 2320458 2169300 119,238 120,330 126,798 129,486
6,777
Dally average...
6,706
6,340
5,943
Total (thousands
(7%)
4.841,
55,249
51,650
160
161'
151
141
2,839
2,865
3,019
total
3,083
The current
weekly coal report of the Bituminous Coal
Division, United States Bureau of Mines, declared that the
total
production of soft coal for the country showed little
change in the week ended Feb. 1.
The output is estimated
at 10,100,000 net tons in comparison with 9,900,000 tons in
the preceding week, indicating an increase of 2%.
Produc¬
tion in the corresponding week of 1940 amounted to 10,208,000 tons.
The United States Bureau of Mines
reported that produc¬
Pennsylvania anthracite for the week ended Feb. 1
is estimated at 1,190,000 tons, a decrease of 67,000 tons
from the preceding week.
Output in the corresponding
week of 1940 was 1,048,000 tons.
of
the
for 1940 was
(preliminary)
:'V.
or
a
about 87,500,000 bar¬
The Bureau
1939 total.
the
over
No material changes in daily average output were
re¬
recorded in
any
of the
as did that in
In spite of a gain
in Illinois declined slightly,
Production
California, but Oklahoma registered
in
further
v'
.
small increase.
a
the Panhandle, the average for Texas was
off about 10,000 barrels from
November.
balance of
The
trade,
of
demand in December was hinged on +greign
a decline in exports resulting in a gain
supply and
andl
crude!
increase in imports
an
about
900,000 barrels in
stocks compared with
a
decline of about
barrels in November.
of
December,
all
but
oils
were
the
for
drawn
the
to
on
there Was
year
a
extent
net
2,870,000
of
gain
about
of
barrels
in
39,000,000
barrels, which brought the total to 563,954,000 barrels on Dec. 31, 1940.
Refined
Weekly Coal Production Statistics
tion of
Department
States
United
output
1,351,847,000 barrels,
producing States.
Stocks
4,950
...
The
Mines,
ported:
700,000
of barrels)
of
record of
new
20,606
Totals
Dally average
of 3,563,500 barrels for November, states
average
Interior.
rels
6",091
126
630
an
Bureau
& Ter¬
minals
3,150
2,352
4,326
with
the
At
5,124
2,352
8", 676
Nov. 30, 1940
At
Dec.,
Appalachian—
111., Mich., Ky—
cember, the daily average being 3,565,200 barrels, compared
Stocks
Dec.
virtually stationary in De¬
The
yield
of gasoline
continued
Products
decline,
to
the
average
for
December
being 43.1% compared with 43.4% in November.
The gas oil-distillate
yield increased 0.8% (to 15.3) and the residual yield 0.7% (to 25.5),
these
expense
gains being at the
The
domestic
of "asphalt and other products.
fuel in December was 46,413,000
motor
bar¬
barrels,
gain of 6% over 1939.
Exports of motor fuel for December and
1940 were 1,983,000 and 25,107,000 barrels, respectively, these being de¬
creases of 37% and 44%, respectively, from the corresponding periods of a
rels,
also
up
6%
for
demand
over
a
year
ago;
the annual
total was
589,424,000
a
year ago.
Stocks of finished gasoline increased about 4,500,000 barrels in
77,943,000 barrels on Dec. 31.
This was
500,000 and 600,000 barrels above the amount on hand a year
December, bringing the level to
between
ago,
but in terms of days' supply was below last year's level.
The
last
were
domestic
demand
for gas
oil
and distillate fuel oil
December, that for residual fuel oil
about
9,000,000
3,000,000 barrels below.
barrels
above
a
was
up
year
8%.
ago;
was 16% above
Stocks of the former
of
the
latter,
about
The Commercial & Financial
1052
the price index for petro¬
According to the Bureau of Labor Statistics,
leum
products
vember and
December,
in
52.6 in
1940,
49.3 in No¬
49.5, compared with
was
report
was
82%
crude
oil
1941
25,
4,975,000 net tons, as against 5,622,000 tons a year ago
and 4,699,000 tons in December, 1940.
The consolidated
December, 1939.
4,294,000 barrels, hence the operating ratio was 82%, compared with
November and 81% in December, 1939.
The
Feb.
Chronicle
capacity
by
represented
data
the
this
in
for
Month
SUPPLY AND
OF ALL OILS
DEMAND
to End
Working
of
Working
Days
(Net Tons)
Col. Year
Average per
Number
Total
in
of
Day
January
tNet Tons)
(Net Tons)
(Thousand of Barrels)
(.Preliminary)—
January, 1941
Dec.,
Nov.,
1940
1940
Dec.,
1939
Jan. to
Jan. to
Dec.,
Dec.,
1940
a
1939
Bituminous coal
a
December, 1940 (Revised)—
462,900
106,904
3,565
3,563
4,9.50
4,841
4,577
55,249
51,650
298
282
281
3,161
2,498
115,768
112,027
3,734
3,734
Natural gasoline
Benzol, b
Total production
Daily average
119,978 1410,257 1319,110
3,870
3,853
3,614
60
---—--
For domestic use
-
-
-
-
229
1,213
4,648
4,673
3,932
2,099
41,525
28,447
d311
155
625
12,680
27,498
18,667
Refined products:
In bond
supply, all oils
958
2,861
118,975
4,013
3,966
3,996
4,080
3,776
2,870
6,872
50
f39,184
41,865
127,267
4,105
125,847
4,195
3,998
3,973
—
all oils
Daily average
—
•-
.
■
123,939 1453,989 1420,035
3,891
/.<■•:! ,;:v51,600
72,076
ments during
8,557
78,989
116,883
net tons, and
43,807
6,613
17,168
589,424
555,609
164,448
138,723
31,262
335,655
319,738
24,657
23,713
1,162
7,108
27,093
49,074
17,135
Residual fuel oils
33,665
6,768
29,693
2,449
1,875
-
--
68.776
1,825
Wax
113
109
157
Coke
703
498
618
7,018
1,313
1,790
1,414
169
298
71
5,587
5,761
28,180
7,847
71,720
1,273
•
Asphalt-Road oil
Still gas-M Iscellaneous
Shipments of Anthracite for the month of January, 1941,
reported to the Anthracite Institute, amounted to 4,210,156 net tons. " This is an increase, as compared with ship¬
as
4,656
7,808
19,992
5,672
-
219
188
206
2,334
2,369
1,824
120,276
3,880
115,958
Losses
2,175
22,227
60,503
7,846
68,779
2,223
18,679
Dally average
110,726 1323,400 1231,076
3,572
3,865
3,616
3,373
when compared with January, 1940, shows a
decrease of 552,267 net tons.
(in net tons), were re¬
Shipments by originating carriers
ported as follows:
January,
December,
January,
1941
1940
1940
480,112
651,776
332,853
316,878
396,443
328,342
461,201
423,655:
317,436
395,143
309,692
90,838
778,048
701,173
Central RR. of New Jersey
413,710
376,823
574,782
377,128
422,816
530,525
Erie RR
--
350,721
98,050
—
Lehigh & New England RR
1939
706,399
Delaware Lackawanna & Western RR-
Pennsylvania RR
December,
954,275
919,062
878,812
980,626
Reading Co
Lehigh Valley RR
655,464'
471,459
480,573
75,904
214,275
164,964
99,63,6
292,134
170,548
4,210,156
3,784,798
4,762,423
3,434,898
New York Ontario & Western Ry
Stocks—
425,358
the preceding month of December, of
Delaware & Hudson RR. Corp
Total domestic demand
Total
1941,
During January,
4,210,156 Net Tons
6,084
46,413
—
be adjusted to agree with the results of the
the end of the calendar year.
Shipments
Anthracite
3,805
Gas oil and distillate fuels
Kerosene..
Note—All current estimates will later
2,074
Domestic demand:
Motor fuel
and semi-anthracite outside of Pennsylvania.
and dredge coal and coal
complete canvass of production made at
£4,917
Crude petroleum
Refined products
Lubricants
of historical comparison and statistical convenience the
production, including colliery fuel, washery
shipped by truck from authorized operations.
123,889 1493,173 1378,170
Demand—
Total demand
Exports c:
Includes for purposes
a
5,622,000
238,300
7,298
e3,585
124,397
For domestic use
Dally average
Decrease in stocks,
Anthracite, b
Beehive coke
11,723,000
26.1
44,976,000
5,622,000
238,300
.a
b Total
Inbond—-----
new
January, 1940 (Revised)—
Bituminous coal
production of lignite and of anthracite
Imports c:
Crude petroleum:
Total
1,656,000
25
41,400,000
4,699,000
115,120 1351,847 1264,962
3,466
3,714
3,694
110,520
Daily average.
fc,
490,100
490,100
Supply—
Domestic production:
Crude petroleum
i
4,975", 000
4,975,000
Bituminous coal.a
New
1,689,000
26
43,905,000
.a
—
Crude petroleum:
Refinable in United States
^
"
264,079
263,163
239,978
264,079
239,978
11,906
12,257
13,330
11,906
5,704
6,102
4,421
282,265
285,302
268,109
5,704
282,265
13,330
4,421
268,109
563,954
566,824
525,838
563,954
525,838
137
135
132
142
135
Heavy in California
Natural gasoline
Refined products
Total, all oils
Days' supply
a
Final figures,
b From Coal Economics Division,
c
Imports of crude as re¬
Total
crease
ing tabulation of slab zinc statistics:
SLAB ZINC STATISTICS
g Exclusive of 12,000 exported
territories but inclusive of 457,000 barrels shipped from United
based on preliminary stocks of Dec. 31, 1939.
PRODUCTION OF CRUDE PETROLEUM BY STATES
AND PRINCIPAL FIELDS
(Thousands of Barrels)
/ .!■:
December, 1940
Dally
Total
Arkansas—Rodessa
Rest of State
—
Total Arkansas
California—Kettleman Hills.
^
--
Long Beach
Wilmington
Rest of State
Total California
Colorado
Illinois---
—
Indiana
Kansas.
-
-
Kentucky-—-—-—.-———
Louisiana—Gulf Coast
Jan. to Dec.,
Nov.,
1940
Dec.,
Daily
1939a
1940
Average Average
75,430
143,618
Year
1931
Year
1932
Year
1933
Year
1934
213,531
324,705
366,933
Year
1935
431,499
465,746
Year
1936
523,166
561,969
Year
1937
589,619
569,241
—
36,808
47,496
538,198
598,972
1,207
38.9
39.0
1,621
1,295
41.8
42.3
fcl.374
*2,635 #30,195 Jp 31,100
156,682
13,367
160,946
January
52,399
54,862
63,532
February
53,387
51,050
65,869
March
56,184
49,909
72,144
223,881
1,350
224,354
146,788
94,302
4,843
187.4 *5,447 *66,270
► 13.8 A 449 M 5,193
1,443
120
3.9
4.2
10,354
334.0
336.3
572
18.5
20.3
5,932
191.3
421
13.6
6,862
221.4
110
10,732
219.4
17.0
247
ft
6,196
8,311
Mississippi-
516
116.6
Montana
584
18.8
18.2
3,111
100.4
101.1
397
12.8
12.6
*
*
678
*
50.4
1,437
A
53
551
g
i* 5,581
79,555
68,466
6,859 * 9,055
§17,547 §16,348
103,961
93,869
22,799
*19,764
* 4,380 A
107
# 6,768 « 5,961
3,468
39,001
37,323
443
5,098
I 3,156
279
9.0
8.3
3,022
97.5
99.7
3,279
4,999
3,169
37,809
M
•
261
148
27,190
32,944
59
38,329
0
42,965
0
37,554
Of
1
Of
!
36411
April
53,055
46,803
78,386
May
51,457
57,224
72,629
2,800
June
48,213
53,935
66,907
2,342
July
52,098
57,606
61,399
1.710,
August
51,010
64,065
48,344
2,935
September
52,869
67,650
33,563
4,023
October
56,372
65,713
24,222
280
102.7
102.1
3,794
40,865
42,219
218.1
213.0
6,860
77,278
November
56,459
62,295
18,386
560
12,966
1,444
418.3
414.8
13,933
155,952
80,299
160,072
46.6
44.0
1,533
59,883
65,385
12,884
0
331.0
319.7
11,212
17,337
122,443
December
10,262
6,513
11,060
17,353
122,257
210.1
222.7
84,478
Total for yr.
643,386
696,497
Monthly avge.
53,616
58,041
59,156
63,272
356.8
368.1
7,302
13,275
141,023
79,793
145.469
Panhandle
2,371
2,452
26,700
24,165
477
76.5
115.4
k 65.8
Rodessa..
14.2
790
6,607
9,785
9,328
300.9
310.4
8,842
112,061
102,872
40,011
1,290.7
1,300.9
West Texas
East Texas
Rest of State
F
Total Texas
West
Virginia
Wyoming—Salt Creek
Rest of State
281
446
Total Wyoming
Total United States
I
43,873
493,126
484,527
9.1
8.8
311
3,444
14.4
13.7
428
60.4
65.4
1,465
3,580
5,331
16,086
21,417
73
2,320
74.8
69.1
1,893
5,201
20,482
25,683
85
2.7
3.2
6
339
1,874
Other, b
i
,
110,520 3,565.2 3,563.5 114,810 1351,847 1264,256
49,513
*44,727
49,524
*44,936
*44,665
48,989
49,197
*44,387
55,389
46,536
*41,793
47,231
59,043
46,577
47,545
*42,498
50,715
*44,427
6,761
Texas—Gulf Coast
53,751
49,805
*41,834
3,183
*
40,829
*43,663
49,744
*44,802
*44.179
Rest of State
Total Oklahoma
48,812
50
Seminole
Pennsylvania
28,887
32,341
37,915
1940
1,391
60,723
8,478
47,287
*43,732
1939
18,997
'15,978
30,783
51,186
*78,626
48,339
47,863
*43,614
Year
80.5
23.653
26,651
47,188
*21,143
607.7
i
47,287
*43,674
25,583
445.9
.18,273
18,560
45,383
34,583
39,333
395,554
2,141
80.8
23,099
38,793
456,990
67.8
604.3
f18,585
48,159
1938
68.5
442.8
Period
68,491
47,769
0
Year
2,121
2,506
41
170
Orders
End\of
Period
20
126,769
65,995
18,734
196
Unfilled
Retorts
During
239
19,795
13,726
57,999
31,240
19,875
21,023
6,352
Average
105,560
119,830
83,758
44,955
65,333
24,872
16,730 * 19,568
§16,010 #17,004
Retorts
(a)
Shipped Operat¬
ing End
for
Export of Period
129,842
124,856
2,063
i 2,051
f
602,601
436,275
314,514
218,517
344,001
352,663
66.3
286.8
^
631,601
504,463
300,738
66.7
►43.9
► 14.3
Ohio
Period
2,066
k41.9
Oklahoma—Oklahoma
Period
1,348
289.4
New York
Period
711
8,972
1,300
New Mexico
1930
End of
78
>51.8
Total Louisiana
Year
—
Stock at
During
1.5
>16.2
Michigan
a
1929
Shipped
During
1.8
503
Rest of State
1939
Year
Produced
55
1,607
Rodessa.
\
(ALL GRADES)—1929-1940
(Tons of 2,000 Pounds)
States to territories.
■■••Vv
released the follow¬
The American Zinc Institute on Feb. 7,
ported to Bureau of Mines; all other imports and exports from Bureau of Foreign
andtDomestic Commerce,
d Exclusive of 63,000 imported into non-contiguous
territories,
e Exclusive of 96,000 imported into non-contiguous territories,
f In¬
from non-contiguous
Slab Zinc
January Production and Shipments of
53,164
*47,705
53,979
*48,680
55,228
*50,008
55,288
*50,169
134,580
f
45,326
63,726
*42,216
48,991
69,508
*42,884
52,444
*47,179
53,552
95.445
116,420
*48,253
54,718
*49,438
55,229
*50,110
126,120
125,132
1
12,823
50,174
1941
January
8,768
Note—To reflect a true picture of the
°{
56,539
56,002
*51,501
*50,964
J 14,026
domestic slab zinc situation under existing
production from
foreign concentrates shipped for export, inadvertently included, and to Include
all production from foreign concentrates when shipped for domestic consumption.
*
Equivalent retorts computed on 24-hour basis,
a Export shipments Included
conditions, the 1940 figures have been adjusted to eliminate some
in total shipments.
a
Preliminary,
b Includes Missouri, Nebraska, Tennessee and Utah.
/Preliminary Estimates of Production of Soft Coal for
Month of January, 1941
Non-Ferrous
"Metal
According to preliminary estimates made by the Bureau
of Mines and the Bituminous Coal Division of the United
States
Department of the Interior, bituminous coal output
during the month of January, 1941, amounted to 43,905,000
net tons, compared with 44,976,000 net tons in the corre¬
sponding month of 1940 and 41,400,000 tons in December,
1940.
Anthracite production during January, 1941, totaled
and
.Prices Raised 15 Points
Large Sales—Tin Irregular
Metals—Lead
During Week
on
Mineral Markets"
in its issue of
Feb.
13
in lead, amounting to
points, prices for major non-ferrous metals showed little
reports that except for an advance
15
variation
on
week.
Tin
was
a
Both
shade lower
copper
and
producers were concerned about the threat to restrict
use of brass except on important defense work.
Though
zinc
the
during the last
increased offerings in the Far East.
The Commercial & Financial Chronicle
Volume 152
actual allocation of zinc has not been decided on, the situa¬
tion appears to be anything but encourgaing to those who
hope to regulate the industry "from within."
Quicksilver
advanced $1 per flask.
The publication further reported:
amounted
25,148 tons, which compares with 27,897 tons in the week previous.
Large mine operators held to the 12c. Valley basis, allocating business.
Custom smelter copper for nearby positions
On several
brought 12 He.
occasions during the last week the quantities sold at 12He. were too small
to influence our
quotation.
Export copper held at close to 10He., f.a.s. New York.
R.
R.
Eckert, secretary of the United States Copper
been made Chairman of
ommendations
the
Metals
T.
E.
for
the
Reserve
a
Co.,
of
Latin-American
Washington.
Others
the usual table of daily London
prices is not available.
Prices on standard tin. the only
prices given, however, are as follows: Feb. 6, spot, £256%,
three months, £258; Feb. 7, spot, £256%, three months,
£257%; Feb. 10, spot, £256%, three months, £258; and Feb.
11, spot, £257, three months, £258%.
Association, has
Electric Manufacturers'
copper
on
Domestic
Shipments of Non-Ferrous Metals
acquired by
committee
the
are
Research Association; W. J.
Association; John A. Church,
Office of Production Management; and Donald WaUace, of the Council of
National Defense.
The American
Bureau
during 1940, which
Net
Domestic
Primary b
a
Zinc,
Tin,
Imports d
Deliveriese
12,767
1,344
2,106
4,727
30,000
5,275
6,295
5,050
Zinc,
Lead,
Copper,
with 316,382 tons
compares
Statistics reported that
of Metal
domestic shipments of the principal metals for 1939 and 1940
have been as follows, in short tons, except for tin, which
are in long tons:
Imports of copper into the United States, largely for refining in bond,
amounted to 421,191 tons
the f.o.b. refinery quotation.
Due to the European war
committee to receive applications and make rec¬
allocation
Veltfort, manager of Copper & Brass
Donald, National
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations for the present reflect this
ohange In method of doing business.
A total of 0.05 cents Is deducted from f.aJ.
basis (lighterage, Ac.) to arrive at
Copper
Sales of copper In the domestic market during the last week
to
1053
the figures shown above are net prices at refineries on the Atlantic seaboard.
Deliv¬
ered prices In New England average 0.225c. per pound above the refinery basis.
c
in 1939.
Exports of refined
during 1940, consisting chiefly of foreign metal
copper
refined in this country in bond, amounted to 356,430 tons in 1940, against
372,777 tons in 1939.
to
Exports of refined copper in December amounted
9,551 tons, against 56,012 tons in December
a
Japan
previous.
year
took 4,440 tons of the refined copper exported during
December, 1940.
r,Lead
After several weeks of heavy purchases of lead,
points, effective Feb. 10.
York, which
ing & Refining Co., and at 5.50c., St. Louis.
Total sales of lead during
tons.
last
week
a
on
flat price basis involved
which compares with 11,988 tons in the week previous.
and
Domestic consumption of lead
work,
week
the higher
in
as
/.■'
...
tons
will
bases.
national defense
activity in
The
during
buying
still
consumers
last
the
some
a
hope that the available
not to force priorities
way as
this
metal
on
on
The Navy acquired 6.160
voluntary basis.
a
account of Belgian interests
All
defense orders.
of this
tonnage consists
Sales of zinc by the Prime Western division for the
week ended Feb. 8 totaled 3,682 tons, with shipments of 5,657 tons,
backlog of 116,200 tons.
64,365
December
71,000
44,881
759,000
555,074
598,972
January
74,000
54,862
1,236
9,780
February
65,000
51,000
March
68,000
9,244
April.....—.......
68,500
1,048
2,030
1,434
Totals
4,233
6,040
4,459
1,787
7,870
11,366
31,423
71,896
1940—
May
71,000
39,875
39,176
46,353
46,496
46,919
June
74,000
49,904
78,000
52,560
89,000
51,643
53,456
49,909
October.
62,496
November
106,000
57,510
December
109,000
56,755
1,017,500
603,143
683,674
September
5,659
16,132
115,497
1,170
54,424
101,000
114,000
July
6,600
7,855
7,905
9,225
7,325
12,470
11,410
11,820
12,505
9,368
46,439
53,834
55,896
61,130
f63,627
f65,433
f61,735
65,385
'■
-----
-----
2,800
-----
■
150
605
all kinds and ex foundries
allowing for normal return of processing scrap.
Consequently this column repre¬
sents approximately current rate of consumption.
Includes manufactures (rod,
wire, &c.) for export.
The figures are rounded off as they are estimates rather than
specific accountings.
b Shipments from primary refineries as reported monthly.
These shipments
account for about 80% of the domestic consumption, the remainder being derived
Estimated copper content of shipments ex mills of
and
from secondary
refineries.
refiners, as reported monthly,
d Imports of
Foreign tin shipped ex warehouses, Including re-exports of tin
Government,
f Revised.
Domestic shipments by primary
c
foreign spelter,
e
and deliveries to U. S.
a
of the
Industry
Steel
States
United
statistics
January
66,060
The quotation for Prime Western continued at
7Hc., St. Louis.
The
84,000
82,000
a
A plan has been submitted to Washington to handle the
of Prime Western.
in stocks to
59,889
November.
The
V--
entertain
be distributed in such
can
of zinc stored in this country for
use
73,000
October
Totals
Zinc
and
the industry.
and
military
-
distribution of the metal
short
September.
43,128
49,928
69,424
73,327
64,407
53,468
firm at the advance.
was
Producers
August
45,025
August
is estimated at above 60,000 tons a
now
reflecting increased
rate
constructing
supply of zinc
on
The active market
well distributed among the various consuming industries.
was
undertone
■,
13,217 tons,
higher price brought foreign pig lead into the picture.
month,
245.290
42,636
63,000
the price advanced 15
the last two weeks, including contract material, probably came to 45,000
Sales during the
232,218
54,000
332,000
This established the quotation at 5.65c., New
also the contract settling basis of the American Smelt¬
was
1939—
January-June
July
further shrinkage
revealed a
Corp.,
Shipments
8.9%
Above
December
8,768 tons, covering all grades.
The latest survey on consumers' stocks of zinc by the Bureau of
ing that month.
Returns from 304 companies
are
Shipments of finished steel products
Mines,
covering November, shows that reserves were reduced by 15,343 tons dur¬
summarized as follows,
in tons:
by subsidiary com¬
panies of the United States Steel Corp. for the month of
January, 1941, totaled 1,682,454 net tons.
The January
shipments compare with
1,544,623 net tons in the preceding
(December), an increase of 137,831 net tons, and
1,145,592 net tons in the corresponding month in 1940
(January) an increase of 536,862 net tons.
In the table below we list the figures by months for vari¬
month
Nov. 30
Oct. 31
Stocks
with
Galvanlzers
__
.
21,446
15,374
16,655
9,590
8,457
752
706
97,128
81,785
Zinc rolling mills and oxide plants
Others....—
Totals...
—.
—
Out of the total
on
40,593
47,301
18,039
....
Die casters..
■R TARS mil Is
tons of
Selected, and Prime Western.
Tin
Prices averaged
a
little lower for the week
on
easier quotations in the
A moderate volume of business was put through on the
Far East.
periods since January, 1929:
decline,
chiefly in forward metal.
1938
1932
870,866
570,264
747,427
522,395
464,524
449,418
March
931,905
845,108
627,047
422,117
April
907,904
550,551
429,965
509,811
369,882
607,562
524,994
484,611
294,764
615,621
635,645
316,417
340,610
730,312
749,328
336,726
299,076
1,388,407
1,605,510
1,617,302
1,701,874
1,529,241
1,480,008
1,500,281
1,262,874
1,333,385
1,110,050
765,868
250,008
931,744
January
...
1,682,454
February..
May
1,084,057
June————
1,209,684
1,296,887
1,455,604
745,364
885,636
July
August
September
October
..
December
February
March
Feb.
6
50.35
50.30
50.25
50.15
Feb.
7
50.20
50.15
50.10
50.05
Feb.
8
50.20
50.20
50.10
50.05
Feb.
10
50.20
50.20
50.10
50.05
Feb.
11
50.20
50.20
50.10
50.05
Feb.
12
Holiday
Holiday
Holiday
Holiday
May
April
Tot. by mos-
Yearly adjust.
Chinese tin, 99%, spot, was
nominally
8,
10,
Feb.
49.35c.;
Feb.
as
7,286,347
29,159
4,329,082 16,825,477
*12,827
*5,237
11,707,251
7,315,506
4,323,845 16,812,650
jVofe—The monthly shipments as currently reported during the year 1940, are
to adjustments reflecting annual tonnage reconciliations.
These will be
comprehended in the cumulative yearly shipments as stated In the annual report.
subject
follows: Feb. 6,49.50c.; Feb. 7,
49.35c.;
Feb. 11, 49.35c.; Feb.
12,
METALS ("E. A M. J." QUOTATIONS) *
Lead
Zinc
Electrolytic Copper
Straits Tin
Dom.,Refy. Exp., Refy.
New York
New York
St. Louis
St. Louis
Feb.
6
11.800
10.450
50,350
5.50
5.35
7.25
Feb.
7
11.775
10.450
50.250
5.50
5.35
7.25
Feb.
8
11.775
10.425
50.250
5.50
5.35
7.25
11.825
10.450
50.250
5.65
5.50
7.25
Feb.11
11.775
10.450
50.250
5.65
5.50
7.25
Feb. 12
Holiday
10.450
Holiday
Holiday
Holiday
Holiday
11.790
10.460
50.270
5.56
5.41
7.25
Feb. 10
_
_
Average prices for calendar week ended
refinery,
Feb. 8 are: Domestic copper
10.388c.; Straits
Louis
11.783c.; export copper, f.o.b. refinery,
tin, 50.317c.; New York lead, 5.500c.; St. Louis lead, 5.350c.; St.
zinc, 7.250c.; and silver, 34.750c.
The above
quotations are "M. A M. M.'s" appraisal of the major United States
They are reduced
cash. New York or St. Louis, as noted.
All prices are In cents per
markets, based on sales reported by producers and agencies.
to the basis of
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 copper prices are quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination.
1,406,205
1,443,969
14,976,110 11,752,116
*44,865
Steel Output
DAILY PRICES OF
f.o.b.
1,086,683
1,345,855
355,575
1,364,801
Decrease.
Holiday.
Average
.
1,392,838
1,572,408
1,425,352
1,544,623
Total.
*
49.35c.;
1940
771,752
795,689
November.—-
Straits tin for future arrival was quoted as follows:
1929
1939
1,145,592
1,009,256
1941
hand at the end of November, 21,552 tons consisted of
special High Grade, 17,353 tons regular High Grade, and 42,880
Brass Special,
ous
Sets New Peak in January
production during January established a new high
record of 6,943,084 net tons of open hearth, Bessemer and
electric steel iDgots and castings, according to a report
released on Feb. 12, 1941, by the American Iron and Steel
Steel
Institute.
The
January
well
as
report is the first monthly report
of the
produced in electric furnaces as
steel for castings produced by any process.
The
Institute
to include steel
reports issued monthlv since January,
1927, covered only
hearth and Bessemer steel ingot production, but
previouslv issued monthly data have now been expanded
to correspond with reports now being released.
Steel production in January was 7% greater than the
comparable December output of 6,493,849 tons, and was
20% above output of 5,768,729 tons in January, 1940.
In October of last year, the previous peak month, a total
of 6,643,975 tons was produced.
During January the steel industry operated at an average
of 97.1% of capacity, as against 94.1% in December, and
83.4% in January a year ago.
g|
open
The Commercial & Financial Chronicle
1054
Steel output averaged 1,567*288 tons per week in January,
compared with 1,469,197 tons per week in December and
1,302,196 tons per week in January, 1940.
STEEL
PRODUCTION OF OPEN HEARTH, BESSEMER AND ELECTRIC
INGOTS AND
Corp. and
.
$5,000,000 expansion by the Columbia
and
of U. S. Steel Corp.,
Calculated
Weekly
Number of
Production, All
Weeks in
Net
Percent of
Companies
Month
Tons
Capacity
(Net Tons)
All Companies
Period
Co.
Homestead plant of Carnegie-Illinois Steel
14-hour loss for 3,000 men at the McDonald mills of the same
a
company.
A
with 200,000 tons annual capacity will aid the
The Houston plant will utilize scrap, much of which
defense program.
recently went to Japan.
until
Finished
6,943,084
97.1
1,567,288
4,43
January..........
5,768,729
83.4
1,302,196
4.43
February..
March.
4,527.141
4,390,090
70.0
63.5
1,093,512
990,991
—
One year ago,..—
Bteel bans, beams, tank plates
on
rolled strips.
2.261c.I
2.261c.I
One month ago
4.43
v
wire, rails, black pipe, sheets, and hot
2.261c.j
One week ago
4.14
p
'
Steel
fBased
2.261c. a Lb.
Feb. 11, 1941,
1940—b
•v\
•'.
■
"IRON AGE" COMPOSITE PRICES
THE
1941-a
January
Steel Co., California subsidiary
plant to be built by American Rolling Mill
a new
Texas,
Houston,
at
1941
Outlaw strikes last week caused a 48-hour loss of
1,000 workers at the
time for
15,
97%, being still affected by
Ingot production this week is estimted at
furnaces out for repairs.
STEEL FOR CASTINGS
Estimated Production-
Feb.
These products represent
85% of the United States output.
Low
High
72.4
14,685,960
First Quarter.
13.00
1,129,689
1940.....
1939
April.........
May
;
4,100,722
4,967,033
5,659,725
......
;i._,
June.........
-
61.2
955,879
4.29
1938
71.8
1,121,226
1,319,283
4.43
1937
4.29
1936...
84.5
-
1935
14,727,480
72.5
1,132,012
13.01
29,413.440
72.4
1,130,851
26.01
83.0
1,295,811
4.42
August
5,727,485
6,187.286
89.5
1,396,679
4.43
September.
6,056,941
90.7
1,415,173
4.28
17,971,712
87.7
1,368,752
13.13
Second Quarter
1934
1933
First six months
1932
—
1931
July
Third quarter.
1930
1929
77.6
1,210,658
6,643,975
6,470,243
6,493,849
96.1
1,499,769.
4.43
96.6
1,508,215
4.29
94.1
1,469,197
4.42
October
November.
December.
2
2.211c.
Jan.
3
2.236c.
May 16
May
17
2.211c.
Oct.
19,608,067
95.6
1,492,243
13.14
82.1
1,281,431
52.28
23.441
One year ago
22.611
1940
...
1937
1935
a Based on reports by
companiesjwhich In 1939 made 98,26% of the open hearth,
100% of the Bessemer and 84,39% of the electric Ingot and steel for castings pro¬
duction.
b Based on reports by companies which in 1939 made 98.06% of the
open hearth, 100% of the Bessemer, and 78.15% of the electric ingot and steel for
castings production.
1934....
1933
1932
of Dec. 31,
1939,
Open hearth, 73,721,592 net
follows:
as
tons; Bessemer, 6,009,920 net tons; electric, 1,882,630 net tons; and In 1941
calculated on weekly capacities of 1,430,102 net tons open hearth, 134,187
tons
are
net
for castings, total,
annual capacities as of Dec. 31, 1940, as follows:
1,613,892 net tons; based on
Open hearth,»474,565,510 net tons; Bessemer, 6,996,520 net tons; electric, 2,586,320
net tons.
1930
17.00
The "Iron
13 reported
a
estimated at 3,000,000 to 4,000,000
are
Age" further reported:
flood of forward buying both for defense and non-defense
requirements has been piling up backlogs of such huge amounts and extend¬
so
some
far into the future that the situation
can
scarcely be untangled except
form of Government intervention.
The Priorities Board has refrained from issuing mandatory priorities
in
commodities
such
situation is much
work out its
own
as
aluminum,
zinc
and
nickel,
where
the
even
supply
critical than in steel, preferring to let each industry
more
delivery problems by
to non-defense consumers.
-----
——
-
some
method of self-imposed rationing
-
1935
1934
1930
1929-.-
12
68.8%
May
Feb.
19
June
Feb.
26
67.1%
65.9%
Jan.
29
other steel products, a similar plan will probably be followed
whereby those
unable to get preference ratings will have to accept partial
Feb.
shipments.
From the beginning of this surge of buying, steel companies have
insisted
that there would be enough steel to go around provided
buying was done in
8—
Jan.
Mar.
Apr.
1
Apr.
8
an
effort to obtain
a
preference classification.
are
Into this tight situation
program
comes
being speeded
are
In
now
up.
are
larger volume of defense orders, some
For example, the Government 200-ship
a
Construction of these boats is to
rently with the 60 ships ordered by the British, who took
will probably be exercised on 60 additional boats.
an
turn
out
and many other
of these
tin
cars
faster.
2
consuming lines
products
reduction tin mills are
that
have
are
has
been placed
taking steel at
an
been
running 85%,
and pipe volume has expanded
tons
a
high rate.
On top
accelerated demand for pipe
lagging behind the others.
a rate
considerably.
and
Cold
higher than in many months,
One pipe line order for 16,000
by the Southern Natural Gas Co. and
another,'
in¬
volving 100,000 tons, has been awarded by the Natural Gas Pipe Line Co. of
America.
The
9
Oct.
29
on
semi-finishing departments of steel plants is intense,
one
of the items for which demand is increasing.
Sheets'
coming more into greater demand for defense projects.
An order for
20,000 tons of hot rolled sheets for practice bombs is an example.
are
Records were broken by January production and shipments.
The output
of 6,943,084 net tons of open hearth, Bessemer and electric steel
ingots and
castings last month
was an
all-time record and U.
1,682,454 n< t tons of finished steel products
were
in the history of the corporation and within 1
May, 1929.
S. Steel's shipments of
the largest for any January
% of the previous high record
and
Low
Jan.
2
20.61
Sept. 12
19.61
July
6
20.25
Feb.
16
18.73
Aug. 11
17.83
May 14
16.90
Jan.
13.56
Jan.
13.56
Dec.
6
14.79
Dec.
16
15.90
Dec.
16
18.21
Dec.
17
27
3
1
heavy
melting
stee
Pittsburgh. Philadelphia.
Low
520.00
Feb.
11
30
16.04
Apr.
9
3
14.08
Nov. 22
11.00
May 16
June
7
Mar. 30
12.92
Nov. 10
Dec. 21
12.67
June
10
10.33
Apr. 29
Mar. 13
9.50
6.75
Sept. 25
Jan.
3
6.43
7.
Jan.
Dec.
Oct.
Dec.
9
Jan.
8
12
July
5
Jan.
6
8.50
Dec.
29
Feb.
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
3
Aug.
3—
June
10
June
17
June 24.
1
8
July
July
July
15
July
22
Institute
for
though nut
whose
A
sales
art
least
at
Aug.
1949—
Aug.
Aug.
Sept.
Sept.
Nor. 11— ...96.1%
90.5% Nov. 18......96.6%
12
89.5% Nov. 25......96.6%
2._....96.9%
19
89.7% Dec.
9......96.0%
26 —-91.3% Dec.
2
82.5% Dec. 16__ ...96.8%
9—91.9% Deci 23._ ...80.8%
16
92.9% Dec. 30..
1941—
23
92.5%
6_- ...97.2%
30—-.92.6% Jan.
5
Sept.
74.2%
86.4%
86.8%
88.2%
Oct.
14
Oct.
21
Oct.
28
Sept.
Sept.
Oct.
Nov.
90.4%
29
80.3%
84.6%
87.7%
86.5%
for
now
February
few
weH
three
rapidly as
January sales
were
94.2% Jan.
94.4% Jan.
94.9% Jan.
7
95.7% Feb.
96.0% Feb.
4
13_.
20.-
3_.
10.. —97.1%
of the iron and steel
orders
second quarter
delivery, with some
previously.
Typical is a well-rounded company
3% greater than December and whose sales so
where orders
frequently
supplied.
late
prices for second period will probably not
Sales volume continues to increase
weeks.
Other
come
period.
exception.
from consumers who had been considered
surprises are
further
plant expansions by com¬
panies whose extensions presumably had been completed.
An increasing proportion of orders are received bearing an A-l
ascendancy.
set up
priority
Washington,' though civilian needs so far are much in the
Though an administrative organization on priorities has been
from
rating
96.5%
27-. ...97.1%
running slightly ahead of the same January
have leveled off are still the
are
instances
Additional
as
as
on
1940—
60.9%
60.0%
29
61.8%
6——65.8%
13
70.0%
20
73.0%
27—76.9%
early third quarter, though
in Washington, rationing would
be undertaken only as a last resort,
ii has been said officially.
of deliveries earlier than expected are reported, par¬
fabricated structural steel, fabricators not having space for
Fabricators at Cleveland have hired
riveters from Chicago.
Construction of ordnance plants drains the supply.
However,
mill steel items which still carry prompt delivery can be
instances
Many
ticularly
in
storage.
Labor supply is a problem.
hand, among them being a few wire products,
manufacturers' wire; also merchant pipe and
tin-plate.
Wide plates are usually at the other end of the scale.
Even
narrow plates, which have been
used as a substitute, are becoming scarce.
A comparatively new outlet for plates are wind tunnels in connection with
counted
pressure
forging billets being
in
Dec.
Feb. 10 stated:
on
of steel
named
concur¬
option that
The automobile and refrigerator industries
developments, there has been
plate,
for
be
far in
run
Within the next 60 days orders for about 500,000 tons of shell
steel are
expected.
Some railroads are pressing for rail shipments that were not
scheduled until later, and car builders are
trying to speed up deliveries of
to
markets,
Bulk
before July, but 500,000 tons,
being allocated call for shipments to begin in March and
to continue for 10 months.
steel
Dec. 29
1.962c.
2.192c.
"Steel" of Cleveland, in its summary
even to the end of the year.
not expected to require steel
was
mostly plates,
Mar. 25
some
almost entirely sold out for second quarter and
booking orders for third quarter and
May
62.4%
60.7%
61.7%
61.3%
Mar. 18
been well above those of December, the
upward trend of last month has been continued into this month.
products the mills
May
4--—64.6%
64.7%
journeying to Washington in
sales In January having
May
Mar. 11
orderly manner.
Now, however, the situation has reached a point where
preference ratings probably will come into the picture to a greater extent
each'week. Some manufacturers who would be far down on the list have been
Steel
Aug.
Feb.
tight situations develop in
As
users.
1
Jan.
and
Apr.
5
15
22
orders from commercial
$22.00
21.83
22.50
15.00
21.92
17.75
13.42
13.00
12.25
8.50
1133
15.00
17.58
July
Apr.
Jan.
of which
1.883c.
7
May 28
and Chicago.
15.
Apr. 22
85.7%
86.1%
84.8%
82.2%
77.3%
71.7%
Jan.
Steel
13
Jan.
Philadelphia.
Buffalo,
Valley,
Southern Iron at Cincinnati.
1940—
1940—
unable
accept
Jan.
Feb. 10 an¬
nounced that telegraphic reports which
it had received
indicated that operating rate of steel companies having 96%
of the steel capacity of the industry will be 97.1%
of
capacity for the week beginning Feb. 10, compared with
96.9% one week ago, 95.9% one month ago, and 68.8% one
year ago.
This represents an increase of 0.2 points, or 0.2%,
from the preceding week.
Weekly indicated rates of steel
operations since Jan. 1, 1940, follow:
Iron
American
The
by the
are
^
1932--.
nickel shortage, supplies are now
Some mills
-
-
1936
Government requests to expedite shipments for
being rationed.
-
-
defense projects continue to take the form of "preference
ratings."
In one steel product, stainless steel, output of which is affected
to
2
Mar. 15
High
1941
of the lend-lease bill will be followed by the placing
Meanwhile,
I
2
May
fBased on No.
quotations at
22.66
1931
requirements
by
Jan.
1.870c.
S20.17|
-
One year ago
1933
Age" in its issue of Feb.
considerable number of British-aid contracts, for which
ing
1.945c.
1.792c.
6
8
Scrap
One month ago-----------------
that
"Iron
tons.
Apr. 24
3
Sept.
Oct.
Jan.
6
Jan.
7
May 14
Gross Ton
Feb. 11. 1941,120.00 a
One week ago..-------
1937
Steel Required for New British Contracts Under LendLease Bill Will Total 3,000,000 to 4,000,000 Tons
a
Jan.
15.90
18.21
18.71
Steel
1938
steel
2.056c.
Nov. 24
Nov. 5
May
1
Dec.
5
Jan.
5
-
1939
of
1
822.61
—
1940
passage
Oct.
and 49,603 net tons electric Ingots and steel
Bessemer,
The
Mar. 10
Dec. 23
Sept. 19
June 21
Mar. 9
of capacity operated are calculated on weekly
percentages
Jan.
2.016c.
823.44
22.61
23.25
23.25
19.73
18.84
17 90
16.90
14.81
1931
capacities of 1,410,130 net tons open hearth, 114,956 net tons Bessemer, and 36,011
net tons electric Ingots and steel for castings, total, 1,561,097 net tons; based on
annual capacities as
-
1929
1940 the
4
2.249c.
28
High
1936.
Note—In
18
9
Dec.
fBased on average for basic Iron at Valley
furnace and foundry iron at Chicago.
One month ago
1939
66,993,219
16
523.44j
1938
Fourth quarter.
Mar.
Apr.
Pig Iron
39.14
47,385,152
Jan.
2.286c.
2.512c.
2.512c.
2.249c.
2.062c.
2.118c.
1.953c.
1.915c.
1.981c.
2.192c.
2.236c.
1941,123.44 a Gross Ton
Feb. 11,
One week ago
Nine months.
2.261c.
such
on
as
aeronautical
West
Great
fingers
rope,
of
nails
one
and
laboratories,
such
as
at
Dayton
and
Cleveland.
The Middle
plates because of more extensive shipbuilding on the
ocean-going
trawlers just having been awarded a
is needing more
Lakes,
Cleveland
four
shipbuilder.
January production of coke pig iron in the United States at 4,666,233
net tons established a new all-time record.
The operating rate gained 2.3
Volume
points to 98.7% of capacity.
increase of 3,980 tons over
an
gain
a
The
the
new
280,000
iron
weeks
Average daily production was 150,524 tonB,
Active stacks Jan. 21 were 205,
December.
Co.,
Some
be
will
usual,
as
asking
season,
tons.
ore
U
Motor
for
295,000
predict
shipped
well
in
the first inquirer for iron ore for
proves
tons
1941,
as
against
Superior
record being
65,204,600 tons
by Lake
tons
snits,
of
600
up
the
for
week,
comparing
with
for
like week"
the
took place as
Increases
cinnati,
five
up
follows: New
to
England,
St.
95;
Louis,
three
points
93,
at
and
The following table gives a comparison
up four points to 96.
Declines were two points at Cleveland to
84%, and 2% points at Buffalo to 90%.
Unchanged were: Pittsburgh at
96%, Chicago at 98, eastern Pennsylvania at 96, Wheeling and Birming¬
ham at 100%, and Youngstown at 95%.
since
prices have declined close to the $20
scrap
heavy melting steel at Pittsburgh.
further lowering of two composite
dropped
steel
18c.
was
unchanged at
for No. 1
ton basis
per
■
.
'+
"
97%
1940
72
1939
54
1938
30%
1937
84%
—3
98
—4%
69%
-6%
74%
+
%
—
%
51%
28%
%
79
+
53
+1
1935
52
—2
Steelworks scrap
Finished
42
1933
20
+
1932
26%
1931
50%
1930
1929
1928
84
1927
83%
"Steel."
of
fell
2c.
to
$38.20.
$56.60.
Steel
ingot production for the week ended Feb. 10, is
placed at 97Vi% of capacity, unchanged from the prevous
week according to the "Wall Street Journal" of Feb. 12. Two
1936
Independents
96
1934
groups
preceding:
U. S. Steel
Industry
1941.
Continuing reductions in scrap caused
$19.91, and iron and steel
to
at this juncture,
wages
of production
of the percentage
previous years, together with the
'
Detroit,
Steel prices for second quarter hinge entirely on
The gain
capacity amounted to 1,925,000 net tons bringing total to 29,720,000
approximate changes, in points, from the week immediately
four points to 92; Cin¬
up
up
U. 8. Steel is due entirely to a
the larger capacity of the corporation.
on
with the nearest corresponding week of
for the country was unchanged at 97% last week.
points
Leading independents are credited with 98%, com¬
ago.
net tons.
1940.
Steel ingot production
2 weeks
readjustment based
Feb. 8 was 125,000
95,985
r
in the week before and
estimated at 36%, against 99%
Steel is
The decrease of 3 points in the figures of
in
automobile production for the week ended
The "Journal" further
97%.
at
was
pared with 97% in the preceding week and 95% 2 weeks ago.
vessels in 1929.
Scheduled
S.
100%
for
inquiry
1940
its
of Lake
75,000,000
over
output
ago
reported:
of three.
Ford
1055
The Commercial & Financial Chronicle
152
+1
—2%
56%
+2
32
—3%
—1%
+1
89
57
+ 1%
47%
56
—3
44%
—2
47
—1
+2%
38
+3
%
16
%
26%
—1
26%
+1
52
—1
44)
+2
81
+ 1%
85%
+ 2%
77
+ 1
68%
+ 1%
90
+1
86
+2
78
—2
~
—1
90
+3
91
23
+1
75%
+2%
+2%
Current Events and Discussions
The Week with the Federal Reserve Banks
During the week ended Feb.
balancesi ncreased $29,000,000.
reserves
arose
from
12 member bank
Complete
Additions to member bank
reduction of $70,000,000 in Treasury
a
deposits with Federal Reserve banks and increases of $43,000,000 in Reserve Bank credit and $8,000,000 in gold stock,
offset in part by increases of $38,000,000 in money in
tion
and
Federal Reserve accounts.
on1*Feb.
12
000,000,
an
Excess
estimated
circula¬
deposits and
$53,000,000 in non-member
reserves
other
of member banks
be
approximately $6,330,increase of $20,000,000 for the week.
were
to
The statement in full for the week ended Feb. 12 will be
found
1088 and 1089.
Changes in member bank reserve balances and related
items during the week and year ended Feb. 12,1941 follow:
on
pages
of Member Banks
Returns
and
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
As
explained above, the statements of the New York
Chicago member banks
cannot be
are
given out
(-f) or Decrease
(—j
Since
Feb.
Feb.
12, 1941
compiled.
following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
body of reporting member banks of
of the entire
returns
the Federal
Reserve
System for the week ended with the
close of business Feb. 5:
—4,000,000
—293,000,000
Other Reserve bank credit
Total Reserve bank credit
66,000,000
+43,000,000
+30,000,000
2,260,000,000
+ 43,000,000
—270,000,000
.22,130.000,000
+ 8,000,000
3,100.000,000
..13,871,000,000
8,665,000,000
+ 4,067,000,000
+ 123,000,000
+ 38,000,000
Treasury cash
2,212,000,000
Treasury deposits with F. R. banks.
622,000,000
+ 1,254,000,000
—173,000,000
—70,000,000
—20,000,000
Gold stock
Treasury currency
Member bank
reserve
balances
Money in circulation
+ 1,000,000
+29,000,000
+ 1,720,000,000
Non-member deposits and other Fedi
+ 53,000,000
2,120,000,000
eral Reserve accounts
+1,138,000.000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Reserve
System for the New York City member
member banks for the cur¬
rent week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
Monday:
banks and also for the Chicago
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
IN
BANKS
CENTRAL RESERVE CITIES
(In Millions ol Dollars)
1941
Commercial,
industrial
5. Feb. 14, Feb. 11,
1941
1940
1941
Loans to brokers and dealers..
carrying securities
$
10,690
3,046
10,664
3,042
8,785
2,918
2,583
703
2,.574
698
2,312
566
1,980
91
287
1,963
90
297
1,650
111
465
499
21
33
493
21
36
384
19
36
167 V
16 1
55
54
112
112
23
390
112
49
370
20
20
14
75
74
50
388
Other loans
63
166
22
Loans to banks
Treasury notes
147
1,492
149
1,487
177
722
437
163
443
166
352
164
United States bonds
2,972
2,964
2,450
768
765
738
1,593
1,440
Reserve with Fed. Res. banks..
6,395
1,583
1,439
6,395
1,273
Other securities
124
388
1,033
114
388
1,035
153
339
906
Treasury bills
Obligations
guaranteed
by
the
United States Government
Cash in vault
Balances with domestic banks..
Other assets—net
1,245
5,963
increased $20,000,000 in
$48,000,000 at all reporting member
and dealers in securities decreased $18,000,000.
New York City and
84
84
81
41
41
35
91
371
84
350
83
366
258
261
42
42
222
47
10,691
754
14
10,603
751
14
8,659
640
44
2,042
510
96
2,041
510
96
1,747
502
83
3,801
3,820
1,021
922
587
3,479
696
1,024
569
7
7
8
—-
——
banks.
Loans to
bills increased $47,000,000 in the
Chicago district, $29,000,000 in the Minneapolis district and $47,000,000
at all reporting member banks, and decreased $26,000,000 in New York
States Treasury
Holdings of United
City.
Holdings of Treasury notes increased in
all districts. The increase in
reporting member
bonds
all reporting
member banks.
Holdings of "Other securities" increased $48,000,000 in
New York City and $49,000,000 at all reporting member banks.
Demand deposits-adjusted decreased $35,000,000 in the Chicago district,
$31,000,000 in the Cleveland district, $29,000,000 in New York City, $22,000,000 in the Philadelphia district, $20,000,000 in the San Francisco
district, and $134,000,000 at all reporting member banks.
Time deposits
increased $27,000,000.
United States Government deposits increased
$49,000,000 in the Chicago district, $18,000,000 in the San Francisco
district, and $116,000,000 at all reporting member banks.
Deposits credited to domestic banks decreased $51,000,000 in New York
City and $36,000,000 at all reporting member banks.
New York City was
banks
was
$224,000,000 and the increase at all
Holdings of United States Government
$349,000,000.
New York City and $32,000,000 at
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Feb. 5, 1941, follows:
<+)
or
Decrease (—)
Stnce
Feb. 5,
1941
§1
At. 38 ClS
.26,184,000,000
9,337,000,000
Commercial, Industrial and agricultural loans
5,124,000,000
Loans and investments—total
Loans—total
.
Open market paper
...
Loans to brokers and dealers in
Other loans for purchasing or
Real estate loans
deposits.
Government
Increase
and
agricultural loans
Open market paper
increase of $116,000,000 in
Commercial, industrial, and agricultural loans
brokers
of
Federal Reserve banks and $134,-
000,000 in demand deposits-adjusted, and an
States
week ended Feb. 5:
industrial, and agricultural loans
of United States Treasury notes, decreases
$500,000,000 in reserve balances with
Feb. 5, Feb.U,
1941
1940
$
8
$
3
J
Assets—
Loans and Investments—total-.
Loans—total
Feb
of $48,000,000 in commercial,
Chicago
New York City
Feb. 11,
reporting member banks in 101 leading
following principal changes for the
increased $30,000,000 in
r
Federal
Increases
United
—2,000,000
8,000,000
Feb. 12)
1940
cities shows the
and $349,000,000 in holdings
U. S. Government securities, direct
and guaranteed
2,184,000,000
Industrial advances (not Including
J5.000.000 commitments,
Feb. 14,
+ 1,000,000
3,000,000
__
1941
$
$
Bills discounted
5,
on
In the
The condition statement of weekly
Increase
Federal
of the
System for the Preceding Week
Reserve
reserve
securities
Other
loans
_
.
for
purchasing
Jan. 29, 1941
Feb. 7, 1940
$
^
+508,000,000 +2,985,000,000
+ 29,000,000
+ 830,000,000
+ 48,000,000
+ 810,000,000
313,000,000
—1,000,000
—8,000,000
440,000,000
—18,000,000
—168,000,000
461,000.000
+ 2,000,000
+1,000,000
or
carrying securities
1,230,000,000
35,000,000
1,734,000,000
Real estate loans..............
Loans to banks
Other loans
Treasury bills..................
Treasury notes.................
United States bonds.............
732,000,000
2,663,000,000
7,083,000,000
Obligations guaranteed by United
States Government...........
—3,000.000
+47,000,000
+ 349,000,000
+ 32,000,000
„
-22,000,000
+ 47,000,000
—19,000,000
+190,000,000
+ 73,000,000
+ 808,000,000
+ 687,000,000
,
„„„
2,740,000,000
Other securities
3,723,000,000
Reserve with Fed. Reserve banks..11,611,000,000
Cash In vault
510,000,000
Balances with domestic banks.... 3,314,000,000
+ 2,000.000
+ 335,000,000
+49,000,000
+352,000,000
•—500,000,000 +1,430,000,000
—17,000,000
+ 44,000,000
—38,000,000
+ 239,000,000
Demand*deposits—adj us ted
—134,000,000 + 3.690,000,000
+ 27,000,000
+196,000,000
+116,000,000
—222,000,000
Liabilities—
Demand deposits—adjusted
Time deposits
U. S. Government deposits.....
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings......
Other liabilities
Capital accounts
....
295
295
269
1,507
1,507
1,491
13
265
13
265
15
245
Time deposits
U. S. Government deposits.......
22,798,000,000
5,452,000,000
353,000,000
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
a
...
Jan. 8 figures revised
9,040.000,000 *
645,000,000
1,000,000
(Chicago district).
—36,000,000
—5,000,000
—
+ 921,000,000
—96,000,000
The Commercial & Financial Chronicle
1056
Annual Report Governor Bank of Canada—Urges
servative Methods of War Finance—Net Profit
Con¬
of
use
new
r
Tenders
and unfair method of distributing the burden and
"weakens
successfully as well as
afterwards," G. F. Towers, Governor of the
Bank of Canada, declares in his annual report for 1040, to
the Canadian Minister of Finance, issued Feb. 13.
This
recover
method, "on
scale" than any seriously con¬
sidered heretofore, has been the substance of proposals for
changes in Canada's war-time monetary policy, which the
Bank has analyzed, he says.
The policy, he states, has been
used extensively by warring nations in the past "most ex¬
tensively
by the losers." He continued:
far greater
a
Metropolitan Water Board, State of New
of
6H% Gold Bonds Invited to Exhaust
South Wales,
$71,875 in Sinking Fund
the ability of a nation to wage war
to
table,
Retirements.
to finance war is an inefficient
money
25, 1941
ciently comprehensive to Justify including such classifications of bonds in this
Last
Year of $4,044,460
The
Feb.
City Bank Farmers Trust Co., New York, fiscal agent, in
anticipation of the receipt of a sinking fund payment of
$71,875 due Feb. 15, 1941, is inviting tenders for the sale
Metropolitan Water, Sewerage and Drainage Board,
State of New South Wales, Australia, 20-year 5%% sinking
to it of
fund gold
bonds due April 1, 1950, at prices not exceeding
interest.
Tenders will be received up to
100 and
accrued
noon
Feb. 15
on
at the corporate
trust department of the
Street, New York City.
bank, 22 William
...
If
is,
paying for
in
fact,
an
a
major part of the costs of
efficient
method
of
naturally expect Nazi Germany to
they
with newly-created money
war
with the
this method.
use
the most modern, efficient and practical
use
well
dealing
the
problem,
would
we
her
as
people,
or
military sphere.
more
effective.
...
Judging by the policies which they have pursued, the Nazis early recog¬
nized that total war was physically impossible without very heavy sacrifices
upon the part of the people.
They did not attempt to conceal this fact
from their
people,
suggest that the sacrifices could be avoided by mone¬
or
tary manipulation.
the
upon
Instead, in their financial measures they concentrated
problem of planning and organizing the distribution of
real
the burden.
On
,
memorandum appended to bis report on the
Germany has actually used to finance her
effort, Mr. Towers finds that the Germans have
their effort mainly by taxation of extraordinary
methods
military
financed
a
severity,
by loans from the public which are almost as
compulsory as taxes.
The Nazis have increased the volume
of money only to a moderate degree, he states—one which
is comparable with the increase that has taken place in
other countries, such as Canada, in the same period.
19438076
up
Mr. Towers summarized the changes over the year in the
a tabulation showing their
effect on
Bank's statement in
the cash
reserves
of the chartered
banks, and this
we repro¬
duce below:
a
The
York
New
that the
short interest existing as
Calendar Year 1940
Changes
Changes
Producing
Producing
a
Decrease In gold coin and bullion
Decrease
an
by
positions carried in the odd-lot accounts of all odd-lot deal¬
As of the Jan. 31 settlement date,
in all odd-lot dealers' accounts
ers.
terest
on
Of
the
there
1,228 individual stock issues listed
were
existed,
27
issues
in
which
in
which
a
change
or
a
short
the Exchange
on
interest of
The
number
of
issues
Jan.
31,
exclusive
with
421
on
In
the
Dec.
of
odd-lot
31,
a
dealers'
short
interest
short
position,
31
more
was
than
reported
2,000
was
433
as
of
compared
1940.
existing at the close of the last business day for each month
since
Sept. 30, 1938
1939—
Sept.30...
588,345
Oct.
28
669,530
July 31
Aug. 31
Nov. 29
587,314
Sept. 29
500,961
Oct.
Jan.
1940—
31
447,543
Feb. 28.
Dec.
536,677
May 31
June 28
523,226
Nov. 30.
31
481,599
435,273
570,516
479,344
381,689
29
1946—
529,559
Jan.
31
454,922
*662,313
Feb.
29
485,862
May 31
667,804
Mar. 29
June 30
651,906
Apr. 30
....
488,815
July
428,132
446,957
31
-
Aug. 30.
Sept. 30
Oct.
479,243
474,033
*517,713
31
530,442
Nov. 29
515,458
Dec. 31
459,129
1941—
Jan.
31
....
498,427
530,594
♦Revised.
7,000,000
1,300,000
New
99,400,000
Decrease In Dominion Government balances
Decrease in other deposits
33,900,000
8,300,000
Increase In all other liabilities
Jan.
on
5,000 shares
following tabulation is shown the short interest
Mar. 31
.
than
in the short position of
which
in
Apr. 28
Increase In rest fund
more
shares occurred during the month.
Banks' Cash
$344,000,000
74,102 shares,
The Exchange's
announcement further said:
in Chartered
Increase In Dominion and Provincial govt. securities
Increase In other assets
the total short in¬
was
Dec. 31.
Bank's Cash
$225,700,000
25,900,000
b Decrease In sterling and U. S. A. dollars
10
the
in Chartered
c
Feb.
on
date, as compiled from informa¬
New York Stock Exchange from its
members and member firms, was 498,427 shares, compared
with 459,129 shares on Dec. 31, both totals excluding short
obtained
1939—
Increase
announced
of the close of business
the Jan. 31 settlement
on
tion
Dec. 30
Increase In active note circulation
Exchange
Stock
compared with 68,568 shares
which
backed
New York Stock Exchange Increased
on
During January
in the economic
weapons,
They are not likely to have overlooked any
expedient which would make Germany's present effort less unpleasant to
as
Short Interest
The Nazis boast that
York
Curb
_____
Exchange
Short
Interest
Advanced
in January
_
The total short
12,400,000
position of stocks dealt in on the New
Exchange for the month of January, 1941,
reported as of Jan. 31, 1941, amounted to 13,247 shares,
compared with 10,805 shares reported on D3c. 31, 1940, the
Exchange announced on Feb. 11.
Seven issues showed a
short position of 500 shares or more. They were:
York
Deduct.
d Increase In chartered banks' cash reserves
$28,500,000
► "On May 1, 1940, gold to the value of $225,772,887 was sold to the Foreign
Exchange Control Board,
b On May 1, 1940 foreign exchange to the value of
$27,734,444 was sold to the Foreign Exchange Control Board,
c On May 1, 1940,
Curb
$260,000,000 of
one-year 1% Dominion Government notes were purchased from the
Foreign Exchange Control Board,
d Notes of and deposits with Bank of
Concerning the results of
the year's activities,
Mr. Towers
said:
The
net
profit from
gencies and
of
Jan. 31,1941
Canada.
reserves,
$225,000
Finance left
on
the
our
operations in 1940, after providing for contin¬
$4,044,460.09.
Deducting dividend requirements
$5,000,000 of capital stock held by the Minister of
was
$3,819,460.09,
compared with $1,638,725.20 in 1939.
as
Dec.
31,
Aviation & Transportation Corp
American Gas & Electric Co., common..
500
48
928
518
Brewster Aeronautical Corp
710
150
Bliss (E. W.) Co. (Del.) common
Cities Service Co. $6 preferred
,500
100
669
Molybdenum Corp. of America.
756
23
Oklahoma Natural Gas Co.
600
900
common
1940
100
The
increase
was
mainly attributable to the rise in our
security holdings.
Of
the amount available, in accordance with the terms of the Bank of Canada
Act,
third,
one
remaining
ernment.
.
of
Trading on New York Stock Exchange to
Unchanged—Governors Adopt Report of
Committee Against All Proposals to Extend Trading
Remain
.
Time
Bonds Payable in Canada Showed Net Increase in 1940
of
$469,000,000 While Those Payable Abroad Fell
$177,000,000—Dominion Issues Principally Af¬
Off
fected
In his annual report to the Canadian Minister of
Finance
for 1940, issued Feb. 13, G. F.
Towers, Governor of the Bank
of Canada, presented a tabulation of net new
bond issues or
retirements, showing separately bonds payable at home and
abroad.
^
The report itself is covered in
today's issues; the
new
a separate item
bond table is shown below:
ESTIMATED NET BOND
in
The Board of Governors of the New York Stock Exchange
on
Feb. 13 approved a recommendation of the Special
Committee on Hours for Business that there be no change
in the present trading hours of the Exchange of 10 A.M. to
3 P.M.
The special committee, which was appointed in
December to study the advisability of extending trading on
week
days to 4 P.M., consisted of Edgar Scott, Chairman;
John I. Dakin, Howard B. Beau, Ernest L. Jones, Sylvester
P. Larkin and Sydney Rheinstein.
Announcement of the
action of the Governors of the Exchange was made along
with release of the Committee's report, which disapprovea
of all of the various proposals to lengthen the hours of
ISSUES OR RETIREMENTS*
(Par Values)
trading.
aDominion
and C.N.R.
bProvinces
Corporations
Payable in Canada Only—
$
$
$
125,000,000
25,000,000
91,000,000
274,000,000
407,000,000
66,000,000
82,000,000
60,000,000
53,000,000
73,000,000
c
some
Total
183,000,000
75,000,000
31,000,000
92,000,000
rll.000,000
374,000,000
182,000,000
182,000,000
419,000,000
469,000,000
r21,000,000
r96,000,000
"
vAV"uutu
Dominion Government notes Issued
r27,000,000 rl34,000,000 r200,000,000
r24,000,000
r88,000,000 rl26,000,000
rl1,000,000
r45,000,000 r77,000,000
29,000,000 rl25,000,000 rl92,000,000
rl5,000,000
rl6,000,000 rl77,000,000
tuc
to
the
wuu.uw.uuu.uuu
ui
uue-year
Foreign Exchange Control Board
May 1, 1940.
xy0
on
a Includes all guaranteed
Issues,
b Includes guaranteed Issues other than
those
of the C. N. R., which are covered In the
previous heading,
c Available information
concerning retirements by
municipalities and religious Institutions
was
not suffi¬
Committee's
deductions
from
the
evidence
.
In its report
the Committee said that it "has not over¬
deplorably low levels of Exchange trading." But
it added:
Not less than other Exchange members, the members of the Committee
conscious of the need of assisting the Exchange in its present fight for
existence.
rl47,000,000
the
looked the
are
Optionally—
7
of
presented.
%
Payable Abroad, Only or
r39,000,000
rl4,000,000
A minority report, signed by Mr. Dakin, con¬
the Committee's decision, but disagreed with
curred with
Private
Calendar Years
,
Hours
$1,273,153.36, was added to our Rest Fund, and the
or
$2,546,306.73, was paid to the Dominion Gov¬
or
two-thirds,
In
our
judgment, adoption of proposals to lengthen the estab¬
lished trading session would not solve the fundamental and vital problem
of volume.
are to
"We believe that
means
of re-creating reasonable volume levels
be found elsewhere.
The Committee said that the response to
its questionnaire
gratifying, and explained that 89% of the member firms
and 71% of the individual members who were not partners
in member firms submitted opinions.
"The answers to the
Committee's questionnaire reveal no overwhelming sentiment
was
Volume
The Commercial & Financial Chronicle
152
with respect to
any proposal," the Committee said in its
As to the basis of the Committee's conclusion, the
report stated:
report.
There are many reasons which led
us
technical,
some are
stocks, i.e.:
report
said that the Committee's conclusions
we
were
give in part from the
follows:
as
Exchange
conveniently available to customers of member firms
more
Pacific Coast region.
business
The volume of business originating in that
done
the
on
Exchange.
Conceivably,
of the total of all
section.
wider
on
The Press
the country.
Vf'-'O'
,
it
would
be
newspapers
About three-fourths of all daily
newspapers are published in the afternoon.
that
This opposition is based upon
physically impossible to
publish the
Exchange's stock and bond tables with the completeness to which the
newspapers and the
We
public have been accumstomed.
.
...
convinced that the interests of the public would seriously suffer
are
as a
result of later closing, newspapers curtailed the publication of
tial information
as to
essen¬
prices and volume of trading in listed securities which
held by millions of persons.
filing
an
Exchange Reports Net Operating Loss
$126,310, Compared with 1939 Deficit of
$102,714
In
consolidated report for the year ended Dec. 31,
a
$827,288
opinion, almost one-half of the member firms and
as
on
hand amounted to $788,912, as compared with
of Dec. 31, 1939.
Total assets and deferred
more
?■
v
charges aggregated $7,599,644, compared with
than one-half of the individual members who were not partners in member
total liabilities of $2,808,812, which leaves an excess of assets over
firms
of
opposed to making any change in our hours for business.
were
.
Pacific Coast
This net equity totaled $4,917,142 on Dec. 31, 1939.
During the year, the sum of $30,000 was paid off on the principal amount
The section most strongly in favor of extension of the trading session to
4:00 P.M. is the Pacific Coast.
From that
area we
have
one
mous
even
As an additional indication
there.
Exchange
as
no newspaper
of the mortgage,
memberfirm's
letter strongly opposing extension, indicating that sentiment is not unani-
Pacific Coast states,
pf public sentiment in the
in that region has expressed itself to the
favoring extension of the trading session.
leaving
a
balance due of $820,000.
Income received from members
or
included annual dues of regular and
of
booth
telephone
$79,518;
rentls
amounting
adequately served
The preference of
mid-western
our
by heavy considerations
on
the other
Listing fees
42,676
Curb Ticker Service Royalties.
27,260
6,127
Sundries
depreciation and amortization, the principal items
In addition to taxes,
side.
of expense
Chicago Stock Exchange Volume
interest on
Volume statistics of the Chicago Exchange, which extended its trading
one
hour, reveal
no
increase iu trading
demonstrably due to that action.
expense,
Salaries, $569,813; legal fees, $49,531;
for the period were:
mortgage,
supplies
repairs,
and
$43,126; light, heat and power, $38,045; building
other
operating
expenses,
$26,189; miscellaneous
$25,639; stationery, printing and office supplies, $23,592; tele¬
phone and telegraph, $19,185; insurance, $14,326; tickers and wire rental,
$12,495; general expense, $11,454, and pensions, $9,825.
Assumption of Benefit to All Classes of the Membership
:
•*>
V;:
Unless extension of the trading session to 4:00 P.M. would generate sub¬
stantial increases
in
the
volume
of trading
throughout the country, it hardly
based
on
orders originating
SEC
appears possible that all classes of the
Stock
£v
?v
Clearing
Inaugurates
Corporation
New
Pro¬
The first of contemplated new methods to simplify the
procedure followed by clearing members of the
Exchange was announced on Feb. 11 by
John Dassan, First Vice-President of the Stock Clearing
Corporation.
His announcement follows:
;
,
New York Stock
Commencing with cleared stock transactions of Feb.
Feb. 11, 1941, and settled on Feb. 13,
1941,
10,
1941, to be
a new
method of
advising clearing members of the clearing member number of contra-parties
receive and deliver balances and a new procedure in connection with
contingent lists and "failed to receive" items will be inaugurated.
Clearing member will obtain
after 9:00
way)
new
on
the morning of Feb.
13,
in their boxes in the distributing department
a.m.
forms
1941, at
The Commission also amended its General
Regulations under the Act, adding certain rules
supplementary to the new form.
Section 304 (c) of the Act
authorizes the Commission to exempt from one or more
provisions of the Act securities to be issued under an in¬
denture under which other securities are already outstanding
at the time of filing the application, if the consent of the
existing security holders to compliance with such provision
or provisions of the Act would be required or if compliance
therewith would impose an undue burden on the issuer.
The new form and rules are designed to expedite the dis¬
position of applications under this section.
Act
or
In order to comply with present
Rule 7 of Stock Clearing Corporation,
present contingent debit list (Form 09) with the pledge form on the back
properly signed and with "as per list provided by Stock Clearing Corpo¬
the face thereof for each
are
changed.
day until procedure is fully
(This single contingent list is not to
be filled in with the details of balances to receive).
While further changes in procedure are
contemplated for the future, the
only changes to be achieved at this time are the replacement by the lists
of the
advice to
tickets
for
clearing members of contra-parties numbers on balance
cleared
stocks
and
of the present
"contingent debit list" for
cleared stocks with the elimination of the advice of "failed to receive."
submission
The
"failures
of
to receive"
copies
indicated
on
the stubs attached to the lists is not
believed to be essential in the computation of the final balance involved in
settlement
in
the
day branch and therefore is to be discontinued as of
Feb. 13, 1941 settlement.
All
other procedures
remain
the
same
at
time.
Contract sheets
Association
not
.
.
Exchange Firms.
contended that the original effective date of Feb.
sufficient
allow
time for its
provisions for the operation of
members "adequately
The
17 would
to make proper
accounts" under the rules.
acceding to the request for delay in the effectiveness
Commission pointed out to the
of the rules, the
Association that as early as Nov. 15, 1940
explained in detail, in Securities Exchange Act Release
No. 2690,
changes which should be made in the operation of brokerage
firms in order to assure compliance with the new rules.
Consequently, the
the character of
Association
Balance sheets
Receive exchange tickets
i.e.
of the effective date of the rules was
given at the request of the Association of Stock
it had
Continue to send to the night branch everything sent at present,
.
12 that it has
In
and forms in connection with cleared stocks will
this
Exchange Commission announced Feb.
postponed to Feb. 24,1941 the effectiveness of
Rules X-8C-1 and X-15C2-1, under the Securities Exchange
Act of 1934, regulating the hypothecation by members,
brokers and dealers of securities carried for the account of
their customers.
These rules were adopted and published on
Nov. 15, 1940 and were to have become effective on Feb. 17,
1941.
The SEC explained its action as follows:
The Securities and
The Commission's postponement
lists for cleared stocks with
of contingent
Feb. 24 Effectiveness of Rules Regu¬
Change
clearing members will send to their cage at the day branch one copy of the
written on
1939.
lating Hypothecation by Brokers of Customer's
Securities—Federal Reserve Board Makes Similar
of the balance tickets in use at present.
established and rules
of
SEC Postpones to
debit list" and "deliver balance order and contingent credit list," in place
ration"
an¬
(52 Broad¬
lists with captions, "receive balance order and contingent
or
Exchange Commission
nounced the adoption of a form for applications for exemp¬
tion filed pursuant to Section 304 (c) of the Trust Indenture
Rules and
clearing
on
Indenture
Trust
On Feb. 13 the Securities and
Tickets Used
on
Rules Under Exemption
Act—Designed J to
New Form and
of
Expedite Disposition of Applications
♦
cedure for Advising Clearing Members of New York
Stock Exchange—Forms Issued to Replace Balance
cleared
Adopts
Section
membership could benefit from the proposed change.
v
Securities
$65,854
Rents
September, 1940, by
service charges
$49,363;,
Other revenue in the amount of $141,917 was derived from:
it is felt, as stated above, that the public in that section is
session late in
to
Clearing Corporation charges of $210,712, and sundries, $1,622.
Mid-West
firms for longer hours is outweighed
$865,583
their firms amounting to
associate members of $427,012; regular
and associate members' fees of $97,356; telephone quotation
While the Chicago and contiguous districts voted strongly for extension,
under the established trading session.
liabilities
$4,790,832, representing the net equity of 550 regular members of the
Exchange.
1
1940,
affiliates, New York
Curb Exchange Securities Clearing Corp. and New York
Curb Exchange Realty Associates, Inc., reports a net operat¬
ing loss of $126,310 after deducting all charges including
$127,453 for depreciation and amortization.
For the year
ended Dec. 31, 1939, net operating deficit amounted to
$102,714.
Real estate and miscellaneous Federal, State
and city taxes amounted to $141,709, as against $146,319 in
the previous year.
The Exchange's announcement bearing
on the report, issued Feb. 11, further said:
Oash in banks and
Member and Member Firm Sentiment
Of those
■.
the New York Curb Exchange and its
.
contention
•
New York Curb
the basis
requested change.
Opposition to longer hours has been expressed by afternoon
are
central receiving department.
in 1940 of
published in all sections of
holders of cards of admission to the
day branch will he admitted to either the distributing department or the
by the public of the Exchange's facilities is too remote to
use
will remain
change except that on and after Feb. 24, only members
of the New York Stock Exchange and
careful examination of all aspects of the question, that the possibility
warrant the
if,
in force without any
....
Looking at the over-all picture, the Committee is convinced,
their
Feb. 24,
on
extension of trading
an
hours would add to the convenience of some customers in the mid-western
a
Feb. 11 that
The present rules and procedure covering these departments
extension of the period of trading would make the facilities
an
region has been variously estimated at from 6 to 10%
a
on
distributing department and the central receiving de¬
partment of Stock Clearing Corporation, at present located
at 52 Broadway, will have been moved to the day branch
of Stock Clearing Corporation at 8 Broad Street.
He added:
The Public
Admittedly,
of
(Form 071)
(Form 072)
the
The report
of
Credit list (actual)
Charge ticket
Mr. Dassau also made known
have to do with working con¬
some
based upon several factors, which
in the
"contingent debit list" and "failure" stubs thereon for cleared
Some of the considerations involved
financial and
ditions.
of the
forms,
Continue to present day branch and central delivery department
other than
to the conclusion that the established
trading session should not be altered.
are
1057
steps to
has had over two months
during which to take appropriate
facilitate compliance by its members with these rules to safeguard
have other representatives of the securities
Deliver exchange tickets
their customers' securities, as
Since this period for study of the rules has apparently not been
Receive balance tickets
industry.
Deliver balance tickets
adequate for the Association of
Debit memorandum for cash balance
postponed the effectiveness of Rule X-8C-1 and Rule X-15G2-1 for one
Credit memorandum for cash balance
week from Feb. 17 to Feb. 24, 1941.
Stock Exchange Firms, the Commission has
The Commercial &
1058
has
effective
to become
was
sell securities rather than
Net proceeds
adopted the following resolution postponing the effective
Only $259,936,000, or
earmarked for new money purposes. Included
$134,518,000, or 8.3%, for working capital
and $112,465,000, or 6.9%, for plant and equipment.
All remaining new
money purposes accounted for the balance of 0.8%.
Refunding operations were expected to absorb the greater part of net
proceeds, with $1,281,503,000, or 78.7% of the total, being so designated.
Repayment of bonds and notes alone represented $1,175,614,000 of net
proceeds, or 72.2% of the total.
Retirement of preferred stock constituted
4.6% of the total and repayment of other debt 1.9%.
An aggregate sum of
$82,712,000, or 5.1%, was to be utilized for the purchase of securities, with
all but $1,337,000 of this amount to be expended for the purchase of securi¬
ties for investment.
All other intended uses combined amounted to only
the
in this major
1941 Is hereby postponed until Feb. 24,
17,
conduct its operations in accordance
1941, but any bank may, at its option,
with such amendment at any time
prior to that date as permitted under
original amendment.
adoption of these rules was referred to in our issue of
3021.
The
Nov. 23, page
under Securities Act
1940 Compared with
$1,815,046,000 in 1939—Number of Issues Declined
SEC Reports Total Registrations
Increased to $2,124,429,000 in
to
470 in 1940 from 482 in Previous
Year—December
This
Exchange Commission announced yes¬
the first time since 1936 that registra¬
was
the preceding year.
After the ex¬
clusion of issues not intended for sale, the amount of securities
gained
over
proposed for sale by issuers likewise increased to $1,686,985,000 in 1940 from $1,499,951,000 in 1939.
The number of
utilized.
issues, however, declined to 470 in 1940 from 482 in 1939,
while the number of registration statements rose slightly to
of the main results of statistics of registration
for 1940, together with
comparative figures for the preceding
given by the SEC as follows:
year was
1.
Although net proceeds to be applied to new money uses Increased
somewhat to $259,936,000 in 1940
from $200,129,000 in 1939, the
comparatively low in both
tion to total net proceeds was
years,
propor¬
namely,
As in previous years, registrations
only 16.0% in 1940 and 13.8% in 1939.
during 1940 consisted chiefly of refunding rather than new money issues.
contributed the largest
manufacturing companies and by
financial and investment companies.
For common stock, manufacturing
companies constituted by far the most important group, followed by
extra active companies and by transportation and communication com¬
panies.
For bond issues, net proceeds marked for new money uses were
preferred stock, utility companies
In the case of
of new money
total
329 from 323.
A summary
breakdown of proposed uses
by major industrial group
The analysis
046,000 in 1939, according to an analysis prepared by the
Research and Statistics Section of the Trading and Exchange
tions have
of net proceeds by type of security
is presented for the first time in this release.
shows quite clearly that, despite the comparatively restricted
volume of preferred and common stock registrations, a large share of new
money funds accrued from these equity issues.
For example, of total
expected new money proceeds of $259,936,000, * common stock (including
certificates of participation) was to contribute $93,985,000, or 36.1%, and
preferred" stock $66,968,000, or 25.8%.
Bond issues, despite their over¬
whelmingly large aggregate total, were to contribute only $98,984,000 of
new money proceeds, or 38.1% of the total.
This same general tendency
may be further emphasized by noting that, whereas 48.2% of total net
proceeds from the sale of preferred stock and 46.7% of total net proceeds
from the sale of common stock were to be used for new money purposes,
only 7.7% of total net proceeds from the sale of bonds was to be similarly
A detailed
and
terday (Feb. 14) that total registrations under the Securities
Act of 1933 increased to S2,124,429,000 in 1940 from $1,815,-
Division.
proposed use was
0.2% of the total.
1
Registrations Largest Since October, 1938
The Securities and
*
funds, followed by
the utility and manufacturing groups,
companies occupying third place.
Bond issues accounted for all but a very small part of the total net pro¬
ceeds to be used for repayment of debt and retirement of stock.
In this
distributed
almost equally among
and investment
with financial
respect utilities
issues of
$664,211,000, as compared with $497,486,000
led with
aggregated $1,281,503,000, which was equal to
78.7% of the total,
for
manufacturing companies.
debt and retirement of stock
Net proceeds to be used for repayment of
realize from the sale of registered
amounted to $1,628,628,000.
16.0% of this amount, was
Amendment No. 4 of Regulation U which was to
have become effective Feb.
which issuers expected to
securities during 1940
date of that amendment until Feb. 24, 1941:
The effective date of
statistics of actual sales of securities.
Proposed Uses of Net Proceeds
Feb. 17, 1941, the Board
on
1941
they appear in the registration statement
accordingly represent statistics of intentions to
the effective data and
on
announced on Feb. 13 that due to the relation between these
rules and Amendment No. 4 of the Board's Regulation U
which
15,
trant's intentions and estimates as
Federal Reserve System
The Board of Governors of the
Feb.
Financial Chronicle
Types of Securities
as com¬
Moreover, this represented 47.3% of total net proceeds for equity issues.
$1,319,767,000 represented more
for sale by issuers. A ratio
of about two-to-one prevailed as between secured and unsecured bonds, the
former group accounting for 53.0%
of the total and the latter group
25.2%.
Common stock and preferred stock were of almost equal im¬
portance, with common stock aggregating $154,798,000 and preferred stock
$147,306,000.
The proportions to the total were 9.2% and 8.7%, re¬
spectively
Certificates of participation with $65,110.000 accounted for the
In contrast, bonds contributed
remaining 3.9% of the
pared with 74.2%
Net proceeds designated for the purchase of
in 1939.
securities totaled $82,712,000 in 1940,
being equivalent to 5.1%,
against
as
All other purposes combined accounted for
9.1% in the preceding year.
0.2% of the total in 1940, as compared with 2.9% a year earlier.
2.
A breakdown of proposed uses of net proceeds by type of security and
by industry for
$160,953,000 of
equity issues together contributed
that
1940 indicates
funds, or 61.9%
new money
only 38.1% of total new money funds, and
only 7.7% of the net proceeds for bonds
purposes.
to
new
of the total of such funds.
to be used for new money
was
Utility companies showed the largest amount of funds allocated
in the
money purposes
case
of both
bonds and preferred stock,
whereas manufacturing companies intended to raise the largest amount of
new
money
funds in the
than three-fourths
of the total amount proposed
.
almost the entire total
reveals that, although
of secured bonds, a majority
The bond total was concentrated
of utility bonds consisted
bonds were unsecured.
of manufacturing
very
total.
breakdown by main industry groups
further
A
The amount of preferred stock
relatively less concentration in the
largely in these two industry groups.
proposed for sale
of common stock.
case
—Total fixed interest-bearing securities of
by issuers showed
Posed for sale by issuers for all equity issues combined, as against 21.1%
with mrechandising also ranking as one
of the major industry classes.
The largest amount of common stock was
shown in the manufacturing group, followed by the financial and invest¬
ment group.
Certificates of participation were concentrated in the financial
and investment group, reflecting mainly the registration of issues of invest¬
in the previous year.
ment
3.
The usual predominance of fixed interest-bearing securities prevailed
during 1940 with such issues aggregating $1,319,767,000, or 78.2% of the
total amount proposed for sale by issuers, as compared with 78.9% of the
total in the preceding year.
This left only 21.8% of the total amount
In both years common stock represented about
pro-
one-
half of the total for all equities.
4.
type of security accounting for 74.4%
issues of under $5,000,000 in size.
of the total amount effective for
Fixed interest-bearing securities,
on the
only 19.5% of the aggregate amount of issues of
under $5,000,000.
of
Similarly, the issues of small companies consisted largely
equity securities, which represented 85.2% of the aggregate amount of
issues of companies with
assets of less than $5,000,000.
This contrasted
with fixed interest-bearing securities, which accounted for only 4.1% of the
aggregate amount of issues of companies with assets of less than $5,000,000.
5.
plans and open-end
Small
Relatively small issues consisted principally of equity securities, this
other hand, accounted for
utility and manufacturing groups,
While security registrations of utility companies at $776,290,000
were
issues
companies.
registered under the
Securities Act during 1940 consisted
For the very small issues of less than $1,000,size, common stock and certificates of participation combined repre¬
61.8% of the total amount effective, as compared with 21.4% for
principally of equity issues.
000 in
sented
For all issues of under $5,000,000,
stock and certificates of participa¬
and 19 5% for bonds.
The
extremely large issues of $20,000,000 or over consisted exclusively of .bond
and preferred stock issues, which represented 90.8% and 9-2%, respectively,
preferred stock and
the
11.0% for bonds.
proportions were 52.8% for common
tion
combined,
for preferred stock
21.6%
of the total for that size group.
A similar type
of analysis based on the size
of the issuing company, as
7. A distribution of registrations by quarterlyperiods reveals that
during
1940 the total amount effective remained fairly steady at a level of around
emphasized the
financing. For
example, common stock and certificates of participation combined accounted
for 76.0% of the total amount effective for companies with assets of less
than $1,000,000.
This compared with ratios of 9.3% for preferred stock
and 2.8% for bonds.
If the size class is extended to Include all issues of
companies with assets of less than $5,000,000, the proportions become 74.5%
for common stock and certificates of participation combined, 10.7% for
preferred stock and 4.1% for bonds. For the issues of the very large com¬
panies with assets of $50,000,000 or more, bond issues accounted for 81.6%
of the total, preferred stock for 13.4% and common stock for 4.7%.
These data stress the fact that small scale financing, as exemplified by
registration statistics, consists principally of equity issues whereas large
scale financing is comprised mainly of bond issues, together with a smaller
amount of preferred stock.
In the intermediate size group both bond and
$450,000,000 in the first three quarters of the
stock financing occurs
the largest shown by any main industry group, the proportion to the total
amount proposed
in 1939.
for sale by issuers dropped to 46.0% in 1940 from 52.3%
Manufacturing issues amounted to $638,504,000 in 1940,
or
37.8%
of the total, as compared with
only 28.7% of the total in the previous year.
The third largest total was shown for financial and investment
companies
with $131,055,000, or 7.8% of the total, as against 10.4% in 1939.
Securi¬
ties of established companies represented
only 3.2% for the issues of
6.
96.8% of the total amount, leaving
ventures,
new
compared with
2.1% in 1939.
Underwritten securities aggregated $1,489,279,000 in 1940,
of the total, which compares with
81.9% in
through agents equaled $121,764,000,
previous
or
4.5%,
as
in the final quarter to
in that
period,
7.2%,
or
as
or
88.3%
Issues to be offered
against
15.5% in the
Securities to be offered directly by issuers amounted to
year.
$75,942,000,
1939.
compared with 2.6% for the preceding year.
$772,000,000, and it
as compared
Volume
year.
rose
sharply
size of the issue itself, further
of equity issues in the field of small scale
distinguished from the
importance
quite generally.
the improvement shown
was
Main
Industry Groups
with the final quarter of 1939, that accounted
Utility companies ranked first
for all of the gain shown for the full year 1940.
in the amount of registered
securities in
of securities proposed for sale by issuers, equivalent
to 46.0% of the total.
The bulk of these issues represented operating com¬
panies with 44.0% of the total, as compared with only 2.0% of the total
1940 with $776,290,000
Total
Amount Pro¬
Number of
Amount
Issues
Effective
by Issuers
Million Dollars
Million Dollars
posed for
Sale
Period
for
holding companies.
The
1939
1940
1939
1940
1939
1940
First quarter...
120
116
254
467
215
381
Second quarter.
137
102
673
431
520
Third quarter..
121
112
576
454
490
364
Fourth quarter.
104
140
312
772
275
655
482
470
1,815
2,124
1,500
1.687
Total
287
second main
industry group consisted
of the manufacturing com¬
the total. Among
alone contributed
16.9% of the total, followed by food and related products with 5.7% and
petroleum refining with 4.3%. The third largest main industry group was
the financial and investment group with $131,055,000, or 7.8% of the
total.
All other industry groups combined accounted for the remaining
registrations of $638,504,000, or 37.8% of
manufacturing groups, iron and steel issues
panies having
the various
8.4%.
The Commission's announcement goes on to state:
In any
interpretation of the data presented in this release, consideration
should be given to the fact that these statistics
tration statements filed
with
the
SEC.
All
are
data
based solely on regis¬
are
based
on
the regis¬
Securities of aircraft
amounted to
*
A slight
companies (.included in the manufacturing
$20,667,000, or 1.2%
discrepancy between thie total and
figures to the nearest
arises from the rounding of
group)
of the total, while issues of aviation
the sum of the three components
thousand dollars.
Volume
companies
1059
The Commercial & Financial Chronicle
152
(included
in
transportation
the
group)
communication
and
and
$48,065,000,
aggregated
agents
or
Thus, the combined total of air manu¬
$10,292,000,
facturing and air transport issues
(all preferred or common stock)
proceeds expected to accrue to issuers amounted to
was
$39,875,000, equal to 2.3% of all issues, but equivalent to 13.2% of total
preferred and
The industrial machinery and tool group,
stock.
common
which includes manufacturers of machine tools as well as of other types
industrial
equipment, showed
\vv;:v.
Securities effectively registered
in December, 1940 totaled $322,618,000,
1939.
compared with $166,571,000 in December,
as
The amount of securi¬
proposed for sale by issuers equaled $292,166,000 in December, 1940,
compared with $149,542,000 in December, 1939.
Not only was the totaj
for December, 1940 much larger than in the same month a year earlier,
but also It was the largest amount shown for any month during 1940 and
in fact the largest since October. 1938.
Following the familiar pattern generally obtaining throughout 1940, net
proceeds to be applied to new money purposes constituted a minor portion
of the total.
In December, 1940, new money funds amounted to $33,863,ties
Proposed Methods of Selling
,
or
The following- regarding effective registrations
during
December, 1940 is also from the Commission's announcement:
0.5% of the
aggregate of $8,404,000. or
an
"v.vy-'
total.
of
expenses equaled
of 3.5%. Net
$1,628,628,000.
while
2.9%,
0.6%, indicating a total cost of flotation
amounted to $19,208,000, or 1.1%.
as
Underwritten
of all issues.
while
$75,942,000,
issues
the
securities
in
1940
Only $121,764,000,
4.5%,
or
$1,489,279,000, or 88.3%
aggregated
7.2%,
or
was to
was to
be offered through agents,
be offered directly by issuers.
were
to
be offered to
$1,583,571,000,
or
93.9% of the total.
be offered to security
Issues to
holders amounted to $79,450,000, or 4.7%
Most of
public, this group including
the general
.and issues to be offered to all
others equaled $23,964,000, or 1.4%.
A further breakdown
written issues
were
000,
by principal industry groups indicates that tinderlargely in the utility and manufacturing
concentrated
Securities to be offered through agents were found mostly in the
groups.
financial and investment group, reflecting the prevalence
for
ments
investment
method of direct sale by issuer was
and extractive groups.
The
employed chiefly in the manufacturing
Indicated Purposes of
during 1940 discloses that
of
Registration
considerable part of the total amount* effective
a
$2,124,429,000 represented issues
with, substitute securities such
as
Issues registered
$51,401,000.
of their holdings, totaled $91,631,000, including
sale.
This
left
To begin
voting trust certificates and certificates
of deposit were registered in the amount of
for the account of others, chiefly large scockholders desiring to
for
of securities,
$1,981,397,000
dispose of
this
than
substitute
amounting
issues
$294,412,000
to
were
By far the largest item con¬
registered for purposes other than cash sale.
sisted of exchange
$19,353,000,
$218,577,000.
The next
most
or
6.6%.
$285,540,000, or 97.8%
equaled $5,951,000, or
issues to be offered directly by issuers $675,000, or 0.2%.
be offered to the general public accounted for 99.2% of the total.
through underwriters, the total of this group being
of the total.
2.0%,
and
Securities to
Issues to
be offered through agents
During December, 35 statements covering 50 issues were
the total amount
effective
registered
The balance
of securities
$14,305,000
other
for options.
reserved
these
proposed for sale by issuers, of which
sented the issues of
new
$1,686,985,000 of securities
deductions
$53,454,000, or only 3.2% repre¬
Compensation to be paid underwriters
ventures
Compensation
underwriters
to
and
tation of $8,508,000, or 2.9%, there
ACT OF 1933, BY TYPES OF SECURITIES
CALENDAR
DECEMBER, 1940
Total Securities
Total, Less Securities
Securities
Effectively
Reserved for Conversion
or Substitution
Proposed for Sale
by Issuers
Effectively
Reserved for Conversion
or Substitution
Proposed for Sale
by Issuers
Registered
No.
81.9 147,045,000
50.3
84.0
61
7.1 107,222,500
36.7
7.3
38
14
15.3
5.7
21
19,314,468
15,552,447
4.9
5.3
34J83
34J83
*o"o
participa¬
tion, beneficial int., &c_
or rights
Substitute securities (v.t.c.
28,739,170
9,158.879
9.9
5.6
90
3.1
3.1
182
1
29
32
0
deposit)..
of Feb. 17, page
45.3
41.9
895,170,604
53.0
46.0
22.0
29.4
424,596,421
25.2
32.9
309,616,086
305,602,783
15.2
10.9
8.7
6.0
262,452,726
12.9
13.6
147,305,438
154,798,071
9.2
10.9
90,410,460
1,445,628
90,410,460
1,445,628
4.5
4.0
65,110,005
3.9
4.2
0.1
0.2
4,222
0.0
$1,401,091
debt of the Government, the
said, increased by $3,000,000,000 during
"Bulletin"
1064.
1939
$
direct interest-bearing
The
comparable SEC report for 1939 was given in the
Dec., Dec.,
1940
•
100.0 100.0
2,124,429,344 2,029,878,196 100.0 100.0 1,686,984,761
470
322,618,401 318,856,380 100.0 100.0 292,165,549 100.0 100.0
50
'i
Jan.- Jan.-
919,322,669
446,630,627
309,616,086
919,322,669
446,630,627
38
0
Warrants
1939
8
8
33.7
Common stock
Certificates
of
Amount
1940
46.1
Preferred stock
7
Jan.-
Jan.t
Dec., Dec.,
1939
$
$
$
Unsecured bonds
1940
1939
147,045.000 147,045.000
107,317,500 107,317,500
48,906,650 48,906,650
Secured bonds
Amount
Amount
Dec., Dec.,
Dec., Dec.,
1940
of
Issues
Amount
Amount
Amount
Percent
Percent
Percent
of
Issues
The
YEAR
Securities
Percent
'Chronicle
while
of flo¬
$283,658,000.
$6,882,000,
remained net proceeds of
Total, Less Securities
No.
Grand total...
issues of new ventures.
equaled
agents
Type of Security
and cert Ifa. of
options.
After deducting this indicated cost
equaled $1,626,000.
expenses
represented
securities proposed for sale by
Total Securities
Registered
-
For example, securities aggre¬
while $3,762,000
$1,692,000 securities reserved for
The remainder of $292,166,000 consisted of
EFFECTIVE REGISTRATIONS UNDER THE SECURITIES
,
account
issuers, of which $551,000, or 0.2% represented the
of $2,283,000 covered all other purposes.
There remained after all
issues,
$20,140,000, were exchange
issues reserved for conversion and
and
the
for
registered for purposes other than cash sale.
gating
issuance
registered and
Included in this total was
$322,618,000.
was
of others, of which
$4,615,000 was proposed for sale, leaving $317,760,000 of securities regis¬
tered for the account of issuers.
However, $25,594,000 represented Issues
of securities
of
$43,150,000, followed by $16,097,000 of securities reserved for
be offered
Virtually all of the issues registered during December were to
important group represented issues reserved for conversion in the amount
subsequent
preferred
3.1%*
Utility securities were registered In the amount of $152,992,000, or 52.4%.
Manufacturing issues were next in importance with $111,931,000, or 38.3 %,
while third place was held by financial and investment companies with
$4,858,000
aggregating
securities
however,
amount,
fixed interest-
87.0% of the total amount
or
This compared with $28,739,000 of
proposed for sale by issuers.
$74,548,000 proposed
other
securities, registered for the account of the issuer.
Of
combined.
of December registrations consisted of
totaling $254,268,000,
of
$4,861,000, or 1.7%, with
remaining 0.3% reflecting all other purposes
The greater part
bearing securities
of issues which were registered
or parts
for purposes other than actual sale for the account of the issuer.
some
the
stock, or 9.9%, and $9,159,000 of common stock, or
• ■
A review of the 329 statements covering 470 issues effectively registered
,
The purchase of securities accounted for
stock.
of agency agree¬
issues subject to continuous sale.
company
This contrasted with $244,090,000, or
11.9% of all net proceeds.
or
86.1%, to be used for the repayment of indebtedness and retirement
1940.
It
continued:
Treasury Finance
and
Banking
Finance
Treasury
in
1940—Growth in
Bank Resources Noted by Reserve
Debt
resources
stantial growth in
from
as
a
whole showed
further sub¬
a
1940, reflecting additions to bank reserves
imports
gold
and also an
increase in bank
loans and investments, according to a review
in the Febru¬
issue of the Federal Reserve "Bulletin."
The gold in¬
ary
flow in
the
to
first instance,
the
reserves
About
issues
the "Bulletin" continued, added
York City banks, but
and deposits of New
this
of
$1,100,000,000
various Government
to
States
Up $3,000,000,000
Banking
arising
Board—federal
savings
in the
table
on
the next page (this we
refunded
no
direct
in
obligations
is, Treasury bonds,
new
into
cash
bonds.
In the first half of the year there were
market obligations, but a reduction of $300,-
13-15-year
sales
of open
000,000 in the total owing to the retirement
of $150,000,000 of Treasury
and to retirements of Treasury notes an$ bonds
bills in January
country, security transactions in New York, and Treasury
and business disbursements of funds borrowed from New
during the period and not exchanged for new issues.
tributed
among
new
reserve
other banks.
showed increases in reserves and in
sections of the country
deposits.
It
was
added:
Member
bank
loans
showed
in
commercial
decline
loans
loans
in
on
funds have been widely dis¬
All classes of banks in all
an
increase
in
1940, reflecting a large rise
and
continued
add
to
to
conversion
V;.
■
maturing
The bulk of the notes
the first six months of the year were
into the new issues of notes which the Treasury
called in
'•.debt increased by $280,000,000
during
result of the sale of guaranteed notes of the Commodity Credit
Corporation
and the United States Housing Authority in August and
November.
The reduction in this debt during the first half of the year
the year as a
was
Banks
for
or
interest-bearing guaranteed
The
tion
bonds.
maturing
in
turned
their
and
bonds
offered.
during the last half of the year, offset in part by a
stocks
omit.—Ed.), all of the
which can be traded in the open market,
fiotes, and bills, occurred during the second half
of the year, when $1,200,000,000 of new securities were floated.
These
consisted of
$700,000,000 of 14-16-year bonds and $500,000,000 of fiveyear taxable
national defense notes; in addition, maturing notes were
increase
that
owing te heavy foreign purchases of goods throughout the
York banks, the
$1,100,slightly.
Outstanding Treasury bonds increased by
outstanding amount of notes and bills declined
bonds.
000,000, while the
As shown
increase was accounted for by special
$1,000,000,000 by sales of United
funds and
due to
the redemption of
maturing last
bonds of the Home Owners' Loan
Corpora¬
May.
holdings of Government securities on a large scale, and combined holdings
of direct and guaranteed obligations by member banks increased by about
$1,500,000,000, following a growth of $1,100,000,000 in 1939.
the
York
of
and
Practically
growth
in
latter half
of
1940, following
a
Treasury bonds during the
decline in the first half.
during 1940
was
somewhat greater than the
increase in the outstanding amount of
publicly-offered direct and guaranteed obligations of the United States
The
growth in holdings of Government securities at banks
Government
System sold
an
of
the
increase
other than
United States savings bonds.
$300,000,000 from
The Federal Reserve
its open market account during the year,
when there was
sales occurring in the latter half of the year,
in
the
demand
prices advanced sharply.
for
United
States
Government
securities
and
Acceptances Outstanding
Increased $4,118,-
January—Total Jan. 31 Reported at
$212,777,000—$16,453,000 Below Year Ago
000
Member banks in other leading cities and
guaranteed obligations.
country banks also increased their holdings of
most
Bankers'
both years took place at member banks in New
City, which added substantially to their holdings of Treasury bonds
of
ali
During
During January the volume of bankers' dollar acceptances
increased
Dec. 31,
$4,118,000
to
$212,777,000 from
$208,659,000 on
according to the monthly report of the Acceptance
Analysis Unit of the Federal Reserve . Bank of
issued
total
Feb. 11.
is
New York,
As compared with a year ago, the Jan. 31
$16,453,000 below that of Jan. 31, 1940, when the
acceptances outstanding amounted to
$229,230,000.
The Commercial & Financial
1060
Dec. 31
Jan. 31 from
due to gains in credits drawn for
was
exchange, while in
year-to-year analysis credits for imports, domestic ship¬
imports, domestic shipments and dollar
the
in or shipped between
ments and those based on goods stored
foreign countries were above Jan. 31, 1940.
is the report for Jan. 31 as issued, by the
The following
The Treasury
Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deduct¬
ing the
moneys
held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Dec. 31, 1940, and show that the money in circula¬
tion at that date (including, of course, what is held in bank
vaults
Reserve Bank:
1941
15,
Stock of Money in the Country
volume of acceptances outstanding on
The increase in the
Feb.
Chronicle
the Federal Reserve System)
member banks of
of
$8,732,229,069, as against $8,522,105,461 on Nov. 30,
1940, and $7,598,143,063 on Dec. 31, 1939, and comparing
with $5,698,214,612 on Oct. 31, 1920. Just before the out¬
break of the World War, that is, on June 30, 1914, the
total was only $3,459,434,174.
The following is the full
was
OUTSTANDING—UNITED STATES
BANKERS DOLLAR ACCEPTANCES
DISTRICTS
BY FEDERAL RESERVE
2?New York
3JPhlladelphla
Cleveland
4
6 Atlanta
7 Chicago
8 St. Louis
910,000
9 Minneapolis
10 Kansas City...
11 Dallas
$19,933,000
161,200,000
143,729,000
11,010,000
2,532,000
1,248,000
1,952,000
6,399,000
1,421,000
2,131,000
4,639,000
365,000
6 Richmond
31, 1940
Jan.
$22,704,000
$25,771,000
145,211,000
11,837,000
2,881,000
Boston
31, 1940
Dec.
31, 1941
Jan.
Federal Reserve District
1
statement:
o
10,045,000
§o©ooo
_©©o©5
oo©©©
2,549,000
to" tx
926,000
1,364,000
5,681,000
675,000
787,000
912,000
1,424,000
| SbSi
s
e
ct -<
"m'ooo
53,000
18,445,000
321,000
25,100,000
$208,659,000
$229,230,000
$212,777,000
Grand total
eoeo©o®xf
© 00
*S
w
lOlHHOOS't®©
iUJOh^Ih^hh
xX©.xCOCO®1
oo c* <N © ©
xX
xf tx CO © xf ©
;o
ioo<NOoe*t- ©eo©
©©
I
Jan.
31, 1940
i-t
CO Ct xf xf
l<N"*
xf ©00
! X*" r-To>©«r ©*©©
to
co" xf ic'xf
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,000
|0®005CO oo co©
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r-xjl CO ©
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$109,206,000
$100,821,000
38,251,000
7,831,000
43,023,000
16,356,000
Domestic warehouse credits
10,000,000
34,233,000
18,143,000
9,579,000
34,388,000
Dollar exchange
10,683,000
9,882,000
Exports.
Domestic shipments...
Based on goods stored In or shipped
22,948,000
27,461,000
26,207,000
between foreign countries
■§■3 2
•»
3
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is
Jot
h- O
't-x*
$102,646,000
64,983,000
-
Bills of others
-
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,
PRIME
FEB.. 11, 1941
ON
© ©
CO CO
.-•00©©
eo
xfxPo©
© co eo -h
co* —T ©"
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© xX
i
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00
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30
9-16
K
;7-16
150.
%
9-16
7-16
180.
%
9-16
X
90
The following
close
bankers'
of
volume
f 1938—
31
Oct.
1939—
Jan.
255,402,175
248,095,184
245,016,075
31
Feb. 28
244,530,440
Apr. 30
236,010,050
May 31
223,305,000
213,685,000
235,034,177
215,881,724
June 29
206,149,000
31
Nov. 30
221,115,945
222,599,000
Aug. 31
Sept. 30
188,350,000
181,813,000
176,614,000
Dec. 30
232,644,000
Oct.
May 31
1940—
July
31
186,789,000
Nov. 30
196,683,000
208,659,000
Feb. 29
229,230,000
233,015,000
Dec. 31
237,831,575
.246,574,727
Mar. 30
229,705,000
Jan.
Mar. 31....
Apr. 29
H
Banks
Jan.
31.
1941—
212,777,000
31
Apply to Outstanding Loans
A. G. Black, Governor of the Farm Credit Administration,
10 that the 12 district banks
Feb.
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for
coopera¬
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balance
The
were
the
loans
rate
new
business
of
on
on
outstanding,
loans
farm
loans
were
for
according
operating capital
purposes,
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commodities.
facilities owned
on
Governor
to
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announcement further said:
loan
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Illil
41/^%, 4y±% and 4%. This action, he said, will save the
cooperatives some $130,000 a year in interest.
The FCA
total
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at
one-half
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tx
banks'
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Also, this rate will be made applicable to all
facility loans outstanding, some of which now bear interest
Facility loans to farmers' cooperatives buying and selling associations at
the beginning of this year represented
approximately one-third of the
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§
Ps
-
2
facility loans from 4% to 3y2%, effec¬
new
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tives and the Central Bank for Cooperatives will reduce the
interest rate
cQ>ocQqcQ<*
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Cooperatives to Reduce Interest
Facility Loans from 4% to 33^%—New
Rate Will Also
announced
J?
CO xX ot ©
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1940—
$
258,319,612 June 30
261,430,941 July 31
269,561,958 Aug. 31
273,327,135 Sept. 30
269,605,451 Oct. 31
Nov. 30
Dec. 31
$
3^1
acceptances
1939—
Aug, 31-...
Sept. 30
;co
table, compiled by us, furnishes a record
outstanding at the
of each month since Aug. 31, 1938:
the
of
120
7-16
H
60
Buying Rates Selling Rates
Days—
J
J
;
©eo©©»oct
©eoct
©xX©© 00 tx
w
u*
©_© txrXxf 00
xX xX
Dealers'
Dealers'
Dealers'
Dealers'
Buying Rates Selling Rates
,
©"oOr-T® ©®*
xX
tx co xf
Days—
£
CO tx © Ct © -X
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tx
1
i&2
1 3 2
1
,
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ACCEPTANCES
BANKERS'
r-i
P at
!
Ct lO Ct © xf
COOtxCOtxCt
tx tx © xf rX tx
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oo
RATES
rX
©^
rX*
Jooftx^ooeo>©©©
o'^'ot t-"xf ©-(00
'
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f167,629,000
816,000
Total
Increase for month
MARKET
CO*©
,<£xx©eo©)
©O
CURRENT
xfOCtPS
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'©■MHiOMOCOO
IxfiMOO©©©©©
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BANKS
BILLS HELD BY ACCEPTING
Own bills
wqo©
Ct 00* CO -X*
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x*00»O M CO
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%
3
%
3
eoeo "5 «oo©
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ICS!
Itx
8
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$115,262,000
16,392,000
3
ttoS
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Imports
a
t#
III
so
l® lO ©i-x xf 00
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© © © tx © .x
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F-l
x*xX<N 00
CD
I
31, 1940
*
{©*00
|<00
Dec.
*
©©,-x ^itxct
xf O®©hn
1b»
ACCORDING TO NATURE OF CREDIT
31, 1941
1
5
a
©©©X*<CO—I
6
[
Jan.
3
aj ® *»
Decrease for year $16,453,000.
$4,118,000.
Increase for month,
P
§11
tJ eo" ©" oo
*
l
17,499,000
o
0
©xf © xX CtCO
n^ONON
txfe®
12ASan Francisco
2
ti
CO CO fx
CO
'
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to
OJ
fl *X
coct
by farmers' cooperatives is the
first
reduction in the rate on this type of loan since June, 1935.
Rates
operating capital loans now in effect were reduced in February, 1939,
2%%, a reduction of one-half of 1%, and on commodity loans to 1%%,
on
to
a
similar
I
I
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s
So..
!|
reduction.
Is
g>
S a o o
O
a, a o
oSa
gg|§
o a o
Federal Savings and Loan Insurance Corporation Had
Total Assets of $128,014,722 at End of 1940
The
Federal
Savings
Loan
and
Insurance
closed the year 1940 with total assets of
of
manager,
surplus in the
449,196.
gain
own
reported
same
from
are
investments
Total
from
reserves
and
$23,620,810 to $26,-
savings, building and loan associations in which savings
by the Corporation, and interest on its
constituted
for the
reserves
Funds
Feb. 8.
rose
insured against loss
most
of the Federal Savings and Loan
Expenses
on
period
of
obligations
and
period
were
of
the
operating
income
Insurance Corporation
$130,967.
A
net
of
of
$3,193,476
for the six months.
$3,064,463
was
added
surplus.
the
and
Corporation
securities
are
invested
in
United
States
Government
fully guaranteed by the United States.
The
entering its eighth year, was organized with an original
capital of $100,000,000.
Corporation,
now
$s|S
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The announcement continued:
Premiums
of investors
to
Corporation
$128,014,722,
$3,097,621 in the June-December period, Nugent Gallon,
general
5*
to
I
53
•—4
o
Note—There is maintained in the Treasury—fl) as a reserve
notes and Treasury notes
for United States
of 1890, $156,039,431 in gold bullion; (11) as security for
dollar amount In standard silver dollars (these
notes are being canceled and retired on receipt); (ill) as security for outstanding silver
certificates, sliver In bullion and standard silver dollars of a monetary value equal
to the face amount of such silver certl flcates; and (lv) as security for gold certificates—
Treasury notes of 1890, an equal
gold bullion of a value at the legal standard equal to the face amount of such gold
certificates.
Federal Reserve notes are obligations of the United States and a
of the Issuing Federal Reserve Bank.
Federal Reserve
the deposit with Federal Reserve agents of a like amount of
first lien on all the assets
notes are secured by
gold certificates or of gold certificates and such discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1941, 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 Reserve banks must
maintain a reserve In gold certificates of at least 40%, Including the redemption
fund, which must be deposited with the Treasurer of the United States, against
Federal Reserve notes In actual circulation.
"Gold certificates" as herein used
includes credits with
the Treasurer of the United States payable In gold certificates.
National bank notes are In process of retirement.
Federal Reserve bank notes and
Volume
Banks
Member
of
Association
(Del.)
Wilmington
Interest
Lower
to
Clearing House
2% to llA%
from
April 1
Interest
savings
on
deposited
accounts
member
with
institutions of the Wilmington (Del.) Clearing House Associa¬
tion will be lowered, effective April 1, from 2% to 1 lA%, it
is learned from an Associated Press dispatch from Wilming¬
which further reported:
ton, Feb. 13,
Member banks of the association are the Central National Bank,
Industrial Trust Co., Security Trust Co., Wilmington Trust
ware,
Dela¬
Equitable Trust Co., Fanners Bank of the State of Dela¬
Trust Co.,
ware
Co. and
AU these banks are members of the Federal
Deposit Insurance Corporation.
♦
$227,631,000 Received to Offering of $100,of
90-Day
Treasury
Bills—$100,294,000
Accepted
of
000,000
$227,631,000 was tendered to the offering last
$100,000,000, or thereabouts, of 90-day Treasury
bills dated Feb. 13 and maturing May 14, 1941, Secretary
of the Treasury Morgenthau announced on Feb. 10.
Of this
amount $100,294,000 was accepted at an average price frac¬
tionally under par.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
Feb. 10.
Reference to the offering appeared in our issue of
Feb. 8, page 914.
The following regarding the accepted
bids to the offering is from Secretary Morgenthau's an¬
A
total of
of
week
nouncement:
$227,631,000
100,294,000
accepted bids
down
par
to
subject
99.999,
tendered at prices ranging from slightly above
were
the
average
the amount tendered at 99.999,
price being fractionally
25%
was
accepted.
Of
under par.
-
by the United
review
to
of the Treasury,
said:
"general relief pro¬
Internal Revenue to make such
adjustments as he finds, on examination of all the facts respecting a tax¬
payer's situation, are necessary to remove abnormalities in income or
Section
vision,"
722
of
the
excess
profits tax, the so-called
Commissioner of
the
authorizes
capital.
of these regulations pre¬
file its excess profits
its excess profits tax without regard
to the adjustment of any claimed abnormality.
Thereafter, in accordance
with these regulations, any taxpayer which believes that it is entitled to
relief under Section 722 should, as promptly as possible, file with the
Commissioner of Internal Revenue, Washington, D. O., attention of the
Income Tax Unit, Records Division, an application for relief stating the
nature and extent of the abnormality for which relief is sought, the par¬
ticular relief sought, and all the facts on which the taxpayer relies.
A procedure for the prompt consideration of these applications is now
being established by the Commissioner of Internal Revenue.
The action of the Commissioner with respect to such applications is
Pursuant
this
to
that
in
the
tax return and
Section 30.722-1
provision,
first instance the taxpayer must
must compute and pay
subject to review by the United States Board of Tax Appeals.
The
Department also announced that regulations govern¬
ing consolidated returns would be made public in a separate
Treasury decision to be issued shortly.
Internal
Collections
Revenue
Increased
18.3%
Last
Year—Corporation Income Taxes 35.9% Higher
.
Total applied for
Total accepted
The
applications
States Board of Tax
Appeals.
The ruling was contained in regulations under
the Excess Profits Tax Act of 1940, issued Feb. 10.
In
explaining this action John Li. Sullivan, Assistant Secretary
is
decision with respect to such
His
sideration.
scribes
Union National Bank.
Tenders
1061
The Commercial & Financial Chronicle
152
The Bureau of Internal Revenue has issued a statement of
calendar years summary of which,
together with percentage changes, we present in the tabu¬
lation below:
,7\
J
collections in the past two
.
New
Offering of $100,000,000 of 91-Day Treasury Bills
COMPARATIVE STATEMENT OF INTERNAL REVENUE COLLECTIONS
BY SOURCES FOR THE CALENDAR YEARS 1940 AND 1939
of National Defense Series—Will Be Dated Feb. 19
Tenders to
offering of 91-day Treasury bills to the
amount of $100,000,000, or thereabouts, to be sold on a
discount basis to the highest bidders, were invited on Feb. 14
by Secretary of the Treasury Morgenthau.
Tenders will be
received at the Federal Reserve banks, and the branches
thereof, up to 2 p. m. (EST) Feb. 17, but will not be received
at the Treasury Department, Washington.
The Treasury
bills, designated National Defense Series, will be dated
Feb. 19 and will mature on May 21, 1941, and on the ma¬
turity date the face amount of the bills will be payable
without interest.
There is a maturity of a previous issue of
Treasury bills on Feb. 19 in amount of $100,302,000.
This new issue of bills will be issued pursuant to the
provisions of Section 302 of the Revenue Act of 1940, ap¬
proved June 25, 1940.
The Treasury's announcement adds:
new
a
Under the authority
of that section, "National Defense Series" obliga¬
tions may be issued to provide the
Treasury with funds to meet any ex¬
penditures made after June 30, 1940, for the national defense or to reim¬
burse the general fund of the
Mr.
Treasury therefor.
in his
Morgenthau
Source
;
Corporation income taxesIndividual income taxes
Total Income taxes—
Unjust enrichment (Title III, Rev.
Per Cent
Change
+ 35.9
$954,340,958
873,107,816
+ 18.7
$2,333,880,409
$1,827,448,775
+27.7
$22,853,891
$15,497,483
+47.5
10,101,986
7,063,092
+43.0
$2,366,836,287
$1,850,009,306
+27.9
$166,796,690
310,029,813
30,472,292
$132,223,271
341,714,447
29,393,338
+26.1
721,025,052
645,509,871
36,785,672
527,052,036
118,967,936
66,320,120
872,638,691
602,016,511
593,172,242
38,591,143
421,922,977
98,153,905
68,779,560
783.070,333
+ 19.8
$5,862,434,465
$4,957,046,038
+ 18.3
Act
1936)
excess-profits and un¬
Total income,
just enrichment taxes
Capital stock tax
Estate tax
-
Liquor taxes
-
Tobacco manufacturers
Stamp taxes
Manufacturers' excise taxes
Miscellaneous taxes—
Sugar Act of 1937
Employment taxes
Grand total, all collections..-
announcement
1939
$1,297,384,230
1,036,496,178
Excess-profits taxes
Gift tax
Tax Receipts
Tax Receipts
1940
.
—9.3
+3.7
+8.8
—4.7
+24.9
+ 23.7
—3.6
+ 11.4
of the offering
further said:
They
the bills
denominations
will be issued in bearer form only, and in amounts or
of
$1,000,
$10,000,
$100,000,
$500,000
and
1941
Assay ^Commission
Annual
$1,000,000
Examines Record
Number of Coins
(maturity value).
No
tender
for
an
amount
the basis of 100,
on
Fractions
The price offered must be expressed
with not more than three decimal places, e. g., 99.125.
not
must
be used.
Tenders will be accepted without cash deposit from incorporated
and trust companies and from
banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
ment securities.
of 10% of the
Each
less than $1,000 will be considered.
tender must be in multiples of $1,000.
face amount of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
are
bank
or
trust company.
Immediately after the closing hour for receipt of tenders on Feb.
17,
of
Members
Annual Assay Commission
met at
Philadelphia on Feb. 12 in the
held each year for the "trial of the
the 1941
States Mint in
United
the
traditional
ceremony
coins," it is announced by Nellie Tayloe Ross, Director of
the Mint.
The 1941 test conducted by the Commission was
task in its history, for 84,341 coins were exam¬
A total of 168,593,952 silver coins were
last year.
The Commission is one
of the oldest institutions in the Government, having been
the largest
ined
this
year.
struck off by the mints
created in
1792, and having met each year since that time.
1941, all tenders received at the Federal Reserve banks or branches thereof
to the closing hour will be
up
opened and public announcement of the
acceptable prices will follow as soon
the
possible thereafter, probably on
rejec¬
Payment at the price offered for Treasury bills allotted must
be made at the Federal Reserve banks in cash or other immediately
able funds
on
Feb.
The Treasury
19,
avail¬
1941.
bills will be exempt, as to principal and Interest, and any
gain from the sale or other disposition thereof will also be exempt,
all taxation, except estate and
inheritance taxes.
from
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
No loss from the sale or other disposition of the Treasury
bills shall be allowed as a deduction, or otherwise recognized, for the pur¬
the gift
poses
tax.)
of any tax now or therafter imposed by the United States or any of
its possessions.
Treasury Department
"Frozen"
Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
of
Assets
of
Ten
Foreign
Countries
Here, Under Secretary of Treasury Bell
Reveals
and his action in any such respect shall be
Those submitting tenders will be advised of the acceptance or
tion thereof.
$4,369,000,000
all tenders or parts of tenders, and to allot less
than the amount applied for,
final.
as
The Secretary of the Treasury expressly reserves
following morning.
the right to reject any or
Approximately $4,369,000,000 of assets of ten foreign
countries had been "frozen" in the United States under
Presidential order following invasion of those nations by
Germany and Russia,
Under-Secretary of the Treasury
Daniel W. Bell has disclosed in testifying before the House
Appropriations Subcommittee holding hearings on the Treas¬
ury-Post Office appropriations bill, it was revealed on Feb. 10.
According to Associated Press advices from Washington,
Feb. 10, Mr. Bell gave the following breakdown for the
ten nations:
Denmark—$92,000,000, Including $55,000,000 in bullion, currency and
deposits and $27,000,000 in
securities.
Norway—$175,000,000, including $100,000,000 in bullion, currency
issue.
deposits and $54,000,000
^
Treasury Department Orders Taxpayers to File ExcessProfits Tax Returns Without Regard to Adjustment
of
Any
Claimed
Abnormality—Applications
for
Relief Should Be Filed Later
and
in securities.
Netherlands—$1,619,000,000, including $796,000,000 In securities
$700,000,000 in bullion, currency
and
and deposits.
Belgium—$760,000,000, including $442,000,000 in bullion, currency and
deposits and $251,000,000 in securities.
Luxemburg—$48,000,000, including $30,000,000 in bullion, currency
and $16,000,000 in securities.
France—$1,593,000,000, Including $988,000,000
and deposits
The
Treasury
Department ruled on
Feb. 10 that excess
due and payable in the first in¬
stance without regard to the adjustment of claims respect¬
ing abnormal income or capital. Thereafter, it ruled, taxpay¬
ers
may file an application for relief, citing all relevant
profits
tax
returns
are
facts to the Commissioner of Internal Revenue
for his con¬
and
deposits and
in bullion,
currency
$448,000,000 in securities.
Latvia, Lithuania and
bullion, currency and
Estonia—$29,000,000, including $26,000,000 in
deposits and $2,000,000 in securities.
Rumania—$53,000,000, including $46,000,000
deposits and $2,000,000 in
securities.
in bullion, currency and
The Commercial & Financial Chronicle
1062
Admiral Nomura, New Japanese Ambassador,
Credentials to President Roosevelt
The
Presents
Japanese Ambassador to the United States, Ad¬
new
Nomura yesterday (Feb. 14) presented
his credentials to President Roosevelt at the White House.
He was accompanied by Secretary of State Hull.
In the
exchange of remarks, the Ambassador noted that develop¬
ments between the two countries have caused "considerable
pledged himself to "bring about a better under¬
standing." In reply Mr. Roosevelt welcomed this assurance
and expressed his pleasure at receiving the letters of credence.
concern" and
Admiral Nomura said in part:
I wish to assure you
I
The
have a large number of friends, among whom
of the oldest and closest.
developments in Japanese-American
relations have un¬
recent
of the
fortunately been such as to cause considerable concern on both sides
bring about a better under¬
It is needed now, more than ever to
ocean.
and wellPacific and
Toward that end, I am
standing of each other's position in order to secure the interests
being of our two nations, thereby preserving the peace of the
maintaining the traditional friendship between us.
resolved to do all that I can, and I hope
I may merit your
Mr. President, that in
my
endeavors
confidench and be accorded the high privilege of your
cooperation.
Replying President Roosevelt stated:
There are, as you have stated,
developments in the relations between the
I welcome
United States and Japan which cause concern.
your assurance
friendship between our two countries
well-being of the American and of the Japanese peoples, you are
that, in the interests of the traditional
and of the
resolved to do all you can to
I
ica."
bring about a better understanding.
confident of your devotion to this
am
from the White House and was fol¬
by Walter W. Head, President of the
Boy Scouts, and Dr. James E. West, Chief Scout Executive.
The President spoke
President Roosevelt Pays Honor to Memory of Abraham
Lincoln at Exercises in Washington
on
Feb. 12 led the nation-wide ob¬
birth of Abraham Lincoln
when he participated in exercises at the memorial in Wash¬
ington. The President stood bareheaded before the memorial
and watched an aide lay a wreath at the foot of Lincoln's
statue.
In reporting the ceremony, Associated Press Wash¬
ington advices of Feb. 12 said:
of the anniversary of the
House to the
Mr. Roosevelt drove with Mrs. Roosevelt from the White
memorial
the bank of the Potomac, where services commemorated the
on
The Marine Band struck up
birthday anniversary of the Civil War leader.
bugle call sounded within the memorial structure,
"Hail to the Chief," a
and Col. Horace Smith, a
the program
Roosevelt Requests Admiral Land to Assist
President
Coordinating Shipping Facilities—Chairman of
Maritime Commission Asked to Report on Needs as
in
Necessary to Defense Material Shipments
;
on Feb. 12 rrquested Rear Admiral
Emory S. Land, Chairman of the Maritime Commission, to
lend his assistance in bringing about the coordination of the
entire shipping industry of the United States.
In a letter,
the President asked Admiral Land to survey and make
regular reports to him on the availability and adequacy of
ocean-going ships, particularly as relating to shipments of
defense materials. The President said that as Chairman of
the Maritime Commission, Admiral Land is in a strategic
position to advise and assist him "in assuring that our
ocean shipping needs are cared for in an expeditious and
effective manner."
f
President Roosevelt
-
The
following is the text of the President's letter:
The successful
our
way
facilities
can
for
conduct of the
national defense program requires that
transportation be fully coordinated; only in this
ocean
maximum ultilization of such shipping facilities be assured.
As Chairman of the United States Maritime Commission, you are in a
needs
appointment of Admiral Nomura as Japanese Ambas¬
sador was reported in these columns of Nov. 30, page 3170.
The
President Roosevelt
on
strategic position to advise and assist me in assuring that our ocean shipping
It affords me especial pleasure to renew our
servance
contribution to the welfare of America's
manhood.
lowed
times to facilitate in every appropriate and practicable
performing of your duties as Ambassador to this country.
former association.
way your
the past year is "something
all be proud"; he praised the Boy Scouts
can
for their important
young
objective, and I feel that your
other officers of the Government
You may be sure that I and
stand ready at all
we
,
long associations with the American people specially qualify you for your
mission.
become an indispensable part
achievements during
of which
that it is a sourceof real pleasure to me to be stationed in
happy to count you, Mr. President, as one
am
preempt those fields of private endeavor
of life in Amer¬
Mr. Roosevelt also said that the record of the organ¬
ization's
great country, where I
your
15, 1941
not and should not
which have
Kichisaburo
miral
Feb.
Presidential military aide, marched up the long
are
cared for in
expeditious and effective
an
shalljwish your aid in
manner.
Specifically. I
"
respectjto thejFollowing matters:
>_j
Thearialysis'of
the stated requirements of the War and Navy Depart¬
vessel tonnage
and domestic
commerce in connection with national defense.
2. Advise with owners and operators of ships registered under the United
States relative to shipping routes, movement of vessels and character of
1.
ments, and other agencies of the government, for merchant
and facilities needed for ocean transportation of foreign
cargoes, as defense requirements may make necessary.
3. The coordination of plans for the acquisition and creation of additional
ships and facilities (a) to carry the waterborne commerce of the United
States, including the transportation of strategic and critical materials, and
(b) to act as military and naval auxiliaries.
4. The preparation of recommendations pertaining to (a) the acquisition
of additional tonnage under foreign registry to meet ocean tonnage require¬
ments for national defense, and
(b), request by other countries or their
nationals for assistance in obtaining additional tonnage.
fjfshould like
to receive from you regular reports concerning
the"a vial-
ability and adequacy of ocean-going ships and facilities for their operation,
together with your recommendations.
I particularly request that you give
the Office of Production Management in
all assistance and cooperation to
expediting the shipment of materials which are essential to our production
You will, of course, need to tie closely to the State Department
program.
all matters involving foreign policy and relations.
Copies of this letter are being sent to the Secretaries of
on
The band played the national
steps to the memorial with the wreath.
anthem and the Chief Executive departed.
Massed
on
the steps
of the memorial were the colors of thirty-one pa¬
organizations participating in ceremonies arranged by the Military
triotic
State, War,
Navy, Treasury and Commerce and the Director General of the Office of
Order of the Loyal Legion.
I am certain that these officials will inform you
Production Management.
promptly of such problems as they may have involving ocean transporta¬
tion
and
will fully cooperate in facilitating the
assistance that I am re¬
questing of you.
?
Workers
Absorb
to
Work Projects
Defense
Emergency
After
'•
Ends
President
revealed
Roosevelt
on
:
•
Feb.
7
that he
Immediately after his
for
would
said:
press
conference, he talked
construction would take in the program
over
the part highway
with Thomas Macdonald, Federal
roads commissioner.
He
that
It
program
Federation
National
the
matter
now
the
discussed
American
also with William Green, President of the
of Labor,
Resources
who called at the White House to urge
Planning
Board
consider
imniediately the
of supplying work, when the emergency is over, for men engaged
in defense efforts.
was an
adaptation of an old proposal which Mr. Rooseveit advoca ed.
Numerous officials have urged for years that a reservoir of works projects
be developed in periods of prosperity to supply work in depression days.
Mr, Roosevelt said he wanted to talk with Mr. Macdonald about
work of national
roads.
the Atlantic Coast from
He
a
also
advanced
principle of
excess
One highway, for instance,
one
the
a
net¬
he said, would skirt
end to the other.
possibility that
condemnation.
the
Government
Under it,
the
would
Government
Roosevelt
President
,
probably ask Congress for authorization of plans that have
been drawn up for a reservoir of public works projects
designed to take up the slack in employment after the
defense emergency is over.
The President said that these
projects, such as highway construction, hospitals, airports
and housing, would be put on a shelf and be brought out when
needed.
Regarding the subject, Associated Press Washing¬
ton advices of Feb. 7
^
Reservoir of
President Roosevelt Plans
apply
would
Asks
and
Navy,
Congress
for
$898,392,932
$680,118,000 for Army
President Roosevelt transmitted
to Congress on Feb.
12
supplemental estimates" of appropriations for the Navy
Department for the fiscal year ending June 30, 1941, totaling
$683,494,832 cash, plus contract authorizations totaling
$154,055,000.
The total of $837,549,832 was mainly to
expedite the Navy's shipbuilding program.
The President
at the same time requested an additional $60,843,100 to
carry out a vast expansion of the Navy's chain of bases in
the Pacific, the Atlantic and Continental United States.
The main items in the first request were given in Associated
Press Washington advices of Feb. 12 as follows:
of
Among the larger items in the list were $100,000,000 for construction
naval vessels, including
unspecified types of small craft, and $102,000,000
ammunition.
for armor, armament and
would get $96,000,000
A lump sum
of $35,000,000 was requested for establishment of a protected
fleet anchorage, including
breakwaters, in the Vieques, Porto Rico area.
Also called for were $96,680,000 in
for the hire
or
The Navy's Bureau of Aeronautics
for the purchase of planes and other purposes.
both cash and contract authorizations
cha>tering of auxiliary vessels, as necessaary; $64,000,000
the Bureau of Ordnance:
$46,833,012 for
pay
including that of members of the fleet reserve and certain other
A
total
of $230,258,000
was
for
and subsistence of the Navy,
personnel.
recommended for the shore construction
projects, including a variety of work at the naval air stations,
hospitals,
and other facilities.
land than it needed for actual rights of-way and sell the surplus.
Supplemental funds for the War Department amounting to
Thereby, he has explained, the Government rather than private property
$680,118,000 were asked of Congress by the President on
Feb. 10. ' Regarding this request which is for the current
buy
more
would reap benefits from the increase in values resulting
owners
highway construction.
from
new
1
♦
President
Roosevelt
Says Nation Has Adopted Boy
Prepared"—Radio Talk on Organi¬
zation's
Anniversary Declares Government Has
Chief Defense Responsibility but Should not Pre¬
empt Private Endeavor
Scout Motto "Be
In
a
first
radio address
on
Feb. 8, commemorating the thirty-
anniversary of the founding of the Boy Scouts of
President Roosevelt declared that "for our na¬
America,
tional
policy we, as a Nation, have adopted the motto of
Scout organizations—be prepared."
Saying that
responsibility" in the
national defense program, the President added that it "can¬
the
Boy
the "Government must take the major
te-
i
fiscal year,
said:
Washington Associated Press advices of Feb. 10
The bulk of the
total—$668,283,000—was sought for the construction of
buildings and utilities at military posts.
said in a memorandum to
which
Of this amount, the President
Speaker Sam Rayburn that $338,880,000 would
be used to complete emergency
housing already under construction but on
original cost estimates were found too low.
Appropriation Bill—Includes
WPA for Four Months
The House on Feb. 12 passed an urgent deficiency appro¬
priation bill, which included $375,000,000 to continue the
Works Projects Administration program through the rest
of the fiscal year ending June 30.
President Roosevelt had
House Passes Deficiency
$375,000,000
for
Congress for the WPA funds on Jan. 30.
At that
also submitted figures showing that the agency-
asked
he
time
reduction of its relief rolls from 1,750,000 in
June.
The new funds raised to
$1,350,650,000 the amount appropriated for the WPA for
the 1941 fiscal year, since Congress last June appropriated
$975,650,000 for the first eight months. The bill, which now
goes to the Senate, also contained several other smaller
items,' including $11,800,000 for customs refunds, and
special funds for the National Railroad Adjustment Board
contemplated
March
a
Senator Vandenberg, Rep., of
and the Public Health Service.
Michigan, asked if it could be
testimony of the Secretary of the Treasury that
loan-lease bill
and
now
1,300,000 in
to
1063
Chronicle
The Commercial & Financial
152
Volume
would
run
in the neighborhood of
assumed by
"expenditures under the
$7,000,000,000 between
July 1, 1942."
"The Senator can draw that
conclusion from the statement the Secretary
made," Senator Brown replied, "and I would say with
reasonable accuracy.
However, I don't want to be quoted here as saying that the Secretary
Asked by Senator Bridges, Rep.,
indicated only
replied that Con¬
dangerous ground if we left the Treasury a
$58,000,000,000 of expenditures, Senator Brown
about
gress
of New Hampshire, why it was necessary
above $60,000,000,000, inasmuch as present estimates
to go
would be "treading on
leeway of only $3,000,000,000."
"We would have to go above
$60,000,000,000 if the Treasury is to have
anything at all to spend on the lend-lease program, wouldn't we?"
Congress Completes Action on
$175,000,000 Appropria¬
Vandenberg asked.
passed the resolution appropriating
$175,000,000 for Army clothing and equipage. This measure
which passed the House on Jan. 29 (as noted in our issue of
Feb. 1, page 755) has been sent to the White House.
The
War Department had requested these funds in advance of
actual need in order that the Army may be able to make its
Feb. 10
on
of periods of
slack production.
Of the total amount, $155,000,000 will
be used principally for long-term purchase contracts for
material and
approximately $20,000,000 for fabricating
contracts in such a way as
materials already under
Senator Vandenberg said that he was
bill
would
"proposed
bill."
cause
a
a
$65,000,000,000 ceiling before we ever heard of the
$65,000,000,000 Following House Approval—Repub¬
Debt to $60,000,000,000
lican Amendment to Limit
148 to 105
yesterday (Feb. 14) passed, with amendments,
House-approved Dough ton bill to raise the National debt
limit to $65,000,000,000.
ThO House passed the measure
The Senate
the
Feb. 10.
'
The bill now goes back to the House for action on the
amendments, as passed by the House the bill also provided
for future taxation of Federal obligations and gave the
a
voice-vote
on
#
Treasury Department "more flexible control" over savings
as a means of financing; it also substituted
a new
bonds
obligation, called Treasury saving certificates, in lieu of the
war-savings certificates now authorized by the Second
Liberty Loan Act.
Before passing the measure by a voicevote on Feb. 10, the House defeated a Republican-sponsored
amendment, by a vote of 148 to 105, to limit the debt to
$60,000,000,000. The House approved the bill in the form in
which it was favorably reported to it on Feb.. 3 by the House
Ways Means and Committee; this Committee's action on the
legislation was reported in these columns of Feb. 8, page 916.
As to debate in the House on the bill prior to its passage by
that
body,
Press
Associated
advices from Washington,
Feb. 10, said:
Republican members utilized the
Several
afternoon's debate to criticize
Roosevelt Administration.
Representative
(Rep., Minn.) asserted that the present government debt repre¬
expenditure of $45 "for every minute since the dawn of the Christian
under
spending
Federal
the
Knutson
sents
^
era," and added:
;
give him.
Roosevelt spends all the money we
"President
got it, he'll spend it
If he hasn't
anyway."
Rep. Dough ton, on the other hand,
"Both consistency and duty
told the House:
demand that we be as prompt
implement the Treasury with the money necessary
defense obligations as we are
and willing to
to discharge our national
in creating them."
|i The present debt limit actually is $53,000,000,000, he contended, noting
that it includes old authority to issue $300,000,000 of short-term securities
and to have $4,000,000,000, of war savings certificates outstanding.
the bill was unani¬
Following its passage by the House,
Senate Finance
(Feb. 13) was
favorably reported to the Senate by the Finance Committee.
Secretary of the Treasury Morgenthau and other Treasury
officials had testified at hearings on the measure conducted
by the subcommittee of the Finance Committee, it is noted
by the Associated Press in advices from Washington, Feb. 12,
mously approved by a subcommittee of the
Committee on Feb. 12 and the next day
which further
and other Treasury officials at the hearing joined
forecasting "greatly increased taxation" and Senator Brown
Senators
in
of Michigan
proposed a 3% "general Federal sales
tax."
Senators Byrd of Virginia, Clark
of Missouri and Bailey of North Carolina, said it was impossible to estimate
how much aid to England would eventually cost or how high the Federal
debt could rise without danger of economic collapse.
Mr.
The
Morgenthau, under questioning by
Secretary said the debt
increase to
$65,000,000,000 would be suf¬
the next fiscal year,
the Treasury hoped
the next fiscal year through in¬
defense costs and British aid through
but that he could not estimate beyond that.
He said
ficient to pay for
to meet
two-thirds of expenditures
creased taxation, but did not
during
explain what taxes would be increased.
it wrote two "minor
facilitate sale
of small denomination securities through postoffices.
He predicted approval
of the debt increase by the full committee tomorrow, with possible Senate
action on Friday.
When the bill clears the Senate it must go back to the
Mr.
Brown, Chairman
amendments"
into the bill
House for consideration
Mr. Morgenthau
limit
of
of the subcommittee, said
already passed by the House to
of the minor changes.
explained that the bill would
increase the present debt
$4,000,000,000
earmarked for national
$45,000,000,000,
plus
Lend-Lease
Associated Press
yesterday
night (Feb. 14) by the
summarized Senate debate on the measure
from Washington last
the
Relations
Dem., of Michigan, Floor
explained that there would be a
under the
$7,000,000,000 leeway for Federal financing
quoted Secretary Morgenthau
proposed increase in the debt and
and other Treasury
officials as his authority.
Manager of the Legislation,
taken this week; one, the passage of
were
by the House
measure
260 to 165,
lend-lease bill
of the
steps in the progress
through Congress
on
Feb. 8, by
a
roll-call vote of
and the other, the action of the Senate Foreign
Committee
Feb.
on
reporting
13,
a
slightly
amended version of the bill favorably by a vote of 15 to 8.
that the bill will go
to the Senate floor on
It is
believed
Feb.
17, where according to Senator Barkley, Democratic
leader, debate should last no more
than two weeks.
He
expressed confidence that the bill would pass the Senate by
a
vote of at least two to one.
The Senate committee
approved bill differs from the House
in three respects; first, it provides that the amount
of aid that the President can give a foreign power under the
measure
the appropriations and contract
Congress. Opinion differed as to the
importance of this provision, Senatoi George, Chairman of
the committee describing it as a "vital amendment," while
other committee members claimed that it merely restated in
the bill what the law of the land provided for in any event,
and that it's only significance was to reassure the public that
Congress continued to hold the purse strings.
The other Senate committee changes were said only to
revise the language of the House bill.
Following passage of
the House measure, it had been contended by various authori¬
ties that the Dirksen amendment to the bill, providing that
bill
shall
limited
be
by
authorizations voted by
Congress have the right to rescind at any time any or all
presidential powers granted by the measure by concurrent
resolution, was invalid as written.' This provision was
rewritten by the Senate committee to overcome this criticism.
Prior to approving the bill, the Senate committee heard
various expressions of views by individuals including Wendell
Willkie, Republican presidential candidate in the last elec¬
tion, who had just returned from a hurried trip abroad to
survey conditions.
Mr. Willkie in his testimony supporting
the measure, declared that the United States should turn
over to the British five to ten destroyers a month, but this
suggestion did not meet a favorable reception in the Navy
Department, Secretary Knox, stating that any such move
would leave the fleet unbalanced.
When asked to comment
on
the matter, at his press conference Feb. 14 President
Roosevelt said that a lot of factors were involved, that the
question was under study and might be for some time.
With respect to the action of the Senate committee, United
Press advices of Feb. 13 said:
majority declared that the
bill contains no authority "for sending
fight on foreign soil."
broad Presidential powers
contained in the original Administration bill and to keep the "purse strings"
under Congressional control—does carry out a United States foreign policy
based
on
these two fundamental principles:
"1. The United States must strive in all ways reasonably possible to
stay at peace with all the world: and
"2. The United States must, in its own interests, supply effective ma¬
terial aid to those countries whose defense is vital to our defense."
"To the end that we may have freedom," the report said, "the bill casts
the strength of American industry into the struggle against forces which
may be directed against us."
The report was issued a few hours after the committee voted 15 to 8
to report the modified bill.
It was signed by the fourteen Democrats and
one Republican
(Wallace H. White, Me.), who voted approval.
Major Administration concession leaves with Congress "full control over
American troops,
said
It
the purse
The
velt
the
under any circumstances, to
measure—revised
to curb the
strings."
$1,300,000,000 the amount of aid President Roose¬
belligerents without further Congressional
back to Congress for appro¬
and contractual authority each time he wishes to assist Britain
provision limits to
may
provide to friendly
authorization.
He would be required to come
that amount.
W. Barkley said it was "a
Democratic Leader Alben
that the Senate
would pass the measure by a
reasonable hope"
2 to 1 majority within ten
He said he believed the opposition had only 20 to 25
Committee rejected an amendment declaring that
votes.
nothing in the
measure authorizes the sending of United States Army and Navy forces
outside the Western Hemisphere or United States possessions and territories,
days.
follows:
as
Senator Brown,
Committee
House—Senate
Passes
Bill
and her allies beyond
Advices
taxation.
Approves Amended Version—Wendell Willkie Urges
Passage and Proposes Giving Destroyers to British
—Proposal Opposed by Secretary Knox
priations
defense.
Brown and Senator Tydings, Dem.,
♦
The
reported:
Secretary Morgenthau
lend-lease
'
opinion that Congress at once should consider
the question of raising new revenues from
Two major
Bill Raising Debt Limit to
Brown replied.
perplexed because the British-aid
deficit and the Treasury had
■
of Maryland, expressed the
Senator
.
additional
to take advantage
Senat* Amends and Passes
by
tremendous
Several Senators, including Senator
contract.
Defeated by House
>
"The Senator is correct about that," Senator
Army Clothing and Equipage
tion for
The Senate
made
the estimate."
The
including the Philippine
Islands.
The Commercial & Financial Chronicle
1064
The House-approved bill contained
a
"I
Mr.
provision limiting to $1,300,000,000
on
the amount of contracts which Mr. Roosevelt could have made for arma¬
Mr.
providing that the President's aid powers will end either
on
automatically expire—or earlier if Congress adopts
resolution
terminating them.
a
Concerning
a concurrent
The
Charles
L.
McNary requiring that nations getting American
vessels must return them in good condition
destruction
or pay
practicable after hostilities
as soon as
on
merchant
the
cash for their damage or
Inevitably will be at
war a
month
men
who
we
But, with American assistance, England
will win, he said.
Just
a
of war.
And
abroad,
Mr.
A bill
an
to prepare, and James B.
Conant, President of Harvard University, had not only backed the measure,
but said that as a "last resort" he favored
sending troops to Europe to
defend the democratic way of life.
bill, Mr. Willkie proposed that it stipulate that
American assistance should go only to Great
Britain, the British Empire,
Greece and China, with Congress reserving the
right to include other
nations.
He asked, too, that certain phrases be eliminated and others more
that there would be
no
the
(R., Cal.) assured him
obstruction.
Committee
which is headed
added:
was
/•,. ■''-''vy
to
collapse,
would
we
be in
war
a
month
special
House
was
a month or 60
United
days."
shipping carrying supplies to the beleaguered island.
Flatly advocating
such a step, he said Britain "needs
destroyers desperately."
"No man can guarantee to you that the
policy of aid to Britain will not
involve the United States in war," he said, but he
solemnly added that Hitler
is far less apt to be aggressive toward the Western
Hemisphere while England
,
After Willkie's testimony, it was disclosed that he and
President Roose¬
velt had
arranged a conference for last night in the White House.
The
schedule called for Willkie to visit Mr. Roosevelt about
10 p. m., after Mr.
Roosevelt finished receiving guests at the annual
reception for Army and
Navy officers.
to a close and
one
the third witness of
With
a
day which brought the Senate's hearings
found the proponents of the bill
bringing up their big guns for
respect
to
Secretary Knox's
thereto,
United
rejoinder
comment
Press
advices of Feb. 12 said:
"We have
no
Knox said at
It
was
a
more
press
the second
ships to spare if
and
Mr.
Washington
want
a
balanced fleet,"
Mr.
time
in less than
weeks
that he had raised
an
"surprised" to read Mr. Knox's statement.
Navy
assistance
or
my views that we are in a
national
my testimony yes¬
position, without any injury
defense,/ to give Great Yritain immediate effective
by furnishing to her additional destroyers."
on
Feb. 11 when that
pressing defense
Court
on
Refuses
to
Review
NLRB Order Involving
Co.—Order
River
Charged
Rouge Plant
Coercion
of
of the National Labor Relations Board which
charged that the Ford Motor Co. coerced and intimidated
workers at the company's River Rouge
plant, was auto¬
matically upheld by the United States Supreme Court when,
Feb. 10, it refused to review a decision handed down on
8 by the Federal Circuit Court of
Appeals in Cin¬
cinnati.
The lower court's decision was referred to in our
on
Oct.
issue
of
Oct.
12,
page 2121.
In a statement issued in
10, I. A. Capizzi, counsel for the Ford
company, said that the Ford Motor Co. will take imme¬
diate steps to comply with the decree of the Circuit Court
of Appeals.
The statement of Mr. Capizzi, as contained
in Detroit advices, Feb. 10, to the New York "Herald
Tribune" of Feb. 11, follows:
on
case
bargaining,
Feb.
did not Involve any question of union
recognition or collective
as
in
has been implied in
It
relation to union
a press statement
by the United Auto¬
principally concerned Mr. Ford's right of free speech
matters,
the company's
alleged responsibility for
a
riot which took place during the sit-down strike
period in
1937, and the
alleged discriminatory discharge—over a period of six months—of 23 men,
out of the 86,000 men
employed by the company at the River Rouge plant.
The action
of the
Supreme Court
the Circuit Court said
The refusal of the
leaves
in
effect
the
decision
of the
upholding Mr. Ford's right of free speech, which
was
the most important issue in the case.
Supreme Court
to
review the
decision of the lower
other points emphasizes the limited
scope of judicial review of
the actions of the NLRB, and should
give impetus to proposals pending in
court
on
Congress to provide for wider
The "high authorities" presumably were Mr.
Roosevelt, since the Presi¬
dent was the only Government official on whom Mr. Willkie
called after
his dramatic appearance at the committee
hearing. He told the committee
that British Prime Minister Winston Churchill
had informed him that
additional destroyers were among England's three most
needs.
An order
'
at
Circuit Court of Appeals
York, "after
to our
Supreme
Motor
Workers
mobile Workers.
two
"Information given me by high authorities In the
Government," he told
the United Press by telephone from New
terday confirmed
States
Ford
This
we
conference.
emphatic voice against aiding Britain "by depleting the fleet."
Mr. Willkie, who conferred with President Roosevelt last
night after
urging before the Senate Foreign Relations Committee that this
country
send Britain from five to ten additional
destroyers each month, said he
was
Committee investigating
extended
Lower Court's Decision
Detroit
concluding salvo.
Willkie's
Continue
$235,000.
afterward.
One of the greatest aids that the United States could
give, he declared;
would be to send Britain five or ten destroyers a month to
protect merchant
was
to
Reynolds (D„ N. C.), member of the
Senate Foreign Relations Committee.
Willkie
$150,000
♦
"One month*" ejaculated Senator
stands.
as
established in June, 1938 and has previously received
That's my guess."
"Well,
the
con¬
$150,000 to carry on its work.
The group,
by Representative Dies, Democrat of Texas,
Willkie testified, offered the American people
their "only chance to defend liberty without themselves
going to war." He
were
have
providing for
body voted 353 to 6 to continue the group until April 1,
1942.
The House then approved a resolution
giving the
The lend-lease bill, Mr.
"If Britain
Months—Votes
un-American activities
Senator Johnson
necessarily
one
Investigation of Un-American Activities
Fifteen
The life of
possible.
discussion.
not
Activities of Dies Committee
In addition, he wanted the*bill passed with all
speed commensurate with
free parliamentary
though
appropriating $1,146,394,496 for the Treasury and
passed
for
big
as
consult,
$1,146,394,496 for Treasury and Post Office
Departments
House Extends
Toward the close of his testimony, he appealed to the
majority to be
tolerant when amendments were proposed,
accept them if possible to do so
without hampering United States aid to
England, and thus build up as
vote for the measure
must
♦
would give the
President excessive power.
a
Roosevelt
by the House on Feb. 13. The measure, which was sent to
the Senate, was $8,979,496 below budget estimates and
$3,745,816 below the appropriations for the current fiscal
year.
The Post Office Department received $842,064,311
while the Treasury Department's total is $304,330,185.
Included in the Treasury's funds is a $62,193,150 item to
provide for the increased Coast Guard activities, resulting
from defense and neutrality patrol work.
urged passage of the bill to give America time
measure
simple majority vote in both
a
Post Office Departments for the fiscal year 1942 was
"He (President Roosevelt) is my President now."
those who feared the
by
powers granted under the measure.
proviso that before sending any Army and Navy equipment
a
House Vote
Mr. Willkie took the stand after Mayor LaGuardia of New York had
reassure
of the
point.
frenzy of applause with
the execu¬
Steadfastly they opposed and uniformly defeated all such amendments
assertion that he fought hard during the campaign,
pulled no punches, the
American people decided against him, and:
closely defined to
any
old coals."
And he set the throng of spectators into
years on
the Republicans offered them.
still the same, but that he was striving for national
unity and
one
(The chamber
the over-all cost
on
gressional repeal of the powers given, which went through when they were
napping—Administration leaders refused to grant any more concessions.
Repeatedly he found himself at odds with Senator Clark (D., Mo.), who
As modifications of the
under appropriation which may be sent abroad.
or
Having backed all these restrictions—except the
Insisted upon going over the speeches Willkie made during the
campaign
criticizing Mr. Roosevelt's activities in the foreign field.
Willkie said his
over
concession after
approval of, the ranking officers of the Army and Navy.
polite
campaign speeches," he observed at
one
A stipulation that the bill contains no new authority for
assigning naval
vessels to convoy duty or sending American merchant ships into the zones
defiance at the opponents of the bill among the committee members.
were
hand
houses,
still drooping over one eye, his voice throaty and hoarse as
ever, smoking
endless cigarettes and always ready with an answer, he breathed
good purpose In "raking
strategy of yielding
measure.
passed contained all its original provisions but
A proviso that Congress may rescind,
They are a free
Millions of them will die before they give up that island. When
they'll force that bunch of robbers to give up."
Willkie yesterday was the same aggressive, unyielding battler that he
proved to be In the presidential campaign.
His hair freshly trimmed but
were
as
tion of these contracts.
"The people of Britain are united almost beyond belief.
no
largest possible majority to increase the prestige of the program abroad,
delivering military equipment to other nations and five
the going gets tough,
"They
historic,
A time limit of two years on the President's power to make contracts for
sit
people.
views
an
Democratic leaders, seeking
of the program.)
back from a flying tour of Great Britain, he testified:
saw
by the House, Asso¬
refused, however, to place $7,000,000,000 limitation
telling where the "mad
can and
measure
A limit of $1,300,000,000 on the value of American defense items
already
on
loose in the world" may strike next.
are
while testifying on
ago
also these restrictions:
Th# United States should send all its bombers—except those needed for
no
pending
At that time high administrationists
through, and on to Senate, at the climax of
Consequently, the bill
later.
or two
training—and five or 10 destroyers a month, he said, adding that if
ourselves, there is
are no
destroyers to Britain.
of the
passage
went
measure
another to the ctitics of the
Wendell L. Willkie backed the lease-lend bill yesterday—with a call for
some modifications—and
told the Senate Foreign Relations Committee
back and withdraw within
position two weeks
more
met this situation with a successful
cease.
Washington Feb. 11, bear¬
Wendell Willkie's testimony, said in part;
that, if Britain falls, America
his
the Republican side of the wide center aisle.
Associated Press advices from
ing
he knows, there
as
week-long controversy, which found most of the opposition coming from
proposal by Senate Republican leader
a
far
ciated Press Washington advices of Feb. 8 said:
resolution requires only a simple
majority of Congress and cannot be vetoed by the President.
The Senate Committee defeated
Knox first stated
advocating delivery of
were
was one
June 30,1943—
when they
Mr. Willkie's statement,"
further."
so
President Roosevelt's lend-lease bill.
authority.
Only other significant change from the House-approved version
Such
any
on
Secretary of the Navy, is against de¬
as
requests from Britain for destroyers, submarines, cruisers or other warships.
The Senate Committee change was designed to overcome opposition to
what was termed "blank check"
"My position,
certainly have not." He added that
supplies without first obtaining Congressional approval.
ments
going to express myself directly
Asked if the fleet has any destroyers to spare, he replied sharply: "We
But it placed no celling on
order.
not
am
Knox said.
pleting the United States fleet
Army and Navy material that could be sent
abroad from supplies now on hand or
1941
IS,
Willkie proposal.
It could be "construed as a grant to the President of dictatorial power or that
It would suspend or affect Federal labor legislation."
the amount of United States
Feb.
Mr. Knox made his statement when asked whether he subscribed to the
The majority report, a spirited defense of the entire measure, denied that
labor board
to be
court
review
and
for drastic revisions of
procedure, which has been found by a congressional committee
grossly unfair.
The company will, as a matter of
course, take immediate steps to comply
decree of the Circuit Court of Appeals,
although the company
with the
has
always contended and still contends that it has
violation of the law.
not
engaged in
any
Volume
The
The Commercial & Financial Chronicle
152
following bearing
the Supreme Court's refusal to
on
review the lower court's decision is from
Washington advices,
Court action
orders
granting
Murphy, who
through
one
refusing
to
came
or
of the customary formal and unexplained
examine
lower
court
findings.
Justice
Governor of Michigan when the 1937 automobile strikes
was
and disorders occurred, did not participate in the order.
Because controversies have developed within the Administration
regard¬
ing contracts for the Ford
company
for national defense, the refusal of
review may have some bearing upon future awards.
Litigation
from complaints that the Ford company was responsible
arose
for attacks upon individuals trying to distribute literature for the United
Automobile Workers
Under the board order the company was required to stop discouraging
is
case
or
or
any
other union, to
cease
Seeking
controversies
of several
board
rulings
Beach, Calif.; and Buffalo,
now
destined
against
to
reach
the
Suit for
Ford plants in
ful
Long
Somerville
(Mass.),
It is also said that the U. A.
St.
Louis and
Kansas
City plants.
W. has filed charges against the company
regarding actions at the Dearborn (Mich.) plant.
Workmen in the present case, the Ford interests stated, were discharged
for poor performances, failure to report for work and other reasons.
The
lawyers said that the Ford company feared that sit-down strikes
Michigan General Motors and Chrysler plants in 1937 would be repeated
Ford factories.
in
There had
been, they stated, fear of "a like violent
and lawless seizure of the Ford plant.
While upholding the board in its complaint against the Ford company,
the Sixth Circuit
Court, however, refused to sustain charges that distri¬
bution of statements of Henry Ford's labor views to his workers was
unfair practice.
the organization started
So far the Government has taken
no
an
notice of this par¬
ticular action, but it is said that the Department of Justice may soon ask
the Supreme Court to reverse the lower tribunal on this point.
filed by the dairy in Cook County Superior
was
This tribunal enjoined acts of violence but permitted peace¬
The State Supreme Court, however, enjoined all picketing
the ground that there was no
employer-employee relationship.
on
Fertilizer
Firms Indicted by Federal Grand Jury for
Alleged Violation of Anti-Trust Laws—Two Trade
Associations, 64 Companies and 36 Individuals
Charged with Conspiring to Fix Prices and Sup¬
press Competition
Following investigations lasting about a year, a special
grand jury for the middle United States District
Court of North Carolina, on Feb. 10 at Winston-Salem,
N. C., handed down an indictment against two trade asso¬
ciations, 64 corporations and 36 individuals for alleged vio¬
lation of the anti-trust laws.
The indictment resulted from
made by the Department of Justice that those
named conspired to maintain uniform prices and to restrain
and restrict competition in the fertilizer industry for a
period
of 10 years. The companies, it is pointed out, are engaged
charges
in
production and distribution of mixed fertilizer in the
United States, Canada and Cuba.
In an Associated Press account
from Winston-Salem,
stated regarding the action of the
Feb. 10, the following was
Federal grand jury:
It
not indicated when the trials would start
was
dicted firms and officials would be tried at
one
whether all
or
time
or
separately.
The defendants, court officials said, will be allowed to post
States
Supreme Court Clarifies Legality of
Anti-Picketing Injunctions—Voids One Ban in
6-to-2
Decisions, but Sustains Other Involving
Violence
by 5-to-3—Justice Frankfurter Writes
Both Majority Opinions
In
two
labor
rulings in
use
of pickets in
disputes, the United States Supreme Court
10 clarified
one
involving the
cases
the
Feb.
on
legality of anti-picketing injunctions.
In
instance the Court held that picketing by a labor or¬
ganization
occurs
may
be prohibited by injunction where violence
in the controversy, but in the other case ruled that
picketing activities mav not be enjoined merely because the
pickets were not employed by the firm involved in the
labor dispute.
The Supreme Court of eight members was
in disagreement in both cases, and Associate Justice Frank¬
furter wrote the majority opinion in each intsance.
There
has been one vacancy on the Court since the retirement
Feb. 1 of Associate Justice James Clark McReynolds.
The Court was divided 5 to 3 in its decision that picketing
could be enjoined where violence accompanied such activities.
The Court in this case upheld validity of an anti-picketing
injunction issued against the Chicago Milk Wagon Drivers
Union, affiliated with the American Federation of Labor,
in a controversy with Meadowmoor Dairies, Inc.
The
second case, decided by a 6 to 2 vote, involved a Chicago
local of the Hairdressers and Cosmetologists Union, also
affiliated with the A. F. of L., and a beauty parlor owner
and its workers, who, it is claimed, did not desire to join the
union.
According to Washington advices, Feb. 10, by the
Associated Press, the two cases were decided by the Supreme
Court
1. An injunction restraining an A. F. of L. Hairdressers and Cosmetolo¬
gists' Union from picketing the Ross W. Swing Beauty Parlor was held an
unconstitutional interference with freedom of speech.
The proprietor of
the
to
arrested,
under
conditions to
parlor said the picketing started after his 16 women employees refused
join the union and he declined to compel them to do so.
"The interdependence of
economic interest of all engaged in the same
industry has become a commonplace," said Frankfurter's opinion.
"The
be approved
bond, in lieu
by Federal
District
Judge J. Johnson Hayes, presiding at a term of district court here.
The following is from Washington advices, Feb.
appearing in the New York "Journal of Commerce":
indictment
The
with
10,
charges that the National Fertilizer Association, Inc.,
membership of
a
more
than 300 companies, including defendant
com¬
panies, is the instrumentality through which many of the details of the
alleged conspiracy have been carried out.
:
The interests of more than 2,000,000 farmers
using fertilizer
affected
are
by the practices charged in the indictment, and It is further alleged that the
defendant companies control more than 75% of the annual distribution of
fertilizer in the United States, amounting to
gross
sales of approximately
$200,000,000 annually.
More than 50% of the total annual production of fertilizer in the United
States,
the Department states,
is consumed in the six
principally on tobacco, corn and cotton
Southern
The indictment is
crops.
series returned against various segments of the entire fertilizer
States,
one
of
a
industry.
Answering the Department's charges, the National Fertilizer Association
today declared that the charge of price-fixing comes to it in spite of the
over 800 independently operating fertilizer plants in this
country
fact that
have shown, a record of years of
fluctuating prices and of
very
low prices.,
Commenting upon the Department's action Charles J. Brand, Executive
and Treasurer of the National Fertilizer Association
Secretary
"The
farmers
declared:
United States Department of Agriculture figures show
receiving 101 % on the average for the commodities which they
latest
are
If prices for fertilizer in 1940 had been as high as the average price
they buy, the farmers' fertilizer bill would have been $54,-
buy.
of other things
000,000 more."
Fertilizer
prices,
Mr.
Brand asserted,
have been anything but rigid.
They fell 39% between 1929 and 1933; this drop, he said, was greater than
the
all
commodity drop.
extent that
Fertilizer prices have
other prices have.
never
recovered
to
the
The average price of the most widely used
grade was $22.40 in 1929, $14.77 in 1933, and $17.12 in 1938.
"If this widely scattered industry had the power to fix prices," Mr.
Brand declared. i"it seems that they would have fixed them at profitable
As it stands, the manufacturer got
figures.
each dollar the farmer spent
follows:
as
the in¬
The
companies are members of the National Fertilizer Association, Inc., and of
Superphosphate Association, Inc.
of being
United
the
accompanied by violence which the unionists
Federal
before the lower courts.
Board orders have been issued against the company in connection with
in
dairy industry,
was
picketing.
Other
Dallas,
In addition the board has received complaints of interference with union
company
It
injunction
an
Court in 1935.
discharged
court.
organization and refusal to bargain collectively at the Richmond (Calif.)
and Chicago plants.
disputes at the
controlled
individuals.
attributed to "drunken and irresponsible union members."
interfering with organizing rights of employees and
first
affect
unionize the
to
picketing in 1934.
"threatening,
back pay 23 men who the board found were
the
or
or
of wages and hours.
for union activity.
The
it to stores
V]y";S:
membership in the U. A. W.
assaulting, beating"
dairy distributed its product by
system—selling the product to persons who owned
trucks and they in turn would sell
own
This system, it was asserted resulted in a low wage scale and long hours for
the vendors and their employees and was detrimental to the union standard
(Congress for Industrial Organizations) at the River
Rouge plant in 1937.
to reinstate with
the vendor
their
Feb. 10, to the New York "Times" of Feb. 11:
1065
The milk wagon drivers contended the
trast with the
industry's.
a
profit of only lKc.'out of
for fertilizer."
Mr. Brand said that the farmer receives
which is in sharp con¬
The Association, he said, is willing to be judged
a return
by its record.
"It has cooperated effectively with farmers and farm
particularly
State
and
Federal agricultural
workers,"
leaders, including
Mr.
Brand said,
"in both the encouragement of research and In bringing farmers the results
of research in terms of practical application."
right of free communication cannot therefore be mutilated by denying it
to workers,
in
a
dispute with an employer, even though they are not in his
Court Enters Not
Guilty Pleas for I. G. Farbenindustrie
Magnesium Trust Case—So-Called German Dye
Trust Follows Action of Other Corporations Named
employ."
Chief Justice Hughes and Justice
in
Roberts dissented.
2. An injunction restraining an independent milk wagon dirivers' union
from picketing stores
scribed
of
as
State
a
sovereignty
to
curb
violence.
Justice Black wrote
a
14-page
dissent, just twice as long as the majority opinion, in which he was joined
by Justice Douglas, while Justice Reed wrote a separate dissent; all three
said that the injunction violated
free speech.
Justice Frankfurter said the question was "whether a State can choose
to authorize
when
is
its courts to enjoin acts of picketing in themselves peaceful
they are enmeshed with contemporaneously violent conduct which
concededly outlawed."
"It must never be forgotten," he continued, "that the
the child
of the
Enlightenment.
Bill of Rights
was
Back of the guarantee of free speech
lay faith in the power of an appeal to reason by all the peaceful means for
gaining access to the mind.
"It was in order to avert
force and explosions due to restrictions
rational modes of communication that the guarantee of free
given a generous scope.
upon
speech was
But utterance in a context of violence can lose its
significance as an appeal to reason and become part of an instrument of
force.
Such utterance was not meant to be sheltered by the Constitution."
Justice Black contended that the majority ruling "gives approval to an
seriously infringes upon
freedom of speech and the press."
"
injunction
in Federal Indictments
selling products of Meadowmoor Dairies, Inc., de¬
"cut-rate" company, was upheld as a constitutional exercise
which
the constitutional
rights
of
Federal Judge Alfred C. Coxe in New York on Feb. 7
entered a plea of not guilty in behalf of I. G. Farbenindustrie
A.
G., of Germany, known as the German Dye Trust, which,
corporations and their officers, was charged
in Federal indictments of forming an international mag¬
nesium trust, bringing about a certailment of the production
and use of magnesium and magnesium alloys.
The other
five corporations entered similar pleas before Judge Coxe
on Feb. 5, as noted in our issue of Feb. 8, page 918.
The following regarding the latest action in the case is
with five other
from the New York "Times" of Feb. 8:
Samuel
defense
S.
Isseks,
industry
Federal attorney in charge of the investigation of
bottlenecks, declared that
representative of the German trust.
Isseks,
Karl
Hochswender
was
the
Mr. Hochswender, according to Mr.
has been formally notified that he is expected to answer to the
charges of violating the Sherman Anti-Trust Law in behalf of the German
organization.
Mr.
Hochswender,
.
however, although
he
pleaded
not
guilty
to# the
charges against himself as an officer of Magnesium Development Corp.,
The Commercial & Financial Chronicle
1066
has
dye trust situation,
mute on the
kas remained
No other representative
Feb.
15, 1941
Private Bankers and Government Officials
General
spoken for the trust.
Agreement
Reported in
Charter of Inter-American
on
Bank
Appeals at Philadelphia
Orders Rehearing of NLRB Case Involving Newark
"Ledger"—Previously Ruling of Court Limited
Board's Jurisdiction—Reargument Set for Feb. 20
United
Third
The
Philadelphia
of
case
Court
Circuit
Federal
Newark
between
of the NLRB to "police
the employer and
decision
to
disclosed
by
fixed
Feb. 20,
for
the
employee under
a
No official explanation
bargaining agreement"
collective
of the
at
Morning Ledger Co., in which the court on
(N. J.)
Feb. 3 ruled that it is not the duty
the relations
Appeals
of
Board involving the
Labor Relations
National
the
Court
Circuit
States
Feb. 7 ordered reopened and reargued the
on
the case was offered, but it was
Feb. 7, that reargument has been
reopen
court,
NLRB
Agnes
reinstate
to
Fahy,
Reference
Jones.
court's
the
to
made in these columns Feb.
8,
an
ruling of Feb. 3 was
919.
The Philadelphia
page
"Inquirer" of Feb. 8 had the following to say regarding the
decision of the court to rehear the
Judge Maris did not explain the
"it
the
court's
motion
and
was
not a result of any formal
by the American Newspaper Guild."
Tho Guild has been supporting Miss Fahy's claim for reinstatement on
the Newark "Morning Ledger" ever since she was fired in
September, 1937,
was
on
petition
own
either by the Labor Board
or
five weeks after the newspaper signed a contract with the Guild and
agreed
to discharge no one because of union activities.
Miss
when
Fahy
she
President
was
dismissed,
was
of
the
and
Newark
Judge
local
Maria's
of
the
opinion
the
court
was
activity
But
the behalf of the Guild."
on
even
statement
the court
so,
then
held, the NLRB could not order her
andjfiss Fahy's only
either
recourse
rein¬
or, if it did not,
a violation of contract.
involving NLRB rulings also were ordered reargued on
Feb. 20 by Judge Maris's colleagues yesterday, but in neither of these has a
sue
tj£r"ne\vspaper in Federal District Court for
other
They
Suburban
the
Lumber
Co.
ordered reargued by Judge
ordered by Judge Biggs.
Both
originally were argued in Circuit Court Oct. 23.
were
branches
reopen the case in a single sen¬
.V':.^
February, 1941, it is hereby ordered
Labor
Morning
Ledger Co.)
that the
reargument be fixed for Thursday,
be
restored
to
the
Relations
Feb.
Board
vs.
Newark
for rehearing, and
20, 1941, before the court
argument
list
Jones
Reveals
RFC
Prepared
to Make Loans to American Investors to Purchase
Direct
British
Investments
Here—Would
Also
lb*
Facilitate
Liquidation of British-Owned American
Securities
State
no
reason
why
the
Federal
Government should not "lend money to American investors
its
discussed
and
had
achieved.
been
W.
said.
Export-Import
the
American
investments of the British in the United States.
Sir Edward
Director of the Bank of England, has been in
this country the past several weeks for the express
purpose
of liquidating the British Government's investments
here,
estimated at $900,000,000, to obtain dollar
exchange for war
material purchases. Sir Edward, who is now in
Washington,
a
that sale of the investments will be "con¬
orderly fashion." He disclosed that no invest¬
had been sold thus far, explaining that it will take time
an
to make valuations and
decide upon methods of sale.
Feb. 12 said that it would also be practical
to make loans to American investors to facilitate the
on
liquida¬
tion of the estimated $600,000,000 of
easily-marketable
American securities owned by the British.
His further
remarks at his press conference that day were summarized
as
follows in Washington advices, Feb. 12, to the New
York
Among others attending
Republics
"Herald-Tribune" of Feb.
Jones
investors"
was
to
asked
whether the
13:
R.
F.
acquire New York real estate,
C.
would
which
is
lend to
"qualified
believed to be
an
Important part of the British investments.
"No
why
reason
but he
then
we
should not lend
on
pointed out "there is not
direct
sisting of private
&
Williamson
investments
in
the
a
New York real estate," he said,
good market for New York real
United
concerns such as Lever
Tobacco
Co.,
whether
It
this
States
are
diversified,
con¬
Bros., soap manufacturers, Brown
distributor
Since the arrival of Sir Edward, two or three groups of American invest¬
to the
Treasury to confer with Henry
Morgenthau Jr., Secretary of the Treasury, and other
tne future
plans to acquire these British investments.
the
of
Adolf
Berle,
"V.:
powers
March
the bank convention,
that
United
the
while
including a model
should follow the
States charter
'y
United
the
States,
Mexico, Brazil and Co¬
lombia agreed to subscribe their allotted share in the Bank's
stock; this was mentioned in these columns March 30,
2021. *:.•••
page
+
Annual
Report of Secretary of Commerce Jones Places
in Last Fiscal Year at
High for Decade—War Induced Marked Increase in
Industrial Output—Expansion in Bank Portfolios
National Income Payments
National
June
income
monetary experts
payments
the
in
fiscal
30, 1940, amounted to $71,900,000,000,
yeaif
ended
increase of
an
$4,000,000,000 over the fiscal year 1939 and $1,000,000,000
over
1937, according to the annual report to Congress of
Jesse H. Jones, Secretary of Commerce.
Income payments
during the year were
decade, he said.
income
activity,
the
enjoyed
of the
quarter
those of any year in the
fiscal
year
of
labor costs.
Moreover, though
rising
prices,
though
those
largest
combination
and
as
the larger income,
in
business
in
upswings
high
as
The report continued:
shared
groups
second
is
as
receiving
percentage
unusually high
were
expanded
production,
they experienced
the
in
the
of
relatively
decline
some
other
in
result
a
most
and
Profits
as
and
in
case
dividends
gain.
the
stable
the third
fourth quarters,
profits still remained substantially above those of the
as those of the average for the decade.
Reports for
industrial corporations showed an increase in profits of 68%
previous year
large
the
over
second
the
peak
as
well
preceding
fiscal
highest figure
Labor
income,
increase
an
impressive
December
rising 5%
increase,
and
which
work-relief payments,
to a total of $45,400,000,000.
year
in
year,
brought
profits to the
advanced
$2,176,000,000
the decade.
in
including
January,
a
on
Salaries and
over
1939.
seasonally
wages
showed
an
These reached their
adjusted
basis,
and
in
with large dividend disbursements helped produce at this time
highest rate of income payments during the year.
Agricultural income, including Government payments, also improved
decidedly in the fiscal year 1940, though it remained below the 1937 level.
The
gain
almost entirely attributable
was
The
ucts.
outbreak
of
induced
war
to higher
considerable
prices
for
farm
prod¬
in
farm
com¬
activity
modity markets, and farm prices advanced 13% from August through
February.
Though they weakened after February, the end of the year
still
found
the
in
year
prices much
about
was
above the previous year.
$8,810,000,000,
'",/''■■■!
1939.
which
Hence farm
with
compares
income
for
$8,166,000,000
•
Reacting to the outbreak of war in Europe, Mr. Jones
said, industrial activity in the United States rose 21% from
August to December, 1939, half of which advance was lost
in
the
decline
which
April, 1940, but
then set in and continued through
mostly regained during May and June.
was
He continued:
Most
industries
participated
in
the
entire swing,
though
as
is
usually
the case, the durable goods industries experienced a wider fluctuation than
the non-durables.
Thus the Federal Reserve index of durable
goods pro¬
duction advanced 32% in the
A
few
increased
industries
of
upswing and then declined 19% until April,
8% and fell back 9% in the same period.
extreme
military importance showed an almost
expansion in production during the year.
Shipbuilding, for
large amount of unused capacity existed before the war, registered
the considerable increase in production of 31%
by the end of the year.
continuous
a
The
aircraft, industry was forced to increase its capacity steadily, and
output had risen 100% by the end of the year.
In the same period
machinery production recorded an advance of 27%.
The
output of steel and of automobiles, though
fluctuating rather
of
on
Chief
and
A: T'
Bank's
that
provides only
"substantially."
Last
steel
companies have sent emissaries
Assistant
Department,
objection had been broached at doday's session.
pointed out
was
model
and
manufacturer of popular
brand cigarettes: chemical and oil companies, real estate, ranch lands and
ment
Warren Lee Pierson, President
Collado,
State
the
State.
charter,
cotton fields, and other assets.
►
were
Emilio
Dr.
of
that banking interests had protested the
to lend directly to private enter¬
prise and had sought restrictions limiting its field to loans to governments
and central banks.
The State Department's announcement did not 6ay
which
estate."
British
Bank,
understood
was
Inter-American
while non-durables
Mr.
Bank;
Division
Secretary of
Previously it
proposed
the
PMr. Jones
questions
Boston, represented private banking interests at today's meeting, informed
combination
Corporation is now prepared to make loans to
"qualified borrowers" who might wish to purchase direct
ments
that
Inter-American
•'
of
Finance
ducted in
session
proposed
unguaranteed short-term loans, had been
agreement" on the results of the conference
"general
sources
especially
11
that
today's
the
make
to
power
after
of
powers
York; Robert F. Loree, Vice-President of the Guaranty Trust Co. of New
in
Feb.
Associated
York, and Charles E. Spencer Jr., President of the First National Bank of
buy American investments," Jesse H. Jones, Secretary
Administrator, declared at
his press conference Feb.
12, that the Reconstruction
on
with
those
the
to
Randolph Burgess, Vice-Chairman of the National City Bank of New
of Commerce and Federal Loan
said
technical
including
to
Peacock,
especially
according
announced
Department
the
373
Stating that he knows of
banks,
America,
reported the following :
regarding
All
Commerce
private
of
Latin
in
proposed bank to be created through a conven¬
by the Inter-American Financial and Ad¬
visory Committee and now before nine American govern¬
ments, including the United States, for ratification.
The
Associated Press, in its Washington advices of Feb. 7, also
business
of
by
negotiated
rapid
Secretary
on
reached
tition in the
tion
bank."
en
Department
been
case,
Judge Maris announced his decision to
"And now, to wit, the seventh day of
that the above entitled case (National
had
Press, has been the threat of Government-sponsored compe¬
case,
tence:
objection
mary
cases
Clark, and the Southern Steamship Co.
State
the
bankers and Government officials on disputed
points in the charter of the proposed $100,000,000 InterAmerican Bank, designed to implement closer financial and
economic cooperation in the Western Hemisphere.
The pri¬
been filed.
decision
by
agreement"
to take the matter to
was
arbitratiom^tbe
contract provided for 6uch machinery,
to
Two
made
was
"general
a
private
Newspaper Guild
said
"satisfied there is evidentiary support for the finding of the (National Labor
Relations) Board that the action was taken because of her membership in
and
that
Assistant
case :
for his order, except to say that
reason
7
The
employee of the
Morning Ledger Co., with three years' back pay from the
time of her dismissal in 1937, was written by Judge Albert
B. Maris, in which Judges William Clark and Herbert F.
Goodrich concurred.
The other two judges of the court are
John Biggs Jr., senior member of the bench, and Charles
A.
Feb.
before all five judges of the court.
The court's ruling of Feb. 3, which set aside an order of
the
Announcement
of
widely,
rose
were
considerably
produced, 50%
automobiles
was
the
over
more
third
that
of
1939.
About
59.000,000
tons
of
than in the previous year, while the output
the decade.
Among non-durable
highest in
commodities, production of textiles and pulp and paper products registered
significant gains.
Here, too, production moved widely as inventory pur¬
chasing raised activity in the fall to near-record levels which could not
be maintained after
December.
Volume
The
production of electrical
demand
being
produce
a
superimposed
continued to rise, increased industrial
power
the
upon
secular
record of 12,250,000,000 kwh.
new
was 12% above 1939.
Freight car loadings registered
other uses to
Output for the
of
advance
in January.
>'/!
13% gain over the previous year.
year
a
The
peak was achieved in the third week of October when car loadings were
856,289, the largest number in any week since November, 1930.
Large
Movement
inventory accumulation undoubtedly aided the October advance.
and
coke
of
c.
59%
also
loadings
merchandise 1.
evidence
78%, respectively, while coal and
substantial gains.
Agricultural and
1. loadings showed a downward trend, which had been in
increased
ore
miscellaneous
and
showed
the whole decade.
over
"Much of the rise in industrial production from
to
on
had
incomes
turned
reached
swing
down, continuing to advance until a peak of 110 had
in
February.
Liquidation during the remainder of the down¬
small, the index falling to 108.2 in June.
Though the whole
was
accumulation
the
represented
considerable
evidence at the end of the year
would
which
level
of
In
h„
$1,300,000,000,
of
investment
pointed to
increase in business activity
an
production.
•.
durable goods
the
'-"I; v*-.'
the larger accumula¬
industries recorded
firms
movement.
However,
non-durables, including chemicals, textiles, paper, and rubber prod¬
certain
also
ucts,
constituting
Wholesalers'
inventories
from
September
to
97
added
scored
vanguard
the
of
substantial
another
100) at the beginning of;
Diminished demand after De¬
equals
1939,
of October.
end
the index
of their rise by October,
most
(December,
at the
101
the
sizable gains.
registered
advancing
cember
increment
wholesalers'
to
inventories
in
January.
Liquidation of these added stocks continued to the aid of the
year, leaving supplies about 7.6% higher than a year previous.
A move¬
ment
similar
in
general outline, but somewhat smaller in magnitude,
occurred in the stocks of retail
With
Jones
department stores.
activity expanded the business of banks during the
industrial
than $1,700,000,000, a gain of
previous year.
However, the
flotation of corporate securities failed to advance, reaching only a total of
$2,279,000,000, 8% less than in 1939 and about half the 1935-36 volume.
About $750,000,000 of the increase in loans and investments represented
over
and
the
investments
volume
concurrently
more
rose
the
at
end
the
of
the major part of which gain was
in the second quarter of the
to business,
volume of loans
larger
with
buying
inventory
business activity
lifted business loans to the highest level of the period.
Among invest¬
ments, the principal gain occurred in holdings of United States obliga¬
tions, Federal Reserve member banks adding almost $1,000,000,000 of
At the end of the year, however, rapidly advancing
these
their
to
Deposits
of
But
uncertainty
month
the
of
of
end
of
the
more
deposits
the
This
fiscal
excess
fiscal
the principal source of corporate security
were
be
$1,834,000,000.
to
the
smallest
security
for
financing
expansion
industrial
1935.
year
to
was
the monetary gold stock stood at $20,000,of Federal Reserve member banks had
year
reserves
Of the new capital issues only
about one-third of the total, represented industrial demand.
amounting
constituted
As
In the
into the country.
came
unprecedented total of $6,800,000,000.
$108,000,000,
since
was
$1,163,000,000 of gold
1940,
Refunding operations again
flotation,
larger
the
from abroad amounting to $3,700,000,000.
gold
June,
while
000,000,
attained
even
by
the record inflow of gold.
Political
the needs of the belligerents cooperated to induce a net
and
accumulation
of
volume of loans and
importance in bringing about the $4,700,-
increased
course
in
advance
000,000
At
portfolios.
were
investments.
one
expected in
such
year
a
of extensive change and uncer¬
In sharp contrast with
the supposed depressing effect exerted by the threat of war, its realization
served as the signal for a rapid rise in the value of equity shares.
Indus¬
trial stock
prices rose about 13% from August to the high point in
September.
Quotations then eased until January and, with allowance for
tainty, stock prices registered
intermediate
the
fluctuations,
wide
a
maintained
until
May
level
a
5% below
about
very
155.9.
During the first sharp increase in stock prices, prices of high-
grade bonds
declined.
However,
had been
of the ground
most
of
the
short
duration
and
bond
prices
were
increase
in
recovered
But the decline
by May, when the break in the market extended to bonds.
was
again recovering at the
end
year.
Federal
finance
featured
an
expenditures,
which
was
not
Total
expenditures rose $300,000,000 to a total of $9,500,000,000, while a larger
national income advanced total receipts from $5,700,000,000 to $5,900,000,000.
The gap was filled by larger borrowing, the deficit aggregating
$3,600,000,000 for the year.
This was met by $1,000,000,000 of receipts
in trust and other accounts, a $1,000,000,000 reduction in the Treasury's
cash balance, and by $1,600,000,000 of direct and guaranteed obligations
offered to the public.
The total of such obligations was $47,900,000,000
quite
by
offset
larger
at the end of the
One
the
was
of
the
very
the
rapid,
receipts
from
■;>*:'
occurring at
designed
foreign exchange
such,
were
and
other
sources.
..^r
important developments in international
price of sterling from $4.68 to $4.03.
the
weakened its support of the pound.
regulations
taxation
fiscal year.
most
in
decline
to
check
resources
however,
as
outbreak
of
war
capital
movements
shells.
allow
the
existence
of
and
$4.03.
a
small
conserve
The controls
amount
of
not
of
Navy Knox Cautions Public and News
Distributors Against Unintentional Disclosure of
Military Secrets to "Potential Enemies"
Secretary
An
appeal to the public and all distributors of news and
to cooperate in guarding against unwittingly
information
She went
be
needed
for
provided
and
five
to say:
on
in
defense appropriation
About half of
present
million
workers.
construction
Some
on
2,320,000
railroads
The
the
$3,500,000,000 of
raw
them
and
to
into
moving these goods, and to white-
yards and arsenals will purchase
and semi-finished materials.
The largest
navy
unskilled.
one-quarter
skilled
of
man-years
labor,
millions of unskilled
mors
pur¬
Thus
nearly
will
have
promoted from less skilled jobs.
for
account
^vill
there
2,000,000
of
is
about
1%
semi-skilled,
and
be
labor.
workers
skilled
the
accessories
back
of
semi-skilled,
of
primarily
extend
$2,000,000,000 worth, will be for iron and steel products.
the work required calls
for skilled labor, two-fifths
some
One-third
1%
needed
will
factories making semi-finished products, to the
and
about
labor
administrative offices.
contractors
chases,
be
will
This
other carriers engaged in
and
collar work in
than
of labor
man-years
the contractors with materials.
the mines and forests, into
be trained
to
and
Aircraft engines, spare
of
more
even
parts, and
$2,857,000,000
of
the fund appropriated.
In
producing raw materials, semi-finished products,
purchased by the airplane manufacturers, these appropriations
addition to all the work in
and
parts
will
as
involve 590,000 man-years
of direct labor in aircraft and aero-engine
factories.
A
wide variety and
high grades of skill are called for, including drafts¬
electricians, tool designers, and tool makers.
Forty-six
carpenters,
men,
thousand
hundred man-years
six
for
16,000
machinists.
supervisors
many
The Labor
of labor will be required for riveters and
Airplane-engine companies
will
require
almost
will
be
not
as
laborers.
as
Secretary states that the social and economic
improvements in working conditions of the past eight
discarded
because
of
the
years
defense program,
de¬
claring that they "represent improvements in efficiency and
national unity, and so will be maintained as a method of
strength."
The wage and hours legislation is needed at this
and she goes on to argue the question
she
time,
says,
restrictions
whether
It has
been
said that
one
for the
reason
the adoption of the 40-hour week.
was
rigid
for
It
working hours hinder the defease
on
She declares:
program.
which
statute
the
was
individual
It
worker
from
French
matter
prohibited
but
difficult to obtain
so
variation
any
is obvious
for
40
week
this
also
hours
40
for
the
short
establishments
on
for
the establishment.
collapse of the French Republic
The French 40-hour week law
overtime
beyond
entire
40
hours,
industrial
was
a
only
not
establishment.
exemption from the Government to permit
an
that production
of
all
inflexible
industrial
three-shift basis
week
work
were
week
on
a
that
rigid
as
practical
a
40-hour week.
that basis cannot equal production
each
worker
The American
each
shift,
or
on
hours
120
a
per
hour
laws, however, were very
carefully frame'd to avoid this rigidity, and any employer in the land can
legally and automatically ask his employees to work as many hours beyond
so
a
long
he
as
he
as
cares
to without asking permission of the Government
the overtime rate of time and one-half.
pays
addition
In
to
that, if for
some reason a particular
of the Government—for instance, the
fed that the public interest requires that a contract be
the provisions of the Walsh-Healey Act, the Department
contracting
tion has
not been
American
performed outside
of Labor has the
The fact that this power of exemp¬
far under the defense program indicates that
during
an
experience
World
utilized
so
Act.
be
Would
/
natural
11-hour
War
the
day
the
proves
to
suppose
than
he
contrary.
British
Munitions
working hours actually increased
turned
was
employer and the
Army or Navy—
industry is not at this time held back because
this
of
ments
It
agency
to exempt the entire contract.
power
This
out
same
Minister
which
Exchequer
the
work
require between four
will
supply
was
decline
of
jobs, in shipyards, or in factories
engaged in making finished products like airplanes and engines, tanks, and
one
The
However, exchange controls and other
private
pegged the rate at about
to
when
finance
subject to regulation.
The price of this sterling varied
much more widely, reaching a low of $3.14 in May.
At the end of the
fiscal year it stood at $3.81.
exchange
completion
will
these
fluctuations.
In May, however, military developments in Europe
sharp break in prices, and by the end of the fiscal year
Dow-Jones index stood at 121.9, as compared with the year's peak
the
of
The
September high.
caused
of
before the end of 1941."
Some
loans
as
3%
made
5,000,000 to 6,000,000 jobs will be created in
Nov. 15, as a result
of the national defense program, it is forecast by Secretary
of Labor Frances Perkins in her annual report to Congress
for the fiscal year ended June 30, 1940.
Armament spend¬
ing, she declares, "should break the back of unemployment
said:
year
a
An estimated
the 18 months' period which started last
million
to the year's financial developments, Mr.
respect
Increased
year.
Unemployment Problem by Close of 1941 Antici¬
pated by Secretary of Labor—View Based on
Absorption of Labor by Defense Industries—Secre¬
tary's Annual Report Argues Wage-Hour Law Does
Not Interfere with Defense Program jgj
Acts
tion—automobile, transportation equipment, electrical machinery, and iron
steel
End of
rquire much of the additional inventory to support a higher
general,
and
Secretary warned, "might wreck an arsenal, sink a
battleship or destroy the lives of many who are working
night and day to make America secure against all enemies,
potential or otherwise." He denied that the Navy Depart¬
ment was making any effort toward peace-time censorship,
but said it was merely an appeal to the public and news dis¬
tributors for cooperation in the protection of military secrets.
say:
largest gain occurred in the value of manufacturers' inventories, the
Department of Commerce index rising from 95.5 in August (Dec. 31, 1938,
equals 100) to 107.3 in December; then, after industrial production and
been
the
Septem¬
represented buying for inventory
purposes," Mr. Jones said.
"This lengthening of commit¬
ments was general," he continued, "not only manufacturers
of all types of commodities participating, but distributors in
both wholesale and retail trade adding to stocks."
He
The
passing along information on vital matters to "potential
enemies, within or without our borders," was made by
Secretary of the Navy Frank Knox in a statement issued in
Washington on Feb. 8.
"A sentence spoken or printed,"
December of 1939
ber to
went
1067
The Commercial & Financial Chronicle
152
of
the
superhuman
abandoned
the
were
man
could
could
during
an
eight-hour
As
matter
of
fact,
a
a
Commission
production.
reduced
turn
found
that
Nearly
from
66
out
a
work
day.
But
the
last
reduction
tenth
a
more
during
more
of
work
to
45%.
thing has been experienced in the present war. ' The British
Ernest Bevin, recently announced that Great Britain,
to reinstate it in
to win
hours
require¬
Labor,
under
time
when
that
labor
of
-V-.C
its
pressure
to
get out
war
production
hour-and-wage legislation, had found it
keep production up to the terrific pace
order to
had
at
necessary
necessary
This is no matter of
theory but a question of hard fact
recognition of the war-time necessity of shorter hours for
greater production.
and
The
Nation
In
war.
realistic
a
Chief
was
of
Ordnance
at war,
of
the
United
made this statement:
States
Army in
1917,
when
the
-
view of the
urgent necessity for a prompt increase in the volume of
production of practically every article required for the conduct of the
war,
vigilance is demanded of all those in any way associated with industry
lest the safeguards with which the people of this
country have sought to
protect labor should be unwisely and unnecessarily broken down.
It is a
fair assumption that for the most part these
safeguards are the mechanisms
of efficiency.
Industrial history proves that reasonable hours, fair working
conditions, and a proper wage -scale are essential to high production
During the war every attempt should be made to conserve in every way
possible all of our achievements in the way of social betterment.
But the
pressing argument for maintaining industrial safeguards in the present
emergency is that they actually contribute to efficiency.
To waive them
The Commercial & Financial Chronicle
1068
a
short-sighted policy,
production.
be
would
lowered
inevitably toward
but
gradually
leading
Concerning the Department's activities in adjusting labor
work of conciliators is
The
becoming
year
and
more
"another
as
controversies not involving
but the number of
handled,
strike
a
stop¬
or
of work has practically doubled.
This indicates the success of the
to prevention and adjustment before the fact.
pages
the
frank and clear discussion of the
points at issue, it is possible to reach a satisfactory solution of the
problem without resort to a strike or stoppage of work.
This can best be
illustrated by comparing the number of organized workers with the number
of strikes reported in 1933 and 1939.
In 1933 there were 565 strikes per
million organized workers, while last year there were 290 strikes per million
organized workers.
dispute together for a
in
parties
B.
Philip
Administrator
Fleming,
Department's
the
of
Wage and Hour Division, in his report to the Secretary of
Labor
for
fiscal year 1940,
the
which is embodied in the
Under the necessities of the present situation, every economy In the use
the national defense program
In connection with
advanced
by
relaxed.
It
tributed
military equipment and therefore
of the Aluminum
Popular Front Government in June,
limit
a
Standards
Act
In
and desirable
long
so
differed materially from
law operated, it
frequently
the employee.
The Fair
since the
upon
fast
and
limitation,
the
as
hours are paid
excess
Magnesium
until
procedure for handling
War
the long
against
argues
lengthened working hours in
because
them
time
lost
it
found
was
because
of
work
that
sickness,
Both
Britain
the
of
in
England
and both
war,
fatigue
the
Great
week.
Germany
and
once
workers
spoilage of goods,
the World
As
soldier of many years'
a
Administrator
is
work
and
week,
sensitive
the
of
contributed
and
slackened
to
pro¬
evidence
not
experience in the military establishment, the
the
to
has
need
for
convinced
defense
but
preparation,
that
him
the
an
relatively short
the long
work week, is the standard of industrial
efficiency and maximum production.
Certainly he is convinced that there
should
be
relaxation of the overtime provisions until many millions of
unemployed have been absorbed into private industry.
Finally, it should be observed that the Fair Labor Standards Act offers
workers
no
now
adequate
encouragement
exemptions from
industry
to
train
to
from
of
of
Rapidly increasing demands of the defense
other unfavorable matters,
July 1
which
it
becomes imperative that
purposes.
The
which
'A,, .v'
time and
industries—all
half
a
for
workers
new
overtime
been
had
small
was
received
by the Division
establishments—that
the
payment
all magnesium be reserved for defense
later
action
Mr.
Stettinius
described
was
sent
in the following letter,
magnesium producers on
to
In
of the unprecedented demand for
view
magnesium required by the
Priorities Division, based on recommendation of the Aluminum and Mag¬
nesium Priority Committee, that the supply for the immediate
At his press conference Feb. 12, Jesse H. Jones, Secretary
Commerce and Federal Loan Administrator, disclosed
that the Reconstruction Finance
Corporation has allocated
$1,183,000,000 for defense operations, but declined to esti¬
mate how much of this amount has
actually been disbursed.
These allocations, he said, included commitments for the
purchase of strategic materials, the construction of defense
factories, and for similar purposes.
From a Washington
dispatch to the "Wall Street Journal" of Feb. 13 we also
take the following:
Of the total allocated for defense by the Reconstruction Finance
Corpora¬
tion, $46,050,000 has been allotted for purchase of machine tools intended
for export but held in this country by export license restrictions.
Mr. Jones would not estimate how much the RFC
Again,
already has spent to
but he said that
of the
most
bought by American manufacturers before the RFC
had
tools
forced to
was
future at
least should be exclusively allocated to defense needs.
In
of the circumstances
consideration
of
articles
defense
and
of the case,
I
I hereby direct al,
equipment for the next
90 days_
exclusive of all other demands, excepting those articles now in process, sus
pension of the manufacture of which would result in needless loss if not
carried to completion.
This direction for
considered
as
preferential consideration of defense projects should be
becoming operative immediately upon receipt of this
In
munication.
of special difficulties imposed by this ruling,
case
com¬
where
magnesium, reference of the decision
involved may be made to Dr. E. M. Hopkins, minerals and metals priority
executive.
X
Defense Contracts Awarded to End of
January Aggre¬
gated Nearly $12,000,000,000
Defense contracts awarded in the latter half of January
aggregated $228,884,489 for the Army and $26,695,175 for
the Navy, as well as $11,037,016 for various agencies.
Awards since July 1, 1940, to the end of last month have
amounted to $11,987,594,336, the report of the Officefof
Government Reports, issued Feb. 11, shows.
Following is
the! complete statement:
NATIONAL SUMMARY OF DEFENSE CONTRACTS AND EXPENDITURES
(Based
on
Press Releases of July 1, 1940-Jan. 31, 1941)
July 1 -Jan. 15
Jan.
16-Jan. 31
Army contracts
Navy contracts (a)
$
e4,800,005,583
228,884,489
6,283,544,591
26,695,175
(b)
July 1 -Jan. 31
$
5,028,890,072
6,310,239,766
U. S. Maritime Commission Emer¬
making difficult their operation.
of
USHA Defense Housing
PBA
14,233,000
14,233,000
122,328,690
122,328,690
Shipbuilding Program
(c).
(d)
24,144,000
24,144,000
Army Housing
f 25,760,200
""4t773~3(jo
21,087,071
6,263,716
30,533,500
Federal Security Agency—
Office of Education Defense
Training (c)
27,350,787
Federal Loan Agency—
Defense Plant Corporation
g 1317,779,683
hi
Reconstruction Finance Corpor'n
112,094,838
Coverage: Army, total; Navy, contracts of $5,000 and over,
a
appear
on
naval vessels being constructed In private yards.
In "Navy Contracts" as orders are placed for materials.
b Includes
breakdown of
c
Navy Department has allocated approximately $1,000,000,000
This sum will
In addition, the
for armament
In
$265,765,500 for 31 auxiliary vessels contracts awarded,
is not available on
sum
addition,
a
for which
State basis.
the WPA has authorized $34,852,710 for defense training and
a supplementary appropriation of $30,485,375
records and the NYA has received
fort defense training with emphasis on metal and mechanical work experience.
1
d In
addition to
these loan contracts approved,
the USHA has made housing
allotments to the War and Navy departments totaling $7,225,000.
e
$8,843,969 adjustment due to duplication in hospital contracts,
f $9,500 deducted; see
Texas Recapitulation sheet,
g Includes $35,213,851 for unnamed manufacturers of machine
h Includes
step in.
tools,
$10,000,000 for unnamed manufacturers of machine tools; excludes
cancellations.
Jones
predicted
that
financing the construction of
Purchases
and
orders
the
a
for
RFC
Chinese loan,
of
tons
reserve
tungsten in
200,000
tons
would
complete
supplies
than
a
of strategic
and
to
receipts
"
.
111,000 tons of rubber,
'
.......
1
.
.
With respect to the Export-Import
same advices said:
completed, Mr. Jones said.
of Jobs Filled in Private Industry by State
Employment Offices Reached New High in 1940,
Reports Federal Security Administrator McNutt
Mr.
payment
strategic
the
Chinese
employment
metals,
the
been
now
Under this agreement, the bank has already
Government
$10,000,000
to
has
supply the rest
agreed
difference
to
upon
call.
to
send
$60,000,000
be
paid
by
the
In
of
Metals
Reserve Corp.
Of the total, $40,000,000 will be used to purchase about
39,500 tons of tin, and about $10,000,000 each of tungsten and antimony.
♦
Priorities
Board
Magnesium
Acts
to
Supplies
Conserve
for
Aluminum
Defense
and
Purposes
The Priorities Division of the Office of Production Manage¬
ment on Feb. 13 decreed the exclusive allocation of all
suplies of magnesium to
defense requirements for at least 90
ays.
Only the day previous the O. P. M. had taken similar
action, but in milder form, at that time merely requesting
producers to allocate their stocks to defense industries. The
Feb. 12 request also applied to stocks of aluminum but allo¬
Placements
Bank's recent loan to
$50,000,000 loan to China have
$25,000,000 and is committed
1941.
'
China the
Final details of the latest
of Jan. 6,
Volume
latest
the
Jones reported.
(
as
now
Mr. Jones
under
1 Commitments
few days.
a
materials
year's requirements,
addition
of copper
for
negotiations
tin smelter in the United States in
include 93,000 tons of tin—more
said—33,000
loaned
together with certain
situation at present in
the
through
$1,183,000,000 Allocated by RFC for Defense Activities*
Secretary of Commerce Jones Reveals
Mr.
a
Feb. 13:
gency
take over these blocked exports,
its
..CV-"; '
'
Federal Works Agency—
WPA Defense Authorization
been
program,
$
but three complaints
in
determine what
the source from which the
have brought about
the minimum-wage requirements that may be granted for
key defense
can
original supply was shipped to you.
apprentices and beginners.
As
Division
be held for later return to
scrap
reduced
more
duction.
examination
recommendation
desires your co¬
scrap.
^
the present
on
opinion is desirable policy in this matter it requests that all high-strength
alloy sheet
working longer hours than German labor.
Experience of both the United States and
Division,
Priority Committee,
these involve minimum amounts of
half.
a
and
Furthermore, until the Priorities
manufacturers
the
event, the French 40-hour law was repeatedly modified after
French labor, for much of the pre-war period, actually was
any
1938,
as
hard
no
be exceeded
time and
1936,
the French
well
as
imposes
statutory maximum can
for at the rate of
As
the plant
on
for salvaging existent
measures
operation in suggesting what in your opinion would be the most practical
con¬
be stressed that the French 40-hour work week, enacted by
the Fair Labor Standards Act.
imposed
Labor
work week should be
argued that the 40-hour work week in France dras¬
directly to the military conquest of that nation in June, 1940.
It should
Blum
been
curtailed the production of
tically
the contention has been
commentators that the maximum
some
has
and all
necessary
Under these circumstances the Priorities
cumulative defense needs for utilization of this metal, it is the opinion of the
He says:
defense.
national
becomes
supplies become imperative.
Secretary's report, also touches upon the subject of labor
laws and
Airplane
of aluminum
shift of emphasis
Department of Labor conciliators work on the principle that by bringing
1941
was permitted to remain on a request
manufacturers were requested, also on
Feb. 12, to conserve their scrap metal.
E. R. Stettinius Jr., Director of the Priorities Division,
sent the following letter to airplane manufacturers on Feb. 12:
concerned with the
more
of threatened strikes.
The records show that during the past
996 threatened strikes, involving 633,144 workers, have been so
prevented, thus saving approximately 12,000,000 days of work and wages.
In this same period there has been a reduction in the number of strikes
prevention
three years
IS,
cation of this metal
basis.
disputes, Miss Perkins describes the
highly successful" one.
She continues:
Feb.
for
of workers
offices
1940, the highest in
Employment Service
Nutt,
Feb.
Federal
in
reached
any
was
Security
private industry by the State
an
all-time
year
high
since the
of 3,200,000
United States
established in 1933, Paul V.
Mc¬
announced
on
Administrator,
10.
Adding to this figure 557,000 public placements,
the total number of jobs filled by the State Employment
offices was brought to approximately 3,800,000.
The volume of jobs filled in private industry was 20%
higher than in 1939 and reflected the increased use of public
employment
offices in recruiting labor for defense and
industries, according to the report made by the Social
Security Board to Mr. McNutt on employment security
other
Public placements remained low, in spite of in¬
during the last few months of 1940, largely because
activities.
creases
of
the contraction in the public works program during the
Counting both public and private placements, there
increase of nearly 9% in jobs filled over 1939.
The
Board's report to Mr. McNutt further said:
year.
was an
Also
than
increased
the
reflecting
that
fact
during
of
use
offices is the
for work totaled more
one year in the history
16,500,000—the largest number received in any
States Employment Service.
Unemployment compensation activities also reached a new high mark
in
The monthly
unemployment benefits, however, was considerably lower in the
half of
second
the year as
Benefit
compared with the first six months.
for the year totaled more than $520,000,000, as compared with
1939.
Payments in 1940 represented an increase of 15%
1939 for the 49 jurisdictions which paid benefits during both years.
payments
$430,000,000 in
over
It
that approximately 5,250,000
estimated
is
at
least
in
1939.
benefit
one
different individuals received
compared
1940,
during
payment
4,800,000
with
V
.
:
In
explaining the factors which contributed to increases
payments, despite improved employment con¬
ditions in 1940, Mr. McNutt pointed out that:
(1) Better employment conditions in 1939 provided higher wage credits
against which benefits could be drawn in 1940;
(2) Many
stances
State
liberalization,
benefits
as
establishment
receive benefits,
(3)
such
of
shortening
the
in some in-
including
waiting
period
of
and
Illinois and
Montana
far from being fair today, due to a
are
paid benefits throughout
New York
1940, in contrast to
tax-cost
of a
well as the well-
better, we would anticipate results
If this situation li altered for the
employer, a user of
large office space in many New York State cities and towns, and a heavy
contributor to general tax revenues of municipalities and the State.
As soon as investors and speculators became aware that the transfer tax
has been lowered to a fair and reasonable basis, stocks would be increasingly
bid for and offered in New York.
It would not be long, we feel, before the
being of
financial industry which normally is a large
a
removal of a
business, more
It is vastly in
York keep its position as the country's
pressing burden would find reflection in better
the interest of our State that New
principal market place for securities.
7,000,000
There
/:
"
'.V
Over
Farmers
Unnecessary
estimated 7,000,000 or 8,000,000 people
an
are
the State.
Declares Agriculture is Supporting
Evans
M.
R.
^
liv¬
Nation's
Agricul¬
Administration, told the annual meeting
farms who are not needed to produce the
food and fiber, R. M. Evans, Administrator of the
ing
on
tural
Adjustment
Des
Grain Dealers Association of Iowa, at
of the farmers'
olny five months of 1939.
State
business in listed stocks toward outside markets.
significant nature as affecting the State's tax revenues as
before
minimum benefit payments, and the
of the number of weeks of unemployment for which workers may
begin;
extension
underwent modifications,
laws
J
employment, more rents and greater returns to
in claims and
j
They
and
plea for "fair competitive condititions,"
a
concluded by saying:
•
which effectively directs
1940, in spite of the higher prevailing level of employment.
of
Martin made
employment
State
number of applications
the
1940
of the United
volume
1069
The Commercial & Financial Chronicle
152
Volume
By supporting these people who eke out
bare subsistence by cultivating small pieces of land to the
Moines, Jan. 29.
a
Coordination of Inter-American
Shipping—To Assure Adequate Transportation of
Cargoes
Named
Group
for
shipping
between the United States and the other American repub¬
The establishment of a committee to coordinate
lics, in order to assure adequate tonnage for the movement
of products, was
named
announced in Washington on Feb. 7.
the committee are:
to
Those
James V. Forrestal, Under-
Secretary of the Navy; Rear Admiral Emory S. Land, Chair¬
man of the United States Maritime Commission, and Nelson
of Commercial and Cultural Re¬
The following con¬
cerning the new group was reported in an Associated Press
Washington dispatch of Feb. 7:
A. Rockefeller, Coordinator
lations between the American republics.
now
that adequate shipping will
indicate
estimates
Commission
Maritime
available to handle requirements of
be
inter-American trade this year if vessels
operating are retained in this service and with the addition of certain
vessels
At
intended
now
about
present
South
of
coasts
for the trade.
119
America.
vessels are regularly serving the east and west
Fifty-four of the ships fly the United States
of Norwegian ownership, and the balance are operated under
including those of the American republics.
"In establishing this committee," an announcement said, "the Govern¬
ment does so with the recognition that the uninterrupted flow of commerce
flag, 22
are
other flags,
between
the
United
States
and
Central
and
South
American
nations
tion
as
that
conditions
conceivable
any
may
arise
in
affairs.
national
Domestic consumption
2.
adequate to
national or inter¬
production and reserves of feed grains are more than
Our
1.
meet
He summarized the farm situa¬
expense."
its own
follows:
gram at
of meats and cereals is certainly not going to
enough to take care of the output which agriculture has the
produce.
3. There are too many people growing feed grains and other crops that
are
not needed to supply all our markets.
4. We have lost a large part of our market for feed grains as a result of
Increase
capacity to
by tractors and trucks, and we are
displacement of horses and mules
the
likely to experience additional declines for the same reasons.
5.
We have suffered great losses in our export markets over a long period
of time and further losses as a result of the war, and these trends are also
likely to extend into the future.
In addition, if we were to conduct farming operations in accordance
the best conservation practices, we would
plant fewer acres than
before
those
to
crops
depleting acreage as
do
we
else
to
exhaust
the soil.
We have never
ever
cut soil-
because
much as true conservation demands simply
force people off the land when they have
nowhere
But we must face the fact that safeguarding our topsoil
devoting fewer acres to crops which rob the land of its fertility.
to
means
want
not
that
with
go.
is
the national defense program and to the economic
republics."
The committee will try to coordinate shipping requirements of the
Central and South American trade with the supply of vessel tonnage under
jurisdiction of the Maritime Commission and with the Government's mili¬
directly relatetd to
welfare of the American
point of exhaustion, and thereby depleting soil resources,
he said, "agriculture is conducting a large-scale relief pro¬
Economist
School
"The
tary needs.
the
Can
Equalize
Wealth Dis¬
Says Arthur Feiler—New
Holds Post-War Policy Must
War,
After
tribution
Serve
Capital
of
Conscription
.
People
conscription of capital, wealth and property,
ends, is an essential factor to
war
when
be considered in the
adjustment of our economic structure," claims
Feiler, Graduate Faculty economist in the New
School for Social Research, New York City, in an article
post-war
of
Reduction
New
York
State
Stock
Transfer
Tax
Urged by President Martin of New York Stock
Exchange—At Hearing in Albany Says Growing
Portion of Exchange's Business Is Being Lost to
Out-of-Town Markets
William
McC. Martin Jr., President of the New York
Stock Exchange, on Feb. 12 urged that the New York State
stock transfer tax rates be reduced.
Appearing before the
and Means Committee of the State Assembly at
Albany, Mr. Martin said that "these taxes place the securi¬
Ways
of New York State at a great disadvantage in
exchanges in other States."
Appealing for a
ties exchanges
relation
to
"realistic consideration of the stock transfer tax" the Stock
Exchange President declared that a reduction would be in the
State's interest since "great economic damage is being done
to the State's business structure, to employment, to real
estate values and rents."
Mr. Martin's statement follows, in
part:
The taxes, to which we renew our
securities
of American
These taxes place the
objection, are paid by the owners of
enterprise which are traded in New York State.
Arthur
appearing in the current issue of "Social Research," scien¬
quarterly published by the Graduate Faculty.
The
study was prepared in connection with the Peace Research
Project of the Graduate Faculty, which was established last
tific
investigating the economic, politi¬
and peace.
"To achieve more equality in the distribution of income
and wealth, thus laying the foundation for a better free¬
dom; to overcome poverty and insecurity, the causes of the
degradation of men; and to raise production and mass con¬
sumption—these are more important factors than 'organiza¬
tion'," declares Dr. Feiler, who believes that conscription
of property will not end with the war.
He goes on to
spring for the purpose of
declare:
The
in
exchanges in other States.
Some other States
truth
mistake
that
It has been demonstrated repeatedly
that a growing portion of our business is being lost to Other States; and,
using the dismal 1940 results as an exhibit, it is not too much to say that,
instead of being an important producer of revenue as it has been in the past,
influence that is likely to force
tax proceeds down to an inconsequential figure in budget calculations.
Let me cite come comparative figures.
In 1936 the reported volume of
sales on the New York Stock Exchange was 496,046.869 shares.
The yield
to the State of the stock transfer tax was, in that year, $34,385,000.
In
1938 the sales volume dropped to 297,466,722 shares and the State collected
$19,750,000.
Last year the total of stock transactions fell to 207,599,749
shares and State revenue therefrom was only $15,297,000.
The reduction in volume of shares sold on the New York Stock Exchange,
and other New York exchanges, is attributable to many causes, but cer¬
tainly the heavy burden of taxation which these transactions carry is one of
them.
There is room for emphasis in this connection that, because New
York has the highest stock transfer taxes of any state having organized
securities exchanges, business is being driven elsewhere.
Business, as we
all know, tends to move from high cost markets to markets with lower costs.
And markets with lower tax-costs are steadily eating into the business of
the present
After citing
present stock
figures showing the discrimination
transfer taxes inflict in New York State, Mr.
to
be made between a technical ;
"organization''
standard
of
living and
increase
the opportunities and
underprivileged.
possible that the unclear desires of the masses
will again be
such, organization in capital letters, organization in
mean anything and is very likely to result in the
intended to achieve, unless it is decided beforehand
designed to serve—unless it is truly organization "of the
as
can
opposite of what they
whom
it
is
people, by the people,
for the people."
Dr. Feiler continues:
Strong
It
exist.
tendencies toward a purely technicals "organization"
so simple to continue in peace-time the economic
seems
doubtless
organiza¬
"technical age," although that notion
is amazingly refuted by the new political fanaticisms, giving proof of the
real strength of irrational emotions.
It appeals to engineers who look at
society as nothing but a machine, who do not see the human beings behind
the cogwheels, who know nothing of economics.
Most of all it appeals
to the desires of those who think of themselves as the coming operators of
such a vast apparatus, to their expectations of great monetary rewards and
gains, to their ambitions, to their lust for power.
Such
tendencies
find
further support in the growing strength of
tion
of
the
war.
It
appeals to
our
organizations of vocational groups.
They may be taken for granted, hut
one
possible danger in their development, often overlooked, has been
brought into the foreground especially by the German experience.
These
vocational group organizations can weaken the democratic State by setting
up
which the
the
organization
marks,
quotation
stock transfer tax is exerting an
New York State exchanges.
have
the slogans of the enthusiastic organizers who are always ready
the means for the ends, and who are blind to the simple fact
cheated by
fers.
State of New York.
the
It is quite
to
exacted by the
raise
freedom of
where exchanges are
located do not impose any tax at all upon stock trans¬
Others collect taxes which are moderate in comparison with those
will
choice
resulting only in a growing State capitalism, with the war trend toward
totalitarianism maintained in peace-time, or an economic policy which will
securities exchanges of New York State at a great
disadvantage in relation to
social problems of war
cal and
of
an
additional allegiance, and can easily be utilized for the framework
by a prospective dictator.
When Herr Hitler came to
totalitarianism
power
he had to do very little
but remove the leaders of these vocational
The Commercial & Financial Chronicle
1070
them
replace
his
by
trade unions and the
order to establish at one
farmers' association,
associations,
bodies—industrial
like—and
party
in
men
replies to the following questions:
Could you
misinterpreted war socialism was one factor
Bolshevism, Fascism and National Socialism—
State capitalism, all of them.
The same discussions which we hear in
several
countries today about the desirability
of continuing this war
socialism after the war were held during the first World War, with exactly
will-o'-the-wisp
This
of
a
which
helped give rise to
the
the same words.
It ought not to be the
humanity to repeat continually not only the horrible mistake of war
arguments and nearly
same
fate of
preliminary reports from every State completed, the
With
full
impact of industry's self-census is revealing itself, the
N. A. M. said, adding:
Many of the major industrial States are reporting only
facilities.
Likely
Business
Criticized for Expanding
Be
to
or
Failing to Expand Armament Facilities, According
to Henry H. Heimann
defense effort requires a
middle course which will unite labor, agriculture, business
and Government in a full recognition of domestic and for¬
Pointing
H.
Henry
problems,
eign
America's
that
out
Executive Manager,
"Monthly
Heimann,
National Association of Credit Men, declares in his
Feb. 15, that "business is seeing
Business Review," released
the
attitude whereby it
of an
development
there
the center of a controversy on
purposes," he
maneuver
"Many of the proponents of such
says.
increase in facilities were in the group
death'
because, when the previous call
expanded to meet war needs.
"Is it to be the fate of today's business
they will hear
A summary of
the
distribution
certain
business
a
that
slacker.
on
war
tunist
of
defense
decides
to
for example,
forego certain
In
claim by
is the
A
on
its regular customers may consider
it
oppor¬
an
Between
labor
claims
and
management discord is
following
oft-noted
an
that labor's share
of
added
earnings
Business
■
The
unfortunate
most
part
of
is far
broad
unverified
below that of business.
and
who
may take advantage of the situation.
try to stop them, they will let loose
that there will
is
be
They feel
howl
And the motives and actions
of
equipment to
the
of
fact
ought to
interference with
of these few
be assigned
folly of its acts.
that
the
do everything to
If
it
business
A
is not done
today
may
convince this small minority
it will be due largely to the
is
hesitant
Should Be Paid for Out of Taxation,
Pamphlet Issued by Public Affairs
Committee—Seen as Safeguard Against Inflation
Defense Program
According
keeping consumers' expenditures in line with our pro¬
ductive capacity, according to the primary conclusion of a
study of defense financing, "How Shall We Pay for De¬
fense?", prepared by Maxwell S. Stewart, published Feb. 10
by the Public Affairs Committee, New York City. Increased
Government expenditures resulting from the defense pro¬
put added buying power in the pockets of the popula¬
gram
tion
without
circumstances
ment
adqpts some measures to reabsorb the additional buy¬
An announcement regarding the pamphlet fur¬
ing power.
The two
filled
'
easiest
with
Borrowing from individuals may not seem dangerous, but if not enougb
can be obtained by this method the temptation will arise to create
money
new
by borrowing from banks.
money
because
of
lulled
is
into
introduction
only
deductions,
which should be
can
is
Posts
guide posts
for
our
national
An
arms
sufficient
taxes
of rationing,
which
to
political
well
as
"But,"
these
of
will
ways
"in
time
of crisis
capital slightly higher than usually experienced.
This slightly
higher rate should be allowed, since it will help build a partial reserve
country.
to
each
against which the irrecoverable costs of the
at
the
transition from
war
to
peace¬
be charged.
In the end the present policies will make
for lower earnings later.
That is an inevitable consequence of war.
Second, labor should also agree upon a policy of non-profiteering.
This
would not forego necessary increases in labor rates so as to maintain the
standard of living that labor is able to secure in normal times.
Here
again the slightly higher return is necessary because of the certainty of
some
Increase in price for the necessities of life.
And in the post-crisis
transition, labor too can expect to witness a counterpart of the experience
same
of
everyone
investment comparable to that which industrial
on
capital has.
Fourth, Government should recognize that a truce is needed with respect
witch-hunting prosecutions, to further intensive regulation.
While
business, labor and agriculture agree as to the wisdom of restraining price
rises, Government must in fairness confess that the cost it assesses con¬
to
tribute
to
rising prices.
Reveal¬
Conclusive
Data, Manufacturer's Association
Reports—Survey of Primary Contractors Shows
Increased Working Hours Would Speed Defense
two fronts to expedite the national defense
National Association of Manufacturers re¬
Feb. 10 that (1) industry's State-by-State self-
on
the
ported
on
census
of productive facilities was
vitally significant" data;
developing "conclusive,
(2) N. A. M.'s second of a series
of periodical surveys of more than
on
100 primary contractors
defense construction in widespread industrial areas
is prepared to make major sacrifices for the security of
the
auspices of State manufacturing organizations
continued, the National Defense Committee of the N. A. M.
reported on Feb. 10 the findings from a survey of wide¬
spread industrial areas. Querying primary contractors with
the
expense
and that they should not be made
efficiency of the Nation's workers or
capacity to pay
of the health
and
"How Shall We Pay for
Defense?" is the fifty-second of a
factual, 10c. pamphlets published by the
Public Affairs Committee, 30 Rockefeller Plaza, New York
'V'v-v
city.
L. A. Wheeler Discusses Solution of Hemisphere
Agricultural Problems
Discussing hemisphere defense and American agriculture
Farm and Home Convention at the
before the 29th annual
College of Agriculture of the University of Kentucky, at
Lexington, Ky., L. A. Wheeler, Director of Office of Foreign
Agricultural Relations of the Department of Agriculture,
declared on Jan. 31 that agricultural surplus problems must
be recognized as hemisphere or even world problems, and
they should be dealt with on that kind of basis.
"Specifically," he said, "I suggest that international com¬
modity arrangements, in order to be effective in alleviating
these serious surplus problems such as those I have de¬
scribed, should include the following basic provisions:
1.
A
provision
for
an
allocation of the existing export demand between
exporting countries on a mutually agreed upon basis.
A provision for an accumulation of reserve supplies over and above
those
3.
normally carried in stock from
A
provision
for
positive
season to
action
consumption through either commercial
A
4.
provision
production
more
and
of
than
for
these
a
season.
looking toward the
or relief channels.
stimulation
of
definite curtailment in the acreage devoted to the
export
crops
when
it
is
found
that such acreage is
requirements
adequate to supply the foreseeable world import
for an accumulation of extra reserve supplies.
to provide
con¬
tinued to show, along with other detail, that increased work¬
ing hours will mean speeded deliveries.
'
While the nation-wide survey of sub-contractors' facilities
under
as
series of popular,
2.
Moving
a country, allow
It must be assumed
dare not,
fiscal policy.
we
our
the various
Deliveries
program,
the study concedes that the
used to finance defense has
that
Industry's Self-Census of Production Facilities
ing
be
their children."
capital.
return
basis,
And it is obvious that such sacrifices must be made in relation
individual's
Third,
agriculture should by all means recognize the injudiciousness of
price rises such as characterized the first World War.
The objective of
agriculture should be an income that provides a standard of living com¬
parable to that which the other ports of our population have, or a rate of
pay-as-you-go
economic aspects.
as
adds,
it
a
and keeping the Nation's energies centered on defense.
return
can
.
system of deferred wages are listed as
surveying each of these possibilities,
as
that
put defense on
to
a
or
political considerations to dominate
production
is
.
of offsetting the added buying power resulting from the
means
program
After
'
in
This means, therefore, that business should be allowed normal
earnings which, in the present situation, might conceivably be a rate of
time
certain to arise.
And inflation
way of paying for defense. .
concealed form of taxation which falls most heavily on those
a
profiteering.
on
is balanced by additional food, cloth¬
money
inflation* is
satisfactory and most dangerous
increase
issue
The first is that business should agree, and probably does agree, that in
own
best interest, as well as that of the Nation, there must be no
he adds, because the public
least able to bear the burden."
be made at this time, Mr. Heimann
says.
its
is
new
essentials,
the
past
that he
to create money,
feeling of prosperity by rising wages, salaries, and
false
But unless the
profits.
the
much
tempted
are
a
executive states.
so
of financing defense—borrowing or inflation—are
ways
dangers, Mr. Stewart warns.
really
basic
permitting a corresponding increase in the
goods, the study asserts.
Under the
prices are bound to rise unless the Govern¬
everyday
It
Certain
provide the best way
of
beginning to doubt his own ability to accurately plan a course of action.
Stopping our "family quarrels" and uniting upon a course of action "to
benefit both our own house and our neighbors" is essential, the credit
Guide
to
Financing the defense program by taxation will leave the
least
policies in these troublesome days,
,
previous item incident to the inventory appeared in our
25, page 614.
and other
He has been buffeted about
United States
in print¬
manufacturing firms.
issue of Jan.
"the
man
for example, in
50,000 manufacturers;
ing and publishing there are almost 25,000
ing,
average
suspicions and criticisms.
contribute to defense production;
alone there are more than
industries
food
Governments
itself
basic,
or
to the many.
Business
the
ment
The moment
secure.
about
a
supplement
tools
some
few, indeed, but enough for the business baiters—
men—very
officials, will
M.
A.
10,000 primary contractors.
manufacturers reported in the current (1939) Depart¬
Commerce Census of Manufacturers, the large majority have no
ther says:
the problem
business
rights.
make
Baiting
few
their
also apt to develop if selfish
pattern,
N.
to
the
of
Out of the 166,000
output of
concern.
individuals,
you
there
orders may find itself labeled
normal orders to concentrate
new
Yet, if it abandons production
defense needs,
or
that
managers
not being considered sufficiently.
are
facilities
known
fewest headaches for future years and
being planted the seeds of dissension.
are
contracts,
that smaller firms
groups
in
according
contractors,
was
arms
a post-war accusation along similar lines?"
his remarks continued:
business there
Even within
defense contracts.
'merchants
to
sounded they
"Mobilization
It is estimated there are more than 10,000 such
the 48 States, the majority of whom now have
The current survey of more than 30,000 potential sub¬
Day" plans originated.
that in the past two
decades unfairly branded many business men as
of
an
"sub-contracting"
primary contractors have been registered with the
larger,
primary contractors
be
to
business into
plant expansion for defense
attempts to
are
is apt
The
Army and Navy Procurement Offices for several years, since
doesn't.'
'damned if it does and damned if it
"Already
expedite defense deliveries by:
Hiring additional employees?
63% said no; 37% said yes.
2. Increasing working hours?
35% said no; 65% said yes.
3. Adding additional shifts?
61% said no; 39% said yes.
1.
the mistakes in its aftermath.
also
but
1941
15,
Defense Committee asked and received
defense orders, the
economic machinery.
stroke his social
Feb.
Continuing, lie said:
Now I would not be
so
bold
as
to
suggest that
a
series of international
commodity agreements including the provisions outlined above would imme¬
diately and automatically put an end to the problem of agricultural sur¬
pluses in the Western Hemisphere.
But I do submit that such a program
stands the best chance of any
the
situation
between
the
and
eventually
supplies
which
that has come to my attention of alleviating
correcting the present great disparity
forthcoming from the exporting countries
of
are
Volume
and
in
the
the
supplies which
needed,
are
I should say can be sold,
perhaps
or
"Equal cooperation of labor and industry with government in planning
+_
States
and
Must
Help Develop South American
Industry E. P. Thomas Tells Chicago World Trade
Conference
•
of Latin
Solution
■
of
American problems involves
participa¬
industries, Eugene P. Thomas, President
National Foreign Trade Council, stated in an address before
the Chicago World Trade Conference, Feb. 6.
This would
in
be
addition
of
to
aid
in
the
trade
what
be
loans
and
the
credits
development
is
to
indica¬
an
by greater
America
intra-Latin
of
American
comple¬
mentary trade.
Significant
discussions
Uruguay
the
(see
five
Regional
issue
been
have
posals
pending changes
the
of
in
intra-Latin
Conference
of
"Chronicle," Feb.
made
for
the
the
8,
American
River
closer
of
trade
Plate
at
the
are
Montevideo,
where
908.—Ed.),
page
establishment
this
is
resolved, however, to continue the study of this question.
Argentina feels
that such a regional customs union would tend to maintain
political peace
in
that
region;
and
that
consuming
great
a
market
be
can
achieved
combining the markets of the countries represented at the conference.
further
was
recommended
that
study
also
be
given
the
to
by
It
possibility of
making agreements with other bordering countries.
There
from
increased
our
favorable
of
times
products which the United States imports
or
other
continents
time
needs
industrial
which
in
Latin
America
could
increase in response
imports
our
The present, therefore, should be a
Latin American countries for many
activity.
draw
to
which
and
It has followed in the past that
supply.
to
articles
numerous
are
normal
in
upon
which
formerly were supplied by other world areas.
Products purchased from Europe in normal times, and which can be
obtained alomst entirely from Latin America, include hides and skins,
our
casings,
sausage
zinc.
nuts,
exanded
an
production of
these
bought
we
critical
materials,
countries
with
chase
United
of
of
sources
in
items
beans,
wines,
obtained
from
kapok,
cotton,
mahogany,
Asia
and
manganese,
Africa
include
retene
number of Latin American natural
a
increasing
imports
our
needed
volume,
from
in
Latin
addition
America
to
manufactures.
We
also
can
would
supply
and
these
assist
supplies for certain manufactures which normally
in
pur¬
developing
are
dependent
making of plans for orderly marketing of all surpluses.
By increasing the
buying power of Latin American consumers, a gradual solution of this
problem is feasible.
It is to
American
interest to
our
promote greater
industrializa¬
countries and to increase trade between
them.
Specific aid has been given by the United States to the Latin American
coffee
producing
countries,
by
joining
with
them
in
the
Pan-American
Coffee Agreement to the extent of fixing quotas for United States imports
from each of the producing countries, and in
creating the means
the
price to be paid by United
benefit
exclusive
reciprocal
no
but
cannot
the
of
benefit.
other
attitude
that
agreements
may
the
return
the
neighborly
compensation
consumers
In
and
whereby
be increased to the
United
States
asks
for
coffee
with
placed
producing countries
their experiences with
their economic
freedom
jeopardy.
Brazil
by the
plies
will
for
require to
formerly,
as
and
the
Nazi
be
compensation
or
will
be
There
or
a
While
in
European
obtainable,
cartel
her perennial
surplus
"Every citizen's stake in foreign policy mounts as his social stake in his
the content of
build
markets after
the aid of
the
the United
should enable Brazil and
barter agreements,
of
needs
for
Banking System is in Much Improved Position, Says
Chairman Crowley of FDIC in Dec. 31, 1940 Report
Estate
security
for
the
living in
strategic
Latin
and
America
critical
and
to
contribute
to
G.
Winant,
Foresees
War
and
mana¬
investor
Corporation's consistent policy of determining the existence
unsatisfactory management or unsound conditions, of
taking steps to effectuate necessary corrections, with or
without its financial aid, and general improvement in eco¬
nomic conditions, have combined to place the banking sys¬
tem in a much improved position."
Mr. Crowley points out
that the Corporation's examinations of banks "indicate no
of
serious concentrations of hazards that under
Ambassador to Great Britain
Economic Changes in Post-
Chairman
Crowley adds:
Great Britain, declared on Feb. 8 that "when the war has
for democracy >
we must be prepared to
the peace" for "only by finding a common basis of
world citizenship and by accepting far-reaching and pro¬
gressive social change can we hope to secure the economic
.
.
conquer
which have been made in the past when, during periods of
ing mistakes
prosperity,
losses
vision
is
capital
when
losses
for
made
not recognized or provided for and
accounts are strengthened and
were
If
conserved.
not
earnings
are
1.
of
Surplus
the
profits.
31, 1940, report were summarized
capital
income
for
31, 1940, amounted to
of the Corporation's existence. Total
of deposit insurance has amounted to $274,the year ended Dec.
any year
was
derived
from assessments
paid by
depositors of insolvent or hazard¬
ous
insured banks from the beginning of deposit insurance (Jan. 1, 1934)
to Dec. 31, 1940, amounted to more than $228,000,000,
of which it is
estimated that about $182,500,000, or 80%, will be recovered.
in
3.
Disbursements
4.
Full
for the protection of
protection of all but 1,686 of 1,133,379 depositors was extended
merged with FDIC financial aid through
the 355 insured banks closed or
Total deposits of these banks were $438,625,000, of which
1940.
31,
nearly 98%
promptly
were
There occurred
5.
banks,
to
made available.
reduction of 93 in the number of
been eliminated while only 50 were
during 1940 a net
banks
143
having
insurance.
The Corporation
lowing
of
report
of
the
also made available on Feb. 10 the fol¬
its Board of Directors relating to the
Corporation for the six months ended
1940, with additional information pertaining to
operations during the 12 months ended on that date and
during the entire period of operation of the Corporation:
Dec.
31,
-V
the
income
of
months
ended
Dec.
insured
banks
and
The
of
to
Operations
Corporation
amounted
emphasized the importance of basing foreign
$28,533,068
for
the
six
31, 1940, including assessments of $23,790,712 paid by
earned, after deducting provision for amortiza¬
Expenses and losses during this period
$835,122 represented deposit insurance
and $1,862,435 represented administrative expenses and
of $4,742,355.
$2,697,566,
losses and expenses,
of
which
: v
.
1940, amounted to $55,909,438, of
which
$46,206,024 represented .assessments paid by insured banks and
$9,703,414 represented interest earned, less provision for amortization for
the
for
year
ended Dec. 31,
premiums.
Total losses and expenses for the year amounted to $17,264,585,
including deposit insurance losses and expenses of $13,670,357 and admin¬
istrative
expenses
The surplus
expenses
as
and other charges of $3,594,228.
of the Corporation, resulting from an excess of income over
and losses during the entire period of operations, was $206,685,274
31, 1940.
Total income from the beginning of deposit insur¬
amounted to $274,506,270, including $211,105,027 derived from
Dec.
of
ance
has
assessments
paid
and
earned
amortization
820,996.
insured
by
banks and
$63,401,243 representing interest
profits on sales of securities, after making provision for
of premiums.
Charges to surplus have amounted to $67,-
Net deposit insurance losses and expenses have been
$45,776,414,
total disbursements of $228,233,820
actually made or pending to depositors of closed insured banks in settle¬
ment of their claims and to merging banks
for loans and purchases of
resulting from
to
the difference between
expenses
incident thereto, and estimated recoveries of
Administrative expenses and other charges have amounted
including
$22,044,582.
1
world and the needs of the
it is necessary to strengthen the funda¬
of all free citizens and thus justify
"v
■
to
interest
premiums
amounted
policy upon tne underlying social issues of the
than
1940, to
more
banks.
insured
$182,457,406.
mental economic, social and civil rights
by
31,
'<
•
$211,105,027
which
of
and
,
$55,909,437, the highest for
income from the beginning
506,270,
increased during 1940
surplus as of Dec.
Corporation
bringing
$43,000,000,
$495,984,831.22.
2. Corporation
assets,
To win the war
earnings were
adequate pro¬
like any other
by the FDIC as follows:
New York "Herald-Tribune" of Feb. 9:
The Ambassador-designate
banks,
good,
withstand periods of diminishing
can
The feature of the Dec.
social security which will make any peace real and
lasting."
Mr. Winant spoke before the New York City
League of Women Voters at a luncheon meeting at the Hotel
Commodore, New York City.
He appeared in his capacity
as Director of the International Labor Office, which post he
held before being named ambassador by President Roosevelt
on Feb. 6.
His confirmation to this latter post by the Senate
is referred to elsewhere in our issue of today.
The following concerning his remarks is taken from the
and
people.
authorities now have the responsibility of avoid¬
Bankers and supervisory
other charges.
Era
won
normal circum¬
disbursements for the protection
of depositors."
He went on to say that "with the increas¬
ing industrial activity and the return of values to a more
normal figure, banks should exert every effort to dispose
of
their
non-banking
real estate
and similar assets."
stances will involve heavy
Income
common
:-
Crowley, Chairman of the Board of the Federal Deposit
Insurance Corporation, stated that on Feb. 10 that "the
States
John G. Winant, the new United States Ambassador to
been
Was
Income
insured banks as of Dec. 31, 1940, Leo T.
In liis report to
admitted
materials.
New
Social
and
$43,000,000
Highest in History
war,
Brazil,
United
Increased
1940
in
activities
guaranteed
Banks to Dispose of Non-Banking Real
and Similar Assets—Corporation's Surplus
—Urges
tion
John
And this can come about only if we are
States
v
developments, and for technical and
and
security
that every citizen and every nation must accept
means
period."
pre-war
insured
against invasion of the rights of private property would encourage United
States private investors to participate in enterprises needed to raise the
standard
The
willing to wipe out the hunger and the want and the hopelessness of the
the other
increasing opportunities for private investment in
Liberal laws
Even though today the problem
We must be ready, each one of us, to help to
democracy.
world in which free people can live and work together in
a
and peace.
sup¬
firmer stand in the future against unfair bilateral
expanding industrial
assistance.
gerial
disposed of
the best terms
on
operations of the coffee
coffee countries to take
new
preparations.
war
and his
of the empty promises of democracy.
country and in his community is increased.
Dec.
slow to recognize the harm wrought to her coffee
industry
made of German reexports of Brazilian coffee, in obtaining the
was
use
needed
cash
in
States
producer.
Brazil
this
contrast
totalitarian
in
share in the benefits of democracy," he said, "will give his faith
life for the preservation
business,
countries.
Large surpluses of wheat, cotton, corn, and vegetable products we cannot
absorb, except in times of drought and shortage, as they compete with our
own
surpluses.
This is where Pan-American cooperation comes in for the
tion in Latin
expect—that a citizen with
"We could not expect—and we can not now
no
resources.
strategic
exchange for maintaining the present increased
States
non-American
on
vanilla
wool,
Other
long-staple
(a chemical), palm
oils, tin, tungsten and industrial diamonds.
What is required
and coconut
is
sisal,
and
cashew
platinum
cacao,
If
internal divisions in the free nations.
a
is
Mr. Winant
problems of unem¬
ployment and security had aided the Fascist powers through widening the
regional customs union, but differences of opinion regarding how
to be accomplished prevented for the time any decision.
It was
up
effectively," he continued.
productive capacity of America."
pro¬
represented there.
A draft convention approved by the
likely to be adopted suspending the operations of the mostfavored-nation clause, by which Argentina, Brazil and
Uruguay would be
free to grant exclusive tariff concessions to Bolivia and Paraguay, not
generalized to any third country.
This convention, if adopted, will remain
in force for 10 years, and be retroactive.
The proposal also was made to
set
strengthening factor which
between
relations
countries
committee
a
While predicting an ultimate victory for the democracies,
the full responsibilities of freedom.
of
at
is
before the democracies is one of survival, we must give constant thought to
Brazil
accomplished throughout Latin
and
and
He continued:
between Argentina
agreement
may
industrialization
of
form
countries, he said.
The recent
tion
"It cannot fail to increase the
their
individual
executing national defense policies
enables democracy to mobilize its forces more
asserted that the failure of the democracies to solve the
.
tion by United States capital and technical skill in develop¬
ment
principles for which the war is being fought, he said.
the beliefs and social
importing countries.
United
1071
The Commercial & Financial Chronicle
152
or
Closed Insured Banks
During the six months ended Dec. 31,
received aid from the Corporation.
1940, 13 insured banks suspended
The 24,956 depositors in thesa
The Commercial & Financial Chronicle
1072
banks, having total deposits of $8,359,000, were protected to the extent of
$8,302,000, or about 99.3% of their claims, by insurance or otherwise.
Only 36 depositors in the suspended banks were not fully protected.
During the
from
aid
ended Dec. 31,
year
but
all
depositors,
the
91
43
1940,
insured
banks, having 250,415
protected, closed or received
Total deposits in these 43 banks amounted to
of
whom
Corporation.
fully
were
$143,830,000, of which $143,610,000, or 99.8%, were protected against loss.
From the beginning of deposit insurance to Dec. 31, 1940, 358 insured
banks were closed, of which three were subsequently reopened or taken
by other
insured banks, and 355, having 1,133,379 depositors with
deposits of $438,625,000, were liquidated or merged with the aid of
loans from the Corporation.
Deposits amounting to $429,003,000, or 97.8%
of the total deposits in the 355
banks, were made available promptly
over
total
without
loss
than
lees
or
not
were
depositors.
Only
1%,
one-quarter of
of
1,680
held
the
accounts
in
1,133,379
of
excess
depositors,
$5,000
and
fully protected by insurance, offset, preferment, pledge of security,
terms
or
the
to
the
of
merger
Dec.
FDIC.
banks
and
than
there
conversion
banks
143
$15,000,000
13,496 operating banks insured by the
that date there was a decrease of 93 in the
were
of
banks
eliminated
branches
into
during
the
year,
of
19
other
by
banks.
There
suspension,
20
by
with the aid of loans from the Corporation, and 104 by merger,
or voluntary
liquidation.
There were 50 banks admitted
insurance, of which 20 banks were in operation at the beginning of the
year and 30 first opened for business in 1940.
The 20 operating banks
held deposits of $400,000,000, of which
$390,000,000 were in two mutual
savings banks.
the
at
32 banks chartered
supervisory officials in char¬
qualify for insurance, all but two banks of
and first opened
for business
in 1940
were
insured
the
stoppage began this morning,
the workers,
The report also Included the following statement of assets
liabilities of the Corporation
C. I. O. affiliate, demanded only that they receive three
holidays a year
a
with pay.
By this evening, when the strike
workers on the
night shift workers and
10% increase
a
against
today
fense
representative
a
of the
Office
of
Production
Management
endeavor
an
800 employees in the plant had
one of
This
afternoon officers
of the
gone to work
The
strike
meeting
then
was
held
in
hundred employees of the corporation
walked out when
were
walked
among
firms.
*
a
to
strike
suggested.
was
side of the
one
Slovak
signal their desire to strike.
$497,208,692.31
$90,810.45
in
sus¬
of
de¬
672,703.30
were
10 cents an hour higher
Corp.
seven years.
in
specializes
the
manufacture
of
steam-
It has an office at 165 Broadway,
Newburgh, N. Y.,
as
well
as at
Carteret.
States
Former Justice of United
Supreme Court—Had Retired in 1937 After
More Than 26 Years
Van
on
United
/
Bench
$1,125,723.17
Deferred credits..
362.41
Reserve for deposit Insurance expenses
97,775.51
Total liabilities
$1,223,861.09
as
Surplus:
in
..._$180,264,574.29
applicable to periods prior to
is
with
brother,
Feb.
on
10, Chief Justice Hughes paid the
deep grief that I
Mr.
associate
an
the
was
a
law.
Justice
announce
Willis
Van
a
of
who
on
was
Saturday last of
active service
in
Learned
justice of this court for upward of twenty-six years.
he
man
faithful
the passing
Devanter,
brought to this
bench the
special qualifications of a wide
was
sterling character and of
rare
of exceptional distinction.
sagacity,
He
wise counselor and
a
friend."
At the conclusion of arguments in two cases then being
heard, the Supreme Court adjourned until Feb. 12, in trib¬
ute to the memory of Mr. Van Devanter.
Additions:
Deposit insurance assessments..$23,790,712.41
(less prov-
15,153.98
session
judicial experience and his service here
585,188.75
$180,849,763.04
4,727,201.27
of
Court's
"It
rogated claims of depositors
the
following tribute:
our
vlsion for amort, of premiums)
received on loans & sub¬
of
Funeral services were held at the Epiphany Episcopal
Church, Washington, on Feb. 11 with members of the Su¬
preme Court as honorary pallbearers.
At the opening of the
$289,299,556.99
adjusted June 30,1940....
Surplus for the six months ended Dec. 31,1940:
Justice
States Supreme
Court, who retired in 1937, died of
heart disease in Washington on Feb. 8.
He was 81 years
old.
Appointed to the Supreme Court by President Taft in
1910, Mr. Van Devanter retired from active service in 1937,
CAPITAL
Capital stock
as
Associate
former
eral trials in the United States District Court in New York.
prepaid
July 1, 1940
Devanter,
provisions of the statute permitting justices over 70
age, who had served 10 years, to retire at full pay
of $20,000 a year.
Since that time he had presided at sev¬
1,696.48
on securs.
He said that the
but also makes brass and copper
years
'
360,512.94
assessments
Int. earned
during
under
positors, loans to merging insured banks, and
assets purchased
Net balances of depositors in closed insured banks,
pending settlement or not claimed—contra
Unused credits for assessments paid to temporary
adjustments
representatives
61,872.29
Accounts and assessment rebates payable
Balance
Foster-Wheeler
Death of Willis Van Devanter,
Current Liabilities:
Add
union
Even before the stoppage, he agreed
pipe and brass and copper appliances.
1.00
LIABILITIES
Balance June 30, 1940
with
touch
Mr. Lonsdale said also that the Foster-Wheeler Corp. had maintained
Willis
and
in
was
1,098,827.16
Total assets
funds
demands,
new
New York, and maintains plants at St. Catherine, Ont., and at Dansville
$135,813,207.20
43,641,093.81
Insurance
who
they had been with the firms for
92,172,173.39
Deposit
Union members
as
generating and oil-refining equipment,
and
Furniture, fixtures, and equipment
Deferred charges and miscellaneous receivables
Federal
well
as
those voting for the strike, then announced the
Lonsdale,
The
39,360,309.98
...
claims
five
Almost all those remaining in
to
room
give all night-shift employees a 5% salary increase.
until
to return any excess recovery to selling banks.
Assets purchased from merging insured banks and
receivers of closed insured banks to avert deposit
collections
About
fixed policy of giving two-week vacations to workers in its employ for
\
deposit insurance losses, under agreements
subrogated
here.
Between 50 and 75
corporation recently had increased laborers' wages from 61 to 65 cents an
a
Asssets purchased from merging insured Danks, to
from
Hall
present.
were
five years or more, while other firms had given no vacations to employees
300,512.94
deposits and
today.
demand could not be met.
$30,0 1 2,128.94
58,981,488.18
arising
De¬
settle¬
corporation met at the plant to discuss
hour, although its starting salaries already
expenses
money
a
and its top rate 15 cents an hour higher than salaries paid by competing
Loans to merging insured banks, to avert deposit
insurance losses, and recoverable liquidation
pense,
National
that all employees receive three holdays a year with
Later, according to Mr. Brant, Mr. Lonsdale notified him that the
pay.
to
rogated when paid—contra
Earnest
the
bring about
The union asserted that
the union demand
384,513,854.80
$404,974,645.03
Net balances of depositors in closed Insured banks,
pending settlement or not claimed, to be sub¬
Reserve for losses
of
to
When he failed the stoppage was called.
tion allowances than its competitors.
closed
insured banks
Less:
10 cents for
Saturday but had been delayed until
of Sidney Hillman, associate director
Commission, to intercede in
ment.
only
allow
to
general
Mr.
insurance Josses
over the
early morning shift.
the day, said that his company paid higher wages and gave better vaca¬
$20,460,790.83
Assets acquired through bank suspensions and mer¬
avert
however, the de¬
The stoppage had been voted last
ASSETS
(less collections):
claims of depositors
voted
was
which previously had not been mentioned.
of Dec. 31, 1940:
as
Cash on hand, in transit and on deposit
United States Govt, securities (cost less reserve for
amortization of premiums) & accrued int. rec'le...
gers
of whom
most
members of the United Electric, Radio and Machine Workers of America,
the hall
of the year.
Subrogated
com¬
-.
.
When
are
Mr. Brant, who said that non-union members
and
contracts.
is said to have confirmed that it was engaged in manu¬
facturing equipment for Navy vessels.
In reporting the strike the New York "Herald-Tribune"of
Feb. 13, said:
evidence of the continued cooperation of
the end
defense
pany
to
As
national
of
national defense contracts, but another official of the
merger
consolidation,
tering only banks that could
worth
Lonsdale, Vice-President of the corporation in
charge of production, refused to comment on the concern's
shop contract, a 10-cent-anhour increase for all employees, seven holdays with pay, a 5% increase over
insured banks, resulting from the continued elimination of
unsatisfactory condition, from the chartering of few new banks,
the
Congress of Industrial Organizations represen¬
Carteret, N. J. said that the company had more
William
of
in
from
were
1940,
For the year ended on
number
Neil Brant,
tative at
the 10 cents for
31,
IS, 1941
mands had been increased to include a union
agreements.
Membership
On
Feb.
Int.
His retirement from the Supreme Court bench in
1937
was
reported in these columns of June 5, 1937, page 3771.
The
$28,533,067.66
Deposit ins. losses & expenses.
fixts.
&
equlp't
As a> young man just
Indiana, and went West.
$835,121.69
Administrative expenses
Furn.,
1,829,046.95
pur¬
chased and charged off
Cheyenne,
33,387.83
carved
25,835,511.19
His
206,685,274.23
Total capital
$495,984,831.22
$497,208,692.31
The FDIC report for the six months ending June 30, 1940,
referred to in our issue of Aug. 3, page 626, while the
Corporation's annual report for the year ended Dec. 31,
was
was mentioned in these columns of June
8, page 627.
rise
at
of his career is taken from
summary
Foster-Wheeler
for
Corp. Rant Ties Up
Navy Vessels
Work
Work on boilers, condensers and distributors for the U. S.
Navy was discontinued at the plant of the Foster-Wheeler
Corp., in Carteret, N. J. on Feb. 12 when 800 workers voted ^
to] turn a one-day stoppage into a full-fledged strike to en¬
force their demands.
out of
In
there,
in
college,
Mr.
Van
in
rough-and-tumble
that
politics and the law that
extraordinary,
At
26
scarce.
commission
he
to
even
in
a
General
for
left his native
books to
was
frontier
country,
to lead him
to the
Western community where lawyers
Cheyenne's first city attorney, at 27 a member
was
revise
Wyoming
statutes,
Wyoming Territorial Supreme Court.
President
Devanter
1884 he took his bride and hie law
Supreme Court.
was
of
a
and
career
were
and at
McKinley summoned him to Washington
the
velt made him
as
thirty chief
justice
Assistant Attorney
Department of the Interior, and President Theodore Roose¬
judge of the United States Circuit Court.
When, in 1910,
President Taft appointed him Associate Justice of the United States Supreme
Court, he
land
a
was an
authority
on
legal problems peculiar to the growing West;
laws, water rights and Indian
His
Strike
a
States
of the
Total liabilities and capital...
Wyo.,
out
United
$2,697,556.47
1939,
following brief
the New York "Herald Tribune" of Feb. 9:
Deductions:
long years of service
however,
in
which
major importance.
the
on
reservations.
the Supreme Court bench covered a period,
frontier
In their stead
problems of the West no longer were of
came legislation growing out of the World
War, prohibition, the tremendous growth of industry and big business and
the increasing regulation of business, as it grew,
by government; and finally
the regulatory,
experimental and social legislation of the New Deal. . . .
Justice Van Devanter was a staunch defender of the Constitution.
Iron¬
ically,
one
Eighteenth
ment.
of his outstanding opinions upheld the constitutionality of the
Amendment,
which
subsequently proved
impossible of enforce¬
Volume
Described
the ablest of the "old conservatives," Justice Van Devanter
as
member
a
was
the
of
including Justices James Clark McReynolds,
group,
New
George Sutherland and Pierce Butler, which voted consistently against
legislation and other measures which appeared to expand or twist the
new patterns.
Justices McReynolds and
Deal
framework of the Constitution into
Sutherland
Justice
Devanter
Van
Justice Butler is dead.
retired.
now
are
He attended Indiana
born April
was
Asbury College,
.
17, 1859, at Marion, Ind.
Senator
Former
of
.
.
.
Co-
Author of Tariff Bill
;•
to 1933 and co-author of the Smoot-Hawley
9
Feb.
on
St.
at
He was 79 years old.
in the Senate, the Republican Senator
Petersburg,
During his 30 years
Fla.
After
became Chairman of the Senate Finance Committee.
serving five consecutive terms, Senator Smoot was defeated
for reelection in the Democratic landslide of 1932.
The fol¬
lowing bearing
his
on
is taken from Associated Press
career
advices of Feb. 9:
in the Senate comprised his political career, that being the
sought election.
In that time he made a name as an expert on tariffs, taxation and public
finance.
He was a leader in the conservative movement espoused by Presi¬
dent
Theodore
Roosevelt and
member of the American commission
a
refunding World War debts owed to the United States by various gov¬
for
ernments.
He took such
wrote his
leading part in framing the Payne-Aldrich tariff of 1910
"the Payne-Aldrich-Smoot bill."
Likewise, he
a
He
also
ranking member of its Appropriation Committee.
It
notable
was
it
that
in
extended
to
agriculture
protective
prin¬
ciples which hitherto had been dedicated chiefly to industry.
campaign for reelection in November, 1932, the senator emphasized
the benefits to Utah's sugar, copper and wool which he said had resulted
In his
from
the
Utah
joined
tariff.
that
But
many
was
the year of
the Democratic landslide and
another normally Republican State in unseating its Re¬
publican members of Congress, filling all State offices with Democrats and
Democratic majority to the State Legislature.
born in Salt Lake City January 10, 1862, but 10 years later
returning a
was
the family moved
to Provo,
Utah, and that was his home thereafter.
He
graduated from Brigham Young Academy when he was 17, went into busi¬
and became interested in banking, mining and livestock raising.
He
ness
Utah's
big business
when he was first elected to the Senate in
man
Senate Confirms Nomination of J. G.
bassador
Britain—Other
Great
to
Am¬
Diplomatic
Winant
as
Roosevelt's
President
New Hampshire to be
submitted
to
sent
Senate
the
to
He
on
Feb.
6,
was
unanimouslv
The other diplomatic changes which
of
Government
was
of
now
London.
William
Dawson of
Minnesota,
now
Ambassador to Panama, to become
the first Ambassador to
Uruguay. ?
*
,
Edwin C. Wilson of Florida, now Minister to Uruguay, to become Am¬
bassador to Panama.
Clarence E. Gauss of
Connecticut,
now
Minister to Australia, to become
Ambassador to China.
T.
Johnson
of Oklahoma, now Ambassador
to China, to become
Australia.
to
Fish of
Florida,
now
Minister to Egypt, to become Minister to
Portugal.
Herbert O.
Minister
to
Minister to
Pell
of Rhode Island, now (Minister to Portugal, to
Kirk of
Egypt.
In
Illinois,
now
become
Embassy Counselor at Rome, to become
From 1931 to 1933
Education.
1918 he
to
of railway and steamship
special counsel
was
1919 he was assistant chief counsel
of the United States
Payne.
John Barton
In
member of the Central Committee of the American Red
a
Mr. Moore
from the
was
under
Cross.
1859, and was graduated
26,
born in Fairfax on Feb.
1937
1936 and
Administration
1877.
University of Virginia in
Be
to
Frank
Court of
Roosevelt Nominates SECJChairman
President
of
Judge
S.J|Circuit
U.
Second
Appeals in New York
Frank, Chairman of
Commission, to be a Judge of
the Second United States Circuit Court of Appeals in New
York, was sent to the Senate for confirmation by President
Roosevelt on Feb. 12. If confirmed, he will succeed Robert
P. Patterson who resigned last year to accept a post with the
War Department and was subsequently elevated to the posi¬
tion of Under-Secretary of War.
Mr. Frank was appointed to the SEC in December, 1937,
to fill out the unexpired term of James M. Landis, and was
named Chairman in May, 1939.
The following regarding
possible changes in the SEC resulting from Mr. Frank's
nomination to the judgeship is from Washington advices,
Feb. 13, to the New York "Times":
The nomination of Jerome Nathan
the Securities and Exchange
Frank's
appointment
been
had
Generally regarded as
O. Eicher,
expected.
likely successor on the SEC is Commissioner Edward
Sumner T. Pike is a possibility.
although Commissioner
To fill the vacancy
which would be created by the elevation of
either
and
Chairmanship, Ganson Purcell, present head of the Trading
the
Although it would be possible for President
outsider
as
Chairman
since Joseph P.
of the
Roosevelt to bring in an
SEC, that practice has not been followed
James M. Landis,
Commissioners before they
Kennedy became its first head in 1934.
William O. Douglas and Jerome Frank were all
became Chairman.
selection of Mr. Purcell from the Commission's
of Justice Douglas, who was working
precedent for the
was
created by the appointment
for the SEC before he became a
Commissioner.
and a half longer
Mr. Eicher was a
Seventy-third, Seventy-
Commissioner Eicher, a Democrat, has served a year
with the SEC than Commissioner Pike, a
of the
member
Mr.
Frank
in
was
He
Chicago.
Republican.
House of Representatives in the
fourth and Seventy-fifth
was
Congresses.
born in New York City in
1889 and was educated in
graduated from the University of Chicago
Law School
of Levinson, Becker, Frank &
1912 and became a member of the firm
He later went to New York.
Glenn.
After four years with a
New York firm, Mr. Frank was summoned to
general counsel of the Agricultural Adjustment
Administration, where he remained until February, 1935.
become
Washington to
In 1935 he was appointed
Finance
Public Works Administra¬
special counsel to the Reconstruction
Corporation and later was brought over to the
In December, 1937, he was
tion.
appointed to the SEC.
♦
of Board of New York
Exchange—Nine New Governors Chosen—
Henry Parish, 2nd, Made Vice-Chairman—Other
Appointments
F. C. Moffatt Elected Chairman
Curb
_
Moffat of
These nominations were reported in our
issue of Feb. 8,
927.
page
member of the Virginia State Board of
1918 and
Luxemburg, now established in Canada.
ment of
1890, and of the
member of the Virginia Senate from 1887 to
1907
was
New Hampshire, now Minister to Canada, to
additionally without extra compensation as Minister near the Govern¬
Pierrepont
serve
a
as
Hungary.
Alexander
J.
had been Chairman of the Fredericksburg and Spott-
Railroad
staff
established in London, and as Minister near
Norway and The Netherlands, also now established in
Belgium,
Governments
Bert
extended
he
A
They follow:
Anthony J. Drexel Biddle of Pennsylvania, now Ambassador to Poland,
serve
also without additional
compensation as Ambassador near the
Minister
Congress
Association in 1909
companies of the South before the Interstate Commerce Commission.
of
Senate at the same time were also con¬
the
Feb. 10.
on
Nelson
in
Exchange Division of the SEC, has been mentioned.
nomination of John G. Winant
Ambassador to Great Britain, which
approved on Feb. 10.
the
Board of Regents of the
service
Virginia Constitutional Convention in 1901 and 1902.
to
Changes Approved
to
His
1922.
Chairman of the Virginia State Bar
was
and in recent years
Mr.
firmed
of Trustees of the Export-
sylvania Battlefield Park Commission.
his most
were
Department in 1933 as
1937 was made counselor by au¬
1931.
1919 to
Mr. Moore
1903.
was
■
and a member of the
since
Institution
Smithsonian
from
closing years of his Senate service.
in the
came
In 1929 he joined
in preparing the Smoot-Hawley tariff and handled it single-handed through
all the processes of enactment in the Senate until it became law in June,
was
:
been Chairman of the Board
had
Import Bank since 1934
By that time he had become chairman of the Senate Finance Committee
Smoot
Washington advices of Feb. 8 to
career,
Secretary of State and in
Assistant
impress upon the Fordney-McCumber law of 1923, but the crown
of his tariff work
1930.
given
...
that Champ Clark called it
and the
devotion which is the just
last strength and
in service to the public good.
and unfaltering patriot whose
by profession, he entered the State
A lawyer
an
ever
was
were
Concerning his
From
His 30 years
recognized.
give him now only that tribute of
can
he served
only public office to which he
all who have heard him speak on
as
thority of a special act of Congress.
Smoot, United States Senator from Utah from 1903
tariff act, died
Reed
and legal subjects
We
scholar,
a
the New York Times said:
Utah—Was
of
Smoot
likewise
was
final breath
A:
Death
He
his political accomplishments.
historical
I have spoken so far only of
relationship.
De Pauw University, and Cin¬
now
traditions of the diplomatic
foreign governments, he maintained the best
need of the distinguished
.
from which he was graduated in 1881.
College Law School,
cinnati
.
1073
Chronicle
The Commercial & Financial
152
At the annual election of the
Feb.
held
New York Curb Exchange,
elected as Chairman of
10, Fred C. Moffatt was
term of one year.
Mr. Mof¬
the Exchange, having served
for four successive terms from 1935 through 1938.
He also
served as Vice-President during 1934 and had been a mem¬
ber of the Board of Governors from June, 1929, to Febru¬
the Board of
Governors for
a
fatt is a former President of
Death of R. W. Moore, State Dept. Counselor—State¬
ment of Secretary Hull
Counselor of the Department of State,
home in Fairfax, Va.
who joined the State Department in Sept.,
R. Walton Moore,
died Feb. 8 at the age of 81, at his
ary,
Mr.
nors,
Moore,
1933,
in
as
to Raymond Moley, became Counselor
the time of his death was third ranking
successor
1937 and
at
official of the Department.
In a statement, Feb. 8, announcing the
passing of Mr.
of deep personal sorrow.
have been spent in faithful
narrow
bounds;
of Mr. Moore with
a
sentiment
By his passing from this life I have lost a dear
friend and the country has lost one of its
ablest citizens, whose long years
service to its welfare.
his abilities carried him to ever
As counselor of the department
His interests knew no
wider fields of service.
since 1937 he gave of his wisdom, his
his strength In the stress of
At all times he gave himself to
ripe experience of four-score years, and spent
a
period of gravest concern to his country.
the duties and obligations
As
an
authority
on
of his position in the Department of State.
constitutional and international law his counsel was
invaluable in such matters as recognition and
multifarious
upon
questions
connected with
neutrality, particularly the
the latter subject.
by his position as counselor to meet with
A Gover¬
of the Gratu¬
ity Fund were elected on the regular ticket for a period of
three years.
There was no opposition to the ticket pre¬
sented by the Nominating Committee.
The newly-elected Governors and Trustee, together with
four Class B Governors and one Trustee
their firm affiliations, follow:
Moore, Secretary of State Hull said:
I make the announcement of the death
In addition to Mr. Moffatt five Class
1939.
Often called
the representatives of
Chairman of
the
Members
the
of
(one-year term)—Fred 0.
Board of Governors
Board
of
Governors
(Class
A)*
Joseph A. Gole; Edwin Posner, Andrews, Posner &
(three-year
Moffatt.
term)—
Rothschild; Edward J.
Shean, Jewett & Shean; William B. Steinhardt; Howard C. Sykes.
Members of the Board of Governors
(Class B)** (three-year term)—
Herbert
Meeds;
Riter
♦
&
W.
Grindal,
Reynolds & Co.;
Charles D. Halsey, Laird, Bissell &
Charles Moran Jr., Francis I. du Pont & Co.; Thomas F.
Troxell,
Co.
Class A
Governors,
of which there are 15, are regular members of the
Exchange.
♦*
Class
B
Governors,
of
which
partners or non-member partners
business
for
the
public.
there
are
12,
are
associate
member
of regular or associate member firms doing
The Commercial & Financial Chronicle
1074
the Gratuity
Trustee of
Of the 10
Governors
of
Board
(three-year term)—E.
Fund
of
Curb
the
They
Exchange.
are:
Moffatt, Cole, Porner, Shean, Steinhardt and Sykes.
The naming of this slate by the Curb's Nominating Com¬
Messrs.
mittee
reported in these columns Jan. 4, page 43.
was
At the
new
Board's organization meeting on Feb. 11 Henry
elected Vice-Chairman of the Board for a
Dean John T. Madden, Benjamin H.
Namm and Victor F. Ridder were reappointed Class C
Governors (representing the public) for the ensuing year.
The following officers and directors of departments were also
appointed for one year:
Parish, 2nd,
of
term
one
E.
Charles
was
year,
McGowan,
Director of the Department of
Administration; Joseph R. Mayer, Assistant
Treasurer, Henry H. Badenberger, Director of the
Department of Outside
Supervision, and Martin J. Keena, Director of the Department
The following appointments of Chairmen
committees for 1941-42 were also made:
Committee
on
of
Hengeveld, Jr., Treasurer and
Quotations; Christopher
and
Transactions
Director of the Department
and
Secretary
of Securities.
of the standing
factories,
In
large
the
employment and payrolls were reported.
Increases at firms with defense
orders were chiefly responsible for the gains recorded.
Since metals and
the Buffalo and Albany-Schenectady-Troy areas have
in
firms
machinery
large orders for defense materials, these two districts have
benefited more from the recent upsurge than any other district in the
received
very
State.
payroll figures for these two
and for January a year ago,
and
employment
the
Comparing
January with those for December
in
districts
larger percentage increases are noted than those for any other district.
If
it were not for seasonal losses at brush, wood products, knit goods and
factories
shirt
the net gains
Albany-Schenectady-Troy area,
the
in
January would have been greater, as almost
December to
from
all metal plants
reported very good gains.
In Rochester and Syracuse gains at metal fac¬
tories, coupled with seasonal increases at apparel plants, were sufficient to
offset losses at food, chemical and clay products firms.
Shoe plants in
Binghamton-Endicott-Johnson City
and continued improvement
Executive Committee—Fred C. Moffatt.
this
obliterated
firms
at
losses
the
have received some defense
these plants and at business
area
contracts,
machine
General Committee
two
changes.
seasonal
Utica
Committee on Arbitration—John B. Lord.
Committee on
these
in
even
usual
the
Admissions—Charles M. Finn.
1941
15,
districts, the losses were smaller than the
the absence of major variations in other
seasonal decrease at one plant in the metals
group coupled with a drop due to labor troubles at a furniture factory
were
responsible for the net drop in the totals for this dictrict.
The
large gains at metals plants in New York City were insufficient to offset
the seasonal losses at the great majority of the other firms.
All industrial
groups in the city except metals reported losses this month.
In the other five industrial districts contra-seasonal net gains in both
City and,
K. McCormick.
Governors, six are former members of the
new
Feb.
almost
at
other
all
in
factories
area.
Securities—Robert B. Stearns.
on
Dec.
Listing—Robert B. Stearns.
1940 to Jan. 1941 Jan. 1940 to Jan. 1941
Per Cent Change
Per Cent Change
Committee on Security Rulings—Henry Parish, 2nd.
General Committee on Transactions—David U. Page.
Payrolls
Emvl'nit
Payrolls
Empl'm't
Committee on Stock Transactions—David U. Page.
Committee
|
|
[
on
Bond Transactions—David S. Cooper.
+ 37.2
Buffalo
+ 3.2
+ 3.7
+26.7
Albany-Schenectady-Troy
+2.9
+ 5.1
+ 25.5
+41.0
Syracuse
+ 1.1
+ 3.4
+ 14.9
+20.6
+ 10.7
General Committee on Outside Supervision—Albert G. Redpath.
Committee on Member Firms—Albert G. Redpath.
Committee on Business Conduct—Edwin Posnor.
Binghamton-Endicott-Johnson City.
+0.5
+0.2
+ 2.5
Committee on Communications and Commissions—Charles H. Phelps, Jr.
TJtica
—1.4
—1.7
+ 15.2
+41.9
New York City
—1.5
—1.5
+ 10.2
+ 18.0
Committee
■
on
Finance—Austin K. Neftel.
Association to Sponsor Farm
New York State Bankers
President of Chicago Federal
Reserve Bank
George J. Schaller, President of the Federal Reserve Bank
Chicago, announced on Feb. 11 that he will retire from
this post on March 1.
Mr. Schaller, who is 67 years old,
plans to return to his home in Storm Lake, Iowa.
He has
been head of the bank since 1934.
The bank's directors
scheduled to meet
Feb. 27 to elect
on
School
Credit
Commercial
State
for
Banks
at
Ithaca, N. Y., March 10-11
.
of
are
+ 11.9
O. Beane, Jr.
Committee on Public Relations—Alpheus
G. J, Schaller to Resign as
+ 7.8
+ 1.4
+ 1.0
Rochester
In
effort
an
to
wider appreciation and more
promote a
sympathetic understanding of the credit needs of farmers in
New York State the State Bankers Association will sponsor
a
Farm Credit School for all State commercial bankers
March 10 and 11 at Ithaca, N. Y., it was announced Feb. 10
by E. Burnham Guild, Chairman of the Association's Com¬
on
Agriculture.
The school will be operated in
a successor.
mittee
"Agriculturejin the Americas" is New Publication of
Department of Agriculture
Agricultural developments and possibilities in the West¬
ern
Hemisphere nations is the general tlieme of a new
monthly publication—"Agriculture in the Americas"—pre¬
pared by the Office of Foreign Agricultural Relations, the
United
States
Department of Agriculture announced on
Feb. 6.
"Agriculture in the Americas" will report in par¬
Latin America can grow for use in
the United States.
Increasing production in Latin America
of rubber, fibers, quinine and other drugs and herbs for
consumption in the United States increases Latin American
purchasing power for United States goods, says Leslie A.
Wheeler, Director of the Office of Foreign Agricultural Re¬
lations.
The subscription
price for "Agriculture in the
Americas" will be 75c. a year in the United States and its
possessions, and in most other countries of the Western
Hemisphere. ' Foreign subscriptions will be $1.20 a year.
The price per copy is 10c.
All applicants for subscriptions
should be sent to the Superintendent of Documents, United
States Government Printing Office, Washington, D. C.
ticular
on
crops which
cooperation with the New York State College of Agriculture
at Cornell University.
The announcement adds:
This
any
believed
is
banking
its kind to be undertaken by
be the first project of
to
in
group
the
It
country.
the second
is
such educational
being the
enterprise to be sponsored* by the New York association, the first
Bond Portfolio Conferences initiated two, years ago.
covering
Lectures
all
credit
farm
of
aspects
be given during the
will
Subjects to be covered include: The Agricultural Credit
York State, Credit News of the Fanner, Merchant and
Extension, Factors Affecting Farm Income, Specific Farm
Rediscount Facilities of the Federal
Reserve Bank with
two-day session.
Situation
New
in
Dealer
Credit
Credit
Cases,
Respect to Fanners' Paper, How to Get More Good Agricultural Loans and
Credit Problems as Seen bv the Other Half (Female) of the Farm Part¬
nership.
'V'.
•
^
Food Buying Under Stamp Plan Was Above
$6,500,000 in December
Surplus
families receiving public
of food to their diets in
December, 1940, by use of blue surplus food stamps, the
Surplus Marketing Administration of the Department of
Agriculture announced Feb. 11 in its monthly report on the
Food Stamp Plan.
It was further explained:
3,000,000
Nearly
of
members
assistance added $6,587,000 worth
During December the families taking part in the Food Stamp Plan used
Factory Employment in New York State Continued at
High Level in January
According to
statement
a
issued Feb.
10 by Industrial
Commissioner Frieda S. Miller, the number of workers em¬
State factories remained
December level.
Total factory
by New York
ployed in January
the high
unchanged from
0.4%
payrolls
rose
that the
average
the month.
in
When it is considered
changes from December to January over
26 years have been losses of 1.7% in forces and of
2.7% in payrolls, the changes this January appear dis¬
tinctly favorable.
Seasonal losses in many industries are
to be expected in January.
Although such losses did occur
this year, further gains in the defense industries were suf¬
the past
factory employment
seen
from
There
a
were
and
payrolls this January
can
be
comparison with the figures for January, 1940.
14% more workers employed this January on a
that
payroll
24% higher than that for last January.
was
Miss Miller's
stamps,
statement
continued:
13%
follows:
which increased their buying power approximately 50%, as
for butter, 13% for eggs, 29 for pork products, 17% for
12% for vegetables.
outlets for specified farm
2,963.000 dozen eggs,
25,117,000 pounds of white and Graham flour, and 8,517,000 pounds of
other cereals, 8,850,000 pounds of pork, 5,093,000 pounds of pork lard,
27,566,000 pounds of potatoes and 10,212,000 pounds of other vegetables.
Other blue stamp purchases included 2,086,000 dozens of fresh oranges,
6,757,000 pounds of fresh apples, 4,746,000 fresh grapefruit and 2,405,000
pounds of dried prunes and raisins, and 425,000 pounds of fresh pears.
flour
other
and
Purchases
products,
table
round
Bankers
Association
P.
by
Chairman
number as
of
in December.
January
figure.
for
was
based
Index numbers,
employment
Information,
the
Their payroll of
$56,000
about
under
collection,
107.1
and
the
January,
higher
on
for
direction
tabulation
and
$14,456,134 for the
than
of
these
Contra-Seasonal Gains in Employment and
,
On the basis of
years,
drops
the
average
Districts
Patton,
industrial
tricts
that
did
districts
report
from
is
•
week
December
were
102.5
Statistics
and
responsible
for
data.
month-to-month
December
to
are
January.
such drops this January
were
over
the past' 26
The only two
Utica and
New
dis¬
York
vital
to
of
in
New
York
D. Houston, A.
the
Board
of
the
City,
B. A.
March 5-7, it is
President, who is
The round
National
American
Bank,
table conference
savings bank personal loans, current economic develop¬
ments,
savings
bank
life
insurance,
and
public relations.
The announcement continued:
five
to be expected in all
topics
ments, agricultural credit, mortgage loans, consumer credit
and
of
Houston
tion
these
of
experts
sessions
changes
current
on
subjects in¬
clude defense loans, savings and commercial bank invest¬
Each
Payrolls in Five Up-State
This January
in factory employment and payrolls
seven
of
same
'middle
100,
as
Division
B.
the
corresponding
average
The
E.
Dr.
analysis of
Industrial
the
the 1925-27
payrolls.
approximately
conferences
present-day banking will be the principal features of the
Eastern Regional Conference to be held by the American
Nashville, Tenn.
in
new
butter,
of
City, March 5-7
Ten
firms
workers
representing
pounds
2,336,000
Regional Conference to Feature Ten
Round-Table Discussions—To Be Held in New York
announced
475,165
fruit, and
for
blue stamps,
Preliminary tabulations, including the reports from 2,241 firms through¬
out the State, form the basis of the statements made in this analysis.
These
employed
15%
cereals,
with
included
A. B. A. Eastern
A better indication of the high levels
ficient to offset them.
of
blue
in
attend
ments
in
the
round
the
declared,
the
the
table
topics
respective
fields
three-day conference.
formal
to provide a
style of
conference
will
be
during
The
discussed
the
by
morning
program
is
three,
and
discussions.
the
and questions from the floor
four,
or
afternoon
designed, President
maximum of concise opinion and
group
have
will
In addition,
informa¬
delegates who
opportunity to offer their
following each round table.
own
com¬
Volume
Addresses
Houston,
New
of
who
will
made
the
opening day of the conference by Mr.
discuss "Improved Banking Service Through Effective
by Henry Bruere, President of the Savings Banks Associa¬
on
will
who
Cooperation";
tion
be
will
York
speak
1075
The Commercial & Financial Chronicle
152
and
on
President
"Savings
of
Bank
the
Bowery Savings Bank, New York,
Service—Today and Tomorrow" ; and
Other features of the office will be air
deposit vaults.
ference
This
rooms
staffed
special section for payrolls.
for customers, and a large
spacious
office will
new
be
conditioning, con¬
attractively
equipped and efficiently
give to the interests concentrated in this area
to
complete com¬
mercial, foreign, and individual banking services.
by GwiJym A. Price, President of the Peoples-Pittsburgh Trust Co., Pitts¬
burgh, Pa., who will describe "The Outlook for Commercial Banking."
The Dime Club of the Dime Savings
A
previous
announcement
regarding
the conference
ap¬
peared in our issue of Feb. 1, page 771.
Bank, of Brooldyn,
of which Philip A. Benson is President, held its
N. Y.,
annual dinner dance
eighth
11,
Lincoln's Birthday Eve, Feb.
on
Hotel, New York City.
The affair
was attended by a large number of officers, trustees,
em¬
ployees of the bank and their invited guests.
The officers
at the Waldorf-Astoria
ITEMS
ABOUT
Arrangements
New York
BANKS,
were
TRUST
COMPANIES,
&c.
made Feb. 11 for the transfer of two
Stock
Exchange memberships; one at $27,000,
and the other at $26,000.
The previous transaction was at
$28,000, on February 7.
Chase
The
National. Bank,
New York City, recently
added to its Collection of Moneys of the World a note of the
first paper money of the Colony of New York, which was
issued in 1709.
The note, which is in the five shillings
denomination, is dated May 31, and measures about 4
inches by 6 inches and at the top is an ornamental border
which has been cut so as to form a scalloped edge to prevent
counterfeiting.
The Case exhibit contains over 50,000
specimens of money and is open to the public without charge.
It is located at 46 Cedar St., in New York City.
William Minott Clark, a partner in the New York invest¬
banking firm of Merrill Lynch, E. A. Pierce & Cassatt,
died on Feb. 7 in the Memorial Hospital, in New York City
ment
following
illness of several months. He was 62 years old,
directorships in several corpora¬
an
of
Dime Club
the
Edward
are:
P.
Robinson,
President;
Aquila S. Finley, Vice-President; Frank G. Sharkey, Treas¬
urer; Ruth E. Johnson, Secretary.
Appointment of four new officers of the Union Bank of
Commerce, Cleveland, Ohio, and promotion of three other
officials to higher posts have been authorized by the board
of directors, it is announced by President Oscar L. Cox.
All have been on the Union Commerce staff since the estab¬
bank in May,
1938.
The changes, it is
occasioned by the expansion
in the bank's business.
George W. Andrews, Louis L. Cox
and Edward F. Meyers, Assistant Cashiers, were advanced
lishment
of
the
explained by Mr. Cox,
were
Donald L. Har-
the rank of Assistant Vice-President.
to
member of the bank's division serving manufac¬
turers and merchants, was also named Assistant Vice-Presi¬
dent. Three new assistant cashiers appointed are: Carl L.
Beier, division member; Paul Glove, chief clerk, and Louis
A. Wild, manager of the bookeeping department.
All three
were previously on the staff of the old Union Trust Co.
baugh,
a
and at his death also held
Born in Elizabeth, N. J., Mr. Clark graduated from
the New York Law School in 1903 and joined the firm of
tions.
Beekman, Bogue & Clark
corporation lawyer. He re¬
he joined Merrill
Lynch & Co., which firm merged last year with E. A.
Pierce & Co. and Cassatt & Co., Inc.
mained
with
this firm
as a
until
■
1935 when
I.
Downey, Vice-President and a Director of the
City, was elected President
a meeting of the Board of
Directors of the latter institution held Feb. 11. Mr. Downey
will assume his new duties on April 1 after severing his
Bankers Trust Co., New York
of the Fifth Avenue Bank at
connections
with the Bankers
Trust Co.
As President of
the Fifth Avenue
Bank, he succeeds the late John C. Jay,
whose death on Jan. 22 was reported in these columns of
Jan. 25, page 622.
Following his graduation from Yale
University in 1897, Mr. Downey entered the building con¬
struction business with his father and grandfather, and in
1899 became a partner of the business, which was incor¬
porated in 1913 under the name of John I. Downey, Inc.
In 1927 he accepted a Vice-Presidency with the Bankers
Trust Co. and has been in charge of that institution's Fifth
Avenue office.
He is also a director of the Bankers Safe
Deposit Co., a trustee and honorary Vice-President of the
Savings Bank, and a director and member of the
Franklin
Executive Committee of the New York Telephone Co.
CURB
THE
Curb market
John
Mobile, Ala., has
of Robert E. Macon as
;A—:Ay;A:!''A-\AAAA
—The First National Bank of Mobile,
announced the election, on Feb. 4,
Assistant Vice-President.
the present
As
the
week with
a
trading sessions
sharp tendency toward lower levels.
were resumed on Monday prices
moved moderately higher
reaction
on
MARKET
trading has been unsettled during much of
but there was
the following day, and as the
a brisk downward
volume of transfers
increased, the selling centered around the industrial special¬
Singer Manufacturing Co. moved against the
ties.
and
worked into
new
trend
high ground for 1941 while Heyden
'off 4% points to 70. Aircraft stocks have
quiet with most of the changes toward lower levels.
Chemical fell
been
Shipbuilding shares moved within a narrow range and the
and cardboard issues have displayed only a limited
amount of activity on either side.
Mixed price changes and a moderate volume of transfers
were
the outstanding characteristics of the dealings on
the New York Curb Exchange during the abbreviated ses¬
sion on Saturday. There were no spectacular features and
most of the changes were within a range of a point or less.
Aircraft shares were quiet and unchanged, with the excep¬
tion of Brewster which registered a fractional gain.
In
the public utility preferred section the changes were mixed
with the advances and declines about evenly divided.
Oil
stocks were unsettled with a goodly part of the changes in
minor fractions.
In the industrial specialties group Singer
Manufacturing Co. advanced 3% points to a new 1941 top;!;
at 119%.
Universal Pictures also worked into new high
ground for 1940-41 at 19% with a gain of 2 points.
Trading was somewhat more active on Monday but price
changes were narrow and scarcely more than ! a couple of
dozen issues registered changes of a point or more.
Singer
Manufacturing Co. was the bright spot of the day as it
climbed up 8 points to 127%.
Aluminum Co. of America
was active and forged ahead 2 points to 143%, and ^Pitts¬
burgh Plate Glass advanced 1% points to 83Aircraft
issues moved within a narrow range with Republic slightly
higher; Brewster, Bellanea, Beech and Bell on the side of
the decline and Vultee unchanged.
Shipbuilding shares
were
quiet with only New York Shipbuilding (founders
shares) appearing on the tape.
Oil stocks were moder¬
ately active but the closing gains were small.
The transfers
were approximately112,000 shares agamst 82,000 on Friday
the preceding full session.
<
j
Lower prices prevailed on Tuesday, and while selling was
paper
#
Announcement
of
the
appointment of Z. D. Berry as
mortgage officer of the Harlem Savings Bank, New York
City, was made on Feb. 13 by Glover Beardsley, President.
Mr. Berry joined the institution in 1934 and was in charge
of real estate sales.
•
.
The Safe
Deposit Company of the New York Trust Co.,
City, on Feb. 5 filed an application, dated Feb. 4,
with the New York State Banking Department for permis¬
sion to change the location of its principal office from 1 East
57th Street, in New York City, to 10 Rockefeller Plaza, it
is learned from the Department's "Weekly Bulletin" of
New York
Feb. 7.
AyA^A,A;—,.A;AA:
AA:
According to the Feb. 7 "Weekly Bulletin" of the New
York State Banking Department, the Department on Jan.
issued
31
sehappij,
maintain
license
a
an
the
to
Nederlandsche
Handel-Maat-
Batavia, Netherlands East Indies, to
agency at 40 Wall Street, in New York City.
N.
V.,
New York State Banking Department on Feb. 4
permission to the South Brooklyn Savings Bank,
Brooklyn, N. Y., to change the location of its branch office
from its temporary quarters at 6416-18 Eighteenth Avenue,
in Brooklyn, to 6422-24 Eighteenth Avenue, also in Brook¬
lyn, effective Feb. 15, it is learned from the Feb. 7 "Weekly
Bulletin" of the Department.
The
gave
K.
Frank
Houston,
President of the Chemical Bank &
Trust Co., New York City, announced on Feb. 13 that the
office of the Chemical Bank now on Fifth Avenue at 54th
into it3 new two-story building
adjoining Rockefeller Plaza.
Mr.
St. will, around June 1, move
at
11
West
51st.
St.
Houston stated:
This
new
building now under construction will
the bank and
our
main
office will
be occupied solely by
provision will be made there for all the services available at
office.
In
addition
to
have departments for
facilities for general banking,
this new
Personal and Corporate Trust business.
Foreign and Custody Departments, a night depository and complete safe
.
in evidence in all sections of the list, it was more
pronounced
specialties group.
The volume of trading
climbed up to approximately 141,000 shares and registered
the
largest turnover for the current month.
Heyden
Chemical was the weak spot as it struck a new 1941 bottom
aDd receded 4% points to 70.
Aircraft issues continued
unsettled with Vultee, Beech and Bell fractionally lower,
while Republic, Bellanea and Brewster were unchanged.
Singer Manufacturing Co. again raised its 1941 top to 130%
at its high for the day but closed at 129 % with a gain of 1 %
points.
Shipbuilding shares were inclined to move lower and
in the industrial
the paper and cardboard issues
toward lower levels.
were
irregular with a tendency
The New York Curb Exchange, the New York Stock
Exchange and the commodity markets were closed on
Wednesday in observance of Lincoln's Birthday.
The Commercial & Financial Chronicle
1076
The downward
as
FOREIGN
swing
was more pronounced on Thursday
trading following the Lincoln Birth¬
There were 362 issues traded in of which only
the market resumed
day holiday.
45 closed
the side of the advance.
on
Public utilities and
industrial specialties bore the brunt of the recessions which
ranged
up
to 2 or more points.
Singer Manufacturing Co.
the weak spot and tumbled downward 3^ points to 126.
In the public utility group New England Tel. & Tel. was
down 5 points to 120 and Spring Brook Water Service $6
was
Pursuant to the
Act
of
market continued to sink to lower levels.
There
were
special significance. Aircraft stocks were fractionally lower
and the shipbuilding issues were down all along the line.
Paper and cardboard shares joined the decline and most of
the utilities were lower.
Noteworthy among the recessions
were Aluminum Co. of America, 2l/2 points to 1373^; Borne
Scrymser, 234 points to 35M; Heyden Chemical, 434 points
to 65; Jones & Laughlin Steel, 334 points to 27 and Scran ton
Spring Brook Water Service $6 pref., 3 points to 90.
As
compared with Friday of last week prices were lower, Alumi¬
num Co. of America closing last
night at 13734 against 14034
on Friday a week ago, American
Cyanamid B at 31 against
3334; American Gas & Electric at 29 against 3034; Carrier
Corp. at 8, against 934; Electric Bond & Share at 334 against
3%; Gulf Oil Corp. at 31 against 3334; Humble Oil (new) at
5434 against 5734; Lake Shore Mines at 1234 against 1334;
Sherwin-Williams Co. at 7234 against 7334; United Shoe
Machinery at 57 against 58, and United Gas pref. at 10734
against 110.
DAILY
AT
THE
give below
FOREIGN
a
YORK
CURB
EXCHANGE
Bonds {Par Value)
{Number
Week Ended
'
of
Feb. 14, 1941
Foreign
Domestic
Shares)
EXCHANGE
Government
Total
Corporate
52,540
$341,000
$3,000
$7,000
$351,000
110,355
559,000
2,000
8,000
569,000
Tuesday
Wednesday
141,220
859,000
Thursday...
Friday
178,680
196,465
1,344,000
7,000
10,000
1,072,000
1,361,000
679,260
$4,156,000
$20,000
$42,000
$4,218,000
Total
FEB.
8,000
Feb. 14
11,000
Noon
1941
Jan. 1 to
Stocks—No. ol shares.
1940
Feb. 14
1941
1940
679,260
709,095
3,697, f88
4,991,441
$4,156,000
$5,562,000
20,000
35,000
$34,343,000
243,000
42,000
61,000
441,000
$53,740,000
401,000
626,000
$4,218,000
$5,658,000
$35,027,000
$54,767,000
Foreign government..
Foreign corporate
Total
RESERVE
FEDERAL
1930
Value in United States Money
Unit
Feb.
Europe—
Belgium, belga.
8
Feb.
10
Feb.
$
$
$
11
Feb.
12
Feb.
Feb.
13
'•*.••
a
a
a
a
a
Bulgaria, lev
Czechoelov'ia, kornua
a
a
a
a
a
a
a
a
a
a
Denmark, krone
a
a
a
*
14
$
S
a
a
Engl'd, pound sterl'g
Official
4.035000
4.035000
4.035000
4.035000
4.035000
Free
4.027812
4.027500
4.027812
4.028750
4.029062
.020100
.020100
.020100
.020100
a
a
a
a
Finland, Markka
France, franc
.399700*
Germany, relchsmark
Greece, drachma
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty
a
Portugal, escudo
Rumania, leu
.399600*
a
.020100
a
.399700*
.399700*
.399600*
a
a
a
.197700*
.197700*
.197700*
.197700*
.197700*
.050414*
.050414*
.050414*
.050483*
.050414*
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.040075
.040087
.040062
.040080
.040080
a
...
a
a
a
a
Spain, peseta
.091300*
.091300*
.091300*
.091300*
.091300*
Sweden, krona
.238320
.238300
.238275
.238285
.238300
Switzerland, franc...
.232216
.232206
.232164
.232171
.232150
b
b
b
b
b
Yugoslavia, dinar
HOLI¬
Asia—
China—
DAY
Chefoo (yuan)
dol'r
dol
v;\
a
Hankow (yuan)
a
a
a
a
a
a
.053375*
a
a
a
a
.052291*
.054562*
.054106*
.053537*
a
a
a
a
.238333
.238906
.239781
.241187
India (British) rupee.
.301620
.301400
.301400
.301400
.301400
Japan, yen
.234387
.234387
.234387
.234387
.234387
Straits Settlem'ts, dol
.470500
.470866
.470866
.470866
.470866
Official
3.228000
3.228000
3.228000
3.228000
3.228000
Free
3.209166
3.210208
3.209375
3.210208
3.209791
New Zealand, pound. 3.221666
3.222913
3.222083
3.222916
3.222500
3.980000
3.980000
3.980000
3.980000
.909090
Hongkong,
dollar.
.242406
Australia, pound—
Africa—
North America—
Canada, dollar—
.909090
Official
.909090
.909090
.909090
Free
.828750
.828203
.827968
.829453
.831250
.205250*
.205250*
.205250*
.205250*
.205250*
Official
.909090
.909090
.909090
.909090
.909090
Free
.826250
.825937
.825625
.826875
.828750
.297733*
South America—
Bonds
Domestic
BY
1941, INCLUSIVE
14.
Buying Rate for Cable Transfers In New York
Country and Monetary
Mexico, peso
Newfoundl'd, dollar-
New York Curb
Exchange
CERTIFIED
1940, TO FEB.
8.
South Africa, pound. 3.980000
HOLI DAY
1,053,000
Week Ended
Sales at
865,000
6.000
HOLI DAY
RATES
BANK TO TREASURY UNDER TARIFF ACT OF
Australasia—
Foreign
1
Saturday
Monday.
We
record for the week just passed:
Tientsin (yuan) dol
NEW
Slocks
certifying
now
cable transfers in the different countries of the world.
Shanghai (yuan) dol
TRANSACTIONS
RATES
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is
oc¬
casional movements against the trend but these were con¬
fined to a small group of selected issues and were without
EXCHANGE
15, 1941
daily to the Secretary of the Treasury the buying rate for
pref. dipped 3 points to 93.
Shipbuilding stocks were down,
aircraft issues moved "within a narrow range, mostly lower,
and paper and cardboard shares were off all along the line.
Selling pressure was again apparent on Friday as the
Feb.
.297733*
.297733*
.297733*
.297333*
Official
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050600*
.050600*
.050600*
.050600*
.050600*
Argentina, peso
Brazil, mllrels—
Chile, peso—
Official
.051660*
.051660*
.051680*
.051660*
.051660*
Export..
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850
.569850*
.569850*
.569850*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.397625*
.397500*
.397500*
.397500*
.397500*
Colombia, peso
Uruguay, peso—
■
St. Louis Listed and Unlisted Securities
*
Nominal rate,
a
No rates available,
b Temporarily omitted.
>
Edward D. Jones & Co.
Established
COURSE
1922
Investment Securities
Boatmen's Bank
Building, ST. LOUIS
Members
Phone
St. Louis Stock Exchange
CEntral 7600
Chicago Stock E: change
Postal Long Distance
A. T. T. Teletype STL 693
New York Curb Exchange Associate
St. Louis Stock
Exchange
Feb. 8 to Feb. 14, both inclusive, compiled from official sales lists
Friday
Par
Stocks—
American Invest
Sales
Last
Week's Range
Sale
of Prices
Price
Low
1
com
6% preferred
50
Burkart Mfg com
48
High
for
Range Since Jan. 1, 1941
13
13%
68
48
48%
Low
High
Clearings—Returns by Telegraph
Week Ending Feb. 15
12%
Jan
13*
Jan
128
48
Feb
50
Feb
+ 1.5
299,000,000
+ 5.0
Jan
Boston
145,427,180
Feb
Kansas City.
St. Louis
191,551,470
75,823,773
+31.7
+ 10.2
+ 5.1
165
26%
Feb
27*
Jan
25%
60
25%
Jan
27
Jan
10%
11%
155
10
Feb
12*
15*
Falstaff Brew
1
com
Grlsedleck-W Brew com..*
Hussmann-Ligonler
Pref series
14%
310
13
118
118%
20
117
Jan
118
Feb
3
3%
865
3
Feb
4
Jan
6%
6%
7
125
Feb
7*
Jan
24%
24%
Jan
25
Jan
Jan
8
Feb
50
.....
14%
com.
1936
*
50
_
Huttlg S & D com
5
Hydraulic Pr Brick comlOO
~50~~
8
International Shoe com...*
29%
Johnson-S-S Shoe com...*
13
15%
Jan
24%
60
6%
24%
8
8
30
7%
50
50
20
50
Feb
8
8
40
8
Feb
8*
Jan
20c
20c
200
15o
Jan
20o
Feb
29%
30%
385
29*
Jan
13
13
13
Feb
31*
13*
5%
Jan
50
1
Key Co com
Knapp Monarch
*
*
Laclede-Chr Clay Pr com.*
Laclede Steel
*20 %
6%
*
com
1st preferred
2d preferred
Scruggs-V-B Inc
18%
13%
25
com
Natl Bearing Metals com.*
National Candy, com
*
Rlce-Stlx D Gds
6
20
com
Midwest Pipg & Sply com *
Mo Ptld Cement
5%
7%
com
100
100
98
5
10
com
1st preferred
Scullln Steel com
100
*
10%
Stlx Baer & Fuller com
Wagner Electric
com
.
.
10
15
15
5%
Feb
7%
Feb
6
180
8
Feb
Jan
Jan
Jan
Feb
7
101
18*
Feb
20
Jan
50
13*
13*
20*
Feb
15
Feb
Feb
16
Jan
Feb
22*
Jan
112
20%
30
6%
445
4%
160
6
Jan
4*
Jan
6*
5*
112
25
111
Jan
112
98
98
10
98
Feb
102
Jan
Jan
Jan
Feb
Jan
10
10
52
10
Feb
11
Jan
97%
97%
10
96*
Jan
97*
Feb
10%
12
32
10*
Feb
14*
Jan
100
35
8
330
7*
Feb
8*
Jan
9%
100
9*
Feb
9*
Feb
59
7%
9%
1
com
13%
30
50
112
100
Securities Invest pref. .100
Sterling Alum
13%
13%
20%
6%
4%
5%
7%
6%
18%
25 %
25%
25%
12
12
12
100
Feb
101
Jan
25
Feb
28
Jan
11*
Jan
12
Feb
Bonds—
St
L P 8 lnc
•
.1964
No par value.
$3,000
$2,055,043,928
Cent
$2,025,135,768
237,923,622
27%
25H
4
New York
1940
314,000,000
26 %
25%
com
Per
1941
256,194,171
26 %
Emerson Electric
CLEARINGS
Philadelphia
1
Dr Pepper com
*
Ely&Walk DGds 1st prf 100
BANK
clearings this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Feb. 15)
clearings from all cities of the United States from which it is
possible to obtain weekly clearings will be 1.2% above those
for the corresponding week last year.
Our preliminary
total stands at $5,080,497,839, against $5,020,725,341 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 1.5%.
Our comparative sum¬
mary for the week follows:
Week
Shares
Coca-Cola Bottling com__l
Columbia Brew com
5
11%
OF
Bank
Chicago
.
08,836,490
+ 7.7
74,400,000
70,800,000
San Francisco
108,201,000
113,777,000
Pittsburgh
105,132,718
96,842,766
+8.6
101,177,080
84,672,916
82,750,161
61,374,584
+ 19.5
$3,286,540,487
762,282,545
+ 4.0
795,468,645
$4,233,748,199
846,749,640
$4,048,823,032
971,902,309
+ 4.6
—12.9
$5,080,497,839
$5,020,725,341
+ 1.2
Detroit
...
Cleveland
86,515,980
70,239,434
Baltimore
Eleven cities, five days
$3,438,279,554
Other cities, five days.
Total all cities, five days..
All cities, one day
Total all cities for week
—4.9
+4.6
+ 14.4
+ 4.4
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until
noon
today.
of the week in all
Accordingly, in the above the last day
cases
has to be estimated.
In the elaborate detailed statement, however,
which
we
present further below, we are able to give final and complete
results for the week previous—the week ended Feb. 8.
For that week there was an increase of 23.6%, the aggregate
of clearings for the whole country having amounted to
$6,187,414,807, against $5,006,531,365 in the same week in
Volume
The Commercial & Financial Chronicle
152
Outside of this city there was an increase of 25.1%,
the bank clearings at this center having recorded a gain of
1077
1940.
22.2%.^ We
serve
Week Ended Feb. 8
Clearings at—
the cities according to the Federal Re¬
group
Inc.
districts in which they are located, and from this it
that in the New York Reserve District (including
this city) the totals show an improvement of 22%, in the
Borston Reserve District of 22.6% and in the Philadelphia
Reserve District of 19.4%.
In the Cleveland Reserve
District the totals record an expansion of 34%, in the
Richmond Reserve District of 34.4% and in the Atlanta
Reserve District of 31%.
In the Chicago Reserve District
the totals are larger by 25.6%, in the St. Louis Reserve
District by 30.9% and in the Minneapolis Reserve District
by 17.7%. In the Kansas City Reserve District the gain is
19.1%, in the Dallas Reserve District 22.4% and in the
San Francisco Reserve District 22.6%.
In the following we furnish a
summary by Federal Reserve
appears
districts:
or
1941
1940
Dec.
1939
$
%
%
$
1938
$
Seventh Feder al Reserve D Istrlct—Chi cago—
Mich .-Ann Arbor
Detroit
706,153
382,385
128,825,396
3,688,580
2,060,101
2,001,702
21.612,000
2,710,298
5,902,792
23,412,870
1,311,310
10,466,410
3,866,824
595,016
Rockford
4,198,322
1,660,680
Springfield,...
1,401,621
88,777,819
2,821,560
1,582,821
1,589,657
16,154,000
1,782,614
5,210,351
20,672,135
1,148,201
8,881,428
3,365,149
314,806
272,138,787
911,479
3,793,464
1,147,047
1,212,785
Total (18 cities)
542,487,440
431,886.388
Grand Rapids.
Lansing
Ind.—Ft.
...
Wayne
Indianapolis
South Bend
Terre Haute
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines...
Sioux City
111.—Bloomington
Chicago
327,015,689
1,051,676
Decatur
Peoria
+ 13.3
1,409,085
15,901.000
1,293,739
4,651,657
+ 13.3
19,643,670
+ 14.2
+ 15.6
1,045,594
7,827,862
3,125,360
293,261
261.069,295
1,026,132
3,127,071
971,778
1,044,585
335,519
52,990,106
1,677,368
871,441
615,661
11,681,000
863,921
3,356.603
20,791,604
842,371
6,051,245
2,287,119
245,693
195,933,251
625,192
2,383,047
989,773
886,952
+25.6
402,914,604
303,427,866
+27.1
72,700,000
+29.1
34,663,127
16,081,383
69,700,000
25,787,462
487,079
76,156,467
2,855,239
+84.7
+45.1
+30.7
+30.2
1,085,830
+25.9
+33.8
+52.0
+ 17.8
+ 14.9
+89.0
+20.2
+ 15.4
+10.7
+44.8
SUMMARY OP BANK CLEARINGS
Inc.or
Week End.
Feb.
1941
1941
8,
Federal Reserve Dists.
<
S
1940
Dec.
1939
1938
S
%
S
%
1st
Boston
293,884,661
237,753,715
-23.6
231,047,715
205,324,398
New York—13
"
3,358,104,661
2,751,535,310
-22.0
3,200,395,138
2,172,013,283
12 cities
3d
PhiladelphlalO
"
474,007,446
396,866,641
H-19.4
353,467,961
258,469,898
4th
Cleveland..
7
"
366,637,986
273.671.387 H-34.0
245,672,142
180,150,119
5th
Richmond.. 6
"
173,576,968
129,195,907
H-34.4
6th
Atlanta
10
M
206,782,640
157,806,981
Hr31.0
148,155,953
136,400,512
7th
Chicago
18
"
542,487,440
431.886.388 H -25.6
402,914,604
303,427,866
8th
St. Louis...
131,026,367
-30.9
123,875,510
111,363,097
9th
4
"
171,478,071
Minneapolis 7
"
105,931,300
89,973,815
10th Kansas City 10
11th Dallas
6
*•
140,612,269
118,034,259
"
79,027,665
64,579,919
12thSan Fran...10
"
274,883,700
224,200,676
113 cities
Outside N. Y. City
Canada
3
115,633,040
114,333,552
-17.7
74,116,702
66,176,120
-19.1
112,537,649
106,021,329
H -22.4
66,289,343
48,360,408
-
-22.6
203,183,698
160,754,293
5,277,289,455
3,862,794,875
2,184,240,832
1,774,624,116
6,187,414,807
5,006,531,365
2,955,642,251
2,361,902,674
+23.6
+25.1
603,991,487
—30.3
111.—Jacksonville
Total (4
cities).
421,136,408
290,539,903
add
our
1941
1940
$
Reserve Dlst rlct-
Me.—Bangor
802,088
Portland..
2,282,663
-Boston
or
1938
Jo
520,436
1,619,947
+54.1
252,885.602
677,828
422,240
740,583
3,474,119
2,290,391
11,703,497
5,192,488
12,908,200
505,062
204,108,838
+23.9
599,617
+ 13.0
423,280
561,132
2,986,944
1,930,560
—0.2
293,884,661
587,068
—14.0
cities)
237,753,715
+23.6
231,047,715
205,324,398
Second
Feder al Reserve D istrlct—New
York-
20,880,173
860,422
29,000,000
433,537
589,153
12,586,789
Springfield....
Worcester
Conn.—Hartford
New Haven.
.
R.I.—Providence
N.H.—M anodes'r
N. Y.—Albany..
Bingham ton...
6,021,849
1,661.109
Buffalo
+40.9
+32.0
+ 16.3
+ 18.6
9,767,144
+ 19.8
4,417,549
10,231,200
+ 17.6
7,770,421
1,267,935
32,500,000
441,439
700,464
+26.2
—22.5
+31.0
37,100,000
681,884
764,258
New York
3,231,772,556 2,644,628,691
Rochester.
11,257,571
8,538,453
Syracuse
5,930,026
5,950,609
Westchester Co
4,004,983
4,319,783
Conn.—Stamford
5,009,676
4,036,239
+24.1
N. J.—Montclalr
508,847
427,117
+ 19.1
Newark.......
24,597,497
28,794,405
18,940,020
22,014,139
+30.8
Elmira.
Jamestown
*
Northern N. J.
Total (13 cities) 3,358,104,661 2,751,535,310
Third Federal
Pa.—Altoona
Chester
Lancaster
Philadelphia...
Reading
Scran ton
Wllkes-Barre.
York...
N. J.—TrentonTotal
(lOcities)
Fourth
Reserve Dlst rlct-
563,147
Bethlehem
+ 14.2
+54.5
+ 9.1
+22.2
+31.8
—0.3
—7.3
+29.9
Cincinnati
Cleveland.
....
Columbus.....
Mansfield
Youngstown...
Pa.—Pittsburgh
cities).
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total
(6cities).
Sixth Federal
Tenn.—Knoxville
Nashville
Ga.—Atlanta
Augusta
Macon—
Fla.—Jacks'nville
Ala.—Birm'ham
.
Mobile
Miss.—Jackson.
111,363,097
2,015,094
47,673,188
18,994,190
1,840,541
474,977
665.005
+ 11.8
663,184
+26.1
516,432
3,636,771
3,624,939
+0.3
2,602,280
105,931,300
89,973,815
+ 17.7
74,116,702
66,176,120
.
Reserve Dis trlct—Kans
118,250
202,679
.
469,280
1,704,877
634.046
420,459
1,476,472
461,000,000
1,529,131
2,482,272
1,159,611
1,507,608
3,234,800
386,000,000
1,330,544
2,135,408
877,340
1,077,754
2,881,800
474,007,446
396.866,641
1,147,005
2,116,740
54,163,997
2,781,697
62,664,603
112,637,172
11,799,500
1,925,854
3,037,348
171,791,812
1,628,870
2,435,550
114,707,043
366.637.986
273,671,387
Kan.—Topeka
Wichita
.
_
—
Mo.—Kan. City.
St. Joseph
Colo.—Col. Spgs.
Pueblo
176,361,403
550,463
386.365
+20.5
+ 14.3
+ 18.3
2,596,712
41,313,686
Total
140,612,269
(lOcities)
3,003,411
1,728,128
7,881,528
2,922,049
10,399,700
411,253
Eleventh Fede ral Reserve
+29.0
—13.6
+28.7
+ 19.4
+ 14.9
509,047
448,069
406,129
194,221
855,549
250,000,000
827,549
1,680,335
533,748
+32.2
+39.9
+ 12.2
+ 19.4
353.467.961
258,469,898
1,844,009
50,535,991
75,727,936
1,413,870
918,398
2,605,900
-
+31.4
+ 15.7
+49.8
1,564,802
2,512,134
104,073,570
39,775,295
51,353,414
7,026,200
1,273,650
1,553,546
77,754,144
+34.0
245,672,142
180,150,119
89,240,587
+26.2
9,378,600
+25,8
+ 18.2
+24.7
9,413,700
Reserve Dlst rlct
716,005
3,911,000
45,961,348
1,540,591
90,234,068
31,213.956
36,361,081
1,193,025
66,663,130
22,223,782
173,576,968
129,195,907
+ 59.2
315,805
+69.7
+40.5
2,165,000
32,879,314
1,210,898
58,316,030
20,745,993
266,061
2,359,000
32.696,443
1,114.604
58,180,843
19,716,601
+34.4
115,633,040
114.333,552
+26.4
+29.1
+35.4
Reserve Dlst rlct—Atlant
4,968,704
21,592,837
73,600,000
1,362,878
1,687,283
27,732,000
25,731,732
2,316,778
4,833,329
16,703,129
53,800,000
1,230,738
♦925,650
20,736,000
20,403,356
1,777,960
264,781
+63.6
+2.8
+29.3
+36.8
+ 10.7
+82.3
+33.7
+26.1
+30.3
4,378,605
17,370,119
48,200,000
1,003,297
833,656
17,228,000
18,371,255
1,760,364
La.—New Orleans
47,525,647
172,433
37,224,386
Total (lOcities)
206,782,640
157,806,981
81,116
93,390
+ 53.0
131,766
2,317,600
26,698,118
2,870.691
2,582,159
74.026,654
2,734,426
472,769
99,860
2,114,036
21,097,200
+6.8
+ 14.6
+ 9.3
+29.4
+21.9
+ 7.7
—13.4
+20.1
+ 19.1
622,350
2,853,865
2,849.035
73,504,826
2,466,324
504,236
438,658
112,537.649
106,021,329
|
District—Da lias—
+65.9
+ 19.2
+0.7
940,123
+44.0
3,233,451
34,775,162
6,673,803
1,520,000
812,080
3,388,922
+22.4
66,289,343
48,360,408
Wichita Falls-.
4,134,585
Total (6 cities).
79,027,665
64,579,919
Galveston
1,796,038
51,885.636
6,549,095
1,885,000
1,564,866
La.—Shre ve port-
Fort Worth—
Twelfth Feder al Reserve D istrlct—San
+25.0
+42.5
4,137,151
13,762,846
44.600,000
1,003,537
849,150
15,988,000
15,728,673
1,388,122
+27.7
158,161
38,852,496
193,814
38,749,219
+31.0
148.155.953
136,400,512
Francl
45,182,141
1,114,498
38,604,836
35,505,757
+27.3
803,415
26,683,215
+38.7
Utah—S. L. City
15,305,781
12.594,635
+21.5
Calif.—L'g Beach
4,124,811
3,847,389
159,822,000
2,809,487
1,648,777
2,423,981
Wash.—Seattle
Yakima
Ore.—Portland.
.
Pasadena..—
San
Fran Cisco-
San Jose
Santa Barbara-
1,190,441
274,883,700
cities)
+44.7
SCO—
28,379,752
792,766
23,661,877
10,776,268
3,763,083
3,311,504
+24.6
3,526,401
135,381,000
+ 9.1
+ 18.1
2,335,403
1,888,194
2,171,152
+20.3
—12.7
+ 11.6
3,815,975
126,408,688
2,441,431
1,340,114
1,803,844
224,200,676
+22.6
203,183,698
23,667,903
631,276
19,813.802
10,042,788
2,957,494
3,203,059
95,945,000
1,802,957
945,953
1,744,061
160,754,293
Grand Total (113
6,187,414,807 5,006,531,365
+23.6 5,277,289,465 3,862,794,875
Outside New York 2,955,642,251 2,361,902,674
+25.1 2,184,240,832 1,774,624,116
cities).
-
Week Ended Feb. 6
Clearings at—
Inc.
1941
1940
Canada—
Toronto
137,493,969
Montreal
103,572,541
Winnipeg
34,659,695
19,754,027
69,370,223
5,719,429
3,070,702
8,459,339
7,350,748
2,539,211
1,968,098
2,813,421
4,584,446
3,850,518
368,234
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Victoria
London
-Richm ond—
449,889
2,305,000
City
+24.6
22,300,000
1,225,181
2,070,449
843,318
1,034,576
2,769,200
+ 16.2
118.034,259
51,070,309
6,301,342
1,778,710
993,360
2.871,332
Dallas..
Total (10
289,671
1,122,160
343,000,000
2,771,296
2,562,006
77,221,504
3,107,769
637,553
674,593
as
670,456
475,206
,093,048,623 2,088,170,759
7,382,923
5,337,842
4,026,603
3,091,756
3.415,828
3,273,551
4,070,064
3,612,574
376,327
272,674
15,200,636
14,926,766
21,110,849
16,785,963
360,920
752,686
28,221,034
2,596,729
60,888,203
7,874,145
2,534,000
1,000,003
Texas—Austin...
+22.0 3.200,395,138 2,172,013,283
+28.4
94,886
132,507
2,611,111
505,941
-Philad elphla
438,437
491,560
486.793
2,788,612
32,343,229
3,029,638
3.314,651
94,105,749
3,347,118
652,173
810,170
Edmonton
Reglna
Brandon.
560,765
Lethbridge
Saskatoon
1,516,626
Moose Jaw
New Westminster
578,321
1,026,814
980,423
666,815
Medicine Hat...
255,255
Peterborough
677,346
Sherbrooke
785,988
Brantford
Fort William
Kitchener
*
Estimated,
x
—38.0
+84.4
+ 14.5
——60.8
+ 16.5
—13.6
—54.4
101,919,629
90,704,617
21,309,670
15,365,639
22,015,801
4,607,873
2,115,382
4,461,199
4,189,059
1,764,962
—10.4
1,803,186
—32.8
2,338,869
3,293,423
2,880,583
277,413
426,158
—2.5
—5.0
+ 8.0
+9.2
+4.2
—1.8
—26.6
1,008,455
547,269
726,390
94,771,222
83,460,795
20,817,814
13,669,097
21,883,926
4,706,031
2,127,034
3,938,092
3,889,410
1,603,696
1,423,960
2,300,633
3,070,245
2,203,006
239.098
372,917
1,106,814
424,400
776,987
766,210
590,839
—9.0
467,026
+7.4
760,212
427,293
788,868
421,136.408
603,991,487
-30.3
290,539,903
271,435.346
Sarnla
Total (32 cities)
—37.8
—0.3
692,883
Sudbury
4,699,695
4,052,781
340,881
513,306
1,455,118
589,097
1,399,482
848,767
834,887
205,692
590,442
716,940
1,363,250
—38.2
1938
460,733
952,968
Chatham
Moncton
5,564,382
2,196,056
4,187,329
-3u
1939
695,048
506,236
887,061
Kingston
Prince Albert
245,998,397
167.464,533
55,734,651
31,858,903
37,617,840
4,996,264
7,834,450
7,263,223
8,507,453
or
Dec.
552,881
549,247
162,962
517,539
616,209
841,919
2,422,602
271,699
696,080
496,193
529,857
1,186,791
3,198,068
433,657
843,327
745,028
Windsor
-
Vlcksburg
123,875,510
836,429
Calgary
Total (7
+30.9
Mont.—Biilings-
Stockton
Feder al Reserve D Istrlct—Clev eland
Ohio—Canton
131,026,367
N. D.—Fargo
S. D.—Aberdeen.
Omaha..
1939
Dec.
Total (12
.
171,478,071
17,686,509
1,745,887
480,917
477,624
1,974,785
Hastings
568,222
1,711,692
199,273,933
799,437
424,480
669,016
2,595,100
1,707,193
9,910,447
3,778,995
9,056,700
552,500
New Bedford.
389,000
+ 11.8
St. Paul
Lincoln
Inc.
Fall River
431,000
years:
Clearings at—
Lowell
X
+ 10.6
2,644,531
56,985,791
22,984,207
2,406,158
...
Tenth Federal
_
15.486,635
521,000
2,957,190
68,643,458
26,266,993
2,846,887
743,572
Minneapolis
Neb.—Fremont.
Mass.—Boston.
X
X
X
576,000
271,435,346
Week Ended Feb. 8
Federal
+49.1
detailed statement showing last week's
figures for each city separately for the four
First
Uis—
76,100,000
34,687,981
19,717,386
Reserve Dis trlct—Minne apolis-
Ninth Federal
Minn.—Dulutb..
Total (7 cities)
now
X
Quincy
Helena
32 cities
We
96,700,000
44,794,238
29,407,833
.
2d
Total
Eighth Federa 1 Reserve Dis trict—St. Lo
Mo.—St. Louis..
Ky.—LouisvilleTenn.—Memphis
2,895,974
341,450
1,062,326
769,573
No figures available.
+ 15.5
—20.1
+24.1
+ 14.7
+ 9.6
—12.9
+ 10.4
+27.0
—20.6
—3.2
135,380
545,813
554,481
920,797
2,360,625
238,169
580.099
538,332
513,263
The Commercial & Financial Chronicle
1078
CALLS
REDEMPTION
LIABILITIES
TREASURY CASH AND CURRENT
Feb.
1941
15,
FUND
AND SINKING
NOTICES
holdings of the Government as the items stood
The cash
Jan.
The figures
entirely from the daily statement of the United
31, 1941,
taken
are
are
set out in the following.
States Treasury Jan. 31, 1941.
CURRENT
ASSETS AND LIABILITIES
631,877,369.0)
Gold (oz.
the
GOLD
Assets—
.
- -
-
.
Below will be found
a
list of corporate bonds, Rotes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and ike page
number gives the location in ■which the details were give in
Chronicle."
Pace
Dute
Company and Issue—
..*.$22,115,707,914.80
M»r.
bonds—,
...
♦Allied Owners Corp., 1st lien bonds-.-.. —
—..Mar.
♦Aroostook Valley RR., 1st mtge. bonds—....
Mar.
♦Atlas Imperial Diesel Engine Co., 6% bonds..
Mar.
Bayuk Cigars, Inc., $7 preferred stock...
Apr.
Bear Mountain Hudson River Bridge Co. 1st mtge. 7s
Apr.
Bear Mountain Hudson River Bridge Co. 7 % bonds..... Apr.
8% bonds..
Apr.
Bell Telephone Co. of Pa. 6>$ % preferred
Apr.
(E. & G.) Brooke Iron Co. 1st mtge. 6s
Apr.
Carlisle Lumber Co. 1st mtge. 6% bonds
Feb.
Carriers & General Corp. 5% debs
Feb.
1
^1424
15
13
1122
1123
1123
819
Alabama Power Co. let mtge. 5a
Total
$22,115,707,914.80
-
IAabilUiet—
:
certificates—Outstanding (outside of Treasury)....
$2,879,948,929.00
Gold certificate fund—Board of Governors, Fed. Res. System. 17,089,335,996.22
Redemption fund—Federal Reserve notes
8,283,667.94
Gold
Gold reserve..
156,039,430.93
—
-
$346,681,016 of United States notes
and $1,161,622 of Treasury notes of 1890 outstanding.
Treas¬
ury notes of 1890 are also secured by silver dollars In Treasury.
Exchange stabilization fund—
Not*—Reserve against
1,800,000,000.00
fund:
resulting from reduc¬
tion In the weight Of the gold dollar.....
Balance of Increment
$143,049,329.62
39,050,561.19
In working balance.....................
$22,115,707,914.80
(oz. 1,087,235.993.1)
Sliver dollars (oz. 382,655,665.4)
494,617,426.00
......
$1,900,336,680.90
Liabilities—
$1,871,392,451.00
1,161,622.00
27,782,616.90
Sliver certificates outstanding......
Treasury notes of 1890 outstanding.
811 ver In general fund..—.
Total
....
$1,900,336,689.90
27,782,616.90
5,328,146.21
Subsidiary coin (oz. 3,854,247.8)
...
Bullion—At recolnage value 'oz. 7,104.7)..
At cost value
9,821.55
659,052,350.06
2,553,966.99
2,553,719.00
14,862,590.00
141,103.00
170,386.60
19,760,027.77
702,000,393.65
479,333,000.00
(oz. 1,331,795,558.5).a_
Minor eoin—......
......................
United States notes.............
Federal Reserve no tee
Federal Reserve bank notes...............
...
—...
National bank notes
....—
...
........
Unclassified—Collections, Ac..............
Deposits In—Federal Reserve banks....................—.
Special depositaries account of sales of Government securities.
National and other bank depositaries:
To credit of Treasurer United States
58,067,827.09
.........
*
ere (i
To
t of other Government officers
47,470,980.39
Foreign depositaries—
To credit of other Government officers.
Philippine treasury—To credit of Treasurer United States
186,534.68
1,366,646.60
;
Total
$2,202,740,001.10
UabUUies—
Treasurer's checks outstanding.............................
54,339,221.64
16,955,803.42
Deposits of Government officers—Post Office Department
Board of trustees, Postal Savings System:
59,300,000.00
6% reserve, lawful money.........—
Other deposits
.........
10,356,965.24
77,733,257.66
9,030,254.40
...
Postmasters, clerks of courts, disbursing officers, Ac
Uncollected Items, exchanges, Ac
8177,715,502.36
today—Increment on gold (as above
Seigniorage (sliver) (see Note 1)
.....
Working balance..
......
$143,049,329.52
599,430,602.94
1,282,544,666.28
2,025,024,498.74
Total
a
$2,202,740,001.10
-
...
The weight of this Item of silver bullion Is computed on the basis of the average
cost per ounce
at the close of the month of December, 1940.
Note 1—This Item of seigniorage represents the difference between the cost value
and the monetary value of silver bullion revalued and held to secure the silver cer¬
tificates Issued on account of silver acquired under the Stiver Purchase Act of 1934
and under the President's proclamation dated Aug. 9, 1934.
amount to the credit of disbursing officers and
Note 2—The
certain
agenda
..
TREASURY
The
MONEY
HOLDINGS
following compilation, made
ernment
statements,
shows
the
up
from the daily Gov¬
December,
holdings
money
Treasury at the beginning of business
1940,/ and January and
on
of
the
February,
Holdings in U. 3. Treasury
Feb. 1, 1941
$338,139,322
686,844,789
Net United States notes..
2,653,719
Net National bank notes.
170,386
Net Federal Reserve notes
14,862,590
Net Fed. Ree. bank notes
141,103
Net subsidiary silver.....
5,328,146
Minor ooln, <fco
22,313,995
Net gold coin and bullion.
Net silver coin and bullion
Total cash in Treasury
.
gold reserve fund....
.
Jan. 1, 1941
Dec. 1, 1940
$369,194,356
677,408,109
2,367,974
491,302
16,054,145
361,757
2,129,232
21,616,661
$348,867,334 $500,453,351
674,834,475
654,153,366
1,656,266
2,985,927
632,697
1,033,519
12,981,185
11,140,292
To credit dlsb. officers.
166.605
2,331,518
25,234,476
182,909
6,540,422
24,371,470
*1070354,050 1,089,623,536 1,066,704,556 1,200,861.256
156,039,431
156,039,431
156.039.431
156,039,431
914,314,619
933,584,105
910,665,125 1,044,821,825
479,333,000
702,000,394
674,871,000
404,755,969
705,452,000
267,840,885
Cash in Philippine Islands
Deposits in foreign depts.
186,535
Penn-Ohio
cash
in
1
676
Mar. 15
Mar. 20
Apr.
985
£1433
1130
1130
£1573
680
680
681
681
682
682
Corp.
Edison
Co.
431
989
834
834
270
836
433
838
838
434
1136
1137
1137
1137
686
993
993
993
841
See Commonwealth & Southern
116
...
.....
1139
♦Peoples Light & Power Co., series A bonds
1 Apr.
1
Scrip certificates
J,,
Philadelphia Suburban Water Co. 1st mtge. 4s
—Mar.
1
♦Portland Gas Light Co., 1st mtge. 5s—
Apr.
1
1st mortgage 4s
.....
..
;
—May 1
♦Prudential Investors,
Inc., preferred stock
Immediately
♦Richfield Oil Corp., 4% debentures
Mar. 15
Rochester & Lake Ontario Water Service Co. 5% g. bds—Mar.
1
St. Joseph's Mercy Hospital of Detroit—
1st mortgage serial bonds
Feb. 15
Shell Union Oil Corp. 5H% preferred stock.
Mar. 1
Silverwood Dairies, Ltd., 5% bonds...
Mar. 25
Southern Counties Gas Co. of Calif. 1st mtge. bonds
May
1
Southern Kraft Com. 4M% bonds
—Mar. 4
♦Southern Natural Gas Co., 4J$% bonds—
Apr.
1
Southern Pacific RR. 1st mtge. bonds
—
Feb. 28
Sail Francisco Terminal bonds
Feb. 28
Southwestern Light & Power Co. 1st mtge. bonds, ser A—Mar.
1
♦Terminal Warehouse Co., 5% mortgage bonds—
Feb. 25
Toho Electric Power Co., Ltd., 1st mtge. bonds
Mar. 15
Unified Debenture Corp. debentures
July
1
Union Premier Food Stores preferred stock
Mar. 15
♦WiscoiMn Public Service Corp., 1st mtge. bonds—
Mar. 13
-
—
994
1140
1140
1140
1141
843
843
844
844
845
-
THE
996
1143
275
275
845
-
1144
694
276
276
1147
xV. 151.
♦Announcements this week.
LONDON
STOCK
EXCHANGE
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
FrL,
Feb. 8
Feb. 10
Feb. 11
Feb. 12
Feb. 13
Feb. 14
Boots Pure Drugs
British Amer Tobacco.
37/6
91/1034
Central Min & Invest-
£11K
Cons Goldfields of S A.
Courtaulds S & Co....
36/103$
31/-
De Beers
£5"i«
Distillers Co
816,130,000
516,835,418
48,806.812
41,302,359
1,536,339
190,463
43,736,024
39,763,061
37/3
36/9
91/3
91/3
£113$
£113*
36/103$
36/103$
30/9
30/6
£5h«
64/6
7/73$
17/73$
23/3
23/3
96/103$
96/3
£145*
£143$
70/70/£65$
£65$
65/6
7/9
Electric & Musical Ind.
17/73$
HudsonsBayCo
Imp Tob <fc GB<fe I...
Closed
London Mid Ry
Rand Mines
£5»ii
64/6
7/73$
17/73$
23/3
96/3
£13H
70/£65$
36/6
91/3
£113$
36/6
90/£113$
35/30/13$
34/43$
30/-
£53$
£5Tu
64/6
7/73$
17/73$
23/3
96/3
£143$
70/£65$
64/6
7/6
17/6
23/3
95/73$
£145$
70/£65$
Rio Unto—
£7
£8
£8
£8
£8
Rolls Royce
Shell Transport..
76/3
45/24/9
75 44/43$
24/73$
15/-
75/43/9
15/13$
76/3
45/24/6
15/—
24/6
14/103$
75/41/103$
24/3
14/9
£33*
£33*
£33$
£33$
£3
West
WItwatersrand
Areas
1,981,740
199,375
C URRENT
Net
674
825
13886
....
Vickers
51,458,137
43,362,691
1,371,730
200,659
824
1127
.
United Molasses
58,067,827
47,470,090
1,366.646
Apr.
bonds
1
3)$s
Apr.
1
Illuminating & Power Sees. Corp. 7% pref. stock._ Feb. 15
Jones & Laughlin Steel Corp,_lst mtge. bonds ser. B_. ...Feb. 21
1st mtge. bonds series A..
—
Alar. 1
Keystone TelephoneCo. of Pa. 1st mtge. 5J$s.Feb. 17
1st mtge. 6s
;
..Apr.
1
Loew'g Inc. 5'A% debentures
Feb. 15
Lone Star Gas Corp. 3M % debentures
Mar. 1
Luzerne County Gas & Electric Corp. 1st mtge. 6s
Mar. 1
1st mortgage 5s.
...
Apr.
1
Matthiessen & Hegeler Zinc Co. 5% bonds
Mar. 1
National Distillers Products Corp. 10-year 3 J$s_..
Mar. 1
National Gas & Electric Corp. 1st lien bonds—
Feb. 15
Nordbery Mfg. Co. 1st mtge. 6s
Mar. 1
North American Car Corp. 4>$% ctfs., series I
May
1
North American Car Corp. equip, trust ctfs. series J
.June
1
♦Nevada California Electric Corp., 6% debentures
Mar. 1
♦Northern Illinois Coal Corp., 1st mtge. 5s
Mar. 1
♦Ohio Finance Co., 4K % debentures
Mar. 14
♦Ohio Oil Co., 6% preferred stock----.
..Mar. 15
Old Colony Investment Trust Co. 4J$% debs
Mar.
1
Omaha & Council Bluffs Street Ry. 1st mtge. bonds
Feb. 24
Ozark Power & Water Co. 1st mtge. 5s
Mar.
1
Panhandle Eastern Pipe Line Co. 1st mtge. bonds
Mar. 5
Parr Shoals Power Go. 1st mtge. 5s
Apr.
1
Feb. 1, 1940
other bank deposltariesTo credit Treas. U. S__
—■
Quotations of representative stocks as received by cable
each, day of the past week:
tories account of sales of
Government securities.
1
1
Feb. lo
Apr.
1
A
1941; also
Deposit in special deposi¬
Dep.ln Fed. Res. banks..
Deposited in National and
Apr.
823
823
823
824
983
422
Illinois Bell Telephone Co. 1st mtge.
Metal Box
Cash balance In Treas.
823
1126
..Mar.
May
(B. F.) Goodrich Co., 1st mtge. bonds
Ford Ltd.
Less
1
1
1
1
1
♦Great Northern Power Co., 1st mtge. 5s—
Gulf Public Service Co. 1st mtge. 6s
the first day of
the first day of February, 1940:
on
822
Apr.
...
1st mtge. 7%
.
today was $3,259,275,939.11.
822
1
1
& Pow. Co. of Bait. 3
-
Balance
822
1
Mar.
♦Consolidated Title Corp., 6% bonds
Cumberland County Power & Light 1st mtge.
Detroit Edison Co. 4
% bonds
*
$182,099,890.71
.............
262
1125
Mar.
bonds ...Mar. 18
Mar
1
4s—
Apr.
1
Mar, 1
Erie Coach Co. 1st mtge. 4J$s
Mar. 1
General American Investors Co., Inc., 5% debentures—Mar.
7
Consol. Gas El. Light
1124
1
Mar.
Apr.
7% debentures, series D
Community Public Service Co. 1st mtge. 4s
Congress Square Hotel Co. 1st mtge. 5J$s---Connecticut River Power Co. 1st mtge. bonds
Consolidated Biscuit Co. series A bonds
820
977
822
822
15
17
Mar.
——
Germanl-Atiantic Cable Co.
GENERAL FUND
Gold (as above)........
............
Silver—At monetary value (as above).
AC
x20.:6
671
671
15
1
...Mar.
—
...—
Chicago Union Station Co. 4% guaranteed bonds..
♦Cleveland By., 5% A bonds
Collateral Bankers, Inc., 6% debentures—
Series
1
Feb. 28
Mar. 15
Series AB
$1,405,719,263.90
...
Total
Assets-
bonds
Certificates of indebtedness
SILVER
Assets—
Silver
1
1
Mar.
#
5%
1
15
-
♦Central Ohio Steel Prod ucts, 1st mtge. 6s
Central Pacific Ry. 1st mtge. bonds. _
—
♦Central West Utility Co. of Kansas, 10-year 6s.
Charleston Transit Co. collateral trust notes—
182,099,890.71
Total
.......
—
$21,933,608,024.09
Gold In general
Alabama Power Co. 5%
NOTICES
Treasury
and in banks
2,202,740,001 2,109,604,291 1,975,793,983 2,463,467,443
Deduct current liabilities.
177,715,502
181,149,315
158,798,791
181,164,719
...
—Charles M.
Kaiser, formerly a partner in R. F. Gladwin & Co. and
prior to that with H. M. Byllesby & Co., is now associated with Robert
Available cash balance. 2,025,024,499 1,928,454,976 1,816,995,192 2,282,302,724
♦
Includes on Feb.
1 $659,062,172 silver bullion and
indicated in statement "Stock of
Money."
$2,553,967 minor coin,
as
O. Mayer &
Co., Inc.
—Raymond T. Fish, formerly partner of Kohler, Fish & Co., has become
associated with the New York Stock Exchange firm of Reynolds & Co.
i
Volume
1079
The Commercial & Financial Chronicle
152
COMPARATIVE
CONTINGENT LIABILITIES OF THE UNITED STATES, OCT, 81,1940
PUBLIC DEBT STATEMENT
Complied from Latest Reports Received by the Treasury
(On the basis of dally Treasury statements)
Amount of Contingent
When War Debt
Dec. 31,1930,
Lowest Post-War
IK as at Its Peak
Debt
Aug. 31, 1919.
Mar. 31,
1917,
Pre-War Debt
$
Gross public debt.........
per
rate
annum
129.66
250.18
12.36
Interest
interestbearing public debt (%)..
Computed
$
$
of
on
3.750
4.196
2.395
Matured
Interest
Principal
Guaranteed by XJ. S.
1,282.044,346.28 26,596,701.648 01 16,026,087,087.07
Gross public debt per capita
]■:. $
Unmatured Obligations—
Commodity Credit Corp.:
K% notes, ser. D, 1941.
1% notes, series E. 1941.
K % notes, Series F, 1943
192
posited with
or
696,252,814
504,817 835,590,417
227,717 94,906,317
238,757 236,714,957
37,933 103,185,433
835,085,600
94,678,600
236,476,200
103,147,500
3% bonds of 1942-47
2K% bonds of 1942-47..
held by
:
202,553,622
204,241,192
289,458,000
814
696,252,000
which cash has been de¬
$
622
202,553,000
204,241,000
289,458,000
Federal Farm Mtge. Corp.:
3% bonds of 1944-49....
3 K % bonds of 1944-64..
tbe United States:
Unmatured prindpal.c..
Matured prin
A Int. for
Total
a
$
Obligations of governmental
agencies guaranteed by
Liability
Detail
Treasurer of the U. S.d
Jan. 31, 1940,
A Year Ago
per
of
rate
annum
on
3% debs., series A....
2K% debs., series B—
31, 1941
Jan.
Uncalled
$
$
a320.18
a340.23
b346.48
2.608
2.566
2.541
5,620,866,398.67
5,901,357,155.28
5,900,772,755.28
82,637,773.80
2,282,302,723.85
18,447,644.73
1,928,454,975.75
17,415,302.43
2,025,024,498.74
Fourth called
deposited with
or
Revised
a
c Does not include obligations owned by the Treasury as follows:
Jan. 31, 1940,
$70,272,500; Dec. 31,1940, $89,576,750; Jan. 31, 1941, $144,533,250.
d Amounts are Included in the
e
45,900
6,327,850
12,281,455
246
695,372
i.27,094
1,212
22,419
b2,601,758,750
846,098
297
K% notes, series P.....
211,460,000
299,239,000
H% notes, series R.
1% notes, series S
275,868,000
12,281,702
2,602,604,848
211,460,297
131 299,239,131
1,018 310,091,018
2,851 275,870,851
310,090,000
...
779,273,572
877,565,719
190,839,112
754,926,444
general fund balances shown herein,
4,298
1,096,661,298
14,157,000
3,553
114,160,553
5,790,494,105
1,864,238
5,792,358,343
253,000
737
253,737
1,096,657,000
Includes amounts held by the Treasurer of the United States, as shown above,
by the United States,
45,900
778,578,200
877,438,625
190,837,900
754,904,025
Reconstruction Fin. Corp.:
K% notes, series N.....
b Subject to revision.
for the payment cf the
311,627
1,368,800
6,327,850
3% bonds. ser.A, 1944-52
2K% bds.,8er. G, '42-'44
K % bonds, series L, 1941
1K% bds.,ser.M, '45-47
held
by Treasurer of U. S.-d
4,227,525
1,368,800
:/
% debs., series C..
2K % debs., series D_.
Matured prin. A int. for
which
cash
has
been
General fund balance.e
177
Home Owners' Loan
Corp.:
the United States:
Unmatured principal _c_.
70
311,450
Housing Insurance Fund;
interest
interest-
bearing public debt (%)..
Obligations of governmental
agencies guaranteed ny
4,227,455
...
2K % debs., series B—
42,109,751,669.21 45,024,631,488.41 45,876,972,769.10
Gross public debt per capita
1,270,397,126
1,009,226
1,269,387,900
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
Dec. 31, 1940,
Last Month
$
Gross public debt--..
Computed
306"803,319*55
74^216,460*1)5 1,118*109" 53V.76
General fund balance.e
Tennessee Valley Authority
U. 8. Housing Authority:
principal of and Interest on matured obligations guaranteed
and after Sept. 30, 1939.
on
1K% notes,
dl
B, 1944.
ser.
c
•■v-v:
U. 8. Maritime Commission
COMPLETE PUBLIC DEBT OF THE UNITED STATES
Total unmatured securities.
The
following statement of the public debt and contingent
liabilities of the United States, showing also the Treasury's
surplus position, all as of Oct. 31, 1940, has been extracted
from the Treasury's official report.
Comparative debt
figures of a year earlier are also shown:
CASH
AVAILABLE
MATURING OBLIGATIONS
TO PAY
Oct. 31,
1940
Matured Obligations—
Federal Farm Mtge. Corp.:
1 K% bonds of 1939
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
2K% debentures,
-
Add
or
4,800
65
15,388",200
14,310
483,387
5,570
14,310
15.871,587
984
143,359
3,546,615
4% bonds of 1933-61
Oct. 31,
2K% bds.,ser.B, 1939-49
2% bonds, series E, 1938
1K% bonds, ser. F, 1939
1939
$
1,920,167,801
Balance end of month by dally statements
ser.
B-Third called
Home Owners' Loan
Corp.:
1,913,318,832
81.570
K, 1940
76,000
142,375
3,546,400
el9,152,975
504,467
Total matured securities
al9,410,775
505,270
19,916,045
5,809,904,880
2,369,508
5,812,274,389
1,297,694,364
37,083,411
H% bonds,
Deduct—Excess or deficiency of receipts over
4,865
ser.
.
215
•
or
under disbursements on belated items
Disbursing officers' checks
on War Savings certificates
Discount accrued
warrant checks
on
—6,230,734
1,907,088,098
P
Deduct outstanding obligations:
Matured Interest obligations.
Settlement
—2,276,236
1,917,891.565
Balance, deficit (—) or surplus (+)...
INTEREST-BEARING
..>
DEBT
v
66,478,296
262,764,725
3,376,745
1,872,561
60,694,864
218,061,510
3,432,975
1,379,412
334,492,327
283,668,761
+ 1,583,399,238 +1623,519.327
OUTSTANDING
Interest Oct. 31,
Title of Loan—
Payable
Q-M
Q-J
3s of 1961
3s convertible bonds of 1946-1947
1940
$
Oct. 31,
*
49,800,000
28,894,500
'
Total, based
Special:—4s Adjusted Service Ctf. Fund—Ser. 1941
2Kb Unemployment Trust Fund—Series 1940—
A-O
J-D
M-S
3Kb Treasury bonds of 1945-1956....
3Hs Treasury bonds of 1943-1947...
......J-D
3Hs Treasury bonds of 1940-1943
J-D
3Ks Treasury bonds of 1941-1943............M-S
3Kb Treasury bonds of 1946-1949....
J-D
3s Treasury bonds of 1951-1955
..M-S
3Ks Treasury bonds of 1941
F-A
4K8-3K8 Treasury bonds of 1943-1945..
A-O
3Ks Treasury bonds of 1944-1946
A-O
3s Treasury bonds of 1946-1948
J-D
3KB Treasury bonds of 1949-1952
J-D
2Kb Treasury bonds of 1955-1960
M-S
2Kb Treasury bonds of 1945-1947.......
M-S
2Kb Treasury bonds of 1948-1951
..M-S
2Kb Treasury bonds of 1951-1954
—J.J-D
2Kb Treasury bonds of 1956-1959
M-S
2Kb Treasury bonds of 1949-1953....
J-D
2Kb Treasury bonds of 1945
......J-D
2Kp Treasury bonds of 1948
—M-S
2Kb Treasury bonds of 1958-1963.
J-D
2Kb Treasury bonds of 1950-1952
M-S
2Kb Treasury bonds of 1960-1965
J-D
2s Treasury bonds of 1947.
—...J D
2s Treasury bonds of 1948-50
J-D
.
10,300,000
1,821,000,000
758,945,800
1,036,692,400
489,080,100
454,135,200
...
544,870,650
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,873,400
491,375,100
2,611,092,650
1,214,428,950
1,223,495,850
1,626,687,150
981,826,550
1,786,130,150
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,384,600
701,074,400
571,431,150
2Kb Treasury bonds of 1951-53.
J-D 1,118,051,100
680.692.350
2Ks Treasury bonds of 1954-56
J-D
2s Treasury bonds of 1953-55
J-D
724,677,900
U. S. Savings bonds, series A, 1935
cl73,254,652
U. S. Savings bonds, series B, 1936....
c315,891,747
U. S. Savings bonds, series C, 1937
c411,438,342
U. 8. Savings bonds, series C, 1938..
c496,233,515
U. S. Savings bonds, series D. 1939
c821,663,115
U. 8. Savings bonds, series D, 1940
c799.856.137
Unclassified sales....
c68,830,208
3s Adjusted Service bonds of 1945—
252,171,569
4Kb Adj. Service bds.(Govt. Life Ins. Fund ser. 1946)
500,157,956
2Kb Postal Savings bonds
J-J
117,513,960
Treasury notes....
8,429,750,500
Treasury bills...
1,306,535,000
...
....
......
Aggregate of interest-bearing debt
Bearing no interest
Matured, interest ceased
...
-
Secretary of Agriculture...
Postal Savings System:
Funds due depositors
Tennessee Valley Authority:
2K% bonds, ser. A.....
2K% bonds, series B...
Deduct Treasury surplus or
28.894,500
Total, based
17,800,000
1,370,000,000
758,945,800
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737.650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1.626,687,150
981,827,050
1,786,140,650
540,843,550
450,978,400
918,780,600
1,185,841,700
1,485,385,100
701,074,900
18,300,000
......
1,305,994,364
37,083,411
8,300,000
.......
credit of tbe
1,343,077,775
Other Obligations—
Fed. Res. notes (face amt.).
15,667,719,813
States for payment
of outstanding matured principal and Interest obligations guaranteed by the United
'States.
"69,361,913
Corporation
$2,000,000 face amount of bonds
as
43,563,458,401 40,529,953,240
380,162,365
401,320,896
196,772,960
108,596,980
—
42,556,994,488 39.416,351,789
Oct.r31, 1940, on the basis of dally Treasury statements, was
$44,137,245,618.38, and the net amount of public debt redemption and receipts in
transit, Ac., was $3,148,108.
c Amount issued
and retired includes accrued
discount; amounts outstanding are stated at current redemption values.
held
by
the
Home Owners' Loan
"Treasury" bonds pending cancellation.
The Treasury holds 2H% bonds, series A, due Dec. 15,1948, in the face
of $272,500 issued under Section 15a and K % interim certificates in the face amoun*
of $52,000,000 issued under Section 15c of the Tennessee Valley Authority Act o1
amounj
c
1933,
as
amended, which
are
reflected in the public debt.
d Does not Include $60,000,000 face amount of K % notes, series D, due Dec. 31,
1940, held by the Treasury and reflected in the public debt.
Does not
e
Oct. 31,
h
include $98,800
1940.
available.
face
amount of bonds in transit for redemption on
;■
...
Figures shown
are
as
of Aug. 31,
1940—figures as of Oct. 31, 1940, are not
Offset by cash In designated depository banks and the
accrued interest
amounting to $41,102,436.43, which is secured by the pledge of collateral as provided
in the Regulations of the Postal Savings System, having a face value of $40,048,605,
cash in possession of System amounting to $63,526,633.43, Government and Govern¬
ment-guaranteed securities with a face value of $1,218,180,710, and other assets,
i Held by the Reconstruction Finance
Corporation.
$8,802,371.14 redemption fund deposited in
Federal Reserve notes held by the Issuing
banks.
The collateral security for Federal Reserve notes issued consists of $5,946,500,000 in gold certificates and in credits with the Treasurer of the United States
payable in gold certificates, and $2,497,000 face amount of commercial paper.
j In actual circulation, exclusive of
Treasury and $269,153,460 of their
ENGLISH
The
as
own
FINANCIAL
MARKET—PER
'
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Feb. 8
117.673.020
9,452,977,600
1,405,245,000
''V.\v-V'V
;>>.
b Includes
176,073,458
322,500,019
421,854,623
509,636.757
596,710,725
272.945.019
500,157,956
Funds have been deposited with the Treasurer of the United
a
the
Total groesTdebt
334,777,775
1,036,692,900
Silver, p. oz...
Closed
Gold, p.fineoz.
168s
Wed.,
Tues.,
Mem.,
Feb.
10
Feb.
23 5~16d.
Feb.
11
23 5-16d.
23
Frl.,
Thurs.,
13
Feb.
23 5-16d.
23Kd.
Feb.
12
5-16d,
14
168s.
168s.
168s.
168s.
168s.
£77 %
£77 %
£77 K
£77 H
£77K
Closed
£103 K
£103K
£103 9-16
£103 K
£103 7-16
Closed
£113K
£113K
£113K
£113K
£113K
Consols, 2 K%- Closed
Brltlsh
3K%
W. L„._._.
4%
1960-90.
The
a
on
United States..
—._844,140,393,726 41,039,871,116
add Treasury deficit.. + 1,583,399,238
1,623,519,327
Net debt.
hi
3,000,000
5,300,000
3,000,000
5,300,000
1939
British
Total debt.—
19,657,442
—
8
49,800,000
....
...
a**'*'*
On Credit of U. S.—
Certificates of Indebtedness:
4Kb Treasury bonds of 1947 1952
4s Treasury bonds of 1944-1954
on guarantees.
m
*
States
price of silver
on
the
same
per
ounce
(in cents) in the United
days has been:
Bar New York
(foreign)
34K
34K
34 K
iHoliday
34 K
34 K
71.11
71.11
71.11
Holiday
71.11
71.11
U. S. Treasury
(newly mined)
The
1080
Trust Accounts,
EXPENDITURES
GOVERNMENT RECEIPTS AND
Feb.
Commercial & Financial Chronicle
Increment
Gold, Ac.
on
-
-Month of January-
of the Treasury we
readers today the details
of Government receipts and disbursements for January,
1941 and 1940, and the seven months of the fiscal years
Through the courtesy of the Secretary
enabled to place before our
are
and 1939-40.
1940-41
Revenue:
Income
1941
1940
%
i
,
1939-40
%
%
845,570,714
209,801,299
45,338,380
167,370,243
1,726,214,510
1,443,281,399
33,922,752
31,149,423
a361,340,298
325,985,712
62,759,357
tax............——
Mboell. Internal revenue
1940-41
1,103,395,006
Social security taxes:
Employment taxes
on employers of 8 or
Less reimburse, to gen. fundNet
more..
employees
Railroad unemployment
ance
12,081,796
13,665,198
32,603,980
603,679
445,988
67,108,331
57,695,202
...——
4,388
2,312
3,350,780
1,611,137
33,256,684
35,788,276
191,815,528
213,405,931
76,865
96,996
167,656
1,579,668
8,147,973
15,549,397
41,571,242
1,606,623
1,971,871
13,588,531
14,364,529
.....
5,097,970
3,472,187
40,337,324
30,309,096
Other miscellaneous.........
10,891,172
7,197,673
61,856,962
48,407,785
371,605,388
314,549,429
3,607,257,633
3,058,778.942
Other
Total receipts
—
ance trust
Net
....
approp.
31,827,348
fund.d
receipts
June 25,
339,778,040
...
343,452,838
268,000,000
62,092,460
490,479,271
483,447,901
39,598
204,928
30,170,973
31,991,320
15,000,000
(Act
98,906,407
2,461,794
1938)
lnsur.
fund
adminis.
(Act
Investments
on
7,500,000
7,500,000
Oct. 10,1940)
m •» m «• tit m
m f
m
mr'
314,549,429
Interest
on
342,916,709
-
3,058,778,942
3,264,340,924
17,102,503
22,671,521
10,000,000
10,000,000
86,000,000
87,150,000
35,433,140
21,217,278
265,821,427
219,516,422
Other funds and accounts:
resulting
Increment
In
duction
from
re¬
gold
weight of
25,717
274,152
216,616
3,036,845
14,244,418
32,155,665
113,679,731
1,359,521,007
1,138,133,442
268,400,000
258,000,000
34,575
dollar...........
....
157,720,798
Expenditures—
Fed. old-age and survivors ins
trust
fund—Investments-
Investments
General (lncl. recovery A relief):
-
Department of Agricultures
Agrlcul. adjust, program—
Com. Credit Corp.—Resto¬
66,582,551
69,501,118
494,504,117
475,105,313
103,187,339
118,916,853
628,613,083
604,433,776
mio.ooo.ooo
"*
5,421,655
710,896
30,875,485
c2,309,096
C64,736
1,490,092
**5,304,371
Corp.g..
Federal Land banks
C9,556,690
C52,40?,340
3.943,097
3,358,407
C85,573,280
19,920,344
4,519,957
11,131,221
37,057,587
Farm Tenant Act
1,787,490
2,862,638
22,270,810
19,213,961
1,319,613
3,207,435
16,932,535
20,231,823
812,770
284,765
5,667,966
8,837,017
Elec. Admin.g
Forest roads and trails
Department of the Interiors
Reclamation projects
flOOd control....
Panama
Canal
59,357,754
8,801,044
7,261,923
50,069,854
20,040,213
30,001,953
215,595,743
*7*4*,03*5,458
1,055,472,211
468,609,566
345,537,146
57,920,639
1,209,404,444
352,825,583
15,699,566
17,011,714
145,556,352
138,975,845
3,098,656
2,157,120
18,985,863
10,577,361
Post Office Dept. (deficiency)
Navy Dept. (national defense)
War Departments
Military (national defense).
River and harbor work and
to
RR.
(Act
acct.
6,616,091
29,000,000
28,000,000
264,300,000
270,000,000
35,539,000
41,492,476
271,341,£41
243,690,000
unempl.
June
25,
98,906,407
2,461,794
1938)
RR. unemploy. Ins.
Benefit payments
Repayment
June 25,
64,616,197
Farm Security Admlnlstra'n
Rural
Withdrawals by States
Transfers
bll9,599,918
Credit Adminlstr'n.f
......
State accounts:
Ins.
ration of capital Impalr't
Fed. Farm Mtge.
17,370,098
11,602
Investments
Other trust accounts
Benefit payments
Farm
15,276,740
(Act
Treasury
Expenditures—
Departmental
268,000,000
68,204,164
1938)
Total receipts
Fed.
Insur¬
to
survivors
and
old-age
from
June 25.
Interest
curities:
Deduct—Net
536,129
Transfers from general fund..
Principal—foreign obllga's.
Interest—foreign obllga'ns.
Seigniorage
342,916,709
163,973
Railroad retirement account:
of Govt.-owned se¬
Panama Canal tolls, <fec
31,827,347
268,000,000
Transfers from RR. unempl
Miscellaneous receipts:
Proceeds
16,009,643
tirement Board
Transfers from States
Insur¬
contributions...—.....
Customs.
j358,926,352
appropriations
Adv.
and their
Taxes upon carriers
33,922,752
"2,095,405
Net receipts..
Unemployment trust fund:
Deposits by States
Railroad unemploy. Ins. acct.:
Deposits by Railroad Re¬
Tax
36,331,674
1939-40
J
trust fund:
Appropriations
Transfers from general fund.h
Interest on Investments
Receipts—
1940-41
I
%
*
1941
Fed. old-age and survivors Ins.
July 1 to Jan. 31
Month of January
General A Special Accounts: Internal
1940
1941
Receipts—
15,
—July 1 to Jan. 31—
of
account:
1,694,247
3,085,368
9,233,498
6,946,308
(Act
adv.
1938)
15,000,000
15,000,000
-
-
Railroad retirement account:
Investments
6,000,000
.....
Benefit payments
Other trust accounts i
.....
10,000,000
9,98£,93i
9,409,727
69,717,537
64,753,346
32,654,458
17,203,654
235,585,351
206,198,791
787,561
258,332
C3,526,295
C6.427.7E2
1,812
3,016
Other funds and accounts:
PWA revolving fund
June 21, 1938)
(Act of
Chargeable against Increment
on
gold—Melting losses. &o
Special deposits (net). 1
Cl,148,828
I6,i76,ei6
Subtotal
...
125,115,583
113,769,334
1,249,686,807
1,074,779,770
244,000
C289.458.000
C200,621,000
Natiqa&l defense fund for the
33,860,877
8,751,858
President
Transactions In checking acots
gov'm'tl agencies. Ac. (net):
5,651,378
Selective Service (adm. exps.)
2,305,757
Departments
Interest on the public debt.
Refunds of taxes A duties.
25,103,979
37,788,743
515,705,350
493,013,419
5,600,254
9,581,939
50,001,853
52,270,350
6,000,000
6,000,000
Fed. Housing Admin....
1,145,700
616,450
2,409,500
4,441,391
3,573,996
Home Owners Loan Corp.
1,315,650
4,012,900
17,315,725
C9,058,350
3,799
3,996,757
Reconstrue. Fin. Corp..
C100.000
C100.000
C500.000
C276,368,000
Sales and redemptions of obli¬
Treasury
.
D1st. of Col. (U.
S. share)
Federal Loan Agency:
Housing Admin.:g___
641,953
C119.221
Reconstruc'n Fin. Corp.g..
3,881
3,359
Fed.
Other.g
—
Corps
National Youth Admin....
106,644
111,111
748,950
692,004
U. S. Housing Authority
Fed. Farm Mtge. Corp..
22,954,205
157,694,265
170,255,913
Not guaranteed by (7. 8.:
Home Own. Loan Corp..
13,223,978
9,511,500
59,785,483
44,509,335
Social Security Board.....
49,660,155
37,356,065
265,665,890
217,276,119
Other
20,184,012
12,862,031
73,033,340
40,065,253
751,250
C112.099.000
2,625
Fed. Home Loan banks..
Federal Land banks
20,600
120,500
14,725
34,325
35,000
','1
•
El. Home A Farm Auth..
Federal Works Agency:
'
k
20,798,441
Federal Security Agency:
Civilian Conservation
gations in market (net):
Guaranteed by the U. S.:
Com. Credit Corp
1
2,320,000
240,000
10,587,600
44,725
C42.345.000
5,000
6,018,000
10,760,000
C195.000
C895.000
229,168,179
177,491,590
Other transactions (net):
Public Bldgs. Admin
6,376,953
5,323,612
46,384,954
47,510,636
Public Roads Admin
11,819,776
11,506,919
126,267,663
116,902,844
Commodity Credit Corp...
12,078,299
C5,855,053
4,292,122
25,504,593
79,551,399
190,205,125
Ex pott-Import Bk. of Wash
C524.132
346,147
C369.184
Cl,336,973
Fed. Housing Admin
Home Owners' Loan Corp..
C634.876
54,684
C5,535,749
Cl,090,783
Cl8,109,997
C14,148,114
C128.803.901
41,088,417
Cl,828,291
Public Works Admin .1
U. S. Housing Authority.g_
Work Projects Admin
v
ci65,563
279,738
1,352,427
1,350,880
107,071,080
119,465,692
761,155,622
€56,682,853
112,375
18,222
537,492
617,934
473,237
552,033
3,535,656
4,659,559
4,409,110
3,960,668
24,274,511
23,757,155
45,630,133
47,033,173
322,485,763
324,438,805
1,091,428,011
713,224,950
6,108,675,780
4,983,887,065
Other
Railroad Retirement Board..
Tennessee Valley Authority
Veterans' Administration
Rural Electrification Adm.
Reconstruction Fin.
Corp.l.
U. 8. Housing Authority—
Other
........
Subtotal
Total expenditures......
Revolving funds (net):
Farm Credit Administration.
C329.936
C381.703
C59,034,143
C4,563,089
Excess of receipts
Public Works Administration
2,032,038
4,360,693
15,694,366
36,649,237
Exoess of expenditures
1,702,102
3,978,990
C43,339,777
34,086,148
Subtotal
Fed. old-age A survivors ins.
268,000,000
10,000,000
10,000,000
86,000,000
87,150,000
Railroad unempl. Ins. admin,
funds transferred to unempl
5.
1939
June 25. 1938)
'40)
7,500,000
Other funds and accounts....
7,500,000
37,102,106
32,128,458
13,588,176
134,946,901
67,255,345
C25.508.232
C17.282.424
C6,840,824
34,060,431
17,524,900
C36.590.235
C102.215.507
C112.051.933
142,640,483
77,179,100
1,147,471,301
962,727,836
15.080,315
36,500,631
212,049,706
175,405,605
+36,569,665
+8,130,996
+11,069
—710,898
—6,786,832
+2,778,682
+4,013,624
+44,177,353
+ 5,946,425
+10,282,463
+30,236,076
—14,885,197
+2,804,230
+19,191,881
+12,396,654
+13,317,631
+38,797,047
governmental
15,000,000
C15.000.000
(U. S. share)
17,500,000
....
C5.000.000
+ 590,273
+3,383,909
-4,541,569
Transac's in checking accts. of
(Act
Repayment of advance Jan.
20, 1940
Govt, em pi's' retirement funds1
Subtotal
fund
Unemployment trust fund...
Railroad retirement account..
Other trust accounts
Railroad unempl. Ins. acot.:
July
C700.593
94,618,614
Summary
trust
trust fund.h
Railroad retirement account.
Adv.
C677.100
C19,745,226
Excess of rets. (+) or exps. (—):
Fed. old-age and survivors Ins.
Transfers to trust sects., Ac.:
trust fund (Act Oct. 10
C983.870
16,440,275
C15.000.000
92,715,000
87,203,400
186,215,000
442,353,400
agencies,
Ac. (net):
Sales A redemptions of obli¬
gations In mkt. (net)....
Other transactions (net)...
—2,638,975
—7,128,675
—14,885,925
+43,718,910
+418,698,950
—316,483,443
+464,793,775
—352,741,842
Total
+15,060,315
+36,500,631
+212,049,706
+175,405,606
.........
501,783,000
503,860,000
3,114,907,000
3,264,720,000
...
634,583,500
....
.......
Public Debt Accounts
Debt retirements (skg. fd., &c.)
7,213,500
789,800
40,964,900
20,134,800
1,117,843,612
712,993,740
6,292,515,903
5,480,461,414
Receipts—
Public issues—Cash:
.
Excess of receipts
....
Excess of expenditures
778,065,572
....
398,444,312
3,028,174,980
2,421,682,472
Treasury bills
Treasury notes
Treasury bonds
U. 8. savings bonds
Less publlo debt retirements..
Exoess
of
exps.
(exd.
778,065,572
398,444,312
3,028,174,980
2,421,682,472
7,213,500
789,800
40,964,900
20,134,800
publlo1
debt retirements)
659,737,150
189,275,833
273,043,690
647,261,282
664,781,840
1,325,642,333
792,203,690
5,508,282,832
4,589,240,280
147,600
2,020,400
Deposits for retirement of
)'■
Summary
680,692,350
(lncl.
unclassified sales)
Excess of expenditures
1,165,422.200
15,300,000
"1
770,852,072
397.654,512
2,987,210,080
[ 2,401,547,672
national bank notes...
Adjusted service bonds
...
1,290
1,461,550
5,930,900
1,762,800
798,216,900
99,000
724,677,900
1,018,051,100
99,000
726,440,700
1,816,268,000
Trust acots., increment on gold,
&o.,
exoess
of
expenditures1
.
Total exoess of expenditures..
—15,080,314
—36,500,632
—212,049,706
—175,405,605
755,771,758
361,153,880
2,775,160,374
2,226,142,067
+96,569,523
—193,858,219
+134,281,357
—555,922,809
Treasury
bonds.
Subtotal..... j........
.
Inc. (4-) or dec. (—) In general
Inc. (+) or dec.
Gross
(—) in the
AdJ. service ctf. fund (ctfs.)
Unemploy. trust fund (ctfs.).
gross
+852,341,281
+167,295,661 +2,909,441,732 +1,670,219,258
Fed.;old-age and survivors Ins.
45,024,631,488
41,942,456,008
trust fund (notes) h
Railroad retire, acct. (notes).
public debt!at beginning
Special Issues:
42,967,531,038
40,439,532,411
Civil service retire, fd.
45,876,972,769
42,109,751,669
45,876,972,769
42,109,751,669
For. serv.
(notes)
retire, fund (notes)
_
9,800,000
15,300,000
9,800,000
15,300,000
40,000,000
35,000,000
344,300,000
325,000,000
322,000,000
258,000,00-1
1,960,000
6,000,000
10,000,OOj
92,723,000
84,800,00j
830,000
389,000
Volume
The Commercial & Financial Chronicle
152
Public Debt Accounts
-Month of January
{Concluded)
Receipts—
Special Issues {Concluded):
PRELIMINARY
July 1 to Jan. 31—
1939-40
1941
1940
1940-41
$
$
$
1,164,000
473,000
175,000
175,000
(notes).
Postal Savs. System (notes)..
15,000,000
Govt, life Ins. fund (notes)...
Fed. Dep. Ins. Corp. (notes).
1,000,000
3,000,000
3,400,000
20,000,000
34,000,000
66,000,000
500,000
2,750,000
15,000,000
15,000,000
Fed. Savs. A Loan Ins. Corp.
DEBT
UNITED
$
The
Canal Zone retire, fund (notes)
Alaska RR. retire, fd.
1081
STATEMENT
STATES JAN.
Subtotal
88,260,000
50,300,000
831,742,000
778,537,000
preliminary statement of the public debt of the United
Treasury statement, is
as
follows:
Public Issues—Bonds—
$49,800,000.00
15,761,000.00
13,133,500.00
3% Panama Canal loan of 1961............
3% Conversion bonds of 1948........
3% Conversion bonds of 1947
2H% Postal Bavlngs bonds (21st to 49th ser.)
1,414,049,933
844,623,090
7,067,927,082
7,189,976,180
504,861,000
634,562,000
3,093,725,000
3,287,311,000
72,000
12,050
536,350
340,600
767,550
1,365,000
16,641,800
25,524,250
Expenditures—
Public Issues—Cash:
Treasury bills
Certificates of Indebtedness
...
6,709,700
TJ. 8. savings bonds
30,731,600
12,933,581
8,808,908
80,825,706
59,815,449
1,607,950
2,165,950
14,577,750
18,313,332
Adjusted service bonds
First Liberty bonds.......
397,450
73,750
1,352,800
597,600
Liberty bonds.....
259,250
236,900
1,465,800
1,803,300
Savings bonds
Other debt Items...
National bank notes and
Fed. Res. bank notes
102,420
85,660
175,420
190,440
12,066
30,261
169,085
146,091
Fourth
117,407,880.00
$196,102,380.00
Treasury bonds:
Total public debt receipts—
Treasury notes
Treasury bonds
Postal
_
1,854,685
3,743,950
10,899,340
16,611,860
529,577,652
651,084,429
3,251,100,651
3,410,653,922
99,000
724,677,900
1,816,268,000
99,000
726,440,700
Exchanges:
Treasury notes.....
Treasury bonds
1,762,800
Subtotal
1,816,268,000
Special Issues:
$758,945,800.00
1,036,692,400.00
489,080,100.00
4H% bonds of 1947-52
4% bonds of 1944-54
3H% bonds of 1946-56
3H% bonds of 1943-47
3H% bonds of 1941-43.0
3H% bonds of 1946-49
3% bonds of 1951-55
3H% bonds of 1941
454,135,200.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,873,400.00
3bonds of 1943-45
3H% bonds of 1944-46....
3% bonds Of 1946-48
3H% bonds of 1949-52
2Ji% bonds of 1955-60
2X% bonds of 1945-47
2H% bonds of 1948-51
2H% bonds of 1951-54
2H% bonds of 1956-59
491,375,100.00
2,611,092,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,826,550.00
2H% bonds of 1949-53...
2H% bonds of 1945...
2H% bonds of 1948....
2H% bonds of 1958-63
2H% bonds of 1950-52
2H% bonds of 1960-65
2% bonds Of 1947.
2% bonds of 1948-50
2H% bonds of 1951-53
Adj. service ctf. fund (ctfs.)..
9,500,000
16,800,000
11,300,000
21.500,000
2H% bonds of 1954-56
Unemploy trust fund (ctfs.).
Fed. old-age and survivors ins.
11,000,000
7,000,000
80,000,000
55,000,000
2% bonds of 1953-55
trust fund (notes) h
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
10,000,000
1,600,000
2,300,000
15,800,000
12,000,000
For. Serv. retire, fund (notes)
Canal Zone reltre. fd. (notes).
19,000
19,000
101,000
141,000
12,000
25,000
143,000
194,000
1,786,130,150.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,841,700.00
1,485,384,600.00
701,074,400.00
571,431,150.00
1,118,051,100.00
680,692,350.00
724,677,900.00
i.
27,960,167,200.00
U. S. Savings bonds (current redemp. value):
53,600,000
Series A-1935
Postal
Savings System (notes)
Govt, life Ins. fund (notes)...
Fed. Dep. Ins. Corp. (notes).
Series C-1937.
$172,655,133.75
315,067,426.00
409,905,704.00
Series C-1938.
494,190,090.00
Series D-1939
818,463,874.02
940,166,489.50
28,159,181.25
192,527,020.81
Series B-1936.
71,500,000
36,500,000
Series D 1940
96,000,000
Series D-1941
20,000,000
Unclassified sales.
Subtotal
32,131,000
292,835,000
180,944,000
26,144,000
3,371,134,919.33
247,913,618.50
Adjusted service bonds of 1945....
Total public debt expends..
561,708,652
Excess of receipts
Excess of expenditures....
Inc.
(+)
dec.
debt:
or
public
(—) In
677,327,429
852,341,281
5,519,756,922
4,158,485,351
1,670,219,258
2,909,441,731
167,295,661
gross
Public Issues:
Treasury bills...
—3,078,000
Certificates of Indebtedness
Treasury notes...
Other debt Items
National
bank
notes
+21,182,000
—22,591,000
—12,050
—536,350
—340,600
+425,865,300 —1,043,575,350
+279,091,922 +1,823,201,206 +2,267,780,869
—1,464,000
—12,066
—30,261
—169,085
—146,091
—1,854,685
—3,743,950
—10,899,340
-16,610,570
and
Fed. Res. bank notes
Subtotal
Special
—130,702,000
—72,000
+633,815,950
+167,413,082
Bonds
+796,212,281
Issues
Total bonds
+24,156,000
+852,341,281
+465,702,000
+650,798,000
+167,295,661+2,909,441,731+1,670,219,258
Treasury Notes—Regular Series
1 X% series A-1941, maturing Mar. 15,1941..
1 h% series B-1941, maturing June 15,1941..
1H % series C-1941,
series A-l942,
2%
series B-1942,
1% % series C-1942,
IH% series A-1943,
1H% series B-1943,
1%
series C-1943,
M% series A-1944,
1%
series B-1944,
1%
series C-1944,
H% series A-1945,
maturing Dec. 15,1941..
maturing Mar. 15,1942..
maturing Sept. 15,1942..
maturing Deo. 15,1942..
maturing June 15,1943..
maturing Deo. 15,1943..
maturing Sept; 15,1943—
maturing June 15,1944..
maturing Mar. 15,1944..
maturing Sept. 15,1944..
maturing Mar. 15,1945..
Federal old-age
and survivors insurance trust
Excess of credits (deduct).
d
Represents
appropriations
National Defense Series*—
M% series D-1944, maturing c?ept. 15,1944..
5i% series B-1945, maturing Dec. 15,1945...
equal
to "Social
1939 but not
appro¬
security—Employment
taxes"
e
Such net amount Is reflected
as net
appropriations to the Federal old-
and survivors Insurance trust fund below.
age
are
Included In revolving funds, stated separately below.
& Additional transactions are Included under "Transactions In checking accounts
of governmental agencies, Ac.
(net)," below.
h
Includes transactions formerly
classified under the caption "Old
age reserve
account."
i The expenditures classified as
"Special deposits
(net)" were Included prior to
Jan. 2, 1941, in the classification "Other trust accounts."
Such expenditures from
1 to Dec. 31, 1940, aggregating a net credit of $17,325,643.95, have been
deducted from "Other trust accounts" and are reflected In "Special deposits (net)."
Transactions prior to the fiscal year 1941 were not segregated and, consequently,
July
the figures are not available.
$634,583,500.00
530,833,700.00
$6,812,619,500.00
1,306,765,000.00
...
3% old-age reserve account series, maturing
June 30, 1941 to 1944
$1,359,600,000
2M% Federal old-age and survivors Insur¬
ance
00
trust fund series, maturing June 30
1944 and 1945
3%
500,157,956.40
646,900,000,00
Railroad retirement account series,
ma¬
.......
4% series maturing June 30,1941 to 1945..
3% series maturing June 30,1944 and 1945.
4% Foreign Service retirement fund series,
maturing June 30, 1941 to 1945.
4% Canal Zone retirement fund series,
85,400,000.00
626,600,000 00
523,000 .00
4,655,000 .00
ma¬
turing June 30, 1941 to 1945
5,305,000 .00
4%
Alaska Railroad retirement fund series,
maturing June 30, 1941 to 1945
2%
Savings System series,
Postal
2%
Government life
insurance
942,000 .00
maturing
June 30, 1942 to 1945
.....
111,500,000 .00
fund series,
maturing June 30, 1943 to 1945
7,259,000 .00
Insurance Corporation
series, maturing Deo 1,1943 to 1948
90,000,000 .00
2% Federal Savings and Loan Insurance Cor¬
poration series, maturing June 30, 1945...
2,750,000 .00
Federal
Deposit
trust fund.
2,941,434,000.00
k The balances In the accounts of the Treasurer of the United
States
special
as
agent for the redemption of obligations of governmental corporations were carried,
prior to Sept. 30, 1939, as liability accounts in the dally Treasury statement under
the caption "Postmasters, clerks of courts, disbursing officers, Ac.," and conse¬
quently the redemption of the bonds
was
not reflected in the expenditures above.
The redemptions of such bonds from July 1 to Sept. 30,
Federal Housing Administration..
Home Owners' Loan Corporation
....
$677,000
.....
118,525,225
...
99,014,400
Federal Farm Mortgage Corporation
Federal Home Loan banks....
1 Includes transactions
Corporation,
1939,
were as
Guaranteed by
United Stales
Corporation—
on
RFC
Mortgage
41,505.665
Metals
Reserve
Company,
BERLIN
STOCK
as
received by cable
each
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
11
12
13
14
'
8
10
Per Cent of Par
Allegemeine Elektrlzitaets-Gesellschaft(6%)173
Berliner Kraft u. Licht
218
150
151
(8%)
Commers Bank (6%)....
Deutsche Bank (6%)
Deutsche Relchsbahn (German Rys., 7%)
Dresdner Bank (6%)
......
Farbenlndustrle I. G. (8%)
Relchsbank (new shares)
Siemens A HaJske (8%)
.......
....
Verelnlgte Stahlwerke (6%)
—
173
218
150
151
173
...
218
151
152
...
148
205
129
275
152
148
205
....
1 Total Interest-bearing debt outstanding.....
1,974,300,000.00
.$45,320,394,574.23
Matured Debt on Which Interest Has Ceased—
.
debt matured—Issued prior to April 1,
1917 (excluding Postal Savings bonds)....
2H% Postal Savings bonds
3H%, 4%, and 4)i% First Liberty Loan
bonds of
4%
1932-47
and 4)i%
...
...
173
217
151
149
152
152
..
148
148
-
203
204
130
276
..
152
..
130
130
274
276
152
151
$3,840,180 .26
37,600 .00
9,730,100.00
Second Liberty Loan bonds
of 1927-42
Ctfs. of Indebtedness, at various Interest rates
Treasury bills, regular series.....
Treasury savings certificates..........
1,134,800 .00
1,836,450 .00
13,338,550 .00
566,950. 00
12,686,450 .00
34,731,200 .00.
3,374,250 .00
99,577,000. 00
184,675 00
181,038,205.26
Debt Bearing No Interest—
United States notes
$346,681,016, 00
156,039,430 93
Less gold reserve-.-.
172
216
--
148
206
129
276
152
Unemployment trust fund series, ma¬
turing June 30, 1941..
Treas. notes, various interest rates, reg. ser.
EXCHANGE
Closing prices of representative stocks
day of the past week:
$9,800,000.00
2J4%
4H% Third Liberty Loan bonds of 1928
4)4% Fourth Liberty Loan bonds of 1933-38.
3J4% and 4)4% Victory notes of 1922-23...
3X Treasury bonds of 1940-43
Excess of redemption (deduct).
THE
Adjusted service certificate fund series,
maturing Jan. 1, 1942....
Old
Mortgage Company, Disaster Loan
Association,
4%
1,984,100,000.00
$21,150
.....
account of
Federal National
Certificates of Indebtedness—
follows:
Not Guaranteed
by the United States
Rubber Reserve Company, and the Defense Plant Corporation.
m
718,023,200.00
Adjusted service bonds (Govt, life insurance fund series)
Special Issues—Treasury Notes—
Fed.old-age and survivors Insurance trust fund:
2%
| Exclusive of receipts amounting to $2,413,946.05, reflected above, for the flsca1
year 1941, representing social security taxes collected prior to July 1, 1940, and
therefore not available for appropriation to the Federal old-age and survivors Insur¬
ance
515,210,900.00
283,006,000.00
1,165,422,200.00-
turing June 30. 1942 to 1945
Civil service retirement fund:
Additional expenditures are Included In "Departmental" above.
f Additional transactions
420,971,500.00
279,473,800.00
415,519,500.00
Treasury bills (maturity value)
collected and deposited as provided under Sec. 201
(a) of the Social Security Act
amendments of 1939 1ms reimbursements to the general fund for administrative
expenses.
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
629,113,900.00
Special Issues—Bonds—
b Represents capital impairment
applicable to fiscal year
priated by Congress until Aug. 9, 1939
c
$676,707,600.00
$5,647,197,300.00
a Includes
$2,413,946.05 for the fiscal year representing receipts from "Social
security taxes—Employment taxes," collected prior to July 1, 1940, which are not
available for appropriation to the
fund.
$31,775,318,117.83
.....
+143,139,661+2,258,643,731+1,184,517,258
+56,129,000
Total....
THE
States Jan. 31, 1941, as made up on the basis of the daily
-
(notes)
OF
31, 1941
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
179,099,683.50
Old demand notes and fractional currency-..
Thrift and Treasury savings stamps, unclassi¬
fied sales, Ac—
........... .......
...
2,028,743.04
3,769,878.00
375,539,989.61
T^a).
Sross debt............... . .
Called for
a
redemption Mar. 15, 1941.
-$45,876,972,769.10
The Commercial & Financial
1082
MONTHLY REPORT ON
Chronicle
Feb.
15,
1941
AGENCIES AS OF DEC. 31, 1940
and liabilities as of Dec. 31, 1940, of governmental
in part by the United States, was contained in the Department's "Daily
GOVERNMENTAL CORPORATIONS AND CREDIT
report'of the Treasury Department, showing assets
The monthly
wholly
corporations and credit agencies, financed
or
Statement" for Jan. 31, 1941.
As
was
computed, the Federal Government's proprietary interest
now
$3,558,673,344, and that privately owned was
SUMMARY OF COMBINED STATEMENT
in these ag^eies and corporations, as of Dec. 31,
$415,085,012.
OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND
FROM LATEST REPORTS RECEIVED BY THE TREASURY*—DEC.
UNITED STATES, COMPILED
CREDIT AGENCIES OF THE
31, 1940
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
States
by United
AU
Receivables
Business
Securities
States
Other
Preferred
Loans
Cash
Capital
e
Stock, <kc.
280,217,936
82,836,403
Export-Import Bank ol Washington.....
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation . .
Tennessee Valley Authority
Public Works Administration
58,98 L 4 88
£5,291,838
1.721,604
1,737,670
7,566,933
20,113,710
8,224,208
h21974,329
9,536
42,946
38,098,953
6.283,093 350.674,085
383,1*441736
35,625,362
United States Maritime
Federal Home Loan banks
....
46,724,640
12,902,795
Federal Housing Administration
Federal National Mortgage
20,068,918 105,228,855
11,661,328
39,049,714
26,414,490
49,5*8*2*745
74,740,640
17,718,982
35,999,577
19,345,343
469,516
36,514,550
Banks for
13,509,628
52,679.286
Corporation....
cooperatives
47,146,659
26,378,780
Production credit corporations
(in liquidation):
Navy Dept.(sale of surplus war supplies)
Sec. of Treasury (U. 8. RR. Admin.)—
United States Housing Corporation
United States Spruoe
Otber:
10,030,138
27,232*,986
71,870,634
Farm Security Administration........
123,678
410,443
3,794,094
Federal Prison Industries, Inc
(Indian loans)...
2,647*611
Inland Waterways Corporation.t—..
435,761
9*171452
4,485,228
9,82*31603
Reconstruction Admin._
4,215,856
Associated
295,501
11,894,684
85,123,040
601113
113,947
43,846
33,366
54,843
1,319,133
332,716
62,107
"1451
110,132
14,300
54,313
143,816
4,671
257,642
atives, Inc...
17,869
766,435
3,569,142
1,148,448
9,278,119
35*9*,274
19,12*11405
78,136
42,421,401
199,631
2,647,511
25,397,256
55,311,965
50,800.977
391*.863
69,786,375
434,818
40,048*,024
45,006
14,800,519
472,534
404,727,097
7,937,035
294,879
2,201
1,211
33,825
26.748.000
26,748,000
30,079,928
30,079*928
Railroad loans (Transp'n Act. 1920).
Securities received by Bureau of Inter¬
nal Rev. in settlement of tax llab's.
172,151
from the RFC
under Act of Feb. 24, 1938.......
received
Securities
22,729,634
hi,675,478
21,547
28,901,263
Cooper¬
Treasury Department:
Federal savings and loan associations
1,832,816
652,745
905
hi,708,647
385,300
73,722,494
186,198,777
369,661,188
271,002,452
1,519,394,929
2,238.509,688
271,341,147
150,561,282
109,264,628
22,278.505
4,522,396
46,475
2,501,579
1,2*1*9*,600
67,299,414
RFC Mortgage Co
Valley
4,6*4*11413
5.803,780
44,635,015
hl2 890,564
Defense Corporations.r._._.
Panama Railroad Co..t—
Tennessee
1,120,787
2,072,544 127,807,390
109,430
1,189,787
484,400
1,000
20,904,669
14,305,654
375,353,300
Electric Home and Farm Authority...
Puerto Rlcan
128,014,723
299,723,142
1,128,918
24,024
23,370,273
h3,369,613
59,592
43,762
2,706,212,217
30,000
263,456
9,891,888
393,288
574,416
106,594,276
18,468,733
529,114,921
365,195,210
89,738,131
245,429,329
252,442,716
532,039
4,522,396
Disaster Loan Corporation
National
3,0*141222 357.1751947
1,652,378,843
925,974,860
2,019,331
755,842 165,953,293
2,143,812
4,065
Production Corp.
Interior Department
761,8901054
82,508,725
15,968,018
5,855,092
Regional agricultural credit corporations..
War emergency corporations and agencies
14,130
""*220
4,6781591
J185,519,698
252,741,981
648,295,890
1,851,218,349
Federal Land banks.x
206,764,135
Federal Intermediate Credit banks..—..
United States Housing Authority........
Farm Credit Administration
Federal Farm Mortgage
34.6061629 119,74*01640
19,2*4*31161
6,951,612
5*841250
181,*1*00* 103
Association..
10,892,264
28.733,088
13,824
3,213,850
Rural Electrification
201,491*,965
44,890,560
6,133,966 570,483,442
36,400
9,474
h67 417.912
89~, 73*8", 131
36,214,197
Commission.....
249,228,866
Administration
1,956,267,789 1194263,810 188,538.837
Home Owners' Loan Corporation
667,619
Federal Savings & Loan Insurance Corp..
508,696
8,300,000 £25,662.855
48,555,100
Total
%
S
Corporation..... 1,066,790,054 452,379,740
Reconstruction Finance
Commodity Credit Corporation.........
Other f
Property
172,151
2,122,963
2,122,963
Inter-agency Items: m
governmental corporations
Due from
agencies..
or
—
—
Due to governmental
corporations or
agencies........................
7,945,625,415 674.649,040 532,510.000 700,888,650 127,889,871 906,046,522
Total.
Excess
Liabilities and Reserves d
490,608,391 592,673,818 1290282 982 13,261,174,68^
Proprietary Interest
Distribution of
United States Interests
of Assets
Reconstruction Finance Corporation
264.729,326
100,587,698
k2631045,305
247,423
247,423
106,346,853
4,721,891
£239,815,364
15,370,815
4,721,891
13,746,842
239,815,364
15,370,815
82,460,702
82*.4*601702
'
13*.12*91041
Federal National Mortgage Association..
226*,*9561732
1,279,0601071
42,202,377
1,819,750,221
203,543,017
Regional agricultural credit corporations..
War emergency corporations and
(In liquidation):
Navy Dept.(sale of surplus war supplies)
(U. S
RR
1.565,526
119,240,741
18,885,267
88,704,672
232,378,520
193,016,229
1,321,262,448
1,819,750,221
203,543,017
341,903
3,068,424
341,903
1,598,411
1,598,411
3,068,424
cooperatives
Production credit corporations
of Treasury
5,756,226
88,704,672
5,421,788
193,016,229
Farm Credit Administration
Sec
50,650*,958 2,681,6961263
1,565,526
119,240,741
Corp..
Federal Home Loan banks
Federal Intermediate Credit banks......
Stock
£286,988,790 1,387,649,517
825.387,162
127.996,504
United States Maritime Commission..
Banks for
United States
kl 100660.727
Rural Electrification Administration.....
Federal Land banks .x
Owned
United States
Total
Public Works Administration
Federal Farm Mortgage Corporation
Liabilities d
United States*
Export-Import Bank of Washington....
Corporation....
Federal Deposit Insurance Corporation. .
Tennessee Valley Authority....
United States Housing Authority
Capital
Guaranteed by
Federal Crop Insurance
Federal Housing Administration..
Owned by
hy
697,390,658
Home Owners' Loan Corporation.
Privately
Not
Commodity Credit Corporation
Federal Savings «fc Loan Insurance
Over
Guaranteed
289,299,557
162,968,627
252,442,716
24,515,954
126,449,197
180,482,401
54,837,227
55,741,401
97,494,105
137,282,668
77,986,223
198,132,481
418,759,467
67,798,130
147,492,858
108,922,725
20,680,094
4,522,396
110,132
Admin.).
139,299,557
349,824,395
89,738,131
215.870,338
4",mine
500,000,000
264,729,326
100,000,000
100,587,698
75,000,000
106,346,853
14,000,000
13,746,842
150,000,000
150,000,000
349,824,395 a293,477,789
a89,738,131
89,738.131
162,968,627 al72,905,246
252,442,716 al09,798,199
200,000,000
24,515,954
100,000,000
126,449,197
124,741,000
124,741,000
a54,837,227
54,837,227
10,000,000
97,494,105
1,000,000
137,282,668
a77,986,223
77,986,223
200,000,000
198,132,481
67,402,295
202,889,129
60,000,000
67,798,130
109,000,000
143,319,142
b253,158
b9,9*36*,619
142,644,517
c85,489,334
26,449,197
b89,994,712
7,189,584
80,304,521
136,282,668
145.225,633
23,579,188
18,538,084
3,922,725
5,000,000
15,680,094
4,522,396
84,522,396
allO,132
110,132
34,088,136
100,000
c32.255.320
cl,408,133
9,077,718
24,000,000
850,000
a377,048,931
a4,113,380
2,647,511
24,416,484
a2,647,511
12,000,000
54,623,475
23,000,000
48,948,188
7,000,000
68,343,800
7,937,035
68.343,800
87,937,035
25.000,000
"638".638
294,879
294,879
1,000
293,879
26,748,000
26,748,000
26.748,000
30,079,928
30,079,928
a30,079,928
137,767
22,591,867
22.591,867
13.671,867
27,737,156
200,401
1,128,652
376,989,941
1,128,652
376,989,941
9,077,718
2,647,511
24,416,484
652,745
25,058,904
56,346,606
105,000,000
1,832,816
United States Spruce Production Corp.
587,698
6,287,949
20.680,094
,
Interests
£187,194,702 b422,465,376
108.922,725
1,832,816
652,745
United States Housing Corporation
Interagency
Surplus
202,745
bl,867,519
b9,738,799
bl5,781,058
15,781,058
350,000
Other:
Disaster Loan Corporation.....
Electric Home and Farm Authority..
137,767
13.671,867
27,737,156
200,401
Farm Security Administration.;
Federal Prison Industries, Inc
Interior Department (Indian loans)
Waterways Corporations
National Defense Corporations _r
*980J72
688,490
980,772
688,490
Panama Railroad Co..t
1.852,789
1,852,789
Inland
Puerto Rlcan
Reconstruction Admin
1,44*2*,575
RFC Mortgage Co
Tennessee
Valley
Associated
Treasury Department:
Federal savings and loan associations
Railroad loans (Transp'n Act, 1920).
Securities received by Bureau of Inter¬
nal Rev. in settlement of tax llab's
received
from
bl,857
b58,900
12*.*4161484
31,623,475
43,366,700
bl,418,512
"
42,"7*0*51162
Cooper¬
atives, Inc
Securities
1,4*4*2*,575
54,623,475
48,948,188
7,937,035
280,509
4*.*9*641338
the
172,151
172,151
al72,151
2,122,963
2,122,963
82,122,963
RFC
under Act of Feb. 24, 1938
Interagency Items: m
Due from governmental corporations
or
890,245,327
agencies
Due to governmental corporations or
agencies
Total.
For footnotes see page
5,948,242,534 3,339,173,799 9,287.416,333 3,973,758,356
1083
b90,245,327
823,947,684
23,947,684
415,085,012 3,558,673,344 3,267,725,316
513,948.028 n223,000,000
Volume
The Commercial & Financial Chronicle
152
FOOTNOTES FOR TABLE ON
PAGE
1083
1082
*
These reports are revised by the
Treasury Department to adjust for certain
lnter-agency Items and therefore may not agree exactly with statements Issued by
the respective agencies.
Non-stock (or Includes non-stock proprietary Interests).
a
b Excess
lnter-agency assets (deduct).
Deficit (deduct).
c
d
■' ■
....
(/•:•;'*
.•
.
•.
-v-
y';
■=
Exclusive of
lnter-agency assets and liabilities (except bond Investments and
deposits with Reconstruction Finance Corporation).
Excludes unexpended balances of
appropriated funds.
1 Also Includes real estate and other
property held for sale,
g Adjusted for lnter-agency items and Items In transit,
h Also Includes deposits with the RFC and acorued Interest thereon,
e
j Also excludes contract commitments.
As of Dec. 31, 1940, the United States
Housing Authority had entered Into definite contracts calling for maximum advances
$675,452,900.
Advances have been made in the amount of $176,558,536 as
of Dec. 31, 1940,
against loan contract commitments amounting to $366,383,900,
The Housing Authority has also
agreed to disburse $247,863,000 on additional
of
contract commitments
amounting to $309,069,000
securities Issued by local housing authorities.
r"
k Excluded are the
of
following amounts In bonds and
now
being financed by
notes held
the
by the Secretary
Tennessee Valley
Treasury, which are shown as interagency liabilities:
Authority, $56,772,500: Reconstruction Finance Corporation, $22,804,250; Home
Owners* Loan Corporation,
$10,000,000.
I Includes
$427,914 due to Federal Land
banks
from
the
U. S. Treasury for
subscription to paid-in surplus.
m
Represents lnter-agency assets and liabilities of the Treasury Department
and of Government agencies, which agencies are not Included in this statement.
Represents lnter-agency holdings of capital stock and paid-in surplus Items
are not deducted from the
capital stock and paid-in surplus of the corre¬
sponding organizations.
'
n
which
p
Includes cash in trust funds,
q
Includes
accrued
Interest.
Includes Metals Reserve Company, Rubber Reserve Company, Defense Plan¬
ning Corporation and Defense Supplies Corporation and Defense Homes Corporation.
r
t
Figures shown
are
as
of Nov.
30, 1940.
Figures as of Dec. 31, 1940, are not
available.
37Kc
Mar.
1 Feb.
Feb. 15 Feb.
Canadian Industries A & B (quar.)_
n
Apr. 30 Mar. 31
Apr. 15 Mar. 31
Mar. 31 Mar. 20
—
Preferred
(quar.)
Canfield Oil Co. (quar.)
6% preferred (quar.)
Capital Wire Cloth & Manufacturing Co.—
SIX conv. pref. (quar.)
Central Arkansas P. S. pref. (quar.)
Central Illinois Light Co. 4X% pref. (quar.)-.
—
tMX
$1
$114
—
i Shares of State building and loan
associations, 539,580,910; shares of Federal
savings and loan associations, $154,682,900.
loan
Canada & Dominion Sugar Co. (quar.)—_____
Canada Starch Co., Ltd., 7% pref. (semi-ann.)_
■
x Includes
the assets and liabilities of the Federal Land banks of LouisvilleKy., and Houston, Texas, which have retired the capital stock and paid-in surplu8
previously held by the Federal Government.
;
Central Ohio Steel Products
Mar.
$13$
Mar.
35c
1
mx
Chicago Towel Co
Preferred (quar.)
Chrysler Corp
Colonial Finance (Lima, Ohio) (quar.)
5X% preferred (quar.)
!iS
25c
__
$1H
—
Colonial Life Insurance Co. of Amer. (quar.)
Columbian Carbon (quar.)_
1
'
Compo Shoe Machinery
Preferred (quar.)
Congoleum-Nairn, Inc. (quar.)
Continental Casualty (Chicago) (quar.)
Continental Telephone Co. 7% part. pref. (qu.)_
6X% preferred (quar.)
Dayton Power & Light Co. 4X % pref. (quar.)__
Delaware & Bound Brook RR. Co. (quar.)
Dempster Mill Mfg. Co., 5% pref. (quar.)
Detroit Hillsdale & Southwestern RR. (s.-a.)
Semi-annually
Devoe & Raynolds, com. A & B
Preferred (quar.)
Devonian Oil Corp
Dictaphone Corp
Preferred (quar.)
Dominion Foundry & Steel preferred (quar.)
Dominion Textile Co. (quar.)
Preferred (quar.)
Dun & Bradstreet, Inc. (quar.)
$6 preferred (quar.)
$3
$1
25c
62Kc
25c
30c
NATIONAL BANKS
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
,
^
;
CHARTER ISSUED
Amount
National Bank of Alamo Heights,
Alamo
Heights, Texas. Capital stock consists of $50,000, all com. stk. $50,000
President, C. O. Mattfeldt.
Cashier, Sharpe McCullough.
Primary organization.
'■■ViHi'/v'
-V."
CHANGE
OF
TITLE
Providence, La.
Lake
"The First National Bank of Lake Providence.3
To:
PREFERRED
STOCK
J
j
:
'/o. Amount
Bordentown,
ISSUED
.v.
Feb.
V
3—The First National Bank of Bordentown,
N. J.
Sold locally
$15,000
-
The
following securities
were
sold at auction
of the current week:
on
Wednesday
r
_
Stores
i ;
Slocks
$ per Share
5 Bausch Machine Tool preferred, par $100...41
'
Bonds—
•
$1,000 Springfield Warehouse Trust 1st mtge. 5s, May 1945
Per
Cen1
68^ & int.
(quar.)
Hanna (M. A.) Co. $5 cum. pref. (quar.)
Hawaiian Commercial & Sugar Co. (quar.)
DIVIDENDS
Dividends
first 'we
show
grouped in two separate tables.
In the
together all the dividends announced the
are
bring
current week.
we
Hazeltine Corp.
the
Then
we
follow with
dividends
second table in which
a
announced, but which
previously
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
in our "General Corporation and Investment
News Department" in the week when declared.
pany
name
The dividends announced this week
are:
Per
Name of
Share
Company
When
Holders
Payable of Record
(quar.)
Allied Laboratories, Inc.
(quar.)
(quar.)
Aluminum Industries, Inc.
(quar.)
Aluminum Manufacturers, Inc. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred
7% preferred
7% preferred
7% preferred
__
12Kc
Feb.
Feb.
$6
Mar.
Apr.
15c
Mar.
Feb.
50c
Mar.
Mar. 15
50c
June
June
50c
Sept.
Sept. 15
5Cc
(quar.)
(quar.)
Hobart Mfg. Co. class A (quar.)
(quar.)
Quarterly.
Quarterly
Quarterly
-j. _
-
Honolulu Gas (quar.)
Hydraulic Press Mfg. Co. 6% cum. pref. (quar
Indianapolis Water Co. 5% cum. pref. A (quar
Interlake Steamship Co
Iron Fireman Mfg. Co. (quar.)._
Quarterly
Quarterly
Quarterly
Jamieson (E. E.) Co
Kansas Pipe Line & Gas
Preferred (quar.)
Kansas Power Co., $7 pref. (quar.)
$6 preferred (quar.)
Kaufmann Dept. Stores, Inc., 5% cum. pf. (qu.)
Keystone Telephone Co. (Phila.) $4 cum. pref__
_____
American Brake Shoe & Foundry
Preferred (quar.)
Mar.
Mar. 14
Apr.
Apr. 15 Mar. 31
Apr. 15 Mar. 31
ar.
l.Feb. 18
28 Feb. 21
Feb. 28 Feb. 21
Mar. 14
Apr.
Feb.
Apr.
Apr.
50c
$1
50c
15c
6Kc
25c
(quar.)
Brewing Corp. of America
British-American Tobacco Co.—
Amer. dep. rec. ordreg
Amer. dep. rec. ord. bearer (final)
Bucyrus-Erie Co
Preferred (quar.)
California Art Tile $1 X
con v.
pref
Feb.
Apr.
Apr.
Apr.
Apr.
Mar. 10
20
Mar. 10
Mar. 20
Feb. 20
Feb.
7
Feb.
Feb.
7
Mar.
Feb.
Feb. 20
Feb. 10
Mar.
Mar. 25
$1
Feb.
Jan.
SIM
Apr.
Mar. 10
Mar.
Feb.
25
Feb.
Jan.
14
37Mc
%VA
—
Mar,
Feb.
$2
$4
87 He
Boott Mills
Mar.
15
Feb. 27
Mar.
_
Boston Elevated Ry. Co.
Feb.
10c
19.3c
25
19.2c
Feb.
Jan.
15c
Apr.
Apr.
Mar. 15
Mar.
Feb. 14 J
SIM
t25c
14
Mar. 15
$1X
May
Apr.
7
40c
Apr.
Mar. 14
Mar.
Mar.
Feb.
21
Feb.
11
$2)4
30c
$13*
Apr.
lApr. 1
25c
Mar.
Feb.
18
87 Ac
SIX
Mar.
Mar.
Feb.
18
Feb.
15
50c
Mar.
Mar.
Mar.
1
75c
Mar.
1
75c
Mar.
37Xc
Mar.
60c
Mar.
Feb. 20
Feb. 19
Mar. 12
—
60c
June
June 11
60c
Sept.
Sept. 12
60c
Dec.
45c
Mar.
37^c
Mar.
Dec. 12
Mar.
5
Feb. 19
Mar. 11
n2&
Apr.
Apr.
Mar. 12
17
30c
Mar.
Feb.
30c
June
30c
30c
Sept.
May 10
Aug.
9
15c
15c
3^i
Dec.
Mar.
Feb.
Nov, 10
Apr.
Mar. 15
Apr.
Mar.
Mar.
Feb.
Feb.
Apr.
Mar.
t50c
Mar.
Mar.
Mar.
Feb.
1
15
20
20
28
28
Mar.
Feb. 28
Feb. 14
Mar.
_______
1
65c
30c
Mar.
30c
Mar.
MX
Mar.
Feb. 21
Mar.
1
Feb. 21
Feb. 21
Mar. 31
Mar. 10
Lukens Steel Co
Mar.
1 Feb.
Leslie Salt
Feb.
Mar.
Mar.
Lawrence Portland Cement Co
Mar. 21
Mar.
17
SIX
Feb.
$1.31M Mar.
25c
15
17
21
Mar. 31 Mar. 21
Mar. 15 Feb. 22
5
Feb. 15 Feb.
5
Feb. 15 Feb.
Mar. 31 Mar. 15
Mar.
Mar. 21
15
Mar. 24
Mar. 24
8
15
Mar.
Mar.
Feb.
17Xc
1 Mar. 14
1 Mar. 14
Feb. 15 Feb.
Feb. 26 Feb.
Feb. 26 Feb.
Mar. 1 Feb.
Mar. 31 Mar.
Mar.
Dec.
15
5
Feb. 21
Feb. 21
Mar.
Sept. 15
15
Mar.
Mar. 20
10c
June
h
Preferred (quar.)
Birmingahm Gas, prior pref. (quar.)
Block Bros. Tobacco (quar.)
6% preferred (quar.)
Dec.
Mar. 15
Feb. 17
Mar. 5
25c
Dec.
Preferred (quar.)
$1M
15c
Anglo-Canadian Telephone Co. class A (quar.)_
Atlas Tack Corp
Automotive Gear Works, Inc., cum. con. pref_t $2.06 M
Bangor Hydro-Electric 7% pref. (quar.)
SIM
6% preferred (quar.)
Bell Telephone Co. (Pa.) 0)4% pref. (quar.)
27c
6K % preferred (final)
For period from Apr. 1 to Apr. 15, 1941; all
outstanding pref. stock being redeemed
on Apr. 15.
Bird & Son, Inc., 5% preferred (quar.)
>S1M
Bird Archer Co__
15
Dec.
Mar.
Dec. 20
21
MX
Sept.
4c
—
15
$3 cum. preferred-.
Key West Electric Co., 7% pref. A
Kir by Petroleum Co
Kobacher Stores, pref. (quar.)
June
40c
American Business Shares (quar.)_
American Maize-Products
28
Manufacturing (quar.)
Lily-Tulip Cup (quar.)
Lincoln Stores Inc. (quar.)__
Preferred (quar.)
Lit Bros, preferred
Ludlow Manufacturing Associates.
SIM
SIM
SIM
SIM
_
(quar.)
(quar.)
11
Feb. 20
Mar. 15
Jan.
Mar.
—
___
Akron Brass Mfg. Co. (quar.)
Alabama Water Service $6 pref.
17
June 20
—
Heyden Chemical Corp
Home Insurance (Hawaii)
15
20
July
Apr.
Apr.
Apr.
____
Haiiley (J.) Co
Preferred
1 Mar.
1 Feb.
20 Feb.
Feb.
Mar,
15 Mar. 31
Mar. 10 Feb. 28
Mar. 22
Apr.
Feb. 17
Mar.
Feb. 17
Mar.
_,
____
1 Mar. 15
Feb.
Mar.
—
By R. L. Day & Co., Boston:
Mar. 15 Mar.
5
Mar. 15 Mar.
5
Mar. 15 Feb. 28
Mar. 1 Feb. 15
Apr.
._
AUCTION SALES
17
6
21
Mar. 20
Mar. 20
Mar. 15 Feb. 28
Mar. 4 Feb. 14
Feb. 14
Mar.
Feb. 20
Mar.
Mar. 15
Apr.
(quar.)
—
Feb. 1—"The First National Bank of Lake Providence, at Providence,
1 Feb.
Apr.
Apr.
____
Feb. 3—Broadway
Mar. 17
1
7 Feb.
Mar. 10 Feb.
Feb.
Mar.
...
Electric Controller & Mfg
Electrographic Corp. (quar.)
_;
Preferred (quar.)
El Paso Electric, $4 A cum. pref. (initial)
7 % preferred A (quar.)
6% preferred B (quar.)
Ely & Walker Dry Goods
Empire Capital Corp., class A (quar.)
Preferred A (quar.)
Engineers Public Service Co. $6 cum. pref. (qu.)
$5 A cum. pref. (quar.)
$5 cum. pref. (quar.)
Equity Fund, Inc. (quar.)
Faber, Coe & Greeg (quar.)
Special
Federal Compress & Warehouse Co. (quar.)
Finance Co. of America (Bait. A & B (quar.)
Preferred (quar.)
Ford Motor Co. of Canada A & B (quar.)
Gallagher Drug, pref. (quar.)
Partic. preferred (quar.)
General Alloys Co. 7% preferred (quar.)..
General Shareholding Corp.—
$6 cum. conv. pref. (quar.)
Optional div. pay. in com. stk. at rate of
44-1000 of one sh. of com. for each $6 cum.
conv. pref. share held, or cash.
Gillette Safety Razor, preferred (quar.)
Glens Falls Insurance (quar.)
Globe & Rutgers Fire Insurance 2d pref. (s,-a.)_
Great Eastern Fire Insurance Co. (s.-a.)
Griggs, Cooper & Co., 7 % pref. (quar.)
20
Mar.
Apr.
Apr.
Eastman Kodak Co. (quar.)
Preferred
12
15
Apr.
$1X
Durez Plastic & Chemical
__
1 Feb.
1 Feb.
1 Mar.
1 Feb.
Mar.
17
Mar. 20 Mar. 10
Mar. 20 Mar. 10
Mar. 14 Feb. 24
$133
—
7% preferred (quar.)
6% preferred (quar.)
Apr.
$13$
$2
8
Majr.31 Mar. 20
38c
$1H
15
—
mil
____■
Mapes Consolidated Mfg. (quar.)__
Masonite Corp., pref. (quar.)
Metal Textile Corp. prer. (quar.)
—
Meteor Motor Car
Midland
—
—
_._
—
—_
""
n
6% preferred (monthly)
5% preferred (monthly).
Apr.
Mar.
10c
Feb.
Feb.
50c
Apr.
Mar.
Mar.
7
Mar.
7
Mar.
12 y2c
MX
lig
%1%%
t5Qc
1$ IX
SIX
5
Mar.
81 Xc
12 Xc
50c
10
Feb.
Apr.
Apr.
Mar.
$2
1
18
20
Mar.
1
MX
50c
Steel Products
8% preferred (quar.)_
$2 dividend shares
Miller Wholesale Drug Co
Milwaukee Gas Light Co., 7% pref. A (quar.)_.
Minneapolis Gas Light, 6% pref. (quar.)
514% preferred (quar.)
$5.10 preferred (quar.)
5% preferred (quar.)
'
Montreal Cottons Ltd. (quar.)
_____
Preferred (quar.)
Motor Acceptance 6% preferred (quar.)
Nashua Gummed & Coated PaperNational Grocers, Ltd., pref. (quar.)
Newberry (J. J.) Co. (quar.)
Newport Electric Corp. (quar.)
Northeastern Water & Electric pref. (quar.)
North Pennsylvania RR. Co. (quar.)_
Oahu Sugar Co., Ltd. (monthly)
Oceanic Oil Co
Ohio Public Service Co. 7% pref. (monthly).
Mar.
15
Apr.
Feb.
Mar.
7
Mar.
Mar. 14
Mar.
Feb. 22
Feb. 20
Feb. 20
Feb. 20
Feb. 20
Feb. 28
Feb. 28
Feb. 28
Feb.
7
Mar. 15
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
50c
Feb.
37 Xc
60c
Apr.
Apr.
50c
Mar.
Mar. 15
Feb. 15
$1
Mar.
Feb.
$1
5c
Feb.
Feb.
Feb.
2c
Feb.
Feb.
58 l-3c Mar.
Mar.
50c
41 2-3c Mar.
15
17
5
14
Feb. 20
Feb.
Feb. 20
Feb. 20
The Commercial & Financial Chronicle
1084
Per
Share
Name of Company
Ogilvie Flour Mills pref. (quar.)
Ohio Power Co. 6% pref. (quar.)—...
Onomea Sugar Co
Oshkosh B'Gosh (quar.)
..
$2 conv. preferred (quar.)
Package Machinery Co. (quar.)
Paramount Pictures, Inc
American Steel Foundries
Feb.
11
American Stores Co
Feb.
10
American Sugar Refining pref.
10c
Mar.
Mar.
Feb.
Feb.
20
American Tobacco Co. com.
20
Amoskeag Co. semi-ann
20
S4 H preferred (s.-a.)
Applied Arts Corp
Archer-Daniels-Midland Co
Arden Farms Co. S3 preferred
50c
Mar.
Feb.
20c
Apr.
Apr.
Apr.
Mar. 14
50c
Mar. 14
Mar.
Jan.
Feb.
Feb.
Mar.
14
25
Jan.
25
Feb.
28
Feb.
28
Mar.
Feb.
10*
Feb.
Mar.
Feb.
Feb.
18*
Mar.
Feb.
20
Mar.
Feb. 20
Mar.
Mar. 15 Feb. 25
Feb. 14
Mar.
1 Feb" "28"
Mar.
1 Feb. 20
Mar.
1 Feb. 20
Mar.
1
Apr. 15
Feb.
Mar.
Mar. 15 Feb.
Mar. 10 Mar.
Feb. 17 Feb.
1
7
28
Seeman Bros., Inc
75c
20c
Mar. 15 Feb.
Mar.
1 Feb.
10c
75c
3
Mar. 12 Mar.
Mar.
1 Feb. 18
Sontag Chain Stores
2c
15c
(quar.)--
7% preferred (quar.)
Southern California Water Co., 6% pref.
(quar.)
Spear & Co. 1st & 2d pref. (quar.)
Spencer Kellogg & Sons (quar.)
SIM
37Mc
SIM
40c
A.) Oil, Ltd., pref. (quar.)
Standard Dredging Corp. conv. pref. (quar.)
20c
Stuart (D.
—
Sylvania Industrial Corp. (quar.)
Telephone Bond & Share Co. 7% 1st pref. (qu.)_
1st $3 preferred (quar.)
Thompson Products Corp.Preferred (quar.)
Union Twist Drill—
40c
15
21
20
28
Apr.
1 Mar. 22
Apr.
1
Mar. 22
Mar. 29 Mar. 20
6
Mar. 24 Mar.
Mar.
7 Feb. 25
1
Mar. 15 Mar.
SIM
50c
Mar.
1 Jan.
1 Feb.
30
Inc
1st preferred (quar.)
—
Vapor Car Heating Co. (quar.) _.
Preferred (quar.)
Preferred (quar.).
Preferred (quar-.).
SIM
Mar.
1 Feb.
17
_
50c
SIM
SIM
SIM
SIM
"
Preferred (quar.)
Wacker-Wells Building—
50c
Warner & Swasey Co
—
— .
—
Welch Grape Juice
Western Auto Supply (quar.)
Western P. S. Co., SI H pref. A
West Michigan Steel Foundry
7% pr. pf. (qu.)-_
SIM conv. preferred (quar.)
Wheeling Electric Co., 6% pref. (quar.)
White Villa Grocers, Inc. (semi-ann.)
Wilson Products (quar.)
Wisconsin Electric Power Co. 6% pref. (quar.)_
40c
4 M % cum. pref. (quar.)
Woolf Bros.,7% pref. (quar.)
1
Mar. 10 Mar.
1
June 10 May 31
Sept. 10 Aug. 30
1
Dec. 10 Dec.
1
Mar. 15 Mar.
Mar.
7 Feb. 21
25c
Mar. 10 Feb.
25
50c
Mar.
3 Feb.
Feb.
20
Mar.
17Mc
43Mc
SI. '
Feb.
Mar.
Mar.
Mar.
Mar.
14
Assoc. 7% pref
$7 preferred
Bethlehem Steel Corp
7% preferred (quar.)
Common
Per
(quar.)
Abbotts Dairies. Inc.
Acme Steel Co.
(quar.)
Acme Wire Co.
(quar.)
Aetna Ball
-
Bearing Manufacturing
Agnew-Surpass Shoe Stores (s.-a.)
Preferred (quar.)
-
-
Agricultural Insurance Co. (Watertown, N. Y.)
Allegheny Eudlum
28
15
15
1
Feb.
15
1 Feb.
20
(quar.)
Alpha Portland Cement
Aluminium, Ltd
Preferred (quar.)
Pref. payable in U. S. funds.
American Automobile Ins. Co. (St.
Mar.
3 Feb.
15
$1
30c
Mar. 12 Feb.
14
35c
Mar. 15 Mar.
40c
Mar.
1 H%
Apr.
75c
Apr.
L.) (quar.)
—
American Box Board Co., 7% cum. pref. (quar.)
Feb.
25c
Apr.
Apr.
Preferred
7% pref. A (quar.)
7% preferred A (quar.)
-|7% preferred A (quar.)
7% preferred A (quar.)
American Export Line pref. (quar.)
American Factors, Ltd. (monthly)
American & Foreign Power S6 preferred
$7 preferred
American General Corp., $3 pref. (quar.)
$2H preferred (quar.)__
$2 preferred (quar.)
American Hide & Leather Co., pref. (quar.)
American Home Products Corp (monthly)
American Investment Co. (111.) (quar.).
American Laundry Machinery Co. (quar.)
American Envelope Co.,
3
5 Feb.
12
1 Feb.
8
25c
1 H%
$lVs
40c
Mar. 15 Mar.
1 Feb.
Apr.
1 Mar. 17
6% preferred (quar.).
American Paper Co.
—
Sept.
Dec.
1 Feb.
5
5
3
25
1 May 25
1 Aug. 25
1 Nov. 25
1"30c
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
1 Feb.
21
Feo.
21
14
Mar.
1 Feb.
14
Mar.
1 Feb.
14
Mar. 31 Mar. 20
1 Feb. 14*
20c
Mar.
25c
Mar.
1 Feb.
20c
Mar.
3 Feb.
18
10c
Mar.
3 Feb.
18
25c
$1||
*
Mar.
June
15
8
t$2
34c
American Meter Co., inc
Inc
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 15 Mar.
24
28
50c
American Oak Leather preferred (quar.)
15 Jan.
1 Feb.
15 Feb.
75c
Co., preferred
Mar.
Mar. 10 Feo.
62Hc
5-month period, Nov. 1,1940, to Mar. 31, *41.
American Metals Co., Ltd
1
15
Mar.
10c
75c
American Machine & Foundry Co
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7 % preferred (quar.)
American Public Service Co. 7% pref. (quar.)
Mar. 25 Mar.
Mar.
t35c
Extra
American Locomotive
1
Mar.
%IH
$1
SI H
%l*A
SI M
SI H
SIM
(quar.)
1 Mar. 20
3 Feb. 17
15 Feb. 11
1 Mar.
1
1 Mar.
Feb.
American Chicle Co. (quar.)
1
15
1 Mar. 15
X$2
—
American Capital Corp., $5H % prior pref. (qu.)
American Chain & Cable Co., Inc
3
1 Feb.
$1H
American Can Co. 7% pref. (quar.)
(Quarterly)
Mar.
25c
43 Mc
25c
Class A (quar.)
Holders
15 Feb.
SIM
SIM
SIM
SIM
SIM
SIM
13
Mar.
7 Feb. 25
Mar. 26 Mar. 10
3 Feb.
3 Feb.
20
Mar. 15 Feb.
26
Mar.
Mar.
20
1 Mar. 22
Apr.
Mar. 15 Mar. 5
June
16 June
Sept. 15 Sept.
6
5
15 Dec.
5
Mar. 20 Feb.
28
Dec.
(quar.)
Re-Insurance Co. (quar.)
American Smelting & Refining---.
40c
10c
50c
1 Feb.
Feb.
24
5
Feb.
5
Mar.
Preferred
15 Feb.
15 Feb.
Mar.
3 Feb.
1 Feb.
15
$1H
Apr.
1 Mar. 15
1 Mar. 15
5
3 Feb.
7
Mar.
20c
ar.
25c
Mar.
1 Feb.
17
$1
Mar.
t$2.45
t SIX
Mar.
1 Feb.
1 Feb.
23
Mar.
1 Feb.
23
Mar.
8
4 Deb.
11
Apr.
1 FeD.
Mar.
3 Feb.
3 Feb.
28
14
Mar.
14
75c
Feb. 27 Feb. 17
1
Mar. 15 Mar.
1
Feb. 15 Feb.
14
30c
Mar.
Feb.
Borg-Warner Corp__
Manufacturing Co.
Boston Fund, Inc. (quar.)--
40c
Apr.
Feb.
Feb.
Mar. 18
%2
16c
Feb.
14
Jan.
5c
Feb.
Jan.
31
31
50c
Feb.
Feb.
15
Boss
Extra
Boston Woven Hose & Rubber Co
Bourjois, Inc., $2M preferred (quar.)
Bower Roller Bearing
Bridgeport Gas Light (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Telegraph & Messenger Co. (quar.)—
Brown Shoe Co. (quar.)
Brunswick-Balke-Collender Co
Bullock's, Inc. (quar.)
Bunker Hill & Sullivan Mining & Concentrating-
Burlington Mills Corp
Preferred (quar.)
Burroughs Adding Machine Co
Byers
(quar.)
Feb.
1
Mar.
Mar.
7
50c
Mar.
Mar. 14
60c
Mar.
Feb.
$nf
Feb.
Feb.
Mar.
Feb.
7
19
50c
Mar.
Feb.
20
Mar.
Mar.
50c
14
5
Apr.
Mar. 20
Mar.
Feb.
21
50c
Feb.
Feb.
11
25c
25c
Mar.
Feb.
Mar.
Feb.
10
6Sm
Mar.
Feb.
10
Mar.
Feb.
13
1
15c
Mar.
Feb.
7
37Hc
Mar.
Feb.
7
$1H
Mar.
Mar.
Mar.
Feb.
Feb.
Feb.
Feb.
1
Feb. 21
Jan. 31
Jan. 31
Jan. 31
1 $2.1292
(A.M.) Co.7% preferred
15
Feb.
6Sm
Preferred (quar.)
Buckeve Pipe Line Co
1
15
Div. rep. $1H due Nov. 1, '36 Plus int. to
Mar. 1, '41.
Byron Jackson Co. (quar.)
25c
—
California Packing Corp
$1
25c
62 He
-
Preferred (quar.)
California Water Service pref. (quar.)—
California-Western State Life Insurance (s.-a.)_
Canada Cement 6H % preferred
Canada Dry Ginger Ale (quar.)
Canada Foundries & Forgings, class A (quar.)—
Class A
(quar.)
(quar.)
Class A (quar.)
Canada Vinegar, Ltd. (quar.)
Canada Wire & Cable class A (quar.)
Class B (quar.)
Preferred (quar.)
Canadian Car & Foundry preferred
Subject to approval of Can. Foreign Exch.
Class A
Feb.
Feb.
Feb.
37m
Mar.
$1M
Mar.
FeD.
15c
Mar.
Mar. 10
:37Hc
:37Hc
:37Hc
:37Hc
Mar.
Mar.
1
June
June
2
Dec.
15 Dec.
10c
Mar.
1 Feb.
$1
50c
$1H
*44c
Feb.
Sept. 15' Sept.
28
28
1
1
15
28
28
28
Apr. 10 Mar. 21
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
Control Board.
Canadian General Electric Co.,
Ltd. (quar.)
—
Canadian Oil Cos. (quar.)
Extra
Carman & Co. class A (quar.)
Class B
Carter
Case
»*.«►
(Wm.YCo" preferred (quar.)
-
(J. I.) Co., preferred (quar.)
(quar.)
Cedar Rapids Mfg. & Power Co. (quar.)
Central Eureka Mining (bi-monthly)
Central Hlinois Public Service, 6% pref
$6 preferred
—;
Central & South West Utilities Co.—
$7 prior lien preferred
$6 prior lien preferred
Centra 1 Surety & Ins. Corp. (Mo.) (quar.)
Caterpillar Tractor
Extras
Century Ribbon Mills, Inc.,
Mar. 15
4pr.
Feb.
Feb.
Feb.
Feb.
1
50c
Mar.
Feb.
15
25c
Mar.
Feb.
15
$1H
Mar.
Mar. 10
Apr.
Mar. 12
50c
Feb.
Feb.
15
75c
Feb.
Jan.
8c
Feb.
Jan.
31
31
40c
40c
pref. (quar.)—
$1H
7% pref. (quar.) —
$i£
(quar.)
(Toronto, Ont.)
$1H
Mar.
Feb.
20
Mar.
Feb.
20
Feb.
28
Mar.
Feb.
28
Feb.
Jan.
31
Feb.
Jan.
31
Mar.
Feb.
Jan.
31
Mar.
Feb.
20
Feb.
Mar.
Jan.
31
1
Feb.
Chartered Trust & Executor Co.
(quar.)
— -- —
Chefford Master Mfg. Co.,
Cherrv-Burrell
Inc. (quar.)
Corp
Chicago Railway
Pac. Ry.—
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
—
Cincinnati Union Terminal, preferred (quar.)
Preferred (quar.) ———- — —
—
—
--
City of New Castle Water Co., 6% pref. (quar.).
City Ice & Fuel, preferred (quar.)
City Water Co. of Chattanooga,5% pref.(initial)
Cleary Hill Mines Co. (quar .
Cleveland & Pittsburgh RR. guar, (quar.)
Special guaranteed (quar.) —
Colgate-Palmolive-Peet (quar.)
Preferred (quar.)
Collins & Aikman
Corp.-
Preferred (quar.)
Colonial Stores, Inc. (quar.)
Preferred (quar.)
Colorado Fuel & Iron--
Apr.
Mar. 15 Mar.
Mar. 31 Feb.
1
1
28
Mar. 31 Mar. 20
25c
Mar.
50c
Feb.
3 Feb. 21
7
25 Feb.
Mar.
Feb.
June
Sept.
May 15
Aug. 15
$1K
$1H
$1H
$1M
%1H
$1H
$1**
15
Mar. 15
Apr.
July
June
18
Mar.
Feb.
11
Mar.
Feb.
15
85c
Mar.
Feb.
14
5c
Mar.
Feb.
87Hc
Mar.
Feb.
20
10
50c
Mar.
Feb.
10
Feb.
12Hc
$1.06 H Mar.
Jan.
21
Mar. 11
25c
Mar.
Feb.
18
$2
Mar.
Feb.
18
$1H
Mar.
Feb.
18
25c
—
Mar. 15
tSl
12c
25c
43Kc
Equipment, preferred
Chicago Yellow Ca
Chile Copper Co
Cine. New Orl. & Tex.
1
$l'i
S1H
$1H
Charis Corp
Chartered Investors $5 pref.
t$2
12Hc
12HC
$1H
$1H
—
—
Central Vermont Public Service
Extra
American Radiator & Standard—
American
Extra
11
Mar.
Apr.
Borden Co. (interim)
Preferred (quar.)
Butler Water Co., 7% preferred
Payable of Record
Feb.
1 Feb.
371?
Mar. 14
Butler Bros
25c
%l%
Steel, pref. (quar.)—
Allied Kid Co. (quar.)
Allied Products Corp.
When
10
Feb.
11
give the dividends announced in previous weeks
paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Share
20 Feb.
Feb.
1 Feb. 15
Mar. 10 Feb. 14
Mar.
1 Feb. 14
Mar.
Apr.
15
we
Company
15
Mar.
Feb.
Feb.
and not yet
Name of
1
15
1 Feb.
50c
Calhoun Mills
Below
15 Feb.
1 Feb.
Ldar.
75c
15
Feb.
14
Mar. 10 Feb. 28
Mar.
1 Feb. 15
Feb. 15 Feb.
1
Bohn Aluminum & Brass
Feb.
Apr.
21
Feb.
ig
M
Bigelow-Sanford Carpet Co., pref. (quar.)
15
1
Apr. 30
Berkshire Fine Spinning
Jan.
Mar. 10 Feb.
Si.18M Mar.
SIM Mar.
-
17
t37Mc
luc
Common
Mar. 10 Mar.
Bendix Aviation Corp
10
Mar. 15 Feb.
1 Feb.
Mar.
Mar.
25c
27
Feb.
Belding-Corticelli Ltd. (quar.)
Preferred (quar.)
Bel ding Heminway
Belden Manufacturing Co
14
15 Feb.
Feb.
15c
10c
pref. (quar.)
14
10c
25c
class A (interim)
Inc
3
1
15
10c
$ih
Universal Winding, pref. (quar.)
Van Raalte Co.,
Beau Brummel Ties,
Mar. 3 Feb.
Mar. 15 Mar.
1 Mar. 14
30c
15c
Bathurst Power & Paper
Mar. 31 Mar. 10
Mar.
3 Feb. 18
Mar.
1 Feb. 18
1 Feb.
1 Feb.
7Hc
Beaunit Mills, Inc., $1H
10
Apr.
10c
class A (quar.)
3 Feb.
Mar.
75c
6% preferred (quar.)
3 June 21
3 June 21
Mar.
$1.05
Extra
5*
2 Mar
July
July
tfeg
25c
75c
Baltimore Radio Show, Inc
Mar. 31 Mar. 15
Mar. 27 Feb. 18
Apr.
Mar.
1 Feb.
M
(s.-a.)
Baltimore American Insurance (s.-a.)
Holders
When
Payable of Record
Mar.
Birdsboro Steel Foundry & Machine Co., com..
28
50c
$1
Birmingham Water Works Co., 6% pref. (quar.
Blauner's, Inc.. preferred (quar.)
Blue Ridge Corp., $3 preferred (quar.)
Optional div. l-32d sh. of com. stk. for cash
25 Feb.
M
25c
IS, 1941
$i y<
15
Feb.
12c
35c
21
Mar. 15 Feb.
Mar. 15 Feb.
25c
United States Graphite Co
1 Feb.
Mar.
20
20
28c
25c
-
Mar.
1 Feb.
Mar. 10 Feb.
Mar.
1 Feb.
11
25 c
15c
United Elastic Corp
United States Freight (interim)
Feb. 28 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
18
10c
t75c
Baldwin Locomotive Works, pref.
Barlow & Seelig Mfg.,
Barnsdall Oil Co
28
$1H
$2H
Atlas Powder Co
Bandini Petroleum Co
19
1 Mar. 21
(quar.)
& com. B (quar.)-
Armstrong Cork Co. (interim)--Preferred (quar.)
Art loom Corp. 7% preferred (quar.)
Associated Dry Goods 1st pref. (quar.)
2d preferred
Atlanta Gas Light 6% pref. (quar.)
Atlantic Macaroni Co., Inc
Atlantic Refining Co. (quar.)
Atlas Corp., 6% pref. (quar.)
3
1 Apr.
May
Apr.
25c
20
Mar. 21 Mar. 11
Sharpe & Dohme, Inc. (initial)
Simmons-Boardman Publishing Corp
(quar.)—
25c
17
Mar.
Feb.
Share
of Company
Feb.
SIM
preferred (quar.)
15c
2d preferred (quar.)
50c
Parker (S. C.) & Co., Inc., A (quar.) —
10c
Preferred (quar.)
50c
Paton Manufacturing Co., Ltd. (quar.)
SIM
Preferred (quar.)--.
SIM
Philadelphia Suburban Water Co. pref. (quar.)_
10c
Pittsburgh Oil & Gas Co
SIM
Pittsburgh Coke & Iron Co. $5 pref. (quar.)
Pittsburgh Youngstown & Ashtabula Ky.—
SIM
Preferred (quar.)
—
75c
Prentice Hall, pref. (quar.)
—
SIM
Procter & Gamble Co. 5% pref. (quar.)
75c
Prudential Investors, $6 pref. (liquidating)
SIM
Public Finance Service, Inc., $6 pref. (quar.)
Public Service Co. of Colorado 7% pref. 'mo.) — 58 l-3c
50c
6% preferred (monthly)
412-3c
5% preferred (monthly) — .
SIM
Puget Sound Power & Light prior pref
25c
Reliance Electric & Engineering.
tSIM
Reliance Grain Co., Ltd., 6H% pref—
15c
Reliance Manufacturing Co
SIM
Preferred (quar.)
50c
St. Joseph Lead Co
$3 cum. conv. preference
Simon Brewing (quar.)
Name
Mar.
1st
Scullin Steel Co
Per
Holder
Payable of Record
*1M
$1H
10c
50c
..
When
Feb.
Feo.
20
Mar.
Feb.
20
Feb.
Feb.
14
Mar.
Volume
The Commercial & Financial Chronicle
152
Per
Name of
Company
Share
When
1085
Per
Holders
Name of
Payable of Record
Share
Company
Holders
When
Payable oj Record
7 Feb.
21
Feb.
14
13 Jan.
20
Granby Consolidated Mining, Smelting & Power
Knight Co., 7% preferred
Mar.
Feb.
Graton &
Feb.
Feb.
pref., series A (quar.)
5% cum. pref. (quar.)
5% cum. preference (quar.)
Columbia Pictures Corp. $2X conv. pref. (quar.)
Columbus Auto Parts, preferred (quar.)
Commoil, Ltd
Feb.
Feb.
15 Jan.
15 Jan.
15 Jan.
20
20
Great Atlantic & Pacific Tea
Feb.
Feb.
5
7
Preferred (quar.)
Griesedieck Western Brewery
Gorham Mfg. Co
Feb.
Feb.
7
Mar.
Feb.
19
Mar.
Mar.
Commonwealth later national Corp. Ltd. (quar.)
15 Jan. 15
Feb. 15 Jan. 21
Mar.
1 Feb. 15
Feb. 15 Jan. 31
Columbia Broadcasting System, A and B__
Columbia Gas & Electric Corp
6%
Mar.
cum.
...
Feb.
Feb.
25 Feb.
14
Feb.
Community Public Service
Compania Swift Internacional (quar.)
Concord Gas Co., preferred
Connecticut Light & Power Co. 5X % pf. (qu.)_
Connecticut Power Co. (quar.)
Connecticut River Power Co. 6% pref. (quar.)
Mar.
__
Consolidated Biscuit
Consolidated Cigar Corp.—
Feb.
20
15 Feb.
1
28 Feb. 21
Feb.
1 Feb.
1 Feb.
15
Mar.
1 Feb.
15
Mar. 24 Mar.
...
7% cumulative preferred (quar.)
Consolidated Edison of N. Y. (quar.)
Consolidated Oil Corp
Consolidated Paper Co
<.
Container Corp. of America
Continental Cushion Spring Co.
Continental-Diamond Fibre Co. (quar.)
Cook Paint & Varnish Co. (quar.)
15
15 Jan.
1 Feb.
15
Mar.
Mar.
3 Feb.
5
Feb.
15 Feb.
Mar. 14 Mar.
Feb.
Corporate Investors. Ltd., class A (quar.)
Cosmos Imperial Mills (quar.)
7
18
1
3
Mar.
1 Feb.
17
Mar.
1 Feb.
17
30
Feb.
Feb.
Feb.
Extra
1
1 Feb.
Mar. 15 Feo.
Mar.
Preferred (quar.)
15
Mar.
15 Jan.
15 Jan.
31
15 Jan.
31
Crane Co. 5% cum. conv. preferred (quar.)____
Creameries of America, Inc., preferred (quar.)__
Cresson Consolidated Gold Mining & Milling
1
Mar. 15 Mar.
Feb. 10
i
Mar.
Crown Cork <fe Seal Co., Ltd. (quar.)
Crown Cork & Seal Co., Inc.—
$2%
56 He
43 Xc
preferred (quar.)
Crown Drug Co., pref. (quar )
Crown Zellerbach Co., preferred (quar.)
cum.
...
SIX
Orum & Forster Insurance Shares A & B
Preferred A & B (quar.)
Crum & Foster
8%
pref.
30c
SIX
(quar.)
Culver & Port Clinton RR. Co. (s.-a.)
Cuneo Press 6X % pref. (final)
^
Preferred (initial)
Curtis Publishing Co. prior preferred (quar.)__
$7 preferred (old stock)
Cushman's Sons, Inc., 7% cum. pref. (quar.)__
Decca Records, Inc
Deere & Co. pref. (quar.)
Dentists* Supply Co. (N. Y.) (quar.)
7% preferred (quar."
7% preferred (quar.
7% preferred (quar.
7% preferred (quar.
Detroit Gasket & Manufacturing, pref. (quar.)__
Detroit Michigan Stove (quar.)
$2
10c
17 Feb.
1 "Feb.
Mar.
Feb. 28 Feb.
8
Feb.
Feb.
28 Feb.
13
13
13
Mar. 31 Mar. 17
Aug.
1 July
22
Preferred
Gamewell
Gosnold Mills Corp., part,
Gossard (H. W.)
1 Oct.
1
Oct.
1
Dec. 23 Dec. 23
1 Feb. 15
Mar.
Feb.
May
May
15 Feb.
15 May
15 Aug.
5
5
1 Feb.
5
10
Mar.
1 Feb.
10
June
2 May 13
2 Aug. 12
Mar.
Sept.
Apr.
15 Jan.
31
1 Mar. 10
15 Feb.
7
Apr. 21 Mar. 31
Feb.
Mar.
Feb.
S3
Apr.
75c
Feb.
Mar.
Feb.
28 Feb.
14
1 Feb.
15
31
25 Jan.
1 Mar. 31
1
15 Feb.
1
15 Feb.
1 Mar. 18
1 Feb. 10
1 Feb. 10
1 Feb. 10
15 Feb.
7
(N. Y.) (s.-a.)
Mar.
Feb.
1 Feb.
11
1 Feb.
11
25 Feb.
5
Mar. 30 Mar. 10
Mar. 15 Feb.
15
8
Mar. 24 Mar.
1 Mar. 20
1 Mar. 20
Apr.
Apr.
40c
Feb.
15 Jan.
31
40c
May
Aug.
1 Apr.
40c
1 July
25
25
40c
Nov.
1 Oct.
25
20 Feb.
15
J15c
Feb.
25c
Apr.
50c
Mar.
50c
Mar.
1 Feb.
Apr.
1 Mar. 18
SIX
six
SIX
SIX
5c
S2X
1 Mar. 15
8
3 Feb.
15
Feb. 28 Feb. 15
Mar. 31 Mar. 15
Feb.
15,
Feb.
21
Feb.
Feb.
11
Feb.
Feb.
11
Holophane Co., Inc
Preferred (s.-a.)
Home Fire & Marine Insurance (quar.)
Homestake Mining Co. (monthly)
Mar.
Feb.
15
Apr.
Mar.
Mar. 15
Feb.
Feb.
Feb.
20
14
Extra
June 30 June
14
Mar.
5
1 Mar. 15
SIX
SIX
Mar.
1 Feb.
20 Feb.
Mar. 15 Mar.
Feb.
Mar.
1 Feb.
17
15
1 Feb.
28
SIX
Mar.
1 Feb.
14
87 Xc
Mar.
Mar.
1 Feb.
3 Feb.
14
50c
Mar.
5 Feb.
20
17
14
Mar.
1 Feb.
Apr.
1 Mar. 14
Feb.
15 Feb.
5
3
Mar. 12 Mar.
Mar. 15 Feb. 20
50c
Feb.
3 Feb.
15 Jan.
12 Xc
Feb.
15 Feb.
5
25c
Feb.
15 Jan.
31
75c
Mar. 12 Feb.
13
$in
1 Apr.
May
Feb. 15 Feb.
5
May 15 May
5
SIX
v£i
SIX
Mar.
Feb.
14
27
7
5
May 15 May
5
20 Feb.
28 Feb.
10
18
1 Feb.
1 Feb.
15
Feb.
50c
Feb.
50c
30c
25c
Mar.
SIX
15 .Feb.
Mar.
Feb. 15 Jan.
Mar. IF eb.
SIX
50c
15
31
20
+I1H
Apr.
Mar.
25c
Mar.
1 Mar. 29
5 Feb. 15
1 Feb. 13
S3
Mar.
1 Feb.
26
SIX
5%
cum.
SIX
preferred
60c
International Safety Razor class A (quar.)
Inter-Ocean Reinsurance Co. (semi-ann.)
Inter-Ocean Securities
SI
Corp. A & B (stks. & divs)
Apr.
50c
Preferred (semi-annual)
Jaeger Machine Co
pref. (quar.)
Co., Inc. (quar.)
Feb.
7% preferred (s.-a.)
Kerr-Addison
Gold Mines
3}£
W
— ___
pref. (qu.)__
Leath & Co
Preferred (auar.)
—
Lehigh Portland Cement Co. 4% pref. (quar.)__
Leitch Gold Mines. Ltd. (quar.)
Le Tourneau (R. G.), Inc. (quar.)
Lexington Water Co. 7% preferred (quar.)
Liberty Finance Co. cum. partic. pref. (quar.)__
Life Savers Corp. (quar.)
Liggett & Myers Tobacco (quar.)
Common class B
(quar.)
Lincoln National Life Insurance Co.
Quarterly
(quar.)___
—
Quarterl y
Lindsay Light & Chemical—__
Link Belt Co. (quar.)
Preferred
Mar. 31
Mar.
15 Jan.
15 Feb.
25 Feb.
1 Mar.
May
1 Mar.
May
1 Mar.
Apr.
lc
40c
30c
5c
tSIX
tlx
Feb.
Feb.
1
Feb.
14
Feb. 20 Jan.
30c
25c
3 Xc
17Xc
5c
62 Xc
31
31
20
31
Feb. 25 Feb. 15
4
Mar. 14 Mar.
Mar. 13 Feb. 28
Mar. 13 Feb. 28
Feb.
Mar.
15 Feb.
1 Feb.
Mar. 15 Mar.
Jane 15 June
Sept. 15 Sept.
Dec. 15 Dec.
1 Feb.
Mar. 15 Feb.
Mar.
25c
8
15
5
5
5
5
14
19
Feb. 15 Feb. 15
Feb. 28 Feb. 18
Mar. 31 Mar. 16
Mar. 31 Mar. 16
Feb. 20 Feb.
Apr.
Apr.
10
1 Mar. 15
1 Mar. 15
1 Mar. 14
SI
t2c
Apr.
25c
Mar.
15 Jan.
1 Feb.
SIX
Mar.
1 Feb.
11
14c
40c
28 Feb.
21
Mar.
1 Feb.
7
$1
Mar.
Mar.
30c
May
1 Feb.
1 Feb.
1 Apr.
11
$1
Feb.
Feb.
30c
Aug.
30c
Nov.
15c
Feb.
25c
Mar.
SI.10
si.10
SI.10
**,
24
Feb..10
Apr.
60c
capital
Original capital
Original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Mar.
1
(quar.)
Little Miami RR., original
1 Mar. 14
1 Feb. 20
12
31
31
10c
;
Apr.
Mar.
Feb.
SIX
pref. (quar.)
6
15 Feb.
Jan.
15c
Extra
K W Battery Co., Inc. (quar.)
Lake of the Woods Milling Co. Ltd.
4
15
Mar. 31 Mar. 22
Mar. 15 Feb. 28
1 Mar. 15
Apr.
Feb.
Feb.
15c
--
-
—_______—
22
Feb.
5c
preferred (quar.)__
July
Feb.
8c
Quarterly
26
36c
25c
Kress (S. H.) & Co
July
Feb. 25 Feb.
Mar. 20 Mar.
87 Xc
5c
-——-
25
Mar. 15 Feb. 28
Mar. 10 Feb. 28
Mar. 10 Feb.
SI
Extra
10
1 Mar. 15
Feb. 28
1 Feb.
tSIX
tsi
t25c
SIX
31Xc
— -—
Kiein (D. Emii) Co
Apr.
Mar.
SI
(s.-a.)__
Keystones Custodian Funds, series B-4
Series K-l (semi-ann.)
Kinner Motors, Inc. (initial)
Kinney (G. R.) Co. $5 prior pref
Kirkland Lake Gold Mining (s.-a.)
15 Feb.
Mar. 10
60c
1
1 Feb. 21
Mar. 10 Feb. 28
1
Mar. 17 Mar.
SIX
12Xc
75c
(s.-a.)
Jersey Insurance of N. Y. (s.-a.)
Jewel Tea Co. (quar.)
—
Kable Bros. Co., 6% preferred (quar.)__
Kalamazoo Vegetable Parchment (quar.)
Katz Drug Co
Preferred (quar.)
Keitb-Albee-Orpheum, 7% preferred
Kelsey-Hayes Wheel conv. class A—
Kelvinator Corp. (Canada)
Kendall Co. part. pref. A (quar.)
Kennedy's. Inc., preferred (quar.)
Kentucky Utilities 7% jr. preferred (quar.)
5
1 Mar. 29
37 Xc
35c
Jefferson Standard Life Insurance
14
Mar.
l-40th sh. of Inter-Ocean Re-Insurance
Jantzen Knitting Mills
Jefferson Lake Sulphur
20
Mar. 21
Mar.
1 Feb.
Mar. 31 Mar.
Payable in U. S. funds.
International Ocean Telegraph Co. (quar.)
International Rys. of Central America
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc. (quar.)
Lane-Wells Co. (quar.)
Lansing Co. (quar., increased)
Lanston Monotype Machine
La Salle Industrial Finance Corp
Preferred A (quar.)
La Salle Wines & Champagne, Inc. (quar.)
Mar.
35c
Mar. 31, 41
preferred (quar.)
5
25c
25c
SI
75c
international Harvester,
International Nickel Co. of Canada
1 Feb.
3 Feb.
10
Mar. 26 Mar. 10
--
Landis Machine Co. 7%
Mar. 31 Mar. 21
1 Feb. 15
Mar.
Mar.
Internation Business Machine (quar.)
International Cigar Machinery Co
5-months period, Nov. 1,1940, to
8
15c
Feb.
Apr.
Knudsen Creamery Co.,
Apr.
Mar.
Mar.
Dec. 18 Dec. 15
Mar. 15 Feb. 28
1 Mar. 12
Apr.
Mar. 31 Mar. 15
7 Feb.
7 Feb.
15 Feb.
Feb. 15 Feb.
Mar.
1 Feb.
Mar.
Inland Steel Co
Knickerbocker Fund
25c
50c
Horn
Sept. 30 Sept.15
25c
SIX
-
Grace National Bank
Mar.
1 Feb. 15
Mar.
33 1-3% Feb. 15 Jan. 31
25c
preferred
17
Mar.
Mar.
5
$1
Co
June
11
25c
(qu.)_
July
Feb.
lc
Globe-Democrat Publishing Co. 7% pref.
Gold & Stock Telegraph Co. (quar.)
Mar. 18
Feb.
six
SIX
Gilchrist Co
18
Mar.
11
5
20c
Extra
25
Feb.
Feb.
3c
(quar.)
General Foods Corp., preferred (quar.)
General Industries Co. (initial quar.)_
General Metals Corp. (semi-ann.)
General Motors Corp__
Preferred (quar.)
General Outdoor Advertising Co. class A (quar.)
Class A (quar.)
Preferred (quar.)
'_
Preferred (quar.)
General Steel Wares, Ltd., pref. (quar.)
General Tire & Rubber
Gibraltar Fire & Marine Insurance Co. (s.-a.)__
25
Jan.
Feb.
11
SIX
(quar.)
Jan.
Feb.
Feb.
1
Mar.
Preferred
Jan.' 25
Feb.
Feb.
SIX
General American Corp.
General Cigar Co
Feb.
Feb.
50c
Co
31
Feb.
Feb.
SIX
;
15
31
Jan.
Mar.
15
20
Apr. -1 Apr.
1 July
July
Mar.
(quar.)
Feb.
Jan.
Mar.
Mar.
15c
Fruehauf Trailer Co
Special
Hershey Chocolate (quar.)
Convertible preferred (quar.)
Convertible preferred (additional)
Hibbard Spencer, Bartlett (monthly)
Monthly
Hibernia National Bank (N. O.) (s.-a.)
Hires (Chas. E.) Co. (quar.)
Hollander (A.) & Son (resumed)
Hollinger Ccnsol. Gold Mines (mo.)
15
15
Feb.
Galveston-Houston Co
Mar. 14*
Mar.
28
75c
7% preferred (quar.)
Free port Sulphur Co. (quar.)
(quar.)
Feb.
Apr.
Florida Power Corp. 7% preferred A (quar.)
Apr.
Mar.
Heller (Walter E.) & Co.
Mar.
SI
Co. (qu.)_
7
Feb.
Feb.-14
Feb. 10
& Hardart (N. Y.) preferred (quar.)
Huntington Water Corp. 7% preferred (quar.)_
6% preferred (quar.)
Huston (Tom) Peanut Co. (quar.)
$3 cum. conv. pref. (initial)
Idaho-Maryland Mines (monthly)
Imperial Tobacco of Gt. Britain & Ireland, Ltd.
Amer. dep. rec. for ord. reg. (final)
Amer. dep. rec. for ord. reg. (bonus)
Indiana Associated Telephone Corp. $5 pref—
$6 preferred (quar.)
Ingersoll-Rand Co
Inglewood Gasoline Co
SIX
SIX
Fitz Simons & Connell Dredge & Dock
Apr.
14
$2
First State Pawners Society (quar.)
Fishman (N. H.) Co. (quar.)
_____
Feb.
Apr.
Mar.
28 Feb.
1 Feb.
Mar.
Mar.
1 Feb.
Feb.
1X%
Fireman's Fund Indemnity (quar.)
Firestone Tire & Rubber, pref. (quar.)
Hazel-Atlas Glass Co
II eel a Mining Co
Mar.
25
25c
(quar.)
pf. (qu.)
Feb.
17
East St. Louis & Interurban Water Co.—
Federal Bake Shops
Federal Light & Traction, preferred
Federated Petroleum
I
'
Preferred (quar.)
Harshaw Chem. Co. 4X% cum. conv.
Hart (10 & Son Co., Inc
17
tSIX
130c
_
Harbison-Walker Refractories Co..
15
13
3 Feb.
Mar.
Feb.
$5 preferred (quar.)
$5 preferred (quar.)
Farallone Packing Co. (quar.)
Farmers & Traders Life Insurance (quar.)
Faultless Rubber Co. (quar.)
15
Feb.
25
25c
(quar.)—
1
Feb.
Mar.
Feb.
J50c
(Quarterly)
Feb.
Mar.
(extra)
Jan.
__
Fansteel Metallurgical Corp. $5 pref.
$5 preferred (quar.)
Feb.
(quar.)
Jan.
Feb.
Falstaff Brewing, preferred (semi-ann.)
(quar.)
Feb.
75c
Fairbanks; Morse & Co
Fajardo Sugar Co. (Porto Rico)
Apr.
4X % preferred (quar.)
Hammond Instrument Co. 6% pref.
Hancock Oil of Calif., class A and B
Mar.
Mar.
Feb.
SIX
62 He
_
Mar.
Feb.
30c
50c
juarterly.
Equitable Life Insurance Co. (Canada)
Eversharp, inc., new 5% pref. (quar.)
Feb. 28
Feb. 14
Mar.
5
Mar. 15
Mar.
Preferred (quar.)__
Hammermill Paper Co
1
15
Horn (A. C.) Co. participating pref. (quar.)
2nd participating preferred (quar.)
50c
25c
Egry Register, 5X% preferred (quar.)__,
Electrolux Corp
Elgin National Watch
Elizabeth & Trenton RR. (s.-a.)
5% preferred (s-.a.)
El Paso Natural Gas, 7% preferred (quar.)
Employers Reinsurance, stock dividend.
Quarterly
Employers Casualty Co. (Dallas), (quar.)
Feb.
Mar. 22
20
75c
7% preferred (quar.)
6% preferred (quar.)
Mar.
Mar. 10 Feb.
35c
Eaton Manufacturing Co
15
7oc
50c
75c
Dodge Mfg. Corp
Dome Mines, Ltd
Dominguez Oil Fields (monthly)
—
Dominion & Anglo Investment Corp., pref. (qu.)
Dominion Bridge Co.. Ltd. (quar.)
Dover & Rockaway RR. Co. (s.-a.)
Dow Chemical Co. (quar.)
Preferred (quar.)
Duplan Silk Corp. 8% pref. (quar.)
Eastern Corp. prior conv. preferred
Eastern Shore Public Service Co., pref. (quar.)
$6 preferred (quar.)
Eastern Utilities Associates (quar.)
28*
Hamilton Watch Co
and B
Feb.
Apr.
Mar.
Co.Jquar.)
Class A
Mar.
Mar.
Mar.
Hooker Electrochemical Co
SIX
SIX
SIX
SIX
Preferred (semi-annual)
Mar. 15 Feb.
(interim)
1
31
Hormel (Geo. A.) & Co
Preferred (quar.)
50c
Diem & Wing Paper Co. pref. (quar.)
Dixie-Vortex Co. class A (quar.)
31
Hallnor Mines, Ltd.
Haloid
Feb.
Jan.
Mar. 15 Mar. "I
1 Feb. 28
\pr.
15c
Common
Common
15 Jan.
Hale Bros. Stores, Inc. (quar.)
Hall (C. M.J Lamp Co
1
Feb.
Feb.
7oc
SIX
Quarterly
Quarterly
31
Feb.
Great Lakes Dredge & Dock Co. (quar.)
Gurd (Chas.) & Co., Ltd., pref. (quar.)
Feb.
$1.16
SIX
Diamond Match Co., pref. (semi-ann.)
Feb.
15 Jan.
(quar.)
pref.
1 July
1 Oct.
17 Feb.
31
10
11
25
26
25
10
7
1 Feb.
1 Mar. 15
Apr.
Mar. 10 Feb. 24
June 10 May 24
Sept. 10 Aug. 25
50c
Dec. 10 Nov. 24
Mar. 10 Feb. 24
50c
June
50c
5Cc
10 May 24
Sept. 10 Aug. 25
Dec. 10 Nov. 24
The Commercial & Financial Chronicle
1086
Per
Share
Name of Company
Lionel
15c
Corp. (quar.)
35c
Extra
Loblaw Groceterias, class A & B (quar.)
Loew's, Inc., SQX cum. pref. (quar.)
Loose-Wiles Biscuit Co. pref. (quar.)
Lord &
25c
—
SIX
SIX
SIX
Taylor 1st pref. (quar.)
When
Feb. 28 Feb.
8
Feb. 28 Feb.
8
Mar.
1 Feb. 10
Feb. 15 Jan. 31
Apr.
1 Mar. 18
1 Feb.
17
Feb.
15 Feb.
1
Feb.
28 Jan.
15 Feb.
30
Louisville Henderson & St. Louis Ry.—
Preferred
(semi-annual)
$2X
$2
-
Louisville & Nashville RR. Co
Lynch Corp
McClatchey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
—
7% preferred (quar.)
—
—
_
43Hc
43 He
— — _
7% preferred
(quar.)
—
Mclnfcyre Porcupine Minces (quar.)
MacMillan Co. (quar.)
50c
43 He
43 He
X55Xc
—
Preferred
RH
$i
May 15 May
Aug. 15 Aug.
Nov. 15 Nov.
Feb. 15 Feb.
(quar.)
Managed Investments, Inc. (quar.)
25c
40c
10c
...
Marshall Field & Co. 6% pref. (quar.)...
SIX
SIX
0% 2d preferred (quar.)
Masonite Corp. (quar.)
Mastic Asphalt (quar.).
May Department Stores (guar.)...
Mead Corp. $0 preferred A (quar.)
S5X preferred B (quar.)
Melchers Distilleries, preferred
Mercantile Stores Co,, preferred (quar.)
Michigan Steel Tube Products
Michigan Sugar Co., preferred
Midwest Piping & Supply (year-end)
Minneapolis-Honeywell Regulator (quar.)
25c
—
10c
75c
i
L
—
—
—
Hoi
Hit
25c
50c
25c
...
...
SIX
t30c
-
Mississippi Valley
7% preferred A
0% preferred B
Mitchell (J. S.) &
Monroe Chemical
,—
Public Service Co
(quar.^
(quar.
Co...
Co., pref. (quar.).
Monsanto Chemical Co., $4.25 pref. A (s.-a.)
$4.25 preferred B (semi-ann.)
Moody's Investor Service, preferred (quar.) ...
Moore (W. R.) Dry Goods Co. (quar.)
Quarterly.
Quarterly
Quarterly
Moran Towing Corp. (quar.)
Morse Twist Drill & Machine
—
—
.....
Motor Finance Corp. (quar.)
Motor Whehl Corp. (quar.)
...
Mt. Diablo Oil Mining & Development Co. (qu.)
Mullins Manufacturing Co., pref. * _;
Muncie Water Works Co. 8% preferred (quar.).
Munsingwear, Inc
Murphy (G. C.) Co. (quar.)
Muskegon Motor Specialties, class A (quar.)
Muskogee Co., 6% cum. preferred (quar.)
Nanaimo Duncan Utils. Ltd.. preferred (quar.).
Nash a wen a Mills (quar.)
Nashville Chattanooga & St. Louis Ry
(quar.).
_
40c
1c
$1
$2
50c
$1
50c
SIX
81 He
25c
Apr.
June
June
Apr.
July
•
1 Mar. IS
1 Feb. 14
1 Mar.
8
2 May 10
2 May 10
1
10. Feb.
1 Apr.
1
Oct.
1 July
1 Oct.
Jan.
1 Dec.
1
31
1
Mar.
15
Mar. 10 Feb. 21
Mar.
1 Feb. 15
5
Mar. 20 Mar.
1
Mar. 15 Mar.
Feb. 20 Feb. 18
1 Feb. 14
Mar.
Mar.
Mar.
1 Feb.
1 Feb.
18
15
Apr.
1 Mar, 15
Mar.
4 Feb.
15
Mar.
1 Feb.
Apr.
1 Feb. .18
30c
40c
Mar. 5 Feb. 20
Apr. 15 Mar. 14
Feb.
10
28 Feb.
11
20
3 Feb.
14
Feb.
15 Jan.
31
2c
2c
May
1 Apr.
1 July
21
22
2c
Oct. 30 Oct. 20
Mar. 15 Feb. 28
25c
SIX
Feb.
20
Mar. 15 Feb.
six
SIX
SIX
Name of
Mar.
Aug.
Feb.
Feb.
1
15 Feb.
15 Feb.
1
1 Feb. 18
Mar.
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Oxford Paper Co.,
Share
Company
$5 pref.
(quar.)
Pacific Finance Corp. (special)
Pacific Gas*& Electric Co., pref. (quar.)
5H% preferred (quar.)_
(quar.)
(N. Y.)
Panhandle Eastern Pipe Line Co.—
Class A & B preferred (quar.)
Pacific Lighting Corp.
Pan American Trust Co.
Parker Rust Proof Co.
Pressed Metals of America
Procter & Gamble Co. (quar.)
— __
Public National Bank & Trust Co. (N. Y.) (qu.)
Public Service Co. of N. J., 8% pref. (quar.)
Sabin Robbins Paper Co. pref.
Saco-Lowell Shops
(quar.)
Savannah Electric & Power Co., 8%
lc
Apr.
Apr.
1
8X
six
Mar.
Feb.
14
Mar.
Mar.
Feb. 14
Feb. 28
Feb.
Savage Arms Corp
Mar.
Feb.
Feb.
15
Scotten, Dillon Co—
Mar.
Feb.
15
Scott Paper
SIX
May
Apr.
Apr. 15
50c
50c
50c
.....
12 He
50c
.
_
8
8
75c
Mar.
$1
Mar.
31
Feb. 15
Feb. 20
$2
Feb.
Feb.
Mar.
Feb. 28
Jan. 31
15c
Mar.
June
15c
Sept.
Mar.
$1
$1X
mx
tSlH
Feb.
Feb.
Mar.
Mar.
Mar.
10c
Apr.
25c
S1H
Mar.
Mar.
10c
Mar.
.....
x
20c
.
Feb.
15c
O'Connor, Moffatt & Co., class AA
t37Hc
Occidental Insurance (quar.).
30c
Ohio Oil, 6% preferred (quar.)
-...I..
Ohio Water Service Co., class A
<P
Ontario Steel Products Co. Ltd. 7% pr6f. (quar.)
t$ IX
Oswego & Syracuse RR. (s.-a.)
$2 X
IIII—IIHI
1
Feb.
25c
_
Feb.
Nov.
Feb.
$1H
..
Nov.
1
Jan
$2H
Extra
."
Northern States Power (Wis.) preferredIIIII
Northwestern Public Service, 7% pref...
0% preferred
North Texas Co..
I.III.III
Norwich Pharmacal Co
'——I—
Nova Scotia Light & Power, Dref. (quar.f
I
Oahu Railway & Land
1
Feb.
•
I
May
Aug.
Mar.
$1
North River Insurance
Northern Insurance Co
May
Aug.
25c
Nonquitt Mills
.4% pref. (quar.)
Norma-H Bearing Corp. (quar.)
Quarterly
Quarterly
7
S1H
t2H
50c
Feb.
5
Mar. 23
June 22
Sept. 21
Feb. 20
Feb.
6
Feb.
6
Feb. 20
Feb. 20
Feb.
Mar.
Feb.
Feb.
20
14
21
15
Mar. 7
Jan. 25
Feb.
Feb.
Mar.
Mar.
Feb. 11
Mar. 10
5
Feb.
Feb.
3
Feb.
Feb.
7
Mar.
Mar.
Mar.
Mar.
3
Feb.
Mar. 3
Feb. 28
Jan
3 0
$1ti
Mar.
$3
Feb.
2c
Mar.
Mar.
Mar.
25c
Feb.
50c
Mar.
12 He
8ltkc
j:50c
40c
65c
15c
70c
75c
25c
50c
$1H
37 He
$2
.
Mar.
1 Feb.
15
Mar.
1 Feb. 15
Mar. 15 Mar.
1
Mar.
1 Feb. 20
1 Feb. 20
Mar.
Mar.
1 Feb. 15
Feb.
15 Jan.
24
Feb.
15 Feb.
1 Feb.
10
Mar.
13
1 Mar. 20
Apr.
Mar, 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
14
14
14
50c
25c
Mar. 15 Feb. 14
Feb. 15 Jan. 15
Mar. 15 Feb. 24
25c
Mar.
50c
SIX
15c
25c
50c
40c
12 He
37 He
30c
3
Feb. 28
Mar. 15
Feb. 25
Mar. 13
Mar.
1
Apr.
Apr.
Feb.
15c
May
37Hc
Mar.
50c
50c
Feb.
Feb,
17
Feb.
1
Feb. 28
Jan. 25
Feb. 20
Feb. 15
1 Mar. 22
1 Mar. 22
25 Feb. 10
1 Apr.
15
1 Feb.
21
15 Jan.
15 Jan.
25
Feb.
25
Mar. 31 Mar. 15
May
May
Apr. 30
Apr. 30
Feb.
Feb.
Apr.
Feb.
15
Mar
Feb.
20
$1H
Mar.
Feb.
11
SIX
SIX
Mar.
Feb.
Mar.
Feb.
Feb. 15 Feb.
11
Mar.
1 Feb.
15
Mar.
Feb.
15
$3H
$3
t$3
50c
37 He
15c
Six
37 He
4
11
5
14
14
...
1 Mar. 20
—
SIX
Mar.
SIX
7 He
Feb.
25c
-
—
SIX
SIX
SIX
-
t50c
-
40c
—
SIX
—
—-
—
-
—
Sherwin-Williams Co. of Canada, preferred
Simonds Saw & Steel
—
preferred—_
7% pref.(qu.)
—
-
—t
6% preferred series B (quar.)
South Carolina Power Co. pref. (quar.)
(quar.)_
Southeastern Greyhound Lines, pref. (quar.)—
Convertible preferred (quar.)
Southern California Edison (quar.)
South Bend Lathe Works
$1
Original preferred (special)
Southern Canada Power (quar.)
—
Southern New England Telephone
Southern Pipe Line Co
Southwestern Life Insurance (quar.)
Sovereign Investors, Inc. (quar.)
Spiegel, Inc. S4H Pref. (quar.)
Standard Brands, Inc. (quar.)
Preferred (quar.)
Standard Cap & Seal Corp., pref. (quar.).
Stamford Water Co. (quar.)
Standard Accident Insurance Co. (quar.)
—
Standard Brands, Inc., pref. (quar.)
Standard Dredging Corp., cum. conv. pref. (qu.)
Feb.
Feb.
_
Mar. 17
20 Feb.
15 Feb.
10
1 Feb.
11
25
10
21 Jan.
Feb. 15 Jan. 31
Mar. 13 Mar.
3
Apr.
Apr.
Apr.
Apr.
Apr.
Feb.
Feb.
1 Mar. 10
1 Mar. 10
1 Mar. 10
1 Mar. 10
1 Mar. 10
15 Feb.
15 Feb.
Mar. 15 Mar.
May
May
1
19
Apr.
Mar. 15 Mar.
75c
Mar. 10 Feb.
1 Feb.
Mar.
20c
Mar.
25c
Mar.
Feb.
Feb.
Feb.
6
1*
19
75c
23c
50c
50c
5
1 Apr.
25c
1 Feb.
1
13
15
15
1 Feb.
13
25 Jan.
25
25 Feb.
15
Mar.
25,Feb.
1 Feb.
20
75c
Feb.
15 Jan.
31
SIX
ti$3H
Mar.
Feb.
15
Apr.
Mar. 15
Feb. 21
SIX
40c
Mar.
t2Hc
Mar.
Feb.
15
15c
Feb.
28 Feb.
fSIX
87 Xc
Feb.
28 Feb.
15
20
8
1 Feb.
20
Mar.
25c
5c
Mar. 15'Feb.
21*
Mar. 25 Feb.
15c
Apr.
Feb.
$1
Feb.
Jan.
Feb.
28
28
31
15
Mar.
Feb.
20
Apr.
Mar. 15
Feb. 15
Feb. 15
Feb. 15
Jan. 20
Jan. 20
SIX
37 Xc
SIX
50c
Feb.
Mar.
30c
Mar.
30c
Mar.
37Hc
25c
Extra—.
—
1
1 Mar. 15
1 Feb. 15
Apr.
Extra
Soundview Pulp Co. preferred (quar.)
Southern California Edison Co., Ltd.—
20 Feb.
Mar.
1 Feb.
Sherwin-Williams Co
Preferred (quar.)
Soule Mill
14
1 Feb.
—
Socony-Vacuum Oil Co., Inc.
Sonotone Corp
60c. cum. prior preferred (quar.)
17
15
Mar.
—
Sloane-Blabon Corp., class A 6%
Smith Alsop Paint & Varnish Co.,
5
Mar.
-
Siscoe Gold Mines, Ltd
Skilsaw. Inc. (quar.)_
1
7
1 Mar. 16
1 Feb. 17
Mar.
Feb.
10c
15 Feb.
1 Feb.
Apr.
Apr.
$1H
SIX
1 Feb. 15
1 Feb. 19
8 Feb. 21
1 Feb. 10
15 Feb.
1 Feb.
Mar.
Mar.
1 Feb.
Mar.
1 Feb.
10c
37Hc
1 Feb. 20
5
15 Feb.
Feb.
75c
50c
cum.
Mar.
10c
1
15 May 21
1
15 Feb.
Apr.
-
Co. (quar.)
preferred (quar.)-$4 cum. preferred (quar.)
Seaboard Oil Co. of Delaware (quar.)
Sears, Roebuck & Co. (quar.)
Second Investors Corp. (R. I.) (final)
Secord (L.) Candy Shops (quar.)
Servel, Inc
Shawinigan Water & Power Co. (quar.)
Sheaffer (W. A.) Pen Co. (quar.)
$4H
Mar. 15 Mar.
15c
Shenango Valley Water Co., 6% pref. (quar.)
Mar.
Feb.
deb. A (qu.)
—
7% debenture C (quar.)
—
6H% debenture D (quar.)
6% preferred (semi-annual)
—
Schumacher Wall Board part, pref— —
40c
Mar.
Apr.
$2
25c
1 Mar. 15
Feb. 27 Feb. 14
Mar.
1 Feb. 15
1 Feb. 15
Mar.
Feb. 15 2-4-41
Mar.
1 Feb. 11
37 He
75c
1
7 H % debenture B (quar.)
SIX
Mar. 14 Feb. 21
Mar.
1 Feb.
7
Apr.
25c
San Diego Gas & Electric
11
10
$1H
25c
Preferred fquar.)
10
1 Feb.
15 Feb.
Feb.
15 Jan.
62 He
SIX
Rustless Iron & Steel
3 Feb.
Mar.
15 Jan.
15 Jan.
Feb.
,
1 Jan. 27
3 Feb. 10
1
Feb.
25c
SIX
..SIX
6% preferred (monthly)
6% pref. (monthly)
Pullman, Inc_
Purity Bakeries Corp..
Quaker Oats Co. 6% pref. (quar.).
Quaker State Oil Refining
Quebec Power Co
Reading Co., first preferred (quar.)
Regent Knitting Mills, preferred——
—
Reliable Stores Corp., common (quar.)
5% convertible preferred (quar.)
—
Republic Insurance Co. (Texas) (quar.)
Republic Investors Fund, Inc.—
6% A & B pref. (quar.)
Reliance Steel Co., preferred (quar.)
Reynolds (R. J.) Tobacco Co. (interim)
Common B (interim)
Rich's, Inc. 6H% pref. (quar.)
Richmond Fredericksburg & Potomac RR.
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
Riverside & Dan River Cotton Mill, preferred._
Riverside Silk Mills, class A (quar.)
—
Rochester Button Co., preferred (quar.)
Rochester Gas & Elec. Corp., 6% pref. C (quar.)
6% preferred D (quar.)—
5% preferred E (quar.)
—
Holland Paper Co., Ltd. (quar.).Preferred (quar.)
Roxy Theatre, Inc.. preferred (quar.)—
Rubinstein (Helena) "class A (quar.)
Mar.
Mar.
__
7% preferred (quar.)
$5 preferred (quar.)_
Mar.
$2
— -------
(quar.)
1 Feb.
1 Feb.
15
10
31
31
20
20c
Provincial Transport Co. (s.-a.)
Public Electric Light Co., 0% pref.
Holders
Feb.
S1H
Phelps Dodge Corp
—
Philadelphia Co., preferred (s.-a.)
—
Philadelphia Insulated Wire (s.-a.)
Phillips Petroleum Co. (ouar.)_
Phoenix Acceptance Corp. class A (quar.)
Phoenix Hosiery 1st preferred
Photo Engravers & Electrotypers Ltd. (s.-a.)—
Pillsbury Flour Mills Co. (quar.)
Pilot Full Fashion Mills, Inc.—
6H% cum. preferred (semi-ann.)
Piper Aircraft Corp. conv. preferred (quar.)
Pitney-Bowes Postage Meter (quar.)
—
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)—
Poor & Co. class A
Potomac Electric Power Co., 6% pref. (quar.) —
5H% preferred (quar.)
—Powdrell & Alexander, Inc
Prentice-Hall (quar.)
Preferred (quar.)
-
Mar.
50c
30c
—
—
Aug. 15 July 31
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 10 Feb. 18
Feb. 15 Feb.
7
Mar.
35c
Peppered Mfg. Co. (s.-a.)
Petroleum Oil & Gas Co., Ltd. (s.-a.)
Pfaudler Co., preferred (quar.)
Preferred (quar.)
St. Joseph Water Co., 6% nref. (quar.)
St. Louis Car Co.. 7% preferred (quar.)
1
Mar.
20c
SIX
Pennsylvania Sugar Co. (quar.)
Peoples Gas Light & Coke
Special-.«*.
iPeoples Water & Gas Co., pref. (quar.)
When
1941
Payable of Record
SIX
25c
Peninsular Telephone pref. A (quar.)
Penn State Water Corp. $7 preferred (quar.)
15,
37He
34 He
75c
25c
25c
(quar.)
Extra
$1
42 He
—
Parker Pen Co.-
SIX
50c
Noranda Mines, Ltd. (quar.)
i
Norfolk & Washington Steamboat (s.-a.)_
Norfolk & Western Ry. (quar.)
Apr.
Mar.
14
$1
15c
55c
t87Hc
__
I
17
15
+75c
Noma Electric Co
,1
14
30
$2
Class A (quar.)..
Class B...
Class A (quar.)..
Owens-Illinois Glass Co
27
1 Feb.
15 Jan.
$1X
Otis Elevator Co
Preferred (quar.)
Otis Steel Co., 1st preferred
Feb.
Mar. 10 Feb.
Feb. 24 Feb.
Feb. 24 Feb.
28 Feb.
....
(monthly)..
Apr.
Feb.
New World Life Insurance Co....
New York & Queens Elec. Light & Power (qu.).
...
15 Apr.
5
15 Jan. 31
Feb.
25c
Preferred (quar.)..
1 Feb.
25c
35c
Extra
Niagara Shares Corp. of Maryland—
Class A preferred (quar.).
1900 Corp., class A (quar.)
Class A (quar.)
1 Feb.
1 Feb.
SIX
_______
Feb.
Mar.
18
1
17
15
15
1 Mar. 18
25c
Naybob Gold Mines (initial) (quar.)
Nebraska Power Co., 7% pref. (quar.)
0% preferred (quar.)
Neisner Bros., Inc. (quar.)
Neptune Meter Co. 8% pref. (quar.)
Newberry (J. J.) Co., preferred A (quar.)
Newport News Shipbuilding & Dry Dock
Preferred (quar.)
New Amsterdam Casualty (s.-a.)
New England Public Service Co.—
$0 prior lien preferred
$7 prior lien preferred
New Jersey Zinc Co..
Newmarket Manufacturing
Feb.
Mar.
SIX
...
5% preferred (semi-ann.)
5% preferred (semi-ann.)
National Power & Light Co. (quar.).
National Union Fire Insurance (Pittsburgh)
1
Mar. 15
Mar.
10c
10c
25c
,
1
Mar. 15
Mar.
Feb.
....
National Oats
National Paper & Type Co
5
10
1
Apr.
SIX
SIX
SIX
six
...
National Lead Co. class A preferred
National Liberty Insurance (s.-a.)
Extra
5
$1
8if
National Automotive Fibres, pref. (quar.)—..
Preferred (quar.)
National Container Corp
National Gypsum Co., $4H con v. cum. Df. (qu.)
National Credit (Seattle, Wash.),pref.(quar.)
National Electric Welding Machine Co. (qu.)..
Quarterly......
Mar. 31
Mar. 31
Mar. 10
Mar. 15
Mar.
1
5
$1
SIX
SIX
$2 x
_
National Battery, preferred (quar.)
National Bearing Metals Corp
National Biscuit Co
1 Feb.
Mar.
Feb. 15 Feb.
Feb. 15 Feb.
14
5
Mar. 10 Feb. 25
Mar. 10 Feb. 25
Mar.
1 Feb. 20
—
Quarterly
1
10
7
1 Feb.
Mar.
Feb. 28 Feb.
Feb. 15 Feb.
Manhattan Shirt Co
Manufacturers Casualty Insurance (quar.)
Extra...
Extra..
Preferred (quar.)...
1 Feb.
15 Feb.
50c
25c
*
Mar.
81X
—
Magnin (I.) & Co., preferred (quar.)
Preferred (quar.)
Preferred (quar.)
5
28 Feb. 27
May 31 May 30
Aug. 30 Aug. 29
Nov. 29 Nov. 28
Feb.
Macy (R. II.) & Co. (quar )
Madison Square Garden
Feb.
Feb.
25c
—;
Per
Holders
Payable of Record
Mar.
Feb.
Feb.
Feb.
25c
t20c
Apr.
SIX
Apr.
Feb.
Mar. 20
Jan. 3
25c
35c
Mar.
Mar. 31
Feb. 15*
Apr.
Apr.
10c
Feb.
12
10c
Apr.
Jan. 31
Mar.
1
Feb. 14
SIX
June
June
2
40c
Mar.
Feb.
10
40c
Feb.
Feb.
5
Feb. 19
Feb. 14
Feb. 20
SIX
Mar.
62 He
SIM
Mar.
40c
Mar.
Mar.
The Commercial & Financial Chronicle
Volume 152
Per
Name of Company
Share
Standard Oil Co. of California (quar.)
Standard Oil Co. of Indiana (quar.)
Standard Silica Corp
«
.
_
Standard Wholesale Phosphate & Acid Wks.(qu)
Stanley Works, preferred (quar.)--Stein (A.) & Co. (quar.)
Sterling Products, Inc. (quar.)
Storkline Furniture Corp. (quar.)
Extra
I
Mar.
Feb.
Jan.
Feb.
Mar.
Jan.
S1fs
$1§
Preferred
Common
25c
Superior Tool & Die Co. (quar.)
I
Swan-Finch Oil Corp., pref. (quar.)
(quar.):-.:....--....
Special
Talon. Inc.
(quar.)
Tampa Electric Co
Mar.
I
...
...
Preferred A (quar.)
Tennessee Corp., common (resumed)
Terre Haute Water Works Corp., 7% pref.
'qu.)
Texas Pacific Coal & Oil Co. (quar.)__
Thatcher Mfg. Co., $3.60 preferred (quar.)—_
Tide Water Associated Oil (quar.)_
Tilo Roofing Co., Inc. (quar.)
$1.40 conv. preferred (quar.)
Timken Roller Bearing Co
Tobacco Securities Trust Co., Ltd.—
Feb.
15
Feb.
15
Feb.
Feb.
15
Feb.
Feb.
8
Mar.
Mar.
Mar.
Mar.
Feb.
30c
30c
Apr.
Apr.
60c
Mar.
45c
$1^
Mar.
$1X
10c
90c
Mar.
Feb.
15c
Mar.
20c
35c
Mar.
2r»
2oc
$1)4
$1)4
Total reserves_.
Secured
by
9,610,503,000 9,685,721.000 7,784,269,000
.
U.
Govt,
S.
obligations
direct and guaranteed
Other bills discounted.-------
Preferred (quar.)
Bonds
a
Notes
——
Total U. S. Government
Mar.
13
Mar.
Feb.
Mar. 10
Mar. 10
Feb.
Jan.
10
31
Feb.
Feb.
28
28
Apr.
Mar.
Mar. 31 Feb.
MX
Mar. 31 Feb.
8 l-3c
Mar.
7 % prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)...
6% prior preferred (monthly)
6 % prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
United Shoe Machinery (special)
United States Leather Co., prior preferred
United States Pipe & Foundry Co
United States Playing Card (quar.)_
.8 l-3c
53c
Apr.
Mar.
Apr.
Extra
;
United States Plywood Corp. pref. (quar.)
50c
53c
50c
50c
United States Sugar C< rp., pref. (quar.)
Preferred (quar.)
(quar.)
-
Upper Canada Mines Ltd
Utica Knitting Co. (initial)
5% prior preferred (quar.)
Valley Mould & Iron
Extra
Virginia Coal & Iron Co
Virginian Ry. preferred (quar.)
Preferred (quar.)
Vogt Manufacturing Corp
Walgreen Co. (quar.)
Preferred
(quar.)
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)
Warner Bros. Pictures, preferred
Warren Foundry & Pipe
Wash. Ry. & Elec. Co. 5% pref. (s.-a.)
6% preferred (quar.)
5% preferred (quar.)
Wayne Pump Co
Wentworth Manufacturing Co., pref. (quar.)-.
Wesson Oil & Snowdrift Co., Inc—
Convertible preferred (quar.)
West Penn Electric Co. 7% pref. (quar.)
6% preferred (quar.)
West Virginia Pulp & Paper Co., pref. (quar.)..
W est era Cartridge preferred (auar.)
West gate-Green land Oil (monthly)
Westinghouse Air Brake Co.
Westinghouse Electric & Manufacturing
Participating preferred
-
-
...
Weston Electrical Instrument
25c
Mar.
Mar.
}3c
Feb.
Feb.
3
Apr.
July
2
2
Mar.
Feb.
$1H
Mar.
$1
MX
Mar.
Mar.
50c
Mar.
juarterly.
.
_.
Wolverine Tube Co. 7% pref. (quar.)
Woolworth (F. W.), Ltd., Am. dep. rec. (final).
i American
deposit receipts (bonus)
Woolworth (F. W.) Co. (quar.)
—
.....
R. note liabilities combined
make
to
Feb.
Feb.
15
20
37)4c
37)4c
May
Aug.
Apr.
July
19
20c
Mar.
Feb.
14
40c
Mar.
Feb.
MX
Mar.
Mar.
Feb.
20
15
These
are
\V.,'
.
weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
15
STATEMENT
MEMBERS
OF
ASSOCIATION
AT
CLOSE
15
Bank of Manhattan Co.
June
May 15
Naticnal City Bank--..
Chem Bank & Trust Co.
Mar.
Feb.
$1X
June
May 15
Guaranty Trust Co
50 c
Apr.
Manufacturers Trust Co
25c
Feb.
Mar. 20
Feb.
1
15
Cnt Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
Feb.
15
First National Bank.—
10,000,000
Feb.
Feb.
Jan.
17
Irving Trust Co—-—
Jan.
Jan.
Jan.
17
Continental Bk & Tr Co.
24
Chase National Bank-
31
Fifth Avenue Bank
Feb.
Feb.
10
Mar.
Mar.
Mar.
Feb. 15
Feb. 14
Feb. 14
Feb. 27
Apr.
Apr.
Apr.
50,000,000
4,000,000
100,270,000
500,000
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Mar. 14
Bankers Trust Co
Title Guar & Trust Co.
25c
Feb.
Jan.
Apr.
Apr.
Apr.
Mar. 15
15%
Comm'l Nat Bk & Tr Co
Totals.
Feb.
Apr.
July
Oct.
Mar.
Feb.
15
15
18
Feb.
Feb.
Feb.
4
Apr.
10c
Feb.
20c
Feb.
$334
Feb.
10c
Feb.
Stock
Below
are
the
52,236,828,000
800,266,000
cl,158,743,000
332,002,000
805,830,000
718,598,000
66,909,000
d3,225,924,000
64,521,000
el, 189,299,000
15,258,000
107,008,000
66,021,000
28,883,000
1,318,000
5,584,000
141,911,000
473,005,000
133,598,000
96,934,000
1,295,000
45,713,000
4,133,000
77,213,000
2,411,000
3,195,000
43,651,000
2,070,000
53,525,000
953,465,400 15,727,682,000
767,664,000
as
as
Bond
and
daily closing
stocks and bonds listed
4
Feb.
Feb. 10
Feb. 20
Mar. 20
Feb.
Feb.
Feb.
Jan.
deposits In foreign branches
15
Nov.
25c
186,946,500
40,986,600
75,103,700
20,356,600
109,720,700
53,692,500
4,490,800
136,482,200
4,207,500
83,413,200
1,539,200
10,005,900
28,015,400
8,746,900
10,544,800
11
May
Aug.
Mar.
16,669,000
38,820,000
185,022,000
7,231,000
77,902,000
221,897,000
follows: (a) $290,484,000 (latest date
available); (5) $64,164,000 (Dec. 31); (c) $3,194,000 (Feb. 13); (d)
$80,083,000
latest date available): (e) $22,013,000 (Jan. 31).
*
As per official reports: National, Dec. 31, 1940; State, Dec. 31, 1940; trust
companies, Dec. 31, 1940.
.'■/ V;. :-•
Mar. 19
Mar. 15
Feb. 28
1
Feb.
Mar,
Average
601,223,000
26,884,500
80,275,900 02,643,835,000
801,101,000
57,904,700
518,518,000
-
Includes
Mar. 19
Mar.
60c
25c
Deposits,
31
Apr.
Feb.
_
Marine Midland Tr Co_
New York Trust Co
Public Nat Bk & Tr Co.
$134
$134
$2)4
$2)4
$234
$2)4
$134
30%
Time
Deposits,
Average
14,147,800
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
41,748,000
21,000,000
15,000,000
Mar.
Mar.
Net Demand
Undivided,
5
Bank of New York
Feb.
$1
13, 1941
FEB.
14
Mar.
25c
THURSDAY,
Profits
50c
Mar.
HOUSE
YORK CLEARING
NEW
Surplus and
Capital
Members
14
$134
THE
BUSINESS
*
*
Clearing House
14
75c
OF
OF
19
Feb.
lc
■
certificates given by the United States Treasury for the gold taken
Feb.
$1
$1
92.0%
1,767,000
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
Mar.
Feb.
94.7%
667,000
t "Other cash" does not include Federal reserve notes or a bank's own Federal
Mar.
Feb.
94.6%
667,000
ad¬
Reserve bank notes.;
t>5 c
9634c
25c
industrial
The
14
3-1-41
Feb.
$1
10515,273,000 8,760,105,000
and
Weekly Return of the New York City
Clearing House
Feb.
Mar.
MX,
$134
$1)4
$1)4
deposit
15
Mar.
$2
$1
53,326,000
7,109,000
9,904,000
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934,
on
Averages
averages
compiled by Dow, Jones & Co.:
Date
18
10
10
22
Bonds
t Payable in Canadian funds, andi n the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividends will be made.
10
30
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Feb. 14,
117.66
Feb. 13.
121.10
Total
26.54
18.85
39.85
107.20
94.63
48.56
108.89
89.82
27.56
19.28
41.06
107.31
94.89
49.85
109.26
90.33
95.44
50.61
109.35
90.69
107.32
95.75
51.45
109.47
91.00
107.33
95.63
51.40
109.58
90.99
19.61
41.60
107.36
28.28
19.89
42.14
28.26
20.00
42.28
122.61
27.92
Feb. 10-
124.19
Feb.
124.71
HOLI DAY
HOLI DAY
HOLI DAY
Feb. 118.
10
Indus¬
Feb. 12.
"N
of representative
the New York Stock Exchange
Stocks
Transfer books not closed for this dividend.
t On account of accumulated dividends.
to
reserve
vances,
over
Div. of 50c. announced in Jan. 11
-
total
Commitments
x
Oil-O-Matic—
issue was incorrect; no declaration was made.
Williamsport Water Co., $6 pref. (quar.)
Wilsil, Ltd. (quar.)
Wilson Line, Inc. (semi-ann.)._
Preferred (s.-a.)
Winsted Hosiery Co. (quar.)
F.
of
18
21
15
Feb. 20
Feb.
51,149,000
51,482,000
56,447,000
7,070,000
13,046,000
15
10c
tM
51,481,000
56,447,000
7,070,000
13,061,000
20
50c
$134
...
Feb.
Apr.
50c
$1)4
Wheeling Steel, 6% pref. (quar.)
6% preferred
$5 prior preferred (quar.)
White (8. S.) Dental Mfg
Whitman (Wm.) & Co., preferred (quar.)
Wieboldt Stores, Inc., $5 preferred (quar.)
6% preferred (quar.)
Ratio
15
20
Apr.
Mar.
10303,807.000 10387,228,000 8,638,617,000
15
Mar. 15
50c
137,944,000
244,989,000
8,601,782,000 8,671,518,000 7,227,988,000
176,821,000
139,667,000
154,247,000
682,000
699,000
656,000
Total liabilities and capital accounts. 10431,866,000
Mar. 15
40c
$1
(quar.)
Vanadium-Alloys Steel Co
Vapor Car Heating Co., Inc. 7% pref. (quar )_.
Vick Chemical Co. (quar.)
28
15
Mar. 15
Feb. 15
Feb.
Mar.
Feb.
Feb.
Mar.
676,852,000
482,673,000
Capital Accounts—
Feb.
July
756,743,000
17,000
3,026,000
187,701,000
9,876,000
18,473,000
501,634,000
,-J
Total liabilities
Mar.
Mar.
752,337,000
635,066,000
17,000
2,099,000
168,619,000
9,684,000
14,067,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
28
Feb.
50c
50c
6234c
Preferred
Total deposits.-..
Mar.
Feb.
632,503,000
635,505,000
17,000
3,850,000
157,877,000
9,684,000
14,430,000
658,360,000
...
-
Deferred availability items
Other liabilities, incl accrued dividends.
Apr.
Apr.
Feb.
632,503,000
1,561,659,000 1,560,907,000 1,233,126,000
Foreign
Other deposits--
37)4c
$1
MX
MX
MX
$1
mx
408,181,000
344,156,000
Liabilities—
Feb.
Feb.
372,013,000
260,490,000
10431,866,000 10515,273,000 8,760,105,000
F. R. notes In actual circulation
Mar. 20
Feb.
4
Feb. 10
Feb. 28*
Mar. 15
Mar. 15
$2)4
United States Steel Corp
Preferred (quar.)
Mar.
Apr.
Apr.
372,013,000
§60,490,000
Deposits—Member bank reserve acc't-- 7,221.475,000 7,222,104,000 6,685,499,000
U. S. Treasurer—General account
159,556,000
220,313,000
289,889,000
1 Mar. 20
1 Feb.
7
20c
2,356,000
2,050,000
1
Feb.
50c
809,000
1,754,000
•
Total assets
5
Mar.
75c
Preferred (quar.)
United Light & Railways 7% pr. pref. (mo.)
24
Feb.
_
premises
Other assets
15
Mar.
%2X
United Gas Improvement (quar.)
Uncollected Items
Mar.
Feb.
Due from foreign banks
Federal Reserve notes of other banks
Bank
Mar.
1,248,000
1,754,000
securities,
direct and guaranteed
4
Mar.
MX
United Fuel Investment preferred (quar.)
United Gas Corp. $7 preferred
Feb,
130,000
2,226,000
Total bills discounted
22
15
Mar.
698,000
111,000
U. S. Govt, securities, direct and guar¬
anteed:
4
15
75,000
1,173,000
Industrial advances
22
Feb.
Feb.
Feb.
$
9,523,839,000 9,605,669,000 7,690,962,000
1,798,000
1,064,000
1,202,000
91,509,000
85,600,000
78,850,000
Bills discounted:
Feb.
Feb.
Feb.
Feb.14,1940
1941
$
hand and due from
Other Cash f
Jan.
Jan.
20c
38c
.
Feb.
Feb.
5Cc
t75c
United Corp. class A (quar.)
United Engineering & Foundry Co. (quar.)
on
Redemption fund—F. R. notes
Feb.
8
Jan. 31
Feb. 10
Feb. 25
Feb. 25
Feb. 18
Mar.
5
Jan. 31
Feb. 20
Feb. 14
MX
Union Tank Car Co. (quar.)
United Biscuit Co. of America pref. (quar.)
United Chemicals participating preferred
—-
$
United States Treasury.*
Feb.
3
Feb.
3
Feb. 24
Feb. 11
58 l-3c Mar.
Mar.
5Cc
42 2-3c Mar.
534"% convertible preferred (quar.)
Wrigley (Wm.) Jr. (monthly)Monthly
Wurlitzer (Rudolph)
York Knitting Mills.
1st and 2d preferred (semi-annual)
Yukon Consolidated Gold Corp.....
Assets—
/
3
Mar.
3
Feb. 15
Mar.
Mar.
Feb. 5,
Feb.11,1941
15
Mar.
Feb.
Feb.
Mar.
Mar.
25c
3c
Union Electric of Missouri. $5 pref. (quar.)
Union Gas Co. of Canada (quar.)
Correction:
comparison with the previous week and the corresponding
\V'".
date last year:
15
Feb. 25
Feb. 10
Feb. 25
Feb. 18
Feb. 14
Mar.
11% Mar.
4.5714% Mar.
Toledo Edison Co. 7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
TraneCo
Preferred (quar.)
Truax-Traer Coal Co., 6% conv. pref. (quar.)..
•
in
5
Total bills and securities
Ordinary registered (final)
Williams
5
31
31
Feb.
2Kc
37Mc
50c
Deferred registered (final)-.
Toburn Gold Mines (quar.)
Extra
Universal Insurance Co.
Universal Products
following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 1L 1941,
15
Feb.
Mar.
The
15
Gold certificates
Sun Oil Co. common stock dividend
^
Feb.
Mar.
12Xc
12Mc
$1)4
-
Strawbridge & Clothier, prior pref. (quar.)
Stromberg Carlson Telephone Mfg. Co.—
6)4% preferred (quar.)
Sullivan Consolidated Mines
Swift & Co.
Mar,
10c
40c
Feb.
Feb.
Feb.
25c
95c
New York
Payable of Record
25c
25c
31Mc
—
Condition of the Federal Reserve Bank of
Holders
When
1087
■
The Commercial & Financial
1088
Chronicle
Weekly Return of the Member Banks of the
Feb.
15, 1941
Federal Reserve System
issued by the Board of Governors of the Federal Reserve System, giving the principal
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
Following is the weekly statement
items of
resources
week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the figures for the latest week appear in our department of "Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
These figures are
alwavs
a
System
the Federal Reserve
upon
ASSETS AND LIABILITIES OP
WEEKLY REPORTING MEMBER BANKS IN 101
(In Millions of Dollars)
LEADING CITIES BY DISTRICTS ON FEB. 5. 1941
PhilOr
Federal Reserve Districts—
ASSETS
Total
Boston
$
S
New York
delphta
%
S
Cleveland Richmond
St. Louis
Chicago
Atlanta
Minne¬
Kansas
apolis
CUv
San
Francisco
Dallas
S
$
S
26,184
1.246
1,983
764
698
3,818
782
450
717
590
2,353
9,337
475
775
293
369
212
350
320
1,008
5,124
324
2,090
232
338
137
196
221
111
212
219
371
Commercial. Indus, and agricul. loans
1.099
673
380
Loans—total..
11,502
3,412
1.221
644
313
65
100
34
9
9
4
40
12
3
22
1
14
3
7
41
5
1
4
5
17
14
11
68
13
6
10
14
43
132
59
386
Loans and investments—total
Open market paper..
Loans to brokers and dealers In gecurs
440
13
304
24
16
461
17
214
31
20
1,230
81
192
50
35
4
23
1
1
103
209
purchasing or carrying
Other loans for
securities
...
Real estate loans..
—...
Loans to banks
Other loans
—
1,734
140
489
732
34
149
Treasury bills
-
48
34
12
31
23
1
1
2
1
1
"82
116
144
68
"79
"71
57
176
3
443
13
29
13
29
7
182
12
2,563
51
1,541
""31
169
169
50
302
43
26
60
42
79
Treasury notes
7,083
334
347
622
180
104
1.100
168
110
93
727
2,746
57
3,199
1,664
99
United States bonds
89
135
54
59
286
65
32
76
39
190
342
Obligations guar, by U. 8. Govt
Other
securities
Reserve with Federal Reserve
Bank..
Cash in vault
3,723
126
1,597
279
270
68
113
588
113
41
125
61
11,611
653
6,593
521
808
260
156
1,417
258
110
210
155
26
15
77
12
7
17
12
24
144
104
22
3,314
198
235
214
371
229
215
596
200
114
316
284
342
1,236
69
476
79
90
39
50
75
22
15
20
31
270
22,798
1,381
11,389
1,090
1,603
000
457
3,050
542
327
585
535
1,239
5,452
233
1,117
260
752
205
190
1,007
192
116
144
136
1,100
22
29
124
12
2
9
22
57
357
350
1,362
427
183
432
285
357
2
8
,1
17
"16
'""18
5
3
""4
"300
96
414
96
107
89
389
-
Balances with domestic banks
Other assets—net
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
353
11
31
10
24
3,913
460
519
588
5
1
Inter-bank deposits:
9,040
395
Foreign banks..
045
22
Borrowings......
1
1
Domestic banks..
734
20
""SOI
""l5
""10
35
3,832
247
1,631
217
387
99
Other liabilities
Capital accounts
470
510
50
1
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon,
Feb. 13,
Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
showing the condition of the 12 Reserve banks at the close of business on
returns
for the latest week
appear
in
our
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES
Three Ciphers (000) Omtttei
Redemption fund (Federal Reserve notes)....
Other cash *
Total reserves
Bills discounted:
Secured by
Feb. 12.
Feb. 5.
1941
1941
Jan.
19,902,781
29,
22,
19.896,780
Jan. 15,
Dec.
Jan. 8,
1941
19,845.780
31,
24,
19.750.781
18,
Dec
$
S
15,674,618
19,680,782
19,660,781
10,118
9,598
8,784
9,825
9.826
9,722
350,821
372,754
363,401
360,817
9,692
275,109
11,228
345,211
9,108
324,344
11,228
228,561
248,004
384,791
20,257,590
20.263,886
20,279,359
20.253,005
20.216.319
20,138,233
20,035,582
19,920,571
19,920,013
16,069,527
1,862
1,415
1,411
2,260
851
724
1,255
1,289
2,021
1,638
900
682
1,932
2,064
1,799
2.401
1,810
2,539
6,168
2,544
2,139
2,666
3,549
3,659
2,832
2,915
4,200
4,349
6,623
7,877
7,871
7,871
7,500
7,508
7,713
7,538
7.598
7.433
10,434
1,284,600
1,284,600
1,284,600
1,284,600
1,284,600
1,284,600
1,284,600
1,284,600
1,284,600
1,344,045
899,500
899,500
899,500
899,500
899,500
899,500
899,500
899,500
899,500
1,133,225
2,184,100
2,194,521
2,184,100
2,194,110
2,184,100
2,194,637
2,184,100
2,195,149
2,184,100
2,195,267
2,184,100
2,194,645
2,184,100
2,194,553
2,184,100
2,195,898
2,184,100
2,195,882
2,494,327
47
47
47
47
47
47
47
47
47
26,310
25,576
720,733
25,740
29^02
839,957
30,183
745.196
40,076
26,542
914,424
22,893
21,273
1,024,464
792,040
41,188
41,221
41,792
40,931
46,545
62,895
Government obligations,
direct and guaranteed..
Other bills discounted
.........
Total bills discounted.
Industrial advances
|
U. 8. Govt, securities, direct and guaranteed
Bonds
.........
...
Total U.
14.
.
U. S.
Notes
Feb.
1940
1940
S
S
19,804,781
Dec.
1940
1940
$
$
19,879.778
1941
AT THE CLOSE OF BUSINESS FEB. 13,
1941
S
*
19,904,281
Jan
1941
1941
$
$
ASSETS
Gold ctfs. on hand and due from U. S. Trtas.x.
OF THE FEDERAL RESERVE BANKS
455
Govt, securities, direct and
8.
guaranteed
Total bills and securities
...
Due from foreign banks
2,477,270
47
40,062
51,367
50,689
40,038
50,529
29,820
901,592
40.075
49,483
48,955
47,957
31,628
912,398
40,002
47,596
23,363,398
23,295,019
23,317,125
23,407,105
23,432.075
23.196,337
23,201.860
23.145,601
23,251.065
19,481,901
Federal Reserve notes In actual circulation.
5,931,464
Deposits—Member banks' reserve account..
13,870,693
622,471
6,900,166
13,841.512
5,845,759
14,347,011
5,834,500
14,409,560
5,930.997
14,025.633
261,012
219,788
368,481
1,163,849
1,183,924
1,230,690
1,122,531
673,254
600,311
1,215,590
583,657
519,575
511,947
617,139
1,132,909
599*544
5.964.938
13.837,243
481,494
1,111,262
5,883,575
13,804,436
570,452
1,140.085
562,138
4,846,468
12,150,709
258,251
5,824,852
14,413,569
237,067
1,229,836
5,877,248
14,284,362
692,032
16,330,267
727,878
3,132
16,317,779
697,777
2,657
10,404,509
10,420,837
16,392.419
16,243,820
13,526,050
693,526
779.123
2,428
842.582
703,292
2,109
773,925
5,437
16,077.111
914,260
5,129
22,800,081
19,131,350
Federal Reserve notes of other banks.......
Uncollected
Bank
Other
Items......
...
premises
......
assets
Total
assets
793,567
39,996
720,775
39,978
LIABILITIES
United States Treasurer—General account.
Foreign
Other
deposits..............
Total
deposits..
Deferred availability Items
Other liabilities, lncl. accrued dividends
Total liabilities
22,992,741
22,924,379
2,953
2,173
16,126,567
832,779
2,190
600,207
10,030,200
642,138
392,526
340,677
755,965
2,867
22,946,747
23,036,894
23,062.020
22,826,469
22,892,539
22,774,506
138,579
138,267
138.213
136,093
151,720
26,839
54,269
151,720
151,720
26,839
54.212
26,839
CAPITAL ACCOUNTS
Capital paid In..
Surplus (Section 7)......
Surplus (Section 13-b)
...
...
Other capital accounts
Total liabilities and oapital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined.
Commitments to make Industrial advances..
Maturity Distribution
Short-Term
139,514
139,501
139,448
139,351
139,306
157,065
157,065
157,065
157,065
26,785
47,293
26,785
26,785
157,065
26.785
139,143
157,065
20,785
47,289
26,785
47,080
47,010
46,893
40,875
157,064
20,785
46,899
23,363,398
23,295,019
23,317,125
23,407,105
23,432,075
20,190,337
23.261.866
23,145,601
23,251,065
19,481,901
9 1.0%
91.2%
91.0%
91.0%
5.095
t5,089
5,092
90.8%
5,226
90.0%
6,253
90.7%
0,304
87.5%
5,147
01.1%
5,207
91.0%
5,127
1,877
1,546
1,966
2,788
2,253
1,294
1,370
2,059
2,111
2,247
108
87
87
720
721
209
467
503
90
3,632
810
702
35,899
8,361
ofl Bills and
Securities—
1-15 days bills discounted
...
16-30 days bills discounted
/
260
31-60 days bills discounted
173
100
113
164
154
226
693
61-90 days bills discounted
196
260
285
/ 275
281
200
154
224
229
279
391
489
640
744
205
Over 90 days bills discounted
Total bills discounted.
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances
Total Industrial advances
...
190
146
212
235
251
2,544
2,139
2,666
3,549
3,059
2,832
2.915
4,200
4.349
6,623
1,365
1,357
1,386
1,375
1,406
1.479
1,528
1.477
1,518
1,435
215
81
68
52
63
82
216
49
196
213
456
478
197
205
127
128
125
110
95
382
402
170
156
86
331
392
107
109
352
343
5,868
5,859
5,884
5,514
5,511
5,488
5,666
5,659
5,521
8,061
7,877
7.871
7,871
7.500
7.508
7.713
7.538
7.598
7,433
10,434
Volume
The Commercial & Financial Chronicle
152
Weekly Return of the Board
1089
of Governors of the Federal Reserve System
(Concluded)
1
Three Ciphers (000) Omitted
Feb.
Maturity Distribution of BlUs and Short-Term
Securities (Concluded)
1941
Feb. 5.
1941
$
$
12,
Jan.
Jan. 22,
29,
1941
1941
Jan. 15,
1941
$
$
%
Jan.
1941
Dec. 31,
1940
Dec. 24,
1940
Dec. 18,
1940
J
*
$
$
8,
Feb.
14,
1940
$
U. S. Govt, securities, direct and
guaranteed:
1-15 days.
.
1d-oU days
31-60 days
•
61-90 days.
Over 90 days
74*800
74*800
74",800
74,800
74*806
2,109*,300
74*806
74*800
2,109,300
2,109",300
74*866
2,1*09*366
74*866
2,109.300
2,109,300
2,109,300
2,109,300
2,109,300
2,477,270
2,184,100
2,184,100
2,184,100
2,184.100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,477,270
6,218,053
286,589
6,204,390
298,224
6,177,740
331,981
6,177,883
343,377
6.190,512
365,660
6,239,665
362,417
6,256,650
325,653
6,247,538
282,436
6,190,277
306.702
5,163,324
316,856
5.931,464
5,906,166
5,845,759
5.834,506
5,824,852
5,877,248
5,930,997
5,965,102
5,883,575
4,846,468
6,351,500
2,384
6,344,500
1,946
6,329,500
6,334,500
6.334,500
6,374,500
6,379.500
1,968
1,741
1,659
1,688
6,364,500
2,912
6.302,500
3,045
5,298,500
2,104
6,353,884
6,346,446
6,331,604
6,336,468
6,336,241
6,376.159
6,381,188
6,367.412
6.305.545
5,299,796
Total U. S. Government
securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as
Security for
Notes Issued to Bank—
Gold etfs.
hand and due from U.S. Treasury
on
By eligible
paper
Total collateral
*
"Other cash" does not include Federal Reserve
notes,
These
*
1,296
t Revised figures.
are
certificates given by the United States Treasury for the
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
31,1934, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury under pro¬
visions of the Gold Reserve Act of 1934.
oents on Jan.
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS FEB. 12, 1941
Three Ciphers (000) Omitted
Federal Reserve Agent at—
ASSETS
certificates on hand
Gold
from United States
Phila¬
Total
notes.
$
$
Atlanta
Chicago
$
S
$
9,598
996
1,064
717
872
29,045
85,600
27,376
24,560
1,806
17,685
20,257,590 1,245,596 9,610,503 1,090,083 1,437,933
605,542
1,862
Other bills discounted
9
1,173
487
75
44
682
Total bills discounted
St. Louis
Minne¬
Kansas
apolis
City
S
U. S. Govt, securities, direct & guar.:
Bonds
Notes..
Total U. 8. Govt, securities,
direct and guaranteed
Total bills and securities
$
503,774
Francisco
$
$
$
324,374
430,532
365
867
583
280
332
24,117
45,399
18,891
7,396
17,290
301,205 1,188,442
4 64
1,252
13,911
33,941
435,367 2,989,899
523,248
332,050
448,154
315,580 1,223,635
18
2
31
99
43
7
23
78
386
■
57
12
9
1,248
531
57
18
9
54
177
429
12
7,877
917
1,754
2,358
243
769
334
355
2
262
72
277
534
1,284,600
93,212
372,013
102,835
70,566
53,587
260,490
72,007
49,410
37,522
60,661
42,477
64,518
65,269
144,046
100,864
39,320
899,500
126,632
88,671
27,532
45,177
51,073
35,762
106,137
74,3i9
2,184,100
158,481
632,503
174,842
215,303
119,976
91,109
244,910
103,138
66,852
109,695
86,835
180,456
2,194,521
159,407
635,505
177,731
215,603
120,763
245,319
47
91,452
103,140
67,291
3
110,196
87,124
180,990
18
5
4
2
2
6
1
1
1
26,310
793,567
461
3,850
157,877
714
2,208
4,659
733
2,850
16,475
4,537
1,987
4,434
3,035
5,414
1,365
14,429
4,574
5,478
37,220
3,027
2,263
1,598
2,458
28,930
1,219
2,035
35,425
9,684
87,391
2,584
2,89
53,361
2,315
1,850
83,012
2,226
99,204
518
52,010
3,350
45,975
687,219
419,297
602,906
Due from foreign banks
Fed. Res. notes of other banks
Uncollected Items
410,885 2,943,633
San
Dallas
2,544
Industrial advances
39,996
51,367
Total assets
586,051
345,211
.
Total reserves..
assets
$
Cleveland Richmond
19,902,781 1,215,555 9,523,839 1,061,990 1,412,501
Bills discounted:
Seoured by U. 8. Govt,
obligations,
direct and guaranteed
Other
delphia
due
Other cash *
premises
New York
5
and
Treasury
Redemption fund—Fed. Res.
Bank
Boston
96,687
2,829
*
3,514
3,127
23,363,398 1,508,497 10431866 1,329,514 1,748,812
824,068
2,059
580,192 3,345,103
see a
4
2,840
4,558
435,622 1,450,302
LIABILITIES
F. R. notes in actual circulation
5,931,464
475,876 1,561,659
413,453
548,166
283,419
197,248 1,274,934
223,317
158,203
213,531
97,799
483,859
13,870,693
801,329 7,221,475
47,783
220,313
694,915
34,035
945,423
55,580
257,906 1,742,034
26,260
83,762
5,458
5,235
283,668
22,781
22,774
15,225
254,350
7,777
341,611
25,431
23,559
17,465
173,020
72,248
11,141
375,657
13,384
33,768
18,678
22,774
1,684
779,305
32,915
59,709
36,267
329,009 1,925,490
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account-
622,471
Foreign
Other deposits
Total deposits
1,163,849
55,484
658,360
76,174
673,254
28,625
501,634
25,386
16,330,267
830,510 1,084,392
430,586
94,236
41,549
17,277
408,066
237,081
344,448
297,486
908,196
73,466
139,667
50,811
81,650
93,883
40,254
96,951
44,053
14,248
33,576
30,501
343
28,818
699
279
340
317
144
368
139
116
116
122
149
22,992,741 1,482,906 10303807 1,295,053 1,714,548
808,205
656,655 3,297,743
675,575
409,648
591,671
Deferred availability items
Other liabilities, incl. accrued divs
Total liabilities
933,221 8,601,782
27,486
17,357
727,878
3,132
424,225 1,422,705
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
139,514
9,344
51,481
157,065
26,785
47,293
10,906
56,447
2,874
7,070
13,061
11,895
15,144
4,393
3,029
14,365
5,397
5,247
3,244
14,323
1,007
4,781
14,631
4,242
2,973
4,501
4,252
5,725
22,824
4,925
3,152
3,613
3,974
713
1,429
533
1.000
1,263
2,318
4,569
1,975
8,476
1,944
2,524
1,138
1,983
liabilities and capital acc'ts.. 23,363,398 1,508,497 10431866 1,329,514
1,748,812
Commitments to make Indus, advs..
185
667
258
5,127
737
824,068
580,192 3,345,103
687,219
419,297
602,906
530
8
229
43
35
Other capital accounts
2,467
?"otal
♦
"Other cash" does not include Federal Reserve notes,
a
Federal Reserve notes:
%
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
In actual circulation
Collateral held by
Boston
New York
$
$
delphia
$
on
Chicago
%
5
S
St. Louis
Minne¬
Kansas
apolis
City
S
%
$
States
567,737
19,571
295,794
18,201
12,375
218,516 1,306,503
21,268
31,569
234,358
11,041
162,563
4,360
221,966
8,435
107,178
9,379
540,452
56,593
5,931,464
475,876 1,561,659
413,453
548,166
283,419
197.248 1,274,934
223,317
158,203
213.531
97,799
483,859
571,000
315,000
225,000 1,320,000
244,000
165,500
225,000
112,000
574,000
177
429
165,677
225,429
112,000
574,000
510,000 1,650,000
9
1,220
440,000
2,384
6,353,884
510,009 1,651,220
440,531
Government
Securities
Exchange—See following
Bid
page.
Asked
Natl Defense Series
20 1941
Mar.
5 1941......
Mar
2 1941
Mar. 19 1941
Mar. 26 1941
5
431,654
on
531
the
18
571,000
New
315,018
225,000 1,320,000
244,000
Quotations for U. S. Treasury Notes—Friday, Feb. 14
Figures after decimal point represent
one or more
Bid
April
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
United States
Rates quoted are
2 1941
9 1941
April
April 16 1941
April 23 1941
April 30 1941
May
7 1941.....
May 14 1941
o o si s
Treasury Bills—Friday, Feb. 14
for discount at purchase.
32ds of
a
point.
.
Int.
19 1941
5
497,073 1,634,259
21,197
72,600
6,351,500
Total collateral
Feb
Francisco
.1
paper
Feb
San
Dallas
hand and due
from United States Treasury
United
S
Atlanta
agent as security
Gold certificates
York Stock
Cleveland Richmond
6,218,053
286,589
for notes issued to banks:
Eligible
RESERVE NOTE STATEMENT
Phila¬
Total
1,908
435,622 1,450,302
4
2,43
Less than 5500.
FEDERAL
Three Ciphers (000) Omitted
Federal Reserve Bank of—
11,652
10,785
2,121
3,039
Asked
Maturity
Rate
Mar. 15 1941...
1
June
15 1941...
1 H%
Dec.
15 1941...
Mar. 15 1942...
H%
Sept. 15 1942...
2%
1
Dec.
15 1942...
June
15 1943...
Sept
15 1943...
H%
1H%
1%
Transactions
Int.
Bid
Asked
Bid
Asked
15 1943...
1H%
102.1
102.3
101.7
Mar. 15 1944...
101.13
June
1%
H%
101.11
101.22
100.12
100.14
101.30
102
Sept. 15 1944...
101.18
101.20
103 6
103.8
Mar. 15 1945...
1%
H%
100.10
100.12
103.5
103.7
Nat. Defense Nts
101.28
101 30
H%
99.26
99.28
101.18
101 20
H%
99.18
99 20
100.30
101
101.5
101.20
at
the
Rate
Maturity
Dec.
New
15 1944...
Sept. 15, 1944
Dec. 15, 1945.
York
Daily, Weekly and Yearly—See
page
Stock
1105.
Exchange,
Feb.
15,
1090
Sales—New York Stock Exchange
Stock and Bond
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen
deferred delivery sales are disregarded
taken of such sales in computing the range for the year.
Cash and
NOTICE
account is
we
furnish
a
Prices
11 Feb.
10 Feb.
Feb.
Feb. 8
Stock Exchange
and Federal Farm Mortgage
the current week.
New York Stock Exchange during
Corporation bonds on the
Daily Record of U.S. Bond
.
transactions in Treasury, Home Owners' Loan
dailv record of the
14
12 Feb: 13 Feb.
11 Feb.
10 Feb.
Feb.
Feb. 8
Daily Record of U. S. Bond Prices
14
13 Feb.
12 Feb.
No
they are the only transactions of the day
Securities on the New York
United States Government
Below
Pages—Page One
in the day's range, unless
'
[High
..J Low.
Treasury
4>is, 1947-52..
119.23
119.6
119.23
119.16
119.6
119.23
119.16
119.6
(Close
Total sales in $1,000
112.20
w
-t-Vi
112.20
-
—
-r
107.20
107.16
107.20
107.16
Total sales in $1,000 units—
50
1
(Low.
107.6
107.2
(Close
107.6
;
"V,
102*6*
102.2
102.6
102.2
2Ks, 1951-53
107.9
»
»
-
-
(High
(Low.
108,12
108.10
108,12
108.10
(Close
108.12
108.10
2
1
,
*
108.5
HOLI¬
108.5
DAY
:1 '
108.2
Low.
2s, 1948-50
103.19
103.18
103.19
103.18
•v
1
103.15
103.15
103.11
103.9
103.15
103.15
103.11
103.5
103.15
103.15
103,11
103.5
*4
1
5
3
m -
^
■
^
'
-
-
-
•
•
-
-
w
DAY
-
~
±
—
•
-
101.31
107.2
.
■*•
.
'•
'
108.8
108*4*
108*"*
108.15
108.4
108.4
107.27
108.15
108.4
108.4
107.27
Total sales in $1,000 units...
2
108.14
108.6
108.14
108.6
'V "
3s, series A, 1944-52
-
106.25
-
-
*1
•7,;>
......
Low.
-
Close
-
-
-
•
«
»
-
-
•'
*»
•»'
-
»
-
-
•
-
:
»
■-
-
—
Close
(Low.
(Close
...;
_
106.29
106.22
106.29
106.22
106.30
106.29
106.22
2
1
4
High
102.24
Low.
102.24
Close
102.24
'I
(Low.
107.24
107.24
(Close
107.24
107.24
*1
5
..
1HS, 1945-47
•
102.18
1
101.30
Low.
(High
Low.
.
...
107.16
.
...
107.16
:
•
4.
-
101.30
Total sales in $1,000 units
Z
«
101.30
•
Close
"
•«:'.**
:
7-
102.18
1 High
-
w
~
102*18
jm,*,
'
107*24
-
:.;K l
Total sales in $1,000 units
Total sales in $1,000 units...
^
.
....
106*30
.
.
(High
_
....
i'y
^
106.30
Total sales in $1,000 units
2Ks, 1942-44.
107*24
■^
-.
-
-
....
Low.
•
7'
(High
Total sales in $1,000 units
•
-
....
High
Home Owners' Loan
4
3
•
-
Total sales in $1,000 units
108.6
108.14
-
■'
1
22
*
Low.
(Close
Total sales in $1,000 units...
106.28
High
2^s, 1942-47
9
'
-m
106.28
-
Total sales in $1,000 units
108". 15
^
106.25
-
-
Close
;
0
Low.
^
10*6.25
-
-
1
Low.
3s, 1942-47
Close
(High
-
106.28
-
•
High
110.22
7
....
t3
r, *
Low.
■....
110.22
*"*"*"■
..
24
107.2
Total sales in $1,000 units
I.*'
(Close
-
-.
Close
(High
(Low.
-
107.2
»
(High
3s, 1944-49.
110.22
—V
101.31
-
Low.
.
3s, 1946-48............. Low.
-r
-
.
--
.
Close
-r
"
101.13
-
Total sales in $1,000 units
—
'
----
«
'
High
3hb, 1944-64
_
(Close
—
104.28
-
HOLI¬
Close
Total sales in $1,000 units...
(Close
-
115
Total sales in $1,000 units
Federal Farm Mortgage
(High
104.28
'■::: ul:
-
»-
Low.
2s, 1953-55
12
Low.
3
104.29
.7
;
High
110.14
.
I
r-/
Close
110.11
_
100
103.18
103.28
"
•
-
105.15
....
-
*
.
2 lis, 1956-59
-
Total sales in $1,000 units—
2
(High
2lis, 1951-54
+
-
-
103.19
Close
High
Total sales in $1,000 units...
2 lis, 1948-51
-
•'
108.2
2
ZL
^
v'w
Total sales in $1,000 units—
108.2
108.5
■
—-
103.28
Low.
2s, 1947
1
3
^
Low.
2 lis, 1945-47
'-r'z'
(High
110.14
(High
(High
—
Low.
107.2
107.4
1
-
105.15
105.15
103.28
Close
107.2
107.4
107.9
«.
7
....
r
mm
Total sales in $1,000 units—
1
107.8
1
■
'. W
(High
2K8, 1954-56
107.2
(Close
2 lis, 1955-60
-
....
-
-
Low.
\
34
-
107.9
107.9
107.9
Total sales in $1,000 units...
Jm
Low.
102.2
102.6
Total sales in $1,000 units
3s, 1951-55
105.13
........
^
»
•
Close
\
107.9
Total sales in $1,000 units.
1
Total sales in $1,000 units...
_
.Close
3 lis, 1949-52
105.24
-
■
(High
(Low
3 lis, 1946-49
Close
Total sales in $1,000 units—
High
>
•
50
105.12
.
|
I
1
units...
3 lis, 1944-46..
—
....
Close
Total sales in $1,000
105.24
''
107.2
-f
.
:"'-^77
(Low.
3 KS, 1943-45
Low.
105.13
■
Close
107.6
units..
High
105.24
Total sales in $1,000 units—
107.2
(High
Total sales in $1,000
—
2Hs, 1950-52.
;
--
Total sales in $1,000 units...
ZXs, 1941
'
3
Low.
;
''
107.23
(High
(Close
3MB, 1943-47
.
107.23
Close
....
——
....
.
107.16
Low.
2^s, 1948
2Ha, 1949-53
.
\
107.20
112.10
112.10
51
Total sales in $1,000 units...
(High
----
-mmji
107.23
(High
112.10
w
-
-
mm*'*
-
(High
3Hb, 1941-43
'
Close
(Low.
(Close
units—
'
Total sales in $1,000 units—
(High
Total sales in $1,000
m.
-
■
~
112.18
\Low.
3^s, 1940-56
••
1
(Close
sales In $1,000 units...
Total
'
-
Low.
2^8, 1945
1
5
4
units—
(High
4s, 1944-54
High
Treasury
119.16
5
■
-
-
-
•
-
•'•a
-
;
■
*
.
Odd lots sales,
J Cash sale.
t Deferred delivery sale.
'
(High
2 lis, 1958-63
;
107.16
....
5
....
107.17
;
Close
Total sales in $1,000 units...
Low.
(Close
....
Total sales in $1,000 units...
--.4.
-
Note—The
«.
107.8
107.17
107.8
...<
1
Low.
(Close
Total sales in $1,000 units..
No sales
5
15
(High
2 lis, 1960-65
sales of coupon
only
Transactions in registered bonds were:
bonds.
197.17
'.'*•1-'r-
includes
table
above
-
10*7.8
-
1
f
1
United States Treasury
1
.
t
t
a
1
Bills—See previous page.
&c.—See previous page.
United States Treasury Notes,
11 II
....
.
v
New York Stock Record
LOW
AND
Saturday
Feb.
8
Feb.
$ per share
*50
5014
119
SALE
HIGH
Monday
119
10
Feb.
$ per share
50
PRICES—PER
4634
*43
473g
*43
*48
49
*4818
49
48
6
6
578
221?.
*21
145s
145s
*14l4
3934
40
*l2
*69
*45s
3934
58
72
434
12
$ per share
50
*49i4
49^8
118*4 *118
11834
*118
*43
*21
Feb.
11
$ per share
6l8
2212
147g
40
h
*69
4*4
434
Feb.
4914
Feb.
493s
118
40i2
47U
48U
13
$ per share
118
*46
6
21
21
20
43
48
45
1478
14l2
3978
3834
578
20i2
1412
393s
h
h
*!«>
&Q
*69
434
72
434
Stock
*68l2
4i2
4834
*35
49U
71
45S
NEW YORK STOCK
the
EXCHANGE
40
300
45
,534
4,200
Abbott Laboratories...No par
4H%
25
45
Acme Steel Co
Adams Express
500
Adams-Mlllis Corp
UI4
400
Address-Multigr Corp
3634
38
5,700
5g
*69
300
71
4t2
4i2
"V, 300
4834 Feb 14
Feb 13
118
7
Feb 14
55g Feb 14
per
share
$
2
53
Jan
Jan
110
May
43l2 Feb
5134 Jan
30
May
734
Jan
20
Feb 13
2234 Jan
10
14
Jan 17
1578 Jan
4212 Jan 17
3634 Feb 14
i2 Jan
Air Way El
Appliance.-No par
Alabama & Vlcksburg Ry.100
Alaska Juneau Gold Min.__10
58
6
4i2 Jan 25
Jan 14
*12
*858
'.6
h
9'8
*73s
77«
*8i4
*7i4
19
*1734
2H2
211?
10
*9i2
150i2 15012
*1034
121?.
12&8
131«
6
6'8
1712
2H2
912
9l2
148l2 15012
*10l2
12l8
1314
1334
6
*77
79
3212
*16s4
321?
32
1714
*1634
*li«
U4
*118
*12
13
465g
4634
*143s
15U
4634
*7i8
*4512
*
47
h
9
734
17I2
2134
*7712
1212
*465s
*1414
71?
4634
7i8
4612
*4512
6l8
79
S*
7
*17
18
2118
21-%
9l2
148l2
*10l2
12i8
13U
135g
6
77
3078
1634
1212
*1112
I5I4
4634
714
46i2
Exchange
*h8
Lincoln's
46i2
7712
3U4
1034
H4
13
4658
1514
46
4678
678
*45i2
7
4612
Bid and asked prices; no sales on this day.
*0
1634
20i2
9i2
Birthday
6
*143g
t2
75«
Closed—
9i2
148
32?>8
17I4
114
47
h
8U
7
147
I0i2
12«4
5i2
*75
rj
l2
l2
i2
8
7
6i8
7*8
5,200
2,800
6U
500
300
$2.50 prior conv pref.No par
3,700
20
700
Alghny Lud Stl Corp..No par
Allen Industries Inc
1
2,200
Allied Chemical & Dye.No par
145
78
*75
9i8
9-3s
14612
10U
I0i2
12i8
1234
53s
55s
4538
1,900
1514
14l2
4H2
14l2
100
4314
6i2
678
3,100
1,900
45i2
20
46
634
45i2
678
45i2
45i2
t In receivership,
a
77
7
Jan
Dec
100
Dec
7
24
Dec
May
15i2 May
1114 Jan
2
634 June
Jan
7
135i2 June
182
Jan 11
87g May
14
Jan
1634
Apr
79
Dec
165
10
June
1234
80
Jan 28
55
37
Jan
4
21'4 May
417g
Alpha Portland Cem..No par
Amalgam Leather Co Inc
1
I6I4 Feb 14
1734 Jan
8
11
18
Feb 13
1*4 Jan
4
6%
100
conv
preferred
50
No par
Amerada Corp..
Chem (Del)..No par
Am Airlines Inc
10
Am Agric
American Bank Note
Def. delivery,
50
6% preferred
n
New stock,
10
r
4412 Feb 14
1514 Jan 15
5038 Jan 24
1412 Feb
1734 Jan 10
12
Feb
5
4
May
June
1*8 May
9i2 May
Apr
Apr
Jan
4i2 May
2812 FeD 14
1
Jan
26i2 May
100
5% preferred
Allis-Chalmers Mfg
Jan
Jan
414 May
n«
145g
12l2
No par
No par
Jan
Mar
May
38 June
53$ Feb 14
74ij Jan 8
200
44
13
Feb 14
5,300
400
May
78 Mar
6
13«4 Feb 10
75s Jan 8
200
60
4
Nov
Jan
2538
3
li8
*105s
9is Feb 14
21-3s Jan 10
H84 Feb
I6I4
58i8
May
534 June
Allied Stores Corp
I6I4
Jan
June
9
Allied Mills Co Inc....No par
3,200
Apr
1912
9
7,700
773s
2934
Jan
27l2
June
105s Jan
914 Jan
lli8
700
9
6
1
Allied Kid Co
May
June
4
IOI4 Feb
28i2
*1
Feb 14
Apr
414
16'8
12i2
36i2
38
Jan
5s
5
46l2
44
16i2 Feb 14
I0i2
145
Feb 14
6i8 Feb 14
2034
455s
*143s
7
I6i2
*1058
1
5A% Pf A with $30 war.100
5H% pf A without war. 100
20
1634
21
912
147i2
1012
1314
578
305s
16i2
H8
125g
30i8
16i2
h
No par
Allegheny Corp
2
Feb
46*2
60
100
Jan
147
347s May
Jan
5
Albany & Susque RR Co.. 100
Highest
share ( per share
70i4 Feb
4914 Dec
per
120
.No par
No par
No par
Air Reduction Inc
38i4 Jan
Lowest
Highest
$
$ per share
conv preferred
100
& Straus
No par
Abraham
21
*12
100-Share Lots
Lowest
1414
*20
On Basis of
Par
Shares
20
47i2
558
STOCKS
for
1,000
Range for Previous
Year 1940
Range Since Jan. 1
Sales
Week
14
$ per share
*11534 118
*1414
3914
534
CENT
Friday
Thursday
6
h
72
NOT PER
SHARE,
Wednesday
Tuesday
2%
Jan
Nov
Jan
18
Apr
38i2 May
12i8 May
4134 Jan
58i2
Apr
21
Jan
75
Apr
Jan 30
58i2 Jan
2
6i2 Feb 14
4234 Jan 2
8I4 Jan
8
6
June
12'4
Apr
4658 Jan 30
35
June
50
Jan
4414
Cash sale, x Ex-dlv.
y
Ex-rights. K Called for redemption.
Volume
LOW
AND
HIGH
Saturday
Feb
634
SALE
PRICES—PER
Monday
Tuesday
Feb:
Feb.
8
$ per share
New York Stock
152
10
$ per share
6%
6%
SHARE,
Feb.
$ per share
$ per share
5%
6%
*34
34
35
35%
34
34%
*125% 130% *125% 13034
127
127
*1%
1%
*1%
138
*1%
1%
87
87%
86% 87%
863s
867(5
*180
1803,5 180
180
*179
180%
28
27% 27%
28
27%
2734
62
62% *61% 62%
60
60
20% 20% *1934 20%
19%
20%
*107% 115
*10734 115
*10734 115
5%
115
*114
115
114
114
*9
12
*9
12
*9
12
*8%
*5
8%
■'
5%
*9%
10
*80%
1%
*4%
82
2
4%
78
78
17%
17
*278
3%
*14%
15%
278
15%
35%
35%
*3%
4
*9%
1038
*80
1%
*4%
4%
78
78
17%
*4%
4
■:
32%
3%
2,900
29
3%
3
*27
31
3%
*25%
29
49
247%
48
46%
*20%
21%
4%
13%
50%
20%
1%
20%
4%
13%
50%
14%
*47%
*1%
*20%
2034
4
1%
203(5
37(1
20
4
14
*137,5
84%
13
14 :j;
84%
13%
*2%
*115
25%
25
238
*238
41%
41%
4034
35%
6%
34%
art278
*48%
13%
86%
133s
278
13
1834
*17%
13
50%
*45
14
87
13
*115
25%
2%
407(5
3434
6%
19
118
25%
25%
2%
2%
40%
40%
.
34%
341.J
6%
6%
6%
6%
157% 157% *155
157% *155
157%
13%
14
137(5
67%
69
68
*6%
6%
*8
8%
*36
37
6%
*8
36
14%
6834
1334
137,1
67%
6778
6%
6%
8
6%
8%
3634
8
*152
153%
5-%
152
152
5%
534
6
6
5?8
6
*95
96
95
95
*90
*7%
7%
7%
7%
55%
638
55%
55%
6%
55%
634
6%
*50
55
*50
24%
*30%
*13<%
2478
31%
24%
*30%
14%
*1334
*112
114
11
*112
55
*55-%
57
*50
68
*60
*30%
3034
,*7%
8%
*1%
2%
*28% 29%
*111% 11178
5
v.
*4%
*80%
6%
*80%
5
5
30%
*734
6%
434
*80%
6%
83%
*81%
943a
30
30%
8%
434
94%
82
*34%
36
*93
94
23
66%
16%
22%
19%
23
*107% 111
634
.*48
*66
*114
*6%
*2%
*16%
*108
63a
634
4834
*48%
69%
*66;
117
6%
2%
19
4%
43g
15%
378
1578
37«
5%
538
*114
6%
*2%
*16%
4%
15%
*334
*5%
5%
5%
28%
28%
28
9%
*9
*9
*5%
*678
7
28t 2
28%
8%
8%'
83g
2378
24%
23%
*28%
*28%
*111%
*22%
29
*678
28
*111%
23%
*22%
2134
6478
1578
16
*15
19%
19%
22%
2234
111
*108
634
487(5
6%
48%
*66
69%
117
115
6%
2%
19
43«
1534
378
5%
6
28
7
28
8%
8%
2458
2278
29
2834
*111%
23%
*22%
,
*100
10634 *100
10634 *100
*100
10634 *100
10634 *100
mm. — **
*30
33
*
*11
3434
~35 ~
19%
19%
*5634
*28
83%
129
*27
18%
*8%
*16%
57
'-.,VV1
.
29
84
129
27%
19
834
17
*12%
15
*76
89
80
80
200
36
*86%
*34%
93%
94
1934
2078
63
13%
15%
14
14
1734
21%
1734
2134
16
14%
*17%
19%
2234
22
2134
111
*108
634
48%
111
68%
115
66
66
*65
115
*114
6%
6%
9
4%
1434
3%
47„
5%
15%
3%
27
27
5%
9
87(5
*634
678
28
678
28%
*28
8%
2778
23%
2834
21%
28%
*111%
23%
10634
'
•
.7.5
7 y.
:
•
8%
22%
-»
33
v-
May
32
May
14%
Jan 11
41%
22%
113%
1578
300
Andes
100
A P W Paper
34%
3334
1934
5634
1934
*56%
2878
2834
80
8134
127% 128
26%
26%
18%
18%
8%
8%
17
17%
15
*12%
90
Bid and asked prices; no sales on this day.
Copper Mining
$6
78
126
7% preferred
V*
100
*27%
7934
75%
28%
130
224%
24%
*18
18%
8%
18
17%
*16
8
*16
7%
58%
Jan
Jan 10
22%
6%
3%
9612
4%
May
May
par
5% Jan 25
Jan 27
878 Jan 13
6% Jan 10
434 Feb 10
600
4,300
27,100
800
-
92
Jan
Jan 21
100
-
14
No
5%
66
6
Feb 13
4
.No var
6
Feb
4
No par
2
-Feb
4
$5 prior A.
No
14
par
Aviation Corp of Del (The) ..3
Baltimore & Ohio
4% preferred
100
434 Jan
50
5% preferred
5% Jan
100
.10
24
.50
28
Barber Asphalt Corp..
Barker Brothers
No par
5lA% preferred.^
Barnsdall Oil Co
8
Bayuk Cigars Inc
fist preferred
var
100
Feb 14
8
Jan 20
1834 Feb
3
Feb
5
50
31
Feb
1
Beedh-Nut Packing Co
20
500
Belding-Heminway
117%
7%
Feb
~
11,100
2,000
No par
Belgian Nat Rys part pref
Bendix Aviation
200
17,400
1,000
1,000
18
400
8
2,200
17
500
5
Beneficial Indus Loan..No par
100
Pr pfd
$2.50 divser'38No par
Best & Co
No par
Bethlehem Steel (Del) .No par
7% preferred
Feb 13
5
9
18% Jan 11
19%
24%
110%
7%
49%
72%
118%
7
Jan 10
Jan
Jan
Jan I
Jan 14
Jan 9
Jan
4
Jan
6
278 Jan 11
20% Jan 11
5% Jan 6
19
Jan
2
4% Jan 10
5% Jan 10
6
Jan 29
10%
Jan 10
7% Jan 15
28% Feb 6
9% Jan 10
24% Jan 6
30% Jan 24
24%
31%
126
8%
Jan
7
Jan 11
Feb
5
Jan
3
Jan
6
Jan 24
37%
Jan 10
Jan 13
32
Jan 16
2834 Feb 11
75% Feb 14
18 ■> Feb 14
...No par
7h Feb 14
11
10%
Apr
Apr
11
Apr
July
Jan
65
Aug
49% May
29% June
84
82
May
May
May
May
June
June
18% May
102
June
7
May
43% June
57
May
112% June
4
May
178
Feb
10
May
4
Aug
12% May
2% May
3% May
4% Dec
24% Dec
8% May
4
May
20
May
7%
23%
20%
111%
18%
June
Dec
May
June
May
105
May
102
June
29% May
102
May
7% June
Jan 28
24%
17%
49%
22%
63%
109%
4
68
4334
9
10
Jan
111% Dec
7% Apr
64% Apr
102
Jan 28
89% Jan 3
131% Jan 28
27% Feb 6
21% Jan 9
Aug
Nov
Apr
Feb
May
Jan
13
Jan 28
4%
35%
Apr
Apr
Mar
May
39%
9%
8%
9%
17 %
56%
3
May
May
35
24% Jan 23
20%
Jan
4
67% Jan 24
19% Jan 31
Black & Decker Mfg C0N0 par
5
Jan 18
56
12312 Feb 14
24% Feb 14
Biiss & Laughlin Inc
Jan
99
103s Jan 14
33
Feb 14
.100
BIgelow-Sanf Carp Inc.No par
Blaw-Knox Co
87
104
104
Beech Creek RR
100
m
9
35% Jan 23
95% Jan 29
114
Beatrice Creamery
»•
Jan 14
7% Jan
27% Feb 4
111% Jan 24
22% Feb 13
500
25
$5 preferred w w....No par
90
29% Jan 29
734 Feb 14
_.l
No
6
Jan
6% Jan
5
Corp
Feb 14
378 Feb 14
1334 Feb 14
3% Feb 14
100
Bangor & Aroostook
Bath Iron Works
_
Feb
11234 Feb
Baldwin Loco Works v t C..13
Conv
Feb 14
6% Feb 14
47% Feb 14
var
100
_
2158 Feb 14
108
50
Atlas Powder..
Jan
16% Jan
...5
Preferred x-warrants .No par
«.
18
5
13% Feb 14
25
100
2
60% Jan
100
pref series A
Feb 13
92% Feb
100
6% preferred
m
Jan 14
534 Feb 13
35
5% preferred
90
1,600
90
1
Atlantic Refining
400
*.
78
Jan 20
34%
5% preferred
100
5,000
2,700
2834
60
100
Assoc Investments Co.No par
4% conv
Atlas Corp
June
2
Atch Topeka & Santa Fe__100
3%
47(j
5%
26%
8%
634
123% 124
24% 2434
97%June
7
Atlantic Coast Line RR—100
Atl G & W I 88 Lines
1
33
2878
23
Jan 16
Jan 20
z80
160
57
Jan 13
■
Jan
....100
17,500
11,900
33%
19%
30
111%
734 Feb
5,600
3,200
2,400
May
1% June
60
5
17,500
1,400
800
June
8
29
5% preferred..
1,600
107
7
Jan 17
No par
100
6% 1st preferred
7% 2d preferred
12% May
—100
Associated Dry Goods
200
June
58
7% preferred
■
2,400
4
33
Jan 31
Jan
35
4% Feb 14
47% Jan 3
Corp
Artloom Corp........No
400
110
5
Constable
14%
19%
*56%
2%
prior pref...No par
378
1334
1934
127
conv
Austin Nichols
57
12%
1% Feb 14
28% Jan 3
Armour&Co(Del)pf7% gtdlOO
3
112% Feb 13
9% Feb 14
5
Archer Daniels Midl'd.No par
500
34%
111% Jan 29
20
Co Inc
Armour & Co of Illinois
10
*11
Apr
Feb 14
Jan
Apr
8% Nov
54% Dec
13
54
5
"
117% 117% *114% 117%
7%
7%
7%
7%
*11
4
Oct
Nov
Jan
12
18
800
♦
Jan
Apr
Apr
61% Deo
20
500
634
~-—
25
8
May
6
2
-»
5% Feb 14
6
25% May
4% May
6
200
2778 28
*111%
22%
22%
22% 22%
*100% 10634 *100% 10634
*100% 10634 *100% 10634
«*
1
60% Jan 13
2% May
5% May
83% June
Anchor Ho >k Glass Corp 12.50
$5 div preferred
No par
8,300
2,700
28%
«•
Jan
Jan 10
Dec
Mar
Mar
500
20
48
2134
7
7%
Dec
June
Feb
18
Jan
300
8
68%
136
93
175%
89%
9134
153%
6%
1238
101%
27% Jan
6%
734
20%
66%
Jan
,
35
16
6%
Feb 14
May
Feo
2
*28
Jan
Jan
Feb 10
99% Jan 11
634 Feb 14 y; 8% Jan 9
51
May
145
Feb
30
14
8
11
12% May
70% Dec
11% May
Jan
Apr
70
9% May
Jan 14
Jan
Feb
Dec
152% May
333s Jan
14% Apr
17% Jan
23% Feb
19% May
Jan 13
Nov
Mar
155% Deo
Dec
May
Jan
95
—100
conv preferred
Atlas Tack Corp..
lh
26%
558 Feb 13
Jan 10
Jan
Nov
54
May
49%
Jan 15
Feb 14
May
139
Jan
Mar
5134 Feb 4
22% Feb 14
69%
3%
5% &:■ 434
88
5
$5 prior conv pref
115
6%
2%
17
4
27%
47%
*114
2%
*16%
3%
5%
534
6%
48
Jan 10
Jan
18%
74%
1234
1138
41%
30% May
122
Jan 21
Jan
163
June
23
Jan
Jan
10%
Anaconda Copper Mining..50
111
*108
634
634
248
2
13% Jan 31
160% Feb 4
68% Feb 14
No par
54
Anaconda W & Cable..No par
36
62%
Jan 21
Jan
54
Am Type Founders Inc
10
Am Water Wks & Elec.No par
$6 1st preferred
No par
Amer Zinc Lead & Smelt
2
150%
2812
11%
13%
1578
159
Preferred
91%
15%
14%
19%
154
Feb 14
American Woolen
28% May
4% May
30
82
64
Jan
45% Jan 13
3
Jan
5%
63%
9% May
48% May
5% Dec
5
May
Jan 13
40
1178 Feb 14
81
May
34% May
135
6
Deo
25,400
5
91%
Jan
Jan
Feb 13
Arnold
94
162
68
Armstrong Cork Co
*86%
*34%
*93%
Jan 10
Jan 13
150
100
*78
Feb 14
2
7% Jan 10
4
Feb 14
51%
14934
10
39
25
6% preferred
100
80
Mar
90
46% Jan 13
100
Common class B
400
800
280
Mar
26
14%
168%
73%
74%
68
19%
5634
2834
Am Sumatra Tobacco__No par
Amer Telep & Teleg Co—100
American Tobacco—
25
29
34%
*80
100
4,900
1,400
2,800
Feb 14
142
100
29
21%
*11
347(5 ~3~5%
1934
19%
57
*56%
29
*28%
282%
83%
12834 12834
27%
27%
19
*18%
8%
8«4
17
*16%
15
*12%
Preferred-
*50
9434
6%
121
3% Jan 13
13% Feb 14
60
8%
100
Refining.. 100
30%
7%
*7%
July
20% June
25% Feb 13
American Sugar
2934
734
Mar
Jan 14
Jan 24
21% Feb 14
60
V*\<
25
_
2% Feb 14
Amer Steel Foundries..No par
American Stores
...No par
American Stove Co
No par
100
'
*117% 119
*117% 119
*117% 119
734
*7%
7%
7%
734
734
*11
200
'
•'.V.i.
25
51
15
33
1,200
2,300
53%
12% May
May
1% May
19% Jan 10
115
32% Feb 14
100
6% preferred...
55
63%
10634
Preferred
American Snuff
2,600
434
2034
1.534
634
28
30
111
4%
1578
15%
3%
5%
*5%
200
200
13
65
6%
2%
16%
4%
9
9%
"
American Rolling Mill
54
*28
478
1478
3-%
Jan
3778 Feb 14
31%
111
111
92
3
30
1,800
111
May
10
Amer Ship Building Co .No par
2,000
4,000
112% 112%
9%
9%
1%
1%
38
Amer Smelting & Refg.No var
7
22%
6%
*2%
16%
4%
27
1
13
May
Jan
900
Preferred
«.
23
17% Jan 10
3,700
52
14%
112% 112%
10%
10%
2%,
*1%
2834
2834
*4%
81%
96%
36
16%
*15%
19%
*22%
30%
578
94%
22%
55
23%
23%
par
Jan
13% Jan
7
$5 preferred...
'
6
Jan 15
Mar
6%
93
8% Jan 28
93
5%
*49%
22%
*27%
16
112
35
June
10
2% Feb
3
Feb 14
May
3
May
12% Sept
41% May
8
73% Jan
10,400
6
V
Jan
Jan
5%
634
Feb
12i4 Feb 14
50
Feb 14
H 5
51
81
18
3
13% Aug
57
Apr
2234 Jan
Feb 14
3,000
*88
Jan 16
12% Feb 14
23
May
45% May
1% Dec
May
_
734
5%
7%
49
Jan 27
Jan 10
Jan
Feb
7% Jan
24% Jan
50% May
6% Apr
38
Apr
66% Apr
378 Apr
Jan
6
5
*78%
96%
*65
94
*1278 Feoll
1'"%
22%
4%
13%
65
ISO
53%
_
43^% conv preferred
100
American Safety Razor
18.50
American Seating Co. .No par
145
6%
*34%
94%
16%
16%
;
Jan
1578 Jan
900
538
534
Feb 14
Feb 14
600
150
Jan
12
860
150
Jan 23
51
25
8
142
30
334
2% May
9% May
23
4% Jan 10
4
Jan 31
6
53
51
*50%
150% *139
150%
23%
2334
21% 23
10% .10%
10%
10%
12
12
1178
1178
1378
13%
13%
137,5
*80
82%
823(5
82%
*13%
14%
13%
13%
161% 1627(j 160% 161%
69
69
68%
68%
68
69% 69%
69%
Feb 14
Feb
46% Feb 14
1% Jan 2
156
66%
32%
39%
Feb 14
...100
8
30
29
1734 Jan 18
38% Jan 4
Feb 14
6
3778
Jan
6
6%
39
13
20
No par
Jan 18
378 Jan 13
May
Sept
1% May
3% June
% Dec
10% May
1% Jan
8
3
Jan
8
Nov
13
75
4% Jan 15
21
Am Rad & Stand San'y.No par
8
33%
2
9
6
39
8
5%
94%
*92
227g
65
8
29
100
Light. ..No
Jan
178 Jan
Feb 14
2%
No par
American News Co
7
6
No par
No var
6%
534
36
65%
68
No par
No par
6% preferred
7,100
66%
10% Jan 10
82% Jan 29
Jan
1% Feb
334 Jan
15
Amer Metal Co Ltd...No
par
1278
12
934 Jan 31
78
.No par
$7 2d preferred A
$6 preferred
157%
*78%
96%
1534
*15%
19%
a
5
93%
2234
,
100
Encaustic Tiling.. 1
Amer European Sees..No par
Amer & For'n Power
No par
10
13%
834 Jan 23
6% Jan 11
10
6%. 1st preferred
157% *155
1234
8% Feb 14
434 Feb 14
American
1,000
12,400
6%
*93%
65
k
9% Apr
8% Jan
15% Apr
91% Mar
3% Mar
6% Apr
2% Jan
28% Jan
6%
6
94-%
*34%
93%
*95
'
5% May
4% May
33
53%
8%
6
32%
4%
30%
Jan
638
*13
65
12
33%
7
2%
2834
1
6%
52%
534
*49%
2234
30%
1078
Feb
Amer Mach & Fdy Co .No par
Amer Mach & Metals..No par
150
25%
2%
2%
.
Jan
10
33%
*90
1334
6
*80%
Oil
81%
6%
*24
Nov
23%
140% May
$6 preferred
5%
5%
31
-
10
65
13% May
May
May
Amer Power &
150
24%
*734
114
,
114
*60
17
114
*50%
111% 111%
434
478
5534
56%
68
16
1,500
1,200
1,000
Dec
33% May
112
800
*139
55
*10%
*1%
2834
12%
2%
34
7
Jan
185
3
4,900
Birthday
6%
*112
837,5
66% Jan 27
23% Jan
116%
Jan
5% conv preferred
50
American Locomotive.No par
Preferred
100
3,400
1,600
18
121
39
7%
2334
13
12%
81%
12%
2%
164
4
39
35%
40%
*145% 147
54%
*50
50%
...
7
Feb
6% non-cura pref
100
Amer Internat Corp...No par
Amer Invest CO of 111
1
400
Feb 14
Jan
112
40
Lincoln's
95
*30%
1334
114
86
6
6%
25
84
534
7%
54
31%
14%
11
*10%
*1%
2%
*2834
29%
111% 111%
478
478
56%
5634
*10%
5%
578
13%
Exchange
Closed—
1278
*45
57
95% Jan 10
3138 Jan 11
Jan
June
234 July
No par
American Ice
700
185
Feb 14
Oct
Dec
May
May
May
Am Coal Co of Allegh Co NJ25
6% conv preferred
50
American Home Products... 1
1,500
Jan 29
24
1%
85%
115
3,600
3,700
179
1% Jan 13
9% May
45%
135
May
"""£40
378
1278
May
May
5% June
100
Amer Hawaiian SS Co
10
American Hide & Leather... 1
1%
20%
28
128
Jan 21
40
:
151% 151%
534
13
*155
*35
36%
41
41%
41%
41%
40%
41%
*145% 147% *145% 147% *145% 147%
52
52
*51
52% 52%
53
*139
150% *139
150% *139
150%
*24% 25
2478
247(5
24% 24%
*10%
1034
1034
1034
1034
1034
*12%
*12%
1234
1234
12%
12%
14
14
14
14%
14%
14%
-*82% 84%
*823(5
84%
*8234
8378
*13%
14%
*133s
14%
*13%
1334
163% 163%
163
163% 1633g
163%
69%
69%
68% 69%
68% 68%
70% 7034
70
70%
70%
69%
1%
:
Jan 13
38
115
$7 preferred
2834
47
334
50
1278
;
Stock
*25
1234
12%
*2%
2%
17%
17%
*113% 116
25%
25%
2%
2%
2%
2%
118
# 2%
*34
873(5
*2%
18%
19
118
*24
87%
*13
2%
*18%
*115
*13%
£0
300
Highest
$ per share $ per share
10734 Feb 14
200
134
per share
8% Jan
Feb 13
18% Feb 14
100
American Colortype Co
10
Am Comm'l Alcohol
Corp..20
400
33%
preferred
American Chicle
conv
Lowest
129% Jan 14
Amer Cable & Radio Corp__l
American Can
25
5%
%
5% Feb 11
33
Preferred..
100
American Car & Fdy._No par
Preferred
100
Am Chain & Cable Inc.No var
Year 1940
Highest
125% Feb 14
li4 Feb 3
8212 Feb 14
par
American Crystal Sugar
1334
32
1
Range for Previous
100-Share Lots
$ per share
100
700
600
234
13%
Corp
Fdy.No
"700
2%
234
14%
Bosch
conv pref
8%
800
234
1334
5H%
434
2,100
31
*48%
600
4%
13i«
15
37(5
*1278
100
"i«
»16
16%
1%
20%
700
2,800
1534
13i«
47%
1%
200
82
1%
*4
3,500
3,000
*1%
*4%
47%
*27
1,900
934
*80
134
4%
15%
;
15%
34%
9-%
82
*1%
3
8%
434
lh
31
49
*13%
*48%
*
838
*1%
*27
*47%
*4
,
12
5
82
14-">s
34%
*3%
4
113
*9
5
278
*
113
American
Am Brake Shoe &
40
58
12
Par
700
2534
57
On Basis of
Lowest
1,700
18%
19%
10734 10734
8%
82
17
60
5
*1%
>
27S
*15
353,5
*3%
82
*134
24
1091
Range Since Jan. 1
Shares
34
20
19%
*10734 111
113% 114
;
EXCHANGE
84%
179% 179%
27
*9
NEW YORK STOCK
the
82%
180%
26
*58
for
2
Week,
125% 125%
1%
1%
.
*179
STOCKS
534
*31%
8%
v;
5
*9%
5%
33
10%
'
*4%
■
*83s
5%
17S
IS
*34%
834
10
4%
1316
16
*17%
■
*83s
5%
*9%
*80%
534
33
14
$ per share
*125% 13034
1%
1%
85
863s
1
*114
Feb.
$ per share
6%
Sales
Friday
13
Feb.
12
Record—Continued—Page
CENT
Thursday
Wednesday
11
NOT PER
Nov
May
May
June
May
May
May
14
May
15
May
5% May
9%
Jan
Dec
95
Dec
45
Mar
100% Mar
25%
64i2
23%
2238
22%
Jan
Dec
Jan
Apr
Apr
27% May
111
Dec
978 Mar
51
Feb
80% May
12434
8%
5%
32%
8%
197,5
6%
8
Jan
Mar
Mar
Mar
Apr
May
Jan
Jan
1478 Jan
52% Jan
16% Apr
8% Jan
30% Dec
13% Jan
2534 Dec,
3634 Apr
115% Mar
35% Apr
112% Apr
105
May
32% Oct
127
Jan
978 Apr
67% Apr
36% Apr
22% Mar
5634 Jan
39
Jan
93% Nov
134
34%
22%
11%
23%
Nov
Jan
Apr
Jan
17
Feb 11
8
13
12
12
18% Jan
*12%
30
Bloomingdaie Brothers.No
par
12
Jan 31
15
Jan
9
11
80
*73
85
May
16
80
40
Blumenthal <fe Co pref—
100
Apr
80
Jan
80%
Jan 21
54
June
95
Nov
$ In receivership,
d Del. delivery.
»
New stock,
r
.
Cash sale,
x
Ex-div.
7
y
13% May
Jan
Ex-rights. f Called for redemption.
AND HIGH SALE
LOW
Feb.
$ per share
$ per share
$ per share
1684
16%
Wednesday
11
Feb.
10
Feb.
8
Feb.
Tuesday
Monday
Saturday
PRICES—PER SHARE, NOT PER
* per share
16%
17
16
16%
3134
31
31
31
31
*108% 110
*50% 51«4
110
110
*31
12
120
*110
*108% 115
*50%
5134
*50%
51»4
51*4
20
19i2
18%
II4
20
20%
20%
20
20%
20
19%
19%
19%
19%
19%
19%
£19%
18%
18%
183«
1834
18%
18%
18is
1
*"i«
1%
*"i«
1%
1
*32%
33%
33
33
414
10%
11
3034
33
*32%
4%
*4%
43«
414
11%
10%
1034
1012
*4%
4%
10%
20%
22
21%
40%
*37%
39%
*37
39%
44
*43%
44
£42%
42«4
2%
22%
2%
*2%
2%
*2%
6
6
6
12*4
13%
*12«4
133„
*30%
31%
30%
*21 %
30%
22%
10%
10%
6
22
22
1034
*10%
*11234 116
48s
4%
60
*59
22
22
10%
10%
4
6%
6%
684
684
29%
29%
29%
♦29
30
29%
29%
29%
*29
2934
2834
29
684
67g
21%
10
10%
800
Brewing Corp. of America...3
2,900
5,400
No par
Brlggs Manufacturing.No par
Briggs A St rat ton
No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
Bklyn-Manh Transit..No par
Brooklyn Union Gas..No par
6%
27%
20%
42%
""800
2%
584
2%
5%
3,700
12%
12%
31%
21
9%
1,300
5%
52
20%
20%
*3%
3%
*3%
3%
3%
3%
3%
3%
3%
*834
9%
*8%
9%
884
884
8%
8%
8
1734
♦173s
1734
52%
*51
52 %
8%
*2%
8%
8%
8%
3
2%
278
20%
*20
21
21
*484
5
47g
*19%
21
*20%
21
278
2%
18%
434
ar79«4
83
8284
84
84
8%
8%
20
20
5
83
17%
52%
8%
2%
*434
83
17%
52%
17%
*51
*10%
11
11
11
11
11
*18%
19%
19%
19%
*18%
19%
18%
*51%
52%
*51%
52%
*51%
52 %
*51%
11
*1
6%
12%
1234
*12*4
*35
3l2
*38
*6%
1234
3%
3%
3%
3%
38%
*38%
38%
278
27g
*40%
S»»mm
3%
*278
-
m ~
91
*90
91
*28
28%
*28
28
*3
28%
3%
49%
49%
*47
3%
50
46%
4534
46%
4434
4534
26
26
25
25
2434
25
8%
*18%
4%
*3
*114% 115
£44
44
43%
44
2,200
24%
23%
24%
2,500
734
8%
5,800
68
6684
6684
80
19%
I884
18%
18%
18%
800
2%
2
2%
2
114% 114%
*114
114%
114
114
*2
2%
*4%
5
*4%
5
*48g
*3
33g
*3
33g
3
*90
100%
*90
100%
*90
31%
31%
3078
*4%
4%
4%
31
3034
32
31
20
20
20
*18
*106% 106%
31%
4%
1978
106%
80
5
4%
3
*2%
200
3
100
*90
100%
10
28
29%
3,700
4%
3O84
19%
*18
105
384
26
4
1,900
28%
1,390
18
18
300
105
105
40
400
19
*1884
19
I884
187g
1834
1834
18
18
*14%
17%
*14%
16
*14%
16
13%
14%
12%
13
*278
3
2%
2%
2%
2%
3
41%
2%
41%
41
41%
41
*10134 102% *10134 102%
101% 102
1%
1%
13«
*1%
1%
*1%
*®ie
"i«
*634
7%
51
7%
*»!«
"16
400
684
10%
3,500
*38
40
*37%
40
*36%
38%
'mmmmmm
*49%
51
*49%
51
49%
49%
200
*16
*10%
*9
11
*10%
234
*2%
27
67
66%
*2%
*24
66
*10%
10%
10%
*97
99%
99
*46%
50
2%
*2%
3434
*34
•
mi
mm
*16
%
10
*46%
*2%
3334
*125
11%
10%
12%
%
%
*%
%
*%
%
600
*%
*16
%
%
400
IO84
2%
27
10%
10%
9984100
m
112
112
112
50
*46%
*2%
2%
33%
33%
77
*73
*111% 113
1084
*2
2%
*23%
64%
10%
*46%
*2%
*32%
10%
2%
33%
..
*111% 112%
30%
*28%
30
*29%
84%
*81%
85
*82%
8334
*82
52
*48%
52
*49
52
*49
110
*82%
*48%
*27%
30%
28%
28%
28%
2778
28%
28
28%
27
3034
31
31
3084
31
2934
30%
*29
83%
*82
52
*49
mm
mm
*143
*143
9834
99%
99
99
62
*61
62
*12
12%
*12
12%
m
9734
-
*• m
9 884
62
*61
12%
12
101% 101% *100% 101% *100% 101%
30
2934
30%
29
29%
29%
*111% 114
114
*111
*111% 114
18%
17
17
*1584
6%
17
*143
—
95
*61
««.
No par
Cham Pap A Fib Co 6 %
pf. 100
No
Common.
Checker Cab Mfg
par
{Chesapeake Corp
{Chic Great West 4% pf-.lOO
Chicago Mall Order Co
300
5
Chicago Pneumat Tool .No par
$3 conv preferred
No par
Pr pf ($2.50) cum div No par
{Chic Rock Isl A Pacific. .100
7% preferred
No par
10
25
5
Chrysler Corp
No par
100
100
City Ice A Fuel
preferred
City Stores.........—.....5
Clark Equipment
-No par
CCC A St. Louis Ry Co...100
5% preferred..
mmmrn^m
m
~
3,300
61
100
Special gtd 4% stock
50
2,200
100
5,300
mm
mm mm
300
Co.-No par
100
Preferred
Coca-Cola Co (The)
No par
No par
Class A
Colgate-Palmolive-PeetNo par
$4.25 preferred
No par
No par
Collins A Aikman
*1%
1%
1%
300
Colorado A Southern
100
*1%
1%
1%
1%
1%
1%
310
4% 1st preferred
100
1%
1%
*1
1%
*1%
1%
1%
1%
20
19%
1,400
*19%
4%
*80
1,000
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
4%
4%
4%
4%
4%
4
3%
4
21,900
Columbia Gas A Elec..No par
82%
*80%
82%
80%
80%
80
80
*76%
80
300
6% preferred series A... 100
70
68
6884
*65
70
*60
70
50
80
*79
77
77
900
193.1
*70
74
70
*78%
79%
80
1978
1934
20
19%
1984
19%
80
19%
1984
4%
78%
79%
18%
19%
5
1,800
No par
Columbia Pictures
*5%
57g
53g
5%
5
434
*23%
23%
23%
2934
23%
23
23
*22%
2234
200
30
29%
29%
29
29%
4,000
Commercial
3,100
% conv preferred
100
Comm'l Invest Trust..No par
6,000
Commercial Solvents..No par
*100% 102% *100% 102% *100% 102%
36
3584
36%
36%
36%
36%
*107
108% *107
108% *107
9%
9%
984
9%
»i«
"i«
"u
"i«
9%
%
IO884
102% *100% 102%
35% 35%
36%
3534
108%
*107
108% *107
*101
9%
9%
"16
58
9%
8%
52
52%
52
52%
51%
52%
4934
28%
29
2878
29
287g
29%
28%
29
$2.75 conv preferred.No par
Credit
10
$4.25 conv pf ser '35.No par
%
"16
10,500
49%
4934
3,400
28%
28%
12,500
%
52
9
113%
10
~
2% Jan 13
115% Jan 29
2% Jan 14
4% Feb
2% Jan
5%
Jan
3%
Jan 13
_
Commonw'Ith A Sou..No par
$6 preferred
series
No par
Commonwealth Edison Co-25
Dec
12% Feb
72
May
1% May
June
114% Mar
Dec
1%
May
4
8
Jan
35% Apr
121
26% Apr
3*8 Jan
106
Jan
2% Jan
88
Apr
5%
1184 May
Oct
6
Mar
Sept
100
Apr
2%
Jan
41%
9
22% May
334 Feb 14
5% Jan 13
3% May
26
Feb 14
18
Feb 14
37% Jan 14
21% Jan 4
106% Feb 10
15% May
15
May
22
Oct
99%June
106
May
103% Jan
18
Feb 14
20% Jan 10
18
Jan 2
2% Jan 13
•u Jan
4
Dec
84% June
101
Dec
1% Jan 13
"is Jan 11
% May
2%
Jan
Dec
2%
Jan 10
6% May
12%
Jan
Jan
2
9
8% May
15% Dec
Jan 31
44%
9
1034 Feb
_
9% Jan
3
3
95
Jan
46
Jan 17
2% Feb
3
32'4 Feb 14
23% May
May
41
Dec
44%
51% Dec
*8
Jan
Jan 17
%«Dec
34
Apr
% Jan 18
9% Jan 29
%i Dec
%
7% May
9
9
27
Jan 27
Jan 27
20
72%
Jan
13% Jan
2% Jan
23% Feb 14
63% Feb 14
*8
Dec
%
Jan
Jan
2%
52% Jan 13
»is Feb 6
Jan
Jan
4% Apr
44
3
40
%
29% Mar
Oct
30% May
1484 Jan
2
10% June
Jan 13
Feb 14
1i» Jan
30*4 Apr
Jan 16
10
50% Jan
17% May
3
8%
684 Feb 14
Feb
38*4 Dec
8%
44%
102% Feb
Feb 13
1
2%
May
1% Aug
2
Aug
Apr
5% Mar
Nov
34
Apr
53% May
91%
Oct
14%
Jan
Feb
IO84 Feb 5
10034 Jan 31
85
Sept
98
Jan 17
44
Sept
z60
46
Jan
11% Mar
16%
8%
Jan
4
2
May
4%
Apr
3734
Jan 13
24
May
40%
Apr
3
Jan
133
Nov
74*4 Nov
114%
Jan
26
May
43% Mar
Jan 30
83%
Jan 29
74
May
49
Jan
49
Jan
46% May
83% Dec
48
Mar
27
Feb 14
26% Feb 14
83
8
8
30%
Jan 10
3
34
Jan
Jan 22
145
Jan 31
93% Feb 14
Jan 30
61
106
Jan
62% Jan
29% Feb
143
9
25% May
25% May
41%
45%
145
Dec
2
99% May
141
Mar
7
56
May
63
10% May
20
Jan 24
12%
Feb
1
102%
Jan
2
94
26% Feb
3
30%
Jan
9
16% May
35%
Jan
3
112
Jan
9
May
112%
Feb 10
20
101
% Jan
1% Feb
2
5
1% Feb 14
19
3%
Feb 14
18% Feb 14
June 102%
108
JandO
12% May
1%
Jan 13
*ie Dec
2%
Jan 13
1%
1%
Dec
Oct
Feb
May
4*4
Apr
5*4
Apr
5
Apr
16
May
26% Mar
Jan
6
16
May
26% Mar
Jan
21
Apr
Apr
4%
9
4% May
7%
2
82%
Jan 25
67% May
93%
70
Jan 13
59
June
79
Jan
80%
Jan 17
71
May
98*4
Apr
Feb 11
Jan
2
Feb 14
6%
Jan
6
3% May
Feb
3
24%
Jan 16
1434 May
28%
Jan 30
30%
Jan
6
27*8 June
Jan
6
95 'June
100% Jan 27
Feb
3
Jan 29
8% Feb 14
% Jan 31
107
104
37%
110
Jan 10
32
Jan 15
97
8
11%
Jan
4
"is
Jan
2
48
Dec
Jan
Feb
Apr
June
113
Mar
Dec
May
53%
Jan 25
42
27% Jan 21
30%
Jan 11
25% June
Jan
26
56
May
%
8% Mar
June
30
49
Feb
Apr
1% Jan 13
2134 Jan 6
23
35
24
Feb
Dec
Feb 14
76% Jan
484
Apr
Apr
May
131
11% Feb 14
77
5%
5
Feb
Columbian Carbon Co .No par
23%
30
2
68
preferred
*5%
2934
Aug
..100
5%
*23%
2934
30
17
17
134
197g
June
Jan 14
110
1%
20%
May
48
19%
100
5% conv preferred
*1
*197g
1934
5
73*4 Jan 14
18% Jan 30
Colo Fuel A Iron Corp.No par
*1%
20%
Jan 13
6684 Feb 14
Jan
Dec
56%
May
20
105% May
33*4 Jan 10
Co (The).l
Clev A Pitts RR Co 7 % gtd_50
*1%
20%
2
6
July
1%
19
Jan
9
May
134
*1%
7
50% Jan
28% Jan
120*4 Jan 29
June
1%
*1
4
3% Nov
75
126
42% May
56
Cluett Peabody A
95
1%
Feb
100
2
108
*1%
*1
118
Jan
124
Climax Molybdenum..No par
61
39% May
June
59% Jan 10
125
1
43% Feb 14
23% Feb 14
40%
May
Jan 24
1,200
93%
2
Jan 15
3,100
16
22% May
85
30
mmm.mm.rn
*15
75% June
3% Jan 29
114
2734
62
92% Dec
32*4 May
91% Jan 13
30% Jan 14
9
Jan 15
Clev Graph Bronze
m
Jan
Apr
May
Feb 14
Clev El Ilium $4.50 pf-No par
m
6
Jan 24
Feb 14
Apr
45
Feb 14
43
A nr
O
-6% MS?
Dec
2%
90
II884 Feb
231-
36% Aug
26
2% Jan
Feb
Feb
Jan 17
85
110
*143
41
110
200
m
39% Jan 10
Jan
19% Apr
2% May
29% May
100
28%
52
6
100
100
...No par
Chile Copper Co
City Investing Co
400
97%
16%
100
prior preferred
Chain Belt Co
111%
11%
12
11%
11%
*100% 101% *100% 1C1%
28
29%
29
29%
*111% 114
*111% 114
*15
1
Products
~
'
*61
680
83%
9
6
3% Jan
Jan
77
26%
30
1,500
mmmm
*70
30%
12,300
32%
32%
*125
4% Jan
38% Feb
Jan 22
Childs Co
2%
2%
3% Feb 13
35% Jan 29
284 Feb 14
34%
50
50
*46%
50
July
95
100
100
*96
De
34
Jan 22
100
10%
10%
11%
7
Jan
40
7
Feb 14
2%
64
1334 Jan 14
Jan
40
95
Certain-teed
May\
11% Feb 14
Nov
1%
8%
4% May
11
28
....
IO84
63%
6
Copper.No par
Cerro de Pasco
23%
65%
77
*28%
*2
23%
..
*70
*10%
26
98
£98
*125
*125
-
*10%
200
6
Century Ribbon Mllls.No par
Preferred...
100
6% preferred
Chicago Yellow Cab
Chickasha Cotton Oil
9
9
10
*9
10
10%
99%
-
500
*16
66%
83
%
%
65%
*70
%
%6
67%
90
*16
%
2%
27g
3334
*%
»10
*23%
50
10
*16
IO84
1/1%
'234
27
1084
*%
*%
*9
10
10%
*29
*17%
mm'mrn
51
*9
*142
'w«i»
7
1% Jan
7% Jan
14% Jan 10
1,000
417g
12%
%
£12"
7%
"16
1%
50% July
1
May
11% Feb 14
{Chic A East 111 Ry 6 % pf. 100
*50
%
♦
*»ie
*%
26% Feb
52% Mar
400
*39
*%«
*125
7%
*634
7%
1
1
{Central RR of New Jersey 100
Central Violeta Sugar Co
Jan
May
12% Feb 14
51
*6i«
*23%
*684
"i«
*®16
"l«
102% 102%
No par
5% preferred
100
Central Agulrre Assoc.No par
Central Foundry Co
1
Central 111 Lt 4>4 % pref..l00
Sept
1384
6% May
14
39% Feb 14
101% Jan 10
102
102
100
prior preferred
Celotex Corp
5
2% May
20% Jan 25
53
Jan 24
5
6,100
40%
39%
41
40
100
Oct
Jan
Apr
15%
No par
Chesapeake A Ohio Ry.
25
Preferred series A..
100
600
1,100
2%
41%
12
12
*39%
*«i«
mmmmmm
4%
*1884
*2%
41%
'
3034
4
105
1,900
2%
*2
100%
297g
28
31
106% 106% *105
7%
380
120
1
100
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
68
4%
4%
117
mm
w
68
2%
3%
Case (J I) Co
Preferred
♦105
*2
31
1,400
118
119
5
-
1,500
*110
119% 11934
8%
8%
Carpenter Steel Co
3
43
24%
$3 preferred A
Carolina Clinch A Ohio Ry 100
46%
47
44%
1
10
Carriers A General Corp
2%
3
3
Birthday
2%
95
*4%
400
*2
31
3034
50
26
2%
95
*18
91
26
2
2%
2%
2%
2%
2%
*114% 115
*2
19
19%
*1834
19%
*88
27
884
884
68
70
*68
70
90%
119% 11934
11834 119%
9
8%
119%
8%
*68
43%
90
26%
120
46%
119
*40%
49%
*11.5
Capital Admin class A..
Closed—
3%
3%
120
*115
120
*115
28
No par
Cannon Mills
Lincoln's
91
*90%
Canadian Pacific Ry
7%
23%
May
3
700
4% May
17% May
9
Feb 13
200
1634
5% May
6
Feb
~5,800
5% Apr
May
2
Jan
1
234
Jan
Dec
12
6
284
*40%
3
*234
Jan
12%
7%
76% Feb 14
52% Feb
38
37
38%
38
21%
82
17% Jan
Co.-100
25
35% Nov
12% May
May
50
Canada Southern Ry
17% May
6
13
16
10
27
39
California Packing....No par
1
Jan 10
9
500
Callahan Zinc-Lead
Oct
36
Jan
20
Jan
8
3
2
5
5% preferred
3%
3%
3%
3%
Exchange
8% Nov
Jan
10% Jan
2,300
38%
3% May
6%
1134 Jan
No par
40
72*4 Nov
85
Byron Jackson Co
12%
11%
*35
40
*35
3
Feb 14
140
11%
11%
12%
12%
12%
12%
Stock
3% Feb
500
Campbell W A C Fdy_.No par
Canada Dry Ginger Ale
5
12«4
4
8
Calumet A Hecla Cons Cop..5
3%
*3
5
800
*89*4
50
30
5% conv preferred
A Zinc
Jan
Byers Co (A M)
No par
Participating preferred.. 100
3,900
13
May
5% Jan 6
21% Jan 13
4% Jan 4
4% Feb 14
20
"l",906
3834
-
15% Jan
pi 100
10
_
1%
3934
*40%
Butte Copper
Bros
Dec
21
2
Butler
12*4 Nov
May 119
9
9
2
6
23% Jan
Bush Term Bldg dep 7 %
6% May
May
2% Feb 14
360
37% Apr
29% Apr
3
53% Jan
884 Jan
384 Jan
600
Jan
May
14*4 May
27
97
5% Jan
Feb 14
4% Nov
Jan 17
68% Jan
Feb 14
8
6%
3934
118
51% Feb 14
1
12%
Jan 16
$2.75 ser..No par
6%
*35
25%
18% Jan
1
*12%
12*4 Dec
33
6
13
14% Jan 13
30% Jan 3
23% Jan 16
12% Jan 6
1634 Feb 14
1
13
24*4 Sept
12% Feb 14
1
6%
3934
53*4 Apr
2% Jan 3
5«4 Feb 14
2:784 Jan
34% Jan
1,100
*51%
41% Nov
May
1% Jail
15*4 Nov
5% Feb 14
1,400
*17%
May
38
Jan
2884 Feb 11
8%
1034
11
18%
52%
27
2% Jan 13
6% Jan 14
26% Feb 14
1,700
79%
10»4
18%
52%
8
44% Jan 13
7
par
2%
19
484
20%
3%
76%
41
8
41% Feb 14
51
Burroughs Add Mach..No par
Bush Terminal
1
300
1384 Apr
26*4 Nov
9% Feb 14
1
*37
*40
*19%
Conv pref
300
Mar
7
4% Dec
May
par
5,600
2*4
13% May
par
Burlington Mills Corp
1,500
3884 Nov
May
2
6
112% Feb 3
3% Feb 14
6%
*1234
3%
4%
600
26
12% Jan
5
100
Jan
Jan
25%
25% Jan
100
par
24% Mar
June
12% May
% Dec
Feb 14
20% Feb 14
1
13
*2%
17%
1,300
2
17
9
Jan
70% Mar
29% Apr
19% Feb 14
37a4 Feb
6%
1
1%
6%
2%
3,800
8%
8
80
450
51%
47g
20%
*17%
*52
Bucyrus-Erle Co
G) Mfg
No
7% preferred.......
Budd Wheel
No
Bullard Co
No
Bulova Watch
No
20% Jan 10
20% Jan
30
1,200
Budd (E
2
4
10
No par
7% preferred..
Jan
4% Jan
2,000
6,800
1634
Co
2
16% Feb
19
Bruns-Balke-Collender. No par
10
6%
26%
28
1634
26%
*27%
...
(The)
Brown Shoe Co
100
53
51
2884
17%
52%
8%
234
19%
484
20%
*2734
6,700
*11284 114
3%
3%
Co
Bridgeport Brass Co
39%
41%
9%
4
57
6%
2834
55%
59
59
4%
10%
20%
*21
3%
4%
Bower Roller Bearing
*30%
*113% 116
114
114
500
19%
1284
39% Jan 6
4% Jan 23
300
31
4%
32
*30
31%
3084 Feb 13
tt19
Borg-Warner Corp
Boston A Maine RR
10
6
12%
1234
1234
*30
116
4%
418
*59
60%
5%
6
578
*113
2%
2%
*2%
5
Borden
*37
2278
*38
*43%
1% Jan 13
Bond
3,900
32%
414
10%
21%
22%
39%
Feb 14
2,200
2.900
18%
•14
44
1
15
5
100
22% Jan
19%
123%
51% Dec
19
May
19% Feb 14
19
May
99
Jan 18
54
19%
Stores Inc
9
Jan
35
111% Jan 23
8
48% Feb 14
1784
it,.
*43
Class B
150
Jan
107
No par
No par
Bon Ami Co class A
per
18% Jan 27
14% Feb 14
29% Feb 14
Boeing Airplane Co
5
Bohn Aluminum <fc Brass...5
700
4984
19%
31
*38
22*8
30
48%
49»4
20
*1
11,500
share $ per share
28% Apr
12*4 Aug
34
Nov
19*4 May
$ per share
$ per share
Highest
Lowest
Highest
Lowest
110 « 110
29%
IW-Share Lots
On Basis of
Par
15
30
14%
16
3012
15%
*29%
EXCHANGE
Shares
$ per share
$ per share
NEW YORK STOCK
the
Wee I
Feb.
13
STOCKS
for
Range for Previous
Year 1940
1
Range Since Jan.
Sales
I
Friday
14
Thursday
Feb.
CENT
1941
15,
Feb.
New York Stock Record—Continued—Page 3
1092
108%
16%
Apr
I84 June
73%
Jan
33
Apr
1
*
Bid and asked prices; no
sales on this day.
{ In receivership,
a
Def. delivery.
»
New stock,
r
Cash sale,
x Ex-div.
y
Ex-rights,
Called for redemption.
Volume
LOW
AND
Saturday
Fety.
\
8
New York Stock Record—Continued—Page 4
152
HIGH
Tuesday
Feb.
Feb.
10
$ per share
$ per share
*3
3%
PRICES—PER
SALE
Monday
*3
11
Feb.
$ per share
3%
*3
Thursday
Feb.
12
18%
18%
18%
18%
26%
25%
26
24%
18%
25%
*3
17%
24%
13%
13
Feb.
3%
18%
24%
13%
14
$ per share
*3
Lowest
Week
Par
Shares
3%
.
_
17%
"2,100
24%
3,200
1,900
Consol Aircraft Corp
Consolidated Cigar
7% preferred---6H% prior pref
14
14
14
13%
96
96%
1334
9684
12%
9584
97
x95
95
90
93
180
99
98
98
97
98
*95%
97
95%
95%
310
6%
2134
22
6%
2I84
21%
*784
"2%
5%
¥%
*3%
♦16
107
107
*%
107
6%
6%
21%
107
84
*%
10634 106%
84
%
*784
*284
2%
7%
2%
5%
*2&g
5%
2%
5%
5%
5%
734
2%
5%
1
*13u
1
*34
1
*»18
l!i#
*84
»i«
4
3%
17
8
8
3%
17
384
17
3
3
334
3%
17
17
*13%
I67g
105% 105% *103% 10578
14
13
13%
13%
8%
734
8%
8%
*'%«
*»!•
34
84
3%
17
*85%
8%
8%
8%
36%
*36%
3%
3%
36%
3%
33g
33g
18%
*21%
15%
54%
18%
21%
18%
21%
3%
18%
*48%
46
46
46
178
178
38
21%
16%
1534
*53%
16
15%
54%
*53%
4884
4884
46
46%
47%
45%
17684 178%
4%
4%
176
*5%
5%
25%
42
*4134
42
*1334
90%
90%
41%
34
17%
17
14
34
17%
102%
17%
24%
42
42%
42%
42
16
22%
1%
45%
33%
8%
27%
15
Lincoln's
*22%
1%
2234
15%
18
86
54
'
4
*3%
4
*16%
18
7
684
*113
114
20%
28%
11
19%
28%
*16%
3
Vf'.'v
18%
18
634
40%
4%
4%
*4%
*16884 170
32%
32%
*15
15%
2984
30
15
15%
%
3%
31%
2784
%
3%
31%
*27
*33
*28%
*3978
40%
534
8
28
39%
39%
884
*35%
3534
23%
15%
68%
69%
127% 128
19%
19%
5%
*5%
7%
7%
*114
II534
22%
15%
4%
27%
4%
166
32
166
30
28%
15%
14%
%
Tu
7i«
1,200
16%
900
*79%
81
*834
3534
9
3534
22
81
27%
4
4
900
7l2
11534
144
122
11634
30
3,900
129%
1,400
900
165
*165
170
120
31
32
30
31
1,800
15%
14%
15%
28%
14%
27
28
400
12%
I37g
4,400
9,300
%
3%
*716
%
300
200
28%
400
39%
100
27
*39%
*110
28%
2684
2634
40%
5%
5%
677g
67%
5%
*%
%
1
»34
*72
78
%
%
1%
1%
1
3%
6%
28%
27%
27%
*%
%
584
39%
534
39%
*%
*5%
6
*21
13%
*12
102
24% 24%
*12%
13%
3%
3%
*95
2134
13%
39%
39%
21
66%
400
*71%
200
*77%
80
75%
72%
75%
%
200
*1.
84
*34
%«
34
3%
6%
27
*%
12%
102
24
2234
*12%
1234
3%
3%
%
3%
20%
21%
13%
24%
*12%
*3%
3%
**i«
%
*»!«
%
*»!•
%
*21%
21%
21%
21%
21%
21%
9584
3%
6
%
38%
20%
12%
.
%
1
1
Eastman Kodak (N
Feb
7i2
3
Jan 30
Feb 10
115
140i4 Feb 14
Feb 14
6% Jan
8
9% Jan
6
5C0
127% Nov
1484 Jan
5
9% June
9
113
7
146% May
114
112% May
Feb
6
34
Jan
2
5% Jan 23
2584 June
9
155
June
180
Dec
Jan 10
22
May
37
Apr
Electric Auto-Lite (The)
27
Feb 14
5
3
Electric Boat--—
1212 Feb 14
Elec & Mus Ind Am shares...
38 Jan
Electric Power & Light-No par
$7 preferred
314 FeD 14
2834 Feb 14
$6 preferred
25
No par
No par
Battery.--No par
El Paso Natural Gas-——-.3
Endicott Johnson Corp.---.50
5% preferred
Engineers Public Service
$5 preferred
No
$5% preferred
No
$6 preferred
No
Equitable Office BIdg—No
t Erie Railroad
4% 1st preferred
Feb 14
31«4 Jan
Elec Storage
4
2
2034 Feb 13
39% Feb 14
110
100
1
Jan
Jan 16
Jan 10
Jan
6
% Jan 23
43g Jan 11
35% Jan 13
Jan 13
31
34% Jan 13
10% May
25
May
10% May
38 Dec
3
May
18% May
15% May
z2478 June
Jan 10
31
44% Jan 13
Feb
6
7
111
7
Jan 11
68
Jan 15
63
Feb 14
73
Jan 25
66
par
75% Feb 14
79
Jan 11
77
100
100
I58
84
100
50
Eureka Vacuum Cleaner..—5
Evans Products Co
5
6
Feb 14
Feb 14
5
Feb 14
Feb 14
12l2 Feb
800
%
400
Federal Water Serv A
No par
20
20%
800
Federated Dept Stores-No par
l2 Feb
18% Jan
300
Def. delivery,
ii%
conv
n New
stock,
93
84 Dec
Jan
1% Apr
67% Aug
5
Feb
6
20%
Jan
11% Apr
3434 May
7
38 Oct
3% June
29% June
17% May
11
May
8% Mar
49% Apr
31% Apr
187s Apr
% Jan
7% Jan 23
45%
22
Jan
3
Jan
2
12% Jan 23
May
June
16
July
12% Aug
Jan
7
Jan
4
2% May
7i»May
Ex-div.
Jan
2
85
1
Jan
6
14% Jan 14
Feb 14
Jan
I84
3%
8
25«4 Jan 23
4
3
Jan
%
Jan
3
Feb 14
89
834 Jan
3034 Jan
Feb 14
35U Feb 14
x
97
Jan 27
11«4 Feb
1
Y.12.50
r Cash sale,
3
1178 Jan 16
preferred.—-100
Ferro Enamel Corp
Fidel Phen Fire Ins N
~3%
i2 Jan 20
Corp-No par
8% pref
100
3
Dec
% May
67% Aug
2% Dec
26
22
Jan
Jan 25
3i8 Feb 14
3
Ex-Cell-O Corp
Apr
Mar
Jan
Jan 29
Jan
46
112
83
2
Feb 14
36% Nov
33% May
4178 Jan
May
May
% Dec
% May
7
17% Jan
4134 Apr
18% Apr
I84 Jan
8% Jan
4078 Nov
12%
6% May
% Jan 30
1% Jan 10
1% Jan 9
»ie Jan
par
Federal-Mogul Corp
5
Federal Motor Triick—No par
1,400
1,400
May
May
70
1,100
13%
35%
35
102
par
22
13%
May
par
22
35%
26
4i2 Feb 14
05% Jan 7
98% Jan 14
93
44% May
0% Nov
Jan
Jan
$6 preferred
No par
Federal Min & Smelt Co—...2
13%
Jan
182%
30%
15%
33%
17%
Feb 14
102
36
Jan
189%. Apr
129% Dec
11834 Jan
Feb 13
*95
13%
1384
120
165
195s Feb
3534
Mar
4
Fairbanks Morse & Co.No par
13%
Apr
10
-100
Falardo Sug Co of Pr Rico—20
Federal Light & Traction—15
36
Apr
30
I6684
300
13%
171
May
700
36
Feb
June
600
13%
Apr
24% Apr
2378 Jan
9478 May
3
12
36
Deo
14%
38
117
Feb 14
4
86
4
38
3
Jan
Jan
20
3
Jan
125% Jan
23% Jan
36% Apr
43% Feb
10% Feb
20% Nov
142
12
13%
Jan
578
84
Feb 14
1934
*12%
23%
126
1412
Exchange Buffet
May
Apr
J).No par
30
Fairbanks Co
Oct
Jan 16
125%
117%
358 Feb 14
5
6% cum preferred
Eaton Manufacturing Co
160
May
Jan
9
Edison Bros Stores Inc..—..2
300
Dec
30% May
14
May
11% May
65% July
16434 Jan
117
4
36
a
Jan 10
25l2 Feb
36
$ In receivership,
22
9
8
11534 Jan
12078
Inc..———1
Eastern Rolling Mills
%
13%
Eastern Airlines
5%
36
sales on this day.
5
Co...20
$4.50 preferred
No par
Duquesne Light 5% 1st pf-100
267g
13%
Bid and asked prices; no
1
.--100
8% preferred
700
%
95%
..No par
Feb 14
...No par
Duplan Silk
1,400
36%
*94
Feb 14
18
Du P de Nem (E I) <fe
4% 2d preferred
13%
97
9
4
Feb 14
00
12434
Dunhlll International
3%
6%
%
5
Dresser Mfg Co
Jan 30
Erie & Pitts RR Co
36%
♦94
1,400
......
94
*94
100
78
26
6
13%
3%
25
*12%
*34
*72
3%
38%
%
*%
7S
78
6%
27
*%•
1
25%
*24%
5,900
4%
70
*95
102
20
5
66%
*20
12%
111
5%
*5%
21
*12
*95
102
%
39%
*110
75
*34
6%
21
40%
111
3234
*2634
67%
47g
67%
*72
78
*3%
*27%
*39%
*110
111
684
•
700
2634
378
3234
3%
95
30
165
33%
684
95
200
8,100
129%
*%«
Jan
No par
129
*15%
27%
1334
79
14134 Jan
Douglas Aircraft
1,100
126
Jan 27
Dow Chemical Co.....No par
5
3%
17
1,200
5
26%
Feb 14
3,400
*7%
26%
Jan 28
68
19
8
7%
11534 *114
140%
122
123
1207g
*116% 11634 *116%
23%
15
18
146
Jan 31
No par
May
484 May
12% May
66% May
6
Jan
Dome Mines Ltd
I2434 125%
Jan
9
37
1,600
66
144
32
15
68%
*114
41
21
67%
5%
17% Jan 10
29% Jan 11
86
Nov
28% May
19% Apr
98% May
12% May
2578 May
5
114
2378
June
2
834 Feb 11
5% Mar
18% Nov
8% Apr
21
Jan
2,000
15
June
Oct
13% May
%«Dec
Feb
15%
Oct
May
8% May
2% Dec
35%
15%
Mar
4
No par
Doehler Die Casting Co No par
22
5
...No par
Class A
May
May
% Jan
Dlxle-Vortex Co
51
23
1178 May
3
Apr
60
3% Jan 10
Jan
17
2938 Feb
4% Jan
92
3% May
10% Jan 10
18% Jan 11
91% Feb
45% Dec
Sept
13% Jan 10
2
Jan
878 May
June
4
8
Dec
4%
14% May
3
Feb 14
47% Dec
a:99
75
»M Jan
117
Dec
May
May
42
107
Jan 24
Jan
Apr
Dec
11% Mar
328s Mar
3
Jan 24
Jan
Feb
35%
258 Jan
Feb 14
3234
6% July
21% May
95g Feb 14
7>8 Feb 14
16% Feb 4
80i2 Jan 30
5% pref. with warrants.-100
June
Apr
2934 Dec
13% May
22% Jan
18% Jan
1378 Jan
Ltd No par
114
Feb 14
140
2234
126% 126%
19%
19%
*
Distil Corp-Seagr's
3% Jan 15
1734 Jan 10
734 Jan
10
39% Feb
Diamond T Motor Car Co—2
Feb
19% Jan
2934
27
25
31
Jan
2758
108
Raynolds A ..No par
6% partlc preferred
3
May
19% June
1% Oct
17s Jan
Feb 14
200
834
3534
884
35%
21%
*3234
*3%
*95
7%
16%
*79%
1634
33%
684
41
8%
8
*3284
3%
21
39%
33
*6%
*12
Diamond Match.--—No var
33
*3%
*
Devoe &
4,300
2,900
1,000
*34
-100
500
Jan
1914 Feb 14
-10
640
3%
*72
-
800
29%
25%
%
-
14%
3%
1%
-
39%
7%
25
*34
Dlesel-Wemmer-Gilbert
27%
2 884
*1%
Preferred
14
16%
113
No par
—20
39%
27
•
4^% pf.100
Deere & Co.—
27
30%
4034
Dayton Pow & Lt
Jan
43%
4
Feb 11
034 Jan 30
Davison Chemical Co (The).l
Jan 13
16% Jan 25
42i2 Feb
312 Jan 15
1078 Feb 3
5
25
5% preferred
39%
26
111
Conv
3% Aug
3434 Feb 10
934 Jan
29% Jan 10
18
No par
28
3%
29%
29%
7% pref—100
No par
Cutler-Hammer Inc
28
27
83
%
108
108
3%
3134
*77%
6%
♦108% 11084
14
14%
3%
31%
*%«
2834
300
26%
3%
83
%
16
32
*77%
*584
*39%
27%
27
*73%
*2784
10
31%
82
1
1,200
4,300
1,100
27
*77%
78
-
7
*113
19%
Cushman's Sons
Davega Stores Corp
-
19%
2734
16%
684
•
1
Class A
100
75
*84
4
18
par
JDenv <fe R G West 6% pf.100
Detroit Edison
100
*73
*72
*3%
*16%
«.
m*
Jan 13
45
32
$8 preferred
4
7
m.
400
18
m m
m* mm
May
75% Oct
134 May
Jan 20
43
..No
Delaware Lack & Western. .50
75
;
m
25
3
Jan 6
Jan 16
Jan
--No par
Prior preferred
Delaware & Hudson
68
78
18
Jan
714 Feb 14
2514 Feb 14
Preferred
Curtiss-Wrlght
100
68
1%
54
18
No par
3,900
75
*84
86
*43%
Curtis Pub Co (The)
4,600
68%
*1%
*76
54
47%
98%
2%
4%
45% Dec
978 May
%
32%
15%
29%
1434
15%
86
2,400
30% June
12
May
75
May
47
284
27%
4%
26%
*43%
1734
*3%
*16%
6%
1734
100
1,300
28,800
Jan 16
2
10%
81
115
8
Jan 15
7
Jan
Apr
Nov
784
15% Jan
25
24%
100
387$
45%
45%
21%
96%
July
May
Jan
Dec
7%
1%
3% May
92
21i2 Feb 13
li2 Feb 1
184
18% June
3
%
834
69%
34%
Feb 14
2is Jan 29
334 Feb 4
5
2%
*73
%
3
Feb 14
25% May
36
Feb
l
9%
*79
130
44%
32 84
34
*76
19%
Jan
Apr
Jan
9
Feb
33
Jan 10
13% Jan
Cuneo Press Inc
45
Jan 24
43
Cudahy Packing Co-
5,800
6%
27%
45%
45%
preferred....100
30
100
1%
17% Dec
4
60
600
1%
Jan
807S Jan 13
900
conv
19
Feo14
14%
22%
1%
44%
6H%
June
73
43
14
22
June
75
100
Preferred
284
%
*68
*5,#
0
12% Feb 14
88
10
Sugar
10%
9
1584
50
Cuban-American
*%
*15%
5%
534
41U Feb
5
preferred...No par
234
82
2234
1,300
384
conv
10%
8%
36%
...
-
$5
%
*15%
29%
1478
*7II
*110
111
111
Pref ex-warrant8___.No par
2%
129% 130%
*28%
*39%
43s Jan
Crown Zellerbach Corp
10%
13134
16834 16834
32% 32%
3%
33%
29%
400
*%
17%
131
131%
22->8 Feb 14
4oi4 Feb 14
conv
234
8%
5%
2734
No par
pref w w..No par
$2.25
*42%
14%
22
*16%
*1634
19%
27%
No par
Crown Cork & Seal
Tx»Sept
13
Jan 16
Feb 10
Crosley Corp (The)
4
4
78 Jan 14
1978 Jan 10
107
100i2 Feb
17
478 Jan
4
500
220
4434
17
8%
*5%
27%
7
Feb 14
i.eoo
*42%
£28
17%
*19%
*778
l2 Jan
600
75
28%
146% 148%
147% 149
147% 147%
123%
124% 124% *123% 124% *123
11634 11634
116% 116%
11634 11634
*130
4
1978
28%
I684
20%
*109% 112
*109% 111
15
15
15
1434
14%
28%
28%
28%
*28% 29%
115
Feb 14
16
25
73
*113
114
112
8
.--1
5%
10%
%
*%
130
4
,--1
conv preferred
100
Cream of Wheat Corp (The) -2
2%
*2%
334
*75%
*43%
11
115%
2%
25%
11%
*115
Crane Co
800
26%
*11
5%
3,900
26
17
*5%
*77«
16%
102%
*17
17%
5
5%
22%
2334
40%
40%
*40% 42%
34
16
102
8%
25%
*16%
15%
42
Coty Inc
Coty Internat Corp
7%
18%
56
Apr
25
165
100 *175
Preferred
4.5CO
1,500
8%
26%
16% June
18% May
15% Mar
484
182% Jan 16
300
4%
84
4
76%
*40
Jan 14
1878 Jan 2
9%
4078 Mar
2
4%
8
8%
Birthday
1%
May
Jan
175
175
176
33%
1%
2
2
Jan 11
70
*75
14%
21%
1%
4% May
27?8 May
Jan
65%
85
45%
7
Jan 10
61%
37.4 Feb 15
Closed-
Feb
1% Apr
97% Jan
49% Apr
Dec
May
May
5% conv preferred
100
Cuba RR 6% preferred.-—100
7634
44%
May
May
Crucible Steel of Amer.No par
7634
44%
14%
33
May
1,200
334
8
40%
7,400
3%
Jan
41
3934
3%
June
40%
8U
393s
4%
203s
23%
47
Feb 14
53
50
8034
378
70
Jan 24
5% series
85
*2%
Jan 28
52% Jan 8
47% Jan 13
Conv pref
37%
Exchange
7% May
% Dec
90
3
300
14i2 Feb 14
3934
I684
69%
69%
*128% 130
19%
19%
5
Copperweld Steel Co
2
9% Jan 28
78 Jan 9
44i2 Jan
1,000
8 734
28%
15%
5
Continental Steel Cor p. No par
39%
3%
*28%
*16%
22
Continental Oil of Del
3
14
14
14
14
87
Stock
88%
*2%
20%
28%
35%
1
40%
88%
18
22
6% Feb
3514 Feb
278 Feb
17i2 Feb
19i2 Feb
$2.50
Continental Motors
40
13%
3%
*16%
35%
Continental Diamond Fibre .5
Continental Insurance
91
55
9%
Feb 14
42
90
84%
30
1578 Jan
4034 Feb 14
34%
8%
17%
*7834
*834
*35%
2234
*15%
69%
20
2
8
Corn Products Refining—.25
46
8%
Continental Can Inc
50
*75
17%
Jan
Jan
100% Jan 22
4% Apr
8% Apr
2% Jan
5% Nov
2384 Nov
108% Deo
19% Apr
15% Jan
Corn Excb Bank Trust Co..20
*34%
*3934
79
4i2 Jan
21
Apr
290
*43
3934
100
2,900
*43%
*18%
*3%
*16%
*678
28%
39%
*8%
*1634
*78%
*884
3
8% preferred----
13
18%
*1434
2
9
Feb
110% Mar
1% Jan
10% Apr
3,000
3484
8%
27%
*278
2
% Jan
88
90
2%
%
734 Jan
6
"u Jan
978
3278
45%
46
*113
Feb 14
13
No par
12%
46%
7
4
8
88
*18%
*3%
20%
Class B
Feb 14
15% Feb
1051s Jan
89
*43
113
3
25
100
preferred
43%
13%
*70
4
conv
4
7
Jan
Deo
4% May
47%
*42
27
Consolidation Coal Co
5%
7g Jan
Jan
16
Apr
99% Dec
100
2138 May
97% May
% Aug
5% May
2% May
5% May
% Dec
2% May
884 May
93% May
9% May
3% Jan 13
Jan
Feb
31% Apr
53
23
8%
6
7
24%
4 034
15%
*22%
1%
34%
8
2>8 Feb 14
53s Feb 3
6% pf.100
7%
Jan 15
% Jan
May
17% June
73s Jan 7
2338 Jan 13
10738 Jan 9
7i2 Jan 10
13
80
45%
500
May
2
89
*76%
*44%
*22
*40%
4,400
Jan
May
75
No par
Container Corp of Amerlca.25
Continental Bak Co cl ANo par
18
63
5
..No par
% Jan
Consol Laundries Corp
Consol OH Corp
Consol RR of Cuba
1,000
1,500
20
9734 Jan 28
103
$2 partlc preferred
108% Jan 22
6%
14
No par
Consumers Pow $4.50 p INo par
2,700
1,700
1,300
16,000
Jan 10
Highest
share $ per share
18% Feb 8
29% Jan 9
1578 Jan 16
$5 preferred
Consol Film Industries
300
------
Feb 14
21
13%
413g
*15
41
700
300
3
Feb 13
90
90%
*88%
*2%
378
*44%
*5%
95U Feb 14
578 Feb 14
*88
1334
9078
80
6
24%
42
12% Feb
100
100
5
4
[ per
4478
34
41%
par
share
46%
54%
1634
16%
*102% 103
*16%
17%
5%
5%
23% 24
17%
700
400
Feb 14
per
48
84
57g
25%
41%
4
*1678
Year 1940
Lowest
14%
53%
17%
84
17
4%
102% 103
*5%
25%
90%
234
*175
41%
4134
1334
90%
*37g
*76%
*110
17%
19%
14%
18
21
46%
"40%
*%
183g
21%
15%
18%
55%
*24%
234
3%
49
102
7%
3534
27g
*4834
34
37
7%
35%
21%
4%
36
3%
18
176
8
84
36%
*21%
488
37%
*81
3%
*54
1734
102%
17%
17%
*684
7%
86
3534
54%
%
20%
37%
49
120
113
8
*16
*17%
8%
*2634
37»4
*83
15%
434
33%
38
38
♦4%
*40
86%
*85
36%
1%
14,300
278
36%
*2%
8%
8
86%
37%
8%
36%
*89
100
5%
No
$
3i8 Feb 3
16% Jan 20
23
1
1
84
»734
No par
Consol Coppermlnes Corp
Consol Edison of N Y..No par
*%
*2%
5%
Range for Previous
Highest
$ per sTiare
Congoleum-Nalrn Inc.No par
5,500
15,200
1,100
%
5%
80%
*8
6
21%
106% 10634
2%
16%
3784
57g
21
8
♦105% 106% *105% 106
*105% 105%
14
14%
*14%
14%
14%
14%
*8%
8%
*8%
878
883
8%
*»16
*"ie
34
84
•"is
«4
♦85
6%
2134
Conde Nast Pub Inc
17
23
14
6%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
95%
14%
STOCKS
NEW YORK STOCK
the
99
6%
6%
21%
2134
106'4 IO684
34
*%
.
Sales
CENT
Friday
$ per share
$ per share
3%
18%
26%
NOT PER
SHARE,
Wednesday
1093
100
4%
%
21%
97%
1
102
Jan
Mar
29%
15%
Jan
47,
Jan
1
Oct
Jan
Jan 14
15
May
25
Jan
Jan 15
79
June
98%
Dee
10
May
20
Jan
40%
Feb
13% FeD 10
38% Jan 9
y Ex-rlghts.
)
27% May
\ Called for redemption.
New York Stock Record—Continued—Page 5
1094
LOW
AND
Saturday
Feb.
8
SALE PRICES—PER
HIGH
Monday
Tuesday
Feb.
Feb.
10
11
% per share
2012
*14*4 20i2
17
17
165g
104
10312 103l2 *103
40
40
4014
4014
13l2
1378
1378
137g
33
33
*32*4
3312
9 per share
$ per share
SHARE,
NOT PER CENT
Feb.
Feb.
12
$ per share
S per
Feb.
13
*14*4
20%
16%
16%
16%
33
33
*23l2
2314
*5*8
6Vg
2812 *26
*2734
27*4
IO6I4 *105*8
1514
15*4
2314
*6i4
*2512
27l2
*105%
1512
*212
*16
■20%
'
2012
5%
*11
>,■
3514
1*8
17b
*1512
35l2
1*8
1?8
I6I4
20i2
2012
11*4
*11
11*4
52
*50
52
*50
*100
107
52
52
52
6*4
*137is 139
3*4
4
47g
*127S
478
14
*78
79*4
414
484
14
7934
434
*127g
*78
.18*4
12812 12812
*18i2
18ig
18%
*127
128l2
3312
337g
35%
36
33
3334
36
36ig
113
113
*7lt
139
4%
113
7X»
12
600
127g
2,400
1,300
6*8
*136%
4%
4*4
127g
79*4
18*4
128*2
32*8
Florshelm Shoe class A.No par
22
Foil ans bee Steel Corp
24%
27%
100
5% Feb 14
24% Feb 14
28%
27%
27
234
*43%
17g
15%
17g
15%
19
111
*106
11*4
51%
51%
4%
4%
*4%
51%
*100
50%
Jan
24*4 May
1% May
17g
1,500
1,400
Galr Co Inc (Robert)
178 Jan 31
15% Jan 17
15%
19%
*50
60
*82%
83
132
132
*131
132
131
7
*109
111
11109
111
*109
111
42%
4
6*4
Closed-
*109
125%
125% 12.5%
600
43
40
4
4
6*4
111
4
*100
7i t
*13
13%
106
137g
'100
*13%
*8
3g
1714
1714
*16%
*26
26%
*2534
26i2
25%
♦lOU
1034
IOI4
IOI4
5678
*10%
52*8
5414
53*4
Lincoln's
*102
106
*100
106
7if
1734
*8
*17
**8
13%
54%
6%
6%
111
*109
^
-
*
-
-
Birthday
*17g
*214
*86
4434
2
*44i8
*17g
2l2
*214
93
*86
45
2
2%
93
44%
*17g
2%
*86
700
127g
12%
1234
1,100
106
%
17*4
1034
55%
20%
*10
24
49%
19%
106
*102
•it
*16%
-
4434
%
•it
*16
*4334
90
*86
*178
2%
24
1,500
10
10
500
54
20%
1878
187g
4434
4334
2
178
2%
2%
90
*86
433.1
2
2%
11:%
12%
13*2
13*8
13*8
13%
13%
12%
13%
62%
6212
62
62%
61
61
18
I8I4
16%
167g
86I4
1778
85%
17
*8512
*ll2
17%
85%
1678
86I4
15g
84
84
83
83
134
1%
1%
31
*28
31
18
*28
1
1
*28
1
Us
32
%
*5U
5*8
5*8
53g
*51,1
1%
5%
*1234
*1U2
1314
12
*125g
13U
*12%
13%
*1138
12
11%
11%
*11%
12%
*1H4
1234
*33l2
*24l2
14*8
3414
*3258
*24l2
*14t8
3334
25
14%
26
25
14*8
26ig
21
26
263g
21
21
141
141
140
140
*30
45
*2012
*11%
32%
24%
14%
12%
32%
24%
14%
24%
2534
21
21
*140% 143
*30
45
*30
31
3078
3078
III4
*1H8
15I2
IH4
113s
1512
H2
16
1*4
1012
31l2
IH4
1138
11%
11%
11%
1138
*11%
*1*8
*1214
1*4
*10
*30
*3312
*14i2
*1438
36
15
15
*30
45
30
30
1558
15%
15%
11%
15%
138
1%
*1%
1%
*12
16
*12%
184
134
1014
31l2
*3312
15ig
*14%
1012
10
3112
36
15%
15
*14%
*14%
134
*30
35
1%
28
"it
£5
*12%
*11%
*1034
*32%
*24%
14
23%
20%
*97
*234
*90
634
101
278
91
678
*90
97
160
160
*1418
15
70
70
*125
12612
*52*4
55
*10978 115
*1414
15
*2512
27
*714- 778
9%
*10512
49i8
9%
37
12
61l2
634
200
Hamilton Watch Co
6
6%
*97% I007g
2%
*87
634
2%
90
6-
160
*260
164
13
13%
*12
13
*69%
70
68% 69%
126% 126% *125
126%
*5234
57
*5284
57
e8
68
*36
12%
*60
*109
4
*3414
*34
*3
3484
a4
358
17
17
*16%
4
4
*334
49%
37
12%
6034
111
4
4
%
48%
*36
12
97g
*60
'
*125
*53
*26
7%
9%
36
36
11%
11%
84
4
*3
17
17
17
4
4
4
3%
60
111
3%
3034
"16
ait
*3
384
Bid and asked prices; no sales on this day.
4
33%
60
*110
*9
17
%
110
7„
3%
17
4
»
3
1634
334
7
*%
J In reoeivership.
a
it
Houdaille-Hershey cl A .No
Class B
Household Finance
100
Hudson & Manhattan
Jan
9
1% Jan
6
Jan 10
Jan
~
Jan
2
1
Feb 13
Feb
7
Feb 13
126% Jan 24
53% Jan
3
110% Feb
7
4
Jan 29
6% Feb 14
9
Jan 24
107
Jan 16
10634 Jan 16
Feb 14
101
3%
95
Feb 10
Jan
6
Jan
7
7% Jan 13
43% Feb
36
60
110
Feb 14
11% Feb 14
-
56'%
115
16
4,500
JHupp Motor Car Corp
Cash sale,
z
Apr
Apr
Jan
Apr
Dec
June
Jan
Apr
110
Jan
167
Dec
12% May
21%
Apr
Dec
Apr
May
May
110
8
35
May
60%
Jan 27
28
May
3834 Dec
16% Apr
71% Apr
69
126% Aug
50
June
8
9478 May
Jan 14
12% July
Jan
Jan 24
8
52% Jan
1334 Jan
Jan
6
9
Jan 15
4% Jan
6
37% Jan
8
19
May
4% July
834 May
54% May
101
June
3% May
Apr
Mar
Jan
Deo
Jan
Feb
1%
Feb
7%
Feb
May
Ex-right.
Nov
% Dec
2% May
May
6
67g
Jan
Jan
Apr
50%
3
% Jan
112
Jan
Apr
Aug
28
12
y
104
Jan
Apr
11%
678
478 Jan 13
Ex-div.
9%
4%
3% Feb 14
7n Feb 13
1
28%
138
113%
16% Feb 14
Feb 14
Dec
Aug
% Jan 22
3% Jan 6
17% Jan 8
3
Jan
106
8
Jan 18
10% Jan
39
Jan
106%
103
8
30% Jan 10
9
Jan
Feb
17
100%
133%
67%
115%
1834
35%
934
16%
77%
128% Jan
64
% Jan 31
2
37
20%
897g June
155
111
100
83% June
Jan 10
9
May
5% May
166
Jan 11
June
16% May
130
86
Jan 30
5
95
Jan 13
Feb 13
3% Feb 14
30*4 Feb 14
3,100
r
4
10% May
100% June
96
16% Jan
May
9% May
15
25% Jan 10
Feb
Apr
14% Nov
34% Apr
149% Feb 11
6% Jan 23
2% Feb 14
90
Apr
8% Nov
3
Jan 30
3%
30%
2% Nov
Feb 14
Jan
97
100
May
1% Dec
30
6
No par
11
2% Jan 10
29% June
100
preferred
May
Jan
158
Hudson Motor Car
9
Jan
Jan
21
par
9% May
1434 June
1% Aug
16% Jan
100
Hud Bay Min & Sm LtdNo par
stock,
11% Jan 24
33
90
1,500
re New
12% Jan 10
June
27% July
May
36
No par
No par
preferred
Howe Sound Co
Def. delivery,
23
14
140
Houston Oil of Texas v t C..25
5%
Jan 13
31% Feb
33% Feb 14
106
12.50,
15% May
18-% May
34
.100
Mining
May
21% May
11% May
£123
106% Feb 11
par
May
26
Jan 15
14% Feb
5
No
9% June
6% June
10.
Jan 25
12% Feb 14
(A)
700
100
3
16%
3%
%
334
3234
12% Jan 2
36% Jan 16
25% Jan 22
15-% Jan 4
28% Jan 11
% May
4% May
Jan 10
14% Feb
5%
6
7
6
12
26
100
6% Jan
13% Jan
137s Jan
June
1% Dec
May
25
22
68
preferred
July
Feb 14
9
25
No par
No par
Dec
May
12% May
143
Jan
10
300
28% Jan 22
1% Jan 11
16
100
1%
2
1% Jan
10
1,500
Jan 27
178 Jan 10
13
HInde & Dauch Paper Co
100
May
2
100
Holland Furnace (Del)
1,400
May
30
77
par
100
Homestake
11
9
2
No par
preferred
Hershey Chocolate
$4 cony preferred
7%
9
Jan
Jan 10
177g
800
"¥,100
1178
60%
Jan
No par
cum
Hollander & Sons
37
*»u
6%
Holly Sugar Corp
*36
34
10
Motors
Hercules Powder
700
37
*378
3234
2,000
...
46
4
Hercules
Feb 14
6-% Feb 14
Preferred
60
500
2
Feb 14
Jan
25
Hecker Products Corp
Helme (G W)
200
Jan 17
Feb
2
Co
400
9%
*106
4378
1134
Hayes Mfg Corp
Oct
4% May
2% Jan 25
2% Jan
1334 Feb 14
1% Feb
preferred
100
of Amer class A
1
6H% preferred
100
3034
69
11
6%
Hazel-Atlas Glass
May
Sept
90
Feb 14
11
Hat Corp
Feb
10% May
16% Feb 14
10
100
734 May
1378 May
98
83
2958 Feb 141
No par
July
May
16% May
May
1978 Jan
25
10
May
10
14
May
22
par
20
10
140
..25
preferred
9
9%
48
12%
6%
54
47
60
%
*53
49
110
1
*160% 163
12%
12%
Water
Printing Co
*109% 115
14%
14%
28
26%
26%
7%
634
684
*106
61
34
2,300
No
86% Jan
% Dec
13% July
45
par
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrac.No par
10
684
9278
preferred
7% preferred class A
30
100
preferred
Hackensack
700
3,800
*89
$5
40
9034
No
June
% Nov
934 June
14% Jan 10
3
24% Feb 11
13% Feb 14
1
100
65% Jan 13
20% Jan 10
Feb
32
Gulf Mobile & Ohio RR No par
50
*67%
69%
126%
126% *125
54
8%
*97% I007g
2%
2%
6%
Guantanamo Sugar
300
600
*85
5)4% conv preferred
Grumman Aircraft Corp
1,900
6%
*6
Greyhound Corp (The) .No
600
May
32% June
3% June
5% May
11% Feb 14
10% Feb 14
10% Feb 14
1
May
37% May
116
Jan
100
Green (H L) Co Inc
30
*109% 115
*14%
15
*109% 111
*384
35
*»i«
*3
*9%
*106
14
21
21%
21% 21%
*146% 150
*146% 150
160
9'
Green Bay & West RR
Hall
15
26%
*7%
934
100
100
160
*14%
Preferred
700
160
*109% 115
15
*14%
15
26%
26% 26%
77g
77g
8
Great Northern pref...No par
Great Western Sugar._Aro par
110
33%
1434
1434
90
*109% 115
600
30%
90
*14%
13,500
20%
*30
95
111
%
634
Gr Nor Iron Ore Prop..No par
118
60
4% Feb 14
12% Feb 5
20
500
*90
4
*
67g
90
700
preferred
9%
95
*109
%
90
100
9
*90
*106%
491?
49%
*36
*»ie
278
91
—-
*123s
*60
634
101
800
"i",66o
1434
*10334
*10434
*97% 101
2%
2%
*2%
3234
26% May
33*4 Dec
111% May
% May
28
Sept
7734 May
43
91
6
May
Jan 15
Jan 9
Jan 9
90
"it Jan
1
5
25
137g
23%
6,700
1484
6%
Motors
Granite City Steel-....Aro par
Grant (W T) Co..
10
5%
37%
7%
£67%
14%
Jan 10
Feb
12*4 May
102
3
43% Feb 14
1% Jan 7
2% Feb 13
Jan
6
Jan 11
134 May
4% May
378 Jan 13
46
28
div ctfs.No par
Without dlv ctfs
No par
300
3
1% Feb 14
w
11%
11%
14%
138
16
1%
33%
23
Grand Union
11
11%
1334
1%
*1134
1%
No par
Granby Consol M S & P
800
13
Feb 14
..No par
16% Jan
21
104% Jan 17
4
2
13
100
Graham-Paige
26,200
7
Jan 30
^No par
Preferred
10
Feb
Feb 13
preferred.
11%
36
1434
14934
conv
Gotham Silk Hose
900
11
*33%
I434
101
*90
*6%
$5
300
"l",665
*30
149
3,800
11% Jan 10
61% Jan 4
22% Jan 9
5% Feb 14
..1
30%
35
14812 149%
*6%
6%
800
Feb 14
1078 Feb
3% Jan
34% Jan
Telegraph Co 100
Goodrich Co (B F)
No par
5% preferred
No par
Goodyear Tire & Rubb.No par
"4,100
10
61
Goebel Brewing Co
3
18% Jan 15
29% Jan 11
19
Gobel (Adolf)
Feb
2
12% Jan 14
50
109
3
No par
preferred
conv
46% Jan 27
4% Jan 4
7% Jan 15
Jan
104
Gold & Stock
"""600
42
31%
106
4
2
Jan
1878 Feb 14
No par
29%
10
15%
15
Brothers
preferred
6
Jan
126
17% Feb 10
23% Feb 14
Jan
46% Jan 30
preferred....No par
conv
Glldden Co (The)
200
11%
10%
*30
11%
15
1%
15
1*4
10
31%
134
55
3
48% Jan
% Jan 27
16% Jan 10
106% Jan 15
7it Jan 10
%»
Gillette Safety Razor..No var
86
2
Jan 30
106
General Tire & Rubber Co...5
Gimbel
Jan 17
12% Feb 14
100
30%
*105
*21%
20%
5
42
106
22%
22
"it
preferred
2984
106% 106%
22%
10%
32
*24%
13%
*11%
14%
1%
*12%
134
*9%
15
6%
Feb 14
-4
%
1
Gen Theatre Eq Cor p.. No par
Gen Time Instru Corp.No par
13
*30
*106
6i2
11%
l)7g
33%
25
14%
24%
21
%
434
*1178
10%
143
*106l2 108
23
5
32
*28
*141
*106
*6i8
"11
13
1%
143
*10612 108
14812 148l2
1%
1%
28
60
*141
*14%
*10334
*22
*59
Shoe Corp
3
40
1
1,900
1,000
6
132% Jan 28
Jan
107
...100
2,190
1,000
400
Jan
% Jan 28
6% Jan
1
No par
Gen Steel Cast $6 pref. .No par
General Telephone Corp...20
2,000
39%
113% Jan 31
41% Feb 14
No par
preferred
General
700
5
% Jan
38
par *124
Printing Ink
preferred
6%
600
128% Feb 10
35% Jan 14
30% Feb 14
Gen Railway Signal....No par
2,400
6
Jan
2
86
90
62lg
18ig
1134 May
48%
19% Jan 28
4
Gen Public Service
May
86*4 Jan 10
4
35% Feb
112% Jan
No par
June
35*4 May
5% May
118
Jan
General
1,100
2,300
Feb
Feb
56 pref opt dlv series.No par
General Refractories
No par
50
23%
139
128% Jan
Gen Realty & Utilities..
10%
8
100
General Motors Corp...... 10
200
53
25
6
Feb 14
122
preferred
Common
'
Jan
7% Jan
86
800
13*8
*112
«,
55
62
•it
62ig
*84
—
3% May
Jan
17%
12%
13%
12%
12%
*18
*18
20
19%
*103% 104% *103% 104%
11
11%
11%
11%
3%
3%
3%
3%
36
36
36
35%
5%
534
5%
5%
61
61%
61%
61%
13
13%
13%
13%
44%
2
2%
»
45% June
11% Feb 14
17% Feb
pref series A.No par
No
June
Feb 14
4% Feb 14
6% Jan
157g Jan 10
76
Gen Outdoor Adv A...No par
-
%
Feb 10
100
.No par
No par
preferred
3*4 May
5% Jan 10
52
82% Feb
55
2,900
1,200
7ie
1734
25%
20r's
2058
20%
2058
*13i2
14
1378
14
13%
13%
*18
20
*18
20
*1812
20
*103l2 104l2 *103l2 104l2 *103% 104%
*11*8
12*8
12*8
11%
1134
12*8
3%
35g
3l2
312
3%
35g
*36
36%
36%
36*8
36*8
36%
57g
57g
57g
*57g
6
534
62
62
6212
6212
*6212 63i2
137g
137g
*1312
14
13l2
13l2
*20%
*%
12*4
June
8
par
No par
.
preferred
conv
5%
"
*%
135S
97
6% Jan 22
11% Jan 15
No par
$6
700
41%
106% Jan 14
94
100
General Mills.
280
28,300
Jan 21
478 Feb
1034 Jan 30
47% Jan 21
4% Feb 7
Gen Gas «fc Electric A..No par
~
800
131% 131%
4234
41%
May
6
No par
General Foods Corp.
~
~
12
134% Jan 6
3% Jan 6
4% Feb 14
preferred
54.50
10% May
Jan 28
No par
No
Dec
Jan 25
50% Feb 14
No par
General Electric Co
1,400
m m
Cable Corp
7% cum preferred
General Cigar Inc
32,700
4,700
•it
60
83
preferred
7%
2
17%
5
6
Baking
Class A..
400
200
83
125
58
Jan
May
22
2
Jan
106
General Bronze Corp
General
2%
2% Aug
No par
preferred
Gen Am Transportation.
General
10
114
*50
Exchange
$6
160
83
12518 125i8 *125l8 125%
*43
45
4512 *43
4
4
*4
4lg
*634
7
*6*4
7
5M% conv preferred
50
Gen Amer Investors...No par
128
83
1251s 125ig
45%
*4
4ig
400
900
*55
*43
5
5034
61
Stock
3
Gaylord Container Corp
Jan
19
par I
Gar Wood Industries Inc
2,600
83
No
200
434
105
32%
35%
1
10
preferred
2,400
52
2% Feb 14
Gannet Co conv 96 pref No par
10
5%
*%
$3
Gamewell Co (The)
210
11
83
43%
May
1% Jan
*50
£43%
June
9% May
61
39
61
45
Jan
20% Jan
33% Feb 14
1% Feb 4
83
44%
132
Sept
18% June
102
Freeport Sulphur Co
10
Gabriel Co (The) cl A..No par
,83
*131%
4412
11878 Jan
2
500
*58
44
Jan
May
6% Sept
1,400
128
131%
43%
42%
32
107% Jan
19
22
1%
500
7ie
Jan 13
24*4 June
3334
400
•it
29
105% Jan 24
13% Feb 14
2
4
20
18
34
Jan
Jan
76
30%
7
Jan
18
36'4
3378 Jan 8
24% Jan 24
May
32% May
10% May
3
76
327g
Jan 13
46
18%
113*4 *113
15
6
78
3534
Feb 14
42% Jan 13
14
Sept
12% May
84
43
18%
32%
No par
No par
conv
3
Jan
Jan 10
Highest
share
per
F'tj^nSlmonACo Inc 7% pf.100
77%
129
preferred
Francisco Sugar Co
500
2%
46
1,800
6%
27
10
conv
.
$7
10
10,400
1,400
*113
6034
4,300
6%
6%
6%
100
preferred
preferred
100
Foster-Wheeler
......10
4M%
40
*136% 139
*136% 139
4
37g
4%
3%
4%
434
4%
4%
*12
13
II84
11%
7a
7it
105
conv
Food Machinery Corp
800
111
52
5%
5%
10
18% Jan 10
105
%
10
2%
46
47g
*1034
5134
114
No par
500
200
11
36%
36
*113
No par
5%
20
*126
4
32
17g
15%
19%
51
Feb
39% Feb 14
12% Feb 14
31% Jan 20
First National Stores..No par
Fllntkote Co (The)
Florence Stove Co
Feb 14
24%
33%
1%
*100
16
102
32
5%
51*4
6*8
139
4*8
47«
13%
79*4
18*4
12812
327g
par
100
6% preferred series A
24%
5%
24%
434
34%
1*4
*106
Co.No
Firestone Tire & Rubber... 10
3234
*1%
£34%
Highest
9 per share
25
*2%
46
107
*5U4
7lt
39%
12%
412
*100
6*8
65g
139
39%
13%
11
4l2
484
*4l2
412
107
400
3934
5%
5l2
Filene's (Wm) Sons
1,500
12%
323«
*24%
27%
111
♦106
55g
55g
*51*2
6*4
113
35l2
1*4
17g
157g
20l2
*11
412
*100
50
Par
Range for Previous
Year 1940
Lowest
Loioest
9 per share
Week
Shares
105% 105% *105% 106%
14%
14%
13%
1334
123
120
120
*120
27g
*2i2
*44
On Basis of 100-Share Lots
EXCHANGE
39%
*25
125
50
106
106
107
•
512
*50
35l2
1*4
17g
1512
3514
H*4
2
16*21
20l2
3514
*15g
*17g
*106
*46
51
Range Since Jan. 1
NEW YORK STOCK
the
20%
16%
16
102
*5%
*514
*2512
27g
*212
27g
*43
*2312
*120
125
*120
125
*120
2412
5*4
29
2812
27*4
2734
28
*1053g 1O012
15ig
15l2
15*4
2412
534
STOCKS
for
102% 102%
*1434
*1434
£102
14
$ per share
share
20%
*165s
17»2
103ig 103's
*40i4
40*4
13*4
13*4
*14*4
Sales
Friday
Thursday
% May
27
Jan
6%
Feb
1
Jan
If Called for redemption.
Volume
LOW
AND
Saturday
Feb.
8
38%
SALE PRICES—PER
HIGH
Monday
Tuesday
Feb.
Feb.
10
$ per share
$ per share
7U
*14%
New York Stock Record—Continued—Page 6
152
$ per share
7%
7%
7%
6.'8
15
38%
14i2
14i2
14%
*38i2
3934
*38i2
334
*334
4%
*334
4ig
*20%
20%
20 ig
20i8
53s
*5%
11
Feb.
$ per share
7i8
14i2
3934
334
8414
84
11%
1138
113s
*6%
634
25%
25%
25
111%
111
*111
334
*314
Q
Q
*1%
612
134
503s
113s
Cl2
*11
*24
11112
*3l4
3%
*1^8
497g
*37g
*130^4
1278
6214
*178
*38
*39
4%
255g
*37g
25i2
*39
*30U
305g
2878
28%
*97l2 100%
*38%
4%
100
RR Sec ctfs series A... 1000
1934
1,300
Indianapolis P & L Co.No par
2434
2334
24%
£82%
1034
934
*6%
6%
24%
6%
*22%
112%
112
11234
*3%
134
15g
*39
147
147%
4834
48
48%
159U 15934
159
8I4
8%
37g
37g
*39
*27l2
9912
3014
2834
99l2
134%
11%
*1%
2
38%
38%
30
99%
*29
30
29
29
*130
133
*29i4
*130
41
40
40i2
40i2
59
58l2
5834
57i2
58i2
*127
128
*104i8 105
III4
11%
4%
4%
*13U
104
128
1043g 104%
*11%
12
*120%
*120l2
*17
*127
1214
183s
14i2
104
*4%
*17
*13%
104
12U
128
*11%
*120%
434
*4
18%
17
14%
*13%
104
104
Exchange
Closed—
17
Lincoln's
Birthday
*7%
7%
73g
7%
*7%
105
*103
10978 *103
1097g *103
17
17
17
17
*1634
17i8
7
7
*7
7%
*678
7U
*718
*103l2 110l2
3278
333g
103%
103% 10334 *102
33
32%
33
33%
12%
12%
*12%
12%
12^
I23g
3412
3412
2%
*34%
2714
25
27%
2%
28%
24
24%
*2
*2614
247g
314
*27g
26
2734
26
28
65g
*6ig
*22
12%
*22l4
*114
*2%
26
27
*6%
2734
6%
1,400
300
70
32%
12%
17,900
34%
200
£25%
2%
25%
23%
24
280
23%
23%
22
22
2,600
3
3
26
26
26
*6
23
27
6%
23
8%
25%
*22i4
23
116
3%
*234
26
26
25
25%
*5%
*234
3%
100
223g
23%
36,300
24%
6
*15
12%
25%
53g
5%
23
20
20
12%
12%
12%
7%
734
*634
24
25
25
22
21
22%
*114% 116
*114% 116
1%
2
1%
1%
734
6,100
300
2434
1,300
400
116
*114
2
*2
*%
%
3%
*%
%6
%
%
#i«
*2%
2%
2%
2%
2%
2034
800
300
2%
21
12
23
35%
6%
1,400
3ig
213g
21%
1234
*1134
21%
12%
21%
*12
12
12
*1134
12
*23
2434
*23
2434
23%
35%
23%
6%
*22%
35%
6%
24
3534
6%
*37
38
*37
90%
*90
90%
200
91%
90
90
800
180%
180
180
500
20%
25%
20
20
100
*27g
21%
36i4
36%
36%
67g
*37
6%
38%
67g
*37%
38%
67g
*37%
*913g
92%
*90
91%
91%
3614
678
*92%
*180
94
183
3:9234
9234
180% 181
9134
181
*26%
27%
27%
27%
*19%
2534
*32%
33
33
33
*32%
*10%
10%
10%
10%
*10%
*19%
20%
*19%
207g
1534
15
217g
36%
38%
91%
9134
181
21%
10%
9%
14%
15%
1434
237s
2334
24
23
23%
33%
32%
33%
32%
33
14%
*108% 108%
18%
18%
161
*18
*64%
30
*136
161
18%
65%
30
...
28%
28%
25
25
108% 108%
*18
187g
*161
*18
65
*30
27g
3
14
167
18%
65
30%
*14
287g
287g
2434
25
18%
22
22%
31%
32
*108% 109%
18
161
161
26%
9%
147g
26%
9%
26%
*26%
26%
26%
26%
147g
26%
9%
*175%
50%
2%
*25%
*104%
*13%
1434
_.
50%
2%
26
...
13%
1434
934
147g
26%
934
175%
49%
2%
*25%
*104%
*13%
1434
*10578 10734 *106%
*23%
*23%
24
*734
*734
8
*31%
32% *31%
36%
234
3634
234
3,300
14
14
200
18%
400
4% conv preferred..
100
tLehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
-.50
Lehman Corp (The)
1
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
7
Libby McNeill & Libby
Life Savers Corp
5
Liggett & Myers Tobacco..25
25
100
Series B
Preferred
Lily Tulip Cup Corp—No par
Lima Locomotive Wks.No par
No par
Lion Oil Refining Co—-No par
Link Belt Co
Liquid Carbonic Corp.-No par
Lockheed Aircraft Corp
1
Loews Inc.
No par
$6.50preferred...—No par
Loft Inc
1
Lone Star Cement CorpNo par
Long Bell Lumber A...No par
Loose-Wiles Biscuit
26
100
10
100
5% preferred
Lorillard (P) Co
7% preferred
Louisville Gas & El A..No par
65%
Louisville & Nashville
*29
30
700
MacAndrewsA Forbes
*64%
30
30
...
27%
28%
25
25
*29
*6%
14%
'
30
27
25
26%
3,600
24%
24%
23%
24
1,300
12
11%
11%
300
Madison Sq Garden—No par
29
27
27
100
Magma
900
Manati Sugar Co
6% preferred
*136
1%
*6%
1%
1%
1%
634
*1334
1434
6%
*13%
6%
14%
8%
23
14%
24%
1,150
4,900
6,500
8
8%
5,100
25%
26
400
18i«
4%
4%
9%
1478
26%
1434
\
14%
4%
7%
14
14%
14
25%
26%
2434
9%
934
26%
2634
834
25%
9%
26%
25%
26%
2634
2634
177
175% *172
48%
48%
49%
*2%
3
2%
*25%
26
26
*104%
13%
13%
13%
14
14%
1434
10734 106% 106%
23%
23%
24
*734
32
8
32
8%
3%
8%
32%
834
8%
8%
3%
3%
3%
26%
26%
26%
26%
25%
3%
26%
Bid and asked prices; no
sales on this day.
*25%
*25%
*172
9
26%
177
49%
4934
*2%
3
*25%
26
*104%
13%
13%
14%
14%
105% 105%
23%
23%
*734
*31%
8
32%
25%
*172
177
700
10
*48%
4934
900
2%
*25%
*104%
2%
26
600
*13
13%
200
14%
2,900
400
7%
734
31
31
7%
1,900
33g
24%
3,300
24%
X In receivership,
1,300
d Def. delivery,
May
100
11
120%
4
1534
13
6
Feb 14
Feb
5
Jan 2
Feb 14
9
Jan 30
Jan
104
Jan
7% Feb
8
4
9%
1%
7
Jan
Jan
131
Jan 13
15% Jan
67% Jan
June
10% May
40% May
134 May
73
37
56% Feb
39% Dec
36% Jan
25
May
9
8
13% May
97% Jan
9
134 May
3% Jan 10
1% May
8
Jan 20
33
Jan 10
133% Feb
14
44
Jan
17
Jan
3434 May
52
Mar
44
77%
9
7
June
122% May
48% May
9% June
117% May
3% May
11
14% Jan 10
104% Jan 27
9
May
92
May
7
Dec
95
Jan
38
6
434 May
Jan 10
2% Feb 11
29% Jan 25
Jan 30
27% Jan 9
29% Jan 10
May
2784 May
1% May
17% May
19% May
2
May
22% Aug
23% May
4
116% Jan
4
15% May
100% June
234 Jan 13
34 Jan 9
1% May
4
2
Jan
4
22% Jan 22
% Dec
1
100
1
^McKesson & Robbins, Inc..5
$3 series conv pref...No par
n New
stock,
r Cash sale,
Dec
116% Dec
4
Jan
1%
Jan
14
Feb
Jan
39
Jan 18
20
Jan 21
30
Jaii
37%
Jan 14
4
11% Jan
6
16% Jan
8
283g Jan
9
343g Jan
6
109
Jan 29
33
May
16
23%
Apr
30«4
Dec
May
41
Apr
9
May
May
10% May
22% July
20% May
97
May
1638 May
40
Jan
9
29
June
3% Jan
3
2
May
15% Jan
6
13% June
110% Jan 18
105% May
162
Jan
2
17%
Dec
138% May
19% Jan 10
15% May
70«4 Jan 27
38
31%-Jan 21
May
2534 May
Jan 21
128
Sept
33% Jan 10
17
May
138
27
Jan 14
12
Jan 21
20% May
8% June
2
21% May
6
6% Jan 11
1% Aug
30% Jan
17g Jan
14% Jan 13
Apr
109
Apr
109% Apr
188% Dec
27
4
19% Jan 15
45
Jan
18% May
19% Jan
4
May
11% May
14%
Apr
18% Mar
41%
Apr
37% Mar
109%
39%
46%
4%
I884
Apr
Apr
Jan
Apr
Jan
109% May
25% Apr
163% Dec
21% Jan
65
Nov
35
Jan
136% May
3184 Dec
31
,1234
38
4%
Apr
Jan
Mar
Apr
7% Mar
16% Jan
l%May
6
84 May
5% Jan 14
11% Jan 8
3% May
2% May
5%
1384
1584 Jan 27
884 May
16% Nov
1
Jan
3084 Jan
12% Jan
30
6
6
27g Jan 14
2% Feb 14
2534 Jan 28
Jan 8
Jan 21
103% Jan 23 104
13% Jan 16
12% Jan 7
1478 Jan 6
13% Feb 14
104% Feb 14 lll7i» Jan30
25% Jan 11
22% Feb 1
9
Jan
9
7% Jan 31
3384 Jan 7
31
Feb 3
984 Jan 9
7% Jan 2
37g Jan 6
3% Feb 14
26«4 Jan 21
24% Jan 6
25
x Ex-dlv.
7% Nov
Jan
25
Apr
June
preferred
Feb
9%
June
6 % conv
4
29% Jan
34% Apr
May
21
McCrory Stores Corp
Feb
5
160
No par
No par
Jan
Apr
7% Jan 23
Jan
Jan 22
McCall Corp
234
31«4
26
9
4538
175% Feb 10
53% Jan 23
No par
Jan
Apr
53%
June
Feb 14
46%
29
169
8
Dec
15% Nov
June
3
Feb 4
Jan 3
Jan 2
Jan 14
38%
9% May
18% May
8
Jan 13
Jan
1%
534
13%
34
105
30
12% Jan
24
189
9
Jan
Apr
18% Nov
9% Apr
24% Nov
May
Feb 6
Feb 14
23% Feb 14
11% Feb 14
27
Feb 14
15%
16% May
May
29% Jan
;
109
484 Nov
87
136
25
16% Jan
104% Dec
May
87
Feb 1
Feb 13
Jan 8
jan29
Feb 14
Mar
3584
9
2
Jan 30
,
7% Apr
20% Nov
3% May
16% May
25% Jan
3
13a4
108
18
159
I758
61
121
87g Jan 13
27% Jan 10
May
8% May
Jan
Feb 14
36% Feb 4
234 Feb 14
Jan
9% Jan
21% Sept
1638 Jan
Jan
98
Jan31
Jan
11% Dec
8
Jan 13
13
96% Jan
Feb 14
Feb 14
Jan 14
132
8
8% Jan
26
90% Feb 13
1434
20%
30%
107%
14%
Dec
109% Dec
16
Apr
May
8% May
26% Jan 13
3
Dec
130
May
5% Jan 10
Jan
33
June
1834 Jan 24
8
Dec
9
Feb 11
Feb
Nov
434 Jan
4% Jan
10% Jan
92% Dec
8% Jan
122
12% Jan 10
121
30
109
7
Jan 16
110% Jan
Jan
7
63% Jan 13
128
43g May
74% June
5% May
20% May
Apr
5%
267s May
Jan
7% Jan 9
94% Jan 17
21% May
June
10034 Jan
Jan
Jan
6
3934 Jan 2
41% Jan 10
31% Jan 30
3
133
4
2% Jan 16
31
109
90
Feb 14
Apr
14%
38%
10
33
Feb 10
978 Feb 14
Jan
5% May
13% Jan
23
Jan
Dec
538
3% May
19%June
87% June
24% May
4
173
4
37% Jan
Feb 14
179
Jan 27
19% Jan 3
Dec
6234
4
8% Jan
105% Feb
37% Jan
2% Dec
44
191% Mar
Jan
31
Feb 14
12
Feb 14
34% Feb 14
134 Jan 24
Mar
3% Jan
6% Feb 14
101
Feb 14
23% Jan 2
22
Feb 14
3
Jan30
22% Feb 14
24% Feb 14
6% Feb 14
17% Jan
12% Jan27
7
Jan 3
24
Feb 14
21
Feb 14
114
Jan 7
134 Jan 2
% Feb 13
2% Feb 14
20% Jan 30
11% Feb 1
22
Jan 29
35
Jan 30
6% Feb 14
Apr
5% Nov
12% Jan
Dec
174% Jan30
48% Feb 11
Mclntyre Porcupine Mines. .5
McKeesport Tin Plate
10
7%
145
6
113
May
7% preferred
100
May Department Stores
10
Maytag Co.
..No par
McGraw-Hill Pub Co ..No par
3%
125% Jan
1
15%
18% May
28% Jan 13
McGraw Elec Co
8%
Feb 14
June
25% Feb 14
25% Feb 14
500
3%
133% Feb
91
4% Jan 30
7% Feb 14
13% Jan 17
23
Feb 14
300
8
2434
No par
25
1
600
3%
2434
3
7% Nov
47% Mar
Marine Midland Corp
5
Market St Ry 6% pr pref-,100
Marshall Field & Co..-No par
Martin (Glenn L) Co
1
Martin-Parry Corp
No par
Masonlte Corp
No par
Mathieson Alkali Wks.No par
$3 preferred
$6 1st cum pref
104% 105
22%
2234
13%
Shirt..
Manhattan
Maracaibo OH Exploration...
6,100
»I6
Mandel Bros
200
4%
1
8%
100
.10
1
Copper
200
1
434
10
27
100
10
26
...
434
*"u
120
—100
Mack Trucks Inc
No par
Macy (R H) Co Inc...No par
*136
47g
934
8
160
*160% 167
1
1
1,100
*-.5
600
*8%
3%
*
14,000
No par
500
1%
7
14%
9%
15%
Lane Bryant
Lee Rubber & Tire
Lehigh Portland Cement..-25
18
1%
434
6,000
100
No par
64
*27
*"u
700
1,900
Louis 100
5% preferred
Lambert Co (The)
17%
29%
1%
634
14%
1
Kimberly-Clark..._.__No par
Kinney (G R) Co
1
$5 prior preferred—No par
Kresge (S S) Co —
10
Kresge Dept Stores.
1
Kress (SH)& Co
No par
Kroger Grocery & Bak.No par
61
*27%
478
10%
15
No par
Keystone Steel & W Co No par
Kennecott Copper
18
29%
*434
100
100
*18
Jan
7
Feb 14
28% Feb 13
4% June
21% Aug
May
Jan
64%
*28
*»u
1,300
33
6,800
14%
88
Nov
38
Jan
18
30%
1%
24
2238
3134
30%
95
Jan 3
2
Feb 13
2% Feb 11
6% Feb 14
94
5384 Jan 10
18
64%
*28
*6%
24,500
108% 108%
20%
2
66% May
7% May
6% May
2634 Jan 10
Jan
Apr
2% July
7
Jan 30
3% FeD 14
23% Feb 3
130
Jan
158
June
Jan
Jan
118
May
136
170
Apr
May
2
3
29
16% May
Jan
Nov
934
72
2
Jan 16
106
18
*11%
*1378
2,000
49
6%
23
Jan
140
167% Jan 10
15% Feb 14
161
12%
1%
100
(
104% Jan 22
18
*1134
7
*32%
*108%
18
12%
1434
14%
*108% *
*1134
1%
2%
2%
*14
12%
*634
163g
38%
15%
37%
*11%
*137g
33
500
4% Jan
11% Jan
2% Jan
Kelsey Hayes Wh'l conv cl A. 1
Class B
—1
Kendall Co $6 pt pf A..No par
161
*136
*136
3
14%
108% 108%
18%
23
*10%
109% *108% 109% *108% 109%
16%
1634
1634
17%
17%
17%
38%
38%
38%
38%
38% 38%
14
25
3,000
38
107g
2334
*27g
*19%
6%
15%
33%
3
90%
*180
35
*32%
*108
3
90%
1134
*22%
34
1534
*14
2134
26
1534
*15
20%
1
100
5
2
Keith-Albee-Orpheum pf--100
30 Laclede G as Lt Co St
20
1,100
*22%
2
2%
1,400
500
*114
*27g
5% conv preferred
Kayser(J)&Co
24
8%
*12
Kaufmann Dept Stores
2%
28
2%
100
4% preferred
100
500
2%
*25
23%
101
City P & L pf ser BNo par
Southern.No par
Kansas City
280
27%
25%
*22%
7%
*103
109% *103
109%
16%
1634
15%
16%
634
634
6%
6%
2378
1234
214
13%
104
7%
34%
*12%
116
300
12%
1234
*2
16
36%
*12%
*8
600
16
12%
12%
25
Kan
4
16%
*34%
24
8%
11%
100
Preferred
6
6% Jau
2% jun 10
55
4
31
Feb 13
13% Jan
15g Jan31
No par
*120%
101
159
Jan 30
Feb 3
Feb 14
Feb 14
Johns-Manvilie
4%
32%
Feb 14
9
25% Jan 14
113% Jan 28
3% Jan 16
734
1%
39
146%
46%
Jan 10
90% Jan
4
2,200
Jones & Laughlln St'l pref.100
Kalamazoo Stove & Furn—10
161
Jan 2
FeD 10
56%
300
102
Feb
Jan 10
111% Jan 22
Feb 10
Feb 14
Febl4
No par
70
26
99 Feb 14
Jewel Tea Co Inc
1,500
32%
May
155%
79
934
6%
23»4
111
13%
Dec
Dec
5
700
101%
234
20
7
11% Feb 14
39% Feb 4
1
Jan 10
6% Jan 10
1
1
$6 preferred
127
102
No par
4
21% Jan27
Jarvls (W B) Co
100
*13
2
Feb 13
200
127
104
2% Jan
5% May
19%Feol4
800
101% 102
7%
Apr
12%
40%
29%
133
*126% 127%
13%
TOO
Pref erred.
55
104%
No par
Foreign share ctfs—No par
Interstate Dept Stores.No par
56%
7%
43%
Intertype Corp
Island Creek Coal
40%
*104
Inter Telep & Teleg
200
56
16%
50
100
7% preferred
400
36%
*22%
25%
23-%
7,900
*34%
3%
26
2%
6%
12
24
*8
*247g
*2%
37
2%
*40%
13%
1334
104
8,100
*113g
June
29% Jan 4
25% Feb 14
2
12
31
No par
2
11%
40%
*4
3934 Jau 28
3
International Shoe
*120%
4%
6
39% Jan
International Silver
*2834
Jan
34% Jan
No par
300
*130
24%
Intnational Salt
400
7
May
6
400
90
12
37% Jan
98
7
8% Jan 10
16S4 Jan 22
100
29%
26%
share
per
2
134 Feb 14
5% preferred
Highest
$ per share $
13% Jan
11
Feb 14
5784 Feb 14
98
*80
6% Feb 14
Year 1940
Lowest
$ per share
15
100
5% conv preferred
25%
12%
*11%
12
...
41
share
InternatRys of Cent AmiVo par
29%
133
12%
Stock
100
Inter Paper & Power Co
30%
28%
28%
300
,..100
Preferred
99%
2%
2%
734
*130
128
102% 104
4,300
100
Preferred
Int.Hydro-ElecSysclassA.25
Int Mercantile Marine.No par
Internat'l Mining Corp
1
Int Nickel of Canada.-No par
28
90
*7%
133
5812
1214
16,900
1%
38%
6%
*80
734
2934
*3934
12i2
12
59
134
38%
6%
65g
12U
4034
*12i4
11
5734
*39
41
2%
*13212
12%
59%
58
90
9,900
100
130% 130% *124
No par
Internat'l Harvester...No par
300
7
100
No par
4,600
2,500
8
6% preferred
Intercont'l Rubber
Interlake Iron
Internat Agricultural..No par
Prior preferred
-.100
Int. BusinessMachines.No par
500
1%
7%
1%
1
No par
1,200
1,500
2i8
6%
9,300
16,900
2%
*7ig
1%
3%
23g
*87
90
24%
2i4
8I4
Interchemical Corp
3%
2%
6%
Insuranshares Ctfs Inc
Range for Previous
Highest
2334 Febl4
Inspiration Cons Copper...20
500
10,900
per
5
...100
No par
400
23%
23s
90
3,900
*155% 159%
1%
No par
Inland Steel Co
8%
40
No par
Ingersoll-Rand
2,700
$
10
Industrial Rayon
6% preferred
3%
146% 147
46% 48%
IndiaD Refining
10
334
2
*6i2
800
24%
*26%
305g
1,100
156%
81%
10%
6%
24%
112%
7%
334
*39
29
24
101
23%
41
*28
30%
159
1%
134
400
734
1®4
*37
41
5
*3
1%
4212
14714
*3014
*714
3%
8%
8
87g
41
412
79
83%
10%
*9712 101
*87
99
156% *155
*155
*23%
134
100
5
147
4814
Leased lines 4%
*3%
6I4
lSg
50
Illinois Central RR Co
100
6% preferred series A... 100
19%
*102% 106
III4
700
5
2i8
8i4
37
4,800
Par
4%
2is
634
37
Shares
20%
2U
91
39%
Lowest
5
2U
*7i4
634
1334
On Basis of 100--Share Lots
EXCHANGE
*3%
214
*638
6%
13%
Range Since Jan. 1
NEW YORK STOCK
the
1934
214
*87
7
14
STOCKS
for
Week
14
$ per share
2514
85g
50l4
41
Feb.
Sales
"
25%
24i2
247g
134i8 *130l4 134ig *130i4 134ig
13
1278
1314
1212
127g
*62
6234
605g
6134
62i2
*1%
2
2
*17g
2
3834
39%
3912 *37%
3812
41
13
634
11134 11134
*3U
334
134
4212
4212
147l2 148
Friday
5 per share
14
845g
6U
9U
*15978 16234 *1597g 16H2
*134
178
178
178
8
8%
8%
834
25%
8414
25
9
*42% 43
14834 149 IS
4934
84
84
CENT
Thursday
Feb.
12
2014
20U
55s
5%
5%
*2414
25
2478
24%
24% 25i8
105
*106% 107% *106i2 10734
106l2
*152
158
155i2 155i2 *155
156l2
*5
NOT PER
SHARE,
Wednesday
1095
y Ex-right.
2684 June
6% May
2184 June
36% May
2% May
20
May
96%June
10% May
4784
Oct
Dec
Apr
1434 Apr
40%
Jan
3284
Apr
173% Dec
53%
Jan
4%
Feb
30%
Apr
105
16%
17%
Mar
Jan
10
May
93
May 111 "11 Dec
17% May
5
June
26
June
5% May
3%
Dec
17% May
Apr
29
Apr
9%
47%
12%
884
Apr
Jan
Jan
Apr
32% Apr
^ Called for redemption.
New York Stock Record—Continued—Page 7
1096
WW
AND
PRTCES—PER
SALE
HIGH
|
NOT PER CENT
SHARE,
Saturday
Feb.
$ per share
*6%
684
*10512 108
*814
88S
Feb.
10
Feb.
8
$ per share
11
3 per share
Feb.
12
$ per share
$ per
.
Feb.
*73
80
*73
80
*73
75
*71%
75
*68
727#
3012
*68
*68
70%
30%
33s
*66%
29%
701,
*30
i
500
2
eoo
50
71%
*66%
29%
*3%
71
7U 2
3%
2234
22%
22%
24
24
23
24
22%
221
»14!4
3314
8*4
14%
*34%
17
33I4
8I4
14%
358,
*14%
17
*15
17
15%
151.
14
14
*33
34
33
33
31
31
30
3C3,
33s
3%
14%
124% *122
43%
4312 43%
*122
*109
110
3%
3%
*57
60
*934
*1%
8
7%
76,
7%
14%
3534
124%
14
13%
133,
13%
135,
34
34
3034
33
110
3%
*3%
»«•
17s
61
10
%
%
*1%
*34%
3534
124% 124%
43%
43%
*109
1%
1%
%<
%6
*t„
*%«
%
*»U
%
1484
*11
14
14
80
79
80%
7914
*116i2
*118
3634
*41
*24%
*978
*16%
*20
334
50
10%
*69%
*111
67s
,*48%
4%
*17
1934
*534
*7%
*9%
17%
171
...
120
36%
*9%
*16%
*20%
21%
334
*3%
50%
50%
10%
7134
112
67»
51%
4%
18%
1934
6%
7%
9%
1738
171
1234
87%
17
13%
10%
*10
13
5%
*8%
21%
*12%
*738
*87%
*1678
13
5%
8%
213«
1434
734
92
17
2334
*19%
*28%
148
4
*10%
11%
69
*111
*6%
,
7
49
49
434
4%
18%
20%
4%
173s
19
434
173s
1934
*6
6%
18
1984
6%
*7%
9%
17%
*169
1234
*86
6%
7%
9%
17%
172
1234
7%
0
9
17%
12%
4%
*16%
18
Stock
6%
Exchange
8%
7%
60%
5%
60%
534
938
9%
45%
45
5
*43%
46
45
45
5
5
4%
10
*934
10
*934
878
15%
80
*8%
8%
15%
79%
15
8%
*77%
*27%
2784
27
7%
24%
-73s
24%
7%
233s
*101%
*3%
16%
14534
8%
48%
934
*109
*37%
12%
*1284
28%
*23%
*5
*9%
*!,«
M
*36%
*12
*
28
38
123s
27
3734
♦12
200
16%
100
2,200
27
2834
*205
*10%
5%
20
13%
634
*85%
15%
8
20%
13%
Co
Acme
200
5M% prior preferred
6% prior preferred
100
27%
*26%
7%
6%
2334
10934
39%
13%
12%
29%
24
5%
11
'11
28
2884
210
11%
12
Bid and asked prices; no sales on this day.
a;2134
80
4484
27
7
2268
*108% 108%
37%
37%
12%
1234
*77%
*41%
400
4434
30
2534
684
2134
1,400
3,700
£.900
107% 108%
300
2534
6%
2034
200
10%
9
9
100
*28
29
206
206
15%
56%
55%
14
15%
56%
55%
14%
12%
14
9,200
38%
2%
*25%
*13%
38%
2%
2934
14
15%
7%
1534
*9%
9%
6%
39
10
14
9
9%
*102% 104% *102% 104%
3%
3%
3%
3%
15%
15%
15%
15%
147
147
*145% 150
8
8%
7%
8
10,765
a
79% Feb 10
45% Jan 16
110
Jan 17
2534 Feb 14
3184 Jan
6% Feb 14
2034 Feb 14
884 Jan
2734 Jan
5
Feb
1
May
June
4
54
Jan
6
3
U
1%
%
30%
3284
7
Jan 24
Jan 13
23% Nov
IO584 Nov
30% May
9% May
8% May
May
3% May
484 May
June
45
%»
Dec
%
Oct
2
Jan
Jan 10
%•
Dec
Jan
4
13%
%
3184
Jan
Dec
Jan
Jan
May
8
20
175
May
35% Apr
226% May
105
May
117
.10
15
Feb 14
50
50
56
Feb
3
53% Feb
4
12% Feb 14
2
17% Jan 10
5884 Jan 6
57% Jan 20
17% Jan 10
2384
Jan
59
Jan
47% May
58
Jan
15
May
84% June
3
Jan
Jan 15
50
Co..2.50
12% Jan 13
7% Jan
9
Feb
1
101
May
Feb 14
27
May
113%
39
234 Jan 11
27
Jan 11
1334
7%
Feb
7
Jan
4% May
Oppenheim Collins ....No par
.100
3% Jan 30
15% Feb 14
14584 Feb 8
No par
7% Feb 14
No par
$5.50 conv 1st pref..No par
Outboard Marine & Mfg
...No
Preferred
3,400
3,000
50
Jan
Jan
Dec
16% May
6
538 June
884 May
var
Pacific Amer Fisheries Inc
iclflc Coast Co
2d preferred
No par
No par
Pacific Gas & Electric
1,000
2,600
Pacific Ltg Corp
New stock,
1734
150
Jan
8
Jan 11
10% Jan 10
43
Jan
22%
Feb 14
53% Jan 10
26% Jan 6
51
Jan
55
4284
7%
2%
12%
5%
10%
5
10
aclfic Finance Corp
n
104% Jan 7
3% Jan 10
2
6
Jan 17
100
9,700
Def. delivery,
5
Co. 12.50
1st preferred....
300
200
3
Feb
(Call).
25
Cash sale,
Jan
3
II
x
95
May
2% May
11% June
12434 June
7
May
23%
Apr
14% Mar
112
5%
18%
150
12%
Mar
Apr
Jan
Dec
Jan
Nov
21
May
47
19
June
3284
Apr
May
55
Jan
115% May
120
47
Jan
June
64%
Jan
484 June
10%
684
Apr
Jan
49% Jan
9% Jan
42
3% Jan
2
May
8
May
2384 Feb
12% Jan
Jan 30
Jan 3
16
Feb 14
11% Jan 28
28% Jan 24
25% May
34%
Apr
Apr
40
Jan
8
33
May
50
Jan
14
Jan 10
8
May
16%
Jan
2534 Feb 14
36% Feb 14
11% Feb 14
No par
r
Feb 14
Feb 14
Nov
5%
42%
100
Jan
39
25% Aug
100
3
Jan
97% Dec
9% Jan
114
Sept
2634
2% May
7% May
6% Feb
Dec
14% May
47% May
10% May
wens-Illinois Glass
Apr
117% Aug
58% Nov
% Jan
6
utlet Co
12%
115% Mar
9
30
Apr
Jan
Preferred
Otis Steel Co—
Jan
8%
Apr
10
3,500
39
33% Mar
Jan 25
2% Feb 14
25% Feb 7
6% preferred—
Jan
117
1
Otis Elevator
Jan
May
18% Jan
30
Jan
18%
104
Feb 14
200
50
21%
110
Feb 14
3,000
Jan
Feb
Dec
Dec
6
Feb
50
8% preferred A
Apr
14%
2784
110%
15
Jan
Apr
Dec
20% May
Jan 10
53%
30%
20% July
6% May
6
7
91
110
Nov
215
Aviation
Pharmacal
July
36
33% Jan 10
Jan
2
72
100
24% Jan
634 Jan
•u Jan
'it Jan
14
9
900
$ In receivership,
6
Jan 18
14
200
11%
Jan 23
2
Feb 14
Jan
6
46%
11%
4
9
16
No par
22%
52
11%
10% Jan
8
Jan
Oliver Farm Equip
22%
*51%
11%
10% Apr
10% June
25% Mar
4
Jan 14
Omnibus Corp (The)
*44
37
7% May
8% Oct
May
Feb
Aug
3%
1,100
24%
36%
49% Nov
8% Apr
6
May
1,200
49
37
Jan
Feb
8
No par
*46
37
48
34
5
4% May
Ohio Oil Co
*23
51% 51%
*116% 120
*116% 120
42a4
4334
43%
44
8%
8%
7%
8%
2%
234
*2%
234
*11
14
*11% 14
6
6%
5%
5%
10%
10%
10%
10%
2534
2634
26%
27%
26% May
48% Jan 28
534 Feb 14
Norwich
7384 Jan
984 Jan
14% May
48% Jan 28
34
25%
May
Jan 16
111
25%
*13%
6%
48
3884 Sept
8% Jan
Feb 14
50
200
14
6
y28% Dec
5% May
4%
9%
8%
14%
300
2%
14
7
3
13% May
Feb 14
10,400
2%
Jan
Jan
Apr
110
orthern Central Ry Co
6
6%
6%
112% 112% *112% 113
12%
96
22%
27% Jan 31
20134 Feb 14
Adjust 4% preferred... .100
orthAmer
June
14% May
43
24% Feb 14
5]4 pref series
700
5% May
66
6% Jan 10
»»t
4 CO
55
Jan
10% Jan 10
50
6% preferred series
Apr
15%
Jan
Jan
7% Jan 14
10%
400
Oct
26%
Dec
12
14,700
734
June
7% June
Dec
112
200
310
18% Apr
738 Nov
May
5% May
27
Jan 14
13,800
11% June
15334
Feb 14
100
16% Jan
13% Mar
176
9
Conv preferred
Jan
934 May
May
Feb 14
47
7,500
1,500
Apr
Apr
May
111
pref
Dec
19
99%
20%
June
50
non-cum
176
132
par
No
Jan
*160
23% Jan 10
Y & Harlem RR Co
5% preferred
Dec
834 Sept
10
Sept
16% Apr
24% Jan
2
22% Jan 30
i
5434
3834
100
Apr
Feb
Jan 15
107% Feb 14
*16
*96%
534
*96%
6% preferred series A
7%
22%
2334
Jan
42% Jan
400
Dec
53
176
Feb 14
5
Mar
8% Nov
9% Feb 3
42% Jan 16
107
par
Oct
1534 Mar
83
111%
154
1
25
4,600
27%
2234
5
*111% 115
No
preferred
conv
Nov
16
Apr
18% Apr
26% Jan
5% Nov
56% Nov
Jan 28
15% Jan 10
15% Jan 10
$5
Dec
Dec
Oct
Feb 13
Feb
Feb 14
2234
24% 26
*27%
2834
20134 206
110
111%
15
15%
56%
56%
8% Jan 13
93% Jan 10
1734 Jan 6
Feb 14
25
26%
Jan 16
12
5
25%
16
June
June
6
17
24% Jan 11
Jan 30
12
2834
*%J
....100
15%
3
700
23%
*16
Jan 11
Jan 15
29,500
6
*'st
Jan 15
Jan
12%
12%
'
86
6
Jan
12
%
Jan
45
22%
»i«
12%
110
27
*%
No par
5% pref series A
300
12
*9
Jan 10
Feb 14
77
serial pref...100
conv
ewberry Co (J J)
155
Jan
Feb 14
37
*111% 115
*111% 115
*114
117%
117% *114
*50
*50
52%
52%
%
%
%
%
9
16%
35
35
1234
12%
\K%
10
80
107
107
100
.100
Jan
7% June
Jan
12
5
...40
13%
6% Jan 14
8% Jan 14
,
June
5-% July
Jan
68% Jan
$2 conv preferred
National Supply (The) Pa.. 10
384 May
11
14% Jan 10
634 Feb 14
4
4
Jan
56% Feb 14
100
1,100
June
25
1,500
3,200
National Steel Corp..
5%
9%
41
No par
834
8%
15
Jan 27
31
57%
9%
8%
*14%
May
28% Feb 4
6% Feb 14
56%
14%
Jan 11
4
3
15% Feb 14
May
4
20
145
8% May
Feb 14
90% Jan
May
66
National Oil Products Co
National Pow & Lt
10
8%
11
May
2% May
97% May
4
7% Jan
9
15
20
Jan 16
5% Jan
10%
18%
175%
13%
88%
17%
13%
May
Jan
18
2,600
8%
Jan 23
172
6%
14%
108
1
6%
*934
*41%
par
preferred.No par
*26%
15
Feb
11%
71%
111%
8%
51%
100
100
160
10
8%
*77%
No par
Stamping No
7% preferred A
6% preferred B
conv
5
Jan 15
20% Jan 28
233s Jan 2
7% Feb 14
..10
6
57
Nat Mall & St'l Cast Co No par
300
110
*107
Nat Enam &
13
No par
6% preferred....
1,300
2,100
80
No par
18%
27%
434
5%
12% Feb 14
984 Jan 30
$4.50
200
Feb 14
Nat Cash Register
National Cylinder Gas Co—1
Nat Dairy Products...No par
10
150
86
15% Feb 13
Nat Gypsum Co
173
Feb 14
Nat Bond & Share Corp No par
National Lead Co
*145
Feb 14
12% Jan 30
100
5,500
*171
4
166
Nat Bond & Invest Co .No par
3,200
145
7% Feb
16% Jan 30
.100
5% pref series A
1
8
5
7% preferred
4% Jan
Feb 13
Feb
6
10
7
173
Jan 14
48
..10
National Biscuit Co
87
15%
145
18
600
44%
37%
5
7%
43%
1034
27%
3784
2634
*14%
4%
*25
25
25
2534
25%
*5134
52
5134
*51%
52
5134
♦116% 120
*116% 120
*116% 120
44
44% 4484
4434 4484
4484
83s
8%
8%
83s
*2%
3
*284
3
*2%
3
*13
1484
1434 *13% 1434 *12
6%
6%
6%
6%
63s
63s
11%
27%
3734
12%
86
43
938
*10%
86
*42%
934
9%
9%
104% *101% 104% *102% 104%
3%
*3%
3%
*3%
3%
16
16%
16%
16%
16%
14534 *145% 149
*145% 150
858
8%
8%
8%
8%
50
50
50
50
50
11%
500
4%
*23
*10%
2734
12%
43%
*111% 11434 *111% 11434 ♦111% 115
1534
1 578
15%
15%
15%
15%
*56
*56
56%
*56%
57%
57%
5534
*54.%
55%
55%
55% *55
15
15
1434
15
*14%
1434
*96%
*9634
*96%
638
6%
638
6%
6%
6%
*112% 112% *112% 112% *112% 112%
*3734
3984
*38%
40
*38%
39
*2%
234
*2%
*2%
2%
2%
*25
29%
*25% 29% *25%
2984
*13%
14
*13%
14
*13%
14
7%
7%
7%
7%
7%
7%
16
16
*1578
16%
15%
1584
*9%
12%
43%
—
28%
National
400
434
*111% 115
*111% 115
*114
117% *114
117%
117% *114
*
52%
52%
52% *50
%t
%
%
%
%
78
%
*%
1
210
169
166
43%
*111% 115
28%
6% conv preferred
Nat Aviation Corp
43
45
*205
400
5
110
212
8
*8
*41
*2834
*7%
17%
Feb 11
17% Feb 14
Nat Automotive Fibres Inc._l
1,200
4,300
69
111
-.1
500
8%
24% Jan 13
Jan 31
4% Feb 14
14% Jan 3
3,200
8
19% Feb 14
12
5% Feb 14
5
6
17
12
Nashv Chatt <fe St Louis—100
6
534
*108
*204
5% preferred
Nash-Kelvinator Corp..
4
Jan
Feb 13
10% Feb
Murphy Co (G C)
17
18
958
44
28%
No par
100
Murray Corp of America. .10
Myers (F & E) Bro
.No par
58%
110
28
50
173s Jan
60
No par
Munsingwear Inc
300
6
15% Feb 14
Jan
3% Feb 14
B.....1
No par
300
*9
*41
28
30
I
10%
57%
*108
27%
..1
$7 preferred
68
984
46
44%
5
44
®16
Feb
Jan
3134 May
33% May
21%June
8% May
9
Corp
111
59%
534
110
11
30%
Mullins Mfg Co class
6%
*41
*9%
23
Corp..IVo par
5
Mueller Brass Co
120
July
50
Motor Products
80
7,400
110
Jan
400
4%
Jan 31
Feb
400
*171
59%
*5%
*9%
*43%
44%
578
120
May
45
20%
3%
18%
2834
6%
*108
*»3J
7
117
Feb
119
43% Jan 23
26% Jan 10
Nat Distillers Prod
*85%
15%
Jan
118
Nov
41
4,900
14
115
No par
Jan
*79
No par
Nat Dept Stores
83s
No par
Feb 14
Morrell (J) & Co
Morris & Essex
4,300
1,200
1,600
21
77
56
13
*8%
10
9% May
122
13
87%
13% Jan 21
119
5%
8%
21
14%
7%
89
16%
934
5%
4%
14%
17%
20
'i« Dec
May
Motor Wheel
200
% Jan 6
14% Jan 15
88% Jan 7
7% May
113% May
900
48
4
64% Dec
1134 Nov
8
16
3,700
Jan
May
8
13%
6%
23%
1,100
11
3
26
Jan
5%
8%
2034
'6%
*5
430
9%
Jan 13
Apr
39% Jan
13
6%
2938
24%
67
484
35% Feb 14
— —
13%
5%
6%
23%
*45
$4.50 preferred
Preferred series B
Feb 14
2% May
Montg Ward & Co. Inc.No par
30
—
4% Jan 11
% Jan
100
Monsanto Chemical Co
13%
5%
28%
5%
11
Jan
500
29%
30%
%
193s
1234
147
2334
Jan
% June
10
173
39%
13%
14%
30%
Jan
%
12%
147
109
6%
7%
9
15% .15%
29%
109
Jan
434
Dec
10
*86
18%
*37%
13%
*1234
4%
17%
18%
17%
*169
171%
*12%
13%
19
79%
48
17%
1834
*28»4
*15
1%
Dec
6,700
100
6%
Jan
%«
56
100
J Missouri Pacific RR
5% conv preferred
Mohawk Carpet Mills
10
173
60%
14
48
5%
6%
Apr
1%
13
147
60%
*5%
*9%
*43%
39%
13%
6%
10%
*66%
111
110
June
4i» Jan 14
3,000
49
Dec
95
54
«ie Feb 10
10
*15%
14%
7%
89%
1634
173%
634
*37%
13%
*1234
30%
*2234
*478
*9%
69
112
19%
3%
*45
124%
% Jan 11
12%
14%
738
*87%
16%
684
*27%
2784
7%
73«
24%
24%
*108% 109
10%
*67
*111
9
Jan 16
Dec
May
33% May
103
2% Jan 10
Birthday
20%
147
15%
110
108% Jan 8
3% Feb 13
45
2
10
14%
734
89%
17
*87%
16%
23%
16%
20%
4
4934
10%
Jan 14
45% Jan 10
12% Apr
17% May
23% May
4
13
5%
8%
21%
8%
24
9%
125
2
6% May
11% May
1% Jan
10
13%
14%
7%
2334
6
Jan
Feb
9% Feb
% Jan
78%
42%
*40
Jan 15
9% Jan
26
28% May
*38% Dec
No par
13
13
21
41
11% May
7% preferred series A...100
400
»
May
6%
No par
.10
200
•.
May
34% Mar
100
%
13%
35%
85
82
Minn Mollne Power Impt—1
Lincoln's
*6%
*13
41
*3%
Closed—
35%
Feb
53% Feb
24% May
2% May
800
200
119
*118
64
4
15% Jan 24
38% Jan 9
Feb 14
41% Jan
pref series B...100
13
87%
17
*86
10%
*15%
119
36
*20%
173s
172
*169
87%
17
13%
10%
*28%
"8%
15%
*78%
7%
conv
Mo-Kan-Texas RR
*45%
7%
4%
30
500
35-%
122
8% cum 1st pref
....100
Minn-Honeywell Regu.Nc par
300
*%
13%
No par
Midland Steel Prod
600
%
Jan 16
Feb
33% Jan 10
4% Jan 3
25% Jan 10
May
7% Feb 3
13% Feb 13
3034 Feb 14
Jan
75
24
30
5
Mld-Contlnent Petroleum.. 10
9%
108% Dec
14% May
70
37
5
Miami Copper
%
*%
May
Feb 14
Mesta Machine Co—
1%
*'i«
May
7% May
500
1,400
2,400
9%
*11
5
90
Aug
1%
**31
9
Jan 13
10
*%
9%
9
Highest
share $ per share
per
18% Jan 13
%
•
I
7% Jan 15
109% Jan
No par
1%
984
share
Feb 14
60
56
56
60
6% Feb 14
-
per
Lowest
14
800
314
$
preferred
conv
1%
9
11%
51%
3%
$ per share
100 *105% Jan 23
7% Feb 14
$6 preferred series A.No par
71% Feo 14
$5.50 pref ser B w w.No par
66% Jan 14
Melville Shoe Corp
1
29% Feb 14
Mengel Co (The)
3% Feb 8
—1
21% Jan 30
5% conv 1st pref
50
6%
Year 1940
Highest
Merch & M'n Trans Co .No par
500
421;
McLellan Stores Co
Mead Corp
Range for Previous
200
109
109
Range Since Jan. 1
1941
IS,
On Basis of 10O-Share Lots
Par
*%
16%
69%
2
Feb.
Lowest
$6.50 preferred
Mission Corp...
*118
112
684
*42%
3%
71
1,400
400
280
123
14
77
79%
79%
*116%
116% 117
16%
21
4
50%
*48%
2978
*984
*1034
70
112
19%
*44%
*478
50
70
19%
20
16%
20%
*3%
*111
173% 173% *171
*147
1634
110
13%
*118% 120
36
36%
36%
*41
42%
42%
24%
*23%
24%
934
9%
10
10%
17
21%
50
eH
120
36%
*109
*9%
*116%
*116%
*118
*41
*12%
*13
80
41%
24%
*86
*15%
*14
43
*56
1%
122
124%
43
3%
3%
61
984
%
3%
*57%
984
*%
*11
1434
80
*122
110
*'i«
*14
2
8
*57%
*934
10
»i«
2
14
43%
*109
31
8%
*8
3534
3%
3%
30
31
10
701,
291,
*22
30%
EXCHANGE
Shares
70%
30%
3%
30 %
NEW YORK STOCK
the
107
7%
8i,
8
61
6%
107
108
108
for
Week
14
$ per share
share
61 2
6%
*6%
634
♦6%
678
108%
107% 107% *107
8%
8%
*8%
8%
Friday
Thursday
Feb. 13
Tuesday
STOCKS
Sales
-
Monday
»
Ex-div.
y
Jan
33s May
7% Jan
Ex-rights.
9% May
14
T Called for redemption.
Volume
LOW
AND
Saturday
Feb.
8
S per share
*120% 121
*156
*3*4
*5*4
*8
4
63)
SALE
PRICES—PER
Tuesday
Feb.
Feb.
10
% per share
11
Feb.
S per share
12
$ per share
120% 120% *120% 121
158
*156
157%
*3%
4
*334
4
*6
6
6%
13%
8*2
%
21*4
1334
*8
*%e
*29
14%
8%
13%
*8
*29
Feb.
13
8%
8
102
10%
96%
10%
*15
1%
26%
xl8%
*"u
1
*»u
1
"h
1
%
*8*4
87g
8%
8%
*7%
9
8*4
9
8%
8
734
784
7%
*7%
*45
81
46
*45
46
8114
81%
2
2
*is4
*258
2*4
40
13*2
4012
*1214
*11214
—
*22
23*8
23%
*42*8
43
23%
*1*8
*7%
47%
*24%
*21
*6%
*7%
30
43%
*84
%
*11
76%
*6
2%
9
47%
25
21%
6%
7*4
30%
43%
84*4
%
11%
76%
6*8
65
*61
37%
*22
37%
3%
51%
22%
*67
75
*5
6
*34%
36
8%
*3
*44%
*734
•80
81
*12%
13
2%
*39
*12
*112%
23%
*22*4
42
*1%
*7%
2%
40%
13%
24
23%
42%
2%
47
9
47%
24%
24%
*21
6%
21%
6%
7%
29*4
7%
30%
43
43%
8434
84*4
%
*11
77
*6
*45
78%
*
1*4
6*8
7%
28%
42%
7%
29*4
42%
6%
7%
28%
6%
7%
28%
6
22%
*67
75
—
9
*8
9
54
54
54%
39%
67
*62%
11%
11%
170
*160
*%
*15%
*1734
7%
**4
5%
*1078
*1078
7a
15%
1934
7%
"16
5%
11%
12
39
*62%
11%
*160
170
*%
*15%
*17%
*7%
7g
15%
19*4
7*4
~
*34
*5
5%
10%
*10%
11
11%
53
38
*160
*%
*15%
*17%
7%
*34
14
*27
*19
*13%
*26%
14
*13%
*25%
*23
237s
1*4
28%
23%
1%
*24%
7%
*8*4
*53
7%
1178
9
64%
*53%
55M
*1
1%
19%
19*4
100*4 100*4
93
*92
*9%
*20
10
23
109
*105
*68%
11%
*90%
834
32%
70
11%
93%
f
3278
53
*52
*8
*734
*47g
*15*4
107g
♦45%
*%
32*4
%
8%
8%
5
16
107g
46%
%
32*4
%
%
19%
14%
27
13%
25%
23%
1%
28*4
10
"
*8
*7%
*10
834
63
*lp%
9%
23
109
*68%
11%
*92
70
11%
93%
*8%
33
9%
33%
53
*52
7%
*7*4
*4%
*15%
*10%
45%
**8
34%
*23
•1%
*24
*8
10*4
9%
9%
4%
4%
J9
19
13%
13%
26%
13%
25
1
1
*92
8%
33
*52
11
*44
**8
34%
*%»
*
39*4
40
111% 111%
42*4 43%
*16
*3
*4
39%
111
40
this day.
1
16*4
17%
100*4 100*4
91%
91%
8%
8*4
7%
32
'1,206
%
*I«|
47g
68%
10*4
92%
7%
32%
6%
7%
12
Jan 21
35
Feb 13
52% Feb 14
117% Jan 20
400
1,100
5K%
conv
Reynolds Spring............1
5,900
Reynolds (R J) Tob class B.10
Common...........
.10
Richfield Oil Corp.....No par
Rltter Dental Mfg—..No par
Roan Antelope Copper Mines.
Ruberold Co (The)—.No par
Rustless Iron & Steel Corp—.1
$2.50 conv preferred-No par
(Rutland RR 7% pref
100
St. Joseph Lead...
...10
200
10%
1,200
50
7g
34%
"l.eOO
*»«
%
400
%
%
47g
1,000
(St Louis-San Francisco... 100
6% preferred
100
(St Louis Southwestern... 100
2,200
Safeway Stores
*%
*3
*4
8
39
39%
110
111%
38
( In receivership,
39
Feb 14
10%
Jan
2
Feb 14
3% Feb 1
40% Feb 14
18% Feb 14
13
Feb
4
137
7
3
8% Feb
61% Feb
3
4
Feb 13
1
Jan 31
1634 Feb 14
100%
Jan
9
53
June
112% May
28% Dec
100
May
110% May
145
Mar
165
Apr
Jan
8% Jan
9
101% Jan 8
90% Jan 10
11% Jan 11
10
Jan 17
4% Jan
62% Jan
3% Jan
43% Jan
4
2
2
2
20
Jan 23
17
Jan
2
28% Jan 14
14*4 Jan 10
1% Jan 11
28*4
9%
7*4
12%
9%
67%
Feb 4
Jan 7
Jan 21
Jan 7
Jan 10
60
Jan 10
Jan 23
84
June
73% May
9
June
9% Sept
4% May
Apr
90
48% May
2% Nov
69
34
June
15% May
13% May
24
May
9% May
19*4 June
17
May
184 May
Jan
8
Aug
6
May
z37*4 June
50
May
May
May
70% May
7% May
2
17% July
113
Jan
8
70
June
73
Jan
8
39
May
Jan
2
34% Jan
Jan 17
4% Feb 6
15% Jan 30
10
Feb 14
*45
Feb 13
32*4 Feb
%» Jan
%
Jan
8
7
4
9
17
3
Feb 14
38
Feb 14
Ex-div.
y
4
38% Jan 10
% Feb 8
%« Jan 17
45
110
Jan
13% Jan 3
48*4 Jan 14
3
Feb
Jan 22
9% Jan 27
5*4 Jan 16
2% Jan 18
39
7
53% Jan 13
60
May
8% May
75% Mar
6% May
30% Deo
52
May
5% May
434 May
3% Aug
11% May
12% Dec
45% Oct
3g Dec
26
June
13% Feb
10% Jan
63% Deo
69
1
2
1484
30%
117
74%
Dec
15%
Feb
96% Apr
11% Nov
44
May
56
Oct
9% Nov
7% Jan
12
Feb
22%
Apr
15% Nov
48% Nov
1*8
42
2
3
Dec
112% Jan 11
50% Jan 15
96
May
May
17
May
Jan
Feb
Jan
7g
34
Jan
Apr
Nov
Oct
%
Jan
Apr
24% Nov
105*4 Sept
97% Dec
*8
3
Ex-rights.
8*4 Nov
%• Deo
Jan 13
Feb
Feb
Mar
Jan
7% Feb 14
6% Feb 14
Oct
Jan
43g
13
24
52
27
23
55
3
32
Apr
29% May
37% May
17% Apr
Dec
1
__
23
June
14
13% Jan 9
94% Jan 16
1038 Jan 6
Apr
3*4 Dec
43% Dec
6
6% May
1*8 Jan 11
7
Apr
25
22*4 Jan 6
101% Feb 10
Feb
32% Jan
11% May
97% May
89
May
15% Feb
15% Feb
7% Apr
90
Jan
91%
7% Feb 14
July
118
Jan 13
68% Feb 14
10% Feb 14
8
14% Jan
14*4 Jan
45% Nov
7i34 Apr
118% Jan
43% Apr
115% Jan
128
Apr
May
11
1
Feb
June
97
Feb
Mar
20% Deo
12*4 Jan
2% Feb
114% Oct
16% May
6*4 Oct
Feb 13
101
Deo
Apr
July
126
8% Feb 14
19% Feo 13
91
73%
16%
151%
1%
22*4
143
Jan 13
1034 Jan
Feb
May
Oct
Jan
4
Jan
Jan 10
Feb 14
%
15
12% Jan
5% May
% May
484 Oct
6% May
63g May
21
May
May
158% Feb 11
117% Jan 25
27% Jan 9
24
61
x
Jan 11
26
Jan
Savage Arms Corp....No par
r Cash sale,
34 Jan
7% Jan
13% Jan
13% Jan
40*4 Jan
58% Jan 22
119% Jan 29
29% Jan 9
1% Feb 10
510
stock,
8% Jan 10
7
21
1,700
n New
Jan
26% Feb 13
12% Feb 14
23% Jan 8
5% preferred-.-.——.100
...No par
5% preferred.......—100
d Def. delivery,
% Jan 6
16% Jan 17
21
Feb 14
84
58
preferred... 100
700
10
6
9% Feb 14
4% Feb 14
10
Reynolds Metals Co...No par
200
Feb
95% Feb 14
6% conv prior pref ser A.100
Revere Copper & Brass..—.5
30
200
7
1
20
"3",000
Feb 13
22% Feb 14
1
1,100
Deo
May
May
110
Jan 27
7% preferred-.--—---100
5H% preferred—.....100
Jan
57
4184 Nov
19
123% Jan 15
Feb 14
Class A...
11
May
Feb 14
7
6% conv preferred.—.—100
178
10
Feb 14
8
Reo Motors v t c
June
8
106
132% Feb 14
24
Republic Steel Corp..-No par
167
7
75% Jan 8
13*4 Jan 10
16% Nov
154
Jan
65
85% Dec
May
43% Jan
9% Jan 10
7% Nov
46% Dec
9% Nov
154
4% May
5
May
16% May
120
-100
Remington-Rand
7% Jan
Feb 14
pref—100
Preferred
Rels (Robt) & Co 1st
feb
27
Reliable Stores Corp...No par
Reliance Mfg Co....
10
1,500
27,700
1,740
7
8
41%
1784 Jan 29
Feb 14
6
conv
Preferred with warrants. .26
47g
39%
111
% leb 14
14% Feb 14
1
preferred
-.100
Raybestos Manhettan.No par
Rayonier Inc—....——-1
S3 preferred.
...25
Reading Company........60
4% 1st preferred. . ... —50
4% 2d preferred ...
-.50
Real Silk Hosiery
5
6%
8
151% July
Radio-Kelth-Orpheum
Rensselaer 6s Sara RR Co—100
15%
46
Feb 14
934 Feb 14
1st pref—No par
40
4%
15%
*43%
conv
300
54
7%
34%
35
*%i
41*4
Bid and asked prices; no sales on
%
*%
34%
39*4 39*4
111% 111%
41
7%
7%
46*8
8
117g
8%
55%
68%
10%
92%
%3.60
10
20
700
62
*52
54
45
*4
43
33%
x45
*3
111% 111%
32%
11
8
*42
93%
8
47g
15%
11
4%
100
500
105% 105%
*68% 70
11%
11%
47g
15%
xl0%
*4
8%
800
50
*7
*3
8,100
2,000
104
5
8
400
24,900
102
8
47g
200
181
4
6% Feb 13
45% Feb 14
3212 Feb 14
No par
6% preferred
.100
5% conv preferred—-—100
Purity Bakeries.
.No par
Quaker State Oil Ref Cor p.. 10
Radio Corp of Amer
No par
35 preferred B
.No par
1,200
1,200
19%
7%
%
35
%
Pure Oil (The)
200
7
1
734
J_.No par
No par
14,300
2
9%
Feb 13
5*8 Feb
5
...50
Pullman Inc....—.—No par
100
*52
15*4
178
"11,600
21
54
8
140
♦16
*92
41
*3
9
93%
8%
33%
*4
%
*i«
91
19%
70
11%
*40
%
*7*4
18
9
16
May
5% May
64*4 May
13% Nov
100
Pub Serv Corp of N
300
23
24
24
1%
19%
91
33% Feb
93g Feb 14
26%
12%
24
8
Deo
*4 Jan 3
434 Feb 14
100
8
Apr
75
Pressed Steel Car Co Inc
300
*1%
28%
May
Jan
3% May
Postal Teleg'h Inc
1,500
2
27%
May
35
"""Boo
18%
12%
*23%
22
77
Poor & Co class B_
13%
*1%
*22%
18*4
100*4 101
3%
4012
23% Jan 11
Jan
1st pref—
2d pref
Feb
Jan 23
15
conv
Deo
Jan 21
""960
""166
Jan
11% Feb 13
5%
49
Apr
Feb
No par
-1
Co. 100
(Porto Rio-Am Tob d ANo par
pref.No par
1
7*4
6%
Jan 30
No par
Jan
66
Jan
784 Jan
61
47
87% Dec
% Mar
14% Nov
97% May
May
84
Pond Creek Pocahontas No par
13
62
*68%
11%
710
May
3% May
Apr
8% Nov
10% Feb
40% Jan
36
FeD
50
46% Jan
8*4 Jan
7% pref class B
.100
5% pref class A.
100
5H% 1st ser conv pr pf.100
Pittsburgh & West Va
100
Pit Youngs Asht Ry 7% pf 100
Pittston Co (The).....No par
Plymouth Oil Co..
...—5
490
4% Jan
13% Apr
46*4 DeO
41*4
Feb 13
.No par
25% Nov
27% May
288 May
Feb 14
Pittsburgh Steel Co....No par
200
18%
*25
21
7%
106
2,200
1,100
Feb
41% Jan
3% Feb
7
guar preferred
Pitts Screw & Bolt
4
46% Deo
16% Jan
30
80
7%
700
59
3%
*45
106
""40
62% Ja96% May
4% Jan
69% Jan 18
Feb
117
156
23
23
5
100
Pitts Ft Wayne & C Ry
19*4
10*4
61
Pittsburgh Forgings Co
20
10%
22
Pub Ser El & Gas pf 35-No par
54
%
4%
**M
26%
13%
*24%
9%
23
50
33%
3% Jan 17
z38% Feb 14
*155
65
92
7
132% 132%
51
101
5%
Feb 14
6% preferred..........100
7% preferred.....
100
8% preferred
100
*62
9%
*19%
200
68
Pitts Coke & Iron Corp No par
$5 conv preferred
June
7
36
Feb
2% Nov
44% Apr
23% Nov
2% Mar
12% Mar
10% May
29% Apr
Dec
6% May
12% Jan 10
No par
5
18
24
May
534
80
2
Nov
11% Deo
15
4
Jan
99
11% May
2
$5 preferred-.
55
92
10
12
70
Jan 17
Jan
Nov
25% June
37% May
»u Jan 15
June
1
Nov
87
9
10
45% Apr
105% Deo
10% Deo
23
Jan 11
Jan 28
Jan 28
Jan 6
6% Jan 6
7% Jan 23
35% Jan 2
44% Feb 1
Jan
Jan
8% Nov
4% Mar
25% Apr
43
5% Jan
10% Feb
Jan
6% preferred
May
May
May
l%June
5% May
17% May
Deo
7%
15
72^ Feb
52
100
9%
51%
28%
22%
15
160
23
% Dec
11*4 Deo
100
...
Jan 27
Jan 23
2
1
% Jan
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares'
Pittsburgh Coal of Pa.....100
200
Feb 13
84
300
65
101
Preferred-
600
80
27% Feb 14
41% Feb 14
200
*51
*15%
'*ii
19%
13%
Feb 14
43
120
40%
3
20% Feb 14
106
59%
3%
41
7% Feb
106
58
2
1*4 Jan 10
120
*61
1
Phillips Petroleum
Phoenix Hosiery
2,600
*80
41
36*4 Jan
No par
7% preferred
20
...
*116% 118
23%
22% 233g
7
7*8
7*4
95%
95%
97%
84
86
86%
10%
10*4 sl0%
9%
9%
9%
4%
4%
4%
41
Jan 27
Feb 14
4,000
*10
5
11%
45*8
%
34%
*58%
3%
2
Feb 14
21
28
*151
*80
Jan 28
Jan 10
22
27
7%
16
8
28
11%
8%
18*4
Phillips Jones Corp
300
5% pf (ser of Feb 1 *29). 100
*10
8%
400
2,400
33
52%
112%
24%
24%
43%
112% Jan 28
...
4,800
*28
984 June
Phelps-Dodge Corp
.25
Philadelphia Co 6% pref...50
36 preferred.
No par
Phila & Reading C & I-No par
Philoo Corp.
3
Philip Morris & Co Ltd
10
6
*93g
1% May
11*4 May
80
170
*17%
7%
11%
8%
7%
7%
*7%
*4%
8%
9*4
6
Jan 17
5,400
61
61
*160
Jan
13
84%
5% conv
Procter & Gamble.--..No par
10%
10
e%
45%
32%
44
Jan 30
28
41%
178
5%
Feb 14
12
Feb 14
900
84 May
53g May
5% June
6
37
7
10
86
27%
810
3,900
53%
87
2
""166
53%
35
53
7%
*95%
13%
24%
23*4
178
7
63
92
*106
13
24%
1,700
7
Jan 31
4*4
35
23
27
*26
*10
55%
1%
19*4
100*4 101%
9%
13%
7%
11%
8*4
*53%
1%
19%
92
*19
700
Jan
13% May
4
934 Jan 10
9% Jan
2% Feb 14
$7 conv pref ser A...No par
*117% 119% *117% 119%
28
33g
No par
Penn-Dlxle Cement
Feb
Jan 31
'*16
*116%' 118
2
6
**4
118
78
10
Petroleum Corp of Amer..-.5
Pfelffer Brewing Co...No par
434
156
par
1
9
2,100
1,100
4%
10%
11%
.No
Penn Coal & Coke Corp
Jan
Feb 14
Feb 14
21
"1#
zl5S
41
14
6*4
No par
Penney (J C) Co
32,700
1,200
136
158%
3*g
41%
2
No par
Penn G1 Sand Corp
""loo
133
3%
June
138 May
'
19*4
*10
59%
Deo
71
15
6*4
10
24%
7%
97%
43
2
%
*17%
*84
4%
"u
7
2
14%
122
41
2778
*10
19*4
7%
-
Jan
Jan
Davis & Co
.No par
5
34
7%
Jan
May
2*4 Jan
3% Jan
<_
a: 133
41
10
15
13g"May
29% Dec
2
May
6% May
15
87
15%
*%
%
15%
xl22
*58%
19%
11
170
sl06% 106%
59%
25%
*8
*160
37%
66
121
*10*8
58%
*13
*22%
*61*4
10*4
50
5
58%
*247®
*1%
38%
67
11%
*80
*80
*19
50
*33
5%
7%
10%
11%
37
53%
119%
28%
108%
37
*34
38
*32%
54
54%
54%
53%
119% 119% *117%
119%
28
28%
28%
28%
28%
*107
108% *107% 108% *107%
122% 121
*1217S 122% *121
136% 136% *134% 137% *133%
157
157
158%
*157% 158%
*116%
*116% 118
*116% 118
23*4
24%
24%
24% 24*4
(
7%
778
778
734
8
97%
97% *95
*96*8 98%
87
87
87
87%
87%
10*4
10%
11
*1078
11
*9%
*9%
*9%
9*4
4%
4%
4%
4*8
4%
3%
7%
*10*4
*165
5
54%
41
5%
7
30% Jan 10
20% Jan 6
64
48
300
178
Feb 13
Feb 14
Feb 14
Jan 31
Feb 14
75
11%
1
95% Feb 14
10% Feb 3
Jan 10
Jan 10
Jan 9
26% June
99
Sept
4% May
44% Feb 14
2l7g
80
1
Jan
% May
Penlck & Ford....
400
200
*72
...
Feo
Jan 11
May
6*4
Pathe Film Corp..
1
Patlno Mines 6c Enterprises. 18
*21*4
7
10
106
12
Parmelee Trans porta'n_ No par
75
*75
7
9
Jan 15
Park
3%
*31%
Feb
6
Parker Rust Proof Co....2.50
600
5
es
36%
*4%
102
Jan
500
6,200
5%
35
8
% Jan 7
37% Jan 10
8% Jan
15
7%
*3
16
•n Jan 15
32
Feb 5
1
7
36
12% Feb 14
7% Jan 7
Park & Tilford Inc
6
5%
6
June
2% June
5% Oct
2% May
600
1,500
u"
3% Jan
144
2,700
2,300
3?34
74
7% Jan 13
12%
99%
1134
15%
6
"11"
160
Jan 10
4% Jan 10
Highest
$ per store $ per store
115
139
Mar
May
100
...10
Pet Milk Co
27%
share
Jan 27
8% 1st preferred
6% 2d preferred
100
41%
*81%
per
5*4 Feb 14
2*4 Feb 14
1
Year 1940
Lowest
1%
25%
17%
7$
8%
7%
22
*32%
7*4
100
Park Utah Consol Mines
4,700
*72
11%
53
"T.eoo
X22
10%
*36
58%
12
200
2,900
""50
80
80%
170
♦119
*80
Birthday
oonv preferred
Paramount Pictures Inc..
500
20%
126
Feb 14
3% Jan 14
No par
4%
38,300
43%
*4*4
7*4
Paraffine Co Inc
21
7%
119*4 Feb 14
156
—5
Corp
Pan-Amer Petrol & Transp__5
Panhandle Prod & Ref——1
*38%
178
6
39*4
66%
11%
Lincoln's
Pan Amer Airways
300
*20
39%
*1%
$
No par
200
*44%
*3
179%
5%
5%
8
7%
*5%
11%
Closed—
Packard Motor Car
20,700
5,800
2,200
23%
21%
39%
2%
7%
44%
22%
73
6%
700
36%
3%
48
*178
6
39
36%
*165
6
66%
180
12
Exchange
*165
181
54
*178
*80
*5%
11%
75
100
-.100
1
10
6% preferred..
Range for Previous
Highest
$ per store
Pacific Tin Consol'd Corp
Pacific Western Oil Corp
....
♦58*4
5%
36
734
*178
*8%
37
3%
*22%
*5%
75
65
75
36
*11
Stock
Pacific Telep & Teleg
80
1,700
2
2%
%
%
113s
76%
22
*80%
*12%
41%
84
6«
22
7%
81
13
41%
84
Par
Shares
13%
43
46
84%
"
*112%
21
2%
8
Lowest
No par
5% preferred...
100
Pennsylvania RR
...50
Peoples Drug Stores Inc..-.6
Peoples G L & C Cj(Chic) 100
(Peoria & Eastern By Co. .100
Pere Marquette Ry Co
100
5% prior preferred
100
5% preferred
.100
22
21
.
37
*12
22%
40%
23*g
*67'
5%
*1%
*7%
*134
2%
23%
45
50
36
40
....
22%
*44%
*734
22
2%
8%
52*4
*5%
*112%
22%
21
*3
1%
25%
2%
21%
6%
36%
*15
78
47
37
10%
447g
24%
37
36
7%
24%
*6038
384
7%
46
65
*3%
17%
*%
8%
95%
78
41%
6
10
18%
1
8%
7*4
2%
On Basis of 100-Share Lots
EXCHANGE
80
44%
41
113s
102
102
10%
95%
10%
15*4
1%
26%
18
1%
8%
39
13%
Range Since Jan. 1
NEW YORK STOCK
the
30*4
9
23*4
22%
76
*28
79%
*112%
23%
22%
77
1
45
*12
*61
*46
102%
11%
96%
10%
15*4
1*4
27
8
%
9
2*8
*37*4
*84
13%
8
®i«
31
78%
13%
*21
3%
5*4
3
2*4
12%
STOCKS
for
10
156
3%
5*4
45
40%
*1%
*7%
119*4 120%
15e
80%
2
*12
2%
S per share
1097
Sales
Week
14
46
*39
5 32
11%
6%
*165
*160
81%
2
3*4
5%
3
13%
8
®i«
*29
*102% 103
*10218 103
*102% 103
11
113s
11%
11%
11*8
11%
*97
98%
*96%
97% *96% 97%
1U8
11*4
10%
1078
10%
10%
*15
*15
15*4
1534
15*4 *15
1*4
1*4
178
1*4
I84
178
273s
27*8
28
26%
27%
27%
19
19
*18*4
19*4
*19%
19%
Feb.
157
13%
3134
13
$ per share
121
121
3%
*5*4
2%
6
Friday
Thursday
*156
**!•
31*4
NOT PER CENT
SHARE,
Wednesday
3
*%«
*29
HIGH
Monday
*156
158
3
*13*2
New York Stock Record—Continued—Page 8
152
Jan
Jan
5
May
4*4 May
53
111%
43
Mar
Dec
Dec
H Called for redemption.
WW
HIGH SALE PRICES—PER SHARE, NOT PER
AND
Saturday
Feb.
8
Monday
Tuesday
Feb.
Feb.
share
10%
$ per
*85
87
*85
34
34
5 per
10«4
10%
10
115
978
87
3414
Feb.
12
5 per share
U
*'1#
*1334
*2
733s
1031
*123g
*66
434
*52
*434
*3934
1138
*4i2
185s
*178
*2658
*1978
I4
I2
14%
*108% 110%
7234
1012
7358
1034
1234
12l2
66
68
478
53%
4%
*53
%
*7i«
%
13%
13%
2«4
1378
2%
73%
1078
1212
*7134
72%
7034
*10
40
113s
*%e
'
*13%
1414
66
66
66
65
65
*60
484
53%
*53
40
11*4
11%
4%
19
*178
*26%
203s
*20
*95
1834
2%
27%
20%
*17S
2%
*27
106
20
106
*1634
17»2
*17
*112% 114
17%
17% *1634
*1038
11
*10%
1078
15U
*14%
8%
8%
*1%
*134
*10
*1434
15%
87g
1?8
9
4%
*334
*61%
*19%
78
20
33%
*61%
34
*32%
5834
33%
*32%
58«4
*6
5834
1934
33%
884
1«4
9
178
14
6%
*1
234
12
1%
234
54
54
34
34
34
34%
114
114
*114
434
4%
278
1134
14%
19%
27
3478
36%
36%
6234
7%
4%
7
678
7
27g
1134
14%
19
19
27
267s
3434
35
34%
36%
*36
*35
36%
*35
*62
63
*122
62
7
7%
55
55
55
*122
124
*14
2234
884
*17%
1%
14
23
19
19
*18%
57s
578
*6%
6
*4%
434
*34%
*33s
*8%
39
334
8%
36%
3%
36%
*5%
3684
3%
36%
578
*4
978
*9%
*38
*27a
*41
40%
3%
43
*4%
4%
3278
378
*29%
*1
13»4
*9%
*97%
3012
46
4%
*14%
*7%
1%
334
8%
36%
3%
36%
*5%
*4
4%
978
984
*31%
3%
*5%
*4%
*34%
*9%
*9%
*38
*278
*40%
4%
*31%
384
*5%
6
30
2978
*98
3078
4534
4%
3078
4%
1434
8
1
14%
*7%
*1%
_
13%
*112%
*4984
*18%
1%
28%
•
2,700
2,100
1
1
2%
2%
377g
38%
14
14%
13%
13%
28%
3778
13%
14
*13
13%
*112
113%
49%
I884
1%
2734
4984
1834
1%
2778
Bid and asked prices; no sales on this day.
25% Feb 14
8
Jan
2
11% Feb 14
19% Feb 14
27
Jan
3
1% Feb 13
4%
Jan 13
1878 Jan 30
3
16
Aug
Jan 14
128
May
19% Jan
146
28% Jan 3
10% Jan 23
13*4 Jan,10
2478 Jau 28
29% Jan 13
58%
12% Feb 14
5434
122
884
17%
1%
13%
*21
*378
22%
£18
*34%
3%
8
35%
3
3534
884
17%
1%
13%
22%
5%
23
18
584
434
3834
3%
8%
36%
3%
5%
36%
534
4
31%
*3%,
*5%
29%
1
*13
9%
98%
293g
4334
4%
1334
7%
*9
6
9%
54%
121% 121%
8%
16%
1%
*11%
21
21
*378
22%
17%
5%
5%
*4%
34%
5%
22»4
1778
*3%
6
5%
434
34%
378
8
8
35
3578
3
278
35
5%
378
834
9
40%
278
40%
278
40%
4%
32
4
4
5%
29%
1
14%
9%
47
3834 Apr
58% Dec
43*,May
46^ May
9
287s May
6
5
May
98
June
113
1
May
Jan 24
Jan
6
112
Dec
Jan
12% May
16% Oct
22*4
Jan
26%
Jan
20*4 May
2978 June
29
Apr
46%
Jan
Dec
80% Jan
8% Feb
2% May
14%
17%
20*4
2778
36%
Jan 13
978 May
Jan 14
3,000
1,600
2,500
800
1,100
200
20
2,000
""500
1
98
17%
1%
2,600
12,400
2,200
29%
28%
42%
4%
13%
10%
6%
Symington-Gould Corp w w.l
Without warrants---—1
Talcott Inc (James)
9
534% partic pref
50
Telautograph Corp
5
Tennessee Corp
-5
Texas Corp. (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
Texas Pacific Coal & Oil—10
Texas Pacific Land Trust—1
Texas & Pacific Ry Co—-100
Thatcher Mfg
No par
$3.60 conv pref..—-No par
28%
99
7%
1%
70%
4%
1,200
1,200
10
6884
4%
*9%
578
14%
7%
1%
70
4%
10%
6
17
17
*7
1%
preferred
Third Avenue Ry
48
48
18%
1%
27%
1834
1%
27%
18«4
26%
I884
1%
27%
1%
t In receivership,
a Def.
118% May
4
7% May
12% May
1% Oct
9% May
7
1*4 Jan
7
Jan
6
23% Jan
2
17
35
Feb 14
2% Feb 14
Feb 14
5% Feb 14
378 Jan 18
Jan
4
7% Jan
3578 Jan
2
234 Jan
38% Jan
6
Feb
1
8%
4
10
30
3
3
2
Jan 17
Jan
8
40% Jan
2
9%
3% Jan 10
Jan 24
38
May
Oct
May
7
Dec
12%
18%
Dec
53
Mar
4
Feb
2% June
June
3
May
42% Feb
534 Mar
20
June
35
Jan
9
4% Jan
6
234
Feb
Jan
6
4
Jan
32
34
1%
Jan 10
Jan 18
Jan
9
9% Jan 29
10% Jan
6
Jan
99*4
34% Jan
6
51% Jan 2
5% Jan 13
18
2534 May
23
Jan
12
May
99%
18
34% Dec
Transue & Williams St'l No par
7%
Feb
1
Tri-Contlnental Corp.No
1% Feb
6
2
Jan
6884 Feb 14
75
Jan
64
£00
~3~300
700
No par
No par
$6 preferrred
Corp
Truscon Steel Co
4% Feb 14
9% Jan 30
10
20th Cen Fox Film Corp No par
$1.50 preferred
No par
578 Feb 14
Twin
.
12,100
50
2,000
2,900
500
7% preferred-
18
..--100
Twin Coach Co
17
Feb 14
1% Feb
City Rapid Tran.No par
7
Feb 14
7% Feb 14
1
Under Elliott Fisher Co No par
30
Union Bag & Paper
No par
Union Carbide & Carb-No par
60
Feo 14
934 Feb 14
Feb 14
Union El Co of Mo $5 pfNo par £111*4 Jan 30
25
1234 Jan 2
Union Pacific RR Co
-100
76% Feb 14
Union Oil of California
4% preferred-.
80% Jan 31
100
3
1,200
2,100
6,900
Union Prem Food Stores.Inc. 1
13
Jan
Union Tank Car
26
Feb 14
6,300
Un Air Lines Transport
700
30
700
No par
United Aircraft Corp
United Biscuit Co
United Carbon Co
United-Carr Fast Corp. No par
New stock,
1% Feb
26
No par
$3 preferred
r
Cash sale,
Jan
6
2
47*4 Jan 2
18% Feb 13
No par
United Corporation.—No par
n
1278 Jan
111
100
5% preferred
500
delivery,
12*4 Feb 13
5
No par
6,900
5,200
34% Feb 14
5
x
Jan
Ex-dlv.
8
30
v
5% Jan
10
Jan 16
7% Jan
6
19% Jan
7
May
Aug
3% May
6% May
5
May
14
May
1% Jan 10
l%May
Jan 10
13% May
9% Jan 13
34% Jan 6
1234 Jan 4
707a Jan 6
21% June
9% May
59% June
24
Jan
May
200
Truax-Traer
2%
May
2,100
2
Apr
1
Transcont'l & West Air Inc.-5
17% Jan
884 Jan
Nov
6% Dec
38% Apr
8
35% May
4% May
10% May
4% May
l%May
6
7%
8 34 May
81
May
42% Feb 14
280
Jan
Jan
30
No par
10
par
37% Nov
8% Jan
6% Jan
5
Timken Detroit Axle
2,200
Mar
9
3
43s Feb 14
13% Feb 14
40
36
Tlmken Roller Bearing.No par
Transamerica Corp
——2
$4.50 conv pref
Apr
Jan 18
6
2
Jan
6
434 Jan
45
3
Jan 31
33
2% May
267s May
5%
31
Jan
9%
7% May
5% Mar
334 July
Jan
1
Jan
Jan
2% Jan
18% Nov
353s Feb
9% Dec
47% Apr
4%
pr
3
5% Feb
28% Feb
13%
Dec
Dec
6
278 Jan 14
10%
2778
4% May
278
Jan
10% Jan 27
10% Jan 23
40% Jan 21
125
7% Mar
4% Jan
6
Jan
24% Apr
32% Jan
28% May
334 Jan 16
Apr
12% Feb
65% May
May
334 May
4% May
34% Feb 14
8%
12%
May
8
6
Feb 13
38%
3
16% Aug
434 May
434 Jan
Jan
20
19% Jan 14
734 Jan 2
67g Jan 7
Jan
Jan
£17% May
27
24%
6
35
Thompson (J R)
25
Thompson Prods Jnc—No par
Jan
Jan 10
May
1,400
4,800
1,100
1,700
4,600
49
Jan 22
9
Dec
5
6,500
1%
49
4634 Aug
4
9678 Feb 7
28% Feb 14
1984
18
6
Jan
8
1
*1%
5834 Jan
3% Jan
32
100
Tompson-Starrett Co.No par
7%
7%
784
7%
30
30%
30% 30%
934
10%
10%
10%
60
63%
62% 63%
*11234 113
*11234 113
13%
13%
13%
1334
77% 79
76%
77%
*82
83
8134
8134
13
13
13
13%
26
27
£2784 28%
34% 37%
36%
37%
1278
13%
1234
13%
13
13
1278
13
*112% 113% *112% 113%
20
Therm old Co
$3 div conv
6% Feb 14
100
1
-
Jan 30
4% Jan
No par
-
Preferred
$3.50 cum preferred-No par
Tide Water Associated Oil. -10
160
20
The Fair
100
400
29%
43
4%
V2
13% Feb 13
Co
10
Sweets Co. of Amer (The).-50
Swift & Co
25
900
3,600
534 May
21
Swift International Ltd
300
7
127
1,300
200
8% Jan
8% Jan 20
16% Feb 14
2
Jan 11
4% May
121% Feb 14
Jan
Jan 11
8*4 Jan 10
5% Jan 28
8% Jan 10
100
preferred-Co
Jan 13
Dec
2%
7%
18%
Jan 13
100
6%
22% Jan 3
17% Jan 3
5% Feb 14
"3,700
9%
Sun
Sunshine Mining
Jan
Apr
Feb 14
3%
6% Feb 14
6% Feb 14
54% Feb 14
Studebaker Corp
11%
66%
40% Apr
112% Dec
778 Apr
6% Jan
Webster——No par
(The)
1
Oil Co
No par
Stone &
21
700
13
1
Feb 14
Sutherland Paper
210
1
4
500
3%
6
9%
6% Feb 14
400
2,000
3178
*12
Sterling Products Inc.-—--10
Stewart-Warner Corp——5
Superheater Co (The) —No par
Superior Oil Corp
1
Superior Steel Corp
—100
500
3034
*3%
*5%
30%
44
4%
14
150
2,400
9
*39%
334
'■ V
3578
5%
378
884
3%
43
41
r)l,400
8%
17
1%
12%
S—No par
Feb 14
Feb
May
May
18% Feb 14
Apr
May
6
116
2384
19
9
T4
$7 cum prior pref
Standard Oil of Calif-No par
Apr
33
45% May
678 Jan
3
Feb 14
Jan 21
57% Jan
36% Jan
113%
11
3%
Jan
Jan 24
Jan
1% May
4
20% Jan
Jan 30
1
Jan
May
57%
2% Feb 14
39
7
9
No par
No par
No par
Jan
Jan
17% Nov
72
2
6
Jan
20%
3478
334 June
38% Jan
113% Feb
15%
13% May
6078 Oct
14% May
£3734 Jan
1
Jan
Feb
Jan
Mar
Jan
May
Apr
May
3
4
31% Feb
Oct
11%
2434
12%
2%
16%
30*4
152%
30%
3
Feb 14
5% Feb 14
Feb 13
May
Apr
Jan
2
Feb 14
52
8
22
4% Jan
32
32% Feb
23% May
634 May
56
*1%
13%
28%
37%
Jan 30
7% May
1% July
10
May
Jan 11
17%
13%
135
Jan 23
Dec
66
1%
2834
3
May
68% Feb 14
17%
28
8% Feb
1% Jan 2
13% Jan 2
16% Feb 14
5
14
May
*1%
*13
8
23
17%
82
Jan 16
Jan 8
Jan 6
Jan 11
Jan
4
6%
82
1078
1534
9%
2%
15*4
9
1434 Jan 31
10% May
Jan
6%
83%
Jan 14
40 5
*2%
14
7934
19
Starrett Co (The) L
*40%
1378
15% Feb 14
Standard Oil of Ohio—....25
3%
79
114% May
700
43
4%
32
3%
3134
120
300
*2%
1078
11
64%
65%
*11234 113
May
May
35%
34%
*40%
8
67
105
34
*4%
21
6
Jan 27
35
54%
23% May
Jan
35
122
Nov
112
35
6%
5434
Jan
2% Apr.
114
Jan 27
6%
Feb
Jan
6% Nov
5
38
684
Apr
7% Mar
Jan 21
34% Feb 14
Feb 14
34
*6%
5%
778
31%
31
33
6
*20
24
l%May
17% May
2578 Feb 14
4%
*9
12% May
2% Jan 20
27% Jan 28
22% Jan 6
Standard Oil of Indiana.---25
6%
14
21% Jan 10
Standard Oil of New Jersey. 25
6%
30%
4434
4%
13%
6
Stokely Bros & Co Inc
Jan
7% June
3% May
7,500
6%
16%
16% Nov
73% Nov
534 Jan
4
21,900
4%
Apr
12% Jan 13
3334
34%
Jan
88
56
12% June
Jan
278 Nov
40%
Jan
Jan
Feb
2
prior pref
1%
20
May
111
cum
Jan
111% Dec
% Jan
34
No par
$6
Dec
49
115%
40% Aug
434 May
5
share
1434 Mar
112
No par
preferred
May
per
88
100
No par
1
-.100
Feb 14
19% Jan 31
'-16
3
Highest
5534 Jan 14
5% Jan 7
40
Jan 30
18%
26%
*534
4%
9%
*98%
26
No par
8
May
Aug
18%
1878
*1
184 Jan 31
par
478 Feb
June
33
18%
*13%
1
8
Sept
May
2578
23
6
2978
1%
14%
434 Feb
Oct
May
1%
61%
8%
8%
51%
34%
35%
834
17%
1%
14
21%
5%
23%
*29
384 Jan 2
53% Jan 22
par
%
11
26%
3334
4
40%
par
par
par
$4.50 preferred
No par
Standard Gas & El Co.No par
$4
4
14
7134 Jan 17
10
Square D Co
Jan
Feb 14
Feo 13
No par
Spiegel Inc..
1078 Jan 21
11
No par
5% conv preferred
Standard Brands
2
65
Iron. 100
$6 preferred
No par
Smith (A O) Corp
10
Smith & Cor Type v t c-No par
Snider Packing Corp—No par
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum -1
S'eastern Greyhound Lines.-5
So Porto Rico Sugar—.No par
---—100
8% preferred
Southern Calif Edison——.25
Southern Pacific Co—No par
Southern Ry.i—
No par
5% preferred----100
Mobile & Ohio stk tr ctfslOO
Sparks Withlngton—No par
Spear & CO
1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Conv $4.50 pref
7834 Jan
37% Jan
10% Jan 21
43g Feb 14
17% Feb 14
—
Spicer Mfg Co
$3 conv pref A
6884 Feb 14
934 Feb 14
par
15
Mines. 5
-
2
*26
6%
6%
3%
Skelly Oil Co
9
2% Jan
£18%
4%
39
Slmonds Saw & Steel -
% Jan
15% Jan 10
Feb 13
% May
500
678
21%
Shell Union Oil
Silver King Coalition
Simmons Co
3
3
3,400
11,900
4%
55
1
Feb
% Jan
May
13
634
123
2
Jan
34
107% June
101% June
11
4%
7
13
Jan 31
11178 Jan 10
9
% Jan 20
Del-No par
No
$5 conv preferred—No
Sharpe & Dohme
No
$3.50conv prefser A.No
Shattuck (Frank G)—No
Sheaffer (W A) Pen Co-No
37% Jan 10
115
7% May
64% July
12%
*4%
8%
113% 113%
200
Jan 23
1178 Jan 10
87% Jan 24
share $
11
70%
32
7,600
34
111% Jan 4
108
Feb 14
$ per
1384
I884
13%
4%
10%
20
6%
6
1,700
2,000
5,600
11,000
31%
3%
*5%
,
10
114
*112
Jan
—100
preferred
Seaboard Oil Co of
3
85
>%
Lowest
Highest
$ per share
12
*11
70%
112% 112%
*4934 50
19%
*18%
!%
1%
27% 28%
,
2%
2%
4%
*11234 113
14
14%
79% 80
13%
1
70%
11
3778
1378
13%
113%
50%
20
1%
2834
114
1
*138
65%
3784
1378
6%
*112
1%
11
13%
116
£6
1%
65
28
1,000
7%
11
28
32
32%
1%
65%
83
31%
32%
8
11
83
150
320
1,800
*4
31%
4584
4%
1434
65%
83
4,100
53
200
7
*38
100
1%
14%
57%
584
52
534
53%
9%
99%
30»4
45%
4%
14%
7%
*1%
7978
57%
5%
5%
Q
17%
113
58
52
4
i58
14
58
Q
1778
7978
600
9%
*39%
177g
*1%
32
32%
378
6%
*784
6,400
32
9%
6%
32
32%
32%
9%
10%
20
33%
32%
4
*9%
*6%
8%
3278
78
19%
33%
9%
71%
4%
10%
6%
17%
23
*61%
19%
9%
*4%
*9
78
1934
4
9%
10,100
134
9
1%
""400
19,600
7,300
4
4%
6
"moo
59
8%
30
8%
11%
19%
*25%
25%
8%
12%
2078
2734
678
3%
378
25%
58%
*34%
4%
1,100
7%
*378
33
300
13%
16%
150
4%
10
14%
99%
Birthday
19,300
1,000
1%
*114
Lincoln's
300
6034
578
1%
46
Closed—
200
7
3%
36%
5%
*1378
9%
Exchange
16%
400
£60
8%
37%
1%
_
Stock
13%
*138
par
par
par
par
Sloss Sheffield Steel &
7%
*1%
3%
900
6234
*13%
43
""460
19%
100-Share Lots
$ per share
9
Feb 14
Seagrave Corp..-No par
Sears Roebuck & Co—-No par
Slmms Petroleum
2%
7%
17%
40%
18
62%
3%
36%
5%
*70%
*13%
36
3634
4%
113
36
834
3%
36%
71%
32
36
*35
5434
384
8%
37%
*4%
*784
19%
2678
34%
*122
434
71%
*20
19%
4,100
1,100
1,500
*384
1%
*334
284
1178
34%
634
39
1334
.
6%
14
6%
6
*25%
116
1334
26%
14
23
5%
*11
18%
1%
2234
5^2
23%
1878
*378
234
884
*21%
*378
23%
5?8
112% 112%
*1
1%
7%
124
*21%
*17%
*1%
*7%
7%
878
18%
1%
14%
*834
6%
*112% 115
*1
1%
27
*7%
*4%
*678
7%
54%
578
6%
14%
19%
*36
5834
6
12
14%
33%
34
58%
54
6%
115
*112
33%
1%
2578
878
12%
21%
28
1%
4%
8%
1934
*19
160
100
8%
17%
12%
20%
*19
*32%
*5734
19%
134
150
25%
*61%
1934
33%
""TOO
26
26
*95
9
14
17
*138
4%
78
3334
*178
110
7,200
53%
484
*112% 114
*112% 114
15%
16%
1634
1634
10
10
*9%
10
15
15
14'%
1434
15%
6
54
34% 34%
*113% 116
*61%
78
100
4%
17%
7,000
66%
4%
11
4%
19%
1,100
Servel Inc
38
*95
4-2%
""400
Sharon Steel Corp
1078
2%
27%
19%
30
1,100
No
preferred-----No
$4 preferred-No
{Seaboard Air Line..-No
34.50
1,100
38
4%
18%
80
514 % preferred
Scott Paper Co
6,100
11%
4%
10»4
54
6%
*53%
*3%
4%
484
i.^'-PaT
5
100
Schenley Distillers Corp..
11%
11
18
*14
14%
14%
*14
14%
14'4
17%
1734
*1734
18%
*1734
18%
*13812 150
*137% 146
*137% 146
2578
25%
26%
2638
26%
26%
884
9%
9%
9%
9%
9%
12%
1278
127«
13%
13%
13%
21%
22%
22%
22% *22% 22%
29%
*25%
29% *25%
*25%
30
*1%
1*4
*134
17«
17«
178
*334
4%
On Basis of
Lowest
70%
978
£38
*1%
26%
27%
20
*95
11
434
3834
434
*112% 114
*112% 114
*14l4
*53
40
19
*4%
4%
434
11%
478
18*4
4%
984
1134
11%
2%
2714
6884
978
53%
5
""600
2
2
11%
40
434
18%
10
108%
%
*%#
%
13
13%
10%
*53
47S
7184
35
114%
aie
12%
4%
47«
53%
2
2
3,600
108
12%
*434
39%
478
5
110
*96
*2
%
*%«
%6
EXCHANGE
87
*85
87
*85
35
*34%
36
11334 114% *113
»»«
NEW YORK STOCK
the
Shares
9%
9
35
11434
STOCKS
lor
1941
15,
Range for Precious
Year 1940
Range Since Jan. 1
Sales
Week
14
$ per share
87
*2
*716
2l4
9%
35
2
*1334
$ per share
*85
*108% 11012 *10812 11012 *108% 110%
i
Feb.
13
Feb.
CENT
Friday
Thursday
934
10
*113
115
Wednesday
11
$ per share
share
10'4
34U
115
*114
Feb.
New York Stock Record—Continued—Page 9
1098
6% May
Dec
52% Nov
7
Mar
21%
Apr
93s Nov
Jan
82% Mar
234
5%
Apr
10% Apr
13% Jan
25% Jan
3% Apr
30
Apr
13% Mar
45
Feb
18% Apr
8838 Jan
Jan 15
105
14% Jan 14
112
Jan 10
71
May
116% Dec
17% Jan
98
Apr
Jan 13
70
June
89% Feb
13
Dec
16
22*4
Jan
29% May
53% Apr
115
8578
85%
13% Jan 2
2934 Jan 10
44% Jan
9
May
May
31% July
12
May
17% Jan
9
Jan
9
12% May
113% Feb
6
108% Nov
14
50%
20%
1%
30*4
Jan 10
Jan 15
Jan
7
Jan 10
42% May
12
May
1% Dec
26
Dec
July
23*4 Apr
18
Apr
111%
Dec
65% May
20% Dec
2%
42
Apr
Feb
Ex-rights. If Called for redemption.
/
7
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
152
HIGH
SALE
PRICES—PER
SHARE,
NOT
Sales
CENT
PER
STOCKS
"NTTT'TXT
JNil< W
for
Saturday
tea
Monday
8
Feb.
$ per share
4%
2%
2%
4%
*2%
29%
*28%
4%
4%
*38%
64%
9%
64%
64%
9%
9%
9%
9%
*9%
*3%
*3%
*87
3%
3%
89%
*10
1134
*9
9%
64%
5%
4%
40
4%
2.400
2%
25«4
2%
300
4%
38%
64%
4
3
*64
65
64
176
176
176
5%
5%
3
64%
35%
33
33
35
35
25
24%
24%
*334
4
24%
*334
24%
4
*684
7%
*7
7%
*6%
7%
2934
29%
29%
29%
3434
*33
34%
*2134
23
*2134
23
*33%
22%
34%
22%
*1%
1%
20%
86%
59%
1%
1%
1%
21
21%
20%
21%
19%
88%
89%
87
88%
86
60
1%
60
60
60%
*74%
75%
6334
74%
6234
74%
63%
124
124
124
30%
30%
47%
*46%
30%
47%
*1%
1%
*1%
1%
*53%
*153%
144
7
*634
*54%
2834
62
*33
34
29
6%
*54%
634
700
1%
19%
1%
17%
86
81
30%
1%
1%
*1%
*15%
16%
55
*53%
55
*53%
55
*53%
55
*153%
147"
142
16%
16
*15%
Stock
28
29
*23
Exchange
23%
114
115
£42%
1
700
200
"
*
85
"2l"
21
85
*20%
*
21
85
"20%
20%
2
2
22%
22%
*2
2%
2%
2%
23% *22%
23%
*22%
*116% 117% *116% 117%
*14
16
*41
42%
33
*92
*%
*%
*21
*100
5
*28
*13
*334
*%
0
*16
3%
*56
16
41
41
"21%
Lincoln's
Birthday
116% 116%
*13
*40%
41
*32%
33%
*32%
33%
96%
*93
96%
*93
95
*16
%
%
%
8%
21%
*%
*8%
8%
1
*%
16%
16%
3%
56%
%
3%
57%
%
*34
4%
*334
1
15%
3%
56%
%
55%
%
3%
£54%
%
%
3
56
%
mm*
mm
400
*12%
12%
200
*3%
434
1,500
2%
3%
54%
11,100
»ie
800
27
27
100
22%
23
700
*15%
1834
*3%
16
*15%
16
*15%
16
15%
15%
15
15
700
19
19
1834
19
18%
18%
17%
18%
*18%
*72
18%
73%
18%
18%
72
72
108
104% 105
*111% 112
*111% 112
18
*1734
*70%
104
17
73
*102% 105
*103
105
119
*117
119
*117
16
16
16%
*105% 107
*16%
105% 105% *105
105%
25%
25%
25%
25%
25%
3%
3%
*3%
3%
*3%
33g
7%
*6
7%
*6
7%
*%
20%
21%
95%
*135
*5id
%
%
20%
20%
20%
*%
19%
21%
21%
21%
21
96
96%
137% *135
•
34
*29%
75
*62
75
*95
98%
*96%
98%
28%
*28%
29
34
109% 10934
30
30
14%
*6
*4%
15%
14%
6%
5%
4%
4%
15%
6
4%
*97
14%
14%
534
5%
4%
4%
70
*20%
*1%
22%
*20%
22%
*20%
22%
2
*2
4%
*5
68%
5%
68%
2
*1%
2%
2%
2%
4%
4%
4%
4%
4%
69%
69%
5
,
.
'
"
4%
434
68%
*112
*115
*115
Westlnghouse El & Mfg
40
98%
*41
2
4,300
*97
51
4%
93
134
98%
*41
2
Westinghouse Air BrakeNo par
*62
51
*1%
Western Union Telegraph. 100
3,700
75
*41
2
6,200
33
29%
*25%
109% 109% *109
10934
mm
97%
27
27%
26%
26%
13213iel32uu *13225« 132%
72
*70
69
70%
1034
*10%
10%
10%
14%
12%
13%
1334
5%
5%
5%
5%
4
4%
4%
4%
*41
53
43
*41%
*20% 21%
20% 20%
lh
1%
1%
134
2
2
1%
1%
4
4
4%
3%
4%
68
68%
m
*112
m
75
4%
68
m
m
mm
mm
210
-
m
*29%
29%
29%
29
29%
28-%
29
28%
29
32%
20%
3234
31%
32%
31
31%
30%
30%
12,200
*20%
20%
19
20
30%
18%
31
20%
19
17
18%
2,300
*90
95
*90
95
*90
95
*85
95
*85
95
*85
90
*85
88
85
85
85
85
85
85
*55%
57%
57%
55%
59%
*54%
57
54%
6234
60
58
54%
60%
96
95
95
91
91
20
74%
72
74
70
71
600
19%
*18
19
*17%
14
13
29%
*61
62%
*55%
*60%
*95
97
*93
98
*73%
19%
75
*74%
75
14%
19%
14%
*116% 117
*10%
37
*89
11
37
93%
*16%
17
*14
14%
2%
*2
•
19%
1434
117
10%
36%
*88
16%
*14
2%
19%
14%
*93
74%
*19
55%
14%
14%
*116% 117
10%
10%
10%
37%
36%
35%
13%
117
93%
*87
117
10%
33%
93%
*86
1634
16%
16%
16
14%
2%
14
14
13%
2%
Bid and asked prices; no sales on this
2
2%
day.
58%
*54
1,800
mm
m
18
hi Feb
1
18% Feb 13
1934 Feb 14
89% Feb 14
Sd)_20
1
1
No par
10
Jan 11
Feb
1
Jan 29
May
13% May
6
14
24
80
1
7
J
May
2% May
eb
5
80
2134 Jan
9
Dec
18
Jan
3
7
105% Feb 10
28% Jan 2
334 Jan 22
7
Jan 16
% Jan 3
22% Jan 10
227a Jan 10
June
80
June
198
Jan
108% May
120
11
May
100% May
21
June
284 May
4% May
% Dec
14% May
15% May
Jan
Jan
Jan
2
76
May
118
Jan
Jan 28
110
May
140
Nov
34% Jan 10
26
Jan
36
373a May
38% Feb
109% Dec
80
Oct
103
Nov
2784 May
3
133
Jan 29
Feb 14
76
Jan 14
51
10% Jan 7
12% Feb 14
5% Feb 14
12
Jan 22
Jan
Feb 14
Feb 14
Jan 23
Feb 13
Feb 14
Jan
6
17% Jan
9
7% Jan 13
5% Jan 10
23%
178
23$
5%
Jan 10
Jan 7
Jan 11
Jan 13
634 Jan 25
73% Jan 28
May
784 Aug
7% May
4% Mar
3% May
Jan
1434 May
35%
125
74%
11%
17%
11%
7%
57%
24%
Apr
Dec
Nov
Apr
Dec
Apr
May
Mar
May
134
Oct
3%
Jan
1%
Jan
Jan
3%
684
Apr
3
334 May
45
June
116
Jan
7
1534 May
7
30
9
13% May
7%
70
Apr
Apr
Mar
121% Mar
34% Nov
42% Apr
24% May
102% Oct
17
Feb 14
33% Jan
34% Jan
24% Jan
94
Jan 27
98
Jan 18
91
Jan 18
July
95
Oct
60% Jan 28
64% Jan 28
101% Jan 9
June
68
Nov
June
65%
Jan 30
Feb 14
19
Feb
13
Feb 14
116
Feb
4
3
80
Jan 11
22% Jan 8
17% Jan 10
120
55
Jan 10
May
June
129
Apr
May
93
Apr
25
Jan
15% May
9'4 May
May
98
15
Feb 14
1,200
YoungBt'n Steel Door ..No par
Zenith Radio Corp
No par
94% Jan 31
18% Jan 6
13
Feb 14
15% Jan
9
8% May
1,500
Zonite Products Corp
1
2
Jan 31
2% Jan
6
2
Ex-div.
1
y
Ex-rlghts.
63s June
26% June
80
Oct
June
12% Jan 11
42% Jan 6
x
Jan
2884
28%
105
18% May
9334 June
Feb 14
Cash sale,
Jan
1
3
70
r
Apr
5
8% Apr
Jan
91
New stock,
40%
30
Wrigley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
Yellow Truck & Coach cl B..1
Preferred
100
n
Apr
26i8 Feb 14
Wright Aeronautical—No par
d Del. delivery,
105
138
Feb
900
Oct
2538 May
Dec
Feb 13
Young Spring & Wire-.No par
Jan
Apr
Apr
May
28l2 Feb 1A
30i4 Feb 14
Youngstown S & T
75
May
68
m
29% Apr
115
984 Feb 14
3134 Feb 14
m
Jan
Feb
Dec
96% May
94
m
Feb
Apr
110%
No par
534% preferred ser A—100
700
9,800
mmm
4%
80
Nov
50
54% Feb 14
130
May
20
6
4
Jan
Feb
Dec
Sept
Sept
85
85
300
22
16% Jan
20% Jan
4% Jan
8% Jan
30
May
May
% May
334 May
2
Prior
8,300
9
2334 Jan 13
2
30
Jan
Jan
Jan
43s Feb 14
100
100
pref 4 34 % series... 100
pf434% convserieslOO
Jan
25%
4%
50%
2%
1234
34%
2834
20%
Jan
100
Prior
13%
s8 May
13% Aug
Feb
9%
1%
Jan 30
200
*116% 118
934
10%
10%
35
3134
33%
93% *86
93%
15
16
15%
13
13%
13%
2
2
2%
Jan 22
Dec
108
3
400
•*
3%
6
Feb
7% preferred
6% preferred
mm
6
6% Nov
35%
16%
3
67
...No par
6% pref.100
10
5% Jan
June
Jan
20%
134
178
358
.10
Wool worth (F W) Co
10
38
5
Woodward Iron Co
May
9
9% Nov
23% May
104% Dec
110% Jan
4
No par
20
Worthingt'n P<fcM(Del)No par
50
117
{ In receivership,
Wisconsin El Pow
mm
5
69
$6 preferred
600
mm
Jan 30
Feb 14
Jan
125
Wilson & Co Inc
6,300
'm
6
100
6% conv preferred
3,100
June
3
18% May
117% Jan
$5 conv prior pref—No par
Willys-Overland Motors
4,700
89
2
10778 Jan 18
98
Wilcox Oil & Gas Co
6
3012 Jan
1334 Jan
Jan 14
100
Prior preferred
100
300
4
Feb 14
Jan 9
534% conv preferred
$4 conv preferred
m
Jan
Jan
1534
10478
24%
278
29
White Sewing Mach Corp. —1
m
13s
2%
117
108
1,800
Oct
Dec
104
No par
100
White Motor Co
%
®id
6
Feb 13
Westvaco Chlor Prod.-No par
White Rock Min Spr Co No par
May
11078 Feb
Wheeling & L E Ry Co
1,400
135
91
30
White Dental Mfg(The
Jan
June
Jan. 6
2
Jan
120
Jan 10
Jan
Feb 14
48
Nov
2214 Jan
105% Jan
Jan
Jan
15% Apr
35
5% May
16% May
1
Jan
Nov
110
6
177s Jan 6
3% Jan 9
60% Jan 28
4%
3134
120
May
Jan 10
6%
31% Mar
71
115
Weston Elec Instrument-12.50
200,
6,600'
67
.
May
15% May
5834 Aug
133
6% preferred
600
mm
5
Jan 26
Wheeling Steel Corp.—No par
2,700
m
2
Jan 18
50
50
$4.50 preferred
mmm
10
4%
43g
*65%
*112
300
220
m
May
74%
106%
•
103
4% 2d preferred
100
Western Pacific 6% pref.—100
19%
20%
*62
*1322%zl32% 13225«1322532 132««1322%2
73
73%
72%
*72%
72%
*72%
1034
10% *10
10%
10%
*10%
3
1934
75
28%
2
18%
10934
1714 Feb 14
167s Jan
par
6% preferred
700
Feb 14
70
No
25
109
15
2
5
West Penn El class A..No par
1st preferred
Feb
Feb 14
Feb
100
Western Auto Supply Co.-.IO
Western Maryland100
30%
6
27
22% Jan
Wesson Oil & Snowdrift No par
$4 conv preferred
Jan
5s Jan 30
Feb
200
30
53
3
19%
31%
29%
109
834 Jan
1
80
107
89%
"i« Jan
14% Feb 14
27S Feb 14
100
West Va Pulp & Pap Co No par
134
334 Feb
No par
7% preferred
100
*62
98%
27%
Webster Eisenlohr
Feb 14
*1234 Feb 13
1
21
9334
26
No par
%
135
134 May
May
14
1
Jan 17
Jan
205s Jan 31
103i4 Jan 31
4i8 Feb 14
5
preferred
**id
£9234
2i2 Jan 2
27i4 Jan 11
11712 Feb
20i2 Jan
i4 Jan 20
par
19
18%
2434 Jan 15
«ie Jan
100
Wayne Pump Co
_
Jan
8
Washington Gas Lt Co.No par
Waukesha Motor Co
5
190
100
31
No
200
2,900
1,100
31
par
1534
3
31
No
117% 117%
*105
Jan 28
Feb 14
15
No par
$3 preferred.—-.No par
Warren Fdy & Pipe
No par
190
6
*134
$3.85
100
6
£20%
No par
7% preferred
100
6% preferred
100
WestPennPowCo4H%pf-100
1534
2
20% Fe^
116
{Warren Bros Co
270
7%
19%
21%
No par
No par
Warner Bros Pictures
1,100
1
103%
11134 112
105
105%
*6
96
10934
17
68
103
2%
*%«
Aug
May
100
100
;
7% preferred
mm
24%
%
60
19
20i2 Feb 11
Ward Baking Co cl A..No par
500
mm'mm
3%
135
*62
m'm
25%
95
109
105
17"
m
3
135
*29
105
m
*64
Oct
Aug
9
100
Div redeem pref
1,500
25
96%
*31
28%
105
137%
31%
31%
*31
73
*117% 118
16%
*15%
16%
*25%
*6
104
119
*1534
"l7%
62
60
Walk (H) Good & W Ltd No par
90
3
'
m'
mm
*103% 105
111% 11134
8
3
3%
•
*68
104
111% 11134
*102% 105
*117
3
49% May
100
434% pref with warrants 100
160
7
Lmm+i
117% Apr
Jan
100
Class B
15%
24
'
July
5634
No par
Walworth Co
1
14%
28
"
112
Feb
35% May
£42% Feb 13
5
Preferred
mm
m
7
3%
39% Mar
36%June
*27
---
43% May
28% May
*23
-
19
May
6
8
3%
June
4
23%
'
12
Jan
m
Apr
25
Jan 17
m
84
22% June
Feb
m
m
2
Jan
100
5
non-cum pref
115l2 Jan
44% Jan
18% Nov
Jan
33l2
29
*105
Feb 13
Dec
234 Apr
2% Apr
63% Dec
6ie Nov
94
*7
mm
114
-.100
Jan 15
Apr
50
Dec
June
42
23%
-
6
17
Nov
39%
128
59
Jan 14
*27
—
4
26
130
70
Feb 14
8
mm
Jan
34% Jan
Feb 14
67% Nov
£73% Dec
76% Nov
159
90
30
3%
Jan
Feb 14
Jan
Jan
Apr
May
32
25
m'm
16
26
I84
41%
117
Jan
13434 June
9
*22
June
4018 Feb 14
4,400
mm
% Jan
41
Vulcan Detinning Co
*7
-
103% May
29% Dec
42% June
1% Dec
1
May
130
*24
3%
May
700
*28
m, mm
May
42
5% pf 100
Virginian Ry Co—
25
6% preferred
25
rnmmmmm
4%
Jan
Va Iron Coal & Coke
8
'
4
Jan 10
100
7% 1st preferred
mm
30
:
7
Vanadium Corp. of Am-No par
Van Raalte Co Inc...
5
Vlck Chemical Co
"300
40%
32%
Feb
No par
6% div partic preferred-100
24
3%
158 Jan
1% Jan
60
Vadsco Sales
24
19%
4
% May
May
400
Va El & Pow $6 pref—No par
v
Jan
15
68% May
39% May
Feb 10
92
*5%
333s Jan 13
Nov
149
Va-Carolina Chem
12id
6
Jan 13
24
Jan 17
140
53
Jan 17
Jan
Apr
Dec
133
300
*%
1
Jan 2
May
22
470
26
1
151:
3%
54%
76*2
7034
74
39
Jan 21
Walgreen Co
*7o
24% Jan 11
94l2 Jan 11
64I2 Jan?n
Apr
1234 Apr
38%
157
600
15%
2512 Jan 6
1% Jan 11
Aug
7%
2134 June
27% June
Jan 15
*28
*7
5
7
154
{Wabash Railway Co
5% preferred A
15%
3%
48
100
Universal Pictures 1st pref.100
Waldorf System
1
*%
16%
Jan 31
7278 Jan 4
5634 Feb 14
8% preferred
500
434
Jan 17
64
May
mmm
600
*3%
69
No par
"300
434
50
50
par
May
6
48
%
£1234
Feb 14
500
26
6% Mar
6
29i8 Feb 14
46i4 Feb 13
1% Jan
*16
27%
12%
182% May
8% Jan
1195s Feb 14
8%
20%
£27
81
21
103
Jan
100
116
4%'
Jan 17
21% Feb 14
1% Jan 2
1778 Feb 14
par
Victor Chemical Works
20%
64
1
300
90
6i4 Feb 14
May
234 May
3% May
25
1
5%
14
*95
Apr
var
22%
2%
*12%
40%
32%
4%
Dec
28
165
4
No par
*%
%
21
35
14
June
4i2 Jan
7% preferred
8%
103
25% July
2834 Jan 10
U S Tobacco Co
®16
4%
£37% Jan 16
130
8%
21
Fen 10
100
8id
*95
33
2212 Feb 14
358 Feb 14
No
8%
21
21%
2034
*100% 103
*100% 103
5
5
5%
5%
28
28% *2734
28% *28
14
13%
13% *13%
*13%
3
50
mm
85
"%
6is Jan
8
Jan 14
45
50
*135
%
Jan 31
U S Steel Corp
Preferred
%
516
5
10
8%
5%
*334
93
5
Jan
183
12% May
300
Jan
Feb 10
5934 Jan 15
42%
Nov
89
Feb 14
3134 Jan 11
Preferred
Dec
11
60
55
m
May
12%
176
No par
110
*2
5% May
Universal Leaf Tob
mm
500
116
10% Jan 27
m
3,400
*19%
*135
103
4%
2
21
97
May
mmm
16%
*20%
Jan
5
3%
6
34 I8 Feb
'
*%
*%
8%
2034
%
2
21
S3
*135
*135
21%
116% J16%
14
*12%
40% 40%
3234 3234
15%
^
33
*135
8%
*13
85
Jan
1658 Jan 10
2734
22%
*112% 114%
*
Jan 17
14
31
Vicks Shreve & Pac Ry
*
Dec
80
9
90
28% Jan
$6 conv preferred
Closed—
♦
3l2 Jan
Jan 10
934 Feb 14
834 Jan 17
50
26
42%
May
46% Feb 13
15i2 Feb 14
£22
42%
3
Universal-Cyclops Steel Corp 1
141
*15%
35s Jan 10
4
1334 Mar
7% Apr
7% Jan
100
-
%
June
10
United Stockyards Corp
United Stores class A.
■
%
6
20
Preferred
Oct
Jan 13
U S Pipe & Foundry..
U S Smelting Ref & Min
118
11
U S Playing Card Co
No
Jan
107% June
20
100
8% 1st preferred
1,200
20
47%
16%
V
No
{U S Realty & Imp
100
55
139
%
*%
,
1%
*45%
15%
*53%
*153%
cl A
US Rubber Co
2,000
2934
47
1
48
46%
29
29
29%
29%
2934
29%
26
2434 *24%
2434
24%
24%
*114% 115
*11434 115
*113% 115
43
43
43
43% *42%
*42%
2C0
54,800
1
1
1%
800
59%
*1%
conv
Jan
15
100
50
U S Plywood Corp.-—.
15,700
1,900
1,000
5634
29%
conv preferred
Partic &
mm
73%
*45
No par
85%
9% Feb 14
Feb
65% Mar
53s Jan
Dec
Jan 22
278 Feb 14
pref.100
May
9%
117
88
No par
conv
Jan
Feb 11
3
U S Industrial Alcohol .No par
No par
""400
19
113
U S Leather Co
1,200
-mmm
84
73%
59%
119% 120
46%
1%
534%
34C
28%
33%
2134
1%
*58
30
Corp
8% Feb 14
10
Prior preferred
75
%
No par
improv't
U S Hoffman Mach Corp
62
5934
*%
Dec
United Gas
7% preferred
1,800
59% eo%
122% 123%
148% 149
41
60
U S Gypsum Co
700
23
*73
46%
16
700
18%
47%
17
334
85
16%
*16%
33%
3%
21%
22%
48
18
33%
22%
28%
30%
%
5%
*33
*1
*%
5%
334
*46%
%6
50
34
*15%
149
1,400
24
1
147
61
174
5%
4834
16%
146
25% May
$6 first preferred
60
*59
.
8
70% Jan 10
10% Jan 15
United Paperboard
"
*168
62%
175
1
%d
*16
9%
75
.
42
Feb 14
834
8 34
62%
.
Feb 14
61
U S Freight Co
*46%
*153%
38
400
*15%
*153%
2% May
5
No par
U. S. & Foreign Secur..No par
*30
_
Jan 11
United Eng & Fdy
United Fruit Co
U S Distrib
*45&
___.
5
700
16%
mm
Jan 11
Feb 13
320
3
Apr
Mar
32
4
10%
4834
1%
25S4 FeD 14
share
5
89%
*2J34
1%
123% 123%
30%
*1
60%
124
*46%
*46%
*15%
59%
*73
64
100
Sept
26% Dec
United Electric Coal Cos
934
33%
23%
334
62
*54%
*33
*29%
2934
62
6
2%
*86%
3
5%
4
7%
2
3
89%
10%
per
334 May
3
300
Highest
$ per share $
3% Jan 11
3%
1,600
share
434 Jan 13
$5 preferredNo par
United Mer & Manu Inc v t c 1
200
Feb
per
3
3%
*168
.
534
*334
*54%
j
115
4
$
Lowest
2% Feb 14
9%
'
'7
200
4,600
21,200
$ per share
5
9%
62%
176
38
63
9%
Year 1940
Highest
10
9%
*86%
10%
8%
9%
2,100
38
*113
United Drug Inc
United Dyewood Corp
Preferred..
100
4
8%
Par
9%
3
*23%
62
115
28
61
9%
*113
*33
*54%
9
89%
10%
5%
*
38%
63%
3%
*9
179
4
9%
10
65
5%
4
64%
10%
Shares
2%
28%
113
*87
$ per share
Range for Previous
On Basis of 100-Share Lots
Lowest
4
28%
Range Since Jan. 1
arTA/%T?'
YUKK clOUK
Week
4
10
3%
$ per share
14
*2%
113
10%
9%
Feb.
"Vf"\T>T7*
EXCHANGE
2%
10
89%
$ per share
40
*3%
13
Feb.
the
Friday
4%
114
3%
12
4%
9%
*3
*9
Feb.
Thursday
29
64
*87
10%
11
4%
*2%
*28%
4%
*38%
29
3934
9%
*176
4%
64%
Wednesday
$ per share
2%
4%
*38%
113% 113% *113
*3
Feb.
$ per share
*4%
29
Tuesday
10
1099
May
12% May
Mar
19% Jan
126% Sept
14
48%
99%
28%
1734
4%
Apr
Jan
Dec
Jan
Apr
Apr
H Called for redemption.
1941
15,
Feb.
1100
Record—New
Bond
York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
In the week In which they occur.
No account is taken of such sales in computing the range for the year.
The Italic letters In the column headed "Interest Period" Indicate in each case the month when the bonds mature.
NOTICE—Price® are "and
Friday
Week's
Last
Range or
BONDS
Price
Treasury
Treasury
Treasury
Treasury
1947-1952
4s——.———1944-1954
8)4s.......... 1940-1965
8Ns.......... 1941-1948
8Hs.......... 1948-1947
8)4s—...
1941
Treasury
1948-1945
8)4s..........1944-1946
8Hs.......... 1940-1949
8Hs.......... 1949-1952
8s.. .......... 1948-1948
8s....——1951-1965
2 He
1955-1960
2He
1945-1947
2Xs~
—1948-1981
2He
1951-1954
2He
1956-1959
2He
1958-1963
2He
1960-19&5
2 He
.
1946
2 Xs—.......
1948
2Xs
1949-1953
2 He
1950-1962
2Ms—........1951-1968
2Xs——1954-1960
2s
1947
Treasury
2s...——.1948-1950
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
8s
15 1944-1964
May 151944-1949
8s
Jan
2Hs
Mar
Mar
112.10113.18
6
*113.6
113.10
B
*101.4
101.7
101.10101.24
Extl sinking fund 8s._Sept 1961 M
8
107.2
107.6
107.2
107.25
•6s assented........Bept 1961 M
8
102.2
102.2
102.6
102.2
102.18
107.2
T07.2
107.9
107.2
108.6
108.2
108.12
1082
109.9
110.11
110.14
*111.24
111.27
M
Af
108.2
110 14
114.20115.7
110.11112.12
113.12114.9
110.12111.21
*109.24
109.28
8
110.22
110.22
6
110.22113.2
M b
107.27 107.27
107.27111.9
M
108.15
34
8
108.6
108.14
7
8
*108.3
108.7
D
107.24
107.24
~~6
107.24109.31
107.16
107.16
5
107.11110.22
M
M
J
M
8
J
D
J
D
J
107.8
107.8
107.17
*107.17
1 1944-1952
May
1942-1944
1945-1947
2Hs series 0
M
1 He series
109.24
108.25110.9
20
109.29
107.8
107.31110.17
*107.20 107.24
D
108.6
108.1
107.21
108.14
..1980
10 5~ 15 105.15
105.15
100
105.15107.23
♦6s
103.18 103.18
103.28
5
103.18105.14
♦6s of 1927
103.5
103.5
103.15
13
104.29
115
*104.
104.3
101.31
101.31
103.5
105.9
104.28106.28
104.13106.7
"24
101.30103.15
al07.2
al07.2
3
107.20107.28
M N nl06.25 106.28
106.28
2
106.28108
M 8
J
*102.20
102.24
102.31103.3
M B
*102.20
102.24
103
J
J
D
1928
/ D
J
•Colombia Mtge Bank 6X8...1947
1947
100X
101 %
1945
A
O
24X
23X
23X
23 X
M 8
J
*23 X
♦21X
J
23 X
22X
23X
23X
27
8 X
8X
8X
8H
"8X "9X
8X
9X
9
7X
7X
9X
8X
8X
•External
sec s
f 7s 2d series. 1957
•7 X
8X
•External
seo s
f 7s 8d series. 1957
*7X
8
♦16
1958
M N
4XS——1948
M N
1971
8 f external 4Xs
r
a
A O
B f extl oonv loan 4s Apr
1972
J
Australia 80-year 5e_.........1955 J
External 5s of 1927
1967 M 8
AfN
External
1956
1957
1945
16
16X
J
78 X
54
78
80 X
67X
68
19
65
58 X
58 X
60X
81
53X
60 X
23
59
58 X
67
56 X
57
47 X
47
f
J
6 X
A
58 X
70 X
64X
64 X
87
53 X
60 X
60
76
60 X
53
28
53 X
47
6
H
X
1
6X
20 X
24
M
8
49
49
50
declaration
6Xs 1st series
1969
6 Xs 2d soles
1969
I
SIX
1965 J D
63 X
•External sinking fund 6s... 1958
With declaration
715
•Brazil (U 8 of) external 8s
1941
♦External a f 6Xs of 1926—1957 A
D
0
f 6Xs of 1927—1957 A O
J D
•7s (Central Ry)
1962
M 8
Brisbane
s
(City) s f 5s...
Sinking fund gold 5s..
20-year s f 6s
•Budapest (City of) 6s..
Buenos Aires (Prov of)
F
/
D
•Stabilisation loan 7 He
1967 J
1968
8
15X
15X
17X
16
18
*45
60
O
47
N
J
1961 J
J
1944 J
J
1967 J
J
1968 UN
•Carlsbad (City) 8s
1954
♦Cent Agrio Bank (Ger) 7s
1950
•Farm Loan s f 6s...July 16 1960 J
♦6s Jan. 1937 ooupon on..1960
♦Farm Loan 1 f 6s— .Oct 16 1960 A
(Republlo) ext 6s
A
•Extl sinking fund 6s..Feb 1961 F
♦6a assented.....
Feb 1961 F
1105.
59
60 X
52 X
5
5X
85
57 X
64
61X
62
5
6
49
51
47
49
46
50
50
48
49
1945
oT> -10 He... 1953
stamped'mi
French Republic 7 Xs
With declaration
7 Xv unstamped
External 7s stamped
With
52 X
50
50 X
49
52 X
34 X
34
34 X
*7
10
7
7 X
8
88 X
80
"76 X
77
8
*7X
8X
88 X
98 X
90 X
99 X
133
91X
91 X
18
9
80
30
88 X
23X
23X
23X
24 x
22 X
23
7
21X
21X
21X
4
21
24X
73
73
9
72
74
17 x
17 X
4
16X
51
102x
....
1949
144
50
5
101
102 X
73
75 X
10
8X
9
41
41
42
24
41X
39x
41x
11
40
40
39 x
40 x
40 '
20
40
♦J0?1® Agrlc Loan) 6Xs
♦Greek
Government
Haiti
(Republic)
92 X
92
s
f
ser
1958
7S..1964
1964
6s.......1968
J
F
1952
♦Hamburg (State 6e)
1945
declaration..
I
♦Heidelberg (German) extl 7X81950
Helslngfors (City) extl 6 Xs
I960
24
"24"
23
26 X
25
25
21X
20 X
♦10 x
9X
"_9X
"iox "lix
♦7s secured
f g
s
194a
InB\7X;:i961
1961
♦Sinking fund 7 Xs ser B
Hungary 7Xs ext at 4Xs to
cxtI 8 *
58
55
59 X
59 X
27
27
8
8
"50" "six
51 x
82
25
22
27
26X
83
73 X
84
26X
87
64 X
11X
8X
8
8X
37
6X
6X
6X
3
12
7X
10X
7X
88
69 X
70
63
72
84
84
64 X
65
*iox
J
A
O
1979
6s...—1960
J
22
Mtw Bk> 78 1957
♦Leipzig (Germany) • f 7»
1947
A
iox
9X
8X
9X
"iox "iox
""8X "16""
62 X
22X
(Colombia) 6Xs_—
1954
"*1954
Minas
Geraes
5X
5X
5
5X
5X
5X
7
5
5X
12
♦Seo extl s f
11
♦See extl s f 6Xs
9X
12
•Montevideo
J
♦6s series A
*18X
*70 X
44
44
*24
9X
82
30
27X
29X
63 X
63X
68
46
46
49X
*7X
65
87
46 X
27 X
O
"26" ~23X
22 X
"l7
108
19
8X
28
A
67 X
44
46 X
29
30 X
26X
61X
29X
40
55 X
71
8X
8X
22 X
26 X
D
J
D
J
D
1945
>""4
7X
62
7X
9X
20
61X
62 X
17
♦4X
7X
61
9X
62 X
1962 J
8
D
—...—.1959 MJV
4X
3X
4X
"5X
.....
37
4X
4X
5
34
4X
4X
4X
61
3X
3X
3X
5
5
5
4X
20
27 X
4X
27 X
Af S
...1959 M
(City) 7s
*5
A
X
""
(State)—
6Xs——... 1958
11X
9X
iox
27
*5
{♦Treas 6s of '13 assent
.1933
♦Milan (City. Italy) extl 6XS..1952 A O
10
26
26
57
*5X
♦4 Xs stamped assented
1943 UN
♦Mexloo (US) extl 5s of 1899
£.1945 Q J
♦Assenting 5s of 1899
1945 Q J
♦Assenting 4s of 1904
1954 J D
5
66
22X
26
*5X
Utility extl 7s
1952
Japanese Govt 30-yr s f 6Xs.II 1954 F A
Extl Milking fund
AfN
5Xs
1965
F
7X
26 X
J
M N
/
13
J
AfN
♦Italian Publle
9X
6X
12
*8X
27
AfN
F
5X
6X
7X
iox
*48
8
10X
12
27X
A
J D
♦Italy (Kingdom of) extl 7s..
1951
♦Italian Cred Consortium 7s
M S
serB'47
7
"ii
83
D
J
Hungarian Cons Municipal Loan—
J
♦7 Xs secured* fg
19415
♦Assenting 4s of 1910
24
9X
12x
25
Mendoza (Prov) 4sread]...
Mexican Irrigation—
11
54
*8X
♦Medellln
9X
56 X
O
80 X
10 x
55
A
77
9X
55
With
29
3
58
55
65X
78 X
9X
57
54 X
57
65
83 X
94
9X
56
56
O
80 X
11
41
55
A
76 X
♦10 x
44
41X
31
23
..—1968
s f 6s ser A
92
50
42 X
45
56
51x
UN
2
19X
9
40
55
*8x
International—
38
23
4
31X
38 X
29 X
33 X
27 X
10
*53
*53
64X
81X
25
53
51 x
48
.1949
79 X
"28"
96
17X
102X
102 X
98 X
102 x
75
*72
92 X
"21X
"9X
D
76 X
77
It
A
J
80
*21
9X
D
101
101
102 X
100
38x
—1941
92 X
*21
O
J
33 X
33 X
23X
24X
AfN
J
♦Lower Austria (Provlnoe) 7
Xs 1950
♦10X
O
61X
98X100X
90X
30
37
declaration........
52
X
34
►
A
77
49
/
..I960 A O
16
15X
15X
16X
57 X
30
34
With declaration
19X
16
16
18
17X
"21x "26X
39
38
8
♦6s part paid
24
....
J
.af
7! £,ari pa,d
♦Blnk fund secured
26
18
J
M
*
26 X
26
16
57 X
J
1967
iox
24x
54
1948
10X
22X
56 x
J
iox
9X
iox
24 x
55
26
49
•6s Apr. 1987 coupon on.. 1960
♦Chile (Rep)—Extl s f 7s
1942 MN
♦7s assented
1942 M N
For footnotes see page
"3
34
Li
1960
32 x
33 x
33 x
•Dresden (City) external 7s...1946 UN
8X
49
UN
80-year 8s
30-year 3s
•External sinking fund 6s
♦6s assented
32 x
*8x
55
10
10X
27
"49"
J
7-year 2 X s—
"19 X
59
*55
Aug 15 1945 ? A
25-year 8 He
1
112
60
5
5
A
Canada (Dom of) 30-yr 4s....1960 A O
5S
1952 M N
10-year 2XS—
"l8X
M 8
.....1961
M
1977
F
Refunding s f 4X-4Xs
1976
A
External read) 4X-4XS
1976
Af
External s f 4H-4He
1976
J
8% external s t 8 bonds
1984
Bulgaria (Kingdom of)—
♦Secured s f 7a
22
15X
A
1968
i960 J D
1962
19
18 X
1957
♦6s stamped
External s f 4X-4XS
20 X
26
J
♦External
8x
9x
54
19
49X
10
10
iox
8x
*8X
O
26
55
12
9X
8X
10X
IOX
O
20X
SIX
10X
"15
8X
8X
A
J D
♦6Xs of 1930 stamped
1965
*5X« unstamped
1965
♦5Xs s tamp (Canadian Holder)'65
A O
•German Rep extl 7s
stamped.. 1949
♦7s unstamped—.
1949
German Prov A Communal Bks
53
"2
9x
A
German Govt
51X
20X
8
26
48 X
1950 AO
M
52
47
51X
53
53X
48 X
26X
43 X
43 X
*53
O
43 X
51X
With declaration
A
11
lix
11X
9x
*8X
.......
{•2d series sink fund 5Xs_.f 2940
Customs Admin 5Xs 2d ser..1961
9X
lix
iox
*74
Dominican Rep Cuat Ad 5X8..1942 Af 8
A O
{♦1st ser 5Xs of 1926
1940
26
43 X
With declaration
•Berlin (Germany) s f 6 He
With declaration
A
Apr 15 1962
Finland
78 X
79
e™oa!,«
4Xs
With
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
58 X
-
-
F
11X
9X
8X
A
J
9X
8X
1949 F
J
12
11X
"~8x
102 X
*97
51
nx
iox
"~8x
*100x
102 X
9
High
8x
*23 x
23
21x
Low
8x
*9X
S
—1955
17
67 X
With declaration
....1955
15
A
Af
Sinking fund 6Xs—Jan 16 1953
♦Public wks 5Xs... June 80 1946 J D
7s unstamped
1949
10 X
*9 x
*23 x
*23 x
8X
Argentine (National Government)—
•Bavaria (Free
iox
•8x
Since
Jan. 1
iox
.
8X
•Austrian (Govt) s f 7s
"4
13
23 x
33
J
1977 J D
J
J
External gold 5X8
With declaration
8X
B f extl oonv loan 4s Feb....1972
"7%
F
1944
Denmark 20-year extl 6s
1942
With declaration......——
7 X
f 7s
D
100X 103 X
7X
s
/
1952
1953 AfN
1949
101.36103.2
8 X
9
External 30-year
A
1951
101.30
7X
f 6s
F
M N
101.30 101.30
8X
s
"8 X
O
•Costa Rica (Rep of) 78
Cuba (Republic) 6s of 1904
4 Xs external debt...
*8X
External
8x
33
A
Cordoba (Prov) Argentina 78—1942
102.18103
1645
Belgium 26-yr extl 6Xs
With declaration.....
8
J
106.22107.26
100 X
*10X
9X
*9X
1946 UN
♦Sinking fund 7s of 1926
•Sinking fund 7s of 1927
Copenhagen (City) 58....
23-year gold 4Xs
102.24
1967
State) 0Xs
8x
D
Oct 1961
106.30
312
"2
*11
8
...Jan 1961
106 22
1945
4Xs of 1928
of
102.18 102.18
•External s f 7s series D....1945
g
1960 M
1960 M
41
"ox
Colombia
External 5s of 1914 ser A
External loan 4Xfl ser C
Af N
J
103
O
1962 AfN
...1962 AfN
1951
♦Coiogne (City) Germany 6XS.1950 Af S
(Republ! s of)—
8
104.28 104.28
.......1961 A
No.
9X
8x
♦7s assented
107.16109.22
M
"9 X
*8X
•Chinese (Hukuang Ry) 5s
105.12107.30
9x
..1961 / D
•Chilean Cons Munlo 7s
8
1948
B f external
•6s assented
♦6s assented
9
*9X
O
!i
IOX
D
....1961 A
♦Guar sink fund 6s...
High
8x
17 x
1961 J
♦8Xs assented..—
Range
Asked
*10X
O
1957 J D
1957 J D
♦Sink fund 6Xs of 1926
101
♦Qtd sink fund 6s...
Akershus (King of Norway) 4s. 1968
Antwerp (City) external 5s
External sinking fund 6s—.1962 A
9
•6s assented.....
....1962 A O
•External sinking fund 6s
1963 AfN
♦6s assented
.......1963 AfN
105.24
1947 F A
♦External s f 7s 1st series
J
107.23
♦Qtd sink fund 5s
•External s f 7s series C
..Jan 1961 J
105.12
Agricultural Mtge Bank (Colombia)
•External s f 7s series B
•6s assented
•Guar sink fund 6s.
A
*10X
•Czechoslovakia (Rep of) 8s...1951 A O
A O
•Sinking fund 8s ser B_.
1952
...
♦Antloqula (Dept) ooli 7s A
J
107.16 107.16
Municipal
A
Govt.
Jan 1961 J
D
New York City
Foreign
•Ry extl s f 6s
M 8
J
Transit Unification Issue—
8% Corporate stock
(Rep)—Concluded—
♦Chile Mtge Bank 6Xs
♦6 Xs assented
Bid
Low
Foreign Govt. & Mun. (Cont.)
Chile
54
Home Owners' Loan Corp—
8s series A
121.26
112.20
D
15 1942-1947 J
1 1942-1947
High
Low
High No.
112.10 112.10
j
119.6
Range or
Prtce
119.6
119.6
Federal Farm Mortgage Corp—
3 He
u
Week's
Last
EXCHANGE
Week Ended Feb. 14
Jan. 1
10
0
........1953-1955
Treasury 2s..
Asked
Friday
Friday's
119.23
A
Treasury 8)4s..
Treasury
A
Low
U. S. Government
Treasury 4)48..——
Treasury
Bid
N. Y. 8TOCK
Since
Friday's
Sale
STOCK EXCHANGE
Seek Ended Feb. 14
N. Y
BONDS
Range
8X
4X
27X
29X
8X
8X
8X
8
8X
32
*58
*57 X
"76"
8X
8X
5
5X
5X
30
9X
9
54
59
53
58X
•
>*
Friday
Last
Range or
■3
Range
BONDS
Elig. ft
Sale
Friday's
1
Since
N. Y. STOCK EXCHANGE
Rating
Sale
See i
Price
EXCHANGE
STOCK
Bid
Price
Week Ended Feb. 14
High
Railroad & Indus. Cos. (Com.)
58
64
24
57
64 H
Atch Top ft Santa
57
57
61 H
11
54 H
62
External a ( fie
Conr 4s of 1905
52 H
52 H
1
Conv
53
1
51X
51X
52 H
53
53
Cony deb 4Hs..........194«
D
51
52 H
Rocky Mtn Dly 1st 4s ...1965
J
51H
53
33
36 H
J
Trans-Con Sbort L 1st 4s..l068 /
M S
Cal-Arls 1st ft ref
D
x
Apr 1968
A
O
1943
F
A
Norway 20-year exti da
With declaration..
High
.„
20-year external 6s
With declaration
1944
F
A
*51
External sink rand 4 Hi......
1960
M 8
34
With declaration
External s f 444*..........
With declaration
1965
A
O
1963
F
A
........
4s * f exti loan
..........
With declaration....
1970
Oriental Devel guar 6a....
J
D
F
A
•4 He
36 H
31
34H
6
32
36 H
36
5
38
mmrnm
27
mmrnm
40
40
43 y
3
38 H
38 H
39y
10
O
*25 y*
27H
/
D
102 H
75
102 H
62 H
62 H
68 H
62
62
66 H
—
62 H
68 H
12
62
66 H
5
ey
28
6H
6
A
O
A
O
assented.
♦Porto Alegre (City of) 8s.........1961
6
6H
67
*6
7H
*4H
8
J
J
*3H
J
J
*4
J
D
*8H
sy
J
J
*8H
9
rnmmm
9
3
25
mmm m
7H
*
•External s f 6s
.......
1941
a
0
A
0
91
F
A
62
M
8
8
7H
7H
Ref ft gen ser A
27
10
113
2
8H
11
9H
8V*
9H
sy
12
8H»-4-4H" (f bonds ol *87)
32
BX
5H
BONDS
22 H
25 H
65H
63
♦Debenture 6s
Big Sandy 1st mtge 4s
19
Blaw.Knox 1st mtge 8
18
12
17H
16H
15H
19
6
50 H
58
43 H
63
22 H
26 H
26 X
26 H
18
8
*7H
J
D
/
D
F
A
*3X
F
A
J
M
8
A
G
mmmmrn
....
1
3H
sy
*
J
14
7
7
7
24
mmmm
7H
8
BH
7
3X
3V*
3H
sy
20 H
26 y
sb
1
A
53 y*
55 y*
90 H
20
54
13
89 H
53
x
cccl
A
xbbb3
85
112 H
132H
19
a
3
a
3
104H
J
x
aaa2
F
x
bbb3
M
91
101H
103
29
104 H
105
♦108H
109
100 H
75
75
82 y
*
67 H
70
19
20
4
19
25
Buffalo Gen Eleo
47
47
49
£
46
54
Buff Nlag Elec 8 H* series
55
A
*54
*52
50 y
53
MN
*52
"67H
22
39 y*
43
132
38
41
4
35 X
41
39 H
40
e
35 H
40
42^
43 y*
8
41X
44 H
*34 H
40 H
41
40
MN
38
D
A
J
A
0
24
F
A
F
A
J
D
%
*11H
52 H
3 H
3 y*
52 H
56 H
Last
Sale
See i
Price
3
mmmm
25
12 H
28
12 H
3X
3
3H
3X
49 H
57 H
Since
Friday's
ft
Jan. 1
Asked
A
x
aa
4
Canada Sou
cons gu
7 b
1955
6s A
x
/
J
x
aa
J
x
aa
A
O
x
aa
x
aa
Guaranteed gold 6e...Oot 1969
F A
Guaranteed gold 6s
1970
J D
Guar gold 4Hs—June 16 1965
F A
Guaranteed gold 4Hs
1966
Guar gold 4 Ha
Sept 1951
Canadian Northern deb 6 Hs. 1940
Can Pac Ry 4% deb stk perpet.
Coll trust 4Ha
1940
x
aa
x
aa
M 8
x
aa
J
x
aa
J
6s equip trust ctfs
102 H
1
1
100 H 102
103 H
107 H
103 H
1
101 H
107 H
29 X
5
107 X 107H
*28
Ala Gt Sou 1st cons A 6s.... 1943
*110
1943
x
aa
4
6«—1948
y
b
2
assented.... 1948
Alb ft Susq 1st guar 3 Hs.... 1946
Alleghany Corp coll trust 5s_ 1944
Coll A cony 6s......
1949
y
b
2
x
bbb3
y
bb
....I960
1961
F
m
M
a
debentures......—1961
3 X b debentures
1966
Am Type Founders cony !leb 1960
3H>
...
A
83 X
6
80
93 H
82
41
80
86
f*Consol gold 5a
55
58 H
80
55
62 X
♦Ref ft gen 5 Hs series
*70
—
*103 H
104 H
m
...
k
103""
17
my 104 y
Cent Hud G ft E 1st ft ref 8 Hs '66
106 H
106 H
35
106X 107H
Cent Illinois Light 3Hs
"~52~X
'52 X
56 H
109
103
104H
101
103
2
x
bbb3
103
103
103 H
12
y
b
101
101
101
15
1
x
aaa3
103 H
103 H
103H
67
x
aaa3
108
107 H
108 H
105
107 H
108M
94
*105H
105 H
J
D
/ y bb
x
aaa3
107 X
3
bbb2
108H
108 H
108 X
bbb2
104 H
104
104H
20
{♦Cent New Engl 1st gu 4s__1961
{♦Central of N J gen g 6s
1987
6s registered..
.....1987
1987
♦Genera! 4s
Jan
Q
y cc
/ ybb
*33
2
1
50
Cent Pac 1st ref fu gold 4s..1949
108
108 H 110H
104
106
32
35
11
50
55 H
35
50 X
98X 100
S
X
bbb4
(Del) 4s B...1966 F
1st m s f 4s ser C (Del)..—1967 J
Atchison Top ft Santa Fe—
A
x
aa
J
x
aa
2
105 H
A
0
x
aa
2
109 H
109 H
90
90
1
""90 X
90 H
*98 H
91
36
M
2
Nov
x
bbb3
MN
x
bbb3
D
x
aa
J
2
105H
*99
100
105H
105H
105 H
58
105
105 X
21
105H 106 H
110
72
108H 110H
90
92 H
100
Attention Is directed to the new
1962
Central N Y Power 3Hs
107y 110
107 X 109 H
89 X
M
F
A
106 y
111 y*
111 H
111H
108 y*
108H
42 h
42 H
45H
81
3H
3H
3H
1
68H
3H
3K
68 y*
68 y*
4
43
43
44 H
11
66
105 H
*84
Central RR ft Bkg of Ga 5s? 1942
Central Steel 1st g s 8s....._ 1941
Champion Paper ft Fibre—■
1948
91H
93 H
93 H
94 H
96
96
96
3
26
94 H
13
5
12
5
94 H
91H
93H
~~6
91 y*
92 H
21
103 y*
103 V*
55 H
50
80
102 y*
80
102 H
15
15
3
2
a
2
70
70
73
19
2
65H
65
67 H
23
z
ccc3
x
a
4
x
a
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45
10 ly*
105 %
106 H
100 H
100 H
102
k
2
"97 y
4
93 h
"97 k~
98H
93 H
94
ccc2
♦18H
20
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35
x
ccc3
x
cc
x
c
7%
1 Ji
x
c
1H
J
D
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cc
/
J
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5%
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x
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A
O
x
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J
J
x
b
f J
x
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z
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2
x
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z
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a
14
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5
52 H
x
2
48
1
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54 H
54 y*
42 H
86 H
91H
O
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21
7V*
2
IX
8H
6
108 y*
59H
Si"
14
15
12H
13H
13
13H
4
12
50
8
13
11
11
64 H
16
%
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12
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H
14
14H
12H
A
O
my
106 H
100 H
"~9
P
A y bb
69 h
69H
70 H
54
A
O y bb
63y
63 y*
63 y*
2
03 X
67
A
47 y
47 y*
50 %
80
42H
53H
75
yb
MN y b
*65
73
MN xbbb2
M 8 y b
M 8
(1936 lesue)..1960
M 8
deb 4H« (1988 issue)—1960
S f deb 4H*
66
106 H
94 H
MN
y}
3H
a
D ybb
A
107
aa
D
A
11
94H
"my*
x
x
J
F
10
x
J
Through Short L In gu 4s. 1964
F
Guaranteed g 6s
1960
S t
S
97
11
111
91H
MN yb
F A y b
...1987
Certain-teed Prod 5 Ha A
Armour ft Co
1909.....1966
I960
103 H 104»i.
105H
x
1996
Adjustment gold 4s.....-1996
Stamped 4s..
.....1996
"52k "Soy
4s registered..
y
General 4s
4s.. 1951
102
O
1996
♦Chatt Dly pur mon g
106 H
6s ser A . 1976 M N
6a—1964
♦Ref ft gen
..1945
102X
2
J
B..1959
A O
6s series C
1969
3
a
►Anglo-Chilean Nitrate—
....—1967
69
♦1st mtge 6s........Nov 1945
bbb2
J
A
69
103 X 104
{Central of Georgia Ry—
♦Mobile Dly 1st g 6s —.1946
9
-1960
♦Cent Branch U P 1st g 4s..1948
91H
91
3s 1955
w—1947
Celanese Corp of America
Celotex Corp deb 4Hs w
82 H
65
b
0
107H 107H
54H
59
54 H
54 H
81H
83 H
91H
97 H
91H
2
y
3
mmm
1950
Cart ft Adir 1st gu gold 4s... 1981
80
y cc
S y b
►Alplne-Montan Steel 7s..—1966
M 8
Am ft Foreign Pow deb 6e—2030
MN
Amer IG Chem cony 6 Hs—1949
J
Am Internal Corp conr 6 Hs. 1949 J
Amer Telep A Teleg—
Mi?
20-year sinking fund 6Hfl-1943
mmm
59
Carolina Cllnoh ft Ohio 4s..1905
Carriers ft Gen Corp 6e w w_.
mmm
J
....1944
J D
1964
J
/
1900
/
J
{♦Carolina Cent 1st guar 4s. 1949
Coll trust gold 6s..Deo 1
Collateral trust 4Hs
82 H
2
3
x
mli
54H
*46
y b
A
H
103H
iiox lioH
*107 H
59
ybb 2
Allegh ft West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942 M S x aa 2
Allied Stores Corp deb 4 Hs—1960 A O y bbb2
4s. 1962
49
32
4
6s with warr
45
46 H
102 H
14
"21
24H
113
93
...
45 H
102 X
10
108 Ji
112H
103
/ y bbb2
M 8 x a
2
71
110H
91 x
J
83
111
xbbb3
Canadian Nat gold 4Hs
1967
J
Guaranteed gold 5s—July 1969
78H
112H
105 y*
a
100 H
*103
66
yb
I960
1960
1962
H
Range
Range or
Bid
Consolidated 5s
Calif-Oregon Power 4e
Week's
Friday
Rating
mmmm
3 y*
*3H
.....
24
F
4Hs B
Bush Term Bldgs 8s gu
mmmmm
1
24
24
Debenture gold 6s
1st lien ft ref 6s series B...1957
11
108H
/
1981
J D x aa
C.1967
Buffalo Rochester ft Pgh Ry—
Stamped modified (Interest
MN xb
2
at 3% to 1946) due
1957
{Burlington Cedar Rapid ft Nor—
A O x cc
§♦1*1 ft coll 5fl
1934
x cc
♦Certificates of deposit
y bb
Bush Terminal 1st 4s.......1952
43
MN
bbb3
18
78H
22
my*
20
104 H
104 H
x
25
25
3
D y bb 3
..I960
MN x bbb3
45 H
33
100H
106 y*
105
105H
x
x
20
45
106
101H
MN
I12H
132H
*40
*22 y*
A
a
9
55
*
x
9
H
54
20
b
6s„1945
oont g
40
aa
42
54
♦100H
x
1st lien ft ref 6s series A..1947
70
MN
J
Bklyn Un Gas 1st
3
ccc!
1105.
I
8 7 b
Boston ft Maine 1st 6s A C..1967
MN 7 b
1st M 6s series II
.1955
A O 7 b
1st g 4Hs series JJ
1961
J
y bb
1st mtge 4s series RR
1900
MN y ccc3
♦Ine mtge 4 Hs ser A
July 1970
F A x cccl
{♦Boston ft N Y Air L 1st 4s. 1955
MN x aaa4
Bklyn Edison cons M 8H>—1966
F A xbbb3
Bklyn Union EI st g 6s
1960
MN x a
3
33
x
For footnotes see page
47
aaa3
A
1944
44
z
Cony gold 4s of
44
206
*104H
b
H8-—1960
70
ybb
{Ann Arbor 1st g 4s
Ark ft Mem Br ft Term
43
44
*
y aa
1952
J
Cons mtge 3Hs ser F
1959
F
Consol mtge 3s ser G
I960
F
Consol mtge 3Hs ser H...1905
40
10-year deb 4H> stamped. 1946
•Adriatic Eleo Co exti 7s
1962
8 f Income deb
bbb4
x
Beth 8teel 3Hs cony debs..
70
55
:i«Abitlbi Pow ft Pap 1st 68-1963 J D * cc 2
Adams Express coll tr g 4s—1948 M S ybb 1
y bb 1
Coll trust 4s ol 1907
1947
Anaconda Cop Mln deb 4 Hs
1955
40
RAILROAD and INDUSTRIAL
COMPANIES
Am Wat Wks ft Elec
bb
x
With declaration......
5
D
57 H
54
y
x
♦Deb sinking fund 6Hs—1959 F
With declaration.......
18
J
14 y*
55
"53 H
ybb
ybb
1948
3H*
18H
Elio. &
EXCHANGE
Week Ended Feb. 14
....
cons
18
D
14«
55
Beneficial Indus Loan"2Hs..1950
♦Berlin City El Co deb 6H0-1951
18H
J
3
Belvldere Del
27 H
49 H
cc
9X
26
18
cc
s
9H
3
50 H
x
8X
sy*
27
J
a
132 H
27
Bank
4Hs debentures
225
40 y*
17 H
112H
9H
MN
♦4Ha assented..
Allis-Chalmers Mfg cony
36^
aaa3
8H
F
stamped
145
36 H
aaa3
7
J
♦6s
101
40 y*
_
I 6s.
1st cons 4s series B
46 H
36 H
x
10 H
MN
Albany Perfor Wrap Pap
42 y*
36 H
...1951
H
(Kingdom)
exti.
STOCK
42 X
ccc4
Battle Cr ft Stur 1st gu 8s..1989
Beeoh Creek ext 1st g 3Hfl—1951
9
F
Y.
ccc4
m
x
'
N.
s
♦Berlin Elec El ft Undergr 0 Hs '66
♦4Ha assented..
■
4s stamped
25
D
bbb3
1
0
89
M B
J
x
10 y*
A
68H
132
1951
10 y*
9
J
65
41
Bangor ft Aroostook 1st Us.. 1948
10H
17X
ny*
1
65H
69H
bb
MN
J
99H
1st ft ref 6s series C—....I960
4
9
99 H
Bell Telep of Pa 6s series B..1948
5
106 H
106
9
8
47
36 y*
b
1
8
85
65y
y
55 H
M
83
7
20
36 H
z
55 H
J
31H
36 H
33 H
B5X
1947) due...1950
55 H
J
72 H
34 X
sy*
29
9
69 H
34 X
10 H
8
mmmm
~70~~
8H
13
6
J
7X
10
1
31 y
6
8H
7
80
3
bb
Toledo Cin Dly ref 4s A..1959
Con ref 4s
7H
58
56
79 H
ccc4
Feb 1 1960 r
M 8
MN
•External
1946) due...1995
to Sept 1
to Jan 1
96 H
21
76 H
64 H
s
x
Ref ft gen ser D (lnt at 1%
27
66
10 y*
9
3
100 X
74 H
61X
106
a
Ref g 4s extended to..1951 M N ybb
S'west Dly 1st M(int at 3 H %
27
99 H
74 H
81H
D
(lnt at 1 %
to Dec 1 1946) due.. 1995 J
to Dec 1
27
111H
Stamped modified bonds—
13
62
8 y*
J
♦7s series B sec
7H
27
10 H
San Paulo (State of)—
Serbs Croats ft Slovenes
7H
2
8X
MN
100
"83""
O ybb
6
mimmm
Brasil)—
Sao Paulo (City of,
x
BH
87
10 H
J
8
103X 104
"
"98 X
*98
J ybb
Pgh L E ft W Ya System—
0
paid.
♦February 1937 coupon
2
J 7 b
1958
96
95H
___
*112
J 7 b
J yb
♦Cony due
D
5H
110
9
J
*5
110H
aa
*95 H
J xbbb3
1st mtge g (lnt at 4% to
Oct 1 1946) due-July 1948 A O
8H
21X
26 H
20 H
A
29
112
110
8H
mm
7H
A
112
2
8H
+ mm
62
mmm
7H
O
2
a
8X
m
2
uH
A
aa
x
4
10
O
F
aa
x
3X
8H
91
A
D
x
100 H 102 H
112
112H
1946) duo..2000
Ref ft gen ser ? (lnt at 1 %
to Sept 1 1946) due.. 1990 M 8
22
F
J
4
3H
m+mm
A
MN
48
102 H
3X
Elo Grande do Sul (State of)—
•6s exti s f g.
104""
101X
mmrnm
91
mmm
103 H
102 H
3H
22
62
—
103 H
2
3H
With declaration.............
Queensland (State) exti ■ 17s
2
rnmmm
5
......
2
aa
Ref ft gen ser C(lnt at 11-6%
*3H
9
aa
July 1948
mtge gold 4s
97 H 101
8
x
Austin ft N W 1st gu g 5s_..1941 J
Baltimore ft Ohio RR—
A
1st
,
High
No. Low
99
D
Atl ft Dan 1st g 4s
....1948 J
J
Second mortgage 4s
1948
Atl Gulf ft W188 oofl tr 6S—1959 J
M
Atlantic
Refining deb 3s
97 H
97H
$1
High
2
7H
8
Asked
aa
6H
e y*
13
*12
0
O
S
103 H
ft
x
Atl ft Char! A L 1st 4Hs A..1944
J X bhb3
1st 30-year 6s series B
1944 J
Atl Coast L lst'cons 4s. July 1952 M 8 X bbb3
General unified 4 Hi A
1964 / D ybb 2
MN ybb
10-year ooll tr 6s. .May 1 1945
MN y bb
LAN ooll
m+mmm
A
M
1961
BH
107
A
MN
27 H
30
6H
6H
43
75
6H
0
46
33 H
70
6 y*
D
40
Friday's
Bid
D
gold 4a...Oct 1952
102
6H
A
27
1
6H
1961
31H
21H
4
75
M
8
31H
24 H
M 8
J
......
•Prussia (Free State) extlOHs...
33
4
36 H
A
m
•Nat Loan exti ■ f 6s 2d ser...
5
34 H
33 y*
*28
MN
•Nat Loan exti s (6a lstser
36 y*
36
MN
•Exti s 1 fie ser A.
J
33 V*
*
M N
34 H
36 X
mm
M S
.....1953
36 X
32
34
......
Municipal Bank exti ■ f 6s
34H
36 y*
34
-
1966
gold 4s of 1910.....I960
14
36 H
-
Fe—(Concl.)—
4H« A..1962
At! Knox ft Nor 1st g 6s
1946 J
34
«. •
mmmm
6
34 V*
Range or
Last
Low
58
Low
F
1957
No. Low
Week Ended Feb. 14
A
Foreign Govt. & Mun. (Concl.)
New So Wales (Bute) exti 6s—
1
Jan.
Asked
ft
Week's
Friday
Bank
'Week's
BONDS
Y.
N.
1101
New York Bond Record—Continued—Page 2
152
Volume
3
x
bbb3
x
bbb3
87
87
100 y*
103 y*
89 H
106H107H
65 H
73
51X
105unl05uii
80
91X
100 H
103 H
106
93
98 H 100
column Incorporated in this
tabulation pertaining to bank eligibility and rating of bonds.
See a.
New York Bond
1102
See
Railroad & Indus. Cos.
At
*<■-_..----1992
Ref A Imp mtge 3*<s D—1096
Ref AlmptM 3 He ser E„ 1990
Ref A impt M 3*3s ser F..19fl3
Potta Creek Br 1 * 4s
1946
R A A DIt 1st eon g 4s—1989
2d eonsol gold 4a.---—1989
General gold 4
8 x aaa4
1977
1971
aaa2
103
103
104 *3
70
103
aaa2
103
103
104**
50
103
x
aaa2
105*16
105»u
105*16
J
x
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J
x
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♦122
/
J
x
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♦111**
ccc3
J
x
aa
x
aa
J
z
aa
x
aa
92
92
92
10
90
99
100
46
96*3 100?*
97
97
20
97
97
83*3
88*3
71*3
78*3
14*3
14*3
80
83*3
85**
p
a x bbb4
73
73
75**
47
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82
82
85
26
a
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cccl
14*3
x
cccl
14 %
-30"
14*3
14*3
110*3
/
x
ccc3
21?*
23
20
23
J
J
x
ccc3
20
20*3
4
18*3
21'
x
cc
2
7
7*3
6
6*3
x
J
J
cc
2
J
J ybb
2
6*3
70*3
6?3
35
115
34*3
35
35*3
34 %
34*3
x
ccc3
34*3
x
ccc3
r
a
x
cc
3
O
x
c
2
M N
ccc2
M N
ccc2
5*3
IH
18
18*3
1987
M N
"20 k
*17*3
20?*
-—May 1 2037
J
D
cc
2
llVs
11*3
stpd-May 12037
♦1st A ref 4Xs C-May 1 2037
♦Cony 4Xs series A—---1949
(•♦Chicago Railways 1st 6s stpd
Aug 1940 25% part pd--1927
(♦Chic R I A Pac Ry gen 4s._ 1988
♦Certificates of deposit——.
•♦Refunding gold 4s——-1934
♦Certificates of deposit——.
J
D
cc
2
12
12
J
D
cc
2
12
12
c
2
1
P
A
/
J
bb
AO
42
42
15**
15**
17?3
15
15
10
I
71
16
16
19**
19*3
19*3
33
16*3
20
88
18
21
16?*
20
19**
10*3
24*3
13**
11
13*3
13*3
5
"34
30
53
2
10**
1**
2*3
140
6
8**
c
8%
7%
1*3
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—
1944 A
x
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1963 J
1951 M 8
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J
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x
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x
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F A x aaa4
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J
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cm Un Term 1st gu
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-1993 J
E. -1977 J
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J
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J
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Cleveland A Pittsburgh RR
0
1942
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Ref A Impt 4
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ser
107*3
106
27
29
101*3 104
93
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106
108
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series A
—
75
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x aa
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1956
x aa
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-1968
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J x cccl
of Upper Wuertemberg 7s. 1966 J
Consol Oil cony deb 3Xs—1961 / D xbbb2
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(♦Consol Ry non-oonv deb 4s 1954 J
8 Xs debentures
♦Debenture 4s
♦Debenture 4s
—.1955 J
.—.1956 /
Consolidation Coal s f 5s
1960 J
For footnotes see page 1105.
J
3
114?*
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El Paso AS Wist 5s
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17
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16
18
15
15
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11
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1945 J
{♦Slnk'ng fund deb 0*3s—1940 J
With declaration
♦20-year s f deb 0s
..1948
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1949
(♦Georgia A Ala Ry fis.Oct 11945
(|*Ga Caro A Nor 1st ext 08.1934
♦Good Hope Steel A Ir sec 7s. 1945
Goodrich (B F) 1st 4**s
I960
Gotham 811k Hos deb 5s w w.1940
Gouv A Oswegatchle 1st 5s„ 1942
D
A
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77
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•Green Bay A West deb ctfs
A— Feb ybb 1
Feb x c
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2
98
Gulf Mob A Nor 1st 5 *3s B
.1950
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1950
Gulf Mobile A Ohio 4s ser B1975
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O
37
45
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1952 J
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1973 /
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1970
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1977
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Gen mtge 4s series H
1940
ccc3
98
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35
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1949 MN x
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2-4s_.1982
I ♦Proof of claim filed by owner. MJV
♦Certificates of deposit
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28
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cons
36
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1943 J
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1950 J D
Federal Light A Trao 1st 58—1942 Af 8
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1953
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1953
cons g
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111
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Income deb w w—Apr 1 1909
Commonwealth Edison Co—
1st mtge 3Xs series I
1968
Cony debs 3Xs
1958
Conn A Pasump Rlv 1st 48—1943
Conn Ry A L 1st A ref 4 Xs—1951
Stamped guar 4 Xs
1951
Conn Rlv Pow s f 3Xs A
1961
Consol Edison of New York—
61
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1995 / D
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1950 M S
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(♦Des M A Ft Dodge 4s ctfs.1936
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11
554
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42
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1942 J D
35
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——1900 M N
1909 M N
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1970 M N
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127
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105*3
105** 108**
11
8*3
Last
Price
See i
14
Railroad & Indus. Cos. (Cont.)
Continental Oil
8*3
8*3
EXCHANGE
1st mtge 3**s—
J
x
STOCK
15, 1941
Consumers Power Co—
x
0
Y.
Week Ended Feb.
High
131** 132
x
J
N.
18
A
Af N y bbb2
M 8 z ccc3
gold 5s. .1982
(♦Chicago Great West 1st4S-1959
t»Cblc Ind A Loulsr ref 08—1947
♦Refunding g 6s series B„ 1947
♦Refunding 4s series C—1947
♦1st A gen 6s series A
1960
♦ 1st A gen 6s ser B—May 1906
Chic Ind A Sou 60-year 4s--I960
tChlc Milwaukee A Bt Paul-♦Gen 4s series A
-May 1 1989
♦Gen g 3 His ser B.Mny 1 1989
♦Gen 4 *3s series C-M Yf 1 1989
♦Gen 4X> series E.May 1 1989
♦Gcd 4XS series F.May 1 1989
tChlo Mllw St Paul A Pac RR—
♦Mtge g 6s series A--—--1975
♦Cony adj 6s——Jao 1 2000
132
D
Af N
(♦Chic A E HI Ry gen 5s
1951
♦Certificates of deposit———
Chicago A Erie 1st
131%
F
m'B
B
No. Low
High
131%
Elig. Ac
Rating
BONDS
Since
Jan. 1
03
MN
3s-1949 A
J
Chic Burl A Q— THDIvSHs 1949
3 He registered
1949
Illinois Division 4s
1949 j
4s registered.1949
General 4s
Range
I
Asked
J
♦Chic A Alton RR ref«
1st A ref 5s series A
A
Low
(Cora.)
Chesapeake A Ohio By—
I Chicago A North
♦General g 3 Xs
Bid
Price
k
Feb.
Week's
Friday
Bank
Range or
Friday's
Sale
Rating
STOCK EXCHANGE
Week Ended Feb. 14
1st A ref 4 Ks series
Last
Ellg. A
BONDS
N. Y.
Record—Continued—Page 3
Week's
Friday
Bank
17**
20*3
column incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See
i.
Volume
New York Bond
152
Bank
BONDS
I
See
Range
I Sale
Rating
j £$n.
a
Railroad & Indus. Cos. (Cont.)
'Low
High
No.
Since
/
*92 Vi
91
xbbb4
Low
J
x
bbb4
1951 A O x bbb4
.......1951 At S x bbt>4
Collateral trust gold 4s
1952 A O ybb 2
Refunding 4s
.......1965 MN ybb 2
Extended 1st gold 3%s
*90
1st gold 3s sterling
*30
J
....1952 J
ybb
Collateral trust gold 4s.... 1963 MN ybb
Refunding 6s
........1955 MN ybb
Purchased lines 3Vis
40-year 4%s
-Aug 1 1966
Cairo Bridge gold 4s .....1950
Litchfield Dlv 1st gold 3s.. 1951
F
A
y b
43
41 Vi
*39
2
"39 Vi
2
2
"39"
2
High
Railroad & Indus. Cos. (Cont.)
92
Lower Aust Hydro El 6%s 1944 P A
MoCrory Stores deb 3%S—.1955 A O
{♦McKesson A Robblns 5 %s 1950 M S
41X
38%
"_24
39
42%
80%
143
35%
1961
ybb
2
ybb
4
*—"
ybb
4
50
xbbb3
*75
;
*
78
59%
46 Vi
—
46%
51%
10
61
"5
3
58
58
ybb
2
41 Vi
45
78
1st A ref 4%s sertee C....1963
ybb
2
41%
39%
39%
42%
43
1951
...
43%
43%
♦Ilseder Steel Corp 6s
1948
Ind 111 A Iowa 1st g 4b......1950
z
y
{♦Ind A Louisville 1st eu 4s. 1966
Ind Union Ry 3%s series B.1986 At S
Inland Steel 1st mtge 3s ser F1961 A O
cccl
bbb2
z
ccc2
18 %
aaa2
*105 Vi
105 %
3
Inspiration Cons Copper 48.1962 A O ybb
2
Interlake Iron conv deb 4S..1947 1
3
Oybb
J
{♦Int-Grt Nor 1st 6s ser A. .1952
♦
Adjustment 6s ser A.July 1952
z
7
34%
48%
45%
33
76%,
74
78
15%
19
1
47
0ty CCC4
Jybb 3
80
3
1947 r A
J
Int Telep A Teleg deb g 4 %sl952 J
1st lien A ref 0%s
y
y
bb
28
98
99%
22
10%
X
10%
9%
22
8
28
X
8%
%
X
103 Vi
78 Vi
103
102 %
101%
85%
103%
103%
78 Vi
78%
3
*85%
34 Vi
37
CCC2
Debenture 6s
.......1966 F A y ccc2
{♦Iowa Cent Ry 1st A ret 4s. 1951 M 8i cccl
6
1
8
47
285
71
25
14
102%
101%
2
78%
.
85
88
34 Vi
37
38%
108
41
176
*%
1%
"
James Frank! A Clear 1st 4s. 1959 J D ybb
2
53
Jones A Laughlln Steel 4%s A1961 At S y bbb3
Kanawha A Mich 1st gu g 4s 1990 A O x bbb4
*95
{(♦K C Ft 8 A M Ry ref g 4s 1936
♦Certificates of deposit
Kan City Sou 1st gold 3s
1950
Ref A lmpt 6s
Apr 1950
Kansas City Term 1st 4s
1960
Karstadt (Rudolph) Inc—•
♦Ctfs w w stmp (par $645) 1943
♦CtfS w w stmp (par 3925) 1943
♦CMS with warr (par 3925) 1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s—1987
Kentucky A Ind Term 4 Via. 1961
Stamped
.....
1961
Plain..
1961
4 Vis unguaranteed
1961
Kings County El L A P 6s—1997
Kings Co Lighting 1st 6s
1954
1st A ref 6 Vis
-1964
A
0
AO
J
/
b
1
36
36
36%
z
b
1
34 Vi
34%
35
bbb3
65
J ybb 3
J x aaa4
70
70
108
108
x
z
64%
30%
32%
%
53
z
97% 103
18
47
AfN|ybbb2
105% 107%
99% 101
99%
10%
9%
3
9
106
60
9
5
65
49
71%
109
19
11%
1%
11%
11%
61%
85%
103%
104%
78%
80%
43%
47
1%
53
58%
104% 104%
95
95%
32% 38%
32
37
64% 68%
69% 72
107% 109
cccl
MN
*17%
*20
MB ybb
J
J xa
102%
3
3
102%
*109%
102% 103
109% 109%
102%
112
J
xbbb3
*25
74
J
xbbb3
*78
85
77%
80
J
xbbb3
*88
92%
88
88
82
82
J
A
xbb
0
x
2
x a
2
J
sa
2
x a
3
x a
2
Koppers Co 4s series A...—1961 MN
Kresge Foundation 3% notes 1950 At S
*80%
aaa4
J
*I04%
107%
*107%
104%
104
89
1
166
166
107%
104
107%
13
105"
~27
104%
20
4
10
166
168%
107% 108%
107% 107%
103% 105%
104
105%
{♦Kreuger A Toll secured 6s—
Uniform ctfs of deposit—1959 At B
(♦Laclede Gas Lt ref A ext 6s 1939
1942
1963
1960
..1942
.1942
Ref A ext mtge 6s
Coll A ref 5 Vis series C
Coll A ref 5 Vis series D
Coll tr 6s series A
Coll tr 6s series B
Lake Erie A Western RR—
6s extended at 3% to
2d gold 6s
O y bbbl
A O ybb 2
F
A yb
A yb
F
A yb
2
2
2
F
A
2
F
yb
m -
m
w
—
3%
-
—
....
A
1947 J
1941
a
*93%
92%
50%
57%
—
"93%
56%
57
57%
58
66%
xbbb3
J
Lake Sh A Mich So g 3 Vis.-.1997 J D
*-_
—
97
93%
96"
96
96%
93%
93%
94
♦1st mtge Income reg
1976 Dec y cccl
Lehigh C A Nav s f 4 Vis A—1954 J J y bb 2
Jybb 2
Cons sink fund 4Vis ser C.1954 J
33
Lehigh A New Eng RR 4s A.1965 A O xbbb3
*
Lehigh A N Y 1st gu g 4s.—1945 Mfiyb
Lehigh Valley Coal Co—
z b
♦5s stamped..
—1944
♦1st A ref s f 6s.
1954 F A z b
♦5s stamped
♦1st A ref s f 5s..
♦5s
......1954
1964
stamped..——1964
-—1974
♦5s stamped—
1974
♦See 6% notes extended to 1943
♦6s stamped—
1943
Leh Val Harbor Term gu 5s—1964
Lehigh Valley N Y 4 Vis sxt.1950
Lehigh Valley RR—
4s stamped modified——2003
4s registered ......
2003
4 Vis stamped modified—2003
4 Vis registered
2003
5s stamped modified—.—2003
Leh Val Term Ry ext 6s—...1951
Lex A East 1st 60-yr 6s gu.—1966
Llbby McNeil A Llbby 48—1956
Liggett A Myers Tobacco 7S.1944
5s debenture——...—..1951
Lion (Ml Ref conv deb 4Vis—1952
Little Miami gen 4s series A.1962
Loews Inc s f deb 3 Vis..
1946
Lombard Elee 7s sales A
1952
Lone Star Gas 3 Vis debs
1953
♦Long Dock Co 3%s ext to—1950
Long Island unified 4s
1949
Guar ref gold 4s...
1949
4s stamped
.......1949
Lorillard (P) Co deb 7s——.1944
5e debenture...........—1951
♦1st A ref
Lniilriana. A
s f
5s
Fa
7 "3
z
b
.
z
b
—
z
b
33
zb
34
z
b
z
b
95%
38%
40
"mm—
-
85
37%
37%
38
36
36
*35
38
33
33
34
34
ybb
2
j
z
bb
2
43
At N y cc
y cc
x a
3
x
x
b
z
ccc2
z
ccc3
MN
♦1st A ref gold 4s
1949 M S
♦Ref A ext 60-yr 5s ser A.1962 Q F
2
z
c
zc
z
cc
J
z
cccl
J
z
cc
66
31
103
103
104%
39
39
31%
32%
16%
17%
35%
*15
8%
1%
34
8
63
69
80
85%
24%
31%
13
13
13%
197
12%
17%
y c
12%
25
11
13
cccl
4
,13%
4%
17
z
12%
12%
3%
14
y ccc2
38
11%
3%
15%
15%
4%
x
CCC2
19%
z
cccl
1962
40-year 4s series B
Prior lien 4%s series D
1978
♦Cum adjust 6s ser A..Jan 1967
8%
9
1%
34
2
1%
16
3
♦
1st A ref 6s series A....1965 F
A
♦Certificates of deposit.....
♦General 4s
.....
1976 M S
cc
2
19%
1977 At S
ccc2
♦Certificates of deposit....
1978 MN
cccl
19
ccc2
20%
♦Certificates of deposit...-.
♦Conv gold 5 Vis—
1949 MN
♦1st A ref g 5s series H
.1980 A O
cccl
♦Certificates of deposit....
♦1st A ref 5s series I
1981
cccl
c
ccc2
Fa
ccc2
♦Certificates of deposit
(♦Mo Pac 3d 7s ext at 4% JuL'38 MN
21%
22
19%
19%
1%
1%
74
19%
21%
21%
22%
211
1%
19%
*18%
"i'x
♦1st A ref 5s series G
♦1st A ref 5s series F.
19%
19
20%
*20%
"~i%
%
i%
20%
20%
*20%
22%
"l9%
19%
19
61
20
cccl
20%
83
83
94
20
"96
1st mtge 4%a
6s debentures
x
1960
5
10
....
s f
5s series A... 1955
Gen A ref
s f
5s series B...1955
x a
y
y
Gen A ref s f 4%s series C.1955
Gen A ref s f 5s series D—.1955
4
Morris A Essex 1st gu 3%8—2000
Constr M 6s series A
1956 MN
Constr M 4%s series B
1955 MN
Nat Dairy Prod 3%s
Nat Distillers Prod 3 Vis
D
*37%
ybb
ybb
*40
y
b
y
b
x
_
aaa2
108% 110%
5
110% 112%
103% 106%
75% 77
80
79
"65
38
40%
29
38%
39%
28
33%
108%
33%
108%
*110%
35
65
118%
*100»32
40%
36
41%
30% 35%
5
108% 109%
116% 117
100i»«fl00»»M
71%
17
86
104%
104%
104%
105
105
105
71
103%
103%
x a
2
1C4%
104%
x aa
2
104%
x a
4
3
x
14
25
38%
2
x
110%
111%
104%
38
bbbS
4
34
2
91%
51%
"51%
3
cccl
51
127
51%
127%
31
aaa2
84%
37%
40
New Eng Tel A Tel 6s A
7
37%
40%
1
36
39
36
39
33
33
1st g 4%s series B
...1961 MN x aaa2
N J Junction RR guar 1st 48.1986 F A y bbb2
N J Pow A Light 1st 4%«—1960 A O x aa
J y bb
New Or) Great Nor 5s A
1983 J
51%
120%
*74
72%
126%
;;
37
09% 72
103% 104%
103% 104%
104% 106%
104% 106%
82% 85
123% 124
*80%
{118%
80
4
3
50
108"
72
73%
15
68%
30
70
107
67
—
"85%
48
N O A N E 1st ref A mp4%sA'52
ybb
New Or! Pub Ser 1st 6s ser A.1952
xbbb3
1st A ref 6s series B
_
1956
bbb3
105%
105%
68%
67%
105%
105%
68%
bbb2
ccc2
*31
b
*30
1
14%
17%
22
21
21
23%
20
21
24%
48%
24%
28%
22
19%
27%
24%
30%
48%
51%
22
48%
57
90
20
♦1st 5s series B——...
...
1954
.
♦Certificates of deposit.—.
♦1st 5s series C
O
ccc2
x b
...
36%
1
A
x
ccc2
...
z
b
—1956
♦Certificates of deposit
♦1st 4 %s series D
1956
1
36%
*33%
39
1
106
8
72%
35
36
65
68%
105% 106%
105% 100%
68%
34
*39*
"39"
*33%
Fx ccc2
16
105%
"30"
30
15
"3
"8
J
D
F
A
x a
I64""
cccl
---
96%
•
w
bbb3
*
-
-
97%
3
127
bbb3
84%
x aa
3
109%
xaa
3
x
12
96
98
104" 105"
104%
--
29%
2
-----
95%
96%
*97%
-----
97
aaa3
x aa
Louisville Gas A Elec 3 Vis __ 1960 m a
Lou A Jeff Bridge Co gu 4s—1945 M S
-
97
M S xbbb3
J
104
29%
3
3
M S y bbb2
x
0
98
104% 106%
121% 123
128% 131
14
—
—
-
-
28% 30%
105% 105%
95
96%
98% 98%
80
97%
121%
98%
98%
121%
6
99%
97% 99%
121% 122%
127
127
6
127
86
50
84%
109%
109%
109%
109%
59
97
128
17
82% 87
108% 109%
1
109% 109%
Louisville A Nashville RR—
...2003
2003
2003
2003
1950
.1960
Paducah A Mem Dlv 4a—1946
O x bbb3
O
x
--
—
—
~
"99%
bbb3
105
15
103% 105%
99%
99%
59
99
93
93%
8
93
bbb3
89%
89%
3
105%
105%
90%
105%
63
a
Jx a
3
x
Jx
108
A x bbb2
-----
3
3s—.1980 M 8 X a
3
Mob A Montg 1st g 4 Vis—1945 M S x a
Jybbb2
South Ry joint Monon 4s. 1952
St Louis Dlv 2d gold
At! Knox A Clno Dlv 4s—1955 MN
x
aaa3
I t
106%
*85%
112
112
89%
110%
89%
110%
deposit—
♦1st 6%s series A
—
x
b
A
x
ccc2
1954
♦Certificates of deposit
...
Newport A Clnolnatl Bridge Co—
gen gtd 4%s._
...1945 J
1
38%
* b
J
x
aaa2
*33%
38%
*33%
37
35%
39
32
36%
32%
42
40
40
10
37%
38
34
34
33%
40%
32
38
108%
106%
18
5
13
87
87%
101
90%
91%
1998 t A ybb
3
*107
A O ybb 3
3
A O yb
3
A O yb
—1952 MN ybb 3
2
3 %s_1997 J
J x a
48
60%
90%
60%
90
92%
56
56
60
280
101
95
09%
95%
63%
62
69%
60
67%
84% 87%
100
100%
66% 70
59% 68
60%
90
10-year 3%s sec s f
1948
Ref A lmpt 4 Vis series A—2013
Ref A lmpt 5s series O....2013
62%
62
65%
Conv secured 3%s
00
60
62%
87%
43
100
100%
60
67
07%
17
65%
17
70%
57%
102
07%
245
54%
86%
92%
90%
75
64
92%
94%
93%
79
82
N Y Cent A Hud River
Debenture 4s..
.1942 S
Lake Shore coll gold 3 %8—1998
Mich Cent coll gold 3%s—1998
J ybb
F A
F A
New York Chicago A St Louis—
Ref 5%s series A
1974 A O
Ref 4%s series C.—.1978 M B
4s collateral trust
—1940 F A
3
85%
y
bbb2
100%
67
y
bbb2
64%
04%
.
X
bb
3
67%
67%
bb
3
54%
54%
86%
92%
bbb2
87
89
60
37
1st mtge 3%s extended to 1947 A O X bbb3
2
3-year 6% notes..—.....1941 A O y b
6b debentures...
..——I960 J G ybb 1
92%
90%
93
19
90%
91%
66
79
79
79
1
3
99%
99%
100
67
N Y Connecting RR
3%s A—1965 A
O
x
aa
56
98% 100%
103% 105%
108
109%
100
106%
87%
88
112
1
112
112
90
21
88
90
2
110
111
110%
N Y Cent RR 4s series A.
I
Attention is directed
103%
93
O x bbb3
O
♦Certificates of
31
34%
34
....
A O ybb
M S
129%
96
120
11*
33
30
*1 no
F A X aaa3
z
119
129
76
108%
75%
37%
—
82%
{(♦N O Tex A Mex n-c Inc 5s 1936
♦Certificates of deposit.—..
129
53%
45% 53
120% 127%
120% 131%
...
108
New Orleans Term 1st gu 4s. 1963
2
85
84
*40
J
♦Consol guar 4s—.......1945 J
1952 J
*40
ybb
D
3%a
111%
103%
*76%
yb
z
1960
1949 M S
1985 A O
1954 J D
Natinal Steel 1st mtge 3s
Natl Supply
110
103%
bbb2
b
2
cccl
121%
81%
54% 66%
105% 106%
*105'>32 106
4
ybb 3
1965
Montana Power 1st A ref 8%s '66
Montreal Tram 1st A ref 5s..1941
Gen A ref
a
aaa3
121%
19
23%
22%
22%
21%
19%
Monongahela W Penn Pub Ser
52
------
21%
23%
22
1%
19%
%
"il
54%
z
13
22%
22
2%
22%
21
b
Moh'k A Malone 1st gu g 4s. 1991 M B yb
Monongahela Ry 1st 4s ser A1900 MN x aa
23
"
21%
21%
x
105%
9%
10%
2%
1%
{Missouri Pactflo RR Co—
J
105
10%
115
D
120
1
8%
7%
8%
1%
%
29%
25%
*119
2
1
25
16%
--
18
"25
Mo Kan A Tex 1st gold 4s
2
1990 J D y b
Missouri-Kansas-Texas RR—
Prior lien 5s ser A—
1902
y ccc2
Newark Consol Gas cons 6s. 1948 J
{♦New England RR guar 68-1946 J
4
15
"0% "T"
85
45
55
27
"25
41%
65%
33
68%
43
19
"25
70%
28%
69%
26%
84%
9
10
19
65
*57%
16%
1
97%
107
*%
67%
36
43
96
7
"67%
b
10
70
67
8
♦25-year 5%s..
...1949 At 8 z cc 2
J ybb 3
♦1st A ref 5 %s series B
1978 J
z b
4
{♦Mo-Ill RR 1st 68 series A.1959 J
z
—
6
8%
8%
1%
{♦Naugatuck RR 1st g 4s... 1954 MN
34
69
6
IX
95%
mm
60
1
93%
-
85
62%
74
80%
105% 107
109% 111%
2
2
65
1
95%
95%
80%
70
3%
/
86
97%
*1%
♦1st A ref 68 series A.....1946 J
27
88%
66
2
cccl
44
25
65
2
z
44
97%
6%
2%
J
32%
86%
70
6%
*1%
{ (♦MStPASS M con g 4s Int gu'38 J
(♦1st cons 5b
..1938 J
(♦1st cons 5s gu as to Int—1938 J
14
80%
65
ccc3
cc
~~5
80
29
97%
2
z
2
74%
49%
70
135
3
A
1105.
z
J D
9
45
aaa3
F
For footnotes see page
J D
M S
111%
68
*5%
22
aaa4
ybb
MN
Ark 1st 6S ser A.1969 J
Unlf mtge 4s ser B ext
ccc2
62%
20
105
aaa4
x
1st A ref 3 Vis series E.
Unlf mtge 3 Vis ser A ext
z
J
111%
63
103%
A O
.76
76
2
*107%
43%
----
xbbb4
X
0
1st A ref 6s series B
bbb4
10
105%
106%
103
■
A
1st A ref 4 Vis series C.
1st A ref 4s series D
b
20
y cc
MN y cc
A 0 y bbbl
z
x
~93~"
43%
—
—
MN y cc
80%
33%
67%
1
—-
85%
44%
80%
64
....
....
-
85%
ccc3
63%
....
v:
z
28
6
44
92
1
17
87
91
1
m'mii
-
37%
*83
Fa
j
-
.
62%
95
*60%
zb
Fa
33
66
66
*60%
*81
2
ybb 4
97%
94%
9
b
Nash Chatt A St L 4s ser A—1978
95
30
y
xa
92%
29
44
Mountain States TAT 3%s.l968 /
16
29
*85
Mutual Fuel Gas 1st gu g 6s .1947 MN
Mut Un Tel gtd 6s ext at 5% 1941 MN
"""4
11
*15
62
Lautaro Nitrate Co Ltd—
12
1
60
87%
87
78%
51
50
3
50
87
104%
50
1
High
No. Low
105
ccc2
49
65
27
b
y a
8
96%
High
*.
y
3
82
3
4
LOW
*105%
103%
103%
78%
78%
Jan. 1
Asked
z
64%
15
2
3%
A
J
Ref A lmpt 4%s series C—1979 /
J ybb
Michigan Consol Gas 4s....1963 M B x a
J
Since
Friday's
Bid
O
Stamped
J
(♦Market St Ry 7s ser A April *40
A
fStamp mod) ext 5s
..>1945
Mead Corp 1st mtge 4%s...1955 At 8
{(♦Mid of N J 1st ext 5s
1940
{(♦Mil A No 1st ext 4%s...l939
♦(Con ext 4Vis...
—1939
{♦Mil Spar A N W 1st gu 48.1947
{♦Milw A State Line 1st 3 %s 1941
{♦Minn A St Louis 6s ctfs.
1934
Range
Range or
Sale
1
92%
56%
57%
~"n
39
ybb
{♦Man G B A N W 1st 3 %s.l941 /
Marlon Steam Shovel R f 6s—1947 A
y aa
90
61
x a
Manati Sugar 4s s f
Manila Elee RR A Lt s f 6s..1953 M S
Manila RR (South Lines) 4s.1959 MN
94%
61
58%
57%
2
2
D yb
2
Feb 1 1957 M N y ccc2
Mich Cent Det & Bay CityJack Lans & Sa" 3 %a
1951 MB ybb
1st gold 3 %s
1952 MN
60
2
y b
D ybb
2
65
58
29
ccct
a
61
40%
37%
30%
18%
Maine Central RR 4s ser A.1945 J
Gen mtge 4 %s series A—1960 J
z
x
Metrop Ed 1st 4%a series D.1968 M S x aa 3
Metrop Wat Sew A D 5%S—1950 A O xbbb3
{(♦Met W Side El (Chic) 48.1938 F A zddd2
♦Mlag Mill Mach 1st a f 7s
1956 J D z cccl
99 Vi
9
9%
X
cccl
yb
1956 M Syb
Int Rys Cent Amer 1st 6s B .1972
98
cccl
1966
Internat Hydro El deb 6a...1944
Int Merc Marine s f 6s
.1941 A
Internat Paper 6s ser A A B.1947 J
f 6s series A
106
cccl
cc
—.1956
♦1st 6s series B
♦1st g 6s series C
"76 Vi
x
x aa
s
Price
47
47
51%
111 Cent and Chic 8t L A N O
Ref
Last
See k
49%
95
ybb
4s registered
3
63%
45%
78%
"59% "61%
Jolnt 1st ref 6s series A....1963
bb
39
47%
43
45%
62
61 Vi
59
y
39
47%
St Louis Dlv A Term g 3s..1951
Gold 3 Vis
1951
61
25
21
59%
Springfield Dlv 1st g 3 Ms 1951
Western Lines 1st g 4s
1951
44
91
89%
"38" "47"
51X
4
Omaha Dlv 1st gold 3s
36
42
ybb
Loulsv Dlv A Term g 3 He. 1953
45
50
*78 Vi
*55
x
89%
89%
39 Vi
bbb3
xbbb4
91
"76"
43
42
;
92
Week's
Friday
Elig. A
Rating
•
1951
*—...1951
1st gold 3%s
BONDS
Y. STOCK EXCHANGE
Week Ended Feb. 14
N
Jan. 1
Illinois Central RR—
1st gold 4s
1103
Bank
Last
,
Range or
I a
I
Friday's
1 gS
Priced Bid & Asked
Elig. &
N. Y. STOCK EXCHANGE
Week Ended Feb. 14
Record—Continued—Page 4
Week's
Friday
to the new column Incorporated in this tabulation pertaining to bank eligibility and
rating of bonds.
See
a.
BONDS
N.
Feb.
New York Bond Record—Continued—Page 5
1104
Y. STOCK EXCHANGE
Week Ended Feb. 14
Bank
Vriday
Last
Range or
Rating
Bale
Friday's
Bee k
Price
Bid
Low
Cos. (Cord.)
gold «•
-1951
Conv 5% notes
D
N Y Edison 3lis ser
1st lien A ref 3Ms ser
Asked
A
yb
1947
1955
E...1958
x
aaa4
108
107M
x
aaa4
108
108
108
y
ccc2
No. Low
59
60 K
108
60 K
STOCK EXCHANGE
High
Railroad & Indus. Cos. {.Cont.)
11
55
62
Peoples Gas LAC oons
2
60
65 M
4
9
107M 108 M
108
110M
6s..1943
1947
Refunding gold 5s
1960
Peoria A Eastern 4s ext
♦Income
—Apr 1990
4a
x
aaa4
x
aaa4
123 M
Sale
See A
Price
123M
123 M
2
123M 125M
118
118
4
118
118M
IN
Greenwood Lake 5el946
AfN
gold 3 Ms—-2000
AfN
N Y Lack A West 4b ser A—1973
IN
4Kb series B..
1973
Af N
♦N Y L E A W Coal A RR 5K« 42
J
J
♦N Y L E A W Dk A Impt 5s 1943
m 8
N Y A Long Branch gen 4s..1941
{♦N Y New Hav A Hart BR♦Non oonv deb 4s
-1947 Af S
Af 8
♦Non-conv debenture 3 He 1947
A o
♦Non-conv deb 3 Hs..—-1954
J
J
♦Non-conv debenture 4a—1955
Af N
♦Non-conv debenture 4a__1956
♦Conv debenture 3 M«
1956 J J
J
J
♦Conv debenture 6s——1948
A O
| ♦Collateral trust 6s
1940 m N
♦Debenture 4a
1957
J D
♦1st A ref 4 Ms ser of 1927.1967
m N
{♦Harlem R A Pt Ch 1st 4s 1954
(♦N Y A
{♦N Y Ont A West ref g
4a—1992
———1955
♦General 4a
m 8
A
bbb2
z
b
y
bb
bb
y
......
54
7
55
96
57 M
96
97
97
88
88
55
M
100
*93 H
98
*25
90
----
----
23
19
11
I7M
17M
18M
18M
19
20 H
cccl
19
19
20
z
cccl
19M
19M
21
7
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cccl
19
19
21
61
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cccl
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19M
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21
21
24
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......
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2
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12
20
1
....
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25M
41
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111
3
110M HI
117
117
7
116M H8M
O y b
2
Apr
z
3
*106
108M
...»
106
106
106 M
26
30
30
34 M
13 M
3
26
....
9
A
z
c
2
F
A
z
cc
1
1943 Af N z bb 1
N Y Telep 3*48 ser B
1967 J J x aaa4
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y bb
2
6s stamped
1946
j~~S
c
2
{(♦N Y West A Bost 1st 4 Ha 1946
m 8 x aaa3
Niagara Falls Power 3 Ms—1966
A O x a
4
Nlag Look A O Pow 1st 6s A.1955
Af N y b
1
Niagara Share (Mo) deb 6 Ha 1950
FA z c
2
{ (*Norf South 1st A ref 6s..l961
»«.' ---
♦Terminal 1st gold 5s
c
-
*10 M
10M
10 H
11M
73
73
73
*104M
99
6
6
110
96 M
....
93
13
2
2
57
6M
8
110
109
109 M
8
102M
103 M
15
M
10
110
f (♦Norfolk A South 1st g 5e.l941
♦Ctfs of dep (Issued by reorgan¬
1941
Norf A W Ry 1st cons g 4a... 1996
North Amer Co deb 8Mb.—1949
Debenture 3H®
1954
Debenture 4s
—1959
North Cent gen A ref 5s...—1974
Gen A ref 4 Ha series A
1974
{Northern Ohio Ry—
z
Af N
ization manager)
♦
1st
1946
gtdgSe
0
4a.—1997
.....1997
Gen lien ry A Id g 3s Jan—2047
3s Registered
2047
Ref A lmpt 4 His series A...2047
Ref A lmpt 6s series B
2047
Ref A lmpt 6s series C....2047
Ref A lmpt 5b series D
2047
North Pacific prior lien
4s Registered.
z
ccc2
z
ccc2
x
aaa4
81
;
127
9
127M
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4
—-- -
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105M
5
A
x
a
4
-----
104 M
104 M
13
f
A
x
a
4
105 M
105M
106M
8
-----
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-
—
— —
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....
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x
aa
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74 M
3
42 H
42 M
57
40
44 H
40
2
D yb
2
O
yb
2
O yb
guar.
196
79 M
6
A
1st mtge 4 Ms series C
A
Pitts Y A Ash 1st 4s
gen 5e series
71
46 M
"76" "80M
5
z
c
Ohio Connecting Ry 1st 4s— 1948 m 8
1966 m N
Ohio Edison 1st mtge 4a
x
aaa3
x
a
4
1967 m
1st mtge 4s
1972 j
1st mtge 8Mb
Oklahoma Gaa a Elec 3MS-. 1966 j
1946 j
4a debentures
a
2
4
—
—
—
—
—
107
H
4%
*107 H
-----
3
20
107
106 M
x
a
4
-----
*108M
j
x
a
4
109 M
110
x
a
4
-----
108M
108 K
D
x
bbb4
-----
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Ontario Power N F 1st g 5b.. 1943 f A
Ontario Transmission 1st 5s. 1946 Af N
x
aa
3
102 M
102 M
102 M
4
x
aa
3
103 M
3
x
aaa2
103 M
112
103 M
Oregon RR a Nav con g 4a.. 1946 J D
Ore Short Line 1st cons g 5b. 1946
112
5
x
aaa2
1946
x
aaa2
1961
x
aaa2
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2
109M
----
-
-
-
5
-----
-----
*80
x
aaa4
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90
*142
-
*218
-
bbb3
:
107 M 109
M
118M
116M
11
107 M
41
106 M 107 M
86 M
88 M
23
86 M
89 M
152
108M 109M
104
104H
38
65M
73
78 M
79M
80 K
17
78M
xbbb3
Rensselaer A Saratoga 6b gu.1941
Af N xbbb2
Republic Steel Corp 4 Ms ser B '61
f
bbb3
5M8.1954 M N xbbb2
Gen mtge 4Ms seriee C...1956 Af N xbbb3
Revere Copper A Brass 3 Ms I960 Af N x bbb4
Pur
mon
1st M
conv
.1946 J
♦Direct mtge 6b
♦Cons mtge 6b of 1928
s
104
------
103 %
*103M
*97
—
— ——
—
—
—
——
106
—
W—
m
ccc2
ccc2
A coll trust 4b A—1949 A O
Roch Gas A El 4Mb ser D... 1977 M 8
Gen mtge 3Ms seriee H...1967 M 8
z
cc
2
x
aa
2
x
aa
2
x
121
105M 106 M
99 K 101
99
20 M
------
20
20
105M
z
c
2
z
cc
2
Saguenay Pow Ltd 1st M 4 Ms *66
x
a
2
St Jos A Grand Island 1st 48.1947
St Lawr A Adlr 1st g 5b
1996
x
bb
2
z
bb
2
z
ccc2
—''
— — —
20 M
27
21M
26 M
20
26 K
105M 107
-40" "45"
.
27
42
35
32
7M
8M
7M
....
4M
20
12
4%
5
4M
4%
15
92 M
12
91
......
109" no"
109M
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*
aaa2
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26 K
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cccl
2
2
3
42
z
3
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106
45
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b
....
39
♦108M
y
2
25
*38
2
ybb
33
26
....
22
28 M
27 M
£>72
39
2
1996
....
29M
104 M
28M
....
2
6b
....
25
-----
20 M
.
106M
cc
2d gold
*
105M
aa
0
J
J
103 M 104M
103 K 104 M
aa
1948 A
103 M 104M
104
x
f 6s
....
11
z
8
...»
-----
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-
1
z
Gen mtge 3 Mb series I
1967 M 8
Gen mtge 3Mb soles J
1969 Af 8
{(♦RIArk ALoulslst4Ms.l934 Af 8
54
-----
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*
z
con
104 M
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83H
67
*
J
-
104M
*
....
-
104
*
1
--
■
------
D
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 4Ml Btmp...l941 J
106 H
152
218 M 222
22
67 M
100 M 103 K
103
103 M
....
----
—
81
♦Ruhr Chemical
86 K
*117
-----
79M
-
4
111M 1UH
65 M
108M 109 M
105
105M
106M
-----
97 M
2M
65M
--
109
----
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*104 M
94
—
79 M
108 M HO M
111M 112M
116M 117M
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10
— —
-
bbb2
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-
108 K
----
—
85 M
106 M 106 K
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-
77 H
....
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—- —
....
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108 H
——————
—-
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—
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1
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106M 108
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—
117
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1939 J
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•
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122
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Gen A ref 4Mb series B...1997
a
'
.....
80
80
------
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b
110
——
m
Reading Co Jersey Cent coll 4s '51
4b
*90
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■
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110
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59
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f oonv debentures—1952 Af 8
♦Rima Steel 1st a 17a
..1955 f A
68
4
104%
*108M
53 K
3
♦Cons mtge 6s of 1930—1955 A O
Richfield Oil Corp—
2
x
103 M
103M
aa
....
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aa
....
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112
aa
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111
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------
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6
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112M
61M
1952 Af N
1953 F A
175
119
112
54 M
—
67 M
59
119
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58
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....
64
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....
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-
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■
3
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---
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J
— — -
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106M 106M
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54
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J
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55
J
♦3Mb assented
1946 J
J
♦Rhine-Ruhr Water Serv 68.1953 J
MJV
♦Rhlne-Westphalla El Pr 78.1950
50 M
11
54
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15
74
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11
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100M
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Remington Rand deb 4 Ms w w '56 Af S xbbb3
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1956 M S xbbb3
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guar
Purity Bakeries
115
D
Af N
86
71
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2
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J x bbb2
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-.1950 J
Potomac EI Pow 1st M 3Ms. 1966 J
Pressed Steel Car deb 5b
1951 J
1st A ref mtge 8a
2037
Pub Serv of Nor 111 8Mb..—1968
115
2
a2
1974
...1977 J D
C—
86
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123
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J
N
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J D
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52
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A...1948 J
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2037
52
27
Ber
1960
14M
"2
aa
1943
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(Wise) 1st mtge 3 Ha
1964 U S x aa 4
Northwestern Teleg 4 His ext 1944 J i xbbb3
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13
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2
11
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46 M
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—
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1964
—
114M 115M
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1970 J
Gen mtge 6s series B.....1975 A
Gen 4Mb series C
1977 J
m
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— — — —
J
:
----
3M
4M
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108 M 108 M
;
47
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A
1960
F
1963
106 M 107M
8
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1
f
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111
13
----
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74
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74
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99
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cc
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14
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110
107
107
x
2
12M
81
114M
108 M
Af N
108M 109M
76
114M
122M
*108M
7M
12M
5
-'
-
*112M
9
86
—
*109
27
*80
—— — —
2
102 H 104
12
-
2
14
6
—
A
14
13M
2
108M
D
13
13
2
aa
-
107 H
108M
♦118M
f
13M
f
♦1st mtge g 6s (stamped can¬
cellation of guarantee). 1946 A
♦Certificates of deposit
A
13
c
J
Pitts Coke A Iron conv 4 Ms A '52 Af S
{♦Providence Sec
manager).——.1961
aa
—
J
♦Otfa of dep (Issued by reorga.lzatlon
x
x
—— — -
*110
95M 100M
5M
2
2
37 M
61M
___»
99
110
102 K
2
109M
*92 M
99
45
aa
2
54M
2
aaa3
x
2
109 M
108M
4
a
x
107
107
3
x
%
debs..1951
lHa
68
O
49M
cc
Petrol
66 M
65
Af N
108M
107M
105M
105M
....
J
♦Certificates of deposit
Phillips
66
65
m N
7
108 M
J
66
A
84 M
99
{(♦Philippine Ry 1st s f 4s..l937
3
3
D xbbb4
...
76 M
50
----
-
75
1942
1942
Series D 4s guar
..1945
Series E 3 Ms guar gold...1949
Series F 4s guar gold..
1953
Series G 4s guar
1957
80 H
H
1M
1967 J
Phlla Electric 1st A ref 3 Ms. 1967 Af S
/
J
{♦Phlla A Read C A I ref 6B.1973
♦Conv deb 6s_.
1949 Af S
110
Series C 4 Ms guar
24 H
4
J
1977 J
..1981 J D
C
6M
*5M
*108
2
2
50 M
50 M
2
cc
A
4Ms series C—
1980
/ D
Phelps Dodge conv 8 Ha deb. 1952
Phlla Bait A Wash 1st g 4s..1943 m N
General 5s series B
—.1974 F A
General 4Mb series D
Phlla Co sec 5s series A
High
111
2
x a
st 6 Ha..1974
J ybb
Pere Marquette 1st ser A 5b. 1956 J
J ybb
1st 4s series B.........-.1956 J
M S ybb
1st
General g 4 Ha series
No. Low
High
2
Series B 4 Ms guar........
20
11
51M
109
108 H
*105M
22
22M
18
aa
f
z
82
61
109
.WW
xbbb3
x
1
104
21M
21
21
20M
33 M
4%
*97
3
x
7
40
23 H
82
4M
21
21
8
39 K
*31M
1
3
19
100 M 103 M
20
cccl
z
O y b
O y b
♦Certificates of deposit—.
50
z
cccl
5M
UN
8
19 M
19
z
50
1
51M
55 M
*95
2
El Lt A Pow 3 Ha '65
J
J
prior lien 6s stamp. 1958
Af N
N Y A Rlchm Gas 1st 6s A—1951
J
J
N Y Steam Corp 1st 3 Ms—1963
J
J
{(♦N Y Subq A W 1st ref 5s. 1937
1937
5s.--——1940
y
26 K
102 M
50
cc
N Y Rys
(♦2d gold 4 Ha
(♦General gold
102 M
aa
bbb2
7
39
35
35
cc
x
y
/ D
{♦N Y Prov A Boston 4a
1942
A
N Y A Putnam 1st con gu 4s. 1993
N Y Queens
x
Jan. 1
Asked
a
It
g
N Y A Harlem
Since
Friday's
x as
O
M 8
A
Range
Range or
Bid
Low
A
f
Peoria A Pekln Un
Erie RR
n Y Gas El Lt H & Pow g 56-1948
Purchase money gold 4s...1949
n Y A Erie—See
Rating
Week Ended Feb. 14
Jan. 1
High
55
55
3
N. Y.
Sjnce
Last
Ellg. A
BONDS
Range
~
0
IS, 1941
Week's
Friday
Bank
Week's
EHg. a
Railroad & Indus.
N Y Dock 1st
-
112M
*35
70
*35
65
10 M
14 M
4
5M
4M
112
....
5M
93
90
112
''
....
— — —
—
1
—
•
mmmmm
1
1
♦ 1
St Louis Iron Mtn A Southern—
1946
Pacific Gas a El 4b series G.1964
y
b
3
63 M
x
aaa2
1st a ref mtge 3Hs ser H._ 1961
x
aaa2
111M
110M
111H
110M
1st a ref mtge 3 Ms ser I.
1966
x
aaa2
109 M
108 M
(•Pao RR of Mo 1st ext g 4a_1938
Pacific Coast Co 1st g 5s
__
63
2
63 M
111 %
19
111M 112
110M
47
110 M U1K
109 M
87 M
24
108 M 110 M
85
89 M
z
bb
2
1938
z
b
3
83
5
Pacific Tel A Tel 3Ha ser B..1966
x
aaa4
108
107M
108
12
8Ha series C
1966
sfg4Ms~1955
108 K
108M
108M
3
105M
105M
10
(♦2d ext gold 5b
x
aaa4
Paducah a 111 1st
x
aa
2
Panhandle East Pipe L 4s—1952 Af 8
x
a
4
Ref mtge
------
87 M
83
2
60
80
63 M
85
107 M 108M
108 M 110 M
105 H
105 M
102M102*1*!
Paramount Broadway Corp—
2
1955 F A yb
Paramount Pictures 8 Ha deb '47 Af 8 xbbb3
Parmelee Trans deb 6s
1944 A O y ccc3
1st M b f g 8a loan ctfs
"~95M
53
53
3
95M
96
76
42
4
45
Pat a Passaic G a e cons 5a. 1949 Af 8
x
aaa3
1942 Af 8
Penn Co gu 3 Ms coll tr ser B. 1941 f A
Guar 8 His trust ctfs C
1942 J D
Guar 8Ha trust ctfs D....1944 J D
z
b
2
x
aa
3
x
aa
3
♦104M
x
aa
3
*104M
—
Guar 4b ser e trust ctfs—1952 Af N
x
aa
3
*108
108M
28-year 4a
1963 F A
Pennsyl Glass sand 8 Ha- .1960 J D
Pa Ohio a Det 1st a ref 4 His A '77 A O
x
a
3
105
105M
♦Paullata Ry 1st ■ f 7b
4 His
Penna
series B
y
bbb3
...1981
J
J
x
a
3
1969
F
A
x
a
4
F
A xbbb4
Pow a Lt 8 His
I Ha debentures
..1974
Pennsylvania RR cons g 4a.. 1943
Consol gold 4b
1948
4s Bterl stpd dollar May 1 '48
Gen mtge 8Ha series C—1970
Consol sinking fund 4His.. 1960
General 4 Ha series A.....1965
3
M N
x
aaa2
Af N
x
aaa2
Af N
x
aa
A
O
2
—
—
—
—
-a -
-
-----
105
*105
103 M
103 %
------
*105 M
-
—
-
—
-
-
—
—
108
108 M
107 M
108 M
108M
108M
107 M
107 M
112M
113M
♦112M
x
a
3
95 M
95 M
x
aaa2
121M
121M
—
— ——
-
———
---
114
-
96 M
—
20
{♦St L-San Fr pr lien 4a A...1950 j
J
z
65 M
50
67 M
70
65
65
66
4
65
69 M
28 H
2
25
29 M
2
70
28 M
70
10
67 M
74
2
393^
39M
40
15
39
40 M
cccl
9%
9M
10M
9 M
10 H
84
9M
10M
10 H
57
9M
12
11M
11K
11
10 M
12 M
9M
11M
9M
9M
12M
11M
72
z
cCcl
z
cccl
♦Certificates of deposit
♦Con M 4 Ms series A
1978 AfS
♦Ctfs of deposit stamped
z
cccl
*9M
10M
z
cccl
10M
10M
11M
177
z
cccl
9M
9M
10M
47
1950 j
65 M
28 H
/
♦Certificates of deposit
♦Prior lien 5s series B
-
—
-
—-
9M
....
{♦St Louis-Southwestern Ry—
70
70
70
70 H
15
70
75
J
z
b
19
z
ccc2
18
42 H
18
42 M
J
21 M
34
35M
17M
11
11
12M
77 M
43M
21M
12M
♦1st 4s bond ctte—...1989 UN ybb
104 M
104 H
104M
105M
107% 108
105
105
107
♦Gen A ref g 5s series A...1990 J
St Paul A Dul 1st con g 4s..1968 J
{♦St Paul E Gr Trk 1st 4 Ms. 1947 /
{♦St PAKCShLgu4 Ms..1941 F
St Paul Un Dep 5s guar
1972 /
2
S A A Ar Pass 1st gu g 4s
1943 J
Santa Fe Pres A Phen 1st 5s.1942 m
24
108
110 M
{Seaboard Air Line Ry—
2
43
-
80
3
107
107
107 M
122
3
115M
115M
115M
27
91M
91H
x
a
3
102
102
104 M
x
a
3
102 M
102 H
x
bbb4
88 H
88 M
62
107M 107M
112M 115M
113 M 114M
95 M
J
cccl
D
bbb2
J
cccl
A
cccl
J
aaal
6M
36
-
-
-
9M
81
80
*2M
3%
6M
6M
113
3
112 M H4M
78 H
80 M
50
106M
106M
1
70 M
80 M
106M 106M
113
98
j ybb
aaa2
x
aaa3
*121
125
A
O
z
ccc2
*9
11
(♦latg 4b unstamped.....1950
(♦4b g stamped....
I960
2M
----
2
5M
3M
7M
102
104 M
50
102M 104M
89 H
119
22
8M
K
10
K
IK
cccl
3M
3M
3 K
68
3M
4m
cccl
3
3
3M
5
3
4
cccl
z
c
(♦Refunding 4b
.1969 A
O
z
z
U~8
9
2
cc
2
4M
z
cc
1
3M
z
cccl
z
11
9M
K
z
A
m'A
9
8M
O
Oct 1949 F
1945
123 m 124 m
K
A
♦Adjustment 5e
♦Certificates of deposit
X (♦Atl a BIrm 1st gu 4s...1933
86
78H
x
113M 116
96 M
3
8
♦Certificates of deposit
♦1st oons 6s series A..
88 M
*71
1989 UN
121M 125 HI
107
108M
91M
1
105M
103M 104 M
Scioto VANE let gu 4a
a
new
♦2d 4s lnc bond ctfs ..Nov 1989 J
(♦1st term A unifying 6s..1962 J
110
a
Attention Is directed to the
126
69
108
20
93
126
52
bbb4
J
St L Pub Serv 1st mtge 5s...1959 Af S y b
J yb
St L Rocky Mt A P 5s stpd..1955 j
106
x
1105.
45 M
♦Certificates of deposit
{♦St L Peor A N W 1st gu 5s 1948 j
106
x
For footnotes see page
96
48—1933 Af N
----
---
122
-
73
— —
-
103 M
108
------
-
4
■
------
-
78
1968
Debenture g 4Ha
42
55 M
g
'
*123 M
70
...1970
General 4Mb series D
1981
Gen mtge 4 Ha sales E
1984
Conv deb 3 MB
1952
General 6s series B
52 M
94
♦(Rlv A G Dlv 1st
514
63
3M
4M
22
*10M
12M
4H
11M
4M
3M
6K
10M
12M
5M
105
91M
column incorporated in this tabulation pertaining to bank eligibility and rating of
bonds.
See. k
Volume
New York Bond
152
Bank
BONDS
N. Y.
Elig. a
EXCHANGE
STOCK
Sale
See a
Price
A
x
c
♦6»Series B certificates.-.1935 V
A
X
c
Shell Union Oil 2 Hi debs...1954 J
Shin yets u El Pow 1st 6 Hs
1952 J
Jan.
SIleslan-Am Corp coll tr 7s..l941
High
..I960
49 H
54
78..
"27"" "27"
25
__
x
aaa4
x
a
12
70
70
cccl
70
71
102 H
103
102 H
103 H
6
102H 103H
4
103
105H
105H
16
105 H
104
105H 107
♦117
aaa3
i07"
x
aaa3
106H
106 H
106 H
Southern Colo Power 68 A.. 1947
xbbb3
105H
Southern Kraft Corp 4^8...1946
x
102
1979
3
51
49H
x
3s debentures
3H
99 H
49 H
xbbb3
South Bell Tel A Tel 3tf S...1962
High
2H
2H
96 H
._
xbbb2
Socony-Vacnum Oil 3s debs.1964
South A Nor Ala RR gu 5s..1963
25
bbb3
107"" "31
ioox
34
105 H
107H
105H
.
101H
102 x
\u
mu
106 H 108 H
3
1951 A
4s (Cent Pac coll)
1949
4s registered
O xbbb4
J D ybb
3
ybb
3
1949
m'B
1939 Af N xb
{♦2d gold 5s
1939 F
x
ccc2
1954
x
b
1941
x
b
x
cc
A
106H 107H
♦Ref A gen 6s series D
Walker (Hiram) Q A W—
44H
52
Warner Bros Plct 6s debs
1948 M
1941 M
3
43 H
43H
46H
331
2
52
52
54 H
52
39 X
48 H
bbb2
78
78
81H
32
71
59H
59x
_
*
ybb
158
57H
64H
64
91H
"45
90
93 H
57
57
62 H
149
57
75 x
75
78 H
125
75
63H
81X
78
~90~~
"90~~
bb
61H
1st mtge 3Hs series 1
1966 J
West Va Pulp A Paper 8s... 1954 J
cc
cccl
West N Y A Pa gen gold 4s..1943 A
x
aaa4
110
110
1968
x
aaa4
106H
107 H
14
{♦Spokane Internat 1st g 5s.1955
z
cccl
15
Standard Oil N J deb 3s
x
aaa4
29 X
104 H
x
aaa4
1961
1953
Studebaker Corp conv deb 6s 1945
Superior Oil 3Xb debs
1950
Swift 4b Co 1st M ZHB
I960 IN
2^s debenture
J
Term A sen St L 1st cons 58..1944 F
Gen refund 8 f g 4s
1953 J
Texarkana A Ft 8 gu 6 Ha A. 1950 F
/
100H
bbb3
100 X
100H
15
x
aa
4
103H
103H
16
x
aaa3
128
128
1
113
113
113H
2
109 H
109H
110H
6'
A
2
100H
aaa4
J
aa
4
*88
O
aaa4
1965 IN
aaa4
"
105H
104H
106 x
105 X
*79H
107 H
84H
105
bb
4
a
3
107H
bbb3
1977 A O
1979 A O xbbb3
68 H
1980 / D xbbb3
"67 H
A.1964 M S
1960
x a
2
98 H
yb
2
58 H
y
Jan 1960
I ♦Third Ave RR 1st g 5S...1937
3
D y b
1953
1st 6s dollar series
D
Tol A Ohio Cent ref A Imp 3 Hi '60
x
42
1
bbb3
Toronto Ham A Buff 1st g 4s. 1946 j r
Trenton G 4b El 1st g 5s
1949 M 8
x a
x
♦Guar
sec a
1952 V
f 7
A
x
62 H
71H
6
58
60 x
57
18
20H
206
96 H 100 H
58
•18
42
45H
42
48 H
95 X
73
95 H
94 H
95 H
73
71H
75
'97""
71
105H
71
72H
106 H
90
105H 107
x
aaa4
x
aa
3
104 H
104
104H
23
104
x
aaa3
112H
112H
113H
50
x
aaa3
nix
111H
111 ^
1
112H 114H
111H112H
♦106»« 106'«ie
3
3
x
a
O y b
M 8 ybb
1944 Af S
99
99
104 H
3
4
"69""
4
85
x aaa4
.60s
May 11941 MN
x
aa
,625s
Nov
MN
x
aa
MN
x
aa
99
98 H
104 H
106 H
99 H
54
99 H
106H
106 H
25
99
104 H 107
10
106
69
7
85
87
33
107
68 H
76 H
85
90 H
MN
x
aa
*100
I'oix
MN
x
aa
MN
x
aa
*100H
*100 H
ioin
1.625s
Nov
MN
x
aa
*100
1.75s
MN
May
Nov 11946 MN
x
aa
*101
1.80s
x
aa
102
1.85s
May 11947 MN
x
aa
*100
1.90s
Nov
x
aa
*100
102
1.96s
1 1947 MN
May 1 1948 MN
x
aa
2
♦101H
102
2.00s
Nov
1 1948 MN
x
aa
2
102
May 1 1949 MN
102 X
102
101x
102H 103
May
x
aa
2
102 H
*100
1 1949 MN
x
aa
2
*100
...May 11950 MN
x
aa
2
*100
x
aa
2
*100
2.26s
1 1950 MN
May 1 1951 MN
x aa
2
2.30s
Nov
MN
x
aa
2
MN
2.45s
1 1951
May 11962
Nov 1 1952
May 1 1953
2.60s
Nov
1 1953
May 1 1954
Nov 1 1954
May 11956
2.05s
Nov
2.10s
2.15s
—-2,20s
....
.Nov
2.86s
2.40s
2 56s
2.60s
O
♦3Hs assented A
United Stockyds 4 Ha w
Vandalla cons g 4s series
*
108 X
108H
10
113H
113H
4
109H
110
11
102
102
3
18H
31
16
18H
42
72 H
74
75 X
41
72 H
78 H
32
74
75 X
77
28
75X
21X
BOX
*
24
"50 H
"50 H
....
22
62
49
......
*115
...
....
..
105H
105H
105H
106 H
106 H
107H
103H
*113
103 H
115
28
29H
*27
29 H
bb
28
3
49 H
49
15
7
...
.
27
BOX
52
114H 115
104H 106 H
106
107X
47 X
103
104
114
114
43
27H
20X
....
35
9
79 H
81X
80X
30H
29X
cc
9H
....
aa
108 H
108 H
6
D
x
a
107H
107H
1
7X
9X
108X 109H
107,3«107H
j
x
c
x
a
8
x
8H
cc<
107H
9X
7
*4
x a
102 H
102H
102X
26
102 X 103 X
101
101
101X
63
100H 103 H
y
t The price represented is the dollar quota¬
Accrued interest payable at the exchange rate of
as
being in
bankruptcy, receivership, or reorganized under
assumed by such companies.
No sales transacted during current week.
included in the "year's range.
which we believe
101
102
102""
102 H 102 H
102
102
101H
101H 101H
101H 102
102
102 H
102
102
symbols in this column are based on the ratings assigned to each bond
The letters Indicate the quality and the numeral Immedi¬
the bonds. In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating Is shown.
A great
majority of the Issues bearing symbols ccc or
102
103 H
103
101
101
103 H
104 H
102
102
104
Transactions
102 X
102 H
103 H
103 X
aa
2
MN
x
aa
2
103 H
*100
103 H
103
103 H 104 H
102 H 103 H
Week Ended
MN
x
aa
2
*103
102 H 104 H
Feb. 14.1941
MN
x
aa
2
*104H
104 H 104 H
D
x
x
1
x
J
s
cccl
x
b~bb3
J
O xbbb2
bbb3
101H 104
92
104
104 H
32
32 H
33
35
33
33 H
31H
31H
31
33 H
28
33
91H
93 H
36 H
"33"
40
15
103 H
92 H
104
104 H
104H
25
91H
x aa
*109 H
aa
*109H
8
All Issues
103H 104H
104H 105H
the
at
York Stock Exchange,
New
Daily, Weekly and Yearly
x
D
lower are in default.
bearing ddd or lower are In default.
103 H
102 H
l03~"
*101X
....
rating status
of reorganization.
ately following shows the number of agencies so rating
MN
x
16
75 X
95 X
91H
by the four rating agencies.
103H
A
106X 107
15
19H
15
19H
The rating
100H 100H
103
F
101H 104 H
5
Indicates those bonds we believe are not bank eligible due^elther to
provision In the bond tending to make lt speculative.
*100
Cons s f 4s series B.......1957 MN
77
{Indicates issues In default. In bankruptcy, or In process
*100
x
135
No sales.
2
A
94 X
106H
Bonds selling flat,
2
5S..1944
109H 111H
102
104H
102 H
Odd-lot sales transacted during the current week and not
2
O
113H 114
91X
e
aa
D
128H 128H
107 X 108H
101H
106 X
♦
aa
D sb
....
during current week,
a Deferred delivery sale; only
n Odd lot sale; not included In year's range.
Friday's bid and asked price.
aa
..1947
W..1951
A..1955
Companies reported
x
Utah Lt A Trao 1st A ref 5e.l944
Utah Power A light 1st
{
x
1951
108H 108 H
110H
{ Negotiability Impaired by maturity,
x
♦3Hs assented C
1951
♦Sink fund deb 6 Hs ser A.1947
....
.....
~65~~ "65""
x
tion per 200-pound unit of bonds.
$4.8484.
MN
♦3H» assented A.......1951
♦See s f 6Hs series
.....
....
x
D...1960 MN
Cash sale; only transaction
MN
2.65s
♦Un Steel Wks Corp 6 Hs A..1951 J
70
_
'
y
*100
MN
....
or some
♦100
♦100H
Nov
61
40
101
aa
aa
May
54
A Bank Eligibility and Rating Column—x Indicates those bonds
eligible for bank investment.
aa
1.50B
11
100 H
100 H
x
1.3758
55 H
*100
x
1.25s
54 H
108X 108 X
x
Nov
96 H
54 H
100H
98 H 101H
84
MN
May
94 H
94 H
16
Section 77 of the Bankruptcy Act, or securities
69
♦99 X
*99 H
105 H
MN
.8756
91X
39
106,l«il07
♦108H
debentures—
1.00s
81H
1
96
'
r
A
aa
ser
transaction during current week.
30
A
United States Steel Corp—
1,125s
78
93
MX
O
1948 M
3Hs
19
79 X
93
94 H
107 H
24
cccl
aaa3
f
103 X 105 H
"97"" "98""
107""
aa
x
s
9X
104 X
8X
*6X
{♦Wor A Conn East 1st 4 Ha .1943 J
Youngs town Sheet A Tube—
1st mtge
x
x
Wisconsin Elec Power 3 Ha..1968 A
Wisconsin Public Service 4a..1961 j
Conv deb 4a
101H
y
{♦Wis Cent 60-yr 1st gen 4s..l949
♦Certificates of deposit
{♦Su A Du dlv A ter Ist4a.l936 Af N
♦Certificates of deposit
24
100 H
*
x aa
zhb
1947
Winston-Salem 8 B 1st 4s...1960
9H
8
33
72 H
74
1956
Conv deb
9H
7X
"ie"
A
Wheeling Steel 4 Ha aeries... 1966 F
65
100
x
3Hs debs...1955 A o
May
Nov
14
99 %
/
4s......1947 J /
4s registered
.....1947
84-year zhb deb
1970 A O
85-year zhb debenture... 1971 M N
Ref mtge ZHb ser A
..1980 J D
.75s
70
H
O
1st 4b land grant
11941
1 1942
1 1942
11943
1 1943
11944
1 1944
11945
I 1945
11946
72
72
»
Union Pac RR—
Serial
107 H 108 H
62 H
1
71
1953
78
106 H
82
62 H
cccl
106
United Drug Co (Del) 6s
U N J RR 4b Canal gen 4s
105H 106 H
115, 104H
5
92
1949 M
9H
8
8H
......
J y bb
8 x aa
8
*105
3
United Clgar-Whelan Sts 58.1952 A
Wilson A Co let M 4s A
88
17
al06H al06H
l
United Biscuit
113
113H
109H 111H
25
I
3J48.-.1962 J
{{♦Union ElevRy (Chic) 5S.1945 A
Union Oil of Calif 6s series A.1942 F
8s debentures........
1959 F
50
Wheeling ALE RR 4s
2361 /
11
48
46
66
8
*66""
i960 M 8 ybb
♦Westphalia Un El Power 6a. 1953 /
J x b
West Shore 1st 4s guar
J ybb
2361 /
Registered
....
8
*
30-year 5s
102 H 106 H
128
128H
70x
97
4
UJlgawa Elec Power s f 7s.-.1945 M S y b
Union Electric (Mo)
1
ser A.. 1946 M
♦5s assented
45H
7X
♦104H
aaa3
deb A. 1953 j J ybb
xb
♦Tyrol Hydro-El Pow 7HS..1955 M N
Trl-Cont Corp 5s conv
104 H 109
100
101H
70
♦100H
Tol St Louis 4b West 1st 4s..1950 A O ybb 3
Tol W V A Ohio 4s series C—1942 M 8 x aaa2
14
105H
69
67
Tokyo Elec Light Co Ltd—
107 M
104
68
98 H
18
cccl
ybb
.48
90
bbb3
_
Third Ave Ry 1st ref 4s.
10
bb
x
A
A
23
x
J
1943 J
Texas A Pacific 1st gold 5S..2000 J D
Gen A ref 5s series D
104 H
104 H
104 H
104 H
{♦Western Pac 1st 5a
Western Union Teleg g 4 Ha. 1950 IN y bb
25-year gold 5s
1951 J D ybb
....
53
92 H
101H
32 H
104H 106 H
....
8H
105
......
109 H 110H
106 K 109
28 H
104 %
106
gold 5s
♦AdJ income 5s
29
....
14 H
8H
'
4
54
56 H
8H
......
1977 J
52 H
1
7H
......
1952 A
17
34
32
*103 H
78 X
78 H
a
49 H
13H
30
58
15
30
8
J
x
Western Maryland 1st 4s
1st A ref 5 Ha series A
78 H
Tex Pae Mo Pac Ter 5Hs
aa
x
83
76 X
Gen A ref 6s series C
x
44
47 H
7H
8
8
81H
76H
Gen A ref 6s series B
D
107
13H
8H
69 H
108X
55
30
*128
1946 Af 8
86 H
83H
*75H
con
aat
aa
79
♦80
bbb2
79
aaa3
x
x
83 H
bbb2
y
_
x
O
79
y
108
*
A
D
x
ybb
44
13H
8 ybb
8 x cc
D
St Louis Dlv 1st g 4s
Texas A N O
cc
48 H
Devel A gen 0Hs
8s debentures
x
Warren RR 1st ref gu g 3 Hs.2000 F A yb
Washington Cent 1st gold 4s. 1948 Q M yb
Wash Term 1st gu 3 Hs
1945 F A x aaa3
ybb
44
......
44 H
Mem Dlv 1st g 6s
1959
cc
49H
49 H
xbbb3
Texas Corp 3s deb.
x
37 H
1st 40-year guar 4s
1945 F
Westchester Ltg 6s stpd gtd.1950 J
Gen mtge 3Hs_
1967 J
West Penn Power 1st 5s E..1963 M
107
8
34H
59
66
......
39 H
Southern Ry 1st cons g 6s.. 1994
Tenn Coal Iron A RR gen 5s. 195'
cc
435
ybbbl
1st A ref 3s series C
b
x
"175
82
84 H
....
......
cc
O
1980 A
....
67H
107
64 H
89 H
64 H
90
*
x
High
108 H 109 H
♦66
cc
46K
1955
...1956
1996
1951
So'weetern Bell Tel 3Hs B..1964
x
No. Low
♦87
~*7H
43H
1950 A O
5
*45
3
10-year secured zhb
5
55 H
High
......
{♦Warren Bros Co deb 6s
b
108H
54H
*
{♦Des Moines Dlv 1st4s..1939
♦Omaha Dlv 1st g 3Hs
1941
♦Toledo A Chic Dlv g 4s..1941 M 8
49H
3
108H
......
1
Since
Jan. 1
Asked
.......
2
40 X
San Fran Term 1st 4s
y
I* 1st gold 5s—
♦1st Hen g term 4s
♦Det A Chic Ext 1st 6s
187
2
I2
A
55 H
aaa2
x
Convertible deb 4Ha
1945 J D xbbb2
Walworth Co 1st M 4s.....1956 A O ybb 2
6s debentures
1955 A O y b
55
■J!
Friday's
Low
1966 AT 8
Virginian Ry zhb series A
{Wabash RR Co.—
Range
Range or
Bid
Railroad & Indus. Cos. (Concl.)
Va Elec A Pow 3 Hs ser B...1968 M S x aa 2
Ya Iron Coal A Coke 1st g 5a. 1949 M 8 y ccc3
Va A Southwest 1st gu 6s...2003 /
J y bbb2
1st oons 6s
1958 A O ybb 2
46 H
1981 M N y b
J ybb
1946 J
Devel A gen 4s series A...1956
Devel A gen 6s
...1956
45H
Ntt,
43H
Gold 4 Hb
1st 4s stamped
45H
Sale
See A
Price
46H
1969 IN
So Pac RR 1st ref guar 4s...1955
43
♦10
24
Rating
46H
43H
43h
Gold 4 Hb
x
43
106 H
55
49 H
1st 4 hb (Oregon Lines) A. 1977
ybb
Gold 4 Hs
1968 M 8 y b
y
106 H
106H
A.
R
101H 102 H
Southern Natural Gas—
1st mtge pipe line 4 Hb
Southern Pacific Co—
M
{♦ Wabaah Ry ref A gen 5 Hs A *76 M 8
♦Ref A gen 5s series B
1976 F A
♦Ref A gen 4 Hs series C...1978 A O
105H 106
Last
Elig. A
fea
Y. STOCK EXCHANGE
Week Ended Feb. 14
96 H
b
X
No. Low
N.
1
2H
2H
96 H
z
BONDS
Since
2H
*2H
96 H
y
1952
2H
x aa
y
♦Siemens A Halske deb 6H1-1951 M 8
♦Silesia Elec Corp 6 Ha
1946 F A
Skelly OH 3s debs
Range
Friday's
a
Asked
Week's
Friday
Bank
Range or
Bid
Low
Railroad & Indus. Cos. (Cont.)
t*Seaboard All Fla 6s A ctfs.1935 F
Simmons Co deb 4s
Last
Rating
Week Ended Feb. 14
1105
Record—Concluded—Page 6
Week's
Friday
United
Total
Number of
Mis cell.
Municipal
Slates
Bond
Shares
Bonds
For'n Bonds
Bonds
Stats
Railroad A
Stocks
Saturday
175,470
Monday
294,910
$2,176,000
3,947,000
Tuesday.
415,720
5,560,000
Sales
477,000
$59,000
21,000
$2,453,000
4,445,000
6,506,000
$218,000
833,000
113,000
Thursday
644,040
5,874,000
653,000
90,000
Friday
925,440
6,563,000
900,000
310,000
6,617,000
7,773,000
2,455,580
$24,120,000
$3,081,000
$593,000
$27,794,000
Wednesday
Total
HOLI DAY
HOLI DAY
.
Sales at
112
Week Ended Feb. 14
Jan. 1 to Feb. 14
New York Stock
Exchange
Stocks—No. of shares
1941
2,455,580
1941
1940
2,990,675
18,177,155
1940
23,662,200
Bonds
Government.
State and foreign
Railroad and Industrial
Total
Attention ix directed to the new column
incorporated in this tabulation pertaining to
$593,000
$506,000
3,081,000
24,120,000
4,245,000
21,832,000
$3,744,000
22,150,000
$5,036,000
30,437,000
267,228,000
179,691,000
$27,794,000
$28,583,000
$293,122,000
$215,164,000
bank eligibility and rating of bonda.
See note A above.
NOTICE—CMh and deferred delivery sales are
of the regular
outside
disregarded In the week's range unlese they are the only transactions of the week and when selling
which they occur. No account ts taken of such sales In eomputlng the range for the year
extensive list we furnish a complete record of the transactions on
beginning on Saturday last (Feb. 8, 1941) and ending the present Friday
entirely from the daily reports of the Curb Exchange Itself, and is intended to
bond, In which any dealings occurred during the week covered
In the following
the New York Curb Exchange foi
(Feb. 14, 1941). It Is compllec
Include every security, whether stock or
Sales
Friday
Hales
Friday
Last
Price
Par
STOCKS
} Week
High
Low
Shares
Class A
Class B
21 3*'
213*
5j*l
53*
53*
113*
Alnsworth Mfg common..
(N J)
..
53*
113*
13*
Air Investors common—
213*
53*
53*
113*
13*
793*
Ot Southern..50
803*
1073* 108
$7 pf993*
preferred
Jan
20
100
213*
53*
Feb
Feb
400
53*
Jan
300
113*
300
13*
Feb
Jan
993* 1003*
53*
63*
63*
193*
13*
Jan
com—1
Bellanca Aircraft com
1
Bell Tel of Canada
100
Bell Tel of Pa 63*% pf-100
193*
123*
Jan
Jan
Jan
*18
Jan
*ie
Jan
Jan
803*
Feb
Berkey A Gay Furniture. 1
30
103 3*
94 J*
Jan
Jan
109
Jan
Blckfords Inc
101
Jan
3*
3*
100
25
*
common—*
1373*
1373* 144
1133*
1133* 1153*
850
183*
400
213*
Class A conv com
143*
213*
15
213*
600
14
3*
Feb
Feb
18
703*
common.*
"70"
"713*
3*
100
Amer Box Board Co com.l
3*
273*
43*
3*
43*
103*
$3 preferred
*
103*
10
"~3*
1
Feb
18
"766
Jan
Brazilian Tr Lt A Pow
300
43*
Jan
Jan
183*
Jan
7 3*
70
Feb
93
Jan
3*
400
3*
Jan
Feb
27
400
35
Jan
25
Breeze Corp common
Brewster
Bridgeport Gas Light Co.
Feb
53*
Jan
3*
Jan
3*
Jen
Jan
hi
Jan
10
Jan
Jan
08
Jan
113*
683*
Jan
hi
Jan
3*
27
28
125
27
203*
263*
100
20
Jan
com._l
31
31
343*
153*
153*
173*
5,700
2,200
Amer Fork A Hoe com...*
1133*
100
lOo
..1
preferred_-.l
preferred
303*
5,900
1123* 1133*
350
23*
29
29
10
Feb
British Amer OH regis
Jan
263*
Feb
British Amer Tobacco—
3*
Jan
Am dep rets
383*
Jan
Am dep rets
31
Feb
38
Jan
Feb
193*
Jan
*18
Jan
*11
Jan
113*
283*
Jan
Jan
Jan
111
12 3*
303*
Jan
1133*
33*
293*
Feb
Jan
29
30 3*
50
29
Feb
33
Jan
173*
Jan
20
23*
Amer Hard Rubber Co..50
~17~
Amer Laundry Mach
20
17
Amer Lt A Trac com
25
123*
preferred
25
Mfg Co common. 100
19
X173*
"800
123*
700
263*
400
123*
263*
19
19
50
100
1
.*
it
5*
30 3*
303*
3*
10,800
700
31
Amer Potash A Chemical. *
53*
American
Republics
10
Amer Seal-Kap common. .2
Am Superpower Corp com *
1st $6 preferred
*
$6 series preferred
*
American Thread 5% pf_.6
53*
""3*
63*
hi
'/*
60
57
57
65*
63*
1
700
1,200
*
Angostura-Wupperman ..1
Apex Elec Mfg Co com...*
Arkansas Nat Gas com...*
1
105*
105*
100
13*
13*
13*
Common cl A non-vot—*
13*
15*
15*
75*
10
Ashland Oil & Ref Co
913*
.
1
Jan
Bruck Silk Mills Ltd
133*
Jan
Jan
Buckeye Pipe Line
50
Buff Niagara A East Pow-
19
Feb
80
Feb
80
Feb
3*
303*
Jan
3*
Feb
Feb
323*
Jan
5*
Feb
ht
Jan
53*
Feb
7
Jan
25
$5 1st preferred
»
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rets..
Burry Biscuit Corp._123*c
Cable Elec Prod 00m...50c
Vot trust ctfS_.
50c
23*
Feb
33*
Jan
Cables A Wireless Ltd—
3*
Feb
3*
Jan
62 3*
Jan
Jan
66
13*
Jan
Can Colonial Airways
Jan
Canadian Dredg A D Co.*
Jan
Canadian Indus Alcohol
83*
83*
53*
53*
300
53*
5
53*
900
5
hi
100
hi
2,600
Jan
Class A voting
Jan
Class B non vot
13*
400
13*
65
Jan
Jan
Canadian
183*
23*
183*
Jan
53*
Jan
Capital City Products...*
25c
Jan
3*
Jan
Jan
Feu
13*
Jan
Jan
3*
Carolina P A L $7 pref...*
$6
Jan
Jan
2
Jan
673*
Jan
Jan
33*
Jan
Carter (J W) Co
Casco Products
1,800
3
210
20
33*
100
33*
Castle (A M)
17
Jan
20
Jan
Jan
13*
13*
500
15*
Feo
15*
Jan
400
2
Jan
3
Jan
13*
"2
"2'
"2
"373*
375*
38
113*
115*
3*
5*
Jan
3*
Jan
Too
37 5*
Feb
50 3*
Jan
100
115*
Jan
115*
303*
Jan
31
Jan
113*
Jan
113*
Jan
85*
Jan
85*
Jan
75*
Jan
83*
Jan
5*
Jan
5*
143*
143*
143*
Jan
143*
Feb
163*
Jan
2J*
Jan
50
13*
183*
983*
113*
113*
Jan
12
Feb
363*
150
363*
Feb
403*
Jan
19
993*
123*
1,000
183*
Feb
193*
450
963*
Jan
FeD
113*
Jan
Jan
993*
1,000
"~3* ""3*
"Too
113*
103*
15*
400
400
800
3*
"13* "ivs
500
3J00
10
500
50
35*
Jan
Cent Ohio Steel Prod
34 3*
6
3*
1
"n
1
Jan
43*
Jan
Cent Pow A Lt 7% pfd 100
Jan
173*
Jan
Cent A South West Utll 50c
3*
3*
100
Jan
10
Jan
Cent States Elec com
1
'is
'1*
500
100
3*
Jan
3*
Jan
33*
Jan
43*
Jan
253*
Jan
Feb
Feb
Baumann—See "Ludwlg"
100
100
Conv preferred
100
Jan
Conv pref opt ser '29.100
33*
Jan
Chamberlln Metal Weather
313*
Jan
35
400
33 3*
63*
500
53*
Feb
3*
1,600
•u
Jan
73*
363*
63*
J*
13*
1,800
Jan
13*
63*
6% preferred
7% preferred
Strip
Charts
2,600
43*
Feb
FeD
1
93*
63*
200
Jan
Jan
Jan
Feb
Jan
63*
Jan
Jan
103*- Jan
73*
Jan
Co
5
Corp common...10
Cherry-Burrell common..6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
Chief Consol Mining
1
Chllds Co preferred
100
Cities Servloe common
$0
preferred
60c preferred B
10
•
*
53*
106
$0 preferred
City Auto Stamping
1111
Jan
3*
Jan
3*
Feb
3*
Feb
3*
Feb
5*
Feb
103*
13*
Feb
Feb
35*
Jan
35*
Jan
153*
Jan
183*
Jan
4
Jan
5
Jan
13
Jan
13
Jan
93*
71
93*
Jan
15*
15*
3*
85*
Jan
Jan
Feb
15*
"h
Jan
85*
Jan
»u
Jan
13*
Jan
7
Jan
7
35
Feb
Jan
8
Feb
105*
65*
73*
Feb
65*
Feb
8
Fen
23*
Jan
Jan
Jan
193*
Feo
35*
Jan
Jan
134
43*
Feb
383*
53*
435*
Jan
Feb
96
Jan
99
Jan
123*
Feb
135*
Jan
Jan
z92
83*
Jan
Feb
116
Jan
95
Jan
10
Feb
1163*
Jan
3*
Jan
3*
Jan
hi
Jan
hi
Feb
hi
Jan
3*
Jan
15*
Feb
23*
Jan
Jan
5*
Jan
Jan
Jan
550
68
Jan
735*
Jan
200
9
Jan
10
Jan
8
83*
250
33*
45*
6,800
563*
900
55
Feb
Feo
4
55
Jan
Feb
128
Jan
106
8
53
Jan
109
1103*
Jan
Jan
Jan
39
1113*
1103*
3 3*
53*
hi
53
Jan
15*
"266
300
69
93*
Jan
43*
53*
143*
1103*
100
53*
108 "
Jan
13*
Feb
4
53*
~
12
13
4
106
Jan
Jan
1
Jan
3*
hi
$0 preferred BB
*
Cities Serv P A L $7 pref.*
Beau Brummell Ties Ino..l
10
4
Barlow A Seellg Mfg—
63*
il6~
116
250
15
24,300
5
93*
1
700
17
Baldwin Locomotive—
6
600
400
116
Jan
3 3*
1
33*
131
170
33*
53*
36
3
128
125*
3*
19
800
1,000
43*
100
945*
33*
333*
43*
343*
65*
123*
33*
600
63*
1,400
123*
Cent N Y Pow 5% pref. 100
263*
93*
93
Cent Maine Pow 7% pf 100
Jan
253*
8
93
Feb
13*
3*
1103* 1105*
10
123*
Cent Hud G A E com
3J*
4
300
*
Jan
Jan
Feb
33*
35 3*
96
Fen
Jan
183*
983*
96
13*
Jan
13*
363*
383*
1st partic pref
30
12
96
$7 dlv. preferred
Jan
Jan
100
Jan
12
35
63*
13*
"l"3* "13*
h«
1103*
Jan
Feb
43*
13*
Jan
10
13*
383*
Jan
65*
15*
29
•
._.*
"is
Jan
Jan
100
43*
42 3*
3*
Jan
83*
"800
43*
53*
2
Jan
13*
13*
43*
2 J*
10
Ayrshire Patoka Collieries 1
Babcock A Wilcox Co
.*
73*
113*
7% 1st partlo pref... 100
143*
3*
For footnotes see pase
Feb
Celluloid Corp common. 15
Tobacco—
Jan
Feb
Jan
100
Warrants
53*
55*
1
800
25
25
Feb
85*
1283*
35*
16
Jan
1,800
Feb
200
15
3*
1,000
common..10
Jan
Jan
33*
Jan
63*
10
Celanese Corp of America
33*
13*
33*
Avery (BF)4 Sons com.5
33*
23*
3*
33*
63*
83*
8
oommon.l
Jan
Jan
63*
85*
*
preferred
5
3
33*
•
Carnation Co common
13*
143*
*
Basic Dolomite Inc com..i
2,800
4
Jan
33*
1
Marconi
Catalln Corp of Amer
23*
5
A com
Jan
Too
*
83*
53*
Jan
Jan
7% partlo preferred...25
1
Carrier Corp common..
Automatic Voting Mach..
conv
Jan
Class B
100
$1.20
Jan
73*
"33* "33*
Canadian Car A Fdy Ltd—
13*
83*
200
Barium Stainless Steel...1
33*
Jan
94
383*
Jan
Canada Cement Co Ltd
Jan
'hi
Feb
Feb
3*
Camden Fire Insur Assn
Feb
Feb
65*
Jan
Jan
Feb
3*
3734
*16
Feb
83*
800
63*
33*
23*
12
3*
30
Jan
"263* "jan
383*
Jan
Feb
53*
7% preferred
83*
Jan
Feb
14
27
Jan
Feb
3*
Baldwin Rubber Co com.l
Jan
Jan
2
Feb
53*
Bardstown Distill Ino
383*
Feb
23*
7
Atlas Corp warrants
Purch warrants for com.
Jan
Jan
Jan
Feb
13*
13*
Atlas Drop Forge com...5
Class A common
133*
53*
103*
5,100
33*
1
5*
Jan
353*
13*
1,700
100
Aviation & Trans Corp
Jan
200
63*% pref shs £1
1
1
Axton-Flsher
Jan
hi
133*
383*
23
10 3*
Atlanta Gas Lt 0% pref 100
0% preferred w w
0% preferred x-w
Jan
20
1
Birmingham A
Corp
34
50
Calllte Tungsten Corp
13*
Automatic Products
Jan
200
Calamba Sugar Estate._20
Jan
Assoc Tel A Tel class A
Auburn Central Mfg
Jan
32
63*
Jan
91
13*
Atlas Plywood
Jan
353*
Feb
20
l
Atlantic Rayon Corp
107
1173*
273*
Jan
23
8
Jan
5,300
Carman A Co class A_.
$5 preferred
Atlantic Coast Line Co-.50
Jan
Jan
27
63*
60
100
.........1
Coast RR Co pref
Am dep
Carlb Syndicate
Atlantic Coast Fisherles..l
Jan
23
Jan
Assoc Laundries of Amer *
Atlanta
Jan
55*
353*
Jan
£1
Class a
$1.00 preferred
3*
103*
13*
100
353*
63*
51
(Associated Gas A Elec—
Common
245*
Jan
Jan
*
*
20
283*
233*
1,400
915*
*
Distillers. 1
Jan
Associated Elec Industries
Amer deposit rets
Jan
Feb
Feb
33*
1013*
1113*
3*
65*
3*
63*
preferred
Jan
Jan
173*
3*
Class A preferred
$6
Feb
915*
7
7
*
3*
(Brown Co 6% pref
100
Wire 00m. 1
17
~4~406
1,056
73*
""2
1,600
2
Aro Equipment Corp.., .1
5
Art Metal Works com..
75*
1,100
Brown Fence A
113*
203*
Amer Pneumatic Service.*
0% preferred
55*
193*
ord reg-.lOe
Am dep rets
Jan
$2.60 conv
23*
14
14
British Col Power cl A
.*.*
Brown Rubber Co com
1
Bruce (E L) Co common..5
Feb
Arkansas P A L $7 pref.
13
British Celanese Ltd—
Brown Forman
Feb
273*
Anchor Post Fence
5*
3*
ord bearer £1
ord reg
£1
Jan
23*
75
Amer Meter Co
20
•
Jan
700
28
Amer Maracalbo Co
80
275
27
•
A
283*
28
Preferred
preferred
100
Brlllo Mfg Co common...*
7%
Feb
$2 conv preferred
Amer General Corp com
*
Class B
Jan
153*
100
1
Brill Corp class A
Feb
Amer Foreign Pow warr
*
Machine
Preferred
35
hi
1
Cynamld class A.. 10
Class B n-v..
10
Amer
1
Aeronautical._.l
Jan
Jan
43*
800
3*
Amer
0%
1
Class
Class A with warrants.25
American Gas A Elec
43*
800
1043* 1053*
3*
$3 opt conv pref
Blumenthal (S) A Co
953*
116
Jan
1
Blue Ridge Corp com
733*
Feb
Amer Cities Power A Lt—
Class A...
4
Jan
Feb
73*
•
Bliss (E W) common
B ridge port
Class B
3,100
Foundry
common
Jan
Jan
1133*
common....10c
Common class B
10c
4 5* %
Jan
Jan
155
Class A
Amer Export Lines
Feb
Feb
American Capital—
Corp
213*
common...*
*
Bohack (H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
25
Bourjols Inc
Bowman-Blltmore com
*
7% 1st preferred
100
2d preferred
*
21
220
30
Jan
137
100
com—1
American Book Co
153*
22 3*
150
73*
Aluminum Industries com-*
Feb
1,550
43*
6% preferred
100
Aluminum Goods Mfg...*
Amer Centrifugal
Jan
123*
& Machine Co com—
3*
$5.60 prior pref
2,900
1113* 1113*
27
27
7
1941
High
Low
$2.60 preferred
Blrdsboro Steel
Altorfer Bros com
6% preferred
4
4
preferred
Blauner's
143*
American Beverage
Conv
Shares
43*
53*
753*
*
(Mich) ..10
Aluminium Ltd
Price
1
Allied Intl Investing—
Aluminum Co
Week
Beech Aircraft Corp
Steel—
100
Alllancelnvestment—
Allied Products
for
of Prices
Low
High
Jan
50
30
Week's Range
Sale
10
20
Bell Aircraft Corp
Range Since Jan. 1,
Last
225*
Alles A Fisher Inc com
$3 conv pref
Beaunlt Mill® Inc com..
Benson A Hedges com..
$6 preferred
7%
Feb
1,900
Warrants
Allegheny Ludlum
High
Liw
Conv preferred...
Alabama Power Co
Par
$1.50 conv pref
Supply Mfg—-
Air Associates Inc
0Continued)
19
common-10
Acme Wire Co
STOCKS
1,1941
Range Since Jan.
for
Week's Range
of Prices
Hale
,
Alabama
15, 1941
footnote In the week In
weekly range are shown In a
the week
Aero
Feb.
Exchange—Weekly and Yearly Record
New York Curb
1106
40
8
Jan
3*
Jan
FeD
10
Jan
Jan
Jan
Jan
Jan
33*
54 3*
Feb
53*
Jan
Feb
693*
Jan
53*
Feb
63*
53
Feb
953*
97
80
953*
Feb
*
92
92
933*
20
92
Feb
♦
6
6
63*
900
55*
Feb
70
100 3*
97
63*
Jan
Jan
Jan
Jan
Jan
Volume
New York Curb
152
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Week's Range
of Prices
High
Low
1
153*
15 3*
153*
400
"39"
♦
*
4 H
43*
393*
4?*
"550
Cleveland Tractor
Cllnchfleld Coal Corp..100
2 H
23*
23*
600
23*
23*
300
383*
»
Jan
Feb
3*
53*
373*
4 3*
23*
2 3*
Jan
3*
Jan
Jan
53*
Jan
200
Cohn A Rosenberger Inc.*
03*
17
Feb
Empire Power oart stock.*
Jan
Emsco Derrick A Equip.
Jan
Equity Corp oommon..lOc
41
8
Jan
Esquire Inc
Jan
Eureka Pipe Line com..60
Jan
Feb
23*
Jan
Eversharp Inc
23*
Jan
FalrchUd Aviation
FalrchUd Eng A Airplane.1
Falstaff Brewing
l
Jan
Jan
Jan
Jan
3*
♦
93 prior preference
Copper Range Co
123*
3*
3*
400
3*
Jan
3*
Jan
123*
12 3*
100
123*
Feb
133*
Jan
13*
250
2
Jan
20
1?*
"65
3*
13*
13*
1,500
23*
23*
400
653*
603*
1,000
110
13*
110
10
13*
13*
243*
24 3*
150
33*
33*
600
"lk "in
""360
"3%
Jan
Feb
243*
93
53*
13*
13*
Jan
93
1,300
93 3*
60
*16
200
*63*
63*
"s"
32
63*
"i"
Feb
118
Jan
1093*
Feb
13*
233*
33*
32
43*
,
"266
100
43*
300
13*
79
..*
CoedeB Petroleum com..
preferred
79
1
13*
79
X
%
60
Creole Petroleum
13
6
Crocker Wheeler Eleo....*
Croft Brewing Co
I
4%
Crown Drug Co com...26c
7% conv preferred
Crystal Oil Ref com
1
213*
26
preferred...,
Cuban Atlantic Sugar
23*
Feb
73
%
Jan
"8 k" ""8k "sk"
""206
8%
Jan
Jan
19%
19%
Feb
9%
20%
22 3*
•
Jan
13*
Feb
Jan
253*
Jan
Jan
33*
Jan
104
3*
63*
113*
Feb
Jan
13*
83*
••
Jan
94
Jan
Jan
Feb
hi
Feb
11
Jan
32
Feb
37
Jan
Jan
Gen Rayon Co A stock
Jan
3*
63*
153*
Jan
General ShareholdlngHCorp
300
3*
100
5
13
14
2,900
13
r'
Feb
Feb
Jan
Jan
Gen Pub Serv 36 pref....*
36
33*
400
43*
Feb
6
Jan
he
3*
200
3*
Jan
Jan
0% preferred A
13*
Feb
3*
13*
Feb
Gen Water G A E
43*
43*
,200
11
213*
213*
53*
33*
33*
""93* "i03*
27
;
27
:
13*
Jan
23*
Jan
434
Jan
43*
Feb
1
Jan
13*
223*
Jan
1,000
50
Jan
213*
200
700
Jan
33
35
3*
Feb
43*
Jan
12
Jan
263*
53*
Jan
283*
Jan
Feb
63*
33*
13*
Jan
283*
80
53*
53*
33*
800
13*
13*
IX
2,500
900
'"""46
Jan
23*
13*
Feb
35
Jan
43
993*
Feb
101
1
"13* ~~i%
23*
2
23*
19
19
19
Jan
Jan
95
Feb
100
25 3*
105
16%
Jan
68 3*
Jan
Jan
3*
200
3*
Jan
3*
Jan
30
53%
Feb
55%
Jan
80
Jan
83
253*
273*
Jan
253*
Feb
31
%
Jan
3*
56%
Jan
Feb
61
Jan
Feb
105
Feb
160
3*
100
58
70
105
10
Jan
%
Jan
3*
Jan
105
6
Jan
Jan
46
Jan
Jan
x3 %
Jan
83*
Feb
Feb
9 %
Feb
213*
5 3*
Jan
Feb
Feb
99
Jan
105% 106%
•
83*
83*
19%
19%
4%
93*
675
10,500
21
100
5
300
95
20
4%
95
*
Goldfleld Consol
105
Jan
19%
4%
95
41
Jan
Jan
Jan
he
Jan
14%
Jan
Feb
173*
353*
Jan
32
he
Mines.. 1
60
Gorham Inc class A....._*
33
preferred
*
32
Gorham Mfg common..10
Grand Rapids Varnish...1
Non-vot
10
com stock
*
§3*
""5% "5%
100
128 3*
1283* 1283*
%
he
38
393*
83*
8%
Gt Northern
Paper.....25
"38%
Jan
"800
Greenfield Tap A Die....*
8%
Jan
13*
13*
Jan
23*
Jan
Jan
Grocery Sta Prod oom..25c
400
Jan
3*
Jan
Gulf OU Corp...
100
3*
183*
Guardian Investors
333*
100
Jan
1013*
300
"266
450
4%
5%
110%
1143*
Gulf States UtU 35.60 pf
30 preferred
110
114
6%
Jan
Jan
105 v
1283*
Feb
130%
Jan
%
Jan
3*
Jan
350
300
98
38
83*
he
31
Jan
Feb
25
1%
31
5
600
1
26
Jan
Jan
31
Feb
42
Feb
10 3*
Feb
Jan
Jan
Jan
1%
Jan
Jan
he
Jan
Feb
333*
Jan
110%
Feb
33%
110%
3,100
50
109%
1143*
540
1113*
73*
400
21%
200
7%
20%
613*
%
Jan
Feb
25%
Jan
Jan
65
Jan
%
1%
5%
Feb
Jan
115
Jan
Gypsum LimeAAlabastlne*
Jan
HaU
*
!
Lamp Co
Hammermlli
300
Jan
Jan
Jan
6
18
Jan
54
4
4%
153*
40
xZ %
Jan
12 J*
3*
Jan
Jan
45
Feb
Jan
10
13*
13*
*
93*
173*
13*
21
3*
300
Jan
Jan
*
"105%
7% 1st preferred ...100
Greater N Y Brewery
1
Feb
16%
55
53%
Jan
100
153*
56
3*
Feb
...a
Paper
73*
10
73*
20%
25
53*
Feb
Jan
43*
Jan
63*
53*
Hartford Rayon v t 0
Hartman Tobacco Co
Jan
Harvard Brewing
53*
Jan
6
Jan
Co
1
1%
1%
1%
200
8%
Feb
Jan
»he
Jan
Jan
he
Jan
Jan
1%
Jan
Feb
5%
Jan
Feb
26%
Hat Corp of America—
Dominion Steel A Coal B 25
Dominion Tar A Chemical*
B non-vot common
Hazel tine
100
Corp
1
•
24
24
25
400
76
10
Jan
22 3*
100
111
76
Jan
6%
conv preferred
Jan
24
Jan
Heel a Mining Co
Jan
111
Jan
Helena Rube ostein
Feb
3
Jan
23*
23*
23*
300
2 3*
73 3*
733*
743*
150
73 3*
Feb
763*
Jan
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Duval Texas Sulphur....*
10
83*
83*
93*
700
*
23*
23*
23*
1,100
54
383*
275
13*
Jan
73*
83*
513*
513*
100
34
34
Eastern Malleable Iron..26
1,350
113*
113*
50
3*
3*
200
.♦
97 preferred series A...*
Jan
20
Feo
25
Jan
5%
10%
10%
8%
Jan
Feb
Jan
Jan
..25
26
26
20
...26c
•
w w
Jan
Feb
Jan
Jan
103*
Jan
Hewitt Rubber common..5
Heyden Chemical
....10
23*
513*
Jan
Feb
33*
583*
Jan
Jan
Hires (Chas E) Co
34
Feb
42
Jan
Bollinger Consol G M
113*
Feb
133*
Jan
Preferred
ex-warr
Hoe (R) A Co olass A...10
Holophane Co common..*
Jan
he
Jan
Horder's, Inc
Jan
Hormel
Jan
preferred
100
HubbeU (Harvey) Inc.—.6
90 preferred series B
•
143*
15
33*
123*
33*
200
143*
33*
Feb
*
123*
200
12
Jan
33*
33*
25,800
33*
Feb
400
643*
603*
103*
Jan
FeD
073*
Jan
Humble OU A Ref
Feb
13
Jan
Hussmann-Llgonler Co... ♦
Huyler'e new com
1
33*
563*
603*
*
56
57
603*
64 3*
1,100
103*
113*
200
13*
200
113*
113*
113*
100
16
31
31
313*
50
28
4
3
3
33*
300
3
13*
....
13*
113*
Jan
Feb
.
Horn
Horn A Ear dart
Jan
Horn
13*
Jan
123*
323*
Jan
Jan
Feo
33*
Jan
Jan
•
"12% "12%
30 3*
30 3*
»
5%
5%
Feb
Jan
10%
8%
Jan
Jan
26
Jan
Jan
26
Jan
Jan
Jan
12 3*
Jan
13%
125
65
Feb
100
163*
Feb
200
8%
Feb
77%
18%
10%
Jan
Jan
r8%
"166
8%
11%
Jan
Jan
12 3*
Feb
150
30%
Jan
313*
Jan
173*
Jan
Feb
Feb
18
Jan
Jan
30%
573*
53*
3,000
54%
400
5%
16
300
Jan
7
Jan
63
Jan
6%
73*
Jan
Jan
he
Jan
he
Jan
1
6%
73*
Jan
Hydro-Electric Securities •
»h»
Jan
Jan
1%
1%
Feb
Jan
V t c for 1st pref
50
81
Feb
81
Feb
Hygrade Food Prod.....5
50
673*
Feb
80
Jan
Hygrade Sylvania Corp..*
Illinois Iowa Power Co
*
70
70
70
10
70
Feb
80
Jan
6% oonv preferred
73
68
73
125
68
Feb
82
Jan
Dlv
50
72
JaD
82
Jan
"12 k
Hummel-Ross Fibre Corp 5
81
1111
70
54 3*
713*
733*
"sk
65
*17% *17%
8%
8%
54 3*
81
-
6%
12
Baking..*
A Hardart
673*
72
300
6%
68
Empire Dist El 6% pf 100
Empire Gas A Fuel Co—
1,400
(Geo A) A Co com*
(A C) Co common.. 1
Jan
Jan
6%
10%
•
Easy Washing Mach B
Jan
5%
10%
~~~50
6
Feb
Jan
65
1
153*
153*
33*
123*
43*
583*
100
5%
10%
"20% "26 k
Henry Holt A Co part A__*
14
3*
"20%
.♦
13*
73*
East Gas A Fuel Assoo—
100
2
HeUer Co common......2
Preferred
Jan
Jan
60
Class A..
24
1%
Hearn Dept Stores com. .6
*
For footnotes see page
Jan
90
13*
Dominion Bridge Co Ltd.*
6% preferred
...100
63*% preferred..... 100
7% preferred....
100
8% preferred.......100
52
30
30 3*
10
Dlvco-Twln Truck com__l
1
Jan
95
Jan
Feb
preferred
Hartford Eleo Light
.*
503*
95
Jan
£1
preferred
Jan
Feb
Godchaux Sugars class A
Class B_
Gray Mfg Co
23*
90
33
963*
•
Great Atl A Pac Tea—
Distillers Co Ltd—
...»
Feb
Jan
113*
43*
283*
1063*
Alden Coal
Jan
.1.
43*
75
30 3*
preferred
10
Diamond Shoe common.
43*
29
Jan
.........
Jan
Jan
283*
Jan
Gladding MoBean A Co..*
3
Jan
283*
Jan
Jan
Jan
Jan
41
*
6
Jan
Feb
90
preferred
Jan
13*
34
98
•
53*
108"«
50
41
*
Gilchrist Co
Jan
363*
Jan
1
00m
preferred.:
Georgia Power 36 pref
Gilbert (A C) common
Preferred
Feb
3
93*
1100
Jan
Jan
Feb
34
3*
Feb
3*
7%
preferred
Jan
34
56%
5
Jan
De VUblss Co common. .10
95
Jan
900
1
Feb
93*
1
Economy Grocery Stores.*
Eleo Bond A Share com..6
69
Jan
Jan
200
.*
5
350
53*
1
DubUler Condenser Corp.l
Duke Power Co
100
Jan
General Tire A Rubber—
Goodman Mfg Co
3
"ioo" 100"
Det Mich Stove Co com_.l
preferred
conv
53*
93*
Draper Corp
Jan
20
•
Common
43*
20
1
Jan
7
203*
•
Feb
*
common.
4%
253*
10%
8%
20
6% pf 100
80
37
8% debenture
100
Derby OU A Ref Corp com*
10
preferred
Jan
60
{Detroit Paper Prod
Jan
Warrants
70
13*
Dennlson Mfg cl A com..6
Detroit Gray Iron Fdy
36
Gen Outdoor Adv
30
"iosk"
Decca Records common.. 1
preferred
Detroit Gasket A Mfg..
1
*
Glen
1
conv
Feb
Jan
Jan
Jan
...100
General Alloys Co
Gen Electric Co Ltd—
Jan
5
53*
...35
90 prior pref..
6% preferred
GeUman Mfg Co com
Jan
Feb
Davenport Hosiery Mills.*
1
25
conv preferred... 100
Amer dep rots ord reg.£l
8
53*
3*
13*
4%
Gen Flreproofing 00m
*
Gen Gas A El 8% pref B_*
General Investment com.l
Jan
3*
Darby Petroleum com...6
Stores
93*
103*
3
10 3*
20
"26 k
GameweU Co 36 conv pf._*
Gatlneau Power Co—
Jan
83*
113*
Jan
stock
conv
Jan
Jan
Feb
33
%
15
1
*
Dayton Rubber Mfg
Conv partlo pref
Fuller (Geo A) Co 00m
Jan
43*
Froedtert Grain A Malt—
Common
1
1
3*% pref. 100
Emerson Eleo Mfg
Jan
13*-
28%
100 fros
Jan
Curtis Mfg Co (Mo).....5
warrants
23
%
»
Amer dep rets
1193*
1103*
Feb
$6
10
6
com
Class B voting
500
Curtis Lightrg Inc com 2,60
Option
Feb
MOO
93*
1
Jan
*
96
Class A non-vot
Fruehaaf Trailer Co
89
Crowley, Mllner A Co..
Crown Cent Petrol (Md)_6
Crown Cork Internat A..*
Eiectrographlo Corp
Elgin Nat Watch Co
23
""% ""%
(PhUa).lO
Jan
Feb
»h«
1
Jan
Feb
13*
53*
1,300
2
Jan
65
3.300
63*
8l«
•
Sti preferred A
Jan
100
53*
*
CorrooD A Reynolds
Eleo P 4 L 2d pref A
Jan
■
73*
Fox (Peter) Brewing Co..6
Franklin Co Distilling
1
Cornucopia Gold Mines 6o
Eastern States Corp
11
83*
23*
Ford Motor of France—
1
•
com
43*% prior pref
8% preferred
Feb
13*
RoU A Steel
Common
Jan
Am dep rets ord reg...£1
Ford Motor of Canada—
*
Eagle Plcher Lead
10%
Jail
Cooper-Bessemer
preferred
Jan
ire
Cook Paint A Varnish
7%
93*
103*
Jan
10
Driver Harris Co....
600
1113*
100
53*% preferred
Jan
103*
103*
•
Cont G A E 7% prior pf 100
Continental Oil of Mex
1
Dobeckmun Co
13*
Florida P & L |7 pref
Ford Motor Co Ltd—
1
Am dep rets ord reg
Jan
Jan
Consol Royalty OU
Consol Steel Corp com
DistUled Llauora..
13*
Feb
100
Detroit Steel Prod
1,100
1
...»
w w
1%
2,200
Consol Mln A Smelt Ltd..6
6% preferred
1193*
Fire Association
13*
Consol G E L P Bait com.*
A
Feb
Jan
1
Conn Telep A Eleo Corp._l
Consol Biscuit Co
1
Dejay
1113*
Jan
603*
13*
1
Class A conv
Feb
450
82 3*
*
Cuneo Press 6
60%
1113* 1123*
Jan
Conn Gas 4 Coke Secur—
Cuban Tobacco
Jan
Feb
Feb
Community Water Serv__l
Compo Shoe Mach—
oonv
73*
73*
53
1,100
Jan
Jan
Feb
"400
170
2
213*
Jan
3
7%
Metallurgical
*
Fedders Mfg Co
...6
Fed Compress A W'h'se 25
Flat Amer dep rots
573*
13*
203*
Jan
Feb
53
Consol Retail,Stores..
1,000
2%
63*
223*
1
..1
20%
200
53
2
Jan
%
Feo
3,800
1
20 3*
8
Jan
17%
2%
"22% "23"
23*
"22%
100
100
Feb
%
250
Jan
Jan
100
63*
2,100
Feb
43*
Consol Gas Utilities
%
83*
Feb
3*% series B pref
4% pref series C
300
7
18
3
High
213*
2%
2
Community Pub Service 26
6%
1
Low
300
73
Commonw Distribution. .1
Cont
Fanny Farmer Candy
Range Since Jan. 1, 1941
83*
3%
83*
100
32
preferred
1
2,800
Common
for
Week
Shares
1
com
33*
73 3*
Warrants
8%
1
23*
Commonwealth A Southern
4
3*
17%
2%
733*
Columbia Gas A Eleo—
preferred
63*
3*
%
Vtoextto 1946
Range
of Prices
High
17%
733*
Columbia Oil & Gas
S3
1
53*
3*
Week's
Low
5
_
preferred
conv
Price
Sales
Fansteel
2
warr.
Patent Fire Arms_25
5% preferred
S3
Feb
£1
Colorado Fuel A Iron
Colt'
Sale
Par
53*
15?*
Colon Development ord.
oonv preferred
Last
High
Cockshutt Plow Co oom__*
6%
STOCKS
(Continued)
Clayton A Lambert Mfg. .4
Club Alum Utensil Co
Jan. 1, 1941
'
Claude Neon Lights Inc__l
com
ft Since
Low
50
Cleveland Elec Ilium
1107
Friday
Ran
for
Week
Shares
City A Suburban Homes 10
Clark Controller Co
Exchange—Continued—Page 2
Sales
arrear
ctfa
50
18
2%
29 3*
53*
1%
1!
100
2%
2%
700
29 3*
32
53*
6
1,200
1,700
1%
Jan
33
Feb
38
2%
293*
Feb
Jan
F'eb
35
53*
3 3*
73*
Jan
Jan
Jan
Jan
STOCKS
Last
{Continued)
Sale
Par
Price
of Prices
Low
High 'Share*
1134
600
9H
Jan
12 X
Jan
6 54
—
Can.8
Imperial Tobacco of Great
Britain A Ireland
£1
Indiana Pipe Line
754
Indiana Sendee 6% pf.100
7% preferred
.—100
Indian Ter Ilium Oil—
Non-voting class A....1
Class B
1
754
ex
654
100
7 54
854
300
6
Jan
ex
Jan
6X
7X
Jan
6X
8X
Jan
Feb
834
100
10
19
19
1934
2134
120
8
Jan
3X
Jan
Jan
3X
Jan
Mlcromatlo Hone Corp
21X
Jan
Middle States Petroleum—
Jan
24
13 X
14 X
Jan
X
Jan
X
Jan
X
Jan
X
Jan
X
Jan
X
12X
Jan
Jan
154
1H
IV*
*
•
954
9H
954
International Products...*
354
1,000
4,500
IX
Feb
2X
Jan
2,800
8X
Jan
10 X
Jan
International Petroleum—
"354 "lX
1,600
3~x"j&n
"lx "Feb
5
•
1
—...
100
5
V*
34
Feb
5
12 X
33 X
3%
Interstate Home
354
3%
1,000
9%
9Vs
900
Interstate
—-1
A....*
1
Co......*
Jersey Central Pow A Lt—
654% preferred
100
Jeannette Glass
preferred——100
7% preferred
100
254
34
17
Julian A
Kansas G A E
...5
200
16X
112X
Jan
18
Jan
6% pref class B
Loudon Packing
10
A Sup...*
Mining Corp of Canada.
Minnesota MIn A Mfg
*
Minnesota P A L 7 % pf 100
Mississippi River Power6% preferred
100
Louisiana P A L *6 pref..*
3X1
9X
11X
2X
*2.60
Jan
Feb
Jan
Jan
10
Jan
Montgomery Ward A....*
Montreal Lt Ht A Pow..*
1154
3X
X
Jan
Moody Investors part pf.*
18
Jan
14
Jan
3X
Jan
Jan
Mtge Bank of Col Am shs
Mountain City Cop oom.5c
Mountain Produoers
10
X
12
Feb
1,000
2X
Feb
3X
Jan
100
X
Jan
IX
Feb
1
1
10954
9454
9434
101X 103
10954 109 X
94 X
Jan
96
27
26 X
101X
Jan
Nachman-SprlngfOled
*
26 X
Feb
37 X
Jan
Nat Bellas Hess oom
1
23 X
Feb
23 X
117
Feb
National Breweries oom..*
104 X
Jan
110
Jan
'734
7X
400
Jan
National Candy Co
7X
Feb
9
Jan
National City Lines oom.l
Feb
3X
Jan
*i«
X
Jan
73 X
54
Jan
60
National Container
(Del).l
National Fuel Gas
•
Nat Mfg A Stores oom
National P A L *6 pref
•
*
*
"ix "Tx
"500
IX
Jan
900
IX
Jan
IX
2X
Feb
National Refining oom
Nat Rubber Mach
X
Jan
X
Jan
National Steel Car Ltd...*
10
70
Jan
52
2X
2X
10
3X
Jan
Jan
•
Feb
10 X
Jan
National Sugar Refining.*
National Tea 5 X % pref. 10
Jan
3X
Jan
National
12.60
Transit
Nat Tunnel A Mines
99
100
100
90
Feb
99
104 X
Jan
*
Feb
14 X
Feb
ht
Jan
ht
Jan
46 X
Feb
55 X
Jan
11534
Feb
116 %
Jan
3X
Jan
4%
Jan
•
1334
4X
1354
100
5
200
37
37
20
"l234
1254
1334
434
4X
4X
454
1,100
1.800
Jan
Jan
Jan
13X
5
Jan
Nehl Corp 1st preferred..*
Nelson (Herman) Corp...6
37
Jan
42
Jan
Neptune Meter olass A
*
12 X
14X
Jan
Nestle Le Mur Co ol A
•
5X
Jan
Nevada-California
13 X
4X
4X
Feb
Jan
98 X
Jan
9X
Jan
100
10 X
Jan
Common
Jan
3%
cum
400
7X
Jan
7X
2,000
6X
33 X
Feb
8X
834
100
Jan
36 X
Jan
Jan
Jan
1-iet
100
X
Jan
X
Jan
2X
Jan
2J4
8
30
17
17
100
17
23
23
25
23
Jan
234
2X
1,300
6X
2X
754
Jan
New Haven Clock Co....*
2X
Jan
New Idea Inc oommon
Jan
New Jersey Zlno
•
Jan
25
25 X
200
25
Feb
New Mex A Aria Land
1
8X
400
8
Jan
29X
8X
Jan
8
Jan
New Process Co
1
150
17
19
Feb
»«
X
300
'u
25
1754
19
Jan
IX
1334
9J4
1354
9X
1434
'"450
13 X
10 X
2,000
9X
Jan
Feb
Jan
•it
400
•is
Jan
25
25
26
150
25
Feb
23
23
23X
75
23
Feb
IX
Jan
NY A Honduras Rosarlo 10
10 X
Jan
N Y Merchandise
4X
2,700
4X
109
4X
108X
109
80
IX
434
109
Jan
Jan
Jan
109
Jan
Jan
Jan
Jan
Jan
27X
25X
27 X
23
23
25X
50
Feb
25
27 X
Feb
*6
preferred
•
3,600
2X
Feb
5X
Jan
3X
5%
Jan
500
Jan
1554
Jan
15
6X%
preferred
Jan
139
Jan
11
11
200
11
Feb
12
Jan
14X
14X
14X
150
1434
Feb
Jan
Jan
13X
11
"il"
11
11
2X
87
4X
~8~
11
11
2X
9X
5% 1st preferred
6% 2d preferred
Jan
26 X
Jan
9X
13X
100
"il%
Tioo
12X
2,500
2X
200
4X
37 X
100
9X
Jan
3X
900
2X
Feb
h*
Feb
IX
Feb
10
3
100
Mass Utll Assoc v 10....1
ht
ht
200
Massey Harris common..*
Master Electric Co..
1
IX
IX
100
100
Class B common...
5
Nineteen Hundred Corp B1
N1 pissing Mines
6
Feb
Noma Electric
I
2X
Jan
Nor Amer Lt A Power—
33
Jan
69 X
Jan
59 X
Jan
IX
Jan
Jan
2,000
5X
Jan
2X
7X
@FedFRASER