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VOL. 152.
fasued Weekly^40 Oents a Copy—
NEW YORK, FEBRUARY 22, 1941
^'sTru^f^w
THE
BROOKLYN TRUST
BANK
COMPANY
NO. 3948.
CHASE
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
N E W
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
YORK
Corporation
respondent bank service
is
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Hallgarten & Co.
Member Federal
Deposit Insurance
Corporation
Established 18S0
United States
NEW YORK
Government
Chicago
London
City of
Securities
Philadelphia
PUBLIC UTILITY
Bonds
INDUSTRIAL
7he
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
BONDS
Moncure Biddle & Co.
BOSTON
NEW YORK
PHILADELPHIA
CHICAGO
SAN FRANCISCO
PHILADELPHIA
AND OTHSK PRINCIPAL CITIES
A.C.ALLYN*™ company
INCORPORATED
,
CHICAGO
New York
Boston
PACIFIC NORTHWEST
Philadelphia
Milwaukee
Detroit
lt
Omaha
::
The
SECURITIES
■
New York Trust
Company
Capital Funds. $37,500,000
(Drumhdlor, Ehrlkhmati
(fompamj
Exchange Bldg
Seattle
OTIS & CO,
(Incorporated)
IOO
Established 1899
NewYork
CLEVELAND
BROADWAY
City of Philadelphia
Chicago
Bonds
$25,000
MADISON AVENUE
R. H.JOHNSON & CO.
AND 40TH STREET
4%
Jan.
1, 1975/45
1.60%
30,000
4 H%
Dec.
2, 1979/49
2.00%
20,000
4 H%
1, 1979/49
2.00%
20,000
5%
June
Mar.
16, 1951
2.00%
INVESTMENT SECURITIES
64
WaII|Street
PHILADELPHIA
BOSTON
Yvrnall & Co.
New York
ONE EAST
1528 Walnut
Street,
Philadelphia
57TH STREET
Canadian Securities
Carl M. Loeb, Rhoades & Co.
61
BROADWAY
NEW YORK
London
Gonova
Member
Buenos Aires
of the
Federal Deposit
Insurance Corporation
HART SMITH & CO.
52 William St.
Montreal
NEW YORK
Toronto
The Commercial & Financial
n
Chronicle
Feb.
22, 1941
Dividends
A dividend of
one-half
and
share
per
declared
(37Yi<f)
the Common
on
this
Stock of
was
thirty-seven
cents
Corporation
payable March
15,1941, to stockholders of
record
February 28,1941.
Checks will be mailed.
TRBASURBR
Philadelphia, Pa.
February 14,1941
MAKERS OF PHILLIES
CHRYSLER
OESOTO
DODGE
PLYMOUTH
YOU PET THE
GOOD THINGS BUST WOM CHgYSUtg
DIVIDEND
CORPORATION
ON
COMMON STOCK
Your Voice
The directors of
have declared
lar
and
share
Is You...
stock,
Chrysler Corporation
dividend of
a
fifty
cents
the
on
one
outstanding
payable
dol¬
($1.50)
14,
March
per
common
1941,
to stockholders of record at the close
of business,
February 24, 1941.
b. e. hutchinson
Do you
realize the value of
a
smile when
It
helps
other
a
telephoning?
lot. Of
course,
can't
person
see
but the smile is there
same.
it
It's in your
helps to reflect
cordial
the
you
Voice with
a
Chairman, Finance Committee
these, "The
Smile" is espe¬
cially important. It is
a
At a meeting of Directors held
February 18, 1941 at London it was
decided to pay on March 31st In¬
char¬
friendly,
personality.
people. And
one
of
TELEPHONE
Coupon No.
tax.
All transfers received
for
185 must
in order at
before February|28th
will be in time for payment of divi¬
London
phone business.
BELL
of
Pence
Nine
of Ordinary Stock
be used for Dividend.
tele¬
Bell
of
each One Pound
of the fine
the
traditions
Dividend
terim
acteristic of the American
free
just the
voice. And
a
In times like
or
on
dend to transferees.
BRITISH-AMERICAN
SYSTEM
TOBACCO COMPANY,
LTD.
February 18, 1941
The Bell
System is doing its part in the Country9s Program of ISational Defense
Magma Copper Company
OFFICE
E. I.
du
LOUISVILLE GAS AND
Pont de Nemours
Preferred
Stock,
payable
stockholders of record
at
April
this day a
outstanding
25,
1941, to
the close of business
April 10, 1941; also $1.75
on
share, as the first
"interim" dividend for 1941, on the
outstanding
Common Stock, payable March 14,
1941, to
stockholders of record
a
at the close of
business
on
February 24, 1941.
W. F.
RASKOB, Secretary
The Board
18, 1941, a dividend of Fifty
per share was declared on the stock of
Company, payable March 15, 1941, to
stockholders of record February 28, 1941.
On February
cents
ILLINOIS
CHICAGO
Wilmington, Delaware: February 17, 1941
Board of Directors has declared
dividend of $1.12 y2 a share on the
ELECTRIC
COMPANY
& Company
The
Dividend No. 74
Ok
of Directors of Louisville Gas
this
and
Electric Company (Delaware), at a meeting held
H. E.
DODGE, Secretary.
February 14, 1941, declared a quarterly divi¬
dend of thirty-seven and one-half cents (37Mc.)
on
per
share on the Class A Common Stock of the
Company, for the quarter ending February 28,
1941, payable by check March 25,
1941, to
stockholders of record as of the close of business
The current quarterly dividend
of $1.25 a share on $5_ Dividend
February 28, 1941.
At the same meeting a dividend of twenty-five
cents (25c.) per share was declared on tne Class B
Common Stock of tne Company, for the quarter
ending Fenruary 28,
1941, payable by check
March 25, 1941, to stockholders of record as of
the close of business February 28, 1941.
20 cents
J.
J.
Preferred Stock and
share
a
a
dividend of
on
Common
Stock have been declared,
able March
tive holders
pay¬
31, 1941, to respec¬
28, 1941.
of record February
THE UNITED GAS IMPROVEMENT CO.
I. W. MORRIS, Treasurer
McKENNA, Treasurer.
January 28, 1941
Philadelphia, Pa.
-Manville
Newmont Mining
Corporation
The Board of
Directors declared
a
quarterly dividend of $1.75 per
Cumulative 1% Preferred Stock, payable
April 1, 1941 to holders of record on March
17, 1941, and a dividend of 75c per share on
the Common Stock, payable March 24, 1941
to holders of record on March 10,1941.
February 18, 1941, a dividend of 37^4
cents per share was declared on the stock of
this Corporation, payable March 15, 1941, to
stockholders of record at the close of business
On
February 28, 1941.
H. E. DODGE, Secretary.
For other dividends eee pa*«
iv
CONSOLIDATED
COPPER COMPANY
DIVIDEND NO.
35
of twenty-five cents ($0.25) per
share will be paid on March 15, 1941, to holders
of the outstanding Capital Stock of the Calumet
and
Hecla Consolidated Copper Company of
record at the close of business March 1, 1941.
Checks will be mailed from the Old Colony Trust
A
dividend
Company, Boston,
A.
C. H. ROBERTS. Treasurer
HECLA
AND
Dividend No. f>0
regular
share on the
CALUMET
Corporation
DIVIDEND
Boston, February
Mass.
D.
NICHOLAS, Secretary.
19, 1941.
No. 3948
FEBRUARY 22, 1941
Vol. 152
CONTENTS
Editorials
1166
The Financial Situation
1178
Rocks of Loose Fiscal Policy
Latin America and the
1180
United States
1183
Racing in New York State.
Horse
Comment and Review
Gross and Net Earnings
of United States Railroads for
the Calendar Year 1940
Annual Report
Week
the European
on
^1184
.
....
1190
1170
1170
1175 & 1228
of the Comptroller of the Currency.
Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
Course of the Bond Market
1189
Indications of Business Activity
1192
1168
1227
-
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange. ..
News
1208
Current Events and Discussions
Bank and Trust Company
General
1226
Items..
1270
1311
1312
Corporation and Investment News
Dry Goods Trade.
State and
Municipal Department
Stocks and Bonds
1228
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
1230
Dividends Declared
1230
Auction Sales
1230
New York Stock Exchange—Stock Quotations
1238
♦New York Stock Exchange—Bond Quotations. 1238 & 1248
New York Curb Exchange—Stock Quotations
1254
♦New York Curb
1258
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
Other
Over-the-Counter Securities—Stock &
1260
1264
Bond Quotations .1266
Reports
Foreign Bank Statements
Course of Bank Clearings
Federal Reserve Bank Statements
General Corporation and Investment News
—
1174
1228
1208 & 1235
1270
Commodities
The Commercial Markets
and the Crops..
Cotton
Breadstuff s
♦
on
1302
1305
1309
is directed to the new column incorporated in our tables
and New York Curb Exchange bond quota¬
pertaining to_bank eligibility and rating.
Attention
New York Stock Exchange
tions
25 Spruce Street, New York City, N. Y.
WilliamD. RIggs, Business Manager.
(Telephone State 0613). LondonCompany. Entered as second-class matter
Subscriptions in United Stateo and Possessions, $18.00
year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year. $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba $21 50
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.
Published Every Saturday
Morning by the William B. Dana Company,
Chairman of the Board and Editor; William Dana Seibert, President and Treasurer;
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street
Edwards & Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1941 by William B. Dana
June 23.1879, at the post office at New York, N. Y., under the Act of March 3,1879.
Herbert D. Seibert,
per
per
The Financial Situation
IF perhaps, already putatively in Far East or, but the relatively few extreme interventionists to all
THE "crisis" now
tion would have given considerable trouble
in the the making
serves
upon us
other
no
good
minder of the fact that
apparently
policy of
we
have wholly
entirely forgotten,
even
from world
aloofness
among
it should be a forceful re-
purpose
the people of this country.
abandoned,
give
traditional
our
have naturally been
informed and the thoughtful it has been clear for
to
good while past that the full import of the change
a
that
taken
had
be
the
adequately
pressed
structions
the
of
Doctrine,
and
is
at
about
shores
our
em¬
fer
our
the
under
ands of miles distant from
broke out I
was
home
or
any
effective bases
have
operations
served
hide
to
It
from
dis¬
passionate observers what
going
was
our
our
theories,
our
as
atti¬
and
of
The
who turned from the pages
of the press to
ances
of
our
men,
or
even
scholarly histories of
foreign policy,
scarcely
a
bring
himself to
States
To all
and file
vious,
so
his
the
same
position that
opments
than
.
all
,,
the
so
_
and
Great
a
way
man
_
in the
no
been
.
over
Singapore
Fifteen years ago, we
effectively
occurring,
,
Pacific
far
more
\
,,
we
but it
become
possible struggle between Japan
Britain
but
dare
and
say,
related
the
ques-
imports
our
essential commodities, and
an
of
that
of
our
Singapore.
port
these
in
and
trade with
un-
other
an
im-
portant section of the world, would be jeopardized.
historically incongruous
be taking as regards devel-
has
.
should play
be that, due largely
Precisely why should
so.
excited about
matters?
may
hands,
very
are
imports,
unimportant
share comes from planta¬
tions in the region dom¬
inated by Singapore.
Much the greater part of
our
equally indispensable
supply of tin comes from
Malaya and the Dutch
East
Indies, under the
all
in
forthright than Senator Bailey.
friendly
area
the United States
With
the
that
rest
position
Mediterra¬
Of the rubber which
shadow
average
,
,
should not be
our
there
less
It
we seem to
the
about
affairs.
and is most of the public
today.
the
to
and Europe. Our own
commercial interest in the
fault will lie with those who have been much
reputedly under
will impress
Canal
nean
so
was
causes,
Indian Ocean and the Suez
a
conclusions
discussion of the part we are playing or
to
can
undergone any such change?
If so,
a
general realization of what has
taken place?
There is ample ground for doubt, and if
this country presently finds itself in a po¬
sition unexpected
to the average man the
is
largely obli¬
in world affairs
who
tions, like our own, that
the Pacific, and the
ports that lie beyond on
the route through the
rim
file
of
that the rank
violently emotional
war
we
the trade that
between those na¬
passes
But have the convictions of the rank and
of
confused and
those
Singapore is
controls, for all practical
Singapore
world
this, however, it
were
of
States
remain
to
purposes,
large.
and
America.
would appear
it
and
reading had to do with
United
one
Says
the great gateway to the
East.
Whoever controls
Apparently Senator
Bailey understands
freely gives expression to the radical
revolution that has occurred in his thinking
could
traditional policies
not
flattering hope that
of limited liability.
United
afford
bill would do well to emulate.
realization that what he
the
am
the
the
indifferent.
inter¬
straightforward, forthright meet¬
ing of issues which many of those who, like
Senator Bailey, are supporting the lend-lease
or
the
a
Here is
our
was
I
...
out
fight
rel¬
our
between
means
hold
elder states¬
atively modern leaders,
to
war.
the utter¬
of
difference
moved by provocation.
Provo¬
nothing.
They will move with¬
out
provocation just as quickly as
with
provocation, and they have done it over and
over
again.
I
am
ready if intervention does mean
cation
affairs
current
a
powers are not
between the
nations of the world.
student
is
totalitarians may regard it as an act of war.
What
of it if
they do?
The totalitarian
have to do with
the relations
which
cannot
vening and being an armed belligerent.
However, it is not to be denied that the
reasoning about mat¬
ters that
There
New York
Feb. 20.
"The
possibility of a
Japanese attempt to seize
Singapore is a threat to
and intervention is not necessarily
war,
war.
on
appear¬
the "Times" in part:
not regard it
may
public
our
leading editorial in
as a
"Times"
It
We
the
than that
the influential
all earnestness.
intervention.
is
be the
of
ing
the reversal of the
in
It
behind and
on
beyond all this in
tudes,
and
intervention.
is
is
have
headers
is not neutrality.
policy that we laid
down in the Neutrality Act and for which I
stood here and spoke
with great sincerity
It
not
position
xf not most of
devoted
cations.
of
we
statement
Government and of many
Neutrality Act.
I know now that I
am
advocating its repeal.
I am now advo¬
cating intervention.
I am not advocating that we go to war.
I am
advocating intervention.
But I am
advocating intervention with all its impli¬
thous¬
better
no
general
first broke out I
first
war
the
handi¬
of what appears to
war
and
in
such
no
At any rate
seen
the
to
from
caps.
hoped and
prayed to God that it would not be our war.
When
elements
public press, however, suf¬
There is
Feb.
When the
defending
forces
war.
would justify
that
19, 1941, Senator Bailey,
prodding by Senator Wheeler said:
powerful and
entrenched
world
a
it
On
by attacking,
if necessary,
not
recorded.
battled British and all the
humbug
informed
said:
are
intelligent
North
nothing involved
getting into it.
If we get into it I should think we were the
greatest
pack
of
fools
history
has
ever
with
the
a
in
Our plain
with
sympathy
10, 1939, Senator Bailey of
going to get into this war.
It
European war.
It is not our war.
It is
not
understandable
quite
Certain
Oct.
We
Monroe
points
traditions.
our
On
Carolina
con¬
squared
or
other
many
en-
tive mind.
Complete About-Face
ex¬
twisted
in
record"
themselves too confused to be particularly
are
of
position
lightening to the inquisi¬
affairs of the world could
not
many
a
semi-official attitudes "off the
express
to
Official utterances
too explicit and
none
place in
toward
attitude
our
trouble at all.
one any
appears
those in Washington who feel themselves in
To the
politics.
no
Today it
"But
our
interest in
merely commercial.
we
are
Singapore is much more than
It is strategic as well.
Unless
prepared to throw overboard
our
present
responsiblities in the Philippines-—responsibilities
wVch
not. en?a!intl1 ^CSe islands acquire their
independence m 1946—and unless we are prepared
t0
face
japanese
supremacy in the whole area of
Pacific, the maintenance of Singain British hands is of immense importance to us.
the Southwestern
pore
Hawaii,
our
westernmost first-class naval base, is
Volume
1167
The Commercial & Financial Chronicle
152
M';
thousand miles from Manila, while
Japan itself is barely one-quarter of that distance
from the Philippines.
Singapore, the resources of
five
nearly
would
which
American
doubt
no
fleet
in
be
available
made
to
an
time
of need, is little farther
Singapore by Great Britain
the Dutch East Indies but
Australia and New Zealand with Japanese domina¬
tion.
It would completely upset the present balance
of
he Pacific world.
It would deal a heavy blow
to that same British sea power which is our natural
ally in the East and our bulwark against Germany
than Japan. The loss of
would threaten not only
"Times," and
holding the
stood,
No one,
of
ignorant of
this very
history,
our
years
such questions as are
has without
and, well aware of our his¬
arrived
has
honestly
con¬
foreign policy under existing con¬
our
is its
Such
right, and publication of its beliefs
and
not
alter
cannot
conclusions
fact that
but the very process
by which these conclusions
have
which
the
time.
Nowhere
they
always
governed
with
are one
the
national
policies of Nations immersed in what is known
world
politics
which
from
deliberately have heretofore held aloof.
editorial
gent reader as
British
time not
other than
statement of the
ring.
Such
an
appearing mutatis mutandis in the London
"Times" would at any
the
and
traditionally
we
as
and
It has
attention
this
in
country
in
world
are
position.
Yet
we
readers the
—although
eyes
of
marked old-world
only after
profound
a
thinking about
as
we
Nation
a
our
fully
realized the full
because of any
this
continent
cause
have
we
world
the
direct threat to
to
or
our
supremacy
in
liberty anywhere but be¬
our
large trade interests in that part of
which
under another
passing from
Nation into that of another not
one
we
fear
jurisdiction.
would
not
fare
so
well
We must protect Singa¬
pore
not only because of "responsibility" in connec¬
tion
with
the
Philippines but in order to prevent
Japan's becoming dominant in the Pacific at the
of the British Empire whose naval
expense
macy we
lantic.
now
must preserve to help
And
more
of the
view ourselves
as a
us
order.
same
supre¬
dominate the At¬
world power
In
short,
with
an
we
over¬
riding interest in allying ourselves with another
great
quo
power
to
insure preservation of the status
in the east, west, north and
full grown
powers
and must take
our
south.1
We
are now
place with the other
in the formulation and execution of world
politics—everywhere in the world.
Such
full
seem
to
us
implications
of
the
position
meaning, the
taken
bv
the
people understood and
they would think several times before
Idealism
true, of course, that under the leadership
President Wilson
of
deviated
we
tion
for
during the World War days
sharply from tradition, but that devia¬
the embodiment of
was
American
the
which
weakness.
tives, such
as
putting
the world safe for
had
trade
according to im¬
over
to
axes
the
grind.
We
were
we
that
from
we
of that
We did not like Japan's
was
suggestion
no
But in any event, apart
war
as
in instrument of
policy and in behalf of disarmament, the
idealism of Wilson
death, and
to our traditional
which
even
day appeared content
China, but there
campaigns against
natural
So far
concerned,
were
receive equal treatment in the
of the world.
to war about it.
go
we,
greatly
conferees at Versailles
peace
material interests
own
national
did
not
movement
thin
and "making
interest in territorial aggrandizement,
interventionists
that
war
routes, and all kindred considerations.
our
the
end to
an
They insisted that they, and
when
revealed deep
notorious
a
democracy." They had much to
materialistic
no
unrealistic idealism
professed altruistic objec¬
about making the world
distressed
as
an
people have
Its advocates
appeared to die
we
from all
a more or less
appearances reverted
policy of aloofness from quarrels
directly
concern
The present
us.
be rapidly losing its rather
appears to
of idealism.
veneer
Concededly, the situation by which
today is different in
some
faced
we are
respects from that obtain¬
ing in 1914, 1916
Wilson
developed
strength
decades.
tion
as
past,
two
the victims of spolia¬
War, which did not
they sought from that conflict,
never
formerly
during the
were
result of the World
a
or
which
developed large colonial empires have
become, perhaps,
tions
rapidly
Nations which
obtain all
have
or 1917.
Far from subsiding as
hoped, the spirit of nationalism has
had
were,
to revert to
to be the ultimate
policies
we are con¬
implications of the change that is
Wilson's
It is
treatment of
the other side of the world from
former
giving it their approval.
We
the control of
our
has been made, in our historical position in
say
these matters
"present balance" in the Pacific is threatened.
on
reversal of
being made, perhaps it would be more accurate to
various parts
to prevent territory
a
vinced that if the American
the
must do whatever is necessary
or
(from the tradi¬
revolutionary
do not believe so—but
we
because
concerned
our¬
viewpoint) nature of the doctrines
demand
now
find
It is conceivable that "new condi¬
here outlined.
tions"
we
with either the reasoning
expressed^—as a desire to bring home
tional American
to demand
greatly
are
the conclusions
our
here—although
concerns us
proved patterns.
cognizant of that change?
Here
Indeed it is not so much criticism
upon us.
say
through the
a
our
nowhere, has this pliilosphy been so aptly
selves unable to agree
to
at this
far as we are aware, have
so
ably applied to the Far East "crisis" now sup¬
to any intelli¬
It could fail to attract wide and shocked
change had occurred
else,
well prepared
seem
sane,
viewed
case as
Empire.
a
most ably to
us
able, so scholarly, so articulate a spokes¬
so
and
man
only
of reasoning
reached
are
not
to
seems
leaders of the interventionists of the country
All this, however,
only its right but its duty.
those
at the
ought to be what is here advocated.
course
the
This
question considered all aspects of the
attitude
clusion that
does
regards
as
here under discussion.
current state of affairs
not
relatively recent
of unquestioned standing and integrity
newspaper
ditions
until
was
undeviating policy
almost
our
torical
of the fact that
approach to the Pacific situation is utterly
variance with what
at
of
or unaware
"Times"
simply select this editorial from
the general position of the more intelligent
at all that
is likely to suppose the "Times"
course,
We
"Times" because it
the
express
posedly
Doctrine
We, let it be clearly under¬
view.
same
not in any sense singling out the
are
for criticism.
in the Atlantic."
Revolutionary American
have no doubt by all the others
we
even
more
and there
aggressive than they
seems
to be
a
tendency
closed economies reminiscent of condi¬
prevailing at the time of the birth of this
Nation.
Yet
despite
many vague
if heated state-
?
The Commercial d
1168
that all this threatens
hemisphere in a way which should
ments, there is little evidence
this
touch
to
greatly perturb us.
It all largely passed us by dur¬
and the eyes
ing most of the nineteenth century,
of the aggresors appear
Certainly,
areas
in this hemisphere are not coveted
degree that they were when we were
in
the
same
in
our
infancy.
concern
still to be turned elsewhere.
It was then our settled policy to
ourselves only with threats
of encroachment
of world politics upon this part of the
of this type
world, and to do whatever seemed feasible at the
moment to encourage open doors everywhere.
We
exemption
time that we in¬
certainly never dreamed of demanding
this
in
hemisphere at the same
in
truded
other
and strife taking place in
the intrigue
Are we certain that we
parts of the world.
are
wise to abandon such a
the
policy
for precisely
opposite?
It is likewise true that
now
in the early days we had
no
great need for worry concerning foreign
no
incentive to seek undeveloped areas
We had
tion.
and
we
our own
But
develop.
markets,
for exploita¬
whole continent to conquer
are we
ready to admit that today
territory beyond our borders, beyond
must seek
the limits of
our
own
Has the situation
region?
really reached a point where we must go to war, if
need
Ire, to prevent areas in distant parts of the
changing overlords on the theory or belief
world
that
we
owners
we
enjoy better trade relations with the present
than
we
could expect from new ones?
Are
really prepared to accept the notion that we
must defend the
against
in the future
that
Nation which
may some
time
give us trouble several thousands
can
not
bring ourselves to believe that these
revolutionary changes in our policy have had the
calm and
serious consideration
they deserve.
We
find it difficult to convince ourselves that amid all
the emotional stress and strain of the
ican
day, the Amer¬
people have become more than vaguely aware
at best of the real nature of what is
OFFICIAL banking statistics the credit show few
changes of importance in this week and
cur¬
Excess
of member banks
reserves
legal requirements advanced $110,000,000 in
over
the weekly
counts
gold certificates with the regional banks
Minor adjustments in ac¬
caused a decline of $3,000 in Federal Reserve
Bank
holdings
positing
any
weekly period.
the
in
period ended Feb. 19, entirely because of
slightly depleted, and
excess
reserves
of
$6,-
440,000,000 remain considerably under the record
levels
achieved
last
Gold
year.
arriving in this country in
a
lately
has
been
modest stream, and the
$10,000,000 addition to the monetary gold stocks
now
recorded raises the aggregate to $22,140,000,000.
Currency
this item
$8,688,000,000,
effect of the
increased
circulation
in
gold addition in raising
Little has been heard lately of
proposals
$23,000,000
of Jan.
1
to
than offsetting the
more
excess reserves.
the Federal Reserve
for additional credit
control
authority, but the question remains highly pertinent
in view of the
expansion
actual total of idle funds, and the rapid
of
economic
defense program.
that
a
activity
Meanwhile, it
assured
can
by
the
again be noted
slow advance of business loans is
total
reserves
declined $6,-
943,080,000. Total deposits with the regional banks
$44,893,000 to $16,285,374,000, with the ac¬
count variations consisting of a rise in member bank
fell
balances by
reserve
$149,876,000 to $14,020,569,000;
general account by $143,decrease of the foreign
deposits by $33,769,000 to $1,130,080,000, and a
a
drop of the Treasury
078,000 to $479,393,000; a
deposits by $17,922,000 to $655,-
decrease of other
The reserve ratio advanced to 91.1%
91.0%.
Discounts by the regional institutions
332,000.
from
$276,000 to $2,268,000.
Industrial advances
down $23,000 to $7,854,000, while commit¬
ments to make such advances fell $2,000 to $5,-
fell
were
The Federal Reserve banks again refrained
market operations, as their holdings of
125,000.
from open
obligations
Treasury
States
United
remained
un¬
changed at $2,184,100,000.
Stock Market
The New York
SOME improvement in prices developed this week
York stock market, apparently in
on
the New
of last
throughout,
for the uncertainty of international affairs and the
specific points of tension in the Far East and the
Balkans kept traders and investors on the sidelines.
mere
from the overdone declines
recovery
Equity dealings remained dull
Senate debates
on
this
that
clearer
United States
the lend-lease bill made it ever
measure
may
precipitate
headlong into the war.
the
Taxation and
States Govern¬
equities neces¬
sarily feel much concern regarding the future of
their investments. All in all, the situation remained
much what it was in previous weeks, with the lines
already are such that holders of
hardening
taking place.
deeper
toward
Federal
controls
preparations of every conceivable kind for war.
tendency toward easement of controls might
grasp
tions
for
are
production far more than the observable
power over
everything, but such conten¬
Washington. In the cir¬
not welcomed in
cumstances, stock prices varied little for the
which ended last
A
and
In¬
point out that a contrary Govern¬
dustrial circles
stimulate
decline in the non-member deposits with those
The estimated
to $19,902,-
instruments,
209,000 to $20,251,381,000.
Federal Reserve notes
in actual circulation advanced $11,616,000 to $5,-
Treasury account with the 12 Federal Reserve banks,
institutions.
of such
Other cash of the regional banks was
778,000.
ment
a
security collateral fell
$5,000,000 to $282,000,000.
The Treasury in Washington refrained from de¬
heavy disbursements of funds from the United States
and
on
borrowing problems of the United
taking place.
Federal Reserve Bank Statement
situation.
dealers
and
brokers
to
ment
rency
gain of $22,-
000,000 in business loans for the week ended Feb. 19,
the total thus being raised to $2,002,000,000.
Loans
week.
of miles from its bases?
We
of weekly reporting New
City member banks shows a
York
in the
develop sufficient sea strength to cross
and
ocean
one
Feb. 22, 1941
The condition statement
British Empire—everywhere in the
world—in order to be certain of its support
Atlantic
Financial Chronicle
week
night.
rally in price levels took place last Saturday,
when
dealings
were on
the broadest scale for any
Saturday of the current
reach the
year.
Turnover failed to
500,000-share level in that two-hour period.
In the five full sessions of the business week which
ended
The
yesterday, variations just about canceled out.
largest movements took place on Wednesday,
when
levels
covered.
fell, and
on
Thursday, when they re¬
The net result of the
estly higher general price level.
railroad,
the
copper
dealings
was a
mod¬
Leading industrial,
and other stocks showed gains for
weekly period under review ranging from frac¬
tions
to
several
points.
Turnover
was
steadily
500,00O-share figure in all sessions, which
under the
is not
The Commercial & Financial
152
Volume
only
modest level in itself, but
a
of shares listed and
small in relation to the number
outstanding.
/
bond
Listed
trading was dull,
save
for a few
United States Treasury obligations
special issues.
slightly in
rallied
finally
peculiarly
the mid-week
periods,
owing in large part to indications that new money
time
short-dated
discount bills, which usually move in large blocks
into portfolio of commercial banks and other institu-
borrowing by the Treasury will be done for the
being through added emissions of the
Treasury issues were minor, and
in
Gains
tions.
high-grade bond
failed to lift the rest of the
thev
market.
around
Speculative railroad bonds
times, Baltimore & Ohio obliga-
previous levels.
in demand at
wrere
corporate bonds merely held
rated
Best
showing largest gains owing to arrangements
tions
Foreign dollar
for sizable interest disbursements.
bonds
were
irregular,
in
view of the foreign tension.
much
which moved
the Far Eastern developments.
Grains
commodity markets were idle and not
The
changed,
higher
on
units the
with a
Shainghai
only noteworthy occurrence.
the New York
5 Saturday
shares;
and
Hongkong
in
improvement
were
Stock Exchange the sales on
404,030 shares; on Monday, 357,120
Tuesday, 320,270 shares; on Wednesday,
on
465,730 shares;
Thursday, 452,630 shares, and on
on
'
Friday, 298,590 shares.
Call loans
'
the New York Stock Exchange re-
on
Imained unchanged at
the New York
On
and advances in
The foreign exchanges were idle,
inquiry.
On
and rubber,
restrained despite the heavy
most base metals were
mild
<
former levels,
around
held
were
for tin
save
1%.
-
Curb Exchange the sales on
Saturday were 97,530 shares; on
Monday, 86,305
shares; on Tuesday, 93,042 shares; on
104,815 shares;
Wednesday,
Thursday, 75,030 shares, and on
on
Friday, 80,680 shares.
trend in stock
The downward
sessions
Activity
was
arrested
was
stocks
on
prices of previous
Saturday of last
week.
somewhat marked at the opening and
improved from fractions to one point in lead-
ing issues.
Narrowness later developed and the
irregularly higher.
The modest re-
closed
market
of Saturday was extended on Monday,
covery
the volume of business
was
so
light
great effect in altering the level
as
but
to have no
of prices.
News,
foreign, in itself was such as to
both domestic and
against any inclination of traders to promote
work
As the session ended values
fractionally higher changes. On Tuesday
large-scale operations.
•revealed
sales dwindled below the
and
narrowness
trend of
prices
meager
demand,
some
the market managed to
exhibit
Around noon-time some mar-
in evidence when du Pont de Ne-
was
struck
mours
While the
fractionally lower, induced by a
was
firmness of tone.
ket interest
volume of the day before
prevailed throughout.
out into
higher ground.
It proved
wound
Liquidation en-
short-lived, however, as stocks subsequently
up
the session irregularly easier.
tered
trading on
Wednesday, resulting in values
points. Sales volume
appreciable increase, but
being reduced by one to two
on
the
day
failed to
showed
come
an
within the 506,060-share mark.
the afternoon session
aged to gain control of the
closed above the
situation, and prices
Recovery marked
day's low levels.
As
approached the market man-
Chronicle
1169
/
the course of prices on Thursday as
reports of the
Bulgarian-Turkish non-aggression pact came to
hand. The day's improvement was the most notable
in the market's price structure since early in November of last year. While the turnover was smaller
than that of Wednesday, gains ran all the way from
one to three points, pursuing the higher trend
through the close. The market on Friday again re¬
versed its course following a relapse which produced
irregularly lower price changes in stocks. Weakness was manifest early in trading and continued
without abatement through the close. The thinness
of the market, too, was emphasized by the low volnme of sales, which was the poorest in several
months.
Improvement in prices occurred the present week,
be gleaned from a comparison of closing
values on Friday with final quotations on the same
as may
day one week ago.
■
General Electric closed yesterday at 32% against
30% on Friday of last week; Consolidated Edison
Co. of N. Y. at 20% against 21; Columbia Gas &
Electric at 4 against 4; Public Service of N. J. at 26
against 27; International Harvester at 48 against,
46%; Sears, Roebuck & Co. at 71% against 68%;
Montgomery Ward & Co. at 36% against 35%;
Wool worth at 30% against 30%, and American Tel.
& Tel. at 158% against 160%.
Western Union closed yesterday at 20 against
18% on Friday of last week; Allied Chemical & Dye
at 146 against 145; E. I. du Pont de Nemours at
143% against 140%; National Cash Register at 12%
against 12% ; National Dairy Products at 13%
against 13; National Biscuit at 17% against 17;
Texas Gulf Sulphur at 35% against 35; Loft, Inc.,
at .16% against 14%; Continental Can at 36%
against 36; Eastman Kodak at 128% against 126;
Standard Brands at 6% against 6; Westinghouse
Elec. & Mfg. at 94% against 90; Canada Dry at 12
against 11%; Schenley Distillers at 9% against 9,
and National Distillers at 21 bid against 20.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 18 against 16% on Friday of
last week; B. F. Goodrich at 13% against 11%, and
United States Rubber at 19% against 17%.
Railroad stocks the present week advanced into
higher ground. Pennsylvania RR. closed yesterday
at 22% against 22% on Friday of last week; Atchison
Topeka & Santa Fe at 22% against
York Central at 12% against 12;
19%; New
Union Pacific at
77% against 76%; Southern Pacific at 8% against
8%; Southern Railway at 12% against 11%, and
Northern Pacific at 6% against 5%.
Steel stocks reflect a better position this week,
United States Steel closed yesterday at 57% against
56% on Friday of last week; Crucible Steel at 39%
against 37%; Bethlehem Steel at 77 against 75%,
and Youngstown Sheet & Tube at 34% against 31%.
In the motor group, General Motors closed yesterday at 41% against 41% on Friday of last week;
Chrysler at 63% ex-div. against 63%; Packard at
2% against 2%; Studebaker at 6% against 6%, and
Hupp Motors at % against % bid.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 34 against 33% on Friday of last week;
Shell Union Oil at 11% against 11, and Atlantic
Refining at 21% against 21%.
Among the copper stocks, Anaconda Copper closed
yesterday at 23% against 22% on Friday of last
The Commercial & Financial
1170
Smelting
American
week;
Refining
&
39%
at
against 37%, and Plielps Dodge at 28% against
27%.
In the aviation group,
terdav at
Curtiss-Wright closed yes-
7% against 7%
Friday of last week;
on
Boeing Aircraft at 15% against 14%, and Douglas
Aircraft at
Aid to Great Britain
indicate that heavy
are
running along at high speed, and
is every
there
prospect of general economic "im¬
provement" under the impact of the vast Govern¬
ment
Steel operations for the week end¬
operations.
ing today were estimated by American Iron and
Institute at
Steel
month
94.6%, against 97.1% last week,
a
It is understood
ago,
activities results
67.1% at this time last
and
96.5%
year.
that the decline in steel
entirely from
necessary
trie power
and tem¬
Production of elec-
shutdowns for repairs.
porary
in the week ended Feb. 15
was
reported
by Edison Electric Institute at 2,810,419,000 kwli.,
against 2,823,651,000 kwh. in the previous week, and
2,475,574,000 kwh. in the similar week of 1940.
loadings of
reported by the Association of American Rail¬
were
roads at
of
721,176
10,980
of
Car
freight for the week to Feb. 15
revenue
112,939
As
cars, a
and
cars
over
gain over the previous week
the
same
course
May
60%c. against 60%c. the close
week.
Fri¬
Friday of last
on
Friday of last
on
The spot
price for cotton here in New York closed
yesterday at 10.33c. against 10.77c. the close
day of last week.
day of last week.
In London the
at
23%
ounce
pence
the
on
on
ounce
on
against 23i/4
pence
per
Friday of last week, and spot
on
yesterday at 34%e., the
foreign exchanges, cable trans¬
London closed
$4.03% the close
on
were
listed in this report to
the bill,
follows
as
yesterday at $4/03% against
Friday of last week.
Great Britain is receiving—and
Britain.
tinue to receive—all aid necessary
safety be accorded.
due regard to our
it
our
con¬
2, It is
only in concealing its purpose.
Britain
will
that can with
nor a
a
suc¬
It is not
bill for the
a
na¬
country. 3, If read realistically,
grants extraordinary powers to the President,
such
have
as
Executive.
before been granted to a
never
dictator and worse, a
into
from
war.
the
the
dictator with
5, It transfers the war-making
President
of
aggressor
punishment shall be meted out to
7, It commits the American people
nently to support the
on a course
power
6, It leaves
determination
the
a
to take
power
Congress to the President.
Nations and what
barked
Chief
4, It makes of the Chief Executive
perma¬
he takes, for once
course
it will be necessary
em¬
for the people
b> follow through.
Notwithstanding such comments and various
other dan«er si*mals> lt was generally agreed by in-
formed commentators that the measure will te ap1"'oved' with only minor amendments. Among the
<lallgel' signals was a calm comment by Secretary of
Commerce Jesse H.
States is "in the war, or at
is
and
least nearly in the war,"
"preparing for it."
Mr. Jones made this
comment before the House
Currency and Banking
Committee, and asked that the remarks be expunged
European Stock Markets
from the official record.
1ISTLESS exchangeswere the rule this European
dealings in the leading week on
-1
stock
financial
markets, with price variations of
importance.
war
Uncertainty
tended to
London Stock
ful
in
Exchange started the week in
were
ments, which
the week.
a
The
cheer¬
in excellent de¬
expectation of good dividend
announee-
realized Wednesday. Gilt-edged
only by small fractions throughout
were
stocks varied
with
the next phase of the
as to
depress the markets everywhere.
Home rail stocks
manner.
mand
great
no
London
commodity markets
were
busy
transactions
in
tin
advancing sharply
on
the tension in the Far East.
Stocks of
also
both
The Amsterdam Bourse
in the first half of the
were
dealings.
rubber,
items
companies concerned in these commodities
improved.
again
and
sacrificed in
firm
week, but the initial gains
a
downswing during later
Leading stocks with
eign properties remain
was
most
an
interest in for-
active
on
the
great
:
1, There is no need now for additional aid to Great
Jones, Tuesday, that the United
Friday of last week.
In the matter of
fers
Fri
price of bar silver closed yesterday
per
close
on
Friday of last week.
silver in New York closed
close
tions
Fri¬
Domestic copper closed yesterday
12c., the close
Of interest is the report by
measure.
m*nor^r
^ie Senate Foreign Relations Committee' Emitted Tuesday. Some specific objec-
1hem.
on
The spot price for rubber closed
yesterday at 20.87c. against 20.62c. the close
transferred to the Executive if Congress
this
enacts
to
week.
apparent
to place this country at war, without
prior approval by Congress, would be among the
powers
closed yesterday at
34%c. against 35%c. the close
at
that the power
us
May oats at Chicago
the previous House debate,
As in
the Senate discussions made it ever more
tional defense of
on
bill, which would
prodigious and unprecedented powers upon
Executive.
mar¬
closed yesterday at
corn
confer
the
bill for aiding Great
kets, the May option for wheat in Chicago closed
day of last week.
as
lease" and "aid to Great Britain"
year
of the commodity
yesterday at 80%c. against 79%c. the close
DEBATE raged in the ^Senate this week on"lendH.R.
1776, also known variously
the
cessful
week of last
cars.
indicating the
22, 1941
Dutch market, and price variations of such highpriced issues still run to 5 and 10 points, daily. The
Berlin Boerse was depressed on Monday, owing to
official warnings against decided variations in stock
prices.,. The warnings caused some declines, and in
subsequent dealings the market was extremely dull.
60% against 66.
Trade and industrial reports
industries
.
Feb.
Chronicle
President Roosevelt
was
said thereafter to have viewed the comments of his
Commerce
Secretary
steps
taken toward integration of the aid to
were
Great
Britain
as
program,
Announcement
was
that W. Averell
"just words."
Meanwhile,
after passage of the bill.
made in
Washington, Tuesday,
Harriman, banker and defense of¬
ficial,
as
soon will leave for London, where he is to act
"expediter" of American war materials to be
supplied to Great Britain.
Over the last week-end
it became known that Dr. James B.
dent of Harvard
don
as
Conant, Presi¬
University, had departed for Lon¬
the head of
a
three-man Commission created
by Mr. Roosevelt for the exchange of British and
American
portanee.
scientific developments of martial imHarry L. Hopkins, who spent some weeks
in England
as
turned
this
to
Mr. Roosevelt's personal emissary,
country last
Sunday,
and
publicly that "Hitler can't lick the British."
added
the
warning, however,
that Great
re-
stated
He
Britain
Volume
needs
1171
The Commercial & Financial Chronicle
152
American
''desperately"
help
and needs it
"now."
an
Assoc. Press dispatch said.
the Greek and
■'
the
alkan Portents
-
British
cause
But a glance toward
was
acknowledged in
safeguarding clause regarding existing treaty
obligations toward other countries.
It
was
pointed
SWIFTLY and withoutchangedadvance warning, out in Sofia that since Turkey that not move to aid
much last Monday in a Greece when Italy attacked did small country,
the Balkan situation
Berlin-Borne Axis, and it is hardly to be
the
that
of
course
fluenced
the
there is not much reason to suppose the Turks will
European
help her if the Germans move against Greece witliout violating Turkish borders. "Reliable quarters
will be in-
war
said," according to the Assoc. Press report from
Sofia, "that the accord meant that Germany would
stay clear of Turkey and that a major obstacle to
any German march through Bulgaria toward Greece
had been removed. Soviet Russia was believed to
have had a hand in putting pressure on Turkey to
keep her from becoming involved with Germany."
The suggestion also emanated from Sofia that Germany had undertaken to keep away from the Dard-
Acting apparently on German
thereby.
suggestions,
to the
doubted
considered favorable
that must be
manner
passive Russian
acquiescence, the Bulgarian and Turkish Govern-
ments
signed
the
least
at
declaration of friendship and
a new
This pact would be considered of
non-aggression.
little
with
and
significance in ordinary circumstances, but in
light of the Anglo-German tug-of-war in South-
eastern
Europe it spells
for the Reich.
everywhere to
filtration
into
Turkey
as
Balkan
tor
a
anelles, and such an agreement possibly sufficed to
bring Russian pressure to bear upon Ankara for the
accord with Bulgaria. Although little news of them
was permitted to reach the outside world, negotia¬
tions for the understanding were disclosed as having
been in progress for weeks. The German Ambassa-
German military in-
small
for hostilities with the
cause
The way
thus seems to be opened
southward
march
German
a
that
mean
Bulgaria would not be regarded by
State.
a
major diplomatic victory
a
The brief declaration was accepted
Rumania,
from
where hundreds of thousands of German
troops al-
Any
dor to Turkey, Franz von Papen, was said to have
been largely influential in bringing about the agreement. Sofia authorities were inclined to believe
that concentrations of troops on either side of the
for using Greece as a base for a move
Turko-Bulgarian border would promptly be reduced,
toward the German "back-door" would be countered
Turkish sources made little comment on the agree-
It is easily possible, more-
of airplane attacks be-
ment until Tuesday, when laudatory statements
were issued through the controlled1 press. Intimations were circulated in the Turkish capital that
not only Berlin and Moscow, but also London, had
been consulted in the course of the negotiations,
feasible for the Ger-
"The pact was pictured here," said an Ankara dis-
strategic developments suggested by the
patch to the Associated Press, "as putting the
troubled Balkan situation in an entirely new light
ready
In turn, this will subject
quartered.
are
Greece to immediate pressure
of
cost
from Berlin, at the
possible military invasion if urgent sug-
a
gestions for peace with Italy are ignored.
British plans
by such eventualities.
that the German aim is more important than
over,
restoration of peace
between Italy and Greece.
A
pineer move toward the closing of both ends of the
Mediterranean
comes
mans
by
means
at least somewhat more
if the
Balkan events
realized.
are
and as removing one of the biggest war dangers in
this corner of Europe." Rome expressed quiet satisfaction over the accord and Fascist spokesmen in-
Far-reaching though its consequences may be, the
Turko-Bulgarian
agreement
is
a
modest
document that affects to determine the
official
meaning of
aid of
dulged in their usual references to ominous events
in store for Great Britain. The German press was
permitted to comment on the incident on Wednesday, and then made efforts to depict the accord as a
"smashing defeat" for Great Britain. The German
"new order" in Europe had been brought appreciably nearer, it was insisted. London viewed the
agreement without too much concern, but no effort
was made to conceal the disappointment felt over
the apparent alignment of Bulgaria with the Axis
Powers. "From a purely European point of view
the accord must be chalked up as an Axis victory-
further German advance
at least for the time being," a London dispatch of
But all neutral circles
Monday to the New York "Times" admitted. The
suggestion was made in London that the Turks gave
way with the advice of the British, with a view to a
foreign policies being pursued at Ankara and Sofia,
With the
security of
declaration
the
sider
an
as
peace
in the Balkans in view,
states, the two Governments con-
"unchangeable basis of their foreign
policies to refrain from any acts of aggression." Ex-
confidence,'
pressing mutual
economic
they agreed to foster
exchanges and to control the press in their
respective
in a manner indicated by the acspecifically excepted treaty
areas
The declaration
corel.
obligations to
allied
to
other
Great
Since
countries.
Britain, it is
Turkey is
suggested in
quarters that Ankara may still rush to the
in the event of
London
down the Balkan
and
even
many
a
peniusula.
London observers admited candidly
that the effect of the
understanding is likely to be
disappointing to Great Britain.
men
remained
some
silent
on
Russian spokes-
the newest
development,
despite the well-known fact that Ankara would not
be
disposed to take such a highly important step
without
can
be
consulting Moscow.
interpreted
as a
In effect, the accord
further Russian nod of
proval toward Berlin.
The immediate interpretation placed
cord
the
ac-
by "reliable informants" in Sofia was that
Greece "was in
and
on
ap-
danger of being left out on a limb
might have to sue for peace with Italy or suffer
the consequences
of
a
German thrust against her,"
diplomatic or military stand somewhere else, later
Turkish authorities endeavored on Wednesday
to refute Axis claims of a diplomatic victory, but
were not very convincing.
In explaining the pact
before the Bulgarian Parliament, Wednesday, Premier Bogdan Philoff emphasized that the intentions
of his country are pacific.
Plainly a part of the new German diplomatic
offensive in the Balkans are the conversations held
in Germany last week by Chancellor Hitler with his
Yugoslavian visitors, Premier Dragisha Cvetkovitch
and Foreign Minister Alexander Cincarmarkovitch.
on.
.
.
The Commercial & Financial Chronicle
1172
On
the
Herr Hitler
ment
tfle
two Yugoslavian leaders to
Saturday,
last
Belgrade,
.
of
return
urged
circulated that
reports
Bulgarian-Yugoslavian
a
agree-
along the lines of the Turko-Bulgarian accord.
The strict
neutrality of Yugoslavia was desired by
the Berlin
right of passage of German troops and war
through
this
State.
Balkan
slavia is almost surrounded
by Axis
Since
areas
ma¬
Yugo¬
of influ¬
the inference was that Belgrade will offer
ence,
serious
objections.
accounts
already
Indeed,
were
unsubstantiated
some
available
no
Wednesday of
on
long lines of sealed German railway
moving
cars
possibly is willing to
1941
22,
abandon the
It becomes clearer every day
effort.
war
that Italy has
gasoline supplies left which can be used to prose¬
no
Disaffection among the Italian people
cute the war.
is believed to be
authorities, it is hinted, in return for the
terials
and
ebb
Feb.
mounting.
Heavy fighting between Italian and Greek forces
in Albania
of
continued this
was
week, which is
fact
a
deep significance, in the light of the Turko-Bul¬
garian agreement and the pressure by the German
Government to halt the hostilities.
of course, that the
of the Germans
behest
ditions may
It is
possible,
Greeks will stop fighting at the
and
accept whatever
be laid down at Berlin.
But the
con¬
mere
through Yugoslavia toward the Bulgarian frontier.
continuance of the
"Yugoslavia is apparently playing for encirclement
dence may mean
by Germany, which would obviate the necessity of
diplomatic round and will be able to establish
fighting," said
base at
a
Belgrade dispatch of Wednesday to
the New York "Times."
be
the Germans also
what
That
moving without delay toward
are
they call their "new order" in Southeastern
Europe
tween
was
suggested by conversations at Sofia be¬
Bulgarian and Hungarian authorities.
talks aimed at
it
The encirclement "seems to
coming," the correspondent added, drily.
an
These
improvement of cultural relations,
banian soil this
British
noted.
were
certain
take
to
a
new
course
The situation
equal.
bombers
aided
jecture
and
Yugoslavia
Yugoslavian dispatches stated
that
forces had
soon,
result of British initiative, and
as a
as
for
shadowed the actual
fact
of
is the complete
British
fighting of recent days.
subjugation of Italian Libya by the
Empire armies, which
have been freed
now
for whatever further action may
able
be deemed advis¬
by the High Command in London.
gazi fell it
forces
there
The
primary importance in the Mediterranean
was
surmised for
German
airplanes
are
no
over
signs of
any
such intention.
the Nile will be utilized in activities from
This would
involve
diplomatic
a
as
base in
well
as
military questions, for Greece is understood to be
anxious to avoid any
sion
a
German
British
invasion
attempt,
on
struggle.
further
employment of the Army of the Nile has
It
may
are
be that
decision
a
Such Nazi aerial action
attemp to pinch closed the two
obstacles in the
grave
as
the arrival in
discounted
maliland.
in
communications,
in
town
all
Empire forces took
these Italian
areas,
area
that
have
It is certain only that
in prospect and that
in the Mediterranean
provided London with the initiative in
region.
-
The confidence felt
home bases in
Battle of Great Britain
ONLY the preliminaries were in evidence this
turn out to be the in¬
week of what may soon
tensive
ditions
phase of the great Battle of Great Britain.
and
British
permitted, but there
was
"invasion" of the lower end of
peninsula by parachute troops.
as
London
to such steps, but
early this week that British parachutists
had descended in numbers in
areas
some
where
military objectives might be attacked
operations
almost
high
impossible.
The
war
on
the
with
the
actual
scale
of
such
or
and
tragic
being.
occurrences
airtight blockade of the Continent,
prepared for stricter rationing of foodstuffs
under
seemed
the
to
counter-blockade
be
of
the
Nazis.
There
general agreement among European
important
observers that the
destroyed.
phase of war, but the manner in which the great
spring will witness
a more
drastic
Rome said that little damage was caused and all the
conflict will be intensified remains uncertain.
assurance
of
little
tactical
This incident possibly
importance,
but it
showed
plainly the British suspicion that Italy is at
seas
Great Britain
parachute troops captured.
was
con¬
occasions
brought further reports of merchant ship sinkings,
by the British authorities
professed ignorance
were
when the elements made effective aerial
maintained the
at first
carried out by
were
fliers, whenever weather
patches revealed
admitted
as
almost
Italy.
rather obscure for the time
an
are
completely cut off from all communications with
perfectly exemplified late last week when Rome dis¬
the Italian
regarded
matter of time, since the Fascists
a
after
town
and the complete
defeat of the Italians in all instances is
only
German
the decisive British victories
attacks.
Eritrea, Ethiopia, and Italian So-
eral
are
Suez
the
Despite great difficulties of terrain and
Fairly heavy airplane attacks
great importance
of any such
sides, meanwhile, British forces attacked
Italians
Egypt of the British Foreign Minister,
Anthony Eden, and the Chief of the Imperial Gen¬
events of
way
to
yet been reached, for Cairo reported yesterday
Staff, Sir John G. Dill.
the British
endeavors, however, and most in¬
observers
formed
of the
top
Italian
not
There
Rome-Berlin Axis
that might occa¬
move
this week,
own way
Army of the Nile without adequate communications.
The Brit¬
Navy maintains firm control of the Middle Sea,
and it is quite possible that the so-called
Army of
over
the British
war
ends of the Mediterranean and lock in
time that the British
the desert to Tripoli, but
several
flying
are
After Ben-
ish
Greece.
things entirely their
presages an
From all
a
toward
on
territory.
bombing of the Suez canal.
possibly
the
might push on
small
perturbing reports of long-range German
con¬
to the fresh developments greatly over¬
the
change if the Germans
may
Bulgaria
through
move
save
probably
Al¬
Grecian air force, and the conflict was not too un¬
In the various African theaters of
almost
on
week, only minor territorial changes
northern Greek
WARFARE in the vast Mediterranean basin is
a
the Allies did in the first World
Although large masses of Italian and Greek
occasions
Mediterranean Strategy
as
winning the
are
troops apparently were locked in the battle
Greece.
stated.
was
War.
Saloniki,
epic Greek struggle for indepen¬
that the British
a
low
soon
Less
prevailed in England that the Germans
will attempt an
actual invasion of the British
Isles, for there were hints of counter-action bv Brit-
ish Empire troops in Southeastern
Great
East.
of Nazi troops are
masses
to enforce peace
which
forces
Libya
well-equipped British
and
being prepared for
are
mainland at
a
dash to the Grecian
Saloniki, and that the Germans already
moving to counter this threat.
of German forces eastward
of
invasion
Italians out of
recently chased the
United
the
\
The deployment
may mean
that actual
will not be at-
Kingdom
tempted, for the present.
British airmen
continued to range over
area
of the Continent held
ever
the weather
invasion
called
were
the vast
by the Germans, when-
all
reasonable.
ports on the Continental
English Channel
it is
at
was
The
so-
side of
bombed incessantly, and
noteworthy that two American fliers have lost
their
lives
of
members
as
the
"Eagle Squadron"
Long-range Brit-
which is active in British service.
flew to the Euhr and to more distant
ish bombers
German
cities, which felt the weight of explosive
bombs.
An outstanding
achievement was reported
Monday when British airplanes made the long
last
jouraey to Polish territory and dropped leaflets,
Several
from
sinkings of German vessels were reported
London, the ships usually being small coastal
Nazi aerial
steamers.
somewhat larger
a
activity apparently was on a
scale, numerically, although it is
question whether the total effects differed greatly,
German
The
cities
raids
London
on
other
and
British
Incendiary bombs often were
sporadic.
were
dropped by the Reich fliers, although damage was
held to
minimum
a
fense forces.
Nazis did
by the alertness of the home de-
Heavy explosive bombs dropped by the
damage, a hit on a London shelter
some
being reported Tuesday, while a hospital was almost
demolished
Thursday, casualties being heavy in both
instances.
Both day
on
and night raids were reported
England, which contrasts with the recent pref-
erence
of the Germans for
British
night attacks.
problems
shipping
unquestionably
are
being intensified, not only because of actual sinkings by German raiders, submarines and airplanes.
but also because of the
for
tonnage
available
in
purposes
the
Full accounts
elsewhere.
and
ranean
apparent diversion of much
transport
are
Mediternot yet
regarding actual losses suffered by British
and Allied
shipping in several great German raids
during the latter part of last week.
From Funchal,
Madeira, reports were available to the effect that
out of
a
week,
of 18 ships nine were sunk and nine
convoy
The Germans reported fresh actions this
escaped.
"while
London
experts
advised
their com-
patriots that all-out action by the Reich in this
sphere is to be expected during the coming spring,
when the Reich
available.
British
were
probably will have 000 submarines
In the week to Feb. 9, according to the
Admiralty, British and Allied ship losses
29,806 tons, which is much under the weekly
average
of the
Albert V.
war.
In announcing these figures,
Alexander, First Lord of the Admiralty,
stated that "the main clash with
to
come."
A
Germany has yet
warning that stricter rationing of
foodstuffs for the British army and
will
be
necessary
was
and
more
soon
Ships have been lost
will go down, but Great
civilians
issued, Tuesday, by Lord
Woolton, Minister of Food.
he
said, by way of assurance against actual starvation.
understood
It is at least pos-
in that region.
sible that the extensive
the
command of the sea and will continue to import,
moving down the Balkan peninsula, ostensibly
to be
are
Europe, and also
suggestions of spreading warfare in the Far
some
1173
The Commercial & Financial Chronicle
Volume 152
Britain still has
.
,
Japan
h I 'ENSION with respect to the Far East was
whipped to a frenzy in Washington this week,
with the occasion for the profound concern not entirely clear. Grave fears prevailed of a Japanese
move southward toward the great British base at
Singapore and The Netherlands East Indies. Such
apprehensions were increased markedly by heavy
landings of fresh Australian troops on the Malay
peninsula, and by preparations for any eventualities
in The Netherlands possessions. Japanese authorities disclaimed any intention of attacking toward
the south, but little credence was placed in such
statements owing to the long record of meaningless
Japanese promises of non-aggression in Eastern
Asia. An attempt was made at Tokio, Tuesday, to
placate the Western World by offers of war mediation, but the protestations of pacific intentions were
received with scant courtesy in Washington and
London. Russo-Japanese negotiations were started
Monday for a trade treaty, which seemed to suggest that political differences between these traditional Far Eastern antagonists were well on the
way toward settlement. The logic of the situation
suggested that a Russo-Japanese accord might set
the Japanese on a campaign of conquest toward the
south, and extensive preparations for any eventuality were made. That the incident probably
speeded the "lend-lease" bill and the measures for
on
vast fortifications at Samoa and Guam
possibly is
significant, as well.
President Roosevelt late last week received the
new Japanese Ambassador, Admiral Kichisaburo
Nomura, and protestations of mutually pacific intentions were said to have been exchanged on that
occasion. When the Japanese Ambassador held his
first Washington press conference, Wednesday, he
stated emphatically that he did not consider a war
likely between the United States and Japan, unless
the United States took the initiative in the fighting,
Admiral Nomura also indicated that he regarded
American sentiment as in a much more perturbing
state, from the Japanese viewpoint, that he had supposed when he left Japan. Since the Japanese Foreign Office and diplomatic services have been steadily overawed by the Japanese militarists, it is noteworthy that a Japanese military spokesman at
Shanghai described the purely defensive Australian
troop concentrations at Singapore, Wednesday, as
an "offensive" British action.
Facts on the Far Eastern situation are few and
not particularly impressive. British authorities announced last Sunday the laying of a mine field off
Singapore, and on Tuesday it was made known that
an Australian force "many thousands strong" had
been landed. It is hardly to be supposed that this
vital British base had been neglected previously,
and the extensive British precautions thus occa-t
sioned renewed vigilance as to any Japanese movements southward. Some movements of troops were
indicated this week by the Japanese toward Hainan,
which would be a way-station for any attack against
Singapore. But the extent and significance of such
movements remain to be determined. Careful observers noted the numerous London and Washington
reports of an impending Japanese drive, but were
The Commercial & Financial Chronicle
1174
nnable to confirm the statements.
French
From
Saigon, in
Tndo-China, the Associated Press reported
Tuesday that reliable quarters considered the
on
reports of Japanese warship concentrations as com¬
from
ing
Press
reliable quarters,
larly, the Associated
noted
"the
but
unable to confirm them
was
yesterday
Associated
directly."
Simi¬
Press observer at Shanghai
that
of
reports
Japanese
troop
declined
£9,960,906.
portion of
record low,
the
Government
and other
£77,497
and
seemed
to
offensive
the other hand, the firm conviction
prevail that Japan would attempt
British
against
Dutch
and
The British
Government
said
on
Thursday to
on
possible
economic
aimed
measures
was
against Japan.
Government endeavored to
fessed
ing
The Tokio
allay the alarm, but
American Governments to meet
made that the United
was
restrict
its
activities
avoid
act
to
mediator
as
in
in
The sugges¬
conflicts
of
the
expressed
anywhere in the
Japanese
protestations
with much skepticism, while Under-
Secretary of
State
Washington, late
of the United
Welles
remarked
in
Tuesday, that the "Government
on
States
is far
more
interested in the
deeds of other nations than in the statements that
of their
some
Foreign Central Banks
Coin and bullion
Proportion of
to liabilities
leading
centers
are
shown in the table which follows:
Rate In
Hate
vious
Effective
Argentina..
m
Mar.
1 1936
Belgium
2
Jan.
5 1940
6
Aug. 15 1935
Canada....
2 H
Mar.11 1935
Chile
3
Colombia..
4
...
Bulgaria
...
Country
4
Holland
3
Aug. 29 1939
Eire
4
Aug. 29 1935
3
Nov. 28 1935
4H
May 18 1936
Apr.
7 1936
5
4~~
Italy
Japan......
5
Java
3.29
year
it
ago
was
was
lim. 84s.
3.65
Circulation at Dec. 31
other
and
Gold
marks.
165,994,000
31;
a
year
the
previous
it
ago
different
now
totals
6H
Norway....
4H
4H
Dec.
June 30 1932
3M
Portugal
4
Aug. 11 1937
4H
3H
3K
May
Oct. 26 1939
3
Rumania...
1 1935
6
South Africa
4
Dec.
31934
4K
Spain
France
2
Jan.
41939
2H
Sweden
3H
Apr.
6 1940
4
Switzerland
6
Jan.
4 1937
7
Yugoslavia
77,-
rose
was
to 0.59% from 0.56%
0.69%.
with
items
Following
we
for
comparisons
years:
REICHSBANK'8
COMPARATIVE
STATEMENT
Changes
for Week
Gold and for'n excb
17 1937
4H
Advances
3K
Investments
5
Other assets—-
Feb.
Feb. 15, 1941
Reichsmarks
Assets—
Silver and other coin..
Morocco
....
assets,
The proportion of gold and foreign ex¬
ago.
change to note circulation
Bills of exch. & checks.
Poland
....
y
on
472,000 marks and other daily maturing obliga¬
7
5«
3«
11 Hd.
65,530,000 marks, while gold and foreign exchange
4
5
11936
2 1937
39.10%
2%
oor
the highest
marks
2,975,000
investments,
14 1937
May 22 1940
Oct.
•
33.3%
11 Hd. 84s.
exchange and checks decreased 366,316,000 marks,
Jan.
July 15 1939
May 28 1935
Sept.22 1939
2
_.
84s.
record; a
11,229,921,000 marks.
Bills of
14,033,213,000 marks,
3
4H
Germany
2%
ing to 13,274,958,000 marks.
6
..
England...
Greece
35.3%
2%
27.50%
168s.
3H
Estonia....
Finland
...
16.0%
2%
4H
India
Jan.
3
1,158,296 127,424,475 327,181,245 314,333,820
168s.
2
Hungary
Jan.
H
59,266,704
6,546,899
Rate
Dec. 16 1936
4
4.914,419
20,273,404
52,657,495
circulation, which reduced the total outstand¬
note
vious
July 18 1933
3
Denmark
Date
Effective
7
Lithuania
Danzig....
Pre¬
Effect
Feb. 21
2H
Czechoslo¬
vakia
Rate in
Rate
19,454,408
54,689,499
IN the Bank showed loss of 418,729,000 Feb. 15,
ITS quarter-month statement dated marks in
furnish
Pre¬
Effect
17,528,991
21,646,066
Bank of Germany Statement
Jan.
Feb. 21
4,635,644
1,520,110
Gold val. per fine oz_
banks.
Country
1937
reserve
Bank rate.—
year
the
Feb. 24,
1938
925,000 marks, compared with 77,632,000 marks a
rates of any
at
Feb. 23,
25,648,862
51,183,750
3,791,283
19,666,572
30,044,000
.
Securities
Reserve notes <fc coin.
THEREdiscount no changes during the week in
have been
the
of the foreign central
rates
1940
601,477,000 529.974,546 472,734,976 474,523,750 455.067,116
16,347,851
31,751,000 48,587,190
16,731,642
12,970,954
155,842,679 137,524,177 138,267,663 141,136,535 138,295,001
Bankers' accounts. 103,471,482
97,163,582 103,135,001 105,600,420 100,419,121
Other accounts
52,371,197 40,360,595 35,132,662 35,536,115 37.875.880
Govt, securities
78,941,164
162,137,838 122,758,653
97,426,164
85,043,044
Other securities
23,457,855 30,284,506 39,175,057 26,001,307
25,187,823
tions,
Present
STATEMENT
Feb. 22,
1939
Circulation..
rose
spokesmen may make."
Discount Rates of
COMPARATIVE
Feb. 21,
the
years:
a
was
But London tended to view these
Sumner
show
Hemisphere
the minds
Japanese readiness
we
Public deposits
Other deposits
States Government
Western
the
causing anxiety
Japanese people.
world.
to
The discount rate
Below
comparisons for previous
Feb. 19.
1941
Disct. <fe advances
supposed contingen¬
cies in the Pacific and the South Seas."
and
con¬
Tuesday to "a certain amount of misgiv¬
on
to the warlike preparations of the British and
as
tion
new
year.
a
£2,745,000
off
Of the latter amount,
2%.
at
OF ENGLAND'S
BANK
fell
England.
sounding out the United States
be
various items with
an
and 27.5%
1,
holdings
loss in securities.
a
pro¬
addition to discounts and advances
unchanged
possessions
whenever the German Nazis tried to invade
6,0% Jan.
securities, £70,886.
£148,383
The
to liabilities, 16.0%, compares with
security
was an
remains
on
reserve
1941
accounts," which dropped
£7,157,111 and £2,803,795 respectively.
movements southward had been heard at that listen¬
London,
22,
The latter consists of "bank¬
ers' accounts" and "other
ing post "without confirmation."
In
Feb.
Reichsmarks
15.
1940 Feb. 15,
Reichsmarks
1939
Reichsmarks
76.507,000
77,632,000
+472.000
77,925,000
—366,316,000 14,136,981,000 10951427,000 6,725,100.000
243,980,000
399,253,000
al43.291.000
43.135,000
28,769,000
a36,907,000
968,900,000
208,073,000
—2",975",666
24,567,000
2,102,925,000 1,131,365,000
—65,530,000 1,381,856,000
Liabilities—-
Notes in circulation
6 1938
4H
May 15 1933
4H
Mar. 29 1939
5
Oth. daily matur. oblig
Other liabilities
3H
May 17 1940
3
Nov. 26 1936
2
Feb.
6H
—418,729,000 13,274,958,000 11229 921,000 7,334,827,000
+ 165,994,000
1,911,843,000 1.716,904,000 1.028,584,000
438,423,000
677,000,000
a720.863.000
Propor. of gold & for'n
1H
5
•4
1 1935
curr. to note clrcul'n
a
Figures
as of Dec.
1.04%
MP 0.59%
+0.03%
23. 1940.
Not officially confirmed
New York Money Market
Foreign Money Rates
higher levels tendencies are trading
IN bills Friday market discount rates for1-32% THAT money market in the New York slightly
LONDON open 1 1-32%, against 1 short
toward
on
on
were
as
Friday of last week, and 1
three months'
bills,
as
Friday of last week.
Friday
was
is
1-32@1
1-16% for
against 1 1-32@1 1-16%
Money
on
call at London
indicated
issues,
changed.
Little business
on
on
by the lower prices of United States
Treasury
but
tendency everywhere
1%.
was
Treasury refunding,
Bank of
England Statement
ordinary
was
rates
are
be issued
to
week, of $1,222,000,000
finance
note
rates
to
because of the modest trend toward
19
a
£616,904,239, Dec. 25 and £599,974,546
Gold
of
holdings again showed
an
a year ago.
increase, this time
£136,921, and, together with the drop in circula¬
tion resulted in
an
Public deposits rose
increase of £693,000 in reserves.
£7,810,000 while other deposits
measure
are
enacted this
week, and the interest
likely to advance both for this
dent in the market.
ury
Taxable obliga¬
by the Treasury under the
THE statement of the Bank for the week ended
Feb.
showed
slight decrease of £555,000 in
circulation, which reduced the total outstanding
£601,477,000, compared with the record high,
An issue of
discount bills due in 91 days
day, and the
average
virtually
interest cost
no
similar notes.
un¬
The
to await the terms of the
next
obligations maturing March 15.
tions
remain
done this week.
discount
on
reason
and
higher rates evi¬
$100,000,000 Treas¬
was
was
sold last Mon¬
0.007%, against
the previous issue of
Bankers' bills and commercial paper
Volume
dull
were
York
The Commercial & Financial Chronicle
152
and
Stock
Call loans
unchanged.
the New
Exchange held to 1% for all transac¬
tions, while time loans again
90
on
was
ruling quotation all through the week for both
renewals.
The
maturities.
has
market for
time
new
134% for four to six months'
The market for prime commercial paper
been moderately active this week.
Paper has
been in fair supply and the demand has been good.
Ruling rates
are
%@%% for all maturities.
very
and hard to obtain and transactions
very scarce
been
extremely light.
Dealers'
rates
as
re¬
ported by the Federal Reserve Bank of New York
for bills up to
14.40.
at
Italian lire
same
thing,
debasement,
responsible
permitted.
currency
The bill-buying rate of
J4% for bills running
effect
will have to contribute still
rediscount rates of
obligations
the footnote to the table.
schedule of rates
of paper at
are
shown
The following is the
in effect for the various classes
now
the different Reserve banks:
DISCOUNT
RATES
OF FEDERAL
RE8ERVE
Federal Reserve Bank
Feb. 21
much
how
New
York
1
Cleveland
Sept.
IX
Aug. 27. 1937
2
Aug. 21. 1937
9
•IX
Minneapolis
Kansas
Francisco
Nation's
*
Advances
on
Aug. 31, 1937
2
3, 1937
2
1%, effective Sept. 1.193o.
City and Dallas: Sept. 21.1939. St Louie.
Course of Sterling Exchange
on a
are
Dealings in official
also at
Bankers'
on
an
or
registered sterling
extremely low level.
The New York
Foreign Exchange Committee announced
Friday of last week receipt of advices from Aus¬
tralia
an
far been at¬
so
be extracted from the
insoluble
munitions workers
excess
been
of £10
problem,
so
week, it is nevertheless true
a
in their lives.
poor
for
making earnings
are
number of people in the country
vast
week, around $40, is
a
have
The value of
a
more
throughout the world, with the exception of
50 cents to $5
at $5
outlining stricter regulations by the Australian
a
United States,
week.
($4.8665).
paid much
THE free pound past three, weeksto the levels pre¬
vailing in the continues close
minimum of
business.
more can
seems
Great Britain and the
Government obligations bear a rate of
Chicago; Sept. 16. 1939. Atlanta. Kane as
savings than has
How
savings
some
2
Sept.
bear.
can
loans.
war
workers
2
3, 1937
•IX
IX
Dallas........
San
Aug. 24, 1937
Sept.
country
readily grasped if it is understood that before the
2
2, 1937-
Sept.
IX
•IX
City
the
outbreak of the World War in 1914 the wages paid to
■
St. Loute
taxation
munition worker's £10
2
Aug. 21, 1937
•IX
control
2
May 11, 1935
IX
Chicago
fighting to
the
never
IX
..
is
by the present voluntary subscriptions to
in
•IX
Richmond
Atlanta
direct
tion of the Nation's
a
2
4, 1937
con¬
tracted
IX
Aug. 27. 1937
IX
Philadelphia
It is
Means must be devised for borrowing a larger propor¬
Rate
1. 1939
Sept.
Government
British
that
Previous
of the
rate
pound.
BANKS
Established
1
Boston
The standard
8s. 6d. in the
now
April budget is
inflation and will have to decide with the greatest care
while
Date
Effect
conse¬
has been
jectured that the rate will be increased to 10s.
even
Rate in
its
to the Na¬
more
bill and the shadow of the
war
The
THERE have been nothe Federal Reserve banks;
changes this week in the
The country
taxation.
on
frequently warned in the past few weeks that the tax¬
from 1 to 90 days.
Discount Rates of the Federal Reserve Banks
The huge
cial effort that lies before the country and
quent
%% bid and 9-16% asked.
in
inflation has been openly
significant reminders to London of the immense finan¬
affecting the markets.
Government
more
quarters
credit votes recently asked by the Government are
income tax is
on
being
In Great Britain and the United
States, the fear of
9-16% bid and 34% asked; for five and six months,
recent advances
are
financial
except in Continental Europe, where free expression
is not
payer
the New York Reserve Bank is
pegged in New York at
are
currency
loudly expressed in
tion's
are
is
Fears of currency inflation, or, what amounts to
the
%% hid
and including 90 days
ma/k
5.05.
7-16% asked; for bills running for four months,
and
the invaded
on
the inflation which is all too apparent.
THE market for quiet this week. acceptances
prime bankers' Prime bills
continued
have
York, exchange is not quoted
voiced, and in London it is hoped at most to control
Bankers' Acceptances
are
Germany,
on
of the invaded European countries.
or on any
nominally quoted at 40.00 and the registered mark
money
Rate continued nominal at 134%
to 90 days and
up
London, exchange is not quoted
Italy,
European countries, but the German official
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
continues quiet.
In
In New
New York Money Rates
registered sterling continue at 4.02
buying and 4.04 selling.
1%% for 60 and
were
days, and 1%% for four to six months' datings.
loans and
bank rates for
1175
more
Then
a
pound
ranged from
was
reckoned
Few workers in Great Britain
than £1
a
were
week.
Foreign exchange has been paralyzed by the
ent
Of all the
war.
pres¬
disruption experienced in the
financial markets at the end of last year as a result of
the war,
the most serious effects
were
felt in the for¬
eign exchange market, reflecting the degree to which
foreign trade has been arrested by the
no
Probably
war.
country has suffered more from the disruption of
exchange control calculated to reenforce the London
foreign trade than Great Britain, especially in the
regulations, which,
export and re-export aspect.
trading
as
far
as
as
is known, aim to confine all
possible to sterling
area
countries
and to increase London's capacity for obtaining dol¬
lar
exchange.
Free sterling ranged during the week
between $4.0234 and $4.03% f°r bankers'
pared with
last week.
between
a range
$4.03%
a
week
a range
quoted by the Bank of England
United
(Canadian
States
official
dollar);
Australia,
Zealand, 3.2280-3.2442.
90.09c.@90.91c*
Its imports have been
minimum in those commodities which
a
supplied sustenance and the basis of its re-exports.
Britain's
imports
as
a
whole have increased
enor¬
mously, but reflect only munitions and other military
requirements.
port,
All countries export
but Great Britain for
more
has been pre-eminently the
years
as
well
than
a
as
im¬
hundred
country
of
re¬
exports, having enjoyed in the greatest degree the
ago.
con¬
unchanged: New York, 4.0234-4.0334? Canada,
4.43-4.47
New
cable transfers has been
$4.02% and $4.0334? compared with
Official rates
com¬
of between $4.02% and $4.03%
The range for
of between $4.03 and
tinue
sight,
reduced to
per
3.2150-3.2280;
American commercial
position of manufacturer to the world at large.
Britain also to
capital
those
upon
of
the
a
preeminent degree supplied the
which most foreign countries, especially
Western
individual economies.
Hemisphere,
In
built
up
their
supplying capital Britain
The Commercial & Financial Chronicle
1176
drew upon
policies of the nations. The present disturbed conditions are the result of a long period crowded with the
other European nations to a large extent,
receiving funds particularly from the investors of
most revolutionizing events in the world's history
and the recovery from the setback which followed in
Holland, Belgium, France and Germany.
The serious
predicament of the British economy
their wake will at best be a gradual if not long-drawn-
be judged in part, at least, from the fact that
may
when the Bank of
England
was
Feb. 22, 1941
out process."
compelled to suspend
Mr. Stern elsewhere refers to Baron Louis, who in
gold payments in September, 1931, it was thought
by the British Premier, Ramsay McDon-
1830, as Minister of Finance to Louis Philippe, King
aid, by Bank of England authorities and by all finan-
of France, told the assembled Cabinet: "Give me a
sound national policy and I shall give you sound
national finances!" Mr. Stern also makes reference
to the Brussels Financial Conference, following the
at the time
cial London that
gold payments would be resumed
promptly, at most in about six months' time.
dislocation of Latin American foreign
The
trade and the
World War, to the report of the committee on international credits, which recommended the sincere enforcement of these primary reforms: "Restoration of
order in public finances, purging of currencies, and
freedom of commercial transactions."
of these
unparalelled foreign exchange difficulties
republics during the last 27 years are clearly traceable
only to the loss of Continental European markets
not
but in
a more
positive
sense
ain, except
unable to
Mr. Stern continues: "Then, if, under the effective
surveillance of the lenders, rational distribution by
responsible governments or representative public
bodies can be secured, the exportation of the required
raw materials, commodities and products may be
financed to the fullest desirable extent by way of
long-term investments or credits. The disturbed
relationship between production and consumption
will be corrected. The debtors, after having covered
their own elementary internal needs, will be able to
provide for the payment of the interest and moderate
funding charges on their external loans. The annual
accounts with their foreign creditors will again be
balanced. The values of their moneys and obligations will no longer depreciate. The decline of
exchanges will come to a natural halt. . . . The
few sporadic occasions, has been
a
purchase and distribute its accustomed share
American
Latin
of
on
to the economic difficul-
In all these years Great Brit-
ties of Great Britain.
has found it
In addition, Britain
products.
increasingly difficult to make the neces-
investments in South America for sustaining and
sary
expanding the natural trade of these countries.
Al-
lowing for the fact that many foreigners, Americans
and
heavy investors in South
have been
others,
America, Great Britain has from early days been the
chief supplier of
capital.
Responsible quarters in the United States are also
anxious
the
on
question of price and currency infla-
More than two months ago
tion.
serve
the Federal Re-
Board, under the guidance of Marriner Eccles,
presented
highly significant and unprecedented
a
port to Congress, concurred in by
the
human ingenuity and fundamental forces which in
Council, which made it clear that
the past have put capital to fertile use are not obliterated.
These superior qualities and remarkable char-
12 Federal Reserve banks and the 12 members of
Federal Advisory
we
are
faced with
now
the first
a
Federal financial crisis of
magnitude and that
control
to
measures
re-
the heads of the
we
acteristics have been among the essential elements in
the prosperity of the Old Hemisphere in the days when
it enabled other countries to develop their natural
should take prompt
price, credit and
currency
in-
flation.
advised that economies be effected in
riches and work out their destiny by lending them
ordinary expenditures, that the larger proportion
ready and ample assistance in the form of money
The report
all
of defense expenses
should be met by tax
and
revenues
rather than
by borrowing, that steps be taken in the
direction of
a
balanced
dieted by the experiences of the future, these latent
budget, that the Presidential
to issue three billions of greenbacks and to
power
further devalue
dollar in terms
the
of
gold be
scinded, and that the unwise silver purchase policy
also concurred in by
These statements
rie,
were
Laughlin Cur-
and White House economist.
The
yeai|s
about
and
now can
only be described
time may
normal
rise
or
of
a
as
so
long
as
the
foreign trade is not interfered with,
by the
or
shorter time,
can
only be brought
active cooperation of Great Britain
All other nations
are power-
the protracted general effort wrhich must eventually
be made to restore a stable world economy,
The London money market continues easy with
hazardous,
given period of
fall in value; however,
longer
less to take the initiative, but must participate in
increasingly difficult during the past 27
Foreign bills of exchange during
a
and the United States.
foreign exchange and foreign trade situation
has become
made in 1921, 20 years ago.
The restoration to normal, whether
complex.
more
it takes
of the President's administrative assistants
one
were
The problem of foreign exchange is now infinitely
The findings of the Federal Reserve
authorities
and innate traits will again come to the fore
powers
in the laboratories and workshops of Europe."
re-
be abandoned.
After the present period of transi-
manpower.
tion, unless all lessons of the past are to be contra-
changes
is available at %%, two1 1-32%, four-months
bills are 13-32%, and six-months bills are 13^8%.
Canadian exchange has shown a slightly firmer
tendency during the past few weeks, although wide
discounts still prevail.
Whatever weakness there is
in Canadian seems to appear on relatively small offerings, reflecting the thin unofficial market for
Canadian exchange.
The Canadian Bureau of Statistics reported a few days ago that despite the sharp
declihe during the German advances in Western
Europe last spring, the New York quotation on the
will have to be made in the economic and financial
Canadian dollar at the end of 1940 was only 2J^c.
their
or
course
quotation
can
never
permanently rise above
permanently fall below the level which is indicated
by their real value in terms of gold
they
are
delivered
as a
or
goods for which
temporary substitute.
In his discussion of "The
Foreign Exchange Prob-
lem," published in 1921, Mr. S. Stern stated in his
closing paragraph
"The
on
the foreign exchange outlook:
futility of forecasts in this field has been
fusely demonstrated in the past that today
be wary
so pro-
we
must
and cautious in expressing definite opinions,
Fundamental improvements and deep-rooted
<
demand light.
and
Call
three-months
money
bills
are
Volume
The Commercial & Financial
152
level, and the British pound
below the Dec. 31, 1939
quoted 9c. higher than at the end of 1939.
was
Sterling and United States funds remained unchanged
in terms of the Canadian dollar in 1940 at buying
and
selling rates of S4.43-S4.47
and-Sl.10-Sl.il,
respectively, the rates set by the Canadian exchange
week between
of
during the
Montreal funds ranged
board.
control
and
discount of 16%%
a
a
follow
gold imports and exports which
taken from the
are
United States
weekly statement of the
Department of Commerce and cover
the week ended Feb. 12,
TO FEB. 12, INCLUSIVE
Exports
Imports
franc
Exchange on Fin¬
(nominal).
longer quoted.
Spanish pesetas
quoted at 23.24, against 23.24.
land closed at 2.05 (nominal), against 2.05
Greek exchange is no
nominally quoted at 9.25, against 9.25.
are
4
EXCHANGE on theimportant developments. The
Latin American countries is
dull, showing
no
unofficial
Argentine
moved
sharply
or
free market
what might be considered
its normal relation to the official peso.
dispatch from Santiago last week said that the
decline a pro¬
A
Chilean Government had decided to
$7,851,620
$4,359
jected loan of $5,000,000 by the United States Ex¬
port-Import Bank because of the conditions of the
loan as well as a belief that need for it had passed.
Detail of Refined Bullion and Coin Shipments—
$336,833
Switzerland
1,218,105
Kingdom
Financial circles expressed the belief that
3,502,947
384,928
Canada.
Mexico.
1,551
Cuba.
18,132
Venezuela
Chiefly $115,854 Canada, $161,274 Nicaragua, $132,934
$136,261 Venezuela,
$1,258,071 Philippine
during the week ended Feb. 12 by $21,673,427 to
banks was increased
$1,882,158,938.
Referring to day-to-day rates sterling exchange on
$4.02%@$4.03% for bankers'
sight and $4.03@$4.03% for cable transfers.
On
Monday the range was $4.02%@$4.03% for bankers'
^Saturday last
was
On
$4.02%@$4.03%; cable
sight and $4.03@$4.03% for cable transfers.
Tuesday bankers' sight was
transfers
sight
$4.03@$4.03%.
was
On Wednesday bankers'
$4.02%@$4.03%; cable transfers were
On Thursday bankers' sight was
$4.03@$4.03%.
$4.02%@
$4.03%.
On Friday the range was $4.02%@$4.03%
for
bankers' sight and $4.03@$4.03% for cable
transfers.
Closing quotations on Friday were $4.03
$4.02%@$4.03;
cable
transfers
were
Com¬
mercial sight bills finished at $4.00; 60- and 90-day
bills are no longer quoted.
L
for demand and
$4.03% for cable transfers.
Continental and Other Foreign
confident that
ment was
Exchange
States
stocks, making the loan unnecessary.
Throughout Latin America the recent 26 regional
economic matters concluded by
pacts on important
the River Plate conference of nations at
Feb. 6
on
an
interview
Feb. 16 said that
on
All news com¬
the more spectacu¬
lar war phases, but says little or nothing that would
enlighten the outsider on either present or future
financial and economic, prospects.
What may be
trends is any man's guess,
nothing is available upon which to base rational
conclusions.
It can be said, however, that the
German authorities who speak so positively of the
of future
but
new
economic order in Europe,
whereby international
trade is to be conducted on a barter system
through
resorting to the use of
gold for balancing trade, are making every endeavor
to increase the gold holdings of the Reich.
The
most-favored-nation principle
denouncement of the
for the benefit of Bolivia and
in trade agreements
He predicted that the River Plate con¬
Paraguay.
the
such regional gatherings of
of
first
American nations,
would be followed by another simi¬
lar conference of
geographical
and
Amazon
Pacific
that these
bringing either profit or
clearing
agreements
are
satisfaction to the dominated
regions which are com¬
pelled to acquiesce in the Berlin plans.
The Swedish
the only units which have any
now
with
view.
'
making efforts to
In
this
connection
and railroads connecting
Argentina has
construction of pipe lines
districts
including the
other South
with Argentina for the
agreements have been made
Bolivian
Like
industrialization.
its
increase
groups
systems.
Bolivia is
American nations,
Argentina.
Bolivia with this end in
v..'.-:V■.
.-v..
:';V-
All the Latin American countries must
]
continue
as
chiefly primary producers for a long time to come,
but great
to
efforts
are
being made in all these nations
Recently the Argentine Na¬
develop industries.
tional
Statistical Department reported that in the
period between
1935 and
1938 the value of pro¬
duction
by Argentina's industrial establishments in¬
creased
by 33.9%,
plants increased
these
the number of manufacturing
16.5%.
by
Total production of
plants increased from 1,804,392,295 pesos to
2,416,776,400 pesos in 1938.
Th^Argentine unofficial or free market peso closed
clearings in Berlin, without
impartial observer can find no evidence
among
results of the conference was the
the most important
ference,
Montevideo
The Bolivian Foreign
highly praised.
are
Minister in
of Continental Europe.
ing from these centers emphasizes
direction
govern¬
purchases of copper and nitrates for defense
advanced 2,000,000 pesos to
NOTHING the aforeign exchange,can be said and
helpful nature financial, re¬
garding of
trade figures
the
estimated $6,000,000 in
an
frozen credits could be thawed by increased United
Chile, $251,375
Islands.
Gold held under earmark at the Federal Reserve
the
which
peso,
few weeks ago, has during the
up a
$2,808
1,551
*$2,390,675
_
Total
Peru,
around 23.85, against
(commercial franc) is
are
5,460,945
Ore and base bullion
Refined bullion and coin
*
trading
Swiss
The
Swedish
nominal market at 5.05.
past two weeks receded to
1941:
GOLD EXPORTS AND IMPORTS, FEB. 6
United
a
kronor in limited
discount
14%%.
The amounts of
New York in
23.86.
1177
Chronicle
at
23.70, against 23.65.
has
at
The Argentine official
5.15, against 5.15.
ally quoted at 5.17, against 5.17.
at
peso
Brazilian milreis closed
Chilean exchange is nomin¬
long been held at 29.78.
16.00,
against
16.00.
The
Peru is nominal
Mexician peso is
quoted at 20.75, against 20.75.
—♦—
and Swiss curriences,
share in the
tinue
Exchange
not
in
general foreign exchange market, con¬
unchanged with trading limited
on
and nominal.
the invaded European
quoted in New York.
The German Reichsmark
while reg¬
Italian lire are pegged in
nominal trading is quoted at 40.00,
istered marks
are
14.10.
countries is
EXCHANGE on with notable improvement incon¬
steady the Far Eastern countries the
tinues
Hongkong dollar and the Shanghai yuan.
times during
new
highs for the year.
kong
Several
the past few weeks both units registered
On Feb. 18 at 24.59 Hong¬
reached the highest since June,
1940,
and
The Commercial & Financial Chronicle
1178
•
Shanghai at 5.81
the highest since last December.
was
The advance in the Chinese units
grave
situation in the Far East
many
Americans
as
booking
were
ascribed to the
was
the result of which
home.
passage
The
French
on
Indo-China
Indies, forcing
the
and The
Japanese
Netherlands
"liquidate"
to
campaign against the Chinese,
East
their
as a
tending toward strength in the Chinese
factor
also given
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
for March 1, iy39. and since have carried tne gold holdings of the
Bank at the market value current
price which
per fine
was
as
of the statement date, instead of the statutory
On the market price
formerly the basis of value.
basis (168s.
the Bank reported holdings of £1,520.110. equivalent, however
to only about £768.720 at the statutory rate (84s. 11 Hd. per fine ounce), accord
Ing to our calculations.
In order to make the current figure comparable with
ounce)
former periods as
attack
an
1941
22,
statements
well as with the figures for other countries In the tabulation;
English holdings In tne above In statutory pounds.
show
we
possibility that the crisis might result in
Feb.
Gold holdings of the
x
Bank of Germany as reported In 1939 and 1940 Include
/'deposits held abroad" and "reserves in foreign currencies."
(
The Bank of France gold holdings have been revalued several times In recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc). Insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs;
prior to March 7. 1940. there were about 296 francs per pound, and as recently
y
cur¬
was
September. 1936,
as
few
as
125 francs were equivalent to the statutory pound.
as
For details of changes, see footnote to this table In Issue of July
20. 1940.
rencies.
The Japanese
.
to
"Too
Several weeks ago gloom and uncertainty
at 23.46.
expressed in Tokio
were
Rocks of Loose Fiscal Policy
remained pegged to the dollar
yen
Japanese
that the government had
message
tried to reduce the
creased.
Finance Minister Isao Kaw~
economy.
ada said in his
what 1941 would bring
as to
budget, but that it
Foreign trade
was
Foreign
over
traders here have
Japan for
some
time
again in¬
declining, he continued,
and the people must further curtail
submit to intensified control
was
consumption and
capital and labor.
been
worried
about
because they feel that the
the
often," said President Roosevelt, addressing
Congress of the United States
have
ments
policy.
words
months
which the country would not consider under
circumstances.
ordinary
In the present emergency even
the
had
control the movement of
exchange
are
ficient to cope with the requirements.
change traders believe Tokio shows
not suf¬
Foreign
grave
ex¬
Japanese quarters to
urge upon
concern
Japan immediate
steps to "meet the worst eventualities."
This situa¬
tion, it is thought, is responsible for the Japanese
suggestion to terminate all war.
Other Far Eastern
currencies moved in strict
relationship to the pound
sterling.
23.46, against 23.46
Chinese
units
yen
were
Friday of last week.
on
continue
checks yesterday
to
fluctuate
The
though
danger."
was
fiscal
As these
still able,
no
before, pleading before
Pittsburgh audi¬
a
election to the
own
highest office, he
pledged himself to the balancing of the Federal
25% reduction in Federal expenses, and
a
substantial
with
decreases
Federal
in
taxation.
which,
on
He
applause
that occasion, his auditors had
re¬
ceived his truthful assertion that:
Taxes
because
paid
are
they
are
in the sweat of
burden
a
through production.
of hungry
vain.
every
man
production
on
If those taxes
who/ labors,
and
paid
are
excessive, they
are
are
both
Hongkong and Shanghai have been displaying a firmer
Hongkong closed at 24.55, against 24.45;
tone.
Shanghai at 5.85, against 5.75; Manila at 49.80,
against 49.80; Singapore at 47%, against 47%; Bom¬
bay at 30.33, against 30.33; and Calcutta at 30.33,
people, tramping the streets and seeking jobs in
Our workers may never see a tax bill, but they pay.
They
deductions from
in
pay
what
they
buy,
During the eight
ensued, not
increased
broad
cost
of
unemployment
of plenary power that have
years
of the promises made at Pitts¬
even one
burgh lias been performed.
been
reduced
but
Federal
have
been
have
expenses
enormously
in¬
creased, Federal taxation has not been diminished
but
new
and
oppressive taxes have been invented
and old exactions made
heavier,
Federal budget
no
during the entire period has been balanced but huge
deficits have been continuous
has
so
risen
and their
aggregate
to swell the Federal debt to about
as
triple the total at which it stood during the
1930.
The Government
it is truly liberal
against 30.33.
in
wages,
now—in
or—as
throughout the land.
not
Closing quotations for
this
govern¬
of loose
reflected in idle factories, in tax-sold farms, and in hordes
regarding developments in the Far East which, ac¬
cording to a Tokio dispatch of Feb. 18, are inducing
some
rocks
on
must still have remembered the outburst of
stringent regulations which the country has imposed
to
avoid
must
for his
ence
to
and may
March 10,
doubt, to recall the fervor with which, less than five
to
requirements and other supplies,
be forced by this desperation to take steps
wTecked
spoken the President
wrere
budget, to
war
been
We
country is getting desperate for exchange with which
purchase
on
1933, "Too often in recent history liberal
of the New
year
Deal, whether
not in its other aspects,
or
has
dealt
Gold Bullion in European Banks
It
THE following table indicates the amounts of gold
bullion (converted into pounds
sterling at the
British statutory rate,
the
in
84s. ll%d.
principal European banks
per
fine ounce)
of
as
respective
dates of most recent statements,
reported to us
special
cable yesterday
shown for the
(Friday);
comparisons
by
are
corresponding dates in the previous
four years:
Banks of—
1940
1939
1938
£
£
£
*768,720
242,451,946
Germany x_
Spain
63,667,000
3,896.250
*585,750
328.621,704
Italy——
16,602,000
3,881,600
63,667,000
23,400.000
Netherlands
97,714,000
85,342,000
Nat. Belg'm
132,857,000
84,758,000
67,174,000
Sweden
41,994,000
Norway
__
___
Total week
.
Prev. week.
Note—The
6,505,000
87,291,000
31,389.000
6,500,000
6,667,000
6,666,000
697,880,916
697,788,075
704,518,054
706,601.598
war
In
127,424,475
295,815,490
3,007,350
63,667,000
327,181,245
314,333,820
293,718,252
Their
2,521,900
117,985,000
2,452,550
87,323,000
42,575,000
72,465,000
100,262,000
105,304,000
32,856,000
79,327,000
26,232,000
6,555,000
6,544,000
8,222,000
7,515.000
83,512,000
25,578,000
6,551,000
6,603,000
25,232,000
121,770,000
99,123,000
112,504.000
87,323,000
25,232,000
896,176,315 1,073,841,397 1,093,326,110
895,214,200 1,074,074,443 1,094,057,351
to
obtain up-to-date reports
Even before the present
In this tabulation.
regular reports were not obtainable from Spain and Italy,
figures for which
of April 30. 1938. and Mar. 20. 1940.
respectively.
The last report from
France
was
received June 7; Switzerland, Oct. 25;
Belgium. May 24* Nether¬
lands, May 17; Sweden, May 24; Denmark, March 29;
Norway. March 1 (all as of
1940), and Germany, as of Feb. 21, 1941..
war.
as
plainly visible.
existence
was
They
beyond
are
just
concealment
when, in the Senate of the United States, on Friday
week, Senators debated the Administration's
of last
/proposal to raise
the
statutory
funded debt of the Nation from
was
000,000,000.
and
347,628,740
Europe has made it impossible
from many of the countries shown
are
ahead.
was
astonishingly frank
illuminating, and it would
of this
that
a
the
upon
Seventy-sixth Congress, to $65,-
The discussion
could be studied
zen
limit
153,360,000,000, to
advanced by an Act adopted
during the
1937
£
France y.._
Denmark
policy" and the "rocks" of such policy
have become but too
which it
£
Switzerland
"loose fiscal
last sessioii of the
1941
England
liberally and loosely with the public finance.
has indulged in about
every conceivable form of
country.
limit of
be fortunate if it
by every adult and competent citi¬
There is, of course, no pretense
$65,000,000,000
can be anything ex¬
cept provisional and temporary, but Senator Pren¬
tiss M. Brown
from
the
of
Michigan, who reported the bill
Finance Committee
and
led
registered his opinion that it will
again
increased until
some
half of the calendar
year
funded
debt
time
not
the
debate,
have to
be
during the first
1942 and that the actual
obligations of the United States
need
Volume
issued
be
not
The Commercial & Financial Chronicle
152
volume exceeding the new
in
tract authorizations, we are
limit
He declined, however, to give
July X, 19X2.
under the "lend-lease"
and stated that the
been
bill, should it become
figures
any
under
His
heading.
that
We
the river.
and
Secretary of the Treasury had
unwilling to supply the Committee on Finance
with
when
be
col¬
shall
we
is not
be concerned,
expenditures.
before the committee, that the "lend-lease"
expected to
run
the
.
.
only
validity of that understanding, Senator Brown
It is not the debt
long
as
The
own
Congress, of its
...
volition,
are
going on
We
the people back home demand these great
as
Some day the people at home will awake.
Some day, following that, we
to about $7,000,-
000,000 by June 30, 1942, and, to his inquiry as to
the
.
using our own energies to get to the falls,
are
going to meet our fiscal problems.
just
impression, from Secretary Morgenthau's testi¬
are
expenditures
.
limit, it is the credit limit of the United States with which
the
expenditures
.
We are not
catastrophe comes.
shall find out what the limit is.
we
league, Senator Arthur H. Vandenberg, had derived
mony
.
for them.
floating down the river to disaster, but we are rowing down
law,
a
will
end
estimate of the expenditures to be incurred
any
authorizing
before we appropriate the money
even
before
1179
shall do something.
foregoing is eminently sound at every point.
Nevertheless, it is suitable and important to observe
that it is
really the people of the country, considered
replied that "that, conclusion from the statements
either
which the
substantially harmonious unit embracing a majority
made
Secretary made" is warrantable.
was
also, that the budget deficit of the
clear,
fiscal
present
It
estimated
recently
most
year,
at
or
as
even
$2,450,000,000, is certain considerably to exceed that
estimate.
in
under
Concerning "defense" expenditures, Sen¬
that their
opening presentation of the bill stated
total, from the present date to June 30,
details
the
added
contained
in
the
following
Broken down, that amount consists of
000,000 for industrial
and
Senator
definite
There is far too much public inertia
complacence, and
the vast majority of the
inisgovernment which they have never favored and
$13,700,000,000 for
which, in
expansion, and $1,250,000,000
plant
to the
as
another
to
of
a
compact and vocal groups, have, each in its
local pressure upon
own
spend-
particular Senators and Repre¬
sentatives in
Congress; and, time after time, these
political representatives have been united in yield¬
2%, and perhaps at the rate
He cited estimates to the effect that
3%.
unnecessary
ings out of funds raised by taxation; have brought
manufacturers' sales tax at the
rate of not less than
What has hap¬
happen until there is general recognition of the
field, asked for improvident and
enlargement of the Federal tax system, by
addition
they will bitterly
separate, small, and frequently fanatical, but highly
recommending
expressly
come,
rigorously penalize.
enormity of the public injury, is that innumerable
taxation, to meet these huge and
outlays,
time certain to
pened throughout the years, and what will continue
inevitability of further heavy in¬
in Federal
a
condemn and
Brown, moreover, was properly frank and
unprecedented
of
be demonstrated
people supinely tolerate gross abuses of wasteful
for other defense activities.
the
can
heading is that popular resistance to
inadequate.
Army, $11,587,000,000 for the Navy, just under $2,000,-
creases
that
unwarrantable and reckless
All that
V.
extract:
the
expenditure.
extravagance is commonly weak, unorganized, and
1942, is expected to amount to $28,480,000,000, and
he
numerically large minority, which de¬
a
mands and insists upon
excess
ator Brown's
single and homogeneous group, or as a
a
a
general sales tax of that character, at the lower rate,
ing to such pressure by the thoroughly democratic
would
expedient of legislative log-rolling.
produce $700,000,000 next
higher rate
were
to
am
not saying
into
reach
just, that
are
it is
In part, he
year.
just tax, but
a
forms of taxation
that
we
paid:
senior
the
Senator from North
Bailey.—Ed.] that
present generation
have received
Carolina
and upon
[Josiah W.
and
ought to make the burden upon the
we
of taxpayers heavier.
We cannot continue deficit
We must do it.
are
financing.
Senator Alva B. Adams of Colorado
can
!be
ever
anything
more
than
a
gressional enactment which Congress is fully
con¬
own
upon
every
with
of
control
a
credit
No
profitable
...
quote Senator Adams's elucidation of this
He
truth.
said, in part:
raising
formality.
there is
of this space could be made
use
the
debt
limit,
...
is
merely
a
necessary
If the Congress continues to spend the
...
Until
money,
Congress puts
a
itself, in its expenditures, it will be necessary
to raise the debt limit.
.
.
has arisen out of the overweening
bureaucratic
upon
our
fiscal
affairs
in
recent
.
We
are
...
providing
con¬
the taxpayers or
years
in
debt
our
limitation—an
been
increase
it is, is adequate to provide for our
affairs
are now
going, within
to make an even
Dur¬
conducted
I
a year
which, large
expenditures,
As
our
so
the
fiscal
Congress will be asked
larger increase in the debt limitation.
Senator Byrd also made the pertinent observation
that the
present contingent liability of the Federal
Government,
on
account of its endorsement of guar¬
anty given to support the credit of
nothing else to do;
limit upon
on
The only additional
of the atrocious wastes that
Treasury informs us, only until July 1, 1942.
the Executive, there exists
or
limit, the passing of which is catastrophe.
more
than to
Congress
source
ordinary business prudence and with regard for sound
increase
as
statute and beyond the direct
any
of which could
fiscal policies, the necessity would not exist today for this
such variable and
impotent congressional fiat, always and inevitably,
independent of
of
one
we are reviewing Senator Harry
Byrd of Virginia made the following comment
the New Deal's fiscal methods:
Had
creation whenever appro¬
that, above and beyond
its individual merit.
going
now
Flood
priations exceed income plus authorized borrowing,
but
brought
ing the debate that
em¬
Congress must increase under compulsion of
circumstances of its
pressure
real consideration of the value of the results.
powered to adjust and increase at its discretion, and
that
has sprung from such
single
regard for the burdens laid
statutory
no
or
groups to multiply and
expand their respective activities without genuine
developed the
profound and inescapable truth that
it
legislative approval standing alone
important
ambition
Very cleverly and succinctly, from that point,
debt limit
experimentation
tions for purposes not a
if it is the
So I completely agree
only way we can raise the money.
as
has had its origin in fatuous
by compact local minorities in behalf of appropria¬
important to
more
Nearly all of
Government,
organized yielding to the political
It is the last tax I
adopt, but I think it is
today operated,
executive
theoretically
not
raise the money than it is to be entirely just,
with
is
will be compelled
are
not entirely defensible.
would want to
the excessive waste of the Federal
adopted the yield would exceed
$1,000,000,000 in that
I
wThile if the
year,
ernment
some
30-odd Gov¬
corporations, obligations of which would be
substantially valueless in the markets without its
assumption of final responsibility to the holders for
the
regular payment of interest and the payment of
The Commercial & Financial Chronicle
1180
whole
the
mates
principal at maturity, already approxi¬
And he added that the losses
$6,000,000,000.
these endorsements will undoubtedly be sub¬
upon
stantial and that, by
July 1, 1942, the total of this
contingent liability will probably rise to $10,000,As to the indications for the future, the
000,000.
pressed by
Feb.
1941
22,
device of governmental oppression or
any
These are gloomy reflections with which
tyranny.
midst of warlike preparations on
to stand in the
the
largest scale ever anywhere attempted and upon the
brink of what may
speedily become
acknowledged
an
Yet
belligerency in a war to the last extremity.
following extracts from Senator Byrd's important
they are necessary reflections, if for nothing more, at
contribution to the debate exhibit the
least
clarity of his
thought and the strength of his position in urging
return to sane and controlled economy
a
in admin¬
He said:
istration.
It is likely, indeed
next fiscal year.
be
well
cannot
This
means
a
even
of
year
Federal
debt
ahead of us in the
year
more
of
certainly
within
.
immediate future
spending
from
If
.
.
.
.
of peace-time deficits, when no effort has been made
to reduce the non-defense
have
we
the
time, after 12
a
50 times
debt
a
spending of
large
as
Nation, and wrhen
our
indebtedness
our
as
at
beginning of the last war.
This is all
directly to the point.
to
United States.
United
It ought to
clear-headed
every
carry
patriotic
and
conviction
of
voter
the
In 1912 the aggregate wealth of the
States, in public and private ownership,
was
officially estimated at $186,299,664,090, and the Fed¬
eral debt stood at
each
$1,193,838,505,
$156.05 of wealth.
estimate of total
the New
Deal
the nature of
no
desired
national
evitably disclose and
to
recent
very
that
reason
prevent anything in
inventory, which must in¬
measure
of the
some
injury
is bound to have that effect
powers
accessible neutrals at least in the
on
and
stimulation
abnormal
of
In
rials.
nical
some
cases,
canny
the
was
$22,964,079,190,
or
$1.00 of debt for each
On Jan. 31 last the debt total,
including the contingent liabilities
guaranties,
guaranties
$51,777,745,524, and
was
it
was
travagance has
account
on
$45,876,972,769.
without
of
the
Roosevelt
ex¬
than doubled the funded debt
more
in
eight years, and his representations concerning
necessities of public defense, which no
Congress
have
effort—many
with
more
to
than
the
$28,000,000,000 within
a year
already exaggerated total.
creases
in
simply
impossible,
corresponding
pressure under
sustain itself
any
on
annual
regardless
exigency.
bills
of
and
half
a
Continued
increments
the
in¬
are
degree
of
The Nation cannot
payable,
nor
could it feed and
clothe and house
itself, however inadequately, if the
Federal, State and municipal governments should
continue the rates of increase in their
arsorption of
the
For
Taxes, however levied,
have to be met out of income.
What is left out of
income, after the taxes have been paid,
able for the subsistence
taxes encroach upon
nite
limit it
is
may
be avail¬
population.
When
subsistence the standard of liv¬
ing is forced downward.
of these standards is
of the
Every step in the lowering
calamity; beyond
a very
catastrophe; further it
defi¬
cannot
be
are
full
permanently useful
some
example, Japan entered the last
comparatively
a
though
industrial
small
potentialities
of the
of the world's
one
this
war
system,
of growth,
and
adding,
in
a
leading manufacturing Nations,
important degree, to
very
the
diversity of her economic structure.
However, to attain
such
even
partial result, the
a
potential basic requirements for
must
varied
a
exist, combined with acnteness and
economy
a
certain
degree of good fortune in discerning and developing
promising
avenues
specialized
more
the
of trade.
economy,
materials
raw
impact of
To countries with
sources
of the
required by modern indursty,
more
completely dis¬
It is true that in the last
preoccupations of belligerents with their
mediate
a
situated far from
and
great war is
a
advantageous.
war,
the
more
im¬
requirements, offered opportunities for
war
temporary profit to neutrals. The irregular stimula¬
tion of the
in
the
productive
long
run
power
of such Nations caused
over-extended position difficult
an
to deal with.
The
Lation
American
Nations
the
remembered
high prices and large demand during the last
for many
of their products.
them had in 1919
than
a
much
It is true that
more
war
none
of
varied economic base
they had possessed in 1914, and
were
thus not
soundly prepared for the eventual bad times then
ahead.
many
Nevertheless, they had made
of them believed that by taking
cautions, with
ultimate
more
depressive
and
money,
proper pre¬
foresight than last time, the
effect
of
this
war
could
be
largely mitigated.
productive capacity of all the people that has
marked the last two decades.
capital
emerged with the requisites for development into
could be
expected to have the courage to reject in
their entirety, will, it is
officially conceded, add
be
producing Nation—not too deeply tried by its
war
basic
$13.97 of wealth.
productive
available, the long term result on the economy of
potential markets and from available
time
over
in fact, where adequate tech¬
suitable labor and
skill,
was
at that
of
displeasing to the producers of the desired mate¬
wrought under its auspices, but the latest, for 1922,
$320,803,862,000, and the Federal debt
sense
certain
The immediate effect need not always
activities.
$1.00 of debt for
wealth, for the simple
has
a
or
There is
Any war between great industrial
importing
effects.
sharp talk, and sound talk, and talk
would, in large
war
dislocate the economies of the Latin Amer¬
ican countries.
and
that this
inevitable
was
$150,taken
of the most colos¬
magnitude and we are doing this at
years
or
means are
the United States of
.
America is assuming a financial burden
sal
can
we
$100,000,000,000
a
It
measure,
now.
that fiscal
debt, what is to prevent a debt of $125,000,000,000
such a catastrophe?
fol¬
$100,000,000,000,
000,000,000, unless determined and forceful
to prevent
lingering hope
no
from the measureless penalties that wait
Latin America and the United States
may
the
more
defense
or
if the present emergency continues.
year,
see
until
1, 1943, and
perhaps by July
and
year,
the momentum
stride
over-all
an
and
unmeasured financial folly.
upon
A deficit of $10,000,000,000 this
its
found
least $75,000,000,000 at the end of the
because
reach
be
probable, that this contingent liability,
$20,000,000,000 next
lowing year,
remedies must
applied at once, or there can be
of escape
by July 1, 1942, will reach $10,000,000,000, making an over¬
all public debt of at
heroic
because
It is also true that
can
their
economy
number of the Latin Ameri¬
a
special effort to diversify
by encouraging the development of
local industries
possible.
of
a
countries had made
with
as
much
domestic capital as
This has been especially true in the
case
Argentina, Brazil, Chile and Peru, and also to
some
extent
Mexico.
The
last,
and
particularly
Brazil, appear however, to be the only Latin Ameri¬
can
Nations
disposing
of
sufficiently varied
po-
tential
addition to the
in
the
kind
of
materials
raw
by contemporary industry to provide on
base for its
broad
a
of
supplies
demanded
manganese ore,
which Japan
Brazil, in fact,
development.
possession of huge quantities of
and
grade of coal equal to that
a
has long been using in her industrial
activities, asserts with apparent accuracy, that the
variety of her climates and soils are such that she
produce successfully any of the plants, useful
can
modern
to
industry,
grown
in the temperate zones,
systems of
the industrial
Nevertheless,
countries
these
and varied to
1930 sufficiently
in
was
firm foundation for resisting
assure a
such
the
relate
twelve months
to
ticularly
low-priced
cotton
span
articles,
manufactured
piece goods,
an
par-
industrial field
demands.
Another factor adding to Latin
■
American dollar
in spite of the activities of Ger-
exchange difficulties in the present times, is its
inability to secure much needed manufactured
articles—hitherto supplied by Europe—except from
the United States, and only to a limited extent from
products of Latin America included not only
to the
those of the United
of
those
also
but
States, Great Britain and Japan,
Continental
all
Europe,
except
Germany, Austria-Hungary and eventually Russia,
well
is
few smaller States.
as a
In this
war
only
shipments
few
a
This time
made
are
Spain and
to
Business with Continental Europe is at
Portugal.
standstill.
Spain's purchases have had, to a large
The fact that
extent, to be financed by the seller.
foreign exchange, derived from Europe by
net
Latin
the set-
different by reason, above all, of the Ger-
very
invasions and the British blockade.
man
America, is normally about 50% of the whole
balance, demonstrates the importance of this loss.
Moreover, though the British in peacetimes stand
high
the best customers, on sound terms, of
among
twelve
of
out
twenty
Latin
American
countries,
taking, in 1938, from 62.5% to 8.8% of their exports,
Great
had
Britain, since the inception of this war, has
careful
be
to
not
to
impair the position
of
sterling exchange relative to the dollar, in view of
her
series of barter agreements.
submarines, the markets more or less accessible
man
the
The freer trade durprior to the war,
resulted in Japan selling goods $23,'707,000 in
value, and purchasing $30,350,000 worth.
Under
the barter agreements, the exchange of goods for
a similar period, since the war began, balanced at
about $36,700,000.
This compartively modest in¬
crease was due partly to Japan's preoccupation with
her Far-Eastern military adventures, and also to
the fact that most of her sales in Latin America
a
ing
domestically to the point of supplying her own local
In the last war,
a
times,
To that end Japan has negotiated
which South America is gradually trying to develop
rials of Latin America.
up
from Germany.
which for the time being at least
one;
an
daily towards its end—for many of the raw mate-
as
supplies which the latter obtained, in peace
enlarged demand, at high prices—espe-
the last
as
of
none
advanced
the ultimate undesirable effects of even a war
created
1181
The Commercial & Financial Chronicle
152
Volume
requirements of the latter in order to
enormous
purchase the needed munitions here.
she has had to make
As
a
result
clearing agreements—broad in
scope—with practically all of Latin America. Under
these
arrangements the British purchases are paid
for in blocked
Britain
mally
sterling—utilizable only in the "ster-
This naturally renders sales to Great
ling area."
considerably less interesting than they nor-
Only
are.
ficulties
of
against
Great
deliveries,
the
conditions
and
purchasing country are balances
followed
Britain
as were
Brazil
To
special
under
relating to large dollar exchange dif-
limitations
by actual
gold
recently made to Argentina and
very
America
are
moderate extent these losses of Latin
being offset
by increased
Canadian
purchases of commodities which Canada formerly
The main motive here,
also, is to reduce the strain on Canadian dollar ex-
bought in the United States.
change—in view of Canada's large purchases here,
However, in the case of some commodities, which
compete with ours, such as Brazilian cotton, lower
prices have also proved a factor.
Britain's
sterling
block
Moreover Great
agreements
with
America have tended to increase Canadian
to that
mated
region.
as
Latin
exports
For 1940 the increase has been esti-
amounting to
over
66%.
Japan has made a sustained effort to improve her
trade
position
with Latin America by furnishing
or
Canada.
,
Under these circumtances it is natural that Latin
so largely dependent on its export trade,
America,
has, in order to stabilize and sustain its economic
position, looked to the United States for at least
partial relief in its predicament. In the years 1938
and 1939 we were the best customers of Brazil, Colombia, Costa Rica, Cuba, Ecuador, El Salvador,
Guatemala, Haiti, Honduras, Mexico, Nicaragua,
Panama, and Peru. In 1938 we were Chile's second
best customer after Great Britain, and we become
her best in 1939. Moreover, if estimates as to the
distribution of Chile's nitrate exports of 1939 are
correct we probably took more of her total exports
for that year than any other country.
We were
Argentina's third best customer in 1938 and her
second best in 1939. In the cases of Bolivia and
Uruguay our proportions were smaller, but in 1939
we ranked second, as we did for the Dominican Republic in both years. Venezuelan exports are more
difficult to distribute in view of the way the oil
figures are treated in the official statistics, but as
far as the other exports were concerned we ranked
first in both years. The Paraguayan figures, as
published, are also difficult to distribute, but, any
way, our share is not large.
Thus, in the last full pre-war year—1938—we led
in receiving the products of 13 out of 20 Latin
American countries, and figured prominently in the
export trade of six of the seven others. It is true
that in some of the countries—notably Chile, Peru
and in many of the Nations bordering the Caribbean
an
■
a
Japan
important part of the exports are the products
of corporations representing American capital, so
that a considerable proportion of the proceeds of
these exports go to us and do not directly assist the
Nations concerned in relation to their foreign exchange problems. Our stake in the Latin American
import trade has also been very considerable. In 1938
and 1939 we were the largest importer into 16 of the
20 Latin American States. We were second to Germany in the case of Brazil, as we had been in 1937,
but became first in 1939. In Argentina we were
second both years. We were respectively third and
fifth largest seller to Uruguay in the same years,
It is evident therefore that generally speaking we
have played a predominant role in the foreign trade
of Latin America, and we became even more im-
The Commercial & Financial Chronicle
partici-
portant in 1910 when so many of its other
pants were inaccessible. Comparing the first nine
months of 1939 and 1910, our exports to Latin
increased
America
$122,491,000 to $578,753,-
from
000, showing an upward surge of about 37%.
increase of
our
imports during the same period was
$389,000,000 to $189,398,000—or some
about
from
The
Comparing the figures for the last three
25%.
1939
of
months
estimates
the
with
for
the
same
period of 1910 the added volume of exports and im-
sub-committee prepared an agreement, which has
been signed by the fifteen countries concerned,
including ours, whereby basic quotas are allocated in
the United States and outside markets. The estinow
mates of the potential annual consumption of our
market aggregated 15,515,000 bags and quotas were
accordingly allocated on that basis—ranging from
9,300,000 bags for Brazil to 20,000 bags for Honduras.
show that the trade balance in favor of the United
was
from
increased
States
ments
which
creased by
$32,952,000
for the
The majority of the Central
American States
and
as
well
Mexico, Colombia, Chile,
as
Peru, being
gold-producers,
these
shipments were part of their regular exports.
the
of
case
Argentina
and
In
Brazil, however, the
larger shipments of gold to the United States have
been
designed
apparently
establish
to
exchange
positions.
Apart from gold shipments, loans for the stabilizaof
tion
such
currency
with
there is
and various efforts of
stimulate
to
nature
effort
duration of the
continental
war
the loss
Many think, it is in
espeeially in South America, at the
release it
from too
of the
of
structure
the
purchases
expense
of
our
world, in order to
Be that
it
as
may,
on
the
position makes decidely difficult
large scale increase of that nature whether
any
temporary or permanent.
The chief obstacles
the nature of Latin American
have been
we
our
great economic dependence
the totalitarian powers.
are
exports, the fact that
purchasing there almost
our
full
re-
quirements of certain important products, and the
fact
that
we
in
are
some
cases,
competitive
ex-
Coffee is
article of export of 11 Latin Ameri-
an
countries.
procedure
is
being
are
Here again United States is the
concerned.
world's largest market, and its consumption,
It is the chief
sumer,
has been
an even
larger producer,
leading exporter, and began this
over
of about 14,000,000 bales, which
siderably increased this
season,
by
The United
consumer.
In
States
1939
we
is the
took
world's
50% of the
exports—96% thereof from the countries of
hemisphere—the shipments to this market
bags.
ag-
Normally, how-
ever,
Europe takes 16% of the total world exports,
and
Germany, France,
as
a carry-
may
be
con-
of the
reason
reduced world demand.
In other
with
our
cases
Latin American exports compete
commodities,
as,
for
example,
do
the
animal products of Argentina, Uruguay, Paraguay
and Brazil, the cereals of the first two and the
Cuba, Haiti, the Dominican Re
public and El Salvador. Our assistance can therefore be only of a very limited extent, in the case of
sugar exported by
such products, though our imports of Argentine and
Uruguayan wool have doubled and may still further
increase. On the other hand our requirements of
"strategical" and "critical" raw materials for use
in
our
armament preparations and
the establish-
ment of stocks financed by the RFC, for the term
of the
war, should have increasing effect on our
absorption, especially, of the products of the mineral
wealth of Latin America.
We are also taking part in the work of the InterNelson A. Rockefeller is
now
Chairman.
Its present
Scandinavia
Holland
and
American
trade, and the encouragement of' industrial development there.
The extension of a
$20,000,000 loan to Brazil for the establishment of a
industry, which will take care of about onehalf of her requirements, and the grant of credits to
help the currency difficulties of various countries,
together account for 28 to 38% of the consumption
are examples of the ways in which
of the Western
in sustaining, the wartime
hemisphere.
Germany
market for the coffee exports of El
and
Guatemala, and France
was
the chief
Salvador, Venewas
first with
we are
economy
*n attempting to appraise the attitude of
America towards the United States
and Ecuador.
should be made between the attitude
For
some
ten
years
the statistical
position of coffee has not been strong. The yearly
world production has
averaged 32 million bags, but
consumption
Latin
has averaged only 21% million
America
world's coffee exports.
h)as
supplied
85%
of the
assisting
of the Latin
American States.
respect to those of Haiti, the Dominican Republic,
bags.
well
as
with
year
()f the importation of non-competitive products into
the United States, the stimulation of intra-Latin
others.
gregating about 13,817,000
the
sup-
plied entirely by imports, exceeds the aggregate exports of Latin American Nations.
:
j
In the case of cotton, the prospects of accomplishing a great deal by the same method—though the
effort to that end is being made—are far from bright
for, of course, the United States, while a great con-
program includes among its objectives the increase
greatest
world's
zuela
with
arranged
"money export" of
two
this
similar
and the second and third most important
seven;
of
A
respect to cacao, in the export of which 13 States
American Development Commission of which Mr.
porters.
can
quotas range from 7,813,000 for Brazil to 21,000 for
trade,
possible results
permanently
areas
a coopera-
by Latin America of its
European trade.
trade with remoter
billion
part to alleviate for the
on our
interest to increase
a
intra-hemisphere
rather definite limit to the
a
of any sound
our
Export-Import
our
Congress appropriated half
dollars last year
tive
loan
Treasury recently arranged
Argentina, the loans by
Bank for which
$50,000,000
the
as
which the United States
In the case of the outside market the total
at 11,612,000 bags, and the allocated
fixed
Honduras.
nine-months period in-
same
$38,000,000.
Venezuela
$89,355,000.
to
mainly covered by gold ship-
balances were
22, 1941
To deal with this situation, now become critical,
and to prevent chaos, the Inter-American Financial
and Economic Advisory Committee has through a
ports were also huge. However, the figures for the
first nine months of 1939 and 1910 respectively also
These
Feb.
a
Latin
distinction
of responsible
statesmen and of public opinion generally. We
have, of course, as indicated above, been a source of
muck support to Latin America in these difficult
war days, either as the result of our already existing
relations,
or
because of
our
effort to
develop
even
Volume
The Commercial &
152
.
friendly relations in harmony with the belief
more
of many
that
shall have
Ave
terests in the future
of that
even more common
critical times
of the aid derived from such
a
leadership to
our
a
Ave are
They fear
our
There has
Recently,
certain point.
nevertheless, increasing misgivings have been mani¬
fested
and
the future.
to
as
Many fear that we shall
later, participate militarily in this war,
or
sooner
that, if
we
do, not only will our Avar time use¬
fulness to their countries be
narrower
range
compel
us
a
resulting
vast and bitter a war will
so
to bring pressure upon them to limit their
operations,
and
impaired by
to our purchases, but also that the
inevitable demands of
for example their trade Avith Japan,
as
destroyer-base
Avithout
consumated
deal
previously consulting Latin American countries re¬
considerable unofficial unfavorable
in
sulted
fidence in
com¬
lead in any
in
establishing, for
can
In the
over
same
way,
our
widely,
concern
Executive to open our
ports to British war vessels.
America to be
a
of
This seems in Latin
step counter to the agreement of
in
Panama made
Ministers
more
the clause of the lease-lend bill which
to authorize
appears
but
October, 1939, Avhen the foreign
the
American
quite possible, especially if we do not
war as
belligerents that, should we more
consistently consult Latin America and continue to
cooperative efforts in
plan and carry out sound
fields of
interest,
common
to secure enduring friendships among the
run,
lying to the south of us.
Horse
Republics
united
in
ment
Racing in New York State
as
a
Bayard
Swope's reappoint¬
member of the (New
York) State Racing
Commission
will
Herbert
week
Last
was
confirmed by the
probably result in
which
prevailed in the Commission last year, the
time is opportune
for the year
as
to reconsider the annual report
1940, recently presented by Mr. Swope,
Chairman of the Commission.
Seldom does
view
one
which such
in
good
as
straightforward, it could
to
almost
Latin America is not convinced that the
radically
as
to justify our
disregarding by unilateral action that understand¬
It
ing.
seems
cluded in
probable that if that clause is in¬
the law
as
enacted
a
considerable reduc¬
confidence in
tion of Latin American
our
motives
is
As
perhaps natural, while public opinion in
Latin America has to
able
to
certain extent been favor¬
a
Neighbor Policy, there is little
the Good
settled conviction that it will endure.
is
evidenced
velt with the
New York
it made great
the results of the
over
entertainment it
substitution
mutuel
accordingly popular
down
of
a
patronage.
are
cally, tabulated, and made available statistically
before
the
start
ning
all
The difference in
the fact that
scattered
social and cultural traditions,
only about 50,000 Americans ,widely
o\rer
the
enormous
area,
live in
Latin
nimble
particular horse win¬
on any
possible has removed,
trustworthy gentry Avho used to furnish
with the
a
The general use of the mechanism
which has made all this
for
So that
race.
closely figure in advance what
"pay-off"
race.
a
of each
can
moral
presidential office.
racegoers
of their
accuracy
The pari-mutuel and the totalizers have
fancy.
moved all unfairness and untrustworthiness such
formerly accompanied much of the wagering at
incidentally,
and,
courses,
themselves and not master the
it
reputation.
language of the coun¬
of what is
regarded there
and undue arrogance
tions with
in
as
high-handed aggression
some
of
our
historical rela¬
them, have made many Latin Americans
disinclined to accept
with full confidence
our
inter¬
cuss
particularly Labor, are just as cominced as not a
or
beyond
lications which
racing
betting.
one
an
as
race
unsavory
province to dis¬
on
horse
races, or
the sale of lottery
sweep¬
help Irish hospitals—pub¬
specialize in such debatable matters
continue to do
though
our
of betting
stake tickets intended to
of
plans.
far
parochial "bingos,"
horse
our
us
the ethical aspects
will
gave
re¬
.
It Avould take
pretation of our moti\res and the disinterestedness
Many elements in Latin American public opinion,
once
time, the picturesque but not always
opportunity to test the
America, that those few are inclined to segregate
try where they live, as well as numerous incidents
the
recorded mechani¬
and
support thus given to what they know as
ma¬
Under
there, much as some Latin Americans deplore the
"continuismo" in
way,
form of
pari-mutuel Avagering has
public
plan all bets
Avager
will be the
was
every
As
destined to go on growing
seems
increased
terially
Policy, and Mr. Willkie, probably most
re-election
advances, in
previous year.
The removal of bookmakers from the tracks and
arithmetician
Mr. Roosevelt's
as a model for
organization.
Horse
serve
rapidly.
by their identifying President Roose¬
unjustly, with the opposition to it.
second
This attitude
con-
succinct, clear, practical and
:
business
large
any
a
racing has become "big business," and in 1940 in
the
will result.
presented
example of the
an
document should be
being used as bases for belligerent operations, and
prohibit the "fitting out" or arming of belligerent
As this
Senate.
continuation of the policies
a
countries, resolved to prevent their territories from
so
shall be able, in the
Ave
ceived and
changed
plan of
our
f nnds and technical skill.
Yet it is
affirming the "status of general neutrality," of their
ships.
to
even
bases built by Ameri¬
common use,
manner
situation has
lease of bases to us,
or
accede
deemed, especially
the intention to make it should have been discussed
felt
cession
and their reluctance to
if not the letter of the Havana Conference, in that
is
ap¬
Argentina, Chile, Uruguay, Ecuador, Colombia,
as
Argentina, to be out of harmony with the spirit
there.
popular
These
form to the establishment of a foreign
etc. to consider any
countries
move Avas
expressed.
hegemony account for the refusal of such countries
tion to
The
ability to aid England to defeat the
been
prehensions and suspicions of anything which may
long
regard the bases as open to the use of our
playing in their Avar time economy.
increasing power, though lack of con¬
our
lias
Axis
ment, not entirely ansAvered by our expressed inten¬
southern friends.
as
enter this
eventually embroil them in this war.
The
do their statesmen in office, the utility
constantly
relation.
They do not keep in mind as
them to do likewise.
of the role
been, consequently, much official willingness to fol¬
low
belligerents, and endeavor to induce or press
as
deprive his country
these desire to
as
this war
few of their statesmen that we will enter
office would in such
No statesman, in
area.
in¬
with, at least, the northern part
1183
inancial Chronicle
is
so—but the financial
Avell
worth
side of
consideration,
even
of its outstanding features is public
The Commercial & Financial
1184
It
ingrained in human nature to want to
seems
the outcome of those human activities to
of uncertainty attaches.
Elec¬
wager on
which
measure
a
culmination of a stock movement,
tions, football, the
the
day's
ship, the vagaries of the weather,
overdue vessel, the size of the wheat
of
run
the fate of an
a
But probably
crop—all provide a basis for wagers.
which
event
no
to result in
seems
does
as
for
This
parts of the world, and has been
made
openly
wagers
How much
tracks.
States race¬
United
at
staked privately, away
more was
race-tracks, is anybody's wild guess.
from the
1940 the New York
For
figures so dwarf those of any
racing State that comparison need be made only
outstanding
six
next
the
with
Florida, (Maryland,
ones—California,
Rhode Island, Massachusetts
table, based
The following
Illinois.
and
meetings are so conducted as to
on
facts
by the Commission, shows New York's
furnished
drugging and stimulating the con¬
testing horses.
During the racing season of 1940,
and showed not a single positive
analyzed
were
reaction to any
drug.
In addition to such
Sea¬
Daily
sonal.
sonal
Total
Season
Attend¬
Mutuel
Turn¬
Amount
Arge.
distinguishing marks, and indications of
of
treatment for
what
are
doped
or
Turnover
over
Bet per
Bet per
to State
263
they purport to be, and not disguised,
319,417
374,118
372,508
249,285
2,631,242
96
100
Massachusetts.
60
779,040
Rhode Island.-
64
757,632
188
1,406.338
31,941,731
22,447,078
23,840,495
46,865,737
50.54
6.93
5,998,882.65
26.76
3.34
enjoyment is offered to racegoers by the knoAvledge
close finish the decision of the judges
that in every
is based upon a
so-called
photographic record.
photographs
47.38
5.92
on
28.81
3.60
948,631.00
31.46
3.93
4.16
614,059.60
shown
The other half goes
in
the
7---: 7:,
payment of all
to the
30%
over
bets,
to
rose
by
more
an
average
7;7-;;7
;
11,732
than in 1939.
denominations,
53,292, 5.1%
nearest
meetings
racing day—
per
The racegoers staked
$100 bets,
follows:
as
$50 bets, 313,776, 15.1%; $10 bets,
2,913,733, 28.2%; $5 bets, 3,907,109, 18.9%; $2 bets,
16,781,613, 32,3%; total bets, 23,969,523, 99.6%.
Some
24,000,000
of
of
1,270
cases
Evidently the greatest part of
meetings for
race
pleasure of betting.
the entertainment
reasons
In fact, Ave
of
value
the
may
races
other
affirm
lies to
greatest extent in the trials of speed, in the joy
tests in
one
seven
(sometimes eight) thrilling
afternoon.
Gross and Net
Not
a
little of this
con¬
pleasure
the
season,
photography, one must conclude that the handi¬
start
of
with equal
a race
high
a
camera
at race-tracks most dead heat finishes were
not discernible
by the human eye.
New York alone,
From
the
29
Avere
review of
a
better
a
Last
caught by the
season,
in
camera.
figures presented by the Com¬
evident
is
it
and
races
chances of success—must be
Before the installation of the
order.
that
racegoers
want longer
quality of contestants,
so
that
Commission, zealously desirous of enlisting the
public's favor,
may
be counted
on
to see that owners
participate in events which Avill add to the popu¬
larity of racing as a form of entertainment.
such
cases
the
As, in
example set by New York finds ac¬
ceptance in other States, one may predict a rapid
extension
of racing, as soon as the use
machines is
legalized in
some
so
now
is sought, much
excellently prepared
of mutuel
30 States where facili¬
report
exist.
can
from
If
Avhich
quoted the impresswe figures shoAvn.
seems
assured:
the
financial
an
incen¬
be found in the
Ave
have
One thing
aspect of the horse-
racing business is likely to groAv rapidly much more
This is
important.
one
direction in which it
be said that the machine aaTU have added
may
vastly to
employment.
Earnings of United States Railroads for the Calendar Year 1940
Modest improvement in the railroad transportation busi¬
recorded during the year 1940, in continuance of a
ness was
num¬
protest
capping—by which all horses, as nearly as can be,
horse-racing do not
in 178 days.
in the
races run
doing
public attends
no case was a
had to be determined by the aid
ties for
witnessing
trend that has now been in progress
The
total of
tive for
than the
the
a
And yet, distributed over the total attend¬
person
that
out of
result in 625
(over 2,000,000), there were under 12 bets per
days.
the
impressive number of
to make, even when spread over 178 racing
wagers
ance
seems an
finishes, in
Since, despite the keen eyes of experienced judges,
mission
Public attendance at the New York race
in 1940
nearest
to the owners of the race¬
coming season,
' ;";'7
cent.)
amount
instead of the
The Commission favors the
winnings,
is the
public winners when making pay¬
the nearest nickel
tracks.
It speaks well for the
that, despite the large
against the decision of the judges.
made
953,618.00
33.32
(Breakage
"breakage."
withheld from the
cent.
In all cases, last year,
which judgment was based were
nature of the decisions
1,427,796.14
1,338,000.00
above, does not include $411,902, the State's half-
ment to
In 1940, 625
finishes disposed of any doubt as
camera
posted for public inspection.
2,832,230.66
of New York,
State
the
to
revenue
of
Added
otherwise sophisticated pretenders.
S
S
$
$
%
2,054,314 103,700,926 593,444
70,423,604 290,000
881,910 41,787,876 435,290
178
California
share
race¬
Race
New York
Illinois
So that
previous unsoundness.
rest assured that contestants in races
may
goers
ber of these close
Maryland
season—
Revenue
ance
Person
Florida
horse
every
during the
Sea¬
Total
(Days)
Stales
The
analyses for drugs,
12,407 in all—was photographed, and a record was
made
the
Total
urine
1,292 samples of saliva and 180 samples of
to the outcome of the race.
monetary lead at a glance:
to the
that dishonest horsemen do not resort
sure
one-time evil of
entered to race in New York
1940, $426,017,867 changed hands as the result
In
Commission, these
make dishonest
practices virtually impossible, or at any rate exceed¬
ingly short-lived. Every precaution is taken to en¬
aegis of the State Racing
the
The habit is likely to outlast
generations.
time.
our
of
horses.
of speed between
contest
a
holds true in all
so
divergent opinions
the staking of bets quite so readily
gives rise to
1941
22,
attributable to the realization that, under
be
will
Feb.
Chronicle
situation of the great carriers
for nearly three years.
was
far from brilliant
are
intended to
repair the vast financial damage suffered
by the carriers and by holders of railroad securities.
progress
and
if
Good
has been made recently in that respect, however,
other
developments were encouraging,
it would
be
during the past year, but it was distinctly better than in any
possible to take a most optimistic view of railroad prospects.
previous year since 1930.
Unfortunately, the future is cloudy and uncertain, with the
at
It can finally be said that some,
least, of the ravages of the great depression of the 1930's
now
have
remain.
been overcome by
In particular, it is
the railroads, although others
still necessary to carry to com¬
pletion most of the reorganization plans and programs which
several
wars
in Europe and Asia exerting an enormous and
unsettling influence upon American affairs.
In
the
year
1910 the railroads transacted
amount of business,
notwithstanding the
a
severe
reasonable
competition
of
traffic of the railroads remained far under
volume achieved regularly throughout the decade of
modest
the
translate
of
advances
gross
rail¬
of the
comparison of the net figures with the best
The net earnings of the
gains in net.
fairly sizable
1940, before taxes, were under most years
roads in
1920's, but the
record
on
of the managers, who were
the constant concern
was
carriers
able
revenues into
Shrewdly economical operation of the
1920"s.
the
was
comparison
less unfavorable than the similar
in this connec¬
The observation needs to be made,
of gross.
the carrier
tion, that taxation has made great inroads on
and local
their highest level in history during
for the imposes of the Federal, State
net revenues,
governments were at
Railroad
1940.
$50,000,000 in 1940,
some
estimated,
roughly
is
it
taxes,
up
were
1939, and the trend remains
over
underlying
General business conditions are of course the
•
which
factor
1940
in
1939.
over
business
improved
It is evident, of course, that business
operations.
Indeed,
in
transactions
indices suggest that total
some
States
United
the
railroad
of
result
financial
the
determines
1920's.
of the
be, the fact remains that New
this
However
may
growth which
Deal tendencies have restrained that normal
be expected
is to
and
the
matter of population increase
mere
a
as
of
multiplication
The only
1930's was
desires.
and
wants
really noteworthy expansion of the decade of the
the steady
dent
spenders, and heavy dificit
promises
it
as
of his third
be
to
term.
with
be viewed
which can
tendencies
not
financing
accompaniment of the two terms of Presi¬
Roosevelt,
are
any
considerations of this nature modify the
and
optimism with which the future of the railroad business
voted for the first time in
of
effects
was
some
That
of them
conflict
great
ushered in, and
almost
seemed
such
1940
when
stalemate
at a
during the early months of the year it
vast armies
the frontiers of
on
Germany and France would be unable to progress against
The
other.
each
abruptly
in
May
and
flattened
German
the
when
even
more
military
France,
Low Countries and
the
out
April,
and
Norway,
when
June,
in
speedily
of France was fol¬
The German subjugation
successively.
Italy's entrance into the war on the German side,
lowed by
partner of the Rome-Berlin
the Italian
cided
and
Denmark
invaded
and
altered
outlook
Germany
steamroller
ing about
Axis then de¬
Without bother¬
military ventures of his own.
upon
reasonable excuse, Premier Mussolini invaded
a
Greece, and at the same time started a vast military move
But the Greeks
British Empire forces in Africa.
against
beat back the Italians,
and in Africa a series of astounding
victories established the British firmly in
These events,
German
conquest
followed by
an
by
and
dom,
and
American
affected
the many lesser
The
aerial Blitzkrieg against the United King¬
of
blockades
the
established
Great Britain and the Reich.
The
European continent became virtu¬
of the
after the Italians entered
the war, and the
effect has been to cut American business with the congeries
of
European
States to
Britain
Great
a
Vast
fleet.
a
expanded
trickle.
mere
with
rapidity that
a
offset the loss of continental business.
the
Latin-American
trade
with
since
continental
Europe
no
But our trade writh
Moreover, American
nations
longer
just about
was
advanced rapidly,
in a
position
to
Difficulties of payment promptly
supply those countries.
A two-ocean
arrangements made to construct
expansion of aerial fighting power was
and
asked to expand
voted, and the business of the country was
meet these and other needs
with the most urgent rapidity to
voted by the last
than $17,000,000,000, and vast increases of taxation will fall far short of
meeting this requirement, which means that deficit financ¬
ing will increase sharply over even the heavy totals of
The defense expenditures
of government.
1940
in
at
calculated
are
more
recent years.
Industrial leaders of the United States
viewed these mat¬
The realization
optimism, but more caution.
ters with some
prevailed that a war economy occasions excesses of many
expansion
kinds, and efforts were made to adjust any plant
in such vital lines as the steel
term
industry to reasonable long-
Price advances were frowned upon, both in
prospects.
But shortages
will not be easy
enterprise has been
Washington and in many industrial circles.
began to develop here and there, and it
to
remedy
placed
and other
since new
Deal tax
As the year 1940 drew to its end, how¬
policies.
the
in
tended rapidly to
riers for freight
industrial
heavy
lines
war-supply
mount, and railroads are the natural car¬
It is
is
offerings originating in such lines.
basis that
this
them,
heavily disadvantageous basis by New
business
ever,
of
some
on a
degree of sound financial progress
a
expected in carrier circles.
1940 that
Events in
a
few days thereafter,
are
of peculiar interest to the rail¬
of the
tion measure which was
consolidations and reor¬
for four years to
displaced by such arrangements.
The principal
workers
feature
merce
must include compensation
of the
new
Commission
law is control
and
be
It is believed that competition
equalized under these controls.
relieved of the special
The railroads also
land-grant rates on Government
this is a
traffic, and in view of the vast defense program,
matter of considerable
all railroads
in
previously exercised over railroad
transportation.
motor
will
by the Interstate Com¬
of inland and coastal water carriers,
similar to that
manner
were
Under this
consideration.
modest benefits, which are
by a stipulation that
offset in part
ganizations
a
fashioned by the Legislature after
the railroads received
measure
Sept. 9, and the signature
bo-called omnibus transporta¬
months of argument and
many
importance.
Since March 24, 1940,
basic passen¬
again operated on the 2c. a mile
restored by the ICC, this order
affecting only the railroads of the East, where previous
rates were somewhat higher.
It is not apparent that carrier
rate ordered
traffic
ger
were
revenues
sharply
of the European continent was
of much
intensification
blockade
airtight
ally
control.
occurrences,
American business.
sentiment and
against each other by
British
proposd
was
navy
of course, the European
was,
was
though
as
the
only beginning to be observed.
are
consideration
primary
war.
Peace-time conscription was
American history.
roads included the enactment on
Rapid and abrupt changes marked the year 1940, and
The
is
viewed.
be
to
became one of all-out aid
program
unprecedented peace-time scope.
on
satisfaction,
official
The
aid.
matter
a
ments of the New Deal
These
was
of New Deal grasps for power.
increases of taxation failed to meet the require¬
entirely
Inordinate
was
change
that
and
activities,
Government
Federal
in
almost
in references to British
to
Great Britain, Greece ana China, which are the three coun¬
tries subjected to aggressive attacks.
And in the course of
these developments, Congress enacted defense measures of
dropped his "short of war" phrase
their
at
were
highest level last year, exceeding even the best years
War fever mounted rapidly
the start of 1941 Mr. Roosevelt
and at
in the United States
Republican
at least, over the
years,
Willkie.
aspirant, Wendell L.
Congress
sharply upward.
four
another
still
Roosevelt in November
The people chose Mr.
another term.
for
passenger
the
to
Freight
services.
carriers, water routes and air
motor
and
1185
& Financial Chronicle
The Commercial
152
Volume
Turning
tions,
we
affected to any great degree by this change.
now
to
the actual
statistics of railroad opera¬
find that gross earnings for the year
Class I railroads amounted to
1940 for 131
$4,287,446,017, against $3,987,-
625,975 in 1939, an increase of $299,820,042, or
good part of that gain was absorbed
costs,
7.52%.
A
by advanced operating
that the ratio of expenses to
but it is noteworthy
earnings dropped in 1940 to
71.85% from 73.01% in 1939,
although the latter figure in itself represented careful and
Much of the increase in gross thus
economical operation.
was
in
carried over to net earnings, which were
$1,200,734,953
1940, against $1,076,433,617 in 1939, an increase of
301,336,
the
or
totals
$130,-
In the following tabulation we show
for 1940 as compared to 1939, both for the full
12.10%.
annual periods and for the
six months,
first six months and the second
separately:
appeared everywhere, with the result that all-out American
aid
to
United
British
considerations.
of
form
Bank
forces
made
was
States, without regard
of
a
aid to
Financial
measure
providing
Washington
with
official cause
an
in
Latin-America
the
official
authority
took
the
Export-Import
to lend
$500,000,000
Mileage of 131 roads.....
Gross earnings
Operating expenses.
Ratio of exps. to earnings.
Net earnings
there.
far-reaching,
$1,206,734,953 $1,076,433,617 + $130,301
the European scene were equally
President Roosevelt last
ican
with the end not yet in
sight.
July violated the soundest of Amer¬
political traditions and maneuvered himself into a third
term nomination, on a
flimsy pretext of being "drafted" for
—0.29%
+ 7.52%
+ 5.82%
(73.01)
(71.85)
1940
and
Dec. (—)
Inc. ( + ) or
—683
233,464
232,781
$4,287,440,017 $3,987,625,975 + $299,820,042
+ 169,518,706
3,080.711,064 2,911,192,358
First Six Months
Political repercussions of
potent
1939
1940
the
to payment or to monetary
1939
,3361 + 12.10%
Second Six Months
1940
•
i
1939
$1,991,064,110 $1,800,532,143 $2,290,381,907 $2,187,093,832
1,513,764,006
1,587,359,032
1.493,352,032 1,397,428,352
Operating expenses..
Gross earnings.
Net earnings......
$497,712,078
$403,103,791
$709,022,875
$673,329,826
The Commercial & Financial Chronicle
1186
Our division
of
the earnings
especially instructive
the
effect
of
the
into semi-annual periods is
this occasion,
on
continual
it shows instantly
as
speeding of war
preparations
the carriers can
the
upon
In the first half of 1&40,
railroads.
it will
what from the levels established late in 1939.
of
heavy
few
months
first
sit
to
not
were
of
last
were
banner year,
tight
tendency
only
by the
its course, the tendency then
and await further
developments.
These
long in materializing, for the Blitzkrieg which the
Germans unleashed upon Scandinavia, the Low Countries and
France occasioned
British
sudden and frantic spurt of buying by
a
authorities.
French
orders
war
were
taken
over
by the British, who suddenly realized that confidence in
of attrition
war
misplaced.
was
As the
a
settled into its
war
way,
and
ponderously into
dizzying
a
pace,
war-dominated
a
Both gross and net earnings of the railroads
stimulated
sharply,
of
six
and
the
contrast
each
months
reflects
between
the
were
the
two
developments
clearly.
quite similar
1940 to those of the previous
snows
but
country,
there
expenses
account.
Modest floods
year.
scale noted
a
world
settled
into
months
of
were
major
no
incurred
were
by
disasters,
the
and
Europe
with
number
a
usually
to
gloss
over
to such controls,
moved
to
the
railroads
carriers
this
on
of
absorb
countries
good
a
in
part
continental
of the
excess
Government plans and controls
this highly important matter.
markets,
normally
the industrial
railroad
wrere
and
might
freight
receive
offerings
the
United
tables
we
1940 and
curtailed
were
for
sphere, while agriculture
relegated into the background.
was
the
that
1940,
tended
particular financial interest
Obviously enough, this
taken
to meet
all
fixed
charges, in
addition
to the
year,
entered
Erie
or
an
RR.
Dec.
on
order
dur¬
States
made
was
affairs of the
toward
District
January
February
_.
March
April
May
June
July
August
September.
November.
adjustment of
the
approving the respective reorganiza¬
The plan of the Chicago & Eastern Illinois
has
celerity
some
through
the
necessary in such matters.
detailed
Month
These
of
years,
much
some
in matters of this kind.
content of
some
of
Less
be
can
said
for
the
plans, for holders
of
some
types of securities receive scant consideration in vari¬
instances.
The
by the carriers in
business conditions
stimulating general
through their
study.
Each
branch
of
economic
activity
tributes to the satisfactory
operation of all others,
railroads are a vitally important link in
the chain.
ing by the carriers affords
thus
industries.
made
by
the
a
con¬
and the
Financ¬
good indication of the contribu¬
railroads
to
the
durable
goods
A modest
upswing is to be noted in this respect.
Total capital flotations for the railroads in
1940, as noted in
our
issue of Jan. 11, 1941, amounted to
$372,289,000. of
which $227,832,002 represented the
refunding
obligations, and $144,456,398
represented
rowing for equipment additions and
These figures
are
improvements
financing of $185,596,000
of
over
was
new
similar
of
existing
money
bor¬
requirements.
those for 1939,
when
divided into $100,638,000
refunding and $84,958,000 of new money issues.
But a
good deal of further improvement must lie witnessed
before
233.093
233,820
+ 13.18
233,704
+ 39,250,678
+ 13.94
+ 40,539,626
+ 13.42
233,010
232,976
232,924
232,819
+3.75
+23,063,725
+ 7.19
+ 10.06
+ 36,864,956
+ 10.72
+ 1,426,422
+0.37
—6,160,611
—1.47
+ 7,057,804
+ 1.92
+ 36,547,378
+ 10.61
232,786
232,750
232,772
232,708
232,632
232,629
232,439
Inc. (+) or Dec. (—)
278,600,985
250,510,207
1939
+ 12.94
+ 36,407,585
+ 11,783,505
367,571,031
344,463,789
305.232.033
233,617
233,547
233,530
233,399
233,383
233,379
233,373
233,369
233,321
233,162
Mileage
1939
+26,631,048
+ 9.56
+25,831,649
+ 10.31
1938
233,824
233,708
233,659
234,853
233,555
233,545
234,789
March
314,460,087
281,513,409
267,685,764
+ 13,827,645
+ 5.17
May..,
301,992,820
320,991,913
331.878.000
343.809.034
380.437.001
418,934,974
367,571,031
344,530,498
272,017,483
281,547,886
298,986,884
+ 29,975,337
+ 11.02
+ 39,444,027
+ 32,891,116
+ 14.01
233,404
234,739
234,694
234,527
+ 11.00
314,738,181
322,055,751
352,823,729
319,041.859
317,740,628
+ 29,070,853
+ 9.24
+ 18.13
233,396
233,384
234,294
June
July
August
November.
December..
282,514,278
+ 31.945,809
+ 11.31
+ 58,381,250
+ 66,111,245
+ 18.74
+ 48,529,172
+ 15.21
+ 26.789,870
+ 8.43
233,378
233,361
233,325
233,169
234,761
234,296
234,236
234,182
234,095
233,483
Net Earnings
Month
1940
1939
Increase (+) or Decrease (—)
$
February
April
.
S
5
88,052,852
72,888,743
78,332.834
75,627,655
January
72,810,660
+ 15,242,192
+ 20.93
56,242,821
74,688.343
+ 16,645,922
+29.60
+ 3,644,491
+21,204,832
+ 38,96
+25,296,308
+ 38.80
54,422,823
65,198,328
%
+ 4.88
May
90,494,636
June
92,310,358
104,023,611
113,832,028
122,391,572
129,871,715
—7,480,143
—5.76
136,866,261
115,868,592
148,098,290
111,985,513
—11,232,029
—7.58
November.
+ 3,883,079
+3.47
December
115.841,994
96.149,168
+ 19,692,826
+ 20.48
July..
August
September
.
October
Month
79,770,812
+ 12,539,546
+ 15.72
90,457,197
+ 13,566,414
+ 15.00
96,767,942
1939
January
February
+ 17,064,086
+ 17.64
1938
Increase (+) or Decrease (—)
S
72,811,019
56,242.842
$
%
46.609,996
35,711,887
+ 26,201,023
+ 56.21
+ 20,530,955
+ 57.49
74,688,342
54,100,286
+ 20,588,056
+ 38.06
54,422,823
65.168,331
79,770,820
48,717,237
55,486,333
63,937,412
+ 9,681,998
+ 17.45
+ 15,833,408
+ 24.76
77.317,123
85,703,240
+ 13,140,075
+ 16.99
90,543,128
110,994,564
+ 39,328,587
+ 43.44
+ 37,103,726
+ 33.43
88,374,743
85,631,949
+23,610,895
+ 26.72
+ 10,577,633
+ 12.35
March
April
90,457,198
96,767,942
129,871,715
June
July
August
September
148,098,290
111,985,638
November
December
ment, and in their improvement and maintenance
activities,
deserves
Milage
+ 39,486,247
418,934,974
276,341,856
..
purchases of equip¬
own
totals for
1940
+ 33,401,280
1938
February
October
part played
following
(—)
%
May
the reorganization
of the monthly
343.809.034
380,437,002
$
a
satisfactory trend than has been apparent for
more
the
litigation
indications of
are
largely
were
In
Inc. (4■) or Dec.
305.232.033
276,341,857
314,460,087
281,513,409
301,993,228
320,991,928
331,878,000
1939
January...
moving with
are
stages
344,718,280
312,749,442
326,243,592
320,764,087
342,532,854
344,055,653
365,279,280
380,673,990
381,863,424
412,774,363
374,628,835
381,011,167
March
Chicago & Northwestern, and the
completed, and various others finally
1939
Court
Chicago Milwaukee St. Paul & Pacific, but these plans are
temporarily pending appeals by certain debtor inter¬
plans.
developments.
heav$ labor
held up
ests from court orders
of fairly
in the preceding year, for
%
At the very end of
approving the reorganization plan of the
Progress
financial
30, the United
In compari¬
one
;
1940
October
measures
was
expectations
comparisons
levels,
the high expecta¬
1939:
M onth
September.
are
furnish
war
the course
lower
to
two of the autumn months
one or
Seasonal
the
1940
year
less than
revenues
by
the
conflict
present
April
was
than
more
be
Gross Earnings
December..
which
it will
buying in the
Front, during the
April,
to
States
never
the business improvement of 1940
costs and the exactions of tax collectors.
total
the
indicated.
reasons
con¬
situation that cries for correction.
tions
1939,
September,
in
When
the Western
on
1939, however,
ing 1940 to bring out of reorganization
proceedings various
great railroad systems which, during the
1930's, were unable
ous
1918.
steady gains, and only in
Owing
part of the agricultural production
In general,
reason.
Of
with
son
October
which
American production.
tinued
been
hostilities,
no
The agricultural year was favorable in almost all
munications
tion
of
period of several years in the first
a
to
stalemate
a
from
business
over
1914
of
war
and
parts of the country, with crops of sizable proportions. Dis¬
position of our agricultural surpluses
became more prob¬
lematic, owing to the cutting off of ordinary trade com¬
the
outbreak
expansion
Europe in
in
war
United States, in the expectation of business improvement
on
reported at various times in different parts of
were
undue
a
industrial
rapid
recalled, provoked a sharp rush of advance
superseded
Weather conditions, which often affect railroad
earnings
and operations to a considerable
degree, were
is
The
of
declaration of
a gen¬
distorted
was
tions that prevailed in the late months of 1939.
materials increased at
war
country moved
periods
over
1939.
September,
period
immediate
the
which
orders for
economy.
in
excited
improvement,
partly because of natural reaction from
the
the
following
toward
month-
on a
1940 and 1939 indicates
years
phase, and American defense preparations got under
new
in
refunding and $267,413,485
Comparison of the railroad earnings statistics
by-month basis for the
buying of the
and, the advance
year
the railroad financing totaled $796,058,900, of
eral
the
their due share
In 1936, which was far from a
$528,645,415 represented
first
in
1941
22,
represented new money.
some¬
Expectations
being realized
not
months having run
war
was
orders
war
be
to be contributing
lie said
the national economy.
to
which
recalled, the general business of the country receded
Feb.
We
96,209,582
+ 5,705,586
+ 11.71
+ 11,064,702
+ 12.91
turn
now to our
usual presentation of statistics re¬
lating to the activities of industry and agriculture, which
constitute the basis for railroad operations and
earnings.
It appears from the figures in the tabulation below that
car
rose
as
loadings of all
in about the
revenue
same
freight
the roads in
1940
proportion above the previous
year
over
did the gross earnings of the roads.
further
that
the
greater
amount
of
The figures reveal
traffic
was
largely
attributable to increased
activity of the iron and steel and
automobile industries, together with the resultant
greater
demand for bituminous coal.
Expanding activity in build¬
ing construction also
of lumber
was a
contributing factor, and accounts
shipments being up more than 7%.
Agricultural
products, however, with only minor exceptions, contributed
nothing toward the heavier freight movement, and traffic
in some items, notably cotton, was
considerably reduced.
Volume
1187
The Commercial & Financial Chronicle
152
PRINCIPALICHANGES IN NET EARNINGS FOR THE
1940
12 Months End. Dec. 30
1929
1932
1938
1939
ENDED
DEC.
31.
1940
12
MONTHS
COMPARED WITH THE YEAR PRE
CEDING
Automobile* (units):
Production
4,469,354
trucks, Ac.).a..
cars,
5,358,420
1,370,678
2,489,085
3,577,292
$15,108,787
Pennsylvania
New
Constr. contr. awarded b $4,003,957 $3,550,543 $3,196,928
$1,351,159 $5,750,291
449,592
393,065
344,630
309,709
532,591
50,024
Bituminous _c.
51,487
46,099
49,855
73,828
Pa. anthracite.d_
Car loadings, all (cars) _e
receipts,
36,353,609 33,911,498 30,457,078 28,179,952 52,827,935
Kansas City
Seaboard Air Line
NYNH& Hartford...
4,490,405
9.342,444
8,662,715
81,193
88,386
149,714
221,328
35,640
41,032
41,147
61,390
97,673
Reading...
27,904
27,506
51,140
81,253
Louisville & Nashville-.
2,585,541
2,535,981
21,314
23,476
20,807
19,451
34,689
351,602
232,531
361,809
341.703
277,391
453,536
214,980
326,701
150,616
64,005
91,638
82,115
272,497
140,617
87,257
98,403
92,830
91,232
17,748
22,172
22,562
8,155
62,492
25,398
12,428
15,908
14,737
16,291
24,578
174,117
173,998
236,345
208,016
221,457
barrels)
(000 bushels)
Barley (000 bushels)
Rye (000 bushels)
Northern Pacific
Chic Rock Isl & Pac—.
34,013
_
Lumber (000 feet):
11,483,578 10,794,572
12,297,182 11,359,555 10,014,700
12,563,818 11,406.991 10,158,219
received _m
United 8tates
ern
States
Mines,
e
stock yard companies
York Produce Exchange,
k "Iron Age".
I American Iron
m National
Lumber Manufacturers' Association (number
g Reported by major
piled from private telegraphic reports,
in each city,
h New
Institute,
Steel
and
increase in
The
gross
earnings last year was shared in
railroads, as many as 48
single road
by a large number of the Nation's
showing gains of $1,000,000 or more, and not a
showing
there
In the net classification
show increases of $1,000,000 or
decrease that large.
a
34 roads able to
were
and the Illinois Central was the single instance
more,
Of
size.
that
of
reduction
individual
the
country, the Pennsylvania stood out
in
increase
an
second
was
with
to
$8,769,731,
of
Pennsylvania's gain.
this basis,
with respect to net returns.
St.
Paul
&
in the net
much more than
not
half
9.17%.
1939 of
Missabe
Duluth
waukee St. Paul & Pacific,
group
we
the roads to conform
Commerce Commis¬
the different groups and regions
The boundaries of
1 TO DEC. 31
1940
1939
$
District and Region
Eastern District—
$
New England
168,491,828
Great Lakes region
796,875,239
913,814,989
region (10 roads).
'23 roads)..
Central Eastern region (18 rds.)
Inc. (4•) or Dec.
163,403,987
738,623,023
+ 5,087,841
+ 3.11
+ 58,252,216
+ 7.89
824,083,573
+89,731,416 + 10.89
1,879,182,056 1,726,110,583 + 153,071,473
Total (51 roads)
+ 8.87
+6.49
Southern District—
512,031,351
242,066,350
+ 33,245,004
273,273,047
818,549,402
Southern region (26
754,097,701
+64,451,701
+8.55
502,750,306
545,276,355
roads)
roads)...
Total (30roads).
+ 31,206,697 + 12.89
Western District—
Norfolk & Western, Balti¬
&
Iron
Range,
Chicago
459,437,377
+ 43,312,929
+ 9.43
Central Western region
776,881,775
745,744,388
+ 31,137,387
Southwestern region
310,082,478
302,235,926
+ 7,846,552
+4.18
+ 2.60
1,589.714,559 1,507,417,691
+ 82,296,868
+ 5.46
Total all districts (131 roads).. 4.287,446.017 3,987.625,975 + 299,820,042
+ 7.52
(15 roads).
(15 rds.)
(20 roads).
Total (50 roads)
Net Earnings
Mil¬
Chicago & North Western, and
percentages of their gross gains into net earnings.
the following
ment
all
and
PRINCIPAL
in
we
of $1,000,000,
IN
GROSS
ENDED DEC,
PRECEDING
31,
1940
1940
1939
$
Mileage
146.662,630
$
Inc. (+) or Dec.
Atlantic Coast Line..._
_
—
Seaboard Air Line
4,338,771
4.327,5*6
Delaware & Hudson
Boston & Maine
Central of Georgia
Clinchfield
4,168,971
Denver & Rio Gr West'n
Missouri Pacific
4,064,828
Spokane Portl & Seattle
Elgin Joliet & Eastern..
3,989,851
St Louis Southwestern.
Union Pacific..
3,910,887
3,441,942
3,248,000
Virginian
...
Grand Trunk Western__
N Y Chic & St Louis.
.
.
$2,988,697
2,811,9*#
Cincinnati Northern and
45,544,548
211,233,511
189,175,445
24,580
266,131,028
234,349,114
+ 5.31
+2,297,676
+22,058,066 + 11.66
+ 31,781,914 + 13.66
57,366
57,560
622,909,087
466,771,432
+ 56,137,655 + 12.03
38,230
38,397
140,773,520
133,941,300
Pocahontas reg'n
6.068
6,060
122,967,249
105,760,766
+ 17,206,483 + 16.27
44,298
44,457
263,740,769
239,702,066
+ 24,038,703 + 10.03
45,655
45,758
142,864,679
113,808,133
+ 29,056,546 +25.51
56,316
56,369
200.558,411
185,930,167
+ 14,628,244
+ 7.87
29.146
29,320
76.662,007
70,221,819
+ 6,440.188
+ 9.17
131,117 131,447
420,085,097
369,960,119
Total
43,246,873
Dist.
+6,832,220
+ 6.10
Western DistNorthwestern
region
2,774,377
2,628,024
Central Western
region
2,484,099
2.335.567
2,234,105
2,185.633
Southwestern
region—....
Total
2,120,850
2,078,336
1,799,812
1,499,448
1,487,471
1,437,537
1,351.144
1,322,821
1,256,710
l,2r2+40
1,197,372
1,146,156
1,073,245
1.032,037
$284,475,729
+ 60,124,978 + 13.55
+ 12.10
Total all dist'ts. 232,781 233,464 1206,734,953 1076,433,617 + 130,301.336
NOTE—Our grouping of the roads
Commerce
groups
Commsslon,
conforms to the classification of the Interstate
and the following Indicates the confines
of the different
and regions:
EASTERN
New England
Great Lakes
New England
a
Total (48 roads)
the operations of the New York Central and the
iines^—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Evansville Indianapolis & Terre Haute. Includ¬
ing Pittsburgh & Lake Erie, the result is an increase of $34,155,211.
These figures cover
leased
6,760
26,220
Total.
_
Pittsburgh & Lake Erie_
Bessemer & Lake Erie..
6.715
26,136
24,515
Cen. East, reg'n
Increase
_
4.832,202
4,696,044
(—)
%
Grt. Lakes reg'n
de¬
FOR
THE 12
COMPARED WITH THE
a29,459,167 Minn St P & S S Marie.
18,145,213 Pere Marquette
13,998.117 Western Maryland
Chesapeake & Ohio
Southern Pacific (2 rds.)
12,583,199 Illinois Central
12,113,493 Central of New Jersey..
Norfolk & Western
9.963,672 Chic Rock Isl & Pac...
Atch Top Sc Santa Fe_
Great Northern
9,959,773 N Y N H & Hartford...
9,653.371 Lehigh Valley
Louisville & Nashville.
8.918.004 Wheeling & Lake Erie..
Dul Miss & Iron Range.
7,500.209 Western Pacific
ChlcMilw StP& Pac._
7,053,427 Chicago Burl & Quincy_
Reading
6.059.455 Florida East Coast
Southern
5.549.847 Dela Lack & Western..
Chicago & North West'n
5,389.249 Wabash
Erie
Northern Pacific
$
Southern region.
or "
EARNING*
Baltimore & Ohio
—
1939
1940
Dist.-
New Eng. region
Southern
Increase
Pennsylvania
New York Central
Eastern
systems for
whether increases
both gross and net:
CHANGES
MONTHS
YEAR
In
bring together without further com¬
for the separate roads and
changes
in excess
amounts
creases.
table
(—)
$
$
Lehigh Valley also were able to translate very substan¬
tial
a
gain down to
indicated in the footnote to the table:
District & Region
the
District,
Southwestern
Our summary by groups is as below.
previously explained,
larger gains in their net than in their gross earn¬
The
ings.
The
Gross Earnings
Missabe & Iron Range, Chicago
Pacific,
Francisco in that these roads were able
Louis San
St.
the
Southern
percentage gain, only 2.6% in
SUMMARY BY GROUPS—JAN.
Chicago Rock Island & Pacific, St. Louis Southwestern, and
to report
the
but was able to carry over 80% of the
sion.
are
classification,
Particularly good results were reported by the
Fe.
Santa
of
with the classification of the Interstate
returns,
Southern Pacific, and the Atchison Topeka &
& Ohio,
part
a
percentage increases.
best
earnings, where, in consequence, it showed an increase
over
As
the
showed the poorest
region
gross,
net
region,
Pocahontas
showed
showed
dollar gain of any in both gross and net, but
the greatest
Northwestern region
more
In the smaller geo¬
graphical subdivisions, the Central Eastern region
Other roads showing substantial
gains included the Dulutli
Milwaukee
gains,
percentage
best
the
also, in gross earnings, but was second to the Western, on
Pocahontas region (4
the
dollar
that order, in both classifications.
showed
District
Eastern
re¬
of this amount, or $7,668,419.
Pennsylvania
the
increase
an
gross
showing larger gross
roads
of
list
the
District,
and net earnings, while the Western
increase in both gross
but was able to
The Chesapeake & Ohio RR., which was
into net earnings.
in
in
achievement
of $29,459,167,
translate only about a quarter
fourth
above all others in the
roads according to the
the
Central came nearest to
York
Pennsylvania's
the
with
New
The
net.
duplicating
ceipts,
the
Includ"
Terre Haute.
increase of $9,905,171.
District, the Southern District and the Western
$46,662,630 in gross earnings and $15,-
increase of
an
108,787
of
roads
improvement in earnings over the preceding year,
volume of
with
of a
$1,508,453
develops that the Eastern produced the greatest
it
the
varies in different years),
of reporting mills
of
results
and Southern followed, in
b F. W. Dodge Corp. (figures for 37
c National Bituminous
Coal Commission,
Association of American Railroads,
f Com¬
Mountains),
Rocky
of
east
d United States Bureau of
the
The
Bureau of the Census,
Decrease
.
geographical divisions of the country, the East¬
three great
6,988,691 19,533,564
Note—Figures In above table issued by:
.$119,189,654
roads).
Cincinnati Northern and Evansville Indianapolis &
5,772,613 20,267,035
7,169,421 19,731.520
9,467,747
Production, m
Shipments.m
Total (34
Illinois Central
ing Pittsburgh & Lake Erie, the result Is an
Iron & Steel (net tons):
Pig Iron production.k_. 46,815,906 35,317,374 21,036,104 9,728,860 47,360.320
Steel ingot production.!_ 65,246,953 51,584,986 31,071,292 14,921,573 60,829,752
Western Maryland
These figures cover the
Considering
receipts: h
1,313,313
1,289,981
1,154,471
1,139,612
rds)
operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
a
Seaboard flour and grain
Flour (000 barrels)
_
Grand Trunk Western.
h
Grain (000 bushels).
Pere Marquette
St L San Fran (2
Western Pacific
2,614,139
25.947
(cars)
(care)..
Corn (000 bushels)...
a
4,501,894
3,346,552
3.100,113
2,896,665
2,851,94z
Erie
5,526,957
Wheat (000 bushels)..
Orders
Southwestern.
4,661,759
80,766
Western flour and grain
Oats
St Louis
4,520,720
Southern Pacific (2 rds)
Bessemer & Lake Erie.
4,698,701
ports (bales) _f
Flour (000
Southern
_
Livestock receipts: g
receipts:
Minn St P & S S Marie.
Fe._
Chicago & North West'n
South¬
Chicago (care)..
Omaha
Atch Top & Santa
Baltimore & Ohio
2,439,238
2.236,752
1,689,510
1.671.632
1,657,580
1,603,186
1,549,950
1,445,557
Elgin Joliet & Eastern..
Pittsburgh & Lake Erie.
Lehigh Valley
5.641,740
.
Great Northern.
Freight Traffic:
ern
a7,668,419
7,276,706
5,841,879
5,651,557
5,445,489
York Central
Dul Miss & Iron Range.
Chic Milw St P & Pac..
Norfolk & Western
Coal (000 net tons):
$2,503,430
2,475,828
Missouri Pacific
8,769,731 Virginian
Chesapeake & Ohio
Building ($000):
Cotton
Increase
Increase
(passenger
DISTRICT
Region—Comprise? the New England States.
Region—Comprises the section on the Canadian boundary
and the westerly shore of Lake
line from Chicago via
Central Eastern
between
Michigan to Chicago, and north Of
Pittsburgh to New York.
Region—Comprises the section south of the Great Lakes
Region
and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va.,
and a line thence to the southwestern corner of Maryland and by the Potomac
east of a line from
River to its mouth.
Chicago through Peoria to St. Louis
The Commercial & Financial Chronicle
1188
RECEIPTS
SOUTHERN DISTRICT
OF
W. Va., and a line thence following the
of the Ohio River to a point near Kenova.
Pocahontas Region—Comprises
north of the southern boundary o;
the section
and the Ohio River north to Parkersburg, W. Va.,
east of Kentucky
Virginia,
southwestern corner of Maryland and
Houston
Corpus Chrlstl
Mobile
the section adjoining Canada lying west of the
line from Chicago to Omaha and thence to Portland,
Columbia River to the Pacific,
and by the
Chicago to Peoria and thence to fct. Louis, and north of a line
west of a line from
City and thence to EI Paso and by the Mexican boundary
from St. Louis to Kansas
to the Pacific.
■
St. Louis to Kansas City and thence to El Paso,
cf Mexico.
by the Rio Grande to the Gulf
and
traffic
Grain
753,143,000 bushels last
tial
to
1938, but did not reach the low 1937
1939 and 875,028,000 in
level of
dropped
from 789,€02,(XX) bushels in
year
It also exceeded by a substan¬
704,322,000 bushels.
margin the inconsiderable receipts of only 552,290,000
bushels in 1932, but was well below 1929's 954,540,000 bush¬
grain shipped in greater volume last year
The only
els.
than in 1939
receipts of which amounted to 232,-
was corn,
Oats receipts showed
reduc¬
the most marked
tion, falling to 64,005,000 bushels last year from 91,638,000
bushels
a
314,(XX)
barrels
subjoined
traffic,
and
23,476,000
from
barrels
for
form,
usual
our
dropped to 21,-
receipts
1939.
in
In
the details of the Western
table we give
in
Flour
previous.
year
Norfolk
the
grain
weeks
1940
of
WESTERN FLOUR AND
GRAIN RECEIPTS
Year Ended Dec. 28
Jacksonville
Flour
Chicago..,
Wheat
Corn
Oats
0bbls.)
(bush.)
(bush.)
(bush.)
1940
—■
10,819
11,567
28,125
90,751
17,599
22,035
20,693
26,533
3,714
11939
1939
Duluth
19,825
93,601
52,831
51,457
2,336
4,062
13,291
11,997
18,030
12,231
13^389
10,730
7,231
21,785
1,161
1.1939
*829
1939
853
1940
...
-
wm
.1940
...
Toledo,
84,901
1940
.
Milwaukee
26,716
32 111,753
1940
Minneapolis
'
.
"'13
1939
Indianapolis and Omaha..
1940
1939
22
27,719
St. Louis
1940
6,353
6,679
18,929
26,554
2,736
2,612
69,506
79,594
19
1939
1940
Kansas City.............
1940
2,037
2,214
1,225
1939
1,029
St. Joseph
1940
Peoria
...J
1939
.
'
;
.»
-
«.
38
1939
Wichita...
6,886
-
1939
Sioux City--.......
'mm
1940
m
am
+
m.
+
—
1939
Last
;
.
...1
.
(bush.)
2,663
2,015
660
50.140
904
5,306
128
219
37,472
33,676
6,288
825
9,342
647
12,015
3,730
310
2,012
13,320
21,799
21,293
15,831
11,631
3,752
3,509
264
2,044
3,414
3,063
2,988
Wheat
receipts
year
1939,
in
as
cars
in 1939, and only
ing table
LOADING
2,289
m-
m.
5
2
80
19
50
39
3,319
3,067
508
147
"772
1,025
188
720
64,005
17,748
91,638
15
11992038864655
V..'.,"'yy'[
—'
REVENUE
OF
98.403
22,172
about
corn
rose
bushels in 1938.
year
Flour
amounted
174,117,000
to
number of years in 1940, amounting to only
comparison
14,737,000 barrels
15,908,000
with
in
1938.
The
grain movement for the past five
barrels
details
years are
of
in
1939
the
and
seaboard
tabulated below
:
1940
Receipts of—
1939
1938
1937
WEEKS
1936
bbls.
Wheat.
bush.
Corn..
"
Oats
"
Barley.
Rye—.......
"
"
Total grain..
...
12,428,000
15,908,000
14,737,000
14,200,000
15,233,000
126,475,000 126,508,000 132,237,000 103,833,000 140,947,000
40,397,000 27,557,000 90,380,000 35,652,000 13,066,000
3,729,000
6,039,000
7,598,000
6,491,000
7,932,000
1,255,000
10,995,000
2,662,000
12,309,000
3,917,000
2,261,000
2,899,000
3,468,000
6,765,000
4,581,000
174,117,000 173,998,000 236,345.000 165,050.000 170,443,000
...
...
1913
...
1914
...
...
'
1918
...
...
...
1919
portant item of traffic
4,698,701
as
low
bales
as
over
last year,
1938's
the Southern roads, dropped to
15%
below
4,490,405 bales.
1939,
but
Last year's
quite
not
small
port
receipts of the staple were a reflection of the contracting
export market in the second half of the year.
ment
years,
overland
more
favorably
with
The
move¬
preceding
aggregating 1,508,901 bales, compared with 1,319,543
bales in 1939 and
1,389,115 bales in 1938.
The port
mover
1921
1922
1924
1925
1927
...
for
the
past five years is outlined in the subjoined
table:
a
summary
of the
Mileage
...
...
...
...
1929
6,339,246,882
5,335,131,510
...
1930
1934
1935
1937
1940
...
4,230,360,663
3,157,463,014
3,128,862,541
3,267,044,444
3,445,521,612
4,046,637,111
4,158,453,384
3,558,925,166
3,987,692,675
4,287,446,017
...
...
...
...
...
...
...
...
...
4,915,516,917
Per
Year
Given
Cent
PrececPg
+ 9.42
—301,749,724
+ 282,453,959
+ 239,011,258
—30,024,816
+221,579,969
+ 142,521,797
—208,178,035
+ 152,539,765
+ 547,647,836
+ 430,679,120
+863,892,744
—11.89
199.726
+ 12.16
228,508
237,554
241,423
239,691
242,931
246,356
249,081
249,098
250,193
233,014
233,985
235.765
235,690
235,654
235,461
234,795
+ 258,130,137
5,178,639,216
6,216,050,959
5,478,828,452
5,608,371,650
6,332,874,535
5,977,687,410
6,169,453,120
6,448,564,574
6,198,384,829
6,176,941,101
6,349,330,347
5.335,664,398
4.229.261.833
3,156,755,105
3,091,492,502
3,267,164,788
3,445,337,606
4,044,634,921
4,158,453,384
3.558.263.834
3,987,625,975
Year
+ $196,906,154
+ 9.20
—1.06
+ 7.94
+4.72
—6.54
+5.06
+ 17.36
+ 11.62
+21.40
+ 5.25
+ 1,026,235,925 + 19.82
—664,027,980 —10.68
+ 43,693,964
+0.80
+ 733,687,222 + 13.08
—371,687,892
+ 199,593,392
+266,086,139
253,305,228
—30,265,342
+ 162,305,781
—1,014,198,837
—1,105,303,735
—1,071,798,819
—27,892,564
+ 175,551,942
+ 178,356,824
+601,299,505
+ 113,818,463
—599,528,218
+429,428,841
+299,820,042
—5.87
+3.34
173,028
+ 12.07
236,330
236,891
238,527
240,626
241,625
242,517
242,764
242,043
241,111
239,075
237,659
236,759
235,413
234,482
233,468
+ 7.52
232,781
+ 4.31
—3.93
—
Net
—0.49
+2.63
—15.97
—20.72
—25.34
—0.88
+5.68
+ 5.46
+ 17.45
+ 2.81
—14.42
171,316
197,237
225,027
233,829
238,275
236.000
239,625
243,636
247,936
247,868
249,879
232,639
234,264
234,579
234,777
235,338
235,705
234,622
236,139
235,809
237,799
239,536
239,482
242,169
242,582
242,056
225,053
240,840
238,960
237,918
235,991
235,470
234,436
233,464
Earnings
Year
Year
Year
Given
Preceding
Increase
(+) or
(—)
Decrease
Per
Cent
—
.
1913.—
$660,753,545
$665 280,191
694,999,048
_
1911—_
748 370,244
—53,371,196
—7.13
901,726,065
909,470,059
883,626,478
937,968,711
907,022,312
750 685,733
+ 151,040,332
+20.12
+ 1.00
828,522,941
1,040,304,301
1917—
1918.
1919—
1920.--
—
1921
1,272,639,742
1,215,110,554
905,794,715
764,578,730
461,922,776
900
—$4,526,646
—0.68
473,211
+8,996,848
907 914,866
—24,288,388
+60,350,833
—33,487,100
—75,925,113
+211,653,900
+236,623,427
—60,079,749
—284,771,620
—23.92
—143,479,608
—303,953,253
—15.80
—39.69
+ 138.38
877 617,878
940 509,412
904 448,054
828 650,401
1,036 016,315
1,275 190,303
1,190 566,335
908 058,338
765 876,029
—2.69
+6.88
—3.56
—8.39
+ 25.54
+22.84
—4.71
958,653,357
1923.—
1926.
—
—
1927—
1930—
1931
Dec. (—)
6,342,058,872
5,961,186,643
6,177,280,802
6,435,539,259
6,195,259.346
6,168,119,487
...
1928
Preceding
5,522,522,416
...
...
—
.
402 150,071
+556,503,286
1,141,598,071
1,410,968,636
951 497,925
1,161 243,340
1,409 433,583
1,428 508,949
1,602 513,558
1,735 075,393
1,600 897,886
+ 190,100,146
+ 19.98
+249,725,296
+21.50
1,424,240,614
1,604,400,124
1,731,509,130
1,579,621,895
1,706,067,669
1,798,200,253
1,367,577,221
971,654,527
1932-,.-.
733,368,461
859,639,828
830,442,174
1934—
1939.—
859,473,948
1,121,241,272
1,047,043,870
843,060,935
1,076,494,031
1940
1.206,734.953
1937—
1938
ment
furnish
Inc. (+) or
1933
compared
we
Year
5,173.647,054
6,204,875,141
5,552,022,979
...
1922—
The cotton movement to Southern ports, which is an im¬
1,804,767
759,092
back to and including 1907:
$2,287,501,605 $2,090,595,451
2,235,164,873 2,536,914,597
2,605,003,302 2,322,549,343
2,836,795,091 2,597,783,833
2,805,084,723 2,835,109,539
3,012,390,205 2,790,810,236
3,162,451,434 3,019,929,637
2,972,614,302 3,180,792,337
3,166,214,616 3,013,674,851
3,702,940,241 3,156,292,405
4,138,433,260 3,707,754,140
4,900,759,309 4,036,866,565
...
1912.
Flour..
413,686
1,584,336
Given
1907.—
GRAIN AND FLOUR RECEIPTS AT SEABOARD PORTS FOR 52
694,246
6,082,520
1936
1,788,966
721,601
6,976,938
507,817
1,828,032
2,207,632
1,967,318
702,920
Gross Earnings
1915
1939
12,428,000 bar¬
1937
1938
1939
1,940,064
the table which follows
1933
a
RAILROADS OF THE
WEEKS
36,353,609 33,911,498 30,457.078 37,670,464 36,109,112
1910
and
receipts dropped to the lowest in
THE
52
Year
1912
1938
last
ON
STATES FOR
1,800,201
.
each year
1931
Port receipts
In the follow¬
5,540,739
6,937,416
480.043
274,639
1,417,869
1,682,682
1,615,036
2,145,375
845,965
1,623,008
7,679,410 7,830,935 7,681,847 8,465,868 8,275,977
14,856,174 13,750,675 12,025,781 15,173,610 14,546,227
—
Ore
same
considerably
1938.
1,615,036
from
in 1938.
cars
FREIGHT
1940
Coke..
1926
the
845,965
in
cars
to 2,145,375 cars
1,834,154
685,498
6,804,069
548,728
products..
Coal
compared with 173,998,000 bushels in 1939 and 236,345,000
grains
in
>.
Livestock.
1923
87,257
to 6,804,069 cars
rose
5,540,739
give the details regarding the separate items
we
Grain and grain
1920
'
Coal
and
(Number of Cars)
1936
rels,
increased
UNITED
1917
-
1939
going to make up the grand totals:
1916
m.
in
shipments
bushels,
all
cars
Ore
1911
*125
1,573
1,933
thereby offset losses in oats, barley and rye.
of
Coal, coke, forest products and ore were
cars.
6,082,520
from
1908
162
834
2,408
aggregated
while
6,351,430 6.154,501
freight aggregated
revenue
the chief factors in the increase.
1932
last
4,151
33,911,498 cars and nearly 20% above the 1938 total of
1909
63
754
3,619
1,154
all
loadings of
year's
30,457,078
1907
181
189
Grain receipts at seaboard ports, however, were in slightly
1938.
44,042
Year
6,3 5
7,924
23,081
21,439
greater volume than in 1939, while remaining substantially
below
4,025
yearly comparisons as to both gross and net earnings for
11,888
12,687
39,436
8,864
433
21,314 351,602 232,531
23,476 361,809 214,980
1939
6,043
30,353,609 cars, 7.2% more than the preceding year's total
In
Barley
9,569
1,489
1940
Total all
Rye
(bush.)
12,529
2,928
4,475
1,129
10,966
4,726
6,103
6,672
22,869
29,336
1,565
1940
:
57,930
22,527
61,719
23,692
42,904
Total...-.-.bales. 4,698,701 5,526,957 4,490,405 6,810,207
Total
Year
(000 Omitted)
■
2,199
30,303
1,867
Merchandise, L. C. L
Miscellaneous
1939:
■:
19.013
22*4*179
54,629
76,522
21,382
Forest products-
52
the
29,311
16*6*156
198*,704
43,280
11,341
146
-
531,000 bushels, compared with 214,980,000 bushels the year
previous.
4*8*692
45,239
37,734
Wilmington..
of
railroads
Western
the
over
36*238
26,384
9,497
Charleston.
Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from
10,529
15,949
Gulf port
>
,
Southwestern
&c
Savannah
Lake Charles...
(
section south of the Northwestern Region
Central Western Region—Comprises the
40,578
16,171
30*733
17*912
18*990
19*.708
53,049
25,227
1.622,095 1,743,992 1,233,937 2,156,615 1,912.923 1,639.303
358,658
249,599
107,228
324,300
126,869
106,067
123,667
85.629
7,821
33,689
14,833
21,059
296,617
141,582
48,565
165,428
56,423
69,977
-
Orleans
Pensacola,
Great Lakes Region, north of a
—
Brownsville.--New
WESTERN DISTRICT
Northwestern Region—Comprises
992,204 1,447,678 1,265.709 1,695,962 1,812,836 1,452,743
1,601,862 1,656,497 1,283,973 1,592,417 1,524,849 1,586,829
313,122
314,700
457,718
370,729
273,008
153,800
Galveston. _—bales.
Beaumont
its mouth.
thence by the Potomac River to
1935
1936
1937
1938
1939
1940
Ports
Atlantic.
of Kentucky and the southern boundary of Virginia to the
and south of a line from Parkersburg to the
1 TO
1935 TO 1940, INCLUSIVE
of the Mississippi River and south
Southern Region—Comprises the section east
eastern boundary
31,
1941
22,
SOUTHERN PORTS FROM JAN.
AT
COTTON
DEC.
Feb.
-
1,706, 917,540
1,799 945,914
+ 14,807,031
+ 1.05
+ 175,891,175
+ 128,995,572
+ 12.31
+8.05
—155,453,498
—8.96
+ 105,169,783
+6.57
+ 91,282,713
+5.35
—432,368,693
—24.02
1,367 459,116
977 800,101
733 168,657
846 ,562,604
833 545,337
—395,804,589
—244,431,640
—28.94
—25.00
+ 126,471,171
+ 17.25
16,120,430
+25,928,611
—1.90
858 ,417.431
+262,823,841
+ 30.62
1,121 ,154,894
74,111,024
—203,982,327
+233,360,147
—6.61
—19.48
+ 130,301,336
+ 12.10
1,047 ,043,262
843 ,133,884
1,076 ,433.617
—
-
+ 3.11
+27.68
Volume
We
as
same
add
now
calendar
our
detailed
classified
years,
in the table
and
districts
last
separately:
the
1940
$
Norfolk & Western.
Virginian
31
(4roads)...273,273,047 242,066,350 122,967,249
Total
$
$
+8,769,731
49,862,432
58,632,163
47,648,297
2,687,325
13,999,464
118,722,054
105,228,621
93,115,128
9,678,351
8,752,235
25,645,904
21,476,933
Inc. or Dec.
1939
1940
$
Region—
Chesapeake & Ohio.132,720,171
••,
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO DEC.
1939
$
Pocahontas
j
above, and giving the figures for each
;
-Net-
-Gross-
two
regions,
the
for
statement
by
Richm Fred & Po—
road
1189
The Commercial & Financial Chronicle
152
41,996,740 +5,651,557
2,377,958
+309,367
11,523,636 + 2,475,828
105,760,766 +17206,483
Eastern District
New England
1940
1939
S
$
4,871,451
1,184,917
46,341,082
13,339,801
-
'•
13,207,169
Region—
1,434,432
Central Vermont.
-----
def4,841
def77,604
+ 72,763
5,801,709
1,473,308
1,124,996
+ 348,312
—
.,
2,323,749
949,691
435,867
+513,824
1,155,921
1,014,422
defl49,448
def264,316
+114,868
C P Lines in Me—See New England
2,327,828
28,163,238
504,872
7,917,810
+ 194,993
309,879
6,260,230 + 1,657,580
829,240
Chic & North West. 92,800,307
798,188
251,400
17,246,294
+ 55,700
195,700
14,975,587 + 4,661,759
+ 204,495
2,922,148
+ 242,931
5,222,436
21,363,566 + 5,841,879
9,969,588 + 7,276,706
35,841,423
31,320,703 + 4,520,720
510,734
2,478,682
17,099,370
2,931,925
+ 39,644
471,090
+ 502,285
1,806,702
+ 358,238
2,120,444
14,202,705 + 2,896,665
+ 481,045
2,450,880
(15roads)..502,750,306 459,437,377 142,864,679
113,808,133 +29056,546
MStP&SSM..
Spokane
11,990,440
3,312,014
3,485,456
85,604,109
23,404,873
21,959,316
+1,445,557
N Y Ont & West—See Great Lakes region
2,503,397
1,811,271
222,962
163,403,987
roads)..168,491,828
106,875,380
18,636,680
91.783,373
3,126,643
5,465,367
27,205,445
45,544,548
1,656,724
403,300
43,246,873
+ 154,547
-—180,338
Green Bay & West..
Lake 3up & Ishpem.
+2,297,675
1,769,111
Minn & St Louis...
j
S
V
571,446
1,439,548
1,587,464
Inc. or Dec.
1939
1940
1939
1940
.++•;
y-A'"'
464,343
Total
Jg
+107,103
Atch
Dul Winn & Pac—See Northwestern region
21,801,895
_
6,579,583
4,043,602
7,831,850
12,467,897
7,865,716
11,919,431
233,146
+548,466
—33,866
226,052
3,284,540
1,992,528
1,570,356
+ 131,111
81,217,363
24,944,566
3,198,702
1,729,534
4,427,029
Lehigh Valley...... 47,479,837
Monongahela...
4,943,625
Montour
2,222,563
3,005,614
1,594,002
4,286,652
45,358,987
4,155,889
1,940,055
1,138,208
1,007,097
587,643
501,029
N Y Susq & West.
1,520,634
12,566,741
2,490,851
777,195
Hartford—See New England region
& West.
5,466,415
6,014,157
169,568
494,632
25,245,898
1,628,503
1,718,398
4,809,678
599,837
370,545,875 341,086,708
23,947,038
19,250,994
N Y Chic & St Louis 46,423,402
43,175,402
Pitts & Lake Erie.
84,202,476
3,478,671
15,311,983
8,067,193
14,615,828
6,753,880
373,196
82,231
405,359
281,075
23,201
3,266,653
3,275,791
Southwestern region
Pacific.177,117,783 166,623,094
50,437,954
Texas & N O—See Southwestern region
799,641
Tol Peoria & West..
2,373,260
2,281,623
47,215,146
Union Pacific......168,164,258 164,253,371
Southern
998,157
1,252,619
+ 124,284
—254,462
702,699
994,123
3,670,690
4,141,148
46,013,670
3,964,804
892,264
792,053
44,662,526
11,308,125
10,417,386
Pitts & W Va._—
+
+2,236,752
+696,155
Utah
+ 1,313,313
Western Pacific
Total
roads)..796,875,239 738,623,023 211,233,511
+100,211
+890,739
1940
1939
1940
Central Eastern
::
$
Region—
2,048,252
2,388,573
189,175,445 +22058,066
728,751
1939
$
634,726
Inc. or Dec.
Kansas Okla & Gulf
$
Louisiana & Ark.—
+94,025
Midland
46,574.666
41,129,177
1,647,228
94,483
13,687,456
15,336,251
9.649.187
3,455,049
1.735.188
167,915
6,302,635
Mo-Kansas-Texas-.
+5,445,489
1,614,680
18,026,227
Chic & East Illinois. 15,688,059
Chic & 111 Midland.
4,771,529
+3,346,552
Mo Pac System—See
Missouri Illinois..
3,496,540
1,257,098
2,003,787
6,702,308
2,990,547
1,074,345
2,760,649
2,730,676
1,469,686
11,416,814
11,349,852
Missouri-Illinois—See Central Eastern region
Missouri Pacific.. 87,124,189
83,059,361
20,036,510
641,229
2,378,506
NOTex&Mex—
2,353,002
2,215,529
7,098,775
St L Brownsv & M
7,009,943
def36,370
1,392,041
S A Uvalde & Gulf
1,169,015
7,716,629
26,454,096
Texas & Pacific— 26,496,558
60,252
404,056
Okia City-Ada-Atoka
294,444
+606,036
18,148,239
5,901,780
8,351,486
2,048,424
5,912,248
2,024,197
+2,439,238
+24,227
Southwestern region
2,238,527
2,251,238
982,596
1,071,496
—88,900
.
6,016,902
35,882,986
Reading
63,797,976
Western Marvland. 19,146,204
5,830,236
33,547,419
56,744,549
16,518,180
16,997,566
14,919,230
....
Wheeling &L Erie..
def404,028
8,539,155
19,745,999
6,807,423
5,693,400
175,245
9,183,581
17,131,860
5,667,811
4,782,586
Southern Pacific—See
Texas & New Orl.
—579,273
—644,426
+2,614,139
+1,139,612
+910,814
Texas
trict
Total
Dte:
roads)...1879182056 1726110,583 522,909,087 466,771,432 + 56137,655
Eastern
1940
1939
S
$
3 ,445,742
305,752
Charles & W Caro
2 481,511
10,520,475
718,158
Clinchfield....—
473 836
7 276,464
4,456,364
Georgia.—__—
4 ,087,432
Louisv & Nash v.. 98 ,001,627
,742,674
860,825
88 348,256
25,944,262
Atl Coast Line—
Nash Chatt & St L
Ala..
Columbus & Greenv
Florida East Coast.
Georgia & Florida..
Gulf Mobile & Ohio.
1
,819,046
324,293
47 ,099,287
3
827,811
3,482,740
747,958
1 411,642
9 ,261,367
1 ,194,319
349,489
14
15 ,632,633
1 ,845,005
1 ,177,721
10 ,748,838
1 ,153,538
18 ,701,182
1
190,196
—114,966
+43,319
+92,968
—12,080
3,766,988
+689,376
729,330
+131,495
23,358,721 +2,585,541
3,178,956'
+303,784
292,475
+57,014
217,424
—27,228
420,718
2,407,155
2,127,822
146,535
4,798,090
1,970,313
+438,492
122,203
41,288
+80,915
96,359,355
23,567,454
15,011,497
863,319
4,732,677
100,632
110,027
4,626,867
870,425
966,429
bonds
many.
+ 420,138
+ 1,436
1076433,617 + 130301336
Market
4,648,242
9,220,202
7,670,252
7,677,582
2,746,503
17,788,489
7,067,888
2,461,678
6,864,138
18, ,320,382
2, ,982,334
3 ,359,932
105 ,905,395
Tennessee CeHtral..
2, 589,413
N O & Northeast.
'
864,552
409,949
3,107,907
1,345,379
99,845,940
33,035,214
1,190,181
31,432,028
2,462,150
655,483
625,090
2,309,592
is
expected
be
to
are
offering being as yet unknown.
much of a premium in
going around as to how
of
similar maturity,
will command over tax-free
being expected by
about %%
The Treasury bond market has been very
>
% to 131; Virginian Ry. 3%s, 1960, at
Medium-grade and speculative rail
Chicago Burlington &
96
;
+ 6,832,220
107 were unchanged.
bonds registered losses.
Quincy, 111. Div., 4s, 1949, fell 2^ to
Northern Pacific 5s, 2047,
Baltimore & Ohio junior issues,
roads)..545,276,355 512,031,351 140,773,520 133,941,300
quiet this
tended to lose ground.
Other corporate bonds have been moderately reactionary.
High-grade railroad bonds have lost ground and receded
to new 1941 lows.
Chesapeake & Ohio 4%s, 1992, declined
+84,435
—9,395
—96,004
+1,549,950
+284,825
+203,750
+454,603
'+155,198
+1,603,186
+30,393
raising
subject to Federal
announced next Tuesday.
week, and high-grade corporate^ have
25,075,907 —1,508.453
44,163,420
,225,000
Southern..
Total (26
4,012,195 +1,671,632
11,414,148
194,348
financing under the new law
yield the new issue or issues
Southern System—
Ga South & Fla._
+234,971
—78,897
$1,200,000,000 will be sold for refunding March ma¬
Guesses
—395,696
2,408,805
1,134,564
,559,247
Seaboard Air Line— 48 ,490,966
Cin N O & Tex P.
+ 9,521
—244,204
—177,322
and making all new issues
turities, the details of the
—72,535
4,402,394
tax
income
About
+279,333
74,000
15,363,757
4
8
..4287446017 3987625,975 1206734,953
the debt limit
280,974
10,427,507
730,238
18, 660,835
16 ,566,197
Gulf & Ship Island
1 ,289,761
Illinois Central... 98 ,843,454
Yazoo & Miss Vail 15 ,422,956
842,225
Mississippi Central.
Central of Georgia
Ala Gt Southern.
631,708
2,459,733
140,952
7,481,658
139,149
369,960,119 + 50124,978
The first Treasury
Illinois Central System-
Norfolk & Southern.
17,533,080 +2,503,430
districts
all
(131 roads)
8
,455,361
,927,173
,087,984
,586,763
Atlanta & W Point
—9,520
+29,162
1,083,865
1,440,524
Inc. or Dec.
$
7,325,308 + 1,416,715
—126,734
301,718
+405,792
5,004,919
—196,049
1,421,938
+ 136,451
2,756,954
—48,489
636,443
+ 21,891
200,743
+639,119
5,849,865
Dis-
The Course of the Bond
1939
$
'
70,221,819 +6,440,188
-Net-
1940
Southern Region—
Atl Coast Line Sys—
Atl Birm & Coast.
•
76,662,007
roads)..310,082,478 302,235,926
Western
District
-Gross-
$
/
(50roads)...15897l4559 1507417,691 420,085,097
Total (20
Total
roads)..913,814,989 824,083,573 266,131,028 234,349,114 + 31781,914
Southern
20,642,003
19,609,966 • 5,683,827
Central Western region
45,660,037
43,571,527
11,834,286
Mexican—.
974,774
933,196
195,784
St L Southwestern
Reading System—
Central of N J...
Pac—See Central Western region
Northwestern
6,451,394
6,387,722
+63,672
25,229,208
25,558,213
.477,593,408 430,930,778 139,138,730 124,029,943 +15108,787
Penn Read SSL.
Inc. or Dec.
192,571* —168,855
Southern Pacific Sys—
Pennsylvania System—
Island...
8,742,023
174,984
5,410,711
1,225,889
2,893,405
587,954
222,634
6,488,984
Internat Gt Nor..
+478,090
+938,755
3,596,583
45,685,303
1,589,981
13,384,889
2,707,681
7,690,340
1,402,898
1,107,939
28,170,695
BeaumSL&W..
—41,491
2,942,542
23,716
■:
Missouri Pac System—
—73,432
3,919,833
9,362,131
9,495,173
Det Tol & Ironton..
7,540,197
Elgin Joliet & East. 22.138,090
Illinois Terminal
6,074,219
Cbic Ind & Louisv..
Valley
Missouri & Arkansas
179,175,465 161,030,252
Staten Isl Rap Tr
791,036
+8,605
46,394,783
+820,363
151,280
+17,108
3,691,225 +1,154,471
$
46,293,895
1,366,186
14,382,380
2,248,133
8,320,858
1,341,403
1,201,742
27,892,594
St L S F & Texas'.
Kansas City South.
Alton—See Central Western region
Bait & Ohio
+38,226
+4,081,756
1939
1,417,213
'
,
Frisco Lines—
Bait & Ohio System
Bessemer &L Erie..
defl5,025
46,356,198
-Net
1940
$
1,230,794
Region—
Burlington-Rock Isl
..I
St L-San Fran...
.
4,845,696
1939
$
1940
Southwestern
■-
—Net
-Gross-
Akron Canton <fc Y.
+ 74,185
+2,851,942
200,558,411 185,930,167 +14628,244
(15roads)..776,881,775 745,744,388
-Gross-
.
Pennsylvania.
168,388
823,326
16,689,989
864,351
18,489,801
Wabash System—
Ann Arbor.
329,776
15,458,536
+290,965
30,232,639
Pitts Shawm & Nor.
18,310,478
—42,852
+ 930,646
—18,715
Southern Pacific System—
+ 7,668,419
5,715,423
91,870,895
1,240,175
1,235,639
4,157,852
Pitts & Shawmut
666,893
78,467,818
+ 531,471
—530,575
St L Southwestern—See
33,007,016
Pere Marquette
Northern..
Chicago RI & Pac..
581,122
403,961
Northwest Pac
N Y Central
West Ry of
25,777,369
1,097,928
1,675,546
5,740,324
6,505,491
6,007,703
25,073,039
2,290,818
Nevada
N Y Central Lines—
trict (51
—930,127
96,131,794
Ft Worth & D C.
N Y N H &
Total
4,064,782
6,577,782
5,878,382
26,219,195
2,363,251
746,404
80,701,923
Denver & Salt Lake.
New Haven System—
Total (18
3,134,655
16,622,809
region
Central Eastern region
97,631,242
Den & Rio Gr West.
—325,064
—
j
..
+5,641,740
Colo & Southern.
+
2,962,011
915,735
1,647,578
14,256,251
' 1
•
34,705,262
Burlington Route—
86,614
+ 126,944
+ 1,689,510
+ 471,160
+ 138,540
Lehigh & Hud River
Lehigh & New Engl.
j
40,347,002
16,474,713
Staten Isl Rapid Tr—See
+422,172
86,606,612
,y
Bait & Ohio—See Central Eastern
+3,100,113
21,844,453
Long
1
Ch Burl & Quincy
Erie System—
Erie
Inc. or Dec.
1939
;
S
:
Alton
■:
—7,094
876,809
:
;
'
Bait & Ohio System—
+2,535,981
25,452,489
50,454,438
25,243,837
26,775.310
51,891,975
Detroit & Mackinac
849,681
Det & Tol Sh Line.
3,740,840
Grand Trk West.
Del Lack & Western
'
1940
'i ft "•
■>/;': V 8: ^
Top & S Fe... 170,003,639 160,039,967
Region—
v
1939
1940
Central Western
Can Nat Line in N E—See New England region
Central Vermont—See New England region
.-A-
-Net-
-Gross-
Can Nat System-
•
2,308,987
63,882,432
8,645,562
9,718,807
Spokane Portl & S__
—
1,696,275
2,932,258
9,215,137
3,583,977
9,699,774
68,714,634
Northern Pacific
-Net—
-Gross'
Cambria & Indiana.
18,128,103
27,554,684
Great Northern____101,743,146
Dul Missabe & I R.
3,456,841
2,627,995
3,513,726
Connecting...
Rutland......
19,637,346
17,751,689
ChicStPM&O.
New Haven System—
NYNH&Hartf.
87,250,460
Chic Mil St P& Pac 114,375,589
—173,442
83,418,476
12,157,074
Internat
18,078,966
Chic Great Western 18,748,596
Spokane Internation—See Northwestern region
Maine Central
Total (23
region
2,620,309
30,975,218
Dul SoSh& Atl..
Minn St P & S S M—See Northwestern region
Wabash
+121,906
216,475
338,381
region
C P Lines in Vt—See New England region
Dul So Sh & Atl—See Northwestern region
N Y Ont
$
Grand Trunk Western—See Great Lakes
2,982,780
__
Vermont
Del & Hudson
Inc. or Dec.
$
Can Pac System—
Can Pac Lines in
Region—
1939
$
1,350,774
1,537,948
Dul Winn & Pac.
Can Pac Lines in
Great Lakes
1940
$
Central Vermont—See New England region
Can Pacific System—
Total (10
1939
'
C N Lines in N E—See New England region
Dul Winn & Pac—See Northwestern region
N Y
\t\
Can Nat System—
Grand Trunk Western—See Great Lakes region
Maine
-Net—
-Gross-
1940
Northwestern
1,587,358
6,393.622
District
Western
Cah Nat Lines in
New England-.
+ 24038,703
(30roads)...818,549,402 754,097,701 263,740,769 239,702,066
S
■
Can Nat System—
--
*
—131,048
+132,632
1,315,965
47,597,792
Boston & Maine
5,119,439
trict
Inc. or Dec.
T939
S
1940
Region—
Bangor <fc Aroostook
Total Southern Dis-
Met
-Gross-
higher, the 41/£s, 1960, gaining
(C) at 50^ were off 1%.
however, have been actively
2% points at 17.
The Commercial & Financial Chronicle
1190
Weakness in utility bonds ruled in tire early part of
current
losses
and
week,
lower-grade
in
issues have been fairly sizable.
to
give ground.
classes.
Later
By the close
11M4, at 45
Association
5*^8,
the
took
in
all
Puget
96;
to
Sound
Power & Light 5s, 1950, were down 1 at 100*/£.
obligations,
issues
changing
have been
with
a
number of
a
point
or
better.
the
more
speculative
The outstanding gains
registered by the Francisco Sugar 6s, 1956, and
the Manati Sugar 4s,
1957, which gained 2% and SV2 points,
respectively, and the McKesson & Bobbins 5%s, 1959, which
were
5
up
at
108*4
Other issues
ments.
favorable reorganization
011
gain
to
point
a
MOODY'S BOND
(Based
1941
U. S.
Avge.
Dailv
Govt.
Bonds
rate *
Feb. 21- 110.06
105.52
1948;
1962, and Studebaker c-onv. 6s, 1945.
Among Latin American
sharp setback.
improved slightly.
Belgian 7s, and
117.00
112.75
106.04
There has been
have been
obligations
fractionally better.
lost several
P.
U.
firm
95.02
109.60
112.75
and
German
Danish
have
loans
been
Japanese issues
points.
Moody's computed bond prices and bond yield
averages
given in the following tables:
are
1941
Avge.
rate
on
YIELD
AVERAGE8 t
Individual Closing Prices)
Corpo¬
Average
Indus.
89.51
demand for
some better
around the closing levels of the last week.
Corporate by Groups *
R.
issues Dominican
Australian and Canadian bonds churned
(Based
R.
slow pace.
a
7%s gained two points.
French
MOODY'S BOND
Baa
Brothers
Warner
recovered about three points after their recent
PRICES t
A
and
Trading in foreign bonds has continued at
Panama 5s
Daily
Aa
1953,
5s,
1948.
Average Yields)
Corporate by Ratings •
Aaa
Drug
Issues
Products
include the Certain-teed
more
or
United
Pictures 6s,
Corpo¬
Averages
on
point
a
5*4s,
develop¬
better include the
or
losing
1941
22,
5*/4s have been weak, while Brazilian and Argentine bonds
Mixed changes have been the rule this week among indus¬
trial
Hudson Coal 5s,
Hydro-
New England Power
1%
declined
place
International
week
off 2;
were
1954,
the
speculative
High grades also continued
recovery
some
of
Electric 6s,
and
Feb.
Aa
Corporate by Groups
A
Baa
R.R.
P. U.
3.19
3.02
3.02
3.42
2.80
3.02
3.39
4.45
4.03
3.42
2.80
3.02
3.38
4.46
4.03
2.80
3.02
3.39
4.47
4.03
Indus.
3.20
3.42
21
Feb.
Corporate by Ratings
Aaa
3.20
20- 116.06
105.52
117.00
112.75
100.21
89.37
95.62
109.42
112.75
20
19-
115.89
105.52
117.00
112.75
100.04
89.23
95.62
109.42
112.75
19
18—
115.97
105.69
117.40
112.93
106.04
89.51
95.77
109.42
112.93
18
3.41
2.78
3.01
3.39
4.45
4.02
3.20
3.01
17- 115.99
105.69
117.40
112.93
106.21
89.37
95.77
109.42
112.93
17
3.41
2.78
3.01
3.38
4.46
4.02
3.20
3.01
15-
105.69
117.60
112.93
106.04
89.51
95.77
109.00
112.93
15
3.41
2.77
3.01
3.39
4.45
4.02
3.19
3.01
116.15
14— 116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
14
13— 110.34
106.04
117.80
113.12
106.39
90.00
90.38
109.60
113.12
13
12—
Excnan ge Clo8 ed
—
Stock
2.77
3.00
3.38
4.44
4.01
3.19
3.00
3.39
2.70
3.00
3.37
4.41
3.98
3.19
3.00
3.96
3.19
Stock
113.50
11
3.38
113.50
10
106.21
109.60
10- 110.51
100.21
117.80
113.31
106.39
90.34
90.69
109.79
8— 116.51
7- 116.52
100.21
113.31
106.39
90.20
96.54
109.79
113.31
100.21
117.80
117.80
113.31
106.39
90.20
96.54
109.79
113.31
6- 116.59
113.50
117.80
3.40
—
12
11— 110.39
113.50
106.39
90.34
90.69
100.21
117.80
100.39
90.34
96.69
109.79
100.21
117.80
113.50
106.21
90.20
96.64
109.60
113.31
106.21
117.80
113.50
100.21
90.20
90.54
109.79
113.31
3— 117.00
1— 117.12
106.21
117.80
113.50
100.21
90.34
96.54
109.79
113.31
106.21
117.80
113.50
100.39
90.34
90.09
109.79
113.31
4.39
2.98
3.38
2.70
2.99
3.37
4.39
3.96
3.18
2.98
2.76
2.99
3.37
4.40
3.97
3.18
2.99
3.38
v7
113.31
5- 110.67
4— 110.70
Exchan ge Clos ed
2.76
2.98
3.37
3.38
8■
3.02
2.76
2.99
3.37
4.40
3.97
3.18
2.99
2.99
0—-
2.76
2.98
3.37
4.39
3.96
3.18
3.38
2.76
2.98
3.38
4.40
3.97
3.19
2.99
3.38
2.76
2.98
3.38
4.40
3.97
3.18
2.99
3
3.38
2.76
2.98
3.38
4.39
3.97
3.18
2.99
1
Weekly—
3.38
5
4
/
3.38
2.76
2.98
3.37
4.39
3.90
3.18
2.99
3.37
2.97
Weekly—
Jan. 31.. 117.14
24— 117.04
118.00
117.00
113.70
106.39
96.85
109.79
113.70
3.37
3.95
3.18
113.89
100.66
90.77
97.16
109.97
113.50
24
3.36
2.75
2.77
2.97
100.50
2.96
3.36
4.36
3.93
3.17
17- 118.06
106.50
118.20
113.89
106.50
90.48
96.69
110.15
113.89
17
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
10— 118.03
100.50
118.20
114.27
106.56
90.34
96.09
110.15
114.08
10
3.36
2.74
2.94
3.36
4.39
3.90
3.16
2.95
100.39
118.40
114.40
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
3.39
4.47
3
106.39
118.65
90.48
31
Jan.
4.38
;
2.98
High 1941 119.05
100.74
118.60
114.85
100.74
91.05
97.31
110.52
114.66
Low
115.89
115.52
117.00
112.75
100.04
89.23
95.62
109.42
112.75
Low 1941
3.35
2.72
2.91
3.35
4.34
High 1940 119.63
3.92
3.14
2.92
100.74
119.00
115.04
106.74
89.92
90.07
110.88
114.86
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
80.38
105.52
100.56
Low
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
102.46
116.02
112.19
101.31
84.55
90.63
107.27
111.07
Feb. 21, 1940—
2 Years Ago—
3.60
2.85
3.05
3.67
4.82
4.37
3.32
3.11
99.04
113.12
108.52
97.00
81.78
87.32
103.80
107.62
Feb. 21, 1939—
3.81
3.00
3.25
3.94
5.04
4.61
3.52
3.30
Low
1941
1940 113.02
High 1941
I Yr. Ago
Feb.21'39 113.32
1940
2.80
3.02
3.20
4.03
3.02
Year Ago—
1
Feb.21'40 115.42
2 Yrs.Ago
3.42
•These prices are computed from
average yields on the basis of one "typical" bond (3 $4% 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
being the true picture of the bond market.
fThe latest oomplete list of bonds used in
computing these indexes was published In the Issue of July 13, 1940, page 160.
Annual
Report of Comptroller of Currency Delano—Suggests That He Be Authorized
Discretion
as
to
to Exercise
Dividend Payments by National Banks—Also Favors Enactment of Legislation
Prohibiting Operation of Banks by Holding Companies—Proposes Comptroller's Report Be
Filed
on
Calendar Year Basis—Gross Earnings of National Banks in
1939, $848,419,000, Compared with $837,857,000 on Same Date in 1938
The suggestion that "the
authorized
declare
been
or
in
his
dividends
pay
satisfactory
Comptroller of the Currency be
discretion
to
forbid
a
National
bank
to
compliance
with
his
requirements"
answers
are
now
being prepared,
legislative recommendations,
all
priate for immediate Congressional
the capital stock until there has
on
which
five
is
made in the annual
report
of Comptroller of the Currency
Preston Delano, made
public Feb. 18. Comptroller Delano
goes on to say:
the problems raised
of the
(1)
of
we
shall submit at this time only
of which
action
by the Senate questionnaire,
deemed
are
either
because
12,
the
sec.
333
14)
of
Revised
stipulates
Statutes
that
the
of
1873,
Annual
as
This
requirement
has resulted
in
amended
the
report
declaration of
System and the Federal Deposit Insurance Corporation
a
dividend should not be permitted because of the existence
or
unsafe
or
unsound
banking practices which, if
tinued, would endanger the safety of the bank
and its depositors.
con¬
It will
be noted that the proposed measure
would
pose and yet
effectively accomplish its pur¬
would not possess the drastic characteristics of
existing sanc¬
tions.
presenting his suggestion, under the head of
lation Recommended," the
Comptroller also said:
enforce
compliance with national banking laws and safe and sound
banking
practices, from time to time situations arise requiring the
application of
effective sanctions.
The existing sanctions are either
inadequate or too
drastic for any but the most extreme
cases, chiefly because they involve the
termination
or
dissolution of the association rather than the correction of
a
remediable evil in banking operations
or practices.
Even the removal of
bank officials under the procedure outlined in Section
30 of the Banking
Act of 1933 would not always serve to
bring about the affirmative improve¬
ment of
criticized conditions in the institution.
most
respects
well
rim
Because
been
(2)
asked
specific
in
the
questions
with
questionnaire
respect
relative
to
to
we
recommend
that
the
are on a
words
The Governor of the Farm Credit Administration
of credit
unions
supervises credit
rency
legislation
Resolution
have
125,
to
above
Unions Act
(D.
organized under
1751 et seq.).
unions
the
organized under the
C. Code title 5,
is
Federal
charged with
Credit
Unions
The Comptroller of the Cur¬
sees.
District of Columbia
381 et seq.).
Whereas the
Credit Union system is Nation-wide, the District of Columbia
Credit Union system is limited to the
City of Washington.
In order that
there be
uniformity of supervision
trict
of
Columbia, it is suggested that the functions of the Comptroller
with
respect
to
District
Governor of the
(3)
The
Farm
Federal
over
all credit unions located in the
of Columbia credit unions
Credit
Home
be transferred
to
Dis¬
the
Administration.
Loan
Bank Board exercises supervision over
Federal savings and loan associations
organized under the Home Owners'
Loan Act of 1933 (U. 8. C. title
12, sec. 1464).
The Comptroller of the
Currency supervises building and loan associations organized under
there
sec¬
In order that
be
uniformity of supervision over building and loan associations
located in the District of Columbia, It is recommended that the functions
of the
Comptroller with respect to District of Columbia building and loan
associations be transferred to the Federal Home Loan Bank Board.
In order to eliminate
which
in April
has
1938
the President
to the
by
banking
Senate
calendar-
quoted
Federal
(4)
Legislation Recommended
many
For the sake of uniformity and because of the greater usef ulness
(U. S. C. title 12, seCs.
field
legislation are contained
in the report, one of which
proposes that the report be filed
on a
calendar-year basis; these recommendations follow:
being from
However,
be deleted from the aforecited statute.
banking institution.
Four other recommendations for
■i
year
tions 41 et seq. of title 5 of the District of
Columbia Code.
is
extremely desirable that the functions of the Comptroller in the
supervision of national banks be implemented with a
power which would
assure compliance
with legal requirements and yet would not seriously
disrupt the financial structure of a community or
destroy a necessary and
in
October to the end of the next October.
calendar-year statistics,
Credit
Although in the vast majority of banks which are supervised by the
Comptroller of the Currency there is no need for
applying sanctions to
C.
of its
statistical reports are as of the end of June or the end of December.
basis.
year
of
Act
"Legis¬
S.
Moreover, the reports of the Board of Governors of the Federal Reserve
supervision
In
It
one
(U.
commencement
the end of
of violations of law
to
Report of the Comptroller
Currency to be made to Congress "at the
session."
our
related
because of the urgency
or
Responsibility for the legality and propriety of each dividend should
continue to rest upon the board of directors of
the particular bank, as at
present, except where it affirmatively appears to the
Comptroller that the
of
be appro¬
to
not
problems presented.
Section
title
Year Ended Dec. 31,
of the undesirable features in the banking
in
Congressional investigations and which
made the subject of a recommendation to
of the United
enactment of
holding
one
been revealed
was
Congress by
8tates, it is suggested consideration be given
legislation which will prohibit the operation of banks
companies.
It may be noted here that a bill which would abolish bank
holding companies by June 30, 1944, was introduced on
Volume
The Commercial & Financial Chronicle
152
Jan. 14 by Senator Glass, reference to which appeared in our
issue of Jan. 18, page 363.
:
!
/
The total deposits on
increase
reporting the structural changes in the National banking
system for the year ended Oct. 31, 1940, the Comptroller
•''
\
/.
S'.y:-,
Total capital
000,000.
Structural Changes in the National Banking System
The authorized capital stock of
the close
of
business
Oct.
on
$1,329,358,375,
aggregating
and preferred capital
1940,
net
a
consisted
increase
of
the
during
stock aggregating $203,757,468,
the year of $35,534,884.
capital stock
common
net decrease during
a
Y
have
been
authorized
by sections 5220 and 5221, U. S.
business
to
of the national
bank-
R.
Of these
S., paid their depositors, and quit
merged with other national and
or
begin business.
into voluntary liquidation in the manner provided
gone
consolidated with other national
8tate
banks:
412
and
have
banking associations under authority of
the Act of Nov. 7,1918.
restored
were
inception
Exclusive of banks which failed but subsequently
solvency, loss to the national banking system since its
to
through receiverships
has been 2,801
At the date of the beginning of the Federal
1914, there
capital stock of $1,072,492,175,
In addition,
1940, had
ing.
Reserve System, Nov. 2,
common
banks in existence
capital
Oct.
on
1,470 of the national banks in existence Oct. 31,
aggregate of $203,757,468 of preferred capital stock outstand¬
an
Since Nov. 2,
1914, there has been
$203,757,468 in
during the last 7lA
through
the
issuance
increase of
a net
of preferred
capital
During this 26-year period, 3,788
years.
in the
increase of $256,866,200
net
a
capital stock and in addition
common
capital
net decrease of 2,411
a
number of national banks in existence but
in the amount of the
new
stock
national
banks have been chartered with aggregate common capital stock of $566,-
Feb.
According to the report,
Interest
and
earnings of National banks
compared
gross
were
discount
$5,000,000
000.
Of
interest
this,
national
Recoveries
recoveries.
stocks,
and fees
wages
$267,000,000,
were
which
loans
on
and other securities,
$125,000,000.
bonds,
profits
stocks
before
and
in
dividends
banking associations had in operation 372 branches,
of business
and
with
discount
earnings in the
than 34%
thus
on
loans
were
$211,000,000
on
Net
and
sas
additions
loans
on
year
Oct.
31,
in
the
for
accounted
in Federal Reserve District No. 7
preceding
more
than
branches, 1,282
which
of the
The net operating earnings to
9
investments
11
(Dallas),
(Philadelphia)
and fees
wages
30%
were
of
(Philadelphia)
(Minneapolis) and 10 (Kan¬
gross
earnings showed averages
27% in District No. 9 (Minneapolis) to 35H% in District No. 3
(Philadelphia).
Interest
loans
on
to
total
loans
were
slightly
than
ess
4H% and varied from less than 3H% in District No. 2 (New York) to
5 2-3% in District No. 11 (Dallas).
and
other securities
District No. 2
Interest and dividends
averaged 2 1-3%
of
bonds, stocks
on
of total investments, the banks in
(New York) showing the lowest ratio of slightly less than
2%, while the banks in District No. 3
ratio
3 1-3%.
Profits
(Philadelphia) showed the highest
securities sold
on
during the period
of total investments, varying from less than
were
1%
%% in District No. 9 (Min¬
neapolis) to 1 1-3% in District No. 12 (San Francisco),
Net operating earnings were approximately 8%
the lowest ratio
ratio almost
to
During this
parent institutions,
the
ranging from
average
in District No. 7
The
earnings
in
(Boston) and the highest
The net additions
about 7K% of capital funds,
District No.
3
of
gross
earnings which
(Philadelphia)
preserved
were
among
smaller for the calendar year 1939.
than $100,000,000
10%
to
addi¬
net
as
the larger banks than
For banks with deposits
the ratio of net additions to profits to gross
34 2-3%, while for banks of $500,000 deposits
was
23K%.
or
less it was
;-;vv
and
discounts
on
000,000
brokers
chasing
or
National
of all
branch
banks
in
the
United
States
and
estate
increased
$174,000,000,
while loans to
dealers in securities and other loans for the purpose of pur¬
carrying stocks,
bonds and other securities decreased
$174,-
Investments
increased $352,000,000
the end of the year.
and amounted to $12,905,000,000
United States Government direct obligations of
$7,220,006,000, and obligations guaranteed by the United States Govern¬
ment as
to interest and
$320,000,000
political
and
principal of $1,891,000,000, increased in the year
$21,000,000,
subdivision
increased
respectively.
$234,000,000
Obligations
and
of
amounted
States
to
and
$1,928,-
000,000, while ether bonds, notes and debentures decreased $216,000,000,
to
for other
or
,
42 branches
Of these branches, 41
were
were
$1,648,000,000.
United States
Revised
Statutes,
amended Feb. 25,
as
brought into the
(a) of section 5155,
of 1933 to operate in places other than the
is located.
During this
same
Of the 41
1927.
de novo branches authorized, 21 were authorized under the
Banking Act
city in which the parent bank
period, 2 branches
relinquished through
were
the liquidation of the parent institution and 19 were discontinued
the action of the boards of directors of the parent banks.
of these operations was a gain for the system
through
The net result
of 21 branches during the
year
ended Oct. 31, 1940.
The development of trust activities in National banks is reflected in
substantial
manner
by statistics compiled for the fiscal
a
June 30,
year ended
1940, which revealed that 1,877 of these institutions held fiduciary permits,
a combined capital of $1,159,877,645 and banking assets of
$32,307,-
87.59% of the assets of all banks in the national banking system.
Trust
departments
had been established by
1,540 of these banks and
being administered with assets aggregating
Seven hundred and eighty-two of these banks were also
137,629 individual trusts
$9,345,419,682.
were
administering 16,273 corporate trusts and
and bond issues amounting to
were
$9,317,700,427.
acting
for note
as trustees
Compared with 1939, these
figures represent an increase of 1,178, or 0.86%, in the number of individual
trusts
being administered,
increase of $61,512,406,
an
0.66%, in the
or
volume of Individual trust assets under administration; a decrease of 477,
2.85%, in the number of corporate trusts, with
or
026,297,
4.62%,
or
Segregation
reveal that
of the
71,062,
trust agreements;
a
reduction of $451,-
in the volume of note and bond
under which national banks had been named to act
or
number
46.17%,
66,567,
or
as
issues
trusteeships
of fiduciary accounts
in
under
43.25%,
were trusts
bonds
corporate
national
those created under private
were
or
banks
or
living
being administered under
note-issue
or
comprised $7,357,263,418,
trust assets
outstanding
trustee.
jurisdiction of the court, and the remaining 16,273,
or
10.58%,
were
Private
indentures.
78.73%, of the total assets under
administration, while the remaining $1,988,156,264,
21.27%, belonged
or
to court trusts.
An analysis
of the $7,492,478,273 of invested trust funds belonging to
private and court trusts under administration reveal that 50.59%
bonds, 30.83% in stocks, 6.92% in real estate mortgages,
were in
7.38%
in real
estate,/and 4.28% consisting of miscellaneous assets.
The
development
of these activities
by comparing the record in the last 10
57,717,
in national banks
is
emphasized
years, which reflects an increase of
72.23%, in the number of individual trusts being administered:
or
of $4,872,378,756,
increase
108.93%, in the volume of individual
or
administration; and
trust assets under
an
increase of 4,762,
or
41.37%, in
the number of corporate trusts.
Gross
earnings
the fiscal
Three
fiduciary
from
year ended
increase of
activities
June 30, 1940,
as
aggregated
$31,702,000
against $31,685,000 in
for
1939,
an
$17,000.
hundred
under 1,606
and
fifty-five national
banks
were
acting
as
trustees
insurance trust agreements, involving $73,965,671 in proceeds
from insurance
under
policies, while 709 national banks had been named to act
15,489
Insurance
trust
as
agreement^ not yet matured or
operative, supported by insurance policies with a face value aggregating
$591,078,587.
An
analysis of the new trust accounts placed on the books of the national
banks between June 30,
1939, and June 29, 1940, reveal that 230 banks
named as trustees for 1,700 bond and note issues aggregating $1,030,-
were
agreements involving $194,791,094;
executorships
2,666
involving
764 banks
$212,389,385;
were
511
named to act under
banks
were
were
named under
were
named to act as assignees in seven
were
Corporate stocks, including stock of Federal Reserve
instances involving $93,408; 23
named to act in 33 receiverships involving $330,629; 114 banks
fiduciary capacities other than those enumerated above involving $668,-
Vy;-v/
341,740.
During the year ended Oct. 31, 1940, there were no failures of national
banks
or
appointments of receivers in instances of technical
increased $2,802,000,000, and amounted to
insolvency.
There have now been a total of 17 national-bank failures since the
accounts of 14 of these
banking
All deposit
banks which failed during the period 1934 to 1940,
inclusive, subsequent to the effective date of bank-deposit
Federal Deposit Insurance
Corporation
were
insurance by the
insured up to the amount of
$5,000.
Substantial
progress
in completing the work of liquidating insolvent
national banks has been made during the past year.
The number of receiver¬
367 to 255, and the number of receivers from
The book value of the remaining assets held by these receiver¬
ships has been reduced from
133 to 88.
has
estimated
Cash, balances with other banks, including reserve balances and cash
;■;
Liquidation of Insolvent National Banks
ships
$13,877,000,000 at the end of the year.
as
1,972 guardianships involving $10,167,151; five banks
named to act as committee of estates of lunatics in 246 cases involving
banks, totaling $218,000,000, decreased $7,000,000 during the 12 months
items in process of collection
named
administrators under 1,332 appointments involving $25,115,422; 498 banks
ended June 29, 1940.
reasons.
branches, while 1
de novo
holiday of 1933 with total deposits at failure of $11,848,952.
000,000.
at
branches
through liquidation of the
added under the provisions of paragraph
was
Commercial and industrial loans increased $458,-
and loans on real
and
were
$3,362,888; and 395 banks were named to act 5,612 times in miscellaneous
June 29, 1940, were $9,179,000,000, an increase of $605,-
000,000 in 12 months.
out of the system
went
and 304 through consolidations
During the year ended Oct. 31, 1940
national system.
were
in the Year Ended June 30, 1940
Loans
associations, and 510
1927.
25,
banks
Changes in Principal Items of Assets and Liabilities of National Banks
possessions
Of these
060,937; 800 banks were named to act as individual trustees under 4,914
profits before dividends were better
among the
more
5%
were
(Chicago).
proportion
tions to
of
being 6 1-3% in District No. 1
Oct. 31,
on
branches of State banks
were
875 branches have been relinquished,
period,
same
of which number 571
trustees
of total capital funds,
11% in District No. 12 (San Francisco).
profits before dividends for the period
national
converted into
were
banks.
an
discount
and
de novo branches, 326
were
brought into the system by the consolidation of State banks with national
the
45%
on
in District No. 3
than 33% In Districts Nos.
more
City).
The
year.
(Chicago) to approximately
Interest and dividends
Salaries,
1940.
During the period from Feb. 25, 1927 to the close of business
of capital funds.
ended Dec. 31, 1939, varying in ratios from less
largest ratio of almost 46%.
of from
to
$54,000,000
were
35% of total earnings, with the banks in District No.
slightly
$17,000,000
and preferred stock in 1939 totaled $139,-
total earnings, ranging from nearly 24%
to
bonds,
on
securities sold,
were
showing the smallest ratio of 23 % and those in District No. 3
the
of
$67,000,000 and losses
and were 7.45%
year
and
Net operating
by
$109,000,000.
$252,000,000
$142,000,000
58% in District No. 11 (Dallas).
were
$252,000,000
8.9% of capital stock and 4.11% of capital funds.
were
as compared
1940, 2,118 branches have been added to the national system.
Expenses
$40,000,000: recoveries
were
securities,
were
on common
comparison
Interest
gross
increased
were
Losses
in the previous
Dividends declared
000,000
for
$34,000,000; and profits
other
dividends
than those
more
accounted
Losses and depreciation of $226,000,000
less than in the previous year.
on
■.
118
198,787, representing 36.31% of the number, 75.47% of the capital, and
equaled $387,000,000 and interest and
deposits and borrowed money, for $114,000,000.
on
earnings
loans
on
than in the preceding year, amounting to $581,000,-
more
salaries,
stock
$115,-
with
bonds, stocks, and other securities $298,000,000.
on
preferred
increased
National Banks in the Trust Field
in the year ended Dec. 31, 1939 were $848,419,000
with $837,857,000 on the same date in 1938.
From the report we also quote:
dividends
increase of $86,-
while
reserves
25, 1927, the date of the passage of the McFadden Act,
436,600 and preferred capital stock of $55,886,300.
T
and
The net result of these operations was a gain of 1,243 branches since Feb.
banks.
compared with the total
as
stock of $1,329,358,375 for the 5,167 national
31, 1940.
$10,000,000,
profits
Surplus,
Branches
On
7,578 national banks in existence with aggregate common
were
comprise
deposits
with 200 national banking associations with 1,615 branches as of the close
Covering the entire period since the inception
banks, 6,060 have
These
year.
ooo.ooo.
nggystem, Feb. 25, 1863, to and including Oct. 31, 1940, 14,440 national
banking associations
increased
stock
$39,000,000.
■
of $6,062,955,
year
the
funds of $3,476,000,000 represented an
Common
decreased
the 5,167 National banks in existence at
31,
during
$24,719,000,000, which increased $3,432,000,000, and
time deposits of $8,355,000,000, which showed an Increase of $173,000,000.
'C
<
June 29, 1940, amounted to $33,074,000,000, an
$3,605,000,000
demand deposits of
In
says:
of
1191
been
reduced from
recoverable
$87,267,000.
$450,161,000 to $337,904,000, while the
have
been
reduced
from
$128,151,000
to
Although these assets include many types of property, the
greatest problem
estate, both
values
has been presented by the very large amount of
real
that owned in fee and that held by mortgage or judgment lien
The Commercial & Financial Chronicle
H92
Feb. 22, 1941
Indications of Business Activity
THE
STATE
TRADE—COMMERCIAL EPITOME
OF
Friday Night, Feb. 21, 1941.
Business
further gains the past week.
showed
activity
Reports all* along the line were favorable with but few
exceptions.
The war news recently has been hardly of the
spectacular kind.
While a crisis appears to be developing
in the Far East, officials at Washington apparently are
anything but pessimistic, and feeling appears quite general
that real danger of a clash with Japan will be averted.
The labor situation showed no spectacular changes during
ber
in a num¬
although trouble appears to be brewing
the week,
important quarters.
Outstanding developments are
for this spring both as concerns the domestic and
of
looked
situation.
foreign
"Journal
The
index
weekly
Commerce"
of
business
of
116.3, as compared with a revised figure
of 116.1 for the previous week and 95.8 for a year ago.
Gains for car loadings, bituminous coal production and
activity
steel
to
rose
operations
offset declines for automotive
than
more
activity, petroleum runs-to-stills and electric output.
Specific instances where strikes or breakdowns have re¬
in smaller steel production are given by the "Iron
sulted
Age" in its mid-week summary.
The magazine also reports
a tightening of controls by Government bureaus over indus¬
try and indications that substitution of other materials, par¬
ticularly plasties for such scarce metals as aluminum, mag¬
and zinc, are near.
;
; ,
,
i .
nesium
important step taken by Washington to further
price controls, includ¬
The most
the national defense effort relates to
ing a formal order by the National Defense Advisory Com¬
"ceiling" price level for second-hand
says.
This is described as the
"strongest action" yet taken toward governmental control
of prices, and foreshadows similar action in other products
where necessary to protect the public interest and guard
mission
which fixes
machine tools, the
a
magazine
against profiteering.
The survey reports that congestion of orders at steel mills
is
of
forcing producers to put into effect more rigid controls
their own devising.
Inquiries for the third quarter, it
is
said,
in
are
many
than orders placed for
larger
cases
the second
quarter.
In the meantime, although most steel
companies continue to show a satisfactory record in keep¬
ing delivery promises, the use of a greater number of prefer¬
ence ratings is beginning to have a more marked effect on
schedules.
Loss of steel production has resulted in the last
week from strikes and breakdowns.
"The piling up of steel orders
that British orders recently
fact
has occurred despite the
have been lower than in
magazine observes.
"However, when
the lend-lease bill has been passed an avalanche of new
orders is expected which may cause considerable disruption
recent
months,"
schedules."
in mill
Electric
of
ence
the
continued
output
seasonal
the
to
factor
in
show the depressing influ¬
the week ended Feb. 15,
although the gain over the like 1940 week was larger than
in the preceding week.
The statistics of the Edison Electric Institute place power
output at 2,810,419,000 kwh. in the latest week, an increase
of 13.5% over the 1940 comparative of 2,475,574,000 kwh.
The industry produced 2,823,651,000 kwh. in the week ended
able
weather,
latest review,
Dun & Bradstreet, Inc., pointed out in its
released today. Retail trade gains were prin¬
that they were receiving orders by
mail and wire in heavy volume, with an influx of buyers
for the second market trip of the season, stimulating sales.
reported
Wholesalers
The
Loading of revenue freight for the week ended Feb. 15
721,176 cars, according to reports filed by the rail¬
totaled
industrial lines. Many industries
already were at practical capacity limits and were unable
to extend nroduction rates for the usual spring extension.
New war threats had depressing effects on some speculative
markets, but failed to influence trade and industrial pur¬
chasing, which remained exceptionally brisk.
The feature of the week's weather news was the dust
storms in the Southwest.
High winds over the Southwest¬
ern Plains, with the topsoil dry enough for blowing, caused
severe
dust storms to prevail over eastern New Mexico,
extreme northwestern
Texas, western Oklahoma, and ad¬
joining sections.
Some damage to winter grain resulted.
In the South, especially the area from the Mississippi Val¬
ley westward, much soil has dried sufficiently to permit
plowing, and field work made better progress.
Also, con¬
siderable Avas accomplished in the States south of the Ohio
and Potomac Rivers.
OtherAvise there was but little field
activity because of snow cover or wet soil.
West of the
Rocky Mountains the weather continued favorable, except
that in some sections the soil remains too wet for Avorking,
which is delaying spring preparations, particularly in the
northern
of operations in
third
sponding week in 1940, and 144,531 above the same period
This total was 114.11% of average loadings
degrees to 30 degrees below zero were reported from north¬
ern Minnisota and northeastern North
Dakota.
The Aveek
brought freezing temperatures to northern Florida,
trans-Mississinpi States the freezing line did not go
farther south than southern Arkansas and northern Texas.
In the New York City area the weather Avas fine and cold
again
but in
during most of the week.
On Friday the weather was clear and moderately
temperatures ranged
Sunday.
Overnight at Boston it Avas 26 to 33 degrees;
Chain
According to
Pieree
&
compilation made by Merrill Lynch, E. A.
a
Cassatt, 28 chain store companies, including two
order
mail
Companies' January Sales Total
$244,572,686
Store
the
reported
companies,
mail
tAvo
1941,
over
order companies,
panies reported
4 Grocery
11 5- &
25th
the
successive
week
which
in
topped their respective values of
a
Jan., 1940
Increase
$ 57,544,466
$51,984,888
60,303,307
28,518,324
55,747,818
8,599,368
7,734,892
2,119,883
3,208,000
10.69%
8.17%
11.58%
11.18%
15.81%
14.9%
$161,106,472
83,466,214
$146,354,608
70,531,744
10.08%
18.34%
$244,572,686
10-cent chains
2,455,007
3,686,000
-
$216,886,352
12.77%
—
6 Apparel chains
2 Drug chains
as
i
28 Companies
the corresponding week last year,
the Federal Reserve Board.
For the
to Feb. 15 sales were 13% above the same
year
period in 1940.
National
During the week ended Feb. 15 all
income
of
the
totaled
$73,800,000,000,
1939, it
in sales
United
over
States
a
year
for
the
reserve
This compares
facture
a
of
car
duction
of
Business
year ago.
shells
survey said
102,670
that volume
ammunition
its
components.
record-breaking
pace
9.3%
The January
index was 124
against 113.5 in the same
as
month last year.
The
follows
index
by
sales
groups
for
January
compare
as
:
January,
this
January,
January,
January,
1941
1940
1941
1940
126
\rariety
116
Apparel..
133
120
Shoe
155
141
Grocery
116
106
Drug
154
Aveek,
..
..
.
139
Loadings of Revenue
Freight in Week Ended Feb. 15
18.6%
Gains
manu¬
is proceeding in three plants of the
in addition to a great volume of pro¬
continued
Increase
ing to the "Chain Store Age" index.
Loading of
now
industry,
other
with 127,510 last week and
The
Sales
over
Ward's Reports, Inc., estimated today that factory
output
of new automobiles and trucks this week would total 129,240
this week
Store
Chain
9.3% gaimover the
reported in the corresponding period of 1940, accord¬
past year
of $4,400,000,000
reported today, according to preliminary esti¬
mates of the Department of Commerce.
units.
...
ago.
was
increase
an
_
25,559,127
Chain store sales in January shoAved a
over
districts reported increases
.
January
result
reported by
calendar
motor
2 Mail orders
volume
increase of 19%
was
„.* --,-
26 Chains
1,052% increase in Federal work, tops the 1940 week
Department store sales for the week ended Feb. 15 showed
it
26 other chain store com-
ago,
by 104%.
an
sales of
Excluding
Private kwards
according to "Engineering News-Record."
gain 87% over last year, and public construction
of the
current
year
in
increase
Jan., 1941
chains
for the
This is
an
January, 1940.
increase in sales of 10.08%.
an
Sales
1 Auto supply
awards have
Portland,
22; Cincinnati, 17 to 32; Cleve¬
land, 18 to 20; Detroit, 18 to 22; Mihvaukee, 7 to 13;
Charleston, 36 to 50; Savannah, 35 to 53; Kansas City, Mo.,
22 to 23; Springfield, 111., 12 to 26;
Oklahoma City, 25
to 26; Salt Lake City, 38 to 54, and Seattle, 34 to 55.
Me., 21 to 35; Chicago, 15 to
2 Shoe chains-
week.
cold,
from 23 degrees to 35 degrees.
Partly cloudy and moderately cold Aveather attended by
fresh northwest winds is the forecast for Friday night.
The
thermometer during the night is expected to register a Ioav
of about 25 degrees both for the city and suburbs, rising
to an average temperature of about 32 degrees on Saturday.
Fair
and
near
normal temperatures
are
predicted for
and
two years ago.
corresponding week of the 10 preceding years.
Engineering construction awards for the week, $126,113,000, are 138% higher than in the corresponding 1940
Continued mildness favored
California.
of
generally with much open range, Government ad¬
vices
state.
Sub-zero temperatures
prevailed over the
NorthAvest and as for south as northern Illinois and 20
livestock
roads with the Association of American Railroads and made
public today. This was an increase of 10,980 cars over the
preceding week this year, 112,939 more than the corre¬
occurred in
states that only minor changes
agency
the pace
12.77% for January,
Feb. 8.
merchandise and household wares.
cipally in medium-price
revenue
freight for the week ended Feb.
15
totaled 721,176 cars, the Association of American Railroads
announced on Feb. 20. This was an increase of 112,939 cars
or
18.6% above the corresponding week in 1940 and an in¬
of 144,531 cars or 25.1 % above the same week in 1939.
with the Nation's retail trade
crease
over
Loading of
showing gains of 12% to 20%
the corresponding period of 1940, in spite of iess favor¬
revenue
freight for the Aveek of Feb. 15 was
an
Volume
on their own lines, compared with 335,938 cars in the pre¬
ceding week and 289,673 cars in the seven days ended Feb. 17,
1940.
A comparative table follows:
the preceding week.
increase of 10,980 cars or 1.5% above
The Association further reported:
increase of 5,402
Miscellaneous freight loading totaled 308,157 cars, an
above the
above the preceding week, and an increase of 67,650 cars
cars
1193
The Commercial & Financial Chronicle
152
decrease of 275 cars below the preceding week,
Loaded
preceding week, and an increase of 20,503
Grain and grain products
increase of 3,514 cars above
Feb. 15.
loading totaled 29,297
increase of 567
cars, an
of
below the
products loading for the week of Feb. 15 totaled 17,932 cars, an increase
above the preceding week, but a decrease of 752 cars
cars
Live stock loading amounted to 10,720 cars, an increase
preceding week, but
a
decrease of 363
of 430 cars above
below the corresponding week
cars
In the Western districts alone, loading of live stock for the week
in 1940.
15 totaled 7,654 cars, an increase of 170 cars above the
week, but
►
Feb. 8,
Feb.
17,
1941
1940
7,065
19,148
5,154
14,804
9,776
8,527
8,727
8.056
1941
1940
a
decrease of 432
cars
preceding
below the corresponding week in 1940.
and
an
increase of 3,657
cars
8,608
17,916
15,076
14,073
3,130
1,496
3,971
15,130
43,114
3,299
8,650
11,406
1,431
2,254
3,074
10,099
Chicago Burlington A Quincy RR.
Chicago Milw. St. Paul & Pac.Ry.
Chicago & North Western Ry
15,408
20,146
15,410
3,152
-
1.520
Missoufi-Kansas-Texas RR
4,127
15,207
44,087
5,499
22,203
70,734
6,275
7,837
28,662
5,778
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry—_
Norfolk & Western Ry
Pere Marquette Ry
Pittsburgh & Lake Erie RR—
Wabash Ry
preceding week,
14,484
22,602
Southern Pacific Lines
week in 1940.
660
15,194
19,925
34,170
23,673
Pennsylvania RR
Forest products loading totaled 39,328 cars, an increase of 816 cars above
preceding week, and an increase of 8,796 cars above the corresponding
the
Ore loading amounted to 13,478 cars, an increase of
19,277
17,945
34.701
Chesapeake & Ohio Ry
International Great Northern RR
7,175
16,620
27,437
22,502
17,770
Atchison Topeka & Santa Fe Ry.
Gulf Coast Lines
V
corresponding week in 1940.
of Feb.
1941
Baltlmore & Ohio RR
below the corre¬
In the Western districts alone, grain and grain
1940.
sponding week in
the
Feb. 17, Feb. 15,
Feb. 8,
1941
above the corresponding
cars
above the preceding week, but a decrease of 1,600 cars
616
Received from Connections
Weeks Ended—
Own Lines
1940.
week in
cars
on
Weeks Ended—
Coal loading amounted to 152,908 cars, an
the
but an increase of 10,062
above the corresponding week in 1940.
cars
CONNECTIONS
(Number of Cars)
153,049 cars,
Loading of merchandise less than carload lot freight totaled
a
AND RECEIVED FROM
REVENUE FREIGHT LOADED
corresponding week in 1940.
10,046
1,478
3,684
12.609
11,305
1,425
2,257
2,838
10,298
7,612
7,373
10,109
1,408
2,128
2,738
8,605
37,494
35,938
5,171
18,843
46,788
12,710
5,789
45,949
12,786
5,947
69,706
6,185
7,564
54,521
45,860
45,097
5,772
5,506
6,822
10,416
4,969
24,776
5,650
5,271
6,497
6,981
10,534
10,780
6,338
28,769
5,070
21,416
5,279
10,514
9,916
4,499
36,609
8,042
8,545
above the
cars
above the corresponding
342,364 335,938 289,673 227,959 225,235 183,567
Total
week in 1940.
Coke loading amounted to 14,239 cars, a decrease of 134 cars
preceding week,
but
an
below the
:
'
AH districts reported increases compared with the
v;:: H,
'
1941
1940
1939
.
2,740,095
2,557,735
——:
714,323
657,830
2,288,730
573,127
i..iL-i
Week of Feb.
1—
Week of Feb.
710,196
627,429
576,352
8
721,176
608,237
—
—.—
The first 18 major
—
4,451,231
4,014,854
railroads to report for the week ended
of revenue freight
Feb. 15, 1941 loaded a total of 342,364 cars
REVENUE FREIGHT LOADED AND RECEIVED
Freight Loaded
1941
1940
FROM
1941
compared with the
12,450
14,160
week last
V
65,106
vear.
580
546
1,443
2,198
7,124
1,438
206
157
12,174
2,394
10,187
1,218
2,366
rj;ir 58
from Connections
Freight Loaded
1941
1939
1940
8
Total Loads Received
Total Revenue
Railroads
1,738
7,399
1,457
1,240
same
1940
548
Chicago Indianapolis & Loulsv.
33,072
In the following we undertake to show also the loadings
for separate roads and systems for the week ended Feb. 8,
1941.
During this period 97 roads showed increases when
from Connections
1939
1,926
7,817
Maine
71,968
Total
Southern
Bangor & Aroostook
Boston A
74,373
22,471
30,185
24,736
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED FEB.
Eastern District—
Ann Arbor
Feb. 17, 1940
1941
25,176
34,532
V 14,665
Chicago Rock Island A Pacific Ry.
Ullnols Central System
St. Louis-San Francisco Ry
Total Loads Received
Total Revenue
Railroads
Feb. 8,
Feb. 15, 1941
,■
576,645
4,885,790
Week of Feb. 15——i————.
Total
Weeks Ended—
corresponding weeks in
1940 and 1939.
January
RECEIPTS FROM CONNECTIONS
(Number of Cars)
,
increase of 4,234 cars above the corresponding
week in 1940.
Four weeks of
TOTAL LOADINGS AND
1940
1941
District—(Concl.)
St. L.
Norfolk Southern
Piedmont Northern
3,131
1,162
2,557
2,502
936
987
464
Nashville Chattanooga &
416
390
3,053
1,121
1,539
2,448
1,034
1,410
35
59
Delaware & Hudson
5,789
2,167
9,060
7,576
4,123
5,608
15,369
7,476
Winston-Salem
248
251
266
96
1,879
4,460
13,607
9,500
2,427
1,374
8,259
3,321
1,706
3,784
11,907
7,720
1,882
1,299
6,762
2,696
273
205
32
44,913
14,535
2,090
12,786
1,797
315
5,645
8,678
18,360
6,320
17,198
374
389
706
923
139
153
146
863
779
96,839
92,136
82,397
70,175
15,067
2,278
14,080
2,229
12,011
11,314
2,152
16,608
10,543
2,715
92
2,114
365
522
Tennessee Central
9,199
1,175
4,843
8,553
1,946
7,351
Delaware Lackawanna & West.
1,265
4,138
7,689
8,268
19,459
109,688
19
1,293
359
10,160
23,346
Richmond Fred. A Potomac...
11
Central Vermont
Central Indiana..--
Detroit A Mackinac
2,610
3,079
Detroit Toledo A Ironton
.
375
294
220
13,562
Detroit & Toledo Shore Line-
Erie
10,732
4,822
10,949
4,372
Grand Trunk Western
5,800
Lehigh A Hudson River
Lehigh A New England
Lehigh Valley
162
127
139
1,687
9,129
1,390
7,158
2,971
1,538
7,930
Monongahela
Montour
2,009
6,551
3,132
3,702
1,810
38,163
1,638
34,097
3,331
4,891
Maine Central..
44,150
10,941
1,076
5,070
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western
N. Y. Chicago & St. Louis
N. Y. Susquehanna A Western
9,256
852
5,187
8,925
1,630
4,429
453
401
451
Pittsburgh A Lake Erie
7,710
5,791
Pere Marquette
6,185
Seaboard Air Line
Southern System
—
Southbound...
Total.
Northwestern District—
Chicago
Chicago
Chicago
Chicago
& North Western
Great Western
19,925
3,873
17,862
3,608
3,267
3,115
8,727
3,502
Duluth Mlssabe & I. R
927
855
517
185
22
Duluth South Shore A Atlantic.
560
522
413
451
353
39,302
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South.
9,808
7,676
6,195
8,494
6,852
423
354
328
143
176
Great Northern
9,336
8,189
7,505
3,150
2,696
570
y..i 491
543
688
601
11,856
1,716
10,621
6,676
1,266
6,507
6,338
5,527
5,715
4,793
4,688
Pittsburgh A Shawmut
515
575
427
20
31
Pittsburgh Shawmut A North.
Pittsburgh & West Virginia—
421
433
346
300
245
733
1,127
751
2,094
1,790
Rutland
587
545
521
957
5,346
3,445
4,735
3,184
10,514
3,812
8,607
3,621
159,898
139,837
130,939
187,139
160,838
Green Bay & Western
7,811
3,263
256
ishpeming
218
244
161
64
53
Minneapolis A St. Louis—
Minn. St. Paul AS. S. M
1,518
4,959
9,233
1,424
1,261
4,450
7,184
2,100
2.679
3.680
1,815
2,203
2,969
Lake Superior A
915
5,650
4,311
M11 w. St. P. & Pacific.
St. P. Minn. A Omaha.
Wabash
Wheeling & Lake Erie
Total
Northern Pacific.....——
75
62
289
251
1,799
1,395
1,077
1,709
1,382
80,565
72,179
63,724
50,290
43,939
System.
17,770
3,095
16,123
2,570
17,382
2,465
7,065
2,361
5,323
2,232
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois—.
477
437
302
103
64
15,194
2,670
10,463
2,535
14,440
14,254
1,972
9,740
2,574
8,527
7,933
1,709
9,986
2,628
759
678
9,873
720
730
778
2,684
2,539
2,814
8,755
2,668
1,270
2,298
Spokane Portland A Seattle...
Total.
Central Western District—
Atch. Top. A Santa Fe
Alton
Alleghany District—
Akron Canton A Youngstown.
Baltimore
&
588
408
969
939
34,170
3,261
Ohio
Bessemer & Lake Erie
443
29,206
2,560
25,976
1,686
19,148
16,408
1,186
1,837
Cambria & Indiana
6,970
Central RR. of New Jersey—
354
■,
354
5
1,669
1,661
5,501
16
12
5,464
273
Buffalo Creek A Gauley
1,760
13,364
11,423
59
Denver A Rio Grande Western.
43
Denver A Salt Lake
493
954
773
9
77
35
Fort Worth A Denver City
919
1,020
959
2,963
1,636
2,060
1,532
1,377
864
1,592
45,097
20,439
3,631
8,029
2,476
1,665
39,978
17,316
4,534
6,875
1,098
1,753
999
571
586
301
266
158
172
152
634
523
1,304
69,706
16,143
19,694
3,637
1,095
58,764
12,147
Pennsylvania System....
Reading Co
Union (Pittsburgh)
Western Maryland
—
15,955
3,322
53,213
11,691
8,932
3,283
•
Illinois Terminal
Nevada
....
159,330
132,606
114,964
117,203
102,953
4,105
9,776
5,947
1,684
Virginian..
4,484
1,078
Total
39,711
17,407
13,623
19,916
18,920
4,512
15,690
48,415
Chesapeake A Ohio
Norfolk & Western.
23,921
47,353
419
11
44
0
0
19,791
17,323
245
12,779
12,312
5,908
1,271
8,205
4,512
369
13,400
1,200
6,657
412
352
589
6
6
1,733
1,148
1,038
2,126
1,620
101,665
Total.
92,534
89,802
57,059
48,486
Southwestern District—
133
139
107
250
306
Gulf Coast Lines
3,130
1,496
3,191
1,474
3,526
1,712
1,425
International-Great Northern.
2,257
1,328
2,173
Burlington-Rock Island
191
187
175
193
810
714
671
1,660
1,363
709
513
523
1,106
6,771
3,591
1,699
838
Alabama Tennessee & Northern
285
Atl. & W. P.—W. RR. of Ala-
Atlanta Birmingham & Coast..
Central of Georgia
122
400
1
8,061
Southern District—
Atlantic Coast Line
124
421
20
Union Pacific System
995
525
304
Western Pacific
22,602
21,416
4,397
487
798
1,565
23,797
Peoria A Pekin Union
Southern Pacific (Pacific)
Utah
Pocahontas District—
405
792
638
Northern
North Western Pacific
930
6
1,913
Missouri-Illinois
Toledo Peoria A Western
Total
2,847
1,597
2,942
49
631
340
Ligonier Valley
Long Island
Penn-Reading Seashore Lines-
—
Colorado A Southern
64
615
Cumberland A Pennsylvania..
Cornwall
4
4,787
8,388
71
Spokane International
10,988
4,174
8,499
9,500
3,477
3,748
436
367
381
1,030
2,230
967
165
192
231
2,314
2,017
2,060
Louisiana A Arkansas
1,842
1,387
3,153
Litchfield A Madison
351
438
353
973
799
Midland
594
600
620
205
274
148
115
146
403
342
3,971
15,149
3,589
13,768
3,669
12,616
2,838
10,298
2,613
5,466
Kansas Oklahoma A Gulf
Kansas City
Southern..
Valley
Missouri A Arkansas
1,578
1,615
1,829
1,424
1,557
1,428
1,113
2,858
1,297
2,589
258
251
202
317
333
Durham & Southern
162
151
138
722
742
Florida East Coast
998
783
1,261
1,110
1,129
Quanah Acme A Pacific
95
98
68
140
115
Gainsvllle Midland
36
33
28
76
98
St. Louis-San Francisco
7,619
2,436
7,061
6,471
2,126
6,525
3,483
5,241
4,297
3,829
6,985
2,156
6,345
3,230
2,991
3,517
4,512
2,459
2,912
3,690
117
109
167
64
89
10
14
27
197
31
50,635
46,081
45,076
40,186
34,682
Charleston A Western Carolina
Clinchfield
Columbus A Greenville
Georgia
Georgia & Florida——...—
1,068
846
690
1,858
1,578
321
227
350
709
444
3,387
21,639
23,309
2,839
20,802
22,952
xl,334
19,089
2,779
12,315
19,207
6,832
3,000
10,070
5,430
Macon Dublin A Savannah
120
128
148
1,037
Mississippi Central
110
125
337
267
Missouri Pacific
St. Louis Southwestern
9,034
491
148
Missouri-Kansas-Texas Lines.
Gulf Mobile A Ohio
Illinois Central System
Louisville A
Nashville
Note—Previous year's figures
revised.
♦ Previous figures,
x
Texas A New Orleans.
—
Texas A Pacific
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total.
Gulf Mobile A Northern only.
i
The Commercial & Financial Chronicle
1194
and
Income
Selected
Balance
Items
Sheet
Class
of
I
Steam Railways for November
The Bureau of Statistics of the Interstate Commerce Com¬
mission has issued
statement
a
showing the aggregate totals
of selected income and balance sheet items for Class 1 steam
railways in the United States for the month of November.
These figures are subject to revision and were compiled
from 131 reports representing 136 steam railways.
The
present statement excludes returns for Class A switching
and terminal companies. The report is as follows:
TOTALS FOR THE UNITED STATES (ALL REGIONS)
Items
Income
Feb.
22, 1941
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;
livestock and livestock 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. 17 as follows:
(August, 1939=100)
r,,
/
All Class I Railways
.'V
Mex¬
ArgenFor the Month of Nov.
1940
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
Java
For the 11 Months of
1939
1940
1939
$
$
%
New
ico
Swe¬
Zeal'd
den
Switz¬ Untied
erland
States
194©—
May
$
Net railway
71,327,820
15,006,907
operating Income
Other Income
86,334,727
2,046,345
87,493,167 736,315,412 656,337,465
2,037,883 22,798,197 21,380,854
120
118
143
116
113
112
131
132
June..
70,414,612 601,039,365 527,847,772
17,078,655 135,276,047 128,489,693
118
118
120
144
116
113
114
131
136
July
August
September-
118
118
120
145
115
112
114
132
140
109
118
119
120
150
115
111
120
132
144
109
116
120
121
145
116
110
122
135
153
111
120
139
117
145
110
Income avail, few fixed charges...
84,288,382
158
114
113
125
124
146
118
111
118
142
164
118
113
126
126
149
120
111
119
144
168
118
85,455,284 713,517,215 634,956,611
1941—
end.:
Weeks
Jan.
Rent for leased roads A equip..
13,329,501
deductions.#
38,073,282
124,421
deductions
Other
131,664
1,377.231
rll4
150
121
110
119
144
169
11„
rll3
127
126
150
121
111
119
144
172
120
Jan.
11,319,210 131,718,386 129,313,341
38,982,367 420,321,553 424,689,368
4..
Jan.
Fixed charges:
Interest
.
122
109
November..
October....
123
112
December.
Total lnoome
Mis cell, deductions from income..
113
120
18-
113
*127
126
*150
121
111
118
*144
172
rl21
127
*150
121
111
120
172
rl20
*120
128
126
114
1,458,961
Feb.
Total fixed charges
51,527,204
32,761,178
35,022,043 160,100,045
1—
116
126
126
*149
120
111
Feb.
50,433,241 553,417,170 555,361,670
...
8-
114
126
126
*149
121
113
*
Income after fixed charges..
Contingent charges
1,951,841
Net lnoome.b
30,809,337
1,961,169
33,060,874 138,517,515
58,016,700
and equipment)
17,147,636
5,433,797
16,728,761 188,319,776 185,161,317
4,297,926
54,888.956 30,110,279
Dividend appropriations:
On common stock............
28,829,255
34,378,258
96,642,358
4,097,839
22,402,041
18,514,703
1.64
1.69
1.29
1.14
120
170
rl21
Revised.
Moody's Commodity Index Advances Moderately
The movement of the Index
Sat.
Mori.
Selected Asset and Liability Items
Feb. 14
Feb. 15
Feb. 17
Tues.
Ratio of Income to fixed charges.!
173
145
Moody's Daily Commodity Index advanced from 172.6 a
week ago to 173.3 this Friday.
The principal individual
changes were a rise in wheat prices, and a decline for hogs.
87,684.161
6,909,890
On preferred stock
r
144
...
21,578,241
Depreciation (way and structures
Federal lneome taxes
Preliminary,
79,594,941
21,582,530
119
Feb. 18...
Feb. 19-.
Fri.
Wed.
Class
All Class I Railways
I
Railways
Receivership
Not
in
Trusteeship
or
172.6
..
..172.2
_
follows:
as
171.6
172.8
173.2
173.7
160.5
171.8
149.3
175.5
Year ago. Feb. 21
1940 High—Dec. 31
...173.1
Thurs. Feb. 20.
173.6
Feb. 21.
-.173.3
Fri.
was
Two weeks ago, Feb. 7
Month ago. Jan. 21
Low—Aug. 16
1941 High—Jan. 25.—
Low—Feb. 17.
171.6
Balance at End of November Balance at End of November
1940
1939
1940
e
1939
e
Commodity Price Index Sharply Higher in Week Ended
Feb. 15, According to National Fertilizer Association
Selected Asset Items—
Inv. In stocks, bonds, Ac.,
except of affiliated cos.
570,388,166
625,554,518
490,614,403
543,542,275
677,214,482
43,907,270
27,300,887
94,171,009
3,422,256
602,439,561
525,516.731
489,713,603
27,957,796
29,875,826
39,440,041
24,889,348
27,358,259
77,575,197
74,802,921
62,779,648
2,873,016
2,891,211
2,553,460
67,559,429
68,819,939
57,007,811
56,925,506
54,004,103
39,903,731
104,676,033
42,132,800
255,917,938
27,173,618
1,035,374
6,174,265
238,103,685
25,994,972
919,408
_
Cash
Demand loans A deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
23,905,067
Trafflo & car-service bal¬
ances
Net
receivable
receivable
bal.
from
Advances
agents and conductors.
53,050,459
135,207,530
329,708,802
30,109,972
1,509,498
8,493,513
Mis cell, aocts. receivable.
Materials and supplies...
Interest & dlvs. receivable
Rents
receivable
Other current assets
Total current assets
125,591,211
310,732,250
28,811,933
1,474,158
8,354,839
95,650,155
6,993,081
1,471,655,107 1,338,509,829 1,159,429,022 1,073,029,644
Selected Liability Items—
Funded
debt
ances
93,052,305
188,194,390
65,864,499
139,147,518
151,610,202
199,928.755
24,288,188
72,921,549
service bal¬
payable
87,155,037
payable
88,068,881
259,471,031
62,692,346
26,803,928
62,524,910
259,746,621
1,506,047
Mlsoell. aocts. payable
Interest matured unpaid.
1,522,027
49,154,229
94,925,396
Dlvs. matured unpaid...
Unmatured dlvs. declared
Other current liabilities...
44,989,618
92,094,983
31,505,939
39,340,606
Total current liabilities.
797,169,737
Unmatured int. accrued..
Unmatured rents accrued.
63,544,034
202,294,383
50,112,873
22,364,662
23,354,692
201,745,964
1,139,132
61,591,377
1,139,143
49,154,229
68,973,734
31.353.323
31.293.324
44,989,618
67,258,895
27,817,757
28,438,982
840,938,625
48,900,968
19,191,140
531,129,400
27,654,225
21,484,242
95,768,766
71,698,618
87,794,772
146,381,289
93,087,408
but
the
effect of this
the
on
metal
Steel scrap again declined
index
outweighed by
was
A rise in the price of Southern pine
The index representing the prices of miscellaneous
commodities also advanced last week with higher prices for rubber,
cating oil, and paperboard
linseed
meal,
decline
was
was
A small increase
phosphate was sufficient to raise the chemical and
drug index fractionally.
more
and cattle feed
lubri¬
than counterbalancing declines in hide,
quotations.
The only index to register
1940,
prices for dried blood.
During the week 30
price
series included
in the index
advanced
and
20 declined; in the preceding week there were 22 advances and 14 declines;
preceding week there
WHOLESALE
were
18 advances and 23 declines.
COMMODITY PRICE
Compiled by The National Fertilizer Association.
Per Cent
$36,775,761;
11
was as
follows:
INDEX
months
1940.
d Includes obligations which mature not
more
25.3
ing Week
15,
Feb. 8,
1941
Foods
Year
Month
Ago
Jan.
Ago
18,
Feb.
17,
1941
93.8
1941
1940
92.9
92.5
75.2
73.8
73.8
Cottonseed oil
23.0
91.5
Fats and oils.
71.8
72.9
74.7
79.2
94.4
93.4
96.3
89.7
101.0
_
Farm products
78.0
Cotton.
changes prescribed in the Uniform System of Accounts by
Commission's order of Dec. 6, 1939, effective Jan. 1, 1940.
17.3
November
1940, 0.84; November 1939, 0.79; 11 months 1940, 0.60; 11 months 1939, 0.47.
96.2
96.2
96.3
Grains..
82.0
84.3
87.6
Livestock...
pur¬
poses, to conform with
f For railways In receivership and
trusteeship the ratio was as follows:
Preced¬
Week
Feb.
Group
Total Index
than two years after date of Issue,
liability Items have been revised, for comparative
(1935-1939=100*)
Latest
Bears to the
c Includes payments of
principal of long-term debt (other than long-term debt in
default) which will become due within six months after close of month of report,
96.3
94.0
97.8
84.1
101.5
101.5
101.5
106.8
Fuels
10.8
Miscellaneous commodities..
93.3
113.3
of
113.5
113.0
112.9
110.6
Metals
103.2
103.1
103.2
100.7
Building materials
117.7
112.7
117.8
105.6
1.3
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.
104.0
103.9
103.9
100.0
.3
Fertilizer materials
105.8
106.0
106.0
106.1
Fertilizers
104.0
104.0
104.0
103.1
.3
Farm machinery
99.7
99.7
99.7
100.4
101.1
99.9
101.1
99.4
possible.
Each
commodity is weighted uniformly for each country, according
to its relative importance in world
production.
The actual
price data are collected weekly by General Motors Overseas
Operations from sources described as "the most responsible
Chemicals
100.0
^
joaee
Indexes
and
drugs
All groups combined
penuu uiiaugeu Jan.
on
1926-1928 base
irom
were:
average tu
J
uwiu&v aa
IUU,
15, 1941, 78.7; Feo. 8, 77.8; Feb. 17, 1940,
Feb.
77.4.
world
The index is built upon 40 basic commodities and the list
is the same for each country, in so far as
...
110.4
.3
Motors
Corp. and Cornell University, which,
prior to the European war, had collaborated in the publi¬
cation of a world commodity price index, have resumed issu¬
ance
109.8
Textiles..
6.1
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
111.3
8.2
7.1
General
a
the fertilizer material index, which dropped slightly as a result
Each Group
not in receivership or trusteeship the net income
1939 figures for certain
advancing and only
99,837.861
Represents accruals, including the amount in default.
$33,870,565; November, 1939,
$211,731,824; 11 months 1939, $153,253,282.
e
group
responsible for the upturn in the building material group.
64,780,955
140,588,144
taxes
more
the highest point recorded since
rose to
advancing prices for tin and lead.
of lower
slight
a
Cotton goods, wool, and burlap quotations advanced, result¬
April, 1940.
week
registering
one
Rising prices for livestock
With 11 items included in the
declining the food price index
WEEKLY
b For railways
indexes advancing,
group
drop in grains and resulted in an upturn in the farm product
price average.
four
in the second
Other than U. 8. Govt,
November,
a
574,709,228
liability:
U. S. Govt, taxes
a
than offset
in the price of sodium
Audited accounts A wages
Tax
widespread throughout most of the commodity list, with
decline, and three remaining unchanged.
last
Loans and bills payable.d
car
were
of the principal
seven
ing in a fractional increase in the textile average.
maturing
within 6 months.c
Traffic &
There was a marked increase in the price level last week,
according to the wholesale commodity price index compiled
by the National Fertilizer Association.
This index in the
week ended Feb. 15 rose to 101.1 from 99.9 in the preceding
week.
A month ago the index was 101.1 and a year ago
99.4, based on the 1935-1939 average as 100.*
The Associa¬
tion's report under date of Feb. 17 added:
•
'
•
■
-
Bureau of
modity
.
'
■
Labor Statistics'
Prices
Ended Feb.
Was
'
Index of
r
Wholesale
Unchanged
During
Com¬
Week
15 from Previous Week
Wholesale commodity
markets were comparatively quiet
during the week ended Feb. 15, Commissioner Lubin of the
Bureau of Labor Statistics reported on Feb. 20, except for
higher prices for imported commodities such as cocoa beans.
Volume
rubber,
The Commercial & Financial Chronicle
152
raw
jute and burlap, which reflected higher shipping
costs and increased tension in the Far East.
all-commodity index of nearly 900 price series remained
unchanged at 80.5% of the 1926 average," Mr. Lubin said.
"The general level is
slightly below a month ago but is
2.8% above a year ago."
The
Labor
Bureau's
announcement
also
the
reported
following:
•■■
products, hides and leather products, fuel and lighting ma¬
terials, and housefurnishing goods groups each declined 0.3% during the
week.
Textile products, on the
contrary, advanced 0.3% and prices of
foods, metals and metal products, and chemicals and allied products
slightly.
nearly 1% while higher prices for cattle, lambs
of livestock and
poultry
lower prices for hogs.
tor
for
a
rose
/:
as
a
Prices
group
mixed.
were
Grains declined
notwithstanding
lamb, bacon, lard, and tallow.
butter, flour,
as
corn
Department
District
Stores
vegetables, while there
6%
department stores in the Second (New York)
District during January advanced 6%
year ago, it was announced Feb. 18 by the Federal
above
a
Reserve Bank of New York.
Stocks of merchandise
department stores at the end of January
the end of January, 1939.
Textile markets
labrics
fabric,
did
as
were
mixed.
cotton
Prices of
and
yarns
The apparel stores in the New York Reserve District
ported
with
a
2
was
% above last
year.
The following is the tabulation issued
DEPARTMENT
STORE
1941—SECOND
MAJOR
BY
TRADE
FEDERAL
by the Bank:
LOCALITIES.
RESERVE
Per
Cent
Changes
well
and skins
about 2%
were
Stock
Net Sales
Department Stores—
New York City (includes Brooklyn)
Northern New Jersey
lower, in line with the usual seasonal
trend.
In
building material markets, lumber moved lower because of weakening
prices for yellow pine dimension and finish, and for oak flooring.
Higher
reported for plumbing and heating equipment.
were
Prices of most non-ferrous metals
were
Prices for fats and oils
+9
+ 12
Bridge port...
+ 15
week ago,
a
0
+ 15
+ 13
Mohawk River Valley
+20
+ 11
Syracuse *
+ 13
+ 14
+ 18
+8
+3
about 63% above a year
Southern New York State
Binghamton
Feb,
Feb.
8,
1,
18,
1941
1941
Jan.
Percentage Changes to
Feb. 15.1941. from—
Feb.
Elmira
1940
Feb.
Jan.
8.
All commodities.
.....
17,
+4
....
—2
+ 12
......................
+5
+ 10
+6
+6
—2
.
.
...
^
+2
Apparel stores.....
.•
Subject to possible revision.
1940
INDEXES
DEPARTMENT
OF
STORE
SALES
AND
STOCKS,
SECOND
FEDERAL RESERVE DISTRICT
(1923-25 Average—100)
80.5
80.5
80.6
80.6
78.3
0
—0.1
+ 2.8
70.5
70.7
71.7
71.4
68.6
—0.3
—1.3
+ 2.8
Jan.,
73.3
73.2
73.7
73.7
70.5
101.9 102.2 102.6 102.9 103.1
Nov.,
Dec.,
Jan.,
+0.1
—0.5
+ 4.0
1940
1940
1940
1941
—0.3
—1.0
—1.2
120
184
78
-
Farm products..............
Foods
..
Hide and leather products
Textile products
75.6
Fuel and lighting materials
18,
1941
+6
All department stores ♦.
Feb.
1941
o
+9
+ 16
JSiagara Falls
Rochester. ........
*
0
+ 22
.........
Buffalo
17,
0
+5
Western New York State....
'
15,
...
Northern New York State
month ago, and a year ago;
a
Feb.
1941
0
—5
+2
(1926=100)
1941
+2
0
+7
Albany
(2) percentage changes in sub-group indexes from Feb. 8 to Feb. 15, 1941.
Commodity Groups
—2
Poughkeepsie
17, 1940,
changes from
+9
+ 13
Central New York State
now
The following tables show (1) index numbers for the
principal groups of
commodities for the past three weeks, for Jan. 18, 1941, and Feb.
and the percentage
+6
+5
Upper Hudson River Valley
slightly higher.
were
Hand
+4
Lower Hudson River Valley
steady, but lead and lead products
advanced, while tin declined slightly.
Tartaric acid continued to advance and Is
ago.
+6
+5
Newark
Westchester (N. Y.) and Fairfield (Conn.) counties....
prices
on
End of Month
cotton
many
including industrial fibers such as osnaburg and tire
drills, muslin, print cloth, sheeting, and toweling.
Prices
as
from
Year Ago
further
advanced,
as
of hides
JANUARY,
DISTRICT
meal, and
were
However,
re¬
loss of 2% in net sales in January as compared
year ago.
Stock on hand at the end of the month
a
silk and silk yarns declined
raw
duck.
army
hand
on
6% above
were
Cattle feed declined 2.8%.
slightly,
Above
Reserve
Lower prices were reported for beef
and pork, raw sugar and fruits and
seasonal declines in eggs and cheese.
York
New
in
Advanced
of
Federal
higher for cotton, flaxseed and hops and
were
number of important food items such
of
Reserve
Year Ago
Sales
and poultry caused prices
to advance slightly,
Sales
Federal
in
•
The farm
Price movements in agricultural markets
January
"The Bureau's
1195
75.4
75.2
74.6
74.4
+ 0.3
+ 1.3
+ 1.6
72.7
72.9
72.6
72.6
73.0
—0.3
+0.1
—0.4
Metals and metal products
Building materials
97.9
97.8
97.8
97.8
95.3
+ 0.1
+0.1
99.4
99.5
99.7
93.2
—D.3
+ 6.7
Chemicals and allied products.
78.7
78.6
78.8
78.6
77.5
+ 0.1
+ 0.1
+ 1.5
Houseiurnishing goods
90.2
90.5
90.4
90.4
89.8
—0.3
—0.2
+ 0.4
76.8
74r
+2.7
99.4
Sales (average daily), unadjusted
Sales (average daily), seasonally adjusted
—0.6
...
Miscellaneous commodities...
0
76.7
76.8
76.9
77.2
—0.1
~0.3
Raw materials
73.8
73.8
74.4
74.3
72.4
v:V":; 0
—0.7
Semi-manufactured articles
81.2
81.2
81.3
81.1
79.6
0
+ 0.1
+2.0
Manufactured commodities
83.8
83.8
83.8
83.8
81.4
0
V+ 0
82.7
82.6
82.6
82.6
80.5
+0.1
+0.1
+2.7
84.6
84.6
84.5
84.5
83.3
0
+ 0.1
+ 1.6
Stocks, seasonally adjusted
All commodities other than farm
products and foods
PERCENTAGE
CHANGES
IN
SUBGROUP
FEB.
INDEXES
FROM
FEB.
8
TO
1941
15,
Increases
'
:
.
:iU.;' +
v
99
82
74
84
83
81
+ 1.9
Electric Output for Week Ended Feb.
Other textile products
2.8
Plumbing and heating..
2.4
Hosiery and underwear..
Livestock and poultry........
0.2
Crude rubber
1.5
Oils and fats...
0.2
0.2
Other foods
0.8
Cotton goods...................
Cereal products
0.4
Non-ferrous metals
Drugs and pharmaceuticals
Dairy products..
0.4
Paper and pulp......
0.3
Other miscellaneous
0.1
0.1
The Edison Electric Institute in its current
weekly report
of electricity by the electric light
United States for the week ended
Feb. 15, 1941, was 2,810,419,000 kwh.
The current week's
output is 13.5% above the output of the corresponding week
of 1940, when the production totaled 2,475,574,000 kwh.
The output for the week ended Feb. 8, 1941, was estimated
to be 2,823,651,000 kwh., an increase of 11.9% over the
estimated that production
and power industry of the
like week
a
0.1
...
15, 1941, Totals
2,810,419,000 Kwh.
All commodities other than tarm
products.
102
77
.
101
100
Revised.
r
+2.9
w.
93 r
69
year ago.
PERCENTAGE INCREASE FROM PREVIOUS YEAR
0.1
Decreases
2.8
Other farm products
0.3
Major Geographic
Week Ended
Hides and skins..
2.0
Automobile tires and tubes..
0.2
Regions
Feb. 15, 1941
Fruits and vegetables
1.2
Silk
0.2
Cattle feed—
k...
Grains-
...
_
.......... .....
.....
Fertilizer materials
0.1
0.1
0.5
14.0
10.5
10.8
10.9
8.5
16.5
15.0
15.6
14.0
8.8
7.0
9.8
8.1
1941, 0.1% Above
v
13.3
(except interbank accounts),
as
reported by banks in leading cities for the week ended
Feb. 12, aggregated $6,923,000,000. Total debits during the
13 weeks ended Feb. 12 amounted to $124,544,000,000,
or
9% above the total reported for the corresponding period a
year ago. At banks in New York City there was an increase
of 6% compared with the corresponding period a year ago,
and at the other reporting centers there was an increase of
12%. These figures are as reported on Feb. 17, 1941, by the
Board of Governors of the Federal Reserve System.
FOR
10.0
9.3
5.5
3.9
4.8
J3.2
RECENT
7.5
7.3
11.9
11.3
10.3
WEEKS
1940
1941
1941
Jan.
4..
Jan.
18
Jan.
2,704,800
2,834,512
11
Jan.
25
2,843,962
2,829,959
2,829,690
2,823,651
2,810,419
1
8
15
2,473,397
2,592,767
2,572,117
2,565,958
2,541,358
2,622,514
2,475,574
Feb. 14,
1940
Feb. 12,
....
$7,350
51,654
+ 11.9
+ 13.5
2,199,860
2,211,818
2,463,999
2,212,897
48,823
379
6,730
483
460
8,947
6,106
7,512
264
4,862
4,115
In their
251
4,023
3,558
18,212
16,599
3,856
2,134
3,707
3,388
same
2,094
125
223
.
.. -
—
183
184
566
589
$6,923
New York City *
2,365
140 Other leading centers *
133 Other centers,...—....
3,908
$6,920
2,604
3,713
651
603
Total, 274 reporting centers
3,488
3,154
9,915
2,845
$124,544
$113,806
10,394
8,886
47,310
44,771
66,840
59,777
9,258
Centers for which bank debit figures are available back to 1919.
Report
on
monthly report
on
1,519,679
1,538,452
1,733,810
1,717,315
1,728,203
1,726,161
1,718.304
1,699,250
1,706,719
1,702,670
Trend of Business in
the trend of business in hotels,
a
120
241
1,545,459
1,512,158
1,542,000
1,736,729
Horwath & Horwath state that in the first month of 1941,
the hotel sales continued ahead of last year at about the
204
Minneapolis
San Francisco....
2,199,976
1,619,265
1.602,482
1,598,201
1,688,967
1,588,853
1,578,817
Hotels—January Sales Average 5% Above Year Ago
1,005
Kansas City
*
+ 11.3
2,292,694
2,201,057
8
272
....
-
+ 10.3
2,169,470
2,269,846
2,289,659
2,207,285
241
Chicago...
v—.
+ 9.3
2,455,285
2,479,036
1,012
Atlanta
.
+ 9.4
+ 10.6
1...
$6,391
2,856
389
333
.
_—
...—....——
1929
1940
$379
2,616
Philadelphia...............
1932
Feb. 14,
1941
$467
........ .
1939
Mar.
Horwath & Horwath
Dallas..
1941
Mar.
Feb. 12,
St. Louis
KILOWATT-HOURS)
1940
Feb.
13 Weeks Ended
Federal Reserve District
Richmond
OF
from
Feb. 22
Week Ended
Cleveland
(THOUSANDS
Change
Week Ended
Feb.
(In Millions of Dollars)
12.3
11.0
Percent
Feb.
FEDERAL RESERVE DISTRICTS
8.1
13.5
....
Total United States.
DATA
8.5
7.5
Rocky Mountain
Pacific Coast
Debits to deposit accounts
New York
Jan.25,1941
11.7
England
Southern States
Bank Debits for Week Ended Feb. 12,
a
Year Ago
Boston
Week Ended
1, 1941
Middle Atlantic
New
West Central
SUMMARY BY
Week Ended
Feb.
1941
Central Industrial
Meats..
0.9
Furniture............. 0.7
Lumber
Week Ended
Feb. 8,
rate
as
in the last several months of 1940.
total average increase of 5%, both rooms
also recording that improvement.
The firm
There
was
and restaurant
further reports:
Occupancy at 69% is three points above that last January but still not
quite up to January, 1937, which was 70%.
seven
The average gain for the last
months is also three points.
The average rate was up
April; the other
was
1 %, this being only the second rise since last
in November.
However, four of the nine
groups
still
had decreases, one showed no change, and three had small increases average
The Commercial &
1196
1941
22,
Feb.
Financial Chronicle
INDUSTRIAL PRODUCTION
Washington alone recorded a decided
far from satisfactory.
lug only 2%.
The rate situa¬
rise.
verage=100)
(1935-1939
tion therefore continues to be
sales and occupancy except
Chicago and Cleveland, but the small decreases for them were not significant
as both had exceptionally good
business last year.
Washington, C. D.,
continued in the spotlight, with sales approximately 25% higher than a
year ago; rates were up 12% and occupancy jumped 10 points.
Chicago
also had a high occupancy. January always being its best month of the year
ahead of January , 1939, in
All groups were
in that respect.
Adjusted for
finally showed an increase
TREND OF BUSINESS IN
1941 COMPARED WITH
HOTELS IN JANUARY,
1940
JANUARY,
Dec.,
Jan.,
Jan.,
Dec.,
Jan.,
1941
1940
1940
1941
1940
1940
pi 74
Manufaciure
181
147
pl70
172
144
186
176
161
177
168
153
pi 73
181
146
P170
172
143
pl75
163
127
P169
164
123
pl87
-
Pig iron
168
138
pl86
183
137
-
Steel ingots
-
Machinery
Transportation equipment
pl49
129
pi 50
152
130
177
154
P176
172
151
138
144
pl33
135
150
147
133
153
152
136
p212
203
162
p200
188
153
142
products
134
pl81
pl34
Automobiles
Non-ferrous metals and
Copper smelting
143
7*129
149
149
7-135
Zinc smelting
or
Occupancy
(+)
Decrease (—)
Room
(Percent)
Sales —Percentage of Increase
Rate
Total
Rooms
Bever¬
Jan.
ages
Food,
Restau¬
Jan.
1941
1940
rant
(+)
or
(-)
Dec.
+6
+6
+8
+7
+8
71
67
—1
—4
—5
—2
—2
—1
78
80
—2
+2
New York City
Chicago
+ 10
„
Washington
+5
+ 17
+ 14
+ 21
52
50
+ 23
Philadelphia
+ 28
+ 18
—14
+ 26
74
64
+ 12
—4
70
72
0
+ 10
66
62
5
66
60
—2
—4
—4
Detroit
+6
+7
+5
+2
Pacific Coast
+2
+6
—2
0
Texas
+3
+3
+3
+2
+8
69
68
+2
+5
+5
+6
+5
+ 7
66
65
+2
+6 1
+5 1
+5 1
+4
+6 1
69
66
+1
—3
All others
Total
Ordinary
of
Sales
Life
—
I
Insurance in
1
-
of this year the sales of
in the United States amounted to
ance
January Equal
ordinary life insur¬
$522,762,000, or ap¬
proximately the same volume as was sold in January, 1940,
according to the monthly survey issued Feb. 18 by the Life
Insurance Sales Research Bureau of Hartford, Conn.
The
ratio of January, 1941, sales to the average sales for the
month of January in the years 1936 to 1940, inclusive, was
90%, according to the Bureau,
Bureau
The
West Coast
East and
in
which in its survey says:
records were achieved in the
sections, with the Pacific States leading the country
that
reports
the
percentage gain for January.
best sales
Sales in the Pacific Section (Washington,
California) were 109% of the same month of one year ago.
Sales in the New England States were 104%, and in the South Atlantic
States 101% of the came month last year.
The only other section showing
an
increase was East South
Central group, with sales of 105% of the
Oregon
and
month
same
last
showed an increase in January over one year ago.
Twenty-seven States
with
Detroit led the group with an
18% gain, and Los Angeles was second with a 17% gain.
The other six
cities following in this order:
St. Louis 9% gain, Cleveland 2% gain,
Philadelphia 2% gain, Chicago 1% gain, New York 1% gain, Boston 3%
eight leading cities reported on,
>,
decrease.
volumes
and ratios
for all
sections are as follows:
January, 1941
Sales
to 1940
104%
99%
$43,440,000
England
151,318.000
Middle Atlantic
East North
Ratios 1941
Volume
New
P116
121
98
pill
114
93
123
*
117
90
137
117
122
144
141
129
pl34
glass
Textiles and products
Cotton consumption
139
118
P137
140
120
PolLshed plate
138
145
120
144
142
125
pi 56
156
rl50
pi 52
154
rl47
p67
Rayon deliveries
74
69
p70
79
72
pl33
pl04
140
106
pi 36
144
107
108
101
pl02
98
99
104
102
Silk deliveries—
Wool textiles
Leather and
products
_
102
*
112
101
pl02
94
97
pi 14
120
111
plOl
115
100
98
104
100
99
100
101
pi 13
pl20
95
p94
P96
79
Cane suTar meltings
pill
134
124
pl28
159
146
Meat
*
130
123
*
123
120
138
143
127
132
127
122
*
112
109
♦
112
103
107
98
98
109
93
*
120
117
♦
119
116
*
116
114
*
115
112
p299
305
145
p350
357
170
121
113
*
122
111
122
123
*
102
Leather tanning
pl06
Shoes
Manufactured food products
—
packing
Paper and products
Paperboard
Printing and publishing
—
Newsprint consumption
Petroleum and coal products
Petroleum refining
*
Chemicals-
*
_
-
-+- -
-
pl37
138
119
pl41
131
140
Rubber products
140
120
144
133
Rubber consumption.
Minerals
106
pll3
Crude petroleum.
Metals
pll6
116
pi 30
127
7-133
111
112
128
113
116
111
114
148
127
pll4
pill
p98
r 178
132
141
147
Iron ore.
Copper
102
88
....
146
pl43
144
112
114
*
118
114
135
rl35
7-119
137
7-139
7-121
*
141
121
*
141
114
*
132
101
*
133
100
*
Lead..
Zinc
-
Gold
Silver
p
Preliminary or estimated,
r
/
120
119
105
pl46
Anthracite..'.
117
115
182
—
113
pll3
-
Bituminous coal
pll7
p98
pl50
Fuels
Revised.
* Data not yet available.
in January,
cisco)
business
California
January
in
continued to improve,
substantial gain over December levels, accord¬
ing to the current "Business Outlook" released by the Wells
Fargo Bank & Union Trust Co. of San Francisco.
The
Wells Fargo index, measuring California business activity
in terms of the 1935-39 average, rose to 139.7% in January
from 135.9 in December.
In January last year the index
stood at 111.2%.
Three of the index factors (industrial
production, bank debits and department store sales) showed
January increases over the preceding month, and the fourth
(car loadings) held practically unchanged.
registering a
99%
121,164,000
Central
in California Continued to Improve
Reports Wells Fargo Bank (San Fran¬
Business Activity
experienced in New Hampshire with
13% each.
Sales
115
115
132
products
Stone, clay and glass
33%, Arkansas
with 19%, Oregon with 18%, and Kansas and Kentucky
20%, Georgia
with
the
132
133
pl36
pl37
products
Lumber..
year.
Greatest increases were
Of
Zinc shipments
Lumber and
Wheat flour
Year Ago
In January
Copper deliveries
143
*
% of
Inc.
Total
Seasonal Adjustment
Jan.,
Iron and steel
in sales over the corres¬
ponding month of the year before.
However, its occupancy at 71% is
several points below the averages for January, 1937 and 1936.
New York City has
Wilhout
Seasonal Variation
46,963,000
99%
49,473,000
19,207,000
101%
105%
97%
Mountain
35,973,000
12,348,000
Pacific
42,876,000
109%
$522,762,000
100%
Central
West North
Atlantic
South
East South
West
_
*
Central
South
Central
United States Total
Summary of
Business Conditions
in Federal Reserve
Districts
98%
The
trend
districts
the
of
business in the various Federal Reserve
in the following extracts taken from
is indicated
"Monthly Review" of the
Federal Reserve Districts of
New York, Philadelphia, Cleveland,
Richmond,
Atlanta,
Chicago, St. Louis, Minneapolis, Kansas City,
Dallas and San Francisco.
Boston,
Monthly Indexes of Board of Governors of
Reserve System for January
Federal
First
Federal Reserve System
issued on Feb. 18 its monthlv indexes of industrial produc¬
tion, factory employment, &c.
The indexes for January
with comparisons for a month and a year ago, follow:
The Board of Governors of the
BUSINESS INDEXES
Without
Seasonal
Adjustment
Jan.,
Dec.,
Jan.,
Jan.,
Dec.,
Jan.,
1941
1940
1940
1941
1940
1940
Industrial production, total
pl39
138
122
pl33
135
117
Manufactures, total...
pl42
141
123
pl36
139
118
Durable
pl69
164
135
P161
161
128
Non-durable
pl20
123
113
pll7
120
109
pi 19
118
118
114
115
Construction contracts, value, total.. pl05
p83
Residential
pl23
All other
115
75
90
53
pll4
p86
p69
P100
Minerals
136
93
93
61
77
44
106
75
Non-durable goods
101
97
86
87
88
P101
101
92
P78
179
71
*
71
68
*
66
61
1939
107.6
*
116.2
105.0
102.5
*
117.6
100.1
#
115.7
112.4
*
114.8
109.7
122:4
*
131.6
9913
*
112.1
100.4
Factory payrolls, total
Durable goods
Non-durable goods
Freight-car loadings, total
Miscellaneous....
Department store sales, value
Department store stocks, value
was
1.6%. ...
that production of boots and shoes in
New England amounted to 9,925,000 pairs, a total larger than in November
by 8.4% and exceeding the December, 1939, total by 7.4%.
In this
district during each of the first 11 months of 1940 shoe production was
less than in the corresponding month of 1939, and the total for the entire
year is estimated to have been 138,882,000 pairs, as compared with the
116.6
117.5
*
Durable goods
*
*
Factory employment, total
1 "Monthly Review" of the Federal
In part, the "Review" also said:
Most
of
ihe
important
industries reflected the improvement, but
revenue
freight car loadings and department store sales during 1940 con¬
tinued to lag behind the industrial pickup, even toward the end of the year.
Car loadings in this district amounted to 1,183,157 during 1940, a total
0.5% smaller than in 1939, and in each quarter of 1940 there was a
slight decrease from the corresponding quarter of the previous year.
De¬
partment store sales for the entire vear 1940 in New England were 2.0%
higher than in 1939, with an increase of 2.8% in December. . . .
In New England during December the amount of raw cotton consumed
89,034 bales, exceeding the November amount by 7.2%, and 12.9%
more than was used
in December, 1939.
During the year cotton consump¬
tion
in
this district was 927,653 bales,
as compared with a total of
Reserve Bank of Boston.
1923-1925 average=100 for all other series)
Adjusted for
86
84
78
77
77
99.8
72
74
912,848 bales in 1939, a
During
In
p
Preliminary.
* Data not yet available.
Note—Production, carloadlngs and department store sales indexes
based on daily
averages.
centered at second
month, of F. W. Dodge data tor 37 Eastern States.
To convert indexes to value
figures, shown in Federal Reserve Chart Book, multiply total by $410,269,000
residential by $184,137,000, and all other by $226,132,000.
Employment index, without seasonal adjustment, and payrolls Index compiled
by Bureau of Labor Statistics.
Construction contract indexes based on three-month averages,
in New England during De¬
and the level for the month
that which prevailed in No¬
in excess of December, 1939,
according to the Feb.
(1935-1939 average=100 for Industrial production;
Seasonal Variation
(Boston) District
activity
cember continued to expand,
was
moderately higher than
vember and was considerably
General industrial
gain of
December it is estimated
total of
151,241,000 pairs.
Massachusetts
during
December,
1940, the number of wage earners
employed in representative manufacturing establishments was
than the number employed in November, and was 7.0% larger
December,
Industries.
8.7%
2.7% higher
than during
according to the Massachusetts Department of Labor and
The amount of aggregate weekly payrolls in December was
1939.
higher
than
November, 1929.
contra-seasonal.
in
November,
It was stated that
and reached the highest point since
the November-December increases were
Volume
The Commercial & Financial Chronicle
152
Second (New York) District
The
The Federal Reserve Bank of New York, in presenting its
monthly indexes in its "Monthly Review" of Feb. 1, states
that "industrial conditions in
January
production
stantially,
volume
lines
erally
view" goes on to say:
in
An
unremitting
certain
key
capacity,
retired
pressure
defense
durable" goods.
accompanying
from
tor
expansion of output
materials,
was felt by producers of
though not exclusively "producers'
stepped up closer to calculated
mainly
Steel mill operations
efforts
were
rehabilitate
to
facilities
had
which
been
of
demand
forward
this
in
industry
increasing
Backlogs in most manufacturing
has
ordering in evidence.
expanded,
production
December, when
increased
6%
industrial
to
there
the
the
is
ordinarily
highest
production
in
the Third District
in
month
level
7%
was
also
the
6%
on
was
ing,
increased in the month but
was
sought
The
show
to
insure
to
manufacture
adequate
of
in
supplies
consumers'
future
durable -goods
months.
1
.
.
.
.
during January continued
certain
year
is
in
a
intensified.
Automobile production in January was the largest on record
month, although in this connection it should be pointed out that
during the years of peak production in the 'twenties new automobile models
for
that
introduced around the year-end and
were
by changeover problems.
The stimulation
cotton
and
rates
of
woolen
on
mills
based
upon
together with considerable
indicate
maintain
to
orders
exceptionally high
carried
the
reduction
in
the
level
of
retail
trade
1940
from
over
business placed in January.
department store sales for the country as
on
that
unfilled
of
on
Incom¬
whole would
a
in
January
was
largest in
clearly show
the general level of business
trade
computed
statistical series
At
In
retail
partment
points
102%
highest level
activity.
in
store
there
sales
for usual
a
composite
and
seasonal variation
basic
the
was
attained
sides
of
their
of
retail
new
stores)
passenger
secular
sharp expansion in December.
largest
reached
Christmas
the
declined
cars
no
highest
more
volume
levels
De¬
since
1929.
(including
record,
on
and
seasonally from the
of business indexes in
level of November.
The showing
helped by the fact that industrial operations—particularly
those directly affected by the national defense
program—evidenced a marked
was
resistance
month.
and
to
In
the
seasonal
some
curtailment
instances—as
manufacturers
of
in
electrical
which
the
case
ordinarily characterizes
of
steel
plants,
the
mills,
cotton
apparatus-r-operating rates
increased to
contrary to the experience in most other years, and in other
instances—for example, pig iron
output, woolen mill' activity, and shoe
some
extent
manufacturing—declines
be
expected
measurably smaller
were
than
those
which
would
purely seasonal grounds.
Incoming business, although
lines, continued in a heavy stream in others, and despite
increasing production the year closed with very large order
backlogs in a
abated
number
of
industries—steel,
woolen
protects.
traction
freight
machine
textiles,
was
tools,
aircraft,
railway
equipment,
and
others closely
identified with national
particularly on factory and army canton¬
Building construction,
unusually active
in
December.
Although
seasonal
definitely
was
items,
apparent in figures on railway loadings
shipments of manufactured and spmi-manufactured
held up much better than
and
estimated
ducers
of
continue to
long-term
of
tion
quarter,
trend; series
reported
Dee.,
1939
1940
1940
1940
96
99 V
work.
and
companies
indicated
the
were
that
produc¬
the beginning of the second
mills in this district has approximated 650,000 net tons
New business received has exceeded
production and shipments
time; rolling schedules generally are filled until late April.
.
for
.
company
plants.
vy"';-\.v 7—
With
automobile
district
have
makers.
'\7-7'V.Y\ v;' ?.'r
'■
and
weekly since early
assemblies
January,
maintained
averaging
parts
and
than
more
accessories
operating schedules
at
120,000
manufacturers
high levels,
units
this
have
as
in
tire
Plate
glass manufacturers also have benefited from, the high rate
activity in the automotive field, while window glass production reached
the highest level in recent
years,
largely as a result of the increased
amount of building.
'■
.-:r\
']
of
.
Further
cember.
years.
increases
At
..
.
.
Ohio
industrial
1926
employment
sales
in
December
the
was
'V--'
retail
and
reported
were
the index
average,
•,
.
Record
ment
.
in
107% of the
■
in
De¬
highest in 11
>7V—;''C-
fully reflected the increase
in
employ¬
incomes which took place in the closing months of 1940.
While
holiday expansion of department store trade from the unusually high level
of November was slightly less than seasonal
in this district, December's
dollar
volume
the
was
third
best
for
similar
any
month
in
the
last
21
being exceeded only in 1928 and 1929.
years,
Fifth (Richmond) District
The
Federal
trade
and
culture.
records
107 v
114/7
106p
80/7
101/7
109/7
ficient orders
79/7
103/7
mills
97
87
92/7
95/7
97
101/7
102/7
in
reports
was
its
of the best
one
moderately
was
good in agri¬
lines, and other
made in several
were
The Bank adds:
industry, receiving a substantial volume of orders from
Army and Navy in addition to increased commercial requirements, con¬
86
98
Richmond
The cotton textile
101
92
of
closely approached."
were
101
98
industry, and
New records
69
Distribution to consumer
Bank
in the history of the Fifth Federal Reserve District
101
Consumers' non-durable goods
Prlmarv distribution
Reserve
"Monthly Review" of Jan. 31 that "1940
100
Industrial Production—
of these
many
Dollar value of machine tool production was doubled
during 1940 as manu¬
facturers added considerably to capacity in various
ways and arranged to
have an
increasing amount of subassemblies made outside of
the
Steel
by
recent years
capacity until
near
since late October, except during Christmas week, when many
operators took advantage of the holiday closing to do necessary maintenance
102/7
Production of
_
though pro¬
as
weekly
in
...
such
longer.
or
Steel output at
years
Nov.,
95
in
season
would be maintained
bulk
Oct.,
Index of production and trade
be the most active,
style merchandise,
clothing and shoes,
increased operations somewhat more than seasonally in De¬
cember when work was started on
spring and sunimar lines."
products
Dec.,
Producers* non-durable goods
Consumers' durable goods
'
con¬
In dollars are also adjusted for
price chances)
Producers' durable goods
the
'v'-v:/"
defense effort
in December of most other
years.
(Adjusted for seasonal variations
for
"Monthly Business Review" of Jan. 31 the Federal
Reserve Bank of Cleveland states that "Fourth [Cleveland]
industries manufacturing items significant to the
on
some
and
cotton
defense.
ment
in
but
District
than
relatively high
December
record high.
a
December,
...
lines.
some
usual
the
in
oil
The output
Fourth (Cleveland) District
83
decade.
a
aggregate sales of chain store systems and of mail order houses
sales
of
more
than
more
trade
represents
to the 12-point gain of the April-November
estimated long-term trend the index was at the
of
slightly
decade.
a
Backlogs of unfilled orders held
continuance of the upswing
a
The monthly index of production
Bank—which
with adjustments
trend—added three
period.
by this
earlier.
year
employment in industry and trade in Pennsylvania increased 4%
December, and payrolls advanced 7%, gains being reported in most
largest reported at this
in
a
Activity
crude
of
General
Production and Trade in December
and
The production
somewhat below
and the
be expected.
to
was
1939.
The Bank further reports:
approximately of the usual seasonal proportions.
Statistical data for December
seasonally adjusted basis,
a
substantially in the month,
above
reduced
was
the
was
increased
seasonally adjusted basis advanced to
a
activity
whole
a
total
1940
Manufacturing
In its
.
continued
amounts
as
anthracite
power
Construction
During
year.
retarded
the whole than in the durable category, although
textile
operation,
plete figures
was
experienced by non-durable goods industries in January
again less marked
was
7V
January production
lines
of electric
amount of stimulation from
increasing employment and
payrolls, and conceivably to some extent from concern over the possibility
of shortages in the supply of such
products, as the national defense effort
of
further
goods reaching the highest level since 1929.
during 1940
both
and prices gen¬
somewhat
years.
previous
output of bituminous coal declined less than
Production
advanced
several
m
above
increased
with the output of durable
in
an
decline, and the adjusted index
a
However,:' despite the record-breaking proportions of
January steel production, trade reports indicate that a further increase in
order backlogs took place during the month as
consumers, by forward buy¬
use.
with
to be well controlled;
appear
sub¬
increased
has
area
firm.
are
Industrial
activity
materials
from
heavy; inventories
are
similar to those
which characterized the closing months of 1940."
The "Re¬
were
and
1197
defense
cf
sumed
the
cotton
more
again set
demand
than
hand
on
that
great
so
days' supply at the end of the
of
1939
in
all
previous year and
any
lines
1940
of
consumers
with
in
1940, and
declined to
yarn
suf¬
Rayon yarn
four
a
Tobacco manufacturing exceeded that
year.
snuff,
except
stocks
reserve
ended
several months.
record for shipments to domestic
a
was
in
maintain operations
to
and cigarette production,
which
of
the
130r
121
128
138
Automobiles
84
116
94
84
Fifth
Bituminous coal
86r
79
91
92/7
Production of bituminous coal in Fifth District States exceeded 1939 output
Crude petroleum
District
94
86
99
103
104/7
122
116
125
138
passenger
Wool consumption
121
134
151;
cars
Shoes
117r
100
111/7
164/7
121/7
Meat packing
104
108
111
113/7
96
95
95
97
100
103
94
97
101
...
Electric power
...
Cotton consumption
;
Tobacco products
Manufacturing Emvloyment—
Employment
Man-hours of
.......
employment
Construction—
85
86/7
106/7
97
38
53
62
67
95
77
83
103
92
89
94
99
83
87
95
88
the
11%
highest
80%,
any
Retail
1940
from
since
year
1940
in
1940
1929.
level,
Ry. freight car loadings, mdse. and mlscel
Ry. freight car loadings, other
Exports
98
—
89
87
86o
94
.......
77
86
The
"Monthly Review" of the Federal Reserve
Atlanta reports that "Sixth District trade and
of
because of
92
97
100
95
107
107
duction of coal and
Mall order house sales
102
94
100
104
105/7
106/7
ber peak, and- the value of construction contracts awarded
New passenger car sales
93
105 p
Velocity of Devosits*—
of
demand
New
54
61
62
26
29
30
103
York
64
35
deposits.
104
104
105
seasonal
113
114
115
115/7
the
City
(1919-25 average=l00)...
averages 100)..
Wage rates (1926 average=l 00)
•
Not adjusted for trend,
v
Third
After
decline,
equal
Cost of Living and Wages*—
Cost of living (1935-39
— ...........
Preliminary,
r
Revised
(Philadelphia) District
Third
Federal
Reserve
District
continued
unusually
active in December and in many lines reached the highest
levels in a decade."
The Bank further said, in part:
only twice
the
in
13
reached in
were
pig iron, textile activity
years
increasing
in
for
of
the rate
pro¬
maintained at the Novem¬
was
which
in December had
figures
district
the
to
usual
seasonal
the
adjusted
factor
1935-39
the year
1939
age,
average.
are
This
movement,
index
is
the annual
higher
was
December,
up
for
so
gain
further
that
after
December
highest
level
usually
in
allowance
remained
reached
a
small
December just
by
at
for
the
129%
of
the adjusted
in the series which begins with 1919.
For
were 9% greater than
121% of the 1935-39 aver¬
than
.
index for the year, at
for
...
any
other
year
than in
.
.
December,
1939.
the
in
Wholesale trade in
drop slightly less than usually
a
larger
4%.
the
a
1940 department store sales in this district
and
exception of 1920.
7%
13%, when there is
November by
department store sales recorded
index in December of any year
in
The Federal Reserve Bank of Philadelphia in its "Busi¬
ness Review" of Feb. 1 reports that "trade and
industry in
the
New high levels
usually does.
exceeded
been
November
available.
Velocity of demand deposits, outside New York
City (1919-25 average=100)
Velocity
it
over
holiday business, and wholesale distribution declined slightly less
93
104
than
\o:;
;
Department store sales recorded the usual large increase
101
98/7
December."
following is also taken from the Bank's summary of
Variety chain store sales
99
stores,
31
Jan.
Department store sales (United States) r
Grocery chain store sales
99
new
used
department
furniture
and
business conditions:
94/?
Distribution to Consumer—
of
and
11%.
of
industrial activity continued at a high level in
Primary Distribution—
*
1939,
by
1939.
over
Sales
in
indicated
as
1939
in
sales
over
trade
the
5%
rose
Sixth (Atlanta) District
»
Bank
for
27%
well.
in
increase
an
than
more
rose
unusually
rose
reported
105/7
105/7
Nonresidential building &
was
automobiles
sold
sales
also
The
engineering contracts.
and
also
store
-
Residential bulldlne contracts
Imports....
16%,
by
for
accounts
series
with
the
single
the district declined 7% in
occurs
For the
at that time, and
year,
wholesale
sales
was
were
The Commercial & Financial Chronicle
1198
3% and
larger than
Employment and payrolls in the six States of the district rose
5%, respectively, in December.
Number of workers was 2%
in December, 1939, while payrolls were up 9%.
in recent mouths has become more and more a controlling
Seventh District
In
business.
sections of
many
industries output is being maintained as close to
capacity as possible.
The volume of manufacturers' pay¬
rolls has surpassed any previous level, and the resultant
significant gain in consumers' purchasing power has added
substantially to demand for consumers' goods."
The Bank
the following to
has
been
have
There
Seventh District
say:
manufacturing plants.
manufacturing employment
both employment arid
increases in
material
was
1% further, and earnings gained 3%,
up
in this district.
The Bank also reported as follows
regarding business and agricultural conditions in December:
year
in December—12% in
level
the
and
reached
of
manufacturing
by
is
higher than
now
any
intense activity
continued
added
expanding
to
mounted
have
in practically all sections
defense
business,
district
at
many
items extend well into the second quarter.
The rate of ingot opera¬
is being maintained as close to capacity as is possible.
At district
steadily,
by
that
so
delivery
now
schedules
on
casting plants there have been unusually heavy bookings, and backlogs have
expanded, particularly in the case of steel castings.
about
was
Automobile
There
was
further
a
December in shipments of stove manufacturers, but the
decline in
volume
three-quarters
have
manufacturers
than
greater
continued
last
to
for
year
maintain
the
month.
high
a
of
level
operations and are building up field stocks further.
Though
somewhat
decreasing
struction
awarded
contracts
38% higher than last
has
building,
There
was
furniture
total
continued
exceptionally
business
in
December,
about
was
district
earlier
the
was
volume
for
total
con¬
the month—
is
in
somewhat
showed
area
usually
than
months.
recent
booked
orders
higher
in
by
district
slack
a
month;
last year.
December.
Railroad
highest since 1929, and
counter-seasonal expansion.
a
1940
year
daily
a
on
basis
average
whole showed the
as a
car
the
in
7%
was
relative
same
and
industry, which had its rise toward the end of last
continued with practically no interruption through
December and the first
half of
January," it
spite
recent
well below that of 1939.
was
of
the
orders
extraordinary volume
of
as
mid-January
high rate of operations
of important firms
shipments
of
during
the
during the next several months.
in the steel and
period,
still sufficiently large to insure the
were
number
A
other industries report that their
some
prospective
Lumber
production
in
December,
while somewhat
below
increased
during the first half of January,
than in the
value
what in
During
in
been
Reflecting the high rate of industrial activity, consumption of electric
by industrial users in six large cities during December was greater
current
than
the
coal
in
at
mines
in
November and
by
heavy
general
that
demand
of
and
the
in
December
preceding 12
relatively
lead, zinc and other metals at district
recent
area
earlier.
a year
Output
4.8%
was
10.9% greater than in December, 1939.
production exceeded
year
Stimulated
this
month and
mines
high
months
prices,
reached
For
4.3%.
by
production
the highest
of
in
levels
years.
accompanied
(Minneapolis) District
According to the Minneapolis Federal Reserve Bank, busi¬
ness volume declined slightly in December from November
but
the
was
largest for
December in 11 years.
Bank's "Monthly Review" of Jan. 28 likewise said:
December
sharp
rise in
1929.
smce
to
business
November,
.
increase
volume
.
in
but
this
district
nevertheless
Sales at both city and
.
much
as
any
usual
as
from
declined
the
was
slightly
largest for
The
the
month
country department stores failed
high November level and were
the
slightly smaller than the exceptionally large December, 1939, sales.
Never¬
theless, with the exception of December, 1939, department store sales were
the largest since
sharply
in
1929.
December and
November, 1929.
declined
highest
The
December
1940
level
business
substantially
1930.
was
indicated
as
at
was
the
The index of total
sharply but
ployment,
The index of miscellaneous
larger
by the
in
our
in
employment
any
and
since
index,
by
our
the
was
annual
largest
volume
1930.
was
Em¬
at
the
and
shipments
earlier.
one-quarter
ments
for
declined
or
in any
seasonally
indexes,
since
was
1929
or
the
month
declined
were
were
Flour production
somewhat
smaller
than
in
since
1925.
larger
The
cut
of
lumber
increased
and
was
1936.
Slaughterings of all classes of
seasonally during December, but with the exception of
than
a
year
earlier.
The
index
of
record
some¬
.
.
by
rise
in
employment
that
the
developments,
.
further
in¬
payrolls
and
and
in
the United
in
for many commodities produced
rise
industrial
in
and
that
including
agricultural
some
.
.
a
agricultural and livestock products.
some
unevenly distributed
for
showed
of industrial production
stronger demand
a
district
The general increase in industrial activity
.
a
by a wide margin.
this
the direct and indirect effects of the
measure
however,
been
demand
activity
has been
it
marked
a
commodities,
in
It
this
accompanied
reduction
in
the
especially cotton, and
Twelfth (San Francisco) District
The
Federal
Reserve Bank of
San
Francisco, In its
"Monthly Review" of Feb. 1, states that "the national de¬
fense
which
program
started
was
late in
May
and
which
has become progressively more active since that time, was
the outstanding development affecting economic activity in
the Twelfth District in 1940."
The
stirring
as
of
increased
result
a
of
industrial
the
The Bank goes on to say:
activity evident in May was soon
strong stimulus to production
defense effort, and industry in the Twelfth
which
the
projects
still
first
both
continues.
feel
to
the
The
impulse of
this
movement.
Large construction
and private building of residential facilities in area's
influx of defense workers was stimulated.
Huge contracts
an
program
had
the
as
been
for the
also received
firms.
revived
.
.
The Pacific Coast shipbuilding industry,
.
slightly under the
of the Maritime Com¬
program
of merchant vessels
during the preceding year,
huge contracts during the latter half of 1940.
.
.
of
new
defense
by the armed
services
residential
industry under the national
progressed and additional large British orders
year
construction
Construction
occupied
industries
public
placed with (local
mission
sustained
a
related
May, by the Army and Navy,
for airplanes were awarded the district aircraft
defense
and
by the
given
District commenced
construction
undertaken, beginning late in
were
construction,
construction
in
the
industry
resulted
district
well
as
in
than
plants
as
of
any
facilities
rising volume of
substantially
a
in
and
the
in
year
more
to
than
a
be
private
volume
larger
of
decade.
Industries producing building materials
consequently experienced an active
particularly the lumber industry, and operations were materially
increased, inventories reduced, and backlogs of unfilled orders accumulated.
demand,
Gains
evident
were
in
in
most
other
industries
but
were
more
moderate
lines
immediately affected by the national defense effort.
The
increase in employment, an extension of the work
week, and a small in¬
crease in
average wage rates during the year were reflected in a rise in
factory payrolls
record
late
in
year
exceeded
farm
After
expanded
gains
in
the
three
1940.
that
cash
of
Pacific
Aggregate
1939
and,
Coast
farm
States
income
including
to
the
from
highest
level
on
for
marketings
the
Government benefit payments,
receipts
were 7% higher than in 1940.
decline slightly early in the year, district retail trade
somewhat, but until late in the fall 'it lagged in relation to
tending to
in
industrial output
available
measures
estimated
to
be
indicate
higher
and
a
than
incomes.
consumer
rather
at
In
November, however,
sharp revival in retail sales to levels
any
time
gain
was
fully maintained in December
information, in January as well.
in
and,
more
on
than
the
10
basis
yeras.
of
The
available
Cost of Living
as a Whole Showed No Change Between
Mid-December and Mid-January. Reports Secretary
of Labor Perkins
Principal changes in the cost of living from Dec.
Jan.
15 were advances
in
food
costs
and
a
Minnesota manufac-
15 to
slight increase
in rents,
Secretary of Labor Perkins reported on Feb. 15.
January sales cut prices of clothing and housefurnishings, so that the cost of living of moderate-income fam¬
"The
ilies
as
a
a
Shipments of linseed oil declined less than usual, were about
larger than in December, 1939, and were the largest
ship¬
largest December volume since
livestock
other recent year.
and
previous
more
smaller exports of petroleum and petroleum products.
the
of
well above December in 1939
sheep
exceeded
and
The
was
month since
manufacturing production in this district, as measured
by the following indicators, declined seasonally during December but was
year
10%.
by
ago
...
The
the
in
unfavorable
some
records.
measured
1939
for
loadings, excluding miscellaneous,
seven-year
as
point
loadings increased
December level
Minnesota
volume,
than
highest
car
the highest
at
car
year
Petroleum production decreased
activity
particularly
noted,
has
total
the
after
a
during the past month
1939,
the expansion
resulted
district,
be
foreign
than
Ninth
industrial
Likewise,
has
this
by
of
that in December last year
1940
business.
which
store sales in the principal cities were approximately 50%
greater than in November and 7.2% above the December, 1939, total.
For
the 12 months aggregate sales were 7.1% in excess of those in 1939.
December,
1940, by 12%.
national defense program.
States
awarded
contracts
reflecting in a large
crease,
December business at wholesale
that
December, but refinery operations continued at the November rate,
which exceeded
has
exceeded
trade
in
that
established in June,
department
a
of
construction
of
double
titan
were
by 1.2% and 23.1%, respectively, than
lines
Distribution of merchandise
1941, were considerably higher
corresponding period last year.
six
in
experiencing
.
Business Review"
reporting department stores was at an all-time peak in December
sales
Reflecting generally higher public purchasing power incident to increased
employment and favorable returns from the year's crops in the district,
retail trade expanded more than
seasonally in December.
December
.
"Monthly
its
activity and higher industrial output.
and
were
.
In
seasonally.
business
and
year.
further in
through
the
preceding month, was substantially greater than a year earlier, and
largest for the month in recent years.
Production of glass, cement, quarry
fire clay products was also in
exceptionally large volume for this
District expanded
Eleventh
the
in
datetd Feb. 1, the Bank reported further:
Employment and payrolls continued to expand as a result of the increased
and
bituminous
Employment and
December and consumer purchases at retail establishments
advance
more
in this area.
According to the Dallas Federal Reserve Bank, industrial
production
during the fall.
of
improved by the awarding
was
payrolls were higher, as also were bank loans and deposits.
reinforced
of
sentiment
year
large contracts for defense plants
some
outputs during the first quarter of this year have been sold.
Reflecting the high rate of activities in the building'industry, demand for
all descriptions of building materials maintained the
high levels obtaining
time
the
end of
the
Toward
of
indicated
was
in the St. Louis Federal Reserve Bank's monthly "Business
Conditions" of Jan. 31, from which we also quote:
In
marketed in large quantities but the slaughter of other live¬
were
stock
district
'The marked upswing in Eighth [St. Louis] District busi¬
unfilled
Hogs
should
Eighth (St. Louis) District
spring,
Hogs were unprofitable all
independently strong.
were
strengthened after the first quarter and near the end of
year and in January they rose almost sensationally.
The year saw gains in construction, zinc and coal mining, and trade.
The war adversely affected the petroleum
industry and lead production.
Activity
1939.
over
ness
prices
but prices
the
firms
November,
estimated, December department store trade
greater than last year; the
gain
of
which
one-third
declined
mills
paper
been
has
heavy
volume
large
loadings in the Chicago industrial
As
in
from
Defense construction, coupled with residential
year.
manufacturers
new
December
in
contributed heavily to year-to-year gains
an
district
in
cattle
year
of the steel
backlogs
order
mills
seasonal
Grain prices were supported by Government loans
8% higher.
Eleventh (Dallas) District
steel
tions
but
Farm
1939, and crops were better.
fourth larger than in
a
was
was
1929.
in
With
market
employment and 17% in wages—
employment
Rainfall
Income
Comparisons with 1939
continuing the trend evidenced since last summer.
continued favorable
payrolls in
From November to December total
District
Kansas City in its "Monthly
Review" of Jan. 30 states that 1940 was generally a good
The Federal Reserve Bank of
heavy
also
our
Tenth (Kansas City)
its "Business Con¬
ditions" report of Jan. 28, states that "the defense program
in
more
in
high.
ali-tme
new
(Chicago) District
The Chicago Federal Reserve Bank in
factor
increased
utilization
a
Seventh
seven-year records.
Electric power
than seasonally during November and established
December
for
highest
22., 1941
the November level and was
further from
employment advanced
turing
the
Feb.
whole
was
about
the
same
as
in
mid-December,
according to
she
said.
wage
reports to the Bureau of Labor Statistics,"
"The index of the cost of goods
purchased by
and
earners
remained
at
100.7,
lower-salaried
workers
in
large
cities
on
a
base of costs in 1935-39 as 100.
This is 2.1% above the level of
August, 1939," Miss Perkins
stated, adding:
*
Volume
From
prices
The Commercial & Financial Chronicle
152
mid-December
to
mid-January
there
advances
general
were
in
for meats,
fruits and vegetables, and such staples as sugar, coffee
Seasonally lower prices for eggs, butter and oranges, however,
largely counter-balanced the effect of these advances in food purchases of
moderate-income
food
prices
families.
from
fresh
vegetables and
been
is
usual
this
at
cities
of
most
and
have
Butter
clearance-sale
indicate
to
in
overalls
14
tinued
prices
during
of
coats.
There
for
prices
but
meats,
increases
the
clothing down
the
clothing,
In
Houston
month
men's
for
Birmingham,
(4.9% and 3.5%,
nevertheless,
were,
suits
coats
where
the
respectively)
the most
were
continued
for
reported
were
particularly
and
1.4% for the
increases
sig¬
in
the
at
Factory Employment in January Con¬
High Level Reached in December—Pay¬
rolls Decline Less than Usual—Delaware Factories
Increase
retail
on
,Y' +;;YCY,'Y
cost of
clothing costs occurred
factors.
price
that
advance,
prices of women's coats and men's
nificant
Jan.
prices have shown further declines,
egg
average
Sale
women's
largest declines
cities
since
season.
important articles
and
reports
continued
and
brought the
combined.
the
suits,
scattered
sugar
moderate.
January sales
large
Preliminary
widely
have
as
Pennsylvania
flour.
and
1199
Employment
Employment in Pennsylvania factories in January ap¬
proximated the high level of about 1,000,000 workers reached
in December, and weekly wage disbursements showed a
smaller
than seasonal decline of about 3% to $26,500,000,
according to reports received by the Federal Reserve Bank of
Philadelphia from 2,436 establishments. Ordinarily employ¬
ment and payrolls decline about 3 and 5%, respectively, in
this period.
Current levels are well above those prevailing
in early 1940.
Under date of Feb. 21 the Reserve Bank also
said:.
YAy^+^Y'
'^/AYr'Y 'A' Y.
:'Y \Y
;
,
of
available
in
and
other
other
work
and
years,
it
clothes.
January prices have not been
therefore impossible to
is
changes with the reductions customary at this
Small
increases
rent
season.
these
compare
*
,
to
reported in almost all of the cities surveyed.
In only one city, Houston, was the
average increase more than 0.5 of 1%.
Rents charged Negro tenants in Houston advanced
markedly.
Rents in
Denver
dropped
were
slightly
cliange.
In all
tenants
increased
of
the
the
on
cities
for
most
Housefurnishing costs
in St. Louis they showed no
changes occurred rents charged white
average;
where
homes costing from
also
were
$20 to $40
reduced by
month.
a
January sales.
There
were
hand,
Seasonal
increases
in
coal
prices
were
reported
particularly Philadelphia and Pittsburgh.
Detroit
and
Changes
they
for
rates
January,
of
domestic
in Denver dropped considerably.
the cost of miscellaneous items were slight as
varied
York
considerably from city to city.
In Buffalo,
Philadelphia, the price of gasoline rose.
cities,
in
users
but
rule,
a
well
in
as
Three
cities,
Estimated percent changes
cost
of
large
from
y
,
Dec.
15, 1940,
by
1935-39
years
TABLE
of
groups
of these
costs
items
of
as
Table
in
Jan.
1.
Table
15, 1941, based
2
on
months.
At textile mills and at plants producing food products the decrease
December
from
factories
the
CHANGE
1941,
IN THE
LOWER-SALARIED
COST
UNITED STATES,
,Y
OF
GOODS
FROM
DEC.
presents
estimated
costs in the
average
15,
PURCHASED
WORKERS
of 74 cents
; Y::
IN
20
1940,
BY
TO
JAN. 15,
EARNERS
WAGE
LARGE
Y '
Area and City
Y ' ■'
AT "A- A
Y
New England:
Items
s
•
AV'
Food
Elec¬
Rent
ing
tricity
and
:
Ice
—0.2
+ 0.5
—2.7
C
a
Y:
Buffalo
+0.3
+ 1.3
—1.8
c
a
•>
New York-.--
+0.3
+ 1.0
—0.8
+.'<+■-+
House
Miscel¬
furnish¬ laneous
ings
+0.2
—0.6
+0.2
—0.4
Y'Y
PhiladelphiaPittsburgh..
+0.2
<YY
a
—1.7
January,
against 71 cents
as
+0.3
a
December,
in
'v'Y-;;-.
•.
This
/
shoe
non-durable
a year
earlier.
record high
a
The average
a year ago.
one-
that average weekly income
so
earlier and, except for December,
year
back to 1923.
still $2.42 above the
was
the highest on records
was
y
following to
say
concerning conditions
/.
y/YY'^YY';'yY-Yy'y: Y-.
in Delaware factories:
to
January but
wage
rolls occurred in all
in the
disbursements declined about 4%.
reporting lines but chemicals, and
of building materials.
case
volume of wage payments,
A decrease in
pay¬
especially sharp
was
The number of workers employed and the
however, continued substantially larger than in
January, 1940.
'/••■V1 Yv
Car-Makers'
Group
+0.5
a
—0.9
+ 0.2
+ 0.1
+ 1.0
—0.2
+0.3
c
+ 1.0
„,Y
0.8
1
' +
Estimates
January
503,600 Units
Detroit
motor
1941,
.%■•'Y+.-Y'Y:
increase of 4.1% over
an
and
cars
+ 1.1
—1.5
c
a
—0.3
trucks
+ 0.7
—2.6
c
+0.2
—0.2
—0.1
+ 0.5
—0.2
c
a
—0.7
—O.l
+ 1.3
—1.9
C
—1.5
—0.2
in
Sales at
United
the
estimated at 503,600 units,
the previous month of December,
according to figures appearing in the February, 1941, issue
of "Automobile Facts," a publication of the Automobile
Association.
4,469,354 units,
were
increase of 24.9%.
an
In November, 1940, there were 487,352 units, compared with
351,785 units in 1939, an increase of 38.5%.
Figures for the month of December and the year ended
a
—0.1
1941
were
compared with 3,577,292 units in 1939,
a
+0.1
-
a
Cleveland
sales of
for January,
Manufacturers
—0.1
a
a
-—-
At
usual.
Payrolls
Figures for the 12 months of 1940
'■+
East North Central:
-
than
pronounced
seasonal.
in January was reduced 75 cents to $28.78.
level of
States
/
.
Boston
-
than
number of hours worked per week decreased to 39.0 from the three and
CITIES OF THE
Fuel,
Cloth¬
Middle Atlantic:
Chicago
Cincinnati—-
hour in
an
BY GROUPS OF ITEMS
All,
:;
more
smaller
was
goods industries in January were about 6% larger than
Factory
•■•v
somewhat
was
gain
♦
I—PERCENTAGE
AND
:Y:Y," '■
seasonally,
nearly 25% greater than in January, 1940.
Wage payments at establishments manufacturing consumers' goods de¬
4% in January, following substantial gains in the preceding five
100:
as
than
more
Employment in Delaware factories increased nearly 2% from December
15, 1941, in the
goods purchased by wage earners and lower-salaried workers in 20
of the United States, and for the large cities combined are
indexes
in most transportation equipment lines;
in December and were
.
to Jan.
cities
presented
case
payments decreased somewhat
The Bank had the
presenting the following tabulations the Department
of Labor explained as follows:
also the
was
wage
In durable goods industries
whole, payrolls showed only a small decline from the high level reached
as a
Cleveland, Houston and Kansas City, reported lower cigarette prices.
In
This
half year peak of 40.2 reached in
as
and
shipyards,
owing chiefly to the reduction in overtime work.
Earnings of factory workers in Pennsylvania continued at
number
a
electricity rates
in
New
Gas
in
January.
at
clined
reductions in sheet and blanket
prices in 19 of the 20 cities.
Lower prices
for electric refrigerators were reported from 15 cities.
On the other
increases in furniture prices, noted in earlier
months, continued in
but the advances were for the most
part small.
In heavy industries producing iron and steel, nonferous metal
products,
and building materials, activity was unusually well sustained from December
1940,
December,
344.
appeared
in
issue
our
of
Jan.
18,
1941,
A
! Y;'\ 1
;.Y y..
page
West North Central:
Kansas City
Minneapolis
—0.4
—0.5
Y
—0.3
—0.2
—1.8
—2.0
vv..-c-v+:;
a
—1.7
—0.1
—0.3
-
—1.5
—0.8
St. Louis
—0.2
—2.3
a
+0.1
—1.0
+0.3
+0.4
+ 1.1
—0.1
+0.4
—0.1
—0.2
+0.1
a
c
77
Report of Lumber Movement Week Ended Feb. 8, 1941
Lumber production
South Atlantic:
Baltimore
-—
_.
Savannah.
—0.2
+0.3
—2.3
c
—0.3
—0.3
—1.1
—0.7
—0.9
—3.5
■c
+0.2
—0.4
—0.2
—0.3
+ 0.5
—4.9
+0.7
+ 0.1
+0.1
—0.6
—1.1
—1.4
—0.2
—1.0
—0.8
a
Los Angeles
Sao Francisco
+0.6
+ 1.9
a
+0.1
a
—0.9
a
+0.5
+ 1.7
a
+ 0.2
a
—1.0
—0.3
Seattle.-—.---
+0.1
+ 0.7
—1.3
c
+0.2
—0.1
a
—1.4
+ 0.1
—0.3
—0.6
+0.2
West South Central:
Houston
-
.
-_
—0.2
Pacific:
Average large cities—
a
No change,
b + 0.5
a
b Includes 51 cities,
c
7
Monthly data not obtained.
new
Lumber
National
Manufacturers
Association
from
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 7%
and new orders 13% above production.
Compared with the
corresponding week of 1940, production was 22% greater,
Mountain:
Denver-
the
to
during the week ended Feb. 8, 1941,
in the previous week; shipments
business 7% less, according to reports
than
greater
4% less;
were
East South Central:
Birmingham
0.1%
was
:
shipments 17% greater, and new business 32% greater. The
industry stood at 146% of the average of production in the
corresponding week of 1935-39 and 137% of average 1935-39
shipments in the same week.
The Association further re¬
ported:
'■: YY'Y
"■ ■ A '•
■
TABLE 2—INDEXES OF THE COST OF GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 20 LARGE CITIES
OF THE UNITED STATES, BY GROUPS OF
coriesponding weeks of
and
v
six
Fuel,
Cloth¬
All
Area and City
Items
Food
ing
Elec¬
Rent
tricity
and
Ice
House-
Miscel¬
weeks
shipments
98.9
95.2
98.0
100.5
107.3
96.6
100.9
Middle Atlantic:
of
1941
were
Buffalo
102.0
100.2
99.2
107.1
99.8
99.9
99.6
100.4
102.7
100.8
95.7
95.0
100.4
103.6
99.7
101.5
101.8
101.1
98.0
101.8
105.7
103.8
101.5
unfilled
100.9
Philadelphia-
Pittsburgh.
—
101.3
98.3
98.0
108.9
100.5
102.0
101.0
99.5
96.5
100.9
102.3
99.4
99.9
were
102.0
99.2
101.6
108.1
108.9
100.2
101.0
97.0
100.0
108.5
97.9
99.2
92.4
100.6
102.9
100.7
98.8
for
for
the
the
current
business
13%
was
above
and Demand Comparisons
to
gross
For the
production
and
YY
stocks
Unfilled orders
Y
33%
was
were
Y
Feb.
8, 1941,
36% greater than a
on
12% less.
week
ended
Feb.
corresponding week of a year
Y' ■
101.8
98.2
shipments,
8,
;
1941,
ago
follows,
in
thousand board
99.9
Chicago
Cincinnati
—
feet:
Softwoods
Hardwoods
1941 Week
1941 Week
Softwoods and Hardwoods
West North Central:
Kansas
City
— —
Minneapolis
101.4
99.0
99.1
108.0
96.8
101.2
100.7
99.1
100.4
101.6
103.1
95.5
100.9
97.9
101.2
105.7
100.8
102.2
100.5
99.5
105.0
96.9
104.7
101.4
101.0
95.5
98.9
117.3
94.0
99.1
101.2
101.9
102.6
98.0
107.6
93.2
104.7
1940
Week
Previous
101.4
101.3
1941,
1941
102.5
Week
102.1
St. Louis-------
100.6
Week
{Revised)
South Atlantic:
Baltimore
.—-
Savannah
Birmingham'
383
99
465
465
481
217,051
100%
10,147
100%
227,198
1.85,596
Shipments
232,975
245,916
107%
113%
11,135
110%
244,110
208,135
227,063
253,187
11,201
110%
257,117
195,012
277,785
—
Orders----—
West South Central
Houston
Mills
Production
East South Central:
Mountain:
99.6
94.8
98.6
106.7
97.4
101.3
101.6
Los Angeles
102.8
101.8
103.4
106.5
95.5
100.2
102.9
San Francisco
102.1
99.6
103.0
103.9
91.5
100.3
104.9
Seattle-
102.1
100.9
102.4
107.0
94.9
97.5
103.1
Average large cities.
100.7
a97.8
100.2
105.0
100.4
99.8
102.0
Denver
——
Weekly Statistics of Paperboard Industry
Pacific:
We give herewith
a
Includes 51 cities.
latest figures received by us from the
Paperboard Association, Chicago, 111., in relation
activity in the paperboard industry.
National
to
The
total
members
of
this
Association
represent
industry, and its program includes
Y
for the previous week
100.5
Detroit
18% above
the
101.1
Cleveland. A--------
new
a year ago.
stocks
was
above
Softwoods and Hardwoods
Record
and
East North Central:
date
to
25%
above the orders of the 1940 period.
orders
103.3
99.3
gross
102.9
101.2
Supply
of
ratio
ago;
date
to
were
13% above production.
compared with 21%
year
New York...—
Comparisons
shipments
1940;
20%
were
Y
ings
The
—
orders
new
furnish¬ laneous
New England:
Boston
Year-to-Date
/
Reported production for the six weeks of 1941
ITEMS, JAN. 15, 1941
(Average 1935-39=100)
■y y;:
>
a
93%
of the
statement each
The Commercial &
1200
and production, and
week from each member of the orders
also
figure which indicates the activity
a
the time
on
10()%,
These figures are advanced to equal
operated.
industry.
represent the total
they
that
so
1
ACTIVITY
MILL
PRODUCTION,
REPORTS—ORDERS.
STATISTICAL
of the mill based
Unfilled
Per cent of Activity
Orders
Production
Orders
Received
Period
Tons
Remaining
Tons
Cumulative
Current
Tons
of—
1940—Monlh
January
420,639
March
429,334
-
April
520,907
May
682,490
-
508,005
June
July
544,221
-
137,631
70
129,466
69
and payroll indexes for the non¬
112.2, the gains since a year ago being
2.0 and 6-9%.
The average indexes for the year 1940 were 110.6 and
102.7, while for 1939 they were 109.2 and 98.9.
Of the 157 manufacturing industries surveyed, 105 showed more wage
earners at work in December than in November and 192 industries showed
larger payrolls.
The durable-goods group as a whole showed employment
and payroll gains of 1.7% and 5.6%, respectively, which were slightly more
pronounced than the increases of 1.1% and 5.1% shown by the non-durablegoods group.
As in preceding months, most of the employment gains in
the individual industries were larger than seasonal or contraseasonal, While
also had the following to sayregarding December changes:
Labor
Department
70
76
196.037
72
flected in the employment
162,653
74
following:
452,613
468,870
670,473
November.
488,990
464,537
509,945
161,985
77
479,099
151,729
629,863
202,417
from defense orders were re¬
part
gains in many industries, among which were the
71
673,446
in
resulting
operations
Increased
79
October
smaller than seasonal.
of the decreases were
The
193,411
September
1941
employment
1940,
December,
The
247,644
236.693
August
22,
durable-goods group were 114.9 and
most
72
167.240
579,739
453,618
449,221
456,942
624,184
509,781
587,339
487,127
470,228
648,611
528,155
February
Feb.
Financial Chronicle
75
December
163.769
•
.
72
184,002
79
NON-DURABLE
DURABLE GOODS
of—
1941—Month
January
xWoge
xWage
1941—
150,012
154,524
137,150
18
138,863
Jan.
25
147,634
Feb.
1
149,001
Feb.
8
Feb.
15
«
Cotton goods.
77
69
10,400
Men's clothing
168,364
78
72
9,400
Shoes
7,400
185,003
78
74
Shipbuilding
9,000
Woolen and worsted goods
3 400
202,417
79
75
Steel
8,100
219,026
79
75
Brass. bronze & copper
234,260
138,549
100,798
11
Jan.
14,800
161,994
81
76
Engines
59
153,111
101,099
130,847
134,135
130,750
133.032
133.091
4
Jan.
Earners
Industry
Earners
Industry
Week Ended—
Jan.
GOODS
Foundries and machine shops—
products
3.300
2.800
Machine tools
do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other items made necessary adjust¬
8,200
4.100
.
-
-
10,600
Note—Unfilled orders of the prior week plus orders received, less production,
Other
ments of unfliled orders.
Secretary of Labor Perkins Reports December Increase
Non-Agricultural Employ¬
11 Years—Total of Over
37,100,000 Highest for Recent Years—Employment
of
540,000 Workers in
ment
Was Largest in
Work Relief Projects
and
Federal Services
Also Increase
The major factor in the huge December increase in employment was the
greater-than-seasonal gain of 430,000 workers in wholesale and retail trade
establishments.
The hiring of additional thousands of temporary employees
Optical goods
Firearms—
extinguishers, chemical——10.3%
5.6%
Instruments and apparatus
5.0%
Screw-machine products—
4.8%
Christmas trade in years brought about the largest in¬
employment
crease
in
trade
tinued
to
expand
Manufacturing industries
record.
on
con¬
under the spur of defense expenditures, adding nearly
120,000 workers in December.
This gain
recorded
raised the December level of factory employment above that
in
month during the last 21 years.
any
Factory employment
usually declines from November to December, gains having been shown
in
The current increase has been surpassed
only seven of the past 21 years.
in December in only two
In the Federal,
other years, 1919 and 1924.
State, and local government service, not including the
armed forces, the increase of more than 45,000
workers in December
due
was
primarily to the hiring of temporary workers by the Post Office Depart¬
ment for the Christmas rush and
increased employment in Navy yards and
In the finance,
crease,
service, and miscellaneous group, there was a slight in¬
Transportation and public utility
approximately 11,000 workers.
companies showed
seasonal decrease of approximately 35,000 workers
a
and 2,000 fewer workers were employed
in mining activities.
Construction
employment showed a mucii smaller-than-seasonal decrease in December,
27,000 reflecting well sustained levels in both private
the decline of only
and public construction.
employment
the
over
year
of more than 1,500,000 in non-agricultural
interval was in the manufacturing and construc¬
increased more than seasonally by 11.6%,
gain being the highest December
payroll increase recorded in the 12 years of the Bureau's survey.
Both
employment and payroll indexes, 107.5% and 96.4% of the 1929 average,
are at the highest level recorded since December,
1929.
The December
employment and payroll indexes of the general merchandising group, 151.3 %
and 131.0% of the 1929 average, are at the highest point recorded in the
Bureau's survey.
Department stores took on 35.8% more employees to
handle the holiday trade and payrolls rose 33.6%.
Extra help contributed
to the employment increase of 50.9% in variety stores; 10.8% in women's
apparel, 22.8% in men's and boys' apparel, 16.9% in family clothing, and
payrolls increased 10.7%, the latter
23.7% in jewelry stores.
the most pronounced
was
bituminous-coal mines, employment
(15,000); decreases in the coal mining and crude petroleum producing in¬
dustries offsetting employment
The contraseasonal gain of
this
in
ment loss of
of 5.4% or nearly
coupled with an increase in weekly payrolls
$12,000,000.
ment
In only one other year (1919) has a more
been reported for December.
pronounced payroll increase
The employ¬
gain was in contrast to a seasonally expected decline of 0.9% or 82,000
and the payroll
seasonal
The
expansion was about 14 times as large as the customary
increase of
0.4%
or
the
last
11
combined, for the durable-goods group and for the non-durable-goods group
have
now
caused
follows
been
revisions
an
adjusted
to
these
in
preliminary
figures
from
1939
1937
census
to
date.
This
figures.
This
has
adjustment
established Bureau policy and further adjustments to the separate
production employment and payroll losses were 0.6%
slight contraseasonal gain of 0.4%
combined stood
at
116.2%
index for all manufacturing industries
of the 1923-25 average,
a
gain of 7.8%
since
December, 1939, which placed it at the highest point since the series began
(January, 1919).
of
16.5%
The
over
The corresponding payroll index was 122.8, an increase
last year at this time, and above all levels since June, 1920.
12-month
average
of employment in 1940 was
107.5 compared with
99.9 in 1939, and corresponding payroll averages were 105.4 and 92.2.
For the durable-goods group of
being 14.3 and 25.0%.
in
employment
and
industries, the employment and payroll
1940, were 117.5 and 132.2, the gains since last year
indexes in December,
The average 1940 indexes for this group were 104.2
107.8 in payrolls as against
and 86.2.
in telephone and telegraph employ¬
of 0.5% and 0.3% in power and light
offset by seasonal losses
was
railways and busses, due in part to the drop in construction and
Contraseasonal gains of 0.3% in employment and 1%
and laundries increased
by year-round hotels,
payrolls were reported
employment and payrolls by 0.6% and 2%, respectively.
much less pronounced
eight years.
The declines in
than the average seasonal decreases of the preceding
In brokerage, a loss of 0.6% was shown and insurance em¬
ployment remained virtually unchanged at the
Private building construction employment
ber
to
December,
employment
while
decrease
weekly
was
less
November level.
decreased 0.5% from Novem¬
payrolls increased 8.4%.
than
The level of employment in
1939 averages of 90.2
The
previously reported
any
current
December
since 1932 being 11.3%.
December, 1940, was 30.5% higher, and weekly
Five of the nine geographic
reported increased employment, notably the West South Central
payrolls 38.0% higher, than in December, 1939.
divisions
States
(3.7%),
the
South
Central States (2.3%).
Atlantic
States
(3.0%), and the West North
All areas registered increases in weekly payrolls.
15 and Dec. 15, averaging
manufacturing establishments
which supplied employment information in
December.
The increases
affected 64,722 of the 5,053,627 wage earners covered.
Some of the in¬
General
industry indexes will be made when final census data are released.
The December, 1940, employment
Payrolls showed a contraseasonal gain of 1.2%.
years.
1.8%, respectively.
decrease, the average November-December drop
$880,000.
and payroll indexes for all manufacturing industries
employment
in
contributed to the seasonal employ¬
3.5%, which was less than the average December loss of 9.8%
In crude-petroleum
A
Payrolls were 4.9% above the November
industry since March.
Winter shutdowns in quarries
level.
and
a
dyeing and cleaning plants (employment, 2.6%, and payrolls, 2.5%) were
gains in quarries and metal mines.
1.4% in factory employment between Novem¬
ber and December, 1940, was
increased less than seasonally by 0.2%,
substantial gain of 8.1%, reflecting increased pro¬
duction during the first half of December.
Since December, 1939, em¬
ployment and payrolls have decreased by 2.8% and 8.4%.
Employment
in metal mines decreased seasonally by 0.4%, the second recession recorded
showed
maintenance work.
mining
The payroll gain of 4.0%
These gains were reflected in all
important wholesale lines with the exception of a seasonal decline of 0.4%
in dry goods and apparel and a loss of 1.6% in farm products.
Wholesalers
dealing in general merchandise increased their forces by 8.7%; farm supplies,
5.8%; electrical supplies and hardware, 2.5% each; leather goods and
tobacco, 1.6% each; and agents and brokers and assenblers and country
buyers, 7.5% and 7.3%, respectively.
Employment increased seasonally in anthracite mines by 0.9%, and pay¬
rolls rose 13.4%, due to increased production,
While employment remained
virtually unchanged over the year interval, the December payroll index,
42.7% of the 1929 average, is 60% above the level of December, 1939.
In
and street
was
1936.
December increase recorded during the 12-year
period covered by the Bureau's survey.
mately 40% compared to a 7% increase in total factory employment.
year
than the December increase reported in any of the
preceding 11 years with the exception of
construction, the latter increase represents a percentage gain of approxi¬
decrease over the
employment gain of 1 % between November and
In wholesale trade the
December was greater
ment
a
automobile plants
The declines in the remaining in¬
workers.
Employment in retail stores
and
facturing industries was larger than the gain of approximately 450,000 in
The only major group to report
0.6%
a
dustries were of minor importance.
While the increase of more than 640,000 workers in manu¬
tion industries.
.-—J*-
Ammunition
Sawmills reported 7,700 fewer workers and
reported a decline of 4,000
for
t
The major portion of the gain
4.0%
3.9%
1.4%
Abrasives
in the canning
while payrolls
Government arsenals.
—
employment decline from November to December (16,300)
industry, in which seasonal recessions caused further
The largest
was
„
to handle the best
Increase
Industry—
Increase
Industry—•
Machine tool accessories
reductions.
Approximately 540,000 workers were added in nonagricultural employment in December, Secretary of Labor
FYances Perkins reported on Jan. 24.
"This is the largest
December increase in the last 11 years," she said.
"The
total non-agricultural employment which is now more than
37,100,000 is a new high for recent years and is nearly 1,500,000 greater than in December of last year.
The above
estimates relate to civil non-agricultural employment and
do not include the Civilian Conservation Corps, the Works
Projects Administration, and the National Youth Adminis¬
tration, nor the armed forces in which there was an increase
of 62^000 between November and December," said Secretary
Perkins, who added:
monthly report and engaged in
substantial employment gains as follows.
J-ire
Public Construction, Regular
on
industries recently added to the
defense activities showed
♦
between November and December, 1940.
Gains in number of wage earners
x
6.4%,
wage-rate
were
increases between Nov.
reported by 183 of the 28,139
dustries in which substantial numbers of workers
electrical machinery
machine
shops
(7,255), chemicals
and paper and pulp
Out of
a
received pay raises were
(8,962), sawmills (7,831), steel (7.374), foundries and
(3,875), smelting and refining
total sample 61,874
non-manufacturing establishments fexcluding
building construction) 43 reported wage-rate increases
ing 4,045 workers and averaging 8.5%.
were
(2,547),
(2,452).
employed in metal mining.
in December affect¬
More than half of these workers
The total number of non-manufacturing
employees covered by the December reports was
2,050,671.
Volume
Increases
The Commercial & Financial Chronicle
152
in
employment in non-agricultural establishments of 3%
took place in every geographic division between December,
more
In New England and in the Pacific region the increase
amounted to
workers
employed
paid $12,936,000.
were
than 7%.
more
Of the nearly
The 286,000
Employment in camps of the CCG fell 35,000 in December.
or
1939, and
December, 1940.
1201
EMPLOYMENT
AND
ON
PAYROLLS
RELIEF PROGRAMS,
1940
DEC.,
(In Thousands)
180,000 workers who returned to work in New England dur¬
ing the past year, 156,000
87%
or
in Massachusetts and Connecticut.
were
Employment
Payrolls
In the Pacific division four-fifths of the increase of 170,000 took place in
California.
Five states showed employment gains of more than 10% between
Dec.,
Program
Decem¬
8%
over
the year.
Only
.
employment
one
Dec.,
Dec.,
1940
1940
1939
,,
Dec.,
a
1940
1939
$
'v a
Nov.,
$
state, West Virginia, showed a decline in employment
The states showing the largest
from
Nov.,
1940
ber, 1939, and December, 1940, while five others showed increases of more
than
Change from
Change from
/
December,
1939,
Louisiana, Mississippi, the District
increases in
percentage
1940,
December,
to
WPA program:
Federal Agency projects
Florida,
were
December, 1939, and December, 1940.
manufacturing
66
—7
—326
3,149
99,630 +8,819
—38
—261
1,809
+ 63
Student work program_c
Out-of-school work program .c.
...
474
+ 34
+38
317
Civilian Conservation Corps.d__.
286
+ 50
—35
—23
—1,837
—8,028
NYA projects:
In the New England States, three-
fourths of the total increase of nearly 180,000 took place in
—
Projects operated by WPA.c..
of Columbia, and Connecticut.
Increases in factory employment accounted for most of the gains between
$
under
WPA.b
3,245
+ 177
5,028
—476
—414
12,936 —1,080
—840
+21
+271
industries, while in the Middle Atlantic and East North Central divisions
Preliminary,
a
increased
factory employment constituted
one-half of the total gain in
over
employment.
V.
Employment
men
d Figures
payrolls for the entire month.
jobs
given
were
construction
on
ESTIMATES
projects financed from appropriations to regular Federal agencies in the
month ended Dec. 15.
in
gain of 28,000
a
workers
over
on
in building construction projects.
building naval vessels
on
construction
November.
Seasonal
2,000
curtailment
of
low-rent
Authority.
on
The 49,000
ended Dec.
offset
employment
15, however,
Employment
increase of 13,000
was an
Wage payments of $5,307,000
were
construction
on
Housing
United States
work in the month
building-trades workers at
December, 1939.
over
$196,000 less than in November.
projects
financed
less than in November.
Payrolls of $2,777,000 were $837,000
r:V.V;v
Construction projects
ended Dec.
15.
This
financed by the Reconstruction Finance Corpora¬
Total
non - agricultural
employment.
37,168,000 36,628,000 +540,000 35,641,000 + 1,527,000
Employees In non-agrlculestablishments
31,025,000 30,485.000 +540,000 29,498,000 + 1,527,000
+644,000
Manufacturing.
10,552,000 10,434,000 + 118,000 9,908,000
—2.000
866,000
851,000
853,000
—15,000
Mining.
Construction
+449,000
1,627,000 1,654,000 —27,000 1,178,000
Transportation & public
utilities..
+ 55,000
3,031,000 3,065,000 —34,000 2,976,000
Trade
+ 175,000
6,862,000 6,433,000 +429,000 6,687,000
+ 63,000
+ 11,000 4,125,000
Finance, service & misc. 4,178,000 4,167,000
a
Federal, State and local
month
Payroll disbursements for the month
1939.
totaled $176,000.
The
decline
152,000
EMPLOYMENT
in the number
men
AND
of workers
employed
State-
on
Wage pay¬
employed amounted to $10,322,000.
PAYROLLS
NANCED WHOLLY
ON
CONSTRUCTION
OR PARTIALLY
FROM
FI¬
FUNDS AND
Revised series—excludes
a
military, and naval forces,
b Not Included In revised
employment.
Includes members of the Na¬
non-agricultural
tional Guard Inducted into the Federal service by Act of Congress.
The estimates of "Total non-agricultural employment," given on the first
line of the above table, represent the
total number of persons engaged in
Program
Change from
Dec.,
1940
1939
a
The
640
+9
+ 385
71,236
112
+6
+ 50
16,204
$
available
are
Nov.,
1940
Dec.,
$
$
,/;■
324
+ 28
+ 303
—25
+ 32
20,113
49
—2
+ 13
5,307
Financed by PWA.c
24
—7
—143
2,777
—1
176
+29
10,322
2
d
152
State roads.e.
—27
1939
b Payrolls are the totals
more
+8,128 + 32,880
—2,241
+2,920
—196
+ 1,022
—837 —13,136
—16
—109
+ 1,292
—2,354
for the months ended Nov.
15 and
Dec. 15; employment represents the maximum number employed during any one
week in the corresponding period.
Employment and payrolls on Federal-aid roads
for the calendar month; December, 1940, figures are estimated,
Payrolls
c
are
the totals for the months ended Nov. 15 and Dec. 15; employment represents the
during any one week in the corresponding month,
maximum number employed
d Decrease less than 1,000.
e
Employment
and
establishments"
non-agricultural
are
payrolls
on
request.
the number of persons working at any time during
The totals for the
calendar
for the
are
"gainful
workers" less the number shown to have been unemployed for one week or
time of the census.
at the
of
employment and payrolls for all
manufacturing industries
combined, class I steam railroads, and for those non-manufacturing In¬
dustries for which information is available, are shown below for December,
1940, with percentage changes from November, 1940, and December, 1939.
The
for
three-year average 1923-25 is used as a base in computing the indexes
the
manufacturing industries and class
other non-manufacturing industries
not available from
Preliminary,
in
1930 Census of Occupations for the number of non-agricultural
+ 6,097 + 43,942
+210
+ 8,142
34,919
204
U. S. Housing Authority.c
Financed by RFG.c
"Employees
ending nearest the middle of each month.
Indexes
...
for
estimates
week
the
Dec.,
by regular Federal ap¬
Other
NYA projects,
United States have been adjusted to conform to the figures shown by the
1940
a
Building
or
"Employees in non-
as
self-employed persons, casual workers and persons in domestic service.
The figures represent
Change from
Nov.,
Naval vessels
The series described
and enrollees in CCC camps.
Payrolls
Dec.,
1940
propriations.b
WPA
military and naval personnel, persons employed on
date
Employment
are
total
of
estimates
,shown separately for each of seven major industry groups.
Tables giving
figures for each group, by months, for the period from January, 1929, to
(In Thousands)
a
+ 166,000
+462,000
agricultural establishments" excludes also proprietors and firm members,
PROJECTS
FEDERAL
ON ROADS FINANCED FROM STATE FUNDS.
Financed
3,758,000
422,000
gainful work in the United States in non-agricultural industries, excluding
of 27,000
financed road projects was the result of seasonal influences.
ments to the
Military & naval forces.
+45,000
+ 62,000
3,879,000
822,000
3,924,000
884,000
government
b
slight decrease from November and a loss of
a
was
to
Dec., 1940
v-
tion furnished employment to approximately 2,000 workers in the
about 1,000 from December,
Change
Dec., 1939
...
Works
Public
from
Change
1940
Nov. to
(Prelim¬ Nov., 1940
Dec., 1939
Dec.. 1940
inary)
Administration funds fell to 24,000 in the month ended Dec. 15, a decrease
of 7,000 from the preceding month.,
EMPLOYMENT
Dec.,
gain of 9,000
a net
^v
the extent of approximately
to
projects of the
employment are for the last day of the month;
NON-AGRICULTURAL
(In Thousands)
the
Payroll disbursements of $71,236,000 to the 640,000 men
occurred
men
Figures are for the calendar months ended
The number of
partially
all types of projects exceeded November payments by $6,-
on
097,000.
c
on
TOTAL
increased by 6,000 during the month.
was
non-defense
building and naval vessel construction, leaving
employed
OF
Efforts to rush completion of army camps resulted
Employment decreases
gains
month,
Nov. 30 and Dec. 31.
Public Construction
on
Approximately 9,000 additional
15 and
the totals for the months ended Nov.
b Payrolls are
Dec. 15; employment represents the maximum number employed during any one
week in the corresponding
is used
as
a
I steam railroads.
For the
information for years prior to 1929 is
the Bureau's records, and the 12-month average for 1929
base in computing
These indexes
the index numbers.
adjusted for seasonal variation.
are not
;
manufacturing, mining, building construction, laundries,
The data for
and dyeing and cleaning cover wage earners
all employees while
only; those for railroads cover
the data for water transportation cover employees on
in deep-sea trades only.
The data for
other industries exclude proprietors and firm members, corporation officers,
vessels of 1,000 gross tons or over
month; December, 1940, figures are estimated.
Employment in Regular Federal Services
executives, and others whose work is mainly supervisory.
"Preliminary employment figures for December for the regular services of
Federal
the
Government
military branches and
An increase of
no
indicate
large
increases
the
in
executive
and
Index
Industry
over
A:..;
Government showed
of the Federal
the preceding month.
a
Legislative
amounted to
were
employment
AND
% Change from-
Dec.,
Dec.,
1940
Nov.,
Dec.,
1939
Nov.,
1940
*
1940
1939
(1923-25=100)
Payrolls totaled $56,587,000.
all6.2
+ 7.8
—1.8
+ 1.6
92.7
Class I steam railroads.b
+ 1.4
57.4
Manufacturing.
+ 1.0
+0.6
al22.8
+ 5.4
c
+ 16.5
c
c
$681,000.
unchanged
was
about
at
(1929=100)
Payrolls
6,000.
Trade—Wholesale
$1,295,000.
EMPLOYMENT
*
Index
gain of 62,000
Employment in the judicial service remained at approximately 3,000 and
payroll disbursements
1940
'■■■
■
% Change from—
Dec.,
1,184,000. Payroll disbursements of $178,616,000 were $10,227,000 greater
than in November..
The armed forces
Payrolls
Employment
change in the judicial and legislative branches.
72,000 brought employment in the executive service up to
,
IN
PAYROLLS
1
+4.0
r
+6.1
c
+2.8
C
c
c
+2.2
c
Dry goods and apparel.
c
-—0.4
c
c
+ 1.2
c
Macb., equip. & supplies
c
+0.7
c
c
+3.1
c
Farm
REGULAR
DECEMBER,
84.0
c
+0.1
+0.2
c
Groceries & food speo'les
c
—1.6
c
c
+ 1.8
c
c
+0.3
c
c
Food products
SERVICES,
FEDERAL
1940
(In Thousands)
products......
Petrol. & petrol, prod'ts
(lncl. bulk tank sta'ns)
Payrolls
Employment
.....
c
+ 6.1
c
+3.2
c
c
105.8
+ 1.2
+ 11.6
+ 1.1
—0.2
97.9
+ 1.2
merchandising. dl51.3
+35.8
+3.3
dl31.0
+34.4
......
102.5
+ 12.0
+2.4
92.7
+ 11.7
+4.1
+3.6
Furniture & furnishings.
81.8
+ 6.1
—1.4
75.1
+ 7.1
—0.1
Automotive
J.....
86.8
+ 1.0
+6.1
84.2
+2.3
+ 10.4
Lumber & bldg. mat'Is..
76.0
—1.8
+3.5
72.5
+0.7
+4.8
d79.6
+0.4
+5,1
dl04.9
+ 1.6
+ 7.7
d91.3
—0.5
+ 1.3
dl06.4
d68.4
—0.3
—0.9
d73.2
+4.2
+4.9
50.8
+0.9
—0.3
42.7
+60.3
+ 12.8
Automotive—
Service
Change from
Change from
:.v ■';
Food......
1940
Nov.,
Dec.,
1940
Nov.,
a
■
1940
1939
a
1940
$
1,184
Judicial
+ 196
+62
+462
3
0
+ 1
6
Military———
+ 72
884
Executive--.-
0
0
...—
Legislative
a
on
General
Dec.,
1939
Apparel..
%
S
178,616 +10227 +26,246
56.587 +3,790 +26,780
681
+12
+ 131
0
1,295
+42
Preliminary.
Employment
Retail................. d107.5
Dec.,
Dec.,
:.
Relief Programs
...
Employment on work relief projects of the WPA rose to 1,809,000 in
and
a
This figure represents an increase of 63,000 over November
decrease
of
261,000 from
December,
1939.
Wage payments of
$99,630,000 were $8,819,000 greater than in November and $8,028,000 less
than in the corresponding month in 1939.
on
The number of
persons at
Federal agency projects financed by the WPA declined 7,000
ber, leaving 66,000 persons still employed.
work
in Decem¬
Payroll disbursements totaled
$3,149,000.
The NYA reported an increase of 34,000 on
the student-work program
and pne of 50,000 on the out-of-school work program.
+ 10.7
+ 5.0
+ 1.5
Public utilities—
Telephone and telegraph..
Electric light and power...
Street railways A busses.e.
Mining—Anthracite.———
Bituminous coal.........
Metalliferous..
December.
+3.2
d96.4
1
0.5
+3.9
Quarrying A non-metallic.
Crude petroleum produe'n.
+0.2
—2.8
91.3
72.2
—0,4
+7.3
73.3
+4.9
45.5
—3.5
+3.4
42.8
+ 1.2
+9.4
60.9
—0.6
—4.5
55.8
—1.8
—5.8
92.7
.....
+ 13.4
+8.1
+0.3
+2.1
f84.4
+ 1.0
+4.1
90.0
.
—8.4
.
Services—
Hotels (year-round)
Dyeing and cleaning......
..............
Insurance—............
Building construction.. .
Water transportation
*
see
+4.9
89.0
+2.0
103.2
—2.6
+ 5.9
75.8
c
—0.6
—12,0
100.2
Laundries
Brokerage
Preliminary,
notes b and c
+0.6
«76.2
+0.1
—1.6
—0.5
c
....
+30.5
+0.4
c
—2.5
+6.4
+8.5
c
+2.5
—11.4
c
+ 1.0
+2.8
c
+8.4
+38 0
c
c
Revised series—adjusted to preliminary 1939 census
on full page table.
a
c
figures*
/
The Commercial & Financial Chronicle
1202
b Source:
Interstate
Commission,
Commerce
d Revised
available,
Not
c
1937
sub¬
sidiary, affiliated and successor companies,
f Cash payments only; value of board,
room, and tips cannot be computed,
g Based on estimates prepared by the United
series—Retail-trade Indexes adjusted to 1935 census, public utility Indexes to
census,
e Covers street railways
and trolley and motor-bus operations of
States
and 1938 were released Feb. 17, 1941
by Acting Director Vergil D. Reed, Bureau of the Census,
Department of Commerce:
AUTOMOBILE FINANCING
Summary lor 400 Identical Organizations
AND ESTI¬
MATED NUMBER OF AVERAGE WAGE EARNERS AND ESTIMATED
AVERAGE
WEEKLY PAYROLLS
IN ALL MANUFACTURING IN¬
INDEXES
PAYROLLS
EMPLOYMENT AND
OF
Retail Financing
DUSTRIES COMBINED
Wholesale
(1923-1925=100)
Number of
Index
Index
Employees
11993223405
119932877645
106.7
1920-—..
96.0
99.8
1920
101.7
1927...
110.4
92.4
1931
78.1
89.4
67.8
66.3
1932
1933
85.7
1935
46.7
73.4
1934
91.3
1930
*
Preliminary,
103.2
96.4
1920
102.5
104.8
1927
96.5
98.9
111.2
87.0
83.8
67.7
33.4
57.5
36.8
72.4
52.2
1935
79.8
64.1
1936.....
90.7
80.7
1937.....
104.3
102.4
1938
78.9
*199,992,000
90.2
*104.2
IN
MANU¬
189,184
187,466
246,240
156,927
46,116
264,028
110,371
92,024
60,395
172,004
143,482
165,304
127,667
83,053
209,670
49,975
60,429
239,497
402,459
170,151
148,884
145,952
96,272
May..........
216,817
201,068
337,337
388,381
96,517
256,507
June
162,100
389,761
166,921
95,038
247,870
71,883
July.....
141,977
71,574
55,796
66,386
269,077
104,242
79,046
253,913
230,639
114,873
190,031
54,164
November
221,252
220,941
December
253,778
a337,304
331,040
a345,368
166,034
137,961
109,961
151,899
152,009
160,955
92,744
42,111
392,659
334,881
141,891
138,746
April
...
August.......
September
....
October.......
Employment
102.5
103.6
96.4
67,312
42,573
138,927
39,179
66,364
42,157
143,148
120,906
105,894
67,200
193,545
39,758
53,707
121,918
109,664
69,086
123,587
116,993
78,587
76,249
190,701
227,630
52,832
141,789
138,571
121,737
116,747
94,316
109,792
223,252
62,323
103,845
67,000
196,270
94,819
62,073
197,079
54,737
54,674
70,468
89,886
46,586
167,286
47,730
April.
155,736
May
145,457
122,684
299,439
300,365
351,217
340,245
100,489
300,115
47,058
291,898
237,754
........
65,309
....
100.9
106.3
267,702
272,735
113,940
98,933
63,999
173,802
49,941
278,424
119,636
106,419
69,704
172,005
49,932
(year). 1,507,707 3,355,645 1,363,025 1.154,184 744,742 2,201,461 618,283
Total
1938—
101.6
104.9
109.6
96.9
81.4
61.6
88.5
65.0
98.4
818,797 515,57411,797,557 495,289
95.6
87.9
727,435 458,328 1,651,313 453,115
146,244
42,173
91,362 57,245
990,942 2,616,354 1,010,864
December
79.2
911,444
99,419
827,434 2,378,748
163,508
237,606
Jan. to Nov—
105.9
78.4
(year).
Total
Of this number
a
106.8
91.5
112.7
102.0
102.4
90.3
109.2
98.9
*110.6
*102.7
85.3
REPORTED
AS
companies
quarter
of
total value of
Canadian law which went into effect last Dec. 2
of American-made
The
action
should
cars,
be
Mr.
of
Archer
particular
ex¬
It will now be possible,
October
779,381,455
817,788,623
November ..1.137,469,965
1,063,638,452
*
Of
im¬
he continued, for all of the interested American
that the many U.S. tourists who take vacation trips to Canada this
year
be assured of getting their cars properly serviced, if necessary.
"This generous action of the Canadian Finance
on
..
1,166,050,596
Included in retail automobile receivables»
companies prior to January, 1940.
Industrial
Canadian
Activity
Mid-January
to
Advanced from MidAccording to A. E.
Canadian Bank of Commerce
Arscott of
Canadian industrial activity rose from 132 at
ber to 133 at
mid-Decem¬
mid-January (1937=100), while the percentage
of plant
to
Ministry is
Feb.
the
Mr. Arscott also had the following to report:
Among major foodstuffs flour alone was maintained at the same
output.
sure to react
Pulp and paper production declined slightly
the level of a
Ended
December
December
and
and
1939
1940
For
autmotive
The
financing for December 1940
for the 400 organizations amounted to $100,955,727, an
increase of 5.9% as compared with November, 1940; an
increase of 34.5% as compared with December, 1939; and
an increase
of 61.9% as compared with December, 1938.
The volume of wholesale financing for
December 1940
amounted to $253,778,223, an increase of 14.9% compared
with November 1940; an increase of 41.0% as compared with
December 1939; and an increase of 55.2% as compared with
December 1938.
outstanding
at the end of December 1940, as reported by the 214 or¬
ganizations, amounted to $1,166,050,596.
These 214 or¬
ganizations accounted for 95.2% of the total volume of
retail financing, $160,955,727, reported for that month by
the 400 organizations.
The following tabulations on automobile financing for 400
organizations and on retail automobile receivables for 214
organizations for December and preceding months of 1940
trades
continued
to
expand
moderately.
significant change from December.
in
the
output
of electrical
apparatus
value of contracts
$121,761,000
$51,980,000 was 24%
Sugar
The
10 years.
Total con¬
of 85% over 1939.
in re=idential building ($67,670,000 in
1940)
$104,600,000 was 90% higher, industrial building
was over
five and a third times greater, while engineering
higher.
Contracts awarded in January,
amounted to $26,580,000, the highest for
1940
activity has brought the
1940 amounted to $346,010,000, an increase
in
There was virtually no change
at
and supplits, mostly on
awarded to the highest point in
but business building at
at
There was a considerable
order.
The marked rise in recent months in building
tracts
New high
and steel trades,
Most of the other iron
though operating at a much higher level than a year ago,
and steel trades,
showed no
Year
The dollar volume of retail
The volume of retail automobile receivables
from December but was at
Lumber mills and furniture factories were more
ago.
points were recorded both in these and in the heavy iron
Government
in
year
active, and both operated at a higher level than a year ago.
increase
Financing
level of
,
including primary production and shipbuilding.
U. S. tourist traffic to Canada during 1941," Mr. Archer said.
Automobile
December.
organizations formerly
224
the
10 have been taken over by reporting
permit their sales and service organizations to continue to exist in Canada
favorably
849,831,661
859,989,858
875,078,033
739,798,724
June
March
Willys-Overland, he said, because Canadian motorists, being
companies not only to ship their 1941 models into Canada but also it will
so
1,114,526.850
918,645,709
971,940,670
1,021,533,732
887,096,773
...
July
ments.
a
a
faced with war-time taxes and petroleum restrictions, are turning to cars
in the ow price bracket that are economical to operate.
may
840,491,007
854,629,839
848,528,973
May
696,959,547
affected.
modification of
portance to
8
$
1,105,275,234
691,191,242 August .....1,116,928,055
709,667,390 September -.1,097,627,143
April
im¬
1939
1940
8
$
OF MONTH
ORGANIZATIONS*
1939
876,699,079
January
figures.
on
61.9% were used cars, and 0.4% unclassi¬
IDENTICAL
214
BY
1940
February
census
were new cars,
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END
102.2
1939
37.7%
fied.
the new "quota" basis is being well received by all
to
cars
totally prohibiting importation
American
50,268
177,816
59,524
130.331
134,922
179,930
...
103.6
102.3
63,203
capacity utilized remained the same at 98, according
14 monthly review issued by A. E. Arscott,
General Manager of the Canadian Bank of Commerce,
Toronto.
This slight rise in activity was contra-seasonal
It was the result of a moderate increase in the tempo of
automotive and other iron and steel production, mainly on
Government order, which more than offset the continued
seasonal decline in foodstuffs and clothing, although even
here the decline was less than a year ago, mainly as a result
of production for the armed forces and other war require¬
for the first
on
67,605
210,191
81,751
on American
Automobilelmports
J. Archer of Willys-Overland Motors
even
62,424
63,434
216,085
81,914
101.4
this year, entry of
20% of the entries
for the same quarter of the last three years.
The announce¬
ment regarding Air. Archer's remarks further said:
plained, and
206,379
93,349
96.1
100,0
Overland Motors, Inc., announced in New York on Feb. 20
on the basis of reports from Ottawa.
He explained that this
a
88,574
206,239
December.....
portation of passenger automobiles made in the United
States, Ralph J. Archer, General Sales Manager of Willys-
This is
89,475
124,661
209,512
October.
Payrolls
Canadian Government has modified its ban
permit,
127,113
130,283
128,377
158,512
Canada Modifies Ban
will
73,290
138,899
March
November.....
Revised series—adjusted to preliminary
American-made
69,032
73,633
January
December
The
59,160
1939—
September
manufacturing industries for December, 1910, as compared
December, 1939, appeared at the
top of page 900 in our issue of Feb. 8.
R.
89,313
105,276
(year). 2,163,902 4,038,535 1,740,329 1,449,822 981,951 2,588,713 758,377
Total
August
Non-Durable Goods
-
Dollars
Dollars
212,330
-
June
PAYROLLS
The Labor Department's regular compilation of the index
numbers of employment and payrolls of wage earners in
Says
sand
February
GROUPS
1940.a...
with November, 1940 and
Thou¬
Cars
March.
174,844,000
1936.....
*107.8
in
of
sand
February..
January
194,381,000
1935
86.2
Number
Thou¬
Cars
July
AND
1934.....
67.9
1939.....
a
*8,484,100
1930.....
55.6
52.8
in
of
sand
Dollars
1929.....
102.3
Number
Thou¬
1940—
1928.....
97 7
106.2
in
of
Cars
162,751,000
1923...
95.9
100.9
Number
Dollars
148,881,000
Year-
Payrolls
104.1
Preliminary,
7,810,800
8,570,000
7,175,500
7,887,800
INDUSTRIES BY
99.5
*
140,590,000
92.2
"
1940
7,202,600
EMPLOYMENT
OF
Employment
1934.....
95,087,000
122,454,000
*105.4
Durable Goods
1928.
5,790,500
6,763,900
78.5
FACTURING
*
88,652,000
5,235,500
Revised series—adjusted to preliminary 1939 census figures.
a
INDEXES
Year-
128,632,000
85.8
99.9
AVERAGE
169,586,000
102.5
*107.5
1940.a
209,495,000
74.1
90.9
1939
196,385,000
50.1
108.6
1938
197,791,000
194,225,000
64.5
99.0
1937
191,915,000
103.5
106.0
1930
182,074,000
102.4
99.7
1929...
7,609,100
7,875,000
8,024,300
7,851,500
7,865,200
8,368,800
7,292,700
6,162,300
104.2
99.5
1928
8,194,700
153,985,000
195,238,000
Cars
Volume
Volume
Volume
143,507,000
7,157,900
102.9
90.4
1925
6,468.900
101.1
103.8
1923._
1924-..-
8,452,600
75.6
90.7
...
in'
Thousand
81.2
82.0
1922.........
Dollars
117.2
107.1
—
1921...
Month
Unclassified
Volume
8185,863,000
222,329,000
8,418,400
98.0
ing
and
Payrolls
New Cars
Total
Year
Payrolls
Year
Used and
Financ¬
Employment
1919
1941
22,
and for the years 1939
Maritime Commission.
AVERAGE
Feb.
1941,
that month since 1930.
Entries from Off-Shore Areas ^Totaled
Approximately 4,487,413 Tons
Sugar Division of the Agricultural Adjustment Ad¬
ministration announced on Feb. 7 that the quantity of sugar
entered
from
short
after
offshore
areas
for consumption
during
the
amounted to approximately 4,487,413
tons, raw value.
The figures are subject to change
final outturn weight and polarization data for all
calendar
year
1940
importations are available.
(Preliminary data show that approximately 403,563 short
tons
cane
of sugar,
are.a
and
value, were marketed by the mainland
1,549,837 tons by the continental beet area
raw
Volume
when final data
(In Pounds)
obtained.
are
quantities
shore
against
charged
for
quota
the
during the calendar year 1&40 are as
areas
QUOTAS FOR FULL-DUTY COUNTRIES
These figures also are subject to revision
during the year.
The
1203
The Commercial & Financial Chronicle
152
the off¬
follows:
Quanrity
Quota
A''A'AAAaA/AAA'::A'A:
Area
,
Quota
Dominican Republic
Charged
Against
Haiti..
Mexico
Quota
Cuba
Peru
1,749,744
Philippines
982,441
797,982
798,316
938.037
940,511
8,916
24,177
17,400
175,513
122,482
0
6,897,182
753,289
199,933
33,762
6,204,984
5,538,298
25,269,585
5,956,972
o
500,000
51,652,000
13,763,687
37,888,313
25,826
6,882
18,944
981,034
Puerto Rico
Remaining
25,269,585
500,000
Quotas not used to date.b
*1,750,152
Balance
Quota a
r
297,995
6,897,182
953,222
6,238,746
11,495,270
China and Hongkong
Quantity
1940
Charged Against
1941
Area
(Short Tons—96 Degrees Equivalent)
Hawaii.
A-
Virgin Islands
I
-A
Foreign countries other than Cuba
Total
*
A. A
_
_
_
A _L AA--
Total
Tons
0
A AAA A -A.
-
Unallotted reserve
the Sugar Act of 1937, the first 10 short tons
of sugar, raw value, imported from any foreign country other than Cuba have not
been charged against the quota for that country.
4,487,413
b This total includes the following
An additional 5,767 tons were entered but
credit for an equivalent amount o
quota sugar exported has been made under the provisions of Section 211 (a) of the
Sugar Act of 1937.
.".a'a
Va%''A':-
included
is
sugar
above
the
in
A-
A
Direct-Consumption Sugars
Direct-consumption
In accordance with Section 212 ol
a
(in pounds):
Argentina, 15,077; Australia, 211;
Belgium, 304,402; Brazil, 1,238; British Malaya, 27; Canada,
■
amounts charged
583,555; Colombia,
21,303; Czechoslovakia. 272,332; Dutch East Indies, 218,634;
Dutch West Indies, 6; France, 181; Germany, 121; Guatemala, 346,388; Honduras,
3,550,291; Italy, 1,811; Japan, 4,147; Netherlands, 225,337; Nicaragua, 10,571,544;
Salvador, 8,490,062; United Kingdom, 362,694; Venezuela, 299,948.
276;
Rica,
Costa
against the various quotas.
Refined
Canadian
(Short Tons—96 Degrees Equivalent)
Sugar Consumption
1.7% from 1939
1940
in
Decreased
Sugar
Sugar
Polarizing
Less Than
Charges
and Above
99.8 Degrees
Polarizing
Cuba
_
_
Quota
aA-Aa;;
,
AA_
18,165
375.060
162,190
*
12,793 >
174.983
29,616
80,214
58.997
*
0
59,663
;A'<"AA :!;:
9,630
Philippines,-.
9,630
666
Hawaii-
amended on Oct. 15, 1940, the directconsumption quota for Puerto Rico this year is not to be less than the quantity of
such sugar actually brought into the Continental United States, for consumption
therein, up to and including Oct. 15, 1940, which amounted to 174,983 short tons,
Under
raw
the
Sugar Act
1937,
of
as
value.
QUOTAS FOR FULL-DUTY COUNTRIES
'
A".v.%
Quantity Charged
1940 Quota
237,786
{In Pounds)
240,609
6,452,490
891,640
...Area
Against Quota a
{In Pounds)
aAA'Av ;v':AAA
b6,452,490
891,640
China and Hongkong
Dominican Republic
__J
Haiti, i
A_
A AAAAiAAwAii-i A AA
_
.
.
_
„
_
.
_ „
AAA-- i—
657,903
714,650
40,114,181
b26,500,251
48,354,000
34,799,640
24,177
17,400
Mexico. A- A- A
Peru
_
Total
AA.
_
_
Tons
a
AA-----A--
A- A-- AiuAAi*
In accordance with Section 212 of the Sugar Act of
1937, the first 10 short tons
from any foreign country other than Cuba have not
of sugar, raw value, imported
the
mately
It was further reported:
Co., New York.
Of
the
1940
consumption,
approximately
75,000
tons,
or
15%,
were
the Dominion, while the remainder were imported
which came principally from the British West Indies and
possessions.
Of the sugars consumed in 1939, home production
beet sugars produced in
cane
sugars
other British
approximately
supplied
primarily from the
tons, or 12.5%, while the balance came
mentioned above.
63,800
sources
Production Estimated 16.5% Lower
production in Japan for the
1940-1941 crop is 1,226,682 short tons, according to advices
received by B. W. Dyer & Co., New York sugar economists
and brokers.
This is a decline of 241,602 tons or 16.5% from
the 1939-1940 crop of 1,468,284 tons.
The firm's announce¬
ment added:
''aAaaa aaa-A 'A:r'■'AAvA-:
' :-\A NAa
Japanese
Sugar
The latest estimate of sugar
.
-
______
_____
during 1940 totaled 500,943 long tons as against
in
356,895
375,000
Puerto Rico
Canada
509,716 tons
previous year, a decrease of 8,773 tons, or approxi¬
1.7%, according to advices received by Lamborn &
Consumption of refined sugar in the Dominion of
Total
99.8 Degrees
1940
Area
been charged against the quota for that country.
b An additional 8,885,967 pounds were entered
from the Dominican Republic
and 6,583,392 pounds from Peru but export quota credits of equivalent amounts
have been made under the provisions of Section 211 (a) of the Sugar Act of 1937.
831 pounds have been imported from Canada, 263 pounds from Chile, 47 pounds
from France, 104 pounds from Panama, 90 pounds from Venezuela, 88 pounds from
Brazil, and 492 pounds from Guatemala, but under the provisions of Section 212
of the Sugar Act, referred to in footnote a, these importations have not been charged
and a small amount of beet sugar.
estimated at 31,191 short tons, a decline
Japan produces principally cane sugar,
This
year's beet sugar production is
of 156 tons or 0.5%
from the previous year.
The latest official
estimate is 80,582 tons, or 6.2%, less than the
third
estimate of a month ago.
Sugar Exports in
Javan
December Above Year Ago—
Stocks Rise 94.4%
The final figure
for sugar exports from Java during Decem¬
against the quota.
ber, 1940 was 60,116 short tons, as compared with 66,664
tons in November, 1940 and 41,486 tons in December, 1939,
453,156 Tons of Sugar Entered Against 1941 Offshore
Quotas for January
*
economists and brokers.
Exports for the
first nine months of their crop year (running from April 1,
1940 to March 31, 1941) amounted to 716,261 tons, a decline
of 470,454 tons or 39.6% from the same period of 1939.
The
received by B. W. Dyer & Co.,
according to the latest advices
The
Agricultural
the
of
Division
Sugar
Administration issued
Adjustment
Feb. 10 its first monthly report on
on
for the various offshore
supplying the United States market.
New York sugar
the status of the 1941 sugar quotas
firm further reports:
sugar-producing
markets by the
estimated at 1,767,675 tons, has resulted
in a large increase in sugar stocks.
As of Jan. 1, 1941, stocks are estimated
at 1,010,022 short tons, an increase of 490,414 tons, or 94.4% from Jan. 1,
1940. CCAAV/VAAY AAA ■"
•/>"
'AfA-AA,. A::.A'';,A;Ax
Sales for export have been better than for some time past, but are still at
a comparatively low level.
There is little interest in forward shipment
The
areas
of the offshore and continental quotas represents
sum
quantity of sugar estimated, under the Sugar Act of
1937, to be required to meet consumers' needs during the
current year.
The report shows that the quantity of sugar
charged against the quotas for all offshore areas, including
the
full-duty countries, during January, amounted to
453,156 short tons, raw value, as compared with 196,498
tons during January of last year.
The Division's announce¬
the
ment continued:
from all areas recorded as entered or certified
The report includes sugar
for entry before
The figures are subject to change after final
Feb. 1, 1941.
weight and polarization data
outturn
sugar
on the charges against the quotas for the continental
beet areas during January are not yet available.
quantities charged against the quotas
The
the first month of the year and
sugarcane and
for the offshore areas during
the balances remaining are as follows:
(In Short Tons—96 Degree
Equivalent)
Cuba
-
_
Philippines
Quantity
Charged
Against Quota
_
_
-
A—- ■* AAA i -
_
i_
-
A -«
120,159
886,772
101,357
11,777
696,625
A
938,037
8,916
Virgin Islands
Foreign countries other than Cuba.
is
18,944
6,882
4,193,596
453,156
SUGAR
included in the above amounts charged
against the various quotas.
a f
(In Short Tons—96 Degree
A A;/.. -A
(
Equivalent)
Quantity Charged Against Quota
Sugar
Sugar
1941
Polarizing
Polarizing
Quota
99.8 Degrees
Less Than
and Above
.<4rea
/'A
99.8 Degrees
Balance
Total
Charge
Remaining
_
375.000
Total
515
1,605
2,167
12,949
3,772
362,051
122,261
29,616
Hawaii
Philippines
12.434
126,033
_
Puerto Rico
__
a—
0
0
0
29,616
80,214
1,685
181
1,866
78,348
610,863
15,724
2,863
18,587
592,276
AA':'
Demand for Farm Products
Agricultural Economics
months changes in industrial activity
relatively small, but
the demand for farm products should continue to imorove,
the Bureau of Agricultural Economics, U. S. Department of
Agriculture, reported on Feb. 17 in its monthly analysis of
the demand and price situation.
Even though industrial
activity may not expand the full seasonal amount from
January to May, says the Bureau, no decline in the actual
rate of output is anticipated and a renewed rise is expected
to follow.
This points to continued but more gradual im¬
provement in the conditions affecting the domestic consumer
demand for farm products in 1941.
The Bureau's announce¬
During the next few
consumer
ment
income are expected to be
continued:
operation of the defense
the construction of new
equipment, but a more
important factor in the rise has been forward buying by business men and
consumers who have anticipated later shortages or higher prices.
During
the second year of defense operations beginning this summer there will
be less support from forward purchasing of this nature, but activity will
be stimulated by the coming into production of new plants, the production
of materials necessary for their operation, and the output of goods to satisfy
the enlarged volume of consumer purchasing power. The effect of the large
amount of forward buying in recent months will be to raise activity in the
first half of the year above that previously indicated.
This will make for
a more stable level of activity in the year as a whole than would have pre¬
vailed if more civilian purchases had been delayed until defense needs
Industrial
activity
during the first year of
has been stimulated to some extent by
and by direct orders for military
defense plants
became
Cuba
♦
Continued Improvement in
Predicted by Bureau of
program
4,646,752
DIRECT-CONSUMPTION
926,260
8,916
25,826
_
Total
sugar
1,656,079
212,981
797,982
-
Hawaii.
Direct-consumption
Balance
Remaining
1,006,931
_______________—
-
;
1,869,060
——________
-
__
Puerto Rico
1941
Sugar Quota
A
Area—
because of the closing of many
and the large 1940 crop, now
because of the uncertainties regarding the availability of cargo space.
and
for all entries are available.
)» Data
The decline in exports,
war,
greater.
.
agricultural products continue small. Any easing in the dollar
would be favorable to farm products export, although
certainty that even this would be followed by larger cash pur¬
Exports of
exchange situation
there is no
chases by Great
American
Britain.
The relatively short ocean routes between North
far had no visible effect on exports of
and Europe have thus
The Commercial & Financial Chronicle
1204
United States farm products, although with changes in the shipping situation
this
may
eventually become
a
factor favoring domestic producers over
more
distant competing nations.
Wholesale
commodity
prices rose
from
persistently
August,
January, 1941, reaching the highest level in three years.
occurred during the past month.
Bureau said.
to
Further price gains are expected to accompany the increasing
pressure of demand on
Wage costs will increase and
productive facilities.
material prices probably will
raw
1940,
Some decline has
This probably will prove temporary, the
rise further, although a runaway advance
is not in prospect.
January.
Prices received
were
generally higher than in December, but hog
marketings did not hold at the obnormally high rate of late 1940.
were
lower in February
Prospects for the
than in January, but higher than
year as
a
whole
are
a
year
earlier.
for sufficiently higher farm product
prices and cash income to slightly more than offset the effects
power of
Prices
on
buying
rising prices of commodities and services purchased by farmers.
The situation with respect to wheat
described by the Bureau as follows:
and
cotton
was
Wheat
Domestic wheat prices are lower now than a month ago, but fluctuations
continue
be small,
to
Although December world production of crude oil showed
slight gain over the previous month, it was off appreciably
from the final month in 1939.
"World Petroleum," which
gathers most of its figures from official Government sources,
reported that December output was 172,790,414 barrels,
against 170,015,570 barrels in November, and compared with
output of 182,391,068 barrels in December a year earlier.
Broadest gain was in the United States, but this country as
with the market stablilized by the loan program.
at
1939.
Thirteen oil
companies engaged in petroleum and refining
in 1939 aggregating S3,632,257,441, according to a survey by the Federal Trade Commis¬
sion made public in Washington this week.
The total com¬
bined value of products for these companies was $2,461,126,549, the survey showed, explaining that the wide differ¬
ence between the two figures is probably due to the inclusion
of foreign operations in the reports to the Commission,
while the Bureau of Census report on value of products does
not receive reports from foreign establishments.
There were no crude oil price changes.
had combined consolidated sales
Price* of Typical
expected to increase much, because the Government will take delivery
maturity if loans are not taken
up
Bradford, Pa
Corning, Pa.--
consumption, totaling
843,000
bales
in January,
ex¬
ceeded the previous record by 66,000 and the exceedingly well sold condi¬
tion of the mills indicates that consumption will continue high for some time.
Domestic prices of unfinished textiles
increased
to
Feb.
Over 100,000 bales of the 1940 loan cotton had been redeemed
-
12.30
1.02 Rusk, Texas, 40 and
-
mill
for
raw cotton
the first
of the
current
season
1.10
.73
Michigan crude
.90
Mld-Cont't, Okla., 40 and above-- 1.03
Rodessa, Ark.. 40 and above.
.125
Sunburst, Mont
Bmackover, Ark.. 24 and
Kettleman Hills, 39 and over
REFINED
AT
up
.76-1.03
.90
Huntington, Cal f., 30 and
.73
over
to
660,000
bales.
and
further curtailment is not unlikely.
PACE—FUEL
OIL
WEATHER—GASOLINE
FUEL
STOCKS
CONTINUE
Cotton
Kingdom apparently declined recently,
PRODUCTS—FIRST-QUARTER
RECORD
COLD
during January totaled only 52,000 bales to raise the
half
activity in the United
J 1.03
over
Daret Creek...
1.05
Western Kentucky
10 and it is probable that redemptions will continue to increase.
Exports of
total
Barrel at Wells
1.18
over
1.35
during the month ended
Feb. 13, prices of spot cotton held steady and futures quotations declined
slightly.
per
Eldorado, Ark., 40
Illinois
Domestic cotton
Crude
(All gravities where API. degrees are not shown)
before that time.
Cotton
showed lower totals than in
Russia and Venezuela
as
December,
Even though warehouse loans are beginning to expire, market supplies are
not
1941
22,
a
well
Farm income apparently declined by at least the full seasonal amounti l
Feb.
NEAR
GASOLINE
PRICES
PRICES
DEMAND
WEAKEN
DESPITE
ADVANCE—MOTOR
RECORD—REFINERY
OPERATIONS
HIGH
Domestic demand for motor fuel during the first initial
quarter will probably hit a new high, on the basis of demand
for
January and February and the estimated home demand
March.
Disappearance of gasoline during the past 2
years has scored record levels, and the trend for the first 3
months of 1941 indicates that, barring unforeseen develop¬
ments, consumption of motor fuel for this year will set a new
high for the third consecutive year.
for
Petroleum and Its Products—March Oil Demand Under
Year Ago—Foreign Capital Permitted
"Participa¬
tion"
in
Mexico
Fields—Daily
Average
Crude
Output Above Demand- -December Crude Output
in World Off
The United States Bureau of Mines this week released its
March domestic demand for crude oil
placed at 113,320,000 barrels in the regular monthly market demand fore¬
cast of the United States Bureau of Mines.
This represented
an increase in the daily
average to 3,655,000 barrels, 26,000
over the February total.
Compared with actual production
of crude oil in March a year ago, however, the total was
14,000 barrels lower.
Exports of crude oil during March
were set at 3,200,000
barrels, against 4,046,000 barrels a
year earlier.
Advances to foreign capital were made during the week
by the Mexican Government, foreshadowing, in the opinion
of some oilmen, an early settlement of the problem
arising
out of the expropriation of some half-billion dollars
of
American and British oil properties by the Cardenas Ad¬
ministration early in 1938.
Also of interest to oilmen were
the reports that the Camacho Administration was
taking
special military precautions in several areas in Mexico
where reorganization plans for the oil
industry there called
was
for the dismissal of several hundred
employees despite op¬
position from the labor unions.
Over last week-end, reports from Mexico
City disclosed
that President Camacho had submitted to the
Congress
legislation which would reopen the country's rich oil re¬
sources
to private exploitation and
apparently clear the
way for resumption of operations by the foreign companies
hit in the 1938 expropriation decree.
The legislation,
however, it was made clear, provides ample safeguards to
the Government to protect its financial interest in
any
exploitation of petroleum properties in Mexico.
In a statement explaining his decision to
prepare modifi¬
cations in the Constitution which holds all Mexico's natural
belong to the Nation, President Camacho pointed
sought "that amplitude and flexibility required
for the best stimulation of
private initiative."
Such modi¬
fications, he continued, are designed to "make attractive
the leasing of petroleum fields from the
Nation, placing
resources
out that he
such leases upon a financial basis more in accordance with
the realities of our capital market, with the
essentially
specu¬
lative nature of the enterprise and with
accepted business
standards,"
Sharp expansion of production in Kansas and California
the major factor in a sharp rise in daily average crude oil
flow for the week ended Feb, 15,
The American Petroleum
was
Institute
reported
that daily
second week of the month
was
production for the
20,450 barrels, to hit a
average
up
regular monthly market demand estimate, setting domestic
demand for motor fuel during March at 48,200,000 barrels,
8% better than the total reported for the comparable 1940
month.
Further improvement in the export situation was
also seen, with offshore movements seen at 2,000,000 barrels.
Compared with a year ago, however, exports were off 265,000
barrels.
Further weakness in heating oil developed in the East
despite the better demand resulting from the sustained cold
weather which was in effect throughout most of this territory.
The chief source of the weakness is the top-heavy supply
situation, coupled with the weakening of the tanker rate
structure for movements from the Gulf Coast market to the
Eastern Coast
The
disappearance of the export market
overly-optimistic expectations of
market demand this year led to the excessive stocks.
Socony-Vacuum Oil posted further reductions in Mobilheat
prices on Feb. 18, cutting prices l-10th cent a gallon through¬
out most of New England, and 2-10th cents a gallon in most
sections of upper New York State west of Rochester.
Areas
affected by last week's sweeping reductions in Mobilheat
prices were not included in the new reductions posted this
week. The weakness spread to Philadelphia and Baltimore
where heating oil prices eased as did Diesel oil which dropped
to the $1.75 level ruling in New York harbor.
Fractional improvement in gasoline prices throughout the
country developed during January.
Prices from 50 rep¬
resentative
cities, gathered by the American Petroleum
Institute, showred gasoline at 12.18 cents a gallon, against
12.17 cents on Jan. 1 and 13.43 cents a gallon a year earlier.
Including Federal, State and local taxes, the consumed price
averaged 18.08 cents a gallon on Feb. 1, against 18.07 a
area.
for fuel oil combined with
month earlier, and 18.85 cents
a gallon on Feb. 1 a year ago.
finished, unfinished and aviation motor fuel
showed a gain of 1,476,000 barrels during the week ended
Feb. 15, rising to 94,741,000 barrels, the American Petroleum
Institute reported.
The figure was within 400,000 barrels of
the record holdings reported a year earlier.
Daily average
run of crude oil to stills was off
only 10,000 barrels, totaling
3,630,000 barrels, nearly 400,000 barrels in excess of the
levels sot as ample by the industry's economists.
Refinery
operations were off fraction at 84.1% of capacity, against
84.3% a week earlier.
Stocks
of
Representative price changes follow*
Feb.
18—Socony-Vacuum
total of 3,638,100 barrels.
New England,
barrels in
reduced Mobilheat oil l-10th cent
a
gallon in
methods of delivery.
This was approximate! v 10,000
of the 3,628,900 barrels a
day estimated by
the Bureau of Mines as
February market demand.
excess
A
gain of 25,600 barrels in daily average flow of crude oil
in Kansas lifted the total to
203,100 barrels while California's
increase of 9,500 barrels lifted the West Coast
figure to a
daily total of 629,200 bariels.
Moderate gains were re¬
ported by Illinois, up 1,950 barrels to 326,200 barrels, and
Louisiana, up 1,750 barrels to a daily total of 295,950 barrels.
The broadest decline
shown in Oklahoma where the daily
average dropped 15,000 barrels to hit 407,450 barrels.
Texas
wells turned out 4,150 barrels less crude
oil, the daily average
was
production dipping to 1,337,750 barrels.
,
*
-
and 2-10ths
cents
a
gallon in upper New York State, all
If. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
New York—
Socony-Vac. .06
T.Wat. Oil.
Other Cities—
New York—
St.OilN.J_S.06
-.06 K
-.0634
Texas...—$. 07 H-.08
.0SH-.0SH
Chicago
Gulf
New
Orleans.
Gulf
ports...
Shell East'n
08H-.08 H
.07K-.08
RlchOll(Cal) .08K-.08 X
.07K-.08
Tulsa.
9MX-.05H
.O0H-.O7
—
.05J6
MH-.05H
Warru r-Qu.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
$.041 New
I North Texas
J.0551
Los Angeles
.03
34-.051
Orleans_$.05>£-.05
Tulsa
.04
-.0434
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
Diesel
California 24 plus D
SI.25
1.75
31.00-1.25
New Orleans C
Phlla., Bunker C
$1.00
1.50
Volume
1205
The Commercial & Financial Chronicle
152
Gas Oil. F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
7 Dlus
| Chicago—
$.041
ESTIMATED
OF SOFT COAL. WITH
CRUDE PETROLEUM
PRODUCTION
STATES
UNITED
COMPARABLE DATA ON PRODUCTION OF
.5.02J<-.03
I Tulsa
5.0531
28.30 D
(In Thousands of Net Tons)
Gasoline, Service Station, Tax Included
a
New York
x
Brooklyn
a
1.171 Newark
171
5.17
5.1661 Buffalo
1851
Boston
Cal. Year to Date c
Week Ended
.17
Chicago
Not Including 2% city sales tax.
Feb.
Feb. 8,
1941
Bituminous Coal
Weekly
Coal
Production
Statistics
The current coal report of the Bituminous Coal
United States Department of the Interior,
Division,
showed that total
10,100,000 tons in the preceding week and 9,931,000 tons in
estimated
production
week ended
Feb. 8
of
reported
anthracite
the
33,880
34,620
25,415
(The current weekly estimates are based on railroad carloadlngs and river ship¬
PRODUCTION
subject to revision on receipt of monthly tonnage reports from district
operators.)
PENNSYLVANIA
OF
statistical convenience
the week converted to
(In Net Tons)
7
■■
,+V;! ',v: V.77V
Feb. 10,
Feb. 1,
1941
1940
1929c
1940c
1941
Peun. Anthracite—
Total,
including
col¬
1,141,000 1,190,000
636,000 6,192,000 6,211,000 9,083,000
Comm'l production b. 1,084,000 1,131,000
Beehive Coke—
604,000 5,883,000 5,900,000 8,429,000
United States total
a
40,200
137,700
22,950
122,200
20,367
Daily average
(In Thousands of Net Tons)
6,700
644,900
18,968
285,100
8,385
659,200
19,388
coal shipped by truck from authorized
Adjusted to comparable periods in the three
Includes washery and dredge coal, and
operations,
b Excludes colliery fuel,
c
years.
-Week Endedr—
Jan»
State
Feb. 1,
Feb.
Jan. 25
1941
1941
Feb. 2,
1929
Feb. 4,
3,
1939
1940
1923e
(f)
(f)
Avge.
Daily Average Crude Oil Production for Week
4
4
3
2
344
340
336
278
Alaska
Alabama
107
105
160
175
1
1
1,183
1,215
1,421
486
467
507
61
67
88
Kansas and Missouri
175
173
Kentucky—Eastern
821
Arkansas and Oklahoma
Colorado.
127
♦
93
180
48
310
148
206
*
;
2,111
387
455
659
89
112
216
165
199
190
795
884
681
981
607
217
308
217
399
240
38
Western
37
37
36
66
Maryland
140
55
32
6
10
12
11
17
Montana
68
69
64
63
90
New Mexico
25
25
25
33
62
73
North and South Dakota
61
73
52
65
f63
f50
Michigan.
;
82
536
496
477
434
444
814
2,533
2,465
2,122
1,771
2,887
3,402
130
137
151
109
115
133
Ohio
Pennsylvania bituminous
Tennessee
12
Texas
15
15
11
26
25
3,611,250 barrels.
The daily average output for the week
Feb. 17, 1940, totaled 3,717,950 barrels.
Further
details as reported by the Institute follow:
-
ended
Imports of petroleum for
domestic use and receipts in bond at principal
ended Feb. 15 totaled 1,431,000 barrels,
90
85
96
148
109
336
270
273
211
43
42
34
36
64
74
1,911
1,377
2,035
1,134
657
560
745
762
barrels for the week ended Feb.
134
113
171
186
weeks
f5
f7
11,850
1,968
1,875
1,790
667
644
122
West Virginia—Southern.a
117
Northern _b
Wyoming
the
at
333
Washington
that
oil-producing States during February.
Daily average pro¬
duction for the four weeks ended Feb. 15, 1941, is estimated
82
Virginia
estimates
average gross
334
Utah
Institute
crude oil production for the week ended
Feb. 15, 1941, was 3,638,100 barrels.
This was a gain of
20,450 barrels from the output of the previous week.
The
current week's figures were above the 3,628,900
barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
daily
1,216
Iowa
Ended
Gains 20,450 Barrels
Petroleum
American
The
226
(f)
225
Illinois
Indiana
Feb. 15, 1941,
434
369
(f)
1,674
V-'v,/-
Georgia and North Carolina
United States ports for the week
a
daily average of 204,429 barrels,
ended
compared with a daily average of 227,714
8, and 220,893 barrels daily for the four
These figures
15.
Feb.
include all oil
imported, whether
■
*
*
1
2
10,100
1,190
9,900
10,208
8,220
11,889
1,257
1,048
1,224
1,655
Other Western States.c
Total bituminous coal
Pennsylvania anthracite-d
bonded
11,290
Total, all coal
11,256
11,157
9,444
13,544
13,818
C. & G.,
b Rest of State, includ¬
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B.
and on the B. & O. in Kanawha, Mason, and Clay counties,
ing the Panhandle District and Grant, Mineral, and Tucker counties,
c Includes
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
f Alaska, Georgia, North Carolina, and South Dakota Included with "other
* Less than 1,000 tons.
Western States."
PRODUCTION
ESTIMATED
OF
for domestic use, but it is
impossible to make the separation in
•
v'7
\
Coast ports during the week ended
25,429 barrels,
gasoline and 30,000 barrels of other petroleum
Receipts of California oil at Atlantic
178,000 barrels, a daily average of
15 amounted to
of which 148,000 barrels was
which was received at the Port of Philadelphia.
companies owning 86.2% of the 4,535,000
refining capacity of the United States,
the industry as a whole ran to stills, on a Bureau of Mines*
products, and all of
Reports received from refining
estimated daily potential
barrel
indicate that
oil daily during the week, and that all
refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 94,741,000 barrels of finished and un¬
finished gasoline.
The total amount of gasoline produced by all companies
is estimated to have been 12,169,000 barrels during the week.
basis, 3,630,000 barrels of crude
companies had in storage at
BY
COAL,
STATES, IN DECEMBER*
1940,1939, AND 1937
WITH TOTAL OUTPUT FOR CALENDAR YEARS
preliminary estimates based on railroad carloadlngs and river ship¬
ments of coal and beehive coke, supplemented by direct reports from a number of
mining companies, localIcoal operators' associations, and detailed monthly pro¬
duction statistics compiled by the State Mine Departments of Colorado, Illinois,
Pennsylvania, Washington and West Virginia. In making the estimates, allowance
Is made for commercial truck shipments, local sales, and colliery fuel, and for small
(Figures
or
weekly statistics.
Feb.
month,
'
v
Calendar Year to Dale
Week Ended
Feb. 8,
1941
AND
ANTHRACITE
COKE
BEEHIVE
and State sources or of final annual returns from the
a
1,976
d Subject to current adjustment
ESTIMATED
was
■
5,908
In other years,
liery fuel .a
ments and are
5,751
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal, c Sum of six full weeks ended Feb. 8,1941, and corresponding periods
preceding
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
_
59,457
1,694
69,983
1,675
a Includes
for purposes of historical comparison and
the production of lignite,
b Total barrels produced during
that the
for the
1,141,000 tons, a decrease of 49,000
week.
When compared with the
output in the corresponding week in 1940, however, there
was an increase of 505,000 tons
(about 79%).
from
tons
9,931
1,655
58,610
1,683
5,795
v-^.7■"v"'..;'v +
Mines
Pennsylvania
10,100
Coal equivalent of weekly output.
10,080,000 net tons, as against
the corresponding week of 1940.
The United States Bureau of
10,080
1,680
1929
1940
dl941
1940
Crude Petroleum b—
Output in the week
10,000,000-ton mark.
ended Feb. 8 is estimated at
1941
10,
a—
Total, including mine fuel
Daily average
weekly production of soft coal for the country continues to
hover around the
Feb. 1,
are
AVERAGE CRUDE OIL PRODUCTION
DAILY
'
(Figures In Barrels)
,
Actual Production
trucking mines producing over 1,000 tons a year. The estimates here given are based
upon the latest information available, and differ In some cases from the current
B. of
Four
M.
Week
P.C.
Net
of
1940
Ended
Ended
Allow¬
Feb. 15,
Previous
Feb. 15,
Feb. 17.
ables
1941
Wfiek
1941
1940
!)/}/»
1939
iV UV»9
Oklahoma
1940
Total
Tons
from
(Feb.)
Total Calendar Year
\Tnrt
Weeks
Ended
Require¬
.
Dec., 1940
Change
State
7./
,
(In Thousands of Net Tons)
>
Week
lated
ments
figures previously published in the Weekly Coal Report.)
Calcu¬
1937
1939
442,500
Kansas
193,200
400,000 b 407,4.50
196,200 b 203,100
3,200
b3,600
—15,000
+25,600
+800
67,600
Nebraska...
18
.04
18
11
150
146
132
1,363
3.29
1,245
1,298
15,150
.97
375
262
3,163
11,995
2,300
12,440
403
3,111
North Texas
797
1.93
767
654
6,516
5,890
7,187
West Central Texas.
Alaska.
Alabama..
„....
...
Arkansas & Oklahoma..
Colorado
_
......
Georgia & No. Carolina.
3
_
Illinois-
5,411
_
West Texas
2
2
29
25
11
4,788
49,495
46,450
51,602
East Central Texas.
East Texas
v:'.
—6,450
72,150
70,800
+ 200
—100
100,700
30,150
100,000
30,150
—2,850
—1,050
—1,600
+3,350
+4,350
232,350
77,400
375,800
199,750
225,200
71,700
374,500
Iowa
318
.77
292
312
2,908
3,050
Kansas and Missouri
784
1.90
658
680
6,736
6,195
6,984
Coastal Texas
254,500
3,062
7.39
3,150
2,850
39,732
34,730
38,523
Total Texas
1,312,900 C1318873 1,337,750
861
2.08
761
826
8,668
8,075
145
0.35
127
158
1,478
1,468
8,563
1,549
42
0.10
42
62
440
434
562
347
278
2,974
2,810
2,050
4.95
1,714
1,704
18,565
16,650
Eastern...
Western
.
Maryland
;.
Michigan
/
331
0.80
New Mexico-
113
0.27
95
107
1,081
1,206
2,965
1,715
North and South Dakota
295
0.71
400
225
2,256
2,139
4.69
1,820
1,861
22,092
10,263
24.79
10,240
515
1.24
Montana.
„
—
„
*
.
... ... .
Ohio
Pennsylvania bituminous
Tennessee
485
6,010
Virginia.
.
^— ......
40
.10
40
65
661
810
910
1.07
420
338
3,524
3,340
3,810
1,220
...
Utah...
2.95
13,230
13,795
186
0.45
1,690
2,002
1,195
1,154
14,950
185
148
1,688
-
i
....
—
Northern.b—........
Wyoming-... .
.
_ ... .
...
'•
■»
68,650
209,550
278,200
294,942
295,950
+ 1,750
292,550
69,969
70,150
+ 150
70,200
68,300
Mississippi
16,100
bl7,900
—2,050
342,100
22,500
326,200
+ 1,950
18,450
325,400
6,750
408,300
bl9,000
—2,500
20,250
7,250
99,300
47,500
91,950
+4,300
96,600
Illinois
Indiana............
Eastern (not
incl. Illi¬
nois and Indiana)..
Michigan
39,850
7,711
6,993
95,182
80,696
89,625
6.73
2,660
2,675
31,120
27,242
29,021
Colorado
650
1.57
642
470
5,748
5,383
5,918
2
22
9
+ 350
91,000
39,900
72,800
18,900
—300
74,050
+ 50
18,750
3,600
74,600
20,000
17.77
—50
3,600
100,700
+ 50
100,700
13
5
0.01
4
100.00
40,012
Pennsylvania anthracited
4,699
46,099
....
3,900
100,700
New Mexico...
106,000
Total East of Calif. 3,033,200
3,869
38,066 453,245 393,065 445,531
51,487 51,857
50,052
3,914
43,881
41,980 503,297 444,552 407,388
C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason, and Clay counties,
(b) Rest of State, in¬
cluding 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.
Includes operations on the N. & W.;
69,200
223,350
66,100
2,786
41,400
a
+ 300
+ 1,450
288,600
Total Louisiana..
7,357
Total bituminous..—
—4,160 1,338,700 1,361,200
Arkansas
Montana..—...
Other Western States.c.
Total, all coal..
•
78,100
397,300
223,800
233,700
69,650
Coastal Louisiana..
Wyoming
'
■
West Virginia:
Southern.a
9,668 112,907
442
Texas..---
W ashington. .
465
25,178
92,190 111,002
5,213
5,280
19,632
250,400
32,300
226,300
North Louisiana
2,298
1,940
203,500
South west Texas
Kentucky:
i,
176,700
2,900
100,950
-
—
17,765
3,637
Indiana
427,100
194,500
234,850
Panhandle Texas.
4,637
.01 *v;v>
13.07
406,100
California.....
595,700 d 571,000
3,628,900
a
3,008,900
629,200
3,638,100
64,900
66,550
17,050
5,050
111,200 ;
+ 10,9.50 2,997,050 3,095,150
+ 9,500
614,200
622,800
+ 20,450 3,611,250 3,717,950
Mines' calculations of the requirements of domestic crude
premises outlined In Its detailed forecast for the month of
These are Bureau of
oil based upon certain
As requirements may be supplied either from stocks or from new pro¬
duction, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine the amount of new crude
February.
to be
produced.
Thp Commercial & Financial Chronicle
1206
b
Okla., Kan., Neb., Miss., Ind., figures are lor week ended 7 a. m. Feb. 12.
c
This Is the net basic 28-day allowable as of Feb. 1, according to the order of
Texas
Railroad
Commission covering the months of February and March.
not
Note—The figures Indicated above do
Producers.
include any estimate of any oil which
CRUDE RUNS TO STILLS- PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
15.
FEB.
ENDED
1941
(Figure" In Thousands of Barrels of 42 Gallons Each)
Refin¬
Capacity
Stocks
tt Slocks
C.
P.
Po¬
of
ished &
Gas
tial
port¬
ing
Aver.
of Re¬
sidual
Fuel
Gaso¬
Gaso¬
Dis¬
OU
Blended
tillates
tion
■
The survey of
Appalachian
87.4
156
91.0
128
90.2
584
20,239
1,506
90.1
743
.
Ind., 111., Ky.
Okla.,
562
643 100.0
East Coast—
87.2
Cat
9,120 E.
12,647
428
3,308
418
475
2,216
18,037
3,290
786
remain
Mlseouri—
420
76.9
268
83.0
c930
8,315
1,329
1,969
Inter'r
280
59.6
144
86.2
655
2,177
384
1,494
781
Texas Gulf...
1,071
89.2
903
94.6
2,843
14,003
5,927
Louisiana Gulf
164
97.6
117
73.1
373
3,223
969
2,132
No. La. & Ark
101
51.5
47
90.4
141
549
303
514
.50
73.5
203
1,514
166
455
485
66.4
1,414
16,606
9,715
71,250
1,503
86.2
3,288
84.1
10,709
1,460
87,971
35,148
97,730
5,952
6,770
610
1,695
342
*
a
12,169 d94741
11,993 93,265
3,630
3,640
4,535
99,425
99,921
25,551 102,929
3,906
36,709
15, '40
bll,165
a
95,135
12% reporting capacity did not report gasoline production,
bbls.; unfinished, 6,940,000 bbls.
of
lead
continuing
are
d Finished, 87,801,000
last
week.
following
28.6%
47.9%
The 12 months ended...
42.4%
51.2%
50.6%
53.1%
63.7%
49.3%
producers
New
and
Jersey Zinc;
over
1,188 tons of zinc during the week
The back¬
The quotation continued at
7Mc., St. Louis.
Some relief is expected in the supply situation in zinc from the resump¬
tion of operations at the
Rosita smelter of the American Smelting & Re¬
The Mexican plant has been closed by
fining Co.
Settlement of the labor difficulties
on
a
strike since Oct.
announced here
was
Feb.
on
17.
10.
Oper¬
basis, the plant produces about 3,500 tons of zinc
normal
a
a
month.
Tin
Aside from the advance in the price, resulting from the disturbed political
situation
in the Far East,
interest centered in
a
report
press
from Wash¬
ington to the effect that the tin smelter to be constructed in this country
will
be managed and operated
schappij.
Mexico.
by Dutch interests, N.
V. Billiton Maat-
The plant will probably be erected somewhere
There
be financed
was
a
Government.
by the
except
on
the Gulf of
little hope of American participation in the venture
higher
at
The
prices,
problem
is said to
be
of treating
most
a
Bolivian
difficult
one.
The Dutch claim to have had practical experience with the problem.
Oct., 1940
60.1%
49.9%
sold
log at the end of the week was 112,660 tons.
,
Frightened consumers
The month
between
Havey,
Moreover, domestic production will increase
Division
Western
Prime
concentrate,
1940
L.
The plan is to restrict the use of zinc in non-essential products on
The
to
1940 Nov.,
M.
ended Feb. 15, with shipments in the same period of 3,682 tons.
CAPACITY
1940 Jan., 1941 Dec.,
Anaconda;
the next three months.
given below are compiled from reports for
received by the Bureau of Mines, from all manu¬
plants.
following statement of relation of production to
the total output of finished cement is compared
estimated capacity of 159 plants at the close of
1940, and 156 plants at the close of January, 1941.
Jan.,
coordinate zinc supplies
to
Glass,
Clarence
plies for defense orders.
ating
TO
Zinc
v
hopeful last week of avoiding official priorities.
voluntary basis, which should provide the industry with adequate sup¬
a
The statistics
OF PRODUCTION
'
,
were
K. C. Brownell, American Smelting & Refining; and B. Zimmer, American
Metal.
estimated mill value of $8,145,000.
RATIO
the
named
consumers:
the
to
Quotations closed firm
New York, which was also the contract settling basis for the
5.65c.,
American Zinc Institute, at the request of the non-ferrous priorities board,
Bureau of Mines.
The production of
Portland cement in January, 1941, showed an increase of
45.4% and shipments an increase of 105.1%, as compared
with January, 1940.
Portland cement stocks at mills were
5.2% lower than a year ago.
The factory value of the ship¬
ments
from
the
mills in
1940—130,315,000 barrels—is
estimated as $190,926,000, representing an average value of
$1.47 per barrel.
According to the reports of producers the
shipments totals for 1940 include approximately 4,407,000
barrels of high-early-strength Portland cement
with an
the
During the
the previous
American Smelting & Refining Co., and 5.50c., St. Louis.
The Portland cement industry in January, 1941, produced
9,025,000 barrels, shipped 7,986,000 barrels from the mills,
and had in stock at the end of the month 24,420,000 barrels,
January,
13,217 tons in
against
Higher ocean freight rates are believed to hinder large additional lead
at
Portland Cement Statistics for Month of January, 1941
with
in substantial volume.
imports to this country under present price levels.
b This Is
1940 dally average,
.
capacity
with
premium,
a
Producers are finding a good demand for prompt metal as the rate of con¬
Producers of zinc
the
Valley,
at
Sales in the domestic
totaled 17,819 tons.
10,363 tons were sold,
week
6,415
February 1940 dally average,
c
In
12c.,
moving
sumption steadily approaches 65,000 tons per month.
a3,509
Estimated Bureau of Mines' basis,
January,
facturing
still
Lead
6,182
35,758
week's production based on the U.S. Bureau of Mines February
according
nearby delivery
schedule, according to trade authorities, to relieve the supply situation.
Sales
4,535
Shipments dur¬
American copper is being shipped to the United States ahead of
Latin
♦U.S.B.ofM.
Feb.
for
metal
market during the last week
♦Est.tot.U.S.
Feb. 15, '41
Feb. 8, '41.
shipments to fabricators,
on
Producers held to
230
Reported
.
be holding to the same high rate as in January.
smelter
custom
Calif.
56.0
Est. unreptd.
w
though in a smaller way than earlier in the year.
87.3
20
known the market situation is expected to
are
domestic consumers on record.
to
2,882
121
.
California
Feb.
ing the first month of the year totaled 119,736 tons, the largest movement
7,183 G. C'st
836
Rocky Mtn.
Copper1.
Consumption of copper, based
quiet.
appears to
Kans.,
Inland Texas_
of
consumers' needs in copper is being completed, and until
of the study
results
the
3,138
,
its issue
current
on
line
line
Daily Oper¬ Natural
Rate
on
and
in
High
silver advanced in
tStocks
Avia¬
Unfin¬
Ind.
ated
eSlocks
ished
fineries
C.
P.
Re¬
ten¬
Fin¬
at Re¬
District
Produc'n
to Stills
Markets"
Con¬
on
deliveries.
Tin, cadmium, and quick¬
price.
Zinc producers appeared confident
about their ability to take care of defense needs.
The
publication further reported:
based
Gasoline
Crude Runs
Daily
ing
Mineral
and
"Metal
might have been surreptitiously produced.
WEEK
Agreement
reported that Jesse H. Jones, head of the Reconstruction
Finance Corporation, stated at a press conference held in
Washington Feb. 19 that a "tentative agreement" has been
reached with Dutch interests to operate the proposed United
States tin smelter for treating Bolivian concentrate.
Final
contract for the deal has not yet been signed, he added.
Demand for non-ferrous metals during the last week was
active and consumption has attained record proportions,
2, 9, 15, 16, 23 and 28.
d Recommendation of Conservation Committee of California Oil
22, 1941
struction of Tin Smelter—Metal Use at New
Past
experience Indicates that It will Increase as new wells are completed and If any
upward revisions are made.
With the exception of Panhandle, all fields in the State
were ordered shut down for 9 days, namely, Feb. 1, 2, 8, 9, 15, 16, 22, 23 and 28.
Six shutdown days were ordered for Panhandle—Feb.
Metals—Tentative
Non-Ferrous
the
Feb.
arrival
over
into the market for good tonnages of tin for
came
the next three months.
.
Developments in the Far East quickened the demand for tin in London,
PRODUCTION, SHIPMENTS,
AND
STOCKS
OF
FINISHED
PORTLAND
and spot metal commanded a premium over futures.
CEMENT, BY DISTRICTS, IN JANUARY, 1940 AND 1941.
Chinese tin, in the future, will move largely into this country
(In Thousands of Barrels)
pile
The
purposes.
Metals
Reserve
Co.
and
the
for stock¬
Export-Import
Bank
have agreed to take the equivalent of $40,000,000 in Chinese tin in repay¬
Stocks at End
*
District
Production
1940
Eastern
Pa., N. J. & Md
1,073
New York and Maine
Shipments
1941
1940
821
1,555
ment of a loan
of Month
1941
1940
1,389
4,946
4,332
330
Michigan
202
526
1,880
536
3,337
2,711
161
340
2,186
2,226
1,152
246
612
2,769
2,668
717
1,496
555
1,442
1,818
East. Mo., Ia., Minn. & S. Dak.
W. Mo., Neb., Kan., Okla. & Ark
355
426
147
325
3,096
464
166
435
2,203
445
654
450
793
Colo., Mont., Utah, Wyo. & Ida.
906
121
77
123
620
1,266
684
1,243
1,349
174
88
131
190
648
34
34
32
1
9,025
3,893
7,986
25,759
50.875
51.125
51.125
51.500
51.500
51.375
....
51.625
51.625
51.625
51.500
Feb.19.......
5
6,205
50.875
51.125
51.500
52.625
52.625
52.625
52.625
Feb. 18
598
34
51.000
51.000
Feb.15
1,633
Oregon and Washington
May
50.375
24,420
51.125
611
879
April
50.500
Feb.14
764
98
California
March
50.500
Feb.17.
2,145
Texas
follows:
50.625
Feb.13
1,568
3,121
235
was as
February
2,038
219
533
825
Wis., III., Ind. & Ky
Va., Tenn., Ala., Ga., La. & Fla.
631
605
387
...
No specific quantity to be imported under
has been named.
Straits tin for future arrival
653
Ohio, western Pa. & W. Va
by the Bank.
the latest agreement
1941
Puerto Rico
Total
PRODUCTION, SHIPMENTS,
AND
STOCKS
CEMENT, BY MONTHS,
IN
OF
FINISHED
1940 AND
Chinese tin, 99%, spot, was nominally as follows: Feb. 13, 49.60c.; Feb.
14, 50.00c.; Feb.
15,
50.125c.; Feb.
17, 50.50c.; Feb.
18, 50.750c.; Feb.
19, 51.625c.
PRICES
DAILY
OF
METALS
("E. & M. J."
QUOTATIONS)
PORTLAND
Electrolytic Copper
1941
Straits
Tin
Lead
Zinc
(In Thousands of Barrels)
Dom.,Refy. Exp., Refy.
Feb.13
Stocks at End of
Month
11.775
Feb.14
10.450
New York
New York
St. Louis
50.625
5.65
5.50
7.25
St
4.UiS
January
6,205
February
5,041
March
9,025
Shipments
1940
3,893
4,907
7,918
7,716
April
10,043
May
12,633
June
12,490
1941
7,986
25,759
1941
24,420
10.450
51.000
5.65
5.50
7.25
10.450
51.125
5.65
5.50
7.25
11.775
10.450
51.500
5.65
5.50
11.775
10.325
51.750
5.65
5.50
7.25
Feb.19
Month
1940
11.775
Feb. 17
Feb.18
1941
11.825
Feb.15
Production
1940
11.800
10.325
52.625
5.65
5.50
7.25
11.788
10.408
51.438
7.25
25,894
Average
26,118
July
12,290
August
12,712
10,829
13,206
13,223
13,442
14,018
September
13,105
13,935
14,741
15,776
19,921
12,725
all,195
10,372
a20,353
8,192
130,315
7.25
a23,381
al30,292
5.50
5.65
October
November
December
25,348
Copper,
24,758
24,010
export,
ended Feb. 12,
22,855
f.o.b.
refinery, Feb.
12,
10.450c.;
f.o.b.
18,008
refinery,
11.795c.; export
copper,
10.450c.; Straits
zinc, 7.250c.; and silver, 34.750c.
markets, based
Revised.
Domestic copper
tin, 50.650c.; New York lead, 5.650c.; St. Louis lead, 5.500c.; St. Louis
—
to the basis of
a
are:
f.o.b. refinery,
The above quotations are "M. 4 M. M.'s" appraisal of
Total
for week
10.446c.
Average prices for calendar week ended Feb. 15
21,549
average
pound.
/
on
the major United States
sales reported by producers and agencies.
They are reduced
or St. Louis, as noted.
All prices are In cents per
oash. New York
Volume
1207
The Commercial & Financial Chronicle
152
Copper, lead and zinc quotations
based on sales for both prompt and future
are
"IRON AGE" COMPOSITE
THE
deliveries; tin quotations are for prompt delivery only.
trade
the
domestic copper
prices are quoted on
a
Feb. 18. 1941, 2.261c. a Lb.
PRICES
Steel
Finished
delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
Deliv¬
ered prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European war. most sellers are restricting
offerings to f.a.s. transactions, dollar basis.
Quotations for the present reflect this
change In method of doing business.
A total of 0.05 cents Is deducted from f.ajs.
In
(Based on steel bars, beams, tank plates
wire, rails, black pipe, sheets, and hot
2.261o.{
One week ago..
One month ago
2.261c.!
.
rolled strips.
These products represent
85% of the United States output.
,2.261c.1
One year ago
Low
High
16
the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Feb. 13, spot, £25914*
three months, £259; Feb. 14, spot, £263 M>» three months,
£262Feb. 17, spot, £266, three months, £26434; Feb.
18, spot, £26934* three months, £26634; and Feb. 19, spot,
£27134, three months, £26834-
European
war
Jan.
2
2.211c.
1939
.2.2860.
Jan.
3
2.236c.
May 16
,2.512c.
May
17
2.211c.
Oct.
18
1937
Due to the
,2.261c.
1938..
basis (lighterage. &c.) to arrive at the f.o.b. refinery quotation.
1940
.2.512c.
Mar.
9
2.249C.
Jan.
4
1936
,2.249c.
Deo. 28
2.016c.
Mar. 10
1935....
,2.062c.
Oct.
1
2.056C.
Jan.
8
1934
,2.118c.
Jan.
2
,1.953c.
Apr. 24
3
1.945c.
1933.....
Oct.
1.792c.
May
1932..
,1.915c.
Sept.
1.870c.
Mar. 15
1931.
,1.981c.
Jan.
6
13
1.883c.
Dec.
29
1930
,2.192c.
Jan.
7
1.9620.
Dec,
1929..
,2.236c.
May 28
2.192c.
Oct.
9
29
4,
Allocation
Federal
Jesse
Administrator
Loan
One year ago
vv
./
1940
announced
Jones
Philadelphia,
Buffalo,
Valley, and
Southern iron at Cincinnati.
Low
High •;/' ■
2
$22.61
Jan.
$23.45
Dec. 23
20.61
Sept. 12
22.61
Sept. 19
19.61
July
6
23.25
June 21
22.611
—
-
W.V
■V-.:
on
1939...
five-man committee to advise in the
1938
allocation to manufacturers of Latin-American copper pur¬
1936
Feb. 8 the creation of
a
Press Washington
R.
defense
purposes.
R. Eckert, New York, Secretary of the
1930
1929
18.71
United States Copper Asso¬
W. J. Donald,
Donald Wallace, of the Advisory Commission to the Council
New York;
Office of Produc¬
of National Defense, and John Church, representing the
Management.
v;:
.
"
•
Co., a subsidiary of the
Reserve
Metals
1931
Steel
Electric Manufacturers Association,
Managing Director of the National
The
1932
Other members are T. E. Velfort, New York,
Manager of the Copper and Brass Research Association;
1934
1933..
advices of Feb. 8 further reported:
ciation, will be Chairman.
tion
Associated
V
1
.
,
$20.08 a Gross Ton
ago.,$20.00
20.42
ago
16.71
Feb. 18, 1941,
One week
Based
Price
Fixing Step Taken
Age" in its issue of Feb. 20 reported that various
tend to tighten the controls
which Government bureaus
are
industry in furtherance of the national defense
effort.
The "Iron Age" further reported:
Most important, perhaps, is in the direction of price controls.
A forma1
exercising
over
order fixing
"ceiling" prices on second-hand machine tools, issued by the
National Defense Advisory Commission, is a stronger step toward
price control than has previously been taken.
ment
Govern¬
It foreshadows similar
"to protect the public interest and
action in other products where necessary
guard against profiteering."
A ruling on prices and
priorities by Assistant Attorney General Thurinan
Arnold, while declaring that business men are not guilty of conspiracy under
the anti-trust laws if they take
certain action at the direction of a Govern¬
places the responsibility of "giving the necessary direction in
ment bureau,
public, in the open, so that the
constantly subject to public examination."
price and priority matters by doing it in
directions
are
This ruling may clarify an
issue between the Price Stabilization Division
of the National Defense Commission and the scrap industry with regard to
differentials as between districts and grades on iron and
the fixing price
The industry has sidestepped the fixing of such differentials
steel scrap.
1931..
1930..
1929
...
that
from
the
Feb.
19
Feb.
26
71.7%
68.8%
67.1%
65.9%
4
64.6%
Mar. 11
64.7%
62.4%
60.7%
61.7%
61.3%
60.9%
60.0%
61.8%
65.8%
70.0%
Feb,
5
Feb,
12
Mar.
Mar. 18
Mar. 25
8
that such price differentials should be
Apr.
22
1
29
specified, for the first time, that priority certificates bearing reference to
May
6
13
be followed so far as is
The Army and Navy Munitions Board
practicable.
minister the wider field of
needs, while the Priorities Board will ad¬
general industrial and civilian needs and also raw
Furthermore, priority ratings will henceforth be given to sub¬
materials.
Other than for Army
contractors.
will be limited
so as
to interfere as
Navy needs, the use of priorities
and
little
as
possible with private activity.
Congestion of orders at steel mills is forcing steel companies to put into
effect
more
shown
rigid controls of their own devising.
Some recent inquiries have
astonishing gain over normal takings, and in such
an
companies
insisting
are
that they
quarter are in many instances larger
than the orders placed for second
quarter.
-
While most of the stfel companies continue to show a
satisfactory record
delivery promises, the use of a greater number of preference
in keeping
ratings is beginning to have a more marked effect on schedules.
steel
steel
cases
Inquiries for third
be scaled down.
Loss of
production has resulted in the past week from strikes and mill break¬
downs.
A strike at th8 Brier Hill plant of the
Youngstown Sheet &
Tube
of
output, while work stoppages at the coke ovens of the Bethlehem Steel Co.
at Buffalo, brought about by workers who demand a 25% wage increase,
Co., settled last Saturday after several days' suspension, caused a loss
resulted in the shutting down
half points
a
from the
This week's industry rate is
' V
of steel orders has occured despite the fact that British
blooming mill at a large plant.
computed at 96%.
The
orders
A loss of three and a
of two blooming mills.
in the Chicago district ingot rate this week resulted
breakdown of
piling up
•
recently have been lower than in recent months.
lend-lease
bill
has
which may cause
been
passed
an
avalanche of new
However, when the
orders is expected
considerable disruption in mill schedules.
particularly plastics, for such scarce
The substitution of other materials,
aluminum, magnesium and zinc, has been
metals
as
Office
of Production
Management.
recommended by the
The scarcity of zinc is forcing steel
companies to restrict sales of galvanized sheets and other
but meanwhile the Army is
galvanized items,
seeking a large number of cots and water pails
would serve as well.
A tight situation in structural steel was the subject of a meeting in New York
last week.
Measures will be taken to expedite essential requirements during
the next few months, it being the opinion of the trade that the demand for
of
galvanized steel where enameled products probably
this product
are scarce
though an adjustment at Pittsburgh has
composite 8 cents to $20.08.
and tend toward higher prices.
Cast grades
15
15.90
Dec.
16
18.21
Dec.
17
No.
on
1
melting
heavy
steel
Low
11.33
15.00
17.58
Deo.
Oct.
Nov.
Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Jan.
Feb.
Jan.
Feb.
11
16.04
Apr.
9
14.08
May 16
11.00
June
12.92
Nov. 10
21
10
12.67
June
10.33
Apr. 29
13
9.50
Sept. 25
6.75
Jan,
3
6.43
July
5
8.50
Deo. 29
$20.00
7
Jan.
30
3
22
30
8
12
6
18
29
7
9
11.25
Dec.
9
14.08
Dec.
3
1940, follow:
1949—
1940—
82.5%
73.0% Sept. 2
91.9%
May 27
76.9% Sept. 9
92.9%
June
3
80.3% Sept. 16
92.5%
June 10—84.6% Sept. 23
92.6%
June 17
87.7 % Sept. 30
7
94.2%
June 24
86.5% Oct.
July
1
74.2% Oct. 14.....94.4%
.94.9%
July
8
86.4% Oct. 21
95.7%
July 15
86.8% Oct. 28
Nov.
4
96.0%
July 22
88.2%
96.1%
July 29
90.4% Nov. 11
96.6%
Aug.
5.
90.5% Nov. 18
96.6%
Aug. 12
89.5% Nov. 25
2
96.9%
Aug. 19
89.7% Dec.
9
96.0%
Aug. 26
91.3% Dec.
May 20
"Steel" of Cleveland, in its summary
16
96.8%
Dec.
23
Dec.
30
80.8%
95.9%
Dec.
1941—
6.....97.2%
98.5%
96.5%
Jan. 27
97.1%
Feb.
3
96.9%
Jan.
Jan.
13
Jan.
20
Feb.
10
97.1%
Feb.
17
94.6%
of the iron and steel
markets, on Feb. 18 stated:
Drastic steps to apportion steel equitably are being taken by several
steelmakers, some having declared a truce against incoming orders from
branch offices for a time.
During the interim one important flat steel¬
maker- is making a careful survey of 1940 shipments and will restrict
customers this year to the tonnages they took then with due allowance
for increase in defense orders.
Some members of staffs of branch offices
have been called to main offices to expedite bookkeeping.
Individual steelmakers can do a more efficient job of rationing;, hnowprecisely the needs of consumers, than could Washington, it is
recognized generally.
Supply situation becomes ever tenser, though
well-informed members of the industry believe that this is the zero
hour and that by summer the confusion will have given way to a degree
of calm.
It is pointed out that for the first time even the most lethargic
consumers
have realized the tenseness of the situation, causing all
to
ing
more
still
many
order
at
once.
;v >
■
..>•/
they say, not only will customers have secured good
positions on order books and have received increasing quantities of steel
at their own plants,
but capacity to produce will be greater and mills
more
efficient.
Moreover, early phases of the defense program have
By
summer,
required steel
new
in bulk,
such as structural for new plants and plates for
require less bulk and more
plants, thus causing less drain on
ships, whereas later phases of defense may
quality
furnaces
steels
and
for processing through
rolling mills.
chief topic among stainless and nickel steel
weeks.
A maker of stainless steel sheets
promises delivery in 16 to 18 weeks, with a clause exemption him if unable
to get nickel.
More and more do makers insist on showing of priority
slips from Washington before booking an order.
Often such a slip is
four or five stages removed and has to be traced through prime contractors
Shortage of nickel has been
producers during the past two
and
subcontractors.
Some
half
are
warehouses
times
many
been
have
shipping
for
several
weeks
at
two
and
a
mills.
In the main warehouse stocks still
out, excepting for depletion here and there of specialty items.
their receipts
rounded
On
from
products mills are sold up for first half, though usually with a
More consumers turn to unaccustomed
little reservation for best customers.
sources
will decline by summer.
Steel scrap prices tend to recede,
raised the "Iron Age" steel scrap
6
Dec.
and
1940
1940—
May
will issue priorities for military
Dec.
14.79
telegraphic
operations since Feb. 5,
15
"mandatory," although the voluntary system will
3
13.56
compared with
and 67.1% one
This represents a decrease of 2.5 points, or 2.6%,
preceding week.
Weekly indicated rates of steel
year ago.
Apr.
statutory authority, are
27
Jan.
capacity for the week beginning Feb. 17,
97.1% one week ago, 9G.5% one month ago,
Apr.
44:'A
Jan.
Steel Institute on Feb. 17 an¬
reports which it had received
indicated that operating rate of steel companies having 96%
of the steel capacity of the industry will be 94.6% of
Iron
American
The
nounced
Apr.
'
-
—
priority regulations, the Director of Priorities has
In the issuance of new
12.25
8.50
-
Apr.
established by the defense commission.
13.00
....
...
1933
1932...
It may
imperative if the scrap stabilization program is to work.
be inferred from the Arnold ruling
1934
for such differentials
because of fear of the anti-trust laws, though the need
has become
-
.—
steps that have been taken in the past few days at Washington
14
16.90
13 56
High
$22.00
1940...—21.83
1939
22.50
1938
15.00
1937...
21.92
1936
17.75
1935
13.42
-
The "Irou
May
and Chicago,
1941
Steel—Government Controls Becoming More Apparent-
Aug. 11
17.83
quotations at Pittsburgh, Philadelphia,
One month ago-....-.—..--—
One year
Feb.
18.73
Scrap
Reconstruction Finance
Corporation, has purchased 200,000 tons of Latin American copper.
16
20.25
Mar. 9
Nov, 24
Nov. 5
May
1
Dec.
5
Jan.
5
Jan.
6
Jan.
7
May 14
23.25
19.73
18.84
17 90
16.90
14.81
15.90
18.21
1937
1935
chased by the Government for
j■!'
(Based on average for basic iron at Valley
furnace and foundry iron at Chicago,
23.451
One month ago
on
of Metal from Latin America
;■-
2
$23.45{
One week ago
Copper Advisory Board Created to Pass
\A-.-'..'/..
v''Pig Iron
18, 1941, $23.45 a Gross Ton
Feb
Apr.
fo supply but
are
usually turned down because of loyalty to old
clients.
Even
rejects
difficult to buy
and
seconds have become scarce.
Various states
sheet steel for 1942 automobile license plaes.
find
it
Co.
Motor
Ford
from
ore
four
basic
Lakes
are
mostly smaller operators,
lower
though the asusumption is that it was not
divulged,
been
having
of iron
the price not
prices for the
Vessel freight rates on the Great
1940 season.
yet to be fixed for the season.
in January totaled 0,943,084 net tons, new high,
and, for the first time monthly, includes electric furnace and steel cast¬
ings, according to the' American Iron and Steel Institute.
Automobile production
for the week ended Feb. 15 is scheduled at
Steel
ingot production
127,500 units,
:>v
period of 1940.
Producers of concrete
J-'!'
<■
making charges uniform at 10c. per
instead of the 5c. rate which prevailed at some
pounds at all points
saturation
steelworks scrap were
Steel ingot production for the week ended Feb. 17, is
placed at 96
of capacity according to the "Wall Street
Journal" of Feb. 20.
This compares with 97M% in the 2
preceding weeks. The "Journal" further reported:
U. 8. Steel is estimated at
and
planning
are
to
use
some
substitute
materials
of
the manufacture of 1942 models such as plastics in
place of zinc die castings to conserve defense materials.
This will prob¬
equivalent quality in
ably
will
Steel
took
land
one
96,
St.
little
over
95% against 96% in the week before
compared with 98% in the previous week and 97%
2 weeks ago.
comparison of the percentage of production
The following table gives a
with the nearest corresponding week
of previous years, together with the
approximate changes, in points, from the week
immediately preceding:
u.
Industry
.
Independents
Steel
and
Pittsburgh
were:
Birmingham
96%,
Buffalo
100,
eastern
90%,
Pennsyl¬
Cincinnati
95
93.
97
—1
—3H
71
—3 A
—2 A
68 A
34
95
1941.
96 A
—1
1940.
86 A
—3A
66
1939
55A
+ 1A
51
1938
1937
30 A
86
+1M
82
1936
54
+1
48
+
1935............w.—.
50
—2
46
—1
1934....
45
+3
42
+4
.
7:
A
26
1933
ISA
—1A
15A
25
—1A
25A
1931
52
+ 1A
53
1930
80
1929.........
89 A
1928.
83 A
87
+2
52
—3
A
-
59
46 A
21
—1
24 A
+1
51A
75
A
—2
—2
+2A
—2
+1
77
—1
+3
94
87
80
90
+3A
—
+2
+1
91
+ 1
+2
A
86 A
—1
+2
89
1932-.*..
1927.................
Wheeling
Louis
Unchanged
90%.
points to
vania
and
probably be
ingot production last wet4c dropped % point to 96%%.
Advances
place in two districts, Chicago improving 1% points to 99%% and
England eight points to 100.
Declines were in three centers, Cleve¬
by % point to 84. Detroit by four points to *92, and Youngstown by
New
five
in many lines of manufacture.
material conserved in this manner.
typical of civilian substitutes
prove
Steel
a
Leading independents are credited with 97%,
2 weeks ago.
99%
point would be reached early this year.
makers
Automobile
'
certain
in
iron and steel advanced 3c.
Building steel awards and inquiries are lighter in line with predictions
a
1941
There have also been changes in bending and engineering extras.
points.
hat
22,
steel scrap specialties "Steel's"
to $38.23.
Finished steel and
unchanged at $56.60 and $19.91, respectively.
adjustments
slight
to
composite on
reinforcing bars are issuing new extra lists which
contain revisions in the trucking extra,
100
95,050 for the like
2,500 for the week, comparing with
up
Due
reported to have bought 300,000 gross tens
is
five companies,
or
"
than
Feb.
The Commercial & Financial Chronicle
1208
+4 A
Current Events and Discussions
The
Week
with
Federal
the
Complete Returns of Member Banks of the Federal
Banks
Reserve
Reserve
During the week ended Feb.
19 member bank reserve
balances increased .$150,000,000.
Additions to member
bank reserves arose from decreases of $143,000,000 in
Treasury deposits with Federal Reserve banks and $53,000,000 in non-member deposits and other Federal Reserve
accounts, and increases of $10,000,000 in gold stock and
$2,000,000 in Treasury currency, offset in part by a decrease
of $25,000,000 in Reserve bank credit and increases of $23,000,000 in money in circulation and $10,000,000 in Treasury
cash.
Excess
reserves
of member banks
Feb.
on
estimated to be approximately $6,440,000,000,
of $110,000,000 for the week.
19
were
pages 1236 and 1237.
Changes in member bank reserve balances and related
during the week and year ended Feb. 19,1941, follow:
on
items
Increase
(+)
or Decrease
Since
Feb. 12, 1941
Feb. 19, 1941
Feb. 21, 1940
$
Bills discounted
U. S.
2,184,000,000
-293,000,000
8,000,000
41,000,000
—2 ,000,000
—25 ,000,000
2,235,000,000
—25 ,000,000
—288 ,000,000
000,000
+4,032 ,000,000
Industrial
advanoes (not including
*6,000,000 commitments. Feb. 19)
Other Reserve bank credit—
Total Reserve bank credit.
Gold stock
Treasury currency.
Member bank
...
+ 10
+2
3,102,000,000
balances.....14,021,000,000 + 150
+23
8,688,000,000
22,140,000,000
+11 ,000,000
000,000
+ 125 000,000
000,000
the
+ 1,238 000,000
Returns of Member Banks in New York
Chicago—Brokers'
^
—136 000,000
—117 000,000
+1,103,000,000
City and
week, instead of being held until the
same
compiled.
,
following will be found the comments of the Board
Governors of the Federal Reserve
of the entire
returns
The condition statement of weekly reporting member
Increases
of $49,000,000 in commercial, industrial and
Commercial,
industrial and agricultural
and Chicago districts,
and
Loans to brokers and
$49,000,000 at all reporting member banks.
dealers in securities decreased $16,000,000.
Holdings of United States Government direct and guaranteed obliga¬
tions increased $21,000,000 in New York City and $23,000,000 at all
reporting member banks.
Demand
increased $88,000,000
deposits-adjusted
trict, and $183,000,000 at all reporting member banks.
to
■+
■
•:'..y.jjW-
v.■r
v
Feb. 12.1941
1941
:
$
9,377,000,000
1940
1941
1941
$
$
1940
$
cultural loans
Open market
loans
+ 3,046,000,000
+49,000,000
+ 860,000,000
+ 861,000,000
+4.000,000
—10,000,000
-16,000,000
—187,000,000
459,000,000
—2,000,000
+ 1,000,000
—24,000,000
1,231,000,000
34,000,000
—1,000,000
—20,000,000
1,739,000,000
720,000,000
for
purchasing
+ 5,000,000
+ 194,000,000
Other loans
3,046
2,923
1,980
1,645
90
91
114
21
287
472
34
167
166
160
111
112
113
23
22
50
1
388
388
369
75
""75
"~50
143
147
179
452
437
331
U. S. Government
1,496
2,966
1,492
722
160
163
163
2,457
775
768
737
1,272
125
124
153
1,259
406
388
1,032
1,033
41
41
29
263
258
240
42
42
47
+629,000,000
2,765,000,000
+ 19,000,000
897
78
+816,000,000
340
6,088
+82,000,000
+ 5,000,000
+ 11,000,000
Inter-bank deposits:
2,972
—12,000,000
2,568,000,000
...
8,812
+48,000,000
7,094,000,000
Treasury bills
Treasury notes
10,690
f
or
.....
Loans to banks
2,002
Open market
$
+64,000,000
+40,000,000
424,000,000
securities
3,063
Industrial
5,173,000.000
317,000,000
...
paper
Loans to brokers and dealers In
10,719
Commercial,
or Decrease (—)
Since
■
Feb. 14, 1940
Commercial, industrial and agri¬
carrying securities
$
$
26,248,000,000
Real estate loans
Chicago
Feb. 19, Feb. 12, Feb. 21, Feb. 19, Feb. 12, Feb.21,
(+)
Feb. 5. 1941
$
$
ASS($tS'~~~m
Other
New York City
York City,
Deposits credited
A summary of the principal assets aud liabilities of re¬
porting member banks, together with changes for the week
and the year ended Feb. 12, 1941, follows:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
RESERVE CITIES
New
foreign banks decreased $20,000,000.
rent
(In Millions of Dollars)
in
$30,000,000 in the Chicago district, $27,000,000 in the San Francisco dis¬
Loans—total...
1941
loans increased $17,000,000 in
New York City, $7,000,000 each in the Cleveland
Loans and Investments—total
week, issued in advance of full statements of the mem¬
banks, which will not be available until the coming
Monday:
12:
agricultural loans
deposits-adjusted.
v;Increase
ber
banks in 101 leading
following principal changes for the week ended Feb.
cities shows the
Loans
System for the New York City member
Chicago member banks for the cur¬
Assets—
for the week ended with the
close of business Feb. 12:
banks and also for the
IN CENTRAL
System respecting the
body of reporting member banks of
the Federal Reserve System
Below is the statement of the Board of Governors of the
Federal Reserve
given out on Thursday, simul¬
body of reporting member banks in 101 cities
entire
In the
+ 1,780 000,000
Money in circulation
000,000
Treasury cash
+ 10 000,000
2,222,000,000
Treasury deposits with F. R. banks.
479,000,000 —143 000,000
Non-member deposits and other Federal Reserve accounts
-53,000,000
2,067,000,000
reserve
covering the
cannot be
—4,000,000
Government securities, direct
and guaranteed
and
and $183,000,000 in demand
$
—1,000,000
2,000,000
(—)
are
following Monday, before which time the statistics covering
of
The statement in full for the week ended Feb. 19 will be
found
Chicago member banks
taneously with the figures of the Reserve banks themselves
increase
an
System for the Preceding Week
explained above, the statements of the New York and
As
2,583
1,293
703
703
569
Obligations guaranteed by United
497
499
388
Other securities
3,724,000,000
+ 1,000,000
+313,000,000
21
19
Reserve with Fed. Reserve banks.. 11,640,000,000
+29,000,000
33
34
Cash in vault.
522,000,000
+ 12,000,000
+1,426,000,000
+37,000,000
3,351,000,000
+37,000,000
+244,000,000
55
55
64
20
20
14
22,981,000,000
+ 183.000,000
+3,919,000,000
~"+i7obb~6oo
—219,000,000
2,621
and
United States bonds
States
paper
Loans to brokers and dealers..
Other loans for purchasing or
282
•
Government
......
Balances with domestic banks
carrying securities
Real estate loans
Loans to banks...
Other loans
Treasury bills
Treasury notes
United States bonds...
Obligations
Liabilities—
Demand deposits—adjusted
Time deposits
Other securities
1,590
1,461
Reserve with Fed. Res. banks
6,535
1,593
1,440
6,395
82
84
Cash in vault
Balances with domestic banks..
Other assets—net
93
354,000,000
Domestic banks
9,042,000,000
j
Flag
Flown
+ 2,000,000
+854,000,000
625,000,000
Borrowings
American
+ 192,000,000
5,452,000,000
deposits
Foreign banks
guaranteed by the
United States Government
+345,000,000
—20,000,000
—135,000,000
1,000,000
Over
Newfoundland
for
First
91
83
336
371
362
10,780
10,691
8,821
2,059
2,042
1,756
766
754
651
510
510
502
14
14
44
96
96
83
3,830
3,801
3,470
1,049
1,024
896
With marines drawn up and bugles sounding, the United States flag was
569
569
682
7
7
8
hoisted yesterday at Argentia, on the defsnse base site which Great Britain
,
•:
n
Liabilities—
Demand
deposits—adjusted
Time deposits
U. S. Government deposits
Inter-bank deposits:
Foreign banks.
Borrowings
Other liabilities..
,
299
"295
"265
~~13
"l3
~"l5
1,507
1,507
1.490
265
265
246
Time
"v""
That
soil
the American Flag was flown over Newfoundland
Feb. 14 for the first time, was reported in Canadian
Press advices from St. John's that day, which added:
on
has leased to the United States for 99 years.
Troops of the American
gar¬
rison, which arrived in Newfoundland recently, watched the ceremony.
The Commercial &
152
Volume
of 13% of Aug. 1, 1938
Remitted for Payment
Funds
TOTAL
ROUND-LOT
SALES ON THE NEW YORK CURB EX¬
TRANSACTIONS FOR ACCOUNT OF MEM¬
STOCK
STOCK
AND
CHANGE
6]^% External
Coupons of City of Rio de Janeiro
1209
Financial Chronicle
(SHARES)
BERS *
Total for
United
Weld & Co.
special agents for its
Brazil) has remitted funds to White,
and Brown Brothers Harriman & Co.,
The announcement, issued
13% of their dollar face amount.
18,
Bondholders
will
receive
575,255
Total sales
remain attached to the bonds for future
1934 of
455,280
in
registered50,735
46,740
4,220
Other sales.b.
80,920
3,165
55,185
85,140
Total sales.
provisions of Presi¬
th8 United States of Brazil, as
8, 1940 by Decree Law
580,380
580,380
account
Total purchases
adjustment under the decree.
being made in accordance with the
dential Decree 23829 dated Feb. 5,
the
Short sales—
presentation of their coupons
special agents, at the rate of
$4,225 per $32.50 coupon, in full satisfaction, according to the notice to
bondholders. Unpaid coupons maturing Aug. 1, 1931 to Feb. 1, 1934 must
reenacted and modified March
for
of members:
beginning today at the New York offices of the
This payment is
transactions
B. Round-lot
...
.....
which they are
payment upon
2. Other
transactions
initiated
thei.
on
floor—Total purchases...
8,375
7,145
...
2085.
Trading on New York Stock and New York
Exchanges—Figures for Weeks Ended Feb. 1
0
100
Other sales.b.
Curb
12,385
7,835
initiated
off
Exchange by
ended Feb. 8,
it was announced by the Securities and Exchange]Commission
yesterday (Feb. 21), which, amount was 17/.71 % of total
transactions on the Exchange of 2,403,290 shares.
During
the previous week ended Feb. 1 (as announced by the SEC
on Feb. 17) round-lot purchases and sales of stocks for the
account of the members,
except odd-lot dealers, totaled
556,540 shares; this amount was 15.60% of total transactions
amounted to 401,930
29,195
11,835
855
....
13,995
23,055
Other sales.b.
Short sales
'
Other sales.b
5,075
116,360
for the account
80,730
17,96
specialists:
0
57
-
j 38,414
43,913
Customers' other sales.c.........
♦
43,970
38,414
Total sales..
30,401
24,393
The
their firms and their
"members" Includes all Exchange members,
term
partners, including special partners.
Shares in members' transactions as per cent of
a
In calculating
twice total round-lot volume.
and sales is com¬
for the reason that the
these percentages, the total of members' purchases
pared with twice the total round-lot volume on the Exchange,
Exchange volume Includes only sales.
;
Commission
exempted from restriction by the
b Round-lot short sales which are
rules are Included with "other sales."
Sales marked "short exempt" are Included
c
based upon weekly reports filed with the New
York Stock Exchange and the New York Curb Exchange by their respec¬
tive members.
These reports are classified as follows:
Week End. Feb. 1, 1940
Week End. Feb. 8, 1940
16.22
of
Customers' short sales...............
Commission also
shares.
2.89
3,715
77,015
Total purchases
promulgated figures showing the
relation of trading by members of the New York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended Feb. 8, the member
trading was 80,730 shares, or 16.22of total transactions
of 455,280 shares, while in the preceding week (Feb. 1) the
Curb members traded in stocks for their own account in
amount of 121,435 shares, which was 17.96% of total volume
„
66,950
121,435
Total sales..
Odd-lot transactions
14,445
4.58
87,075
4. Total—Total purchases....
shares.
for the week of 3,203,220
23,910
Total sales
'
450
Short sales
shares during the week
1.79
7,935
1.68
the
odd-lot dealers, for their own account,
except
of 580,380
transactions
floor—Total purchases
Trading in stocks on the New York Stock
The
12,385
Total sales.
3. Other
and Feb. 8
members,
11.54
58,350
11.70
r
Short sales...
Member
a
3,815
451,465
5,125
Short sales
1. Transactions of specialists in stocks
to explain:
goes on
Per
Cent
Week
a
A. Total round-lot sales:
1953, for
at the rate of
payment of the Aug. 1, 1938 interest coupons
1941
Total for
Per
Cent
Week
QV2% external sinking fund bonds due Feb. 1,
Feb.
—Feb. 8,
—Feb. 1, 1941—
City of Rio de Janeiro (Federal District of the
States of
Week Ended
Week Ended
Bonds due 1953
with "other sales."
;
'
The data published are
Odd-Lot Trading on New York Stock Exchange
Weeks Ended Feb. 8 and 15
During
'
Stock
New
New York
Curb
Exchange
Exchange
New
York
York
New
York
Stock
Curb
Exchange
Exchange
1,068
805
1,064
802
198
103
186
104
actions initiated on the floor
209
39
175
33
3. Reports showing other trans¬
actions initiated off the floor
206
87
183
68
615
640
Total number of reports
as
received...
showing transactions
1. Reports
specialists
2. Reports showing
other trans¬
showing
4. Reports
-
trans¬
no
583
569
actions...
Note—On the New York Curb Exchange,
.
series of current figures being published by the
The figures are based upon reports filed with
the Commission by the odd-lot dealers and specialists.
The Commission also made public yesterday (Feb; 21)
tinuing
odd-lot transactions are handled solely
transactions
segregated from the
Exchange, on the
effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
they are registered and the round-lot
by specialists in the stocks in which
of specialists
The Securities and Exchange Commission on Feb. 17 made
public a summary for the week ended Feb. 8, 1941, of com¬
plete figures showing the daily volume of stock transactions
for the odd-lot account of all odd-lot dealers and specialists
who handle odd lots on the New York Stock Exchange, con¬
resulting from such odd-lot transactions are not
specialists' other round-lot trades.
On the New York Stock
other hand, all but a fraction of the odd-lot transactions are
a
Commission.
the figures for
with the
STOCK
the week ended Feb. 15; these are
previous week.
TRANSACTIONS
FOR THE
Total for
Week Ended
The number of reports
in the various
than
one
Feb. 8, '41
classifications may total more than
the number of reports received because a
more
single report may carry entries
Odd-lot sales by dealers (customers'
—Feb.
1, 1941—
Total for
Week
Per
Cent
a
—Feb. 8, 1941—
Total for
Per
Week
14,816
16,291
370,216
417,674
....
Cent a
251,890
235,880
Short sales
47,060
234,360
Total sales
_
281,420
Round-lot sales by dealers:
Number of shares:
8.32
223,270
9.55
....
Round-lot purchases by dealers:
121,260
25,200
87,535
Number of shares
141,490
a
3. Other
transactions
initiated
floor—Total purchases
Short sales
Other sales.b
off
4.25
112,733
4.87
12,900
106,505
53,025
3.03
65,925
443,520
74,185
Companies
82,860
319,070
482,355
556,540
15.60
401,930
Listed
on
Stock Reacquired by
New York Stock and New
York Curb Exchange
3.29
449,333
long position
with "other sales."
Changes in Amount of Their Own
11,425
4. Total—Total purchases
Total sales
customers' odd-lot orders and sales to liquidate a
which is less than a round lot are reported
92,193
76,290
117,930
Other sales.b
"other sales."
the
Total sales
Short sales
95,100
—
Sales marked "short exempt" are reported with
b Sales to offset
157,190
Total sales
89,770
Total sales
15,700
260
89,510
Other sales.b
115,340
...
110
Short sales
178,510
the
floor—Total purchases
Other sales.b
$13,490,263
/
44,760
Other sales.b
6,742
404,791
411,533
Customers' total sales
Dollar value
Total purchases
Short sales
9,197
334,218
Customers' short sales
1. Transactions of specialists in stocks in
which they are registered—
on
16,303
Customers' other sales.a
transactions for account of
members, except for the odd-lot ac¬
counts of odd-lot dealers and specialists:
Initiated
245
16,058
Customers' total sales
2,403,290
3,203,220
Total sales
transactions
349
13,966
Number of shares:
Round-lot
Other
(customers' sales):
Customers' short sales
119,490
2,283,800
111,660
3,091,560
....
Other sales.b
2.
$15,444,485
Dollar value
Odd-lot purchases by dealers
Number of orders:
Customers' other sales.a..
.....
'41
purchases):
Number of shares
A. Total round-lot sales:
Short sales...
Total for
Week Ended
Feb. 15,
Number of orders
classification.
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS ♦ (SHARES)
Week Ended
Week Ended
TOTAL
B.
ODD-LOT
8TOCK EXCHANGE
ODD-LOT ACCOUNT OF
DEALERS AND SPECIALISTS ON THE NEW YORK
two exchanges.
In
incorporated
Feb. 14 the
the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of Jan. 18,
page 354.
The following is the list made available by the
The
New York Stock Exchange issued
monthly compilation of companies
17.71
Exchange:
listed
on
on
The Commercial & Financial Chronicle
1210
Shares
Shares
Latest
Retort
Previously
per
Retorted
.
a
None
..........
15
1,102
717,168
10,573
704,953
10,473
24,107
6,772
8,100
Bristol-Myers Co., common.....-.-.-..-..
......
City Ice & Fuel Co., 6% cum. preferred-.--.———.
Coca-Cola Co., common... — ...
........
Curtis Publishing Co., S7 preferred
Davega Stores Corp., 5% cum. convertible preferred
Detroit Edison Co., common
1,939
0,502
-
......
Common
Atlas Powder Co., common.....;—
1,000
2,939
.
5,813
None
6% preferred..-.--.—
American Safety Razor Corp., capital.
American Snuff Co., 0% preferred..
Armour & Co. (Delaware) 7% preferred
Atlas Corp., 6% preferred
American Ice Co.,
24,027
None
bNone
4
6
700
900
2,356
.....
None
Firestone Tire & Rubber Co., common
.......—
Florsheim Shoe Co., common
An
investment
the rule to file
8,500
309,687
None
The SEC also announced
General
5,022
of
-
1,837
Insuransbares certificates, Inc., common
None
eNone
International Business Machines Corp., common—
5,202
5,462
7,312
9,030
8,072
4,893
7,947
30,004
f29,198
None
10,000
2,368
2,668
....
7% preferred
International Silver Co.,
Jewel Tea Co., Inc., common
4,926
Lane
8,247
Bryant, Inc., common
....
Lehman Corp., common........
18,504
Lone Star Cement Corp., common
Munsingwear, Inc., capital
Norwich Pharmacal Co., capital
—
—
16
82,400
78,695
11,280
29,224
29,260
......
Kayser (Julius) & Co., common....
whether
.........
Ruling
Deducted
b Acquired 39,840 additional shares and
Acquired and canceled 500 shares,
d Retired 5,022
16, 1940, company acquired and can¬
celed 20,700 shares,
f Sold 1,489 shares and reacquired 21,057 shares,
g Acquired
4,020 shares and distributed 20,720 shares to employees.
c
The New York Curb
Exchange made public on Feb. 13
fully listed securities which
holdings of reacquired stock:
the following list of issuers of
have reported changes in their
are sold at a profit the last two days of
the profit is not taxable for income tax purposes
next year, whereas if the sale is at a loss, the
deduction can be taken in the same year. This is the holding
in an important decision just rendered by the United States
Board of Tax Appeals in the case of Harden F. Tavlor,
according to J. S. Seidman, of New York, certified public
accountant and tax authority. In explanation, Mr. Seidman
the year,
until the
stated:
Th©
Shares
Company and Class of Stock
Previously
Reported
Shares
per
Board of Tax Appeals on Securities
of Year—Holds Profit Not
Until
Next
Year
But
Loss
May
Be
Where securities
Since our last report dated Oct.
e
new
ruling applies where the taxpayer figures his income
basis of cash income and outgo,
Latest
Report
325
3,306
316,112
1,000
24,447
505
506
95
3,197
3,897
American General Corp., $2 div. series pref erred......
...
....
Crown Drug Co.,
7% convertible preferred
Dejay Stores, Inc., common.
Dennison Manufacturing Co., prior preferred.
A common..
848
Detroit Gasket & Mfg. Co., 6% preferred
9,450
$3 convertible stock
21
None
—,
Helena Rubinstein, Inc., class A
Lane Bryant, Inc., 7% preferred
,
450
726
821
32,585
4,100
4,150
11,811
13,330
79,281
30,700
11,474
13,630
the floor of the
on
ex¬
delivered and the sales proceeds
5,114
79,381
2,187
170
None
......
628
None
Trunz Pork Stores, Inc., common
15,684
15,834
United Chemicals, Inc., 83 participating preferred....
61,897
However, when it
comes to
income until the cash is in hand.
no
an
upset of pre¬
used
62,097
as
an
offset
♦
Commercial
to
Paper Outstanding
on
Jan.
31
Increased
$232,400,000, Reports New York Federal Reserve
Bank
2,191
...
the floor of the exchange regardless of the time the
delivered and the cash received.
He also pointed out that where profits
to the year's security losses, the
decision may result in losses in one year and profits in the
next.
The profits may be fully taxable
(whereas the losses
may not be deductible because of limitations on the de¬
ductibility of certain security losses except as an offset to
profits, Mr. Seidman said.
31,000
4,908
Oilstocks, Ltd. capital
Standard Oil Co. (of Kentucky), common..
Stercbi Bros. Stores, Inc., 6% first preferred
are
involved, the holding is that the loss is sustained
to another.
were
49
None
...
or
114
33,238
Louisiana Land & Exploration Co., capital..
Midland Oil Corp., $2 convertible preferred—
on
are
will result in many additional taxes
refunds because of the resulting shift in profits from one
year
2,762
730
....
Gilbert (The A. C.) Co., preference..
Common...
Neptune Meter Co., A common...
New York Merchandise Co., Inc., common
Niagara Share Corp. of Maryland, B common
North Central Texas Oil Co., Inc., common
other exchange involving two
Mr. Seidman added that the decision is
543
2,733
Common...............
or
sale is executed
vious conclusions and
9,850
None
are
profits, there is
6,609
None
.
by the transaction
39,588
6,509
Where losses
certificates
3,461
34,563
,
„
received.
935
3,319
——
Equity Corp., $3 convertible preferred——
Fedders Manufacturing Co., common
Fuller (George A.) Co., 4% convertible preferred
the
None
series...
Blue Ridge Corp., $3 convertible preferred
Crown Central Petroleum Corp., common
a
change and the time the certificates
1,550
3,931
313,306
Convertible A optional dividend
Common
860
on
and the security transactions take place
through the New York Stock Exchange
days clearance between the time
500
American Cities Power & Lt. Corp., A opt. div. ser. 1930
Exchange Commission.
U. S.
of
Taxable
3,000
Retired 6,487 through sinking fund,
a
disposed of 47,940 shares,
If amend¬
Sales in Last Two Days
64,000
18,200
2,013
1,383
Wheeling Steel Corp., 6% preferred
required.
are
Copies of the form are available at the Washington offices and at each of
100,220
17,900
...
amendments to the application
required, investment advisers are to prepare them on Form 1-R
the regional offices of the Securities and
29,324
None
United States Rubber Co., common
shares,
not
or
within
The form requires the
his registration statement and disclose
and submit them to the Commission.
20,037
20,700
United Fruit Co., common..
Vick Chemical Co., capital
adviser to re-examine
ments are
3,209
78,657
11,281
99,720
Tide Water Associated Oil Co., common...
Twentieth Century-Fox Film Corp., $1.50 preferred
United Biscuit Co. cf America, common....
Infor-
1,655
1,650
3,446
—
Dec. 31 of each year.
investment
39,516
Safeway Stores, Inc., 5% cumulative preferred
Hheaffer <W. A.) Pen Co., common..,..
Swift & Co., capital
Investment
Filing of
all registered investment advisers semi-annually,
by
10 days after June 30 and
84,300
29,016
Registered
which is designated Form 2-R, must be filed with the
The new form,
Commission
18
....
————
Outboard, Marine & Manufacturing Co., common
Petroleum Corp. of America, capital
Reliable Stores Corp., common....
for
Semi-Annual
Exchange Commission announced on
of a form to be used by registered in¬
vestment advisers to keep the information in their registra¬
tion
applications reasonably current.
The Commission
explained this action as follows:
4,505
22,110
Household Finance Corp., common
Requires
The Securities and
300
4,485
Form
New
Adopts
Feb. 19 the adoption
18,670
None
—
1940
mation
2,964
Preferred....
Feb. 14 the adoption of an
Company
extending the temporary exemption granted
certain companies engaged in the business of issuing periodic
payment plan certificates from certain sections of the Act.
Act
Advisers-
dNone
2,928
17,870
Greyhound Corp., 5H% convertible preferred
on
amendment to Rule N-60-1 under the Investment
SEC
300
Common
required to restate its policy in
the detailed registration statement when the latter
is filed.
153
None
General Shoe Corp., common..
Glldden Co., common
which avails itself of the privilege given by
company
statement of policy will be
None
General Railway Signal Co.,
0% preferred—
Realty & Utilities Corp., $6 preferred
a
the form prescribed by
cNone
8,400
300,817
preferred5% series,
414% conv. pref—
1941
technically violating Section 13 (a) of the Act.
even
2,361
300
Distillers Corp.-Seagrams Ltd., cum.
federated Department Stores, Inc.,
risk of
majority of its voting securities.
837
1,912
5,709
Allegheny Ludlurn Steel Corp,, common.
22,
Conversely,
a company which departs from its recited policies will be guilty of a violation
of Section 13 (a) unless the departure has been authorized by the holders of a
no
Company and Class of Stock
Feb.
5% second preferred
....
—
Utility Equities Corp., $5.50 div. preferred stcck
5,915
6,265
Wilson-Jones Co., common
2,500
2,800
SEC
Adopts New Rule Permitting Registered
ment
Invest¬
Companies to File Statement of Policy with
Commission—Also
Extends
Temporary Exemption
Granted Certain Companies
Exchange Commission announced on
adoption of a rule which permits investment
companies which have filed notifications of registration
under the Investment Company Act of 1940 to file with the
Commission a statement reciting their fundamental invest¬
ment and other policies.
The SEC explained its action
as
14 the
follows:
prohibit
certain
transactions
by
a
registered
investment
1941—
Jan.
detailed registration statement filed under the Act.
involved
The types of trans¬
such activities as borrowing and lending
issuing senior securities, engaging in the underwriting business,
arq
trating investments in
a
particular industry
or
group
purchasing and selling real estate and commodities.
money,
concen¬
of industries, and
At the present time
forms for detailed registration statements are in preparation but have not
yet been promulgated.
Even after such forms
are
available, newly
or¬
ganized companies which have filed notifications of registration but have
not yet
with
had time to prepare detailed registration statements will be faced
the
problem of recording the fundamental policies to which they
)
must conform.
Accordingly the
to
new
the rule shall be
statement.
Thus
a
rule provides that
a
statement of policy filed pursuant
deemed part of the registrant's detailed registration
company,
1940—■
S
31
1939—
$
Dec. 31
217,900,000
Nov. 30..— 231,800,000
Oct. 31
252 400,000
Sept. 30
250,700.000
Aug. 31
*244,700,000
July 31
232,400,< 00
June 29
224,100,000
May 31
234,200,000
Apr. 30
238,600,000
Mar. 30— 233,100,000
Feb
29..... 226,400,000
Mar
Jan
232,400,000
31
Feb. 28.....
219,400,000
1939-
Jan.
Dec. 30
209,900,000
214,400,000
Oct. 31..... 205,300,000
Sept 30
209,300,000
Aug 31
201 100,000
Nov. 30
31
May 31
194.200,000
180,700.000
188.500,000
Apr. 30
31.— 191,200,000
195.300.000
31...— 195.200.000
1938—
Dec. 31
180,900.000
Nov. 30
Oct.
Sept.
206,300,000
213,100,000
30
212,300,000
31
209,400.000
31.
210.700,000
30..... 225,300,000
31
191,900,000
July
June 30
Aug.
July
June
— ..
Revised.
company
unless the transactions conform to the company's policies as recited in its
actions
on
received by this bank from commercial
paper dealers show a total of $232,400,000 of opeo market
paper outstanding on Jan. 31, 1941.
This compares with
commercial paper outstanding on Deo. 31 of $217,900,000
and with $219,400,000 outstanding on Jan. 31, 1940.
In the following table we give a compilation of the monthly
figures for more than two years:
*
Certain provisions of the Investment Company Act, notably Section 13
(a),
Bank of New York announced
Feb. 17 that reports
1940—
The Securities and
Feb.
The Federal Reserve
by conforming to its recited policies, will
run
Board of Governors of Federal Reserve
on
Brokers'
Debit
Balances
Balances
for
System Reports
January-—Customers'
Stock
Exchange
$16,000,000 and Money Borrowed
by Firms Decreased $28,000,000
for
New
York
Firms Decreased
Member firms of the New York Stock Exchange carrying
margin accounts for customers reported for January, 1941,
a decrease of $16,000,000 in their customers' debit balances
and a decrease of $28,000,000 in money borrowed by the
reporting firms, the Board of Governors of the Federal
Reserve System reported on Feb. 20.
These firms also re¬
ported a decrease of $27,000,000 in the debit balances in
their firm and partners' investment and trading accounts,
Volume
During the
year
ended Jan. 31, 1941, the Board says, cus¬
$225,000,000 and money
borrowed by $203,000,000.
The Board makes available
the following summary of the customers' debit balances and
principal related items of the member firms of the New York
Stock Exchange that carry margin accounts, together with
changes for the month and year ended Jan. 31, 1941:
tomers' debit balances decreased by
Jan.
Debit Balances—
figures
vestment and
Cash
on
—27,000,000
classes
include
207,000,000
Customers'
credit
+ 13,000,000
—17,000,000
54,000,000
Credit balances in firm and partners' in¬
vestment and trading
238,000,000
Credit balances in capital accounts
Intermediate Credit Banks
—First Issue
keted
total
a
of
$23,450,000
Sell $24,700,000 Debentures
Real
Foreclosures
Estate
25% Less Than 1939, Reports
75,310 Was Lowest Since 1926
1940
in
Were
FHLBB—Total of
people lost their homes through foreclosure
since 1926, a 14-year low record
being established, it was reported on Feb. 15 by economists
of the Federal Home Loan Bank Board.
Such foreclosures
Fewer urban
%% taxable consolidated
de¬
through a public offering made by Charles R.
Dunn, New York, fiscal agent for the Banks, and, in addi¬
tion, placed $1250,000 within the system making a total
issuance $24,700,000.
The debentures are all dated March 1
and are the first to be issued by the Banks subject to taxes.
They were sold at a slight premium over par, but the
premium was not as great as on other recent issues with
comparable maturities.
Of the total amount sold this week,
half mature Sept. 2,1911 and the balance, Jan. 2, 1942.
The
six months maturity included $500,000 sold within the sys¬
tem and the longer maturity, $750,000.
Of the total sold, $15,325,000 were for refunding purposes
$9,375,000 represented new money.
March 1 the
Banks will have
business
non-farm property by all types of mortgage
75,310 in 1940, 25% fewer than the 100,961
announcement in the matter further said:
The number of foreclosures was less in
Banks on Feb. 20 mar¬
bentures,
and
and for
3% drop for savings and loan associations.
a
on
—34,000,000
Subject to Taxes
Federal Intermediate Credit
The
+ 1,000,000
—9,000,000
28,000,000
accounts
rises of 3% for insurance companies
in 1940 than in any year
—6,000,000
275,000,000
Other
mortgagees" to
to their November
fairly close
held
classes
lending
all
changes ranged from
Non-Farm
*
balances:
Free
they cannot be eliminated; hence totals for
short-term unamortized
writing prediminately
relatively high proportion of such loans.
December
+ 9,000,000
—28,000,000 —203,000,000
399,000,000
Money borrowed
that
institutions
a
In
and extended loans are included in
recast
way
a
of
loans
—1,000,000
+3,000,000
84,000,000
trading accounts...
hand and in banks...
Credit Balances—
such
in
those
Debit balances in firm and partners' in¬
►
Both
31,1940
—16,000,000 —225,000,000
661,000,000
...
the 1939 experience which is shown in the
the reported
table.
above
$
$
$
f
■,
Customers' debit balances
institutions made about 32% of the total—
considerable improvement over
a
"other
Jan.31,1941
Dec. 31,1940
loan
In terms of dollar amounts these
totals;
Since
Increase or Decrease
1,460,000 mortgages recorded during the year just ended, savings
associations accounted for better than 500,000, or nearly 35%.
Of the
and
1211
Chronicle
The Commercial & Financial
152
At the close of
outstanding an
aggregate of $213,500,000 debentures.
each month during the past year
The improvement in the fore¬
month of 1939.
than in the corresponding
closure situation was widespread, both
lenders totaled
in 1939. The
geographically and with respect to
the communities of the various sizes, it was
stated by the Board's Division
of Research and Statistics.
The National foreclosure rate for
dwellings
the rate
as
was
1940 was 4 cases per 1,000 non-farm
compared with 5.3 in 1939.
Back in the depression year 1933
13.3 per 1,000 dwellings.
from November to
3% below November,
0.6% below the average month of
Officials pointed to this contrast to show the progressively excellent
Usually there is a seasonal increase in foreclosures
December, but in 1940, December foreclosures were
making the index for December 29.4 or
1926.
foreclosure situation.
Loan Bank Advances in January Set
Chicago Home
Record
January was the sixth month in a row in which the advances
from the Federal Home Loan Bank of Chicago to savings,
building and loan associations in Illinois and Wisconsin
a record high for that particular month in the bank's
entire history, it was reported on Feb. 12.
Last month's
advances totaled $943,605 which compared with $335,100 a
reached
Bank
■5 Loan
in
The
Institutions of Federal Home
System Passed $5,000,000,000 Mark
Member
of
Resources
1940
$5,009,000,000 mark in total resources was
passed
by the member thrift institutions of the Federal Home Loan
Loan Bank System during 1940, James Twohy, Governor
of the System, reported on Feb. 15.
Their assets on Dec.
31 stood at $5,071,000,000, a gain of $330,000,000 in the
12 months, he said.
"Seventy-eight savings, building and
loan associations were admitted to membership in the System
during the year," Mr. Twohy
Board further states:
Bank System now consists of
$214,000,000.
England, with assets of
Member
institutions of the
in some 2,000 cities
comprising 85% of the
than was loaned in any of the first four
A. R. Gardner, president of the regional
bank said.
of Eight Insolvent National
Liquidation
Banks
Completed During January
Preston Delano,
Comptroller of the Currency, announced
month of January, 1941, the
14 that during the
Feb.
on
liquidation of eight insolvent National banks was completed
and the affairs of such receiverships finally closed.
His
announcement further said:
Total disbursements, including
offsets allowed, to depositors and other
receiverships,
eight
of these
creditors
amounted to $10,147,745, while
unsecured creditors amounted to an average of
dividends paid to
Total costs of liquidation of these
80.41%
receiverships averaged
7.18% of total collections from all sources including offsets allowed.
Dividend distributions to all creditors of all active receiverships
during
Data as to results
liquidation of the receiverships finally closed during the month are as
the month of January 1941,
of
follows::"
System are operating
urban population of the United States.
They serve about 7,000,000 individuals, either savers or home loan borrowers
While located in cities of all sizes, approximately 50% of all member in¬
stitutions are in communities of 25,000 or less, where home ownership is
more widespread in relation to the population.
1
and towns,
money
months of 1940,
of their claims.
3,824 State and
Federal chartered savings, building and loan associations holding assets of
$4,426,000,000; 29 insurance companies, located largely in the southern
States, with assets of $431,000,000: and 11 mutual savings banks, chiefly
in New
more
was
"But largely because
stated.
reorganizations, mergers and liquidations the total mem¬
bership dropped from 3,920 to 3,864. This is a continuation
of the healthy consolidation which has taken place in the
savings and loan field during recent years, resulting in
stronger member institutions better able to serve the savings
and home financing needs of their communities."
The
of
The Federal Home Loan
ago, and was 16.8% greater than in January, 1936,
the record for the first month of the year up to now.
It
year
';v■
";,+U
1
,
amounted to $1,779,156.
INSOLVENT NATIONAL BANKS LIQUIDATED AND
DURING THE MONTH OF JANUARY,
FINALLY CLOSED
1941
Total
Per Cent
Date
Disburse-
Dividends
Capital
Name and Location
of
Ments Incl.
Declared
Stock at
of Bank
Failure
Offsets
to
Claimants
A llowed
FHLBB
Over $4,000,000,000 in Mortgages
Less Were Recorded in 1940
Reports
$20,000
of
First
or
1940 over $4,000,000,000 of mortgages (of
$20,000 or less each) were registered on the county records
throughout the United States—a half billion more tlian in
1939, it was reported on Jan. 31 by Cor win A. Fergus, Direc¬
tor of the Division of Research and Statistics of the Federal
Home Loan Bank Board.
The Division's tabulation follows:
Bank,
Lawrence8-22-32
Type of
%
Lender
Volume
Total
cent
%
Nov. Revised
of
1940
1939
$
Total Dec. '40
S
+ 9
+6
+4
1,005,841
4.4
+ 13
169,969
15.5
+ 11
640,350
15.0
+8
100.0
326,624 100.0 —0.2 302,875
+8
15.9 + 1
15.0 + 3
45,403
8.8 + 3
83,426
14,918
51,964
25.5 + 1
48,885
Bk. & tr. cos.
Mut.savs.bks.
Individuals
.
_
...
Total
:, Further
4.6 —1
Chg.
1,283,628 1,058,206 +21
287,204 + 16
333,724
8.9
29.8
98,765
28,666
597,866
890,506 + 13
142,933 + 19
+9
588,430
539,284 +11
3-10-33
follows:
by increasing their volume of recordings
by 21% over 1939, made a better showing than any other lender; mutual
savings banks and insurance companies followed by showing improvements
durign the past year of 19% and 16%, respectively.- In line with the
trend of the times, individual lenders showed less rise in recordings during
the past year (9%) than did any single class of institution;-this trend
is accentuated by the more widespread use of home mortgage insurance
under the Federal Housing Act, which does not provide for insurance of
loans
made
by individuals.
National
2,103,256
6- 3-33
Bank,
1.227.012
100,000
89.78
200,000
74.84
Greene-
Shareholders' agent elected to continue liquidation
of
principal and Interest in full to creditors.
New Offering
of
75,000
after payment by receiver
;...
of $100,000,000 of 91-Day
National Defense
Treasury Bills
Series—Will Be Dated Feb. 26
bills to the
thereabouts, to be sold on a
discount basis to the highest bidders, were invited on Feb. 21
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. 24, but will not be received
at the Treasury Department, Washington.
The Treasury
bills, designated National Defense Series, will be dated
Feb. 26 and will mature on May 28, 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. 26 in amount of $101,256,000.
Tenders to
amount
4,031,368 3,506,563 + 15
details were given by Mr. Fergus as
Savings and loan associations,
200,000
69.3
$
26.4
90,327
26,945
80,050
13,155
46,995
30.2 —3
S. & L. assns.
Insur. cos....
*
50.73
636,436
Dalles,
vllle, Tenn...
Dec. '39
1,548,642
Wellsville,
Oregon.
%
200,000
Ashe-
Bank,
National
ville, N. C_._
Citizens
91.74
Vincennes,
Bank
Ohio
January-December
75,000
1.345.011
2- 6-32
National
Peoples National Bank,
Change
of from
$
Others
Per
Dec., 1939
90.25
11-21-30
City, Ind
Ind
Cumulative Recordings
%
Chg.
300,000
406,719
Hartford
Bank,
First National Bank, The
Dec., 1940
$100,000
108.02
10- 3-32
ford, 111.
National
Thousands of Dollars)
71.05
2,318,931
National Bank, Rock-
First
American
$561,738
4-19-32
-
Forest City
First
Date of
Failure
5-23-34
ville, 111
During the year
(Figures in
National
All
a new
offering of 91-day Treasury
of $100,000,000,
or
1212
I'his
The Commercial & Financial Chronicle
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
20
to provide the
burse the general fund of the
,Mr.
Morgenthau
in
Treasury with funds to meet any
1940, for the national defense
ex¬
Treasury therefor.
his
of
announcement
the
In
(the bills) will be issued in bearer form only, and in amounts
denominations
of
81,000,
$10,000,
$100,000
$500,000,
(maturity value).
No
tender
Issuing
for
and
.
an
less
amount
than
$1,000
will
,
•
or
issues
on
Treasury with
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers In invest¬
Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
the closing hour will be opened and
public
Feb. 24,1941,
announcement of the
will
tenders
be
advised
of
the
acceptance
or
rejection
thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash
26,
or
other
immediately available funds
on
1941.
The Treasury bills will be exempt, as to principal and
interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation,
except
estate
and
inheritance
taxes.
(Attention
Treasury Decision 4550, ruling that Treasury bills
gift tax.)
No loss from the sale
shall be allowed
of any tax
as
now or
a
deduction,
or
or
is
invited
are not exempt
other disposition of the
to
from the
Treasury bills
otherwise recognized, for the purposes
hereafter imposed by the United
States
or
any
of its
Treasury Department Circular No.
418,
as
prescribe the terms of the Treasury bills and
issue.
amended,
and
this
notice
the conditions of their
govern
■
$2,785,000
of
Government
Securities
Purchased
by
chases of $2,785,000, Secretary Morgenthau announced
Feb. 15.
This compares with net sales of $1,139,000
on
during
December.
..."
following tabulation shows the Treasury's transactions
in Government securities for the last two years:
1939—
$12,500,000 sold
37,064,700 sold
May
July
August
September
....
March
ment
long
noted,
the
however,
weekly
Treasury
premium
a
that the practice of paying
taxable, and might not last.
bill
sa.e
bond
market
and
on
will
387,200 purchased
934,000 purchased
No sales or purchases
..No sales or purchases
300,000 sold
June
July
August
September
October
November
November....
4,400,000 sold
284,000 sold
December
3,167,000 sold
December
1,139,000 sold
19,475,000 sold
1941—
20,801,000sold
He
also
predicted
noted
that
be
in
the
January...
$2,785,000 purchased
$100,-
000,000 of 91-Day Treasury
Bills—$100,110,000
Accepted at Average Price of 0.007%
Secretary of the Treasury Morgenthau announced od
Feb. 17 that the tenders to the
offering last week of $100,000,000, or thereabouts, of 91-day Treasury bills totaled
$209,830,000, of which $100,110,000 was accepted at an
average price of 0.007%.
The Treasury bills are dated
Feb. 19 and will mature on May 21, 1941.
Reference to the
offering appeared in our issue of Feb. 15, page 1061.
The following regarding the accepted bids of the
offering
is from Mr. Morgenthau's announcement of Feb. 17:
for—$209,830,000
Total accepted—$100,110,000
Range of accepted bids (excepting
one
tender of $50,000):
the
Reconstruction
Treasury
Corporation would
$500,000,000 from the public, possibly in March but probably in
$300,000,000 of the proceeds to reimburse the Treasury for
capital investments in the corporation and keeping $200,000,000 to finance
the corporation's own cash needs.
using
"Baby Bonds" Under New "Public Debt Act of 1941"
Will Be Subject to Federal Taxation After March
1,
Secretary Morgenthau Announces—Rules Govern¬
ing Limitation of Holdings Amendedj|
Secretary
of
the
Treasury Morgenthau announced on
States Savings bonds sold to the
public after March 1 will be subject to Federal taxation.
This action was taken under the
Treasury's new powers
that
20
all United
given elsewhere in
issue today.
Morgenthau also issued amended regu¬
holdings of these "baby
bonds," which become effective March 1, in accordance with
the new law.
The amount of savings bonds issued in
any
one year which
may be held by any one person at any one
time is fixed at $10,000
(maturity value).
The following
circular (No. 596) was issued in the matter
by the Treasury
Department on Feb. 20:
Feb.
our
20 Mr.
lations governing the limitation of
....
Second
Amendment
to
SERIES
D
'
Department Circular No., 596,
as
amended.
SAVINGS
BONDS
Fiscal Service Bureau of the Public Debt
*
Office of the Secretary,
-
""57 Each of the Savings Bonds of Series D issued hereunder will
titled to such exemption from taxation as may be authorized
Treasury Department May Refund Next Week $1,222,000,000 of Bonds and Notes Maturing March 15—
Weekly Bill Offering To Be Increased to $200,000,000 in March
are
on
Feb.
that
the Treasury will probably undertake next week
refunding of $1,222,000,000 of bonds and notes which
maturing
taxable.
on
There
March
15.
The
new
securities
will
The
exempt, both as to principal and interest, from all taxation now or
hereafter imposed by the United States, any State, or
any of the possessions
by any local taxing authority, except (a) estate or
inheritance taxes, or gift taxes, and (b) graduated additional income
taxes,
commonly known as surtaxes, and excess-profits and war-profits taxes,
hereafter imposed by the United States, upon the income or
profits
individuals, partnerships, associations, or corporations; the interest on
amount of bonds authorized by the Second
Liberty Bond Act, approved
Sept. 24, 1917, as amended, the principal of wnich does not exceed in the
aggregate $5,000, owned by any individual, partnership,
association, or
corporation, shall be exempt from the taxes
provided for in clause (b)
above.
Bonds of Series D issued on and after March
1, 1941, are subject
to the same provisions, except that interest upon such bonds shall
not have
any exemption, as such, under Federal tax Acts now or hereafter enacted.
For purposes of taxation any increment in value
represented by the differ¬
ence between the price paid and the
redemption value received (whether
at or before maturity) for
savings bonds shall be considered as interest
now or
of
an
.
2.
Paragraph 7 of the Department Circular No.
also
made known
on
Feb.
596,
dated
Dec.
15;
1938 (Sec. 314.107 of Sub-title B of Title 31, Code of Federal
Regulations.
Supp. I), as amended on March 27, 1940 (Sec. 314.107 of Sub-title B of
hereby further amended
savings bonds issued during any one calendar year in an aggregate
amount exceeding $10,000 (maturity value).
This provision applies to
savings bonds issued before March 1, 1941.
The Public Debt Act of 1941,
amended said Section 22, effective March 1,
1941, to authorize the Secre¬
tary of the Treasury, by regulation to fix
issued in any one year that may be held by
the amount of savings
20
as amended, during
any one calendar year (including those issued before
March 1, 1941, as well as those issued, on and after March
1, 1941) that may
be held by any one person at
any one time shall not exceed $10,000 (ma¬
turity value) of bonds originaHy issued to such person.
For method of
computation of holdings, see Department Circular No. 530, Third Revision,
as
amended.
HENRY MORGENTHAU,
beginning with the first week in March the regular offering
$100,000,000 of 91-day Treasury bills will be increased to
Jr.,
Secretary of the Treasury.
The
method
circular
that
of
bonds
any one person at any one time.
Pursuant to such authority, it is hereby provided that the amount of Sav¬
ings Bonds of Series D issued, pursuant to Department Circular No. 596,
are
Secretary
en¬
of the United States or
be
approximately $545,000,000 of 3%%
bonds and $677,000,000 of 1%%
Treasury notes both coming
due for payment on March 15 which this
exchange offer
cover.
be
by the law
1941,
Bonds of Series D issued before March
1,
hold
accepted.)
Secretary of the Treasury Morgenthau disclosed
;
■
'
Washington, Feb, 20, 1941.
Paragraph 5 of Department Circular No. 596, dated Dec. 15, 1938
(Sec. 314-105 of Sub-title B of Title 31, Code of Federal
Regulations,
Supp. I), is hereby amended, effective March 1,1941, to read as follows:
7. Section 22 of the Second Liberty Bond Act, as added Feb.
4, 1935.
provided that it shall not be lawful for any one person at
any one time to
99.998 Equivalent rate approximately 0.007%.
amount bid for at the low price was
-
,
Treasury Department,
effective March 1, 1941, to read as follows:
99.996 Equivalent rate approximately 0.016%.
Average price—
the
the Fed¬
nor
Finance
Title 31, Code of Federal Regulations,
Supp. Ill), is
100.001.
Low—
20
of
amount
market conditions."
are
Tenders of $209,830,000 Received to Offering of
(83% of the
premiums
borrow
April,
in effect on its issue date.
High—
for the
1.
1940—
Total applied
'
;
pleased with recent activity in the Govern¬
that prices of Government securities had
was
"steadied" in. the last week, although neither the
System had been active in the market.
1941
1,636,100 sold
1,201,000 sold
2,844,350 sold
January
February..
,
.
weekly bills would
"
$5,700,000 sold
May..
1,114,100 purchased
3,000,000 purchased
3,295,760 purchased
71,904,950 purchased
October
'
of
These
UNITED^STATES
April
40,367,200 sold
June
therefore
eral Reserve
1940—
.
April
but these
week,
$200,000,000,
Morgenthau said be
On
Market transactions in Government securities for
Treasury
investment accounts in January, 1941, resulted in net pur¬
March.
Treasury
amount and
granted under the Public Debt Act of 1941. The text of this
bill, which was signed by President Roosevelt this week, is
Treasury During January
The
same
new
Morgenthau
Mr.
Feb.
possessions.
the
each
he said, the amount
$200,000,000, the Secretary said, "depends
acceptable
as soon as possible thereafter, probably-on the following
The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final.
Those sub¬
5, however,
occurred before the bills were made
prices will follow
Feb.
Mr.
branches thereof up to
morning.
to
securities.
How
on
that
bills
privilege of
„
company.
or
/•"••r.-
explained
of ninety-one-day
discount, although recently investors have been paying
owning these securities.
ment securities.
mitting
increased
ing
Immediately after the closing hour for receipt of tenders
Secretary
$109,000,000 of the proceeds providing the
cash and the other $100,000,000 replacing similar matur¬
are the cheapest
securities sold by the Treasury.
They bear no interest, and the Treasury expects to sell them at a small
The price offered must be expressed
the basis of 100, with not more than three decimal places,
e.g., 99.125.
Fractions must not be used.
all tenders received at the Federal Reserve banks
the
$100,000,000
Starting March
Each
be
trust
/ ; 7*7'
■
ordinari,y replace maturing issues of the
tender must be in multiples of $1,000.
or
as
stamps,
affect neither the Treasury's cash nor debt very much.
'
,
savings
financing,
discussing
regularly sells
$1,000,000
v./--;".
be considered.
small
accounts Feb. 20.
offering
further said:
They
1941
to attract small investors had "not
to reim¬
or
Morgenthau
22,
saying that further plans
certificates and bonds
jelled enough yet" to be
announced, but he had asked Congress for a $3,000,000
deficiency appropriation to pay for publicity and advertising
costs of the program until July 1.
The following is also from Washington Assocated Press
for
Under the authority of that section, "National Defense Series"
obliga¬
tions may be issued
penditures made after June 30,
reported Mr.
Feb.
of
(No. 530)
computation
as
was
described
in
another
follows:
(b) Computation of amount.—In determining whether the limitation is
exceeded by any one person at any one time there must be taken into ac¬
count the aggregate maturity value of all savings bonds issued
during
$200,000,000.
This operation, which will continue until
further notice, will enable the Departments to use half of the
one
proceeds for paying off similar maturing securities, as at
present, and provide the Treasury with $100,000,000 in "new
money."
Associate Press advices from Washington Feb.
another
any
calendar year, as shown by the issue dates thereof,
including (1) bonds
originally issued to and registered in the name of that person alone, and
(2) those originally issued to and registered in the name of that person with
as co-owner.
beneficiary in the
case
Bonds of which such person is merely the designated
of the death of the
owner,
and bonds of which he
Volume
The Commercial & Financial Chronicle
152
hereafter become the
may
owner on the death of another or
of any other event, need not be included.
be construed to validate any
lawful limit
as
acquisition.
the happening
President
Roosevelt Asks Congress for Appropriation
$225,000,000 for Defense Housing—Also Requests
$29,735,140 Additional for Treasury Department
and $525,000 for Helium Plant
Nothing herein contained shall
holdings heretofore acquired in
excess
of
of the
computed under the regulations in force at the time of such
(
The above amendment is published for the information and guidance
of all concerned.
-Y;-'; •Y'Y
-YY';::: YYY-'-;
C':2.
President
Roosevelt
Congress
Eleven
fensive
Islands
families of enlisted service men and civilian personnel of
defense agencies.
Y-'''
YVY-' YY " YY;
The President on the same day transmitted to
Congress
supplemental estimates for the Treasury Department for the
fiscal year 1941, amounting to $29,735,140.
This estimate
Feb. 14, designating "naval de¬
areas" and "naval air space reservations" at 11
sea
on
islands and
one bay in the
Pacific, Alaskan and Caribbean
The orders, to become effective in 90 days, pro¬
hibit persons, vessels and aircraft, not connected with the
United States, from going within three miles of the areas.
In reporting this action Washington advices of Feb. 18 to
regions.
the New York
"Times"
affected
The
in
are
restrictions
the
apply
included $18,000,000 for tax refunds and $6,350,000 for the
six new Coast Guard cutters.
construction of
.
.
specifically
Caribbean, but the rest of the
.
Guam
to
and
Rose
to
Tutuila
and
Islands
in
for the
Philippines, Palmyra, Johnston, Midway, Wake and Kingman Reef,
between Pearl Harbor and the Philippines, Australia,
Samoa,
the
westernmost
of
American
insular
possessions
except
♦
President
"stepping stones"
New
Zealand
and
Far
the
East,
and
also in the orders are the Alaskan
The five orders
.
"At
no
time,"
public vessels
areas,
nor
of
one
the
states,
United
to
Kaneohe
Bay, Hawaii.
"shall
any
other
person,
States, enter
than
persons
of the naval defensive
any
on
Treasury Greater Flexibility in
,;\YYY: Securities ;Y,;- Y^--'YY>>YYv-;^
sea
other than public vessels of the
"At
no
.
time shall any
States, be navigated into the naval air
'
be
to
enforced
United
States
President
;
.
by
the
.
space
violations
Secretary of
law-enforcement
reservations unless authorized
Roosevelt
for
the
of
Navy
officers.
the
with
orders,
the
which
are
cooperation
:
passed it
Roosevelt
Submits
to
Congress
law
President Roosevelt submitted to Congress on Feb. 18 a
.communication from Secretary of State Hull recommending
the enactment of legislation to carry out the
obligations of
the United States under the Inter-American Coffee
Agreement
which
signed at Washington
was
on
Nov. 28 last by the 14
Latin American producing countries and the United States
and was ratified by the U. S. Senate on Feb. 3 on a voice
The President urged that the
necessary legislation,
proposed in a joint resolution drafted by the Secretary
of State, be enacted.
Regarding this resolution Washington
o
coffee under the agreement, pointed out that the agreement
contemplates
the co-operation of the United States in a joint effort to promote
orderly
marketing of coffee in international trade, with
table terms for both producers and
consumers
a
de¬
on
The present debt limitation consists of the following:
;;Y:.YY--Y
*
(a) The general debt limitation of $45,000,000,000 contained in section
21 (a) of the Second Liberty Bond Act, as amended.
The authorization of $4,000,000,000 short-term defense obligations
provided for in the First Revenue Act of 1940.
(c)
The authorization of $4,000,000,000
section 6 of the Second
(d)
The
existing
That
as
war-savings certificates under
Liberty Bond Act.
authorization
under section
mand.
It provides:
Feb. 10.
with respect to
"
Y
view to assuring equi¬
by adjusting supply to
This measure, the so-called Public
000.
(b)
machinery for control of imports
Feb. 19.
on
First—It increases the present statutory debt limitation to $65,000,000,-
as
The draft resolution, setting up the
Y
.
vote.
advices of Feb. 18 to the New York "Journal of Commerce"
said:
f
,
The measure also amends the existing
the issuance of United States savings
bonds, giving the Treasury greater flexibility in handling
these securities, and provides for the issuance of new United
States .savings bonds and savings certificates to take the
place of the baby bonds and the old war savings certificates
authorized by the Second Liberty Bond Act.
During Senate debate on the legislation on Feb. 14, Senator
Brown, Democrat of Michigan, who was floor manager for
the measure, said the following objectives would be
accomp¬
lished through the enactment of the bill:
!
Legislation
to Carry Into Effect Inter-American Coffee Agree¬
ment Ratified by Senate
Early This Month
t.
of
■
<
Debt Act of 1941, received final Congressional approval on
Feb. 17 when the House accepted three Senate amendments.
The Senate approved the bill on Feb. 14 after the House had
of
<
Handling
increasing the Federal debt limit to $65,000,000,000 and providing for the Federal taxation of future
issues of obligations of the United States and its instru¬
mentalities became a law with its approval
by President
aircraft, other than public aircraft of the United
by the Secretary of the Navy."
Several penalties are provided
■
.
,
Its
The legislation
United States, be navigated into any of the areas, unless authorized
by the
Secretary of the Navy.
Signs Bill Raising Debt Limit to
Following
Final
Congressional
Action—Text of Measure Which Also Provides for
Federal
Taxation
of
Future
Issues
and
Gives
character.
shall any vessel or other craft,
Roosevelt
$65,000,000,000
Included
islands of Kiska and Unalaska.
similar in
are
>
.
communication, Feb. 17, the President asked
$10,336,452 in appropriations for the Department of the
Interior for the fiscal
year 1941 and prior fiscal years.
Of
this sum, $525,000 would be for
improving and increasing
the capacity of the helium
plant at Amarillo, Tex.
for
is in the
Pacific.
,
In another
said:
Culebra Island, off Puerto Rico,
islands
an
The President's request was contained in a letter to
Speaker
Ray burn. Of the total amount, $75,000,000 would pay for
obligations authorized by the last session of Congress and
$150,000,000 would be for new housing for industrial workers,
President Roosevelt made public on Feb. 18 five Executive
Orders, which he signed
asked by President Roosevelt on Feb. 17 to
additional $225,000,000 for defense housing.
was
appropriate
Designates Naval Defensive Areas
for
1213
of
$300,000,000
certificates
32 of the Spanish-American War Act.
limitation of $53,300,000,000.
This
of
indebtedness
This makes
means
increase
an
total
a
in
the
debt of $11,700,000,000 under the bill.
and after entry into force of the inter-American coffee
agreement,
proclaimed by the President, and during the continuation in force of the
on
obligations of the United States thereunder, no coffee imported from any
foreign country may be entered for consumption except as provided in the
said agreement.
r'm .>•
.
The President is authorized to make such allocations of the quota pro¬
vided in the agreement for countries not participating in the said agreement
as he finds necessary or appropriate in order to afford
any such country or
countries an opportunity to supply a fair share of the quota, whether or not
required by any international obligation of the United States.
The old limitations
are
repealed and the entire amount included in the
overall limitation of $65,000,000,000.
Second—Under the Revenue Act of 1940, the proceeds from increased
revenue were
placed in
a
special fund for the retirement of the $4,000,000,000
special defense obligations required under that Act.
This bill repeals the
special fund provided for that purpose.
Third—It
gives
greater flexibility in
the
handling of certain types of
The Presi¬
dent is also authorized to make such rules and regulations as he finds neces¬
sary or appropriate to carry out provisions of tnis joint resolution and of the
said agreement, and with respect to any provision of such regulations for any
bonds and United States savings certificates to take the place of the baby
Act
bonds and the old
performance by
importer of coffee, compliance therewith shall
be a condition to the entry for consumption of the coffee in
respect of
which the Act or performance is required.
or
an
Government securities.
Section 3 of the bill provides for the issuance of United
war
Fourth—It taxes the income from
or
Announces
Coffee
Surplus
Financing Plan
Drought Losses
and
The Brazilian Government announced
Cover
to
tax
on
Feb. 14
three-
a
plan for financing coffee surplus and to assist growers
who had suffered losses as a result of the drought.
The
following concerning the program as indicated by National
Coffee Department officials is taken from a dispatch from
Rio de Janeiro Feb. 15 to the New York "Times":
According
to
these
spokesmen,
five-month
a
of 1941-42 has suffered
that the yield
crop
worse.
drought
in
Sao
The
will not exceed 6,000,000 bags, whereas Sao Paulo's usual
is around 15,000,000 bags.
Because of this
unusual contingency,
the financing program was
Treasury officials declared today,
extended until
1943 to permit growers to re¬
cuperate from drought losses in the 1942-43 crop without forcing them to
resort to
financing
the government
measures
through private banks.
The price set up by
in financing the surplus is fixed at 90 to 95 milreis
In announcing that the government would finance coffee crop
a
bag.
surpluses
for 1941, 1942 and 1943, Finance Minister Arthur de Souza Costa declared
Brazil's
economic
difficulties
The
we see
position
a
was
sound
and
that
"despite
present
world
good future ahead."
Bank of Brazil
has
been
instructed
to
advance money to growers
against sworn affidavits showing coffee surpluses.
or
not estimate the
sum
involved
how many million bags of coffee would constitute the three-year surplus.
They declared the 1941 crop will create virtually
killed millions of coffee trees.
no
surplus,
as
drought
obligations of the Federal Government
Section 4
or
the
It does not give the Federal Government any right to
income received from obligations
obligations.
of States
or
local subdivisions.
give the States any right to tax the income from Federal
The income from bonds of the Territories, Possessions, and
the District of Columbia
are
treated in the same manner
also not made taxable, so that they may
as
be
the State obligations.
Senate and House passage of this bill
15,
page
referred to in
was
1063.
The newly enacted measure was introduced in the House
Jan. 24 by Representative Dough ton,
Democrat of
on
North
Carolina, Chairman of the House Ways and Means
as noted in our issue of Jan. 25, page 609.
The House Ways and Means Committee opened hearings
on the bill on Jan. 29 (reported in these columns of Feb. 1,
page 756) and its report urging adoption was filed in the
House on Feb. 3 (indicated in our issue of Feb. 8, page 916).
In that item mention was made of the minority report
Committee;
on
the bill which
was
filed
on
Feb. 4.
Following is the text of the bill
as
signed by President
Roosevelt:
SEVENTY-SEVENTH CONGRESS,
AN
Cotton also is covered
by the measure, growers to receive 80% instead of 60% of the price against
bonded warehouse receipts.
The National Coffee Department could
the
It also does not
Paulo
Sao Paulo State authorities estimate
States savings
•
subjecting the income from Federal bonds
these columns of Feb.
reduced the 1940-41 crop by between 2,000,000 and 3.000,000 bags.
crop
•y
.
bonds of Federal agencies if issued after the enactment of the bill, to the
Federal income tax.
year
.
its instrumentalities, for the purpose of the Federal income tax.
of the bill provides for
Brazil
savings certificates.
FIRST SESSION
ACT
To increase the debt limit of the United States, to
taxation of future isues
H.
R.
2959
Y".Yprovide for the Federal
of obligations of the United
States and its in¬
strumentalities, and for other purposes.
Be it enacted
by the Senate and House of Representatives of the United States
of America in Congress assembled. That this Act may be cited
Debt Act of 1941.
as
the Public
2.
Sec.
Section 21 of the Second Liberty Bond Act, as amended, is
(a)
shall
Act
The authority granted in the following
provisions of law to issue
obligations is terminated:
C., 1934 edition,
(U. S.
amended
as
provide ways and means to
expenditures, and for other purposes", approved June 13, 1898,
title 31, sec. 756)
amended (U. S. C., 1934
Section 6 of the First Liberty Bond Act, as
(2)
(authorizing the
$300,000,000 certificates of indebtedness);
issue of
edition, title 31, sec. 755) (authorizing
the issue of $2,000,000,000 certificates
of indebtedness); and
Section 6 of the Second Liberty Bond
(3)
1934 edition, title 31, sec.
Act, as amended (U. S. C.,
Revenue Act of 1940 (54: Stat. 526)
special fund for the retirement of defense obligations) is repealed.
(creating a
Mr. Barkley began his speech
any
the proceeds of which shall be available to
public expenditures authorized by law, and to retire any out¬
The various issues and series of the savings bonds and the
discount basis.
savings certificates shall be in such
subject to the limitation imposed
forms, shall be offered in such amounts,
by section 21 of this Act, as amended,
and shall be issued in such manner and
with subsections
consistent
subject to such terms and conditions
(c), and
(b),
restrictions on their transfer, as the
(d)
hereof, and including any
Secretary of the Treasury may from
time to time prescribe.
discount basis and shall
mature, in the case of bonds, not more than 20
and in the case of certificates, not more than 10 years, from the date
of which issued.
Such bonds and certificates may be sold at such price
years,
before maturity upon such terms and conditions as
Provided, That the interest
issue price of, savings bonds and savings certificates and
prices, and redeemed
or
of the Treasury may prescribe:
the Secretary
and the
rate on,
the terms upon
which they may be redeemed shall be such as to afford an
in excess of 3 % per annum, compounded semi-annually.
investment yield not
of savings bonds and of savings certificates shall be
denominations
The
Treasury may from time to time determine
The Secretary of
such as the
Secretary of the
and shall be
expressed in terms of their maturity values.
is authorized by regulation to fix the amount
the Treasury
person at any one
"
of savings bonds
certificates issued in any one year that may be held by any one
and savings
time.
Treasury may, under such regulations and
upon such terms and conditions as he may prescribe, issue, or cause to be
issued, stamps, or may provide any other means to evidence payments for
account of the
on
or
The Secretary of the
c)
this section, and
General to
master
savings bonds and savings certificates authorized by
he may make provision for the exchange of savings cer¬
is authorized, for the purposes
General
of such section and to encourage
of this Act, as amended (relating to
apply to savings bonds issued before the
The provisions of section 7
exemptions from taxation), shall
effective date of the Public Debt
Act of 1941.
paid and the redemption value
The savings
between the price
received (whether at or before maturity)
The appropriation for expenses provided by
"(e)
section 10 of this Act
economic and political
all
Austin
Barkley rejected demands by Senator Wheeler and
Senator
other op¬
before re¬
ceiving American help.
He said that
Senator Austin likewise rejected the opposition demands.
in passing the bill
Congress would
to all the world "that we
say
faith in this man Hitler, and that we are opposed to his system
have no
of slavery.'
On Feb. 18 three opponents of the measure, Senators
Clark, Democrat of Missouri, Vandenberg, Republican of
Michigan and Nye, Republican of North Dakota, criticized
the lend-lease
measure
Said the Associated
as
a war
bill
Press (Feb.
17):
Senator Vandenberg asserted in the Senate today that the
legislation would make President Roosevelt
British-aid
No.
1 of the world."
administration's
"power politician
...
Senator Vandenberg said:
"If
precious little
shall stop short of the arena of war itself, there is
we
can
aid England in her approaching crisis.
If we shall not
stop short of war, Congress should say so directly on its own
constitutional
responsibility.
"If
save
we
shall stop short of war, there is precious little in this
loans
or
ment to the
bill for Britain
gifts—and those could be provided in a single sentence amend¬
Neutrality Act and I will support it."
"This is not
floor
a
defense bill at all," Senator Clark declared,
the first opposition speaker in the Senate debate over
as
a war
bill.
This is
a
holding the
the measure.
bill to implement and put in motion processes
almost certain to result in war."
by the Act of June 16, 1921 (U. S. C., title 31, sees. 760 and
and extended
that
positionists that Britain be compelled to state her peace aims
"This is
privilege.
and
infiltration,
(Republican of Vermont) during the
spoke in support of the bill, as did Senators
Thomas (Democrat) of Utah, and Pepper (Democrat) of
Florida.
Senator Wheeler
(Dem., Mont.), an opposition
leader, contended on Feb. 17 that this country should not
assume the position of having other countries protecting it.
According to the Associated Press, which also indicated that
Senator Taft (Republican) of Ohio, at the same time voiced
his opposition to the proposed legislation.
In United Press
advices Feb. 17, it was stated:
savings certificates shall be considered as interest.
bonds and the savings certificates shall not bear the circulation
and
produce a prodigious effort at military domination in
which this (Nazi) system shall be imposed?"
d bate also
For purposes of taxation
increment in value represented by the difference
for savings bonds and
intrigue
will
countries upon
this bill which
denominations as he may prescribe.
any
doubt," he said, "that economic domination will be followed
we
political
domination
certificates, to prepare and issue postal-savings stamps in such
and savings
"(d)
"Can
by
accumulation of funds for the purchase of savings bonds
and facilitate the
by Adolf Hitler and his lieutenants, and
that one of the motives for this war is the
economic domination of the world.
paragraph of section 6 of the Act of June 25, 1910,
(U. S. C., title 39, sec. 756), is removed: and the Postmaster
amended
prevented Mr. George from delivering the opening argu¬
of the measure.
said that they demonstrated
prescribe the denominations of postal-savings stamps
contained in the second
as
in support
of
Committee, as the first administration speaker when
Mr. Barkley quoted statements
The limitation on the authority of the Post¬
bonds.
tificates for savings
throat ailment
ment
Senator
"(b) Savings bonds and savings certificates may be issued on an interestbasis, or on a combination interest-bearing and
bearing basis, on a discount
as
the Foreign Relations
a
military equipment to countries
vital to the defense of the United States.
Barkley spoke instead of Senator George of Georgia, Chairman
Mr.
United States bearing interest or issued on a
standing obligations of the
which would permit the President
lend, lease or transfer America-made
the defense of which he deems
otherwise,
or
Barkley explained the
Speaking before well-filled Senate galleries, Mr.
far-reaching provisions of the legislation,
to
issue, from time to time, through the Postal
United States savings bonds and United States
with an assertion that if Germany wins the
face not only a hostile Germany, but a hostile
757c). is amended to read as follows:
22.
Treasury savings certificates,
meet
the United States will
world.
Ihesident, is authorized to
Service
a
(a) The Secretary of the Treasury, with the approval of the
title 31, sec.
"Sec.
Liberty Bond Act, as amended (U. S. C.,
Section 22 of the Second
Sec. 3.
Feb. 17
plea by Majority Leader Barkely for immediate
passage of the measure in the interests of our own National
defense.
Regarding the claim that the bill sets up a dictator¬
ship in the United States, Senator Barkley said it is "without
foundation/' since the American people will still have "all
the freedoms" guaranteed to them under the Bill of Rights
and the Constitution.
The following concerning his re¬
marks is taken from Associated Press advices of Feb. 17:
war
Section 301 of title III of the
(c)
debate in the lease-lend bill opened on
Senate
757) (authorizing the issue of $4,000,000,000 of
savings certificates).
war
Speak¬
ers
with
,
Section 32 of the Act entitled "An Act to
(1)
meet war
Leader
Bill—Majority
Foreign Relation's Group—Pro and Con
of
time."
at any one
(b)
the authority of
the aggregate $65,000,000,000 outstanding
in
exceed
not
1941
22,
Barkely Calls for Prompt Passage—Minority Report
The face amount of obligations issued under
"Sec. 21.
Feb.
Lease-Lend
Debates
Senate
further amended to read as follows:
this
Chronicle
The Commercial & Financial
1214
A
minority report of the Senate Foreign Relation's Com¬
was
also submitted to the Senate on Feb. 18 by
761), shall be available for all necessary expenses under this section, and the
mittee
Secretary of the Treasury is authorized to advance, from time to time, to
the Postmaster General from such appropriation such sums as are shown to
Senator
be
required for the expenses of the Post Office Department and of the Postal
with the handling of savings bonds, savings
in connection
Service,
cer¬
tificates, and stamps or other means provided to evidence payment therefor,
which
sums may
be used for additional employees or any other expenditure,
single provision in the bill which deals with our defenses."
In describing the bill the minority report stated:
in whatever class of post office incurred, in connection with
wherever or
such handling.
It is
1910 (U. S. C., title 39, sec. 760), shall be made
Act approved June 25,
or
under such regulations
as
he may prescribe,
shall require the
Post Office Department and of the Postal Service to
employees of the
perform, without extra compensation, such fiscal agency services as may be
desirable and practicable in
connection with the issue, delivery, safekeeping,
redemption, or payment of the savings bonds and savings certificates, or
in connection with
any stamps
or
other
means
provided to evidence
pay¬
ments."
Sec. 4.
(a)
Interest upon, and gain from the sale or other disposition of,
an
tion,
or any
as
agency or
instrumentality thereof shall not have any exemp¬
such, and loss from the sale or other disposition of such obligations
shall not have any special treatment, as
bear
issued
such
Act, contracted to issue at a future date, shall when
at
the time of such
their issuance.
For the purposes
tax-exemption privileges as
contract, provided in the law authorizing
of this subsection a
were,
Territory, a possession of the United States, and the
District of Columbia, and any political subdivision thereof, and any agency
instrumentality of any one or more of the foregoing, shall not be con¬
or
sidered
(b)
.
as an agency or
Acts
instrumentality of the United States.
have
or
as
amendatory
of and
supplementary
parts of Acts authorizing the issuance
to
the
respective
of such obligations, as amended
and supplemented.
Sec.
on
5.
This Act,
the first
except sections 2
(b) and (c), shall become effective
day of the month following the date of its enactment.
Approved: Feb. 19, 1941.
and
politics
It would authorize him to say what
all to open to them our military
equipment, and it is perfectly obvious that once commitments
been
made, our men will have to guarantee the favored nation
and
underwrite the war.
The minority report summarized
objections to the bill":
as
follows "some of the
There is no need now for additional aid to Britain.
and will continue to receive—all aid necessary
to our
nor
If read
as
Britain is receiving—
that can with a due regard
safety be accorded.
It is successful only in
Britain
a
concealing its purpose.
It is not a bill for aiding
bill for the National defense of our own country.
realistically, it grants extraordinary powers to the
have never before been granted to a
Preisdent such
Chief Executive.
It makes of the Chief Executive a dictator and, worse, a
power to
dictator with
take us into war.
It transfers the war-making power
It leaves to the President
from the Congress to the President.
(a) the determination of aggressor
nations and
them.
American people permanently to support the course he
(b) what punishment shall be meted out to
It commits the
The provisions of this section shall, with respect to such obligations,
considered
be
United States.
far-flung region of the earth.
and naval
Maritime Commission or the Federal Housing Administration has, prior to
the effective date of this
whole, of the military
complete negation of the policy that has been ours in the past
nations shall receive, and for any reasons at
such, under Federal tax Acts now
hereafter enacted: except that any such obligations which the United States
or
a
with any
and on any terms he may see fit, to make
invitation to the President to take a hand in the game of power
in every
obligations issued on or after the effective date of this Act by the United
States
grant of power to the President to do as he pleases
naval powers of the
It is
At the request of the Secretary of the Treasury the Postmaster
General,
pure
available to any nation or nations, any part, or the
after July 1, 1935.
"(g)
a
foreign nation, for any purpose,
No further original issue of bonds authorized by section 10 of the
"(f)
Johnson, Republican of California.
This report
"by its title the measure purports to promote the
National defense of the United Statse, but there is not a
said
takes, for once embarked on a course
it will be necessary for the people to
follow through.
Approval of the bill by the Senate Foreign Relation's
on Feb. 13 by a vote of 15 to 8 was reported in
our issue of Feb. 15, page 1063.
In the same item House
Committee
passage
on
Feb. 8 was also noted.
Volume
The Commercial & Financial Chronicle
152
On the third
day of debate in the Senate (Feb. 19)
nents of the bill were heard these
propo¬
including Senators Bailey of
North
1215
ing for the assistance of the United States in the collection
and application
of the customs revenues of the Demonican
Carolina, Connally of Texas and Hill of Alabama,
all Democrats. ; Senator Bailey
advocating intervention in
the European war said the measure "is not neutrality but
Republic.
In explaining the reason for the treaty Senator
Green, Democrat of Rhode Island, said :
"is
the present conditions attached to the
intervention."
Concerning his remarks
Washington advices of Feb.
19 said:
United Press
:
•
He conceded that the Axis powers may regard the legislation "as an act
of war, but they do not attack because of provocation."
"My judgment is that they will fight this country when they think they
whip us and not before," he said.
"If we were as peaceful as lambs
can
and
calm
as
doves—if
as
them with everything we have—they
we appease
will not hesitate to attack
when
us
they think the time is ready."
He recalled that he had supported the Neutrality Act and said he now
is
The main
am
advocating intervention with all its implications," Senator Bailey
Republic.
Republic
It
republics
"I
am not
going to draw back—I
not going to
am
The
of
only objection
the
bondholders,
nor
of
came
sort,
to
the
interest
shall
and
Senator James F. Byrnes
(Dem., S. C.),
a
involving Congressional control
an
ing
in the bill]
grip
on the President's contractual authority,
but Senator Vandenberg
(Rep., Mich.) protested that the revision would weaken the $1,300,000,000
the amount of
war
materials which could be transferred from stocks on
order in this
on
The administration
country.
move
was
floor,
part:
under
subterfuge
.
the
not opposed to
no
as
giving aid to England
However, I
am
bondholders
this for which
being called
we are now
upon to vote upon.
becoming involved in this
because I
am
I
war.
am
H. R.
opposed to this bill,
from
1776,
convinced that its passage may lead us directly toward, and
to a declaration of war and into the war.
On
duced
an
20
Congressional Committee to consult with the President with
resnect
to
Those
national
defense
matters.
speaking in opposition to the bill yesterday (Feb. 21)
was
were
made,
legal
no
or
the
of
as
in
these
Senate's
the
columns
,:,
Sept.
action
Feb.
on
by
two-thirds vote, with less than
a
taken
of
Michigan,
its
the
over
moral
protest
charged
who
obligation"
Senator
of
that
a
leap toward dictatorship" which would "involve
Federal
the
In
an
address prepared for
not
powers
skirk
their
Senator
and
the
neighbor
principal
the
Green
said,
American
bonds
Senator
collector
of
that
South
resented
by
and
that
F.
Green,
Central
Democrat
American
'
j
nation
and
other
South
said
the
$15,000,000
that
new
treaty
-
■
'
all
the
of
bonds
in
revenues
the
'
opposing
the bill,
told
the
ingenuity can we prepare
bill, he contended, would "further deplete" these de¬
by permitting the transfer of existing war equipment and by channel¬
ing new production toward Great Britain and her allies.
our
making his first formal speech in the Senate, said he
whatever
we can spare out
of
present production from now on—short of war." he said he would not
dissipate another ounce of the defense of America.
|fc"This bill is
a war
defending
our
"It asks for the same powers
actually fighting and shooting, marching,
bill," he declared later.
that would be asked for if we were
shore."
Saying this country can not wipe out hatred or fighting in Europe, he
added:
"I don't regard it as the responsibility of the United States to police
the world now or tomorrow."
Senator Bulow said in a
prepared speech:
"I am not so sure but what a
so-called Senate filibuster, in continuing the
debate upon this bill until Europe settles its own war, would be very
ficial to the people of the
United States.
bene¬
It might keep us from getting into
■
The House
Feb. 18,
on
sent to the Senate
by
a
vote of 210 to 142, passed and
bill
providing for the reapportioning of
census by the
"equal
proportion method." Regarding this formula, United Press
Washington advices of Feb. 18 said:
its 435 seats
a
the basis of the 1940
on
New Mexico, North Carolina, Oregon and Tennessee
Illinois,
Indiana,
homa and
Iowa,
Kansas,
The bill, he declared, would put too much power
into the hands "of the
President and would result in the United States trying to settle
Massachusetts, Nebraska,
Pennsylvania each would lose
J-
'■
••
,
.
Senate Ratifies Revised Treaty with Dominican
The United
States Senate
Europe's
■•V'7-. ""
Repub¬
Customs Revenues
on
Feb. 14 ratified the revised
States and the Dominican Re¬
public, signed at Washington on Sept. 24, 1940, under which
the United States gives up its Tight to appoint a collector
of customs for the republic.
This action modified the con¬
vention of Dec. 27, 1924, between the two countries, provid¬
between the United
each*
Okla*
one seat.
Under existing law, Michigan also would gain
same
on
nearly an equal population basis
as
voting strength in the House, is in
use
one
seat
and
Arkansas
as
possible.
The "major
approximately the
under present law.
Some
apportionment is automatic under the law, and will affect the House
re¬
to be
elected in November, 1942.
♦
VrA.
■
Approves $240,000,000 Authorization for Naval
Eight
Air
Bases
Funds
Leased
for
from
The House
on Feb. 19 passed a bill
authorizing the expendi¬
approximately $240,000,000 for expansion of public
works construction at existing naval shore establishments
and for construction at the eight air bases acquired in ex¬
change for the 50 destroyers transferred to Great Britain
last year.
Included in this total was $4,700,000 for develop¬
ture of
ment of the naval station on
the Island of Guam and $8,100,000 for expansion of naval station facilities at Tutuila,
Samoa.
During the debate on the bdl on Feb. 19, Repre¬
sentative Vinson, Democrat of Georgia, Chairman of the
House Naval Affairs Committee, read letters from Secretary
the Navy Knox and Admiral Stark, Chief of Naval
Operations, urging Congress to approve the item in reference
of
the
Island
of
Last
Guam.
year the House defeated
Guam, Admiral Stark indicated.
Secretary Knox, in his letter, said:
to
similar recommendations for
While
are
all
of much
of the
items
of proposed
construction listed in
importance to the naval establishment,
because of its
urgency,
H.
R. 3325
I feel constrained,
to write to you with particular reference to the
As you are aware, it
is proposed to improve the fleet operating facilities,
provide additional power and recreational facilities and bombproof shelters
for communication facilities and personnel,
calling for, in all,
outlay
included other than provision
for the listed passive defense measures, and
some
an
A breakdown of the proposed items of development
shows that no items of a military nature are
lic Relating to
Ohio,
would lose one, but if the bill is enacted these states would not be, affected.
Under the "equal proportions" system, Congressional seats Would be
of about $4,700,000.
treaty
Arizona, Florida*
one more seat
proposed development at the naval station, Guam.
that war and it would keep the Nation out of bankruptcy."
wars.
'.t
"The
fenses
Senator Brooks,
Republic,
Great Britain.
hands," he asserted.
"so inadequate that only by the
favored helping the British "by giving them
outstanding,
Apportionment of Representatives
*n Congress
>'.:f
and
for the future."
aid
Central
—-—-
Construction—Includes
utmost exertion and use of all our resources and
The British
were
Samoa
also
and
Dominican
Works
now are
"good
be applied to their repayment.
Guam,
Democrat of Iowa,
Rhode
of
republics.
.
instead of just customs, would
y'f
the
collector of customs in the Dominican
Republic, Senator
a
George
under
1924,
on
until
line with the Administration's
nations.
Senator
customs
giving President Roosevelt the
Senate that United States defenses
had
Dominican
repaid.
was
Theodore
treaty was in
toward
was
the
Public
blood of America belongs to America, and to her defense to the last drop."
Gillette,
Government
holding
George, Democrat of Georgia, of the Foreign Rela¬
and
new
policy"
appoint
these
of
Walter F.
Maintenance of
and
President
Committee,
Island, said
House
"The blood of American boys will be on your
on
Vandenberg,
Vandenberg said the original Dominican treaty, signed
that
Chairman
contained in the legislation.
Senator
H.
delivery in the Senate he said that Senators
responsibilities by
Associated
in active, personal,
us
fighting participation in war."
could
1940,
of Senators
score
Arthur
American citizens
to
Senator Brooks, Republican of Illinois, declared today that it represented
"a
claim
Republic
28,
14,
allotted
Washington advices of Feb. 21:
the com¬
:
fractions" formula, designed to give each million voters
The following concerning their remarks
the
;;
.
Brooks, Republican of Illinois, and Senator Bulow, Democrat
is taken from Associated Press
some
moral
Dominican
included Senator Gillette, Democrat of Iowa, and Senator
of South Dakota.
of
neither
had
the proposed convention would be
well
as
the part
on
States
The formula would give California three new seats and
Senator Lucas, Democrat of Illinois, intro¬
amendment to the bill providing for a six-man
Feb.
the
After hearing the representa¬
there
,
any
member of this body that abhors war or hates war more than
I do, and I intend to do everything in my power to keep our country
other
on
States.
is pro¬
as
bitterly opposed to
was
United
arguments which
that
■
.
was
provided
circumventing of the present statutes by any type of
any
or
legislation such
There is
am
existing statutes.
the
the contrary,
on
House Passes Bill for
I desire to state that I
infringement
on
bonds.
tions
Reynolds, Democrat of North Caro¬
lina. announced his opposition to the bill.
He was the first
Southern Senator to oppose the bill and the main speaker of
the day.
Senator Reynolds said the measure should be
entitled "a bill for the defense of the British Empire at the
expense of the American taxpayer, and for the preservation
of the British Empire, without any consideration for the
preservation of the United States."
His remarks follow in
that
the
and
mentioned
was
1821.
"violated
abandoned when weary Senators pointed
On Feb. 20 Senator
vided
it
interest
the lateness of the hour.
to
proposed changes
claim
conclusion
United
Republican
limitation, approved by the House and Senate Foreign Relations Committee,
hand and
the
of
The action,
the
Senator Byrnes argued that his amendment would tighten the legislative
be
to
Press Washington advices of that date said
expenditures under the forthcoming
program.
the
to
but that,
Regarding
administration spokesman,
proposed change in the section
over
'the independent
upon
The signing of this revised treaty last September and a
formal statement issued by the State Department
explain¬
page
tried to obtain consideration of
on
of
the
to
who
bondholders
the
quote:
America,
moral right to make the change.
the
mittee
we
imposed
was
a sister republic, and for that reason inconsistent with the
"good neighbor" policy which the United States Government is now fol¬
lowing.
.-v;,'
of
which
from
remove
by the Dominican Republic but by
South
and
is to
.
.
of the military occupation by the United
result
a
deemed, not only
Central
Senators Connally and Hill pleaded for National unity in
support of the legislation with the former declaring that the
"democracies of the world must all hang together or they
hang separately."
'
Oppositionists on Feb. 19 blocked an Administration
attempt to expedite the legislation by taking up amend¬
ments during a lull in debate, said the United Press, from
That condition
as
.
existing treaty the provision whereby
a collector of customs for the
States appoints
sovereignty of
legal
hedge."
is
of
tives
said.
United
Dominican
recommending its repeal.
"I
the
of
Dominican
States.
the proposed convention
purpose of
the President
that it is intended to spend
$4,000,000 on. the important project of improvement to Apra harbor.
While this
and effective
harbor
has splendid possibilities and is susceptible of easy
development, usual harbor facilities do not now exist.
Heavy
ground swells and protruding coral heads not only greatly limit the space
which might
otherwise be easily made available for use as safe anchorages
for surface craft, but make the
many
take-off and landing of seaplanes under
wind conditions a hazardous operation.
In view of its present and
growing importance as an air terminus, both for military and commercial
The Commercial & Financial Chronicle
1216
seaplanes, it is imperative that such conditions at Apra harbor be remedied
at once.
In writing to you about Guam, I am in no way
minimizing the importance
of the many other items included in H. R. 3325.
I
writing particularly
am
about Guam because I feel that this item is of particular importance to the
Navy.
The
subject* of
You
when the same recommendations for
recall last year
will
in
for
back again this year
added by a year that has been lost in point of
time, and by our doing more flying than ever before in and out of the
Also,
formations, there is hazard in landing and take off of patrol planes.
maneuvring room due to coral heads and shallow
because of very restricted
surface ship movements are difficult and dangerous.
The bill provides for rectification of these
conditions by
a
I
In the first place, it is inconceivable
to
that
me
Japan could
would take offense at
or
any
inoffensive
such
and in the second place that if she did profess offense it
measures
would be
unwarranted, unmerited, and should, in my opinion, be totally disregarded.
After all,
Guam is United States property and it seems to me our actions
should be determined by what is best for the United
States and not dictated
President
Roosevelt
requested most of these funds on
Feb. 12, as was mentioned in our issue of Feb. 15, page 1062.
The measure authorizes $66,050,000 for development of
aviation facilities, including buildings and accessories on
Trinidad, Newfoundland, Bermuda, British Guiana, Ja¬
maica, Antigua, St. Lucia and the Bahama Islands.
The
total expenditure for these eight air-base sites leased from
Britain will be $116,050,000 but $50,000,000 of the Presi¬
dent's emergency fund has already been allocated for develop¬
ment at these bases.
/
:
state
Ward & Co. between customers within and
branches of the companies outside the State borders was
Montgomery
upheld Feb. 17 by the United States Supreme Court in a
five-to-two decision.
Justice Douglas wrote the opinion,
with Justice Roberts and Chief Justice Hughes dissenting.
Justice Stone took no part.
The New York "Times," in a
Washington press dispatch, had the following to say in con¬
The
with
decision
North
the
third
obtain
to
the
of
corporations.
Carolina annual tax
rooms
retail
present
It
17
Iowa,
understood
was
involved
in
the
that
the
States
about
have
$500,000
comparable
The
the State for
States
other
of
must
Roebuck &
retail
shipment
But
been
would
for
as
tax.
use
Iowa
is
State agent, regard¬
outside Iowa.
which the Iowa sales tax
on
similar
or
Iowa maintained that without the
paid.
have
advantage over local merchants,
an
stores
Co., Justice Douglas said,
and
also
orders
on
placed
paid taxes
who
the eompany refused
sales at its
on
those stores
at
made direct to the purchaser from
was
an
to collect the tax on
purchasers to out-of-the-State branches and
direct
the
levy.
pay a
Sears,
Iowa
if
even
the
out-of-the-State branch.
mail orders sent by Iowa
from
which the shipment was
the
to
buyers.
In a five-to-four decision the Iowa Supreme Court
upheld the mail order corporation.
The
mail
orders
part
are
Iowa's business,
of
Justice Douglas held
for
"The
that respondent could
fact
qualified
to
'impotence of
that
do
State
privilege, Iowa
benefits
business
can
flawing from
not be reached for
Iowa
in
power,' "
he
would
said.
exact this burden
its
Iowa
merely
"Since
as
business.
a
Iowa
the
be
if it
tax
result
a
has
were
the
of
extended
to
it
"Whatever may
filled,
Iowa
respondent's
that
of
avoid
that
solicited
or
otherwise the
urged by the Commission
pur¬
would thus
According to the Associated Press, Justice Frankfurter
that the case was "very different" from the Feb.|3
decision which upheld the application of the wage-hour
law to a lumber company which claimed to- do an intrastate
The Associated Press added:
"We had there to consider the full scope of the constitutional power of
Congress under the
he explained.
clause,"
commerce
"This
case
Bunte
Brothers presents the narrow question of what Congress did, not what it
could do."
'■ ?
V,..:v '
j.
.
Justice
Frankfurter, in the majority decision in the Bunte
Brothers, Inc., case was supported by Justice Murphy,
also
a
Roosevelt
appointee; Chief Justice Hughes and
Justices Stone and Roberts.
"
>
•
The
was
dissenting opinion, written by Justice Douglas, who
joined by Justices Reed and Black, said:
competition
some
involves
not
only
an
offender
of the victims of the unfair methods of
in interstate commerce.
but also
a
victim.
competition are engaged
,The fact that the acts of the offender
are intra¬
state is immaterial.
The purpose of the Act is to protect interstate commerce against specified
So far
as
the jurisdiction of the Commission is concerned,
it is the existence of that injury to interstate commerce, not the interstate
intrastate character of the conduct causing the injury, which is important.
or
The Supreme Court decision of Feb. 3 upholding the
constitutionality of the wage-hour law, referred to by Justice
Frankfurter in the Bunte Brothers, Inc., case was banded
case of the F. W. Darby Lumber Co. of States-
down in the
boro, Ga., and the Opp Cotton Mills, Inc., of Opp, Ala.,
our Feb. 8 issue, page 918.
referred to in
A.
S.
A.
C.
may
rightly
of business
though
none
assume
in
of
that
Iowa.
they
They
respondent's
P.
Federal
Approves Consent Decree Terminating
Government's
are
are
not
none
agents
unrelated
the less
in
may
Iowa
a
to
part
actually
placed them."
Justice Roberts and Chief Justice Hughes thought the Iowa tax violated
commerce clause and Fourteenth Amendment of the Constitution.
The
the
principal opinion concerned Sears, Roebuck, the Montgomery Ward issue
being similar and decided with the same division in the court.
.
Anti-Trust
Suit—Music
Society and Broadcasters to Negotiate for Settle¬
ment of Dispute
^
The
Government's anti-trust suit against the
Society of Composers, Authors and Publishers was
adjusted on Feb. 19 when the organization's board of directors
accepted a consent decree, which provides for discontinuance
of the practices of which the Department of Justice com¬
plained. These charges were filed in Federal District Court
Federal
American
in Milwaukee
Feb.
Feb. 5
on
was
as
mentioned in these columns
8, page 917.
The Society's general membership on
Feb. 20 ratified the decree, which, it is said, requires the
reorganization of some of A. S. C. A. P.'s methods of opera¬
tion.
The following regarding the controversy between the
Society and the National Association of Broadcasters, which
was the reason for
the Federal Government's entering the
dispute, was reported in the New York "Sun" of Feb. 19:
As matters
Inc.,
now
stand, the next move will be up to Broadcast Music,
organization recently formed to provide
an
Both B. M, I.
a
musical outlet for the
and A. 8. C. A. P. recently were named in
anti-trust suits filed by the Department of Justice.
consent
decree
decree, which
was
Following A. 8. C. A. P.'s approval of
a
B. M. I. approved
a
become automatically effective when a similar
was to
approved by A. 8. C. A. P.
a consent
decree today, however,
spokesman for B. M. I. announced that, since the decrees approved by
A. 8. C. A. P. and B. M. I.
be inspiration for these mail orders, however they
source
business,
"should not find in Section 5 radia¬
on,
held
price of enjoying the full
Respondent cannot
burden, though its business is departmentalized.
be
"it has
FTC Act would be defeated.
broadcasters.
the court.
not
he added,
in matters heretofore left to local custom or local laws," he said.
there.
to
tangible personal property
there to collect the tax
use
have
mail order firms
tax
merely local activities,
give the Federal agency pervasive control over myriads of local businesses
on
issue.
Exemption is granted to property
taxes
competition
When Congress wished to protect inter¬
he held.
Supreme Court, he went
pose of the
$250
a
2%% tax
revenue
annual
of
whether the actual sale took place within or
less of
upset
court
doing business
levies
The tax requires the seller of every article of
sent into
power to
"the considered language of legislation"
tions beyond the obvious meaning of language," unless
that show samples in hotel
concerns
but sustained the Wisconsin
orders,
other
regarding State taxes
term
December
In
foreign
on
corporate dividends of non-Wisconsin firms
Besides
equal
decision:
the
was
out-of-the-State
on
normally conveyed its purpose explicitly.
types of injury.
The power of the State of Iowa to collect a 2% use tax
the mail order business of Sears, Roebuck & Co. and
on
nection
nor
and regulated
commerce
Unfair
Levy on Sales by Sears, Roebuck &
Held Valid—Ruling May Affect 17
Other
on
English
in interstate commerce,
t
Upholds Iowa's Mail Order Tax—2%
Co. Is
States
Court
Use
Commission
would describe such sales within a State as unfair methods of
Here
"
1 v.;Y
v.
and with this Justice Frankfurter agreed.
+■
Supreme
'
that,the Commission's activities could be enlarged to cover the case.
so
business.
by any foreign power.
interstate
unable to sell in the Illinois market
"The construction of Section 5
told that the bill embodying these features was defeated last year
because Japan might take offense.
using such methods in
were
The Circuit Court held that the section gave the
plant to oil-burning, and some recreation facilities; nothing else.
am
'
The
chance.
unfair competition against out-of-State
was
barred from
were
take" packages,
on
proceed only against business practices employed in interstate commerce,
breakwater and by
It also provides for bomb-proofing power plants, the communi¬
cation center and shelters for personnel, conversion of an old coal-burning
dredging.
power
who
and therefore
Neither ordinary
has numerous coral
Because Apra Harbor is open to wind and sea and
practice
depends
vainly asked the Second Circuit Court to construe Section 5 of the FTC
harbor of Apra with Navy planes.
water in some spots,
the
receives
purchaser
Accordingly, the FTC issued an order against Bunte Brothers and later
The reasons for Its presentation at this time are the same as they were
last year, with emphasis
the
amount
said that
commerce
Act
reconsideration.
a
the
which
Guam
defeated in the House by just a few votes I stated that I would be
were
Brothers, Inc., Chicago candy makers, who
The case concerned Bunte
sold in the Illinois market what the trade calls "break and
terms.:'.
entirely safety features, is again before your committee.
1941
we quote, in its reference to the decision, written
by Justice Frankfurter, a Roosevelt appointee, said:
manufacturers,
for Guam involving almost
modest request
very
our
22,
from which
FTC
Admiral Stark wrote:
fc,
Feb.
were
sent decree would be necessary
ance,
the
originally arranged.
as
two
decrees,
described
as
not identical, formal
approval of the
con¬
for B. M. I., rather than automatic accept¬
Whether
or not
numerous,
the technical differences in
would be sufficient to prevent
approval by B. M. I., the spokesman declined to hazard a guess.
Observers
were
B.M.I.
with,in
approve
the A.
a
inclined to believe that the decree would be approved by
few days, that the general meeting tomorrow night would
8.
C.
A.
P.
settlement would be begun in
board's
a
action
few days.
and that
The A.
negotiations for
a
S. C. A. P. decrees
specifies that broadcasters may buy the society's music on either a blanket
,
fee
or a
basis.
per program
It
was
A. 8. C. A. P.'s proposal that all music
be bought on a blanket fee, with the fee, in the cases of national networks,
United
States
Trade
Supreme Court Rules Against Federal
Commission
in
Intrastate
Practices
of Bunte
A
decision
Commission
limiting
the
from Feb.
powers
handed down
on
of
the
Federal
source
of origin, that started the controversy.
RFC Authorized
Brothers, Inc.
was
paid solely at the
Which
May Affect Interstate Business—Decision in Case
l!rr
to be
8,811 Loans Aggregating $3,440,215,968
19, 1938 to Feb. 17, 1941—7,042 of These
Loans.
Totaling $425,758,042 Were to Business and
National Defense Loans, Amounting to
$1,152,412,775
Trade
126
Feb. 17, when the United
States Supreme Court, in a 5-to-3 decision, held that the
Commission cannot police trade methods within a State,
Were
The Reconstruction Finance
Corporation announced on
lending, during February, 1938,
has authorized 8,811 loans aggregating
even
Feb. 19 that since it resumed
A
the
though the practices compete with interstate business.
Washington account Feb. 17 to the New York "Times,"
Corporation
Volume
The Commercial & Financial Chronicle
152
released by S.
$3,440,215,967.67.
Of
these
loans,
7,042,
aggregating
$425,758,041.80, were to business (exclusive of National
Defense loans), including $23,937,897.90 later taken up by
banks.
Banks participated in these business loans to the
extent of
$76,201,760.39, making
loans
business.
to
The Federal
total of $478,021,904.29
a
:
,
P. Lindsey Jr., Director of the Emergency
Crop and Feed Loan Section of the Farm Credit Administra¬
tion.
This compares with 139,452 loans made in 1939 for
$15,079,509, or an increase of 15.4% in the number of loans
and 29.1% in the amount, says the announcement made
public on Feb. 21 by the FCA which adds:
National
Mortgage Association has bought
52,111 FHA insured mortgages, aggregating $208,186,596.10,
and has commitments to buy 1,228 additional mortgages
aggregating $5,037,562.60.
It has authorized 14 large-scale
housing loans aggregating $5,650,500.
AUTHORIZATIONS
FROM
FEB.
19,
1938 TO
Number
■■
■"
;
of
1
;-;vLoans
Loans to open banks
n
Amount
Authorized
$612,007.43
134
68,410,569.17
110
2
17,322,384.18
1,432,891.91
10
...
of the
South, together with broadened activity in the Wenatchee-
Okanogan district in the Pacific northwest, was the chief factor in the greater
volume of loans made in 1940, the director pointed out.
made for short periods to small farmers
sources
Although these loans
are
feeding of livestock.
made only to farmers who cannot obtain ade¬
quate short term financing from regular
of them are being repaid,
credit sources, a high percentage
Mr. Lindsey pointed out.
As
an
idication of the active character of unpaid loans made in previous
last year of more than $3,000,000 on 1939
4
140,000,000.00
72
327,644,492.30
loans and about $1,328,000 on loans made in 1932
7,042
425,758,041.80
received
126
1,152,412,775.22
Purchase of stock—National Defense..
12
Loan to Export-Import Bank.
Loans to mortgage loan companies
20,000,000.00
25,000,000.00
27
Loans for National Defense
1
loans
1
for
financing
237,610,602.81
212,250,000.00
365,129,366 Canceled—$8,010,053,133 Disbursed for
Loans and Investments—$6,145,023,333 Repaid—
47,284,290.46
8
274
49,647,473.21
6,411,108.16
7
2
commodities
agricultural
127,000.00
5
1,167,250.00
200,000,000.00
175,000,000.00
preferred stock of
an
1
116
100,000.00
250,176,700.00
2
insurance company.
and subscriptions for preferred stock of banks..
Purchases of debentures of banks
21
1,771,400.00
572
52,272,465.34
8,811
$3,440,215,967.67
Purchases of securities from PWA...
'
Tentative Plans
for
Wheat
Referendum
Quota
Announced by AAA
Tentative plans for
holding a national marketing quota
wheat growers on May 31 have been
approved by Secretary of Agriculture Claude R. Wickard,
the Agricultural Adjustment Administration announced on
Feb. 20.
Although the marketing quota determination will
not be made until a later date, present estimates indicate
a 1941-42
supply of wheat in excess of the probable marketing
quota level, said the AAA which also states:
referendum
among
will
quota
become
effective
during the 1941-42 marketing
year
when
wheat
farmer,
announced
continue
will
and
unless opposed by more than one-third
the farmers voting in the referendum.
or
RFC Transactions with Railroads Itemized
or
Loans to Rural Electrification Administration
Loans to Secretary of Agriculture
The
Under the quota, a cooperating
In his
monthly report of operations of the Reconstruction
Finance
Corporation, Emil Schram, Chairman, announced
on
his carry-over wheat.
Wheat in excess of the
Jan,
In
commenting
on
the crop. |
on
law specified that
°
^
the planned referendum, R. M. Evans,
AAA Administrator said:
themselves
built up
in
the democratic way
decide for
how they want to handle the surplus
by military and economic blockades of
our
Agricultural
Adjustment/Act of 1938 went into operation, wheat growers have used the
program to stave
situation in
ready for
our
use
history.
The marketing quota is a part of that program,
when needed in
Wheat farmers
waste.
off the worst effects of the most depressing world wheat
emergency
During December loans to banks and trust companies (including
They proved that
in
in producing plenty without
1939 when they handled the
1938 surplus
problem by making the biggest acreage reduction ever effected in a single
The National Defense emergency, however, has made it advisable to
year.
maintain the acreage allotment at a level
fied under normal conditions.
higher than would have been justi¬
Although war, military blockades and
conjj
quest of many of our wheat customers have combined to wipe out virtually
level
all exports, the 1941 allotment was maintained at the same
preceding
year
$8,078,186
as
in the
was
disbursed
this amount $514,589,009 has been
to borrowers
is
safety measure possible because it
provides wheat growers with machinery like the wheat loan and the market¬
and
trust
surplus of the size
mean
very
we
will have during the coming marketing year would
low prices for the farmer.
From the AAA announcement
Under the
we
also quote:
marketing quota provisions of the Act,
a
marketing quot*
proclamation is mandatory whenever it appears, by May 15, that the total
supply of wheat for the next marketing year will exceed a normal year's
domestic consumption
and exports by more than 35%.
The 1941 winter wheat crop was
633,000,000
bushels.
385,000,000 bushels.
crop
The
current
estimate for the July
1,200,000,000 bushels.
1
carryover
is
1941-42 supply of wheat would total about
The 1940 marketing quota level was 1,023,000,000
bushels.
No
marketing quota has previously been proclaimed for wheat.
Cotton.
17 marketing
Agricultural Adjustment Act of 1938. Cotton
have approved quotas for all crops since 1938.
One quota was
quota referendums under the
proclaimed for rice in 1938 but was voted down.
have been held for various types
have been approved.
were
Twelve quota referendums
of tobacco since 1938, and all but three
In the 1940 tobacco referendums three-year quotas
•'>. .: '•
approved.
Dec. 31, 1940,
'
Emergency Crop and Feed Loans in 1940 Above Previous
Year, FCA Reports—Totaled $19,470,625
nearly 161,000 emergency crop and feed
$19,470,625, according to figures
loans in 1940 for a total of
purchase preferred stock
of $100,430,000, including $100,-
Bank of Washington. Through
authorizations have been made for the purchase of preferred
stock, capital notes and debentures
of 6,799 banks and trust companies
preferred stock,
authorized in the amount
secured by preferred stock, a total authorization for
of $53,111,026 to be
capital notes and debentures of 6,871 banks and trust
companies of $1,544,502,689.
$173,847,982 of this has been withdrawn
conditions of au¬
$127,469,500 remains available to the banks when
and
thorizations
have
been
met.
depositors of closed banks were
$170,010, $46,967 was canceled, $8,078,186 was
During December, loans for distribution to
increased in the amount of
disbursed and $2,153,426 was
repaid.
Through Dec. 31, 1940, loans have
closed banks ag¬
$337,043,248 of this amount has been with¬
$1,032,190,disbursed and $962,187,721 approximately 93% has been
authorized for distribution to depositors of 2,778
gregating
$1,388,624,716.
$19,390,606 remains available to the borrowers.
drawn and
has
been
v
-
$118,736 was disbursed against authorizations to
levee and irrigation districts.
Through Dec. 31, 1940,
loans have been authorized to refinance 654 drainage, levee and irrigation
districts aggregating $140,861,808, of which $45,769,591 has been with¬
drawn; $4,241,854 remains available to the borrowers and $90,850,363
has been disbursed.
N
Under the provisions of Section 5 (d), which was added to the Recon¬
struction Finance Corporation Act June 19, 1934 and amended April 13,
During
December,
finance drainage,
aggregating $1,590,546 were authorized during
authorizations in the amount of $786,196 were canceled or
Through Dec. 31, 1940, including loans to the fishing in¬
December, and
withdrawn.
dustry, to banks
and to mortgage loan companies to assist business and
with the National Recovery Administration pro¬
industry in cooperation
authorized 7,597 loans for the benefit of industry
Of this amount $99,419,234 has been with¬
drawn
and $130,949,285 remains available
to the borrowers.
In ad¬
dition, the Corporation agreed to purchase participations amounting to
$704,150 in loans to 16 businesses during December and similar authoriza¬
tions aggregating $1,739,263 were withdrawn.
Through Dec. 31, 1940,
the Corporation has authorized or has agreed to the purchase of participa¬
tions aggregating $120,938,986 of 1,886 businesses, $53,254,870 of which
gram,
has
the Corporation has
$449,856,643.
been withdrawn
and $47,053,372 remains available.
authorized to
Projects. Disbursements amounted
to $536,500 and repayments amounted to $318,000.
Through Dec. 31,
1940, 389 loans have been authorized on Self-Liquidating Projects ag¬
gregating $630,797,576.
$46,686,143 of this amount has been withdrawn
and $121,964,975 remains available to the borrowers.
$462,146,458 has
been disbursed and $419,224,012 has been repaid.
During December, 6
Public
Farmers obtained
Only $6,540,777
$5,901,538 from one mortgage
company.
aggregating
rice, and tobacco farmers, however, have voted in a total of
farmers
Of
1938, 27 loans to industry,
estimated in the December crop report at
If these estimates materialize and if the spring wheat
is of average size, the
$2,600,880,353.
has been repaid.
000,000 preferred stock of the Export-Import
862
experience in the early 1930's that an uncontrolled
Through
withdrawn, $19,390,606 remains available
Of this latter amount
approximately 94%
repaid.
America plenty of food.
those in
and $2,066,900,738 has been disbursed.
and debentures of 5 banks in the amount
incomes while insuring
our
$2,327,838 was repaid.
owing by open banks and that inludes
ing quota to handle reserves of surplus proportions and to protect their
We know from
and
(including those in receivership) aggregating
panies
been
in order to build up our reserves for any eventuality.
The AAA farm program makes such a
The
1940, loans have been authorized to 7,540 banks and trust com¬
aggregating $1,491,391,663 and 1,123 loans were
situations.
and will work together
can
the
liquidation) were increased in the amount of $170,010, $46,967 was can¬
During December, authorizations were made to
world markets.
Since 1939 when the new wheat program authorized by the
(approximately 77%).
repayments of $6,145,023,333
Chairman's report continued:
$1,943,232,633,
The referendum will give wheat producers the opportunity to
of
capital notes and debentures.
During December, $33,301,546 was disbursed foi loans
and investments and $19,477,051 was repaid, making total
disbursements through Dec. 31, 1940 of $8,010,053,133 and
Dec. 31,
quota is proclaimed and disapproved, the
commitments
making total cancellations and withdrawals of $2,365,129,A total of $1,441,845,061 remains available to bor¬
rowers and
to banks in the purchase of preferred stock,
celed,
a
and
366.
under seal.
If
authorizations
that
in the recovery program during December
amounted to $222,825,876, recissious of previous authoriza¬
tions and commitments amounted to $8,754,667, making
total authorizations through Dec. 31, 1940, and tentative
commitments outstanding at the end of the month of $15,055,866,281.
This latter amount includes a total of $1,501,798,638 authorized for other Governmental Agencies
and $1,800,000,000 for relief from* organization through
Dec. 31, 1940.
Authorizations aggregating $7,668,603 were
canceled or withdrawn during December, Mr. Schram said,
quota on an over-planted farm is subject to a penalty unless it is stored
government loans can be made
23
Corporation
who plants within his wheat acreage allotment, is free to
one
market all he produces plus
no
Repayments
Report of Operations of RFC Feb. 2, 1932 to Dec. 31,
1940—Loans
of
$15,055,866,281 Authorized—$2,-
livestock
on
1938.
206
Loans to the RFC Mortgage Company
Loans to drainage, levee and irrigation districts
Loans to public school districts
Loans
to
granted in 1931 and earlier totaled $322,000.
17,792,629.23
5,290,100.00
38
201-a,
Emergency Relief and Construction Act of 1932
Loans to public bodies under Section 5-d, as amended.
Commitments to Commodity Credit Corporation
on
loans
on
7
Loans for mining, milling or smelting of ores
Loan to self-liquidating
project
under Section
Loan
period
of the amount loaned has been collected.
years, farmers made repayments
Loans to Federal National Mortgage Associations
Loans to railroads..
Other
Eighty nine percent
during which these loans have been made, 1918-1940, approximately 70%
4,721,786.45
.........i..
Loans to Joint Stock Land Banks
Loans to business
These loans are
who cannot obtain loans from other
for the production of crops or the
of the amount loaned in 1939 has been repaid, and over the entire
Loans to aid in the reorganization or liquidation of closed
banks
Loans to building and loan associations..
Loans to insurance companies
The early launching of the loan program in the storm and flood affected
areas
1941, INCLUSIVE
17,
FEB.
r.•
•
1217
loans in the amount of $942,000 were
Agencies for Self-Liquidating
'
The Commercial & Financial Chronicle
1218
During December the Corporation purchased from the Public Works
Administration 3 blocks (3 issues) of securities having a par value of $1,001,-
premium of $9,956.
at a
having
The Corporation also collected maturing PWA
of $177,990.
value
par
Through
Dec.
31,
1940,
the
Corporation has purchased from the Public Works Administration, Federal
Works
Agency
(formerly
Emergency
Federal
Administration
of
Public
Feb. 24, 1938,
The loans authorized and authorizations canceled or with¬
drawn for each railroad, together with the amount disbursed
and
to
repaid by each,
are
shown in the following table
(as of Dec. 31, 1940), contained in the report:
Authorizations
Works) 4,185 blocks (3,116 issues) of securities having par value of $677,-
237,498.
Of this
sold at
were
a
$139,415,962
having
securities
amount,
premium of $14,092,584
still
are
held.
In
value
par
or
Authorized
sold at
a
later date, such part of
as
se¬
the Administration
position to deliver from time to time.
listed
report
Alton RR. Co.
Ann Arbor RR. Co. (receivers)
Disbursements
Loans under Section 5:
$
Repayments
$
State funds for insurance of deposits of public
moneys
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
-
Livestock Credit corporations
Federal Intermediate Credit banks
Agricultural Credit corporations
Fishing industry
Credit unions
600,095.79
cessing tax
14,718.06
Total loans under Section 5
to
Secretary
of
to
public school
salaries
authorities for
and
for
5,599,953.83
665,008.81
589,021.21
14,718.06
90,850,363.04
3,300,000.00
7,389,550.59
7,684,937
535,800
141,697
(Atlantic Coast Line and Louis¬
ville & Nashville, lessees)
—d 18,300,000
4,150,000
14.150.000
14,156.000
3,124,319
220.692
464.299
464,299
Ohio Ry
Central of Georgia Ry. Co...—
462,146,457.85
—
22,309,000.00
419,224,012.22
Loans for repair and reconstruction of property
damaged by earthquake, fire, tornado, flood
Charles City Western Ry. Co—
Chicago & Eastern Illinois Ry. Co
12,003,055.32
5,016,871.64
surpluses in foreign markets
Loans to business enterprises
47,298,877.12
233,582,696.01
38,707,398.39
25,000,000.00
48,058,798.63
6,490,409.40
Loans to Ex port-Import Bank
Loans on and purchases of assets of closed banks.
Loans to mining businesses
47,251,981.13
106,157,979.57
320,797.34
Loans to finance the carrying and orderly market¬
ing of agricultural commodities and livestock:
Commodity Credit Corporation
767,716,962.21
19,644,491.78
Other
767,716,962.21
18,993,423.00
(trustee)
Purchase of stock of the Fed. Nat. Mtge. Assn..
Purchase of Stock-Metals Reserve Co
684,078,163.61
Chicago R. I. & Pac. Ry. Co
537
158,000
8,762.000
8,762,000
1,150.000
1,150.000
13.718.700
2,680,000
2,680.000
2,680,000
10.398,925
2,098,925
8.300.000
8,300.000
Colorado & Southern Ry. Co
30,123,900
60.000
Columbus & Greenville Ry. Co—
53.600
30,055,222
1,561,389
Del. Lackawanna & Western RR.
1,800.000
preferred
stock
$100,000
of
582.000
Erie RR. Co. (trustees)
Eureka Nevada Ry. Co
10,000,000
3,000
1,957,075
10,000,000
3,200,000
(receivers)
W.Ry.Co.(receivers)
Ft. Worth & Den. City Ry. Co
—
Galnsville Midland RR. Co
Galnsville Midl'd Ry.
1,867.075
751*075
227.434
10,000
8,795.500
8,780.422
Administration,
546.000
Georgia & Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co
125,422,400
Green County RR. Co
;
13,915
Gulf Mobile & Northern RR. Co.
520.000
Gulf Mobile & North. RR. Co.
Land
Commissioner
145,000,000.00
2,600,000.00
55,000,000.00
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to farmers.
...
Federal Housing Administrator:
To create mutual mortgage insurance fund..
For other purposes
Sec. of Agricul. for crop loans to farmers (net).
Sec. of Agricul.—Rural rehabilitation loans
RR.
Mobile & Ohio RR.
785,000
785,000
1,070.599
25,000
1,070.599
1,070,599
South, RR. Co. (receivers).
Northern Pacific Ry. Co
— _
222
7,700,000
42,000
5,000.000
29,500,000
5,000.000
5,009.000
28.900.000
600,000
28,900.000
3,000.000
3,000.000
17,000
15,000
9,045,207
4,975,207
300.000
300.000
7.995.175
117,750
2,805.175
18,672,250
18,672.250
200.000
200,000
400.000
65,000
215,000
52,000
1,235.000
162,600
162.600
"64,666
6.320,000
44,000.000
624,000
100.000
173,700
2,0~3~5",666
2,035,000
24,200.000
32,241,000
5,332,700
500,000
50,905.000
100,000
1,200,000
100,000
766",000
108,740
30,000
45,000
30,000
30,000
39,000
39,000
452.000
6,000
4,366,000
25,973,383
4,366,000
210,080
10,241,800
1,403,000
(trustees). 13,502,922
13,502.922
3,612,379
The Utah Idaho Cent. RR. Corp.
Wabash Ry. Co. (receivers)
Wichita Falls & Southern RR.Co.
452,000
25,981,583
8~200
750,000
400,000
750.000
22,525
22,525
Wrlghtsvllle & Tennllle RR
3,108,278.64
919,360
743.000
Tuckerton RR. Co
44,500,000.00
18,200,000
7,699.778
743,000
5,332,700
108,740
Western Pac. RR. Co.
36,499"000
18,200,000
51,405.000
Western Pacific RR. Co
Since May 26, 1933
25.000
36,499.000
18,200.000
Texas-South-Eastern RR. Co
(incl. $39,500,000
99,200
99,200
99,200
785.000
Co.(receivers)
Tennessee Central Ry. Co
Texas Okla. & Eastern RR. Co—
40,500,000.00
97,000,000.00
24,000,000.00
Expenses—Prior to May 27, 1933.
•
22,525
14,405,852.92
Administrative
Totals
116,186.58
Administrative expense—1932 relief..
126,871.85
146,500,000.00
2,425.46
Total allocations to governmental agencies... .1,123,784,570.79
2,425.46
Rural Electrification Administration
For relief—To States directly by Corporation...
To States on certification of Federal Relief
Administrator
Under Emergency Appropriation Act—1935...
Under Emergency Relief Appropriation Act,
1935
*
*n
299,984,999.00
Includes two guarantees
of interest.
Marie Ry. Co. (The 800 Line)
guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went Into bankruptcy, we
due
on
the loan to the Canadian Pacific, receiving
period of 10 years, $700,000
of which matured and has been paid.
17,159,232.30
a
$5,000,000 guarantee; In addition the Corporation also
Includes $320,000 guarantee by the corporation of
securities sold by
the sale, $64,000 of the $320,000 has been repaid by the
17,161,657.76
t.
Since
railroad, thus reducing the
Corporation's liability under the guarantee.
d Includes
10,966,999,188.74 6,162,184,990.70
guaranteed
the payment of interest.
c
33,177,419.82
...2,956,946,055.33
sold the balance
$662,245.50 In cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, maturing over a
notes issued for funds for allocations
and relief advances
317,400,715
(one of which has been canceled);
secured by its bonds, the interest on which was
b Includes
Grand total
of $350,000 each
The loan to Minneapolis St. Paul & Sault Ste.
a
al7,159,232.30
499,999,065.72
500,000,000.00
1,799,984,064.72
Total allocations and relief
916,424,717 111,688,756 786,604,805
addition the Corporation also guaranteed the payment
was
500,000,000.00
Total for relief
on
100,000
2,309,760
23,134,800
Sumpter Valley Ry. Co
pro¬
a6,843,082
100,000
5.124,000
Texas & Pacific Ry. Co
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock
held In revolving fund)
6,843.082
100,000
5,124,000
23,134,800
Co.
Southern Ry. Co
25,000,000.00
duction credit corporations
800.000
985.000
10,000,000.00
115,000,000.00
Governor of the Farm Credit Administration for
Interest
744,252
Sand Springs Ry. Co
162,600
Seaboard Air L. Ry. Co. (rec'rs)c c6,640.000
Southern Pacific Co
45,200,000
3,000,000.00
capital for
50,000
2,729,252
6,843,082
73,186,380.80
i
Parm tenant loans
provide
2,550.000
800.000
3,000,000
17,000
9,045,207
300.000
St. I/OUis-San Fran. Ry. Co
7,995,175
St. Louis-Southwestern Ry. Co.- 18,790.000
Salt Lake & Utah RR. Co. (rec'rs)
200,000
Salt Lake & Utah RR. Corp
400.000
Savannah
Atlanta Ry. Co
1,300,000
200,000,000.00
124,741,000.00
Farmers.
to
400.000
2,550.000
Pere Marquette Ry. Co
Pioneer & Fayette RR—
Pittsburgh & W. Va. Ry. Co—_
Puget Sound & Cascade Ry. Co.
for loans to:
revolving fund
2,500,000
197,000
524,831,236.30
agencies under pro¬
Bank)
350,000
3,000
N. Y. Chic. & St. L. RR. Co._—
N. Y.N. H. & Hartford RR.Co.
visions of existing statutes:
(now
8,517.500
Murfreesboro-Nashville Ry. Co—
New York Central RR. Co
_.b41,499.000
Secretary of the Treasury to purchase:
Loan
1,112,000
9,278,000
200,000
Pennsylvania RR. Co
Farm
48,511,000
1,112.000
800.000
Maryland & Penna. RR. Co
655,000
22,667
2,550,000
695,938,044.98
Capital stock of Home Owners' Loan Corp..
Capital stock of Federal Home Loan banks.
520,000
1,060", 000
*3,200,000
Mobile & Ohio RR. Co
640,552,546.16
26,000,000
13,915
26,000,000
9,500,000
1,112,000
10,278,000
Missouri Southern RR. Co
8,010,053,133.41 6,145,023,332.94
to Governmental
13,915
520,000
56,095,667
Kansas City Southern Ry. Co.—
Norf
Allocations
546.000
354.721
99,422,400
9,500.000
11,859,881.37
Agency, security transactions
12,000
l.i'eTooo
Gulf Mobile & Ohio RR. Co. and
Missouri Pacific RR. Co
Works
Total
78",666
3.18~3~666
10^539
10,539
3,183.000
34,475.000.00
Federal
15,000
78,000
—
1,326,660,206.56
Works
90,000
15,000
(receivers)
Minn. St. P.&S.S.Marie Ry. Co.
for
Total
Public
3,000
227,434
Galv. Houston & Hend. RR. Co.
(trustee)
Insurance
disbursed
71.300
3,182,150
16.582,000
Meridian & BIgbee River Ry. Co.
11,000,000.00
5,000,000.00
stock)
1,800.000
3,182,150
16.582,000
Missouri-Kansas-Texas
by
500,000
Erie RR. Co
Mississippi Export RR. Co
(including
155,000
8.081.000
1.800.000
219,000
Denver & Rio Grande W.RR.Co.
5,000,000.00
1,000,000.00
secured
"53.566
5,100.000
5,100,000
2,000,000.00
companies
53". 500
8.300,000
Purchase of Stock-Defense Plant Corp
Purchase of .Stock-Defense Supplies Corp
the purchase of preferred
60,000
53,500
Purchase of Stock-Rubber Reserve Co
Loans
150,000
11,500.000
13,718,700
Chic. No. Shore & Milw. RR. Co.
Chic.R.I.& Pae.Ry.Co. (trustees)
Cincinnati Union Terminal Co—
Maine Central RR. Co
122.27 repaid on loans secured by pref. stock) ..1,243,185,206.56
Purchase of stock of the RFC Mortgage Co.....
25.000,000.00
838
150,000
500,000
Litchfield & Madison Ry. Co
Louisiana & Arkansas Ry. Co
of preferred stock, capital notes and
debentures of banks and trust companies (In¬
cluding $45,449,300.76 disbursed and $13,294,-
4,338,000
1,289.000
12,000.000
Lehigh Valley RR. Co
Purchase
46,588" 133
Chic. Milw. St.P. & Pac. RR. Co.
Illinois Central RR. Co
pref.stock.6,042,840,380.69 4,924,254,051.66
155.632
8,920,000
Co.
Galveston Terminal Ry. Co
44/717,445.31
2,613,696.95
1,000
150.000
Fredericksburg & North. Ry. Co.
Loans for National defense
59.000
5,916,500
4,933,000
Chicago & North Western RR. Co 46.589,133
Chicago Great Western Ry Co..
1.289,000
Fla. E. Coast Ry. Co.
Loans to aid In financing the sale of agricultural
140,000
140.000
5,916,500
Chicago & Eastern 111. RR. Co..
Ft.Smith &
and other catastrophes
35,761
500.000
(trustees)
Loans to aid in financing self-liquidating construc¬
tion projects
Total loans,excl.of loans secured by
3,124,319
Central RR. Co. of N. J
Denver & Salt Lake West.RR.Co.
22,865,175.00
12,228.220
41,300
47.877.937
Carolina Cllnchfield <fc
payment
refinancing out¬
standing indebtedness
.
41.300
13,200
Chic. Milw. St.P. & Pac. RR
9,250,000.00
400.000
95,343.400
53,960
Denver & Rio Grande W.RR.Co.
3,300,000.00
teachers'
400.000
14.600
549.000
Copper Range RR. Co
cotton
of
634.757
47,877,937
53.960
Buffalo Union-Carolina RR
Carlton & Coast RR. Co
12,971,598.69
purchase
Loans for refinancing drainage, levee and Irriga¬
tion districts
Loans
1,133,410
634,757
41.300
Boston & Maine RR
Chic. Gt. West. RR. Co. (trustee)
4, 265,175,695.94 3,479,242,331.70
Agriculture to
90.000
2,500.000
400.000
(note) 95.358.000
13,064,631.18
Processors or distributors for payment of pro¬
Loans
—
Birmingham & So'eastern RR.Co.
Banks and trust companies (incl.
receivers).-.2,018,841,939.79 1,898,515,187.24
Railroads (including receivers)
786,604,805.16 *312,600,714.76
Mortgage loan companies
618,967,641 72
438,103,034 57
Federal Land banks
387,236,000.00
387,236,000.00
Regional Agricultural Credit corporations
173,243,640.72
173,243,640.72
Building and loan associations (lncl. receivers).
122,657,241.60
118,389,062.96
Insurance companies
90,693,209.81
87,598,207.22
Joint Stock Land banks
24,666,880.20
21,401,552.45
$
127.000
275.000
634.757
Corp.
Ala. Tenn. & Northern RR
Repaid
%
127.000
127.000
275.000
2,500,000
Aberdeen &. Rockflsh RR. Co—
Ashley Drew & Northern Ry. Co.
follows disbursements and repay¬
from Feb. 2, 1932, to Dee. 31, 1940:
as
ments for all purposes
Disbursed
$
Baltimore & Ohio RR. Co.
The
or
Withdrawn
Securities having a par value of
curities having an aggregate par value of $81,189,150
a
Canceled
$505,992,621
addition, the Corporation has agreed to
purchase, to be held and collected
is in
of
mi
22,
thereon, pursuant to provisions of an Act (Public No. 342) approved
Interest paid
000 and sold securities previously purchased having a par value of $601,900
securities
Feb.
an
agreement
by which the Corporation may be
required, or may
sold by It
elect, to repurchase at any time prior to maturity, $4,150,000 securities
(now canceled).
*
Does not include $4,800,000 represented by notes of the Canadian Pacific Ry.
Co., which were accepted in payment of the balance due on loan made to the Min¬
neapolis St. Paul & Sault Ste. Marie Ry. Co.
a
In addition to the repayments of funds disbursed for relief under the Bmergency
Relief and Construction Act of 1932, the Corporation's notes have been canceled
In the amount of $2,728,286 823.03 on account of amounts disbursed for allocations
to
other governmental
agencies and for relief by
direction of Congress and the
In addition to the above loans authorized the
Corporation
approved, in principle, loans in the amount of $337,718,909 upon the performance of specified conditions.
Of
this amount $295,360,734 has been canceled, leaving $42,358,175 outstanding at the end of the month.
has
Volume
Value While
rich
grow
Imports Increased 15%
those for
for finished
goods for war purposes, exports of American farm products
during 1940 show a decline of 21 % in value compared with
1939, the Office of Foreign Agricultural Relations, U. S.
Department of Agriculture, said on Feb. 13 in a special
report.
Agricultural imports, on the other hand, show an
increase of about 15% in value. The increase, however, was
confined almost entirely to products such as rubber, not
produced in the United States but needed for National
Defense purposes. The announcement relating to the report
and credit
and
"People indulging in these practices are of the stripe described by Presi¬
Roosevelt
dent
needed abroad,
badly
were
but
1920-30—80
Prior to
Total
needs.
war
year
'
extension of the blockade
were
on
of U.
agricultural
exports
were
There
were
of the normally
During those six months
valued at
large reductions during the last six months of 1940 in
the total net decline in the value of all
000,000.
In the
same
With respect to
agricultural exports
was over
This
was
all
Total imports of complementary products during
1940
were
total value of the imports in 1940 amounted to
wool,
$543,000,000 compared with
However, increased purchases during 1940 of such
$526,000,000 in 1939.
hides
and
skins,
vegetable oils and oilseeds were
almost entirely offset by decreases in imports
of such items as sugar, cheese,
Department of Agriculture Extends Food Stamp Plan
to
Batavia, N. Y.
The population of Genesee
44,481.
estimated that there are
1,270
cases,
rials,
stamps
for
use
in
h
3.
a
market
wider
for his surplus crops and at
a
make
Price
our
market—are
Needed
for
Defense
Production—
Stabilization Division of Defense Commission Acts
to
Curb
prices for second-hand machine
required for defense production was issued on Feb. 17
by Leon Henderson, head of the Price Stabilization Division
of the National Defense Advisory Commission.
In an¬
nouncing this order, Mr. Henderson said that it was the
first of a series in a new program which will be extended
where necessary to assert the "full force of the Government,
including the power of commandeering and requisitioning"
in order to "protect the public interest against those seeking
to profit exorbitantly on defense requirements."
The follow¬
ing concerning the order, which becomes effective March 1,
was reported in a Washington dispatch of Feb.
17 to the
tools
New York "Times":
Mr. Henderson, in letters to
which will
be
to
'.v....y
War or the Secretary of Navy.
hi
Produce 1,500 Military Planes a
facturers Have "Done
the Impossible"
be turning out
middle of the current
year,—a task which but a few months ago appeared to be an
utter impossibility—Col. John H. Jouett, President of the
aircraft
American
will
manufacturers
1,500 military airplanes a month by the
Aeronautical Chamber of
Feb. 16 in
on
a
Commerce of America, declared
radio address in New York.
He added that
American combat plane types now being delivered
army and navy are provided with armor, leak-proof
all leading
our
fuel tanks and fire power
unsurpassed by planes operating
European war theatre.
Appearing on the "Wings
Over America" program, which was broadcast from station
WEAF of the National Broadcasting Co., Colonel Jouett
the
in
will continue to rise at an
plant facilities, planned by the
said that the production curve
ever-accelerating
pace as new
industry
months
many
continued:
an
industry.
come
ago,
into
operation.
He
;
The aircraft manufacturers
have been given the biggest
job ever handed
This job is to build 37,000 military airplanes for the United
Last fall a production goal of 1,000 military planes in
States and Britain.
the month of January,
was
set
ment
and that sales "may and should be
officials. This figure
belief that that goal was far too
facilities. Last December a high Govern¬
the industry would fail to meet its goal by
1941, was set by Government
despite the industry's sincere
official
estimated that
30%.
of this schedule is to establish fair price standards
enable the great bulk of industry to co-operate with the Govern¬
unusual
likely to have a substantial impact on the
submitted to the Director of Purchases on request to
by Mid-1941, Says Colonel Jouett—Head of
Aeronautical Chamber of Commerce Says Manu¬
machine tool dealers and to industry generally
He added:
"The underlying purpose
Other important
made.
are
optimistic considering available
said that the price ceiling was generous
made below it."
shall be submitted to the Director
awards
Month
to
Profiteers
A schedule of maximum
production, will give such advice and
purchase—such, for example, as those involving
Aircraft Industry Will
Actual
is expected to begin in about
i
Tools
>..V',*'. '■ V
procurement pro¬
will facilitate efficient procurement.
v?; y.\
This gives the farmer
''Ceiling" Set by Government for Second -Hand
as
before
clearance
certain
procurement problems, or those
the same time adds needed
issue of Jan. 4, page 42.
Machine
for
-hi
.;,v
specifications, and, on highly technical items
All contracts for $500,000 or more
Purchases
of
Director
be acquired together with delivery
review
will
Purchases
recommendations
the Secretary of
Previous reference to the extension of the Stamp Plan was
made in
such
proposals for
to receive free blue
V:
month.
of
cooperation with the division of
in
rep¬
health-giving foods to the diets of families receiving public aid.
operation of the program in the Baravia area
Director
The
cedures, methods, policies and
By means of the Stamp Plan, price-depressing farm surpluses are moved
through regular trade channels to families on relief.
Departments will continue to furnish the
schedules and specifications.
'-.'h,;•
,
purchase of defense materials,
Navy Departments and the chiefs of all purchasing
Director of Purchases.
and
of Purchases information as to items to
obtaining specially designated surplus commodities to
^
Departments on procurement and procurement
To facilitate efficient procurement of such mate¬
The War and Navy
2.
opportunity to buy orange colored stamps at rates
supplement their supplies.
the War
of the OPM
defense orders and contracts and
branches will cooperate with the
4.
approximating their regular food expenditures, and
the placing of major
articles and equipment.
of stamp distribution to be used in the area, eligible
families will be given the
is to constitute that part
of Purchases
Division
The
planning aspects of their schedules for the
participate in the Food Stamp Plan.
plan
of the Division of Purchases
Management,
14
advises the War and Navy
County, including Batavia, according to the
It is
Production
of
which coordinates
resenting 2,970 persons, receiving public assistance in the area and eligible
the
the South.
Office
the
1.
Secretary of Agriculture Claude R. Wickard announced
on Feb. 13 that the Food Stamp Plan for distributing surplus
agricultural commodities will be extended to Baravia, New
York, and the rest of Genesee County.
Selection of the
Batavia area followed conferences between representatives of
the Surplus Marketing Asministration of the Department of
Agriculture and local public officials, welfare officials, and
business and banking interests will be concerned with the
operation of the program, the announcement said, adding:
Under
build and
Navy will continue to initiate and execute contracts as in
the past and will have final responsibility for defense material
specifications and for fixing specific delivery dates on needed
items.
Terms of the new arrangement provide:
beef and flaxseed.
to
owner
would
Indies,
announced on
substantially improved methods of handling pur¬
chases in the defense program.
Under the new policy,
which had the approval of the OPM and the Armv and
Navy Departments, working arrangements between the
services and the division were clarified.
The Army and
Feb.
United States farm production, the
of products supplementing
is
Maatschappij,
East
Donald M. Nelson, Director
$592,000,000 in 1939, the increase
of
1940 census,
He also revealed that the Netherlands firm of
Changes in Handling of Defense Purchases Announced
by Director Nelson—Clarifies Working Arrange¬
ments Between Army and Navy and
OPM Division
particularly true
"complementary products," or products now grown in the
as
magnesium
in
beans.
commodities
a
will be
being due almost entirely to increased imports of rubber, cocoa and cacao
case
^eb. 19
Corporation
Plnance
construction of
the
agricultural imports, the report indicates that the National
valued at $743,000,000 compared with
In the
for
of tin mines in the
operate a tin
in the United States. The total cost for the smelter
between $2,500,000 and $4,000,000 and it will be
smelter
$220,-
V'-V:
of the agricultural products normally imported.
United States.
Reconstruction
the
loans
Billiton
V.
Netherlands
six-month period, exports of non-agricultural products
Defense program increased the demand in the United States for almost
of the so-called
extend
N.
The
roughly only $15,000,000, whereas
increased by 31%.
Build
located
milk, rice, stearin and fatty acids, tallow and fresh grapes.
was
whereby
15,000 tons.
Substantial increases took place in this period in exports such as evap¬
items, however,
Will
Firm
plant and a tin smelter. Mr. Jones said that the RFC had
agreed to lend $9,250,000 to Henry Kaiser of the Permanente
Co. for the construction of a magnesium plant near San
Francisco which will have an annual capacity of about
only $166,000,000
important farm exports, including raw cotton, fruits,
net increase in these
Magnesium
of
Construction
for
Operate Smelter in United States
would
tobacco, grains and flour, pork and lard, and cake and meal.
orated
Price Stabilization
Smelter—Dutch
Tin
and
plans
much
compared with $387,000,000 in the corresponding period of 1939, a decline
of 57%.
the
to
Federal Loan Administrator Jones announced on
shipping to the British market.
picture than do the full-year figures.
S.
and
large-scale attacks on the United Kingdom which
exports
appeals
Funds
Loan
to
Plant
Italy's
The export situation during the last six months of 1940 presents a
bleaker
for
made
urged to communicate with the Division.
RFC
Among
European continent,
the
stocks in hand and monthly on sales
on
is
Most of this decline took
given for marked reduction in exports during the last half of the
added greatly to the difficulty of
^all
weekly
modify operation of the schedule in cases of "hardship or
agricultural exports during 1940 were valued at $517,-
entrance into the war, and
second-hand tools to report to the Govern¬
and prices.
Division to
inequity."
Persons having evidence of "the demand or the receipt of prices above
the limitations or of speculation, manipulation of prices, or hoarding,"
of shipping
place during the last six months of 1940, according to the report.
reasons
60%.
and
1920—70 and 50%.
Provision
were
American
under the schedule
follows:
set
were
90% of current prices; others 70%.
1930-35—Guaranteed rebuilt,
difficulties, and the urgent need for conserving foreign exchange
000,000 compared with $655,000,000 in 1939.
tools
according to period of manufacture and quality as
foreign con¬
unable to purchase in normal quantities because
profiteer where it hurts him most."
second-hand
for
prices
The order requires dealers in
products
"We propose to maintain the eagle's
nests", he asserted.
full power of flight and clip the
Maximum
American eagle's wings
individuals who would clip the
as
to feather their own
shipping for purchase and transportation of products such as airplanes
and other
weakening defense efforts."
and consequently
ment
American farm
second-hand tools exceeded
machine tool price structure,
he said, prices asked for
"thus threatening the entire
new ones,
stimulating disastrous inflation, placing undue burdens upon Government
further said:
were
the defense program."
on
In many instances,
Because of the greatly increased demand abroad
stability and to single out those who wish to,
in maintaining price
ment
European War Cuts Exports of U. S. Crops, But Expands
Agricultural Imports—Exports Declined 21% in
sumers
1219
The Commercial & Financial Chronicle
152
But it
gives me great satisfaction to announce
has done the
impossible asked of it.
around 700; in December,
that the aircraft industry
Plane production in November was
800; in January, 1941, over 1,000.
The Commercial & Financial Chronicle
1220
industry has more than doubled its productive floor
since the current emergency began, Colonel Jouett
declared, and will have quadrupled it by the middle of the
present year when the 1,500 planes-a-month point of the
ever-increasing production curve will have been reached.
We had 36,000 shop employees when the war started; we
employment.
have 180,000 now, and expect to have more than
this year, more than a
380,000 by early fall of
our
people to build from 11,000 to 15,000 more planes for the United
States air services and about 12,000 more planes for the
will
we
never
allow quantity demands to reduce
British.
And
we
the quality of the equipment
Competent authorities daily declare that United States-
building.
are
the critical list.
on
priority ratings for all raw materials,
built warplanes are the equal or superior of any
below the first subcontractor, over items not on
for extensions or ratings
the critical list and over
the general field of civilian and commercial
will lie with the priorities
needs
division .J
says that the "Priorities Division will
imposition of priorities wherever such im¬
The bulletin also
In addition to the present
is by no means told.
37,000 plane program, negotiations are approaching completion which will
call for
priority ratings down to the first sub-contractor for items
the extension of
10-fold increase within two years.
But the whole story
guns*
arises through mutual agreement between the
board and his division, Mr. Stettinius stated.
The board will also handle
expanded as the need
be
On the other hand, authority over
task the Industry has accomplished is
1941
The list may
exercised in the past.
tanks, airplanes and ammunition, as
He added:
Another gauge of the herculean
22,
Navy Board will have control over all such items as
The Army and
The
space
Feb.
seek to avoid the
position would needlessly conflict with civil and private
activity, and, in so far as possible, action will be withheld
until an actual shortage in connection with defense is im¬
minent."
^
built anywhere.
We intend to maintain that superiority throughout this emergency and
keep abreast of all other powers when this war is finished.
mjot
H Aircraft Co. Plant in Long Island City
Strike at B
Long Island City plant of the B H Aircraft
called yesterday (Feb. 21) by the Aircraft Division
of the C. I. O. United Automobile Workers and a picket line
A strike at the
Co.
Nine-Man
Planning
Board
Division—H.
Production
Created to Advise OPM
L.
Hopkins Is One of
Members
nine-man Production Planning Board
Washington on Feb. 20 by John D.
Biggers, Director of the Production Division of the Office
of|Production Management. Among those appointed to this
Board, which has representatives of the Army, Navy, in¬
dustry, labor and scientific reearch, is Harry L. Hopkins,
who recently returned from England where he was President
Roosevelt's personal emissary.
Mr. Biggers said the group
will advise as to both industrial planning during the present
emergency and as to post-wa** readjustments.
In addition to
Mr. Hopkins, the other members of the Board are:
announced
a
in
Samuel R. Fuller, Chairman, President of the North American Rayon Co.
Admiral William H, Stanley, United States
Chief of Naval
George W. Meany
,
spokesmen declared that only 40 out of 160
The union declared the strike was called over
certified
'
izing committee were discharged in the last two
Mr.
attempted to cover a mistake, "something
The plant manager said the worker
been
B
H
would have been discharged had he not
employees.
Company makes parts for airplane engines as
airplane parts.
Acts
Roosevelt
Creation of
Robert E. Doherty, President of the Carnegie Institute of Technology
•
Regarding the
new group a Washington dispatch Feb. 20
to the New York "Herald Tribune" had the following to say:
Mr. Biggers said that the group to be known as the Production Planning
Board, will study production experiences of American industry during the
World War, the industrial mobilization plan of the War and Navy Depart¬
and the procedure followed during the last eight months by the
advisory commission to the Council of National Defense.
the announcement to Mr.
Hopkins' ability to
to
Avert
a
three-member mediation board to investigate
labor
ington, D. C. lawyer; Ordway Tead, Chairman of the New
York City Board of Higher Education, and J. I. Sharfman,
University of Michigan, economist.
The dispute has not heretofore been adjusted under pro¬
visions of the Railway Labor Act, the President's proclama¬
tion declared, and now threatens substantially to interrupt
interstate commerce within the States of Vermont and New
York to
a
degree such
as
deprive that section of the
to
most from the United States during the coming months.
and
to the present conditions in the
Mr. Hopkins
re¬
turned from London to report to the President last Sunday.
"This
Board
has
been
established in
recognition of the importance of
both short and long-term planning of the defense effort and its effect on
the national economy as a whole,"
Mr. Biggers said.
"It should provide
valuable assistance in the task of distributing the defense load so that the
quickest possible results
now or
can
be obtained with the least possible dislocation—
later—of the Nation's economic life."
Mr. Hopkins' return from
England is noted elsewhereln
the "Chronicle" today.
Priority Committees for
Rubber
and
Hides
Named
P. D. Reed Made OPM Consultant
Creation of two
as a
consultant.
The
committees
new
Rubber:
A. L.
are:
Viles, President of the Rubber Manufacturers' Associa¬
tion, producers' representative; Maj.
Comdr. H. M. Shaffer,
Leather
Co.
Trust,
G.
K.
Heiss, Army representative;
Navy representative, and W. L. Finger, of the OPM.
Hides, skins and leather:
Ralph Pope, President of the Northwestern
producers' representative; B.
A.
Gray,
President of
International Shoe Co., industrial consumers' representative; Comdr. F. P.
Delahanty,
Navy representative;
Lieut.
Col.
Robert
McG.
Management Clarifies Priorities
Policy—Working Agreement Reached by Army and
Navy Munitions Board and Priorities Division
_
Edward
R.
Stettinius Jr.,
Director of Priorities of the
Management, announced on Feb. 16 a
working agreement between the Army and Navy Munitions
Board and his division covering the operations of the priorities
system, which is intended primarily to implement the pur¬
chasing and production of defense material required by the
Army and Navy. In a bulletin explaining the administration
of the system, the OPM says that "certain important civilian
projects and foreign orders may be given priority aid, where
speed is essential, and civilian needs willjhave to be carefully
balanced with defense needs at all times."
Washington
Office of Production
advices of Feb. 16 to the New York "Herald Tribune" said:
dered by the
ill
The strict military needs wiU be
con-
military board and the general industrial and civilian needs
be administered by the priorities division.
Halted
Negotiations for settlement of a strike which has held up
production of $40,000,000 worth of defense materials for
28 days at the Allis-Chalmers Manufacturing Co. plant in
Milwaukee, Wis. were broken off on Feb. 18.
Company officials and representatives of the United Auto¬
mobile Workers' Union (C.I.O.) had been conferring two
days in an attempt to settle the strike on the basis of an agree¬
ment reached at Washington, D. C. oil Feb. 15, with offi¬
cials of the Office of Production Management.
The Washington agreement was announced after some
quarters had expressed the belief that the Government might
"take over" the Allis-Chalmers plant unless the strike was
settled.
It
was
reported after the breakdown in negotiations on
18, that bargainers for the company and the union
accused each other of "backing out" of the agreement
made at Washington.
Approximately 7,800 U. A. W. members are participating
the strike in demand for increased wages and an allunion shop.
A previous reference to the Allis-Chalmers strike appeared
in our issue of January 25, 1941, page 615.
in
♦
Strike
at
the Foster-Wheeler Corp.
The week-old strike at the
Settled
Carteret, N. J. plant of the
Foster-Wheeler
Corp., which manufactured marine boilers
worth of national defense
orders, was ended on Feb. 20 when 800 strikers voted unan¬
imously to accept a new contract providing for vacations
with pay and for payment of $15,000 annually in bonuses
to employees.
The men returned to work on Feb. 21.
and turbines and has $15,000,000
The
The priorities division and the Munitions Board will divide administration
f the system along practical lines.
day plus
Negotiations for Settlement of Allis-Chalmers Mfg. Co.
Feb.
Production
a
The President's action was taken under provi¬
sions of the Railway Labor Act which specifically gives him
the power to create such a board, which has to report to the
President within 30 days.
The Rutland RR. Co., in receivership for over two years,
had proposed a pay cut amounting to 17H%, which had
precipitated a call to strike effective on Feb. 14.
Foreclosure
proceedings are pending in the Federal District Court.
had
of
compensated for
of $75
expenses.
Littlejohn,
Army representative, and M. A. Watson, of the OPM.
Office
account of such duties in the sum
on
Strike
priority committees, one for rubber
and one for hides, skins and leather, was announced on
Feb. 20 by E. R. Stettinius Jr., Director of Priorities for the
Office of Production Management.
Mr. Stettinius announced also the appointment of Philip
D. Reed, Chairman of the Board of the General Electric Co.,
new
Co.
dispute involving Rutland RR. and approximately
1,300 employees was ordered by President Roosevelt on
Feb. 14.
The members are Walter C. Clephane, Wash¬
a
British Isles, and to tell the members what British leaders said they needed
as
other
RR.
Rutland
country of essential transportation service.
Members of the board appointed will be
give the Board first-hand information
as
Strike
;
William E. Lewis, Chairman of the Board of the Owens-Lewis Glass Co.
well
<
♦
President
Carey, Secretary of the Congress of Industrial Organizations.
off for three days after he
that is never done in aviation."
of those attempting to organize the
one
The
days.
Baum said that one man had been laid
Navy (retired), and former
John L. Pratt, former Executive Vice-President of General Motors Corp.
A reference was made in
and because three members to the organ¬
the bargaining agent,
as
the refusal of the company
fact that the C. I. O. group had been
bargain collectively despite the
to
Secretary-Treasurer of the American Federation of
Labor.
ments,
but company
employees walked out.
The Brooklyn "Eagle" of Feb. 21,
reporting the strike, said:
Operations.
Maj. Gen. James H. Burns, United States Army.
James B.
placed around the plant.
A union organizer claimed
128 of the 168 employees responded to the strike call
was
that
Establishment of
was
was
vote
was
taken
at
Slovak
Hall in Carteret,
N. J.
joint meeting of non-union strikers and strikers who
are members of Local 440 of the United Electrical,
Radio
and Machine Workers of America, a Congress of Industrial
at
a
Volume
Organization's
affiliate.
Neil
Brant,
international
the corporation offices at 165 Broadway, New
and recommended unanimous approval of it.
»
"The small loan problem in this
repre¬
of the union, read the proposed contract, which
drawn up at a meeting in the afternoon of Feb. 20 at
sentative
was
York City,
there is
prohibition of strikes, stoppages and
$7,500 in bonuses on July 3 and
Dec. 18 each vear; leaves of absence for employees drafted
for Army service; a 40-hour working week and eight-hour
day; time and a half for work on Saturdays and Sundays,
and an arrangement for negotiations for a "cost of living
clause" to coordinate wages with increases in the cost of
living.
%■;C.-;,.-/-V" ,;:,C ■;
;;;:• •;,\
Mr. Brant and Julius Emspak attended the New York City
meeting as representatives of the union.
H. S. Brown,
President of the company, and David McCulloch, Executive
Vice-Presideat, represented the company. It was announced
that the contract would be signed as soon as William Lons¬
dale, Vice-President in charge of production, who is ill at
his home in Roselle, N. J., returned to work*
of
They have low cost money to lend and
They could, therefore, make small
places of business already established.
a
If, however, they desire
relatively small overhead expense.
they should be willing to pass on to
to enter this field
"and
under $300," said Mr. White,
mind but that the savings banks could operate
my
in this field to public advantage.
the borrower every
possible benefit arising from their ability to maintain low costs of operation."
before the savings bankers
He rather pointedly called
Mr. White took advantage of his appearance
of five years' tenure;
payment
question in
no
solved, especially
State has not been
it affects the borrower of amounts
as
loans with
Included in the provisions of the contract, according to
Mr. Brant, are paid vacations up to two weeks for employees
lockouts;
1221
The Commercial & Financial Chronicle
152
to deliver one of his more important
to the attention of the
speeches.
savings bankers the advantages to
savings bank life insurance, which was "a financial
them of writing
service intended for the
benefit of the average citizen."
"By permitting your institutions to offer this service,"
said Mr. White,
"the State in effect has recognized an
unfilled need in the lives of the very
people you are committed to serve.
The question is whether the savings
banks will provide this additional service
which in purpose is closely akin
.
to that
Or will they wait for the State or perhaps the
offer low cost life insurance through other channels."
already offer.
you
Federal Government
to
would see the seriousness
Mr. White said he hoped the present Legislature
of the mortgage problem and would refuse to
in
its
Further
on
savings bank deposits, he said.
of
Extension
State
Mortgage
♦
portunity Faces Private Enterprise and the
lenge Must be Met
,
Chal-
Predicting that a principal factor in the program to follow
the national defense program will be providing new housing
for a large part of the nearly 15,000,000 American families
with annual
of $1,G00 or less. Dean R. Hill, Presi¬
incomes
Bankers Association of America, on
opportunity will create a
that private enterprise must not fail to meet.
"many
the purpose
of which is to extend, rather than limit" the State Mortgage
Moratorium.
The communication to members, signed by
members under date of Feb. 17 calls attention to the
bills introduced at this session of the Legislature,
Counsel, indicating that it is the belief
Legislative Committee that there seems
to be an inclination on the part of the legislators to grant a
further extension, says in opposition to such extension.
Leo
challenge
He spoke at the opening of the Association's second 1941
Mortgage Clinic in Chicago.
Nearly 300 mortgage bankers,
life insurance and title and trust company executives and
real estate officials attended the one-day session which was
in the nature of an open forum conference on mortgage
problems.
More than 30 brief addresses were delivered
during the day.
Mr. Hill declared:
side-step another
now so
depression.
severe
that the Nation's economy can
Intelligent planning must be done
easily swing from the defense phase
Your Legislative Committee
have
along with defense itself.
they
can
erty have already worked out
satisfactory mortgage adjustments with their
The moratorium is protecting principally those people who
honest desire to retain their property, but instead are not only
mortgagees.
have no
milking the property, but are letting it go into
sheltered under the protection
is not now serving any
useful social
or
to work out some
Events of the past year have emphasized what those with
vision
saw
that real estate still has factors of safety that nothing else has.
By every measuring stick that can be devised,
purchasing real estate now
is about the safest investment the average man can make.
Representing New York Board of Trade to Further
This
End
Speaking before a group of security men at the office of
the New York Board of Trade, Marshall W. Pask, a partner
& Co., declared on Feb. 14 that "constructive
speculation is as legitimate as it is necessary."
In his
of Mackay
address Mr. Pask said in part:
who does not ask himself, "What is
There is not a man in Wall Street
the
matter
with
business""
our
I
asked this question
have
countless times, and it is only now that I am
It seems to me that
a
in the past the men of Wall Street have seemed to live
They appear never to have been affected by changing
life apart.
Of course,
conditions.
White
Superintendent
Banking
Proposes
intermittent panics and
by Savings Banks
chaotic
they experienced
their vicissitudes.
$500,000,000, the savings banks,
said Mr.
realized
this,
depended almost wholly on his own line of action.
a
If
wide
distribution
said:
leaf from the book of the politician,
by the
have been placed upon the statute
with
the
legislators
these
successful.
program
Such participation in this national
might not be attractive from the standpoint of profit or as a means
deposits, but it would, he said, constitute a necessary and
of increasing
valuable public
In
;
service.
making this suggestion
his indorsement to
year
,
'
,
loans. A bill conferring this authority
opposed at the session of the Legislature last
by commercial banks, through the New York State Bankers Associa¬
authority to make small personal
upon
'
the Superintendent of Banks in effect lent
the appeal by the savings banks to the Legislature for
the savings banks was
tion.
might never have been
liberalized.
The time to act on
instruments
legislation is at its inception—when in the
the
If we had sat across the table
books.
radical
adopted, or, at least, would have been
committee—not when it gets to
floor.
methods, new thoughts, new
public.
It is in this needful work of restoring public confidence that I believe the
Board of Trade can be of incalculable service and I recommend strongly
that definite action be taken at this meeting to form a securities, banking
and commodity division of the Board.
Do not let us separate before we
have taken definite action.
Let us set up the necessary machinery at once,
Wei
need
an
entirely new set-up—new
machinery and a new approach to our
held within a week adopt the necessary
of Trade was organized
by-laws and
Let us not forget that the New York
for the express purpose of promoting
Board!
the trade,
United States, and especially of the
New York, and is tremendously concerned in protecting legitimate
commerce
industry,
and manufactures of the
V.
+■
the question would arise as to how the savings
banks could help to make it
He might well have taken
who always has his ear to the ground,
anticipates the demands of his constitutents.
It is the result of our studied detachment that so many inequitable laws
State of
of government obligations was approved
Federal authorities, he said,
'.'C;-.'-CCy
and generally
and at a meeting to be
Mr. White's remarks
xCV.
realized that the maintenance of public goodwill
appoint directors and officers.
on
but not, unfortunately, the
r.'C: i
Long ago, he should have
defense bonds.
reporting
and to ignore
The leaders in other lines
Wall Street
only fallacious but actually criminal.
of endeavor have
White, could play an active part in facilitating the sale of
The New York "Herald Tribune" of Feb. 14
of laissez-
chiefly responsible for present
conditions.
not
was
man.
With their 188 offices in New York State and available cash
social
There were
business depressions, but conditions soon righted
However, social upheaval was taking place the world-over,
it
A
proposal that savings banks consider making loans to
individuals to enable them to buy defense issues of Federal
securities was advanced by William R. White, New York
State Banking Superintendent, in an address Feb. 13 before
savings bankers at the dinner of Group 5 Mortgage Infor¬
mation Bureau, held at the Hotel Bossert in Brooklyn. Mr.
White said that savings banks might renew their request'
to make personal loans to individuals in the small income
brackets if they emphasize their willingness to pass along to
the borrower every possible benefit.
He said, with respect
to loans for purchasing government bonds, that these loans
could be repaid in instalments and could be secured until
paid by the pledge of the borrower's government bond.
of myself
beginning to see the answer.
themselves, and they were content to pursue their chosen policy
Savings Bank Loans to Enable Individuals to Buy
United
States
Securities—Views
on
Personal
than
If you can so
Legislative Committee
appropriate amendment for tapering off the moratorium.
faire—the policy which, in my opinion, is
more
.
Speculation Is as Legitimate as It Is Neces¬
According to M. W. Pask—-Says Security
Industry Must Restore Confidence to Improve
Business
Conditions
and
Urges Special Group
This is the opportunity that faces private enter¬
expressed the view that today is a good time for
buy real estate.
The
conservative investor, he said, is not quite the same person
he was five or six years ago, because if he really is conser¬
vative now he is probably buying real estate and common
stocks.
He wasn't several years ago.
Mr. Hill concluded
by saying:
of
.
that the moratorium
sary
A great proportion of this group
Mr. Hill
Loans
...
economic purpose.
convince them, then it will pave the way for your
housing than they have now and must have it at prices
the so-called conservative investor to
York
disrepair while they are being
of the moratorium.
We believe that you can convince your legislators
More than 40% of the Nation's families
prise, an opportunity to re-build those dwellings unfit for human habitation.
New
their prop¬
secondly that the mortgagors who honestly wanted to save
that portion of the American people
incomes of $1,000 or less.
afford to pay.
years ago—
in the first place, that the
that originally created the moratorium has long since ceased:
emergency
and
holders
injustice caused by the mora¬
Legislative Committee feels,
Constructive
vitally need new housing.
must have better
Your
torium.
Nothing else holds the vast possibilities of higher employment and con¬
tinued industrial activity as re-housing
have annual
believes that this feeling on the part of the
impressed upon them the great
not
It's really a post-defense problem to be tackled
into the normal phase.
who
Dorsey,
legislators is due to the fact that our banks and other mortgage
'the period that follows the rearmament period must not be one of sharp
slackening of industrial activity and falling employment if we expect to
P.
of the Association's
dent of the Mortgage
Feb. 15 warned members that this
Association in advices to
Bankers
The New York State
Moratorium
Association
Opposed by New York State Bankers'
Big Factor in Post-Defense Program Will be Low Cost
Housing Projects, According to D. R.
Hill of
Mortgage
Bankers
Association—Says This
Op¬
depressing
The moratorium was one of the factors
present form.
dividend rates
extend again the moratorium
'
■
.
*;V
Compulsory Competitive Bidding for New Security
Issues Opposed by J.
N. Whipple—Governor of
Investment Bankers
Association Says It Would
Be Blow to Financial Home Rule
for new security issues
corporations, such as is now under active consideration
by the Securities and Exchange Commission, would be a
blow to financial home rule in centers such as St. Louis',
Government-compelled bidding
of
The Commercial & Financial Chronicle
1222
Jay N. Whipple, a Governor of the Investment Bankers
of America, told investment bankers in St.
Louis on Feb. 19.
Mr. Whipple, who is a partner of the
Chicago investment firm of Bacon, Whipple & Co. and a
member of the committee directing the Nation-wide public
information program of the I. B. A., addressed a mass
meeting sponsored by the Mississippi Valley Group of the
Association.
The entire personnel of all the investment
houses of St. Louis, whether or not members of the I. B. A.,
and also dealers of Little Rock and Memphis, were invited.
More than 300 attended.
Mr. Whipple, pointing out that
the I. B. A. is opposing the proposed new compulsion on the
capital markets because it would disrupt the whole ma¬
chinery for raising capital for industry, shackling invest¬
Association
time when the National defense program
makes their services more than usually essential, declared
ment bankers at
a
this
"tried at
Feb.
1941
22,
accepted, it will be possible, without difficulty, to bring about
the reductions in the stock transfer tax proposed iD the
Coudert-Mitchell bills.
The Association points out that the
bills, introduced in the Legislature on Jan. 27, provide for
the elimination of the double taxation on odd-lot trading
and, furthermore, set up a schedule of taxation ranging from
one-tenth of a cent per share on stocks sold at less than one
dollar per share up to five cents per share on stocks which
sold at
are
one
hundred dollars
per
share
or more.
of the amount of
estimates
"Present
money
which the
by the stock transfer taxes range
from about nine million dollars to 14 million dollars," said a
statement prepared by the Association's Research Bureau,
State is raising
from which
we
this
year
also quote:
%
^
the double taxation of odd-lot trading is passed, it
If the bill ending
would reduce the taxes by about a
The bill revising
million dollars a year.
the whole schedule of stock transfer taxes would effect a further reduction
time, it would force corporations into
strange and untested procedures for doing their financing
just when the defense program is creating urgent needs for
new capital for many vital
industries."
The speaker, in
pointing out the handicaps it would place on securities dealers
might appear to be a total possible loss to the State in taxes of $7,200,000
if the Coudert-Mitchell bills were passed.
This estimate of loss, however,
in the intermediate financial centers such
low-priced shares and in odd lots which has, in late years, been transacted
that
as
St.
Louis and
Chicago, asserted that it would cause the abandonment of
the present method of distributing new securities nationally
through large selling groups made up of hundreds of indi¬
vidual dealers scattered throughout the country and reaching
all potential investors simultaneously.
From a summary of Mr. Whipple's remarks we also quote:
The smaller dealers
in
other middle western cities would
these and
eliminated from participation in corporation financing and their
be
customers
the basis Of present trading
on
of around $6,200,000
a year,
making what
overlooks the fact that the reduction in these taxes is certain to have the
effect of restoring to the State a
large amount of business, particularly in
The increased volume of business would serve not only to
in other States.
$7,200,000 but would be reflected
reduce materially the estimated loss of
of income and other taxes.
in increased payments
budget reduction plan presented to the
Under the
Legislature by the
Merchants' Association and backed by many taxpayers' organizations, the
Governor's
budget would be reduced by an amount
900,000 to
$29,900,000.
ranging from $22,-
Savings would be effected by suspending «lf-
400,000 in salary increases; by eliminating the $500,000 executive
ing the State aid formula so as to reduce school expenditures
explained.
to 18
At
the same
houses that act
in
their
own
national
as
time,
he
added, the medium-sized
investment
securities for smaller enterprises
participate in thtjj underwritings of larger
principal underwriters of
communities and
issues would
"find survival difficult."
Both
investors and
local
it
Legislature
is
shown
compulsory bidding is imposed, he said,
before the SEC
on
the subject recently
adding,
"Witnesses at hearings
emphaiszed the fact that investment
banking was one business in which the position of independent local dealers
their relief appropriations
reduced
relief
were
It is
"it
that
stressed
was
in
statements
to
the
chain-store
houses, such
again be fostered under
vestment
systems of branch-office in¬
developed in the '20s, would
as
a
The SEC concluded its
system of compulsory bidding."
hearings on competitive bidding
for public utility securities on
columns Feb. 8, page 911.
SEC
Hypothecation
Rules
Feb. 6,
as was
from
Discussed
at
Meeting
of
Among Speakers
of investment bankers and securities dealers for
of discussing the ^hypothecation" rules of the
Securities and Exchange Commission, in an effort to clarify
their provisions and facilitate compliance with them, was
held
19 in the New York Chamber of
Feb.
on
Commerce
Building, New York City, under the auspices of the National
Association of Securities Dealers.
Speakers at the meeting
included:
\.rZ
.
Francis
Division
&
T.
Greene,
of the
Assistant
Commission;
Director of the
Henry L.
Trading
and
Exchange
Rosenfeld Jr., of Salomon Bros.
Hutzler, Chairman of the Technical Committee of the NASD; Irving
Reynolds of Mudge, Stern, Williams and Tucker, Counsel to the special
committee
of the New
York
in
Clearing House
on
the hypothecation rule;
When everything is considered, it is probable
which would be brought about if New York State
business,
increased
revenues
industrial States on this item, plus'the
Winant,
would
alone
be sufficient
to
the
meet
resulting from passing the Coudert-Mitchell bills.
New Ambassador to Great Britain in
Addressing Joint Session of New Hampshire Legis¬
lature Pleads for Aid for Great Britain—Resigns as
Director
York—F. T. Greene of SEC Staff and H. L. Rosen-
A meeting
the purpose
G.
noted in these
Investment Bankers and Securities Dealers in New
feld
reduction
W.
additional six million dollars.
reduce the stock transfer taxes to the extent that is proposed in
should put itself in line with other
return
that
that
plain, therefore, that the Legislature is in a position, if it desires to
do so, to
the Coudert-Mitchell bills.
added
by a percentage larger than
these other States, it would eliminate an
that the savings on relief,
He
to the
have materially
If the New York appropriation for
reduced only by the average percentage reduction prevailing in
had been enhanced by the trend of things in the last several years in contrast
Commission
activities
proposed in the Governor's budget.
to the
tendency toward concentration in most lines of business."
defense
New Jersey, Connecticut and Massachusetts have
States of Pennsylvania,
all
financing of industrial corporations in the hands of a few large houses if
clearly that
reduced the need for direct relief appropriations and that the four industrial
services resulted, it was emphasized.
concentration of the
by from 15
million dollars, and by a further cut in State appropriations for relief
In the recommendation which has been made by the taxpayers
local business interests would suffer if the loss of these community financial
The SEC has been warned of this tendency toward
fund to be
expended at the discretion of the Governor for national defense; by chang¬
would be deprived of the opportunity to buy the choicest investments, he
of
International
Labor Office at Geneva
Addressing in his home city, Concord, N. H., a joint
session of the New Hampshire Legislature, on Feb. 18,
John G. Winant, newly appointed United States Ambassador
to Great Britain, pleaded for "all out" aid "short of man¬
power" for England against forces "which are opposed to
our
form of democracy."
Mr. Winant, who was former
Governor of the State, was reported in Concord advices to
the New York "Times" as saying:
England is but asking for the tools; she is asking for tools which we have.
We
not
the
stand with these people; they are not asking for anything but
can
tools which would be used to
asking for anything.
guard ourselves.
We
are
only gi ving.
We,
on
the other hand, are
With God's will and
a
just
do no less.
cause, we can
Mr. Winant was present at the special invitation of the
Legislature; the session was attended by its 450 members
and over 2,000 others.
From the "Times" we also quote:
He opened
his address by saying that he was pleased to return to the
Henry G. Riter, 3rd, of Riter & Co., and Frederick M. Warburg of Kuhn,
legislative halls "where a quarter of a century ago I learned the lesson that
Loeb & Co., Chairman and Vice-Chairman, respectively, of District No. 13
social and economic problems have no state or natural
of the
NASD, which includes Connecticut, New Jersey and New York.
"It
was
in those early
do alone can be of but little consequence.
Mr.
Warburg presided at the meeting.
:
to discussing the hypothecation rules, Mr.
Greene talked on manipulation in the over-the-counter
markets, prohibitions against such activities, and related
certain situations which the Commission considers involving
unlawful manipulation.
Mr, Rosenfeld discussed, among other things, the scope
of the hypothecation rules and emphasized the fact that they
apply to many brokers and dealers who ordinarily might
consider themselves exempt from them; i.e., counter brokers
and dealers who do not carry margin accounts, who do a
strictly cash business and who do not ordinarily think of
themselves as carrying securities for the accounts of custo¬
addition
In
mers.
The appearance of Mr. Greene and Mr. Rosenfeld in New
York followed a nationwide tour by these two men for the
of explaining and carifying the provisions of the
rules, which become effective Feb. 24.
Plans for this tour
were reported in our issue of Jan. 25, page 621.
purpose
Reduction in New York Stock Transfer Tax
Regarded
Possible by President Lowry of Merchants' Associa¬
tion of New York If
Budget Reduction Plan Before
Legislature Is Accepted
John Lowry,
President of the Merchants' Association of
public on Feb. 16 an analysis prepared by
the Association's Research Bureau showing that, if the
budget reduction plan presented to the State Legislature by
the Association and backed by many taxpayers' groups is
New York, made
barriers."
years," he added, "that I learned that -what we
Nothing is
so great as
unity in
the support of right action."
He
declared
rests have been
ment
of democracy have
"the frontiers
that
the world and that
"the fundamental principles upon
been receding"
in
which this country
challenged by those who would replace with force 'govern¬
'<[1
by consent'."
W.
'.'v/:.'v.
Referring to the many acquaintances he had made in Europe while he
was
director of the
International Labor Office, he declared;
"Many of those men have been killed or imprisoned."
In much of Europe, he said, "the
denied,"
"A thing that cannot
are
right of workers to organize has been
proceeding:
rooted
in
the
be said too often is that the pillars of our Republic
rights of free speech,
peaceable assembly, free press,
trial by jury, and habeas corpus.
"But
in
the
aggressor
countries all these rights have been abrogated
completely."
In
a
telphone communication from Geneva, Switzerland,
Feb. 18 to the New York "Times" it
was
made known that
Carter Goodrich, United States Government representative
to the International Labor Office and chairman of its govern¬
ing body, had informed the governing body and the State
members of the I. L. O. of Mr. Winant's resignation as
director, effective Feb. 15, incident to his acceptance of the
post of Ambassador to Great Britain.
The telephone
advices to the "Times" further reported that Edward Phelan
of Great Britain, assistant director, wired to the State
members and members of the governing body that he would
assume the functions laid down by Mr. Winant until another
director
The
was
nominated.
nomination
of
Mr.
Winant
as
Ambassador
was
referred to in these columns Feb. 8, page 927 and Feb. 15,
page
1073.
Volume
Ex-President Hoover Reveals New Test Plan for Feeding
Belgians—Has Been Submitted to British and Ger¬
man
Governments—Under-Secretary
Welles
Op¬
Proposal
poses
In
speech delivered in Chicago
a
Feb. 16, former Presi¬
his
Democracies had "laid
on
dent Herbert Hoover indicated that "a few weeks ago"
Committee
Food
on
1223
The Commercial & Financial Chronicle
152
before the British
for
the
Small
and German
governments" certain sug¬
gestions for supplying food for the people in European coun¬
tries occupied by Germany.
The proposals were made
known by Mr. Hoover as follows:
General; Fred Umhey, Executive Secretary of the
Ladies Garment Workers Union; Dr. Frank
Solicitor
International
Kingdon, Vice-Chairman of the New York Chapter, and
Herbert Bayard Swope, Chairman of the New York Chap¬
ter of the committee.
Mr. Swope presided.
Mr. Davis
quoted
was
saying, in part:
as
I know of nothing at
or
this time that gives a warrant to
benevolent committees in this country to
these sad countries are, they are
overrun as
There
are
in England today
those who have both the right and the
duty to plead their cause.
From the "Times" we also
First.
That
we
make
an
initial
experiment
in
Belgium
Second.
where
That
people
the
come
test
comprise
feeding only through
get their food and thus there can
to
That
soup
receive some
That the German Government should agree there
is to be no
Fifth.
The
relief ships immunity from attack.
Both governments to give our
Sixth.
neutral
in
be
under
supervision
the
and
checks
of some
against the Nazis,"
fight
address, which
was
broadcast by radio, Mr. Hoover
said:
-V'v
the British have
he continued. "Why should we ask
that weapon ? As well ask Hitler not
for Great Britain to
mistaken motives, to weaken
I say it is a matter
bomb women and children.
to
We should not ask her, from any
I repeat:
herself.
who are working for
Let Great Britain concern itself
Let us not help the Nazis by de¬
luding ourselves that we are helping their victims.
Today Hitler is the
prisoner of his own success.
We must not let down the bars."
Germans feed
the
"Let
their conquered peoples,
point of a bayonet.
by winning the war.
with freeing them
In his
perhaps, the most effective weapon
blockade is,
their
Great Britain to lessen the power of
them in slavery at the
body.
on
already seized it.
"The
decide.
requisition of native food.
to
that there should
quote:
foodstuffs formerly exported to Great
of the countries Mr. Hoover now would feed, to show
be plenty of food for them if Adolf Hitler's troops had
statistics
cited
Swope
Britain by several
not
\v,V
special food for themselves,
whole
Mr.
beginning we provide for only 1,000,000 adults
and 2,000,000 childred, with bread and soup, the children to
Fourth.
kitchens,
:V'vV';
the
at
out
either side.
be no question
of feeding Germans.
Third.
test
to
whether these people can be saved without military advantage to
conduct of the war. Conquered and
still not without official spokes¬
organized pressure to influence the
men.
private citizen8
rush into the lists and seek by
Knowing the approaching exhaustion of Belgian food this Committee
sent
commission
a
of three
this
ago
group
experienced in famine problems,
Americans,
to make an exhaustive examination and
report upon Belgium.
and towns of that entire nation of 8,000,000 people
without food unless supplies were brought
The commission reported that the stock
in
hogs
and
present ration is
were
their
eating
would be practically
It will be
seven
They state that the
only one-third that of Britain and Germany, and that
six weeks.
The situation in Norway, Holland,
Poland and Free France will parallel
but certainly before the next harvest. »:
Chairman of the Commission for
during and after the World War, read tele¬
grams in support of his plan received from Gen. John J.
Pershing, former commander of the American Expeditionary
Forces, and from Admiral William V. Pratt, former com¬
mander of the United States Navy, who, it is said, expressed
the belief that the plan could be put into effect without
military loss or benefit to either side.
As to the question of payment and transport of these
food supplies, Mr. Hoover said:
Mr. Hoover, who was
Relief in Belgium
of the democracies got
Most
in advance of the invasion.
pay
for their food.
,
Government.
our
their gold and their liquid resources out
They have the cash resources with
which to
They can secure its transport without using American
ships in the war zone.
from
They ask no charity.
There is no appropriation
It is true, a small financial credit is needed for
Finland and Poland, and it should be given,
but that would be infinitesimal
light of other foreign loans being made in this war.
in the
Mr. Hoover asserted that his
plan would not deprive the
American people of food since we have "great surpluses"
and "there are surpluses in every country in the Southern
Hemisphere."
Stating that he believed we should aid Great Britain
"generously," that aid including food, Mr. Hoover asked
"if that aid is to be given to preserve free nations, have we
not a right to suggest that these other free peoples—friends
of America over the whole of our national life—shall be
allowed also to live?"
He added that he sometimes thinks
"the world is to be saved from everything except starvation."
Overriding all matters, Mr. Hoover concluded, is the ques¬
tion of humanity, which is today a test bf our religious faith.
Previous reference to Mr. Hoover's plan appeared in these
columns of Oct. 12, 1940, page 2129.
Rejection of the renewed proposal of Mr. Hoover came
from Under-Secretary of State Sumner Welles, on Feb. 17,
when, according to Washington advices to the New York
"Herald Tribune" he stated categorically that it was Ger¬
many's obligation to feed the
conquered territorites.
populations in the German
In part, the advices to the paper
indicated added:
Mr. Welles said today that under every
the obligation of the
rule of international law it was
German Government to provide
of the peoples in the territories now
Feb. 16 after
on
clared that
Upon arriving in New York City aboard the
Clipper, Mr. Hopkins said that he is convinced
the British are going to win the war and he added that they
need our material help "desperately" and "now."
Before
leaving by train for Washington Mr. Hopkins conferred in
a New York hotel with John G. Winant, new Ambassador
to Great Britain, who is expected to leave for his post shortly.
Late in the day on Feb. 16 Mr. Hopkins reported the results
of his mission to the President and these discussions were
resumed on Feb. 17.
He was also present at a Cabinet
advance for the
is
now
The
arrival in New York were
to
At
been conducted by
opinion as to whether, if such negotia¬
Mr. Hoover, he would be exposing himself
Logan act, which prohibits unauthorized negotia¬
private citizens with foreign governments.
a
rally in New York on Feb. 17 of the Committee to
by Aiding the Allies, Mr. Hoover's proposal
Aid America
pronounced opposition, the speakers, it is learned
New York "Times" including Mrs. J. Borden
Harriman, former Minister to Norway; John W. Davis,
Democratic Presidential nominee in 1924; Clark M. Eichelberger, national director of the committee; Warren Irvin,
former newspaper and radio foreign correspondent; Gustav
Strebel, President of the New York State Congress of Indus¬
trial Organizations; William L. White, son of the Emporia
editor; Edward F. Pritchard, Assistant United States
met with
from
•;,';■.
[Feb. 10] he volunteered, "and went to
Lisbon.
First I flew to Portuguese Guinea, then to Trinidad, then to
San Juan, then back here.
I was in England and Scotland all the time."
When his questioners pressed him for some comment on his observations
in Britain, Mr. Hopkins replied at once: "I can say this.
I don't think
Hitler can lick these people.
He is up against about as tough a crowd as
there is.
They've got the military stuff.
With the help we can give them,
they can win.
And I don't think it's going to be a stalemated war, either."
"I saw the military lay-out, the navy, the air and the army," Mr. Hop¬
kins recalled in response to another question.
"Of course, the British
"I left
London on Monday,"
people are determined to
asked Mr. Hopkins
The reporters
to do it.
They need a
if he had prepared a detailed
report
Roosevelt.
for Mr.
"I was sent on a
it," he replied.
"Was it only
"It
win, and they are going
us."
lot of help from
was
declined to
specified mission by the
President and I have finished
observation?"
the President's personal envoy replied, but
At this point he announced that he would
Winant later in the afternoon and report to Mr. Roosevelt
mission of
a
than that,"
more
explain further.
confer with Mr.
in the evening.
r
,
Hopkins had been in England since Jan. 9 and during
that time conferred with King George VI, Prime Minister
Churchill and other high British officials.
His departure
from New York on Jan. 6 and his arrival in London were
mentioned in these columns Jan. 11, page 212.
Mr. Hop¬
kins left England on Feb. 10 for Lisbon, Portugal, where
he boarded the Pan American Airways plane which traveled
the new South Atlantic route making stops in Africa, South
America and then New York.
Mr.
W.
Named "Defense Expediter" by
Will Leave for London
Coordinate British-Aid Program in
of Lease-Lend Legislation
Averell Harriman
President
Shortly
Roosevelt
to
Furtherance
At his press
conference Feb. 18, President
Roosevelt made
appointed W. Averell Harriman to co¬
ordinate the British-aid program in London. ; Mr. Harri¬
man, who at present is Chief of the Industrial Materials
Division of the Office of Production Management, is ex¬
known that he has
charges of violating the
tions by
reported in the New York "Herald
Tribune'' of Feb.17:
and he said he had not heard of Mr. Hoover's
Hoover was quoted yesterday as having de¬
his plan had been submitted to the British and German Gov¬
Mr. Welles refused to express an
had
Roosevelt on Feb. 17 to prepare in
administration of the lease-lend bill, which
nearing final congressional action.
>
following regarding Mr. Hopkins' remarks upon his
meeting called by Mr.
Mr.
ernments.
tions
a
needs.
war
Hoover, Mr. Welles stated,
taking such action.
President
returned to the United States
four-weeks' fact-finding study of British
Roosevelt to Great Britain,
adequately for the
occupied by the German forces.
The American Government had had no negotiations with the British
and Germans with regard to such a proposal as that put forward by Mr.
care
representative of
personal
Hopkins,
Harry
Yankee
months until the next harvest.
the Belgian situation later,
Help
can
already eaten two-thirds
dairy herds.
United States from England
Completing Special Mission for President
Roosevelt—Says British Will Win War with Ameri¬
After
from somewhere.
this ration cannot be maintained for more than a month or
even
Harry Hopkins Returns to
cities
of breadstuffs would be exhausted
month; that the people in desperation had
a
of their
Two weeks
of able Americans reported that within a month the
the
pected to leave for London in about two weeks, said Asso¬
Press advices from Washington, Feb. 18.
He will
have the title of Defense Expediter, and, President Roose¬
velt explained, will work independently of the American
Embassy in London.
ciated
Washington, Associated Press, advices of Feb.
take the following regarding Mr. Harriman's
From the
18
we
also
appointment:
The Chief
billion
duties only in a general way, but indi¬
States the London end of the multibeing debated by the Senate. Mr.
discuss his work with reporters.
Executive defined his
cated he would
dollar
handle for the United
lease-lend plan
Harriman said he could not
now
The Commercial & Financial Chronicle
1224
Mr. Harriman, the Chief Executive asserted,
matic list and his
will not
name
will not be on the diplo¬
nomination that would have to be confirmed
He indicated
that the
handle such questions
appointee would
new
as
The decision to send Mr. Harriman to England was
reached after Harry
Hopkins, the President's personal representative,
had reported on his
L.
It had been thought pre¬
during four weeks in England.
viously, Mr. Roosevelt said, that an expediter might be necessary.
Mr. Hopkins
the President said flatly that
In response to a question,
would not be made a national defense coordinator.
Mr.
indicated
Roosevelt
that
procedure
on
the lease-lend program in
discussions with the British had not reached the point where there has been
1,000 units of some war
agreement that if the United States sends
any
material
England, it will get back eventually 1,000 units of the same
to
other material.
or some
defense requirements of the United States and Britain to
on
Director for
Northeast States—Succeeds K. P. Bemis
""The United States Department of Agriculture announced
Feb. 18 the appointment of Charles B. Rayner as Re¬
gional Director of the Surplus Marketing Administration, for
Northeast States, with headquarters at Philadelphia, Pa.,
effective Monday, Feb. 24.
Mr. Rayner succeeds Kris P.
Bemis who has resigned to re-enter private business, with
which he was formerly connected in the marketing and dis¬
tribution of farm products and farm machinery.
Mr. Bemis
had served as Regional Director for Northeast States since
November, 1939.
The following is also from the announcement issued by the
Department of Agriculture:
Currently, the President asserted, efforts are being made to work out a
simple table
SMA Regional
Appointed
Rayner
22, 1941
on
contracts, British defense estimates and priorities.
observations
B.
C.
Senate in the form of a
to the
be sent
Feb.
provide a picture of the whole scheme.
of Stamp Plan and other surplus distribution
Mr. Rayner will have charge
activitifs in SMA
Region III, which includes the following Northeastern
Maine, Vermont, New Hampshire, Massachusetts, Rhode Island,
States:
Connecticut, New York, Pennsylvania. New Jersey, Delaware, Maryland,
Death
Clarence E.
of
York
House—Retired
Clearing
Years
Service
Bacon, Former Manager of New
with
After
1937
in
East for several
who retired as Manager of the New
in 1937 after a continuous service of
approximately 44 years, died on Feb. 14 at his home in
Tarry town, N. Y. He was 79 years old. A native of Tarrytown, Mr. Bacon was graduated from New York University
with a law degree.
He became associated with the Clearing
House during the panic of 1893, after <14 years of business
experience with the New York Central RR. and the North
Mr. Bacon became Assist¬
Manager of the Clearing House m 1917 when William J.
Gilpin was Manager, and on Feb. 1, 1926, succeeded Mr.
Gilpin as Manager. He held this post until his voluntary
retirement on April 1, 1937.
During the course of his service
in the Clearing House, Mr. Bacon had held all positions in
the organization and had established and managed the
Out-of-Town Collection Department in 1915.
At the time
of his death he was d Director of the Westchester County
Savings Bank of Tarrytown.
years,
during the first
World War.
years,
at
Nashville, Tenn., to Nationalize New York
Exchange—Newly Formed National Com¬
mittee of Stock Exchange Partners Lists Aims
Stock
Feb.
on
reported in press accounts from Nashville, Tenn.,
15
the newly-formed
that
National
Committee
of
ville, Tenn., has started a movement to nationalize the New
York Stock Exchange.
The committee has sent out letters
the
approximately 5,000 members and allied members of the
Exchange outlining its program and urging support of
amendments it proposes to the Exchange Constitution, the
advices said.
As given in the Memphis "Appeal" of Feb. 16,
these advices
(Associated Press) also had the following
its
Exchange
arouse
the business
of
its complete
Stock
"to
was
disintegration
danger of
The
purpose
ruin,"
further
the
on
membership
the
to
...
Exchange and to the
the committee proposed:
recognize
and
reorganize
itself
The Beard of Governors be
shall
be chosen
from
enlarged to
the New
country, and that the Chairman
3.
An
York area,
serve
Executive Committee of
21
a
a
membership of 45, of which
5.
A
Advisory Council of
President. Walter Lichtenstein
was reappointed as Secretary.
joint session with the Board of Governors
the Federal Reserve System on Feb. 17 and 18. General
of
business conditions and matters of interest to the Federal
Reserve System were discussed, said an announcement issued
by the Board of Governors of the System, from which the
following further is taken:
\-^m■.
The members
below.
officers of the
and
a
Advisory Council are listed
Federal
Reserve Bank of Boston has not yet selected its
Federal
As the
representative
exists on the Council with respect to the^First
vacancy
Federal Reserve District.
District No. 1—Vacancy.
District No. 2—George L. Harrison, President,
New York Life Insurance
Corp., New York.
HilF
District No. 3—William F. Kurtz, President, The
Insurances
Lives and
on
members have
full
power
of the Board
District No.
Granting Annuities, Philadelphia.
control, has
.
.
.
favorable political
formed
that
asserted
Exchange out of Wall Street
"confidence of
should be gained
and;
Hanes, President, Wachovia Bank & Trust
No.
G.
6—Ryburn
Clay,
Fulton
director,
National^Bank.
.1
Atlanta, Ga.
District No. 7—Edward E. Brown,
of
National] Bank
President, The First
Chicago.
District No.
E.
8—8.
Ragland, President, The First National Bank of
Memphis, Memphis, Tenn.
District No. 9—Lyman E.
Wakefield, President, First National Bank &
Trust Co., of Minneapolis, Minneapolis, Minn.
District No. 10—W. Dale Clark, President, The Omaha
at
atmosphere
Huntington National
*
5—Robert M.
Co., Winston-Salem, N. C.
60 days.
name of the Exchange.
Chicago recently.
J. C. Bradford of
Nashville, leader in the organization movement in opposition to New York
was
Pennsylvania Co. for
Bank, Columbus, Ohio.
23 from the remainder of the
study of the advisability of changing the
committee
Federal Reserve
the
organization meeting on Feb. 16, at which Edward E.
Brown, President of the First National Bank of Chicago, was
elected as President of the Council, and George L. Harrison,
President of the New York Life Insurance Co., as Vice-
ex-officio.
Full meeting of the Board of Governors at least
every
The
Federal
System, meeting in Washington Feb. 16-18, held its annual
while the Board is not in session.
4.
which has
Annual Organization Meeting
The
District
as
national institution.
21
foundation
District No. 4—B. G. Huntington, President, The
the continuous
2.
endowed
privately
a
Council—George L. Harrison Named Vice-President
at
to say:
1.
Foundation,
Luling
Edward E. Brown Elected President of Federal Advisory
to
Asserting that
In recent
exporters.
promoted the development of diversified farming in the Southwest.
Stock Exchange Partners, which has headquarters in Nash¬
grave
States cotton
Mr. Rayner has also served for several years as a director
The Council met in
«.
was
Following the war, he was for some time
United
Mr. Rayner has been engaged with the commercial oil industry in
the Southwest.
of
United States oil interests in the Far
before returning to this country for Army service
representative for
European
ant
It
of New Jersey, and a graduate of Amherst College
He represented
in Massachusetts.
Clarence E. Bacon,
York Clearing House
Move
the District of Columbia.
Mr. Rayner is a native
44
Organization
British Mercantile Insurance Co.
West Virginia, and
the general
public and
*
<|
District No.
11—R.
E.
Harding, President, The Fort Worth National
Bank, Fort Worth, Texas.
a
by taking control of the
NationalJBank,
Omaha, Neb.
District No. 12—Paul S. Dick, President, United States
Portland, Ore.
placing it in Main Street."
National Bank,
v
Officers—Edward
E.
Brown,
President;
**
Harrison,
L.
George
'|
Vice-
President; Walter Lichtenstein, Secretary.
Japanese Foreign Office Names Morito
Morishima
Morito Morishima, Councillor of the
at
succeeded in his former post
by Sadao Iguchi, First Secretary
of the
Embassy.
Wakasugi, chief adviser
new
the
on
In
Admiral's
the
our
Departure of Dr. Conant of Harvard University for
England—At Request of President Roosevelt Will
Serve
Scientific
issue of Feb. 15, page 1062, we refer to
of credentials
to
President
presentation
The White
of Harvard
House
announced
University and
fense Research
Welcomes
Group
of
Chilean
Newspaper Reporters—Urges Other Republics to
Representatives
for
Work
on
American
Newspapers
Feb. 14 greeted a group of Chilean
newspaper men who have come to this country for several
weeks' work on American
newspapers.
Associated Press
advices from Washington, Feb.
President's press conference and heard him
express the
hope that other Latin-American republics would take up the
plan and that American newspapers would reciprocate the Chilean action
by sending seven American newspaper men to Chile.
President
expressed
a
hope to visit Chile when world conditions
Feb.
on
Committee
15 that at the re¬
the
Council of
De¬
National
mission to England to facilitate
a
information
of
member of the National De¬
a
of
recent
on
importance to national defense.
First-hand
ence
scientific develop¬
The White House
is
observation
of
recent
English scientific research
and experi¬
important for the prosecution of America's program of research on
problems of national defense.
As
on
14, reporting this said:
permitted,
National
to
announcement further said:
Send
attended the
exchange
ments of
Roosevelt
The Chileans
Facilitate
to
quest of President Roosevelt Dr. James B. Conant, President
fense, has agreed to head
President Roosevelt
Mission
Relative
Defense
the
The
of
Information
of
to
Roosevelt.
President
Head
as
Exchange
Feb. 18 that Kaname
Admiral Kichisaburo Nomuro,
Ambassador to the United States, has been raised to
rank of Minister
Extraordinary and Minister Pleni¬
potentiary.
Harrison,
ex-officio; W. F, Kurtz, B. G. Huntington, Robert M. Hanes, S. E. Ragland.
Japanese Embassy
Washington, has been appointed Consul General at New
York, it was announced in Tokyo on Feb. 16. He will be
The Foreign Office also announced
Executive Committee—Edward E. Brown, ex officio; George L.
as
Consul General at New York
from
of
such
time
interest
medium of
collaboration
to
is
on
are
proceeds
other
American
will
scientists
be
sent
study different phases of British scientific research
United
National
States
Defense
Research
the
essential
Members
Conant,
to
Defense
research
mission
the
the
the National
tific
time
to
to
exchange
Research
Committee
mechanisms
that
and
and
information
Committee.
to
It
"correlate and
devices
of
warfare."
through
is
the
Dr.
the
duty of
support
scien¬
Conant's
function.
of
the first group, in addition to
President
Frederick L. Hovde of Minnesota and Carroll
L, Wilson of New York.
Dr.
Conant and
Mr. Wilson plan
Volume
The Commercial & Financial Chronicle
152
in England about
to stay
month, but Mr. Hovde will remain
a
Service in
Mr.
pointed out in Associated Press accounts from
on Feb. 15 that the "lend-lease"
bill to aid
was
President
authorize
Roosevelt
Britain with "defense information"
as
scientific
information
with
well
as
England and Canada only in¬
■/YY-:.
Yv
-vY1
Commission
the
American
was
later
and
Peace
the
to
assigned to the American Mission at
member of the Board of Trustees and Board
a
at
tion,
a
of Visitors of
School for Boys, Vice President and Director of the
Children's Village (Dobbs Ferry,
supplies.
war
Conference
the National Training
States has exchanged
Heretofore, it is stated, the United
attached
was
Mr. Shaw is
Great
furnish
to
Shaw
the Lausanne Conference in 1923.
Great Britain, of which Dr. Conant is a staunch supporter,
would
1918.
Versailles
Washington
He entered the Foreign
$l,200-a-year clerk.
State Department career as a
permanent secretary.
They sailed for Lisbon on Feb. 15
aboard the steamship Excalibur.
as
It
1225
Mr. Shaw was educated at Harvard and began his
A native of Boston,
N. Y.), President of the Osborne Associa¬
Association,
member of the Board of Directors of the American Prison
the National Committee for Meatal Hygiene
and other organizations devoted
Roosevelt
President
of
Bureau
of
C.
Names
L.
Wilson
Commerce—
Accepts Resignation of J. W. Young, Who Goes
with Office of Coordinator of American Republic
Foreign and
Mr. Shaw's nomination was confirmed by the Senate on
■
Director
as
helping underprivileged persons.
p
directly. Y;,"',•
to
Feb. 20.
L.
Foreign
Herschel V. Johnson, Counselor
Domestic
Roosevelt
Feb. 17 by President
W.
James
succeeds
He
Director.
become
to
Depart¬
States
United
Commerce,
of Commerce, was nominated on
ment
of
Assistant Director of the Bureau
Wilson,
and
resignation was accepted by the President,
31, in order that the latter may devote his
full time to the position of Director of Communications in
the office of Nelson A. Rockefeller, Coordinator of Com¬
mercial and Cultural Relations Between the American Re¬
Young,
whose
effective Jan.
In accepting Mr. Young's resignation Mr. Roose¬
expressed appreciation for Mr. Young's "fine work" as
Director.
Mr. Young likewise resigned as Chairman of the
publics.
velt
President's Committee
In
these
Mr.
that
Dec. 28,
volumns,
made Acting
Arts and Handicrafts.
on
3828, it was indicated
an indefinite leave of
page
been granted
Young had
duties and that Mr. Wilson
his Bureau
absence from
%
^
Johnson, Counselor of American Embassy
London, Given Rank of Minister
V.
H.
Relations
Carroll
Y
.
Domestic
honorary
the
rank of
14 by the State De¬
Feb.
announced on
was
of the United States Em¬
given
Mr. Johnson, a career diplomat, has been Coun¬
Embassy since 1937, and three years prior to
that served as First Secretary.
This is a newly-created
partment.
and follows the recent establishment by the British
such positions in Washington.
Mr. Johnson is ex¬
post
of
the
of
selor
two
pected to continue his present duties in the Embassy under
the newly designated Ambassador, John G. Winant.
Senate
confirmation of the appointment of Mr. Winant was men¬
tioned in these columns Feb. 15, page 1073.
O
The appointment of the two British Ministers, Sir Gerald
Campbell and Neville M. Butler, to serve under Lord Hali¬
fax, the new Ambassador in Washington, was reported in
Feb.: 1
our
issue,
754.
page
v-Y:;' y>."
Y
:Y
Appointments Made to Standing Committees of Chicago
/y:'.V,:;. Y- YY
♦
,;
Minister, it
been
has
was
'-v^^""
Director.
London,
in
bassy
in
Mercantile Exchange
by President Roosevelt as Federal
Attorney for Southern District of New York—
Will Succeed J. T. Cahill, Who Reenters Private
Practice
Y';Y
Correa Named
M. F.
Roosevelt
President
sent
to
Senate
the
Feb.
on
17 the
nomination of Matliias F. Correa as United States Attorney
York, succeeding John T.
for the Southern District of New
Cahill.
dent
Feb. 3 in order to return to the private practice of
on
his
In
law.
to the Presi¬
Cahill submitted his resignation
Mr.
letter
Cahill
service
his
losing
regretted
Mr.
to
described
and
his
he
as
Correa has
been serving as chief assistant to Mr. Cahill since the latter
assumed his post in March, 1939.
Mr. Cahill is returning to his old law firm of Wright,
"entitled
highest commendation."
said
work
President
the
the
to
Mr.
attached.
in these columns March 18, page 1582.
Chairman of the important Clearing
Zachary
Gordon,
&
Parlin,
Your
3,
the
which
in
Potatoes; Joseph Fox, Publicity;
in
this
important
As
you
turn
continued
and
has
post
to other endeavors you
success
marked
with
you
my
Bard
Assistant
C.
and
Secretary
by
of
:'YY
Resigns
(ex-officio).
'Y'Y Y'/Y Y;':' ';:
-:YYYYY/\Y', Y YYY. -'Y-Y-Y
K.
Lochead
M.
Giannini, President Bank of America N. T.
R.
The
of the San Francisco Clearing House
Schumacher, and the assistant manager
W.
Huxtable.
on
Feb. 14 to be Assistant Secretary of the
Navy suc¬
A.
Chicago investment
banking firm,
had
submitted
his resignation to the President on
Jan. 10,
that Secretary Knox might want to appoint to
the position one of his own choice.
Mr. Compton assumed
his post in February,
1040, when Charles Edison, now
Governor of New Jersey, was Secretary of the Navy; this
suggesting
reported in our issue of Feb. 17, 1940, page 1081.
In accepting Mr. Compton's resignation on Feb. 13, "with
deepest personal regret," the President praised the "able
and efficient service you have rendered to your Govern¬
ment."
It was announced Feb. 19 that Mr. Compton would
become Finance Commissioner of New Jersey, a post which
was
Governor
President
offered him.
Edison had
Nominates G. H. Shaw to Be An
Roosevelt
Assistant Secretary of
Administrative
State—To Be In Charge of
Work
President Roosevelt
on
Feb.
of Boston, to be an Assistant Secretary of State.
Serving recently as chief of the Division of Foreign Service
personnel, Mr. Shaw formerly headed the State Depart¬
ment's Near Eastern division and was twice assigned to
Shaw,
Istanbul, Turkey, according to the Washington "Post" of
Feb. 20, from which we also quote the following:
Vice-President of
Feb. 18 by the American Bankers
An announcement issued
Association reveals that A. L. M. Wiggins,
of
A.
Chairman of the
Federal Legislation, President
the Bank of Hartsville, S.
C., Vice-President of the
B. A. State Bank Division and publisher of the Harts-
Association's
Committee
on
weekly newspaper in Hartsville, was
Vice-President of the South Carolina Press
at its Midwinter Institute, held at Columbia,
"Messenger,"
vills
First
elected
Association
on Jan. 24.
According to tradition, he will succeed
presidency of the Association next year. Mr. Wiggins
conducted a round table discussion on "The Business Side
S.
C.,
to the
of
Operating a Country Newspaper" at the Midwinter
stitute.
Mr.
Y
since 1921,
"Press."
and
In¬
V'..'/Y
"Mes¬
of the Hartsville
is also owner
'
,
National
to
Y- '
Wiggins has been publisher of the Hartsville
senger"
of
19 nominated G. Howland
Committee, Elected First
South Carolina Press Association
Chairman of the Walil
Co., and a director of various other companies.
The Senate
confirmed this appointment on Feb. 20.
The White House disclosed on Feb. 14 that Mr. Compton
Chairman of A. B. A. Federal Legis¬
L. M. Wiggins,
lation
is
is
' :Y;Y
^
ceeding Lewis Compton.
Mr. Bard, a Republican and long¬
time friend of Secretary Knox, is head of Bard & Co.,
& S. A.
manager
Russell
Ralph A. Bard of Illinois was named by President Roose¬
velt
Y-.-"
Trust Co.
H. Thomson, President The Anglo-California National Bank.
G. Willis, Vice-President The Crocker First National Bank.
(ex-officio).
Motherwell, President Wells Fargo Bank & Union
B.
Howard II.
v
America N. T. & S. A.
Committee are:
J.
for
President Roosevelt as
Navy—Lewis
Compton
Mcintosh
K.
A.
Lochead,
K.
L.
lxappiness.
Nominated
YY;/;y
Chairman The Bank of California, N.
President American Trust Co.
Mcintosh,
Members of the Clearing House
YyY-
best wishes
K.
Annual
of the San Francisco Clearing
Feb. 11, officers were elected as
held
Secretary—R. R. Yates, Vice-President Bank of
entitled to the highest commendation.
carry
Association
;.:";Y:Y:
President—C.
your
ability
with
Warehouse.
meeting
annual
Association,
Vice-President—J.
services, your resignation is
been
the
At
W.
A.
Clearing House
Meeting
Francisco
San
F.
R.
House, and Max Weinberg, Approved
Rogers,
follows:.;-
-YyY;YY..Y'
v.V''^Y
work
R. E. Eldredge, Cheese; George Clark,
C. C. Tatham Jr., Membership; Frank
Ryan, Eggs; H. I. Henner, Hides;
House
the appointment and qualification of
devotion to the public service and is
Finance Committee.
R. L. Feddersen, Butter; Larry
Chairman of the other committees are:
you
deeply regret to lose your
again
Treasurer of the Ex¬
Miles Friedman,
Committee and
change, is Chairman of the
tender your resignation as United
Southern District of New York, has been handed
effective upon
accepted
successor,
for
I
While
me.
being
Feb.
of
Attorney
States
to
letter
Rules
to
The President's letter to Mr. Cahill said:
Your
the
heads
House Committee is W. S. Moore
Frank P. Collyer, First-Vice-President,
of James E. Bennett & Co.
which his name has been
His induction into office on March 10, 1939, was
mentioned
ft Seventy-five appointments to the 12 standing committees
of the Chicago Mercantile Exchange have been made by
Garrett B. Shawhan, President, and approved by the board
of governors, it was announced by the Exchange on Feb. 19,
which said:
YY*;Y;Y;'
Association
'
Manufacturers and
of
Give Series of Weekly Radio Reports on
National
Defense
Production—First
NBC to
Progress
Program
Tonight (Feb. 22)
"Defense
for
America"
is
the
theme
of
a
new
weekly
national de¬
fense production, a program to be presented by the National
Broadcasting Co., in cooperation with the National Associa¬
tion of Manufacturers over NBC's nation-wide red network
every Saturday night, 7:00 to 7:30 p. m., E. S. T., starting
radio report
to the Nation on the progress of
The Commercial & Financial Chronicle
1226
tonight (Feb. 22). As now scheduled, the series includes 13
broadcasts to originate in as many of the country's key
defense
production
said an announcement issued
Association, which added:
centers,
Feb. 16 by the Manufacturers
Unique in many features, the programs will undertake to dramatize not
only the "personality" of each city visited but also, and more important,
by the basic defense production industry characteristic
the role being played
of each city.
machines have solved
and
men
and accurate report of how
revealing, up-to-the-minute,
will be
or
dealing with the tremen¬
are
dous
problems involved in a change-over from normal operations to "all
out"
capacity production of defense materials and equipment.
Cleveland the initial program will center on the story of how the
having already answered Defense Commissioner
In
vital machine tool industry,
impossible," is pressing
Knudsen's appeal to "do the
William S.
achievement
of
new
highs
production
the
in
of
the
tools
defense depends.
Thereafter the aviation industry will report, similarly,
the
to the
on
which
all
person"
on
to
for
production
mass
"in
public from Santa Monica, Calif.; the oil industry from Tulsa, Okla.;
manufacturers from Peoria, 111.; shipbuilders from Newport News,
tank
Va.;
defense
from
automobiles
chief
The
and
termed
was
on
so
each
week until the
roll
of
called.
"extraordinary
an
and
York, Mr. Mills is now Vice-President of the Nationa
His father, whom
he succeeded as President of the Dry Dock Savings Institu¬
of New
tion, was a founder and also one time President of the State
Association, and his grandfather, who was likewise a Presi¬
dent of the bank, was a member of the original Board of
Trustees when the bank was founded 93 years ago.
industry's
effort
defense
gigantic
by
Walter
D.
Fuller, President of the N. A. M.
Conference
1941
;
1j;■'!
The
of
New
The
♦
;,/•;_
.
Conference
1941
Graphic Arts to
York, March 5
of
The
Be Held in
Graphic Arts,
a
one-day
session devoted to the graphic arts, will be held at the Hotel
Biltmore, in New York City, on March 5, it was announced
Feb. 15 by Don H. Taylor, Director of the conference.
The conference will be divided into four principal sessions,
namely, planning, production, advertising and merchandising
and buying.
The following is also from the announcement
issued by Mr. Taylor:
on
The method of
chairman with
a
The chairman and each member of the
devoted to discussion and to the answering of questions.
Winding
up
the business sessions of the day there will be a dinner.
New
York City's Commissioner of Commerce George A. Sloan, whom you may
know
as
the former president
address the dinner
Defense."
National
on
of the Cotton
Textile
the subject of "Economic Sanity
llis address will be
Co.
Broadcasting
broadcast
The
over
Chairman
the
of the
Institute, will
in the National
blue network
dinner
of the
program
is
Arthur D. Whiteside, President of Dun & Bradstreet, Inc.
American Bankers Association
ference in
The
second
to Hold Regional Con¬
Louisville, Ky., March 20-21
American
ference of the current
Bankers
Association
regional
D. Houston, President
by this meeting
includes
the
15
States
of Alabama, Arkansas,
Florida,
Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri,
North Carolina, Ohio, South Carolina, Tennessee, Virginia
and West Virginia.
Addresses and panel discussions on banking subjects vary¬
ing from national defense financing to bank operation tech¬
niques have been arranged for morning, afternoon and
evening sessions during the two-day meeting.
At the open¬
ing session of the conference President Houston of the
A. B, A., who is Chairman of the Board of the American
National Bank, Nashville, Tenn., will sound the opening key¬
Association.
the
note
of
the
The
by P.
area
tional
meeting in
Through
Educational
Director
of
the
American
Institute
of
Banking, will speak on "The Challenge to Free Enterprise"
at a public meeting on Friday evening, March
21, which
will bring the conference to a close.
ITEMS
Corporation approved, in their meeting of
operations of
showing net
Feb. 13, 1941, the statement of conditions and
the bank for the year ended Dec. 31, 1940,
including balance brought forward, of 9,157,189
compared with 9,626,378 Swiss francs for the
previous year.
Total assets amounted to 1,366,071,396
Swiss francs, against 1,350,564,620 Swiss francs for 1939.
The general assembly of stockholders will be held on Feb.
profits,
Swiss francs,
28 and distribution of cash
dividend at the rate of 4% will
be
proposed to them against 4^% for the previous year,
leaving a balance to be brought forward of 2,757,189.31
Swiss francs, against 2,426,377.77 Swiss francs for the
previous year.
4
Butler, a partner in the brokerage firm of
Fenner & Beane, New York, died on Feb. 15 in New Orleans,
La.
He was 61 years old.
A native of Adams County,
James
P.
Miss., Mr. Butler, after receiving a law degree from Tulane
University, practiced law from X902 to 1906.
He then
entered upon a banking career starting with the GermanAmerican Bank in New Orleans and shortly afterwards
becoming President of the Canal Bank and Trust Co.,
New Orleans, serving until 1931.
At that time Mr. Butler
joined Fenner & Beane in New York and was actively asso¬
ciated with that firm until November, 1938, when he retired
to his plantation, Ormonde, near Natchez, Miss., because of
ill health.
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Guaranty Trust Company of New York announces the
appointment of Theodore Rousseau as a Second Vice-Presi¬
dent. Mr. Rousseau was formerly Assistant Manager of the
Vichy Office.
♦
Andrew Mills
Jr., President of the Dry Dock Savings
Institution of New York since Jan. 1, 1929, observed on
Feb. 15 the 25th anniversary of his affiliation with the bank.
When Mr. Mills became a trustee of the bank in 1916, it
had only one office at 341 Bowery.
At that time, it is stated,
accounts totaled nearly 80,000 representing deposits of
$45,He was elected Vice-President in 1920.
In
200,000.
1932, three years after he became President, the bank merged
with the United States Savings Bank.
Five years later,
Dry Dock's increasing business necessitated the construc¬
tion of a new head office at Lexington Avenue and 59th
Street, for uptown banking services.
Today the Dry
Dock Savings Institution has nearly 170,000 accounts
repre¬
senting total deposits of $201,000,000. Twice elected
President of the Savings Banks Association of the State
Frank Drake Potter,
co-founder and former senior partner
brokerage firm of Pouch & Co., New York City, died
on Feb. 19 at his home in Rye, N. Y., following an illness
of several months.
He was 64 years of age.
Mr. Potter
had founded Pouch & Co. with the late Edgar D. Pouch in
of the
the death of Mr. Pouch in 1931 became senior
He retired from the firm on Dec. 31, last.
Born in Columbus, Ohio, Mr. Potter attended schools in
Columbus and the Ohio State University, but prior to
graduation joined the Army to serve in the Spanish-American
War.
At the beginning of the century he came to New York
and joined the brokerage firm of Charles T. Wing & Co.
1907, and
upon
partner.
death, Mr. Potter was
American Oil
a
At his
Vice-President and director of the
Royalties.
♦
embraced
an address on "Improved Banking
Effective Cooperation."
The conference
will also feature an address by A. L. M. Wiggins, President
of the Bank of Hartsville, Hartsville, S. C.f on "Legislative
Developments."
Mr. Wiggins is Chairman of the A. B. A.
Federal Legislative Council.
Dr. William A. Irwin, Na¬
Service
the Swiss Bank
after which he became associated with Mr. Pouch.
con¬
will be held in Louisville, Ky.,
season
March 20-21, it is announced
of
York Agency has received information
from the head office in Basle that the board of directors of
organization of the conference has been to provide each
panel of speakers.
panel will make an affirmative presentation after which a period will be
also
Announcement was made on Feb. 17 that the Swiss Bank
Corporation New
am¬
attempt; to tell the American people the factual
of
story
Detroit,
has been
industries
program
bitious"
1941
1
.
will take the radio audience into defense producing plants
to talk with employees at their benches, and into the offices of production
executives to hear from the lips of the men who are actually building
national defense how American industry is making America strong.
Each
American
22,
Association of Mutual Savings Banks.
The programs
program
Feb.
The
new
building housing the branch of the South Brook¬
lyn Savings Bank at 18th Avenue and 65th Street, Brooklyn,
opened to the public at 9 a. m. on Monday,
24, it was announced the past week by D. Irving
Mead, President.
The branch was previously located a few
doors away from its new quarters.
Charles A. Jurgensen,
Assistant Vice-President, who has been in charge of the
branch the past eight years, will continue in that post with a
staff of 35 persons.
A preview showing of the new branch,
attended by several hundred persons, was held on Feb. 19.
The branch, together with the main office of the bank at
Atlantic Avenue and Court Street, serve more than 86,000
will be formally
Feb.
depositors with total deposits in excess of $56,000,000.
♦
The Flatbush
Savings Bank, Brooklyn, N. Y., celebrated
the past week the 25th anniversary of its opening on Feb. 16,
Officers and trustees of the institution observed the
1916.
occasion with
a
dinner at the Canadian Club in the Waldorf-
Astoria Hotel, in New
York City, on Feb. 20. At the dinner,
presented to Harry B. Hawkins, who has served
as President of the bank since its organization, and to three
charter trustees, J. Paul Hoffman, Alexander MacDonald
and Henry J. Davenport.
gifts
were
♦
The Boulevard Bank,
located at Forest Hills, in Queens
County, New York, became a member of the Federal
Reserve System Feb. 15, becoming the 10th State bank
since the first of the year to join the system in the Second
District.
It is stated that all commercial banks in Queens
County are now members of the system.
All Bronx County
commercial banks
bers.
its President is
The
are
also said to be Federal Reserve mem¬
The Boulevard Bank has assets
election
President and
of $2,400,000 and
George C. Meyer.
of
Douglas W. Morgan as Executive Vice-
director of the Palisades Trust &
Guaranty
Co., Englewood, N. J., was announced on Feb. 14 by James
F. McKinney,
President
Mr. Morgan joined the bank
earlier this year having previously served as
the Lawrence-Cedarhurst Bank, Lawrence, L.
also director of the Nassau County Clearing
director of the
President of
I.
He was
Association and
Lawrence-Cedarhurst Chamber of Commerce.
Volume
At
The Commeiual & Financial Chronicle
152
the recent
organization meeting of the Board of Di¬
Northern Valley National Bank, Tenafly,
The
of
rectors
N. J., Herbert R. Johnson, partner in the New York broker¬
firm of Orvis
Brothers &
Co., was elected President
of the institution, succeeding Harry N. Wadham.
Mr. Wadham, who is a member of the brokerage firm of J. B. Colgate
&
Co., New York, declined renomination for "personal
age
reasons."
The
City Bank & Trust Co., of Reading, Pa., announces
new quarters will be
opened on Monday, Feb. 24.
that its
The
new
home of the institution will be at 540 Penn Street.
Oil
shares
were
1227
with
unsettled
tendency toward higher
a
levels.
move downward on Wednesday as a
flooded the market during the early
trading.
As the day progressed the selling subsided to
some extent but the declines were largely in excess of the
advances as the session ended.
Scattered through the list
were a number of small gains, but these were largely among
a
group of slow moving stocks and were without special
Aircraft shares were fractionally lower all
significance.
along the line and the shipbuilding issues were quiet with
the exception of Todd Shipyards which lost % point at 83.
Stocks continued to
new
of selling
wave
Officers of the bank
Public utilities
W.
paper
are John J. Beaver, President; Walter
Moyer and Joseph W. Essick, Vice-Presidents; Arthur
S. Howell, Secretary and Trust Officer; John D. Heckman,
Treasurer; Paul R. Baer and Leonard R. Yoder, Assistant
Treasurers, and P. Herbert Riegner, Counsel.
The following, regarding the payment of dividends to
depositors of several closed Pennsylvania banks, is from the
Philadelphia "Inquirer" of Feb. 19:
John
C.
Bell
Jr., Pennsylvania Secretary of Banking,
night(Feb. 18) that
a
amount to
announced last
final dividend of 5.691% will be paid to depositors of
the closed Parkway Trust Co., Philadelphia,
March 1.
The payment will
$59,784 and will bring the total percentage received by the de¬
positors to 75,691, or $797,358.
On
March
8 depositors
15% of the
to
moneys
be made
on
or a
total of $31,568.
Previously they had
owed them when the bank closed.
accounts
Co.,
Other
in immediate future
of closed banks
include:
Coudersport Trust Co., March 15, 12%,
87%;
Heights
Deposit
Bank,
bringing the total to 64%,
the Curb Exchange as the market moved upward on Thurs¬
day.
The public utilities preferred issues led the forward
swing, and while the transfers dropped to 75,555 shares
against 104,815 on Wednesday, the tone was strong and
or
Wilkes-Barre,
and Peoples
$83,214, bringing the total to
Feb.
28,
Savings &
5%,
Trust
or
$64,975,
Co., Duryea,
March 4, 5%, or $23,694, bringing th3 total to 60%.
one
of the founders of the old stock
brokerage firm of Newburger Brothers & Henderson, now
Newburger, Loeb & Co., and later President of Henderson
and Co., which he dissolved upon retiring six years ago, died
on Feb.
17 in Philadelphia, it is learned from the Phila¬
delphia "Inquirer" of Feb. 18.
Mr. Henderson was 74
years old and a native of Philadelphia.
a
new
low for 1941
^
In the
shipbuilding section Todd moved upward 3 points to 86
and paper and cardboard shares were quiet.
Dull trading and irregular price movements were the
chief characteristics of the curb market dealings on Friday.
Public utilities attracted considerable speculative attention,
particularly the stocks of the preferred group, and the best
gains of the day were registered in this section.
Aircraft
shares were quiet and for the most part unchanged. Alumi¬
num
John J. Henderson,
Outstand¬
the advances extended to all sections of the list.
ing among the gains in the public utilitv group were ScrantonSpring-Brook Water Service $6 pref. which climbed upward
5 points to 100 and Western Maryland 1 pref. which ad¬
vanced, on a small turnover, 6% points to 65.
Aircraft
stocks were fractionally higher with the exception of Bellanca
which tumbled downward to
of the defunct Mortgage Security Trust
Philadelphia, will be paid 7%,
been paid
payments
were unsettled, industrial issues were off and
and cardboard shares were unchanged.
Gains ranging up to 3 or more points were registered on
issues
were
down and
the
so were
paper
and cardboard
Industrial specialties
stocks.
moved within a narrow range
and the shipbuilding issues were unsettled with Todd de¬
clining % point to 85% while New York Shipbuilding
(founders shares) was unchanged. As compared with Friday
of
B
lastjweek prices were slightly higher, American Cvanamid
closing last night at 33% against 31 on Friday a week ago,
Cities Service at 4% against 4, Electric Bond & Share at
3% against 3% and Glen Alden Coal at 9 against 8%.
TRANSACTIONS
DAILY
THE
CURB
Price movements on the New York Curb Exchange gen¬
erally pointed downward during the first half of the week
but the market steadied on Thursday and there were a num¬
ber of modest gains recorded in various sections of the list,
particularly in the preferred group of the public utility
shares.
been,
trend.
Industrial issues have been unsettled but there have
at times, some moderate movements against the
Aircraft stocks have been comparatively quiet but
registered
improvement
the week advanced.
Paper
and cardboard shares moved within a narrow range, ship¬
building issues have shown little activity and the oil stocks
some
as
active
stocks.
NEW
YORK
EXCHANGE
CURB
Public
utilities
and
Bonds (Par
Value)
(Number
Week Ended
of
Feb. 21, 1941
Shares)
Saturday
Government
6,000
3,000
10,000
581,000
840,000
781,000
$4,355,000
80,680
760,000
1,000
8,000
537,402
-
Thursday-.
Friday--
$4,277,000
$28,000
$50,000
-------
—
...
Total
$439,000
$3,000
2,000
8,000
14,000
13,000
Tuesday
Wednesday
Total
Corporate
$1,000
$435,000
565,000
86,305
93,042
104,815
75,030
Monday
Foreign
Foreign
Domestic
97,530
835,000
9,000
889,000
793,000
Week Ended Feb. 21
Sales at
Jan. 1 to
906,000
808,000
Feb. 21
New York Curb
19 '0
1941
1940
1941
Exchange
Declining prices were again the rule during the "brief
period of trading on Saturday.
There were occasional
movements against the trend but these were largely among
the preferred issues of the petroleum group and some of
less
THE
Stocks
have been unsettled.
the
AT
MARKET
537,402
773,163
4,234,590
5,765,604
$4,277,000
$4,815,000
28,000
50,000
$58,555,000
484,000
114,000
$38,610,000
271,000
491,000
$4,355,000
$5,012,000
$39,382,000
$59,779,000
Stocks—No, of shares.
Bonds
Domestic
-
--
--
--
--
Foreign government
Foreign corporate
-
--
_.
83,000
740,000
industrial
Total---...
specialties were generally weak and recessions predominated
the aluminum shares and shipbuilding stocks.
Air¬
craft issues were unsettled with most of the changes on the
side of the decline and paper and cardboard shares were
irregular.
Prominent on the side of the decline were Ala¬
bama Power $7 pref., 3 points to 105; Monarch Machine
Tool, 2% points to 33%; National Power & Light pref., 2
points to 87%; Pa. Salt, 4% points to 175%; Rochester Gas
& Electric pref. D, 2% points to 104%; and Sherwin-Williams
pref., 2% points to 110.
Mixed price changes were apparent during much of the
trading on Monday, and while the irregularity was more
pronounced among the public utilities, the changes were
within the range of a couple of points.
The transfers
dropped to approximately 86,000 shares against 196,000
during the preceding full time session.
Aircraft stocks were
unsettled Bell and Fairchild showing fractional gains while
Beech and Brewster were unchanged.
Shipbuilding issues
and aluminum stocks failed to appear on the tape and paper
and
cardboard
shares
were
irregular, Great Northern
showing a gain of a minor fraction, Taggart declining and
International Paper & Power Warrants were unchanged.
Included among the few advances were Heyden Chemical,
3% points to 69%; Axton Fisher A, 1% points to 35; and
Raymond Concrete Pile pref., 2% points to 48, the latter
among
on a
small turnover.
*
Public utilities and industrial specialties bore the brunt
of the declines on Tuesday, the losses among the trading
favorites
ranging up to 2 or more points.
There were
occasional exceptions to the trend especially among the
public utility preferred stocks, Scranton-Spring Brook
Water Service $6 pref. climbing up to 97 at its top for the
day and closing at 96 with a net gain of 3 points.
Aircraft
shares were mixed Republic and Brewster moving to lower
levels while Fairchild and Solar Aircraft registered fractional
advances and Bell and Beech were unchanged.
Shipbuild¬
ing issues did not appear on the tape and the paper and
cardboard stocks were quiet and for the most part unchanged.
COMPARATIVE PUBLIC
DEBT STATEMENT
(On the basis of dally Treasury statements)
Aug. 31, 1919,
Dee. 31, 1930,
Mar. 31. 1917,
Pre-War Debt
When War Debt
Lowest Post-war
Was at Its Peak
Debt
$
$
%
1,282,044,346.28 26,596,701,648 01 16,026.087,087.07
Gross public debt
Gross public debt per capita
12.36
260.18
129.66
of interest
Interestbearing public debt (%)—
Obligations of governmental
agencies guaranteed by
2.395
4.196
3.750
74/216,46b"05 1,118409,534*76
366¥03,319~55
Computed
per
rate
annum
on
the United States:
Unmatured principal.*:.
Matured prln & Int. for
which cash has been de¬
.
posited with or held by
Treasurer of the U. S.d
General fund balance .e
Jan. 31, 1940,
A Year Ago
Jan. 31, 1941
$
Gross public debt
Dec. 31, 1940,
Last Month
$
$
42,109,751,669.21 45,024,631,488.41 45,876,972,769.10
—
Gross public debt per capita
a320,18
a340.23
b346.48
of Interest
Interestbearing public debt (%)-_
Obligations of governmental
ageneies guaranteed by
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
Computed rate
per
annum
on
the United States:
Unmatured principal.c-
.
Matured prln. & Int. for
which
cash
has
been
deposited with or held
by Treasurer of U. S.-d
General fund balance.e....
b Subject to
revision.
a
Revised
c
Does not Include obligations owned by the Treasury as
follows:
Jan. 31, 1940.,
$70,272,500; Deo. 31,1940, $89,576,750; Jan. 31, 1941, $144,533,250.
d Amounts are
e
included in the general fund balances shown herein,
above,
matured obligations guaranteed
Includes amounts held by the Treasurer of the United States, as shown
for the payment of
the principal of and interest
by the United States, on and after Sept.
on
30, 1939.
The Commercial &
1228
Feb.
Financial Chronicle
St. Louis Listed and Unlisted Securities
EXCHANGE
LONDON STOCK
THE
Quotations of representative
each day of the past week:
stocks
Investment
v
Chicago Stock E- change
£54
35/9
90/£53%
£54
£54
£11%
£11%
£U%
£11%
£11%
Z.;V
84/4%
84/4%
29/7%
33/9
34/4%
34/4%
29/10%
29/9
29/7%
Dp Beers
£5%
£5%
£5%
64/7/6
17/1%
22/6
95/7%
63/6
29/7%
£5%
62/6
7/6
Distillers Co
Closed
Electric A Musical Ind.
Range Since Jan. 1, 1941
Week's Range
for
of Prices
Low
High
Shares
Par
Price
.—1
50
"48%
Stocks—
London Mid
Preferred
—
-
Brown Shoe com
95/£14%
95/£13%
70/-
70/£6%
Ry
.1
Cocoa-Cola Bottling com .1
High
Low
Dr Pepper com
Ely & Walker D Gds com25
Falstaff Brew com
1
Grieved leek-West Br ccm_*
12 %
175
12%
Feb
18%
Jan
48 %
20
48
Feb
50
30 X
35
31
70/-
r;
70/-
£6%
£6%
£6%
£6%
£8
£8
£8
£8
74/4%
74/4%
40/7%
24/1%
74/4%
40/7%
23/10%
14/9
74/4%
40/24/3
14/9
£2 Wis
£3
£3
—
74/4%
41/3
■:
24/3
14/10%
Rolls Royce
20
Feb
27%
25
25%
70
25
Feb
27
Jan
11%
11
11%
180
10
Feb
12%
13%
105
13
Jan
19%
100
17
Feb
rnmmmmm
a%
15%
19%
7%
Feb
mm-mm m m
13%
19%
6 %
40/-
24/3
14/9
14/9
Jan
13 %
:
Jan
26%
29%
26%
Jan
26%
mm
mm
mm m
mm
m'»
m
7%
International Shoe com—*
50
50
Feb
8
Feb
8%
15c
Feb
20c
Feb.
Feb
1
Feb
75
1
96
29%
Jan
13
Feb
Feb.
Feb.
Feb.
18
Feb.
15
19
20
17
383
13
5
Feb.
21
170
218
-
-
:
169
168
217
170
169
171
'
30
cable
Per cent of Par
Feb
1
15c
£3lit
EXCHANGE
BERLIN STOCK
THE
Jan
8%
r-'Z
Closing prices of representative stocks as received by
each day of the past week:
Feb
25
13
mmmmmm
£2%
Feb
100
30
29 %
Johnson-8-8 Shce com—*
Wltwatersrand
Areas
Jan
8
15c
-•
'
Jan
25
i
mm'
mm
Feb
Feb
7%
West
Jan
Feb
23
10
8
»mm
mm mm
'mmm
Feb
6%
100
7%
50
50
m mm
50
23
23
50
Huttlg 8 & D com
..—5
Hydraulic Pr Brick com 10C
Preferred
100
95/-
£13%
£13%
£7%
Feb
IIussmaDn-Ligonler com.. *
Preferred ser '36.
7/7%
17/4%
22/10%
Rand Mines---—-.—.
United Molasses
12%
5
*
Columbia Brew com
62/6
17/3
22/10%
95 /-
22/10%
70/-
Shell Transport
Week
48%
30%
*
.
.
Burkart Mfg com....
7/6
17/4%
..
£14%
Vlckers.
American Inv com
62/6
7/6
17/3
22/10%
£5%
Rio Tinto.
Sales
Last
V
90/7%
Courtaulds S A Co
Metal Box
both inclusive, compiled from official sales lists
Sale
v''Z''Z
90 /-
90/7%
Imp Tob A G B A I—
St. Louis Stock Exchange
Z" ZZ'-'Z V.
35/9
35/9
Hudsons Bay Co
Friday
36/90/7%
36/-
£54
Drugs
Ford Ltd.
Feb. 16 to Feb. 21,
Feb. 21
Cons Goldfields of S A.
Phone
CEntral 7600
Postal Long Distance
A. T. T. Teletype STL 693
St. Louis Stock Exchange
Feb. 20
Central Mln A Invest—
Securities
New York Curb Exchange Associate
Fri.,
Feb. 19
Feb. 18
British Amer Tobacco.
Building, ST. LOUIS
Boatmen's Bank
Mon.,
Feb. 17
Thurs.,
Cable & W ord
Boots Pure
1922
Members
cable
Wed.,
Sat.,
Established
received by
as
Tuts..
Feb. 15
Edward D. Jones & Co.
1941
22,
217
216
Commerz Bank (6%)
.149
148
147
148
149
149
31%
Jan
Deutsche Bank (6%)
.151
150
150
150
150
150
Jan
Deutsche Relchsbahn (German Rys.,
7%).
Feb
18%
5%
Jan
Dresdner Bank (6%)
147
146
145
146
147
147
20
18
18
18
90
18
Feb
20
Jan
Farbenlndustrle I. G
203
201
201
201
200
200
— *
com...25
14
14
14
39
14
Feb
14
Feb
130
130
129
129
130
130
13 H
46
Metals pf 100
Natl Candy com...
*
101
101
5%
Key Co com......
Laclede Steel com
.
.
.
_
Meyer Blanke com
Mo Port Cement
13%
Natl Bearings
1st pref
100
Rlce-Stlx Dry Goods com -*
6
mmrnmmm
no
Jan
273
272
273
272
272
271
101
Feb
150
149
150
151
150
150
6
Jan
8
110
Feb
13%
Jan
6%
110
Feb
45
4%
Feb
9%
9%
112
9%
Feb
11
Jan
43%
43 H
43%
33
42%
Feb
44
Jan
Jan
pref.........-.100
..100
4%
mmmmrnm
m
mm
93
93
94
Feb
96%
272
Feb
95%
97%
14%
Feb
11
96%
16%
Feb
1 OH
1.25
1.25
300
1.25
Feb
1.55
Jan
38
38
Jan
Securities Inv com...
*
mm
Sterling Alum com
1
Feb
Feb
28
Jan
rnmmrnmm
StlxBaer& Fuller com.-10
mm*mmm
.15
rnmmm
7%
9%
25
25
2
22
37
50
7%
100
9X
25%
100
Feb
7%
9%
375
25
Jan
Department:
STOCK
PREFERRED
"B" ISSUED
Amount
.
Jan
Feb.
Bank
National
11—The
locally
COMMON
$15,500
CAPITAL STOCK REDUCED
■
Amt. of Reduction
•
Feb.
EXCHANGE
RATES
National
11—The
$31,000 to $15,500
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Sold
111.
Lanark,
Lanark,
of
—
No par value.
FOREIGN
,
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
Jan
Feb
38%
8%
9%
mmm
10%
-—
Wagner Electric com...
5%
96 %
m-m m m mm
—*
Warrants
!
NATIONAL BANKS
Jan
4%
mmmmrnm
1st pref
Scullin Steel com
*
16
Feb
158
ex
no-
Feb
101
5
Preferred.....
(8%)
25
101
100
Scruggs-V-B Inc com
2nd
mmmmmm
5%
267
514
"/1
Bank of Lanark,
Lanark,
III.
From
15,500
— ——
— --—-
Pursuant to the
give below
FOREIGN
a
record for the week just passed:
EXCHANGE
BANK
RESERVE
FEDERAL
BY
CERTIFIED
RATES
OF 1930
INCLUSIVE
TO TREASURY UNDER TARIFF ACT
FEB.
15.
1941, TO FEB. 21,
1941,
CHANGES IN
NATIONAL
BANK NOTES
shows the amount of National bank notes
afloat (all of which are secured by legal tender deposits)
at the beginning of January and February and the amount
of the decrease in notes afloat during the month of January
The following
for the years
1941 and 1940:
.
National Bank Notes—All Legal Tender Notes—
Noon Buying Rate for Cable Transfers in
Value in United Slates Money
Country and Monetary
Amount afloat Jan. 2
New York-
—
Net decrease during January
——
Unit
Feb. 15
Feb. 17
Feb. 18
Feb. 19
$
S
$
Note—$2,203,796.50
a
a
a
$
a
a
a
a
a
a
a
a
(a
Denmark, krone
a
a
a
a
a
a
Czechoelov'la, kornua
-
v'
Official
4.035000
4.035000
4.035000
4.035000
Free
4.029166
4.029375
4.028928
4.028750
4.026071
4.025625
.020100
.020100
.020100
.020100
.020100
.020100
a
a
a
a
a
a
.399740*
.399700*
.399700*
.399700*
.399700*
Germany, relchsmark
Greece, drachma..._
.399700*
Hungary, pengo
.197700*
.197700*
.197700*
.197700*
.197700*
.197700*
Italy, lira
Netherlands, guilder.
.050400*
.050483*
.050414*
.050400*
.050414*
.050414*
a
a
a
a
a
a
a
a
a
.040025
.040075
.040075
a
Portugal, escudo
a
a
Rumania, leu..
.V
a
a
a
a
a
a
Norway, krone
Poland, zloty
a
'V
a
a
a
a
a
a
.040025
.040075
.040075
a
a
a
a
Spain, peseta
Sweden, krona
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
.238316
.238233
.238275
.238270
.238200
.238241
Switzerland, franc...
.232135
.232200
.232171
.232164
.232150
b
b
b
b
b
a
a
a
a
a
Yugoslavia, dinar
COURSE
a
year ago.
BANK
a
.054525*
Tientsin (yuan) dol
a'
*
•
.055487*
a
.056906*
a
a
.055887*
.056062*
.232171
U.
b
Per
1941
a
.055662*
New York
Chicago
Philadelphia
a
a
.243593
.245562
.245218
.244468
.242708
$2,555,571,647
294,115,200
390,000,000
219,238,245
89.324,437
.301400
.301400
.301400
.301400
Kansas
dollar.
.242343
India (British) rupee.
.301400
$2,012,638,925
223,019,688
+ 27.0
265,000,000
+ 47.2
153,952,538
65,259,633
+ 36.9
96,100,000
67,500,000
136,104,000
99,237,000
132,457,032
_
;
Boston
.301400
a
1940
95,391,250
70,451,843
a
a
a
a
City
Japan, yen
.234387
.234387
.234387
.234387
.234387
.234387
St. Louis
Straits Settlem'ts, dol
.470866
.471066
.471066
.471066
.471066
.471066
San Francisco
Pittsburgh
Australasia—
Official
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
Free
3.209791
3.210625
3.209791, 3.209791
3.207708
3.206875
Baltimore..
3.223333
3.222500
3.220416
-
Eleven cities, five days..
South Africa, pound. 3.980000
3.980000
3.980000
3.980000
3.980000
3.980000
.909090
.909050
Other cities, five days
_
Total all cities, five days
Official
.909090
.909090
.909090
.909090
Free
.834218
.838046
.841696
.845000
.843854
$4,220,640,838
1,041,522,011
_
$3,171,619,754
808,193,585
+28.9
$3,979,813,339
+ 32.2
.205250*
.205250*
.205250*
.205250*
.205250*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.832187
.835312
.839218
.842812
.841458
.845000
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Official
.060575*
.060575*
.060575*
.060575*
.070575*
.060575*
Free
.050600*
Holiday
All cities, one day
.847500
.205250*
Mexico, peso
+ 38.9
+69.5
+ 55.3
+62.1
North America—
Canada, dollar—
+42.4
+42.4
+ 37.2
48,108,569
119,394,755
110,336,030
3.219583
Africa—
+ 31.9
$5,262,162,849
_
Cleveland
New Zealand, pound. 3.222500
Cent
77,999,492
Detroit
Australia, pound—
3.222500
which it is
possible to obtain weekly clearings will be 7.5% above those
for the corresponding week last year.
Our preliminary
total stands at $5,262,162,849, against $4,893,327,669 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 27.0%.
Our comparative sum¬
mary for the week follows:
Clearings—Returns b<; Telegravh
Week Ending Feb. 22
Shanghai (yuan) dol
CLEARINGS
clearings from all cities of the United States from
China—
Hongkong,
OF
this week show an increase compared with
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Feb. 22)
Asia—
Chefoo (yuan) dol'r
Hankow (yuan) dol
1941,
Bank clearings
4.035000
a
1,
a
4.035000
France, franc
Feb.
-JO-
a
a>+,
Engl'd, pound sterl'g
Finland, Markka
Federal Reserve bank notes outstanding
against $2,218,619.50 on Feb. 1, 1940.
secured by lawful money,
a
a
a
$174,967,437
$157,505,797
Amount of bank notes afloat Feb. 1
Feb. 21
Feb. 20
$
Europe—
Belgium, belga
Bulgaria, lev
1941
i:
1940
$159,021,022 $178,222,287
1,515,225
3,254,850
Total all cities for week...
$5,262,162,849
71,060,308
+ 33.1
913,514,330
$4,893,327,669
+7.5
Newfoundl'd, dollar-
South America—
Argentina, peso
Brazil, milrels—
.050600*
.050600*
.050600*
.050600*
.050600*
Official
.051660*
.051660*
.051660*
.051660*
.051660*
Export
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
.569850*
.569850*
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.6 58300*
Non-controlled
.397400*
.397500*
.397940*
.397840*
.394940*
.394940*
Chile, peso—
Colombia, peso
051660*
Uruguay, peso—
•Nominal rate,
a
No rates available,
b Temporarily omitted.
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 he available
until noon today.
Accordinglv, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
for the week previous—the week ended Feb. 15.
For that week there was an increase of 9.9%, the aggregate
results
of
clearings
for
the
whole country having amounted to
Volume
The Commercial & Financial Chronicle
152
$5,519,732,079, agairst $5,020,678,987 in the same week in
1940.
Outside of this city there was an increase of 13.1%,
the bank clearings at this center
having recorded a gain of
6.9%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record an increase of
7.8%, in the Boston
Reserve District of 23.6% and in the
Philadelphia Reserve
District of 11.0%.
In the Cleveland Reserve District the
totals are larger by 9.4%, in the Richmond Reserve District
by 18.3% and in the Atlanta Reserve District by 8.5%.
In
the Chicago Reserve District the totals register a gain of
15.5%, in the St. Louis Reserve District of 13.2% and in the
Minneapolis Reserve District of 3.5%.
In the Kansas City
Reserve District there is an improvement of
7.9%, in the
Dallas Reserve District of 6.0% and in the San Francisco
Reserve District of 6.6%.
In the following we furnish a
summary by Federal Reserve
districts:
Week Ended Feb. 15
Clearings at—
Inc.
1941
or
1940
Dec.
$
1938
%
1939
Seventh Feder al Reserve D Istrlct —Chi cago—
Mloh.-Ann Arbor
Detroit
Grand
519,623
143,968.132
Rapids
3.685.509
.
Lansing
Ind.—Ft.
1,987.113
429,900
108.364.002
3.380,446
1,734.282
+20.9
+20.4
+ 17.7
+ 14.2
+ 3.7
+ 12.9
+ 12.1
+ 11.0
Wayne
2.100.877
1,745.557
Indianapolis—
21,521.000
South Bend...
2.343,816
6.091,054
26.510.031
1,130.396
9,291.177
3,783.548
18,282,000
2.051.779
Terre Haute..
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines.
.
-
Sioux City
111.—Bloomlngton
Chicago.....
Decatur
Peoria
Rock ford
.
Springfield
__
Total (18 cities)
SUMMARY OF BANK CLEARINGS
1229
6.872.159
23.487,964
1,008.733
8.373.728
3,641,289
305,340
+32.9
+ 9.0
+ 14.6
+6.8
349,091
92,324,367
2,804.549
1,422,198
868,875
16.638.000
1,350.806
4,733.365
21.188.465
1.059.491
6,844.437
3,140.075
852.316
99.700,735
2,838,475
1,908.091
1,110.514
17.278,000
1,554,770
4,293,448
19,699.650
1,106.534
7,996,909
8,258,385
351.661
322.566.320
1,130,210
9,170,275
1,777,752
1,411,124
+ 15.2
275.894
297,620,906
+8.4
—7.5
1,221,901
4,018.214 +128.2
1,246,671
+ 42.6
1,408,991
+0.2
264.297.307
960.330
3,605.793
1,138.635
1,204,178
4,075,376
1,667,338
1,269,086
559,339,618
484,093,862
424,205,856
476.158,645
81,200,000
35,292,776
18,097,668
78,600,000
40,995,481
22,508,685
+ 15.5
316,554
306,771,732
960.732
Inc.or
1 Week End. Feb. 15.1941
1941
1940
Dec.
1939
1938
%
%
%
S
S
Eighth Feder a 1 Reserve Dis trlct—St. Lo
Ui8—
Mo.—St. Louis—
Federal
1st
Reserve Dlsts.
Boston.... 12cities
275,664,141
222,982.505
2d
New York..13
"
2,837,550,154
2,631,186,913
3d
PhlladelphlalO
384,436.966
Cleveland..
7
"
"
426.735,529
4th
330,115.386
301,750,759
5th
Richmond.. 6
"
170.691,963
144,283.057
6th
Atlanta
10
"
194,465,293
179.154,937
7th
Chicago
18
"
559.339,618
484,093,862
8th
St. Louis— 4
••
166,823.576
147,427.767
9th
Minneapolis 7
**
98,484,469
**
137,540,544
127.503,706
••
73,399.191
69,266,693
12thSan Fran...10
M
248,919.210
233,437.929
45,687,882
84,600,000
39,843,886
+ 14.7
29,746,694
22,366.881
+ 33.0
589,000
617,000
—4.5
509,000
557.000
166.823.576
147,427,767
+13.2
135,099,444
142,661.166
Reserve Dls trlct—Minne
apolis+ 1.6
1,973,331
52,814,575
24,803,354
2,047,691
245,497.819
223,341,975
Tenn.—Mem phis
3,145.889.645
+23.6
+7.8
+ 11.0
+9.4
+18 3
+8.5
+ 15.5
+13.2
95,150,893
10th Kansas City 10
11th Dallas.
6
90,800.000
Ky.—Louisville..
3,197.593,714
111.—Jacksonville
344,519,107
403,236,897
272.279.449
126.331,844
125,302.705
168.514.855
476,158,645
135,099,444
Total (4 cities).
157,181,308
424.205.856
+3.5
+7.9
+6.0
+6.6
5,519,732,079
2,620.787,668
+9.9
2,494,988,549 + 13.1
5.020,678,987
x
Quincy
293.201.630
142.661,166
84,771.957
100,933.113
119.963.752
121,804,323
70,346,690
75,377,727
193,924.364
240.816,565
5,331,344,782
5.557.609.771
2,482,029,580
Ninth Federal
Minn.—Duluth..
2,426,285
64,188.599
24,973.933
2,544,151
2,387.686
60,873,341
25,447.437
2,653.155
S. D.—Aberdeen.
772.636
835.888
+ 9.3
+ 16.2
532.622
Mont.—Billings.
706,785
719,284
2.687,498
64,345,313
27.954,755
2,413.703
669,667
2,742,977
2,363,205
+ 16.1
518,758
2,081,626
677,060
2,185,117
98,484,469
95,150,893
+3.5
84,771,957
100,933,113
Minneapolis
St. Paul
N. D.—Fargo
Total.......113 cities
Outside N. Y. City
2.288,677.196
Helena
Canada...
32 cities
284,489,083
+7.3
265,140,516
279,426,836
add
now
our
+ 5.4
—1.9
—4.1
284,768.929
Total (7
We
+7.3
cities)
.
detailed statement
showing last week's
figures for each city separately for the four years:
Tenth Federal
Reserve Dis trlct—Kans
101,056
121.672
2,598.133
93,332
143,292
2.880,261
29,243.932
29,728.350
2,238.480
2,891,130
85.629,748
2.662,674
Neb.—Fremont.
Week Ended Feb. 15
Hastings
Clearings at—
Lincoln
Inc.
1941
1940
or
Dec.
Omaha
1939
1938
Kan.—Topeka
.
2.325,071
.
2,987,942
Wichita
First Federal
Reserve Dist rict—Boston
Post land
Mass.—Boston
_
.
Fall River
.
i
Jo
Lowell
| New Bedford..
Springfield
620.239
465.054
2.283,656
236,239.147
808,266
417,374
Me.—Bangor——
2.126.264
+ 33.4
+ 7.4
188,814.624
+ 25.1
Conn.—Hartford
748.783
+ 7.9
+ 5.6
424,497
632,419
3,379,783
1,903.601
767.429
11.550.899
413,962
2,028,494
213.686,250
745.038
395.189
3,297.230
2,390,637
Worcester
+ 21.3
753,274
2.934,032
1,854,662
—2.4
+25.6
+ 12.4
95,763,162
2,868.030
676,330
855,316
Mo.—Kan. City.
St. Joseph
434,031
1,695.162
189.568.339
628,638
431,285
727,036
2.743,431
1,692,796
12,182,100
10,274,305
4.544,904
9,251,200
516.446
446.379
+ 15.7
3,720,924
8,994,000
483,707
275,664,141
245,497,819
223,341,975
9,952,963
1,873,872
14,262.767
1.884,682
34,400.000
Colo.—Col.Spgs.
Pueblo-.
Total (10
cities)
137,540,544
4.590.718
R.I.—Providence
N.H.—Manches'r
+ 1.0
Eleventh Fede ral Reserve
9,458.979
11,749,623
4,666,695
Dallas
8,796.700
Fort
1,682,266
57.785,491
6,516,592
2,459,000
+31.7
Total (12
cities)
222,982,505
+23.6
Second
Feder al Reserve D istrlct—New
40 1,239
York-
N. Y.—Albany.
Blngbamton
28,866,620
1,024,924
Buffalo..
36,000,000
Elm Ira
657,828
1.089,963
Jamestown
6.817,163 +323.4
1,180,824 —13.2
34,700.000
+3 7
452,952
+ 45.2
778,868
+ 39.9
New York.
2,698.944.411 2,525.690,438
Rochester
8,860,991
8,395,972
5,358.406
5,399.363
Syracuse—
Westchester Co
3,112,267
3,759,270
Conn.—Stamford
3.835,750
3,121.443
30.000,000
484,141
803,184
—17.2
3,500,013
481,575
+22.9
1.6
Newark
20,898,146
28,427,014
18,138,792
22,270,253
+27.6
3,040,940
692,476
16,466,583
26,187,808
cities) 2,837,550,154 2,631,186.913
Third Federal
Pa.—Altoona—
Reserve Dist rict
487,614
1,149,708
Bethlehem
442,851
Chester
N. J.—Trenton-
1,297,063
412,000,000
1,442,877
2,208,572
979,802
1,388,442
5,338,600
Total (10 cities)
426,735,529
Lancaster
-
Philadelphia..
Reading.....
Scran ton
Wilkes-Barre..
York
...
803,280
—
+ 15.2
3,167,482
3,587,809
601.726
19,559,565
29,287,981
2,005.826
3,088.282
80.120,870
2,672,123
575,886
660,653
+ 17.4
660,802
696,211
+29.5
500,042
544.269
127,503,706
+7.9
119,963,752
121,804,326
+ 21.2
1,866,915
53,930,465
6,756,906
3,180,000
958,699
3,653,705
1,978,991
58,110,254
6,252,267
4,019.000
1,254,885
3.762,330
+6.0
70,346.690
75.377,727
73,399,191
69,266,693
Twelfth Feder al Reserve D Istrlct—San
45,062,120
881,594
Wash.—Seattle.
Yakima
37,329,012
14.328,244
Ore.—Portland..
Utah—S. L. City
Pasadena--...
3,898.267
3,380.135
Francisco-
138,280,000
Calif.—L'g Beach
384,413
+26.8
521,044 + 120.7
380,411
+ 16.4
1,124,148
+ 15.4
374,000,000
+ 10.2
—0.4
—0.8
+ 30.8
1,166,439 + 19.0
2,436,100 + 119.1
384,436,966
+ 11.0
349,116
534,722
353,077
1,186,122
334,000,000
1,338,970
2,343,000
755,048
1,152,152
407,741
♦500,000
2,506,900
461,641
1,237,820
390,000,000
1,459,575
2,480.112
868,042
1,636,366
4,285,600
344,519,107
403,236,897
2,082,541
63,580,568
86,239,912
Cincinnati....
Cleveland.....
Columbus
Mansfield
...
Youngstown...
Pa.—Pittsburgh
.
10,302,700
1,446,627
2,146,046
127,403,236
293.201.630
i9.908.230
+ 5.6
100,721,776
9,834,200
1,719,214
2,821,265
+ 13.6
—16.5
124,819,248
+7.5
1,936,970
56.557,125
97,606.319
9,552,500
1,468,284
2,126.771
103.031,480
330,115,386
301,750,759
+9.4
272,279,449
Fifth Federal
Reserve Dist rict
+27.3
+ 18.0
+4.4
D.C.—Washnlg'n
3,387,000
42,977,008
1,829,002
91,023,433
80,833,050
Total (6 cities).
170,694,963
144,286,057
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
Sixth Federal
Tenn.—Rnoxviile
Nashville
...
Ga.—Atlanta
Augusta
Maoon
Fla.—Jacks'nvllle
Ala.—Blrm'ham.
h Mobile.
645,470
+ 16.3
+ 5.0
+49.2
+20.7
+ 30.1
355,102
2,278,000
36,878.103
1,183,073
62.917,479
22,720,087
376,172
2,275,000
35,909,011
1.105,163
62,967,691
22,669,668
+ 18.3
126.331,844
125,302,705
+ 38.8
(10 cities)
3,645,709
1,301,410
1,905,588
248,919,210
233,437,929
Grand
+ 13.1
—9.0
Francl
Reserve Dist rict—Atlant
1,986,587
+28.9
5,328,956
18.695,702
60,300,000
1,197,157
908.716
16.311.000
21,524,498
1.657,199
210,980
44,754,977
158,067
42,190,152
+32.7
+6.1
145.039
42,446,588
+ 11.5
+2.0
29,851.744
833,292
26,926,723
14,145,921
3,404,199
3,215,159
110,582,576
2,084,132
1,111,611
1,769,007
+6.6
193,924,364
+26.1
-0.1
+6.9
+0.1
—1.4
—7.4
194,465,298
179.154,937
+8.5
168,514,855
19,930,068
64,800.000
1,460,867
1,069,146
19,072,000
23,518.190
4,619.298
4,102,603
144,795,000
2,661,890
1,606,689
1,720,069
+4.7
+7.5
+ 14.8
+4.2
+65.9
—16.8
+ 13.7
4,184,843
21,402.631
63,000,000
1,123,672
153.518
878,174
16,646,000
18,558,116
1,519.037
240,816,565
5,519,732,079 5,020,678,987
+9.9 5.331,344.782 5,557,609,771
+ 13.1 2,288,677,196 2,482,029,680
Week Ended Feb. 13
Clearings at—
Inc.
1941
1940
Canada—
82,109,415
78,653,772
28,974,523
14,285,387
37,165,354
4,066.391
2,845.997
4,685,921
5,340.125
1,772.236
1,676.594
2,410,868
3,956,983
3,321,045
249,776
Montreal...—-«
Winnipeg
—
Vancouver
—
Ottawa..—
Quebec
-—-
Halifax...—
Hamilton
St. John
Victoria
Edmonton
Reglna
Brandon
or
Dec.
...
499,166
1,199,718
Lethbridge
Saskatoon
533,183
808,448
668,287
Moose Jaw
Brantford—
Fort William-...
678,697
229,203
Peterborough
475,132
New Westminster
598,794
Sherbrooke
875,290
3,004,712
339,368
757,791
523,460
667,751
Kitchener
Windsor
—
Prince Albert—
Moncton
Kingston.......
Chatham
—6.4
87,700,278
—0.4
78,897,352
—1.5
29,401,444
+ 5.9
13,491,956
15,702,879 + 136.6
—8.4
4,439,190
2,477,280
+ 14.9
+0.5
4,660,643
4,797,757
+ 11.3
+8.6
1,633,630
1,567.116
+0.6
—0.2
2,414,846
3,537,470 + 11.9
2,463,710 + 34.8
207,319
+20.5
Total (32
•
1938
851,790
+7.3
279,426,836
284,768,929
+23.6
+ 18.4
728,102
+ 11.0
+ 16.6
633,564
652.049
+ 5.5
158,903
481,561
732,416
895,870
2.306,724
255.217
657.307
444,638
502,704
+44.2
296,394
1,127.365
cities)
284,489,083
265,140,516
385.661
Estimated,
x
No figures available.
112,538,666
87,717,007
20,725,176
14,726,880
12,111,345
4,301,580
2,111,079
4,452,968
3,813,055
1,510,734
1,425,233
—7.7
404,014
1,040.245
.
105,649,700
90,057,609
20,988,330
15,834,714
12,083,789
4,579,748
2.037,217
3,801,708
3,364,778
1,396,153
1,588,915
2,011,081
2,939,272
2,215,179
2,182,522
2,967,175
2,454,336
213,873
313,428
955,300
478,174
728,470
585,670
503,685
125,114
533,814
616,571
967,696
2,774,792
231,183
598,682
403,694
545,518
387,836
767,774
1,013,626
457,192
...
Sarnla
Sudbury
1939
%
157,181,308
1,621,812
1,773,450
15,873,000
26,739,227
2,559,927
4,969.860
34,830.449
906,033
30,688,066
14,886,468
Outside New York 2,820,787,668 2,494,988,549
+4.1
—1.3
39,715.417
5,201,112
21,430.813
74,400,000
SCO—
(113
total
cities)
Medicine Hat..
Miss.—Jackson..
Vlcksburg
La.—NewOrleans
+ 5.1
—14.7
2,552,840
London—
-Rlchm ond-
554,857
2,441,000
40,947,392
♦1,225,500
75,421,544
23.695,764
W.Va.—Hunt'ton
+0.2
+ 5.3
1.033,995
29.610,428
14.344.252
San Jose
Calgary
Total (7 cities).
+ 3.3
+26.7
Santa Barbara-
San
Toronto
2,452,182
63,286,504
114,407.344
11,601,400
1,794,117
2,355,720
134,218,119
1,926,826
+ 3.9
35.663,010
3,375,265
140,304,000
2,288,953
1,404,917
1,867,400
Total (10 cities)
-Phllad elphla
1,447,998
2,227,127
749,286
—1.6
142.000
District—Da Has—
981.152
Galveston
—9.8
+ 7.8 3,145,889,645 3,197,593,714
Feder al Reserve D istrlct—Clev eland-
Ohio—Canton—
Total
2.443,872
2.713,042
81,689,421
2.990.406
3,974.690
—
Stockton
Fourth
+ 11.8
+ 7.7
—15 2
850,948
+ 6.9 3,042,667,586 3,075.580.191
6,651,784
+ 5.5
7.892.141
—0.8
3,668.295
5.815.142
Northern N. J.
-
79,552
2,685,582
29.869,611
La.—Shreveport.
Worth
Total (6cities).
473.834
N. J.—Montclalr
Total (13
74,654
1.679.414
54,856,601
6,200,039
2,174,111
1,077,733
3,278.795
Texas—Austin...
City
+8.3
140,276
2,455,109
26.296.229
Wichita Falls-
New Haven..
as
—18.2
—2.3
+30.3
+33.0
+ 15.3
+ 17.7
+ 12.9
+30.1
201.037
330,204
953,422
428,374
701.411
460,828
532.412
133,470
470,583
544,456
825.817
2,392,845
267,099
560,072
379,158
483,476
372,189
The Commercial & Financial Chronicle
1230
REDEMPTION
CALLS
AND
SINKING
The
Below will be found a list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
the
22, 1941
FINANCIAL MARKET—PER CABLE
ENGLISH
FUND
NOTICES
Feb.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sal.,
Mon.,
Tties.,
Wed.,
Feb. 17
Feb. 18
Feb. 19
Feb. 20
23%d.
Feb. 21
23 %d.
23%d.
168s.
£77%
168s.
168s.
168s.
£77%
168s.
168s.
Consols, 2%%- Closed
Chronicle."
23 5-16d
23%d.
Silver, per oz__ Closed
Gold, p. fine oz.
FH
Thurs.,
Feb. 15
£77%
£77%
£77%
British 3%%
Date
Company and Issue—
Alabama Power Co.
1st mtge. 5a
Mar.
z 1424
1122
1123
_
Alabama Power Co. 5% bonds
Allied Owners Corp., 1st Hen bonds
Aroostook Valley RR., 1st mtge. bonds
Atlas Imperial Diesel Engine Co., 6% bonds
1123
819
x2033
671
671
820
977
1275
1124
26
1125
1
1
1
15
1
16
1
28
15
£103 7-16
£103 7-16
£103 7-16
£103%
£103 9-16
£113%
£113%
£113%
£113%
£113%
price of silver per ounce (in cents) in the United
States on the same days has been:
The
Bar N.Y.(for.),
first
822
1
1
823
1126
1
Mar.
823
Apr.
1
Apr.
1
Mar.
1
May
1
Feb. 15
Consolidated Biscuit Co. series A bonds
Apr.
1
Consol <7as El Light & Pow. Co. of Bait. 3%% bonds ...Mar. 18
Consolidated Title Corp., 6% bonds.
Mar
1
Cumberland County Power & Light 1st mtge. 4s
Apr.
1
Detroit Edison Co. 4%% bonds
Mar. 1
Erie Coach Co. 1st mtge. 4%s
Mar.
1
General American Investors Co., Inc., 5% debentures
Mar.
7
Germanl Atlantic Cable Co, 1st mtge. 7% bonds
Apr
1
(B. F.) Goodrich Co., 1st mtge. bonds
...
Mar. 15
Great Northern Power Co., 1st mtge. 5s—
Mar. 20
1127
825
*3886
676
985
X1433
1130
1130
Gulf Public Service Co. 1st mtge
z
823
6s..
824
1573
Houston Electric Co., 1st mortgage 6s
Illinois Bell Telephone Co. 1st mtge. 3Mb
1283
Aprl
1
...Apr.
1
Jones & Laughlin Steel Corp. 1st mtge. bonds ser. A__
Mar.
1
Keystone Telephone Co. of Pa. 1st mtge. 6s
Anr.
1
Lone Star Gas Corp. 3%% debentures
Mar. 1
♦
Lukens Steel Co., 8% bonds
Mar. 19
Luzerne County Gas & Electric Corp. 1st mtge. 6s
Mar.
1
Apr.
680
681
682
989
1286
834
834
1
Mar.
1
270
Mar. 17
Mar.
1
--Apr.
1
Mar. 1
May
1
Nordbery Mfg. Co. 1st mtge. 6s
North American Car Corp. 4M% ctfs., series I
North American Car Corp. equip, trust ctts. series J
Nevada California Electric Corp., 6% debentures
Northern Illinois Coal Corp., 1st mtge. 5s
1287
836
1
1289
838
838
June
1
434
Mar.
Mar.
1
1
1136
1137
Mar. 14
1137
Mar. 15
Mar.
1
Ohio Finance Co., 4*4% debentures
Ohio Oil Co., 6% preferred stock
Old Colony Investment Trust Co. 4M% debs
Omaha & Council Bluffs Street Ry. 1st mtge. bonds
Ozark Power & Water Co. 1st mtge. 5s—.
Panhandle Eastern Pipe Line Co. 1st mtge. bonds
1137
686
993
Feb. 24
Mar.
1
Mar. 5
993
993
Parr Shoals Power Co. 1st mtge. 58
Apr.
1
♦
Penn Mercantile Properties, sinking fund bonds
Mar-.12
Penn-Ohio Edison Co.
«ee Commonwealth <& Southern
Corp
Peoples Light & Power Co., series A bonds
Scrip certificates
Philadelphia Suburban Water Co 1st mtge. 4s
Portland Gas Light Co., 1st mtge. 5s
1st mortgage 4s—
Richfield Oil Corp.. 4% debentures
Rochester & Lake Ontario Water Service Co. 5%
♦
Sayre Electric Co., 1st mtge. 5s
Shell Union Oil Corp. 5%% preferred stock
Silverwood Dairies, Ltd;, 5% bonds
841
1290
116
I Apr.
-
1139
1
J
-
Mar.
we
we
show
Then
the
wo
follow with
second table in which
a
dividends previously announced,
pany
in our "General Corporation and Investment
Department" in the week when declared.
name
News
The dividends announced this week are:
Per
Name of
Abbott Laboratories
40c
(quar.)
Extra
A (quar.)
Mar. 31 Mar. 12
1
Apr. 15 Apr.
4 Mar. 14
Apr.
1 Mar. 15
Apr.
1 Mar. 17
Apr.
MM
Preferred
(quar.)
American Colortype (quar.)
Quarterly
15c
15c
Extra
American Investment Securities
preferred
American Radiator & Standard Sanitary
(quar.)
1 May 26
June
Apr. 15 Mar. 17
Mar. 21 Mar. 14
Mar. 31 Mar. 15
$1%
$2%
i
15c
Ashland Oil & Refining (quar.)
Preferred (quar.)
10c
Atlanta & Charlotte Air Line Ry. Co. (s-a.)
Automobile Finance Co. 7% preferred
Badger Paper Mills preferred (quar.) —
Bankers Nat'l Life Insurance Co. (N. J.) 's.-a.)
Barlow & Seelig Manufacturing—
Basic Dolomite, Inc
—
Mar. 15 Mar. 14
75c
21
28 Feb. 17
1 Feb. 14
Mar.
Mar. 15 Mar.
1
5Cc
15c
20c
37%c
Bayuk Cigars, Inc
Beaton & Caldwell Mfg.
Belknap Hardware & Mfg. (quar.)—
Belmont Radio Corp. (quar.).
Beneficial Loan Society (Del.) (quar.)
Bliss & Laughlin, Inc
Preferred (quar.)
Berghoff Brewing (quar.)
Bruce (E. L.) Co
Bright (T. G.) & Co. (quar.).Preferred (quar.)
50c
25c
15c
12%c
25c
5Cc
844
Bunte Bros
Southern Counties Gas Co. of Calif. 1st mtge. bonds
Southern Kraft Corp. 4*4% bonds
May
Mar.
845
996
Burlington Steel Co., Ltd. (quar.)
$1
15c
Southern Natural Gas Co., 4%% bonds
Southern Pacific RR. 1st mtge. bonds
San Francisco Terminal bonds
Apr.
1
Feb. 28
Feb.
Southwestern Light & Power Co. 1st mtge. bonds,
Terminal Warehouse Co., 5% mortgage bonds
♦
Texarkana Water Corp., 1st mtge. 5s
Toho Electric Power Co., Ltd., 1st mtge. bonds
Unified Debenture Corp. debentures
Union Premier Food Stores preferred stock
Wisconsin Public Service Corp., 1st mtge. bonds.
*
Announcements this week.
ser
4
1143
1
275
275
845
28
A__Mar.
Feb. 25
1297
Mar. 15
276
Mar. 13
1147
•
694
276
nallawav
—
7%c
MM
\4I11Q
following securities
on
Wednesday
of the current week:
$ per Share
4 Waltham National Bank common, par $5
1,020 American Yvette Co., Inc., par $1
$20 lot
10 Old
Colony RR. otf. dep., par $100; $1,000 National Bondholders' Corp. 5s,
instal. mtge. A series part, ctfs.; 50 Pierce Petroleum Corp.; 100 Utilities
Hydro & Rails Shares Corp. w. w., and $1,000 200 Madison Avenue Corp.
7s, March 1940, stamped
$80 lot
1 Ludlow
Manufacturing Associates
107%
1 Columbian National Life Ins. Co., par $100._
60
.
72 Bausch Machine Tool Co. common
3%
CURRENT
$2
$1%
l5c
Central Paper Co. (quar.)
75 c
Chesapeake & Ohio Ry. (quar.)
Preferred A (quar.)
Chesebrough Manufacturing Co. (quar.)
$1
—
Christiana Securities
(quar.)
75c
Clark Equipment Co
Preferred (quar.)
$1%
Coast Counties Gas & Elec., 5% 1st pref. (quar.)
Commonwealth Utils. Corp. 6M% ptd. C (qu.)*
6% preferred (quar.)
Confederation Life Association (Toronto)
(qu.)
Quarterly
Quarterly
Quarterly
-
-
-
6M% preferred (quar.)
Copperweld Steel Co
Cum. conv. preferred,"(quar.)
Credit Acceptance Corp. $1.40 conv. pref. (qu.)
Cuban-American Sugar 7% pref. (initial)
5M% preferred (initial)
Curtiss-Wright Corp., class A
City, and sells for $10
—Frank
Dealers
Dunne
of
Association,
a year.
Dunne
change Commissioner,
at
the
dinner
of
&
Co.,
President of the New
that
announced
Sumner
will replace Jerome N.
the
Association, which
is
York
Security
T.
Pike, Securities and Ex¬
Frank as principal speaker
to
be
held
March
7
at
the
Commodore Hotel.
—E.
J.
Heilner
has
become
associated
change firm of Gilbert Eliott & Co.
of
L.
M.
Exchange.
Prince
He
&
was
Co.
and
with
the
Mr. Heilner
represented
them
New
was
in
Stock
Ex¬
formerly a partner
trading on the
bond
most recently associated with Alan H.
York
Kemper.
$1%
$1%
MM
(quar.).
social security and labor legislation.
and 309 Fifth Ave., New York
MM
$1%
$1%
25c
Continental
ing Co., Everson Bldg., Syracuse, N. Y.,
1 Feb.
15
1
20
1 Feb.
Mar. 31 Mar. 22
Mar. 31 Mar. 22
Mar. 15 Mar.
5
Mar. 14 Feb. 28
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 31 Mar.
Mar. 10 Mar.
Apr.
3
1
1 Mar. 15
Feb.
10
20 Feb.
1
Apr. 30 Apr.
10
Mar.
1 Feb.
15
1 Feb.
14
Telephone, 7% pref. (quar.)__
Cutler-Hammer.
—
-
Davenport Hosiery Mills
Dayton Malleable Iron Co
Deisel-Wemmer-Gilbert (quar.)
Detroit-Michigan .Stove Jquar.)
Quarterly
Detroit Steel Corp—
Distillers Corp.-Seagrams.(quar.)
Doctor Pepper Co
Apr.
Mar.
1 Feb.
20-
1 Mar.
7
7
Apr.
Apr.
1 Mar. 18
1 Mar.
Mar. 31 Mar.
7
7
Mar. 31 Mar.
Mar. 31 Mar. 21
Mar. 15 Feb.
1 Mar.
Apr.
Mar. 15 Feb.
Mar. 15 Feb.
Mar. 15 Feb.
May 29 May
1 Mar.
Apr.
Mar. 31 Mar.
June 30 June
Sept. 30 Sept.
Dec. 31 Dec.
24
20
26
26
25
15
14
15
25
25
14
Apr.
1 Mar. 15
Apr.
1 Mar. 10
Mar. 15 Mar.
1
Mar. 15 Mar.
1
1 Mar. 14
Apr.
Apr.
Apr.
Apr.
1 Mar. 14
1 Mar. 15
1 Mar. 15
-
-
1
62 Mc
Mar. 10 Mar.
1
35c
$3%
$2%
50c
10c
10c
25c
-
1 Mar.
Mar. 10 Mar.
37%c
—
1 Mar.
Apr.
Apr.
20c
35c
25c
50c
-
17 Feb.
7
3
3
June 16 June 16
5
Mar. 15 Mar.
1 Mar. 18
Apr.
Feb.
\m
75c
25c
30c
This weekly publication covers news digests of Federal and State taxes and
It is published by the Doree Publish¬
31 %c
10c
Continental Steel Corp
Preferred
$1
50c
$1%
$32%
$1%
Chicago Flexible Shaft (quar.)
Preferred
4c
MM
25c
—
Special-—The Feb. 7th issue of the "Tax Analyst" has just come off the press.
Mar.
Mar. 20 Mar. 10
$5
2c
Connecticut Light & Power Co. (quar.)
Consolidated Film Industries, pref
Consolidated Investment Trust (quar.)
NOTICES
Mar.
Mar. 15 Mar.
Mar.
Capital City Products.
Capitol Life Insurance Co. (Denver) (s.-a.)
Cariboo Gold Quartz Mining Co., Ltd. (quar.)_.
5%
__
4
Mar. 15 Feb. 28
1 Mar. 21
Apr.
Heat &
Extra
Stocks
Feb.
Mar. 15 Mar.
t50c
5% preferred—
Canadian Western Natural Gas, Light,
Power preferred (quar.)
By R. L. Day & Co., Boston:
Shares
21
1 Jan.
Mar. 20 Mar. 10
J50c
Carter (Wm.) Co. preferred (final).-Central Cold Storage Co. (quar.)—
Central Franklin Process
sold at auction
were
20
1 Feo.
15 Mc
25c
^
—.
Preferred
The
1 Feb.
Feb.
62 %c
Extra
SALES
Mar.
Mar.
Canadian International Investment Trust—
xV. 151.
AUCTION
-
25c
50c
Calumet & HeclaConsolidated Copper
1144
Mar. 17
Mar. 15
July
1
37%c
California Ink Co
Canadian Converters
Mar. 31 Mar. 15
Mar. 31 Mar. 11
$1%
MM
t43%c
Mar. 25
1
4
15c
Telephone & Telegraph Co. (quar.)__
Art Metal Works, Inc. (quar.)
Bullard Co
__
14 June
15c
Preferred (quar.)
844
Mar.
Mar.
Apr.
Mar.
bds
g.
June
Mar. 15 Feb. 19
Mar. 15 Feb. 19
1 Mar.
8
$1.18% Apr.
1 Mar.
4
25c
Apr.
1 Mar.
4
5c
Apr.
Mar.
1 Feb. 14
10c
7 Feb. 25*
t$2 Mar.
15c
Mar. 31 Mar.
3
994
1140
1140
1141
843
1295
May
3
Mar. 31 Mar. 14
4
Mar. 14 Mar.
10c
4 %% cum. preferred (quar.)
American Insurance Co. (Newark, N. J.) (s.-a.)
Extra
Mar. 14 Mar.
4tc
American Gas & Electric Co. (quar.)
Extra
Asbestos Corp., Ltd.
Mar. 31 Mar. 12
$1%
37 %c
t$i%
10c
$2
Amalgamated Sugar
American Cigarette & Cigar
American
Holders
Payable of Record
10c
-
Preferred (quar.)
Aero Supply Manufacturing Co., class
Altorfer Bros. $3 preferred
American Locomotive Co.,
When
Share
Company
1
1
1
15
1
1
1
Apr.
...
but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
983
♦
1st mortgage 5s
Matthlessen & Hegeler Zinc Co. 6% bonds
♦
Middle States Telephone Co. of III., 1st mtge. 4Mb
National Distillers Products Corp. 10-year 3 Mb
♦
New Orleans Public Service, Inc., 4M% bonds
71.11
422
824
674
1
Apr
......
823
34%
71.11
are
current week.
822
AO..
34%
71.11
DIVIDENDS
822
7% debentures, series D
Community Public Service Co. 1st mtge. 4s
Congress Square Hotel Co. 1st mtge. 5Ms—
Connecticut River Power Co. 1st mtge. bonds A
34%
71.11
grouped in two separate tables.
In the
bring together all the dividends announced the
Dividends
1
1
34%
71.11
(newly mined) 71.11
1
Apr.
Mar.
AB
34%
34%
U. 8. Treasury
Mar.
of indebtedness
Chicago Union Station Co. 4% guaranteed bonds
Cleveland Ry., 5% A bonds
;
Collateral Bankers, Inc., 6% debentures—
Series
1
Closed
Closed
War Loan.—
British 4%
1960-90
Mar.
5% bonds
Series
816
15
Mar.
Bayuk Cigars, Inc.. $7 preferred stock
Apr.
Bear Mountain Hudson Kiver 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.
♦(William) Carter Co, preferred stock
June
Central Ohio Steel Products, 1st mtge. 6s
Mar.
Central Pacific Ry. 1st mtge. bonds.
Feb.
Central West Utility Co or Kansas, 10-year 6s
Mar.
Charleston Transit Co. collateral trust notes
Mar.
Certificates
Page
1
...Mar. 1
Mar. 15
Mar. 13
-
J55%c
15c
Mar. 15 Feb. 28
Mar.
8 Mar. 3
8 Mar.
3
Mar. 29 Mar.
Mar. 15 Mar.
1 Mar.
Apr.
Mar.
3 Feb.
Mar. 25 Mar.
14
3
20
Mar.
Mar. 15 Mar
June 16 June
20
15
.
5
5
Mar. 22 Mar. 10
Mar. 15 Mar.
3
Mar.
5 Feb. 18
Volume
Per
Name of Company
Share
Driver-Harris Co
Mar.
Mar. 15
Apr.
SIM
SIM
Duquesne Light, 5% pref. (quar.)
East Malartic Mines (interim)
East Mass. Street Ry., 1st pref. A
Apr. 25 Apr. 10
Apr. 15 Mar. 17
10c
tSlM
tl7Mc
Easy Washing Machine Co., Ltd., 7% pref
Eddy Paper Corp
2? Mar. 21
Mar. 14 Feb.
Mar. 25 Mar.
Mar. 15 Mar.
-
__
__
1 Mar. 15
Apr.
Mar. 31 Mar. 15
Mar. 15 Feb.
62 Mc
SI
35c
Mar. 15 Feb.
S3M
56 Mc
87m
—
25c
...
30c
Mar.
28
28
18
3 Mar. 25
3 Mar. 25
1 Feb.
Apr.
Apr.
1 Mar. 25
Apr.
Mar. 10 Feb. 28
Mar. 15 Mar.
_
__
Frankenmuth Brewing Co. (quar.)
Franklin Process Co. 'quar.)
Fulton Market Cold Storage Co.
8% preferred
Galland Mercantile Laundry (quar.)
5
Mar. 20 Mar.
1 Mar. 14
Apr.
2M%
2M%
25c
37Mc
234c
Mar. 15 Feb.
Mar. 15 Feb.
July
Apr.
15
1 Mar. 15
Mar. 15 Mar.
5
Apr.
1 Mar. 18
tS2
Mar.
1 Feb.
50c
Apr.
1 Mar. 15
18
17Mc
Mar. 31 Mar. 15
3734c
Mar. 31 Mar. 15
Gar Wood Industries
20c
Mar. 24
Gatineau Power Corp. (quar.)..
20c
Mar. 31 Mar.
5H % preferred (quar.)
5% preferred (quar.)
Gaylord Container Corp
....
____
Preferred (quar.)
General Bottlers (quar.)
81.37
SIM
12Mc
1234c
68 He
10c
General Candy Corp., class A (quar.).
25c
SIM
________
15c
^
...
Preferred
SIM
SIM
SIM
2Mc
.$25
(quar.)
:
Georgia Power Co., 86 pref. (quar.).
85'preferred (quar.)
_
_
.....
Getchell Mine
Gilmer (L. H.) Co. (initial).
_______
Girdler
Apr.
Apr.
Feb. 24
3
1 Mar,
1 Mar.
Mar. 15 Mar.
Mar. 15 Mar.
Mar. 15 Mar.
Feb.
15 Feb.
Mar. 20 Mar. 10
1 Mar. 10
1 Mar. 14
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 14
1 Mar. 15
1 Mar. 15
Feb.
11
Feb.
15 Feb.
10
25c
Mar. 15 Mar.
5
25c
Corp. (quar.)
Goodrich (B. F.) Co. (special)
Mar. 14 Mar.
7
25c
i
Mar. 15 Feb.
Mar.
3 Feb.
SIM
_
lubber Co. (quar.)
Goodyear Tire & Ri
Extra
Preferred (quar.)
Great Northern Paper (quar.)
Green Mountain Power preferred
Group No. 1 Oil
Mar. 15 Feb.
SIM
:_
Mar. 31 Mar. 20
Mar. 15 Feb. 21
25c
(quarJ
....
50c
Mar.
1 Feb.
21
21
21
20
Mar. 28 Mar. 14
Gruen Watch Co
Preferred C (quar.)
Hall (W. F.) Printing (quar.)
Hart-Carter Co. 82 conv. pref. (quar.)
Heileman (G.) Brewing (quar.)
12 Mc
37 Mc
25c
5Cc
25c
....
Hewitt Rubber Corp. (quar.)
Hiawatha Oil & Gas, pref. A (quar.)..
Hinde & Dauch Paper
25c
...
12Mc
Apr.
Apr.
1 Mar. 20
1 Mar. 20
Mar. 20 Mar.
5
1 Feb. 15
Mar.
Mar. 15 Feb. 28
Mar. 15 Mar.
1
Feb. 12 Feb.
6
25c
1
Apr.
1
Apr.
1
Apr.
Mar. 15
75c
Mar. 31 Mar. 21
25c
Preferred (quar.)
SIM
62 Mc
Houdaille-Hershey, class A (quar.)
Class B (interim)
Howe Sound Co. (quar.)
Humble Oil & Refining
37Mc
68 Mc
62 Mc
Hussman-Ligonier, preferred (quar.)
Hygrade Sylvania Corp
Idaho Maryland Mines (monthly)
Illinois Municipal Water Co., pref. (quar.)
Apr.
Mar.
8
Mar.
8
Mar. 20
Mar.
5
1 Mar.
Quarterly
i$3M
Quarterly
t$3M
Jan.
5c
Assurance.Co. of Canada (quar.).
Quarterly
_
tS3M
_
Industrial Credit Corp. of Lynn (quar.).
Preferred (quar.)
Industrial National Bank of Chicago
Preferred
25c
87 Mc
50c
SIM
_.
Institutional Securities, bank group shares
International Harvester (quar.)
International Silver, preferred (quar.)
Interstate Home Equities
Interstate Hosiery Mills
_;
...
SIM
+$354
2.26c
40c
SIM
25c
25c
_
Investment Core. (Philadelphia)
Investors Distribution Shares, Inc. (quar.)_.-__
Johns-Man ville Corp
Preferred (quar.)
-—-
Joy Manufacturing Co
Kemper-Thomas Co., 7% special pref. (quar.)..
7% special preferred (quar.)
7% special preferred (quar.).
7% special preferred (quar.)
Kennecott Copper Corp
Special
:
Keystone Steel & Wire Co.
Kimberly-Clark Corp. (quar.)
Preferred (quar.)
Kingston Products, preferred (quar.)
Kresge Dept. Stores, pref. (quar.)
;
Kroger Grocery & Baking (quar.)
7% preferred (quar.)
6% preferred (quar.)
Lake Shore Mines, Ltd.:
Subject to approval of Foreign Exchange
.
...
1
Mar. 31 Mar. 20
1 Mar.
Apr.
Mar. 21 Mar.
1 Feb.
Mar.
1 Mar.
Apr.
2 June
July
1 Sept.
Oct.
_
15
1 June 30
50c
Garfinkel (Julius) & Co. (quar.)
6%conv. preferred (quar.)..
Imperial Life
5
Mar.
22
11
15
31
30
30
2 Dec. 31
1 Feb. 10
Superior District Power Co.—
85 cumulative preferred (quar.).
30c
25c
25c
6% preferred
$154
$134
(quar
r.).
$6 junior preferred
Midwest Rubber Reclaiming S4 pref. (quar.)—
Mock, Judson, Voehringer
;
Mohawk Carpet Mills
Monarch Machine Tool
-
Montana-Dakota
Mar. 15
10c
7.5c
Mar. 24 Mar. 10
SIM
30c
SIM
SIM
1 Mar. 17
Mar.
Feb.
June
SIM
Sept.
May 20
Aug. 20
SIM
Dec.
Nov. 20
75c
Apr.
Mar.
Mar.
1
20
25c
Mar.
Feb.
28
25c
Mar.
Feb.
28
25c
25c
Mar.
Mar.
Apr.
Mar. 12
1
50c
SIM
SIM
+50c
Apr.
Mar. 12
Mar.
Feb.
Apr.
SIM
SIM
Mar. 20
Mar.
May
Feb.
28
Apr.
19
Apr.
Mar. 15
Mar.
Mar.
18
1
Mar.
Feb.
10c
Apr.
Apr.
Mar. 15
Mar. 15
Libbey-Owens-Ford Glass..
Liggett & Myers Tobacco, pref. (quar.)
Lincoln Service Corp. (quar.)
6% cum. part, preferred (quar.)
7% cum. prior preferred (quar.)
Liquid Carbonic Corp. (quar.)
Louisiana Land & Exploration Co
Louisville Gas & Electric Co. (Del.) cl. A (quar.)
Class B (quar.)
McKenzie Red Lake Gold Mines (quar.)
Macassa Mines, Ltd. (quar.)..
Magma Copper Co
...
Maltine Co. (quar.).
Manischewitz (B.) Co., preferred (quar.)
Maryland Fund, Inc
May, McEwen, Kaiser (quar.)
Preferred (quar.)
Mercantile Acceptance Corp. 5% pref. (quar.)..
5% preferred (quar.)
5% preferred (quar.).
5% preferred (quar.).
6% preferred (quar.).
6% preferred (quar.).
6% preferred (quar.).
6% preferred (quar.).
Merchants Fire Insurance Co. (Denver) (quar.)
...
_
"
Merrimac Hat Corp
Preferred (quar.)
—--
50c
SIM
Mar.
Mar.
Mar.
Mar.
Apr.
25c
Mar.
1M%
154%
Mar.
25c
10c
37Mc
25c
3c
8c
50c
17
Mar.
Apr.
Mar.
Mar.
Mar.
3.
Mar. 11
Feb. 28
Feb. 28
Feb. 28
Mar. 14
Mar.
1*
Feb. 28
Feb.
Mar.
Mar.
Mar.
Feb.
Mar.
37Mc
Feb.
SIM
Apr.
1
28
1
28
Feb. 28
Feb.
3
Mar. 20
Mar.
Feb.
25c
Mar.
81
25c
25c
25c
25c
Mar.
Feb. 20
Feb. 20
10c
28
Mar.
Mar.
June
May 31
Aug. 30
Sept.
Dec.
30c
30c
30c
30c
30c
25c
SI
Mar.
June
50c
Apr.
Sept.
Dec.
Feb.
Mar.
Mar.
Dec.
1
1
Mar.
1
5 May 31
5 Aug. 30
Dec.
1
Feb. 11
Feb. 25
Feb. 25
1 Mar. 17
Holders
When
Payable of Record
Mar. 31 Mar. 30
1
Mar. 10 Mar.
Feb. 25 Jan. 25
1 Feb. 15
Mar.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
8
1 Feb.
Mar.
1
Mar. 10 Mar.
Mar. 14 Feb. 28
—
1 Feb.
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 29 Mar. i5
1
Mar. 20 Mar.
1 Mar. 22
Apr.
1 Mar. 22
Preferred C__
National Casualty Co. (Detroit) (quar.)—.—
—
...
-
Mar. 15 Feb. 28
Mar. 15 Mar.
1
- -
1 Apr.
1 Apr.
$3 preferred (quar.)
Class A (quar.).
National Dairy Products (quar.)
National Folding Box (quar.)...
National Food Products Corp., class B
National Life & Accident Insurance Co. (quar.)
May
May
Apr.
Mar.
1 Feb.
Extra.
New Bedford Cordage (quar.)
Preferred (quar.)
Mar.
1
...
...
Apr.
...
1 Feb.
1 Feb.
Mar. 31 Mar.
Mar.
1 Feb.
Mar. 15 Feb.
Mar.
—
Newmont
Mining Corp
-Niles-Bement-Pond (quar.)
N oblitt-Sparks Industries
Northwestern Utilities, Ltd., 6% cum. pf. (qu.)
Ohio Seamless Tubes, preferred (quar.)
Oklahoma Gas & Elec. Co., 7% cum. pref. (qu.)
6% cumulative preferred (quar.)
Omar, Inc., 6% preferred (quar.)
-Paraffine Co
(quar.)..
.Preferred (quar.)
.L
—- Parkersburg Rig & Reel Co. preferred (quar.).
Peabody Coal Co., 6% preferred
Penn Electric Switch, class A (quar.)
Pennsylvania Power & Light, $7 pref. (quar.)..
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Salt Manufacturing..—
Pennsylvania Sugar
— - —
Peoples Drug Stores
Perron Gold Mines, Ltd. (quar.)
Extra
Pet Milk Co. (quar.)_______
--
Mar. 31 Mar. 17
Mar. 27 Mar. 10
Apr.
$154
t$2
30c
8134
$134
$134
$2
3734c
40c
1 Mar. 15
Mar. 15 Feb. 28
Mar. 15 Mar.
1
1 Mar. 3
Apr.
Apr.
Apr.
Apr.
1 Mar.
Mar.
Apr.
1 Mar.
1
1
3
3
4 Feb.
20
1 Mar. 15
1 Feb. 28
Apr.
1 Mar. 14
Apr.
Mar. 20 Mar. 6
Apr. 15 Mar. 31
Mar. 15 Mar. 3
...
Mar. 15 Mar.
Apr.
July
15 Apr.
3
1
1
15 July
3 Feb. 25
Mar,
1 Mar. 10
Apr.
Apr.
Apr.
1 Mar. 10
1 Mar. 10
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Mar. 21 Mar. 11
2 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1
Mar. 15 Mar.
1 Mar. 15
Apr.
5
Feb. 15 Feb.
1 Mar. 21
Apr.
-
—
—
,—
pref. (quar.).
Manufacturing Co
Mar. 15 Mar.
3
Mar. 15 Feb. 28
San Antonio Gold Mines, Ltd.
Extra
Apr. 21 Apr.
Apr. 21 Apr.
(semi-ann.)
5
5
28
Mar. 15 Feb. 28
Mar. 15 Feb.
Schiff Co. (quar.).
534% preferred (quar.)__
Canadian Internationa Investment Co—
4% partic. preferred (quar.)
-
Second
(FraDk G.y (quar.)
Silverwood Dairies cum. partic. pref. (s.-a.)
Snider Packing Corp.
--Southern Colorado Power, 7% preferred
Southern Franklin Process, pref. (quar.)
Southern Phosphate Corp. (quar.)
Southland Royalty Co
—
South Shore Utilities Assoc., pref. (quar.).-.-.
Southwestern Gas & Electric 5% pref. (quar.)
Staley (A. E.) Mfg. Co., 85 cum. pref. (quar.)—
Standard Oil Co. (Ky.) (quar.)
Standard Oil Co. (Ohio) (quar.)
Stearns (Frederick) & Co
Preferred (quar.)
Stedman Bros., Ltd. (quar.)
Extra
Preferred (quar.)
Sunray Oil Corp., pref. (quar.)
—
Sunshine Mining Co. (quar.)
—
...
....
Sutherland Paner Co
10c
10c
t20c
25c
sft
15c
5c
3734c
$134
$134
25c
3734c
25c
$1£
60c
75c
6834 c
40c
30c
50c
25c
5Gc
25c
—
Tacony-Palmyra Bridge (quar.)
Extra.Class A (quar.)
Class A (extra)—
,—
$134
Preferred (quar.)
10c
Talcott (James). Inc..
6834c
534% participating preference (quar.).
25c
Tennessee Corp
50c
Texas Corp. (quar.)..
50c
Texas Gulf Sulphur Co
—
75c
Thermoid Co., 83 preferred (quar.)-.— —
Third Canadian General Investment Trust (qu.) £12 34c
-
_
Mar.
1 Feb. 15
3
Mar. 21 Mar.
Apr.
1 Feb. 18
Mar. 15 Mar. 6
Mar. 15 Feb. 28
Apr. 10 Mar. 25
Mar. 28 Mar. 14
Mar. 15 Feb. 28
Mar.
Apr.
1 Feb. 15
1 Mar. 15
Mar.
20 Mar. 10
Mar. 15 Feb. 28
Mar. 15 Mar. 3
Mar. 31 Mar. 25
Mar. 31 Mar. 25
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 20
1
Mar.
5
31
15
31
31
31
31
Mar.
1
1
15
1
Mar.
7
Mar. 15 Mar.
Mar. 15 Mar.
3
3
28
28
26
31
15
21
Apr,
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
1 Mar.
1 Mar.
1 Mar.
15
15
15
17
May
15
Apr."
15
Apr.
Mar. 12 Feb. 24
Mar.
Mar.
Mar.
Apr.
Apr.
1
Feb.
Feb.
Apr.
Ltd., 534% pref. (quar.)
Tuckett Tobacco, 7% preferred (quar.)
Twin Disc Clutch Co. (quar.)
Tyler Fixture Corp. (quar.)
Union Investment Co.
Preferred (quar.)—-Union Pacific Insurance Co.
Union Pacific RR
Preferred (s.-a.)--United-Carr Fastener.
-
(quar.)
$134
—
— --
—
—
United States Envelope Co.
7f
10c
10c
95c
(semi-ann.)
Preferred (semi-annual)
—
United States Lumber Co. (liquidating)
United States Tobacco Co
—
Preferred (quar.)
—
United Wall Paper Factories, Inc., 6% pf. (qu.)
Upson-Walton Co
—
$1H
30c
$2
Tool
7 Feb.
Apr. 15
Mar. 25
Feb.
Mar.
Mar.
28 Feb.
1 Mar. 20
Apr.
Apr.
1 Mar. 20
Mar. 28 Mar. 18
Apr.
1 Mar. 3
Apr.
1 Mar. 3
Mar.
15 Mar.
Mar.
3 Feb.
5
27
3 Feb. 27
3
Mar. 15 Feb.
Mar. 15 Mar. 3
Mar.
_
Utah-Idaho Sugar.--
1
Mar.
Extra
Toronto Elevator,
Van Norman Machine
5
Mar. 10 Feb.
1
Mar. 15 Mar.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 11
_
Shattuck
1
20
27
Apr.
i
Prosperity Co., pref. (quar.)..
Preferred (quar.)
Prudential Investors (liquidating)
Pure Oil Co., 5% pref. (quar.)
534% preferred (quar.)
6% preferred (quar.)
Raybestos-Manhattan
Reeves (Daniel), Inc. (quar.)
Preferred (quar.)
Reliance Electric & Engineering Co..
Republic Steel Co.
6% prior preferred A (quar.)
6% preferred (quar.)
Risdon
1 Feb.
Mar. 21 Mar.
Mar. 21 Mar.
—
Extra
Mar.
ilc
t4c
Y.) (quar.)..
Preferred Accident Insurance (N.
15 Apr.
Mar. 20 Mar.
25c
Pratt & Lambert
Ik-ogress Laundry (quar.)
10
24
28
1 Feb. 24
Mar. 20 Mar. 10
Mar. 15 Feb. 28
Mar. 15 Feb. 28
Philadelphia Co., 86 preferred (quar.)
85 preferred (quar.).....
-------Philadelphia Germantown & Morristown RR. Co
Phoenix Insurance Co. (quar.)....
Pioneer Gold Mines (British Columbia) (quar.).
Preston East Dome Mines (quar.)
19
19
Mar. 15 Mar.
5
Mar. 31 Mar. 17
25c
—
1*
20
Mar.
.
Parker Wolverine Co
15
Feb. 20
Mar.
__
15
1 Feb. 28
1 Mar. 25
Mar. 15 Mar.
---
New England Telephone & Telegraph.
New Method Laundry preferred
21
Mar.
Apr.
Apr.
Apr.
Utilities
6% preferred (quar.)
5% preferred (quar.)
Motor Finance Corp., preferred (quar.)
Muskegon Piston Ring
Nashua Mfg. Co. 1st preferred
7 % preferred (quar.)
Robertson (H. H.) Co
Russell Mfg. Co—
62 Mc
35c
...
__
$154
—
1 Feb. 28
Apr.
Apr. 15 Mar. 20
1 Mar. 13
Apr.
Mar. 15 Feb. 28
Feb.28
Mar. 15 Mar.
1
Mar. 15 Feb. 28
SIM
Lehn & Fink Products Corp
Mesta Machine Co
pref. (quar.).
Michigan Mould Plastics (initial)
Michigan Public Service Co
7% preferred (quar.).
Rheem Manufacturing Co
Rice-Stix Dry Goods Co., 1st & 2d
Lake
Preferred (quar.)
Metal & Thermit Corp. 7%
New common (initial)
1 Feb. 10
Mar.
Mar. 15 Mar.
5
Mar. 15 Mar.
5
Control Board.
Leath & Co
Share
Name of Company
National City Lines (quar.)
Insurance stock series (stock dividend)
Bank stock series (stock dividend)
Foote Bros. Gear & Machine Co., pref. (final)..
Foster & Kleiser, preferred (quar.).
General Mills, preferred (quar.)
General Printing Ink..
1
1
30c
5% cum. preferred (quar.)
Empire & Bay State Telegraph gtd. (quar.)
Emporium Cap well Co. (quar.)
7% preferred (s.-a.)
Preferred A (quar.)
Erie & Pittsburgh RR. (quar.)
Federal-Mogul Corp
Ferro Enamel Corp
First Bank Stock Corp. (s.-a.)
Fiscal Fund, Inc., beneficial shares—
Extra
24
25c
Edison Bros. Stores, Inc. (quar.)
Per
Holder?
When
Payable of Record
60c
SIM
SIM
Preferred (quar.)
duPont (E. I.) de Nemours (interim)
Preferred (quar.)
Preferred
1231
The Commercial & Financial Chronicle
152
32c
15c
3
Mar. 15 Mar.
Mar.
1 Feb. 21
Mar. 20 Mar. 10
15c
Feb.
25c
Mar. 20 Feb.
4334c
$134
28 Feb. 21
21
The Commercial & Financial Chronicle
1232
Per
Name of Company
Share
Vlctor-Monaghan Co. (quar.)
7% preferred (quar.)
Virginia Electric A Power, $6 pref. (quar.)
Washington Water Power, pref. (quar.)
Western Exploration Co. (quar.)
i-.
...
Western Tablet A Stationery Corp.pref. (qu.)-.
Westgate-Greenland Oil Co. (monthly)
Weston (Geo.), Ltd. (quar.)-West Virginia Pulp A Paper Co. (quar.)
Wisconsin Power & Light, 7% pref
7% preferred (quar J.
6% preferred
50c
SIX
SIX
SIX
m
.
1 Feb.
Apr.
1 Mar. 20
20
Apr.
$1X
Common--
$lx
50c
preferred
—
Mar. 15 Mar,
1 Mar.
Apr.
Mar. 15 Mar.
-
Bower Roller Bearing
Brewing Corp. of America
Bridgeport Gas Light (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Telegraph A Messenger Co. (quar.)—
Brown Shoe Co. (quar.)
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
Per
Name of
Share
Company
Abbotts Dairies. Inc. (quar.)
Acme Steel Co. (quar.)
25c
—
—
1
&
Aetna Ball Bearing Manufacturing
Agnew-Surpass Shoe Stores (S.-a.)
Preferred (quar.)
Agricultural Insurance Co. (Watertown, N. Y.)
—
Quarterly
Alabama Water Service $6 pref. (quar.)
Allegheny Ludlum Steel, pref. (quar.)
40c
1X%
%
75c
SIM
*}£
15c
Allied Laboratories, Inc. (quar.)
Allied Products Corp. (quar.)
25c
Class A (quar.)
Alpha Portland Cement
Aluminum Industries, Inc. (quar.)
Aluminium, Ltd-Preferred (quar.)
Pref. payable in U. S. funds.
Aluminum Manufacturers, Inc. (quar.)
Quarterly
Quarterly
43 He
25c
15c
t$2
-—
-
SIM
50c
50c
50c
Quarterly-.
50c
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
SIX
•
III
American Automobile Ins. Co. (St. L.) (quar.)
American Box Board Co.. 7% cum. pref. (quar.)
1X%
American Brake Shoe & Foundry
40c
Preferred (quar.)
—
$1.31 X
American Business Shares (quar.)-4c
American Can Co. 7% pref. (quar.)—
SIX
American Capital Corp., $5X % prior pref. (qu.)
American Chain & Cable Co., Inc
Preferred (quar.)
American Chicle Co. (quar.)
—
—
—
.
•HS
$in
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)—
7% preferred A (quar.)
7% preferred A (quar.)
American Factors, Ltd. (monthly)
American & Foreign Power $6 preferred
-
-
$1X
$1X
SIX
$1X
-
—
$7 preferred
American General Corp., $3 pref. (quar.)...
10c
t30c
T35c
75c
62Mc
t2X preferred (quar.)
2 preferred (quar.).
American Hide A Leather Co., pref. (quar.)
American Home Products Corp (monthly)
American Investment Co. (111.) (quar.)
When
Mar.
3 Feb.
Mar. 15 Mar.
1 Feb.
Apr.
Apr.
Mar.
1 Mar. 15
1 Mar. 1
1
Mar.
1
1
1
Mar.
3 Feb.
Mar.
3 Feb.
Mar.
7% preferred (quar.)-—
7% preferred (quar.)
7% preferred (quar.)
Mar. 31 Mar. 24
Mar. 31 Mar. 24
Mar.
3 Feb.
20
3 Feb.
20
26
Mar. 15 Feb.
1 Mar. 22
Mar. 15 Mar. 5
6
June 16 June
Apr.
-
Sept. 15 Sept.
-
American Public Service Co. 7% pref. (quar.)..
American Radiator & StandardPreferred
American
American
American
American
Mar. 26 Mar. 10
Mar.
—
(quar.)—
American Smelting & Refining
Mar.
-
Steel Foundries
Stores Co..
Sugar Refining pref. (quar.)
Tobacco Co. com. A com. B (quar.)—
Amoskeag Co. seml-anu
$4)4 preferred (s.-a.)—.
Anglo-Canadian Telephone Co. class A (quar.)
Applied Arts Corp
Archer-Daniels-Midland Co.—
Arden Farms Co. $3 preferred
Armstrong Cork Co. (interim).
-
-
-
-
Atlantic Refining Co. (quar.).
Atlas Corp., 6%.pref. (quar.)
Atlas Powder Co
Atlas Tack Corp
-----
-
Apr.
Mar.
July
July
Apr.
Mar.
Mar.
Mar.
Automotive Gear Works, Inc., cum. con. pref-t
Baldwin Locomotive Works, pref. (s.-a.)
Mar.
Baltimore Radio Show, Inc.
Mar.
Mar.
—
6% preferred (quar.)
Bangor Hydro-Electric 7% pref. (quar.)-6% preferred (quar.)
Barlow A Seelig Mfg., class A (quar.)—
-
—
Mar.
Apr.
—
Apr.
Mar.
(interim)
Mar.
—
Beaunit Mills, Inc., $1)4 pref. (quar.)——
Mar.
BeldingCorticelli Ltd. (quar.) ----Preferred (quar.)
Bel ding Heminway
Belden Manufacturing Co
Bell Telephone Co. (Pa.) 6)4% pref. (quar.)
6)4% preferred (final)——.—-For period from Apr. 1 to Apr. 15,1941; all
outstanding pref. stock being redeemed
on Apr. 15.
Bendix Aviation Corp
$1
Berkshire Fine Spinning Assoc. 7 % preft$2.45
$7 preferred
tSIX
Bethlehem Steel Corp.
7% preferred (quar.)-.—
SIX
Apr.
—
—
——
Feb.
Mar.
1 Feb.
10 Feb.
15 Feb.
1 Feb.
1 Feb.
1 Feb.
1 Feb.
1 Mar.
1
-
Apr.
Mar.
Mar.
11
Apr.
Feb. 28
t25c
Feb.
1
15
Feb. 28 Feb. 21
Mar.
1
Feb.
14
50c
Mar. 15 Feb. 28
Mar. 20 Feo. 28
15c
37 He
Mar. 24 Mar. 10
37 Xc
37 Xc
37 Xc
Mar.
1 Feb.
Mar. 15 Mar.
June 16 June
Sept. 15 Sept.
Dec.
Mar.
15
1
2
1
15 Dec.
1
1 Feb.
15
28
28
28
21
Mar. 15 Feb.
Mar. 15 Feb.
Mar.
Feb.
Apr.
Mar.
Apr.
1 Mar. 15
Apr. 30 Mar. 31
Apr. 15 Mar. 31
Mar. 31 Mar. 20
Mar. 31 Mar, 20
Feb.
Feb.
Feb.
12
15
15
Mar. 10
Feb.
Mar.
Apr.
Mar.
Mar.
—.
Mar.
51X
—;
(guar.)
-—
Mar. 20 Feb. 28
Mar. 20 Feb. 28
Mar.
1 Feb. 20
Mar.
1 Feb.
1
Mar. 15
Apr.
Mar.
Mar.
1
Feb. 28
Mar. 20
Mar.
Mar.
Mar.
Mar. 10
Mar.
Mar. 10
Feb. 21
Feb.
7
Mar.
Feb.
Mar.
Feb, 24
Mar.
Feb. 15
June
May 15
Aug. 15
Sept.
Apr.
July
Mar. 15
Tune 18
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
1
Mar. 31
1
1
Mar.
Mar.
Feb.
Feb.
Mar.
Feb.
Feb.
Feb.
11
15
14
20
10
10
11
18
18
18
Mar.
1
Apr.
Mar.
1 Mar. 17
1 Feb. 17
1 Feo. 20
1 Feb. 20
Colorado Fuel A Iron..
Feb. 28 Feb.
Mar. 7 Feb.
Mar. 10 Feb.
Feb. 28 Feb.
Feb. 25 Feb.
Mar.
1 Feb.
Mar. 15 Mar.
Mar. 15 Mar.
(quar.)
—
Columbia Broadcasting System,
Columbian Carbon (quar.)_.
A and B
—
Columbus Auto Parts, preferred (quar.)..
Commoil, Ltd
Compania Swift International (quar.)
Compo Shoe Machinery
—
Preferred (quar.)
—
Congoleum-Nairn, Inc. (quar.)
Connecticut Light A Power Co. 5)4 % Pf. (qu.)Connecticut Power Co. (quar.).
Connecticut River Power Co. 6%
Consolidated Biscuit
Consolidated Cigar Corp.—
7% cumulative preferred (quar.).
Consolidated Edison of N. Y. (quar.)
Consolidated Paper Co.—
Container Corp. of America
Continental Casualty (Chicago) (quar.)
Continental-Diamond Fibre Co. (quar.)—;
Continental Telephone Co. 7% part. pref. (qu.)_
6)4% preferred (quar.)
Cook Paint A Varnish Co. (quar.)
Preferred (quar.).
Crane Co. 5% cum. conv. preferred (quar.)
Creameries of America, Inc., preferred (quar.)—
Crown Cork A Seal Co., Inc.—
$2 X cum. preferred (quar.)
Crown Zellerbach Co., preferred (quar.)
Crum A Forster Insurance Shares A A B
—
—
5
17
23
23
7
Mar.
Mar. 12
Feb. 15
Feb. 15
Mar. 20
Feb. 20
Feb. 20
Feb. 17
Preferred
15
feb.
7
Feb.
(lima, Ohio) (quar.)-..
5)4 % preferred (quar.)
Colonial Stores, Inc. (quar.)
-—
Preferred (quar.)
—-—
15
Feb.
Feb.
Mar.
Mar.
Mar.
Colonial Finance
15
Feb.
Mar.
Apr.
Cleveland A Pittsburgh RR. guar, (quar.)
Special guaranteed (quar.)
Colgate-Palmolive-Peet pref. (quar.)
Collins A Aikman Corp—
20
15
Mar.
Mar.
Mar.
Preferred
28
27
Mar.
Mar.
Mar.
SI
SIX
City of New Castle Water Co., 6 % pref. (quar.) City Ice A Fuel, preferred (quar.)
City Water Co. of Chattanooga,5% pref.(initial)
Cleary Hill Mines Co. (quar.)
14
Mar.
Feb.
m
t$2
Century Ribbon Mills, Inc., 7% pref. (quar.)—
Chartered Investors $5 pref. (quar.)
Chartered Trust A Executor Co. (Toronto, Ont.)
(quar.)-.
Chefford Master Mfg. Co., Inc. (quar.)
Cherrv-Burreli Corp
Chicago Railway Equipment, preferredChicago Towel Co
Preferred (quar.)
Chicago Yellow Cab
Chile Copper Co
Chrysler Corp
Cine. New orl. A Tex. Pac. Ry.—
5% preferred (quar.)-.
5% preferred (quar.)
5% preferred (quar.)
Cincinnati Union Terminal, preferred (quar.). —
3
1
15
14
14
14
21
8
Feb. 21
Feb, 11
Feb. 13
Feb. 10
Feb. 10
Feb.
1
Mar.
Mar.
$7 prior lien preferred
$6 prior lien preferred
18
Feb.
Mar. 20
Mar. 15
Mar.
Mar.
-
—
Apr. 15 Mar. 20
Apr. 15
Mar.
25c
Central Ohio Steel Products
Central A South West Utilities Co.—
15
14
14
1 Feb. 11
1 Feb. 15
1 Mar. 15
Mar.
25c
(Wm.) Co. preferred (quar.)
preferred (quar.)
Caterpillar Tractor (quar.)
Central Arkansas P. S. pref. (quar.)
Central Illinois Light Co. 4)4% pref. (quar.)—
Central Illinois Public Service, 6% pref
$6 preferred
1 Feb.
1
Mar. 15
Carter
10
Mar. 10
3 Feb.
1 Feb.
Apr.
Apr.
Apr.
Feb.
Case (J. I.) Co.,
Mar. 10 Feb.
Mar.
1 Feb.
_
Beau Brummel Ties, Inc
1
Mar. 15 Feb.
—
Mar.
Feb.
7
Feb. 19
Feb. 20
Mar.
5
m
(quar.)
Class B
Mar.
1 Feb. 15
Mar. 31 Mar. 10
Mar.
3 Feb. 18
Feb.
Feb.
Mar.
Mar.
:44c
6% preferred (quar.)
Capital Wire Cloth A Manufacturing Co.—
$1)4 conv. pref. (quar.)
Carman A Co. class A (quar.)
Mar.
5*
3 Feb. 10
3 June 21
3 June 21
Feb.
Feb.
7
50c
SIX
Canfield Oil Co. (quar.)
2
Mar.
Mar.
$2
SIX
50c
(quar.)
Preferred
1 Feb. 24
3 Feb.
7
Mar.
1
Mar. 3
Mar. 15
Mar.
1
Mar.
1
Mar.
1
60c
Feb. 25
Mar. 14
Feb. 14
SI
Canadian General Electric Co., Ltd. (quar.)
Mar. 31 Mar. 15
Mar. 27 Feb. 18
-
Preferred (quar.)-Artloom Corp. 7% preferred (quar.)
Associated Dry Goods 1st pref. (quar.).
2d preferred
Atlanta Gas Light 6% pref. (quar.)
5
5
Dec. 15 Dec.
Mar. 20 Feb. 28
Mar.
Barns dall Oil Co——
Bathurst Power A Paper class A
18
18
7 Feb. 25
Mar.
Mar.
10c
Canadian Industries A A B (quar.)
28
Feb. 21
Feb. 21
Feb. 14
Feb. 14
Feb. 14
American Locomotive Co., preferred
American Machine A Foundry Co
5-month period, Nov. 1,1940, to Mar. 31, *41.
American Maize-Products
Preferred (quar.)—
American Metals Co., Ltd.—
;
Mar.
Mar.
50c
Control Board.
15
13
14
Subject to approval of Can. Foreign Exch.
1 Nov. 25
1
—
Preferred (quar.)
Mar. 10 Feo.
American Laundry Machinery Co. (quar.)
Extra-.
-
Class B
May 25
1 Aug. 25
Mar.
—
Canadian Car A Foundry preferred
1
Mar.
Ginger Ale (quar.)--
Canada Vinegar, Ltd. (quar.)
Canada Wire A Cable class A (quar.)
Mar. 15 Mar.
5
Mar. 15 Mar.
5
Mar. 15 Mar. 3
1 Feb. 25
Mar.
Mar. 15
Mar. 15
Feb.
Mar. 10
Feb. 15
Feb.
SIX
*37Xc
Class A (quar.)
Class A (quar.)
1 Mar. 17
Dec.
Feb.
Apr.
50c
75c
10c
SI
-
Canada Foundries A Forgings, class A (quar.)—
Class A (quar.)
Mar. 15 Mar.
1
1 feb. 15
Mar.
1 Feb.
6% preferred (quar.)
Canada Dry
Mar. 31 Mar. 21
Mar. 31 Mar. 21
Feb. 28 Feb. 15
Sept.
—
Canada Cement 6)4% preferred
Canada A Dominion Sugar Co. (quar.)—
Dec. 31 Dec. 15
Mar. 31 Mar. 15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
June
—
Mar. 1, '41.
Mills
Mar. 31 Mar. 15
June 30 June 15
Sept. 30 Sept. 15
1 Feb.
Mar. 14
Feb. 15
Mar. 18
15c
California Art Tile $1 X conv. pref
California-Western State Life Insurance (s.-a.)_
3
Mar. 15 Feb. 28
Mar.
5 Feb. 12
Mar.
1 Feb.
8
Mar.
Apr.
68m
—
Calhoun
Mar. 25 Mar.
Apr.
Mar.
Byers (A. M.) Co. 7 % preferred - - . ——t S2.1292 Mar.
Div. rep. $1% due Nov. 1, '36 plus int. to
20
3 Feb. 17
Apr.
....
Preferred (quar.)
1 Feb.
Apr.
Apr.
—
—
Butler Water Co., 7% preferred (quar.)
1 Mar. 20
Mar.
Mar.
American Meter Co., Inc..
American Oak Leatherpreferred (quar.)
American Paper Co. 7% preferred (quar.)
Butler Bros
15
Mar. 31 Mar. 20
1 Feb. 14*
—
Burlington Mills Corp
Preferred (quar.)
Burroughs Adding Machine Co
1 Mar. 15
Mar.
—------
Buckeve Pme Line Co
Bullock's, Inc. (quar.)
1
Mar.
Feb.
Mar.
Mar.
Apr.
SIX
si
50c
Bunker Hill A Sullivan Mining A Concentrating.
14
14
Feb. 14
Feb. 20
Feb. 17
Feb. 20
Mar.
1
Mar. 25
Feb. 14
Mar.
SIX
(quar.)
Bucyrus-Erie Co
Preferred (quar.)
15
Mar. 12 Feb.
Mar.
-
Preferred
Holders
Feb.
Mar.
Mar.
Mar.
50c
Brunswick-Balke-Collender Co
Payable of Record
Holders
Mar.
$2
SIX
5
1
When
Payable of Record
30c
40c
Boston Woven Hose A Rubber Co
3
3
25c
22, 1941
50c
-
5
1 Mar. 14
Apr.
87Xc
SIX
Borden Co. (Interim)
Borg-Warner Corp
Boss Manufacturing Co
Boston Elevated Ry. Co. (quar.)
28
Mar. 15 Mar.
Mar. 15 Mar.
M
SIX
Bohn Aluminum A Brass
28
Mar. 15 Feb.
-------
-
-
Birmingabm Gas, prior pref. (quar.)
Birmingham Water Works Co., 6% pref. (quar.
Block Bros. Tobacco 6% pref. (quar.)-Blue Ridge Corp., $3 preferred (quar.)—
Optional div. l-32d sh. of com. stk. for cash.
Mar. 15 Feb. 28
SIX
$1X
SIX
-----
Bird A Son, Inc., 5% preferred (quar.)
—
Birdsboro Steel Foundry A Machine Co., com—
1 Mar. 10
Mar. 15 Feb.
Share
Company
BIgelow-Sanford Carpet Co., pref. (quar.)
Mar. 20 Feb. 28
Mar. 15 Feb. 25
Mar. 20 Mar. 20
Mar. 20
Apr.
20c
Yellow Truck A Coach Mfg., preferred (quar.)..
Youngstown Sheet A Tube
Preferred (quar.)
Youngs town Steel Door
Below
Mar.
40c
------
-
Name of
t$1.16«* Mar. 15 Feb. 28
Worthlngton Pump & Machinery Corp.—
Cum. conv. preferred
Cum
Per
Holders
Payable of Record
Mar. 15 Mar. 10
1 Mar. 12
Apr.
lc
-
6% preferred (quar.)
When
Feb.
'
Preferred A A B (quar.).—..
Crum A Foster
8%
pref.
...
(quar.)
Culver A Port Clinton RR. Co. (s.-a.)_.
Cuneo Press 4)4% pref. (initial)
Mar.
Mar.
14
21
21
21
14
15
5
5
Mar. 15 Feb. 28
Mar.
Mar.
1 Feb.
1 Feb.
15
15
1 Feb. 15
Mar. 24 Mar.
1
Mar.
Mar.
Feb.
Mar.
Feo.
Mar.
Feb.
Mar.
Mar.
Mar.
Apr.
Apr.
Mar.
Mar.
Mar.
Mar.
15
7
18
Feb.
5
Feb. 15
3
Mar. 15
Mar. 15
Feb. 17
Feb. 17
Mar.
1
Feb. 10
Mar.
Mar. 15 Feb. 28*
'eb. 13
Mar.
Feb. 28 Feb, 13
Feb. 28 Feb. 13
Mar. 31 Mar. 17
Aug,
July 22
Mar. 15 Mar.
1
Volume
Per
Name of
Share
Company
Curtis Publishing Co. prior preferred
7 be
(quar.)_.
7 oc
$7 preferred (old stock)
Cushman's Sons. Inc., 7% cum. pref.
(quar.)..
Dayton Power & Light Co. 4M % pref. (quar.)—
Decca Records, Inc
Deere & Co. pref. (quar.)
Dempster Mill Mfg. Co., 5% pref. (quar.)_
Detroit Hillsdale & Southwestern KR. (s.-a.)
Semi-annually
Dentists' Supply Co. (N. Y.) (quar.)
7% preferred (quar.)
7% preferred (quar.)
i.
7% preferred (quar.)
7% preferred (quar.)
m
Detroit Gasket & Manufacturing, pref.
Detroit Michigan Stove (quar.)
Mar. 10 Feb.
Mar.
1 Feb.
28 Feb.
20
15
Feb.
Mar.
$2
76c
Mar.
1
Mar. 15 Mar.
Mkr. 15 Feb. 15
SI H
Apr.
July
1 Apr.
1 July
1
1
Heller (Walter E.) & Co. (quar.)
Mar. 20 Jan.
Mar. 20 Jan.
Oct.
1 Oct.
23 Dec.
1
23
1 T^eb.
15
$1M
SIM
30c
50c
Dec.
Mar.
21
5
5
May 15 May
May 15 Aug.
1 Mar. 20
1 Mar. 20
Apr.
Apr.
Mar. 15 Feb.
28
1 Feb.
1 Feb.
10
Mar.
June
2 May 13
Mar.
10
75c
Sept.
2 Aug. 12
50c
Mar.
4 Feb.
4 Feb.
$2
62 He
J5(>c
25c
IMS
t$ 1M
SIM
SI 'A
;
$3
50c
SI M
$2
Mar.
14
14
Apr.
1 Mar. 10
Apr. 21 Mar. 31
Apr.
1 Mar. 18
3 Feb. 17
3 Feb. 17
Mar.
3 Feb.
17
Mar.
1 Feb.
1 Feb.
11
11
1 Feb.
1 Feb.
10
7% preferred A (quar.)_.
6% preferred B (quar.)
Mar.
Mar.
3 Feb. 21
3 Feb. 21
SIM
SIM
SIM
SIM
SIM
_
(quar.)
25c
10c
17Mc
Mar. 15 Feb. 15
8
Mar. 24 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar 20
1 Mar. 14
15 Mar. 31
15 Mar.
1 Feb.
Mar.
1 Feb.
Mar.
Feb. 28 Feb.
Feb. 28 Feb.
31
15
18
21
21
40c
May
Aug.
25
1 July 25
40c
Nov.
1 Oct.
40c
1 Apr.
50c
Feb.
Feb.
15
Mar. 15
Feb.
Feb.
15
Mar.
Feb.
50c
Mar.
Feb.
8
15
Apr.
Mar. 18
3c
15c
SIM
SIM
SIM
SIM
5c
Feb.
Feb.
15
Mar.
Mar. 15
June
June
Sept.
Sept. 15
Dec. 15
Dec.
Mar. 15 Feb.
14
28
S2M
Apr.
liMar. 12
Apr.
1 Mar. 15
25c
(A. C.) Co. participating pref. (quar.)
(quar.)
(N. Y.) preferred (quar.)
Huntington Water Corp. 7% preferred (quar.).
6% preferred (quar.)
Hydraulic Press Mfg. Co. 6% cum. pref. (quar.)
Imperial Tobacco or Gt. Britain & Ireland, Ltd.
Amer. dep. rec. for ord. reg. (final)
Amer. dep rec. for ord. reg. (bonus)
Indianapolis Water Co. 5% cum. pref. A (quar.)
Ingersoll-Rand Co
Inglewood Gasoline Co..
2nd participating preferred
Mar. 31 Mar.
15
17
17
Inter lake
Florida Power Corp, 7 %
Dock Co. (qu.)_
preferred A (quar.)
7% preferred (quar.)
—
15c
Mar.
Feb.
15
25c
Mar.
Feb.
28
SIM
87 Mc
Mar.
Feb.
14
Mar.
Feb.
14
Key West Electric Co., 7% pref. A
Keystone Telephone Co. (Phila.) $4 cum.
$3 cum. preferred
Kinney (G. R.) Co. $5 prior pref
Fruehauf Trailer Co
pref—
Feb.
20
17
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc. (quar.)
Lane-Wells Co. (quar.)
Lanston Monotype Machine
La Salle Industrial Finance Corp
Preferred A (quar.)
Lawrence Portland Cement Co
Feb.
Mar.
Mar.
Feb. 20
Feb. 14
Feb. 13
7
Apr.
3
A (quar.)
Preferred (quar.)
Mar.
M
May
May
May
May
1M%
(quar.)
General Outdoor Advertising Co. class
Mar.
Mar.
75c
General Motors Corp—
25c
SIM
—
May
5
SIM
Mar.
1 Feb.
17
5
$6 cum. conv. pref. (quar.)
Optional div. pay. in com. stk. at rate of
44-1000 of one sh. of com. for each $6 cum.
conv. pref. share held, or cash.
General Tire & Rubber
Gibraltar Fire & Marine Insurance Co. (s.-a.)—
Gillette Safety Razor, preferred
Glens Falls Insurance (quar.)
(quar.)
tqu.)_
2d pref. (s.-a.)_
Globe-Democrat Publishing Co. 7% pref.
Globe & Rutgers Fire Insurance
Gold & Stock Telegraph Co. (quar.)
Feb.
Feb.
18
50c
30c
Mar.
Feb.
15
Mar.
Feb.
15
SIM
May
Apr.
40c
Extra
50c
Apr.
Mar. 14
Mar.
eb.
20
Mar.
Feb.
21
Apr.
Mar. 29
SIM
S2M
tiifl
7
Mar.
Feb.
15
Mar.
Feb.
13
Mar.
Mar.
Feb. 26
Granbv Consolidated Mining,
25c
S3
15c
Feb.
14
Great Eastern Fire Insurance
30c
Mar.
Feb.
11
34 Mc
Mar.
Feb.
19
Apr.
lApr.
1
50c
Mar.
Mar.
1
25c
Mar.
Feb.
20c
Mar.
Gosnold Mills Corp., part,
preferred
Y.) (s.-a.)
Smelting & Power
Co. (s.-a.)
Griesedieck Western Brewery pref. (quar.)—
Griggs, Cooper & Co., 7% pref. (quar.)
Gorham Mfg. Co
Hale Bros. Stores, Inc.
(quar.)
Hall (C. M.j Lamp Co—
Hallnor Mines, Ltd. (interim)
Haloid Co. (quar.)
Hamilton Watch Co
Preferred (quar.)
15
Mar.
Feb.
Apr.
Mar. 22
25c
Mar.
SIM
Mar.
Apr.
Feb. 28
Feb. 14
Mar.
5
Mar. 15
50c
Mar.
Feb.
15
25c
Mar.
Feb.
15
25c
SIM
4M % preferred (quar.)
15
Mar.
1
25c
J15c
Hammermill Paper Co
Hancock Oil of Calif., class A and B
Class A and B (extra)
SIM
(quar.)——
Mar.
Feb.
Mar.
Mar.
Mar.
1
Feb. 25
Mar.
Feb. 28
Mar.
Feb.
28
July
22
81
60c
15c
15c
Feb.
Feb.
4
Mar.
Mar.
Mar.
Mar. 22
Feb.
Feb.
Apr.
Apr.
Apr.
Mar. 15
37Mc
P
12Mc
SIM
SIM
tSlM
Mar. 20
Mar. 20
Mar. 15 Feb.
Apr.
6
15
28
1 Mar. 15
Mar. 15 Feb. 28
1 Mar. 14
Apr.
Feb.
20
Mar.
Feb.
24
Mar.
Feb.
10
Apr.
Mar. 31
Mar.
Feb.
Feb.
tSl
t25c
81M
31 Mc
87Mc
Feb.
Mar.
Mar.
t$lM
Mar.
t5Gc
t37Mc Mar.
1
12
Feb. 14
Feb. 28
Feb.
28
Feb.
Feb.
Mar.
Mar.
14
1
May
May
Apr.
Mar. 31
15c
Feb.
Feb.
Mar.
Feb.
Mar.
Mar.
30c
_ -
-
Mar.
Feb.
15c
Mar.
Feb.
JS1M
SIM
SIM
SIM
SIM
25c
—
Mar. 31
Mar. 20
15
15
Mar.
4
28
28
Feb. 15
Mar.
Mar.
5
Jane
June
5
Sept.
5
Sept.
151 Dec.
5
1 Feb.
14
Mar. 15 Feb.
19
Dec.
Mar.
Feb. 28 Feb.
18
3 Mc
17 Mc
Mar.
Mar. 16
Mar.
Mar. 16
25c
Mar.
10c
Apr.
Apr.
1 Mar. 15
Apr.
l'Mar. 14
62 Mc
pref. (quar.)--
1
65c
Mar. 15 Feb. 21
25c
Mar.
—
Feb.
10
Mar.
Feb.
11
14c
Feb.
Feb.
40c
—
Lexington Water Co. 7% preferred (quar.)
Liberty Finance Co. cum. partic. pref. (quar.)
Life Savers Corp. (quar.)
Mar.
1 Mar. 15
81M
J
(R. G.), Inc. (quar.)
Mar.
21
Feb.
7
81
Lily-Tulip Cup (quar.)
Lincoln National Life Insurance Co. (quar.)
Quarterly
Quarterly
Lincoln Stores Inc. (quar.)
Preferred (quar.)
Link Belt Co. (quar.)
—
Preferred (quar.)-.
Lit Bros, preferred
Little Miami RR.. original capital
Original capital
Original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Lionel Corp. (quar.).
Extra
Loblaw Groceterias, class A & B (quar.)
Loose-Wiles Biscuit Co. pref. (quar.).-.
—
—
Mar.
Feb.
11
SI
30c
Mar.
Feb.
11
Mar.
Mar.
30c
May
Aug.
Apr. 25
30c
Liggett & Myers Tobacco (quar.)
Common class B (quar.)
Lord & Taylor 1st pref. (quar.)
Louisville & Nashville RR. Co
28
July
25c
25c
Leslie Salt Manufacturing (quar.)
Le Tourneau
Nov. 10
Dec.
Mar.
40c
Leath & Co
Preferred (auar.)
Lehigh Portland Cement Co. 4%
General Shareholding Corp.—
17
81M
—
Co. Ltd. pref. (qu.)
Mar.
Mar. 15
May 10
Aug.
9
25c
—
Lake of the Woods Milling
Mar. 14
Sept.
81
Landis Machine Co. 7% pref. (quar.)--
Mar.
Feb.
June
10c
Extra
14
Mar.
Mar.
-
22
75c
General Cigar Co
Preferred (quar.)
Gossard (H. W.) Co__
Grace National Bank (N.
preferred (quar.)-Kobacher Stores, pref. (quar.)
—
Kress (S. H.) & Co
Quarterly
—
Feb.
Apr.
Mar. 15
30c
30c
lc
Feb.
25c
(quar.)
1
Apr.
75c
-
Mar.
SIM
General Alloys Co. 7% preferred
General American Corp. (quar.)
Mar. 17 Mar.
50c
35c
Extra
Kiein (D. Emil) Co
Mar.
17Mc
(quar.)
Galveston-Houston Co
1
1 Mar. 29
Mar.
1 Feb. 21
Mar. 10 Feb. 28
Apr.
12Mc
Knudsen Creamery Co.,
25c
—
6
5c
35c
(quar.)-
Mar. 31 Mar.
SIM
(s.-a.)
5Hc
Ford Motor Co. of Canada A & B (quar.)
60c
Mar. 10
1 Feb.
15c
Pipe Line & Gas
—
Preferred (quar.)
Kansas Power Co., $7 pref. (quar.)
$6 preferred (quar.)-Katz Drug Co
Preferred (quar.)
Kaufmann Dept. Stores. Inc., 5% cum. pf. (qu.
Keith-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.)
Kerr-Addison Gold Mines
—
Mar.
-
81M
Mar.
Mar. 21
30c
-
6Mc
Fishman (N. II.) Co. (quar.)_
Fitz Simons & Connell Dredge &
14
Mar. 12
37 Mc
Quarterly
..
Jaeger Machine Co
E.) Co
Jantzen Knitting Mills pref. (quar.)
Jefferson Lake Sulphur Co., Inc. (quar.).
7% preferred (s.-a.)
Jefferson Standard Life Insurance (s.-a.)
Jamieson (E.
Kirby Petroleum Co—
Mar.
3
Feb. 20
Feb.
30c
Kirkland Lake Gold Mining
SIM
Feb.
Mar.
—-
Mar. 21
5
4
Mar. 11
Mar.
50c
Payable in U. S. funds.
International Ocean Telegraph Co. (quar.)
International Safety Razor class A (quar.)
Inter-Ocean Reinsurance Co. (seml-ann.)
Inter-Ocean Securities Corp. A & B (stks. & divs)
l-40th sh. of Inter-Ocean Re-Insurance
Preferred (semi-annual)
Iron Fireman Mfg. Co. (quar.)
Quarterly
Mar. 21
15
Mar. 21
Feb.
Apr.
SIM
International Nickel Co. of Canada
Mar.
Mar.
4
Mar.
Mar. 31, '41
International Harvester, preferred (quar.).-
15c
Feb.
Feb.
Apr.
(Bait. A & B (quar.)
Mar.
19
Mar.
Mar.
1 Feb.
Mar.
11
Feb.
Apr.
l'Feb.
50c
11
Mar.
Steamship Co
Mar.
SIM
28
Feb.
Internation Business Machine (quar.)
Mar.
—
Feb.
Feb.
Mar.
International Cigar Machinery Co
5-months period, Nov. 1.1940. to
5Cc
(quar.)
5
Mar.
SIM
Fireman's Fund Indemnity (quar.)
Mar. 15
Mar.
Inland Steel Co
(quar.)
(quar.)
Firestone Tire & Rubber, pref. (quar.)
First State Pawners Society (quar.)
1
Mar.
Horn & Hardart
Kansas
50c
SI
Horn
Mar. 14
Mar. 14
15
Dec. 15 Dec. 12
Feb. 25 Feb. 20
5
Mar. 10 Mar.
Feb. 28 Feb. 14
Feb. 15
Mar.
Feb. 15
Mar.
—
Mar. 14
Apr.
Apr.
Apr.
Apr.
11
1 Feb.
Sept. 15 Sept. 12
Jersey Insurance of N. Y. (s.-a.)
Jewel Tea Co. (quar.)
Kalamazoo Vegetable Parchment (auar.)
25
25c
Faultless Rubber Co. (quar.)
Preferred
20
Apr.
SI
Federal Bake Shops
Federal Compress & Warehouse Co.
Federal Light & Traction, preferred
Preferred
Apr.
5
1 Mar.
Apr.
5
Feb. 25 Feb.
Mar. 30 Mar. 10
1 Mar.
25c
—
Free port Sulphur Co.
10
1 Feb. 10
5
1 Mar.
75c
.
Preferred
Mar.
25c
Ely & Walker Dry Goods
Empire Capital Corp., class A (quar.)
Preferred A (quar.)
Employers Casualty Co. (Dallas), (quar.)
Quarterly
Quarterly
Engineers Public Service Co. $6 cum. pref. (qu.)
$5 A cum. pref. (quar.)
$5 cum. pref. (quar.)
Eversharp. inc., new 5% pref. (quar.)
Faber, Coe & Greeg (quar.)
Special
—_—
Fairbanks, Morse & Co
Fajardo Sugar Co. (Porto Rico)
.
Falstaff Brewing, preferred (seml-ann.)
(Quarterly)
Fansteel Metallurgical Corp. 85 pref. (quar.)—
$5 preferred (quar.)
—
$5 preferred (quar.)
—
$5 preferred (quar.)
Farail one Packing Co. (quar.)
Farmers & Traders Life Insurance (quar.)
Finance Co. of America
Mar.
Mar.
$1 M
'T*
El Paso Natural Gas, 7% preferred
Mar.
11
25 Feb.
Apr.
Hooker Electrochemical Co.
Mar. 10 Feb. 28
Apr.
1 Mar. 22
21
Mar. 15 Mar. 12
June 14 June 11
31
$1
2Cc
Feb.
Mar.
Mar. 15 Mar.
1 Feb. 20
! 1 Mar. 15
15 Mar. 31
SIM
81M
75c
Feb.
1 Feb.
4 Feb.
25 Feb.
15
19
1 Feb.
Mar.
Quarterly
Quarterly
Quarterly
25 Jan.
East St. Louis & Interurban Water Co.—
$1%
Mar.
Home Fire & Marine Insurance (quar.)
Feb.
1 Mar. 31
31
Home Insurance (Hawaii) (quar.).
Mar.
Apr.
Apr.
Apr.
31
1 Feb. 20
28 Feb. 18
Mar. 28 Mar. 18
July
1 June 17
.
15
Mar.
1
Feb.
-
14
SIM
37Mc
.
Mar.
14*
Mar.
1
Mar.
Extra
Holophane Co., Inc
Preferred (s.-a.)_
28 Feb.
1 Feb.
Feb.
Mar. 10 Mar.
Apr.
Special
Heyden Chemical Corp
Hibbard Spencer, Bartlett (monthly)
Monthly
Hibernia National Bank (N. O.) (s.-a.)
Hires (Chas. E.) Co. (quar.)
Hobart Mfg. Co. class A (quar.)
Hollander (A.) & Son (resumed)
Hollinger Consol. Gold Mines (mo.)
Mar.
Mar.
$S1M
50c
—-
-
Homestake Mining Co. (monthly)
Honolulu Gas (quar.)
50c
Durez Plastic & Chemical
5% preferred (s-.a.)
14
Hazel-Atlas Glass Co
50c
25c
El Paso Electric, $4 M cum. pref. (initial)
1 Feb.
Hazeltine Corp. (quar.)
H eel a Mining Co
75c
Elizabeth & Trenton RR. (s.-a.)
13
7
Apr. 21 Apr.
5 Dec. 20
1 Feb. 20
25c
-
Mar.
18
15
5 June 20
$1H
7% preferred (quar.)
6% preferred (quar.)
Eastern Corp. prior conv. preferred
Eastern Shore Public Service Co., pref. (quar.)
$6 preferred (quar.)
—
Eastman Kodak Co. (quar.)
Preferred (quar.)
Eaton Manufacturing Co
Egry Register, 5 M % preferred (quar.)
Electric Controller & Mfg
Electrographic Corp. (quar.)
Preferred (quar.)
Electrolux Corp
Elgin National Watch
(qu.)
1 Feb.
1 Feb.
Jan.
(seml-ann.)
(quar.)...................
(quar.)...................
Harshaw Chem. Co. 4M% cum. conv. pf.
Hawaiian Commercial & Sugar Co. (quar.)
18
1 Feb.
1 Feb.
Mar.
Mar.
Mar.
50c
—
Preferred (quar.)
14
Mar.
56 Mc
-
Mar.
81M
37Mc
SIM
July
S1&
25c
Preferred (semi-annual)
Dictaphone Corp
Preferred (quar.)
Dixie-Vortex Co. class A (quar.)
Dome Mines, Ltd
Dominguez Oil Fields (monthly)
Dominion & Anglo Investment Corp., pref. (qu.)
Dominion Bridge Co., Ltd. (quar.)
Dominion Foundry & Steel preferred (quar.)
Dominion Textile Co. (quar.)
Preferred (quar.)
Dover & Rockaway RR. Co (s.-a.)
Dun & Bradstreet, Inc. (quar.)....
...
$6 preferred (quar.)
Duplan Silk Corp. 8% pref. (quar.)
25c
Hanna (M. A.) Co. $5 cum. pref. (quar.)
Harbison-Walker Refractories Co
3 Feb.
Payable of Record
87 Mc
Hanley (J.) Co
Preferred (quar.)
1 Feb. 28
20
17
Apr.
Share
Company
1 Feb.
1 Feb.
Quarterly
Devonian Oil Corp
Diamond Match Co., pref.
Common
Common
Name of
Holders
When
Per
Holders
Mar.
16c
(quar.)..
Devoe & Raynolds, com. A & B
Preferred (quar.)
When
Payable of Record
35c
_
7% preferred
6% preferred
1233
The Commercial & Financial Chronicle
152
1
July
26
25
21
30c
-
—
Nov.
Oct.
30c
Mar.
Feb.
SIM
Mar.
Feb.
25c
Mar.
Feb.
Apr.
Mar. 15
81M
21
7
Mar. 31
t$2M
Apr.
81
81.10
81.10
81.10
Mar.
Feb.
June
Sept.
May 24
Aug. 25
Dec.
Nov. 24
50c
Mar.
Feb.
50c
June
50c
Sept.
May 24
Aug. 25
50c
15c
Dec.
Nov. 24
Feb.
Feb.
35c
Feb.
Feb.
25c
Mar.
Feb.
SIM
SIM
Mar.
10
Mar. 18
Feb. 17
Feb.
Jan.
82
Apr.
24
24
8
8
30
The Commercial & Financial Chronicle
1234
Per
Name of
Share
Company
Ludlow Manufacturing Associates
McClatcbey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
McJfntyre Porcupine Mines (quar.)
Macy (R. H.) & Co. (quar )
Madison Square Garden
Magnin (I.) & Co.. preferred (quar.)
Preferred (quar.)
_
.-
Preferred
(quar.)
Manhattan Shirt Co
Mastic Asphalt (quar.)
May Department Stores (quar.)
Mead Corp. $6 preferred A (quar.)
$5H preferred B (quar.)
Melchers Distilleries, preferred
Metal Textile Corp. pref. (quar.)
_
1 Feb.
17
Mar.
1 Feb.
15
Mar.
1
Feb.
15
Apr. 15 Apr.
5
8154c
12&
Michigan Steel Tube Products
Michigan Sugar Co., preferred-.-
t30c
Midland Steel Products
50c
$2
-
8% preferred (quar.)
50c
-
Midwest Piping & Supply (year-end)
Miller Wholesale Drug Co
Milwaukee Gas Light Co., 7% pref. A (quar.)
Minneapolis Gas Light, 6% pref. (quar.)
5H % preferred (quar.)
$5.10 preferred (quar.)
5% preferred (quar.)
Minneapolis-Honeywell Regulator (quar.)
25c
—
1254c
$154
$154
$154
$1.27)4
Mar.
1 Feb. 20
1
Mar. 10 Mar.
Mar. 10 Feb. 27
Feb. 24 Feb. 14
1 Mar.
1 Mar.
1 Mar.
Apr.
Apr.
Apr.
24 Feb.
Feb.
7
7
7
17
Mar. 25 Mar. 14
Mar.
Feb.
22
Mar.
Feb.
20
Mar.
Mar.
Mar.
Feb.
20
Feb.
20
Mar. 10 Feb.
25
Feb.
20
20c
Paramount Pictures, Inc.
lst preferred (quar.).
2d
preferred
Parker Rust Proof Co.
(quar.)
Extra_-
---------
Paton Manufacturing
Preferred (quar.) —
Co., Ltd. (quar.)
Mitchell (J. SA & Co..
Monroe Chemical Co., pref. (quar.)
Monsanto Chemical Co., $4.25 pref. A (s.-a.)
$4.25 preferred B (seml-ann.)
Montreal Cottons Ltd. (quar.)..
Preferred (quar.)
Mar.
Feb.
Mar.
Mar.
Mar.
Feb. 28
Feb. II
Mar.
Mar.
75c
Apr.
Mar.
May 21
2c
Mar.
$1H
Mar.
Mar.
Feb. 15
Feb. 19
Feb. 21
Pennsylvania Sugar Co. (quar.)
Peoples Gas Light & Coke
Peoples Water & Gas Co., pref. (quar.)—
Petroleum Oil & Gas Co., Ltd. (s.-a.)
Pfaudler Co., preferred (quar.)
Phelps Dodge Corp
Philadelphia Co., preferred (s.-a.)
Philadelphia Suburban Water Co. pref. (quar.).
Phillips Petroleum Co. (quar.)
Phoenix Hosiery 1st preferred
Photo Engravers & Electrotypers Ltd. (s.-a.)
Pillsbury Flour Mills Co. (quar.)
Pilot Full Fashion Mills, Inc.—
6)4% cum. preferred (seml-ann.)
Piper Aircraft Corp. conv. preferred (quar.)
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)
Pittsburgh Coke & Iron Co. $5 pref. (quar.)
Pittsburgh Youngstown & Ashtabula Ry.—
Preferred (quar.)
Poor & Co. class A---
37Hc
$1H
25c
25c
Mar.
Feb.
10
Feb.
Mar.
Feb.
10*
7
87 He
Mar.
Mar.
Feb.
Feb.
17
15
40c
Mar.
Feb.
14
65c
15c
Apr.
75c
Apr.
50c
Mar.
SI H
—
5)4% preferred (quar.)
Powdrell & Alexander, Inc
Prentice-Hall (quar.)
(quar.)
Pressed Metals of America
Mar.
Mar.
Feb.
Feb.
20
15
$1H
$124
Mar.
Mar.
Feb.
Feb.
15
Mar.
Mar.
1
Mar.
Mar.
Feb. 20
Feb. 20
Feb. 15
—
25c
Mar.
Procter & Gamble Co. 5% pref. (quar.)
Mar.
Feb.
Mar.
Mar.
Feb. 13
Feb. 28
Public Service Co. of N. J., 8% pref.
Moore (W. R.) Dry Goods Co. (quar.)
Quarterly
-
-
Moran Towing Corp. (quar.)
Motor Acceptance 6 % preferred (quar.)
Motor Finance Corp. (quar.)
Motor Wheel
35c
$154
25c
Corp. (quar.)
40c
Mt. Diablo Oil Mining & Development Co. (qu.)
Manufacturing Co. jpref
lc
$1
Muncle Water Works Co. 8% preferred (quar.)_
Munsingwear, Inc
Murphy (G. C.) Co. (quar.)
L
Muskegon Motor Specialties, class A (quar.)
Muskogee Co., 6% cum. preferred (quar.)
Nanaimo Duncan UtiJs. Ltd.. preferred
(quar.)_
Nashawena Mills (quar.)
Nashville Chattanooga & St. Louis Ry
National Automotive Fibres, pref. (quar.)
National Battery,
preferred (quar.)-National Bearing Metals Corp
National Biscuit Co
Preferred (quar.)
National Container Corp
National Grocers, Ltd., pref. (quar.)
National Gypsum Co., $4H conv. cum. Df.
(qu.)
National Electric Welding Machine Co."(qu.)__
Quarterly
Quarterly
$2
50c
$1
50c
$154
8154c
25c
$1
June
May 10
May 10
June
Mar. 15 Feb.
Mar. 15 Feb.
Apr.
July
Apr.
July
Oct.
Oct.
Jan.
Dec.
Mar.
Feb.
Mar. 15 Feb.
Feb. 28 Feb.
Mar. 10
v.Feb.
Mar.
l|Feb.
Mar. 20 Mar.
28
28
1
1
1
31
15
28
15
21
15
5
Mar. 15 Mar.
1
Feb. 26 Feb. 18
Mar.
Feb. 14
Mar.
Feb.
18
Mar.
Feb.
15
Mar. 15
Feb. 15
Apr.
Mar.
Feb.
26
15c
Mar.
1 Feb.
55c
Apr.
1 Feb.
10
18
30c
40c
Mar.
5 Feb.
20
H'd
Apr. 15
Mar. 14
28! Feb.
11
Mar. 15 Feb.
20
Feb.
Apr.
Mar.
2c
2c
2c
1 Mar. 15
3 Feb.
Apr. 21
July 22
May
Aug.
Oct.
14
-
30 Oct.
.-
Apr.
Mar.
Mar. 20
Feb.
20
Mar.
Feb.
20
Mar.
Feb.
20
$2
$1 H
Mar.
Feb.
14
Mar.
Feb.
Mar.
Mar.
Feb.
14
Feb.
14
50c
Apr.
1 Feb.
18
Aug. 15 July
31
Mar.
1 Jan.
27
Mar. 15 Feb.
24
25c
Mar.
17
$1H
$154
Mar.
Savannah Electric & Power Co., 8%
Mar.
3 Feb.
3 Feb.
10
$1
10
1
Apr. 15 Apr.
Mar.
1 Feb. 14
15c
Feb.
3 Feb.
28 Feb.
Mar. 15 Feb. 28
Feb.
50c
40c
Mar. 13 Feb. 20
Mar.
Feb. 15
12Hc
37Hc
25c
25 Jan.
6% preferred (quar.)
Mar. 22
Apr.
Apr.
Mar. 22
Mar. 11
t$124
Mar.
Feb. 28
15c
May
Apr.
Apr.
Mar.
Feb. 21
$1H
37 He
30c
Feb.
15c
May
$154
Feb.
Preferred A (quar.)
Newport Electric Corp. (quar.)
Newport News Shipbuilding & Dry Dock
Preferred (quar.)
New Amsterdam
Casualty (s.-a.)
New England Public Service Co.—
$6 prior lien preferred
$7 prior lien preferred.
Mar. 31 Mar. 15
$3
May
May
Apr. 30
Apr. 30
50c
Apr.
Feb.
15
37 He
Mar
Feb.
20
$1H
$1H
$134
$1H
37 He
Mar.
11
Mar.
Feb.
Feb.
Mar.
Feb.
Mar,
Feb.
15
Mar.
Feb.
15
25c
Apr.
Mar. 17
Mar.
Feb.
14
Mar.
Feb.
14
Apr.
Mar. 20
Mar.
Mar.
Mar,
Feb.
$3H
Preferred 'quar )
$154
50c
Mar. 13 Mar.
deb. A (qu.)
$2
$134
$154
$154
Apr.
Apr.
Apr.
Apr.
Apr.
50c
Mar.
Mar.
Feb.
15
Seaboard Oil Co. of Delaware (quar.)
Mer. 15 Mar.
40c
Feb.
15
Feb.
May
Apr.
Apr.
15
Sears, Roebuck & Co. (quar.)
Second Investors Corp. (R. I.) (final)
Secord (L.) Candy Shops (quar.)
Mar.
$154
4254c
Mar.
Seeman
Mar.
t75c
t8754c
Mar.
1
Class A (quar.)
Noma Electric Co
—
Norma-H Bearing Corp, (quar.)
Quarterly
Quarterly
North Pennsylvania RR. Co.
(quar.)
18
25
Feb.
Feb.
Feb.
15
15
Mar. 14 Feb.
Mar.
1 Feb.
21
Mar. 19 Mar.
May 15 May
Aug. 15 Aug.
1
1
Nov. 15 Nov.
1
North River Insurance
Northeastern Water & Electric pref.
(quar.)
Northern States Power (Wis.)
preferred
Northwestern Public Service, 7% pref
6% preferred
North Texas Co
Norwich Pharmacal Co
Nova Scotia Light & Power, nref.
(quar.)
Oahu Railway & Land
(monthly)
Oceanic Oil Co
Ogilvie Flour Mills pref. (quar.)
"
Ohio Oil, 6% preferred (quar.)
Ohio Power Co. 6% pref. (quar.)
Ohio Public Service Co. 7% pref.
(monthly)
6% preferred (monthly)
5% preferred (monthly)
Ohio Water Service Co., class A
Oshkosh B'Gosh (quar.)
preferred (quar.)
Otis Elevator Co
conv.
(quar.)
Pacific Finance Corp. (special)
Package Machinery Co. (quar.)
Panhandle Eastern Pipe Line Co.
Class A & B preferred (quar.)
-
15c
7
-
7
Feb.
18
Feb.
Feb.
11
Feb. 21
Feb.
Feb.
Feb. 20
Mar. 19 Feb.
28
Sloane-Blabon Corp., class A 6% preferred
Smith Alsop Paint & Varnish Co., 7% pref.(qu.)
Feb.
Feb.
Mar.
Feb. 20
Mar.
Feb. 21*
Mar.
Feb. 28
Feb. 28
Mar. 29 Mar. 23
June 28 June 22
Sept. 30 Sept. 21
Feb.
Mar.
Mar.
1 Feb.
20
20
Mar.
3 Feb.
3 Feb.
10c
Apr.
1 Mar. 14
25c
Mar. 10 Feb. 21
Mar.
1 Feb. 15
Mar. 10 Mar.
7
Feb. 27 Feb. 14
Mar.
17
20
Socony-Vacuum Oil Co., Inc
Sonotone Corp
60c. cum. prior preferred (quar.)
Sontag Chain Stores (quar.)
7% preferred (quar.)
Sound view Pulp Co. preferred (quar.)
South Carolina Power Co. pref. (quar.)
-
Apr.
Mar.
11
Southern California Water Co., 6% pref.
11
20
Southern New England Telephone
Southern Pipe Line Co
20
Southwestern Life Insurance (quar.)
20
Spear & Co. 1st & 2d pref. (quar.)
Spencer Kellogg & Sons (quar.)
Spiegel. Inc. $434 pref. (quar.)
10
20
20
3
3
28
6% preferred series B (quar.)
Standard Brands, Inc.
Preferred (quar.)
15
Feb.
Mar.
Feb.
15
Feb.
15
Apr.
(quar.)
(quar.)
Standard Cap & Seal Corp., pref. (quar.)
Standard Accident Insurance Co. (quar.)
37Hc
37Hc
$154
Mar.
15 Mar. 20
Feb. 20
Mar.
Feb.
Apr.
Mar. 31
25c
Mar.
Feb.
35c
Apr.
Apr. 12
Mar.
40c
Mar.
Feb.
$1H
Mar.
Mar.
10c
Apr.
Feb.
14
$1H
June
June
2
Feb. 21
Mar.
Feb.
10
Mar.
Feb.
19
Mar.
Feb.
40c
Mar.
14
20
20c
50c
Mar.
llFeb. 20
25c
$154
Apr.
1 Mar. 15
Standard Oil Co. of Indiana (quar.)
Standard Wholesale Phosphate & Acid Wks.(qu)
Feb.
Mar. 15 Feb.
Mar. 15 Feb.
40c
Mar. 15 Mar.
25c
Feb.
Sterling Products, Inc. (quar.)
95c
Mar.
10
27 Feb.
14
1
40c
Standard Brands, Inc., pref. (quar.)
Standard Dredging Corp. conv. pref. (quar.)
Standard Oil Co. of California (quar.)
1 Feb.
21
62Hc
$1H
1
15
15
15*
$154
Mar.
Mar.
Feb.
15
Co., Ltd.—
Mar. 15 Feb.
Mar.
1 Feb.
58
Mar.
1 Feb.
50c
1 Feb.
Mar.
41 2-3c Mar.
1 Feb.
Mar. 31 Mar.
Mar.
1 Feb.
Mar.
1 Feb.
Mar. 20 Mar.
Mar. 20 Mar.
Mar. 15 Feb.
20
Mar. 15
Mar.
25c
20
Feb.
Mar.
—
Feb.
Feb.
Apr.
Original preferred (special)
17
L-lc
8
Feb.
Convertible preferred (quar.)
Southern California Edison—
Southern California Edison
15
Mar.
South Bend Lathe Works (quar.)—___
Southeastern Greyhound Lines, pref. (quar.)
1 Feb.
$154
3
Mar.
Mar.
$154
t$l 54
t$l 54
$154
t254
Mar.
Mar.
15
$1
10c
50c
15
Mar.
Simonds Saw & Steel
1 Feb.
2c
20
Feb.
Mar. 15
Siscoe Gold Mines, Ltd-Skilsaw. Inc. (quar.)
Mar.
$154
$154
Feb.
Mar.
Apr.
15
20
$1
10c
Feb.
Mar.
13
31
20
$154
Extra
Shenango Valley Water Co., 6% pref. (quar.)„
Sherwin-Williams Co. pref. (quar.)
Sherwin-Williams Co. of Canada, preferred
Simmons-Boardman Publishing Corp
$3 cum. conv. preference (quar.)
Simon Brewing (quar.)
Feb.
Mar. 10 Jan
4 Feb.
Mar. 15 Feb.
Mar.
25 Feb.
Mar. 10 Feb.
$1
25c
20c
Otis Steel Co.. 1st preferred
Oxford Paper Co., $5 pref. (quar.)_.
Parker Pen Co
15c
15
Feb. 15
Feb. 28
Feb.
11
15c
1
13
Jan.
1 Feb.
$254
19
Feb.
Mar.
75c
$1
II Apr.
Mar.
18
25c
Noranda Mines, Ltd. (quar.)Norfolk & Western Ry. (quar.)
Mar.
Bros., Inc
1*
llApr. 19
Mar.
28
10 Feb.
50c
Nonquitt Mills
May
May
Sharpe & Dohme, Inc. (initial)-———-——
Shawinigan Water & Power Co. (quar.)
Sheaffer (W. A.) Pen Co. (quar.)
Mar. 15 Feb.
50c
-
Mar. 10
Mar. 15 Mar.
—
Servel. Inc
HP
50c
Class A (quar.)
Mar. 10
28
Mar.
$2
Mar. 10
Mar. 15 Feb.
$154
"
1
11
3
Feb.
14
28
1 Mar. 15
of Maryland-
Class A preferred (quar.).
1900 Corp., class A (quar
:.).
11
Mar. 10
15
Apr.
30c
Light & Power (qu.)_
Preferred (quar.)
11
Mar. 10
Feb.
Mar.
1 Feb.
Mar. 15 Feb.
60c
50c
New Jersey Zinc Co.
New World Life Insurance Co
New York & Queens Elec.
10
1 Apr. 15
Mar.
25c
-
19
Mar. 21
7)4% debenture B (quar.)
7% debenture C (quar.)
6)4% debenture D (quar.)
6% preferred (semi-annual)
Scott Paper Co. (quar.).
$4)4 cum. preferred (quar.)
$4 cum. preferred (quar.)
854
$154
-
Neisner Bros., Inc. (quar.)
Newberry (J. J.) Co. (quar.)
25
Mar.
$154
Nay bob Gold Mines (initial) (quar.).
Nebraska Power Co., 7% pref.
(quar.)
1
15c
25c
Savage Arms Corp
$154
3
2f
15c
Sabin Robbins Paper Co. pref. (quar.)
St. Joseph Lead Co
St. Joseph Water Co., 6% pref. (quar.)
Mar.
15Mar.
14
62 He
Rustless Iron & Steel
20
28
25c
National Paper & Type Co. 5% pref. (s-a.)
National Power & Light Co. (quar.)
National Union Fire Insurance
(Pittsburgh)
Extra.
—
6% preferred (monthly)
Puget Sound Power & Light prior pref
Pullman, Inc.
_-—i—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.)
Reliance Electric & Engineering
Reliance Grain Co., Ltd., 6)4 % Pref
Reliance Manufacturing Co
Preferred (quar.)
Reliance Steel Co., preferred (quar.)
Republic Insurance Co. (Texas) (quar.)
Republic Investors Fund, Inc.—
6% A & B pref. (quar.)
Rich's, Inc. 6)4% pref. (quar.)
Richmond Fredericksburg & Potomac RR.
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
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.)
Rolland Paper Co.. Lrd pref. (quar.)
Roxy Theatre, Inc.. preferred (quar.)
Rubinstein (Helena) class A (quar.)
Mar. 15 Feb.
$154
25
$134
(quar.)
7% preferred (quar.)
$5 preferred (quar.)
lc
(quar.)_
15
Public Electric Light Co., 6% pref. (quar.)
Public Finance Service, Inc., $6 pref. (quar.)
Mar. 18
8
1 Mar. 15
1 Feb. 18*
70c
75c
pref. (quar.)
20
14
1 Mar. 16
1 Feb. 17
10c
—
Potomac Electric Power Co., 6%
25
Mar.
Mar.
$1H
Feb.
Feb.
1
Feb. 20
Mar.
$1H
Mar. 18
Feb. 14
Apr.
Mar. 14
15
Feb. 15
Feb. 28
Mar.
$124
$124
37 He
Mar. 10 Feb.
Mar.
Mar. 14
25c
25c
Mar.
Mar.
Apr.
Holders
Mar. 14
Apr.
$154
$154
$254
8754c
$254
$254
t$l
t$154
$154
$154
$154
$154
When
Payable of Record
50c
—
Penn State Water Corp. $7 preferred (quar.)
Preferred
22, 1941
Apr.
Apr.
Apr.
$1H
••).
(quar
$1
25c
Preferred
Apr.
Share
Company
$1
Extra
Quarterly
Per
Name of
$134
$1H
$1H
Public National Bank & Trust Co. (N. Y.) (qu.)
37 He
Public Service Co. of Colorado 7% pref. 'mo.)— 58 l-3c
50c
6% preferred (monthly)
412-3 c
5% preferred (monthly)
HP
50c
Preferred (quar.)_
Mississippi Valley Public Service Co.
7% preferred A (quar.).
6% preferred B (quar
$2
Mar.
30c
Meteor Motor Car
Niagara Shares Corp.
Mar.
10c
25c
$154
National Lead Co. class A preferred
National Oats
1
7
14
5
May 15 May
5.
Aug. 15 Aug.
Nov. 15 Nov.
f.
75c
6% 2d preferred (quar.)
-----
1 Feb.
1 Feb.
28 Feb.
$1)4
$1H
$1H
$154
Masonite Corp. (quar.)
Preferred (quar.)_
Quarterly
Feb.
1 Feb. 10
5
1 Mar.
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Mar. 10 Feb. 18
Mar.
1 Feb. 18
Mar. 15 Mar.
1
50c
(quar.)
$2 dividend shares
Mar. 15 Mar. 10
Feb. 28 Feb. 27
May 31 May 30
Aug. 30 Aug. 29
Nov. 29 Nov. 28
Mar.
$1**
$1H
$ih
Holders
Payable oj Record
Mar.
25c
25c
Mapes Consolidated Mfg.
Marshall Field & Co. 6% pref. (quar.)
Mull ins
$2
4354c
4354c
4354c
4354c
When
Feb.
25c
3 Feb.
15
15
5
15
Volume
The Commercial & Financial Chronicle
152
Condition of the Federal Reserve Bank of
Holder
Name of Company
1235
New York
of Record
Storkline Furniture Corp. (quar.)
Extra
12 He
12Hc
$1H
Strawbridge & Clothier, prior pref. (quar.)
Stromberg Carlson Telephone Mfg. Co.—
6 H % preferred (quar.)
Stuart (D. A.) Oil, Ltd., pref. (quar.)_
Feb. 28 Feb.
Feb. 28 Feb.
Mar.
1 Feb.
Feb.
15
15
15
$1 %
20c
Mar.
Feb.
8
15
3c
Sullivan Consolidated Mines
Sun Oil Co. common stock dividend
Mar.
Mar.
Feb.
6%
Mar.
Feb.
Mar.
Feb. 25
Feb. 14
37Hc
Swift & Co. (quar.)...
30c
30c
Special
Sylvania Industrial Corp. (quar.)
Talon. Inc. (quar.)
.
Feb. 25
Mar.
25c
Swan-Finch Oil Corp., pref. (quar.)
following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 19, 1941,
in comparison with the previous week and the corresponding
date last year:
:K■. V •vir"1:;"''K:
15
91k
Preferred
Common
The
Mar.
Mar.
Apr.
Apr.
Feb. 19,1941
Feb. 21,1940
Feb. 11,1941
10
3
Mar.
3
Feb. 27
25c
Feb.
60c
Mar.
Telephone Bond & Share Co. 7% 1st pref. (qu.)_
1st $3 preferred (quar.)
28c
Mar.
12c
Mar.
Feb. 15
Feb. 28
Feb. 28
Tennessee Corp., common (resumed)
Terre Haute Water Works Corp., 7% pref.
Texas Pacific Coal & Oil Co. (quar.)
25c
Mar.
Feb. 24
91%
Mar.
Feb.
Mar.
Feb.
8
Apr.
Apr.
Gold certificates
$
$
$
hand and due from
on
United States Treasury_x
notes..
9,596,734,000 9,623,839,000 7,826,513,000
1,591,000
996,000
1,064,000
88,489,000
80,767,000
85,600,000
Total reserves.....-.......—
9,678,497,000 9,610,503,000 7,916,593,000
Redemption fund—F. R.
Other Cash t
11
10c
50c
:r
Assets—
Mar. 22
-
(qu.)
Thompson Products Corp
Preferred (quar.)
$1%
Tide Water Associated Oil (quar.)
Tilo Roofing Co., Inc. (quar.)
Mar.
Feb.
18
Feb.
Feb.
4
Feb.
Feb.
15
5Cc
Feb.
15
15
direct and guaranteed
Total bills and securities
Mar.
Mar.
5
Due from foreign banks
Federal Reserve notes of other banks
Mar.
Mar.
5
Uncollected items
Feb. 24
Mar.
Feb.
20
756,831,000
Feb.
14
Other assets.
Mar.
344,156,000
17,000
3,850,000
157,877,000
9,684,000
14,430,000
1,749,000
159,923,000
Mar. 20
Mar.
17,000
2,021,000
212,248,000
Bank premises
Mar.
60c
91%
75c
9,686,000
14,542,000
-—
.
Total assets.
Mar.
Feb.
Mar.
Feb. 10
Mar.
6
Feb. 28
F. R. notes In actual circulation
Mar.
Feb.
Deposits—Member bank
Apr.
Mar. 20
Feb.
7
Mar.
$2 X
Mar.
20c
Mar.
13
28
Feb. 28
Feb. 28
10552,384,000 10431,866,000 8,863,707,000
1,564,666,000 1,561,659,000 1,242,057,000
acc't.. 7,355,592,000 7,221,475,000 6,836,495,000
reserve
U. 8. Treasurer—General account...
Other deposits
91%
Mar.
Mar.
Feb.
Apr.
Mar. 15
Deferred availability Items
Mar.
Feb.
Other liabilities, incl accrued dividends
Total deposits
15
15
220,313,000
135,050,000
658,360,000
501,634,000
162,573,000
623,738,000
531,042,000
Foreign
58 l-3c
53c
9,876,000
18,718,000
Liabilities—
58 l-3c
253,267,000
129,872,000
8,672,945,000 8,601,782.000 7,354,684,000
139,667,000
185,961,000
144,739,000
699,000
668,000
713,000
53c
Apr.
Mar. 15
50c
Mar.
Feb.
50c
Apr.
Apr.
Mar. 15
Mar. 20
Capital paid in
51,496,000
15
Total liabilities
10424,285,000 10303,807,000 8,742,148,000
Capital Accounts—
Feb.
Feb.
4
51,481,000
56,447,000
Mar.
Feb.
25
Surplus (Section 7)
Surplus (Section 13-b).
56,447,000
25c
7,070,000
7,070,000
7,109,000
25c
Mar.
Mar.
1
Other capital accounts.
13,086,000
13,061,000
9,975,000
Feb.
Feb.
$2 H
$1
t$lH
50c
Apr.
Apr.
37Hc
$1
91%
91%
-
10
Feb. .28*
Mar.
50c
50c
(quar.)
Mar.
Apr.
Apr.
2
July
2
Feb. 15
July
25c
Mar.
40c
Mar.
J3c
Feb.
94.6%
92.1%
667,000
1,755,000
t "Other cash" does not Include Federal reserve notes or a bank's own Federal
Feb. 18
Mar. 21
over
Mar.
Feb.
difference, the difference Itself having been appropriated as profit by the Treasury
91%
Mar.
Mar.
50c
Mar.
Mar.
Feb.
Mar.
Mar.
Mar.
„
91%
$1%
$1%
$1%
»1 %
Mar.
50c
..
15
Feb. 20
Feb. 17
Feb. 17
Mar.
91%
$1
50c
....
June
These
are
certificates given by the United
59.06 cents,
Sept.
Dec.
Dec.
1
3-1-41
Mar.
Feb.
Mar.
Feb.
Mar.
15
Feb. 20
37Hc
37 He
May
Aug.
Apr.
July
Gold Reserve Act of 1934.
Weekly Return of the New York City
Clearing House
Mar.
Feb.
14
Mar.
Mar.
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
19
19
....
"Ittt
9U6
Mar.
Mar.
Feb.
AT
*
Net Demand
Time
Undivided
Deposits,
Profits
♦
Clearing House
1
NEW YORK CLEARING HOUSE
BUSINESS THURSDAY. FEB. 20, 1941
OF
CLOSE
Average
Deposits,
Average
Surplus and
Capital
Members
S
14
14
Bank of New York
14
Bank of Manhattan Co.
20.000.000
77,500,000
20,000,000
16,601,000
38,979,000
228,488.000
14,147,800
6.000,000
Feb.
Feb.
604,753,000
26,884,500
80,275,900 a2,647,417,000
185,284,000
Feb.
15
National City Bank
Mar.
Feb.
21
Chem Bank & Trust Co.
June
May 15
Guaranty Trust Co....
90,000.000
Mar.
June
Feb.
Manufacturers Trust Co
41,748.000
May 15
Cnt Hanover Bk&Tr Co
21,000,000
Apr.
Mar. 20
Corn Exch Bank Tr Co.
Mar.
Feb. 25
Flrst National Bank
15,000,000
10,000,000
109.720.700
815,426,000
Irving Trust Co
709,425,000
70,428.000
Mar.
15
808,878,000
57,904,700
186.946,500 62,252,266.000
800,932,000
40,986.600
'
75,103,700 cl,162.330.000
331,318.000
20,356,600
1 Feb.
15
50,000,000
53,692,500
Continental Bk & Tr Co.
4,000,000
4,490,800
Chase National Bank...
Mar*
100.270,000
1 Feb.
15
Fifth Avenue Bank
3 Feb.
20
Bankers Trust Co
14
Title Guar & Trust Co..
25.000,000
6.000,000
15
Marine Midland Tr Co.
5,000,000
12,500.000
5 Feb.
14
14
New York Trust Co....
COmm'l Nat Bk & Tr Co
7,000,000
Public Nat Bk & Tr Co.
Mar.
1 Feb.
Mar. 15 Feb.
Mar.
5 Feb.
Mar.
Mar. 10 Feb.
27
Mar.
1 Feb.
1
5,551.000
1,320,000
55,613,000
3,680,000
77,393,000
2,350,000
15,861,000
1,539,200
10,005,900
140,646,000
3,220,000
468,935,000
43,385,000
131,814,000
97,260,000
2,072,000
53,555,000
953,465,400 15,822,087,000
779,354,000
28,016,400
8,746,900
10,544,800
7,000,000
11
Apr.
Apr.
Apr.
7,291,000
78,034,000
107,329,000
67,395,000
28,908,000
L394.000
136,482,200 d3,278,953.000
64,378,000
4,207,500
83,413,200 €1,192,579,000
500.000
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
1 Mar. 14
1 Feb. 15
1 Mar. 15
1 Mar. 19
1 Mar. 19
Mar.
1 Feb.
1 Mar.
Mar. 15 Feb.
Mar. 10 Feb.
Apr.
date); (6) $62,239,000 (latest available date); (c)
000 (latest available date): (e)
per
15
Nov.
1 Oct.
15
Apr. 30 Apr.. 15
Stock
15
Below
are
25c
Apr.
10c
Feb.
the
and
Bond Averages
daily closing averages of representative
stocks and bonds listed on the New
as
York Stock Exchange
compiled by Dow, Jones & Co.:
15
1 Feb, 18
1 Feb. 20
Mar.
$2,987,000 (Feb. 20); (d) $80,083,-
$22,013,000 (Jan. 31).
Dec. 31, 1940; State, Dec. 31, 1940; trust
official reports: National,
companies, Dec. 31, 1940.
♦As
28
15
15
25c
branches as follows: (a) $290,484,000 (latest available
11
1 Apr.
1 July
1 Feb.
1 Feb.
Includes deposits In foreign
28
May
Aug.
Mar.
518,518,000
Totals
1
60c
Wrigley (Wm.) Jr. (monthly)
Monthly
Wurlitzer (Rudolph)
ASSOCIATION
Mar.
Feb. 26 Feb.
Feb. 26 Feb.
1 Feb.
Mar.
15%
STATEMENT OF MEMBERS OF THE
Mar.
S1.18M Mar.
Mar.
SIM
Mar.
SIM
30%
15
Feb. 20
Feb. 15
Mar.
1934, devalued from
these certificates being worth less to the extent of the
under the provisions of the
1
10c
Preferred (quar.)-------——...—20c
Vogt Manufacturing Corp
5Cc
Wacker-Wells Building
40c
Walgreen Co. (quar.)
91%
Preferred (quar.).
Walker (H.) Gooderham & Worts (quar.)
til
Preferred (quar.)..
*2 5c
96 He
Warner Bros. Pictures, preferred
50c
Warren Foundry & Pipe
40c
Warner & Swasey Co
$2H
Wash. Ry. & Elec. Co. 5% pref. (s,-a.).......
SIM
5% preferred (quar.).
SIM
5% preferred (quar
r.).
50c
Wayne Pump Co.
25c
Welch Grape Juice
Wesson Oil & Snowdrift Co., Inc—
Convertible preferred (quar.).
SI
West Michigan Steel Foundry—
43 Mc
%1% conv. preferred (quar.)
50c
Western Auto Supply (quar.)
Western P. S. Co., $1 H pref. A
t37Mc
25c
Westinghouse Air Brake Co.
SI
Westinghouse Electric & Manufacturing
$1
Participating preferred
50c
Weston Electrical Instrument
S1H
Wheeling Electric Co., 6% pref. (quar.)
S1H
Wheeling Steel, 6% pref. (quar.)
6% preferred
$5 prior preferred (quar.)
S3
White Villa Grocers, Inc. (semi-ann.)
Whitman (Wm.) & Co., preferred (quar.)
SIM
Wieboldt Stores, Inc., $5 preferred (quar.)
SIM
75c
6% preferred (quar.)
$1H
Williamsport Water Co., $6 pref. (quar.)
25c
Wilsil, Ltd. (quar.)
$1
Wilson Line. Inc. (semi-ann.)
20c
Wilson Products (quar.)
Winsted Hosiery Co. (quar.)
S2H
S2H
Quarterly
S2H
Quarterly
Wisconsin Electric Power Co. 6% pref. (quar.).
States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31,
100 cents to
1
May 31
Aug. 30
Mar.
x
14
50c
(quar.)
Extra
Virginia Coal & Iron Co
(final).
94.5%
665,000
liabilities combined
R. note
50c
-.
pref. (quar.)
F.
vances.
Apr.
$1
{quar.).--...--.—-..—......
(quar.)
(quar.)....—
Common
10552,384,000 10431,866,000 8,863,707,000
Reserve bank notes.
62 He
...
Wolverine Tube Co. 7% pref. (quar.)
Woolf Bros., 7%pref. (quar.)
53,326,000
Mar. 20
Feb. 15
-
Virginian Ry. preferred (quar.)
Total liabilities and capital accounts.
51,149,000
Mar. 15
Mar. 15
Feb. 15
Feb. 20
Mar.
(quar.)
Woolworth (F. W.), Ltd., Am. dep. rec.
** American deposit receipts (bonus)
Woolworth (F. W.) Co. (quar.)
752,337,000
635,505,000
17,000
2,050,000
Total U. S. Government securities,
$1
91%
f75c
..
cum.
Bonds
S1H
$1H
Upper Canada Mines Ltd
Utica Knitting Co. (initial)
5% prior preferred (quar.)
Valley Mould & Iron—------—....
Preferred (quar.)
Van Raalte Co., Inc-—
1st preferred (quar.)
Vanadium-Alloys Steel Co
Vapor Car Heating Co. (quar.).......—.....
4'A %
Mar.
42 2-3c Mar.
Mar.
$1H
United States Plywood Corp. pref. (quar.)
United States Steel Corp
Vick Chemical Co.
632,503,000
4
-
—
408,181,000
635,373,000
25
20c
.....
372,013,000
260,490,000
632,503,000
Feb.
50c
-----
1,248,000
1,754,000
2,444,000
1,754,000
Mar.
Playing Card (quar.)....-
Preferred (quar.)
7% pref. (quar.)
1,116,000
discounted
U. 8. Govt, securities, direct and guar¬
anteed:
United Engineering & Foundry Co. (quar.)
Preferred (quar.)
.
1,969,000
Industrial advances
Notes
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 Freight (interim)
United States Graphite Co
United States Leather Co., prior preferred
United States Pipe & Foundry Co
475,000
75,000
372,013,000
260,490,000
Total bills
Mar. 22
50c
Preferred (quar.)
United Light & Railways 7 % pr. pref. (mo.)
1,173,000
111,000
10
United Fuel Investment preferred (quar.)__
United Gas Corp. $7 preferred
United Gas Improvement (quar.)__
Preferred
Preferred
1,005,000
25
Elastic Corp
Preferred
direct and guaranteed....
Other bills discounted
15c
.
obligations
Feb.
Union Twist Drill
United Biscuit Co. of America pref. (quar.)
United Chemicals participating preferred
Preferred (quar.)
Universal insurance Co.
Universal Products
Govt,
Feb.
5H % convertible preferred (quar.)
Union Gas Co. of Canada (quar.)
Union Tank Car Co. (quar.)
United States Sugar Corp., pref.
S.
Mar.
11%
4.5714% Mar.
58 l-3c Mar.
-
.
U.
35c
Trane Co. pref. (quar.)
Truax-Traer Coal Co., 6% conv. pref. (quar.)__
-
by
Mar.
Mar.
15c
Ordinary registered (final)
Deferred registered (final)
Toledo Edison Co. 7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
United States
Extra--.
Secured
20c
$1.40 conv. preferred (quar.)
Timken Roller Bearing Co
Tobacco Securities Trust Co., Ltd.—
United
Bills discounted:
Bonds
Stocks
10
4
4
10
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utllir
40
trials
20
1 Mar. 20
1 Feb.
30
Indus¬
Date
10
roads
ties
Stocks
trials
Rails
Rails
ties
Bonis
Total
Transfer books not closed for this dividend.
18
27.15
19.00
40.67
106.75
94.30
49.69
108.79
89.88
119.99
27.09
18.86
40.56
106.75
94.38
49.46
106.75
89.82
117.94
26.56
18.81
39.91
106.81
94.14
48.53
106.81
89.56
Feb. 18.
118.98
26.75
19.00
40.25
107.00
94.37
48.97
107.00
89.84
Feb. 17.
119.18
26.79
19.04
40.32
107.10
94.35
48.98
107.10
89.85
Feb. 15.
118.55
26.65
18.95
40.11
107.08
94.45
48.84
107.08
89.81
.
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividends will be made.
120.24
Feb. 19.
28 Feb.
Feb. 21.
Feb. 20.
♦
The Commercial & Financial Chronicle
1236
Feb.
22, 1941
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of
and liabilities of the reporting member banks in 101 leading cities from which
resources
These figures are alwavs
the Federal Reserve
a
System
week behind those for the Reserve banks themselves.
ASSETS
AND
the figures for the latest week
upon
immediately preceding which
we
department of "Current Events and Discussions,M
a week later.
X 'X
Phila¬
Boston
$
New York
delphia
$
Total
$
$
ASSETS
Loans and investments—total
BY DISTRICTS ON FEB. 12. 1941
101 LEADING CITIES
(In Millions of Dollars)
v..:-;.--
Federal Reserve Districts—
our
obtained.
are
also give the figures of New York and Chicago reporting member banks for
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
.XX
'.xX;:.X
■
;X.X.
v.
■
X'rXX'■■■
Minne¬
Cleveland Richmond
$
San
Chicago
St. Louis
apolis
City
Dallas
$
Atlanta
3
3
3
3
3
$
Kansas
Francisco
.
I
26,248
9,377
1,226
1,986
765
X 700
450
717
590
2,358
480
780
294
372
3,832
1,107
787
3,419
383
212
350
322
1,013
326
2,108
235
345
137
197
680
224
111
212
223
376
66
101
34
9
10
4
42
12
3
21
1
14
424
Commercial, Indus, and agricul. loans
11,595
645
5,173
__
1,242
317
Loans—total
Open market
in
appear
weekly returns
The comments of the Board of Governors of
12
294
25
15
XX/X 3
7
39
5
1
4
5
14
17
213
32
20
14
11
68
13
6
10
12
43
31
23
386
paper
Loans to brokers and dealers In secure.
Other loans for purchasing or carrying
securities
459
Real estate loans
-;X;X-
192
81
1,231
Loans to banks
50
X?X\
59
132
12
48
35
1
1
2
1
1
""82
117
145
68
79
72
57
179
3
437
13
29
13
26
7
45
26
58
42
79
167
110
95
99
728
32
75
39
190
126
62
341
209
160
182
34
4
22
1
1
1,739
140
489
103
208
720
34
147
mmi+ m
Treasury notes
United States bonds....
2,568
7,094
50
1,548
32
170
167
50
301
328
3,212
347
619
183
103
1,103
Obligations
2,765
3,724
57
89
136
54
59
296
65
128
1,673
1,596
278
270
67
113
588
114
41
11,640
665
6,590
523
788
256
160
1,437
260
113
522
145
105
23
48
27
16
80
13
7
18
13
27
3,351
1,264
198
236
201
373
242
228
597
207
112
321
291
345
69
502
79
90
39
50
75
22
15
20
3i
272
22,981
5,452
1,389
11,485
1,085
1,585
607
468
3,080
553
330
590
543
232
1,119
261
753
205
190
1,007
192
115
144
137
1,097
354
11
31
10
24
22
29
424
12
:X::';.'X". 2
9
23
-XX';: 57
9,042
399
3,891
459
519
360
625
20
570
1
1
737
20
301
3,833
247
1,631
.....
Other loans
Treasury bills
Other
by U. S. Govt
guar,
securities
Reserve with Federal Reserve Bank..
Cash in vault
Balances with domestic banks..
Other assets—net
11
—
mm m —- —
X;
479
LIABILITIES
Demand
deposits—adjusted
Time deposits
United States Government deposits..
XX
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital accounts
358
1
X-
14
17
36
218
386
''X<;:-
430
1,370
8
2
mmmm'm
-»
432
182
1
______
m
...
"
354
288
1
17
mmm
mmmmmm
mmmmmm
mmmmmm
''mmm
mmmmm
1,266
11
6
7
3
4
300
96
99
18
414
96
60
107
89
390
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
showing the condition of the 12 Reserve banks at the close of business
Thursday afternoon, Feb. 20,
on
Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks
and with those of the corresponding
week last year.
The second table shows the
Reserve note statement (third table
resources
for the latest week
appear
in
our
Feb.
The comments of the Board of Governors of the Federal Reserve System upon the
OF THE
FEDERAL RESERVE BANKS AT THE CLOSE OF
Feb. 12.
1941
19,
1941
Feb. 5.
1941
ASSETS
'Odd ctfs.
on
Jan.
29,
1941
Jan.
22,
1941
19,902,781
19,904,281
9,598
8,784
339,441
345,211
20,251,381
Jan.
15,
BUSINESS
Dec.
8,
1941
1941
3
19,902,778
9.162
FEB.
Dec.
31,
24,
1940
1940
S
S
19, 1941
Feb.
21,
1940
3
19,845,780
19,804,781
363.401
9,108
324,344
19,680,782
11,228
350,821
9,722
360,817
19.750.781
9,692
275,109
15,739,122
9,826
228,561
369,498
20,257,590
20.263,886
20,279,359
20,253,005
20,216.319
20,138,233
20,035,582
19,920,571
16,118,050
1,862
1,415
724
2,260
1,289
2,021
1,638
851
682
1,411
1,255
900
623
1,932
2,064
1,799
2,401
5,338
2,544
2,139
2,666
3,549
3,659
2,832
2,915
4,200
6,079
7,854
7,877
7,871
7,871
7,500
7,508
7,713
7,538
7.598
10,427
1,284,600
899,500
1,284.600
899,500
1,284,600
1,284,600
899,500
1,284,600
1,284,600
1,284,600
1,284,600
1,284,600
899,500
899,500
899,500
899,500
899.500
899,500
1,344,045
1,133,225
2,184,100
2,194,222
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
47
47
47
47
47
47
47
47
47
23,389
837,999
39,999
52,298
26,310
793,567
39,996
51.367
25,576
720,733
39,978
50,689
25,740
726.775
29,402
29,820
901,592
30,183
31,628
912,398
26,542
20,003
636,295
40,062
47,596
914,424
41,188
46,931
23,399,335
reserves
19,879,778
2,268
Other cash *
19,896,780
9,825
372,754
1,645
Redemption fund (Federal Reserve notes)
Total
Jan.
3
hand and due from U. S. Treaa.r.
The Federal
department of "Current Events and Discussions.'*
COMBINED RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
and liabilities separately for each of the 12 banks.
following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
returns
on
23,363,398
19,373,873
5,943,080
14,020.569
479,393
1,130,080
655,332
9,430
Bills discounted:
Secured
by U. S. Government obligations,
direct and guaranteed
Other bills discounted....
...
...
Total bills discounted
Industrial advances.......
U. S. Govt, securities, direct and guaranteed:
Bonds ]......
Notes
Total T7.
S.
Govt, securities,
guaranteed
direct and
........
Total bills and securities
Due from foreign banks....
...
..........
Federal Reserve notes of other banks........
Uncollected Items..
Other
premises
2,493,776
47
50,529
49,483
48,955
745,196
40.076
47,957
23.295,019
23,317,125
23,407,105
23,432,075
23,196,337
23.261.866
23.145,601
5,931,464
13,870,693
622,471
1,163,849
673,254
5,906,166
13.841,512
692,032
1,183,924
600,311
5,845,759
14,347,011
258.251
1,215,590
583,657
5,834,506
14,409,560
261,012
1,230,690
5.824,852
14.413.569
5,877,248
14.284,362
5,930,997
14,025.633
237.067
219,788
368.481
1,229,836
1,132,909
519,575
511,947
1,122,531
617,139
5,964.938
13.837,243
481,494
1,111,262
599.544
600,207
354,865
16,330,267
727,878
16.317,779
697,777
2,657
16,404,509
16,243,820
703,292
16,126,567
832,779
16,030.206
2,173
2.109
2,196
773,925
5.437
13,552,919
606,706
2,953
16,420,837
779,123
2.428
16.392,419
842,582
3,132
23,028,592
22,992,741
22,924,379
22,946,747
23.036,894
23,062,026
22,826,469
22.892.539
22,774,506
19,023,136
139,550
157,065
26,785
47,343
assets
40.038
839,957
40,062
3,102
...
assets....
Total
2,477,270
16,285,374
797,036
...................
Bank
741
139,514
157,065
139,601
47,293
26,785
47,289
139,443
157,065
26,785
47,080
139,351
167,065
26,785
47,010
139,306
157.065
26,785
46,893
139,143
157,065
26,785
46,875
138,679
26,785
157.064
26,785
46,899
138,267
151,720
26,839
54.269
151,720
26,839
36,103
23,399,335
23,363,398
40.075
'
41,771
63,931
LIABILITIES
Federal Reserve notes in actual circulation..
Deposits—Member banks' reserve account...
United States Treasurer—General account..
Foreign
Other
.............
deposits
Total
deposits
Deferred availability Items...
Other liabilities, lncl. accrued dividends
Total liabilities.
693,526
4,860,778
12,240,683
595,990
361,381
2,733
CAPITAL ACCOUNTS
Capital paid in........
Surplus (Seotlon 7)...............
Surplus (Seotlon 13-b).._..........
Other capital accounts—..........
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
157,065
136,075
23,295,019
23.317,125
23,407,105
23,432,075
20,196,337
23,261,866
23,145.601
19,373,873
1.0%
91.2%
t5,089
91.0%
5,092
90.8%
5,226
90.6%
6,253
87.5%
5,147
91.0%
5,095
91.0%
5.127
91.1%
5,207
1,644
....
1,877
1,546
1,966
91.1%
5,125
9
8,638
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 day8 bills discounted
16-30 days bills discounted
2,788
2,253
1,294
1,370
2,059
932
146
108
87
90
87
720
721
209
467
4.556
31-60 days bills discounted.
61-90 days bills discounted..
210
173
100
113
164
154
226
693
810
244
117
196
260
285
275
281
200
154
224
198
Over 90 days bills discounted
151
190
146
212
235
251
391
489
640
149
2,268
2,544
2,139
2,666
3,549
3,659
2,832
2,915
4,200
6,079
1,363
1,365
1,357
1,386
1,375
1,406
1,479
1,528
1.477
1,468
...
Total bills discounted.
Fl-15 days industrial advances............
16-30 days Industrial advances........
132
81
68
52
63
82
216
49
31-60 days Industrial advances............
402
456
478
197
205
127
128
125
61-90 days Industrial advances
121
107
109
352
382
402
5,836
5,868
5,859
5,884
343
5,514
5,511
7,854
7,877
7,871
7,871
7,500
7,508
.....
Over 90 days Industrial advances..........
Total Industrial advances....
...
196
I
171
110
501
170
156
292
5.488
5,666
5.659
7,995
7.713
7,538
7,598
10,427
Volume
The Commercial & Financial Chronicle
152
Weekly Return
]
of the Board of Governors of the Federal Reserve
System (iConcluded)
Three Ciphers (000) Omitted
Maturity Distribution of BiUs and Short-Term
Securities
U.
%
%
74",800
IIIIII
%
%
%
$
$
$
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
IIIIII
I—III
74,800
74,800
74,800
74,800
74,800
2,109,300
74,800
2,109,300
74,800
2,109,300
2,477,270
\.v •
2,184,100
2,184,100
2,184,100
2,477,270
$
3
(Concluded)
S.^Govt. securities, direct and guaranteed:
daysIIIIIIIIIIIIIIIIIIIIIIZIIIIIII
16-30
31-60 days
„
74,800
——
61-90 days
Over 90 days
.
„
.,
-
—
2,109,300
Total U. 8. Government securities, direct
y
j
andguaranteed
2,109,300
2,109,300
2,109,300
2,109,300
^;:v
w
2,109,300
.
..
IIIIII
-
-
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
6,240,928
297,848
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
6,250,650
325,653
6,247,538
362,417
282,430
5,166,486
305,708
5,943,080
5,931,464
5,906,166
5,845,759
5,834,506
5,824,852
5,877,248
5,930,997
5,965,102
4,860,778
v;!::
'• ;v
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 etfe.
v
■
hand and due from U.S. Treasury
■.
./■.*
By eligible paper
6,366,500
2,089
6,351,500
2,384
6,344,500
1,946
6.329,500
2,104
6,334,500
1,968
6.334,500
1,741
6,374,500
1,659
6,379,500
1,688
6,364,500
2,912
5,298,500
1,068
Total collateral
6,368,589
6,353,884
6,346,446
6,331,604
6,336,468
6,336,241
6,376,1591
6,381,188
6,367,412
5,299,568
on
*
"Other cash" does not include Federal Reserve notes,
x
These
certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents
are
cents on Jan.
t Revised figures.
31,1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated
visions oithe Gold Reserve Act of 1934,
U;1' 'L-
'
59.06
to
profit by the Treasury under pro¬
as
:'v'
>.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 19, 1941
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Phila¬
Boston
New York
delphia
Minne¬
Cleveland Richmond
Atlanta
Chicago
San
Kansas
apolis
City
St. Louis
Dallas
Francisco
ASSETS
Gold
certificates
hand
on
due
and
from United States
Treasury
Redemption fund—Fed. Res. notes..
Other cash
Total
—
—.
reserves
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
Other bills discounted-
——.—
Total bills discounted-Industrial advances
—
_
U. 8. Govt, securities, direct & guar.:
;
-,
Bonds ■
Notes.»—
Total U. S. Govt, securities,
direct and guaranteed
Total bills and securities
..
Due from foreign banks
Fed. Res. notes of other banks._
Uncollected items—
Bank
—
premises.————.
-Other. assets—.——..
10552384 1,355,844
:
LIABILITIES
F. R. notes in actual circulation
Deposits:
Member bank
reserve
account
U. 8. Treasurer—General account.
Foreign
Other deposits-
Total deposits—..—.—..-.—.
Deferred availability items
...
Other liabilities, incl. aecrued divs...
Total liabilities
10424285
..............
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)—
Other capital accounts
.......
...
.......
........
742 10552384
Total liabilities and capital aco'ts.
*
665
182
Commitments to make Indus, advs.
"Other cash" does not Include Federal Reserve notes. ' a Less than 3500.
FEDERAL RESERVE NOTE STATEMENT
Minne¬
Boston
$
Federal Reserve notes:
New York
%
Total
Federal Reserve Bank of—
%
delphia
Chicago
s
s
8
$
Atlanta
3
Cleveland Richmond
St.Louis
San
Kansas
apolis
PhUa-
Three Ciphers (000) Omitted
City
s
3
Dallas
Francisco
3
3
$
499,486 1,641,834
21,268
77,168
434,696
571,069
23.382
298,574
14,462
217,462 1,308,875
27,776
20,147
233,300
9,652
163,043
222,394
6^050
8,402
107,449
10,443
542,746
20,802
478,218 1,564,666
413,894
547,687
284,112
197,315 1,281,099
223,648
157,993
213,992
97,006
483,450
6,366,500
In actual circulation
6.240,928
297.848
5,943,080
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
440,000
570,000
315,000
225.000 1,320,000
244,000
165,500
225,000
112,000
674,000
2,089
510,000 1,660,000
1,052
174
374
6,368,589
510,000 1,661,052
440,471
570,000
315,018
225,000 1,320,000
244,000
165,674
225,374
112,000
574,000
59,290
Collateral held by agent as security
H
for notes issued to banks:
Gold certificates on hand and due
from United States Treasury
Eligible paper.......
—
Total collateral
—.......
11
18
471
i
United States Treasury Bills—Friday, Feb.. 21
Rates
quoted
are
Quotations for U. S. Treasury Notes—Friday, Feb. 21
Figures after decimal point represent one or more 32ds of a point.
for discount at purchase.
Int
Int.
Bid
Asked
Bid
April 9 1941
April 10 1941
Natl Defense series
Feb. 26 1941
5 1941
2 1941
0.06%
0.06%
mmmmm
April 23 1941
April 30 1941
May
7 1941
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
Asked
Maturity
Rate
Bid
Asked
Rate
Maturity
Mar
mmmmm
0 06%
Mar. 20 1941
0.06%
0.06%
2 1941
mmmmm
0.06%
Mar. 19 1941
April
United
States
•
mmmmm
May 14 1941
Mar. 21 1941
.....
Government
York Stock Exchange—See
Securities
following
page.
on
the
102 10
102.8
101.18
16 1944—
100
18
15 1944—
1%
101
16
101 18
%%
100.18
100.20
H%
H%
99.30
Mar. 15 1941—
V4%
101.5
101.7
mmmmm
June
15 1941...
1 H%
101.8
101.10
Mar. 15 1944...
.....
Dec.
15 1941...
101 23
101.25
June
102.2
102 4
8ept
103 9
103.11
Mar. 15 1945...
Nat. Defense Nts
Dec.
mmmmm
Sept. 15 1942...
IH%
1 H%
2%
mmmmm
Deo.
16 1942...
1H%
103 9
103 11
mmmmm
June
15 1943...
102 4
Sept. 15, 1944
15 1943...
IH%
1%
102 2
Sept
Mar
Asked
Bid
1H%
1%
M%
15 1943—
mmmmm
101.25
101 27
Dec. 15,
mmmmm
New
Mar. 16 1942...
Transactions
at
the
New
1945.
York
Stock
Daily, Weekly and Yearly-—See page 1253.
99.21
101 20
100 20
100
99.23
Exchange,
Feb.
1238
1941
22,
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
York Stock Exchange
Corporation bonds
...
a
on
7
«
i
r.
Loan and Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners'
the New York Stock Exchange during the current week.
furnish
we
No
in computing the range for the year.
United States Government Securities on the New
Below
only transactions of the day.
disregarded in the day's range, unless they are the
NOTICE—Cash and deferred delivery sales are
account is taken of such sales
—
—
t
~„
^
e
4
Dally Record, of U. S. Bond Prices Feb.
18 Feb.
17 Feb.
15 Feb.
19 Feb.
15 Feb.
Dally Record of U. S. Bond Prices Feb.
21
20 Feb.
17 Feb.
18 Feb.
19 Feb.
21
20 Feb.
'
Treasury
(High
4 Ms,
j Low.
1947-52
119.6
119.4
.
119.5
m m
m
119.6
119.4
mrnm
m
119.10
119.9
—
2Hs, 1945
Low.
-----
''
119.4
(Close
13
5
Total sales in 51,000 units..
*m
119.9
-
119.10
2
m
_
1
—
112.11
Low.
112.9
112.8
(Close
4s, 1944-54
112.9
112.8
113.4
-
113.4
-
-
-
-
.
—
•
-
Low
-
113.15
...)
101
101
•mm
m-mmim
105.3
105.6
105.6
105.9
105.6
105.9
High
1
m
2Hs, 1950-52
m
m'-mmm
106.26
mrnmm
High
mm
+
mm mm
■'
•
.
'
M
mm
■
W
*4
»
mmmm
102.2
«
2KB, 1954-56
'
3
"l"'
107.9
107.3
rnmmm'.
Close
Total sales in $1,000 units...
mmmrn
103.5
107.9
%m
m'mm'
mmmrn
m
—1-™
2B, 1947
mm.
m
jLow
108.2
mrnmm
5
2
110.12
mrnmm
--
-
'
-
1 t*t
1
I
1
1
I
1
I
1
1
1
rnmmm-
-
High
101.24
101.24
1
1
1
t
1
1
1
....
2
mmmrn
■
High
102.2
25
mmmrn
-mmmrn'
■'-m
..'rnmmm
.
107
mmmrn
mmmrn
2
mrnm
mmmrn
rnmmm
mrnmm
mrnmm
.'
107.3
'mmmrn
106.29
rnmmm
102.2
5
107
-
102.2
102.8
m'
m
m
'■
mmmrn
....
102.8
m
107
mm
....
mrnm
107.3
'
'mm
m
m
....
109.24
V.
V'-W
-mm***
109.24
Low.
3s, 1944-49
mm
mmmrn
mmmrn
'^'•'■■Ommm
High
mm'.
mmmrn
Total sales in $1,000 units...
m'
im-m
rnmmm
mmmrn
Close
....
mmmrn
106.29
mmmrn
:"'■
'
107.3
106.29
mmmrn
'
ey
mm
110.11
(High
(Low.
mm
mm
n~o~9~
110.4
110.9
m
110.11
110.9
m m
11
1
107.26
rnmmm
102.2*
mm
mm
,
m
-m
m
'
mm
-
m
mm
"mm
m
108.10
107.16
107,28
107.14
107.16
107.18
107.26
108.4
108.5
107.14
107.16
107.27
107.26
108.10
High
;
108.5
Total sales in 51,000 units..
—
15
':'r:.mmmm
■
----
'■
50
mrnmm
.
m
+ mmm
mrnmm
'■ 'mrnm
mrnm
mmmrn
mmmrn'
mmmrn
rnmmm.
m
'
I
mrnmm
m
mmrn
mmmrn
'
^
108.5
107.14
Close
rnmmm
102.18
102.18
'
m-mmm
Total sales in $1,000 units...
25
Low.
(High
mrnmm
Close
102.2
mm
1
mmmrn
102.18
'
Low.
3B, 1942-47
102.2
'
Close
Total sales in 51,000 units...
mmmrn
....
K.\' ;
mrnm
mmmrn
•.*«.«
'
5
29
1
Low.
108
108.7
-
108.1
108
Close
6
1
108.2
108.1
(High
•
108.1
-(Low.
108.1
(close
107.27
108.1
^
m
mmmrn'
''m
106.24
106.25
■-■'m
106.18
106.24
106.23
106.17
106.18
106.24
106.25
1
*1
106.17
Close
Total sales in $1,000 units...
■
5
High
Low.
2KB. 1942-44
'.•>
mmmrn
.
mmmrn
.
102.19
m
mrnmm
m
mrnm-
106.28
mm
m
m
106 .28
mm
106.28
m
*3
m
mmmrn
:
m
mrnmm
mrnmm
mrnmm
m>rnm
mm
•.mrnmm
8
102.19
mmmrn
"
Close
25
^
mmmrn
....
Low.
3s, series A, 1944-52
108.10
■■
....
■'mmmrn
106.18
1
108.10
rnmmm
....
rnmmm
mmmrn
106.17
108.10
107.27
■'mrnmm
.mmmrn
mmmrn
'
108.9
107.27
'mmmrn
Total sales in $1,000 units
Home Owners' Loan
High
108.9
*1
(High
Low.
1 Close
*2
108.7
m
3
12
2Kb, 1942-47
108.9
108.7
•^
108.2
Total sales in 51.000'units..
Total sales in $1,000 units...
•
m +
mm
mmm
102.19
■mmmrn
mmmm
mmmrn
'
'
Total sales tn 51.000 units..
1
4
106.31
107.2
Low.
106.31
107.2
Close
106.31
107.2
Total sales in 51,000 units...
tio
.
m
'
■
mm.
m
mm
6
-
•
-
mm
mm
107.1
107.1
■'■mmmm
*
mm m
*
2
Low.
106.31
106.31
107.1
6
'
107.1
(Close
Total sales in 51,000 units...
bonds.
10*7*14
10*7*2 ~
106.31
(High
----
107.14
«,«•«»«»
107.14
m
mm
mm
m mm
Odd lots sales,
101.29
'
-
rn'mmm
m
'-'mmmrn
mrnmm
102
102
'mrn
m
mmmrn
rnmmm-
■'■
■"mmmrn
mVlt'mm
■/mm'-.
'.-'■mmmrn
102
.
13
1
-m*
'
mmm'm
mrnm
mmmrn
table
above
t Cash sale.
includes
only
sales of
coupon
Transactions in registered bonds were:
5
mm
Treasury 4s 1944-1954
112.6
4
'
Home Owners 3s 1944-1952
106.22 to 106.22
to 112.6
'
2
15
mm
m
mm
■
107.11
107.17
107.8
107.22
107.17
2Kb, 1960-65..Low.
107.11
107.11
107.8
107.22
107.17
(Close
107.11
107.17
107.8
107.22
107.17
Total sales in 51,000 units...
2
5
10
10
(High
mmmrn
t Deferred delivery sale,
Note—The
—
1
1
Total sales in 51,000 units...
101.29
Total sales in $1,000 units
107.1
.
rnmmm
;
....
rnmmm
Low.
Close
(High
Low.
lHs, 1945-47
m
mm mm
-
101.29
Close
21
..II
■mm*'mmm
m
■
'mmmrn
High
*2
'rn'mmm'
mmmrn
-
(High
2Kb, 1958-63
■)
102.8
m
■'mmmrn
106.26
rnmmm
Total sales in $1.000 units...
1
106.26
..
•
—m-
mmmrn
mrnm
mmmrn
■
'-..vim
'm
'.mmrnm-
mmmrn
rnmmm
mmmrn
Close
•
mmmrn
106.26
Low.
'mrnm
mmmrn
rnmmm
High
1
1
'
....
m
m
'
■
■
5
3Hs, 1944-64
1
109.24
:''y}
■''■■mmmrn
101.24
Federal Farm Mortgage
1
Low.
2Hs, 1956-59
■
m
■
m
rnmmm
Low.
rnmmm
mm
■
•
-
Close
2s, 1953-55
rnmmm
....
m
'
Close
1
.
Close
Total sales in 51,000 units.
___•
mmmrn
■
....
mrnmm
Total sales in $1,000 units—
1
1
I
1I•I
I
Close
2Kb, 1951-54.....
mm'mm
■
105.2
2
■—--
m
mrnmm
mrnm
'.'/mirn-mm
mmmrn
mmmrn
rn¬
mrnmm
105.2
mmmrn
,,
rnmmm
Total sales in $1,000 units—
110.22
-
I
Low.
m
-ym
mm
mmm
V -*--
105.2
ty-tLimmm
:
mm.mm
110.22
-
Total sales in 51,000 units...
High
y '
m
rnmmm
1
110.22
*2
10
'
'
rnmmm
Low.
2s. 1948-50
108.9
m-'~~
-
«,
~
(High
mm
mmmrn
-m
m-m* rn¬
mmm
1
rnmmm
rnmmm
High
108.9
m
110.9
51,000 units...
mm+fm
'
1
mm.m
110.9
110.12
2Hs, 1948-51
103.10
mmmrn
■
Total sales in $1,000 units...
108.9
mm
mmmm-
108.3
m
110.9
110.12
(High
3Hs, 1946-49.......... Low.
'mm
108.3
mmmrn
108.2
"
"
mmmrn
'
108.1
108.2
Close
108.3
rnmmm'
103.10
103.10
Close
'
108.2*
108.2
Total sales in 51,000 units..
m
(■ -i::-
mmmrn
mrnm
mmmrni
-/-'i
1
m m
mmmrn
rnmmm
Low.
'rnmmm
*2
1
'
(High
N
W\'m:mmm ':■-
■
High
rnmmm
107.9
107.3
mrnmm
.
Total sales in $1,000 units..
¥
'
'■
mmmrn
,
103.5
'
107*3*
m m m m
mrnm m
'
I"
mrnmm
mmmrn
■
rnmmm
mmmm'
l"
•
Low.
—
V
mmmrn
.
Low.
Ha. 1945-47
mmmrn
103.5
mmmrn
'■■■:,
rnmmm
High
102.1
mmm »•
"
102
mm mm
Close
i
rnmmm
m
Close
102*2*
V
'
2
mm-m'm
mrnmm
mrnmm
'
102
(High
P
7
rnmmm
'
(Close
2Hs. 1955-60
105.17
mmm'm
'
'./A
Total sales in $1,000 units...
1
102
(High
(Low
3s, 1951-55.......
1
m
mmmrn
----
Low.
2KB, 1951-53
mm'rnm¬
mmmrn
3
Total sales in $1,000 units...
m m* mm
105.17
mrnmm
rnmmm
105.4
Close
105.17
mmmrn
■
mmmrn
rnmmm
105.4
rnm
m'imm'm
mmmrn
'
Close
rnmmm
105.4
[Low-
mmmrn
mrnmm
.
'
105.9
105.2
15
m^-m m
rnmmm
105.2
'rnmmm
IIII
'■
rnmmm
mmmrn
rnmmm
Total sales in $1,000 units—
106*26
Low.
3s, 1946-48....
rnmmm
.
ymmrn
m-mmm
rnmmm
Close
mm* mm
106.26
mmmrn
■mmmrn
Low.
mm
.mmmrn
——
■.rnmmm
mmm'm-mm
mm
rn
■
rnmmm
\mmrnm
-T —
O
Total sales in 51,000 units...
3 Ha, 1949-52
m
m^mm'mm
»
.
rnmmm
,
High
2Hs, 1949-53
113.15
17
(High
Total sales in
Total sales in $1.000 units.
113.15
.
■
mmmrn
.Close
112.18
•.
1
mmmrn
c
3Hb, 1944-46
-
mmmrn
Low.
2Hs. 1948
112.18
-
»
mrnmm
101
Close
...
—
~
11
Total sales in 51,000 units...
3Ks, 1943-45
.mm*,~
'
(High
Total sales in $1,000 units..
mm
•
mmmrn
113.4
Close
3 Kb, 1941
:-m 4*
m m
rnmmm
8
Total sales in 51,000 units.,
S'Ab, 1943-47
\m
-
50
(High
(Low.
3Hs, 1941-43
112.18
«.
'
Total sales in 51,000 units..
3Kb, 1946-56
mm'mm
■
mmmrn
■'•mmmrn
mm m m
.-mmmrn
rnmmm
High
'
112.9
(High
mmmm
Total sales in $1,000 units—
-
1
mmmrn
mm--
Close
119.10
119.9
(High
Treasury
1
United States Treasury
United States
Bills—See previous page.
Treasury Notes, &c.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
NOT PER CENT
SHARE,
Monday
Feb. 15
Feb. 17
5 per share
$ per share
Tuesday
48U
48«4
*11534 118
*3712 40
*44l2 45
55s
45
1414
3634Al3712
h
*69
71
4l2
45g
t2
7«s.
t2
734
/
6%
16
*6i8
16
«
19S4 201
*9'8 P 914
144
*103s
*12
538
*7514
2812
*15?8
*1
*1012
4434
1412
43
634
45
*
145
11
1234
512
78
29
16i8
HS
13
4434
14i2
43
684
45
45
per
3714
*h
4l2
37i2
&S
71
45S
'm
'18
712
7i2
578
6i8
*15
20l2
912
145
17
2034
912
147
*10i4
11
*12
1212
*5*8
*7538
2934
*1578
*1
*1112
45
*1434
43
*634
4512
6
79
2934
16l2
Hs
*43
578
22
*1834
534
1912
1478
37&S
1412
3714
1434
3778
1
734
16i2
2014
*9^
*7U
*6
9i:
14534
11
123g
55g
55g
*753s
79
29»4
1638
Hs
*15l2
20
38'4
*6934
43s
l"
9i2
145
*105S
12i2
53s
*75%
29
293s
16
*1584
1
1
♦1
13
4434
*1434
4484
15U
4512
43g
*lll4
4234
634
4778
Bid and asked prices; no sales on this day.
1
72
43g
4H%
1,200
4,400
100
"lJOO
46
Feb 21
$ Per share
53
Jan
2
100
117
Feb 20
120
conv preferred
$ per share
No par
25
Acme Steel Co
Adams Express..
45
No par
Adams-Mlllis Corp
38'4 Jan
No par
Address-Multigr Corp
Air Reduction Inc
Air
14
No par
i2 Jan
6l2
818
612
1778
400
1,900
9i2
145
11
1212
584
78
2912
1578
Hs
13
*9i2
146
95s
146
400
5H% pf A with $30
5H% pf A without
Allen Industries Inc
1
Allied Chemical & Dye-No par
Allied Kid Co
5
534
534
2,700
7538
7538
29i2
4,600
29
*16
♦1
*lli2
4412
45
I434
4112
1514
42i2
634
4134
65s
45i2
45i2
45i2
44l2
14 78
6i2
t In receivership,
a
1712
1'8
13
44l2
15
43
6i2
45i2
200
400
100
1,200
.No par
Allied Stores Corp
No par
.100
5% preferred
Allls-Chalmers Mfg
No par
Alpha Portland Cem__Aro par
Amalgam Leather Co Inc
1
6% conv preferred
Amerada Corp.
800
Am Agrlc Chem
Am Airlines Inc
(Del)..No par
6% preferred
n
New stock,
Cash sale.
May
May
June
June
36i2 June
% May
46i2
Feb
Feb
Apr
60
'
Nov
9
Jan
27i2 Apr
19i2 Jan
58>8 Jan
78 Mar
77
Mar
2
7
Feb
3
Feb 14
Dec
7
May
li8
14%
12i2
Jan
Jan
24
Dec
182
Jan
1684
Apr
4i2 May
93g
79
80
Jan 28
55
37
Jan
4
2134 May
417g
Feb 19
1734 Jan
8
11
18
Feb 13
H4 Jan 4
1514 Jan 15
50*8 Jan 24
li8 May
9i2 May
38i2 May
1734 Jan 10
5812 Jan 2
4134
Feb
5
4
Feb 19
4234 Jan
Ex-div.
2
y
Apr
14
June
878 May
10
8
Jan
Jan
26i2 May
1234 Apr
Feo 14
6l2 Feb 14
x
Jan
100
15i2 May
634 June
135i2 June
IDs Jan 11
1334 Feb 10
75s Jan 8
1
7
Dec
584 June
414 May
Jan
1114
165
Feb 19
Feb
May
% June
Jan
Feb 14
May
4
6
6
40
50
r
4
25% Jan
Feb 14
14i2 Feb
10
370
Jan
*8 Jan
41l2 Feb 14
10
American Bank Note
Jan 17
Feb 15
12
50
1,000
Jan
Feb 15
1
.No par
5,000
Def. delivery.
5
578 Feb 17
Allied Mills Co Inc
3478
414
16i8
12i2
Jan
Jan
1934
9's
14478
IOI4
II84
538
74l2
28l2
1578
7
100
500
Jan
147
May
16
100
100
1,200
May
30
105s Jan 9
914 Jan 9
213s Jan 10
war.
11
1234
110
5s Jan 14
7ie Feb 17
war.
*105S
*J238
70U
4914 Dec
Jan
Feb
60
Alghny Lud Stl Corp..No par
800
Highest
$ per share $ per share
100
$2.50 prior conv pref.Vo par
2084
8
2,900
2,000
43i2
5134
734
2234
157s
42i2
6
4% Feb 19
Albany & Susque RR Co.. 100
Allegheny Corp
No par
12
Jan 17
3634 Feb 14
par
Alabama & Vlcksburg Ry.100
Alaska Juneau Gold Mln
10
*718
Feb 14
5% Feb 14
19i2 Feb 20
10
Way El Appliance..No
7
Range for Previous
Year 1940
Lowest
Highest
No par
Abbott Laboratories
Abraham & Straus
"""200
100-Share Lots
Lowest
Par
16
205s
*11
4512
3814
*12
7ie
285g
1578
6l2
*45t2
38
♦69i2
43g
72
17I2
914
914
14478 145
105s
105g
1238
1238
512
55S
*7538
7734
40
200
2078
13
1514
4314
634
1,500
17
45
6%
578
22
1478
20
45
375s
45
578
*1958
1478
1612
*11
*1434
4278
578
I9i2
1484
20
13
15l8
40
*712
6i2
*1684
45
4312
7i8
45i2
1,000
4712
*44
534
I9l2
♦145s
734
614
145
*1
43g
438
(
1612
46
*35
h
72
'
205s
4714
117
*'2
*6912
18
*1012
1238
29i2
1638
45
7n
'18
*6
55g
4ei2
46
*11534 118
45
45
72
4%
On Basis of
Week
*43>2
578
Range Since Jan. 1
Shares
*42
*18i2
*1414
3714
*l2
*6412
4i2
*69
Feb. 21
$ per share
4712
558
1478
Feb. 20
$ per share
*35
20i8
EXCHANGE
$ per share
117
558
*14
share
47i2 48I4 *46i4 48i2
11712 117i2 *11534 117i2
*35
47l2
4712 *35
20's
21
14l4
4878
$
STOCKS
NEW YORK STOCK
the
Friday
Thursday
Feb. 19
Feb. 18
*11534 118
*37l2 47l2
534
*20
*4778
Wednesday
Sales
for
Saturday
May
June
12i8 May
Jan
2%
Jan
Dec
Jan
Nov
Jan
18
Apr
5812
Apr
21
Jan
75
Apr
8
6
June
1284
Apr
465s Jan 30
35
June
50
Jan
8U Jan
Ex-rights.
5 Called for redemption.
Volume
New York Stock Record—Continued—Page 2
152
AND
HIGH
SALE
Monday
Saturday
PRICES—PER
SHARE,
Wednesday
Tuesday
Sales
Friday
Thursday
NEW YORK STOCK
the
NOT PER CENT
STOCKS
for
LOW
EXCHANGE
Feb. 15
Feb. 17
Feb. 18
Feb. 19
Feb. 20
Feb. 21
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
Range Since Jan. 1
On Basis of
Week
% per share
*6
6
534
6'4
534
51*
534
5v*
534
684
5i2
*31
*33
34
33
34
*33
3312
3334
3478
34%
*3334
13034 *12534 130^4 *12534
*12514 13084 *12514 13034 12584 12534 *126
1%
MS
li4
1%
*1U
1%
1%
1U
li4
1*4
1U
83
85
82
84
83
83
83%
82i2
83is
83i2
83's
179U 17914 *173
179U 17914 ♦179U 180
*17914 180
*17914 180
24
24
2434
25'4
24l2
2434
25i8
2378
245s
24i8 25
56
56
57
57
*56
57
57»4
57%
5734
5714
5714
19
*19
*19%
1878
19%
I884
19l2 *19
187s
1918
1934
110
*105
*105
110
*105
*105
110
10934 *105
10934 *105
*110
110
*108
*110
110
109
114
310
113
11212 *110
6%
American
1,700
35
50
1%
84%
179%
25%
57%
19%
*9
12
*9
12
*8
85„
8
8
8
8
*434
478
45*
434
434
4«4
12
934
*ll2
*4's
"it
1434
*2i2
934
984
80
80
4i2
"it
25s
1,800
3,800
51£%
4i2
134
20's
*80%
*1%
*4%
1%
41*
*41S
*»%•
%
*15%
15%
*15%
21*
21*
2%
2%
a:13i4
13'4
3H*
31%
3134
3's
1334
31l2
314
31s
12
81
1238
12%
214
214
101*
1234
13
*12%
*46
50
*46
50
I284
*46
13
1234
12%
12l2
12
12i2
82
82
82
81
81
*8134
1234
12i2
12i2
12
1214
*12i8
*24
26
2'4
40'4
3314
6
6's
8
,
12's
8
*734
31
31
32
38
39
39
*135
144
*135
51
32i4
3914
144
*12%
300
9
May
6% 1st preferred
1?34
4,000
84%
12%
234
167g
700
200
1,000
130
8,800
3,700
2,100
8,200
117s
12i8
12
1234
12%
13
65
65i2
6 534
66%
66
66%
584
6
57g
57«
1,800
77S
3214
3934
734
734
311*
57g
*734
31l2
*138
501*
144
501*
30i4
385s
3934
30'4
385s
*140
144
143
50
50
50
•I 8
9,100
300
8
3134
30
40
39%
1,860
2,800
31%
3934
143
50%
*141
5034
500
5034
150%
150i4 *145
150% *145
150'4 *139
150'4 *139
150U *139
21
22%
2234
22i2
22%
22%
221*
22i2
223g
2258
2H2
2212
*10
10%
10
10
*10
10
10'4
10%
978
97g
10's
10's
12
12
12
*11%
*1178
*1178
127s
*1178
1278
12l2 *U5s
*115s
13
15%
14%
135s
14%
1314
13i*
133s
13l2
13l2
*1314
13i2
82
82
82
82
83%
84% 84%
*80
83'g
8I84
*80's
8134
*13
1438
14%
*13%
141*
*13'4
145g
131*
*1314
145s *13
13i2
157% 15834
15634 158
15634 15734
1591* 15978
15812 15938
159l2 160'S
68
68
68
68% 68%
*68
68%
68
*671* 683g
6814
68i2
69%
68
68
68'4
68
68
69%
6834
68'4
69i4
69'4
6734
150
150
*149
*14934 150'4 *149'4 I6OI4 *14934 150'4 *14934 150%
150l2
5
5%
5's
5%
5%
5
5's
5'4
5'4
53s
S'4
514
5%
51*
5% : v 5%
53s
514
53S
5l2
53s
5'4
514
5's
*90
*90
*90
95
93%
94
90
90
*85
931*
93%
*90
6%
6%
634
63s
6i2
634
678
61*
634
638
65s
65s
51
52's
55s
*4914
223s
*26
534
55
2234
30'4
*1234
*11214
14
<«.'!»*«•
11
*9
*15s
*28
2's
30'4
*110
4l2
111
45g
521*
534
*9
*15g
*2634
*110
458
6
55
23i8
*25
31'4
*12l2
*11214
133s
*9
1078
31
13i2
•
«»•
1078
*15g
*2684
2's
2834
111
*110
45s
434
51
52
*50
68
*50
68
*29
29i2
7i2
*714
*45s
*80
578
*78
43^
9434
2834
45s
6
*6
82
*78
91l2
36
87i2
*3414
*9334
94
94
13%
1734
2034
6212
14i4
13i2
1734
22
22
20lg
1334
*50
29i2
7U
*4i2
8
*87l2
*3414
i 62i4
5H2
2934
*7U
*80
*25
534
*49i4
2234
51
50i2
2314
511*
558
*49U
22t4
52k
6
55
*25
*1212
*11214
62
5212
*4914
2234
45s
*80
9434
534
6l2
1234
*11214
2's
*9
15s
29
*27
111
*110
458
511*
68
2984
714
5
9434
6's
82
*78
82
87l2
3478
94'4
*88
90i2
*3414
36
*94
95
412
51
*50
52
578
55
43s
55s
6
2234
2934
1234
*125g
*112'4
IOI4
10U
15s
15«
26
2834
2278
30l2
53
6%
55
2334
30
13%
----
111
American Rolling Mill
10%
1%
27
*11018 111
23%
*12%
*112%
*9%
*1%
*26%
111
4%
4%
5234
68
*50
41*
94
6
30
*714
8
41*
*80
5%
4%
29%
*7%
4%
29%
6
*78
82
*78
*8534
89%
*85%
90%
34U
3414
*341*
347g
*33%
9334
36
100
9434
211*
2012
2H4
22
2234
22%
63
63
62
6234
63%
22%
e334
14
1434
621*
1414
63%
1484
15%
15
15
19
*18
15
14%
*13%
*13%
18%
18%
*17%
*17%
21
21%
a:20% 21
111
111
111
*108
*108
*108
111
*108
111
111
*108
♦108
6%
6%
6%
65g
6%
65s
634
634
*6%
65s
*65s
65s
*47% 48
48
48
*4712 4814 *47% 4778 *471* 48
*47i2 4814
63
63
65
*62% 67
65
*62i2 64
64's
65
641s
*64i8
114
114
114
114
114
114
115
1131* 114
*114
*11212 11312
6
6%
6%
6%
6%
61*
65s
6i2
65s
65s
6'4
6I4
2
2
2
2
2
*1%
*178
*178
2
*178
*178
214
*14
14
14
16%
*14
16
16% *13
16
14
14l2 *13i2
4
215S
4
1414
314
143s
314
143s
33s
43s
412
*412
434
378
14's
3'4
41*
5's
*5
5i2
*5
378
137s
518
*26
818
*684
28
27
8'4
67S
28
378
2012
8I4
312
27
26i2
8'4
*6i2
'
734
2034
*27
778
215s
28
8
2134
*28
8's
2214
29
135s
1712
171*
2U4
3,000
23
4
1414
33s
41*
5l2
334
37s
334
378
334
1384
1414
314
14U
147s
314
43g
*5
3%
3%
4%
,4%
434
14%
3%
434
51*
*5%
5%
*5
27
26i4
261*
9
8is
8I4
*26l4
*8i4
*678
*2814
27
8%
*26%
8%
*6%
*28%
*28
7578
123
2412
177g
75s
335s
34"
195s
195s
2884
195s
*56i2
2834
761*
76%
57
123
24l2
177s
75s
778
211*
:'a-8VV
8
8
8
1,600
2134
22%
21%
22
28i2
281*
29
29
29
29%
13,600
1,000
2834
*56l2
2734
2812
77i2
76
57
77
122U 1223s •122U 1231s
261*
251* 251* *25
17
784
17
17
75s
75s
17
734
17
122
25
*1678
71*
16
17
*16
17
*16
*lli2
13
*lll2
13
♦Ills
121*
♦111*
*73
85
*73
80
*60
80
♦72
*16
•
700
8%
Bid and asked prices; no sales on
3334
19%
6684
*56
27%
77
75I2
1211* 1221*
*25% 2534
I77g
♦17U
734
734
12214
25
1714
734
16
1212
100
thla day.
57
27%
*1534
»lll2
*70
17
15
100
34%
1984
*56
3434
1934
57
27%
27%
76%
77
8,900
2,200
123% 123%
2534 26
18
♦17%
900
734
2,600
7%
*16%
*12%
*70
X In receivership,
17
15
100
Barnsdall Oil Co
5
1
Bayuk Cigars Inc.....No var
100
list preferred
Beatrice Creamery...
700
600
100
......
25
Preferred x-warrants.No par
4
May
May
Jan 14
55s Feb 19
(Del) .No par
7% preferred
100
BIgelow-Sanf Carp Inc.No par
Black & Decker Mfg Co No par
Blaw-Knox Co
..No par
Bliss & Laughlln Inc—
5
Bloomlngdale Brothers.No par
Blumenthal & Co pref—..100
d Def. delivery,
n New
stock,
r Cash sale,
Dec
8I4 Nov
5i2 Jan 25
Jan 14
75s Jan
Jan
22% Mar
1131* Aug
1578 Nov
414 Apr
35i2 Feb
Ill's Dec
758 Apr
64'4 Apr
68
Apr
22 >8 May
4334
Apr
6's May
3&s May
9612 Jan
43s May
11
Apr
65
Aug
49l2 May
91*
102
Jan
July
9
Jan
84
Dec
95
Dec
45
Mar
3518 Jan 23
95i2 Jan 29
29% June
82
May
100i2 Mar
2
2458 Jan 23
13
May
60% Jan 2
13% Feb 14
67% Jan 24
17»8 Jan 28
39i2 May
183s Jan 11
8 >8 June
9% June
18% May
25'4 Jan
64i2 Dec
2312 Jan
223s Apr
13i2 Feb 15
16i2 Jan
2
r2034 Feb 20
Feb
6
6 >8 Feb
14
108
47l2 Feb 14
63
Feb 19
11234 Feb
4
Feb 14
334 Feb 19
19%
24%
IIOI4
7i8
49%
72i4
118i2
Jan 10
Jan 2
Jan 2
Jan 2
Jan 14
Jan 9
Jan 4
958 May
102
June
7
May
Dec
978 Mar
51
57
May
80i2 May
112i2 June
12434 Jan
8% Mar
5i2 Mar
32's Mar
6
4
10
May
4
Aug
19
Jan
Apr
27's May
43% June
278 Jan 11
2014 Jan 11
5% Jan 6
7
221*
111
178
May
Feb
83s
Feb
Apr
2
123s May
234 May
43s Feb 15
438 Jan 10
534 Jan 10
5% Jan
6
Jan 29
434
Dec
1478
29i2 Jan 29
10i2 Jan 10
71* Jan 15
24i2
Dec
4
May
52i2
165s
83s
20
May
30i2 Dec
7i8 June
133s Jan
2534 Dec
24
8
Jan
6
2
Feb 14
6% Jan
8
Jan
28
Jan 20
285s Feb
758
1834
2712
111%
Feb 19
Feb 3
Feb 4
Jan 24
958 Jan 10
245s Jan 6
30% Jan 24
22
Feb 17
114
Jan
6
7
3% May
8% May
23i2
Dec
20% May
111% June
18i2 May
1978 May
6%
Jan
8
Jan
3684
Jan
Jan
Apr
Jan
Apr
105
104
Feb
5
19i4 Jan 31
$2.50 dlv ser'38No par
...No par
613s
5
Jan
33
Pr pfd
Apr
18
Beneficial Indus Loan. .No par
Best & Co
Apr
12
92U Feb
3414 Feb 19
73s Feb 19
103s Jan 14
.
9712 June
35
No par
Belgian Nat Rys part pref
Bendix Aviation
5
Beldlng-Hemlnway
June
58%
50
20
Beech Creek RR
May
134 June
23
Jan 20
28l2 Feb 17
117% Feb 13
Bethlehem Steel
1115s Jan 16
56
Feb 14
Jan
3
2712 Feb 20
743s Feb 19
121%
2414
17
71*
16
Feb 20
Feb 14
Feb 17
Feb 19
Feb 19
104
Feb
313s Jan
126
Jan
6
Jan 28
3734 Jan 28
2078 Jan 10
5678 Jan 13
32
Jan 16
89l2 Jan
1811*
27%
2114
10%
3
Jan 28
Feb
6
Jan
Jan
183s Jan
12
Jan 31
15
80
Jan
80% Jan 21
x Ex-dlv,
7
y
June
105
2912 May
83s Jan 24
11
May
11514 Mar
3534 Apr
112i8 Apr
102
2434 Jan 11
No par
$5 preferred w w
200
1,200
20,100
50
Bath Iron Works Corp
Beech-Nut Packing Co
*11
3478
19%
6)4% preferred....
•
200
60
100
10
No par
Barker Brothers..
...
10
5% preferred
Barber Asphalt Corp..
......
Jan 13
June
60
.....100
4% preferred
107
Jan 20
1334 Feb 14
3% Feb 14
Bangor & Aroostook
12% May
Jan 27
100
Baltimore & Ohio
20
100
par
Baldwin Loco Works v t c..13
40
*22
28
70
______
28%
IID4 *111% 11134
*11
$5 prior A
Aviation Corp of Del
Conv
2% Jan 17
Jan
100
5%
10U2
Dec
8
12i2 Jan
30
Jan 18
var
Mar
54%
58
4
75s
20%
3334
191*
Jan 31
4
No
Feb
18
175t4 Mar
89i2 Apr
9184 Apr
I53i2 Oct
6% Nov
12% Jan
June
4% Feb 14
47i2 Jan 3
Feb
8
33i8
1912
5634
♦27%
743s
110
Feb
29
*11
Feb 20
2
2214
34i8
1934
1% Feb 14
26
99
—
Jan
Feb
93
Apr
II214 Feb 13
87
conv
17U
233s
Apr
14% Jan 11
Feb 19
25
Feb
15212 May
3338 Jan
14&S Apr
41%
Feb 13
100
5% preferred
Atlantic Refining
70
32
87
1
AtlG&WISS Lines.
Apr
Dec
155l2 Dec
May
*80
Fe..l00
100
Feb
54
May
6
8
3334
19%
57
5% preferred
25% May
1284 Mar
113s
41i2
18
Jan
100
Atch Topeka & Santa
May
414 May
90
100
5% May
181* Nov
74i2 Nov
35
90
Atlantic Coast Line RR...100
40
27
Jan
Jan
343s Jan 10
8?s Jan 13
684 Jan 10
Investments Co.No par
Dec
Jan
20
14
100
6018 Jan 13
1
100
5% preferred...
Dec
June
83i8 June
6
8% Jan
2884 Feb 17
714 Feb 18
438 Feb 19
100
6% 1st preferred...
7% 2d preferred
4%
714 Jan 10
99% Jan 11
par
No par
May
2">s May
60
6
May
Jan
Mar
35
No par
(The)-.3
2112
*11
~3~3%
No
Corp
Associated Dry Goods
Assoc
6884
100
Armstrong Cork Co
11
1234 May
70% Dec
1058
163
Jan
Jan
2734 Jan
20
19
29
14
No par
60
5%
10634 *100
5
19% May
9U May
66%
Jan
8
139
Dec
May
54
Feb 14
No
400
7
*22
gtdlOO
No par
$6 conv prior pref
7
49t4
May
5%
63U
Feu
Feb
Jan
Feb
Austin Nichols
1,300
281*
22
*11
3314
19i2
*5612
Armour&Co(Del)pf7%
Armour & Co of Illinois
?
30*4 May
136
Jan
54
Feb
conv preferred
Atlas Tack Corp
3%
434
7
No par
20
5
Feb 14
170
*684
23
Mining..50
Anaconda Copper
5i2
5134
22%
2934
1234
111%
9i2
Atlas Powder
300
281*
7
1
...25
Feb 14
200
684
28%
100
Preferred
Amer Zinc Lead & Smelt
51
300
J
1,800
13,000
7,000
4,700
1,800
37S
I47g
*100% IO6I2 ♦100
*11
Feb 17
63s Feb 17
pref series A...100
Atlas Corp
5
6% preferred
50
281*
*28
Feb 14
90
400
207S
2278
22
23
227g
*2134
*211*
105
105
*100
10634 *100
10634 *100
105
105
*100
10634 *100
1O034 *100
10634 *100
*29
*29
30%
*28U
30%
301*
*25
30'2
28l2
281*
*28i8 30i2
117%
1171* ♦ 1141* 1171* ♦114
*114l2 1171* *11412 117l2 *11412 1171* *112
7%
73s
7%
73s
75s
71*
*7%
75s
7l2
*73s
J?4
*22
300
135s
187s
22
llll2 IIH2 *11112 11134 *11112 III84 *1111* 11134 *llll2
*100l2 106i2 *100
26,300
2,200
6,200
*2818
28i2
5
No par
$6 1st preferred
American Woolen....-No par
400
*8lS
634
678
*28 I4
15
Am Water Wks & Elec.No par
290
94
2034
1412
Feb 14
May
May
llU May
74i2 Jan
159
June
5
145
73% Jan
Feb 15
6734 Feb 15
5
Am
82
88
68
Jan 15
14% Jan
16834 Jan
13% Jan 31
15634 Feb 19
Feb 13
7% preferred
2,100
978 Feb 19
1178 Feb 14
150
94
6
82
9334
25
...100
Type Founders Inc
10
4%
*80
87
95
..25
American Tobacco..
7% preferred
*78
*94
Co...100
Amer Telep & Teleg
Artloom Corp
14l2
22
Am Sumatra Tobacco.-No par
600
21
213s
88
Arnold Constable
64
*17l2
Jan
100
6
Jan 21
150i2 Jan 10
28i2 Jan 10
Feb 19
May
9% May
48I4 May
684 Dec
122
Jan
81
8
94
Jan
45U Jan 13
14934 Jan 10
2
3484 May
23
83s Jan 28
Feb 14
100
Preferred
A P W Paper Co Inc
1,600
Jan 13
III4 Jan 13
13% Jan 14
157s Jan
Archer Daniels Mldl'd.No par
100
7
90
135
Jan
Feb 19
200
7,400
2,000
Jan 13
13
68
29U
No par
No par
200
111
Jan 14
714 Jan 10
162
54
100
*52
28% May
434 May
Feb 19
$5 dlv preferred
Andes Copper Mining
4%
Mar
50
Anchor Ho k Glass Corp 12.50
52%
26
154
100
41*
2014 June
Feb 14
31%
1%
Mar
142
Anaconda W & Cable..No par
52%
*50
Feb 17
80
11
121
39
Feb 14
25,200
458
68
6
Jan
July
2534 Feb 13
3% Jan 13
4684 Jan 13
Feb 14
155
Jan
Mar
115
23i4 Jan 24
2i8 Feb 19
par
23%
28
Jan 15
3%
25
25
$5 prior conv pref
14
I84 May
1234 May
100
American Stores...
55
*29
4
Jan
American Sugar Refining.. 100
1,500
5,500
Dec
1478
3778 Feb 14
•100
6
Jan
92
May
Amer Smelting &
Common class B
2,900
2234
May
19% Jan 10
32i4 Feb 20
6% preferred...
2,700
6,900
May
40
100
53
14i8
*135s
14l4
*1312
600
112
21
Apr
10
30
2,400
6
53
*63
20l2
100
Feo 14
par
100
Jan
1312 Aug
10
Amer 3hip Building Co .No par
referred
Apr
38
1578 Jan
400
7,700
8
7334 Jan
i
658
6
3
2i4 Feb 15
16
39
Amer Steel Foundries..No par
June
Apr
Mar
9
1178 Feb 19
American Snuff..
3
35
Jan
6434 Feb 8
534 Feb 19
734 Jan 4
Preferred
May
Apr
1334 Jan
par
Refg.No var
18
38
66%
378
17i8 Jan 10
25
preferred
Dec
57
100
conv
1%
Jan
24U Jan
60i2 May
65s Apr
12% Sept
41% May
Jan
American Safety Razor.. 18.50
American Seating Co.-No par
4
May
93
3
100
Preferred
American Stove Co
1,800
*50
5134
2914 2914
*7'4 V 8
*80
52%
*50
500
No par
No
$5 preferred
No
Am Rad & Stand San'y.No
6%
3,600
13% Jan 27
50
Jan 16
Feb 15
$6 preferred
*144
v
1234 Feo 17
49
Feb 19
American News Co
100
145
3% Feb 18
Feb
Amer Power & Light...No par
23
May
12
100
Jan
Jan
7%
May
Feb 14
Apr
2% May
9i8 May
3
20
65s
25s
23
1*4 Jan 10
22% Jan 2
414 Jan 8
Feb
934 Apr
8% Jan
15% Apr
91i4 Mar
314 Mar
28%
45% May
4
13
Jan
Nov
Dec
Jan
12
6% preferred
84
23%
10% May
Jan 23
81
No par
May
Sept
1% May
3% June
51
par
Amer Mach & Metals
8
75
30
Feb
100
Amer Metal Co Ltd—No par
4% May
4
29
Locomotive .No par
Co-No
5% May
46% Feb 14
112 Feb 20
278 Feb 15
50
Preferred
670
6
1734 Jan 18
38% Jan 4
4% Jan 10
Jan
Feb 14
1
preferred
Amer Mach & Fdy
50
9
13
pref
100
Amer Internat Corp...No par
60
378 Jan 13
29
No par
Amer Invest Co of 111
4U Jan 15
li8 Jan 3
Jan 18
21
2i2 Feb 18
par
non-cum
American
8
10
American Ice
600
123s
57g
*77g
No
13t2 May
82<s Jan 29
178 Jan 6
1484 Feb 15
$6 preferred
conv
7
6
2
"n Jan
European Sees..No par
Jan
li2 Feb
334 Jan
7
834 Jan 23
6% Jan 11
105s Jan 10
9i2 Feb 19
No par
6%
I
Feb 17
78
100
Encaustic Tiling..!
$7 2d preferred A
5%
6558
*39
51
*50'8
6
700
*784
6's
Jan
Feb
45s Feb 17
$7 preferred........No par
6
6512
6
12
Corp..20
American Crystal Sugar....10
23% Jan
Feb 19
8
10
Am Comm'l Alcohol
Amer
12's
6434
123s
65
.-:v;
10
American Colortype Co
Amer & For'n Power...No par
,
155
12'4
65i4
12%
*82
*2%
2i2
2I2
*2%
21*
*214
1634
16%
I67g
*16%
l67g
167s
167s
15
*112
*112
115
*112
118
114
*1131* 118
*24
*24
24
25%
25%
2312
25U
2512 *24
2%
2's
2%
214
2%
2's
2l4
2l4
2l4
40
40
40
40
40
3934
395s
3958
391*
34
33
*33%
34
34
32i4
33%
3212 331*
6%
6
6
6%
6's
6is
63s
6's
6%
155
157% r!5 5
1571* *155
157*2 *155
15514 *155
3
2i4
3912
3258
157
13
84%
12%
2%
165s
2512
214
*3878
*32i2
140i2 May
50
13
*46
12l2
114
May
Am Coal Co of Allegh Co NJ25
400
13
50
*121*
82
114
115
112
1,700
334
1234
*2i4
16l2
May
3
334
334
50
*12i4
100
Jan
400
197g
Dec
Nov
Jan21
300
*193*
185
121
1,400
26
Jan
115
var
1%
20%
11*
2014
37g
334
65
6% conv preferred..
50
American Home Products... 1
112
2014
3%
*1212
35s
May
American Hide & Leather... 1
15s
20
34
1,000
15s
134
66% Jan 27
2,100
3%
3%
*24*4
47%
*1%
20%
334
26
33% May
Feb 15
47%
4634
3's
*241*
May
56
Amer Hawaiian SS Co
4634
3's
Dec
May
18
185
109
300
4634
Jan
June
234 July
116i2 Jan
18 s Feb 14
10734 Feb 14
3,400
26
3's
4534
135
164
100
14
*46l4
3i8
85%
95% Jan 10
Oct
7
preferred
conv
32
*24
*19
4
1
li4
313g Jan 11
American
2%
27
*15s
20
*46
*13
-
May
May
Feb 15
Jan 29
28
128
2378 Feb 19
700
%
47
3i8
134
*334
1234
21*
-
2
Jan 13
12912 Jan 14
l«4 Jan 13
ATo par
130
16
82
179
Jan
Highest
share $ per share
5% June
93$ May
per
100
American Chicle
300
1%
4%
47
471*
20
21*
15
10%
*25
27
*24l2
*4534
*l5g
78
1514
"it
4%
13
1514
25
Am Chain & Cable Inc.No
1,100
2,400
82
*»!«
15i2
31
81
*50i8
10%
10%
82
13
13
8
15s
29l2
50i2
123s
6
82
1334
3's
29
4634
6
H*
31%
384
12is
9l2
80
30%
334
65
1%
*4's
5
38
$
par
No
Preferred
5%
8%
*434
8'4
Feb 13
Feb 14
1<4 Feb 3
i
100
_.
700
w
*8
434
21*
13%
31
6
412
912
80
*9
8's
434
91*
33
125
Lowest
$ per share
5t2 Feb II
par
Preferred
American Car & Fdy
900
12
1
Highest
share
ner
100
500
8's
234
*13
*155
15s
12
Corp
Fdy.No
pref
American Can
200
2,100
112
434
*2l2
1384
114
934
82
*9
conv
Amer Cable & Radio Corp__l
109»4
8is
*»!♦
3014
16l2
♦11*
*4's
12
78
15'4
3OI4
278
*2512
4634
*15*
*1934
*46
*80
112
*7%
4»4
1514
15
*1234
934
82
112
*4's
*»!«
*13
-
934
*80
l*i
*9
Bosch
Am Brake Shoe &
900
130s4
$
Range for Previous
Year 1940
100-Share Lots
Lmesl
Par
.
■
'
*9
1239
Jan
102
May
7% June
10
Nov
24i2 May
1714
49%
22%
63%
109i2
14
15
May
June
May
May
May
May
May
584 May
13% May
321*
127
97s
May
Oct
Jan
Apr
6712 Apr
363s Apr
2212 Mar
6684 Jan
39
Jan
93U Nov
134
34i2
22i2
115*
23U
Nov
Jan
Apr
Jan
11
May
16
Jan
Apr
54
June
95
Nov
Ex-rlghts. If Called for redemption.
New York Stock Record—Continued—Page 3
1240
Monday
Feb. 17
Saturday
sFeb. 15
*48%
♦19%
"
14%
28%
14%
14%
14%
*28% 29l2
108*2 108*2
i
Tuesday
Feb. 18
$ per share
$ per share
28*4
$
"
share
per
14%
Thursday
Friday
Feb. 20
Feb. 21
$ per share
9 per share
48%
49
49
49
19%
19%
19%
10,000
500
19%
19
19
19
19%
~18%
17%
17%
18
Bohn
Bon Ami Co class A
17%
%
33
*%
*30%
*%
♦30%
31*4
4*8
10%
10
10%
19*4
19%
39*2
*37*2
4*8
10%
20%
40
40
40
*39
41
2%
5%
12*8
2*8
6%
12*4
31*8
4*g
♦37
♦30*8
*20*4
*4
9%
3*2
5%
12
20*2
9%
5%
♦8
20%
2*2
20'8
28*2
16*2
28*2
16*2
51
8*8
18
4
54*4
5%
51
3%
54*4
3%
63
7%
2*2
2*2
♦4%
4%
4*2
♦19%
3%
20*2
3%
*19*2
3%
4%
20*2
3%
8
8%
77
*77%
78
10*4
*10
10%
61%
17*2
61%
*51
1
1
17*2
17*2
♦
3%
*37
♦2%
20
9%
26%
28*2
28*2
5%
16%
3978
2*8
5%
12
31*8
11%
*30%
20
*20
*30%
9%
9%
37g
53
5%
26%
*2734
5%
26%
28*2
16*2
3%
3%
77g
2%
16%
t
17*2
6
»
12%
18*2
18%
„
8
78
78
~10
10
*9%
7%
1
57g
11%
11%
0
11%
5*2
17%
*17
17*2
*51
j
*35*2
3*8
40
3%
37%
♦38
39%
*35
1*8
5%
11*2
11%
*36*2
3%
40
3%
37%
3
*2%
3
3
*40%
43*2
*40%
'43%
*40%
88
88
20
20
2%
44%
88
27%
*88
91
26
88*4
*25*2
*2'4
5% preferred
Jan
Feb
1
*36*2
40
Canada Southern Ry Co.-100
40
"
700
Cannon Mills
3*8
40%
300
Capital Admin class A
40
87*2
87%
20
20
*2%
3%
49
27
1
♦105
45
*105
117
44
43%
44%
23
23%
2334
118% 119
8%
8%
*63*2 67
18*4
18*2
119*8
1%
114
*2*4
♦4%
♦2%
*90
28
3%
25%
1%
114
3
100%
*90
28%
3%
26*2
3%
26*2
18
102
4%
*2%
28
105
2%
38*2
2%
2*2
4*2
105
13
18*2
2
114
*16
17*2
'8%
*63*2
*15*2
*105
2%
26
18
105
*17*2
18*2
*14
16
Jan
20
1
3
278
39%
39*2
*101*2 103*8
1%
**u
6%
10*2
*2% ,#3
39
39%
278
39*2
39
*1
*1
1%
1%
*3i«
*%
*%
7*4
10*4
*49*2
10*2
37%
49%
*6%
10*2
**8
%
*i«
%
**8
1
**8
*i«
J
%
**8
♦8*4
*10*2
*4
*4
*814
*4
8i2
*8
*10*2
1034
2
2
2
28%
*23*2
03%
11
2*4
23*2
64*2
64%
65%
64%
28%
65%
*10*8
10%
*10%
10%
10%
10%
97%
97
97%
*2
23*2
49%
2
98
97*2
50
*46*4
2*2
32%
*2*4
*32%
2%
31%
*125
*
...
*
*8
9*4
10%
*8
,
10%
2
"278
,733*2
*32
*2%'
*125"
m--
80
*71
75
110
110
27
*25
28
*24
83*2
*81*2
*125
*
83
*81%
2778 '*24
83
"*81%
52
49
49
*49
52
27
27
27%
2778
29*4
29%
28% '29
92%
*142
92%
*61
62
*11*4
11%
100% 100%
28
28%
91
*61
11%
1
4*8
1,000
27
27%
18*2
1,310
9184
62
11*2
10078 10078
125% 26
*49
52
27
27%
27%
~28% 28% ♦27% 128*2
*142
"1...
*142
t—
*27%
88
*
87
187%
1*2
*1*8
1*2
-
105
*8
9*2
10%
"'A,
*25
'
*81%
'*49
T27%
27*2
\ 83
52
2
2
20
64*2
21,100
9%
10%
1,800
98
98
*46*4
*2%
35
600
50
20
2%
35
*
*25
52
28
1,500
28% 29%
28% 28%
"143
143
*142
150
1,100
300
11%
11*2 111%
"11% "*11*2
12
11%
11%
'101*2 101*2 *100*2 101% *100% 101% *100*2 101%
24% 25%
*25
25%
"24% 25
25%
25%
2,700
1
1*8
19*8
19*8
19
19
1878
19
4*8
18*2
18*2
4
*76*4
68
78*8
*4%
5*8
♦22*2
29%
22%
29%
*101*2 102%
*60% "62
*87% 190*2
*60%
62
28%
"
"1*2
*1
19%
118*2
18%
*18
18%
18%
18*2
*1
19%
18*2
1*2
*1
5,800
300
2,000
""600
9
2
""I20
1*2
50
Apr
46
Jan 17
2*2 Feb 3
31% Feb 15
4
2
May
4%
Apr
37% Jan 13
24
May
40%
Apr
3
3
Jan
8%
85
z60
133
Jan
Nov
May
74
May
48
27
Feb 14
30% Jan 10
25% May
41% Apr
Cluett Peabody & Co. .No par
Preferred
100
28% Feb 18
25% May
45% Apr
Coca-Cola Co (The)
Class A
No
500
3,700
200
9,100
24,600
2,800
9,100
Def. delivery,
145
Jan 31
May
145
Dec
Jan
2
99% May
141
Mar
62*2 Jan
7
56
12% Jan 24
102% Jan 2
30*4 Jan 9
94
15
100
63
10% May
20
June 102*2
9
12% May
2
1% Jan 13
•iiDec
5
2%
112
20
% Jan
1% Feb
May
Jan 10
3
Feb 20
Jan
131
16% May
108
May
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
1
Feb 18
srl8%
Feb 20
Columbia Gas & Elec..No par
3%
18% Feb 14
Jan
Jan 13
1% Dec
35*2
11212
24
Feb
Feb
Dec
Apr
Feb
May
Apr
5% Apr
4%
5
Apr
1% Jan 13
21% Jan 6
16
May
26% Mar
21
16
May
26% Mar
Jan
6
4% Jan
1%
Oct
Apr
Apr
9
4% May
7%
6% preferred series A...100
76% Jan
82%
Jan 25
67% May
93*2
5%
67
Feb 17
70
Jan 13
59
June
79
Jan
x75
Feb 20
80*8 Jan 17
6% Jan 6
24% Jan 16
71
May
98%
Apr
30% Jan
6
27% June
6
95
June
37% Jan 10
32
June
56
Apr
June
113
Mar
$2.75
"2~800
Mar
106
110
100
Columbia Pictures..
9
Jan 22
24% Feb 19
5% conv preferred.
100
Colo Fuel & Iron Corp .No par
300
Jan
83% Dec
Feb 19
60% Feb 21
11*8 Feb 14
100% Feb 15
No par
4% 1st preferred
34
Jan
87
Colgate-Palmolive-PeetNo par
$4.25 preferred
No par
Collins & Aikman
8
143
par
No par
500
Feb
44
Nov
Jan
3
26
76
a
Jan
98
34
95
preferred
100
Columbian Carbon Co-No par
{ In receivership,
14%
Aug
10% Feb 5
100% Jan 31
46*4 Feb 20
9% Jan
46% May
10
*• Bid and asked
prices: no sales on this day.
91%
Oct
Sept
Sept
1% Aug
8
100
2878
53% May
2
16% Apr
5% Mar
49
4
28*2
20
Jan
11% Mar
:
83% Jan 29
68
*22% 23*2
23%
*22*2
22%
*22*2 22%
2934
29% 29%
29% 29%
29%
29%
101*2 101*2 *10034 102
*100^4 101*2
*100% 102
35
35
35*8
35*2
35*2 35*2
35%
35%
107*4 107% ♦107% 108% *107*4 108% *107% 108%
8%
8*2
8*2
8%
8*2
8%
8%
8%
%
**16
%
**16
%
U16
%
ll16
49% 50
49% 50
49*2 49%
51%
51%
28% 28*2
28*2 28%
28%
28*2
28%
28*2
Jan 27
Jan 27
May
33% Jan 10
77
101*2'101*2
9
9
Jan 30
4
5%
Jan
7% May
Jan
Jan
*62
*5
%
49
*74
70
*66 Dec
72*8
Feb 17
23% Feb 14
03% Feb 14
Apr
Jan 18
Jan 29
27
9
Jan
%
%
9%
13%
2%
110% Feb 7
%
*16 Dec
83
4
5%
Jan
May
*66 Dec
% Jan 17
26% Feb 14
68
76*2
51% Dec
4
6
6
Special gtd 4% stock
50
Climax Molybdenum..No par
77
*5
41
»i6 Feb
74% Nov
*02
x75
23% May
44*2 Jan
8
8% May
114% Jan
43% Mar
*74
5*8
9
52*2 Jan 13
12% Jan
15% Dec
44% Dec
%May
July
68
76%
Jan
0%May
May
*62
*4*2
*22*2
29%
Jan
2%
% Dec
8% Jan 10
14% Jan 2
June
*76
76%
2%
1% Jan 13
**u Jan 11
56
4
5
Dec
108
68
77
101
124
77
5
Apr
Dec
84% June
Jan 15
4
77
4%
44
Jan 24
77
478
23*2
29*2
29*2 Mar
Oct
85
*62
78*8
2%
30% May
114
67
4%
*22*2
29*2
10% June
Apr
Jan 15
79
*76%
Oct
May
30%
17% May
Feb 14
67
3%
2
Jan 16
22
106
15
85
*77
3%
Jan
3
May
99%June
110
18*2
4
77*2
37g
Feb 10
Jan 10
Jan
100
Colorado & Southern
18%
18*2
Dec
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The).l
1,400
1,200
12,800
35% 35*2
*35*8 35%
107*4 107% *107% 108*2
8%
8%
8%
8%
%
**16
%
'*i«
49%
50
49% 49%
28*2
40
60%
19
79
10
28*2
27%
Feb
38%
Jan 14
Jan 4
4
*6i Jan
25
5
5% preferred
20
83
*49
Apr
8%
% Jan
No par
% preferred...
100
City Investing Co
100
City Stores
5
Clark Equipment..!
No par
CCC & St. Louis Ry Co.—100
28
*81%
100
41*2
Jan
City Ice & Fuel
75*2
111% 111%
Mar
3% May
15% May
37% Feb 15
49*2 Feb 14
...No par
Chrysler Corp
6
Feb 13
®i6 Jan
7% preferred
...100
6% preferred..
100
Chicago Yellow Cab—No par
Chile Copper Co
Apr
5%
11% May
6% Feb 14
Pr pf ($2.50) cum dlv No par
{Chic Rock Isl & Pacific. .100
Chllds Co
3% Jan
114% Mar
Clev & Pitts RR Co 7% gtd_50
*125
93
19
3%
200
1,000
60%
90%
f62
19%
*61*4
1,600
28%
"46%~46%
*2*4 I 2%
*32% "34
101% Jan 10
—10
Apr
22% May
44*8 Jan 13
10212 Feb 3
9% Feb 19
Chickasha Cotton Oil
88
May
9
18
12% Feb 14
2% Jan 13
38% Feb 15
Chicago Pneumat Tool.No par
$3 conv preferred
No par
""600
Jan 22
37%
21*4
100*2
20%
Feb 14
2,900
100
June
Feb
12%
72
5% Jan 13
103*2 Jan 3
17% Feb 15
1
*24
10%
98 " "98
Oct
Sept
l%May
106
Dec
26%
May
2%
{Chic & East 111 Ry 6% pf.100
{Chic Great West 4% pf—100
163%
10%
4
3% Jan 13
Chicago Mall Order Co....-5
10*2
10%
5% Feb 20
200
%
7
400
...
Aug
Feb 3
Feb 19
""600
1%
*%
7
14
9*2
11
75*2
' 111%
May
June
17
Jan
Apr
35%
121
1% Dec
10*2
*1
*%
*
5
48
Jan
Dec
56*2
May
2*2 Jan 14
5
No par
25
Preferred series A
20
105% May
2% Jan 13
115% Jan 29
100
{Chesapeake Corp
Chesapeake <fc Ohio Ry
300
91
*61
19*8
*76
Checker Cab Mfg
900
7,900
*111
♦111
112
114
*111
*111
112
112
*111*2 114
*110*2 112
15
*15
*15
16*2
15*2
15*2 *14% 15*2
15%
16%
15*2
15*2
*1
*1
*1
*1
1%
1%
1*2
*1*8
*1*8
1%
1%
1%
1%
1*2
1*2
*1%
1*2
1*2
1*2
*1*2
1%
i 1%
1*2
♦1
700
40%
18
No par
Chain Belt Co
75
Feb 15
Jan 6
Jan 9
3% Feb 14
25% Feb 15
100
6% prior preferred
800
2%
40
1
Products
Cham Pap & Fib Co 6 % pf. 100
Common
......No par
50
800
*111
26%
83
100
Certain-teed
18% Jan 30
Dec
126
42% May
6
Jan
3% Nov
June
100
Jan 13
10
34*8 Jan
*3%
May
73% Jan 14
19% Jan 14
95
*16
*125
75*2
*110% 112
9
Jan 22
*16
r32% '32*2
278
33*2
50
2
66% Feb 14
Apr
6% MS?
39% May
2
Feb 19
%
2
Jan
2
120*4 Jan 29
4
7
Jan
50*4 Jan
28% Jan
27
500
28%
32% May
95
200
'
92*4
22% May
100
Preferred..
29
Hi
2
75*2 June
Cerro de Pasco Copper.No par
100%
28%
37%
51%
64%~ 60%
Apr
May
~1~906
*90
*»
*24
6
45
Century Ribbon Mllls.No par
37%
*49%
24
2% Dec
36*2 Aug
Jan 17
200
5%
3
*8
64*2
40%
2,800
5%
*2%
51*2
•''1'
2
24
03*2
2% May
29*2 May
{Central RR of New Jersey 100
Central Violeta Sugar Co
37%
*7*2
*10*2
Feb
23*»Anr
July
34
9
6
6
59% Jan 10
Feb 19
118
1%
113%
2*8
4*4
2%
May
11% De
Jan
7
125
43% Feb 14
—No par
100
4% May
11
Nov
Jan
Central 111 Lt 4^% pref.. 100
*8
♦%
9%
6
30
**8
10%
26% Feb
52% Mar
1% Feb
8*8 Feb
19% Apr
300
*37*2
J
May
2,500
7
10*2
l4
^
Celotex Corp
Jan
14
1%
1%
113*2 113*2
*2
2%
*49%
*10*8 '10%
97*2 97*2
*46*4 50
*2%
v2%
112
*142
'
1**8
*49
*26
37*2
49%
Feb 20
5% preferred
:■<
%
10
10
*1
112*2 *110
80
*110
3,400
13%
50% July
1
May
6
91*2 Jan 13
30*2 Jan 14
3% Jan 29
Feb 14
115
22
9
Jan 24
Central Agulrre Assoc. No par
Central Foundry Co
-1
1%
%
43
100
100
Sept
15*2
~3~,666
2%
*6%
16
100
7% prior preferred
5
2% May
6% May
82
3% Jan
9
Preferred
410
Jan
Apr
May
19%
101*2 *100
*1
1%
V'8
9*2
,
*46%
*125
4934
*
10*2
50
-
*30*2
*16
*49
*46*4
8%
4,500
7%
23%
4% Jan
Feb 14
Case (J I) Co
Caterpillar Tractor
No par
Celanese Corp of Amer. No par
70
19
3
*100
*%
49%
38*2
*49
*94%
8%
*67
39*8 "40%
:*6%" "7
6%
10*2
37*2
6%
*37
*24
,,
»16
***16
10%
*36*2
812
119
*3%
27%
*2%
105
101*2 101*2 *100
*%
37%
1,000
Oct
4% May
17% May
May
40
87% Feb 17
6
Carriers & General Corp
2,900
5%
16%
9
41
2% Jan
May
6*2 May
39
38% Feb
Carpenter Steel Co
20
45
23
119%
Jan
Apr
2
8
1% Jan
7
180
115
1
44*2
22%
12*2
6
7% Jan
300
*17
*17
*17 <
18*2
18*2
*104*2100
*104*2 105
*104*2"105
*18
17*2
17*2
19%
17*2
18*2
19
15 i
*13%
15
16
16
15*2 *14%
17*2
14%
*27g
2534
13%
26%
115
Jan
7*4 Dec
13% Jan 14
400
105
*6%
*%
"3%
26*2
*47*2
18
106*2
2%
102
3%
3%
26%
3%
3%
27%
18
17*2
13%
39
*2%
43%
3% Ur3%
Oct
35% Nov
21%
Jan
53
'
2%
36
12% May
6
14% Jan 10
$3 preferred A
10
Carolina Clinch & Ohio Ry 100
80
Jan
17% May
Jan
2% Feb 14
39*2 Jan 10
No par
37
Dec
6% Jan
72% Nov
8% Nov
3% May
20
Jan 10
Jan 27
Jan 6
Jan 13
Jan 4
3% Feb 13
36% Jan 29
25
37
May
20% Jan 25
5*2 Feb 19
11% Feb 14
11% Feb 14
Canadian Pacific Ry
21
May 119
12
3
Calumet & Hecla Cons Cop..5
"5^606
May
11% Jan
16% Feb 20
51% Feb 15
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale
5
3%
3
85
Feb 18
10
Callahan Zinc-Lead
12% Nov
25*2
May
97
Jan 10
3%
23%
5%
21%
4%
4
800
3*8
6% May
27
9
9
2
6
18*2 Jan
3% Feb 15
7% Feb 19
70% Feb 14
5
No par
No par
50
Byron Jackson Co
California Packing
*2%
87% 88
*26 i
27*2
m 2% *,< 2%
3*2
45
45
44
45%
'45% 47*2
*105
118
117
*105% 116
*105% .110
44
43*2 43%
44%
437g
44%
4 44*2
22 1
23
22%
23%
23%
*22*2 "23%
1187g 11878
118% 119% *118%.119*2
119*8
8
7%
7%
8%
7%
8%
8%
*67 (
*03*2
70
*64*8
70
70
70
18%
187g
18*2
..18*2* 18*2 .18% 19%
1%
1%
*17g
2*8
1% * 1%
2
*114
115
*114
115
114
*113*2 114
*2
*2
2*4
2*4
2%
2%
2*4
4%
4%
4%
4%
4%
434 f 6%
2*2
2%
*2%
3
*2%
3
3*8
*90
100%
100%
100% *90
100% *95
27
28
28%
27*2
27% 28*4
29
20
30
Byers Co (A M)
No par
Participating preferred.. 100
100
6*2
—..—10
Bros
14% May
4*8 Nov
24% Sept
Jan
37*2 Apr
29*2 Apr
Dec
Jan 17
118
15*2 Jan 2
4*2 Feb 17
2,400
88%
26
2%
44%
*37
1,900
5,500
12%
8% Jan 16
4,700
43*2
*37
50
May
1% Jan
*5% Nov
53% Jan 13
12
3
43*2
3
♦40*4
38*4
900
200
38
Feb 17
12
'37%
3
*37
5% conv preferred.
Butte Copper & Zinc
Apr
41*2 Nov
53% Apr
14*8 Jan 13
30*2 Jan 3
23% Jan 16
12% Jan 6
2% Feb 14
pf 100
Mar
44*2 Jan 13
2*2 Jan 13
0% Jan 14
12
6
*40%
87*2
*25*2
3*8
37*2
3*8
Butler
1*8
1*8
6%
*11%
11%
12
40
3%
37%
,3%
3%
3%
600
700
53
1
11%
12
53
Bush Term Bldg dep 7%
200
v,
8%
80
10%
53
11*2
11%
0%
11*2
*10
*3%
8*8
*70%
1
16%
5%
11*2
12
6
11*2
12
4*2
20%
3*2
*51
17%
*51
1
6
420
18
4*2
20%
4%
1,800
Burroughs Add Mach—No par
Bush Terminal
1
7
13%
May
May
7% Feb 17
51
Conv pref $2.75 ser„No par
2%
18
20%
3*2
8%
77*2
10%
"77*2
10
*
100
8
27
33
6,400
50%
8
2%
j
38% Nov
4% Dec
8
Jan
z7% Jan
34% Jan
8
*49
8
2%
24% Mar
Jan
2% Jan
25%
41
27% Feb 15
16% Feb 15
1
Dec
20% Nov
5% Feb 14
20% Feb 15
Burlington Mills Corp
Apr
13% May
No par
No par
Jan
70% Mar
29%
6
Feb 14
No par
Nov
25% Jan
5*4 Jan
68*8 Jan
Bulova Watch
Apr
28%
34
123%
May
26
6
4*2 Jan 23
2
112*2 Feb 3
3% Feb 14
51
June
%
12% Jan
.100
No par
100
Budd Wheel
1,300
39% Jan
May
12% May
1% Jan 13
Jan 16
Bullard Co
17
17
Dec
19
20% Jan 10
20*4 Jan 9
Feb 19
7% preferred
G) Mfg
7% preferred....
May
51%
2
9% Feb 15
1,200
17
50%
30
20
Budd (E
19% May
99
Jan 18
22% Jan
5
2,700
17
7%
5
par
0*8
17
*49
par
27%
'0
27%
54
No par
190
55
300
3%
*8*8
53
3,600
par
Bucyrus-Erle Co
30
#
3%
29
3*2
1
12
12
113
*28
*4*2
♦51
""e'o'o
2,900
10
par
12% Aug
9
111% Jan 23
Feo 17
48
Jan
35
8
Bruns-Balke-Collender. No par
Brown Shoe Co
31
20%
29
"20*4
1
2,200
*28
79
17%
1.400
5%
11%
*53
6*8
"""366
3,200
3%
26% 127%
.
8
17*2
39%
9%
53»4
10
17
39*2
3%
53
4*2
7%
5,000
9%
20*4
3%
,
21%
No
Brlggs Manufacturing. No
Brlggs & Stratton
No
Bristol-Myers Co
Brooklyn <fc Queens Tr.No
Bklyn-Manh Transit..No
Brooklyn Union Gas—No
11*2
31
20*2
3%
,
16%
50%
8
2*2
18%
4*2
*20
Brewing Corp. of America...3
112% 112% *112
113
3%
52
5
1,100
2,100
2%
Jan
11% Feb 20
Bower Roller Bearing Co
4%
10*4
*2*8
5%
11%
*30*8
*20%
18% Jan 27
Feb 20
par
...100
Bridgeport Brass Co
13% Feb 19
27
107
Highest
$ per share $ per share
$ per share
share
per
par
15
5
(The)
*39
39*2
9*2
200
Co
20%
*38%
*39*2 .42
*2%
2%
5%
6%
11*2
32*2
4*8
10
21%
2%
5%
200
10
4*g
9%
20%
^39%
*49
8
2*2
19
4*2
20%
*31
4%
10
*37
10%
51
778
2*2
18%
4*2
*19%
Borg-Warner Corp
Boston & Maine RR
39*2
54
6%
26%
Borden
3,500
1
*37%
37g
54
3,200
17%
20*2
113
113
19%
1
1
32
20*8
978
3%
19
17%
4%
9%
53
1?
40
6
♦11*4
*11%
20*2
12
19
18%
$
Lowest
Highest
19% Feb 14
18 >8 Feb 19
16% Feb 4
% Feb 19
30% Feb 13
4*8 Feb 15
9% Feb 19
19% Feb 15
37% Feb 7
39% Feb 19
2% Jan 3
5% Feb 14
1
Inc
19%
i *%
^32
32
,*4%
Stores
19%
*78
8%
8
77
♦10
*20
10%
20%
*37*2
*39*2
2*8
5%
*50
8's
2*2
18*2
18
18
*30%
4%
10%
20*2
39*2
41*2
2%
5%
12%
31%
*4*«
113
114
*113
♦50
31%
20*2
10
*30*8
6%
26%
27*2
16*2
51%
6%
26*4
27%
10*4
2*8
5%
12%
2*8
20*4
9%
♦112% 114
51*2
20%
*30%
Bond
19%
18%
17%
1
1
31*4
No par
No par
Class B
140
19%
17%
1
31*2
4*4
17*2
%
.17%
*%
Aluminum <fc Brass...5
900
230
19
17%
Par
5
Boeing Airplane Co
27
19%
19
,
14%
15%
14%
27%
27%
27%
107%
107% ♦105
*49
50
*46%
50
Sv/:,"'
■■
107
49
20
48
■
Year 1940
of 100-Share Lots
Lowest
Shares
13%
14%
27%
137g
27*2
28
*19*2
61
20
On Basis
Week
1478
28
EXCHANGE
Wednesday
Feb. 19
S per share
22, 1941
Range for Previous
Ranye Since Jan. 1
STOCKS
NEW YORK STOCK
the
*107% 108*2 *107% 108*2
108
108
NOT PER CENT
SALE PRICES—PER SHARE,
AND HIGH
Sales
for
LOW
Feb.
conv
Commercial
Credit
23
par
35
Feb
3
Jan 29
8% Feb 15
% Jan 31
49
Jan 30
27% Jan 21
Commonwealth Edison Co-25
Cash sale.
3
107
Commonw'lth & Sou..No par
$6 preferred series
No par
r
Feb
28% Jan 30
100% Jan 27
10
100
Comm'I Invest Trust.-No par
$4.25 conv pf ser *35.No par
Commercial Solvents..No par
n New stock,
2
4% Feb 14
No par
preferred.No
4 X % conv preferred
Feb 14
*
Ex-dlv.
y
104
Jan
3*2 May
14% May
Jan 15
97
Jan
4
8
»*u Jan
2
110
11%
53% Jan 25
30%
Jan 11
Ex-rights.
May
% Dec
42
May
25% June
8*2 Mar
20
48
Dec
Jan
108%" Feb
16%
Apr
1% June
73%
33
Jan
Apr
1 Called for redemption.
Volume
LOW
New York Stock
152
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Feb. 15
Wednesday
Thursday
Feb. 17
Feb. 18
Feb. 19
Feb. 20
$ per share
$ per share
$ per share
$ per share
$ per share
35s
17i4
22«4
1714
2384
*3
*165s
1714
233s
*87%
1314
92
94
5%
94
6
5t2
53s
»ii
"i«
81%
36%
♦73s
3514
2%
8H2
3658
7%
35%
*81i2
18
18
*18%
1434
*52l2
4612
44%
175
36
734
*25g
3
83
*81%
36%
7%
75«
3534
35%
3
318
1934
*19
15
*1434
15
143s
17518
*4*8
18%
*19
54
52
47
47
4458
4434
*4578
4458
*5212
175
414
176
175i8
37S
102
4
34
34
34
*17
*434
2234
*40l4
*4012
12%
*8634
37U
83%
365s
734
3534
3%
183s
1934
14%
52%
46%
4434
4%
*»1«
I6I4
I6I4
15%
53s
2234
41
101
102
*17i8
*412
233s
1758
51;
23l2
41
43
*3
*81
353s
2%
175g
18%
14%
*51%
45%
44%
4%
18%
24%
13
13
91
*88
*92
93%
""206
6%
3,800
14,400
1,100
6%
6%
2034 21%
1055s 106
*100% 102
*17
17%
*4%
5%
23% 23%
*40% 41
*40
42%
1234
1278
*%
75g
*25g
734
2%
5%
421»
13
13
*85
86
87
88
377g
3834
85l2
*2i8
334
85l2
375g
84%
"YJoo
Feb 13
Feb 15
200
3%
17
103
1,500
14
8%
1,800
800
Continental Bak Co cl A No par
*13%
*75s
"u
»i«
3,100
75g
36
7%
36
81%
36%
734
2%
17%
18
Consolidation Coal Co.
800
365g
36
17%
19%
19
19
*19
15
15
1,200
13,500
8,300
300
15
1,800
52%
*51%
52%
46%
45
46%
*45%
46%
330
45%
1,600
175% 175% *175
4
700
36
17%
200
3%
4434
4
*»16
4
2,700
2,000
Cotylnc
Coty Internat Corp
3,300
5%
*4%
*23%
87%
37
38
39
84%
3
8434
8 534
334
334
13
*41
*40
5%
2334
43%
Y.COO
25
5% conv preferred
100
Cream of Wheat Corp (The) .2
43
~~2~i66
385g
39%
86
86
7,800
1,000
3
550
180
No
Crown Cork & Seal
50
13%
87%
12%
87%
$2.25
conv
pref
w
Pref ex-warrants
No par
Crown Zellerbach Corp
5
$5 conv preferred
No par
72
72
*71
74
72
72
72
76%
76
4214
4214
*40i8
4434
42
42
*40%
4134
41%
14
77%
4434
*1334
1334
14
14
800
5conv preferred
Cudahy Packing Co..
23
22
22
400
Cuneo Press Inc
15«
45i8
14
2234
1%
1334
*22
1334
*21%
*13
2212
1412
2234
4434
14
44%
14
*40
45%
*39
85
*2%
3l2
*2U2
1%
*40
33
2l2
334
33
73g
253s
*7412
*4312
1734
*3i8
*16
734
251?
86
4
18
6%
158
45i8
335g
734
18
17l2
3i2
1934
2734
16
16
9l2
934
934
10
2%
234
258
234
*%
%
*%
%
106l2 106i2 *106
10678
1414
1412 *14%
15
27
27
26l2 26i2
39
39
38l2
381
73g
73s
*7i2
778
16i2
16i2
1014
16l2
*79
81
*834
*35l2
215s
*15
65
*834
9
35i2
35i2
22
22
1834
*4l2
5
*714
7l2
11534
1405s
*114
140
121% 121%
11612 11612
26i8
26l4
*35s
4
127
*165
30
*1414
15
12
29i8
2334
3214
32i4
*2612
28i2
40
110
45j
15i8
15i8
65l4
66
124i2 125
1778
18
54
18
3%
*16
3%
18
7%
7%
*113
19%
28%
*1534
19%
28%
163s
10%
25g
234
*%
%
106% 106%
*14%
15
47g
*82
*1%
35s
72
22
27
27
38%
7%
*16%
79%
834
36%
21%
15%
65
124
38%
7%
16%
79%
834
36%
21%
15%
65%
124
*2
22
1%
32%
7%
25
253s
*74%
*43%
86
3
1%
4
4%
1%
*39
*33
*2%
4%
*22
1%
45%
33
758
45
1%
*39
7%
26
*74%
86
54
18
3%
16%
19
28
16
"""900
7%
31,800
26
86
54
18
3%
*15
7%
:
9%
9%
9:%
2%
*%
%
108% 111
14% 1434
*26% 27%
2578
2634
378
378
26
26
*3%
334
127
127% 127%
*14
*110
111
111
478
5
111
484
3,100
28
163s
400
9%
234
6,200
2,700
400
%
111
"~7C0
111
14%
14%
360
27%
800
38%
38%
384
26
26
334
334
125% 126%
1273t 129
166
166
166
29%
*14%
27%
1234
2934
15%
2734
12%
7n
3%
28
27%
166
174
210
27
*39%
*110
434
*65
EI Paso Natural Gas
600
72
*67
72
*68
*71
79
*71
3,600
*58
*72
*3
1
78
33g
*%
*72
*3
6%
6*8
*6%
25i2
25i2
*434
36
19U
338
6%
2534
*si«
1
%
78
1
*%
1
58
78
*72%
78
*3
*5%
*25%
%
33s
6%
26
*5
6!
*4%
%
6%
37
36%
1934
36%
20
1912
*19%
12
12
♦115,
*95
100
!
21%
21%
*21«4
20
12%
97%
2214
12%
12l2
*12%
1234
*234
3
234
2h
%
*1934
*92
*95
%
%
%
1934
1934
*1938
%
2014
94
*92
94
*12*4
13%
*35
36
13%
*35%
13%
35%
*92
%
%
1
37
*12
6l2
36
*72
78
*%«
»i«
1
*58
25%
*%
%
12
*95
12
*12%
97%
2134
12%
3
3
2134
13%
35%
%«
20%
95%
13%
355s
3
3
*3
55s
6
*25%
26
5%
26%
%
%
4%
*36%
19%
*11%
*93%
*21%
4%
37
19%
12
97%
22%
12%
12
3
3
*%
*5
78
3%
78
534
*26%
#16
6%
%
*5
21
Jan
3
10% Jan 10
18% Jan 11
86
Jan
6
79
Jan 30
Jan
8
Jan 27
Jan
9
14134 Jan
4
22
Jan 10
6% Jan
8
25
Feb 19
3% Feb
125% Feb
165
14
19
Feb 13
29% Feb 17
Feb 14
% Jan
3
4
FeD 20
9% Jan
6
125% Jan 16
117% Feb
34
6
Jan
2
5% Jan 23
142
9
Dec
30% May
14
May
11% May
65% July
127% Nov
1434 Jan
5
182%
36%
15%
33%
17%
39% Feb 14
110
Jan
7
Jan
180
Dec
May
10% May
25
May
10% May
37
Apr
Jan 16
Jan 10
Jan
6
%
Dec
6
3
May
18% May
15% May
£24% June
26
May
35
May
102
May
Jan 11
5% May
Jan 13
Jan 10
Feb
Jan 15
63
73
Jan 25
66
May
May
89
Jan
par
75% Feb 14
79
Jan 11
77
Dec
97
Jan
par
t Erie Railroad
4% 1st preferred
100
100
% Feb 20
% Feb 15
% Jan 30
1% Jan 10
1% Jan 9
100
% Feb 20
»u Jan 25
4% 2d preferred...
*i« Jan
50
Eureka Vacuum Cleaner
5
3
%
634
500
500
10
*3%' Jan
2
834 Jan
3084 Jan
% Jan
6
3
8% pref
%
100
Federal Light <fc Traction—15
10
36
Fajardo Sug Co of Pr Rico..20
700
Jan 20
4% Feb 19
Fairbanks Morse & Co.No par
2,000
...
Feb 19
5% Feb 19
25% Feb 15
5
Exchange Buffet Corp .No par
Fairbanks Co
7
Feb 14
19% Feb 15
11% Jan 16
8
7
7% Jan 23
45% Jan 3
22
Jan
2
Dec,
%
Jan
134
Jan
Dec
3%
Jan
% May
67% Aug
2%
Dec
May
Jan
3g Oct
3% June
29% June
5
20%
17% May
11
May
June
21% Feb 15
2534 Jan 23
16
12
14% Jan 14
12% Jan 23
4% Jan
7
2% May
*7i«
%
900
Federal Water Serv A..No par
%« Feb 19
% Jan
4
7i«May
19%
20%
20%
400
Federated Dept Stores.No par
95%
93
93
100
$ In receivership,
4)4%
conv
preferred
5
a
18% Jan
93
100
1234
600
Ferro Enamel Corp
35%
800
Fidel Phen Fire Ins N Y.$2.50
Def. delivery,
n
New stock,
r
Cash sale,
Feb 19
1
3
Feb 14
1134 Feb 1
34% Feb 19
x
Ex-div.
y
100
21% Jan 14
97% Jan 15
13% FeD 10
38% Jan 9
Ex-rights.
Jan
Mayj
85
Feb 20
Jan
%
Jan 27
97
83
34
234 Feb 17
"
12%
%
Federal Motor Truck..No par
1234
Apr
Mar
68
700
*35
46
112
Feb 14
Federal-Mogul Corp
13
17% Jan
4134 Apr
18% Apr
134 Jan
8% Jan
40% Nov
36% Nov
33% May
41% Jan
70
12%
2%
35%
44% May
6% Nov
June
*11%
2%
_
Jan
22
600
!
Jan
155
500
3
1334
120
189% Apr
129% Dec
11884 Jan
9
23
12%
Mar
Jan
$6 preferred
-No par
Federal MIn & Smelt Co
2
12
Apr
Apr
10
par
Ex-Cell-O Corp
99%
23
30
par
Evans Products Co.......
*94
23
171
4% Feb 14
65% Jan 7
1,800
1,100
2034
*11%
22%
Feb
Jan 10
44% Jan 13
111
Apr
24% Apr
23% Jan
94% May
16634
34% Jan 13
7
Dec
143g
38
June
31
50
2534 June
3
May
20% Nov
86
117
26% Feb 19
100
1
May
112% May
Jan
Jan
Apr
Feb
Feb
4
% Jan 23
4% Jan 11
31
114
3688
43%
10%
Jan
3
par
""266
12
13
41
par
6%
27
97
*3434
5% preferred
Erie & Pitts RR Co
12
*92
125%
23%
35% Jan 13
3%
*3
6%
1934
1984
12%
*72
98% May
12% May
25% May
32
May
434 May
12% May
56% May
27% Feb 19
23% Feb 19
31% Feb 19
par
Endicott Johnson Corp
Engineers Public Service
400
97
1984
35
58
38%
21%
12%
1934
12%
%
26%
*716
34%
900
*38
3
94
2,300
%
37
7i«
*92
%
#I6
78
%
2
17% Jan 10
29% Jan 11
No
No
No
Equitable Office Bldg—No
"is
37
7i«
Bid and asked prices; no sales on this day.
*72
%
%
Jan
117
Jan
Jan
Jan
$5H preferred
$6 preferred
79
1
34
$5 preferred
72
79
*65
$7 preferred
$6 preferred
140
4%
68%
*70
:
4
400
*66
1
100
800
79
*%#
6% cum preferred
Eaton Manufacturing Co
1,000
72
%
(N J).No par
2534
*70
h
Eastman Kodak
3134
28%
*66
1%
1
5
*2434
79
16
Eastern Airlines Inc
Eastern Rolling Mills
3134
*25%
72
58
Duquesne Light 5% 1st pf.100
No
No
Elec Storage Battery...No
40
23%
5%
146% May
var
Nov
23% Apr
28% May
193g Apr
%# Dec
9
No
114
8% May
2% Dec
7
120% Feb 14
11534 Jan 9
Oct
5% Mar
18% Nov
83g Apr
4
Jan
$4.50 preferred
23>
% Jan
117
Elec & Mus Ind Am shares...
111
June
16434 Jan
Electric Power & Llght.No par
434
13% May
Feb 17
400
40
3% May
107
June
Feb 15
5,400
2,400
*110
4%
68%
9
114
%
40
9
Jan 24
140
3%
111
Jan 15
Jan 10
100
par
29
%
3%
29
68l2
*s18
4% Feb 19
7
Feb 18
14% Feb 14
*71
*15
Feb 19
17% Feb 18
12% Feb 14
*66
7»
63% Feb 19
122
27
70
5S
Feb 14
5
%
3%
Mar
May
Du P de Nem (E I) & Co...20
No
Oct
60
17
8% preferred
35%
92
15
3
%
3
Dec
Sept
23% Jan 28
Electric Boat
200
2934
May
9% June
113
Oct
Duplan Silk
Feb
Jan
May
June
9
par
51
1458 May
3
May
I334 May
37
Dresser Mfg Co
No par
Dunh 111 International..
1
Apr
42
834 Feb 11
Dow Chemical Co... ..No par
17
2938
4%
8
35% Feb 6
20% Feb 19
No
Douglas Aircraft
Dec
4% Jan
8% May
91% Feb
45% Dec
6
No par
Doehler Die Casting Co No par
Dome Mines Ltd—...No par
47% Dec
199
Jan
.No par
Electric Auto-Lite (The)
78%
%
7% Feb 14
16% Feb 17
79% Feb 18
Edison Bros Stores Inc......2
68l2
%
13% Jan 2
26% Feb 15
38% Feb 18
6,600
*70
%
106% Feb 15
Class A
Dec
May
May
Feb
734 Jan
114
4
4,100
27
68%
% Jan
13%
3l5g
*62
9
15
1,600
30%
43%
19%
3%
1734
6% Feb 15
28%
24%
681
3
13%
315g
484
2,000
19
28%
26%
3934
400
4
100
5% pref. with warrants.. 100
Jan
Apr
Dec
75
42% Feb
Devoe & Raynolds A..No par
No var
Dixie-Vortex Co..
Feb
11% Mar
32% Mar
Jan
11% May
25
,
Jan
Nov
3284
734
38%
45%
45%
21%
95%
6% July
984
2
6% partlc preferred
106
21% May
15%
28%
133g
31%
111
110
4,400
.v
June
3% Jan 10
500
116
31
13% Jan 10
30
122
9
Jan
Apr
9
15
26%
45S
300
7,600
6
Apr
1%
24%
3434 Feb 10
30%
29
24%
315S
39%
7
117
144
26% 26%
*334
4%
128% 129%
*166
*285g
24%
23%
1,000
434
2
Dec
7%
29% Jan 10
30%
*14%
273g
13%
7i«
3%
30
500
Jan
1% Jan
18% Jan
21%
3,300
1,300
May
Feb 19
21%
*15
15%
63% 64
122
123%
17%
17%
4%
4%
124%
18%
60
45% Dec
9% May
19% June
1% Oct
16% Jan 25
Feb 19
Detroit Edison
184
May
Jan
Jan
9
100
Diamond Match
70
6J%
65%
7% Feb 14
2434 Feb 20
Delaware Lack <fc Western. .50
100
700
Jan 13
3% Aug
2% Feb 19
Delaware & Hudson
1140
1,200
FeD 15
Oct
134 May
21
*7914
22%
15%
66%
4% Jan 13
80% Jan 13
75%
2934 Jan 24
80%
9
365g
22
255s
3% Feb 15
3
6
2% Jan 16
Feb 14
SCO
200
47% Jan
98% Jan
Feb 18
22% Jan
365s
3%
May
2
Feb 19
3634
25
25
36% Feb 19
84% Feb 18
Jan
July
30% June
Feb 19
*36
15%
65%
May
May
% pf. 100 £111%
No par
18%
Preferred
20
27%
Dlesel-Wemmer-Gllbert
10
1534
Diamond T Motor Car Co—2
15%
75
....
Distil Corp-Seagr's Ltd No par
65%
Jan 16
3
Feb 18
3% May
18% June
36
Dayton Pow & Lt 4
900
15
12
92
41% Feb
Davison Chemical Co (The).l
1,500
64%
7
87
6
Deere & Co
7%
*21%
Jan 24
Jan 10
Jan 9
Jan 15
12% Feb 14
6%
27%
45%
45%
15%
4% Jan
22% Feb 14
4o% Feb 14
4
Jan
Apr
25% May
17% Dec
3% Feb
16% Feb
5
1034
20%
75
Jan
Davega Stores Corp
25
June
Jan 16
19
Feb
33
June
107
17% Feb 17
5% preferred
13
Deo
Apr
Jan
Apr
25
%«Sept
4
Cutler-Hammer Inc..-No par
7%
*66
*si«
par
40% Dec
165
May
4
May
16% Feb 19
7% pref. .100
No
2
May
16% June
18% May
15% Mar
47
May
41
May
Jan 14
19% Jan 10
Jan
1634
9
%
32
1
2
182% Jan 16
4% Jan 4
45
1
Jan
Jan 11
52% Jan 8
47% Jan 13
Jan20
7%
7984
May
43
16%
36
June
25
par
Jan
Apr
Apr
Mar
Apr
Apr
Jan
5% Nov
4% May
27% May
21% Feb 13
1% Feb 1
Class A
97%
49%
9%
40%
434
70
33
5
39
*8%
Feb 19
Nov
8
Jan 24
2
2334
108%
19%
15%
1%
7
47
16%
*79%
*83g
36
Jan 28
56
19
2% May
834 May
93% May
9% May
7% May
% Dec
8% Feb
72
*38%
*738
,
90
41% Feb 20
13% Jan 2
Curtis Pub Co (The)..-No par
Preferred
—mNo par
8
%
40% Jan
100
30
Prior preferred.....-No
Curtlss-Wrlght...
Jan
9% Jan 28
% Jan 9
100
7%
16%
80%
9
39
*62
/
Preferred
2
21
Feb
Apr
110% Mar
1% Jan
10% Apr
4%
8%
2%
9
106% Jan 22
15% Jan 2
Dec
9%
32%
Dec
6
4% Jan
5
Jan
Jan 14
Jan 2
100% Feb
10
Sugar
6
»ii Jan
99% Dec
100
%• Aug
5% May
2% May
5% May
'
3938 Jan 10
Jan
15
7
Jan
Feb
Apr
Apr
16
Jan
May
May
4% May
21% May
97% May
7
Jan
6%
24%
31%
75
3% Jan 13
4%
20%
23%
18%
3% Feb 17
% Jan 7
...
JDenv & RG West 6% pf.100
27
*62
*62
Cuban-American
Conv
"2, loo
Feb 18
100
*38%
7%
16%
*79%
*8%
*110
4%
1,100
30
234
*%
100
$8 preferred
19
934
25g
preferred
6% preferred
conv
Cushman's Sons
800
738
*109%
18%
*2734
*15%
2%
%
27
5%
16%
9
27
Crucible Steel of Amer.No par
Cuba RR
4,300
2%
*%
107% 107%
*14%
14%
4,700
3334
122% 122% *123
17%
*17% 18% *17%
*412
5
5
438
4%
434
7
*7
*7U
71?
7%
7% ■7 *7
7
7%
114
114
*113% 11534 *113% 114
*11334 114
*11334
141
142
14112 140
14234 140
142% 144% 2:143
122
122
*12078 122
122
121% 122
*12134 122%
116
116
II6I4 *115
11534 11534
11584 11534 116
17%
*434
1%
45
7%
2584
*74%
*43%
*17%
*3%
7%
....
8,900
1,030
1,100
33«4
34
>
73g
2434
54
*43%
18
17%
17%
3%
3%
*3%
*15%
16%
*15%
7
7%
738
xlll% 111% *109%
18%
19
1834
*2758
28
*2734
16
1584
1534
95s
166
16712 167i2 *160
30
30
2912
30i2
1412
14%
14%
2778
28i2
2734
28%
13
13%
13i8
133s
*716
*7i«
%
12
314
3%
3%
3%
*28
30
28%
28%
24
24
24l2
2412
32
32
*3134
32%
26l2
27%
2612 *26
3912
395S *39%
3934
30i4
13%
110
86
*43%
*17%
127
2778
*3914
734
255s
12734
1234
*7i«
2334
3234
7%
25%
*
170
27i2
314
28i2
81
9
36l4
22
1514
6578
12412 124l2
*18
*79
3284
7l8
113
1934
2734
I
1%
*40
26
*634
2734
16
334
86
54
113
193s
16
378
*16
1734
2734
2
*741?
*43l2
17l2
*3ig
54
6l2
19
7%
253s
3i2
,
1%
33
*113
*
par
% Jan
8
<
14
14
19
7%
Jan 15
14
45% Feb 19
44% Feb 19
par
No par
w__No
3834
85%,
2%
334
72%
36%
52
1
..._1
Crosley Corp (The)
"
Feb
Feb
Feb
Feb
Feb
2% May
May
17% June
7% Jan 7
233g Jan 13
107% Jan 9
3
35%
2%
17%
18%
14%
100 £175
Crane Co
3
6% Feb
50
Preferred......
4%
23%
43%
43
13%
87%
Feb 14
1
5% series..
1J16
320
Jan
36
$ per share $ per share
i\
2
79
20
Corn Exch Bank Trust Co..20
Corn Products Refining....25
34
200
% Jan
100
Continental Oil of Del
5
Continental Steel Corp .No par
Copperweld Steel Co
__5
Conv pref
4
FeD 21
12% Feb 15
7% Feb 19
par
Continental Motors
310
16% 16%
10134 102%
*16% 16%
*484
*40%
No
15% Feb
Continental Diamond Flbre.5
Continental Insurance
$2.50
400
176
23%
*41
Class B
34 Feb 15
2% Feb 15
103
103
2
2% Feb 14
5% Feb 3
25
8% preferred
Continental Can Inc
4%
84
15%
16
101% 101%
*16% 17
% Jan
7% Jan 10
5% conv preferred
100
Consumers Pow $4.50 pfNo par
Container Corp of Amerlca_25
500
400
81%
"16
1534
1
17,600
37%
4e5g
105% Feb 20
$2 par tic preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
5%
83
36%
7%
5% Feb 14
20h Feb 20
No par
»16
*3
63
90
200
*15
97«4 Jan 28
Highest
14
92
2%
103
18% Feb 8
29% Jan 9
15% Jan 16
100
*7.
3
16% Jan 20
22% Feb 19
12% Feb 19
par
Consol Film Industries
%
8
Feb 19
6J£% prior pref
100
Consol Coppermlnes Corp
5
Consol Edison of N Y..No par
$5 preferred
Lowest
$ per share
4
Jan 10
3
Consol Aircraft Corp
1
Consolidated Cigar. ...No par
53g
*34
52%
100% 100%
165s
17
*434
5%
2284
23%
40% 40%
*40
42%
125s
13
87
87%
Congoleum-Nairn Inc.No
Range for Previous
Year 1940
Highest
$ per share
No par
7% preferred
20% 20%
10534 10584
*5g
7%
*234
44%
15
Conde Nast Pub Inc
92
9334
145g
*51%
176
Par
1,700
3,300
1,100
18%
24
6
46%
3%
»U
3
1234
88
75S
3534
3
18%
19
14%
Lowest
Shares
100
18%
*81%
363s
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
33g
12%
3
83
36%
*7%
STOCKS
NEW YORK STOCK
Week
share
per
24
12%
*88%
93%
3
175
16
*4012
*40l2
3778
85i8
Feb. 21
$
3%
17»4
2358
5%
3
177
I6I4
IO214
17%
34
16
1241
the
Friday
16
18
*14%
17
16
16
103% 103% *10134 103
*10134 103
13%
13%
13%
13%
133s
1334
734
734
7%
834
7%
7%
*%
11..
%
%
%
»16
18%
19%
5412
46%
4478
94
21%
106%
*5s;
84
7%
734
*25s
2%
53s
5%
%
*7S
"l8
3
18%
91%
20%
734
2%
5l2
5%
12%
106
34
3
17%
23
12%
*88%
93%
5%
*58
36l4
7%
3534
17%
22%
6
21
2H4
106l2 106i2
5l2
5#
♦3
94
578
h
h
*Ult
"16
2%
3
2%
3
*13% 1634 *1414
1634
1035s 10334 *103% 104
12l2
13
13
13
7%
818
8
8
3
92
94
6
21
21
2US
21%
106% 10658 *106% 10678
*58
34
*5s
*758
8
7%
778
«%
2%
*2%
278
5%
17i4
2334
13
*88
94
5%
|
33s
17i4
23i2
1234
24
1234
90
92
*3
3%
13
*1258
*87%
4
Sales
for
Saturday
*8
Record—Continued—Page
CENT
July
12% Aug
1% Apr
67% Aug
5
Feb
11% Apr
3434 May
1
Jan
8% Mar
49% Apr
31% Apr
18% Apr
102
29%
15%
4%
Mar
Jan
Oct
Jan
1
Jan
15
May
25
Jan
79
June
98%
Dec
10
May
27% May
20
Jan
40%
Feb
*1 Called for redemption.
New York Stock Record—Continued—Page 5
1242
Monday
Saturday
20*2
16
♦14*4
16%
38*%
12%
31*4
24%
5%
31%
24l2
*4%
*21
*22
18%
»
27%
*%
*74
*18
128
30%
34%
*113%
*%
hi
07
*109
*%
*102
*4
*16
17%
10%
10%
51
52%
19
19
50*8
55%
41%
hi
42
*16
17%
*34
10%
52
51%
19%
01
16%
17
*24
25
700
700
General
48%
19%
50%
19%
49
19%
20
11%
12
12
12
*18
20
19%
82
82
1%
*1%
*27%
32
4*4
20
103
103
5%
5%
00%
13
*12%
13*8
*40
44
1%
2%
1%
*2%
90
*86
12%
81%
*1%
27%
82%
*80%
*1%
*27%
7e
"it
13
*12
13
*10%
*10%
4%
27%
78
4%
*86
12*8
*58%
Xl6*4
13
13
13%
59*4
59%
59*4
X80%
17%
80%
1*8
17%
*80%
*1%
*27%
78
1%
1*8
*27%
34
32
"ie
uie
4%
12%
11%
10*4
%
13%
22%
23%
23%
24%
21%
21
21
21%
21%
142
*30
29*4
10%
*11%
13%
1%
*11
*141
143
42
142
*30
42
11
11%
14
1%
14
1%
*9%
*30
*33
14*8
*14
1%
9%
30%
35%
14*8
15
11
11%
10%
*11%
14
14%
1%
*1%
14
*12
13*4
*1%
*11
1%
1%
9%
*9%
13%
1%
14
1%
1%
*11
14
*14
*30
30%
*30
33
33%
*32%
14%
*14
15
*14
—
15
—
.
*32 %
30%
-
14
1%
35%
*14
13%
1%
13%
9%
30%
34
*33
*103*4
*103*4
105% 105% 105% 105% *105%
21
21
20%
20%
*20%
22%
150
*146% 150
146% 146% *146
0
Q
*6%
6%
*6%
6%
*97% 100%
*97% 100%
*97% 100%
2%
2*8
2%
2%
2%
2%
*85
90
*85
90%
*§5
90
6%
6% ;
6*4
6%
6*4
6%
*87%
92%
92%
88% 88% *87%
162
162
161% 161% *_.._ 162
*12%
13
*12%
13
*12%
13
13%
1%
1%
*30
14%
*11
11%
9%
,
'
10
11
U
*13%
*14
1%
9%
9%
*14
15
11
1%
14%
1%
9%
1%
14%
1%
..
.
*30
34
14
14
15
*14
68
126%
2,100
1,000
3,600
100
534%
Guantanamo Sugar
8%
$5
6%
6%
*87%
*_..-
12
162
*.,..
12%
12%
6*4
90
6%
162
12%
10
634
634
*12%
13%
400
68%
800
*
%
ht
Bid and asked prices; no sales on
this day.
t In receivership,
7
100
300
2,300
3s-
7
a Def.
200
1,400
9
May
14% June
1% Aug
11
May
10% May
Jan 16
100% June
107
105% Feb 15
106% Jan 16
20% Feb 19
140
Jan
25%
3
Jan 30
6
97
Jan
2
2% FeD 14
Feb
90
158
5
12.50
Household Finance
Houston Oil of Texas
Jan
Jan
Jan 10
155
Jan
167
Dec
4
Jan 29
16*8
Jan
9
77% Jan 11
128% Jan 8
50%
Jan 18
Feb 14
"43*4
Feb
"4
100%
133%
Apr
Jan
67%
Apr
94% May
115%
12% July
18%
Jan
Jan
30%
Jan 10
19
35%
Apr
9
Jan 24
10%
Jan
8
May
4% July
May
28
May
60%
38%
8% May
16%
Jan
9
%
Jan 31
2% Feb 18
16% Feb 14
3% Feb 14
*8 Feb 15
No par
1
x
Ex-div.
y
9*4 Nov
16%
110
35
64
30*4 Feb 14
May
8
111
3% Feb 14
May
Jan
Jan 30
t C..25
8
52%
59% Feb 18
r Cash sale,
Dec
50
Aug
June
69
126%
8
Jan
6
110
Apr
Jan 14
Jan
JHupp Motor Car Corp
12% May
21%
16
115
Jan 27
Hudson Motor Car
Apr
166
13%
2,900
6,100
2
103
100
Apr
Apr
39
preferred
Apr
7
6*4 Feb 14
9
Hud Bay Min & Sm LtdNo par
104
Jan
Apr
110
Feb 17
1,000
9%
June
Feb 19
26
100
138
Jan
"11%
Feb 15
Hudson & Manhattan
28%
Jan
Dec
Jan 13
11
Howe Sound Co
300
106
86
5
900
5% May
83% June
106%
Jan 13
14% Feb
No par
v
May
17
4%
35
100
130
Jan
Feb
113%
7
par
preferred
16% May
Apr
37
20%
Aug
6
No par
Class B
June
34%
96
Feb
12
7"
Apr
89% June
6% Dec
Jan
Jan
3%
Apr
Feb 21
67% Feb 19
126% Jan 24
10
Feb 10
101
7*8
6% Feb 14
88
149% Feo 11
6% Jan 23
95
~
Jan 10
May
9% May
95
3%
30%
14% Nov
Jan 24
14% Feb
Jan
Apr
2% Nov
15
106% Feb 11
Jan
12
25%
Dec
1%
30
Jan 10
100
Mining
New stock,
Apr
17%
3
No par
Houdaille-Herehey cl A.No
n
Jan 10
35%
8
Feb 21
delivery,
6
Jan 10
Jan
May
6
10
preferred
Jan
Feb
9% May
23
Jan
100
Holly Sugar Corp
Nov
55
Jan
No par
Holland Furnace (Del)...
Hollander & Sons (A)
29%
142
Jan
No par
preferred
30
t
June
xl23
16*8
3
108
5%
Jan 13
12
Feb 14
No par
300
18% May
Apr
25% July
18% Jan
15% May
Jan 11
Jan 15
2%
1% Feb 19
34 conv preferred
5%
Jan 25
16
3
Feb 15
100
11% May
Jan
Apr
Jan
Deo
Apr
36%
May
21% May
4
Jan
1% Jan
4
53
1,100
400
Jan
9
100
Motors
Homestake
26
Jan 22
143
2
No par
7%
"2,666
1% Feb
13
1
25
Hlnde & Dauch Paper Co
"""300
Jan
Hershey Chocolate
400
Jan 16
Jan
14%
12%
16*4
May
33
25
Hercules Powder
cum
10
22
2
1%
9% June
6% June
2
36%
25%
15*4
28%
13% Feb 15
2
Preferred
6%
6
36
.100
Helme (G W)
Hercules
9%
Jan
100
Hecker Products Corp
20
% May
4% May
25
Feb 18
6%
40
Feb
Feb
May
4%
71%
14
No par
preferred
Hazel-Atlas Glass Co
162
*__..
97%
Dec
30% Feb 20
634% preferred
Hayes Mfg Corp
200
June
1%
33
1,200
2",400
Apr
69
10
2",700
88
Jan 27
Apr
24%
25
preferred
...100
Hat Corp of Amer class A
1
90
88
Apr
Apr
Sept
12% May
25
Water
7% preferred class A
Hall Printing Co
Harbison-Walk Refrac.No par
92%
90
8% Nov
29% June
40
6%
July
10*4 Feb 19
11
Jan 7
No var
preferred
Hackensack
...
%
100
500
*87%
77
12% Jan 10
11% Jan 24
17% Jan 9
Gulf Mobile & Ohio RR No par
*103*4
*87
Jan 10
34
No par
preferred
Hamilton Watch Co
14*4
10
1
preferred
conv
Grumman Aircraft Corp
40
400
*105%
*105%
*21
20%
22%
21%
21%
*146% 150
*146% 150
*146% 150
6
6
6
6%
*5*4
6
*93% 100%
*93% 100%
♦93% 100%
2%
2%
2%
2%
2%
2%
90
3%
29% Feb 14
1
20%
*87
Dec
4%
May
1%
27% July
*105%
90
45
Dec
2
100
Hanna (M A) Co $5 pf.No par
*84
May
30
13% Jan
13% Jan
12% Jan
140
100
Greyhound Corp (The) .No par
40
126% 126%
68
No par
Green (H L) Co Inc
200
v
67%
68
67% 67*4
67% 67%
*67%
68%
127
127
*126% 128% *126% 128%
126% 126%
53
53
*5234
54
*5234 54
*52*4
54
*5234
54
*5234
54
109
108
108
*100
109
110
*110
111% *107
110% *108
110%
*14%
15
*14%
15
*14%
15
*14%
15
*14%
15
*14%
15
26
26
*26
27
26*4
26%
26%
*26%
27%
26%
26% *26
8
7%
*6%
7%
7%
*7%
7%
7%
7%
*6%
7%
*6*4
9
9
9
9
9
*9
10%
10%
9%
10%
9%
9%
*106
*105%
*105%
*105%
*105% .... *105%
46
47
47
45
47
45
46
46%
45*4
46% x45% 46%
35
35
35
35
*33%
35
*33*4 37
*33%
35
*33%
35
11
11
11
11
*11
12
11%
11%
11%
11%
11%
11%
*57%
62
*57% 62%
*57% 62
*60%
62
59%
60% *57% 60
*110
111
*110
111
110
110
*110
111
*110
111
•■109% 111
3%
3%
3*4
*3%
3%
3*4
3%
3%
*3%
3*4
3%
3%
32
*32
31
31%
32
32%
*31*4 33
31% 31%
31%
32%
*%
*4
*%
*<
*%
*4
*%
*4
*%
*4
*%
*4
3
3
*2%
3%
*2%
*2%
3%
3%
2%
2%
*234
3%
16%
16%
16%
16% *16%
16*4
16%
10%
*16*8
16*4
16%
16%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
*67*4
*125
5,900
31%
*32%
....
...10
20
preferred
Preferred
600
14%
*103*4'
5%
Green Bay & West RR
1,900
11%
11%
14%
11%
*14
Jan
28% Jan 22
1% Jan 11
10% Feb 14
10% Feb 14
31% Feb 19
No par
No par
Grant (W T) Co
150
"
30%
34
30%
*103*4
11%
11%
14
1%
14%
134
Nov
19*4
Feb 15
12
div ctfs.No par
Jan
31
10*4
65
May
1% Jan 10
Feb 14
31
*11
w
Without div ctfs
Granite City Steel
100
142
11%
11%
14
Grand Union
19%
*30
Jan
May
11
6
22
42
9
43
9
6% Jan
Great Western Sugar..No par
142
4% May
Jan
Jan
434 Feb 14
Great Northern pref
*30
31%
.1
5
Motors
Granby Consol M S & P
Gr Nor Iron Ore Prop..No par
42
10%
11%
Graham-Paige
1,600
141
31
.100
Preferred
2,400
141
51% Mar
9
90
*80% Feb 20
1% Feb 14
27% Feb 18
*4 Feb 20
par
No par
8,700
*30
30%
preferred....No
22
42
30%
conv
14%
24%
142
6% Mar
Oct
Jan
Jan
91
0
Jan
Sept
3
30*4
2% Jan 25
2% Jan 2
46
24% Feb 11
13% Feb 18
142
1%
*103*4
7,700
1,100
%
*30
31
$5
Gotham Silk Hose
20
42
*9%
14%
200
32
143
30%
29*4
400
1%
*141
23*8
69% Mar
1,200
13%
23%
May
106
Feb
10% May
Jan 15
Apr
23%
13% May
98
20%
10*4
23
13%
65% Nov
24% Mar
13% Jan
May
32%
24%
21%
7% May
May
200
21
May
16% May
0
10
82
10*4
31%
*23%
*13*4
24%
2134
14
9
Jan
45
200
31%
*23%
13%
4
Jan
Jan 13
600
*10*4
Jan
14% Jan 10
11
231
31%
*23%
14%
20% Jan 10
13
20%
*10*4
33%
July
65%
11
23
32
24%
18%
May
10
16% Feb 14
*12
20%
*31%
*23%
Jan
13% July
20
1134 Feb 14
11*8
11%
31*8
24%
13%
20%
*10%
90
100
Apr
Jan
Jan
Jan 15
59% Feb 19
13
31%
2% Feb 13
Jan
5% preferred
No par
Goodyear Tire & Rubb.No par
5
25
13%
23
12
1
Jan
19%
106% Dec
Mu Apr
Jan
Dec
Goodrich Co (B F)..__No par
5
*24%
13%
22%
10*4
11%
43*4 Feb 14
1% Jan 7
preferred
Jan
1%
400
7,400
5
*4%
conv
Apr
v Jan
"moo
18
*10%
v
*10%
31%
12
10*4
90
*12
4%
13
32
12%
11%
11%
31%
24%
13%
12
434%
Gold & Stock Telegraph Co
90
81
17
5
*2%
*86
12%
59%
17%
11%
59%
17%
i«
2*8
*2%
12% Feb 15
50
1
Gobel (Adolf)
Goebel Brewing Co
"
90
60
*12
4%
2%
2%
*86
17
13
2%
700
No par
Glidden Co (The)
13
42
1*4
7%
10
110
June
Jan 10
3% Jan 13
Feb 21
Apr
Dec
Jan 11
Jan 10
37%
7%
£07%
14%
56%
60
% Nov
9% June
104% Jan 17
13
Dec
127% Mar
5% May
86%
%
Jan
Apr
;
131
May
100
3
Jan 11
21
7
Feb 19
60
No par
2,000
13
*40
2
18%
29%
11%
61%
22%
16%
Feb 14
5% Feb 14
No par
Brothers
preferred
Y,666
13%
42*4
*1*4
$6
1*4
13
*40
2
Glmbel
700
60
preferred....No par
101
May
32% June
3% June
'u Jan 10
10*4 Feb 19
3% Feb 18
34*4 Jan 3
Gillette Safety Razor_.No var
3,000
5%
5%
60
13
12
5
*35
5%
43
*1*4
60
1*8
62
13
12
83
1
32
36
:a 5%
*58%
700
1,700
conv
Feb
2
Feb
44
37% May
106% Jan 15
19
Jan
Jan
%
Sept
116
Feb 19
103
Jan
Apr
118%
2
Feb 18
11% Feb 19
100
Dec
49%
77% May
% Jan 27
16% Jan 10
3
18% Feb 14
General Tire & Rubber Co.—6
Nov
41
118
7% Jan 15
46% Jan 30
35
2
109
Jan
4% Sept
11% Jan
29% Apr
89% Nov
22
28
2
Jan 30
Jan
Jan
145
120
132% Jan 28
48% Jan 6
Jan
57%
8%
% May
4
Jan
Apr
Dec
105
May
Jan 28
80
Apr
May
7%
12% May
33% Dec
111% May
Feb
126
14%
26% May
102
6
021*
3
20
100
Jan 10
113% Jan 31
Feb 14
10
May
Sept
51
1% May
4% May
11% May
48% Feb
6
Jan 10
39% Jan
2
Gen Theatre Eq Corp..No par
preferred
Feb 14
Jan
June
118
5
19% Jan 28
128% Feb 10
35% Jan 14
8
6
General Telephone Corp
6%
8
Feb
4%
6%
15%
80%
0
Gen Steel Cast $6 pref..No par
""""50
36
6
6
16% Feb 20
23% Feb 14
Gen Time Instru Corp .No var
20
*40
60
*80%
*1%
*27%
3%
*34%
30
*34%
12%
*18
*103% 107
11
11
*10%
3%
*3%
3%
11
1,320
1,300
1,000
20
19%
12%
*103% 107
10*4
3%
10*4
3%
12
%
lsii
35
*18
50%
7% Jan
139
46% Jan 27
4% Jan 4
*i« Jan
1
Shoe Corp
June
35*4 May
5% May
6
12
General Refractories...No par
10%
51%
60%
10%
100
Jan
102
Signal....No par
preferred
...100
Gen Realty & Utilities
1
36 pref opt div series.No par
6%
*16%
10%
Jan
% Jan
Gen Railway
10%
51*4
*59
12%
11*4
*59
100
%
Jan
No par
16%
5%
2%
20
Jan
107
No par
preferred
Gen Public Service
24
60%
90
600
55
Apr
20
105% Mar
6% Apr
45% June
3% May
5% Jan 10
Feb 10
6% Jan
1
16%
5%
2%
"""266
8
Feb 14
52
3% Feb 19
No par
Common
General Printing Ink
36
13%
*98% 103
3% May
6% Jan 22
11% Jan 15
Feb 3
Jan 30
Jan 21
Feb 21
40% Feb 19
10*8
44%
*80
%
preferred
24
35
2
**8
*12%
June
35 preferred
...No par xl24
40
Gen Outdoor Adv A
No par
900
■
60%
1%
*ht
%
**1«
35*4
*40
90
12
102
5%
62
5%
*60%
12%
2%
2%
*86
....100
General Motors Corp...... 10
700
97
Jan 21
.
81% Feb 18
128% Jan 2
No par
General Mills......
200
106% Jan 14
20
May
38
36 conv pref series A .No par
17
12%
*34
*8g
%
13
12%
*98% 103
%
*%
preferred
..No par
Gen Gas & Electric A ..No par
10
20
1%
41%
18% Feb 19
12
112% Jan
% Jan
24
*12
12%
1*4
42
41%
Dec
Jan 28
30% Feb 15
33% Feb 15
General Electric Co....No par
Dec
3% Sept
5% Apr
10% May
22
Apr
Dec
39%
1% May
2
7
Jan 25
122
100
preferred
5%
2
17%
17% Feb 15
400
130
1% Jan
2% Jan
4
Dec
6%
41
24*4 May
100
No par
200
81%
81%
4
4% Feb 14
11% Feb 14
73% Feb 19
General Foods Corp...No par
60
Jan
134% Jan
3% Jan
No par
5
34.50
"moo
39
No par
Class A
7%
Feb 15
6
Cable Corp ...No var
7% cum preferred
General Cigar Inc
360
28,100
2,900
preferred
General
118
May
94
5
...
General Bronze Corp..
100
300
800
56
130
131
131
38
80
1,400
1,500
20
49% Feb 20
10
104%
103% 103% *103
11
*10%
*10%
11
3%
3%
3
3%
44
12%
*40
82%
*81%
General Baking
7
No par
preferred..
*16
*18
5%
50
50%
*6%
*41
56
*42
50
$6
105
*100
*23%
10%
52%
12*4
61
preferred
17%
*10%
49%
19%
19
36
5%
61
52
conv
May
2% Aug
Jan
4%
10*4
47%
4%
24
24
24
*10
*18
3%
♦49
5
50
534%
61
7
3% Feb 20
46
106
3
Gaylord Container Corp
50%
49%
6%
*80% 83
131% 131%
40% 41%
*8
*%•
*16
*12%
11
3%
Gar Wood Industries Inc
105
*100
50
102
*102
106
19
11
105
12
12
12%
12%
*18
^
400
4%
Apr
6
1*4 Feb 15
"1.700
..
Jan
Apr
21%
Jan
1% Feb
5%
4%
35
107%
14*4 Feb 18
preferred
Nov
32
June
18% June
102
33
10%
4%
Jan
25% Apr
8% Nov
May
43
X 5%
4%
132
Feb 19
Jan
21% Apr
38% Mar
9% May
7
2% Feb 17
Jan
46
6% Sept
Sept
7
20% Jan
106
22
2
105
Gannet Co conv 16 pref No par
Ill
Jan
13% Feb 14
......10
Gamewell Co (The)....No var
$3
4
107% Jan
Feb 14
27
"
49%
%
**8
12
»51#
*19
*103% 104%
200
800
24
24
24
32
Jan
105% Jan 24
*10%
52
*49
4%
4%
*100
105
50
12%
*102
100
*%a
200
34,000
12%
12%
2,500
1,100
42%
'i«
*12
"""866
125% ♦125% 125*8
125% 125%
125% 125% *125
43
*40
42
*40
43
42
41% 41% *40
4
4
4
*3*4
3%
4
4
*3*4
3%
6*4
6%
6*4
6%
*6*8
6%
678
0%
0%
111
111
*109
111
*109
111
*109
*109
111
4
6%
Jan 13
5*4
■'
4%
81%
81%
131% 131%
42%
*40
4
111
80
2,100
125
40
29
800
125
6*4
24% Feb 14
Gen Am Transportation.....5
57
4
preferred
..100
Food Machinery Corp..—10
434% conv preferred
100
Foster-Wheeler
10
17 conv preferred
No par
Francisco Sugar Co
No par
Fk'nSlmon&Co inc 7% pf.100
Free port Sulphur Co
10
Gabriel Co (The) cl A..No par
Gair Co Inc (Robert)
1
conv
t,8oo
81%
40
*109
52
7
May
19
8
24% Jan 24
3
4% Feb 18
50%
41%
41*4
41%
125% 125%
♦48%
"2,200
181?
*106
33% Jan
Jan
22
Jan 13
10
5%
1%
1%
18%
31% Feb 15
400
15%
*1%
*15
No par
Florsbeim Shoe class A .No par
10*4
5%
10*4
5%
10%
52
/
*4%
*131
131
131
*50
111
*106
5%
♦10%
5%
10%
*14%
18%
111
*100
111
5%
10%
50
*80
82%
82%
-
*100
57
58
*50
18%
1%
1%
15%
18%
1%
*1%
1%
15
Florence Stove Co
21%
32% May
10% May
24*4 June
42% Jan 13
12% Feb 14
0*4
6%
6%
6%
6%
*6%
6%
139
139
*130% 139
*136% 138% *130% 139
139
4
4
4%
4%
4%
4%
3%
37s
3%
4%
4%
4%
4%
4%
4%
4%
*4%
4%
13
13
12%
12% ♦11
♦11*4
*11%
*11%
12%
74
74
*70
74
75
*74
76
73% 73%
*17
17%
*18
17*4
17%
17*4
18% *17*4
18*4
125
125%
125% 125%
128
125% 125%
*125% 128
31*4 32%
31
32%
31%
31%
30*4
31%
31%
35
35
35*4
35
35%
347k
35%
35%
35
*113% 114
*113% 114
*113% 11378 *113% 114
114
«ie
%
%•
*!•
%
%
%
®i«
♦11*4
114
*113
,
4%
4%
4%
18%
50
*3*4
12
19%
105
*136%
77%
17%
127% 128
30%
30%
33%
34%
1%
15%
1%
35
*34%
1%
37% Feb 21
Jan
Jan
22%
84
Jan 10
(The)....No par
Foil ana bee Steel Corp..
""500
105
4
First National Stores..No par
Flintkote Co
Gen Amer Investors...No par
412
*130% 139
3%
4
4%
*1%
♦14%
1%
35
*34%
35
600
5
Feb
share
per
Sept
12% May
14
102
Highest
$ per share %
18% Jan 10
Feb 14
16
6% preferred series A—100
800
24
24
3 per share
Co.No par
Rubber—10
800
49*4
0%
12
1%
14%
*18%
52
*100
*75%
17%
*34
♦106
111
6"
*6%
♦43
35
•1%
1%
14%
15%
18%
*50
4*4
46
1%
52
50
2*8
*31%
*4*4
25% *22% 25%
27
27
*27
27%
27%
*105% 106
*105% 106
106
14
14*8
14%
14%
13%
105
119%
*108% 119% *109
3
2*4
3*8
2*8
2%
4 5*4
*43
*43
45*4
45%
35
5% " 5%
*10%
10%
105
*22%
*43
10*4
*4%
13%
105
2%
2%
46
*14%
*18%
27%
112
110
: 5%
*98
25%
4%
*22
*105%
*105% 106
14
14
5 '
*49
4%
25%
4%
*22
10*4
*50
31*4
♦23%
4%
12%
34%
*106
111
*106
12%
*31%
1,900
24
.
15%
18%
15%
700
12*4
31*4
31%
1%
1*4
1%
37l2
12*4
12%
Firestone Tire &
700
37%
24
4%
"1,600
13
31%
25%
27%
20%
16%
16%
102% 102%
3 per share
Far
Year 1940
Lowest
Highest
Fllene's (Wm) Sons
*16
17%
16%
38
12%
4%
16
Lowest
*37i2
31%
"
*43
1*4
1%
16%
102% 102%
25%
2%
34
*1%
♦
16%
16*8
25
*4%
34
~
33
20%
*16
*2312
12%
2%
50
*43%
Shares
*31
116*4 ♦108% 110
*2%
% per share
24
4'
27*4
271
*105% 105*4 *105% 106
14
14
13*4
14
115
% per share
S ter share
31
24%
28
*27
Week
102%
102% 102% *102
39
39
39
38%
*31
25%
38%
12%
Feb. 21
16%
102 !2 *102
102
Feb. 20
20%
16%
*14*4
On Basis of 100-Share Lots
EXCHANGE
Friday
Feb. 19
S vex share
$ per share
% per share
Range Since Jan. 1
NEW YORK STOCK
the
Thursday
Feb. 18
Feb. 17
Feb. 15
STOCKS
for
Wednesday
Tuesday
1941
22,
Range for Previous
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
AND HIGH
LOW
Feb.
Jan 15
Jan
6
37% Jan
8
4%
% Jan 22
3% Jan 6
17%
4%
%
54% May
101
June
3% May
%
50%
Dec
1%
2% May
12
May
Jan 13
3
May
Jan
6
6%
Aug
28
8
Jan
71%
112
% May
7%
27
Apr
Mar
Jan
Dec
Apr
Apr
Dec
Jan
Feb
Feb
Feb
Jan
6%
Feb
1
Jan
Ex-right, t Called for redemption.
Volume
IXJW
New York Stock Record—Continued—Page 6
152
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Feb. 15
Friday
Feb. 17
Thursday
Feb. 18
Feb. 19
Feb. 20
Feb. 21
$ per share
$ per share
Range Since Jan. 1
On Basis of 100-Share Lots
Week
Shares
S per share
6i8
133$
*37
*3%
1912
; *5
235s
*99
$ per share
6%
3*4
6*8
13i2
3712
*3i2
19i2
19i8
5%
23%
*5
13%
38
102
80
13i2
13
3712
414
*3i2
19i2
1914
512
235s
*3612
37l2
414
19%
512
2314
99i2
...
80
9912
*155
7914
80
79 *
978
63s
10
...
9*4
*638
97,
*39
3t
148i2 *147
79
9*4
6l2
*223, 23i2
*112
112*4
*3l8
3i2
778
8
134
40
150
$
612
13*4
2314
100
63, J 63,
63s
*2212 24
22l2 22%
*112
11114 112
11234
IH
*3%
3ig
3i8
8
7*4
8%
8I4
15s
1%
*1*4
17g
*146
*5
235s
*155
9*4
6%
37i2
100
*155
$ per share
6*4
40
147
1*4
40
147
per share
614
614
13
13
*37i2
38
*33,
47g
19
19
*5
6%
*155
*5
23%
101
6%
6%
3.200
13%
*13%
1384
*37%
38
;
4%
19%
5%
19
2334
'
23%
*3%
77
9*8
6U
22%
76%
9*4
9%
6*8
6%
223s
21%
112
111
*31,
312
77,
*15»
8
1*4
40
41
146U 147
147
~2"500
5%
"i'900
400
76*4
10%
5,400
6%
10
""soo
1,200
23%
76*4
300
*6
*20%
111
*110% 11184
200
3%
3%
3%
200
8%
8%
8%
7,700
I84
1%
*39%
1%
300
40%
400
41
148
150
90
7
7
28l2
28%
*83
♦130
90
*28
90
*83
90
*83
8
*6*4
*83
*7
8
*7
8
*7
8
28U
*2734
28%
28*2
128
130
*28
127
28*8
127
*2714
*126i2
117,
40]s
*11*2
12
111*
115,
III4
40
4012
40l2
40
40
397g
*126%
11*8
11%
397g
*39*4
5514
55%
55i2
56
5534
56
55l2
56i2
117,
*127
128
12612 127
100U 100*4 *100*4 104
126
127
*126
127
102
102
*100
101
*1U8
*11*8
12
*12012
*1138
12
*1201*
*120i2
4
4
4
4
*14
16
*15
16
13U
*103
12
1314
13
13
104*,
103
103
4
*1514
*1218
102
*113,
127
12lg
*12012
4
4
*15
16
13*2
*121,
102
*83
*7
11%
13
11%
126
*12%
*102
5,300
300
13,200
*1812
27
*19
21
21
57«
2312
12
12
12
1212
12
12
12
*714
*23i2
*20l2
7*4
24
*7U
2418
734
24U
*7
734
*23
2334
*21%
21*4
*7U
8
24
241,
21*4
21*4
2214
2234
*11412 116
*1*4
17,
*12
»ie
2i2
*2l4
212
21
2078 21
11*4
117g
12*8
*22
2214
227,
35
35%
*11412116
1*4
214
205,
11*4
5l2
*37
*88
90
*180
*191,
1*4
5*4
38
89i2
90
180>4
355s
;
3578
55,
*37
89
534
>
38
89
90
90
180
180
*5*8
*20% 21*4
114l2 11412
*1*4
17,
*%
*l«
'
2%
20i2
12i8
%
2%
*20%
*1134
%
2%
20*4
23
35
5*8
*37
*88
89*2
*180
20l2
23*4
2334
*23
33l2
3312
*3312
*19l2
534
5
37%
*37
89
88
3012
*108l2
14l2
36l2
25,
*137,
*108l2
18
*161
*17l2
*5812
*29
*19%
30
*29
11%
28l2
11
*614
14%
*13i2
1
4*4
8i,
137,
14
23
23*4
8%
25i2
25
*173 «176
45,
83g
*2514
25ig
*174
*2%
*25%
*104U
1314
1314
14
14
*10338 10412 ♦1033s
22%
*22*8 22*4
*714
*31
712
7%
7*4
3ig
*
26
Jan 13
13
Jan
300
80
Lee Rubber & Tire..
21
114
Lehigh Valley Coal
300
6%
2334
3l8
24i2
3ig
247,
26*8
24
*135% 139
25%
26
23% 2334
12
*11
12
2812
*26
28%
14i2
1*4
*15g
1*4
1%
7i8
*6%
1334
7%
13*4
*6%
7%
*13%
14%
7g
434
4%
1
1*4
1
1
1
4%
4%
4%
8
14%
14%
14%
235s
237g
7%
13%
23%
8
14
7%
4%
23%
23%
8%
*24%
25% 25%
25%
174
174
*167%
48% 48%
48*4
1
""600
1,000
,r
400
"l'lOO
-
1
1434
.
4%
% Feb 13
2% Feb 14
20% Jan 30
11% Feb
19%
7% preferred
Louisville & Nashville
300
MacAndrews & Forbes
10
23% Feb 14
Copper..........10
25% Feb 21
Manati Sugar Co
6,400
Manhattan
Shirt
Marine Midland Corp
8%
880
14%
8,500
25
800
2%
400
*25
26
*25
26
25%
*104%
*104%
*104%
1312
*13%
13%
*13%
13%
*13%
13%
14
*13l2
14
*13%
13*4
*13%
14
*13%
13%
104
*103*8 104
*103*8 104
103% 103% *103% 104
23
2212
2314
*22%
23%
*23%
2334
23% 23%
8
*7l2
8
7%
7%
7%
7%
7%
7%
31
31
*31
32ig
32
*31U 32
*31%
32
778
712
758
7%
7%
7%
7%
7%
7%
3
3
3%
3%
3i8
3%
3%
3%
3%
24
25
2434 25
24%
24%
24%
24% 26%
600
—
25%
2*4
25%
...
Bid and asked prices; no sales on this day.
*2%
...
10
t In receivership,
""366
900
100
500
McCall Corp
McCrory Stores Corp
6% conv preferred
McGraw Elec Co
No par
1
100
—1
Feb
Jan
4
Feb
9% Jan
21% Sept
16%
7% Nov
$584 Jan
100% June
116% Dec
1% May
%
Dec
May
25
Jan
Dec
4
Jan
1%
Jan
4*4 Nov
24% Nov
15% May
9% May
18% May
29
14
Feb
Apr
16
May
23%
Apr
20
Jan 21
30
Jan
18% May
,
11*8 Jan
16% Jan
28% Jan
3034 Dec
27
May
41
Apr
9
37% Jan 14
May
143g
Apr
19% Jan
10% May
22% July
20% May
97
May
15% May
40
29
June
46%
Jan
2
May
4%
18*4
Apr
34% Jan
109
_
Jan 29
Jan
3% Jan
3
162
Jan 2
1938 Jan 10
7084 Jan 27
31% Jan 21
138
Jan 21
13%June
105% May
17% Dec
138% May
15% May
May
38
25*4 May
128
Sept
33% Jan 10
17
27
Jan 14
12
Jan 21
30% Jan
1
Jan
May
103% Jan 23
12% Jan 7
13% Feb 14
103% Feb 20
22% Feb 1
7% Feb 19
5% Jan 14
24
Feb 19
3O84 Jan
6
12% Jan
6
25*4 Jan 28
Jan 21
13% Jan 16
14% Jan 6
lll7x« Jan 30
25% Jan 11
9
Apr
163% Dec
21%
4
May
36% May
2% May
20
May
96%June
10% May
10
May
Jan
65
Nov
35
Jan
136% May
3is4 Dec
1% Aug
11% May
84 May
Jan
25%
31
6
Apr
Apr
109% May
38
11% Jan 8
15*4 Jan 27
104
39%
21% May
June
8
109%
20% May
8% June
160
Jan
18% Mar
41% Apr
37% Mar
2
2% Jan 14
25
Apr
Apr
Dec
176% Feb 10
53% Jan 23
Feb 19
45
Jan
109
May
2% Feb 14
Feb 18
Cash sale,
Apr
3% May
16% May
15% May
48% Feb 21
174
3
r
May
8% May
2%
31*4
26
11% Dec
June
J McKesson & Robbing, Inc..6
$3 series conv pref...No par
New stock,
Apr
Jan
21
31
n
Jan
15% Nov
46%
Apr
4
Jan 22
Feb 14
McGraw-Hill Pub Co ..No par
d Del. delivery,
Apr
Dec
34%
30
Feb 14
8
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
2,900
38%
39%
28% Jan 13
23
300
8,700
9%
105
23% May
3% May
2% May
884 May
2634 June
6% May
2134 June
600
2,000
Apr
15% Jan
104% Dec
15% Jan
109
Apr
18% Nov
109%
6% Jan 11
14% Jan 13
24*4 Feb 21
24% Feb 15
Maytag Co
........No par
$3 preferred.....
No par
$6 1st cum pref......No par
...
Mar
188%
3
Jan
Jan 14
4% Jan 30
7% Feb 18
13% Jan 17
Mathieson Alkali Wks.No par
100
10
7%
20% Nov
May
2% Feb20
84
1
No par
No par
7% preferred
May Department Stores
121
June
534
Market St Ry 6 % pr pref—100
Marshall Field & Co...No par
24
Jan
Jan
109% Dec
16
Apr
1% May
17% May
19% May
2
May
22% Aug
87
4
1334 Feb 18
..5
8%
77%
132
Dec
87
1% Feb
Maracalbo Oil Exploration.__1
14%
Feb 14
Feb 17
11
No par
25
Mandel Bros
""160
25
1
48%
*2%
135% Feb 20
Magma
2%
3
Feb 18
Macy (R H) Co Inc...No par
Madison Sq Garden—.No par
48%
50
29
800
2%
*48%
*2l2
2578
25%
*104U
13U
*13i8
10
200
48*4
*167% 174
8
Feb 18
1,800
1,500
3
Jan
17% Jan 29
No par
2584
49*4
159
Mack Trucks Inc
4,300
Jan
Dec
169
19% Jan 15
CO
—100
1
Jan
1
Feb
100
6% preferred..
8%
33
Jan
17*4 Feb 20
2,200
*25%
*167%
176
4
Jan 18
15% Jan 6
110% Jan 18
108
Louisville Gas & El A..No par
Martin-Parry Corp
Masonlte Corp
25%
Feb 19
2% Feb 15
1334 Jan 30
Martin (Glenn L) Co..
25ig
14
Long Bell Lumber A..-No par
Loose-Wiles Biscuit
25
400
8
25%
2584
20% Feb 14
Jan 13
96% Jan
_
900
9,400
24
Jan
36% Feb
170
Jan
Jan
Dec
92%
98
Feb 10
Lone Star Cement CorpNo par
600
Jan
4%
189
Jan 27
30% Jan 14
400
484
10%
Jan
107% Jan 31
100
10
100
Dec
May
89% Feb 18
1
....
Nov
33
No par
5% preferred
Jan
30
109
39
.
No par
Lorillard (P) Co
36%
Apr
Jan
Apr
1,200
10
5%
9%
934 Feb 17
2,400
73
May
1484 Feb 14
900
Jan
5
33
$6.50 preferred..
Jan
Feb 19
179
...No par
Loews Inc
Jan
38%
133
53*8
Feb 19
Loft Inc
7
June
22% Feb 19
100
Jan
14% Apr
30
Lima Locomotive Wks.No par
5,200
8
Jan
Dec
6%
24
88
Liggett & Myers Tobacco..25
Series B
..—25
4,100
8%
25%
22% Jan 22
12% Jan
10
May
27*4 May
2
Jan
6284
45% Jan
7% Jan 23
Link
34.600
Jan
Jan
Jan 13
Jan
191% Mar
173
Jan 29
Jan
Belt Co
Jan 10
Dec
.
Jan 30
37%
Preferred.......———.100
Lily Tulip Cup Corp...No par
Jan 13
Jan
2% Dec
44
22
6
Corp
8%
8
25
4
_
Mar
5% Nov
12%
35
5
2434
8*4
26
2512
_
7
8%
8%
*25U
Jan
Libby McNeill & Libby
24*4
85g
26
Feb 14
400
600
4%
8%
27%
25%
116%
2*4
84
_
Life Savers
20%
1
1
Jan
8
8% Jan
Feb 15
I84 Jan
preferred
Lehman Corp (The)
Lehn & Fink Prod Corp
5
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
conv
Feb 15
23*4 Feb 20
100
—50
No par
.50
..1
4% conv preferred
tLehigh Valley RR
800
7
..5
Lehigh Portland Cement-—25
500
90%
29%
*28%
29
135% 135% *133% 139
26
26
26%
26%
23%
23*4
23*4 24
*11%
12%
*11%
12%
*27
29%
25% 26
2
1*4
2%
2%
*6%
6*4
*6%
734
*13%
14%
*13%
14%
Jan 30
27% Jan 9
29% Jan 10
12
57,300
*28
*26
83g
4934
*24
26i4
29
*11
14ig
237g
25g
2514
8
*1353, 139
29
15%
Jan
5% Feb 14
17% Jan
5%
37*4
...
11U
8*8
48l2
31
2434
29
...
28i2
1378
23%
25g
*7U
2618
29
*78
48l2
—
30
*1353, 139
*13l2
31
15%
—
1%
13i8
1334
15*4
21%
3
22*8 Feb 14
100
No par
No par
5% preferred
Lambert Co (The)
Lane Bryant
3,400
24
Jan
Jan
Laclede Gas Lt Co St Louis 100
22
34%
Dec
2% Feb 11
29% Jan 25
26% Jan 13
Feb 14
2% Feb 15
No par
117% May
3% May
11
May
9
May
92
May
7
40
35%
34
1
Kress (8 H) & Co
122% May
48% May
9% June
8% May
434 May
87% June
24% May
24
35%
5%
*23
1*4 Jan 21
23% Feb 15
22
,
95
Jan 10
113
Jan
Jan
Jan
Apr
Mar
Jan
Feb
15%
7% Nov
47% Mar
17
June
Jan
Kroger Grocery & Bak.No par
9,000
6*4
*10414
*15%
Kresge Dept Stores.
i
Nov
52
44
8
6
94
130
18
Feb 21
2,400
21i8 21%
21
21U
213s
20%
22-%
22%
23-%
31
31%
32
3078
3178
315,
30*4
32
3078
3284
32%
109
*108i2 1087fi *108% 10878 *108% 1087g *108% 109%
108% 108%
14*4
1434
14
15*8
15%
14%
15
15%
15%
16%
16-%
37
36i2
37
36*8 37
36%
36%
37%
37%
37% 37%
25,
2%
25g
*2%
3
2%
2*4
2%
2%
234
234
14
14
14
14
14
14
14
*14
*14
14%
14%
108i2 108l2 *10812
*108%
*108%
*108%
18
18ig
18U
*18%
18%
17%
18%
1734
18
17%
17%
166
*161
167
161
161
164
160% 161
160% 160% *161
*18
*18
18ij
18l2
18%
*18%
18%
18%
18%
18%
18%
60
60
60
*58*4 60
61
*59%
61
61%
*61%
63
1*2
2514
100
17,700
22
*19%
15
Apr
June
106
7% Feb 4
104% Jan 22
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
*26l2
1*4
*6i4
2412
15l8
100
380
4,500
3,200
88%
Feb 18
14% Jan 10
104% Jan 27
38
21%
11%
181
102
1
Jan
158
9
May
3484 May
Feb 11
7
118
56% Feb
39% Dec
June
20% May
7
Feb
Apr
Jan
1
21% May
122
Jan 16
18*4 Jan 24
Feb 20
900
88%
13
9
Jan 30
Feb 14
21%
11%
984
Jan
5% Jan 10
16% Jan
12
900
90%
Feb 14
32
100
1%
*37
4
Feb 14
800
*23%
8ig
15i8
934
11
31
800
24',
*25l4
15
9*4
7
63% Jan 13
6
Feb 14
98% Feb 21
934
24i8
8
10
14
44
4
Feb 14
KennecottCopper.....No par
Keystone Steel & W Co No par
Kimberly-Clark.......No par
Kinney (G R) Co
1
$5 prior preferred... No par
Kreage (8 8) Co
10
2%
*177
Class B
15%
26
45,
*934
11% Feb 19
Kendall Co $6 pt pf A ..No par
21%
35
Jan 10
30
800
1%
*%
*2%
20%
23%
Jan 20
133% Feb
11,200
114% 114%
88
8
Feb 18
8%
106%
37%
13%
7
*5
90%
9
33
Feb 14
6% Feb 19
21%
181
3
1
800
"moo
23
7
Jan
28% Feb 21
127
100
9*4
251,
*7g
10
"MOO
24%
*19%
88
Jan
121
*7%
*34
7% Jan 9
94% Jan 17
2
24%
20%
23%
3% Jan 10
5
7%
34
3
Feb 17
Feb
60
34
Feb 13
120% Jan
700
22%
2
110% Jan 9
12% Jan 10
190
June
Nov
984
29
37
8
128
700
6%
23
Jan
Jan
Apr
Jan
10% May
40% May
184 May
9
100s4 Jan
3
Jan
100
12%
7%
90%
6
126% Jan
23%
*177
4
Jan
Jones & Laughlin St'l pref. 100
Kalamazoo Stove & Furn
10
*12
88
90
180
31
Jan
190
300
109
Jan 16
Jan 2
600
15%
15
25l2
Ills
88
90
180
Jan 10
126
pf ser BNo
City Southern.No
43%
Dec
5% May
3% May
19% June
Jan 13
10134
13
102% 103
3734
4
6% Feb 19
56
*18
*37
4
Jan
1%
25
May
13% May
97% Jan
184 May
1% May
4% May
74% June
5% May
Jan
39% Feb
*12%
5%
Jan
2
1
13
5%
Jan 10
26% May
95
4% preferred
..—100
Kaufmann Dept Stores
1
5% conv preferred
..100
Kay ser (J) & Co
5
Keith-Albee-Orpheum pf-.lOO
Kelsey Hayes Wh'l conv cl A. 1
11%
22-%
131
2
6
Jan 10
No par
100
35%
2%
9%
3%
26*4
Jan
31% Jan 30
No par
Preferred
1
May
18% May
Jan 16
15%
67%
2%
3934
41%
Johns-Manvilie
17%
35
Jan
Jewel Tea Co Inc
*16
21
-
Jan 30
700
12
June
2% July
6% May
May
1,000
16
2%
3
91
May
par
2%
Jan
u.
2
2
29% Jan 4
26% Feb 15
par
1%
Jan
10% Feb 19
67% Feb 19
1% Feb 17
37% Feb 17
38% Feb 21
1
Kan City P & L
2134
Jan 28
Jan
145
......1
Kansas
114
2
June
....No par
400
*1*4
49
233g Feb 19
100
4%
24
3
6
Jan 14
38
130
...No par
No par
*4
103
25%
113%
4%
11%
2%
9
136
86 preferred
Jarvis (W B) Co
1,600
90% Jan
13% Jan
6% Jan
3% Feo 14
...
—
Jan 10
170
.
Island Creek Coal..
161
167% Jan 10
5334 Jan 10
7
Internat'l Mining Corp
1
Int Nickel of Canada..No par
Preferred
100
Intertype Corp
111% Jan 22
FeD 10
Feb
Jan 10
157% Feb 20
1% Feb 15
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
Preferred
13%
Dec
Dec
May
16% May
72
May
140
May
66% May
7% May
4% June
21% Aug
146% Feb 19
46% Feb 19
....100
Lion Oil Refining Co...No par
*13538 139
*26
377g
39
No par
Preferred
26
3% Feb 17
734 Feb 14
1% Jan 30
Interstate Dept Stores. No par
*120%
4%
*22
55g
90I4
21 is
934
1178
35%
111
No par
1,100
12%
20%
11%
Interlake Iron
7% preferred
100
Inter Telep&Teleg....No par
Foreign share ctfs...No par
*7
21*4
1
International Silver.......50
*20
114
20
Interchemical Corp..
No par
6% preferred
100
Intercont'l Rubber....No par
International Shoe
5%
23%
2334
Inspiration Cons Copper
Insuranshares Ctfs Inc
6,800
11%
*11%
•
180%
2078
2334
34l2
5%
155% Feb 10
76% Feb 20
9% Feb 19
6ig Feb 20
22% Feb 19
Intnational Salt
*12
114% 114%
*1*4
17g
*22
*19l2
20*4
12
35l2
34's
15
2312
12i8
2278
2078
2314
15
*2212
35%
23
10
5%
22%
*32i2
*9*4
212
20l2
514
No par
100
57%
7*s
*71,
7l2
*714
7i2
7ig
7%
734
8
*7%
7%
1097, *101% 10978 *101% 10978 *1015, 10978 *101% 109% *101% 109%
16
*16
16%
I6I4
*15
1612
*145,
16
1578
;
15
15
65,
65s
6*4
6*4
6i2
6i2
6i,6i4
6%
6%
*6%
6%
*99
102
*99
9914 99U
101
100
100
*97% 101
98% 98%
311, 31*8
31*4 3212
32
3178
32ig
33
<31%
32
32% 33
12
12
*12i8 12l2 *12i4
12i2
12U
12U ♦12%
12%
12%
12%
*32
35
*32
33
*30
32
*31i2 34i2
32
*31
32
33
*1*4
2
*1*4
2
*1*4
2
2
1*4
134
*1%
*1%
2
23U 24
24
*2412 2512
24
2412
24l2
*24
24l2
24%
25%
22
22
22
22i2
22i2
2212
22*4
23
23%
23%
23% 23%
27,
27,
*27,
3U
*278
314
*27g
314
*2%
3%
*2%
3%
22*, 23
227, 231,
227g
23
22% 23
22%
22*4
22*4
22%
24
24
25
25*s
25l2 25*4
26
25U 2514
26
25%
25%
55g
100
Inland Steel Co
300
*71,
*53,
99 Feb 14
300
40
16
55,
No par
190
*101
*514
22% Feb 19
200
500
284
share
per
24%
5
...No par
Ingersoll-Rand
June
20
6% Jan 10
Inter Paper & Power Co....15
"""166
Jan 10
21% Jan 27
Feb 13
5% conv preferred
100
InternatRys of Cent AmNo par
5%' preferred
100
10,600
4
2
Feo 19
5
3,500
100
31
5% May
May
19
15~666
30
57%
*100
16
3,200
3934 Jan 28
6
12
par
Internat'l Harvester
200
28%
*3934
57%
*3%
102
8
39%
127
1000
8% Jan 10
16*4 Jan 22
Feb 18
Highest
$ per share $
10
Refining
Industrial Rayon.
Internat Agricultural..No par
Prior preferred
100
Int. Business Machines.No par
90
28%
100% 101
*11%
12
*120%
34% Jan
2% Jan
Indianapolis P & L Co.No
Year 1940
Lowest
$ per share
6% Feb 15
100
1,300
*126%
...
4
16
102
57%
90
share
13
3,200
150
47
47
47U
48
47
48
47
46'4
46*4
4734
4734 48
*15614 1597, ♦157
15978 15812 158i2 *157
15978 157% 157% *158
159
U2
15s
1%
1%
H2
H2
1%
15s
lSg
1%
1%
1%
7
7i2
714
75g
7
7i4 ; 7*s
714
7% : 7%
7%
7%
35,
3%
*35g
384
3%
3*4
*33,
37g
*35,
4
*3%
334
23i2 2378
24
2334 24
24*8
23*8
24
24%
24%
24%
24%
*123
134% *123
134i8 *123
134% ♦123
134ig *123
134% *123
134%
III4
1112
1112
1134
lll2
1134
107g
HI4
11%
12%
11%
12%
58
585,
5834 595s
58*4
5834
58
57l2
59U
59
59%
59%
♦US
1*4
1%
112
*114
1*4
*112
1*4
*1%
134
*1%
134
38
S8i#
3714 3734 *3714 38
*3714
*37
377, *37
37%
37%
*39
41
*39
41
*39
40
39
*3914 40i4
39
38% 38%
*2912 SO
*29
2978 2978
297g
*2914
30
29%
29%
*29% 30
25'4 25%
*25l2 27
*25i2 27
26% 27
*25*4 27
*25% 27%
*9812 101
*99
101
*99i2 101
99
*95
99
100
*97
100
2
2
2
218
2 1
2
2i8
2
2l8
2
2%
2%
2
2%
2i8
2
2%
*2
2%
2i8
*2
2%
2%
2%
6
«%
6
6
*584
5%
514
6
584
534
534
♦83
100
Range for Previous
Highest
6% preferred
*155
76%
10%
6%
23%
per
Leased lines 4%
RR Sec ctfs series A
Indian
23%
$
6% preferred series A... 100
100
101% 101%
101
*3%
7%
*15g
41
Par
Illinois Central RR Co
4%
19
*5
*155
77
Lowest
1,100
3734
19
512
22U
23ig
*98*4 101
112
6%
13%
3734
*3%
1243
12%
4%
Apr
Jan
Mar
Apr
7% Mar
Jan
l%May
16%
5% Oct
1324 Dec
16% Nov
4784 Apr
1484
Apr
40% Jan
32*4 Apr
173% Dec
53%
4%
30%
105
16%
Jan
Feb
Apr
Mar
Jan
17%
Apr
May U1»m Dec
29
17% May
Apr
93
9
5
June
9%
3
33*4 Jan
June
47%
Jan
2
934 Jan
7
9
26
7% Jan
x
Jan
Feb
6% May
12%
884
Apr
Ex-dlv.
y
3% Jan 6
26*4 Jan 21
Ex-rlght.
3%
Dec
17% May
Apr
Jan
32% Apr
H Called for redemption.
SALE PRICES—PER SHARE, NOT PER
AND HIGH
WW
NEW YORK
Monday
Thursday
Feb. 20
Wednesday
Feb. 19
Tuesday
Feb. 17
Saturday
Feb. 15
Feb. 18
Feb. 21
9 per share
9 per share
$ per share
$ per share
9 per share
200
*6
*6
6% /
6%
*6
*6
6%
63,
*6%
6%
*105% 107
*105% 107
*105% 107
*10512 107
*105% 107
"""466
*734
8
7%
7%
7%
7%
*7l2
8
*734
83g
8*4
10
*70%
78
*71
73
*70%
78
71
71
*70%
78
78
70%
*66%
70% *66%
*66%
70'8 *66% 70%
70i8 *66% 70i8
29%
29% ""900
293g
29%
29% 29%
*29l4
29%
295s 29&8
29%
1,100
3%
3%
*3%
3%
3%
3%
3l4
3l4
3%
3%
3%
360
22
23
22% 23
2134
2134
2212
22l2
2238 223g
22i2
800
17%
17% *17%
18
15
16
*1634
17
1678
17
15
300
*30
29
29
29
30%
29
*29
29
29
2934
31
3,600
7
7%
7%
7%
7%
7%
73g
7l2
73s
7%
6%
*71
*66%
29%
3%
2134
*13%
*28
712
1334
3034
14
143s
3034
7U
*13%
31
3134
123
4218
42%
123
42
124
*122
42
*108
*108
"3V8
*54
60
*54
60
*54
60
♦9%
934
*9l2
934
9%
*2
%
%
12
*»it
1%
*%
14
13%
78
78
*11012
—
119
119
3514
36
42%
*40
834
*15U
1912
3%
*4514
10%
700
9%
9%
*%
600
900
*%
14%
77l2
*16
*16
%
%
%
*h
14
15
15
15
15
*14%
15%
14%
15
14%
78
77
78%
77
77%
78%
78%
77%
77%
119
*116
119
*116
*116
119
119
116
11012 *116
118%
118% *116
118% 118% *116
118% 118%
*11812 119
36
35
36%
35%
35%
3534
3534
36
35%
35%
1,100
1,300
*40
42%
16
2178
16
*1934
*3%
334
3%
834
*44%
4%
*1434
1734
558
♦111
113
112
112
6
6
*44%
4%
1434
1734
47%
4%
1434
18
534
1,300
120
400
600
*44%
47%
4%
16
S",800
16
4%
15%
18%
18% ' 18%
3,900
*14
15
*15
1734
17%
*5%
5%
5%
734
20
|
578
*5%
*7%
7h
*7
*7
*7
7
7
7%
7%
7%
8%
8%
8%
8%
8%
8%
8%
*8%
8%
8%
8i4
17
17%
17%
1634
17%
1634
17
17%
1678
17%
17%
*162
170
166
*161% 170%
170% *160
*15614 170iS *156% 170% *160
*12%
13% *12%
13%
13
*12%
13% *12%
*12%
13%
*12l4
1314
*85
89%
*85
89% *85
*85
89%
*85
89%
*86
89%
89l2
16%
*14%
16% *14%
*14%
16
*14%
16
*14% 16
*1414
16
12%
12%
12%
12%
12%
12%
12%
12%
1234
1234
1212
12l2
*9
984
934
9%
934
934
10
934
934
9%
*912
13%
133g
13%
13%
13%
13%
13%
1338
13
13%
13%
13i8
*5
5
5
5%
5
5
*434
5
*434
5
4%
5
8
*7%
*7%
8%
*7%
83g
-7%
7%
*758
83g
*7%
8ig
217g
21
2034
21% *21
21%
2034
21
2078 21
20%
2034
13%
*12%
13% *12%
14%
*12%
14% *12%
*12i4
14U *12% 14%
*7I4
7%
17
684
678
678
*82
87
*82
678
634
.91% *82
16
16
17234 *170
6%
91%
16%
6%
*82
90
6%
1578
1534
*172
56%
5%
563s
55%
5%
47g
65%
5
55%
5%
*9
9%
*8%
9%
8%
9
9i8
42
*42
43
*42%
45
9&8
*83s
43
4%
958
812
:*14%
*7712
*42l2
1512
80
4434
42
*4H2
4%
26l2
21
2O4
12
34
1214
12
12
25l2
2512
*2158
22%
412
*8l4
8%
14%
77%
44%
107
2534
21%
412
9
33%
12%
*1134
2534
*22
*4%
*734
*4%
934
2534
26
23%
534
9
*43
45
43%
45g
*984
43%
4%
10
8%
15%
78
44%
434
4%
4%
97»
9%
*934
9%
8
*75%
*42%
44%
*42%
15
78
44%
8%
110
*25%
21%
26%
6%
21%
33%
12%
12%
12%
26%
22%
5%
*8%
114
51
51
10%
*434
7aa
uie
58
6ie
*3J2
34
lg
*3a t
uit
*38i
2434
25%
25%
26
%
25%
*49
51
%
%
%
26%
**32
2434
732
%
%
%
25%
'
51
%J
%2
%
%
26%
*h
26
*27
28
28
28
*198% 204
*202
207
*202
207
200
200
200
200
112
*108
111
*108
111
*108
111
*108
110
*27
*108
15
55%
5412
1258
*9612
534
113
*38%
2834
1518
5512
541
13%
678
113
15
55%
*54%
13%
*96%
534
*9
9%
*10238 10312
*3i8
15i8
*145l2
714
*45
*21
*5H2
*116%
42%
758
2%
*1034
5%
*1014
255s
*3658
Ills
*
6%
%
5S
*ht
53%
1334
13%
6
*96%
5%
2834
14
7
15%
*112%
*112% 115
36
*36
37%
*2
2
2%
*25
13%
6%
14%
2934
13%
7
14%
*9%
9%
9%
9%
10238 102% *102% 104%
3%
3%
*3%
338
500
100
*55%
3,200
Nat Distillers Prod
"Y,6o6
Feb 14
a
9
7
16%
Jan
2
7% June
Jan 10
Jan
900
800
2,100
300
3
May
5% May
17
June
7% June
5% May
Jan 16
66
June
14% May
1734 Jan
6
Jan
2
zl60
May
Feb 13
154
Jan 15
132
June
Jan
31
7%
Feb 19
3
Jan 14
68% Jan
Dec
y28h
5% May
48
6
May
41
Feb 19
6% Jan 10
10% Jan 10
48% Jan 28
26% May
43
Feb 14
48% Jan 28
34
4% Feb 19
10
...40
100
100
13% May
23% Jan 10
55% Feb 19
.25
8% Feb 19
No par
4% May
8
May
Aug
Feb
6
3%
10% Jan
4
Jan
6
7% May
8% Oct
5
4% Jan 16
9% Feb 4
No par
Natomas Co
9
Jan
8
Feb 19
13
Feb 17
16
Jan 18
14
77
...No par
1
Neisner Bros Inc
11% June
176
6
No par
National Tea Co
Nehi Corp
May
6
8% Jan 13
17% Feb 15
26
Feb 19
National Supply (The) Pa..
120
1,700
Oct
934 May
937g Jan 10
145
National Oil Products Co —4
National Pow & Lt
Nov
15%
15% Feb 14
Jan 28
Nat Mall & St'l Cast Co No par
National Steel Corp
Dec
86
6
Feb 21
172
100
100
-
Dec
June
12%
Jan 15
16
June
155
6% Feb 19
87
10
7% preferred A.
6% preferred B
Jan 23
79% Feb 10
72
2
45% Jan 16
36
May
Jan 17
100
June
May
July
4H% conv serial pref...100
Newberry Co (J J)....No par
5% pref series A
100
Newmont Mining Corp
10
Newport Industries..
1
N' port News Ship & Dry Dock 1
$5 conv preferred
No par
Feb 18
110
Jan
23% Nov
10534 Nov
900
N Y Air Brake
No par
3234 Feb 18
45
Jan
30% May
New York Central
No par
1178 Feb 19
N Y Chic & St Louis Co... 100
lia4 Feb 19
15% Jan 10
15% Jan 10
33% Jan 10
20
30
1,100
2,400
3,600
35,000
6% preferred series A
42% Jan
107
110
Feb 14
25% Feb 19
31% Jan
6% Feb 14
107
Feb 14
Feb 19
24% Jan
634 Jan
4% Feb 15
No par
5% preferred
8
834 Jan
27% Jan
2034 Feb 14
No par
Dock
9
Feb 14
12
50
111
Jan 14
112
N Y & Harlem RR Co
2,000
2,200
"9". 300
9% May
8% May
15
May
20% May
7
3% May
Jan 10
Jan
20% July
6% May
6
7
434 May
May
104
110
50
N Y Lack & West Ry Co.. 100
1NYNH & Hartford
100
Conv preferred
100
JN Y Ontario & Western.. 100
N Y Shlpbldg Corp part stk..l
10% non-cum pref
54
Jan 24
Apr
45
June
Jan
4
Jan
6
Jan 13
lit
Dec
«ie Jan
3
2
1% Feb 6
% Jan 10
30% Jan 4
%
Jan
Oct
Dec
13%
47
*ss
24% Feb 14
27% Jan 31
%e
Jan
300
Noblitt-Sparks Indus Inc
20
May
Norfolk & Western Ry
5
100
8
400
200
Feb 19
215
Jan 25
175
May
Adjust 4% preferred
100
117
Jan
2
105
May
56
5434
14
700
8,300
40
8,100
North
American
534 pref series
Feb 14
55% Feb 17
53% Feb
17% Jan 10
96% Feb 19
7% Jan 9
12% Feb 14
96% Feb 19
100
Northern Pacific Ry
17% Jan 10
5834 Jan 6
57% Jan 20
4
1
50
534 Feb 14
North Amer Aviation
Northern Central Ry Co
3234 Jan
Feb 14
15
50
50
6% preferred series
110
10
Co
34
113%
Jan 15
Ncrwalk Tire & Rubber No par
2
Feb 15
100
50
Preferred
Jan
3
North States Pow $5 pf No par
Northwestern Telegraph
50
111
30
1,400
"""600
6,400
30
300
$ In receivership,
9
24% Jan 11
Jan 30
12
-.1
Co
National Lead Co
2,500
Bid and asked prices; no sales on this day.
6
Jan
8% Jan 14
Omnibus Corp (The)
*3
Jan
6% Jan 14
Feb 14
Jan
5% July
7% Feb 14
$4.50 conv preferred-No par
June
13%
14% Jan 10
600
3%
11
2
8
4
9
*9%
9%
9%
9%
9%
103% 103% *102% 103% *102% 104%
*3
334 May
Jan
11
39
40
3,500
700
Norwich
Pharmacal
Co..2.50
Oppenheim Collins
No par
3
Otis Elevator
No par
15%
145%
7%
42%
22%
6% preferred
100
No par
$5.50 conv 1st pref..No par
Outlet Co
No
Preferred
"5", 000
3,600
61
1st preferred
280
May
27
May
2% May
Jan 11
25% Aug
Feb
7
6
Jan
6
104% Jan
7
10
3
9i
2d preferred
10
No
Jan 11
124»4 June
150
May
26%
19
June
55
6
6
Jan 17
47
2% Feb 15
Feb 17
5
par
42
49% Jan
9% Jan
3% Jan
Feb 19
16
2
10% Feb 14
11% Jan 28
28% Jan 24
25
25% Feb 15
par
36% Feb 19
40
Jan
No
var
11
Feb 19
14
Jan 10
z
Ex-dlv.
y
Ex-rights.
May
8
May
33g May
7% Jan
No
Cash sale,
May
June
434 June
Jan
Pacific Ltg Corp
r
May
21
Jan
Pacific Mills
stock,
7
10% Jan 10
53% Jan 10
1,700
n New
May
2% May
11% June
1,000
Def. delivery,
7% May
95
8
1734 Jan
11
(Call).10
Pacific Gas & Electric.
Dec
538 June
10% May
115% May
No par
Pacific Finance Corp
11
3% Jan 10
40% Feb20
7% Feb 18
Pacific Amer Fisheries Inc...5
Pacific Coast Co
150
Jan
101
100
Owens-Illinois Glass Co. 12.50
300
"Y600
5
var
1
Feb 14
Feb
7% Jan
18% Jan
Feb 14
Feb 20
Feb 15
Feb 19
Feb 14
Otis Steel Co
May
4% May
1334
Feb 19
Feb
15
84% June
27
Feb 14
100
Outboard Marine & Mfg
40
9
6
100
8% preferred A
14% May
47% May
47% May
234 Jan 11
1334 Feb 19
3
4
478 Feb 15
No par
Nat Gypsum
4,500
3%
12% Jan 30
No par
3
June
9
No par
15%
May
41
18%
175%
13%
88%
Oliver Farm Equip
14%
4
107g Jan
Feb 17
20
May
97% May
7% Jan
Ohio Oil Co
14%
Feb 19
5% Jan
7% Feb 15
Feb
May
8% May
51% Jan 27
I684 Feb 19
166
Feb 14
No par
300
*96%
14%
2% May
6
13
14,600
97% *96%
6
6%
57g
6%
578
113%
113% *112% 113% *113
*36
37%
36
37% *36
2
2
2%
2%
2%
*25
*25
2934
2934
2934
13
*13
1334
13% zl3
678
7
684
67g
67g
14%
8% May
8% Jan 11
700
6«4
I384
May
112
14%
13%
May
15
13% Jan 11
300
15%
15%
15%
15%
1534
15%
15%
15%
15%
147
147
145% 145% *145% 147
*145% 147
*145% 147
lh
734
734
77g
7%
734
738
734
734
734
758
45
46
46
4534
50
45%
4534
42% 42%
4634 4634
*21
24
*21
24
24
*20% 23%
*20%
23%
23i2 *21
51%
51%
51% *51
*51%
52
51%
51%
*51%
52
52
*116% 120
*116% 120
*116% 120
*116% 120
*116% 120
120
42
4034
41%
40%
41
4234
40%
41%
4234 43%
4234
734
7%
*7%
7%
7%
7%
7%
7%
7%
7%
734
2%
*2%
2%
2%
2%
2%
2%
238
*2%
3
13
*11
11
*11%
13
1134
1134
11%
11%
11%
12
6
5
*5%
5%
5%
5%
5%
5%
5%
5%
514
*10%
11%
*10%
11
*10%
11%
11%
11% *10% 11% *10%
26
26%
263g
26%
26%
26%
26%
26%
25% 263s
26
37
36%
3638 *36%
36%
36%
*3634 37%
36%
36%
371;
11
11
1134
*11%
1134
11%
11%
11%
11%
11%
11%
3%
15%
Jan 14
25% Feb 7
12% Jan 13
634 Feb 19
*25
12
12% Feb 15
9% Feb 20
Nat Enam & Stamping
3,600
15%
53%
4
4% Jan
5% Feb 14
48
Feb 13
Co_._l
Nat Dairy Products...No par
Nat Dept Stores
No par
6% preferred
10
110
13
534
111
National Cylinder Gas
%
25%
26%
28%
*277g
200% 201
53%
*25
*1458
%
13%
96%
6
Jan 13
No par
Nat Cash Register
51
56
Jan
173s Jan
24%
17% Jan 15
1,800
4,500
10
*732
53%
Jan 23
12
15% Feb 13
117%
12%
6
3134 May
33% May
21%June
66
86
119
113% May
8
11% Jan 23
71% Jan 16
3C0
53%
96%
8
Feb 17
200
56
56
Jan
Feb 20
5
133s
*55%
Jan 31
39% Jan
20
7
Jan
May
117
120
Jan 15
9%
114
15
110
3
6
22
*108
Nov
57
100
5434
2%
*13%
1538
ar79
Feb 19
New York
13
2934
14%
15
7
Feb 19
NYC Omnibus Corp..No par
54%
2
13i2
7
15%
88% Jan
26% Jan 10
300
*55%
38%
678
15
2878
Feb 18
43%
3,400
13%
2
14%
13%
28%
Jan
May
% June
9% May
3
23
55
55%
*112% 115
*25
15
29
Jan
19%
6
Jan
27
15%
57
15%
38%
39
2
»
*27%
Jan
3g
%
Jan
'it Dec
Feb
27
*49
484
Dec
15
Feb 19
*22%
9%
Jan
Dec
%t
%
Feb 14
25
*414
1%
1%
Jan 14
'it
10
...100
1,500
May
7% May
Nat Bond & Share Corp No par
400
13
113% *111
117% *115
117% *115
*16
%
3lt
%
123g
*12%
5
9
*111
3434
12%
*33%
4
% Jan 11
4
Nat Bond & Invest Co.No par
5% pref series A
Jan
26
434 Apr
64% Dec
1134 Nov
2% Jan 10
65
100
7% preferred
Apr
June
2% May
Jan 13
Jan
Dec
54
110
95
4% Jan 11
11
124%
May
33% May
Jan 16
67
Dec
200
107
107
9
5
5
9
115
*8%
117% *115
*49
*49%
51
7m
*%e
21%
109
108% *107
*33%
3434
*31%
34
12%
12%
1178
12%
12%
12%
1134
12
25
2584
27%
25%
22
22
22%
22%
*114
*49
6%
207g
8%
*13%
*75%
441? *42%
108%
108% 108% *107
2534
26%
26%
26%
*6%
7
6%
6%
21
213g
21%
21%
25%
6%
113% ♦111
*111
117%
25%
8%
15
78
*107
107
*12%
25%
22%
*4%
*13%
*75%
*42%
110
*107
3234
IIH4 11114 *111
*114
117% *114
*50
8%
s;
*13%
107
34%
12%
12%
43
4%
15
6%
22%
43
45% Jan 10
110
Apr
173s May
45
103
Jan 14
125
12%
23% May
46
5
10
5J^% prior preferred
6% prior preferred
43%
*38% Dec
Jan
10
$2 conv preferred
43
78
National Biscuit Co
300
43
434
6% conv preferred
Nat Aviation Corp
200
43
May
6% May
Feb
11% May
Jan 28
1,200
2,800
*41%
24
9% Jan 6
15% Jan 24
38% Jan 9
23%
5%
41
Jan 15
37
20%
9%
41
*75
*8%
56
28% May
5% Feb 15
5%
56
43
*13
*107
109
*107
109
33l2
*42%
4%
6%
6l4
*107
13
77
107
107
107
*2534
4%
*9%
8%
*41%
*42%
5
Aug
17% Feb 19
100
Jan
26
10
Inc-.l
1,600
6%
18% Jan 13
4% Feb 14
14% Jan 3
6,600
34% Mar
2% May
11% May
5
Nashv Chatt & St Louis... 100
National Acme Co
1
*8%
55%
5%
*8%
56%
5
5
*8i2
5534
5
57
57
3
Jan
Nash-Kelvinator Corp
100
16
16
May
Jan
4
3
No par
Munsingwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F <fe E) Bro
No par
500
"l",806
17284 *170
May
53% Feb
24% May
82
Jan 10
25% Jan 10
8% Feb 17
15% Feb21
19% Feb 14
97 preferred
Nat Automotive Fibres
7
15%
16%
15%
16%
173
173
172% 173
172%
*172
173
*145% 152
*145
150
*145% 152
*145
150
*145% 150
*146
150
19%
*18%
19% *18%
18%
1834
18%
18%
18% 18%
175g
18
26
2634
2634
2634
26
26
2738
*27
"
26% 26% *26
27l2
6
6
6%
6%
6%
6%
6%
6%
6%
6%
638
6l2
15l2
50
87
6%
87
87
*82
2,800
85
Feb
23
5
1
1
Mullins Mfg Co class B
Feb
7% May
41
.No par
Motor Products Corp.
300
6
47%
4%
35
Mueller Brass Co
112
*44%
4%
118
Inc.No par
No par
50
Motor Wheel Corp
6
6%
47%
4%
115
Preferred series B —No par
64
4%
Feb 14
Feb 17
Feb 19
Feb20
Feb 19
77
108% Dec
14% May
Jan 16
33%
1% Jan 2
»it Feb 10
% Jan 9
13% Feb 15
7% preferred series A—400
^Missouri Pacific RR
100
5% conv preferred......100
Mohawk Carpet Mills.....20
Monsanto Chemical Co
10
$4.50 preferred
No par
May
Jan 13
70
8% cum 1st pref
100 122
Feb 14
413g Jan 2
4% conv pref series B—100 zl07% Feb 19
Minn Moline Power Impt...l
3
Feb 18
$6.50 preferred
..No par
56
Feb 14
Mission Corp
10
93s Feb 3
Mo-Kan-Texas RR
No par
h Jan 4
700
1,000
14
29
7
13%
30
90
9
75
.
Minn-Honeywell Regu.No par
Morris & Essex
*64%
66%
111% 111% ♦111
6%
*44%
4%
$6
Highest
$ per share $ per share
5
9% Jan
May
7% Jan 15
109% Jan 9
7% Feb 14
71
FeD 17
66% Jan 14
29% Feb 14
3% Feb 15
2134 Feb 15
No par
preferred series A.No par
$5.50 pref ser B w w.No par
Melville Shoe Corp
1
Mengel Co (The)
1
5% conv 1st pref
50
Merch <& M'n Trans Co.No par
Mesta Machine Co
5
Miami Copper
———5
Mid-Continent Petroleum..10
Midland Steel Prod
No par
Mead Corp..
8,900
11
66%
*934
6% conv preferred
Montg Ward & Co.
Morrell (J) & Co
50
*64%
$ per share
1
6
Feb 15
100 zl05% Jan 23
McLellan Stores Co
"~180
20
3%
*47
10
5%
5%
3%
50
5%
534
*19%
10
65
17%
19%
3%
19%
10%
65
8%
9 per share
'!'■Par
140
23%
87S
15%
15%
*46
*9%
5%
15%
*3
150
42%
834
47
46
66
113
16l2
18
48%
*9%
*40
a:15%
16%
20%
3%
3
16
23%
15%
*19%
3
2334
8%
2334
20%
3%
48%
10
lh
42%
23%
834
18
6
*40
42%
23%
834
43s
16
65
4%
*40
*65
10%
65%
*111
48
21«
6%
47%
*912
*44
«lt
16
85s
49
lh
2334
8
2334
*45
1%
*«16
*40
42%
*15%
*195s
5l2
134
16
23%
8%
23%
6
5i2
*16
100
68
175s
9%
*%
16
60
300
113
*14
16
900
3it
6
4%
9%
9%
a
*54
60
*54
60
1
*S32
*3
he
it
*111
6512
60
lh
2334
9
16
1912
3%
48
10%
23%
10
700
*1%
•it
133s
9%
1%
lh
158
*»it
13%
30
...
318
3%
3%
*54
1,900
1,100
13%
13%
13%
1334
13%
31
31%
*30%
31
30%
*122
122%
*120
122% *122
123% *118% 121
42
*42%
43%
42%
4134
4134
*4134
42
*108
10734 10734 *107%
*107% 107%
3
3
3%
3
3%
3%
3%
3%
13%
3034
13%
30%
Year 1940
Lowest
Highest
Week
*105% 107
*7%
Range for Previous
On Basis of 100-Share Lots
STOCK
Lowest
Shares
If ver share
22, 1941
EXCHANGE
the
Friday
Range Since Jan. 1
STOCKS
Sales
CENT
lor
6
Feb.
New York Stock Record—Continued—Page 7
1244
8
9% May
25% May
33
May
8
May
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 8
152
HIGH
SALE
PRICES—PER
1245
\
Monday
Tuesday
NOT PER
SHARE,
Wednesday
Thursday
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
Friday
STOCKS
for
Saturday
EXCHANGE
Feb. 15
Feb. 17
Feb. 18
Feb. 19
Feb. 20
Feb. 21
Week
% per share
$ per share
$ per share
$ per share
$ per share
S per share
Shares
*119
123
*15012 156
3i2
3%
*512
534
234
12%
27,
123,
*712
8
%
29
*10212
1014
*9512
101,
*15
*i,
119
119
*115
119
3%
*5i2
234
1214
*7l2
*12
*2834
3012
104
*10212 104
10»,
10l2
10%
96
*955g
96
10i8
IOI4
103g
1534 *15
1534
*29
31
102
10212
10l2
9534
IOI4
*15
15g
134
2512
18i2
25l2
18i2
2534
*1818
*78
26
1834
8U
7h
8U
734
*8%
8l2
712
734
734
107g
96
10l2
1534
15a
8%
46
134
7812
134
214
*3514
2i4
37%
13
13
*112
Pacific Telep & Teleg——100
60
116% 116%
6% preferred
"¥,206
'
is4
78
*116% 118
*150i2 154
*150% 153
*150% 153
*150% 153
3%
33g
3%
3%
3%
3%
3%
3%
534
5l2
5i2
*5%
5%
5%
5%
*5%
534
27g
234
27g
234
27g
234
27g
234
2%
1212
12ig
1234
12%
12%
12%
127g
12%
12%
8
*712
8
*7%
8
*7%
8
*7%
8
*1,
.;v i
*»16
1
%
%
5g
*%
916
15,
*44
117
*150l2 156
29
1
117
Lowest
Par
1
*44
46
77
78
134
1®4
2%
*2ig
*37
38ig
1312
*12l2
*112
—.
1*8
26
17%
*"m
*44
26
1734
46%
77%
*1%
2%
*35%
12%
2
2%
38%
12%
*112
22»4
225g
23
21U
3812
2H4
21
21
39
39l2
39l2
*38%
*15,
212
15g
15g
9
100
Parmelee Transporta'n.No par
Pathe Film Corp
1
8
...
75
46
2
*35%
*12
*44
76%
134
134
2%
36
13%
21
38»4
*1%
7434
*134
2%
36
*12
46
*44
75%
2%
2%
36%
13%
22%
21%
39
1%
22%
*21
75%
300
22
38%
1%
38%
*7
1%
500
Peoples Drug Stores Inc
Peoples G L & C C (Chic) 100
f Peoria & Eastern Ry Co.. 100
Pere Marquette Ry Co
734
1,130
740
21
*20
21
*20
21
21%
21
6
6
6
6
6%
"""766
7%
29%
43
5% preferred
Pennsylvania RR
200
46%
5,300
*58
7%
28%
40%
11
*73
*5%
81%
*7
2784
*40
*79%
7%
28%
43
82%
11
11
11
74%
6
73%
*5%
73%
534
*60%
*7
*28%
*40%
79
*11
73%
534
*7%
21
6%
*20%
*6%
7%
29
4234
*40%
79
*7%
2834
11%
*11
73%
534
75
*58%
3534
*234
68
43
43'
*41
50
*41
50
100
3%
*2134
22
*217g
22
*21%
22
217g
217g
*21%
22
*21%
22
*72
75
*72
75
75
75
7434
75
*72
75
5
*107g
3H2
73g
*165
5ig
53g
11
6ig
65g
*67g
47
48
32
3212
64
97g
*160
*1034
*174
5%
534
7
*48
50
33
33
*59
62
9l2
*160
7%
*165
180
5%
9l2
*70
*165
*170i4 179i2 *173
*59
*29
10
...
*6%
*46
33%
*57
934
32
*28
7
78
*10«4
12
—
178
*172
5%
7
147g
*1734
19l2
6ig
614
*45g
5ig
97g
15
1734
*1412
1734
*75
11%
5%
*11
*165
*165
80
12%
*lll«
634
7
7
7
570
61
57
57
6%
634
*6%
6%
*4%
9%
5%
07g
11%
35
52%
*4%
9%
*9%
*30%
5134
*58
63
*57
63
10
10
10
710
912
*912
*30
lUs
35
52ig
53
*117l2 11912
27
27ig
*105
106
*117
121
*130
135
*151
15512
11612 H612
225g
23l2
7
7%
*92
8334
10l2
95
84
10l2
*9
95g
4
414
*80
5734
314
40
*1812
1234
*24
934
11%
9%
*9l2
35
525g
11712
27ig
105l2
1197g
*130%
52%
314
52
119% *117% 119%
27%
27%
27%
*80
57%
5734
5734
3%
3%
40%
*40
40
*40
187g
1234
*18%
*1234
187g
127g
25
*24
25%
3%
300
Pond Creek Pocahontas No par
25
*23%
*7%
25
117g
818
83g
f Porto Ric-Am Tob cl A No par
200
Postal Teleg'h Inc
10
4,700
9%
7%
117g
*7%
*10
8%
8%
*57
3%
19
12%
*10
8%
*9%
3%
*40
1234
23
*1%
2
*101l2 103
*65
68
10
10
*66
9314
7i2
32
7i2
32i4
52
52
52
45
*43%
*?32
*3
%
47g
*4
8
38i2
11012
3834
39l2
*43%
10
Class A
""""40
65%
10%
65%
110
8
8
5,800
Richfield Oil Corp
7%
300
Rltter Dental Mfg
No
No
5%
Mines
%
%
%
*%
47g
*3
%e
47g
8
*4
8
38 ~
38%
3814
38%
1097g 110% *110% 110%
3934
37%
38%
38l2
*%2
%
%«
*lg
3
*4
37%
3
3
8
*4
8
38
38
38
110% 110%
37
*2
%6
37%
sales on this day.
*110% 111
373g
38%
%
^Rutland RR 7% pref
Lead
~Y,666
"""160
*%2
*2
*4
8
10
3
38
37%
110% 111%
3834
38%
J In receivership,
20
21
Feb 19
119% Feb 20
13034 Feb 21
150
Feb 21
Jan
6
2
21
May
58% Jan 22
119% Jan 29
29% Jan 9
63
June
112% May
28% Dec
110
Jan 11
100
123%
Jan 15
1107g May
137
Jan
4
126
June
158% Feb
11
143
May
Oct
167g May
6
7
Feb 14
95
Feb 21
101% Jan
9% Feb 14
4
Feb 15
% May
434 Oct
13% Jan
4034 Jan
117% Jan 25
27% Jan 9
87g Jan 9
8334 Feb 15
10% Jan 2
5% May
8
90% Jan 10
6% May
6% May
114%
684
84
3%
40
8
June
73% May
"
1,900
200
3,400
St, Joseph
d Def. delivery.
» New
stock,
r
43%
Apr
128
Jan
Apr
145
Mar
165
Apr
118
Jan
32% Jan
11% May
97% May
89
69
Apr
2% Nov
34
43% Jan
June
384 Dec
43% Dec
Jan 10
1934 June
27
Jan 13
17
23
20
Jan 23
17
Jan
2834 Feb 4
9% Jan 7
734 Jan 21
15% May
23
13% May
17g Jan 11
Feb
4
8%
I684 Feb 14
100%
Jan
9
12% Jan
7
297g May
24
37% May
17% Apr
May
97g May
May
134 May
Jan 10
25
Dec
65
6
June
13
May
May
May
24% Nov
70% May
10534 Sept
101% Feb 10
Jan 13
11
Jan
3
Feo 13
24
Jan
113
60
Jan
2
Apr
May
97%
2
30%
Jan
8
70
June
Jan
8
39
May
7
34% Jan
52
53% Jan 13
8% May
1434
1E7
Dec
Jan
Apr
Nov
74% Dec
1578 Feb
96% Apr
117g Nov
757g Mar
6% May
30% Dec
44
May
52
66
Oct
May
Jan
4
3% Aug
11% May
13% Jan
3
12%
17
69
7% May
17% July
3134 Feb 18
434 Feb 15
15% Jan 30
Jan
Feb
Jan
Dec
1
97
Jan 17
13%
10%
63%
14
Feb 13
1
Mar
884 Nov
60
Feb 19
Feb
Oct
Jan
Feb
6
2234 Jan
8
101
4%
Apr
1% Jan 11
91
19%
Apr
48% May
62% Jan
24
3
Feb
Apr
26
1034 Jan
Feb
90
21
Feb 19
May
Apr
287g Jan 14
1434 Jan 10
1% Feb 10
Jan
115%
7%
534 Jan 16
Cash sale,
Jan
4% May
434 May
,
147g
1434
18% Feb 14
1234 Feb 15
24% Feb 18
12% Feb 14
23% Jan 8
Jan
Jan
Feb
45% Nov
7134 Apr
118% Jan
15%
4
Feb
Dec
July
15%
47g Jan
Apr
8
9% Sept
97g Jan 27
JSt Louis-San Francisco
100
6% preferred
.100
JSt Louis Southwestern—100
5% preferred
100
Safeway Stores
No par
5% preferred
100
Savage Arms Corp
No par
1234
2%
10
6% Feb 14
100
10
2234
20%
June
Jan 17
Dec
1% Mar
9
3% Jan
Feb
Feb 15
Oct
73%
16%
151% July
11% Jan 11
90
56% Feb 20
May
par
$2.50 conv preferred-No par
50
%
*%2
*%2
*%#
44
3434
105
21
7
57g May
Rustless Iron & Steel Corp—1
*%2
51% Feb
117% Jan
25% Feb
3
Jan
Jan
Jan 22
Ruberoid Co (The)....No par
3434
Jan 21
h Jan
7%
13%
May
9
Roan Antelope Copper
43%
Feb 19
Feb 13
2
83g Jan 10
7% Feb 14
500
%
9%
12
15
12%
Jan
par
400
35
167g Jan 17
% Jan 3
434 Feb 14
35
151% July
% Feb
21
Feb 14
6
6
Feb 19
Reynolds (R J) Tob class B.10
Common
10
60
300
45
14% Feb 14
17% Feb 18
% Jan
7
1
Reynolds Spring..
1,100
5,100
734
323g
*52
10%
*3g
Feb 14
73
*10
35
May
13% Jan 9
94% Jan 16
10% Jan 6
10%
*38
May
7
Feb 18
16
%
19
Feb 15
*434
34
8
1334 Jan 10
10
*15%
*%
75% Jan
65% Feb 41
preferred........100
conv
434
34
4134 Nov
90
5}4%
130
15%
43%
May
preferred...100
5}4%
1,100
434
45
10
Reynolds Metals Co—No par
60
10%
90
100
7% preferred....
15%
10%
*%»
21
434
%
Bid and asked prices; no
100
16%
34%
%
*4
preferred
prior pref ser A. 100
Brass.....5
*4%
16%
*10%
*%
V"
conv
conv
Revere Copper &
1,300
7
34%
*3
Steel Corp—No par
7
%
34%
*%
34%
8
33784 June
634
*3j2
%
35
Dec
Jan 31
634
10%
43%
57
1
7%
10%
16% May
43% Jan
9% Feb 19
Jan
7
1
7%
5
Feb 19
57
Jan
11
9% Jan 10
6%
6%
400
9
90
*7
31% Feb 19
8%
May
67% Jan 23
7%
*7
Jan
Oct
5
60
Republic
85% Dec
16% Nov
May
Feb 19
30,100
2,910
46% Dec
978 Nov
178
4% May
Feb 13
18%
Dec
7% Nov
154
61
Reo Motors vtc
Apr
75
May
60
1
287g
June
Preferred with warrants..25
300
7%
May
6% May
8
Aug
6
May
Remington-Rand
2,500
32%
65
Jan 27
10
Feb
167
7% Jan
9% Jan 10
6% Feb 15
45% Feb 14
Feb 14
734
10%
10%
7%
8
3% May
Rensselaer &. Sara RR Co.. 100
83g
60%
55 *
101% 101%
5% Feb 15
7
Reliance Mfg Co
Jan
Feb
154
8
7%
16%
103g
7%
65%
10%
91%
Feb
23
"5,600
*19
Jan
100
Preferred
734
*4%
*15%
10
45
*
323g
52
5%
934
*43%
*3g
3414
38i2
32
60
*7%
16
110
7%
32%
317g
*52
77g
7%
16
*%
7
52
*4%
101% 101%
10%
7%
32%
712
434
*60
conv
1
*8%
:
90
52
1534
66
21
10%
3134
434
*634
*19
8%
15
Rels (Robt) & Co 1st pref—100
Reliable Stores Corp—No par
11%
100% 101
*91% 92%
91
91%
52
*15i4
8%
10%
7%
32%
*634
91
8%
par
18%
17%
18%
100% 101
100
100
No
1st pref ..No
1
91
32%
73g
91
8%
66
90
7%
23%
67%
67%
10%
7%
26%
10%
91%
10%
52
*9H2
7%
68
91«4
10l2
9134
75g
2
1
21
*16%
*101% 103
*101% 103
*1%
1
1007g 101
21
2
*51%
177g
*17
1,000
1,100
8%
*57%
17%
21
*1714
*102% 104
400
2134
55
18%
21
13%
24%
60%
17%
*15
13
*23%
2134
60%
*51%
8%
1
8
1234
24%
11%
1
91
400
*9%
8%
1
834
200
26
117g
1
91
19%
13%
*24%
50
54
par
1
preferred
100
Raybestos Manhattan.No par
Rayonier Inc
1
$3 preferred
25
Reading Company
50
4% 1st preferred
50
4% 2d preferred...
50
Real Silk Hosiery
5
""C~40
60
5% May
6434 May
13% Nov
par
6%
7%
60
101
*13
*10
16
2
181
...No
Radio-Keith-Orpheum
500
19%
13%
26%
934
*51
834
400
23%
55
91
4,000
*7%
63%
101
3%
40%
*8
*51
83g
3%
40%
*18%
7%
*61
93
3%
21%
2
834 Jan
Feb 13
22% Feb 14
13,50 conv
*57% ~Y,666
934
55
8ig
*56%
*7%
10
63%
10034 10034
21%
*1%
*23%
*57%
*8
2334
*8
*48%
*91
24
46% Jan
":
Feb 17
...No par
$5 preferred B
*80
40%
par
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer
No par
22,500
4%
7%
23
*61
17%
3%
40
55
17
56%
2
Jan 30
116% Feb 15
6% preferred
5% conv preferred
9%
62
1%
1%
17i2
177g
1007g 101
91%
91%
834
8%
100
*9%
62
Us
8,000
4,600
9%
68"
2
84
100
..100
.100
El & Gas pf $5 .No par
Pub Ser
800
*80
Jan
Dec
'
Pure Oil (The)
60
100
1,500
4
Fen
7«4 Jan
4% Feb 19
Pullman Inc
100
150
10%
24%
8%
6% preferred—
7% preferred
8% preferred—
84%
*21%
8%
400
120
95
4%
No
$5 preferred
95
*24
*10
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J_.No par
84%
10%
23
*7%
50
600
10%
9%
4
No par
4,200
95
4
par
5
...50
1st pref
Procter & Gamble
4,900
13034 13034
150
conv
5% conv 2d pref
85%
25
2
24
9%
7%
117g
153
120
pref.No
Pressed Steel Car Co Inc.—_1
5%
*10
11%
*31% 36
52
51%
118% 118%
25% 2634
*104
106%
10%
*45
1
No par
Poor & Co class B
1,000
6%
85%
19
*1%
*23%
*7%
*7%
*2312
*91
*24%
1234
22%
*10
par
400
1034
*13
*24
2
95
13
24
75g
No
15
1934
85%
19
22
*H2
*148
25
12%
8
No par
*14%
*17%
*114% 118
*114% 118
23
23%
23% z23% 2334
7%
7%
7%
7%
7%
13
22
2
151
25
24
8
31% Feb 17
preferred
"lOO
118
253g
1234
1234
5234
118% 118%
267g
273g
I057g 10634
119%
119% 119%
133% *130% 135
24%
12%
24
*7
100
conv
7g
9%
11%
36
105
187g
*12%
21
*H2
3%
52
40
21
12%
52%
*80
57%
934
*934
*31
40%
19
127g
24
*123g
9%
11%
35
66
May
5
118% 118%
27
27%
105
10534 10534
1197g *118% 121
*118%
136
*129% 134% *130
155
*151
151
155
154%
*114
118
*114%
*114% 118
23
23%
23%
23%
227g
7%
7%
7%
7%
7%
*92
*92
95%
95% *92
85
85
*84
84%
8412
10%
1034
10%
10%
10%
*9%
9%
*9ig
*9%
9%
4
4
4
4%
4%
106
*80
5734
*9%
*30%
7
49
May
500
*30
50
Jan
35
....
5
4134
2% May
36
May
22
*158%
6%
5
27% May
7
77
Pittsburgh & West Va
100
Pit Youngs Asht Ry 7% pf 100
Plttston Co (The)..
No par
Plymouth Oil Co
5
«4
5
2
23% Jan 11
7% pref class B__
.100
5% pref class A
100
5Yi% 1st ser conv pr pf.100
10
10
6%
30
41% Jan
3% Feb
Jan 21
Jan
'Jan
87% Dec
14% Nov
97% May
734 Apr
69% Jan 18
Feb 15
Feb
47
3% May
61
*%
6%
514
7
Jan 17
21% Feb 19
Pittsburgh Steel Co
400
34
15
1934
2
Jan
a:38% Feb 14
Pitts Screw & Bolt
2,700
34
*14%
*17%
Jan
3
178
33%
*4%
3534 Feb 20
Co.100
7% guar preferred..
100
32%
1434
17%
Dec
May
52
5
10%
40%
June
1—100
$5
100
12%
33%
1434
17%
70
11
31%
15
17%
9
Feb 19
33%
*1434
Jan
par
6% preferred
160
*%
87
Feb 14
47
....
6% May
79
100
No
Apr
Apr
87g Nov
Dec
25% June
37% May
Pitts Ft Wayne & C Ry
*6%
24
May
534
1
Feb20
Jan
29%
15
Feb
7
47
*158%
77g Jan 23
357g Jan 2
Jan
4% Jan
13% Apr
4634 Dec
11% May
44%
78
47
934
Feb 14
6
27% Feb 14
40% Feb 18
No par
Pittsburgh Forgings Co
1
47
9%
*158%
7
6% Jan
Pitts Coke & Iron Corp No par
46
%
par
Jan 31
20
46
934
.No
Jan 31
6
Jan 28
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
*165
...
25
21
900
7%
80
50
*160
17%
7%
No par
Phoenix Hosiery
Preferred
600
33
33
*75
179% *172% 178
*172% 178
5%
5%
534
*5%
5%
*6%
*%
*38
145g
34
7
78
7%
78
5
7% preferred
500
80
No par
Phillips Petroleum
50
4%
7434
4%
*72
5
3212
31l2
*7
77g
79l2 *_—.
11
1212
5% May
17% May
51%
28% Jan 28
22% Jan 6
Philco Corp..
30
*7
9% Jan 11
Feb 15
20% Feb 14
16 preferred..
200
43
3212
7
42% Feb 15
100
Phelps-Dodge Corp
5,000
*40
7912
100
Pfeiffer Brewing Co
10
36%
47
*4%
Nov
1134
*40
5
32%
734
Nov
43
1% June
68
36%
27g
4%
32%
*7%
23
Jan 27
7
357g
*234
*4%
May
May
2
12% Jan 10
36%
3
43
5
15
23
2
1% Feb 20
80
65
*4l2
24% Jan 27
43% Jan 23
Feb 14
3634 Jan
1
36%
*234
*40%
5l2
21
2
*59
*4l2
5
4
36i2
i
2578 Nov
5% Jan
58%
3%
May
Jan 17
10% Feb
36ig
*234
363g
15
13
Feb 14
7234 Feb
5814
68
112% Jan 28
24% Jan 10
Jan 30
112% Jan 28
3
10
318
*234
Feb
Dec
Philip Morris & Co Ltd
3614
3534
4
Phillips Jones Corp....Wo par
65
*58
4%
Jan
400
3
68
12
62% Ja
96% May
46%
16%
44
100
,
6
10% May
1% May
IIS4 May
984 June
Feb 20
22
Philadelphia Co 6% pref...50
400
11%
2% Mar
12% Mar
3% Jan
Feb 19
50
Petroleum Corp of Amer
160
44% Apr
23% Nov
1% May
5% preferred
200
75
*5%
2
36
Feb
2% Nov
234 Jan
5% prior preferred.....100
400
79
79
100
Pet Milk Co
36
3%
par
9C0
21%
*7
No
200
46
40%
par
2%
22
28
No
39%
9%
46%
*6
No par
pref ser A
conv
Dec
18
June
$7
Dec
Nov
11%
Dec
71
39
22
*20%
43
Jan
200
45
*7
1078
99
5% June
Jan
Jan
Apr
105% Dec
May
87
Ye",600
*1%
4
June
1
45%
6% May
15
May
13g May
29% Dec
13% May
84 May
5% May
48
10
13%
22%
Jan
934 Jan 10
9% Jan 6
64
7434 Feb20
la4 Feb 15
par
22%
22
*12
Feb 19
Sept
4% May
44% Feb 14
Penn G1 Sand Corp
*112
23%
1
84 Feb 21
99
No par
Penn-Dixie Cement
200
8%
46
7
30% Jan 10
20% Jan 6
10
Jan
No
Penn Coal & Coke Corp
1,900
38
*34
7
May
634
Penney (J C) Co
~2,700
2%
2%
*1%
2%
Jan
12
Penick & Ford
46
75%
*20%
*112
*112
21%
39%
2%
28i4
41%
2
73g Feb 14
*1%
7334
6
2.50
Patino Mines & Enterprises. 10
21%
*5%
25% Feb 14
17% Feb 14
& Co
400
22%
6
No par
Park Davis
Jan 15
1,400
20%
lUg
74
1% Feb 19
15
Jan 11
12% Jan 10
99% Jan 10
1134 Jan 9
15% Jan 31
3
2,400
23
81%
1
1
10% Feb
%
44%
8H2
11
FeD
95% Feb 14
8%
20%
7
10
1
10
8
22
4034
*77i2
*10l2
*723g
1
100
9
106
101% Feb 19
8
834
4634
28
conv preferred......100
6
Jan
87g Nov
4% Mar
25% Apr
26% June
Jan
8% Jan
% Jan
Feb 15
8%
22
4214
8H2
37% Jan 10
No par
8%
*7%
4434
7i4
2734
29
7%
% May
8%
45
714
7
8
*44
6
27g June
5% Oct
2% May
16
78
8%
22
2714
*4012
8H2
*10i2
*7212
*5ig
3% Jan
77g
22%
6%
234 Feb 14
Parker Rust Proof Co
400
44
6i8
Deo
3% Feb 19
Park Utah Consol Mines
2,100
2034
*20
Mar
160
Park & Tilford Inc
7
6I4
139
June
6% 1st preferred
6% 2d preferred
~'l,300
4312
21
May
144
5% Feb 18
Paramount Pictures Inc
400
3,800
2034
*6
115
Jan 10
12% Feb 18
7% Jan 7
% Feb 15
4%
19,900
7
*20;,
Jan 27
Paraffine Co Inc
300
share
per
126
160
Feb 14
4% Jan 10
7% Jan 13
5
Highest
share $
per
116% Feb 21
8%
%
$
156
734
1
Lowest
per share
Pan-Amer Petrol & Transp__5
Panhandle Prod & Ref
1
""500
4214
2OI4
*7ig
$
1
10
Pan Amer Airways Corp
4,700
Highest
share
No par
Packard Motor Car
12,200
per
8
1
77g
77%
22%
Pacific Tin Consol'd Corp
Pacific Western Oil Corp
200
*29% 31
*29%
31% *29%
31
10234
101% 101% *101
10234 *101
10%
10%
1034
10%
10%
1034
96
96
95% 95%
*95%
97%
10%
10%
10%
10%
*10%
10%
*15
*15
1534
1534
1534 *15
1%
1%
1%
*1% ; 134
1%
26%
26%
26%
27
2634
27
*17%
18%
*17%
18%
17%
17%
100
$
Range for Previous
Year 1940
9% Nov
7% Jan
12
Feb
22% Apr
15% Nov
934 Feb 15
43% Feb 21
3234 Feb
8
7
8
%
Dec
3g
Jan
4
%
Oct
7g
2% Jan 18
«u Jan 17
3
Feb
3
Jan
May
3
Dec
37% Feb 19
1097g Feb 17
Jan 13
34
112% Jan 11
96
May
May
111%
Dec
50% Jan 15
17
May
43
Dec
%» Jan
%
37
Jan
Feb 19
x Ex-div.
y
4834 Jan 14
Dec
45% Oct
% Dec
48% Nov
387g Jan 10
26
42
% Feb
45
Ex-rights.
2
June
Jan
1%
Feb
Jan
5
484 May
53
Mar
H Called for redemption.
New York Stock Record—Continued—Page 9
1246
Feb.
Monday
Feb. 17
Friday
Feb. 21
Week
t per share
$ per share
$ per share
Shares
35
35
35
35
113
35
114
113
*113
115
114
*35
113
113*4
200
100
200
Seaboard Oil Co of Del.No par
~4~9o6
110*2 *108*8 110*2 *108*8 110*2 *108*8 110*2 *108% 110*2 *108% 110*2
ai#
*i«
*4
*4
»i«
**H
*4
*4
%
*'%
*2
*%
*2
*%
*2
*%
*2
*3g
12
*16
1234
1234
*13%
13%
*1234
13*4
♦1234 13*4
13*4
13*4
*1234
13*4
*1«4
2*4
*134
2*4
*134
2*4
*1%
2*4
*158
2*4
*1^8
2*4
71*2
71%
69% 71
69*2 697g
6978
69%
6934 70
69
69*2
934
10
10%
10%
9%
10
*10
10*8
10*8
10*8
9*8
10
12
11
11
*11*4
10% II
11
11
*1034
1134
*10*2
11*8
Seagrave Corp
No par
Sears Roebuck & Co—No par
1.400
l4
1
*16
X4*8
4*4
*4*8
4*4
4
*52*2
53*2
53*4
53*4
53
478
37*4
478
37*2
4%
4%
1078
11
43s
43»
53
53
434
434
37*2
3734
107S
10%
478
17*8
*43g
167s
19*2
95
37
1078
*4*2
1078
47g
1034
17%
1734
17
2%
26
*17g
26
*17g
*25*2
19%
*19%
478
1734
2%
26
19*2
1,400
53%
5
3834
2,600
3,900
*37
10%
*4*2
17%
11%
434
17%
11%
4%
17%
*1%
17%
*24
18%
*19%
94
*90
90
13*2
1634
*13
13U
*13
13%
13
13
1634
*13
*16%
17%
*17%
17%
16*2
16%
*138
150
*136
25*2
8*2
8*4
8%
1134
20*2
8*s
11*4
20
142
*138
150
25%
255s
25*2
1134
20*4
12
2034
29*2
8%
12
11%
11%
12
12%
12
12%
5,800
1934
20*4
20*2
21%
2034
21%
7,600
*25
8%
1%
1%
1*2
*334
4*2
*334
1*2
1%
4
*25
30
*25
29*2
*25%
4i2
1%
4
*61*4
65
1934
33%
66%
*60
66%
*61%
1934
*19
1934
*19*4
1934
*19*4
66%
1934
32*8
31%
32
32%
32%
57*2
5%
33
3134
32
32
*31*2
58
*57*2
3134
58*4
5*2
58*2
58*2
5%
58*2
6%
51*2
53
51
51
51
51
51
32
32
31%
31%
31*4
32
32*4
33*2
114
6%
6
18*8
2534
2578
2578
1034
*1034
*34*4
*34
36
36
68
58
*58
3334
*57%
112
112
1
2%
*1034
11%
*12%
13
18%
26
34
18*4
18
18%
18%
1834
18*4
25%
25%
2534
25%
2534
3334
34*8
33
33*2
33%
34%
33%
35*4
34%
34*4
*33*2
36
*30
37
59*2
*58
59*2
58%
58%
*58*4
67g
*3%
59*2
67g
4%
6%
6*4
6's
6%
034
634
6%
4
4
4
4*8
37g
37g
3%
3%
57«
6*4
6%
6%
6*4
6%
6
6%
0%
6%
6%
6%
6*8
6%
6
6%
6%
6%
6*4
*53*2
54*2
55
122*2 122%
122
6*8
6
54%
124*2
8*2
8*2
*16*2
17%
1*2
1%
*1134
*17%
12*4
22*4
5*2
22%
1734
6%
5*2
5
5
*20*8
*378
22%
3*2
434
35
3%
7%
8
*4*2
*33*2
36
35
278
35
278
35%
6%
*53*2
55
122*2 122%
8*2
8%
8%
8*2
16%
1%
*2078
5*2
22%
*3%
22%
5*2
22*4
22%
*37g
22*2
17*2
17%
17%
17*2
5%
22%
17%
22*4
18
534
17%
534 :
*5
5*4
434
4%
278
35*2
5*2
378
9%
35%
5*2
5%
5;%
3%
*8*4
378
37g
9*2
*8*2
5%
5*2
534
5%
5%
5
5
*5*4
5%
800
434
*4*4
434
5%
*4*4
5%
*4%
434
100
34
*32
35%
35*2
9,000
2%
~
35%
5*2
3
3
1,800
35%
3
35*2
3
35%
2%
35%
5*2
5*2
5-%
5-%
334
3'U
3%
3%
*37g
8%
3%
8*2
3%
9%
8%
9
*8*2
9
8%
2"%
35
5%
;3
834
834
8%
8%
8*2
8%
*39*2
40%
*39*2
40%
*38%
40%
40*2
40
40
*39
40
4%
*2%
*39*2
*3*4
*5*4
*28*8
40
4%
*39
4%
*32*2
33%
33
3%
3*4
4*4
31*2
3*2
5*4
3*2
5*2
*5*8
5*2
5%
29%
29*2
28*2
28*2
*28%
2812
■'
3*4
*1
1
9*2
*98
28*8
41*4
4%
13*2
*6%
*1
*12*4
13*2
*12*4
9%
9*2
9%
9%
1*8
*98
Jan
Jan 27
40
Jan
4
23
May
Feb 17
66
Jan 11
56
May
834
Feb 15
Feb 17
6
2
24% Jan 27
xl7% May
Jan 14
Jan 2
Jan 7
Jan 8
Feb 14
16% Aug
434 May
19%
734
6%
434
34*4
Feb 15
5
4% Jan
32
7
Jan
6
3*2 Jan
6
5% Feb 15
3
Jan 31
500
preferred.No par
13% Jan 31
18
Jan
9
Tide Water Associated Oil.. 10
Jan
6
97
97*2
600
9% Jan 29
96% Feb 7
10%
98*2
9934
Jan
6
27% Feb 19
$3.50
cum
$4.50 conv pref
No par
10
2
Transamerica Corp
2
4% Feb 18
13%
13*2
13*4
*13%
13*2
1,500
Transcofit'l & West Air Inc..5
13% Feb 19
7
*6%
7
13%
7*4
13*2
*6*2
*634
7
100
Transue & Williams St'l No par
1*4
6834
1%
*6834
4*4
4*4
10%
*9*2
5%
6
*G34
1*4
1%
1*4
6834
6834
68*4
4
4
*4
9%
9*2
*9*2
584
17%
*1634
*1*8
1%
*1%
578
5%
*17
18
1*2
*1%
6
18
1*2
5%
17
*1%
7
Feb 17
Feb 17
Tri-Continental
Corp .No
par
70
150
4%
10*2
400
$0 preferrred
Truax-Traer Corp
100
Truscon Steel Co
5%
3,400
20th Cen Fox Film CorpNo par
200
$1.50 preferred
No par
Twin City Rapid Tran.No par
17
1*2
200
300
No par
No par
10
7 % preferred
.100
17
Feb 14
1% Feb
7
16*2 Feb 20
20
7%
1
7
Feb 21
31%
1,700
Under Elliott Fisher Co No par
30
FeD 14
10
10*8
10%
10*2
10*4
10*4
10
10%
10
10*2
10*4
10*4
3,500
Union Bag & Paper
62%
62%
63
6134
6234
63%
64%
63*2
63%
II,600
61*2
61%
113
13*4
113
113
13%
113
13*4
13*4
7634
76*2
77
83*2
82%
821
*113
13%
116%
13*4
7634
113
13%
113
13%
113
13*2
113
13%
4% May
'
800
Twin Coach Co
80
2,100
1,900
No par
Union Carbide & Carb.No par
1% May
6% May
5
May
7
60*2
10% May
Jan 16
9% Jan 30
684 Feb 19
31%
*11284 113
4% May
3*8 May
32
7%
May
35% May
6
Jan 2
5*4 Jan 13
17*4 Jan 2
834 Jan 7
9
Feb 19
31%
17*2
18
51%
5*8 Jan
4
32
7%
May
34*4 Jan
9
32
16%
May
Jan
32
7*4
8
834 May
81
75
32
18
May
68% Feb 17
1734
7*4
Jan
1
9
22
7%
31%
*16
1% Jan 18
Feb
4
2534 May
Jan
31%
7*2
6
Jan 10
2
*1734
1734
Jan
6
34
234
6
1% Feb
20
734
31
*7*4
6
1
1,100
*1734
*7%
*30*2
7%
*17%
1%
39
June
May
"2",700
1
Jan
30
June
9*2
1
Dec
3
1334
1
5*8 Feb 19
28% Feb 3
Dec
2% June
20
9*2
500
400
May
7
9
*12*4
5%
29*2
1,500
*16%
Jan 18
5
36
Feb 17
34
*97%
934
5*8
29*2
4*4
*17
3*4 July
4% Jan
4*4
1*2
3
434 Jan
Jan 17
4*4
6
17%
6
Jan
45
Feb
30
4*4
*1*8
Jan
2% Jan 14
4*4
13*4
*1634
6
4%
9%
1
1%
14
5%
29
$3 div conv preferred
May
2*2 May
26% May
5% Oct
10% Jan 27
10% Jan 23
40% Jan 21
4
234 Jan
38% Jan
4
33
Jan 24
38
334 Feb 18
8% Jan
7% Jan
35% Jan
May
May
May
Dec
4% May
40*4
Feb 14
35
May
334
4*8
28*2
2%
334 Jan 16
9% Jan 8
Jan 2
3% Jan 10
734 Feb 19
34% Feb 19
2% Feb 14
May
3
3
17% Jan 3
5*2 Feb 14
4%
*9%
9*8 May
20
.1
14*4
5%
29
900
Oct
1%
Jan
4*4
10*2
7
17
Timken Roller Bearing.No par
*9
7% May
12% May
Jan
23% Jan
Timken Detroit Axle
*4
4
Jan 10
134
5,200
4*8
Jan
9
6,300
4*8
10
46*4 Aug
118% May
21
2
42
1%
72*2
4%
10%
6
Jan 22
*9*2
.
3*4
May
5*4 May
*12*4
3*4
330
•
Dec
5
5834 Jan
127
29%
1%
4
7
Feb 14
Jan
4% May
8% Jan
4134
*6834
Jan 10
5*g Jan 28
8% Jan 10
Feb 18
29
6834
4*8
1*8
Apr
46%
Oct
16%
38
42
4*4
7
6*8
29
29% June
29
7
18
2034 May
Jan 11
22*8 Jan
—100
1
Thermoid Co
Jan
7%
.10
Third Avenue Ry..
—100
Thompson (J R)
25
Thompson Prods Inc..No par
Torapson-Starrett Co.No par
33
Dec
2%
36*2
Feb 14
41*2
4%
13%
113
May
Feb 19
2734
43g
13%
1*8
3*2
June
1
2% May
:
6
Jan
Jan
Jan
Jan
41
39*2
57g
*3*4
3,800
98
Jan
22*4
26*8
12
No par
Preferred...
50
4%
3334
May
12% May
28%
28*2
41
*1%
578
40
4-%
3334
5
2034 Feb 20
..No par
No par
The Fair
Apr
6
17% Jan 14
2034 Jan 13
27% Jan 11
i1*
Trust—1
Co
100
pref
Apr
40%
112% Dec
7% Apr
Jan 13
8% Jan 20
16% Feb 14
.100
Swift International Ltd
conv
66%
Dec
1*4
54% Feb 14
(The)..50
25
Swift & Co
May
112
3*2
27%
29
39
99
9%
*39
434 May
Jan 24
116
6
*40%
28*g
68*4
*9*2
*1
*12
91
4*2
26% May
45*4 May
Feb 14
121%
Superneater Co (The)—No par
Superior Oil Corp
1
Superior Steel Corp....—.100
Sutherland Paper Co
10
$3.60
200
46
9
5% Feb 15
No par
Sunshine Mining Co
40
3
9
4034
29
4234
4%
6884
4*8
1*8
1334
40
*27g
6
2834
99
1%
3*4
3
8%
*38
Feb
38*4 Apr
58% Dec
11% Jan
6% Jan
98
99
13%
7%
34
8%
40
5%
47
May
68«4 Jan 21
98
99
1*2
*68
43g
5%
30
34
13*4
1
*12
*2%
3*2
32%
4
5'
34
4%
278
4%
4
3178
4%
27g
8%
*38
35*4
May
19
18%
6
1
Thatcher Mfg
35%
33
2
57% Jan
36*2 Jan
634 Feb 15
600
35%
9
9% May
3%
Texas & Pacific Ry
34*2
Jan
14% Jan 13
58
Texas Pacific Land
35%
Apr
34% Feb 19
Feb 14
34
400
1,600
2334
Feb 19
33
I,600
400
8%
14% May
z3734 Jan
25% Feb 19
25
25
25
1,400
*3*2
*734
334
8*8
4
18
par
....100
preferred.
6%
Jan
May
10%
12%
par
par
8..No par
Sterling Products Inc
10
Stewart-Warner Corp..——5
(The)
Apr
7
72
Feb 18
Feb
3%
Oct
Jan
113% Feb 14
Standard Oil of New Jersey.
Jan
334 June
Jan 24
Standard Oil of Indiana
Jan
Jan
39
May
1% May
3
3
20%
38%
% Feb 17
2*4 Feb 15
5%
334
7%
3434
Jan
111
par
4
*3%
734
2
20*2
34%
17% Nov
8
4% Jan
16%
13% May
No par
2,800
70
3%
734
8
152% Apr
30% May
15% Jan
$4.50 preferred
35%
35
*32
33%
*3*2
334
77g
35*4
8'%
3*2
35
■■V-V
May
23% May
634 May
6% Jan
Symington-Gould Corp w w.l
Without warrants
1
Talcott Inc (James)
9
5H % 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
900
%
*8%
•
40%
*27g
1,100
5%
534
*8%
2%
40*2
"3", 500
128
Jan 30
Sweets Co. of Amer
5*2
227g
17%
4%
*39*2
2%
300
17%
*5*2
*3*2
3*2
278
*3%
500
33%
34
35
35%
1,600
2034
*378
5*2
23
35*2
1234
22%
12
12
*20
8
2,400
2034
12%
21%
8
5,200
1%
12
12
21%
3*2
878
1734
*1*2
1234
21%
12*4
22
5*8
834
*16*2
1%
12*2
12
*4*2
*34*4
8«4
Jan 14
6
Sun Oil Co..
17%
1*2
30*4 May
No par
150
8%
1%
»
Aug
5% conv
Standard Brands
Studebaker Corp
122%
16
1334 Jan 10
Feb 14
113%
Stokeiy Bros & Co Inc
1
Stone & Webster
No par
17%
1634
1%
122
~
3
24% Jai. 28
29*2 Jan 13
3
31*4 Feb 19
———1
preferred
100
2% Mar
Jan
May
28% Jan 3
10% Jan 23
Feb 20
51
12%
7*8 May
1% July
6
10
146
2
57%
5% Feb 14
2
preferred
2434
Feb 14
Square D Co
$4
11%
Dec
19*8 Jan
Jan 30
32
No par
—
May
2% Jan 11
1534 Jan 23
18% Jan 30
31% Feb 20
1,000
55
55
55
9% Jan
Oct
Jan
Feb
Jan
5
14
10% Jan 16
8
1534 Jan
Apr
22
10% May
60%
8,400
1,100
Jan 14
1% Feb 18
4,100
;
8%
17%
1%
22
*37g
22*2
17%
534
5484
8%
1*2
1*2
55
122% *122*2 12434
*1634
17
17
'
200
1,400
19
2
4
Starrett Co (The) L
30
114% May
11*4 Feb 15
19% Feb 14
pref——No par
600
30
120
May
25% Feb 17
par
Standard OH of Ohio
*35
4
*53*2
9,800
May
3
Jan
23% May
12% June
105
Feb 19
27
17% May
Nov
Jan 27
8
Jan
Jan
2% Apr
31
114
1% Jan
8
24
67
6
135
6% Nov
6
Feb
Jan
Apr
7% Mar
6
22% Jan
8*2 Feb
...No par
Spicer Mfg Co
$3 conv pref A
300
36
67g
10,300
21,900
Jan
Jan
9
1
3434
3434
4
*122
1,900
Feb
13%
Jan
112
1334 Feb 18
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) v tc
1
No
$6 cum prior pref
No
$7 cum prior pref
No
Standard Oil of Calif—No
500
40%
14% Feb 19
Standard Gas & El Co. No par
13
26*8
*34*4
Wlthlngton—No
Spear & Co
$5.50 preferred
200
7
May
Feb 15
16% Feb 14
2,300
13
18*8
25*4 Feb 15
18% Feb 19
Greyhound Lines..6
Sugar.—No par
8% preferred
100
Southern Calif Edison
25
Southern Pacific Co.—No par
Southern Ry-_.——No par
5% preferred
100
Mobile & Ohio stk tr ctfslOO
3,000
■
56
34
Jan 30
1% May
7g
2%
11%
*10%
3
40% Aug
434 May
5
So Porto Rico
Conv $4.50
73% Nov
534 Jan
40
S'eastern
Spiegel Inc
16*2 Nov
Aug
May
2% Jan 20
27% Jan 28
Corp...No par
Jan
May
134 Jan 31
112
Apr
16%
June
10
95
Jan
88
5534 Jan 14
5% Jan 7
Feb 15
13
Sparks
4
Jan
2% Nov
12% May
12,600
7g
2%
V,
20
2
Jan
21% Jan 10
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum. 1
320
1,400
14
Sept
May
16% Feb 15
6%
112
6
6%
33*4
360
2,800
33*2
*113% 118
*%
10%
12%
500
*32%
2%
%
2%
10%
12%
12
5%
2534
67g
*684
%
2*4
13
13
1278
18%
26
34*4
35*4
69*2
*58
112
1
2*2
35
35
113%
*%
2%
3334
35
33*4
*34%
6
1
12%
18%
12*2
6*4
2*2
1034
2%
2*2
11%
12*2
18*4
2*4
6
5,900
32*2
58*2
534
53%
32%
52*4
*113% 118
*113% 116
100
1934
33%
32%
534
5*2
113*2 *112
113*2 *112
78
1
*10%
5%
*113% 116
*113% 116
0
6
6
■'
6%
113*2 *112
1
5*2
5*2
T,300
05
*19%
52
68
1%
4
*334
*60%
32%
58*2
3134
5*2
*112
32%
32%
*31
55
57*2
♦51*2
114
33
32%
33
*19
29%
1%
1%
4
*56
32*8
*25
29*2
1%
4
*334
66%
32%
19,300
20*2
30
134
♦19
10
1,900
26
87g
8%
1134
♦3«4
*
150
257g
8%
834
8%
2,600
20
*158
*25*s
25«4
2534
Corp
Smith & Cor Type v
100
13*4
*142
142
142
25%
25%
334 Jan
—No par
10
t c.No par
$6 preferred.
18
1734
1734
10%
142
*138
25*2
25%
*13
13%
*13
7184 Jan 17
4% Feb 8
4*4 Feb 19
37
Feo 18
Simonds Saw & Steel..No par
900
10% Jan 21
Feo19
53
Skeliy Oil Co
--15
SI088 Sheffield Steel & Iron. 100
18,500
2
1%
20
May
1%
61%
8%
8*2
51%
115% Jan
111% Dec
% Jan
7% June
3% May
500
Snider Packing
11
2
4
"""466
Smith (A O)
9
Jan
Jan
12% Jan 13
94
100
3
Jan
Jan 10
No par
-
500
Jan
10% Jan 21
4% Feb 14
20%
""900
Jan 10
May
107% June
101% June
*8 May
% Oct
9* Feb 19
10% Feb 20
Co .No par
Shell Union Oil
15
Silver King Coalition Mines.6
Simms Petroleum.—
*112
114
♦112
114
*112
114
*112
113
*112% 113
*112*8 114
15*4
15*4
15
15*2
14%
14%
14*2 1434
15*2
15*2 *15*2 1534
*9%
10
*9*2
10
9%
9*2
*9*2
934
*9*2
934
*9*4 10
13%
1334
*13*2
14
1334
1384
*1334
15
1434
1434
14*2
14*2
834
8%
2:8*2
8%
8%
8%
8%
87g
884
8%
8?*
8%
1%
1%
134
134
1%
1%
1%
134
*1%
134
*15g
134
Feb 13
7% May
Jan 31
111%
*4
%
15%
2*8
7834
Feb 14
61
2%
26
10
Jan
115
4
6834 Feb 14
Sheaffer (W A) Pen
Simmons Co
Dec
49
% Jan 9
% Jan 20
Sharpe & Dohme
No par
$3.50 conv prefser A .No par
Shattuck (Frank G)—No par
"l'soo
88
34
2
257g
*19%
94
18%
*90
$5 conv preferred
64% July
37% Jan 10
108
--1
No par
No par
..
Sharon Steel Corp
11% Jan 10
87% Jan 24
1234 Feb 20
*90
26
2%
25%
20%
2%
300
11%
*4*2
*1%
17
*24
20*4
106
*85
106
*85
4
434
47g
*178
95
4
*51*2
434
3834
10%
*4*2
17%
238
25*4
19*2
*L78
25*4
4%
*37
Servel Inc
80
53*2
4%
3834
37
*4%
400
*4
4%
*37
2,100
64
*61
*50
4%
53
4*4
62
62
62
61
6378
*62
62
62
65
3
Jan 23
111% Jan
$4.50 preferred
50
1434 Mar
Jan
9
No par
$4 preferred
No par
1 Seaboard Air Line...No par
4-2% preferred
_.—100
;■■■>>
Feb 14
Highest
$ per share $ per share
share
per
34
5
-.100
No par
5M% preferred
Scott Paper Co
$
share
per
85
Schenley Distillers Corr
300
*108
*5834
$
Lowest
Highest
Lowest
Par
3,100
36
113
113
115
*113
*85*4
36
*347g
36
*34*2
9*4
86
9%
9*4
86
9%
♦85*4
85%
85%
86
,
9*8
9
9*4
80
*85*2
86
♦34%
9
9*4
87
9*8
9i4
9
86
$ per share
$ per share
$ per share
On Basis of 100-SAare Lots
EXCHANGE
Thursday
Feb. 20
Feb. 18
Range for Previous
Year 1940
Range Since Jan. 1
NEW YORK STOCK
the
Wednesday
Feb. 19
Tuesday
Feb. 16
STOCKS
for
Saturday
Sales
PER CENT
SALE PRICES—PER SHARE, NOT
LOW AND HIGH
1941
22,
934 Feb 14
60
Feb 14
Union El Co of Mo $5 pfNo par zlll*4 Jan 30
Union Oil of Califonria
25
1234 Jan 2
10
7% Jan
19% Jan
6
7
64
14
Aug
May
1% Jan 10
1% May
Jan 10
13% May
6% Nay
24
9% Jan 13
6
Jan 4
70% Jan 6
34% Jan
1234
21% June
9% May
59% June
Jan 15
105
14%
Jan 14
112
Jan 10
71
May
Jan 13
13*2 Jan 2
70
June
13
Dec
115
May
May
13*4
76*2
8212
*82
13
13
*13
13*4
*13
13%
13%
13%
13
13
Union Prem Food Stores,Inc. 1
13
26
26
*26
2634
26
26
25%
26
26
26
26
27
1,600
Union Tank Car
No par
25% Feb 19
2934
Jan 10
36*4
13
3534
36%
34%
35*2
35
37
3034
37*4
8,600
United Aircraft Corp
5
44%
Jan
9
31% July
1234
13
12%
12%
1234
13*8
13
13*4
7,900
Un Air Lines Transport
5
34% Feb 14
12% Feb 19
1234 Feb 15
17*8
Jan
9
12
14
Jan
113% Feb
13*4
76*8
8214
76%
347g
3584
36
12%
13
12%
76*4
*82
8234
77%
82%
*13
77*4
82%
13%
77*2
*82
78
83*2
12%
12%
*12*2
127g
*12%
13
*12%
12%
*12%
13
1284
127g
*112*2 113*2 *112% 113% *11234 113*2 *112% 11434 *112*2 11434 *112*2 11434
*43
46
47
*44%
46
48
48
47*2
4734
4734
*4734 4834
*1734
19*2
19*
*177g
19% *1734
19*4
1834
1834 *18
*1734
1834
1%
1*4
1%
1%
1%
1%
1*8
1*4
1*8
1*4
1*8
1*4
25
25*2
25*2
26
25%
26%
26
26
25% 26%
2584
26*2
*
Bl<
and asked prices; no sales on
this day,
t In receivership,
400
300
500
Union Pacific RR Co
100
76*8 Feb 15
85%
4% preferred...
100
80% Jan 31
85%
United Biscuit Co
No par
9
12% May
6
108% Nov
42% May
18% Feb 13
20*2
1%
Jan 15
Jan 7
12
1*8 Feb 8
Feb 21
3034
Jan 10
26
100
United-Carr Fast Corp.No par
United Corporation...No par
9,200
a Def. delivery,
$3 preferred...
n
New stock,
No par
r Cash Bale,
Jan
May
Jan 10
47
10.800
2234
50*2
111
United Carbon Co....No par
preferred
3
FeD 19
...100
"""766
5%
Jan
Jan
2
25
x Ex-dlv.
p
1%
May
Dec
Dec
Ex-rights. ^ Called for redemption.
Volume
LOW
AND
New York Stock Record—Concluded
152
HIGH
SALE PRICES—PER
NOT PER
SHARE,
CENT
Sales
Page 10
for
Saturday
Monday
Tuesday
Feb. 17
Feb. 18
$ per share
$ per share
4
3%
*2
378
378
*2
2%
*26
29
3%
*25*4
3%
3*4
3*4
38
*3712
38
63
62%
63*2
8*4
8%
8*2
834
*113*4 115
*11338 115
*914
9*2
9*2
9*2
3
3
v
3
3*8
*278
3
*278
3
*86*2
89
86*2 86*2
26
4
38
38
63%
*9l2
934
834
914
61%
61%
174
95s
*8*2
*3334
35%
22%
22
3
174
EXCHANGE
3 per share
$ per share
Shares
60
*
*174*8 179
*4%
5*4
33%
33%
22
22%
*3%
4
3*4
334
*3*2
6%
6*4
*54l2
62
*54%
29*2
*29
29%
*33
33*4
*32%
34*4
*20%
22
*33%
21%
*58
1*4
82
30
*58
75
57
575s
119*2 1197g
28
,
*1%
6%
6
81
*54%
28%
*3234
20%
1%
17%
80%
21
81%
1*4
19
*58
60
*3*2
6%
20*2
1*8
18*2
1*4
19
82%
18%
*7212
*45
6*2
59
29
*45
1*2
*45
46
13g
1%
1
48
1434
15*8
53i2
53%
*153*8
139*4 139*4
*%
%
*151«
16
28
*22*4
*1
*153%
139%
*%
27
23
1
27%
23
-
*2%
*2i2
*82
9%
9%
8%
*8*2
61%
61%
*--—
*5
4%
35
2%
*2%
3
2%
87%
10
*85
*9%
*8%
8%
ei%
61%
*5
♦33%
21%
6*4
62
29
34
»2178
*3*2
21%
3%
5%
35
21%
3%
3%
*33
18%
83
83
61%
1,700
*45
*14%
53%
1
53%
*45%
*14%
*53%
"MOO
1%
19%
84
59%
1%
1%
50
15
£5%
J
*1
49%
*45%
15
56%
*14%
*53*2
*%
*15%
23
26*8
23%
TU
%
*15%
16
*23
24%
*23
*48
*20*2
22*2
2
2
20
20
"115*2 115*4
♦125s
15l2
40
40
32'4
32'4
89
89
*135
4*8
4%
*26*8
27*4
13*4
*3U
*7S
4*4
1
1578
*278
3
*53*4
54*2
*4
*558
225s
*15
17*2
*278
20
2
20
*20
*2
*20*2
2
2
21
8%
2034
20*2
*135
**4 "»ie
*%
%
8*8
8*8
20*2
20%
*99% 103
4%
4%
2
100
*97*2 103
4%
26*8
4%
26*8
*26*8
13
13
*12%
4%
*3%
%
*7
*25
22%
1534
*15
17*2
33s
18
2%
*3%
1
2%
55
2%
53%
%
%
%
7% t; 8
25*8
25%
27
2%
53*2
lsi«
2%
*53%
2%
54%
2%
*53%
»ie
*%
*6%
*25%
22%
*14%
*17%
*2%
8
7%
7*2
*25%
*22%
2?38
22%
15%
15
15
*15
16
18%
3%
*17%
18
*18
18%
*17%
3
3
*2%
3*4
pref
5
No par
No par
17
17
17%
*64
68
*64%
104%
*112*2 113%
*102*2 104
102
17*8
68
17%
*66%
102
17%
68
*17%
1
17%
*66%
68
17%
*66%
17%
68
17%
*66%
101
101
101
101
112% *111% 112%
111% 111%
111
104
100
100
104
101
102*2 103%
101
100
119
119
*115
119
117*4 117*4 *116
*115% 118% *115
*115% 119
1534
15%
1534
15% *15*2
16%
15%
15%
16%
16%
*15% 17
105
105
105
106*2 *105
106*2
105
105
105*8
*104% 107
25
*24
*24
25
2434
24*4
25%
25%
25*4
24%
24% 24%
*3
3
*3
3
*3
2%
3%
2%
*2%
3*4
3%
3%
*105
*5
**1«
7
%
1934
*5
6%
*%•
*5*4
**1«
*2
*5*4
I
*2
*5
6*2
%«
4u
*5
7
*5i«
%
19
19*4
19%
19%
19% 20
19%
1934
19%
19%
19%
19%
91%
92
90% 9134
92*2 93%
*134
136
*134
136
134
134
134
*134*8 136
134%
30
30
30*2
30%
29%
30
*29%
31
29% 29*2
*29
33
29
*26*4
32
*27*8
33
*27%
29%
29%
109
109% 109*4 109% *108
109*4 *108
108*2
109% *108
1834
1934
91*4
*62
19%
91*2
75
19%
19%
93%
Warner Bros Pictures
*62
75
75
*62
*62
75
*62
*62
75
*95
*95
*95
97*2
97*2
97*2
97*2
97%
*93% 97*2
25
2534
2534
25%
25*2
25%
26
25%
25*2 26
*132l,ul32 27aj I32»i.l32«ie *132iai« 132% I3213i»132J7»i 132*%j 132%
*67
70
69
69
*68
70
*68
70
*6734
69
10*4
10*4
*10*4
12«4
13
5*4
13
5*4
*4
4*4
41
41
21%
21%
11*4
13%
*10*4
5*4
5*4
*42*2
4*8
70
*42%
60
22
22%
*21%
22
5*4
*4
4*8
2
1*4
1%
*1%
178
178
3*4
1%
1%
1%
3%
3%
3%
3%
412
4*2
65%
65%
*112
11*4
13
13
4*2
*66
1%
4%
4%
67
1%
1%
334
4*2
67
67
*112
*112
5%
4*4
...
*10%
12%
5%
4*8
*42%
*21%
*1%
1%
3%
4%
66
11*4
12%
5%
4%
60
22
1%
1%
3%
4%
66
*10*4
13%
5%
*4%
*42%
22%
*1%
11%
13%
5%
4%
60
22*4
1%
1%
1%
3%
4
4%
68
108
No par
No
No
.<
4%
68%
*93%
26
1,800
*68
70
*10%
11%
13%
5%
4%
13%
*514
4%
*42%
22%
*1%
5
1
No par
Westlngbouse AlrBrakeNo par
1st preferred
Weston Elec Instrument. 12.50
200
Westvaco Chlor Prod ..No par
$4.50 preferred
Wheeling & L E Ry Co
10
2,300
5
White Motor Co.....
1,500
1,200
White Rock Mln Spr C0N0 par
White Sewing Mach Corp—1
200
178
4%
3,200
1,900
Willys-Overland Motors.....1
*3%
4%
69%
4%
69%
5,300
*28
95
*86
95
*86
95
*86
95
*86
95
*86
85
*85
90
*85
90
*85
90
*85
9
*54
55
5414
54%
55%
*54%
57
*55
60
60
60
*58%
60
*57
60
*90*2
93
70
18
*92
70
*69*2
*17*2
1278
13%
116*4 116*4
9%
9%
32
3278
*89
93%
15*2
12%
15*2
12%
2
2
*
17%
*17%
13%
116
*9%
33*2
*88
17%
17*8
30*8
30*4
17
16%
55
17%
30%
17%
26
Feb 14
3% Feb
4
»ia Jan
2
6
25
Feb
4
Feb 19
May
May
13% May
17% Feb 14
2% Feb 17
80
101
80
21% Jan
9
15% May
5834 Aug
Jan
Feb 18
5
Feb 20
117
Jan 14
15% Feb 19
104% Jan 9
Feb 19
2% Feb 14
Jan
5
%i Feb
1
18% Feb 13
19% Feb 19
89% Feb 14
132*2 Feb 21
29% Feb 17
108
Jan 29
Feb
3
97% Feb 15
25
Feb 19
Jan
4
Feb 14
41
Feb 15
20% Feb 14
""300
.28
13,900
2,400
Wool worth (F W) Co
10
30% Feb 18
16% Feb 19
Feb 19
90
2*8
prices;
*2
no
2*8
sales on this day.
*89
15%
94
13
15*4
13*4
*2
2%
*89
t In receivership,
Feb 15
3% May
38
33% Jan
34% Jan
24% Jan
Jan
1484 May
134
Oct
1%
Jan
3
Jan
334 May
45
June
Jan
7
1584 May
7
30
9
May
13% May
June
58
Feb 13
39
June
90
Feb 21
9
91
June
Jan 11
73
May
94
200
16
1,200
1,400
1,400
conv series 100
Preferred
100
400
2
41
May
734 Aug
7% May
4% Mar
Prior pi 4
9,700
2
17% Jan 9
7% Jan 13
5% Jan 10
300
9%
13%
18% May
29
34%
15%
13%
3
60% Jan 28
64% Jan 28
12% Feb 15
*15%
12%
May
Jan
400
Yellow Truck & Coach cl B..1
13
85
30
55
7,300
15*2
May
ioo" Jan "2
Jan
60
76 9«4 Feb 19
93*2
Dec
Jan 18
Wrigley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
13
108
Jan 18
Wright Aeronautical...No par
15%
6
91
90
*88
110% Jan
2784 May
98
300
16
May
3
Jan 30
200
13
26
Jan
Jan 27
19%
13%
93%
110
36
94
72
115
2
Jan 10
85
90
9%
33%
Jan 28
34%
7% preferred...
100
6% preferred
100
Prior pref 4H% series...100
""30
90
*114
Jan
138
116
10
*69%
10*8
105
51
19*2
13%
34%
2»4 May
4% May
% Dec
14% May
15% May
76
May
Jan 22
72
115
Jan 22
Jan 16
h Jan 3
22% Jan 10
22% Jan 10
Jan 14
95
*9%
3%
7
12
*69%
32%
May
June
76
*90
*114
21
7
*17%
13%
9%
32%
92%
15%
12%
11
100% May
Jan
18
115
2
Feb 14
95
70
9%
31*4
28% Jan
108% May
10%
12% Feb 14
5% Feb 19
*17
*114
7
69
*69%
10
3334
Jan
Feb 10
June
June
9334 June
*92%
116
18
105%
80
Jan 29
18
*9%
96% May
Jan 10
107% Jan 18
117% Jan 3
133
72
32%
91
115
3
95
115
Dec
74% Jan 18
106% Jan 25
50
29
Woodward Iron Co
par
May
2% May
5
6% pref-100
Worthlngt'n P&M(Del)No
14
eb
*90
9%
33%
7
80
110% Feb
6
6
'
5
100
724
6
Feb
*17%
116
334 May
16% Jan
20% Jan
4% Jan
Feb 14
Jan
5% Jan 25
73% Jan 28
par
May
May
% May
22
*70*2
13%
2
4% Feb 14
65% Feb 15
No
Dec
% May
30
Wilson & Co Inc.....-No par
$6 preferred
3%
9
Jan
8%
June
13% Aug
Jan
30
May
10
Jan 28
1
June
3
20
18%
13%
12%
6
5% Jan 13
700
89
9
70
13%
6
3% Feb 14
preferred...
Dec
23% Jan 13
95
13%
Jan
60%
Jan
5S Jan 30
Oct
«i.
5% May
18% May
10
conv
May
June
%
Jan 22
53
*57
19%
13%
5%
17% Jan
3% Jan
59
54*2
59%
9
14% Feb 14
2% Feb 19
59
54%
30% Jan
13% Jan
1% Feb 18
1% Feb 13
5
71
16% May
1
712% Feb 13
55
12%
Bid and asked
17
30%
Jan 17
% Jan 10
6
*54*2
15*2
*2
30%
No par
20
Wilcox Oil & Gas Co
95
85
30*8
May
23% Jan 10
1% Jan 7
2% Jan 11
Wisconsin El Pow
28%
30%
17%
May
6
$5 conv prior pref...No par
White Dental Mfg(The SS).20
1
6,900
1%
*28
May
5
6% Jan
125
6%
134 May
Jan
22% Jan
105% Jan
100
No par
—100
$4 conv preferred
1%
Jan
Aug
May
19
14
100
conv preferred
6% preferred
100
100
Yi%
Wheeling Steel Corp
320
*112
28%
No par
Prior preferred....
90
16%
30*2
17*2
28*2
30%
50
800
900
*80
28*2
50
22%
*84
30%
28%
100
.100
Westlnghouse El & Mfg
170
July
35% May
109
4% Feb 14
6% pref
ICO
28*2
30*2
17%
28*2
30*4
28
100
60
*28
28
par
100
Western Union Telegraph. 100
18C
112
Feb
20% Feb 17
103% Jan 31
15
Western Pacific
Jan 15
Jan
Jan 11
6
22% Feb 21
Western Maryland
300
75
97%
26
132% 132%
*112
*112
loo
500
24%
2%
27%
117%
20%
Jan
par
7% preferred........_.100
6% preferred—
100
WestPennPowCo4J^% pf.100
West Va Pulp & Pap Co No par
6% preferred..
100
Western Auto Supply Co...10
400
9
22%June
Jan 17
""60
90
2
I
Jan
Waukesha Motor Co
17C
115% Jan
44% Jan
*i« Jan
8
3
400
May
Jan 15
*u Nov
120
2
5,500
25
% Jan 20
Warren Fdy & Pipe
No par
Washington Gas Lt Co .No par
4% 2d preferred
108
par
5
preferred
J Warren Bros Co
S3 preferred
7
132% 133
*29%
31%
29
*27%
9
16% Jan
6,100
19%
19%
92%
Jan 28
Fev 15
70
20%
19%
94%
19%
19%
2
20
115% Feb 17
$4 conv preferred....No par
West Penn El class A..No par
""206
June
6
60
20% Feb 11
100
Wayne Pump Co
%
12
34% Jan
5634
Wesson Oil & Snowdrift No 7;ar
.
4
94
Webster Elsenlohr.
*%
91
742% Feb 13
600
100
noi
9
Jan
Feb 15
100
300
111%
104
June
89
No par
200
17%
59
% Jan
100
7% preferred
68
May
13434 June
28% May
Ward Baking Co cl A..No par
Class B,„m~.Novar
200
45
5
Dlv redeem pref.....No par
300
18%
3%
112
111% 111%
*10212 104
June
12% May
33% Feb
7% preferred
*101
1
41
25
Walk(H)Gocd & W Ltd No
1,100
May
Dec
36% June
No par
170
8
26%
22%
16
103%
29%
42%
1%
4
Walworth Co
S3.85
68%May
39% May
60
May
42
May
Jan
Walgreen Co
20
May
42
No par
1,000
Dec
% May
15
Jan 14
Waldorf System
4,500
22
Feb 15
"366
3
Aug
32
300
is
48
2134 June
27% June
4
*i« Jan
100
100
May
40
4K% pref with warrants 100
1
6
25
100
4%
May
3% May
Feb
tWabash Railway Co
5% preferred A.^_.
200
14
14
Vulcan Detlnnlng Co.
Preferred
500
May
5% pf 100
6% preferred
MOO
June
Jan 10
16% Jan 10
59% Jan 15
100
100
"400
54%
*%
23
non-cum
50
165
1% Jan
1%
50
Feb 13
5
Jan
5% May
June
Dec
May
114
100
>
May
7
26
"■ioo
14%
*%
Jan 17
Dec
5
4
Feb 14
Virginian Ry Co
1,200
5%
27
13
14%
25
18
10
20%
*3%
2
Jan 17
May
Jan
722
6% dlv partlc preferred. 100
*99% 101%
4%
1
'
17
Va El & Pow $6 pref
Va Iron Coal & Coke
90
%
7g
14%
1% Jan
3
3%
80
Jan
Jan
Va-Carollna Chem
500
8%
*3%
78
48
Feb 14
40
*14%
Feb 21
16
Victor Chemical Works
600
4*2
33% Jan 13
46
26
5%
*is
13%
8
15%
*3
♦12%
Jan 13
Feb 15
100
...
Vlcks Shreve & Pac Ry
92
*26%
*12%
No par
VIck Chemical Co
1,000
...
£
conv
7% 1st preferred
1,400
*20
130
29
Vanadium Corp. of Am.No par
Van Raalte Co Inc
5
10
2
*8
Feb 19
117% Feb 21
Jan 21
2
*%
8%
*20
20*4
*99% 101*2
4%
5%
26% 26%
25
23
2%
*%
*8
5
4
Feb 10
100
*%
1
Jan 19
755
Jan 17
149
21
*89
64
31% Jan 11
34% Feb 7
25% Jan 6
1% Jan 11
24% Jan 11
94% Jan 11
64% Jan 10
7612 Jan 29
70% Jan 6
Jan
157
85
*135
*21%
*21%
15%
22%
92
...
Jan 17
28% Jan
31
6
133
2,700
32*4
*89
No par
8% preferred
100
Universal Pictures 1st pref-100
Vadsco Sales
...No par
...
32%
64
8% Jan
Universal Leaf Tob
300
32%
Oi
25% July
Feb 19
72% Jan
25
Preferred
32%
it
Jan
D<
June
737% Jan 16
28% Jan 10
4% Jan 4
200
41
15
118
9%
6
538
234 May
14% Feb 15
53% Feb 15
153% Feb 19
500
41
J«
Dec
107%June
May
3
Universal-Cyclops Steel Corp 1
16
40
6
Jan 14
6% Jan
46% Feb 13
10
40
183
preferred....No par
21
2%
;
10% Jan 27
69% Jan 8
Apr
Mar
65% Mar
85%
6
300
280
14%
%
*14
3
13
8
%
8*2
*20
20%
*99% 101
4%
4-%
26
26%
*12%
13%
15%
*53%
53%
l',«
i«
*%
4%
*% :v
*14
3
2%
*53%
8
*3%
%
16
*14
22
«1« ■*4
*8
26%
13%
*
36
21% Feb 19
3% Feb 14
58
......
United Stockyards Corp
United Stores class A
900
Feo 10
50
7% preferred
20
33
Jan
share
41
Jan 17
14
Feb 14
Feb 15
•„
7%
6
2% May
25% May
3% Jan 10
3% Jan 9
90
Dec
per
60
Jan 13
4% Feb 17
50
.
*'
*20
20*2 20*2
21%
115% 116
*115% 116%
*13
15% *12%
15*2
*135
...
*%
*48.;
...
85
*21
22
*19
2%
21
*135
8%
28
22%
22
*20*2
*
85
115% 115% *115% 116% *115% 116
15
14
14
*12%
15
*12%
41
*38%
41
*38%
*38% 40
32%
32*4
32%
32*4
32%
32*4
*89
89
89
*89
92
99*4
34
*26
22 >4
2%
*%
8*9
*2058
20*4
*97*2 103
*14
*20*2
*48
...
*
85
**4
**2
*1234
85
*135
**4
8*2
*48
*
100
U S Steel Corp
300
25
'
15
Jan 22
11
1% Feb 18
17% Feb 14
80% Feb 15
Preferred.
100
U S Tobacco Co.......No par
1,300
27%
26%
8
117
20% Feb 18
Preferred
2,800
60
174
1
10
8% 1st preferred
53,500
21
21
21
19
17
19
18
Jan
10% Jan
8% Feb 19
112% Feb
8% Feb
2% Feb
2% Feb
86% Feb
9% Feb
8% Feb
No par
U S Smelting Ref & Mln
100
114*2 114l2 *112% 114% *112% 114% *112% 114% *112% 114% *112% 114%
42*8
*42
42*8
43
42%
42%
42%
42%
42%
42%
42% 42%
85
10
Corp
JU S Realty & Imp
200
lo
27%
100
...20
U S Rubber Co
5,800
139%
*15%
27%
cl A ...No par
U S Plywood
3,500
r
*%
16
26
26%
23%
conv
U S Pipe & Foundry
U 8 Playing Card Co
16.400
155
*153
155
138% *137
50
Prior preferred
46
*1%
1%
Partlc &
"MOO
138
138
800
20%
conv preferred
U S Industrial Alcohol.No par
U S Leather Co.......No
par
200
30
34
46
46
5H%
62
153% 153% *153
139
20
7
57%
46
7% preferred
100
U S Hoffman Mach Corp....5
1,100
56%
118% 119
28
28%
,
20
200
118%
28
U S Distrlb Corp conv pref.100
U S Freight Co
No par
U 8 Gypsum Co
20
400
22%
3%
1
v 10
10
U. 8. & Foreign Secur__No par
$6 first preferred
No par
100
5%
35
56
1*8
50
15
United Mer & Manu Ino
United Paperboard
280
*72% 75
56*2 57%
117% 118
*27%
28%
1%
No par
No par
10%
8%
*58
1*4
United Gas improv't
$5 preferred
600
59
Jan 11
1,300
2,400
2%
384 May
2
Sept
70% Jan 10
2%
87%
73
5
share $
per
Jan 11
1,000
9%
59
32
42
1%
18%
83%
21
1%
"
20*2
1%
1%
18%
81
2584 Feo 14
3% Feb 19
Feb 14
20%
30
$
Jan 11
3%
Feb 14
*54%
34
share
per
434 Jan 13
38
*6%
6%
62
$
share
3% Feb 15
2% Feb 14
61
29%
*32%
♦6%
♦54%
29%
21
*33*2
5
per
Lowest
5
174
*165
177
100
$
Year 1940
Highest
No par
8%
8%
Range for Previous
United Fruit Co
112% 113%
9
5
10
United Electric Coal Coe
United Eng & Fdy
300
1,600
25,900
73
*1
27
23
*22%
27
3
2%
1,300
38
64%
8%
113%
Par
United Drug Inc
United Dyewood Corp
Preferred
70
64*2
58
*45*8
v .t
*15%
2612
8%
88
1*4
50
15
*54
56*2
*153% 155
139%
139% 139*2
,:
*2
16
*15*8
16%
*53%
9%
*45
*45%
*14%
15%
56*2
*113
113
*37
28
1%
1
1*8
50
*45*8
*14%
8%
3%
3%
38
64*8
8*4
118
'
1
48
4
38
Range Since Jan. 1
On Basis of 100-Share Lots
Lowest
1,600
73
*72%
46
*1%
*26%
3%
2%
28*4
x55
*72*2
75
*72%
73
57*2
58%
57*2
58%
119% 119% *118% 119%
28% 28*2
28% 28%
46
58
*3%
28%
63%
179
4%
52
*28l2
62
285s
33l2
22
1*4
185a
~
J034
*3278
*20%
1*4
18*8
8OI4
4
3%
3%
*2
238
63%
8%
9%
*8%
8%
*26%
4
38
2%
62
3%
*2
26
*2%
*82
9%
6%
»54i2
283g
4
2%
9
2%
62
478
35
22%
22
113
88
.
9*2
8%
9*2
47g
*3334
63*4
8*8
3
2%
*84
62
174
53s
*37
8*4
8%
113% 113%
9*4
9*4
.934
62
174
"45s
•
the
Week
1
share
3%
38
63
per
*3%
*2
2%
26%
26%
*3%
3%
%
4
*2
25s
28
6H*
.
Friday
Feb. 21
Feb. 19
$ per share
STOCKS
NEW YORK STOCK
Thursday
Feb. 20
Wednesday
Feb. 15
1247
100
Young Spring <fe Wire..No par
54% Feb 17
19
115
Feb
4
Feb 18
101%
80
Jan
22% Jan 8
17% Jan 10
120
Jan 10
9% Feb 19
31% Feb 19
12% Jan 11
42% Jan 6
5H% preferred ser A
100
Youngst'n,Steel Door..No par
90
Feb 19
15
Feb 14
Zenith Radio Corp
Zonite Products Corp
12% Feb 15
94%
18%
15%
2%
Youngstown 8 & T
d Def. delivery,
n
New stock,
r
No par
No
par
1
Cash sale.
2
Jan 31
* Ex-div.
y
Jan 31
June
July
15% May
934 May
98
May
6% June
26% June
80
May
Jan
6
12% May
Jan
9
8% May
Jan
6
2
Ex-rlghts.
Mar
\ Called for redemption
1941
22.
Feb.
1248
Exchange
Bond Record—New York Stock
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—Prices are "and
Week's
Last
Range or
N. Y. STOCK EXCHANGE
Seek Ended Feb. 21
Price
Bid
Treasury 3 lis—
Treasury 34a
Treasury 3lis....
Treasury 3 lis
Treasury 3lis--
D
112.18 112.8
112.18
59
112.8
113.18
Af 8
113.4
113.15
28
113.4
Treasury 8lis..
—
Treasury 3s...—
Treasury 2lis
Treasury 2lis—
Treasury 2 lis
Treasury 2 lis
Treasury 2 lis
Treasury 2lis
Treasury 2lis
Treasury 2 lis
ibr.9
Treasury 2lis..
1949-1963
Treasury 2 lis
101.24
101
101.9
5
101
106.26
8
Af
106.26
1
A
el 02.1
102.2
7
102.1
102.18
0
107.3
107.9
3
107.2
108.1
9
108.1
109.9
O
108.9
ellO.12110.22
113.12114.9
109.24
109.24
"2
110.4
110.16
37
110.4
107.14
108.10
44
108.9
17
108
108.10
107.2
107.1
35
106.31
107.14
23
106.31109.29
107.8
107.22
28
107.8
110.17
108.1
108.14
106.31
107.1
16
107.2
109.31
1
107.1
107.16109.22
*107.25 107.28
105.17 105.2
105.17
105.2
107.30
8
105.4
105.4
105.4
107.23
D
103.5
103.5
103.5
105.14
J
D
103.10
103.10
103.5
D
105.2
105.2
104.28 106.28
Treasury 2s
J
194
1948-1960 J
D
*104.9
104.12
104.13 106.7
Treasury 2s
1963-1966 J D
101.24
102.8
101 24103.15
—1964-1966
Treasury 2lis.
Treasury 2s
—
102.2'
105.9
Federal Farm Mortgage Corp—
M
8 lis
106.26
8s..
8s
2 lis
107;§"
107
106.26107.28
106.29
8
Mar 16 1944-1964
May 16 1944-1949 Af N
J
Jan
16 1942 1947 J
Mar
1 1942-1947 Af 8
107.3
106.28108
102.18
May
2lis series G
1 lis series M
102.18
106.28 106.17
106.17107.20
106.28
W102.19 7*102.19
102.18103
101.29
J
101.29 103.2
D
94
\f N
—_1»fl 3
102
Now York City
Transit Unification Issue—
Forslgn
Govt.
A
1C0
100
1004
354
100
1034
Municipal
♦Gtd sink fund 6s
A
234
O
♦Gtd sink fund 6s
Akershus (King of Norway) 4s. 1968 Af 8
J
J
234
*234
*214
234
234
24
224
84
s
f 7s series B
♦External
s
f 7s serlee C
1946 J
1946 J
♦External s f 7s series D
1946 J
84
1
84
94
84
♦External
84
3
84
0
*84
74
84
♦External s f 7s 1st series
74
"n
84
74
♦External see
0
74
74
10
74
0
74
3
16
74
16
74
16
9
94
84
84
84
17
784
794
47
78
804
J
1967 A
f 7s 2d series. 1967 A
♦External see s f 7s 8d series. 1967 A
J
Antwerp
s
D
(City) external 6s
1968
Argentine (National Government)
M N
8 f external 4 lis
1948
M N
8 f external 4 lis
1971
8 f extl oonv loan 4s Feb
1972
8 f extl oonv loan 4s Apr
1972
Australia 30-year 6s
...1956
F
A
A
J
M
794
694
684
3
42
8
54
534
594
13
58 4
564
~57~~
604
59
604
594
91
534
53 4
47
57
584
31
1966 Af N
External 6s of 1927
474
504
41
J
*64
94
1967
External g 4 lis of 1928
♦Austrian (Govt) a f 7s
1967
J
65
594
O
J
"~84
94
84
*94
64
704
644
644
604
60 4
534
84
—1946
A
20 4
25
With declaration
94
12
94
94
84
84
10
104
104
10
94
1957
D
84
1961
J
D
♦64s assented
..1961
J
D
84
♦Guar sink fund 6s
—1961
A
O
*94
1961
A
O
84
*94
""84
84
104
*84
"*84
94
84
104
104
♦64s assented
♦Sink fund 64s of 1926
♦6s assented
1962 Af N
1962 Af N
♦Guar sink fund 6s...
♦6s assented
♦Cmogne (City) Gei many 6 4s. 1950 Af 8
Colombia (Republl 3 of)—
1949
M s
1955
J
12
57 4
49 4
55
484
22
22
20 4
52
47
51 4
55
57 4
55
26 4
26
26
474
49
With declaration
434
External sf6s
__
With declaration..
J
*54
—
.
♦Berlin (Germany) s f 6 lis
With declaration...
43 4
55
.1966
1960
....
♦External sinking fund 6s.-.1968
With declaration
J
A
574
O
j"d
55
43 4
53
—
External 30-year s f 7s
With declaration
20
"26"
"22"
""184
"184
"19"
19
♦External s f 6 lis of 1927—.1967 A O
J D
♦7s (Central Ry)
1952
Af 8
Brisbane
174
66
*51
57
57
57
"2
D
61
61
2
J
D
*5
Af 8
*55
Af 8
45
1962
—...
External s f 4 4-4 lis
1961
1977
1976
F
A
A
Refunding s f 4 4-4 4a
External readj 44-44a
O
1976
1976 Af N
f 4)4-4lis..
54
194
154
154
164
574
524
574
5
164
164
18
64
614
62
6
85
49
51
464
45
52
454
474
45 4
52 4
474
48
484
474
514
524
344
504
J
334
344
334
1967 J
f 7s
♦Stabilisation loan 74s
50
49
1984 J
3% external s f S bonds
Bulgaria (Kingdom of)—
s
46
18
A
1958
20-year s f 6s
♦Scoured
164
F
1957
♦Budapest (City of) 6s
a
164
154
i960 J
(City) s f 6s
Sinking fund gold 6s
External
154
164
18
26
174
75
264
26
.......
♦Brazil (U 8 of) external 8s
1941 J D
♦External s f 6lis of 1926... 1957 A 0
Buenos Aires (Prov of)
♦6s stamped...
434
55
Belgium 26-yr extl «4s
J
*7
84
74
*74
84
8
1988
84
,84
214
I960 A O
1952 Af N
Canada (Dom of) 30-yr 4s
884
97
97
10-year 24s
Aug 15 1945
F
A
894
894
904
18
884
53
884
97
25
89 4
92
924
1004
"l"
334
33
30
334
304
324
20
30
334
*234
244
234
234
23 4
244
304
304
234
234
234
D
224
224
27
224
234
22 4
214
24
24
10
24
24
Af N
214
214
1
21
244
73
73
7
72
74
174
1947
1952 /
Copenhagen (City) 60
With declaration
25-year gold 44s
1953
Cordoba (Prov) Argentina 7s—1942 J
234
234
J
1951
M N
174
Cuba (Republic) 6s of 1904
External 5s of 1914 ser A
1944 Af 8
F A
1949
"5
1
External loan 44s ser C
4 4s external debt
514
1977
♦Sinking fund 8s
ser B
1024
*94
J
1942
J
Externa, t 4 4s
Apr
15" 190? A 0
1024
73
754
84
10
384
404
314
40 4
44
404
44
414
43
384
294
44
43
41
414
334
44
404
41
274
414
404
404
31
534
534
40 4
A
0
*534
59
544
58
§ 2d series sink fund 54s__f»40 A O
Customs Admin 54s 2d ser..lyei M 8
A O
5 4s 1st series..—...
1909
*534
58
57
58
*534
67
55
564
fMstser 64s of 1920
1940
1948
Finland
(Repubiio)
ext 6a
of)
8 f
J
J
J
M
—1946
8
22
With declaration
FreDch^e.W'« 7
With
51
"56" "514
""
22
"tAmpedliiiii
"83*"
854
88
declaration........
74s unstamped
External 7s stamped—
874
"874
88
7
V-
*
■■
■"
V
■
*r»t(C2Ii!LAgr,c Loan) 6^8
Government
1966 J
s f ser
1958
7s..1964
♦7s part paid..
65
84
8
9
46
8
94
64
D
64
7
22
54
7
13
114
*114
"12
104
74
"d
J
74
1
64
ser
I" 1968
194ft
*104
V
"*74
"16""
84
84
A
A
O
A
""84 "16"
60
60
O
"104 "l04
.
60
60
66
*84
25
224
224
26
declaration..
—~I~
♦Heidelberg (German) extl"7 481950 }*"}
A O
Heteingfors (City; extl 64s
1960
Hungarian Cons Municipal Loan—
"27"
*47
26
26
With
27
57
J
5
54
5
54
J
194fl J
Af N
♦7 4a secured s f
g
♦7s secured a f g
54
54
54
54
5
5
5
5
5
5
1945
J
♦Hungarian Land M Lost 7 4sl 1961
Af N
Sinking fund 74s »er B
1961
F A
Hungary 7 4s sxt at 44s to
1979
D
Consortium 7s serB'47 M 8
Italian Public Utility extl
J
7a_.1952 J
A
64s.__1954
Era sinking fund 5
4s
1965 Af N
F
s f
•SJSSaVn ?,ate
804
794
804
37
79 4
83 4
Mtge Bk)
♦Leipzig (Germany) s f 7s
924
92
92
12
92
94
♦Lowe- Austria
30-year 3s
1967 J
J
764
764
774
9
76 4
8
764
804
A
234
674
75
65
44
394
30
29
304
27
28
29 4
61
61
66
26 4
61
46
46
484
46
554
*7
84
"27"
394
84
♦6s Apr. 1937 ooupon
♦Chile (Rep)—Extl 8 f 7s
K
*
1942 MN
♦External sinking fund 6s
1942 M N
1960 4 O
♦6s assented
i960 A
♦Extl sinking fund 6s..Feb 1961 F
♦6s assented
Feb 1961 F
O
A
A
23
13
214
264
25
23
9
104
9
104
104
25
21 4
9
104
94
5
2
1
9
104
2
94
12
1253.
74
D
*604
♦4 4s stamped
assented..... 1943 M N
♦Mexico (US) extl 5s of 1899 £1945 Q J
♦Assenting 5s of 1899..
"l945 Q j
♦Assenting 4b of 1904... """1954 J D
44
84
26 4
"AH
7
74
624
94
61
11
44
"44
26 4
"I64 "liii
9
114
10
114
9
104
9
12
♦Assenting 4s of 1910.
""1945
|»Treas 6s of *13 assent—""1933
!^Uan^lty*
Geraes
Mlnas
62 4
exU 0HS..1952
34
44
"254
44
34
44
44
34
44
44
♦Sec extl s f 6 4s
12
♦Sec extl s f 64s
195s Af 8
—1959 M S
7s
1952 J D
1959 MN
5
44
254
28
254
8
84
8
84
*8
.
84
5
54
54
30
94
9
54
*58
*57
44
"34 "54
(State)—
11
♦Montevideo (City)
♦6s series A
For footnotes see page
71
"22" "24"~
24
104
7
D
J
194
"214
O
on.. 1960
♦7s assented
214
214
224
28
A
10m J
64s
464
D
7s 1957
(Province) 7 4s 1950
(Colombia)
5
20
*24
*704
404
O
1947 F
J
54
224
80 4
774
*184
i960 MN
♦Italy (Kingdom of) extl 7s__—1951 J
♦Medellln
74
264
12
M N
1958
A...1952
22
24
D
19*54
♦81nk fund secured 6s
♦6s part paid
30-yr
70
72
84
644
70
Communal Bks
Haiti (Republic) s f 6s
♦Hamburg (State 6s)
88
84
D
;
-
unstamped
1966
♦54a stampfCanadlan Holder)'66
♦German Rep extl 7s
A
stamped..1949
♦7s unstamped
1949
♦Greek
26 4
874
84
69 4
1940 J
German Govt International
♦54s of 1930 stamped
German Prov A
27
26 4
63
II1941
7sunstamped ._.........1949
■"•
22
734
3
—-
Yd
8
124
23
*47"
Af N
64s... 1963
8
534
*84
J
Il967
♦El Salvador 8s ctfs of
dep
Estonia (Republle of) 7s
594
594
27
54
55
534
534
27
55
55
0H"20serleg
Il969 A O
♦Dresden (City) external 7s...1945 M N
J
♦6s Jan. 1937 ooupon on..I960
♦Farm Loan s f 6s...Oct 15 I960 A
41
157
534
J
"l"
45
8
J
"22
10
9
9
M
Dominican Rep Cust Ad 548—1942
1944 J
22
53
50
101
.....
1961
*104
984
96
514
1024
*94
1952
1024
1024
101
75
*74
"~1956 F A
With declaration
101
97
97
1949
174
164
*994
*1024
26-year 3 4s
"774
104
'214 "264
J
O
1946 M N
F A
♦Sinking fund 7s of 1928
♦Sinking fund 7s of 1927
7-year 2 4s
30-year 3s
1968 M N
♦Carlsbad (City) 8s
...1954 J
♦Cent Agrio Bank (Ger) 7s..._1950 M S
♦Farm Loan s f 6s...July 15 i960 J
10
94
214
1
84
104
O
A
♦6s of 1928
Oct 1961
♦6s of 1927
Jan 1961 J
♦Colombia Mtge Bank 6 4s...1947 A
Irish Free State extl • f
5a.._
M N
104
104
84
lgsi
84
84
*84
i960 M S
J D
♦7s assented
♦Chinese (Hukuang Ry) 6s
10
174
11
*9
8
1960 M
♦Chilean Cons Munlc 7s
27
26
11
114
114
114
With declaration
F
26
♦Bavaria (Free state) 6 lis.
114
84
D
With declaration
"84 "94
12
114
94
""94
J
.....
*84
♦Antloquta (Dept) ooll 7s A... 1946
234
234
114
9
104
J
External gold 54s
1947 F
1948 A
9
High
1957
♦Chile Mtge Bank 64s
Denmark 20-year extl 0s
With declaration.—
Agricultural Mtge Bank (Colombia)
Low
104
13
*11
\f N
♦Publle wks 54s...June 30 1945
♦Czechoslovakia (Rep of) 8s...1961
—1980 J D
1
104
84
Sinking fund 64s...Jan 15 1953
8% Corporate stock
No.
104
*10
♦Costa Rica (Rep of) 7s
103
103
*102.18 102.22
Af N
1 1944-1962
J
...1942-1944
J
1946-1947
Since
Jan. 1
<3
102.18103.3
Home Owners' Loan Corp—
8s series A
94
♦External sinking fund 6s_..1963
110.22
*107.24 107.28
8
M
9
O
♦6* assented
03
*104
O
107.27110.9
109.24
94
8
1962 A
107.14111.9
108
107.27
113.2
104
J
Sept 1961
♦6s assented
!?
94
104
J
J
External sinking fund 6s...1962 A
109.24111.21
D
J
M
Treasury 2lis...
♦6s assented
Range
Asked
High
J
Jan 1961
Extl sinking fund 6s..Bept 1961
A
M
Jan 1961
♦6s assented
110.11112.12
13
*111.26 111.30
...1960-1962
1961-1963 J
Treasury 2 lis
*Ry extl s f 6s
Bid
LOW
Foreign Govt. & Mun. (Com.)
108.6
108.9
Price
Chile (Rep)—Concluded—
106.26107.25
D
1946 J D
M 8
1948
—
ill
115.7
D
1940-1949
D
1949-1962
1940-1948 J D
M 8 110.16
—1961-1966
1966-1960 M 8 108.6
1946-1947 M S 108.9
1948-1961 M S
1961-1964 J D
.—1960-1969 M S
1968-1963 J D
1960-1966 J D 107.17
Treasury 314s
Treasury 8s
119.10
—1941-1943
1943-1947
-----1941
1943-1946
1944-1946
Treasury 34s
121.26
119.4
A
1944-1964
1940-1966
Treasury 4s
119.4
21
0
1947-1962
BaU
Friday's
Week Ended Feb. 21
High
Low
High No.
Low
(J. S. Government
treasury 4 lis
N. Y. STOCK EXCHANGE
Since
Range or
El
Jan. 1
Asked
&
Week's
Last
BONDS
Range
Friday's
Sale
Friday
£
Friday
BONDS
70
59
53
584
Volume
New York Bond
152
BONDS
N.
STOCK
Y.
Last
EXCHANGE
External
f 5a
a
Norway 20
Range
Friday's
Price
Foreign Govt. & Mun. (Concl.)
New So Wales (State; exti 6s
Bid
13
Asked
&
Low
v3
No. Low
High
56*
58
19
56*
64*
O
58
13
54 H
62
3
51*
52 H
1943
F
A
1944
year extl 68
F
A
*51H
52
*
51 *
With declaration
e
A
O
34
A
1970
J
D
36*
32
34 H
36*
33
36 H
32*
31
34*
32
F
34H
32*
1963
33
34 *
36
36
—
34
36 *
34 *
*
-1965
4a s f exti loan
36*
27*
31*
27 *
31*
27*
27
21*
27
40
46
33H
43
"
With declaration
Municipal Rank *xtl
a
f 5s
♦27
With declaration
196?
F"a
Oriental Devel guar 6a
Extl deb 5 Ha
195?
M
195*
M N
-
-
Oslo (City) a f 4 Ha
♦Panama (Rep) extl 5Ha
D
1953
Af N
16
70
75
107
61
68*
61
61
66*
66 H
28
6%
7
6 *
6*
6*
6H
6
6*
6*
6H
189
6H
6
6H
72
M
8
J
D
A
0
1940
A
0
*6
A
O
*4*
1947
A
0
13
8*
8*
J
22
O
21
6
*9
8
5
8*
8*
8*
Af N
M
1952
7H
*3H
D
J
——1966
1952
♦Prussia (Free State) extl 6 Ha.—1951
With declaration———.-
jx
A
O
90 H
90*
91
15
F
A
69
69
61*
14
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 Ha
1946
A
0
1963
F
A
1946
A
O
1968
♦7s municipal loan
6*
10
""§"* "26
J
8
coupod
96*
66
7*
8*
6*
7*
10
7*
8*
11
7*
10*
8*
9*
12
8*
"m
9*
8*
3
8*
9*
Beneficial Indus
Af N
J
10
18*
—.1962
—1962
♦7s aeries B sec extl—
M N
63
9*
12*
10*
8*
26
27*
External s f 5Hs guar
•Uruguay (Republic) extl8a
A
C
F
40
8« s-4-4 Ha ($ bonda of *37)
externa' readjustment
—1979
Af N
8*-4-4*s ($ bda of *37) extconv 1979
S*-4*-4'i»s extl cony—
1978
4-4*-4*8 extl readj...
—1978
3 He extl readjustment
—.1984
♦Venetian Prov Mtge Bank 7s.—1952
J
D
F
bbb3
53
Big SaDdy lat mtge 4a
X
26*
Blaw.Knox 1st mtge 3 *s__.I960
Boston A Maine 1st 6a A C..1967 M
x
y
47*
206
41*
36*
41
255
36*
43*
40
36*
40*
289
36*
44
16*
14*
17
645
14*
19*
55
55
56
38
55
61*
43
44*
52
43
54
17
52
49*
58*
44*
53
7*
1
T 2
24
3
65
8
7*
7
6*
3*
3*
20*
3*
4*
20
3
26*
48
17
54
2
62*
70
40
45*
19
25
46
54
55
34
41*
55
50*
54
43%
39 *
39*
43*
38
39
35*
35*
41
40
42
44
41*
44*
/
J
*34*
A
O
*24
36*
"24"" "28"
"12 *
*9*
3*
12*
3*
12*
3*
6
3*
3*
"~50"~
53
1
3*
3*
32
49*
57*
Bank
BONDS
N.
Y.
STOCK
EXCHANGE
Week Ended Feb. 21
RAILROAD
«2
Friday
3*
Week's
Elig. &
Last
Range or
Friday's
Rating
Sale
See 1
3?
Price
Bid
A
3
Asked
Range
Sr
j cq eo
Since
Jan.
1
and INDUSTRIAL
COMPANIES
tl*Abltlbl Pow ft Pap 1st 68.1953 / D
Adams Express coll tr g 4s
1948 Af 8
Coll trust 4a of 1907
1947 J
z
cc
2
y
bb
1
43*
102*
D y bb
1
*103*
bb
10-year deb 4*a stamped.1946
1st
cons
cons
1
cccl
1943
x
aa
4
x
aa
4
Albany Perfor Wrap Pap 68—1948
y
b
y
b
2
1946
z
bbb3
1946
x
bbb3
Alleghany Corp coll trust 5a. 1944
y
bb
1949
y
b
3
1950
y cc
2
*109*
*107*
*40*
2
6s with warr assented.--.1948
AlbftSusq 1st guar 3*8
3 *s registered
Coll A
conv
6a
♦5a stamped
Allegh A West 1st gu 4s
1998
AUegh Val gen guar g 4s....1942 M 8
Allied Stores Corp 4*s debs. 1951 F A
a
43*
49
102*
1
100* 102*
107
2
107
101* 103*
*9C
y
1952
A 5a
4a series B
21
45*
107
z
1943
♦Adrlatle Elec Co extl 7c
Ala Gt Sou 1st
43*
ills-Chalmers Mfg oonv 4s-1962 M
82
-----
2
1955
"
—
--
—
109*
-
-
-
----
-
54
4
82*
80
107*
110* no*
107* 107*
54*
59
54*
54*
81*
83*
79
79
43
90*
97*
----
1st g 4*a series JJ
1st mtge 4s series RR
1961
A
3
Af N
lat lien A ref 6a aeries A..1947
x
1934 A
5s registered...
♦Certificates of deposit
Bush Terminal lat 4a
105*
3*8 debentures
3*a debentures
Am Typ® Founders
conv
1961 A
1966 J
deb .1950 J
102*
105
40
109
*100*
67*
67"
20*
10*
108*
x
10*
109
bbb3
110*
*105
O
z
Anaconda Cop Mln deb 4*8.1950 A
O
cc
♦Anglo-Cbllean Nitrate—
8 f Income deb
..—1967 Jan
x
aa
22*
67
72*
25*
11*
9*
108* 109*
219
10*
21
109
r
18*
26
104
111"
"l"6
104
110* 111*
112* 113*
112*
81
66
aa
94*
x
aa
"92*
D x aa
A
91
95*
105* 107*
111*
108* 109
111
aa
J
aa
J
8
3
aa
a
2
J
Collateral trust 4*a
1960 J
J
f♦Carolina Cent lat guar 4a.1949 J
Carolina Clinch A Ohio 4s__1965 M S
x
a
2
z
ccc3
x
a
71*
29
78
86
55
62*
♦Cent Branch U P lat g 4s._1948 J
69
69
26
21
70
4
*
102*
54
41*
47
84
89*
90*
94
20
93*
27
94*
96*
97*
10
94*
92*
97
1
7
91
94
90*
94
36
2
47
78*
102*
71*
17
10
76
66
7
42*
1
41
11
80
101 * 103
69*
64*
102
96
102* 106
52
67*
7
105
3*
74
66
69*
105* 108
4
92*
91*
91*
5
5
68
16
68*
94*
94*
65*
42*
104*
*100*
Carriers A Gen Corp 5a w W..1950 MN yb
Cart A Adir lat gu gold 4a... 1981 F A yb
119
43*
106*
93*
102
x
x
J
1954
5
26
52*
78*
a
45*
3*
4*
68
48
3*
3*
91*
90*
102*
bbb2
x
42*
45*
4
85
91
aa
8
T:
90*
93*
94*
94*
92*
93*
x
J
1
58
75*
70*
43
104* 106*
100
52
52*
102
53
JCentral of Georgia Ry—
*70
-----
-----
53*
101*
52
103
101
1
—
53*
100*
101
155
— — — —
103*
107*
107*
...
!♦ Central of N J gen g 5a—J 987 J
5s registered
-—1987
J
z
ccc3
*110*
59*
13*
z
ccci
13
1987 J
J
z
ccci
z
ccci
x
a
108*
3
104
6
103* 106
33
9
31*
49*
49*
99*
16
49*
-
---
----
35
55*
98* 100
aa
2
105*
105*
106*
105
2
105*
106*
76
aa
45
105* 106*
O
x
aa
2
106*
106*
109*
135
Adjustment gold 4s. —.1995 Nov
Stamped 4s
——1995 MN
x
bbb3
x
bbb3
106* 110*
90
92*
89* 93
x
bbb3
106
Atchison Top A Santa Fe—
90*
90
2
91
89
cc
aaa4
103*
*
c
cc
b
x
......
z
z
z
6*
*1*
1*
*4*
*4*
107*
z
107* 109*
105* 108
108* 110*
90
O
♦Chatt Div pur mon g 4a„195l / D
J
♦Mobile Div lat g 5s
1940 /
Cent Hud G A E 1st A ref 8 Ha *65 Af S
7*
x
108*
90
c
2
20
J
107* 110
105
cc
19*
*31
ccc3
z
93*
O
68
*98*
z
z
O
93
1966 A
60
——-
A
1946 MN
Cent Hllnola Light 3 Ha
108
103*
20
114
J^Cent New Engl lat gu 4s..l901 /
103
108
2
93
98*
1031332l04*n
107*
...
D y bb
D z ccc2
"97*
101
107*
*105*
105*
Nov 1945 F
98*
13
31*
3
♦1st mtge 5s
A x a
64
103««103
x
1995 MN
18
68
84
A
D
Coll trust gold 5s. .Deo
80
J
stamped registered
...
55
A
4s
Canadian Northern deb 6 *8.1946 J
J
Can Pac Ry 4% deb atk perpet.
Coll trust 4*s
1946 M
5a equip trust ctfs.—1944 J
78
(Del) 4s B—.1965 F
.——1995 A
78
45*
42*
91
J
57
1st m s f 4a ser C (Del).—1957 J
General 4s
79*
85
75
1
105*
0
Guaranteed gold 5a
1970
Guar gold 4*a._June 15 195f
Guaranteed gold 4*s
195P
Guar gold 4 *s
Sept 1951 M
79*
aaa3
{Ann Arbor 1st g 4s
1995 Q / y bb 1
Ark A Mem Br A Term 68—1964 Af 8 xbbb4
Armour A Co
aa
52
60*
100* 104*
y cc
102
75
81*
11
68
bbb3
68
bbb2
100
75
85
"l6
*3*
x
(♦Consol gold 5s
x
101
92*
cc
x
Celanese Corp of America 3a 1955 F
Celotex Corp deb 4 Ha w w..1947 J
------
Am Wat Wks A Elec 6saer A.1975 M N y bbb2
101* 104*
104
105*
108* 109
10
J
♦Ref A gen 5Ha series B..1959 A
♦Ref A gen 5s aeries O——1969 A
J y bb
109
111*
4
0
6s A
106* 107*
aaa3
104* 106
106*
42*
44*
1962
cona gn
32
aaa3
13
14
105
91
111*
*108*
Canadian Nat gold 4*s
1957
Guaranteed gold 5s.-July 1969
Guaranteed gold 5a.—Oct 1989
106*
x
105* 107
106
Q9
106*
68*
106*
x
27
40
*103
42*
91*
106*
O
25*
78
20*
a
102* 104*
D
26*
22
104*
x
103* 104
x
26*
25*
105
J y b
4
i y b
27
19
106
O
90*
Amer Telep A Teleg—
20-year sinking fund 5Ha.1943 M N
22*
22
105*
104*
101*
O y b
2
2
25
"23"
Consolidated 5a
1955
Bush Term BIdgs 5s gu.——1960
102*
bbb3
100* 100*
O y bb
1952
103*
b
100*
a
z
103*
x
130* 137*
22
bbb3
x
modified (Interest
Af N z b
3% to 1946) due
1957
MN lb
Registered
JBurllngton Cedar Rapid A Nor—
(♦1st A coll 5s
1934 4 O z cc
102*
y
112* 113*
131*
♦
at
2
Amer IG Chem conv 6*8... 1949 Af N
"84" "84"
113
Stamped
2
b
92*
55
65*
45
85
ll"2*
75
Debenture gold 5s
..I960 / D y bb
lat lien A ref 6a aeries B...1957 Af N x bbb3
Buffalo Gen Eleo 4 Ha B
1981 F A x aa
aa
Buff Nlag Elec 3 Hb series C.1967 J D
Buffalo Rochester A Pgh Ry—
aa
y
47*
47*
130*
*104*
O y b
Bklyn Union El at g 5s
1950 F A
Bklyn Un Gas 1st cona g 5s..1945 Af N
bbb2
a
3
*40
_
bb
is x
89*
"~~8
53
*83*
J ybb
I960 J
♦inc mtge 4 *s aer A
July 1970 If N y ccc3
t*Boeton A N Y Air L lat 4a. 1956 F A z cccl
Bklyn Edison cons M 3*8..1966 \f N x aaa4
z
y
52
*
W N y b
y
♦Alplne-Monfcan Steel 7a
1955 Af S
Am A Foreign Pow deb 5s.-.2030 Af S
Am Internat Corp conv 5*8.1949 J
*46
82*
"50"
"112*
Canada Sou
55
90
52
Calif-Oregon Power 4a..—1966
53
53
*
b
194*
lat M 6f> aeries II
37*
♦Vienna (City of) 6a
•Warsaw (City) external 7a—
43
40*
bbb3
26*
3
40 H
42 H
48*
46*
P
aaa2
*53*
"38
44*
105"
43*
54
A
.1952 M N
1958 F A
♦4He assented
.—..-.1958 F A
Yokohama (City) extl 6s
1961 J D
x
25
*53*
Af N
73*
36*
cccl
a
46
"46"
Af N
—
z
a
20
A
—1964
♦External a f 6s
♦Berlin Eleo El A Undergr 6 Ha '56
Beth Steel 3*a conv debs.-1952
a
40
M N
65*
296
1
x
"62*
S
-———I960
t 6s
b
x
*—
A
—1952
—1961
—1946
Tokyo City 5s loan of 1912
z
x
A
J
1955
I960
F
M
♦Debenture 6s
195®
♦Sile8lan Landowners Asen 6a.——1947
F
31
41*
1
Consol mtge 3*8 ser H—.1965
7
68
26*
A
Consol mtge 3s aer G
4*
73*
68
67*
b
1959 F
Cona mtge 3*a ser F
7
64*
32
z
♦Deb sinking fund 6*s
With declaration..
19
4*
96*
63
67
65*
100*
18*
7*
10
45
67*
*22*
19
7*
106*
75
85*
75*
105* 106*
75
1
15*
*4*
J
64*
1
16*
D
1966
7
b
17*
D
-—1971
84
z
11
J
5 He
33*
y aa
13
J
Sydney (City) s f 5 Hs
3*8
1943
Loan"2*8.-1950
12
Af N
♦4 Ha assented
31
aaa3
x
cons
19
1958
♦Silesia (Prov of) extl 7a.————1968
7
aaa3
19
D
49*
38
31*
-
Serbs Croats A Slovenes (Kingdom)
—
x
18*
50 H
D
J
1946
aaa3
26*
19
J
34
2
bbb4
22*
5
0
8
bb
x
x
18%
17 *
48*
J
A
6
2
18H
J
J
10*
27*
9*
27
J
M
——1940
g 6 Ha
12*
/
1946
12*
18
11
3
2
y
♦Berlin City El Co deb 6*8.1951
With declaration
Belvldere Del
bbb*
ybb
1960
5*
2
ybb
Telep of Pa 6s series B..1948
1st A ref 6s series C
4
x
1951
4s stamped
1951
Battle Cr A Stur 1st gu 3s—1989
Beech Creek ext 1st g 3*s__1951
Bell
b
ybb
z
Con ref 4s
6*
.—.—1968
f 7a
s
8'west Div 1st M (lnt at 3 H %
to Jan 1 1947) due...1950
Toledo Cln Div ref 4s A.. 1959
Bangor A Aroostook 1st 5s.. 1943
5
Af N
♦Saxon State MtKe Inst 7s.-—
♦External
3
4
-——I960
—
♦6a extl dollar loan
Taiwan Elec Pow af
z cc
Pgh L E A W Va System—
Ref g 4s extended to..1951 MN ybb 3
9
♦7s extl water loan.—-———1956
♦8s secured extl--
2
....
—1967
♦8Hs extl secured a f
♦Sinking fun
cc
—-
(♦Ran Paulo 8a extl loan of 1921—1936
s
z
7
1952
♦8a extl secured a f
♦Secured
ccc4
6
25*
68*
35
34*
31*
82*
105*
41
ccc4
z
30
54*
3
z
*3*
22*
54*
83*
28
*
D
(lnt at 1 %
1946) due. .2000 M 8
Ref A gen ser 7 (lnt at 1%
to Sept 1 1946) due.. 1996 M B
♦Conv due
Feb 1 1960 F A
*5 *
"55* "To
67
77
71
3
ccc4
29*
M S
bb
bb
A
32
61*
67
70
66*
1
y
z
O
'/"}
Thh
z
A
29
29
50
80
100
99*
D
to Sept 1
27
27
75
63
16
Ref A gen ser D
27
59
111*
77
a
Ref A gen ser C(lnt at 11-5%
to Dec 1 1946) due...1995 J
27
87
"98*
73*
bb
O
1
F
1953
—-—1964
b
x
96
62
31*
82*
b
y
110
95*
103* 104
98*
99*
99* 101*
79
73*
35
(lnt at 1 %
1946) due.. 1995 J
to Dec
9
Sao Paulo (City of, Braall)—
♦8s external-
1st mtge g (lnt at 4% to
Oct 1 1946) due. July 1948 A
8*
8*
8*
paid
•Saarbruecken (City) 6s
Santa Fe extl a "4s
&
J
5
97* 101
1
50
70*
bb
y
3
110*
99*
yb
J
112
100* 102*
112
112*
14
>
75
2
bb
y
5
*
98 * 100
63
bbb3
J
High
102*
*97
bbb*
x
y
Low
4
80
*
J
No
98*
98*
95*
103*
*112
S
1st mtge gold 4s
July 1Q49 A O
4s registered
1948 A O
Stamped modified bonds—
1969
—
bbh3
y
High
Jan. 1
Baltimore A Ohio RR—
1952
♦Rome (City) extl 6 Ha
*
D y bb
J
Atl A Dan 1st g 4s
194®
J
Second mortgage 4s
194®
Atl Gulf A W 188 coll tr 5s.. 1959 J
M
Atlantic Refining deb 3s
1953
Austin A N W 1st gu g 6s...1941 J
8*
7*
D
D
7*
41
10*
10
M N
—1967
♦Roumanta (Kingdom of) 7a
♦February 1937
J
1966
-
♦7a extl loan of 1926
"T"*"
~T*
aa
10-year coll tr 5s. .May 1 1945 Af N
LAN coll gold 4s—Oct 195? MN
4
27
8
a
J
/
1964
aa
x
J
4s_July 1952
3*
26*
20*
M
x
x
S
Atl A Charl A L 1st 4 Ha A.. 1944 J
J
lat 30-vear 5« eerie* B
1944
M
Atl Coast L 1st cons
3*
.\>4
1941
aa
"l03*
D
If
J
Since
Is
112
aa
x
Range
Asked
110
aa
x
Ref A gen ser A
3*
3*
3*
8*
8*
A
98*
98*
95*
103*
102*
aa
x
1046
General unified 4 Ha A
Bid
98*
aa
x
Cal-Arls 1st ft ref 4*8 A.. 1962
Atl Knox A Nor IstgAa
Range or
Friday's
Sale
Low
x
..1040
Rocky Mtn Div let 4s ._.10«*
Trans-Con Short L 1st 4a..1050
13*
22
1950
Price
Week's
Last
See A
a.
-I
Conv deb 4*a
7*
22
1947
♦68 extl s f g
7*
8*
21*
Queensland (State) extl a f 7s
...
8
6H
6
1
25-year external 6s
♦RhlDe-Main-Danube 7a A
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
7*
13
*3H
J
J
♦Prague (Greater City) 7Ha
f 6a
J
J
J
6*
6*
Elig. A
Rating
fcS
S &
EXCHANGE
Railroad & Indus. Cos. (Com.)
8
♦3 *
STOCK
Atch Top A Santa
Fe—(Concl.)—
Conv gold 4« of 1909.—.1966
Conv 4a of 1905
10RR
Conv gold 4a of 1910
I960
7H
13 *
O
A
1968
♦External sink fund g 8a——1951
♦4 Ha assented
—1963
♦Porto Alegre (City of) 8s
—1961
a
102
75
-1958
♦Extl loan 7 Ha
27*
103*
67 H
—1960
♦4 Ha assented
24 *
70
—1959
f7a
a
1
61
6*
♦4 Ha assented
1
102
63 H
6a 2d aer——1961
♦Stabilisation loan
29
36 H
v
64H
M~ S
(♦Poland (Rep of) gold 6a
♦External
~73
1963
•Peru (Rep of) external7s
1st aer
25*
35
39H
25*
102
M N
1947
a f
42 H
38
O
•Pernambuco (State of) 7a
8 f 6a
~40"~
_25*
A
J
1963
♦Ctfs of deposit (series A)..—
~40""
S
1963
f 5a aer A
♦Nat LoaD extl
Li-'
195.'
♦Stamped assented
30
27 *
27*
•Nurembura (City) extl 6a
♦Nat Loan extl
53
36 *
....195
f 4 *«
With declaration
a
52 H
51H
m
53
51
52 H
.
External sink fund 4*s__
With declaration
♦Extl
High
A
A
56 H
52 *
Y.
Week Ended Feb. 21
F
With declaration
a
N.
1
1957
20-year external «s
External
BONDS
Since
Jan.
Apr 1958
.
1249
Friday
Bank
Range or
Sale
Week Ended Feb. 21
Record-Continued-Page 2
Week's
Friday
7
-
—
—
84*
♦General 4a
4s registered
1987
Central N Y Power 8*s
1902 A
Cent Pao lat ref gu gold 4a..i949 F
Through Short L lstgu 4a. 1954 A
Guaranteed g 5a
I960 F
Central RR A Bkg of Ga
O
x
aaa3
2
60
13
106*
69*
106*
O y bb
65*
A y b
48*
65*
47*
A ybb
3
2
M N y b
6sJ1942
12*
*11*
Certaln-teed Prod 5*8 A—1948 Af 8 yb
68
97*
99*
14
88
94
11
17*
20*
28*
30*
7*
2
35
7*
5*
1*
1*
1 *
8*
1*
1*
6
7
6*
107* 109*
5*
108*
"60*
11
14*
27
56
13
64*
16
13
1
11*
14
13
12
11*
14*
12*
12*
106*
69*
~30
106* 107*
45
65*
48*
65*
63*
42*
3
192
73
67
53*
*55
"85*
73*
85
85*
To
105*
106*
4
105* 106*
104
104
1
103* 104*
61*
75
85
91*
Champion Paper A Fibre—
8 f deb 4*8 (1935 issue).. 1960 M
S
deb 4*a (1988 lsaue)-1950 M
8
x
bbb3
8
x
bbb3
105*
85
I
Tor footnotes
see page
1253.
Attention la directed to the newjcolumn Incorporated in thia tabulation
pertaining to bank eligibility and rating of bonda.
See A.
Feb.
New York Bond Record—Continued—Page 3
1250
Hank
Fridayi
Week's
BONDS
Ellg. A
Last
Range or
Range
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Week Ended Feb. 21
Rating
See
Price
a
Bid
Asked
A
<§3
Y.
STOCK
EXCHANGE
See
Bid
A
High No.
LOW
1st con g
2d CODWll gold 4s.
R A A Dlv
4S...1989
...1989
1941
♦Cblo A Alloc Rft rel< 3s.. 1949
Chic Burl A Q—1»» DIt 3He 1949
Warm Spgs
3Ma
Val 1st 6b
ssa4
131
M A
s
aaa2
103 H
F
A
x
aaa2
3
D
x
aaa2
J
aaa3
122
x
aaa3
112
M S
x
aaa2
0
x
ccc3
x
sa
A
J
.............1968
series B
1977
eerles A
...1971
{♦Chic A E 111 Ry gen 6s
1961
1st A ref fie
deposit..
Chicago A Erie 1st gold 6s.. 1982
{♦Chicago Great West 1st 4a. 1969
{♦Chic Ind A Loulsr ref 6s..1947
♦Refunding g 6s series B..1947
♦Refunding 4s series C... 1947
♦
Jst A gei 6# series A
1966
♦Certificates of
♦1st A gen 6a ser
Cblo Ind A Sou
aa
x
a
A
F
A
x
47
71M
80
81M
32
7854
88
15M
195
14
15M
51
17 34
17 H
31H
32 M
212
23
"32 k"
23M
10
J
ccc3
J
ccc3
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ccc3
*19
cc
2
J
J
cc
2
J ybb
2
6934
ccc3
34 4
x
34 M
ccc3
0 34
29 34
35 M
CC
3
6M
534
2
35
30 4
36 M
6
304
35M
30 M
36
2
1M
134
—
1*A
571
4*4
6*4
1 ,f.
82
sa
x
sa
14
TTndson 1st A ref
15
"l7M
"is" "29
"17 k
"is"
18M
1834
174
ccc2
17 34
cccl
106M
a
109 M
109 4
22
109M 1114
105
106
71
104M 106
1014
21
100 4
102
19
95 4
97
16M
ccci
1834
D
x
aa
O
x
a
D
x
bbb3
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ccc2
~19
CCC2
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ccc;
cc
1934
1054
11
12
42
10 4
134
20
15M
x
aa
J
x
15 M
cccl
14M
1
15
3
1734
1434
124
16M
12 M
74
94
13 54
.....
"83
Hk
"7H
aa
8
x
conv
8M
14
134
35
*
""m *
6H
4
57
49" '"51M
""l4
55 4
4634
*4334
♦Ernesto Breda 7s
44 M
61 M
...1944
1st mtge 3*4a series E
1963
8Hb guaranteed
....1961
1st mtge 3Hs series F
1963
Chic A West Indiana con 4s. 1962
1st A ref M 4*48 series D..1962
Cbtlds Co deb 6s
1943
{♦Choctaw Ok A Gulf con 6s. 1962
Cincinnati Gas A Elec 8MB—1966
1st mtge 3 Hb
1967
Cln Let) A Nor 1st eon gu 4s. 1942
Cln Un Term 1st gu 3 Hb D..1971
1st mtge gu 3Hs ser E
1969
Clearfield A Mab 1st gu 6s..1943
514
s
105 34
105 54
107 %
105 M
108
105 M
3
100
101M
42
91 34
9154
35
92
93 34
33
27 H
29
25
x aa
J
J
x
3
M
8
x
aa
J
J
x
aaa3
J
J
M
A
x
a
3
8
x
a
3
100
9134
2
O y b
MN
F
cc
A
"29
*11
2
x
aaa4
x
aaal
x
aaa4
A
x
aaa4
J
100
1254
108
"ie
109
1
105 M
3
*108
cccl
I
c
8954
914
27 4
104
93
944
36
134
94
107M 1094
A St Louis Ry—
D
x
MN xbbb3
Columbia G A E deb
fis.Mily 1962
Debenture 6s..
Apr 16 1962
A
Debenture 6s
Jan 16 1961
J
A
O
x
X
y
B
A
D
8Mb debentures
......1966
...1968
8Mb debentures
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 78.1966
deb 3 Ms. __ 1951
Consol Oil conv
x
aa
J
x aa
J
x
174
174
16M
19 M
82 M
89 M
a
ccc2
z
101
101
1054
104M 106M
102
102
100
102
102
102 4
102
104M
104 4
15
C
100
100
102
103M
4
102
104
2
101 M 10234
MA?
_
43
4334
654
"66"
"39
65 M
67
74
74
59
7M
84
*64
74
6M
74
*14
2
*14
z
....
♦Certificates of deposit
3ma?
7
J D
F A
x
bb
X
cccl
24
14
24
14
39
464
jj
J
D
100*»
1
x
cccl
30
cccl
J 7 b
86
3
90
12
22
*144
A
O
x
cccl
27M
J
^
x
bbb3
105 4
b
y
bb
J
J
xa
J
x
a
J
x
3
x
J
x
x
66
73
72
70
80
107
10734
105 4
106
984
894
974
9834
8934
91
8934
10134
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J
"e§"
bbb3
8
'
80
.8834
11
844
90
7834
39
744
78 M
70
49
73
88
7734
7634
68
*10734
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10634
■
*
68
82
General 6s series
C__I"]
10634
80
1334
14M
2
105M 106M
9
78
85 M
63
13
18M
Gen mtge 4s series H
44
10434
10434
5
104
10434
10434
44
*112 34
105
116
10534
*11234
103M 106
104
106
103 4 105 M
114M 114M
12
....
36
3654
25
10834
10934
7
114
114""
11534
70
*117
108M
108M
iosk "4
x
bbb3
964
J
x
bbb3
814
z
c
C y bb
J
J
ybb
J
y cc
J
J
y b
2
stpd..1952
A
0
1961
GuU States Utll 8 Ms ser D..1969 M N
/
J
♦Harpen MlDlng 6s
1949
1st A ref Term M fie
36
43 M
107M 109 M
114
119M
Hocking Val 1st
s
f 4 Ms
cods g
109M 109M
108M 108M
103 4
10334
10334
58
103 M 105M
10534
10534
41
10334
104
11
1044 106
103 M 105M
10634
10634
10634
16
10334
g
1944
6B.1937
1954
x
x
bb
2
MA
z
b
2
87
90
1
79
864
644
9
62
664
3854
34
36
404
104 M
104Jie
20
104
10934
16
10934 11134
35
i29"
129 M
"~i2
127M 129M
12534
8
12534 12534
9034
5
~89~
89
*5534
-
103
MN y bbb2
8 f 5s ser A ..1962 J D 7 cccl
MA x aaa3
Hudson Co Gas 1st g 5s
1649
3
Hudson A Manhat 1st 6s A.. 1957 F A y b
A O B CCC2
♦Adj income 6s
Feb 1957
20
22
10434
5
133
20
274
Hudson Coal 1st
2634
•
103 4
2734
"io
54
12434
-
89
92 4
56
60
63
10134 10334
20M
126
45M
46 34
"72
44
4834
11M
1134
1234
62
11
13M
22
102 4 106M
1
1253.
Attention is directed to the new column Incorporated in this
314
127
"46 M
"
For footnotes see page
64
'"2
84
12534
aaa4
z
54
100
129
aaa4
J
J
87 4
634
90
*
O
99 4
80
109*4
cccl
A
96
52
100 M 108 M
104M
a
x
114
....
104
3
x
95 4
*85
bbb3
J
4 Mb..1999
Registered
{(♦Housatonlo Ry cons
Houston Oil 4Mb debs
J
x
89 4
89
95*4
101M 105 M
38
38
Gulf A Ship Island RR—
113
37
25
169
108M
107 M 107 M
105 M 10834
97 4 104 4
64
2
108
64
36
107
84
2
J
8254
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8834
3
...—
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3
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103
80
2
A
9034
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1
A
113
119" 119"
r„
J
..
Hoe (R) A Co 1st mtge
iiS"
bbb3
105
*100M
*114M
x
Fel
GuU Mob A Nor 1st 5 Ms B
1st mtge 5s series C
Gull Mobile A Ohio 4s ser B1976
♦Gen mtge inc 5s ser A
2016
GuU States Steel
3634
J
Gen mtge 8Mb series I ...xwo/
Feb ybb
•Green Bay A West deb ctfs A
♦Debentures ctfs B
10434
10334
10334
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3
U.«
894
1014
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-
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78
134
-
13
8834
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•
«
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70
105 k
bbb3
3
3
95
101*3* 1014
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95
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4
J
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33
10434 10034
76
814
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4
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1
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1
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22
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3
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105 4
78 4
2
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1
105
aaa2
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27M
274
784
4
J
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35M
184
274
2
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35
20
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J
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30
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10
s
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36
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87
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I
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37
61
107 M
8134
24
37
91
Gen Steel Cast 6 Ms w w_.
77 M
—i
24
464
aaa3
y
44
ccc3
J
56
81
103M 105
"65M
7M
2
54
76 4
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103
{Fonda Johns A Glover RR—
|J
+
36M
36M
*35
cc
z
104 %
cc
z
1974
1
101
102
4
x
♦Certificates of deposit
108 M
102
bbb2
bbb2
D y bb
e
103
10334
100
x
x
ybb
4
"36
103
37 4
bbb2
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m-em
19M
102
x
O
87
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a
bbb2
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cccl
D xbbb3
1634
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*94
104
4
16M
80
10534
aa
o
J
x
39M
192
ybb
z
{♦Fla Cent A Pennln 5s
1943
{Florida East Coast 1st 4 Ms. 1959
92
54 M
107J4
40
38
3934
101
x
)
76 M
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40
36
17 4
103
x
2
52
*104
43
36
33
bb
A
11034
106 54
106 54
42
46 4
16 4
bb
x
11334
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89
88
40M
"36 M "ie
3634
90
63
56
80 M
"42" "74
36
72
55 M
5934
55 M
28
81
*28
4
109M
10534 106
*50
aaa3
O
8Mb debentures..........1948
85
54
55 34
bbb3
xbbb3
0
4S.1948
M S x aaa4
Columbus & Sou Ohio El 334sl970
F A x aaa4
ColumbuB A Tol 1st ext 4a..1966
♦Commercial Mack ay Corp—
May yb
1
Income deb w w_..Apr 1 1969
Commonwealth Edison Co—
D x aa
1st mtge 8 Hb series I
1968
J x a
Conv debs 3Ms
1968
O x bbb3
Conn A Pasump Rlv 1st 4s.. 1943
J x aa
Conn Ry A L 1st A ref 4Ms..1961
J x a
Stamped guar 4Mb
1961
A x aa
Conn Rlv Pow a t 8Mb A
1961
Consol Edison of N«w YorkO z aa
8Mb debentures
1946
Columbus A H V 1st ext g
*80
bbb3
1993
D x bbb3
General 6s series B.
1993
J y b
Ref A impt 4 Hb series E..1977
J
J y bb
Cln Wab A M Dlv 1st 4s.. 1991
MN y bbb2
St L Dlv 1st coll trg 4s_..199'
x aaa4
Cleveland Elec Ilium 3s
1970 J J
Cleveland A Pittsburgh RR—
x aaa2
Gen 4Mb series B
1942
x aaa2
Series B 3Hs guar
1942
x aaa2
Berles A 4Ha guar
1942
MA' x aaa2
Series C 834s guar
1948
F A x aaa2
Series D 3Mb guar.......I960
x aa
F
Gen 4 Hb aeries A
1977
J x aa
J
Gen A ref 4Hb series B..1981
A O x bbb3
Cleve Short Line 1st gu 4 Ms. 1961
x bbb3
A
Cleve Union Term gu 6 Mb.. 1972
X bbb3
lBt s f 6s series B guar
1973 A
x bbb3
A
1st sf 4MB series C
1977
x aaa2
J
Coal River Ry 1st gu 4s
1946
x bbb3
F
Colo Fuel A Iron gen a f 6s.. 1943
A
yb
♦6s Income mtge
1970
MN y b
Colo A South 4Mb series A..1980
General g 4s
72
56
5934
109
89
72
k
104
150
150
—
"l"7k
b
MN
Cleve Cln Chic
»
17M
1
1964
♦1st A ref 5s series A
"36"
c
1942
4
..1942
1st Hen 0s stamped
*
65
"404
30 M
4
112
112
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J y bb
z
F
108
110M
112
112
1054 106 4
107
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105M 107 M
10534
D
MA
F
10
107 M
109
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x
MN
J
2
3
O
cccl
4
f 6s stamped
30-year deb 6s series B
aaa3
A
ccc
b
Firestone Tire A Rub 3M8..1948
Chicago Union StationGuaranteed 4s
cccl
J
.1966
103 H 105 M
*
43
t
t
5s International series..1942
1st lien
414
t
4
..1954
Fairbanks Morse deb 4s
cc
(
Federal Light A Trac 1st 5s.. 1942
"si"
"57"
57
14
76
*•.
11
»
42
ccc2
x
4 N
1938
108 H 108 M
93
100 M
"80 4
z
♦Geneesee River 1st sf 6s..1957
♦N Y A Erie RR ext 1st 4S.1947
3
*.
z
J
94
74
8%
9334
*5734
ccc2
J
84
105M 108 M
1
104 34
aa
O
7M
7X
73
■
o
6
20 M
16M
59
93
o
10
M
107 M
106
18M
10834
*149
x aaa4
\f N
30
102
103 M 104
108 4
bbb3
o
15
2
t
J
♦|Ref A imp 5s of 1927
1967
♦|Ref A Impt 5s of 1930.-.1976
♦Erie A Jersey 1st s f 6s..1956
(♦3d mtge 4 Ms
aa
J
195?
106
30
100
38
107M
108
o y bb
..195?
4s series D
x
S
195:j
103M
10834
J
61
73
ccc2
aaa4
J
100 4
*17
x
1
104 M 104 M
43
43
"20M
106
2
aa
5
77
108 M HO 4
100
linM
111M
103 M
103M
z
J
3 4
11
104 M
100
a
1M
72 4
4M
iiok
*24
O y bb
registered—...1996
♦Series B
8M
104M
cccl
x
MA
734
1
104 H
J
♦1st consol gen Uen g 4fl...l9«e
♦Oen
6M
34
b
x
1966
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1M
30
*35
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9
\H
*110
S
9M
74
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aaa3
z
O
7M
7M
110M
aa
x
6s stamped
107 M 108 4
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37
34
ccc2
x
O
544
8
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cc
z
y
47 M
107 M
7
J
7
73
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6 4
A
834
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1
105 M
c
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734
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834
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z c
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y bbb2
y bb 3
y bb 3
y b
2
15
1M
Ifb
634
7
108M
105 M
4
x
1966
{♦Erie RR 1st cons g 4s priori996
Prior 4s registered
1996
12
12
15
"is"
108
104
1M
1M
D
El Paso AS Wist 6s
49
41
100
16
1534
12
ccc2
6
14
L>
10534 109
94
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&
M
12
49
108
cccl
O
Elgin Jollet A East Ry 3MB-1970
964
106 4
ddd2
A
M
16M
11
TVs
74
M
1970
15M
18M
994
15M
~io
97 4
x
z
~\l~4 "l9H
21
x
J
1334
2M
*17
47 4
.....
A
Dlv 1st 4sl948
EastT Va A Oa Dlv let 5s...l95f
Ed El 111 (N Y) 1st cons g 5s.1996
20M
17
cccl
East Ry Minn Nor
17M
16M
108
aa
x
1950
1962
15
104
aa
1996
10
16M
49
x
J
24 M
13M
1354
15M
108
bb
z
18
16
96 4
105 4
96 4
106 4
a
x
J
1978
Chemical deb 2Mb
T6M
109 M
7
"l6M
J vaaa3
{♦Des M A Ft Dodge 4s ctfs. 1936
{♦Dee Plains Val 1st gu 4 Ms. 1947
Detroit Edison 4s ser F
1966
Gen A ref mtge 3 Ms ser 0.196*
Gen & ref 3s ser H
17
106 M
16M
......
cccl
J
Gen 4s
2
41
41
bb
1934 A Oicc I
—L x cc
10fi2 M A x c
1952 M 8 z c
...
21
12
134'
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c
17
15
69
1
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O
{(♦Dul Sou Shore A Atl g 58.1937
DuQuesne Light 1st M 3 Ms—1966
65
14
2
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124
1134
1134
cc
b
z
20
1654
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1134
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97
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18
23
25
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18
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1
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14
b
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95 4
164
15M
D
3
Detroit Term A Tunnel 4 Ms. 1961
16M
2
D
J
1934
16
109 H
105 M
J
14M
15
109 4
A
{"♦Den A R G 1st cons g 4S..1936
J
(♦Consol gold 4 Ms
1936
F
{♦Denv A R G W gen 5s. Aug 1955
F
♦Assented (BubJ to plan)
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108M 110
aa
x
1969
1969
1st A ref 44b
108M 109
111
x
J
16
....
ccc2
ccc2
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MN
Del Power A Light 1st 4MS-.1971
I mmortgage 4Mb
106 M 108
1074
MN
4a..1043
♦Second gold 4s
22
17
ccc2
107 M
109 4
107 M
Detroit A Mac 1st Hen g 4S..1996
....
1960
Ch St L A New Orleans 6s..1951
Gold 8Mb
June 16 1951
Memphis Dlv 1st g 4s
1951
CblcT H 4 So'eastern 1st 68.1960
Income guar 6s
Deo 1 I960
28 M
240
03i(
c
1988
♦Conv g 4Mb..
8M
54
...........
♦Certificate* of
8M
71
35 3< t
*34
ccc3
21
343<
3434
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x
x
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Dayton P A L 1st mtge 3s.. 1970
6M
3531
3534
SB
1955
Curtis Publishing Co 3s deb.
r»#» A
69
34
X
Deposit receipts
♦Be series B extended to 1046
23
12
3434
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77 4
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70
334
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77
1946
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654
10
1952
20
7
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6M
J
M N
Ry—I
(♦Secured 4 Ms series A...
4M registered
♦Certificates of deposit
33 M
19
receipts
♦Deposit
80 M
19
19
♦Deposit receipts
♦7 Ms «erles A extended to
20
76
19
cccl
z
♦Cubs RR 1st 5s g
20 M
18
cccl
MN
...1967
.....1970
1st mtge 84s
....—1966
1st mtge 3Ms..
...1960
Continental OH conv 2M«—1°<S
Crane Co 24b s f debs
—1950
Crucible Steel 3 Ms s f debs..1955
♦Cuba Nor Ry 1st 5 Ms
1942
mtge 3 Ms
2154
22
1976 F
(♦Refunding gold 4s
♦Certificates of deposit
109 M 110M
25
J
88 M
13M
5
J
Jan 1 2000, A
deposit
registered
83
110M
11034
J
registered
4b ctfs
83 %
73 M
13M
15M
cccl
1W87IM A
1987 M N
z
1987 MA
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1987 MN
x
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x
♦Gen 4*iB«tp<1 Fedlnctax 198^ M A
4 Ms registered..—.... .1987 MAT,
♦Oen 6« Htpd Fed lnc tax.. 198' M A
♦4MB stamped
.....198' MA
4Ms registered
1987 MN X
(♦Secured 6 Ms
193- M F x
♦1st ref g 6s
May I 203 J D
x
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x
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x
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194^ MA
{(♦Chicago Railways 1st 5s stpd
Aug 1940 26% part pd__192; F a *
{♦ChlC R I A Par Ry gen4fl_.1<W- J J z
4s registered
1988 J J z
3 Ms
"59
96 M 1004
97
97
14
15
mn y bbb2
M 8
ccc3
1 1989
1 1989 J
•Gen 4Mb series E.May 1 1989 J
♦OeD 4Ji" series F.May 1 1989 J
{Chic Mllw St Paul A Pac RR—I
♦General «e
"46
71 M
cccl
bbb4
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93 M
90
98 %
100
20
17M
z
3 Ms.....
mtge
18
X
May 1 196fi
mtge 8Mb
J
x
M N
High
Low
19
11
Consumers Power Co—
1st
80 M
bbb4
x
Consolidation Cos! s f 5s
No
High
19
cccl
x
19A*
1960
♦Debenture 4s
1st
112
"f x "124
91M 94M
29
92
"83"
~83
F
3Hb aer B.May
♦Gen 4 Hb series C.M.vy
{Chicago A North Wee tern
♦Genera) g 3 Ms..
96 M
23
91
MN
4S..1966
A
"9"
91M
2
x
♦Gen g
♦Mtge g 6s series
91H
"oek
U2
"Vk
aa
x
tCblc Milwaukee A St Paul—
•Oen 4» series A ... May 1 1989
♦Con? adj 6s
"~8K
1204 122
112
*
B__May 1966
60-year
122
120 M
112
x aa
j
registered.......-—1949 m"S
1st A ref 4Hs
6
aaa2
x
4s....... 1949
General 4s.
102% 106
102*4 105H
1054 1084
53
(Cont.)
Railroad & Indus. Cos.
{♦Consol Ry non-oonv deb 4s 1954
♦Debenture 4s......
19fifi
132
131
88
103 M
10234
10354
105 M 105 "i*
102 %
..High
1st
x
J
J
registered........1949 3
IJJmoie r>»o»e»oD
4s
x
20
132
121
M g
L°u>
Jan. 1
Asked
Low
Cos. (Coni.)
Chesapeake A Ohio Ry—
GeDeraJ gold 4H»
--1992
Ref A Imp mtge 3 He D..1996
Ret A Impt M 3Httser E..1990
Ref A Impt M 3H« ser F.. 1963
Potts Creek Br 1 -t 4s.... 1940
Railroad & Indus.
Since
Friday's
Price
a
Range
Range or
Sale
Rating
35
Nft,
21
Week Ended Feb.
Jan. 1
Last
Elig. A
BONDS
N.
1941
22,
Week's
Friday
Bank
t
tabulation pertaining to bank eligibility
and rating of boada.
New York Bond Record—Continued—Page 4
Volume 152
h
BONDS
k o
N. Y. STOCK EXCHANGE
Bank
*
Friday
Eltg. A
si Rating
^ See s
Week Ended Feb. 21
Railroad & Indus. Cos. (ConO
Illinois Bell Telep 2 %8 ser A. 1981 J
Last
Sals
Price
Week's
Friday's
Bid
Low
J
x
1st gold 4s
1st gold 3 Ha
Extended 1st gold 3 Ha
1st gold 3s sterling
...1951 /
J
x
bbb4
94
1901 J
J
x
bhb4
Collateral trust gold 4s
ybb
...1900 MJV ybb
/ ybb
..1902 J
2
1963 Mil ybb
2
No.
*90
aaa4
101H
101
BONDS
Since
<§3
*90
O x bbb4
..1901 M 8 X bbt»4
1902 A O
Range
Asked
High
101H
A
62
N
Low
High
101
1951 A
Refunding 4s...
Purchased lines 3%s
Collateral trust gold 4s
2
101%
x
Gold 3%s.
151
39
39
47%
43
45%
39
39
"l9
49
40 x
110
80%
SOX
1
*55
58%
4
38%
"16
58%
53%
45%
78
80%
"58% "61%
46 H
43%
47
46%
*48
43%
49%
47
50
52
4
bbb3
*70 ~~
bb
3
*55
3
Joint 1st ref 5s soles A
.1963 J
Inland Steel 1st mtgs
3s
ybb
M
ser F1961 A
bbb2
i
J
ccc2
8
X
x
aa
deb 4a..l947
conv
16H
ybb
{♦Int-Grt Nor 1st 6s ser A. .1952
♦Adjustment 6s ser A.July 1952
3
105 X
98 X
2
97 h
3
x
cccl
z
cc
10
♦1st 5s series B......
1956
z
1956
z
cccl
b
ccc4
80%
1st lien A ref 6Hs
1947 F
Int Telep A Teleg deb g 4HS1952 J
A y bb 3
J y ccc2
1955 F
Debenture 5s
{♦Iowa Cent Ry lit A ref 4s.1951
A y ccc2
M S z cccl
44
78
~37X
A
O
b
b
♦Certificates of deposit..
Kan City Sou 1st gold 3s
1950
..Apr 1950
1960
Ref A lmpt 5s
1
3
aaa4
♦Ctfs
w w
atmp (par 6645) 1943
♦Ctfs
w w
♦Ctfs with
warr
102 X
8
7
38 x
*340
40 X
296
w
1
52 X
53
63 x
69 %
6
107%
78
30%
32%
%
52%
47
bb
a
1961 J
1997 A
1954 J
1st A ref 6 H*
1954 J
Koppers Co 4s series A
—.1951 MJV
Kresge Foundation 3% notesl950 M S
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit...1959 M 8
Ref A ext mtge 5s
.1942
A
A
Coll A ref 5 Hs series C....1953 F
90
111
2
103
1
105%
109%
74% 80
5
48
52%
14
28
32%
86%
86%
72
....
44
44
....
25
27
-----
93
95%
95%
80% 85
73% 80%
105% 107
109% 112%
88%
....
89%
80%
86
5
1
73%
1
...
112%
62%
6
79
81X
77%
81%
88
88
88
88
82
05
49
103
104%
*
100%
36%
ccc2
ccc2
ccc3
------
z
ccc3
------
z
cc
2
*6%
7
z
c
2
zc
2
*1%
*x
2%
3%
8%
8%
9%
8%
9%
59
3
*9
J*
10
27
66%
79%
25%
68%
80%
27%
ccc2
14%
13
1
------
z
------
32
32
17%
35%
*16
9
2%
5Hs.
1949
♦1st A ref 5 Hs series B_—.1978
{♦Mo-Il! RR 1st 6s series A. 1959
z
cc
2
------
ybb
3
------
b
4
------
y b
2
♦25-year
z
Mo Kan A Tex 1st gold 4s. ..1990
15
18
4
16%
------
9
2
49
....
--
2
*81
86
166
166
107 h
107%
107 X
107 X
104%
104 X
2
a
2
a
3
104
X
168%
107% 108%
107% 107%
103% 105%
104
a
2
104
104
105%
10
3%
4
94 X
93 X
10
94%
96
58 X
58
39
——
O y bbbl
O y bb 2
94 h
A
1962
y
1962
Prior lien 4Hs series D...1978
♦Cum adjust 5s ser A. .Jan 1967
92 X
56 X
93 x
15
2
92%
56%
57%
64%
57
3
49
60
56
6
50
62
96%
A yb
A y b
2
57 X
...1942 F
A yb
2
56
2
55
5s extended at
J x bbb3
3% to ....1947 J
1941 J J ybb 3
Lake 8b A Mich So g 3Hs—1007 / D x a
2
3 Hs registered
2
1997 J D x a
82
82
5
82
87%
2d gold 5s
96
98
35
95
98
92%
88%
94%
90
33%
rnrnmm
~8
1%
2
1
1
8%
3
7%
10%
9%
19
8%
1%
%
10%
2%
1%
....
12
53
69
9
79%
68
24%
85%
31%
y c
y
ccc2
z
cccl
z
ccc2
20%
z
cccl
z
cc
z
ccc2
z
cccl
z
cccfi
z
cccl
z
c
z
ccc2
z
cccl
12%
12%
13%
4%
14%
12%
13%
4%
214
12%
4
29
11
23
11%
36
3%
20%
40
19%
1%
20%
56
19%
19%
1%
19%
17%
15%
15%
4%
{Missouri Pacific RR Co—
1st A ref 6s series A
1905 f
A
♦Conv gold 5Hs—
1949
♦1st A ref g 5s series H
1980
♦Certificates of deposit..
♦1st A ref 5s series I
1981
z
♦Certificates of deposit.—..
at
19%
19%
-
1%
1%
20%
10%
*19%
20%
2
------
21
21
21%
20
2
20
%
20%
1%
20%
20
20
19%
19%
------
ccc2
20%
b
2
yb
2
x
aa
4
......
x
Monongahela w Penn Pub Ser
1st mtge 4 Ha..
i960 A
cccl
t
4% Jul.'38
a
......
20%
19%
2
223
....
19
31
20
1
19%
%
21
4
1
y
bbb2
104
110%
111%
104
79%
108% 110%
..."
8
110% 112%
102% 106%
63
1
b
2
------
*42
75
------
*42
79
....
y b
2
------
1
------
75%
....
1
60%
105% 106%
....
ybb
A... 1955 A
f 5s series B...1955 A
Gen A ref s f 4Hs series C.1955 A
85
53
3
------
4
y
s
3
a
81%
....
*110%
111%
102%
79%
79%
4
ybb
22%
22%
21%
19%
2
54
*1051#u 106
*37%
-----
1%
23%
19
92
53
——————
22
20
83
53
22%
22
2%
22%
21%
23%
20
*82
x
6s debentures
—1905 A
Montana Power 1st A ref 3%s '00 J
Montreal Tram 1st A ref 5s.. 1941 J
s f 5s series
------
z
Moh'k A Malone 1st gu g 4s.1991
Monongahela Ry 1st 4s ser A 1960
Gen A ref
Coll A ref 5 He series D...1960 F
33
-
RR—
40-year 4s series B
(♦Mo Pao 3d 7s ext
166
65%
6%
....
82
74
107
41%
....
32
cccl
2
60
' 99%
70%
28%
59%
20%
....
*56
------
70
90
3
z
1077
♦Certificates of deposit.—..
*25
104
"l3
65
b
2
69
07
99
z
♦1st A ref 5s series G
1978 MJV
♦Certificates of deposit.....
*109
80
------
ser
6
30
97%
1
Missouri-Kansas-Texas
0
30
65
------
3
55
3
z
♦1st A ref 58 series F
102% 103
109% 109%
*60
9
mmm
z
♦Certificates of deposit
♦General 4a
1975
107% 109
3
9
30
99
2
cc
68%
102 X
112
a
—
105
....
*3
4
cccl
72
18
55
cc
Gen A ref
(♦Laclede Gas Lt ref A ext 6s 1939
88
87
30
------
z
69
9
54
aaa4
a
112%
z
63%
64
3
bb
—
------
z
♦
bbb3
4%s unguaranteed
t
3
1946
♦1st A ref 6s series A
37
bbb3
Kings County El L A P 6s.
Kings Co Lighting 1st 5s
cccl
ybb
{ (♦MStPASS M eon g 4e Int gu'38
(♦1st cons 5s
1938
(♦1st cons 5s gu as to Int..1938
32
bbb3
1961 J
ddd2
z
89%
80%
73%
*105%
bbb3
z
♦1st A ref gold 4s
....1949
♦Ref A ext 60-yr 5s ser A.1962
58%
95%
38%
95
,
102 X
3
aa
*15
*89
112
110
371
50
*36" "
------
High
112
-----
79
32%
*—...
bbb4
x
1951
14
108%
*20
1946 M~ 8
Kentucky Central gold 4s
1987 J J
Kentucky A Ind Term 4HS.1961 J
Stamped..
1961 J
b
z
{♦MUw A state Line 1st 3%s 1941
{♦Minn A St Louts 5s ctfs
1934
Prior lien 5s
1%
*18
cccl
z
x
A D 5HB—1950
32%
1
70
69
108
1945
18
95
34 X
34
34
102%
101%
85
95
(par $925) 1943
—
71
74
1%
11%
11%
61%
85%
103%
104%
78%
86%
43%
*17
Keith (B F) Corp 1st 6s
Plain
44
81
34 X
34 x
stmp (par $925) 1943 M JV
z
97% 103
8
11%
*"45
88
IX
1%
1
bb
105% 107%
98% 101
8
37
bbb3
Kansas City Term 1st 4s
Karstadt (Rudolph) Ino—
33
34 X
39 X
D ybb 2
1990 A O x bbb4
tint C Ft 8 a M Ry ref g 4s 1936
8
78X
78
*80
James Frankl a Clear 1st 4s.1959 J
Kanawha a Mich 1st gu g 4s
27
103 X
101X
101%
ext 5*
Mead Corp 1st mtge
4%s...1955
Metrop Ed let 4 Hs series D.1968
{(♦Mid of N J 1st ext 5s
1940 A
{(♦Mil A No 1st ext 4Hs—.1939 J
♦(Con ext 4Hs
1939 J
{♦Mil 8par A N W 1st gu 48.1947
82
103
45
z
April "40
ser A
79
105%
109%
48
b
2
ccc3
y
—.......
19
47
80
103 H
3
Stamped....
(♦Market St Ry 7e
High No. Low
112%
89% 4 <22
110%
28
32#
1
Manila RR (South Linee) 4a.l959 AfN
y a
1
{♦Man G B A N W 1st 3 %e. 1941 J
J r ccc2
Marion Steam Shovel s f 6a.. 1947 A O
yb
3
78
8%
y
------
1st gold 3Hs—
.1952
x a
Ref A lmpt 4Ha series C—1979 J
J y bb
Michigan Consol Gas 4a....1963 M
x a
8
y
2
Gen mtge 4%s series A...1960 J D
yb
2
Maoatl Sugar 4a s t—.Feb 11957 MN y ccc2
Manila Elec RR A Lt s 156—1953 Af S
Jack Lans A Sa~ 3
Ha
X
1941
Maine Centra! RR 4s
48%
45%
33
10
1944
s f 6s
108#
Since
Jan. 1
27
105%
103%
------
15%
98
88%
*108
------
2
74
99X
*111%
------
2
\f 8 yb
D ybb
A.1945 J
37%
30%
16X
106"
———
{♦McKesson A Robbins 5 %s 1950
40%
55
Internal Paper 5s ser A A B.1947
y bb
3
Ref s f 6s series A
1955 M S y b
3
Int Rya Cent Amer 1st 5s B .1972 AfN y bbb2
a
—
*
62
X
9X
9X
Int Merc Marine
x
—
aaa3
ccc»
—
Range
•3
Is
Asked
Mich Cent Det A Bay City-
10 x
Internet Hydro El deb 6s
bbb2
60
X
9X
*9H
cccl
♦1st g 6a series C
v
*
145
41
3
x
Metrop Wat Sew
9%
X
1
Atl Knox A Cine Dlv 4s.. 1955 Af N
•Lower Aust Hydro El 6%s.l944 F A
McCrory Stores deb 3%s...1955 4 O
ser
A
Lou>
x a
58
44 H
Bid
Railroad & Indus. Cos. (Com.)
{(♦Met W Side El (Chic) 4a. 1938
♦Mlag Mill Mach 1st s f 7s.. 1956
*105 h
105%
Price
51%
34 X
75 X
aaai
O
inspiration Cons Copper 48.1962 A O ybb
Interiake Iron
41H
39%
2
cccl
y
J
bb
z
F
Sale
See a
65
65
2
y
J
Range or
Friday's
Rating
51%
111 Cent and Chic 8t L a N O—
1st A ref 4 %s series C
1963
♦Ilseder Steel Corp 6s.......1948
Ind III A Iowa 1st f 4s..
1950
{♦Ind A Louisville 1st sru 4s. 1956
Ind Union Ry 3 Ha series B.1986
Last
Elig. A
61
61
ybb
o
Nft.
Louisville A Nasnvliie RR {Concl)
Mob A Montg 1st g 4 H8-.1945 M S
South Ry joint Monon 4s. 1952 J
J
fStamp mod)
51%
95
y
£
EXCHANGE
y aa
47%
35%
62
x
..1951
1
11
42
4
bb
ybb
Western Line* 1st g 4s....1961 F
4s registered
bb
y
registered..
.1951 J
Springfield diy mt g 3He 1951 J
41%
40
2
y
-.1951 J
3 %s
"47""
38 %
80 %
4
bb
y
38
48
40 %
91
28
40 h
*
"49"
89%
43 h
40
H
bbb3
ybb
Omaha Dlv 1st gold 3s
1901 f
St Louis Dlv A Term g 3s..1951 J
"40
94
70
H
40 %
40
41%
2
4s registered...........1953 M2V
ybb 2
Refunding 6s............1905 M N y bb 2
40-year 4%a
Aug 1 1906 F A y b
2
Cairo Bridge gold 4s .....1950 J
x bbb4
Litchfield Dlv 1st gold 3s..1951 J
Loulsv Dlv A Term g 3 %s_1953 J
41
92
89%
89%
*30
43
STOCK
Week Ended Feb. 21
Illinois Central RJR—
94
Y.
Jan. 1
Week's
Friday
Bank
La
|
Range or
(
1251
,
—————
79%
—————
—————
....
—————
—————
-----
— — — — —
95%
Coll tr 6s series A
1942 f A
Coll tr 6s series B
y
b
2
58 X
65
Lake Erie a Western RR—
92 H
92 X
93
37
88 H
88 X
89 x
10
Dec y cccl
Lehigh c A Nav a f 4 Ha A..1954 J J ybb 2
28 H
27 X
30 X
64
21
Cons sink fund 4Hs ser C.1954 J
J ybb 2
Lehigh A New Eng RR 4s A.1965 A O x bbb3
Lehigh A N Y 1st gu g 4s
1940 M S y b
3
Lehigh Valley Coal Co—
z b
♦5s stamped
.......1944
"el%
61 X
1975
1904 r
♦1st A ref sf 5s
♦5s stamped
a
..1904
1964
♦1st A ref a f 6s
♦1st A ret 8 f 68——1974
1974
♦See 6% notes extended to 1943
♦6s stamped
1943
Leh Val Harbor Term gu 6e—1954
36 X
1
b
36 X
40
6
36%
37%
40%
35
1
35
39
New Eng Tel A Tel 6s A
1st g 4 Hs series B
8
1
35%
32
39
33
2
33
37%
b
■37 X
35
b
35 X
36
z
b
32
32
b
33
33
b
b
bb
z
bb
*80 X
83
X
"84X "~3
*82% "85%
43 H
43 H
AfN y cc
1
y cc
43
43 X
13
43
48
43
43X
9
43
52
21%
19%
21X
200
18
"22 H
16%
14%
17%
25%
17*4
20 X
1
y
cc
1
y cc
1
y
1
cc
*
26
bbb4
105 X
*116%
104 X
aaa4
120 %
120 X
aaa4
126 h
126 X
126 X
"95H
95 X
ybb
3
MJV
x
aaa3
F
A
x
aaa3
J
D
z
cccl
......1951 F
bb
3
bbb3
A
J
3
20
""45
5
96
X aaa4
85
119
x
Louisiana A Ark 1st Os ser A.1969 J
X
49
49
x
aaa3
5s debenture—
~24X
26%
0 y bbbl
x a
3
2
22 X
23
x
A
19%
48%
119
105%
120%
""24
•
22
27%
24%
30%
i2s
104% 106%
5
120% 123
128
9
126%
2
126% 131
126% 126%
95% 98
3
104
104%
"16 104" 105""
*28
28%
7
98%
96%
96%
120%
30%
96%
98%
99%
99%
122%
126
128
~96X
96
96
*
95
100
'*96 %
"96 x
97%
97%
10
120%
96 X
120 X
120 X
126
126
6
126
1
84
85
25
3
109
109
2
aa
3
109
109
2
84 h
82% 87
108% 109%
109
109%
Louisville A Nashville RR—
2003
x
bbb3
let A ref 4 Hs series C
2003
x
bbb3
1st A ref 4s series D
2003
x
bbb3
98%
94%
3%e series E
2003
mtge 3Ha ser A ext..1950
mtge 4s ser B ext
1960
x
bbb3
89
J
x
a
3
J
x
a
3
1st A ref
Unlf
J
z
J.J
s
cccl
1962 J D
1901 AfN
X
aaa2
x
A y
bbb2
N J Junction RR guar 1st 48.1986 F
N J Pow A Light lflft 4 Hi—1960 A
New Orl Great Nor 6e A
1983 J
O
x
aa
y
bb
ybb
y
O
ccc2
b
1
ccc2
z
V~A
z
b
1
♦Certificates of deposit
Newport A Clnclnatl Bridge Co—
gen gtd 4Hs...
—1945 J
z
b
1
z
ccc2
z
A
b
z
P&ducah A Mem Dlv 4a—1946
A'x bbb2
St Louis Diy 2d gold 3s...1980 MSxa
3
126
127%
126%
-
-—«
*74
-----
108%
72%
108%
73%
-
108#
73#
66%
106
*b
J
105%
68
-
-
-
-
-
x
*31
-
*30
------
*33
*
------
34%
......
1
"33%
34%
33%
38%
33%
aaa2
67
106%
105%
69%
34
17
1
....
....
.
37
40%
36
41%
30% 35%
108% 109%
110% 117
100uiil00u»i
15
60
7
14
19
....
2
4
18
15
68
72
103% 104%
103
104%
104
106%
104% 106%
82% 85
123% 124
50
53%
45% 53
120
127%
125% 131%
....
70
2
107
34
67
15
13
1
75
108%
75%
65
68%
105% 106%
105% 106%
7
68
73%
30
33
....
30
31
34%
40
-----
*107
37%
""§5
36
....
34
37
40
35
30
------
ccc2
1
51
125%
ccc2
z
♦Certificates of deposit
♦let 4Hs series D
....1956
♦Certificates of deposit.
♦1st 5He series A._
1954 O
51
125#
------
bbb2
z
91%
123%
60%
-----
bbb3
z
69
103%
104%
104%
105%
"Si""
xbbb3
♦Certificates of deposit
♦1st 6s series B.__
1954 A
♦Certificates of deposit..-..
......1956
*_
3
x
1958
New Orleans Term 1st gu 4s. 1953
{(♦N O Tex A Mex n-c Ino 5s 1935
♦let 6s series O.
*59
4
N O A N E 1st ref A mp 4 Hs A'52
New Orl Pub Ser 1st 6b ser A.1952
1st A ref 5s series B
103%
104%
------
2
J
64
104
------
aaa2
cccl
34
105
N Y Cent RR 4s series A
1998 F
A ybb
3
61
10-year 3%s sec s f__.
1940 A O ybb
Ref A lmpt 4H> eorles A—2013 A O y b
Ref A lmpt 5s series C
2013 A O y b
3
3
Conv secured 3%«
1952
N Y Cent A Hud River 3 Hs. 1997
3 %8 registered
.1997
Debenture 4s
1942
Lake Shore coll gold 3 %s—1998
2% sreglstered
AfN ybb
3
90%
57%
63%
60%
J
J x
a
2
84%
J
x
a
2
J
ybb
F
y
3
1998 F
3
bhb2
------
------
64%
ybbb2
Mich Cent coll gold 3%s—1998 F
y
bbb2
""eo""
....
35%
39
36%
38
33%
10
32
35
21
33%
39%
33%
10
32%
33%
33%
W-
2
2
—
103
103
103
98 X
93%
88%
104%
108
.
106%
86
1
99
95
45
16
89%
105%
108%
106%
86
71
14
12
2
3
103
105%
93% 101
93
96%
87% 91%
103% 105%
108
109%
106
106%
86
88
%g registered.—
1998 F
ybb 2
New York Chicago A St Louis—
Ref 6 Hs series A.
1974 A O ybb 3
Ref 4%s series C...
—1978 M S y bb 3
1946 F
A x bbb2
1st mtge 3 %s extended to 1947 A
3-year 6% notes
1941 A
O X bbb3
4s collateral trust
O
v
b
6s debentures.—
...1950 J D ybb
x aa
N Y Connecting RR 3%s A..1965 A
60%
89%
55%
61%
59%
83%
*70
100%
64%
60%
62
90%
57%
63%
60%
85%
82
100%
65%
60%
68%
57%
89%
60
60
*57
3
1st A ref 5s series B
Unit
J
99
34
40%
32
—
38
-WW—
— — — — —
*100
aa
aa
bbb3
Louisville Gas A Elec 3Hs—1966 M S
Lou A Jeff Bridge Co gu 4s..1945 M 8
104
a
38%
38%
108%
108%
*116% 118%
*100«u
4
b
O
1944
2
x
{♦New England RR guar 6e.l946
♦Consol guar 4s......... 1946
bbb3
deb 7s
x aa
....
37%
104#
3
{♦Naugatuck RR 1st g 4s... 1954 AfN zb
Newark Consol Gas cons 58.1948 J D x aaa3
Natinal Steel 1st mtge 3s...1965
A O
Natl Supply 8%s
—1954 I D
65
33
103M
2
45
65
47%
68
3
84%
40
67%
*42
4
36
.1949 M 8
Lorillard (P) Co
Nash Chatt A 8t L 4s ser A..1978 F A ybb
Nat Dairy Prod 3%s
...I960 J D x aa
M
Nat Distillers Prod 3HS—.1949 "" 8 x a
80
bbb2
....
2
1
♦Long Dock Co 3%s ext to..1950 A O
Long Island unified 4s
.1949 M 8
Guar ref gold ,4s
1949 M 8
4s stamped.......
------
a
2
z
A
aaa2
84
z
AfN
x
x
84
y
AfN
2
37
"37"
4
Lehigh Valley RR—
4sstamped modified...—.2003
4s registered..
——2003
4 Hs stamped modified..—2003
4Hs registered
.....2003
5s stamped modified
2003
Leh Val Term Ry ext 5a
1951
Lex A East 1st 50-yr 5s gu—1965
Libby McNeil A Lib by 4s..1955
Liggett A Myers Tobacco 7a. 1944
5s debenture...
1951
Os registered..
1951
Lion Oil Ref conv deb 4H8..1952
little Miami gen 4a series A.1962
Loews Inc s f deb 3Hs—...1946
Lombard Elec 7s series A
1952
2
93%
7"i
J
b
b
7
f"a
Lehigh Valley N Y 4Hs ext.1950 1
y
y
4
94 X
z
y~A
♦6s stamped..
2
61X
94 X
37 X
63 X
z
z
a
bb
bb
38%
38%
32%
v
27%
63%
60%
z
y
1964
♦5s stamped
z
Constr M 4%a series B...1956 MJV
Mountain States TAT 3%s.l968 /
Mutual Fuel Gas 1st gu g 5s. 1947 MJV
y
Mut Un Tel gtd 6s ext at 5% 1941 AfN xbbb3
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg
Gen A ref s f 5s series D.._1956 A
Morris A Essex 1st gu 3%s—2000 J
Constr M 5s Beries A
1965 MJV
165
58
36
....
79
8
1
75
66%
54%
86%
68%
57%
90
5
00%
69%
95%
63%
69%
07%
83% 87%
81% 82
100
100%
64% 70
60% 60%
59% 68
89%
55%
6 %
59%
57
48
175
98
65
60%
54%
86%
64
75
8
90
81
90
92%
94%
93%
80
12
79
82
99%
36
98% 100%
90
92
2
93%
90
93%
1
80
79
3
99%
99%
------
83
113
266
t
For footnotes see page
1253.
Attention Is directed to the
new
column incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See
1.
N
sr. STOCK
Friday
Week's
Last
Range or
Range
Rating
Sale
Since
See i
Price
Friday's
Bid
A
Asked
EXCHANGE
Week Ended
Feb. 21
N Y Dock
registered-
4s
yb
N
Y A
(♦N Y A
♦Conv debenture
♦Conv debenture
6s
35$b~—1966
6s
..1948
1948
registered
J ♦Collateral
1940
trust 6s
---1967
♦1st A ref 454s ser of 1927.1967
|*Harlem R A Pt Ch 1st 4s 1964
♦Debenture 4a
ref g 4s..1992
♦General 4s
1955
{♦N Y Prov A Boston 4s
1942
N Y A Putnam 1st con gu 4s. 1993
N Y Queens El Lt A Pow 3 54s '65
N Y Rys prior lien 6s stamp. 1958
N Y A Rlchm Gas 1st 6s A—1951
N Y Steam Corp 1st 354s.—1963
{(♦N Y Susq A W 1st ref 5s.1937
{♦N Y Ont A West
1937
...1940
|*2d gold 4 54s
(♦General gold 6s
1943
♦Terminal 1st gold 5s
354 s ser B
,— 1967
N Y Trap Rock 1st 6s
-1946
6s 8tamped
--1946
{(♦N Y West A Bost 1st 4 54s 1946
Niagara Falls Power 354s—1966
Nlag Lock A O Pow 1st 5s A. 1956
N YTelep
(Mo) deb 554s 1950
{{♦Norf South 1st A ref 6s_.1961
♦Certificates of deposit
♦Ctfs of dep (Issued by reorgan
Niagara Share
10734
64
108
x
aaa4
10754
%
aaa4
12234
A
x
aaa4
manager)—..—1941
Norf A W Ry 1st cons g 4a—1996
North Amer Co deb 854s—.1949
Debenture 354s
<——.1954
Debenture 4a
—.....1959
North Cent gen A ref 5s
1974
Gen A ref 454s series A....1974
{Northern Ohio Ry—
M N
♦
1st gtd g
5s—
1945
fie (stamped can¬
cellation of guarantee). 1946
10734 10834
10854
33
10734 11054
12354
118
21
z
cc
x
aa
J
J
z
J
z
J
z
A
z
z
cc
D
z
88
88
{♦Phlla A Read C A I ref fis. 1973
19
{(♦PhlUpplne Ry 1st s f 4s..1937
1834
2134
21
21
22
2254
z
b
M 8
z
1954
23
19
1854
"22""
1854
22
41
634
2434
78
3
7954
1
78
8454
D
c
2
A
O y b
2
*97
A
O y b
3
50
134
.
MN
x
aaa4
J
x
bbb4
J
10854
10854
*10534
334
12
;VA
434
754
11
5
454
454
154
2
134
3
10834
10854
AfN
x
bbb3
'10554
10554
J
x
aa
4
10654
10534
J
z
cc
2
29
30
F
A
z
c
2
*554
14
F
5
....
10654
J
5434
10834 10934
10734 108 54
10534 10534
10554 10834
4934
10554
J
954
20
6
26
z
cc
1
z
bb
1
*6854
aaa4
*10434
110
D y bb
2
j"j
z
c
M
S
x
aaa3
A
O
x
a
Af N y b
9834
99
A
F
654
10954
4
109
1
10234
10954
10234
z
c
c
c
2
z
ccc2
AfN
110
111
10854 10954
10234 104
1434
1254
6
14
1354
14
1254
1454
1334
2
z
634
1354
1354
2
z
97
534
11054
654
1334
12
1454
76
86
*82
Pitts Va A Char 1st 4e guar.
F
A
x
a
4
10434
8254
12534
10454
10454
F
A
x
a
4
10554
105
z
ccc2
86
A
x
aaa4
126
F
A
x
a
4
M 8
x
aa
2
x
aa
2
*113
8
1
z
A
O
z
*50
ccc3
x
bbb3
x
aaa2
x
aaa2
O
aaa2
x
aaa2
x
aaa2
x
aaa2
x
aaa2
x
aaa2
x
aaa2
x
aa
2
x
aa
2
x
aa
2
x bbb2
78
7734
4a—.1997 Q
x bbb3
7434
7434
...1997 o
ybb 2
4254
4254
Jan.—2047 Q
39
2047 O A y bbb2
51
y bb
2 "5254
Ref A impt 4 54s series A—2047
65
6334
ybb 2
Ref A Impt 6s series B
2047
5434
ybb 2
5654
Ref A impt 6s series C
2047
5534
ybb 2
5634
Ref A Impt fis series D
2047
Northern States Power Co—
F A x aa 4
/10934 109
(Minn) 1st A ref M 3548—1967
M 8 x aa 4
*10934
(Wise) 1st mtge 354s
1964
J x bbb3
Northwestern Teleg 4 54s ext 1944 J
North Pacific prior Hen
4s Registered
Gen lien ry A Id g 3s
3s Registered
J
J
{(♦Og A L Cham 1st gu g 4s. 1948
M 8
Ohio Connecting Ry 1st 4a..1943
Ohio Edison 1st mtge 4s
1965 M N
1st mtge 4s..
1967 M 8
lat mtge 334s
...1972 J J
Oklahoma Gaa A Elec 334s.. 1966 J D
4a debentures
1946 J D
F A
Ontario Power N F 1st g 6s.. 1943
AfN
Ontario Transmission let 6s. 1946
J D
Oregon RR A Nav con g 4a_. 1946
Ore Short Line 1st cons g 68.1946
Guar stpd cons 5s
1946
Ore-Wash RR A Nav 4a
1061
Otis Steel 1st mtge A 4548—1962
z
c
2
334
334
x
aaa3
x
a
4
x
a
4
bbb2
aaa2
y
b
J
D
A
O yb
0 y b
x
a
4
x
a
4
x
bbb4
x
aa
3
1st gen fis series O
1st 4 34s series D
Port Gen Elec 1st 4 54s.—
1st fis extended to
3
aa
3
aa
x aa
3
"16534
Potomac El Pow 1st M 35$S.1966
J
Pressed Steel Car deb fis
1951
cc
b
3
x
aaa4
aaa4
aa
123
115
115
71
71
4654
"76~" "8034
7254
4254
75 54
4754
39
4434
50 54
236
62 34
57 54
26
54 34
57
29
5534
65
10934
44
5834
6934
62
6134
10854 110
110
11034
11
334
5
1045$
66
675$
10
78
793$
60
106 54 108
10934
110
11
10854
10
10734 10954
10834 110 54
10854 10954
105 54
10534
4
15
10154
103"
103
1c3
1
11054
11634
112
29
105
10534
10034 103 54
103
10354
x
aaa2
11634
7
x
aaa2
11654
116
11654
5
116
x
aaa2
10634
10654
10634
15
y
bb
117
87
34
675$
795$
11734
10654 10754
8954
8654
1946
G.1964
1st A ref mtge 3 34s ser H. 1961
1st A ref mtge 354s ser I... 1966
»• Pao RR of Mo 1st ext g 4s. 1938
(♦2d ext gold fis....
1938
Pacific Tel A Tel 354s ser B._1966
Ref mtge 354s series C
1966
yb
x
aaa4
sf g 4 54s-1955
Paramount Broadway Corp—
x
aa
Pacific Coast Co 1st g
fis
x
♦Paullata Ry 1st s f 7s
aaa2
u 054
11054
11034
aaa2
10834
10734
10954
17
2
*8654
8734
z
b
3
x
aaa4
*7954
2
2
5234
53
95
9554
62
104
1045$
4
1045$
103 3$
1045$
"91
M N
mon 1st M conv 654S.1954
Gen mtge 454s series C...1956 AfN
bbb2
1033$
1043$
103 5$
1033$
25
104i3j
105
34
MN
bbb4
Republic Steel Corp 4 54s ser B *61
354s 1960
bbb3
Af S
bbb3
AfN
bbb2
A
F
1946 J
♦354s assented
*98
bbb3
J
Richfield Oil Corp—
4a s f conv debentures
1955
*
293$
"22
22
26
106
bbb3
105
106
"m WW
A
b
1
*9
5s.—1939 J
gu
22
V.v
215$
1952 M 8
♦Rlma Steel 1st s f 7s
"25"
*11—1
J
♦Rhine-Ruhr Water Serv 6S.1953 J
♦Rhine-Weetphalla El Pr 7s. 1950 MN
AfN
♦Direct mtge fis
1952
F A
♦Cons mtge 6s of 1928
1953
♦Cons mtge 6s of 1930
1965 A O
{(♦Rio Gr June 1st
985$
*97
J
1946 J
♦Rhelnelbe Union ■ f 7s
D
ccc2
*36
J
J
ccc2
F
♦1st con A coll trust 4s A—1949 A
A
4s
registered...
1949
O
cc
O
Gen mtge 354s series I
1967
Gen mtge 354s series J
1969
75$
7
aa
2
65$
*55$
*1095$
aa
——
-
M 8
M S
aa
1948 A
cc
2
O
{♦Rut-Canadian 4s Btmp...1949 J
{♦Rutland RR 454® Btmp...1941 J
108)$
1085$
1
{(♦R I Ark A Louis Ist454s.l934 Af S
♦Ruhr Chemical s f 6s
75$
-»*»
413$
40
393$
cc
8
Roch Gas A El 454s ser D...1977
Gen mtge 334» series H...1967 M 8
103$
103$
"*33$
"43$
cccl
J
c
J
2
45$
45$
cc
2
Saguenay Pow Ltd 1st M 454s '66
x
a
2
St Jos A Grand Island 1st 4s. 1947
x
aaa2
8t Lawr A Adlr 1st g fis
2d gold 60
1996
ybb
2
*35"
1996
y
b
3
*35
AfN
z
bb
2
1933 AfN
z
bb
2
z
bb
2
12
109
2
10454
4
A yb
M S xbbb3
A
O y ccc3
4154
aaa3
b
*
x
aa
4154
3
24
9
M
1965
2
aa
x
aa
3
x
a
3
y
bbb3
x
a
3
xa
3
4
10454
x
a
x
bbb4
x
x
aaa2
3
a
x
aaa2
x
a
3
"51"
26
"11234
*10754
11234
92
91
~70"
General 454 s series D
Gen mtge 4 5*s series E
113
9534
10534
105
107
113"
11234
h534
x
a
65
♦Certificates of deposit
{♦St L Peor A N W 1st gu 5i 1948 J
a
3
x
a
bbb4
x
a
3
10154
x
a
3
x
bbb4
110
J
♦Certificates of deposit
I960 J
J
z
cccl
"93$
cccl
9
z
cccl
10
cccl
♦Certificates of deposit
1978
Af~8
cccl
cccl
♦Ctfs of deposit stamped
95$
10
93$
285$
70
70
39
70
2
40
6
10
89
95$
95$
'
9
1989 MN ybb
♦2d 4s lnc bond ctfs..Nov 1989 J
(♦1st term A unifying 6s..1952 J
♦Gen A ref g 5s series A—1990 J
693$
103$
93$
23
103$
170
95$
93$
51
693$
18
93$
95$
:
:
69
7
z
b
40
41
5
J
z
ccc2
19
20
4
cccl
105$
105$
3
J
con g 4s..1968 J D
{♦St Paul E Gr Trk 1st 4 54s. 1947 J J
{♦St P A K C Sh L gu 4 548-1941 F A
x
bbb2
cccl
23$
cccl
J
x
aaal
53$
112 3$
78
*...—
z
z
1972 J
76
J
St Paul A Dul 1st
8t Paul Un Dep fis guar
7
93$
t*St Louis-Southwestern Ry—
♦1st 4s bond ctfs
14
i.
23$
""4
4
6
113
3
79
53
79
78
8 A A Ar Pass 1st gu g 4s
1943 J
Santa Fe Pres A Phen 1st 5s. 1942 M
}
y
bb
5
x
aaa2
*1063$
1063$
1989 MN
x
aaa3
*121
1245$
"~2
11254 11554
{Seaboard Air Line Ry—
4
11234 11434
1950 A O
(♦lstg 4s unstamped.
1950 A O
(♦4s g stamped.
♦Adjustment 5s
Oct 1949 F A
z
ccc2
x
cccl
z
c
z
cccl
z
cccl
z
cc
2
z
cc
1
33$
z
cccl
103$
I
I 87
20
74
"18
94
98
12154 12554
105
10854
10754 10734
1959 A
(♦Refunding 4s
112J4 116
♦1st
115
"66"
2
z
{♦St L-San Fr pr Hen 4s A...I960 J
♦Con M 4 34s series A
275$
ccc2
"653$
106
108
z
655$
*635$
Ucloto V A N E 1st gi| 4s
3
x
10334 10454
J
St L Pub Serv 1st mtge 5s...1959 M 8 y b
J yb
St L Rocky Mt A P fis stpd—1955 J
68
645$
107 54 110 54
3
x
1253.
11234
122
1968
1970
1981
1984
1952
Conv deb 3 54s
4a...1933
g
4s registered.
65
10754 10754
12154
12134
105 34
106
10854
1968
registered
104" "15
108
10454 107
105
10854
94
70
107
108
11254
4554
126
8
1075-4
"9454
4134
2
17
*10434
1965
Debenture g 454s
10554
10754
2
x
108
10434
10354
96
10434 10434
10454 10534
*105
aaa2
x aa
10454
107
10454
5554
69
"76"
*10454
x
5234
94
126
*12354
z
registered
85
10734 10834
108 54 11034
10434 10554
♦(Rlv A G Dlv 1st
♦Prior lien 5s series B
F
x
General 454s series A
60
6334
11154 112
11054 11154
10734 11054
85
8934
80
85
10734
10734
10834
104 54
10754
8
General 6s series B
For footnotes see page
2
59
bb
1942 M 8
Consol sinking fund 454s..I960
5s
6354
11134
z
Pennsylvania Company—
Guar 354s trust ctfs C
1942 J
Guar 354s trust ctfs D
1944 J
Guar 4a ser E trust ctfs...1952 AfN
28-year 4s
1963 F A
Pennsyl Glass Sand 354s. .1960 J D
Pa Ohio A Det let A ref 4 54a A '77 A O
4 54s aeries B
1981 J
Penna Pow A Lt 354s
1969 F A
454s debentures
1974 F A
Pennsylvania RR cons g 4s..1943 M N
Consol gold 4a
1948 AfN
4a aterl stpd dollar May 1 '48 IN
Gen mtge 334s series C
1970 A O
4 3$s
11154
x
x
Paducah A 111 1st
ctfs....1955
Paramount Pictures 354 s deb '47
Parmelee Trans deb 6s
1944
Fat A Passaic G A E cons 68.1949
63
63
11134
48
.
1st M s f g 3s loan
3
aaa2
2
795$
79
St Louis Iron Mtn A Southern—
Pacific Gaa A El 4a series
19
bbb3
1966
Af S
M
109
8654
1095$
104
104
1035$
1043$
4Kb without warrants
{(♦RlO Gr West 1st g 4s.—1939
354
31
1085$
1033$
Remington Rand deb 45$ s w w *56
Revere Copper A Brass
10754
2
*218
4
107
123
5254
152
*142
aaa4
x
1095$
1093$
bbb3
20
4
90
*65
x
10254
aaa2
V
*25$
x
1083$ 1095$
94
975$
933$.
I
z
2037
1st A ref mtge 8s
9
3
z
Af N
{♦Providence Sec guar deb 4s 1957
M S
{♦Providence Term 1st 4s_—1956
J
Public Service El A Gas 33$s 1968 J
1st A ref mtge fis
2037
773$
855$
1063$ 107
1
1093$
*
bb
J,y
105
1
95
107
1083$
—
10454 106
39
81
793$
107
10534
11054 11254
11634 11734
x
80
10434
2
15
*993$
3
% aa
M 8
y bbbl
Jx bbb2
1950 J
J
Jx aaa4
1960
bbb3
57
8
54
*117
x
202
54
52
3
Gen A ref 4 34s series A...1997
Gen A ref 454s series B...1997
75
44
54
52
,
3$
*102
aa
A
...1962
1974
1977
1st gen 6s series B
x
R*
D
Pitta Y A Ash 1st 4s ser A... 1948
104 54 10634
43 54
1035$
533$
"53
105
10854
10934
"~53~~
2
2
bbb2
*10834
107
100 5$
*1083$
2
Dx
1113$
*99
y
1115$
1115$
1023$
1023$
bbb3
*10754
107"
111
y
79
119"
119
x
78
1113$
1113$
*120
1968
*35
ccc2
*1125$
*1105$
1113$
x
Pur
z
106
*109
Purity Bakeries s f deb fis.__1948
ccc2
♦Certificates of deposit
1043$
106
Reading Co Jersey Cent coll 4s *51
86
77
i 15"
16
104
1043$
12534 12734
86
17
*110
x
M N
30
"99j$ "72
1033$
1033$
10
124
43$
43$
aa4
x
10
113
45$
♦33$
....
"~5
17
163$
1
1959
A
1960
1225$
..4
127
4654
O
163$
cc
Rensselaer A Saratoga 6s gu.1941
A
cccl
x
*11554
M
1105$
cc
1943
Pub Serv of Nor 111 354s
O
1093$
64
13
9534 10034
99
1105$
z
Pitts A W Va 1st 454s ser A.1958
1st mtge 434s series C
76 54
93
654
2
aaa4
>""}
1st mtge 4 34b Berles B
10954 11154
*92
2
ybb
J
107
Series C 4 54a guar
11
954
6134
72
x
J
bbb4
106
134s debs..1951
Af S
Pitts Coke A Iron conv 4 54s A '62
3734
934
954
A
AfN
J
99
99
"5054 ""5
1083$
10634
z
3334
20
1085$
1145$
1942
M N
1942
\f N
Series D 4s guar.
1945
F A
Series E 354® guar gold... 1949
J
D
Series F 4s guar gold
1953
M N
Series G 4s guar
1957
F A
Series H cons guar 4s
1960
F A
Series I cons 454®
...1963
AfN
Series J cona guar 4 54s
1964
/ D
Gen mtge fis series A
1970
A O
Gen mtge fis series B
1975
J
J
Gen 4 5^s series C
1977
J D
Pitts Steel 1st mtge 4 54s
1950
3
8
109
x
Pittsburgh Cine Chi A St Louis—
79
1063$
x
22
454
24
114
aa
z
A
43
1083$
x
z
Series B 4 54b guar
10
665$
1083$
2
63
65
2
2
aa
723$
1075$
1063$
1083$
*1185$
aa
J
Petrol
51
10834
aaa3
J
J
75
64
66
Af 8
1949
1
63
65
43$
108
108
723$
1075$
x
2554
2154
75
49
1
53$
108
x
2034
"38"
3
53$
x
18
454
2054
1163$
49
49
a
x
22
"3754
2154
/
♦Certificates of deposit
Phillips
1103$
11
bb
y
1st g 4 54s series
2034
3
150
....
/
z
90
1954
2034
1954
1
cc
1st 4s series B
♦Conv deb 6s
1734
1734
1854
22
2
117
a
s
94
*18
111
1165$
J y bb
J ybb
97
*1854
*1854
*1834
cccl
M N
A
97
"97"
cccl
O
M N
F
J
97
5754
111
O y b
Apr z cc
96
■,
55
a
x
No. Low
111
1163$
aa
A
95
95
54
50
cccl
J
x
97
10054 10354
5734
*52
60 v
2634
5
51
51
cccl
J
3
95
11754 11834
2
10254
10254
cccl
/
O
*25
2
12354 12534
36
36
2
AfN
A
M
£tj(
High
Low
1st ser A fie. 1956
J
1956
Af 8
C
1980
J D
Phelps Dodge conv 354* deb.1952
M N
Phlla Bait A Wash 1st g 4s„ 1943
F A
General fis series B
1974
J
J
General g 4 54s series C
1977
J D
General 454® series D
1981
J D
Phlla Co sec 5e series A
1967
Af S
Phlla Electric 1st A ref 3 54®. 1967
11754
11754
AfN y bbb2
AfN ybbb2
isation
♦1st mtge g
7
Pere Marquette
—1961
lzatlon manager)
{(♦Norfolk A South 1st g fia.1941
♦Ctfs of dep (Issued by reorgan¬
6534
*5954
West 4s ser A—.1971
4 Kb series B . - . —197 M N
zb
3
♦
NYLEAW Coal A RR53$® 41
J
J ybb 2
♦NYLEAWDkA Impt be 1943
M 8 y bb 3
N Y A Long Branch gen 48—1941
{♦N Y New Hav A Hart RR—
M 8 z cccl
♦Non conv deb 4s
—1947
M 8 z cccl
♦Non-conv debenture 314® 1947
A O z cccl
♦Non-conv deb 3 54s..——1954
J
J z cccl
♦Non-conv debenture 4s—1955
AfN z cccl
♦Non-conv debenture 4s—1966
N Y Lack A
60
3
gold 4a.-.1949
Greenwood Lake fie 1946
gold 35$s
2006
54
D
Erie—See Erie RR
EI Lt H A Pow g 56.1948
N Y A Harlem
54
O
N Y Gas
Purchase money
LAC oona 68—1943
Refunding gold fis
1947
Peoria A Eastern 4s ext
1960
♦Income 4s
Apr 1990
Peoria A Pekln Un
st 5 54®-.1974
Peoples Gas
55
♦—...
O y CCC2
0 x aaa4
1947
Y Edison 8KB ser D—— 1955
1st lien A ref 3K» Best E— 1950
Railroad & Indus. Cos.
62
55
5
Friday's
A
Asked
Bid
Price
See k
(Cont.)
High
No. Low
57 54
55
57
3
Ayh
——
Conv 6% notes——
N
High
Low
Cos. (Conl'.)
1st gold 4«—
1951
Railroad & Indus.
Range or
Sale
Rating
STOCK EXCHANGE
Week Ended Feb. 21
Y.
Jan. 1
Last
Elig. A
BONDS
N.
Week's
Friday
Bank
Bank
EHQ. A
BONOS
1941
22,
Feb.
New York Bond Record—Continued—Page 5
1252
115
9254
186
10234
58
90
9634
10134 105
10154
10154
10134
10234
35
8734
8834
76
♦Certificates of deposit.
! (♦ Atl A Blrm 1st gu 4s
O
i945 M"fl
1933
ii'i
3$
9
95$
3$
33$
35$
83$
23$
43$
3
43$
43$
4
10 3$
10134 10434
8734
♦Certificates of deposit.
cons 6s series A
7
9
83$
2
90
8734
9154
Attention is directed to the new column incorporated in this tabulation
pertaining to bank eligibility and rating
of bonds.
See, k
Volume
New York Bond Record—Concluded—Page 6
152
Bank
BONDS
N.
Y.
STOCK
EXCHANGE
SI
rS
Week Ended Feb. 21
Elig. A
Last
Rating
Price
Railroad & Indus. Cos. (Cont.)
Range
Low
BONDS
Elig. A
N. Y. STOCK EXCHANGE
Rating
Sale
See a
Price
Jan. 1
Asked
A
Since
is
Friday's
Bid
No. Low
High
Week Ended Feb. 21
High
X*8eaboard All Fla 6s A ctfs.1935 F
A
a
c
2H
2%
2%
3H
1935 F
A
z
c
*2%
2%
2%
3
♦6s Series B certificates
Shell Union OH 2 Ha debs...1954 J
1952 J
Bblnyetsu El Pow 1st 6 %s
J
D y b
♦Siemens A Halske deb 6%a.l951 M S
•Silesia Elec Corp 6 Ha
1946 F A
96
97
96
99 H
49
49
49 H
49
54
27
27
§♦181 gold 5s
1939 MN
70
71
l#2d gold 5s
♦1st lien g term 4s.
♦Det A Chic Ext 1st 6s
1939 F
25
Sllealan-Am Corp coll tr 7S..1941
y
1952
x
bbb2
Skelly Oil 3s debs
1950
x
69 %
cccl
Simmons Co deb 4s
bbb3
165%
102
105
102 H 103 H
102
104
a
3%a... 1962
x
aaa3
1979
x
aaa3
106 H
Southern Colo Power 6s A
1947
x
bbb3
Southern Kraft Corp 4%i
1946
x
bbb3
105
107%
106 % 108%
106
"l07h
105H
106 %
105 H
106
108%
105
106
102
x
South Bell Tel A Tel
107 H
105
x
South A Nor Ala RR gu 5S..1963
aaa4
102 H
102 %
102
102%
Socony-Vacuum Oil 3s debs.1964
3a debentures
Virginian Ry 3Ha aeries A... 1966 M 8
t Wabash RR Co.—
78
z
107
102 H
101H 102 H
Southern Natural Gas—
1951 A
1st mtge pipe line 4 %s
Southern Pacific Co—
0
75
42
44 %
42
•48"
47
3
3
45H
45%
3
45H
3
1949
ybb
3
10-year secured 3%s
1981 M N y b
J ybb
1946 J
San Fran Term 1st 4s
1950 A O
—
So Pac RR 1st ref guar
106, H
42 %
I D ybb
1st 4 Ha (Oregon Lines) A. 1977 M~B y bb
Gold 4 Ha
1968 M S y b
Gold 4 Ha
1969 JKN y b
Gold 4 Hs
106 H
bbb4
*
..1949
4s (Cent Pac coll)..
4s registered
1955
1955
Southern Ry 1st cons g 5S..1994
Devel A gen 4a aeries A
1956
Devel A gen 6s
1956
4s
1st 4s stamped
Devel A gen 6%s
Mem Dlv 1st g 5s
1956
1996
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3%s B..1964
J
J
J
A
A
A
J
J
J
2
44
48 H
2
37 H
34 H
48 H
179
44 %
52
45H
45H
245
40 H
49H
43 H
43 %
45H
466
49H
45H
240
39 %
39 %
48 %
59
71
82
2
54 H
52
54 H
144
75 %
75%
78%
33
59 H
61H
J y bb 2
/ y bbbl
J x bbb3
O ybb 2
Tin
O ybb 2
O ybb 2
J y bbb2
J
D
106H 107 H
bbb2
x
57%
44 H
49%
64%
60
91H
~90%
"42
90
93 H
58 h
57
57
63%
75H
58 H
76 H
137
76
49
75
1941
J
77
80 %
55
79
81%
86 H
83
76 %
78 H
b
J
cc
7H
8
9
O
cc
7H
8
34
7%
7%
7%
O
cc
7H
8
31
7%
1945 J
D
1955 A
6s debentures
Warner Bros Plct 6s debs
*♦ Warren Bros Co deb 6s
1948 M
x
103 H
Warren RR 1st ref gu g 3 Ha.2000 F A
Washington Cent 1st gold 4s. 1948 Q M
Wash Term 1st gu 3 Ha
1945 F A
1st 40-year guar 4s
1945 F A
Westchester Ltg 5s stpd gtd.1950 J D
b
y
b
x
aaa3
x
aaa4
x
aa
x
aaa3
x
aaa3
x
a
82
82
*71
109 %
106 %
3
73 %
109 H
'"~5
109 H 110H
20
106 H 109
26 H
32 %
Western Maryland 1st 4s
1st A ref 5 Ha series A
103
4
bbb3
J x bbb3
1977 J
West N Y A Pa gen gold 4s.. 1943 A O x aa 2
I* Western Pac 1st 5s ser A—1946 M 8 zccc2
♦5s assented
.1946 M 8 z cccl
101H
1952 A
O
x
"17"
104 %
33
115
103 H 106 H
104
105%
24
100 H 109
♦Westphalia Un El Power 6s. 1953 /
J
x
bbb3
100%
100 H
100 H
13
100
West Shore 1st 4s guar
2301 J
J y bb
4
103 H
!_2361 /
J y bb
8 x aa
48
9
101H
x
aa
103 H
103 %
60
102 % 106 %
x
aaa3
127H
127H
4
127 H 128%
aaa4
113
113
4
109
109 H
bbb3
88
105 H
105
2
1960 / J y b
♦AdJ income 5s
Jan 1960 A O y cccl
I ♦Third Ave RR 1st g 5S...1937 J J y bb 3
Third Ave Ry 1st ref 4s
113
113 H
Wheeling Steel 4Ha series_..1966 F
109
111H
1
88
Wilson A Co 1st M 4s A
Conv deb 3Hs
106
15
105
149
106%
106 H
107H
9
68 H
67%
68 H
25
67 %
67 H
67
67%
67H
27
98%
99 H
3
58
60
18
09
105 % 106 %
104 % 106 %
82
78
30
60
34
106H 108H
62 H
72
62 H
72
62 H
71%
58
65
18%
101%
171
1
100
24
101H
43%
47%
96%
72%
279
42
8
,
16H
16%
17
34
71%
73 H
74
48
75%
63
74
75
58
22
2
20%
51
34
50%
47%
49
17
*115
bbb2
105""
104%
105%
"58
bbb3
107 H
107
107%
12
103%
103%
8
3
80%
27
56%
52
47%
104% 106%
106
107%
z
ccc2
22
28%
z
cccl
27
27
z
cccl
cc
115
103
104
114
aaa2
*113
114
"26
108%
30%
26%
20
1
27
12
8%
*7%
7
29%
9%
108%
8%
74
114% 115
z
a"o
104%
106% 107
15
19%
15
19%
71% 79%
73% 81%
20%
50%
75%
74 H
b
x
Winston-Salem 8 B 1st 4s... 1960
{♦Wis Cent 50-yr 1st gen 4a..l949
♦Certificates of deposit
»*Su A Du dlv A ter 1st 4s. 1936 MN
100
7%
9%
108% 109%
107»3jj107%
x
aa
3
D
x
a
4
J
Wisconsin Public Service 4s.. 1961 J
{♦ Wor A Conn East 1st 4 Ha.1943 J
Youngstown Sheet A Tube-
z
c
2
5
x a
102 %
102
102%
102
103%
x
100 H
100
101
100
103%
1948 M
48 H
94 H
17
6
95%
90%
j
46
73 H
ybb
1947
Con v deb 4s
17%
101%
106%
x
A
1955
♦Certificates of deposit
Wisconsin Elec Power 3 Ha.. 1968
96 H 100 %
z
102
x
4
82 H
2
a
1949 M
14
*79 H
bbb3
Registered
Wheeling ALE RR 4s
88
105%
104 %
4
bbb3
107% 108%
113% 114
109% 111%
102
104%
8
151
92%
16
50 H
bbb3
103
100
102
3
110H
106%
104 H
a
113H
90%
100H
bb
128% 128%
108H
103
|
92 H
103 %
104
aaa4
110H
110
104
2
aaa4
"65" "65""
70
113H
113H
104 H
aa
40
108 H
3
aaa4
A
61
94%
108% 108%
aaa4
1953 J J
A_1950»F A
Texas Corp 3s deb...
1959 A O
8s debentures
..1965 M N
Texas A N O con gold 6s
1943 J J
Texas A Pacific 1st gold 5a __2000 J D
Gen A ref 5a series B
1977 A O
Gen A ref 5s series C
1979 A O
Gen A ref 6s series D
1980 J D
Tex Pac Mo Pao Ter 5Hs A. 1964 M S
51%
....
bb
4s
36
*126
z
f g
96%
56
103% 105%
aaa3
x
x
s
81%
92%
*67H
J
J
O
N
J
Gen refund
77%
91%
"12
*..
y
Gen mtge 3 Ha
D
1967 J
West Penn Power 1st 6s E..1963 M 8
1st mtge 3Hs series I
J
1966 J
West Va Pulp A Paper 3s... 1954 J D
22
78H
94
*78
S y bb
8 z cc
1941 M
5
78H
51H
78
2
103%
77H
bbb2
Western Union Teleg g 4 Ha. 1960 MN y bb
25-year gold 6s
1951 J D y bb
30-year 5s
i960 M 8 y bb
Term Assn St L 1st cons 5s..1944 F
9%
9%
9%
92 H
O ybb
O y b
1955 A
107 H
27
Texirkana A Ft 8 gu 5Hs
9%
Walker (Hiram) G A W—
Convertible deb 4 Ha
Walworth Co 1st M 4s
26 H
Swift AGO IstM 3%S
48
46
8
A
♦Ref A gen 6s series B
1976 F
♦Ref A gen 4 He aeries C... 1978 A
♦Ref A gen 5s series D
1980 A
8
26 %
Tenn Coal Iron A RR gen
"7% "II""
8%
46
"7H
cccl
Superior Oil 3 Ha debs
64
cc
aaa4
x
52%
14H
*
aaa4
J
J
A
Af
J
17
34
56H
b
z
1953
1945
.1950
1950
5s. 1951
49%
13
"*7H
cc
44
30
cc
♦Omaha Dlv 1st g 3 Ha...1941
O
♦Toledo A Chic Dlv g 4s..1941 M 8
^♦Wabash Ry ref A gen 5Ha A *76 M 8
x
2%s debenture
35
*45 H
x
Studebaker Corp conv deb 6s
81
14
32«
j.
*
/
1968 J
64
45 H
*30
1
{♦Spokane Internat let g 5a_1955 J
J
Standard Oil N J deb 3s
1961 / D
1st A ref 3a series C
107H
81H
80 H
bbb2
y
125
61H
b
64 H
89 H
69 H
106H 108H
66
3
66
13
13
ccc2
J
l*Des Moines Dlv 1st 4s..1939
*117
3
A
1954
H
84 H
90
44
44 H
54
57
106 H
107
108H109H
3
109H
66
1
High
No. Low
High
*83H
2
b
Since
Jan.
Asked
A
108 H
57
aaa2
x
13
Friday's
Va Elec A Pow 3 Ha ser B...1968 M 8 x aa 2
Va Iron Coal A Coke 1st g 5s. 1949 Af 8
y ccc3
Va A Southwest lat gu 5e
J y bbb2
2003 J
1st cons 5s
1968 A O ybb 2
97
Range
Range or
Bid
Low
2
z
Last
Railroad & Indus. Cos. (Concl.)
1
aa
x
Week's
Friday
Bank
Range or
Sale
See a
sa.
1253
Week's
Friday
96 H
75
17%
1st mtge
s
f
3Hs
ser
D...1960 MJV
a
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 J
Tol A Ohio Cent ref A Imp 3 %a '60 J
D
b
1
44 H
D
bbb3
96 H
Tol St Louis A West 1st 4s..1950 A O
Tol W V A Ohio 4s series C—1942 M S
bb
A.1953
♦Tyrol Hydro-El Pow 7Ha—1955
Tri-Cont Corp 6s conv deb
/
"96% "98"
'
*105
aaa3
bb
1
b
J
M N
—-1952 V
♦Guar sec ■ f 7
71%
"98"
96%
4
a
17
*104%
aaa2
Toronto Ham A Buff let g 48.1946 j r
Trenton G A El 1st g 5s
1949 M S
95%
*
3
107
I
„
107
*.....
,1*''
107"
167"" mil
24
r
71
Cash sale; only transaction during current
transaction during current week,
30
cccl
A
mi*
71
4
71
90
J
y
b
1
x
aa
3
tl*Unlon Elev Ry (Chic) 5S.1945 A
Union Oil of Calif 6s series A.1942 V
O
z
cccl
A
x
aaa4
*12
A
x
aa
3
103 %
103%
104%
30
103% 105 H
1947 J J
1947
1970 A O
1971 MAT
1980 J D
x
aaa3
112 H
112H
113
50
aaa3
111
111
O
x
t The price represented Is the dollar quota¬
Accrued Interest payable at the exchange rate of
§ Negotiability Impaired by maturity,
112H 114%
x
week, a Deferred delivery sale; only
Odd lot sale; not Included In year's range.
106«"sJ67""
1959 F
n
UJlgawa Elec Power s f 7s.„1945 Af S
Union Electric (Mo) 3%s_—1962 J
/
38 debentures
106 H
106
15
106%
105H 107
106ui« 106lli«
Union Pac RR—
1st A land grant
4s
4s registered......
34-year 3 Hs deb
35-year 3 He debenture
Ref mtge 3%s aer A
Onited Biscuit 3Hs debs...1955
A
x aa
3
x
aa
aaa3
a
4
2
3
97h
13
96 %
111
112%
96 H 100%
96% 101H
103H
105
106 H
103H
3
b
A 0
United Drug Co (Del) 6s
1953 Af S ybb 4
U N J RR A Canal gen 4s... 1944 M S x aaa4
y
United Cigar-Whelan Sta 58.1952
96 h
3
x
tion per 200-pound unit of bonds.
$4.8484.
107
68
17
67H
76%
86
51
83
90 H
"68"
67 H
83
83
86
6
*108 %
;;
t Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
♦
No sales transacted during current week.
Friday's bid and asked price.
Bonds selling flat..
103H 107
107
106
108 % 108 H
e
under
Odd-lot sales transacted during the current week and not Included In the
eai'D l
year'J
ange,
Treasury 3%s 1941, Feb. 18 at 102.
Treasury 3%s 1946-1949, Feb. 17 at 110.9.
United States 8teel Corp—
Serial
debentures—
*99 %
100 H
*99%
100%
1.125s
aa
x
aa
*100
x
aa
100
1943 MN
1943 MN
,875s
1.00s
x
1942 MN
...
x
1941 MN
x
aa
x
aa
*100
1944 MN
,625s
1941 MN
1942 MN
May
.60s
.75s
aa
100H
y
101
t Indicates Issues In default, In bankruptcy, or In process of
x
aa
*100
iol%
1944 MN
x
aa
x
aa
*100H
100%
160%
1.6258
1945 MN
x
aa
100
100
100
1.76s
1946 MN
x
aa
101
101
101
1.80s.,
1946 MN
1.85a
1.376S
.May
1.50s
..
101%
101H
ioo
y, ioo k
ioo
102 H
101H 102
100
101H
x
aa
1947 MN
x
aa
100
1.90s
...
1947 MN
x
aa
*100
101 %
101H 102
1.95a
1948 MN
x
aa
*100
...
102
2.00s
..
1948 MN
x
aa
101%
102 H
101%
1949 MN
x
Nov
1949 MN
x
aa
2.15s
May
1950 MN
x
*100
aa
2.10s
102 H
aa
2.05s
101H
101H
100
101H
*100
102
102 H
103 H
102
The rating
A great majority
of the issues bearing symbols ccc or lower are In default.
1950 MN
x
aa
x
aa
100 H
*100%
ioi"
1951 MN
1951 MN
x
aa
*100H
101%
2.35s
1952 MN
x
aa
*101%
2.40s
1952 MN
x
aa
*100
103%
A
;vvA
102 X 102 H
2.45s
1953 MN
x
aa
*100
103
2.50s
1953 MN
x
aa
1954 MN
1954 MN
x
aa
x
aa
103H
103 H
102 H
102 H
1955 MN
x
aa
D
z
2.60s
2.65s
Nov
May
•Un Steel Wks Corp9 Hs A.
1951 J
103
*102%
104 %
104%
*
♦3%s assented A
♦Sec s f 6 H« series C
♦3%s assented C
1951
z
1951
ib
1951
1947
z
♦3%a assented A
United Stockyds 4Ha w w_
z
....
1951
xbbb3
Utah Lt A Trac 1st A ref 5s
1944
x
32
cccl
1947
104%
z
♦Sink fund deb 6 Ha aer A
103"
32
bbb2
Cons a f 4s series B
1
Stock
103 H
104 H
33 H
EKskonej
YearlyjT^o^r^-aoixA
A brcID
OluOaXuJBl gllllSHA
Stocks
t
RaUroad A
Week Ended
Number of
Shares
Slate
Mum
Mis cell.
Feb. 21, 1941
Bonds
For'
Saturday...
Monday
404,030
357,120
$2,427,000
3,685,000
'2,000
14,000
4,492,900
19,000
465,730
4,573,
5^,000
31
31H
33 H
Tuesday
Wednesday.
Thursday..
320,270
452,030
17,000
28
33
Friday
298,590
59,000
92 %
91H
93 H
31H
92 %
91 %
103
104
103
103 %
104 H
103H 105 H
bbb3
x
aa
*107
1957 MN
x
aa
*107
A..1955
York
New
.aoramoo
104H
104 H 104 H
32 H
33
33
the
at
Daily, Weekly and
40
►
x
F
Transactions
103 H
36%
A
Utah Power A Light 1st 5s— 1944
Vandalla cons g 4s series
....
100 H 103 H
101
104 H
102
104
101H 104
*103%
All Issues
bearing ddd or lower are In default.
103 H
2.30s
2 568
bond
differently, then the highest single rating is shown.
102 X
2.20a
102 H
reorganization.
symbols In this column are based on the ratings assigned to each
by the four rating agencies.
The letters Indicate the quality and the numeral Immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all four agencies rate a bond
101H 103
102
2.25s
lOOH
either to rating status
Indicates those bonds we believe are not bank eligible due
provision In the bond tending to make lt speculative.
or some
j
1945 MN
1.25s
bonds which we believe
a Bank Eligibility and Rating Column—x Indicates those
eligible for bank investment.
103%
104H
2,297,770
Total
$20;35371 wot -
! )4,000
Jan. 1 to Feb. 21
Week Ended Feb. 21
Sales at
112
New York Stock
1941
Exchange
2,297,770
Stocks—No. of shares
1941
1940
3,280,!70
20,474,925
19
26 912,470
Bonds
$763,000
Government—
3,088,000
State and foreign
Railroad and Industrie l.
25,353,000
.
■
Total
Attention is directed to the new
column incorporated in this tabulation pertaining to bank
$29,204,000
$697,i )00
4,512,1 )00
$4,507,000
25,238,000
>00
292,581,000
$26,584.000
$322.326.000
121,375,
eligibility and rating of bondaassg^%^|(»iiAHi|fcftHtool io'i
$5,
13,000
34
19,000
201 m6,000
$241
18,000
New York Curb
1254
Exchange—Weekly and Yearly Record
Feb.
22, 1941
NOTICE—Cub 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 aooount ts taken of such sales In computing the range for the year
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week
beginning on Saturday last (Feb. 15, 1941) and ending the present Friday (Feb. 21, 1941).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
Friday
|
Last \. Week's Range
Sale
j
Par
STOCKS
Price
of Prices
Low
High
Sales
Liio
Par
6%
5
common.-5
J)..l
common...*
Alnswortb Mfg
Alabama
4%
5%
300
1%
200
700
21
20
1,200
700
5
11
1%
Beaunlt Mill- Inc com..10
Feb
Jan
Beech Aircraft
5%
Feb
4%
Feb
22%
6%
6%
Feb
12%
Jan
Bell Tel of Canada
Feb
1%
Jan
Bell Tel of Pa 0
Feb
Benson A Hedges com...*
27
Jan
32
Jan
11
1%
Feb
20
21
Jan
Jan
103% 105
97
98%
70
100
100
Hi
Jan
Jan
80%
Feb
•
Berkey A Gay Furniture. 1
103%
94%
Jan
109
Jan
101
Jan
Feb
%
Feb
Allied Intl Investing—
Class A conv com
*
100
Feb
14
Feb
21
4%
135%
113%
15%
22%
Jan
155
Jan
Feb
116
Jan
18%
Jan
Bowman-Biltmore com
Jan
114
114
114%
16%
17
6%
0%
150
300
Ltd common.*
71
71
72
200
.100
com..l
93
93
93
350
American Beverage
American Book Co
100
20%
28
550
Amer Box Board Co com.l
4%
200
4%
Feb
6%
Jan
%
Jan
%
Jen
Jan
>11
Jan
10
Jan
11%
Jan
Class
08
Jan
68%
Jan
7%
8% preferred
4%
100
16%
6%
Feb
Fe
A common
Jan
7% 1st preferred
Jan
2d
Common class B
93
Jan
95%
Jan
%
26%
Jan
Feb
%
Jan
Breete Corp common
35
Jan
Brewster
*
$6.50 prior pref
*
Amer Centrifugal Corp.__l
$3 preferred
Jan
'is
Jan
Feb
%
28%
26%
Amer Cities Power A Lt—
20
Class a with warrants.25
25%
20%
20%
1
•11
Hi
Class B
Amer
200
26
000
25%
Feb
700
Hi
Feb
%
35
Cynamld class A.. 10
Jan
38%
Feb
Feb
Jan
Jan
200
13%
%
Feb
"35%
35%
6%
1%
35%
500
35%
Feb
6%
700
6%
Feb
1%
1,000
1%
Feb
22
22
6%
6%
Hi
%
3%
Feb
900
5%
Feb
2,500
8%
Feb
1%
200
1%
Feo
1%
♦
1%
1%
100
*
Hi
Hi
100
100
*
37%
37%
50
B_i__
preferred
Brillo Mfg Co common
A
*
8%
Jan
7%
Jan
reg___£l
*1#
Jan
'11
Jan
British Col Power cl A
11%
150
11%
Feb
Jan
|BrownCo0% pref
28
29%
3,200
28
Feb
12%
30%
Jan
Brown Fence A Wire com.l
450
111
$2.50
conv
15%
Amer Hard Rubber C0.-6O
Amer Laundry Mach
26
0%
com
preferred
16%
350
75
Preferred
113%
Feb
3%
Jan
Feb
29%
Jan
Feb
33
Jan
Brown Rubber Co com
15%
Feb
20
Jan
*
250
16%
11%
Feb
Feb
20
Jan
2,400
13%
Jan
Buckeye Pipe
200
26%
Jan
28%
Jan
23%
Jan
Feb
80
Hi
30
'11
30
~6~l~
500
30
""166
01
%
'63"
Republics
10
Seal-Hap common..2
5%
5%
5%
Amer
3
2%
%
3
%
67%
67%
2%
Art Metal Works
com
Bunker Hill A Sullivan 2.60
Jan
68
6%
Feb
5%
Feb
Feb
%
Feb
150
200
1.000
"10% "l"6%
'"166
61
Jan
Jan
Jan
'11
66
Corp Am dep rcta..
Burry Biscuit Corp__12%c
Cable Eleo Prod
7
Jan
Jan
Jan
600
60
Feb
8
Jan
Calamba Sugar Estate. .20
Calllte Tungsten Corp
1
Jan
3%
Jan
1%
%
FeD
2%
Feb
1
Jan
Jan
Feb
94
8
Feb
8%
Jan
5%
Jan
5
Jan
5%
5%
Jan
Jan
400
0%
8
100
300
Hi
Hi
1%
Jan
1%
8%
Jan
1
Jan
100
hi
Jan
%
Jan
4,400
Hi
Jan
%
Jan
1
Feo
1%
Jan
1%
Jan
2
Jan
Assoc Laundries of Amer *
100
65
18
330
1
Atlas Plywood Corp.....*
Auburn Central Mfg
*
Automatic
2%
700
18%
2%
Products
2%
17
Jan
Jan
3
1%
"3%
3%
hi
0
14%
3%
1%
3%
1
3%
Marconi
Capital City
Products
"25"
Purch warrants for com.
30
4%
34%
1
Barium Stainless Steel...1
4%
34%
"~1%
1
%
1
100
1%
000
3%
Jan
Jan
4%
Jan
Jan
17%
Jan
Jan
16
Jan
16
$0 preferred
Carrier Corp common
1st partlc
3%
Feb
%
Feb
Feb
1%
Feb
1%
Jan
3%
Jan
Jan
%
Jan
4%
Jan
11,000
3%
Jan
10
33%
3%
Jan
Feb
3%
Jan
25
Feb
31%
Jan
35
Jan
com
*
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Elec 00m
1
0%
7%
preferred
500
1%
600
preferred
100
Conv preferred
100
Conv pref opt ser *29.100
Chamberiln Metal Weather
Strip Co
6
Charts Corp common
10
4%
33%
Feb
7%
Jan
500
Feo
36%
Jan
3%
3%
3,000
Feb
Jan
Jan
5%
Feb
3,700
2,000
Hi
Jan
6%
1%
Jan
Feb
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach
4
1
Jan
1%
Jan
Chief Consol Mining..
1
Chllda Co preferred....100
Cities Service common
$0 preferred
9%
9%
100
9%
Jan
10%
Jan
6%
6%
300
6%
Jan
7%
Jan
60o preferred B
10
*
Jan
1%
%
%
Hi
1,300
'
"ik
'ik "ik
i'eoo
7
7
100
35
35
100
110% 111%
109
109%
Jan
1%
%
8%
Jan
Jan
Feb
'Hi
Jan
7%
8
.....
8%
7
Jan
35
Feb
80
.
110%
20
109
1,400
Feb
Jan
7%
Feb
6%
.....
Feb
"166
7
Feb
19%
50
19
FeD
3%
2,500
2%
Jan
126% 127%
125
126%
Feb
4
Feb
19%
3%
3
4
4
35%
4
35%
200
36
75
35%
Feb
96
12
92
70
9
9
12%
91
12
9
300
1,600
Jan
12
Feb
Feb
91
8%
Jan
Feb
116
%
%
1,200
%
Hi
Hi
900
Hi
Jan
%
%
50
%
1%
1%
1%
275
1%
Feb
Feb
%
%
%
50
Hi
Jan
3%
3%
3%
100
3%
Jan
Jan
5%
Jan
13
68
08
09
7%
4%
54
Feo
250
400
9
He
100
Hi
7
3%
48
Jan
68
9%
9
Hi
Feb
106
Jan
*11
7%
650
7
FeD
10,200
2,000
3%
Feb
48
6%
50%
48
Jan
4%
54
*
$0 preferred BB
*
Cities Serv P A L $7 pref.*
$0 preferred
City Auto Stamping
Feb
3
13
Cherry-Burrell common..5
Chcscbrough Mfg
25
100
I
10
3%
100
35
1%
Feb
15%
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
9%
700
pref........*
Cent Hud G A E
6%
1259
%
%
10%
1%
»
1
Carter (J W) Co oommon.l
Casco Products
*
Jan
Basic Dolomite Inc com..]
For footnotes see page
10
Carnation Co common...*
Carolina P A L $7 pref
*
Celluloid Corp common. 15
$7 dlv. preferred
...»
Barlow A Seellg Mfg—
$1.20 conv A com.....5
Baumann—Sec "Ludwlg"
Beau Brummell Tics Ino.. 1
10
»
Jan
2,000
3,000
Jan
Jan
200
•
Jan
4
4%
.25c
0
6
'2~300
%
%
%
*
Jan
Baldwin Locomotive—
Baldwin Rubber Co com.l
Feb
*
uii
Jan
Feb
Jan
Feb
"26 " "~W
Jan
11%
%
11%
%
1
6%
Jan
35
35
*
Bardstown Distill Ino
Canadian
3%
%
15
10
96%
%
7% 1st partlo pref...100
5%
14%
2%
100
400
1,000
99
•
Jan
300
Ayrshire Patoka Collieries 1
7% preferred
Class A voting
Class B non vot
1
Feb
3%
20
5,800
%
Babcock A Wilcox Co
Can Colonial Airways
Castle (A M) common..10
Catalln Corp of Amer
.1
Celanese Corp of America
17
%
6%
14%
Warrants
Class A common
Jan
Jan
Avery (B F) A Sons com.5
6% preferred w w
25
0% preferred x-w
25
Aviation A Trans Corp
Axton-Flsher Tobacco—
67%
4
"3%
6
Automatic Voting Mach..*
Jan
3%
%
Feb
Canadian Indus Alcohol—
%
1%
800
Feb
18%
Canadian Dredg A D Co.*
Jan
hi
Assoc Tel A Tel class A..*
36%
400
7% partlc preferred..-25
1,800
1%
100
18%
Canadian Car A Fdy Ltd—
12
1%
«u
Atlas Corp warrants
Atlas Drop Forge com...5
Jan
39%
Canada Cement Co Ltd..*
Jan
Feb
Feb
Feb
Feb
7
1
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..1
Atlantic Coast Line Co..60
Feb
Camden Fire Insur Assn..6
Carman A Co class A
Class B
*
Jan
1%
18%
98%
11%
60c
Carib Syndicate...
$5 preferred...
Jan
%% pref sha £1
Feb
1%
1%
"900
1
Atlantic Rayon Corp
Vot trust ctfs
Am dep 6
6
£1
Class A
Jan
1%
Cables A Wireless Ltd—
|Assoclated Gas A Eleo—
Common
i'ooo
"ik "1 %
60c
3%
%
Associated Elec Industries
Atlanta Birmingham A
Coast RR Co pref
com
2%
10%
1%
1%
1
Amer deposit rets
Jan
8%
29
Burma
2%
6
Ashland Oil A Ref Co
2
38
98%
Feb
700
8
"lK
200
"260
11%
*
%
Feb
6%
*
com
6% preferred—
10
Arkansas P A L $7 pref..
Aro Equipment Corp
1
1%
18%
32%
2,800
2%
1%
1%
10%
1
60
91
6
*
2%
------
...25
Jan
300
Hi
Feb
Line
$1 00 preferred
$5 1st preferred
Feb
%
100
Am Superpower Corp com *
1st $6 preferred
...*
American Thread 6% pf—6
Anchor Post Fence
*
Feb
Buff Niagara A East Pow—
Feb
American
Common cl A non-vot._*
1
12
Ha
Amer Potasb A Chemical.*
Arkansas Nat Gas
*
17
Amer Pneumatic Service.*
Angostura-Wupperman __1
ApexEleoMfgCocora
•
preferred
26%
80
1
2
"l% "lK
*
11%
26%
100
$6 series preferred
Class A preferred
Brown Forman Distillers. 1
Bruce (E L) Co oommon__6
Bruck Silk Mills Ltd
*
Amer Mfg Co common. 100
Amer Meter Co
Jan
$0
Jan
14%
*
100
Feb
27
%
dep rets ord reg__10s
19
11%
25
Amer Maracalbo Co
Am
16%
20
Amer Lt A Trac
British Celanese Ltd—
29
27
27
Jan
Jan
Amer Tobacco—
11%
1
preferred... 1
Jan
Am dep rets ord
Jan
$2 conv preferred
Feb
Feb
Am dep rets ord bearer £1
British
19%
2%
1%
%
37%
11%
Jan
*
Feb
300
Feb
30
30%
11%
British Amer Oli regis
15%
2%
27%
40
*
1,800
2%
1,2C0
30
30
100
Preferred
Brill Corp class A
16%
112% 113
Jan
3%
Jan
28 %
Jan
Jan
3
9%
38
"2%
Feb
0%
Feb
100
Feb
Feb
5%
3%
31
preferred
"466
"5% "5%
8%
5,300
%%
22
35%
0
33%
16%
4
20
Feb
9%
16
American Gas A Eleo... 10
Feb
6%
31
Amer General Corp com 10c
Jan
1
33%
Amer Fork A Hoe com...*
Jan
Aeronautical—1
.10
n-v
Jan
MOO
100
Amer Export Lines com..l
Amer Foreign Pow warr—
Class B
Jan
Bridgeport Gas Llgbt Co.*
Class
25
Class A...
Jan
Hi
preferred
Bridgeport Machine
10c
1,800
Feb
7%
*
Braxlllan Tr Lt A Pow—♦
10c
%
3%
101%
111%
•
7%
73%
American Capital—
Class
10
25
~16%
Borne Scrymser Co
Feb
70
%
7
(H C) Co com...*
7% 1st preferred
100
26
Bourjots Inc
»
4%
100
Mfg...*
300
Jan
13%
Bohack
Jan
Feb
350
Aluminium
Feb
14%
..*
*
Blumenthal (8) A Co
135% 137
Aluminum Industries com-*
19
13%
38%
1
1
Jan
130
Aluminum Goods
2,000
%
*
Bliss (E W) common
Aluminum Co common...*
6% preferred
19%
3%
3%
104% 104%
111% 111%
19
._*
common
$3 opt conv pref
25
Feb
Foundry
Blue Ridge Corp com
Altorfer Bros com.
12%
5%
*
$2.60 preferred
A Machine Co com
%
350
2,200
Conv preferred
Blauner's
--*
14%
21%
Jan
0%
Blckfords Inc common—•
Jan
AHes A Fisher Inc com.—*
14%
21%
19%
%% pf.100
Blrdsboro 8teel
$3 conv pref
*
Allied Products (Mich)..10
4%
5%
1
Bell Aircraft Corp com—1
Beltanes Aircraft com
1
Corp—
Jan
100
preferred
100
pref,.....20
75%
$7 pf-*
Alllancelnvestment
Low
Jan
Hi
Ot Southern..50
Alabama Power Co
Range Since Jan. 1,1941
Shares
20
—
$0 preferred...
*
Allegheny Ludlum Steel—
7%
5 %
11
preferred.———*
Warrants
for
Week
Feb
$1 60 conv
Air Associates Inc (N
Conv
Price
Range
21%
-1
Air Investors
of Prices
Low
High
19
}
Class B
Week's
Sale
High
Supply Mfg—
Clasa A
Last
STOCKS
(Continued)
Shares
Acme Wire Co common-10
Aero
Sales
Friday
Range Since Jan. 1,1941
for
| Week
"92"
~92%
60
Feb
Feb
"20
48
Feb
95%
50%
Feb
92
Feb
5%
Feb
40%
Volume
New York Curb Exchange—Continued—Page 2
152
Friday
STOCKS
Last
{Continued)
Sale
Par
City * Suburban Homes 10
Clark Controller Co
Price
6
Sales
Week's Range
of Prices
High
Low
55*
Ran
for
Jan
.1
Feb
*
*
com
Cllnchfleld Coal Corp..100
Club Alum Utensil Co
Par
Feb
63*
5
25*
*
38J*
45*
25*
25*
"39"
Jan
Jan
5*
Jan
Equity Corp
Jan
53*
Jan
373*
45*
Jan
Feb
2,800
23*
Jan
700
23*
Feb
25*
"""266
5
400
3
2X
17
41
Colorado Fuel A Iron
Colt'
H
warr.
5*
100
5*
Patent Fire Arms.25
1,200
5X
Jan
Feb
Eversharp I no
Jan
FalrchUd Aviation
Fanny Farmer Candy
1
43*
82 3*
Jan
Fedders
Jan
Jan
Fire Association
Feb
13*
Jan
Florida P A L J7 pref
Ford Motor Co Ltd—
Jan
»u
Jan
50
72
Feb
60
53
Feb
IX
ax
Consol Biscuit Co
1,000
1'.;..,
,<
■V
243*
Jan
,«.;V 3*
Jan
Feb
3*
123*
300
Jan
Jan
20
12
Feb
2
Jan
13*
...
i
IX
1
"65"
IX
IX
2X
643*
10(1
Consol Gas Utilities
1
IX
Consol Mln A Smelt Ltd..5
23 H
2%
66
33*
100
Consol Retail Stores
12
133*
Jan
15*
643*
100
,
900
"mx
105
IX
107X
15*
1,500
15*
233*
235*
150
33*
400
233*
33*
30
105
5X
63*
65*
93 x
933*
933*
140
6 J*
6J*
700
•
23*
Feb
Jan
73
Jan
1193*
1103*
15*
Jan
Feb
255*
Jan
Jan
3 5*
Jan
Feb
Jan
104
Jan
"73* ""§""
"366
43*
"43* "ix
"450
IX
77 X
13*
773*
v
Jan
13
45*
43*
X
IX
7% conv preferred
Crystal OH Ref com.
25
Cuban Tobacco com
10 3*
Jan
Feb
43*
Jan
100
63*
Jan
7
400
22 3*
Feb
Jan
73*
Feb
285*
Jan
Jan
3
Jan
Jan
253*
103*
85*
Jan
69
Jan
"Too
60
623*
Feb
175
1113*
Feb
Jan
Jan
1193*
1
$3
conv stock
5% preferred
*ii
Jan
83*
113*
Jan
Gen Flreprooflng com
Jan
Jan
Gen Gas A El
734
32 <f
43*
Feb
11
Jan
General
Feb
37
Jan
Feb
53*
5*
Jan
X
45*
1,600
200
23*
200
133*
5
3*
1,700
1,300
Jan
105*
Jan
50
93*
103*
Feb
11
Jan
21
21
21
50
21
Feb
23
15*
Jan
Jan
Feb
Feb
80
36
900
13*
43*
13*
43*
200
1
215*
215*
100
3,500
25
53*
200
500
95*
253*
53*
95*
253*
5X
*
preferred..
Gen Pub Serv 30 pref
.*
Gen Rayon Co A stock
*
General ShareholdlngsCorp
X
Jan
63*
Jan
Feb
23*
Feb
Feb
153*
Jan
6% preferred A
Gen Water G A E
Common
23*
40
425*
"i
Feb
43*
6
Jan
3*
Jan
Feb
3*
13*
Jan
Feb
IX
Jan
2 3*
-
33
.._*
43*
Jan
13*
Jan
213*
Jan
223*
Jan
3*
Jan
Jan
1
;
23*
3*
183*
...1
10
TOO
"25
20 3*
Jan
22 X
41
Jan
Feb
28
Feb
33
Jan
52
90
"28"
Jan
Feb
50 3*
"28"
195*
195*
Jan
95
Jan
Jan
Jan
'
Feb
Jan
13*
Jan
3*
Feb
13*
Jan
43*
155*
Jan
Feb
Jan
4 3*
16 3*
583*
Jan
40
Jan
X
Jan
Jan
Jan
53
Feb
555*
Jan
80
Jan
83
Jan
253*
Feb
31
5*
Jan
5*
Jan
3*
J an
X
Jan
1
5*
X
"155*
155*
153*
58
58
600
1
200
10
3*
"63"
"53"
"To
253*
253*
20
253*
20
55
55
Feb
61
105
55
Feb
Jan
105
Jan
50
405*
102
405*
105
517
405*
Feb
98
Jan
106 3*
Feb
90
405*
105
Jan
96 3*
Feb
41
Jan
6
Jan
6
Jan
45
Jan
46
Jan
x3X
Jan
x33*
Jan
8 3*
Feb
9 3*
Feb
Feb
2134
53*
Feb
Jan
Jan
Feb
99
Jan
5
Feb
Glen
53*
Jan
6
Jan
Godohaux Sugars class A.*
Class B
•
Jan
15*
Jan
*3k"
Feb
43*
Jan
37
III",II
*
.........
Feb
Alden Coal
•
preferred
»
9
83*
4,000
9
195*
""5"
"45* ""53*
953*
953*
"1,300
10
953*
12
Jan
285*
Jan
Gorham
Feb
63*
33*
Jan
Gray Mfg Co
15*
Jan
in
Jan
hi
Jan
60
...»
Grand Rapids Varnish
Jan
45*
95
300
Mines.. 1
Goodman Mfg Co
Feb
Great Atl A Pac Tea—
Jan
75
Feb
33
preferred
Jan
43
Jan
Non-vot
Feb
101
Jan
7%
com
1C
stock
1st preferred
100
500
25*
3*
183*
700
600
200
*
100
13*
Feb
Greater N Y Brewery.... 1
Jan
30 3*
Jan
Gt Northern Paper.....26
Feb
10
Jan
Greenfield Tap A Die
175*
13*
15*
Jan
18
Jan
3*
183*
*
Feb
15*
Jan
Grocery 8ts Prod com..26c
Guardian Investors...... 1
Jan
25*
Feb
Gulf OH Corp
Jan
Feb
3*
21
Jan
Jan
29
153*
200
145*
Jan
17 3*
31
400
29
Feb
353*
26
100
1293*
5*
39
Too
""55*
"""55*
preferred
Jan
5*
Jan
5
Jan
5
Feb
65*
Jan
Jan
105
Feb
50
1283*
Feb
600
99
1003*
1293* 1293*
5*
Jan
1305*
3*
Jan
Jan
475
ht
98
Feb
38
x39
500
85*
9
700
83*
9
13*
500
13*
Jan
"315* "31*
Too
*315*
Jan
Jan
Jan
Jn
Jan
Feb
33 3*
Jan
Feb
Jan
1105*
Feb
1113*
65*
Feb
85*
Jan
Jan
31
1093*
"401
11434 1143*
Jan
10 34
13*
»ji
*
42
Feb
13*
x39
Gulf States UtU 36.60 pf.»
36
Jan
45*
1
Jan
1
15
29
♦
Mfg common..10
35
De VHblss Co common.. 10
;
115
Jan
Gypsum LlmeAAlabastlne*
10
Diamond Shoe common..
Preferred
Gilchrist Co
Feb
13*
;
Jan
205* *20 J*
34
205*
•
Gilbert (A C) common.._»
95*
13*
95*
Gladding MoBean A Co..*
Jan
43*
634
23*
13*
Detroit Gasket A Mfg_._l
Detroit Gray Iron Fdy__.l
Det Mich Stove Co com—1
Feb
1
com
preferred
30 3*
18
85*
*
Georgia Power 36 pref...*
36 preferred
*
253*
"266
18
100
100
Jan
Feb
50
A conv preferred......*
20
Jan
85*
1
110
100
Derby Oil A Ref Corp com*
5*
General Tire A Rubber—
993*
425*
Jan
85*
♦
800
Dennlson Mfg cl A com..5
60
5*
Warrants
Gorham Inc class A
55*
600
Gen Outdoor Adv 6% pflOO
Goldfleld Consol
35*
35*
5*
Investment com.l
Feb
13
Feb
5*
6% pref B.*
Jan
X
43*
700
..1
preferred
Jan
103*
103*
Amer dep rets ord reg.£l
15*
1
Detroit Steel Prod
13*
100
Feb
Jan
53*
35
Decca Records common.. 1
w w
Jan
95*
103*
10
•
Feb
Davenport Hosiery Mills.*
36 prior pref
13*
1
5
6
Darby Petroleum com...6
conv
1,100
4% oonv preferred
100
Gamewell Co 36 conv pf_.•
Gatineau Power Co—
5*
*
Dayton Rubber Mfg
Jan
13*
16
Fuller (Geo A) Co com
63*
Curtis Mfg Co (Mo)
Hall Lamp Co
6
7
800
20
65*
123*
50
113*
Jan
125*
Jan
50
Am dep rets ord reg
£1
Divco-Twin Truck com.. 1
100
Dobeckmun Co common. 1
53*
43*
Feb
Jan
65*
53*
100
111
25*
111
25*
733*
Jan
15*
Jan
Jan
Jan
6
100
53*
223*
Feb
Feb
53*
100
26 J*
Jan
Jan
100
15*
Jan
2
20
Feo
25
55*
103*
103*
Jan
Feb
15*
73*
83*
Duval Texas Sulphur....*
10
15*
Jan
Hecla Mining Co
22 3*
111
Jan
24
Jan
Helena
10
23*
733*
800
13*
800
73*
400
25
Jan
111
2 5*
733*
Feb
Feb
13*
75*
83*
Jan
Jan
3
9
1,300
60
...*
Rube ostein
15*
75*
Jan
Jan
Feb
105*
Jan
Heyden Chemical..
Preferred
Jan
w w
ex-warr
25
HoUlnger Consol G M
1,500
34
Feb
42
Jan
Holophane Co common. _•
Feb
Jan
13 3*
Jan
Horder's, Ino
•j*
Jan
175
14
Feb
153*
625
14
Feb
153*
300
Jan
3 3*
Jan
12
Jan
12 3*
Jan
35*
13,900
3
Feb
4 5*
Jan
583*
673*
13*
113*
Feb
Feb
Feb
Feb
Feb
15*
Jan
125*
Jan
28
Jan
323*
Jan
14
200
113*
3*
Economy Grocery Stores.*
35
preferred..........*
36
preferred
334
543*
603*
543*
633*
600
543*
"605*
1,800
603*
"ix
.....•
13*
13*
300
Elec P A L 2d pref A.....*
warrants
103*
1
Elgin Nat Watch Co....16
Emerson Elec Mfg...
4
500
preferred
.100
634% preferred
100
7% preferred
....100
8% preferred
100
For footnotes set page
2
Feb
81
23*
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
6%
Feb
13
35*
81
5%
preferred.
Jan
Hummel-Ross Fibre Corp
85*
135*
303*
23*
'303* "303*
5
Jan
Hussmann-Llgonler Co... *
Huyler'e new com
1
Jan
Feb
V t c for 1st pref
*
1
"543*
85
Feb
6% oonv preferred
73
853*
230
70
Feb
Feb
Div arrear ctfs
86 X
75
863*
675
68
Feb
853*
863*
Feb
86 X
75
863*
400
72
Jan
863*
Feb
55
54
53*
Jan
26
Jan
12 3*
65
Jan
135*
Feb
775*
Jan
Jan
Feb
185*
Jan
10 5*
78 5*
Jan
135*
Feb
Feb
300
85*
200
115*
Jan
Jan
200
25*
Feb
23*
Feb
""75
303*
Jan
313*
Jan
Jan
18
54
Feb
63
3,500
53*
100
«H
300
65*
150
53*
>
X
6
3*
•6
"u
"l'X "lX
""300
"ix "25*
""300
15*
33
*
25*
60
295*
...
55*
29
55*
30
53*
1,900
700
Feb
Jan
7
3*
6
Hydro-Electric Securities *
Hygrade Food Prod
6
Hygrade Sylvanla Corp..*
Feb
1259
Jan
Jan
Feb
Jan
100
Jan
673*
85 X
250
6
170
l
85*
265*
»
HubbeU (Harvey) Ino
Humble OH A Ref
85
72
103*
Jan
85*
173*
135*
85*
133*
25*
6
Horn A Hardart Baking..*
Horn A Hardart..
•
Blinois Iowa Power Co
85
Jan
Jan
26
8 3*
Horn (A C) Co common.. 1
143*
33*
Jan
Jan
14
3
Jan
Hormel (Geo A) A Co com*
14 3*
143*
35*
693*
Hoe (R) A Co class A...10
Jan
200
•
Elec Bond A Share com..6
100
1
Jan
37
33*
655*
10
33*
34
"33*
100
100
26
585*
365*
♦
103*
85*
263*
Hewitt Rubber common..6
Jan
Feb
25*
61
Eastern Malleable Iron..26
Easy Washing Mach B__.*
Jan
12
Henry Holt A Co part A__*
Feb
100
Feb
163*
2
Jan
103*
103*
85*
265*
Jan
65*
26
103*
Class A
HeUer Co common...
763*
53*
223*
15* V,
"uoo
103*
•
23*
493*
25*
493*
100
300
,
~~55* "5%
.25c
Hires (Chas E) Co
37 preferred series A...*
53*
22 3*
Corp
76
East Gas A Fuel Assoc—
100
v
»
Haseltlne
Preferred
Duro-Test Corp common. 1
36 preferred series B
15*
IX
Jan
Hat Corp of America—
Durham Hosiery cl B com *
Eastern states Corp
Jan
6% conv preferred
100
434% prior pref—
0% preferred...
*i«
Jan
76
10
Common
Jan
3*
20
•
Hearn Dept Stores 00m..6
53*
......
Eagle Plcher Lead...
>«i«
Jan
preferred.....100
preferred
65
Feb
Jan
Harvard Brewing Co....J
Dominion Tar A Chemical*
Duke Power Co
Jan
5*
20
B non-vot common.... 1
Dominion Steel A Coal B 26
Dublller Condenser Corp.l
253*
613*
Jan
Dominion Bridge Co Ltd.*
Driver Harris Co
Feb
26
Hartman Tobacco Co
123*
10
Hartford Elec Light
*
23*
HammermlU Paper
Hartford Rayon v t C....1
Llouors
DlstUlers Co Ltd—
,
Feb
25*
1
Feb
94
Jan
Curtis Llgbt'g Inc com 2.50
Electrographlc Corp
800
1,500
85*
3
65*
233*
Jan
Feb
13*
*
Jan
89
1
1
215*
36 preferred
...10
Cuban Atlantic Sugar....6
Option
Conv partlo pref
Fruehanf Trailer Co
X
.....
Crown Drug Co com...26c
7%
22 3*
......1
General Alloys Co
Gen Electric Co Ltd—
13*
1
Crown Cent Petrol (Md)_6
Crown Cork Internat A..*
Draper Corp
Common
GeUman Mfg Co com
70
23*
5
S Detroit Paper Prod
Jan
"""306
213*
23*
75*
Jan
3
623*
623*
1113* 112
112
*
36 conv preferred
.£1
8% debenture
Jan
Amer dep rets...100 free
Jan
20
Crowley, Mllner A Co...*
634%
Class B voting...
Ford Motor of France—
Jan
1,400
1
43*
Crocker Wheeler Elec....*
Distilled
*
13*
773*
X
Croft Brewing Co
7%
Class A non-vot
83*
"is
1
Creole ^etroieum
6% preferred
>.
Feb
Court aulds Ltd—
Stores
25*
Ford Motor of Canada—
113*
50
preferred
Adrs ord reg stock
65*
£1
Feb
V;
com...*
Cosden Petroleum com..
Delay
Am dep rets ord reg
53*
2,100
preference....*
Class A
♦
13*
..1
Reynolds.....1
Jan
Feb
100
Cook Paint A Varnish....*
preferred A
2
Jan
Feb
117
..10
*
Cornucopia Gold Mines 6o
Feb
10
..100
Copper Range Co
Jan
117
Continental OH of Mex...l
<*nnv
13*
400
117
1
Consol Steel Corp com...*
Cont G A E 7% prior pf 100
n*7,
200
Froedtert Grain A Malt-
434% serlee B pref
4% pref series C
(o
205*
"73* "~73*
(Phlla).lO
Fox (Peter) Brewing Co..6
Franklin Co DlstUllng
1
Consol GELP Bait com.*
Cottood A
65*
233*
5
*
Conn Telep A Elee Corp..l
prior
Mfg Co
*
.....
preferred
Cooper-Bessemer
Jan
5*
Feo
Flat Amer dep rots
1
Roll A Steel
8
Jan
16 3*
Fed Compress A W'h'se 25
60 3*
72
65 X
ix
Conn Gas A Coke Secur—
S3
Metallurgical
Feb
3*
125
...
*
72
V t o ext to 1946
Cont
75*
25*
1
Jan
Compo 8hoe Mach—
preferred
High
73*
"ix "23*
1
com
1
535*
....
Consol Royalty Oil
'
Low
1,200
•«
Eureka Pipe Line com..60
3
Feb
25*
Community Pub Service 25
Community Water 8erv..l
8%
25*
Jan
53 3*
Commonw Distribution. .1
S3
25*
Jan
5*
Commonwealth A Southern
Common
1
8
1
.
175*
Falrchild Eng A Alrplane.l
Falstaff Brewing
1
100
Columbia Oil A Gas
Warrants
X
163*
10c
Jan
8
300
3
25*
Range Since Jan. 1, 1941
for
Week
Shares
63*
1
common._
preferred
Esquire Inc
Columbia Gas A Elec—
5% preferred
conv
Jan
£1
conv preferred
13
Fansteel
Colon Development ord...
6%
8
8
of Prices
High
Low
Emsco Derrick A EQUlp__6
3*
Cockshutt Plow Co com..*
Cohn A Roeenberger Inc.*
Price
Empire Power nart stock.*
53*
300
Clayton A Lambert Mfg..4
Cleveland Tractor
High
53*
Week's Range
Sale
{Continued)
Low
1,200
Claude Neon l ights Inc..1
Cleveland Elec Ilium
Last
STOCKS
(tSince Jan. 1, 1941
Week
Shares
155*
6
1255
Sales
Friday
2 3*
29
55*
Jt
Js
63*
Jan
73*
Jan
Jan
Feb
*i»
Feb
73*
Jan
Jan
13*
Feb
Jan
Jan
Feb
Feb
Feb
Feb
15*
38
334
35
73*
Jan
Jan
Jan
Jan
New York Curb Exchange—Continued—Page 3
1256
Friday
STOCKS
Sales
Last
Par
Week's Range
for
Sale
{Continued)
of Prices
Low
High
—•
Illinois Zluo Co
Illuminating Shares A
9%
10
Range Since Jan. 1,1941
Low
150
9%
6%
6%
6%
Jan
12%
Jan
"7% ~~7%
Imperial Tobacco of Can.
6
Jan
6%
Jan
6%
7%
Jan
6%
8%
Jan
1,200
100
Imperial Tobacco of Great
Britain A Ireland
£1
8
Line...—7%
Indiana Service 6% pf-100
7% preferred
—100
Feb
Jan
3%
3%
3%
Jan
9
Jan
Jan
3%
Jan
18
19
50
19%
19%
20
Jan
21%
Jan
Jan
24
Jan
3%
13%
14%
%
200
Jan
%
Jan
•it
Feb
Feb
Non-voting class A—..1
......1
%
%
100
100
Insurance Co of No Am. 10
ICO
10
%
Jan
900
64%
Feb
73%
Jan
300
18
Feb
20%
Jan
300
4%
Feb
Internat Industries I no—1
1%
2
400
1%
1%
1%
4,500
1%
Jan
1%
9%
9%
9%
2,400
3%
3%
2C0
*16
tlt
300
Class A
*
400
4%
5
1
-
$1.76 preferred-...—..*
3%
9%
Interstate Home Equip..1
3%
9%
200
400
1
•
1
—100
100
Steel. 100
Jan
he
Jan
Feb
•it
4%
Feb
6%
Jan
Jan
Jan
Jan
Mldvale Co
*
Mid-West Abrasive
112%
7%
10
Feb
1%
7%
*13%
Jan
1%
Feb
8
Feb
14%
Feb
Ti»
1%
7%
60c
Jan
•it
Jan
100
45%
Feb
55%
Jan
115%
3%
Feb
116%
Jan
100
Jan
4%
Jan
Jan
Jan
Jan
Jan
1%
500
7%
300
Midwest Piping A Sup
•it
Feb
•it
Feb
4%
Feb
45%
46
46
100
Jan
Monroe Loan 800
Jan
13
Jan
33%
3%
Jan
34%
3%
Jan
Montana Dakota Util
117%
Jan
Jan
Jan
Jan
Montgomery Ward A
101
10
Jan
Jan
11%
3%
Jan
Moore
%
Jan
33%
100
Feb
8%
8%
36%
%
Mtge Bank of Col Am shs..
Mountain City Cop com.6c
Mountain Producers
10
Feb
18
Jan
Feb
14
Jan
2%
700
101
101
10
hi
700
%
Jan
%
2%
Feb
Feb
2%
A.....1
156
17%
Montreal Lt Ht A Pow._*
7%
2,400
100
2%
165
180
Feb
100
17%
Feb
156
17
Jan
2%
174
Jan
Jan
Feb
18%
Jan
Feb
23
(Tom) Dlst Strap. 1
2%
Feb
3%
Jan
1%
Feb
26
Jan
%
2%
3
5%
5%
Jan
"u
Jan
3,400
3
2%
Feb
3%
Jan
500
5%
Jan
5%
Jan
Jan
15%
Jan
5%
Mountain Sts Tel A Tel 100
Jan
Murray Ohio Mfg Co
•
Muskegon Piston Rlng.2%
Muskogee Co oommon
•
96
101
Feb
Jan
25%
Feb
23%
116%
Feb
Jan
117
Jan
7
Feb
9
Jan
3
Feb
3%
Jan
104%
Jan
110
Jan
common
28%
2,400
100
37%
23%
0%
preferred
Feb
National Breweries com..*
National Candy Co
•
National City Lines com.l
Jan
%
Feb
73%
Jan
51%
51%
Feb
54
~14~
900
1
Feb
2%
900
1%
Jan
~U~~
"166
u*
Feb
14
Feb
Feb
Jan
Jan
10%
3%
11%
Jan
99
Feb
104%
Jan
Nat Tunnel A Mines
Nat Union Radio
Jan
13%
Jan
99
20
4%
4%
100
12%
Jan
%
Jan
Feb
Jan
4%
12%
4%
200
4%
100
Lane Wells Co common—1
10
10
5
Jan
42
Jan
Jan
1,200
4%
Feb
Jan
Jan
9%
Jan
10%
Jan
Jan
15
Jan
5%
100
Jan
Common
3%
0%
$2
2%
2%
1,400
3J2
*32
24%
300
8
900
Jan
7%
Jan
2%
Jan
2%
Jan
•it
Jan
23%
Feb
7%
Feb
600
23%
%
Feb
6%
Lehigh Coal A Nav....._*
Leonard Oil Develop...26
Le Tourneau (R G) Ino.,1
%
Jan
29%
8%
Feb
Jan
Jan
Ino—
26
17
*
1%
6
13%
1%
13%
9%
9%
1,700
%
»i«
"22"
"175
Jan
19
Feb
1%
13%
9%
Jan
1%
14%
Jan
Feb
Jan
10%
Jan
%
Feb
2,ICO
100
100
cum
Jan
Pow Assoc
Manatl Sugar opt warr...
Mangel Stores
1
50
%
1%
Jan
Feb
Feb
Feb
12%
2%
92 %
Jan
4%
Jan
Jan
Jan
11
100
Jan
87%
4%
4%
\ya.
8
Jan
6%
100
6%
Feb
25%
8%
7%
10%
2%
600
10%
2%
Jan
12%
Jan
Jan
3%
%
Jan
Feb
10%
23
2%
Feb
1,700
1,100
600
%
9%
87
4%
24%
Jan
Jan
Jan
Jan
200
Feb
10
114%
Feb
100
4%
Feb
5
Jan
Feb
5%
%
Feb
Jan
4
115
%
9%
5%
%
9%
115
Jan
5%
Jan
30%
5%
Jan
41 %
49%
Jan
11
Jan
116%
Jan
150
Jan
Jan
Feb
28%
Jan
Jan
1%
Jan
Feo
4%
109
Jan
109%
Jan
Feb
Feb
27%
Jan
25%
Jan
Common
22
Jan
24
Jan
5% 1st preferred
5% 2d preferred
800
'1.
Jan
%
Feb
100
1%
39%
Feb
1%
Jan
Jan
*
Jan
41
Jan
M anlsohe wits (The
B) Co.*
Mapes Consol Mfg Co...•
.
.
.
54
50%
550
54
Jan
6%
Jan
Jan
Jan
Feb
54
118
118%
-
4%
-
13%
64%
118
100
1
850
1
64
4%
13%
*65%
100
500
Feb
129%
Jan
4%
Feb
5%
Jan
13%
63%
Feb
14%
Jan
Feb
68%
Jan
1
Jan
1%
Jan
3%
-
Jan
3%
Jan
Jan
19%
7%
116%
105%
Jan
Jan
Warrants
N Y A Honduras Rosarlo 10
N Y Merchandise...—.10
Feb
Feb
4%
•
New Mex A Ariz Land... 1
New Process Co
1
N Y Auction Co com....*
N Y City Omnibus—
22
in
4%
18%
$6
N Y
preferred
18%
18%
50
17%
7
100
7
Feb
114
10
114
Jan
103% 104
•
7
114
N Y Pr A Lt 7% pref.. 100
26
%
1%
1,000
"206
*
New England Tel A Tel 100
New Haven Clock Co
*
New Idea Ino common
*
New Jersey Zinc
26
%
31%
1,300
22
Feb
12 %
4%
100
preferred
25
Conv 7% 1st pf v t o.lOO
Lynch Corp common
6
44%
Jan
91%
4% non-cumlOO
preferred
25
4%
109% 109%
Louisiana P A L $0 pref..*
Ludwlg Bauman A Co oom*
Conv 7% 1st pref
100
Jan
Jan
Jan
2%
91%
10
25
7% pref class A.....100
4%
14 %
Nevada-California Kleo—
98%
200
4%
Feb
6,800
100
Nestle Le Mur Co cl A...*
*
"22"
%
17%
12
11%
Nelson (Herman) Corp...5
Neptune Meter class A
•
14%
300
Lefcourt Realty com...
Conv preferred
0% pref class B
100
Loudon Packing
♦
Louisiana Land A Explor.l
Jan
50
*
Jan
New Engl
9%
Jan
Feb
1,600
9i#
Jan
4%
15
•
Jan
Jan
it
11%
2%
Feb
...
....—•
Jan
44%
*11
*
10
100
7%
67
13%
42%
10%
30c
12%
Langendorf Utd Bakeries-
6
Jan
1,000
14
National Steel Car Ltd...*
National Sugar Refining.*
37
Lakey Foundry A Mach—1
Jan
Jan
Jan
17%
6%
NehlCorp 1st preferred..*
Jan
1%
2%
Navarro Oil Co
Lane Bryant 7% pref..100
%
2%
Nebraska Pow 7% pref. 100
1
12
44%
11%
National Tea 6 % % pref. 10
National Transit
12.60
2C
100
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
139
Feb
14
Nat Mfg A Stores oom...*
National P A L $6 pref—*
National Refining com.—*
Nat Rubber Mach
51%
1%
3%
99
Feb
Feb
137%
16%
$3 conv preferred
60
National Container (Del).l
National Fuel Gas
*
13%
1
2%
%
1
com
10
1%
2%
50
10%
67
100
14
14
6
14
*
Nat Bellas Hess
Jan
40
137% 137%
10%
10%
100
Jan
70
•it
15
_*
N ach man-S pringfiUed
25%
Kress (S H) special pref. 10
20
103%
Feb
Jan
Jan
Jan
Shipbuilding Corp—
Founders shaiee
1
New York State El A Gas—
6%% preferred
100
New York Transit Co
6
23%
23%
23%
200
7
7%
1,100
36%
36%
10
2%
4,000
100
2%
•71%
72%
150
100
60
60%
30
N Y Water Serv
0% pf.100
23
Jan
28%
106
Jan
107%
Jan
7%
Feb
6%
35%
Jan
Jan
42
Jan
Niagara Hudson Power10
2%
Class A opt warrants
Class B opt warrants
60
Feb
3%
Jan
Feb
79%
Jan
Feb
2%
71%
65%
Jan
*i«
Feb
bit
Feb
»lt
FeD
100
Jan
Niagara Share—
Marconi Intl Marine
26%
Jan
Communication Co Ltd.
Class B common....
5
Class A preferred
100
Nil es-Bement-Pond
Margay Oil Corp
2%
3
200
2%
Feb
3%
Jan
Nlpissing Mines
ht
*
Jan
Feb
ht
Feb
2%
Jan
Noma Electric
Nor Amer Lt A Power—
1
Jan
10
1%
28%
~28% ~28%
100
*
MoCord Rad A Mfg B
•
Mo Williams Dredging..,
1%
130%
Memphis Nat Gas com..6
Mercantile Stores oom.
Participating preferred
33
Jan
59%
1%
Jan
Feb
69%
Jan
2%
7%
Jan
Jan
1,400
6%
7
130% 130%
1,000
5%
Jan
330
130%
4%
Feb
4%
4%
300
16
3%
28
0%% A preftwed—_ 100
Feb
1%
Merchants A Mfg cl A...1
Merrltt Chapman A Soott *
Warrants
Feb
28%
4%
78
28
4%
79
25
300
75
28
3%
78
Jan
148
4%
Jan
Jan
Jan
17
Jan
Jan
4
Jan
Feb
29
Jan
Feb
FeD
5%
85
Jan
Jan
6%
Feb
Jan
10 %
Jan
"it
Feb
%
Jan
400
3%
Feb
wl«
2,900
%
Feb
%
Jan
70
72%
125
70
19%
19%
100
19
Feb
23%
Jan
19
Feb
23 %
Jan
50%
Feb
52%
Jan
%
Jan
10%
100
3%
%
72%
3%
%
*
No Am Utility Securities *
Nor Central Texas Oil.. 6
4
Jan
Jan
84
Jan
Jan
Jan
106
30
3%
Jan
7%
7%
110
Jan
Jan
119
Jan
8%
7%
Jan
9%
Jan
Jan
Feb
9%
23%
Jan
20
24%
400
24
Feb
30
Jan
2%
300
20
24
2%
Feb
50
20
24
500
104
117
104
10
4
Feb
%
Northern Sts Pow cl A..25
Northwest Engineering..*
com
9
3%
106
100
Novadel-Agene Corp....*
Feb
4
91%
60%
prior preferred...60
7% preferred
Northern Pipe Line
Jan
Jan
Feb
10%
!
Nor Ind Pub Ser 0%
pf.100
3%
89
5
Common
1
$0 preferred
»
North Amer Rayon ol A..*
Class B oommon
500
53%
Nineteen Hundred Corp B 1
Ogden Corp
1259
3%
•
9%
0%
33%
7%
7%
6%
33%
Moody Investors part pf.*
Jan
Feb
109%
27%
Koppers Co 0% pref... 100
Kresge Dept Stores—
For footnotes see page
100
*
Jan
3%
10
Feb
11
1
•
3%
Monogram Pictures com.l
»
Massey Harris oommon..*
Master Electric Co
1
3%
Molybdenum Corp
1
Monarch Machine Tool..*
Jan
15%
Klelnertd B)Rubber Co.10
Lone Star Gas Corp
Long Island Lighting—
preferred
6%
hi
6
Jan
500
2%
Kelln (D Emll) Co com..*
Mead Johnson A Co
3%
Mock Jud Voehrlnger—
Common
$2.60
250
Klrkl'd Lake G M Co Ltd.l
May Hosiery Mills—
$4 preferred
2%
2,100
{Mountain States Power-
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products......1
Klrby Petroleum
1
Marlon Steam Shovel
Mass Util Assoc v t o
100
500
5
7
Feb
1.00C
6
preferred
Jan
18
4%
11%
Kokenge com..*
conv
Feb
6%
Jan
Feb
%
16%
K en-Rad Tube A Lamp A •
Kimberly-Clark 0% pf-100
$6
4%
Feb
Feb
8%
11
%
11
KansasG4E7% pref. 100
Common
Jan
5
6%
3%
Johnson Publishing Co.. 10
common
3%
100
16%
Jan
Jan
Locke Steel Chain
100
5%
100
10%
FeD
Lit Brothers
Jan
Jan
4%
ht
4%
Minnesota Mln A Mfg
*
Minnesota P A L 7% pf 100
%
preferred
%
100
Jan
94%
6%
Feb
%
7
2%
Jersey Central Pow A Lt—
6%% preferred...—100
Llpton (Thos J)
Jan
17
Feb
Jeannette Glass Co......*
Line Material Co
Jan
%
6%
7
Jan
15%
1
*
Class B
109%
17
Jan
9%
11%
2%
%
Interstate Hosiery Mills—*
Interstate Power $7 pref.*
Class A
Jan
Feb
*
12%
$3 .60 prior pref
....•
Vitamin... 1
Lake Shores Mines Ltd
2%
%
6
div shares. *
preferred
non cum
Jan
100
International
Knott Corp common
Kobacker Stores Inc
2%
%
Missouri Pub Serv com..*
Safety Razor B_*
International Utility—
Internat
Kennedy's Ino
5%
Jan
Mississippi River Power—
Coupon shares
*
Registered shares
*
international Products...*
Jacobs (F L) Co
4%
Jan
Jan
200
*
Mining Corp of Canada..*
International Petroleum—
4% conv 1st pref
conv
$2
7%
2%
Internat Metal Indus A—*
A Pow warr
100
%
4%
%
300
%
6
40
Feb
108%
%
%
1%
Jan
Midland Steel Products—
Jan
18%
5
Irving Air Chute
Italian Superpower A
Feb
1
Midwest OH Co
Iron Fireman Mfg v t c
1%
34%
6
.1
12%
60%
4%
Julian A
t c
t e
%
64%
60
Jones A Laughlln
v
v
Feb
Internat Hydro Elec—
Investors Royalty
~~"io
Middle West Corp com..6
Midland Oil Corp—
18
66%
International Cigar Mach *
Pref 93.60 series
"34% "34%
10
A
High
Jan
%
Jan
Low
%
•
Preferred
Range Since Jan. 1,1941
3,600
Mlcromatlc Hone Corp
1
Middle States Petroleum-
$2
1
preferred
preferred
preferred
Metropolitan Edison—
*0 preferred
%
Industrial Finance—
V t c common
for
Shares
25c
16
1941
Week
%
Michigan Bumper Corp..1
Michigan Steel Tube..2.50
Class
Range
%
.....1
Class B
Indian Ter Ilium Oil—
0%
7%
Mesabl Iron Co
Price
Michigan Sugar Co
Indiana Pipe
Class B
of Prices
Low
High
Metal Textile Corp
Partlo preferred
Registered
Internat Paper
Week's
Sale
Par
*
Imperial Oil (Can) coup..*
7%
Last
High
Imperial Chemical Indus—
Am dep rets regis
£1
Class B
STOCKS
{ConHnvtd)
Shares
22,
Sales
Friday
Week
Price
Feb.
2%
Feb
3%
Jan
Jan
New York Curb Exchange—Continued—Page 4
Volume 152
Friday
STOCKS
Last
(Continued)
Sale
Par
Price
Ohio Brass Co cl B com..*
Sales
Week's Range
of Prices
High
Low
21)4
for
Range Since Jan. 1,1941
100
2054
High
Jan
Par
Feb
2154
109)4
109
Feb
110%
Jan
11154
109 %
111)4 111%
175
Ohio O110%
100
10954
Jan
112
Feb
10 9283?
1092»m109"J2
8,150
109273i Feb
109«u
Feb
113%
1135-6 114)4
30
11354
Feb
11654
Jan
6% pref (called)
Ohio Power 6% pref
100
Ohio P B 7% 1st pref—100
S3
conv
3115
1
Low
High
1)4
1)4
70
254
1)4
70
2
70
2%
75
254
11854
Jan
Jan
110 54
Jan
6
Jan
Savoy Oil Co
2154
Jan
Schlff Co
common
*
54
Jan
Schulte (D A) com
Conv preferred
....1
*16
716
Jan
25
954
954
6
Jan
Scovill
2%
Jan
Scranton Elec *>6 pref
*
Feb
2 54
Feb
leb
70
1,100
*
Scran ton Lace common.
1)4
2%
80 54
Jan
Jan
Feb
354
Jan
Sanford Mills
Jan
Feb
154
4,600
Feb
15
com.
19 X
60
*
19 X
50 54
III"
115
400
19%
50%
19)4
100
Feb
50
100
115
Feb
113)4
5)4
Overseas Securities—.
*
154
Jan
Jan
Feb
116%
Pacific Can Co common..*
Pacific O A E 6%
1st pf.25
5)4% 1st preferred...25
33%
2954
Pacific Lighting $6 pref—*
Pacific P A L 7% pref—100
Pacific Public Service
32H
29%
107
33%
29%
107%
Feb
34)4
Jan
Feb
3154
Jan
Water Service $0 pref—*
70
100)4
Jan
108)4
Feb
8culIn Steel Co com_._..*
Jan
86 %
Jan
'"l7)i""Jan
6754
"i854~"jan
6754
Jan
2%
2%
I2"
2%
"l2~
32M
Penn-Mex Fuel
Jan
25%
Feb
Feb
400
""26
20
Jan
22
Jan
875
84
Jan
115
Jan
10%
10
1054
1,000
10
1%
1,400
1
Feb
3)4
Jan
Jan
3
Jan
36
13
Jan
Common
2%
5,000
10 %
10%
11%
1,800
Jan
6)4
Jan
Convertible stock
Feb
3454
Jan
16
3)4
J4
$5.50 prior stock
25
Allotment certificates
Jan
32
Jan
Jan
Feb
254
Jan
Jan
Jan
**11
Jan
200
3%
Jan
354
Jan
Jan
9
14)4
Jan
X
X
Jan
300
Serrick Corp class B
1
Seton Leather common...*
2
200
550
Jan
54
Jan
1)4
254
Jan
65
Jan
Feb
Sherwin-Williams com..25
7i«
Jan
111)4
Feb
%
Jan
45
Jan
Jan
45
Jan
X
3
73
354
10%
73
500
110%
10%
72)4
110
120
100
X
Feb
Jan
54
Jan
Jan
154
Jan
Jan
7
Jan
3
1,900
Feb
X
154
554
Shawlnlgan Wat A Pow.
38
FeD
42
5
Feb
Feb
4%
Jan
10%
Feb
72)4
FeD
109
Sherwin-Williams of Can
*
*
Jan
8Ilex Co common
110
ill
100
109
Jan
112
Jan
176%
200
175
Jan
182
Jan
13)4
Jan
14
Jan
Simmons H'ware A Paint. •
Penn Water A Power Co.*
52
52%
150
52
Feb
57 %
Jan
Pepperell Mfg Co
85
85
25
85
Feb
92
Jan
Simplicity Pattern com..]
Simpson's Ltd B stock...*
25
Jan
28
Jan
Singer Mfg Co
Jan
Feb
Jan
Jan
Feb
Simmons-Boar dm an Pub—
175
11
80 %
115%
6%
Jan
6%
—60
Feb
41
reg—.1
1
Feb
100
%
%
111)4 112
37
Selfrldge Provlnc'l Sts Ltd-
41
6% cum pref ser AAA 100
*
Jan
Jan
54
42
1)4
5
38
50
Jan
54
3,100
..
64%
38
Jan
154
Jan
8)4
1
Shattuck Denn Mining
38
14)4
Feb
Selected Industries Ino—
Feb
Am deprcts ord
2)4
Jan
Feb
Feb
54
Sentry Safety Control
2 X
55 series pref
..♦
S2.80 series pref
*
Pennsylvania Gas A Elec—
common
Jan
1354
29)4
115%
26)4
100
3)4
Pennsylvania Edison Co—
Penn Pr A Lt S7 pref
56 preferred
11ie
Feb
90
Selberllng Rubber com—»
Selby Shoe Co.—
...•
2%
Pennroad Corp com
1
Penn Cent Airlines com.l
Jan
Feb
954
12
"26""
°A
50c
Penn Traffic Co
14%
6j»
175
100
96
Segal Lock A Hardware—1
2%
10%
25
25%
Jan
32)4
31%
250
33
Feb
900
1
554
32 M
12
"26"
Warrants
12
"""156
Jan
Securities Corp general... 1
Beeman Bros Ino
*
254
3,600
Jan
%
Scranton Spring Brook
3
American shares
Paramount Motors Corp.l
Parker Pen Co
10
54
Jan
115%
12
25
29%
Pantepec Oil of Venezuela-
SI.40 preferred
Mfg
3254
83
Feb
%
5
600
*
—*
Parkersburg Rig A Reel__l
Patchogue-Ply mouth Mills »
Peninsular Telephone com*
Samson United Corp com. 1
*
1,400
*
Page-Hersey Tubes
Range Since Jan. 1, 1941
for
) Week
6
prior pref
1st preferred
Sales
High, Shares
109
1
Class A
100
preferred
of Prices
Low
30 zll5
Omar Inc
SI.30
7%
Bait Dome Oil Co
Week's Range
5
preferred
$5)4
£115
St Lawrence Corp Ltd...*
Class A $2 conv pref..50
St Regis Paper 00m
5
Price
1
100
6% 1st preferred
Ollstocks Ltd common
Oklahoma Nat Qas
109
Sale
(Continued)
Low
Ohio Edison $6 pref——*
preferred-.100
Last
STOCKS
Week
Shares
21X
1257
Friday
Penn Salt Mfg Co
Pennsylvania Sugar
125
20
com
...100
Perfect Circle Co
*
Pharls Tire A Rubber
3 %
Philadelphia Co common.*
Phlla Elec Co S5 pref
*
Phlla Elec Pow 8% pref. 26
Phillips Packing Co...
116
3%
5%
"400
116%
3%
5%
116
30
3%
4%
Jan
Feb
6
Jan
Feb
118%
Jan
Jan
31 %
Jan
Feb
354
Jan
4%
Feb
754
Jan
Solar Mfg Co
Jan
Sonotone Corp.....
1
Conv S3 pref series
5%
A. 10
4%
31
Pleroe Governor common.*
"l3"
Pioneer Gold Mines Ltd—1
1%
12
154
1,200
150
31
1,400
12
37
V
Feb
18%
J an
Soss Mfg com
154
Feb
154
Jan
South
*
Meter..
6%
6)4
1,400
Pittsburgh A Lake Erie.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..26
"63"
66
7.60
Wx
"""260
"77% "80
3)4
26c
"9%
3)4
70
Jan
Jan
13%
Jan
0% preferred B
Feb
96)4
Jan
400
3)4
Feb
4
Jan
100
Jan
10)4
Jan
Jan
12 %
Jan
Feb
*ia
Jan
200
%
354
2%
Feb
«i»
Jan
Feb
4)4
Jan
Southern Union Gas
2%
Feb
Feb
100
"23)4 ""Jan
Jan
54
Jan
"Feb
54
854
Jan
*
Prudential Investors
he
4
54
4
300
8)4
Public Service of Colorado
6% 1st preferred
7% 1st preferred
%
Feb
Jan
"9%
6~500
100
4
Feb
8%
854
Jan
8%
Jan
Jan
954
Jan
105%
-*
100
.*
Jan
106%
Jan
4)4
Jan
100
54
Public Service of Okla—
r:-
108
11154
5154
55
900
1,250
9554
Jan
45
Jan
116
108%
11054
10854 109%
110
110%
96
95
<6 preferred
46%
44
.*
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com
6
Pyrene Manufacturing.. 10
Quaker Oats common
*
Standard Oil (Ky)
110
Jan
5% preferred——.100
Jan
11054
Feb
Standard Pow A Lt——-1
Feb
5,725
44
Feb
14)4
Feb
Feb
~~7~"
"306
654
Jan
98% 100
153% 154%
90
98%
150%
Feb
80
Jan
9
98%
Jan
'"7"
%
300
5)4
3,300
554
400
112
Jan
67)4
18)4
854
7)4
1454
48
Reed Roller Bit Co
5
Jan
Feb
Standard Steel
Jan
Standard Tube cl B
105.
Jan
Standard
159%
Jan
9)4
Jan
3)4
Jan
1
Feb
37%
Jan
3954
Jan
Jan
30%
Jan
Feb
Feb
46%
400
29%
Feb
29)4
300
29
Feb
31X
29%
Jan
Jan
Jan
54
FeD
16154
5%
200
7
300
2%
2%
100
"1% "1%
"600
1%
105
Jan
Jan
5%
Jan
7
Feb
8
Jan
2%
Jan
3
Jan
Feb
21
20
1%
Jan
4%
V
Jan
5
Feb
Jan
5)4
154
7%
1
10
Jan
1%
654
100
200
Feb
1%
Jan
1
1
Jan
Jan
Jan
Jan
Jan
*ie
4
13%
154
13%
18)4
""l8~
2
»i»
Jan
500
3)4
Jan
554
Jan
100
13%
Feb
15%
1,000
4)4
14
Jan
154
12 X
854
Jan
Jan
Jan
14%
854
Jan
18
Feb
2054
Jan
13%
50
"l854
3~4o6
2
Jan
Jan
Jan
1ie
%
350
10754
Jan
108%
Feb
2,800
he
Feb
»u
Jan
%
10854 108)4
""%
J an
»i«
754
100
J16
*16
400
20%
20)4
200
754
Jan
Jan
19
754
22
Jan
Feb
9
Jan
154
Jan
*ii
Jan
Feb
1n
20
1
27 X
Jan
154
Jan
Feb
Phos¬
Wholesale
Feb
20
phate A Add Wks Ino. 20
Btarrett (The) Corp v t
7%
Jan
Stein
Jan
he
Jan
Sterchl Bros Stores
Jan
20
Feb
Jan
600
%
Feb
12
Jan
12
Jan
354
1,500
3854
3854
254
3854
Jan
25
Feb
354
3854
Feb
Feb
9%
7)4
9%
50
Feb
7)4
400
Jan
%
o.l
*
454
*i«
Feb
4%
Feb
Jan
%
Jan
Stroock
1554
354
Feb
16%
Jan
Feb
5)4
Jan
300
"""% ""%
'""506
15%
1554
15%
150
354
3%
3,100
Feb
14%
Jan
Rice Stix Dry Goods.....*
it
17)4
Jan
1)4
Jan
Feb
1)4
Jan
Feb
21
-
Jan
Radiator.....1
Jan
5
Jan
Feb
4)4
154
Jan
Rio Grande Valley Gas Co-
-.1
'
Co
—1
SunrayOU
1
6)4% conv pref
50
Superior Oil Co (Calif)—25
Superior Port Cement-
Jan
104
25
104
Feb
104
Feb
10454
75
10454
Feb
107
Feb
Taggart Corp 00m
1
Tampa Electric Co com..*
Technicolor Ino common. •
Rochester Tel 6%% prf 100
Roeser A Pendleton Inc..*
12
12
100
12
Feb
5
12
9
9
100
9
Feb
.6
2
2
300
2
Feb
1
Jan
20
4)4
Rossla International
•
%
Royalite Oil Co Ltd
7n
Jan
"l% "ili
*
1
'4/966
Royal Typewriter
.....*
53
2H
3
X
Feb
13)4
Feb
15
Jan
300
1154
Jan
14 %
Jan
10
Jan
10%
Jan
154
38%
25
Jan
Feb
154
39%
Jan
Jan
Feb
28
Jan
Jan
12
""l"54 "l%
38%
38%
38%
'1*666
100
11
3
254
3
1,600
23%
2354
400
8)4
854
9%
1,400
2)4
2)4
Jan
Thew Shovel Co com
5
1654
Jan
Jan
Jan
%
Jan
Tllo Roofing Ino
1
Tlshman Realty A Constr •
1654
754
Ryan Consol Petrol
*
254
Ryerson A Haynes com__I
"i«
Jan
Tobacco Prod
Feb
354
Feb
Feb
4)4
Jan
100
2%
Feb
2%
Jan
100
54
Feb
1
Jan
Ordinary reg
£1
Def registered
5e
Todd Shipyards Corp....*
1259
Jan
Feb
7
400
150
500
23%
Feb
854
Feb
Jan
954
113%
2 54
Jan
3
1654
Feb
Feb
7
)4
53
25
254
1
ht
Feb
57
Exports...*
3)4
8554
3)4
83
3)4
86
600
130
3)4
Feb
82
Jan
Jan
Jan
Jan
Jan
Jan
%
53
4)4
98
Feb
Jan
19%
8)4
Jan
Jan
Jan
Jan
7)4
354
Tobacco Secur Tr—
3%
6)4
254
X
112)4
23 54
pref..100
3
mi
Jan
""*50
Texon Oil A Land Co.—.2
53
4
13)4
Texas P A L 7%
100
Jan
Jan
12
Jan
100
Feb
9%
854
%
154
12
Jan
3
1
Feb
50
Class B common—...*
53
Ryan Aeronautical Co
Feb
3%
3%
Tobacco A Allied Stocks..*
Russeks Fifth Ave
Jan
7)4
1)4
3%
13%
10)4
2%
1%
454
Jan
7
13)4
1)4
Swan Finch Oil Corp....15
10454 105
104
100
/■
54
--.-*
(8) Co
*i«
GAE16% pfClOO
3
Sun Ray Drug
Jan
Feb
1854
17)4
354
Sullivan Machinery—*
17
48
....1
For footnotes see page
*
(A) A Co common..*
Ordinary shares
6% 1st preferred.—.50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc.....1
Sterling Ino
—1
Stetson (J B) Co com
•
Stlnnes (Hugo) Corp
5
Jan
Jan
354
1
pref
Feb
Feb
30
5)4
Spring....5
*11
13
(Daniel) common.*
conv
Feb
Jan
"i«
2
29%
Standard Silver Lead..—1
Feb
44
7
Reiter Foster Oil Corp..60
Reliance Elec A Engln'r'g 5
J 1.20
1
300
7
Standard Products Co.—1
10
»n
*
Root Petroleum Co
3754
*
Jan
100
60c
Rome Cable Corp com
Roosevelt Field Inc
Preferred
13
14
48
Voting trust ctfs
354
Jan
Jan
*
Feb
%
he
*
0% preferred D
10
Feb
*
Rochester
4
Feb
Steel Co of Canada—
Red Bank Oil Co
Richmond
Feb
1 %
%
Standard Invest $5)4 pref *
10854
95
preferred..—*
Rheem Mfg Co
600
"766
Feb
45%
1
10954
675
...
Republic Aviation
754
29
29%
dep rets ord reg—£1
Spencer Shoe Corp
*
Stahl-Meyer Ino
....*
Standard Brewing Co
*
Standard Cap A Seal com. 1
Conv preferred
10
Standard Dredging Corp—
110
854
Option warrants
Ry A Light Secur com
*
Railway A Utll Invest A.l
Raymond Concrete Pile—
Reeves
3)4
Feb
Am
310
99%
51%
14)4
14)4
7
100
.*
Raytheon Mfg com
Jan
654
3%
25
Preferred A
Feb
Radio-Kelth-Orphuem—
conv
25
Jan
24 %
Spalding (A G) A Bros... 1
5% 1st preferred..—.*
Spanish A Gen Corp—
Common class B
$5 prior preferred.....*
S3
104
Standard Oil (Ohio)—
6% prior lien pref...100
7% prior lien pref
100
Common.
2
Jan
"266
*
Feb
5854
Puget Sound P A L—
0% preferred
Quebec Power Co
754
"l54 "2"
37%
$1,00 conv preferred—20
111%
Jan
7% preferred
Common
Public Service of Indiana—
17 prior preferred......*
(6 preferred
_.*
""Feb
Jan
........
Southland Royalty C0...6
Feb
20
Producers Corp of Nev._20
Prosperity Co class B
*
Jan
130 )4
107)4~"ian
Hie
154
100
Tel—100
Co. 10
Southern Pipe Line...—10
854
1
Providence Gas
754
3%
Southern Phosphate
1
com
154
2
South New Engl
%
*
Premier Gold Mining
25
"""260
500
Jan
Jan
104
5%% Pref series C—25
Southern Colo Pow cl A.25
M
100
Pressed Metals of Am
60
6% original preferred.26
13
Corp. of Canada._»
Pratt A Lambert Co
Prentice-Hall Inc
Feb
Jan
23%
2)4
Southern Calif Edison—
12%
%
121
Southwest Pa Pipe Line. 10
Jan
9%
""%
5
Powdrell A Alexander...6
6% 1st preferred
6)4
45%
Jan
Jan
77)4
Pneumatic Scale com...10
Polaris Mining Co
Potero Sugar common
Jan
63
:
IT266
"
"77)4
Pleasant Valley Wine Co.l
Plough Inc com
6)4
45
60
120
25
Penn Oil
13
Jan
Jan
"
South Coast Corp com... 1
Pltney-Bowes Postage
Pitts Bess ALE RR
1
1
1
...
Feb
Jan
IX
1
Solar Aircraft Co
Common
;
2 54
—100
Singer Mfg Co Ltd—
Amer dep rets ord reg.fl
Sioux City G A E 7% pf 100
Skinner Organ
........6
Smith Paper Mills
*
Feb
Phoenix Securities—
Power
13
23%
pref
3
10,300
1%
conv
5%
116
200
554
31)4
13%
$3
3%
400
31%
*
115
Jan
Jan
Jan
Jan
Jan
New York Curb
1258
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
"it
"is
10
2*
2%
30
107* 108
107*
Feb
108*
Feb
114
Class A—
preferred
Udyllte Corp.:
-•
——1
3%
1
Jan
'Hanover (City) 7s
1939
22
22
2*
Jan
♦Hanover (Prov) 6*s_1949
*18
*
Jan
8*
700
6
Feb
8
Jan
♦Maranhao 7s....—.1958
35
Feb
350
1*
7%
100
1*
6*
Feb
3
3*
900
3
40*
2*
Feb
100
-
*
Union Gas of Canada
4*
3*
4*
8
8
United
Aircraft Prod..—1
8
Jan
Jan
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
t22*
200
sx
1,300
United Chemicals com—•
S3
cum
ht
United Corp warrants
*
1
17 pref. non-voting.*
*
*
*
106* 108*
'it
Option warrants
7% pref. 100
United G A E
82
82
Jan
*
Jan
Mige Bk of Denmark 5s '72
♦Parana (State) 7s
1958
Jan
4*
Feb
Jan
9
Jan
Feb
Feb
9*
11*
Jan
21
20*
tu
Feb
*
*
1st preferred
United Milk Products
Feb
'is
Feb
112*
*
Jan
'it
82
Feb
26
1
U 8 Graphite oom
1,000
6*
Feb
7*
Jan
*
1,000
*
Jan
*
Feb
*
*
Jan
*
Jan
8*
Jan
9*
Jan
♦Santiago 7s
Feb
Bank
Friday
Elig. &
Last
Sale
Rating I
BONDS
See k
Jan
1
Price
Sales
Week's Range
for
of Prices
Week
Since
%
Jan. 1
Low
ht
Feb
Tii
Jan
Feb
25*
Jan
1st 5s
1946
x
a
1
Jan
24*
Jan
1st A ref 5e
1951
x
a
1
107* 107*
104* 105
1966
x
a
1
103
103*
105
105
101*
»
Alabama
Power
Co—
1968 y bbbl
——1967 Vbbbl
...
107*
16.000
107* 107*
104* 106*
8.000
102* 105*
105*
17,000
101* 102*
37,000
104* 105*
101* 103*
7u
»u
Jan
Jan
1950
1960
x
aa
2
x
aa
2
106*
14,000
f debs....
1970
Am Pow A Lt deb 6s—...2016
x
aa
2
108*
8,000
y
bb
4
x
bbb3
x
bbb3
2*s if debs
3*s sf debs
1,025
"55* "Feb
61
Jan
Feb
45*
Jan
Feb
10
Jan
57
55%
57
44
44
44 %
390
8%
5%
500
7*
1,600
4*
Jan
"T%
7H
4%
44
3*1
■
5*
Jan
Appalao Power Deb 6s ....2024
Arkansas Pr A Lt 5s
...1956
3
104* 105
106* 106*
108* 108*
101*
101* 103*
*128
130
106*
45*
106* 106*
45
53
53
2
3
Jan
61*
4
Jan
Jan
28 *
Jan
29*
Jan
1968
x
dddl
Feb
2*
Jan
2*
Feb
3*
Jan
*
Jan
*
Jan
3*
Feb
3*
1,700
8,800
1*
*
Feb
Feb
Feb
Jan
Jan
6*
*
5%
Jan
1
Jan
Feb
6*
23
Jan
25*
Feb
100
14*
Jan
21
Feb
Universal Products Co...*
16
17
250
16
Feb
17
Jan
Utah-Idaho Sugar
...6
Utah Pow A Lt 17 prof
*
Utah Radio Products
1
IX
IX
1,800
Jan
79%
150
1*
83*
Feb
78X
7is
200
*
Jan
*
Jan
100
46*
Feb
Jan
100
'is
Jan
ht
Jan
Valspar Corp com.......1
it
46*
ht
Jan
.
49
IX
2.000
11*
12*
8,000
64*
x
a
2
106
1964
x
aa
3
6s with warrants
bb
2
104
6s without warrants
1947
y
bb
2
{100
105
..I960
<
b
3
111
...1957
x
aa
3
Jan
Convertible 6s
Bell Telep of
151
151
x
bbb3
Birmingham Gas 6s
1968
1959
y
bb
103*
Broad River Pow 5e
1964
y
bb
101* 102*
103* 103*
103* 103*
Canada Northern Pr 6s ...1953
x
a
x
a
1948
y cc
20
1964
Jan
16*
3*
Feb
87
70
85*
Feb
10
»
1
10*
6%
6*
400
9*
200
Jan
93 *
11
Cent States Elec 6s
20
96
Jan
Cincinnati St Ry 5*s A
6*
Feb
8*
Jan
Feb
4*
Jan
5*8
6s series B
..1952
7*
*
4*
Class B
5,000
16.000
12,000
13*
2
Went worth Mfg
1.26
West Texas Utll $6 pref—*
West Va Coal A Coke..—*
2%
Western Air Express.....1
3%
Feb
7*
Feb
30*
78,000
6,000
93
97
40*
49
91*
40*
96*
89
88*
*90*
83*
83*
91
91
95
1,000
83*
83*
83*
80*
86*
Feb
Jan
5
80*
82* 198,000
Debenture 5s..........1968 y b
80*
80
81*
80
85*
——1969 y b
1952 y b
79
81
5,000
79
85*
"89"
88
90
169,000
88
95*
y
b
89*
88*
90
88*
96*
y
bb
99*
98*
99*
24,000
12,000
x
aaa4
1971
x
aaa4
1969
x
aaa4
110* 110*
108
108*
25,000
...1964
x
aaa4
1943
y
b
100
*
Feb
*
Jan
300
*
Feb
*
Jan
Cities Serv P A L 5*s
13*
13*
100
13*
Feb
13*
2*
Feb
5*8
1949
Community Pr A Lt 6s...1957
9
1%
102
2*
3*
9
100
1%
200
102
60
2*
1*
101
700
4
2
400
Jan
Jan
Jan
2*
3*
3*
Feb
58*
Feb
1*
102
Jan
Debenture 5s
...1951
Jan
Conn Lt A Pr 7s A
Feb
68*
80
65*
(Bait) 3*s ser N
1st ref mtge 3s ser P
Jan
Feb
5*
Jan
Jan
4*
Feb
Jan
96* 101*
89* 93*
31,000
101* 102*
106* 106*
89*
86*
78* 88*
101* 102*
106* 106*
Jan
Cont'l Gas A El 5s
Jan
Cuban .Tobacco
11*
Jan
14*
Feb
6
Jan
Jan
5*
Feb
Jan
Eastern Gas A Fuel 4s
4*
Jan
6*
6*
4*
Cudahy Paoklng 3*8
Delaware El Pow 6 *8
Jan
Elec Power A Light 5s
1
Jan
Jan
Elmlra Wat Lt A RR 68—1966
x
a
4
82
78*
122
*121
Feb
Empire Diet El 5s
1962
♦Eroole Mare 111 Elec Mfg—
x
bbb2
104* 105
z
cccl
6s ser A stamped
Wichita River Oil Corp..lu
Williams (R C) A Co
»
5%
50
6*
6*
5*
5*
900
"i'x "T*
"166
•
Will lams OU-O-Mat HI..*
.1
10*
*
7
25
10*
7
200
7% pf 100
10*
7
117
"4* "~4*
Wolverine PortI Cement. 10
TOO
Feb
Feb
Jan
1*
11
8*
117
Jan
Jan
1958 ybb
6 *s series A.....
4
1944 y b
5s
2
x
a
2
102"
x
bbb4
106*
86*
.1966
1959
1956 y bb
y b
2030
1953
2
4
79
2
4*
Feb
6*
Jan
Woodley
1
4*
Jan
4*
Feb
Erie Lighting 5s
1967 x a
Federal Wat Serv 5*8
1964 y b
Finland Residential Mtge
4*
4*
Feb
5*
Jan
Florida Power 4s
Feb
4*
Jan
Florida Power A Lt 6s
1966 x bbb3
1964 xbbb3
Gary Electrlo A Gas—
6s ex-warr stamped
Gatlneau Power 3*8 A
1953 y b
1
Gen Pub Utll 8*s A
1966 ybb
2
♦General Rayon 6s A
Gen Wat Wks A El 6s
1948
z
ccc2
1943
y
bbb2
1967
x
a
1
1978
.....1953
y
b
4
z
b
Wright Hargreaves Ltd..*
FOREIGN
Feb
5*
Jan
Banks 6s-5a stpd
4*
4*
4%
1,200
GOVERNMENT
AND MUNICIPALITIES—
Sales
BONDS
Week
for
♦Gesfruel 6a
Agricultural Mtge Bk (Col)
♦Baden 7s
23
Apr 1946
Jan 1947
23
1951
Bogota (see Mtge Bank of)
♦Cauca Valley 7s
1948
Cent Bk of German State A
23
23
23
t6*
J18
♦6 series A........1952
»8
*26*
*26
....1955
1963
For footnotes see page 1259.
y
4
cccl
104*
1,000
1,000
21*
22*
22
12
—
25*
75
40
7*
*40*
48
5,000
104* 104*
104* 105* 127,000
104* 106
44
7,000
80
42
102
45
42
104* 106*
25,000
100* 101*
79
83
16*666
101* 102
100
102*
100*
"9*060
100
104* 104*
75
76*
66,000
104* 108*
*18
100*
75
19,000
100*
72
1965 ybb
81*
82*
23
35
Jan
23
Feb
1941
y
ccc4
Jan
Gobel (Adolf) 4*s
Grand Trunk West 4s
23
1960
x
a
3
"76*
x
a
2
108*
Jan
Or Nor Pow 6s stpd
...1950
Green Mount Pow 3*8—1963
x
aa
b
b
81*
82
50*606
80*
82*
79
Glen Alden Coal 4s
8*
101* 103
*45
Feb
26*
108* 109
3,000
100
23
Feb
126
2.000
100
104*
60
104* 105*
79
Jan
Feb
123
~
100* 101
1
3
53*
3~o6O
*100*
Grocery Store Prod 6s
U8
♦Prov Banks 6s B..1951
Danish 6*s
Ext 6s—
1961
O
Georgia Power ref 6a
Georgia Pow A Lt 5s
$
♦20-year 7s
♦20-year 7s
ser
8,000
75,000
73,000
X44
1944 ybb 3
2
1969 x a
General Pub Serv 5s
Petroleum
Wool worth (F W) Ltd—
Amer dep rots
6s
4*
81*
108* 108*
101* 102*
3
Wolverine Tube com
128*
101* 106,000
70,000
89*
90*
56
56
10,000
100
17
4
128
*128* 131
100*
90*
20
6 X
108* 111*
108
111
Consol Gas Utll Co—
70
Jan
Weyenberg Shoe Mfg....1
3,000
Consol Gas (Bait City)—
Feb
..10
98* 102*
±127
18
20
44,000
Consol Gas El Lt A Power—
3*
Gen mtge 4*s
65 *
3
13
Wisconsin P A L
89
81*
Westmoreland Coal
Co
2,000
83*
83*
1966
*
20
Wilson Products Ino.
31
1950 y b
»1S
Western Maryland Ry—
Wilson-Jones
73
107*
18*
18*
21
Western Tablet A Statlon'y
Common
»
Westmoreland Ino
69*
105
48,000
20* 119,000
18*
18*
93*
5s registered
*
100
74*
71*
105*
156
83*
83*
1966 y b
Cities 8ervice5s
"ll
1
Western Grocer oom
29.000
4,000
t85*
bb
1955 y bb
...
2,000
Conv deb 6s
•
1
y
153
40*
y cc
Jan
7% preferred.......100
5
105
Cent States PAL 5*8—1953 y b
{♦Chic Rys 6s etfs
1927 z bb
Jan
3*
...»
Wayne Knitting Mills
Wellington Oil Co
73*
69*
a
1968
85X
7% pref—100
Walker Mining Co
4
Cent 111 Pub Serv 3*8
22
101* 102*
103* 104*
103* 104
81
73*
2
Jan
Jan
151
21.000
3
aa
1*
Feb
105* 111*
108* 112*
15,000
aa
Jan
Feb
109* 127*
24,000
x
1
*
49,000
105* 107
108* 109
x
200
13
110* 112
1960
C—......
IX
17*
102* 104*
100* 102
...1998
6s series
Bethlehem Steel 6s
1
25
106*
107* 109*
1,000
106*
108*
x
200
20,000
15*
69
106
Canada—
1st 5s series B
Canadian Pac Ry 6s..——1942
92,300
107* 108*
15*
Baldwin Locom Works—
Feb
3
8,000
104
108*
1*
2%
106
1947 y
3*s
Feb
13*
15*
15*
11*
12*
1*
19
12*
65*
700
13
~2*
44,000
1,000
12*
1%
19
6
12*
11*
65
1%
Van Norman Mach TooI2 *
Petroleum...!
1*
78
12*
3
Birmingham Elec 4*»
46%
12*
b
Atlantic City Elec
2,300
10c
16.000
Avery A Sons (B F)—
16*
S6 .60 priority stock
1
Utility A Ind Corp oom..6
Conv preferred.......7
38,000
dddl
Jan
6 X
24*
7
15
12*
12*
12*
11*
z
♦Conv deb 6*8
Jan
1*
5
50
51
12*
12*
y
Atlanta Gas Lt 4*s
5%
45
13*
A—.1955
AssocT AT deb 5*s
IX
43,000
46
1955
1*
600
400
"x
76,000
39*000
104* 106*
106* 108*
108* 110*
101* 106*
128* 130
106* 107
1977
1,000
X
3X
X
IX
100
tl2*
Registered
IX
3
X
3%
X
IX
16%
Watt A Bond oiass A
♦Debenture 6s.—
1X
24 *
Wagner Baking t to
12*
♦Conv deb 4 *s
3
*
Universal Pictures oom... 1
Waco Aircraft Co
12*
dddl
♦Conv deb 4*8
3
Universal Corp v t c
1
Universal Insurance.....8
Vultee Aircraft Co.—
dddl
x
3,000
{Associated Gas A El Co—
Feb
Vogt Manufacturing
z
Associated Elec 4*8
Jan
200
'3%
*
preferred
dddl
Jan
Fen
Universal Cooler class A—*
com.__
b
x
*
'h
53
1*
1st 17 conv pref
*
United Stores common.60o
Class B
y
1948
1949
1950
Jan
Feb
350
54
3X
U 8 Stores common.—.60c
United Wall Paper
1963
*
X
""200
preferred—20
...1
6,000
American Gas A Elec Co.—
...»
U 8 Rubber Reclaiming..*
Range
Jan
•h
♦Conv deb 5s
16 1st pref with warr
High
19*
6
7% 1st preferred
15
1st Aref 6s
U 8 and Int'l Securities—*
Va Pub Serv
Jan
Feb
6*
23*
Specialties com...1
conv
Feb
*
1st A ref 4 *s_
Preferred
$4
9*
30*
17*
Feb
XX
t9
1st A ref 5s
U 8 Foil Co class B
Venesuelan
Jan
400
1,800
sie
Sharing—26c
10
Utility Equities
Feb
17
1,200
sis
21
•ii
85
*
oom
9*
30%
"10*666
17*
6*
Jan
10% preferred
U 8 Radiator
Jan
6*8—1919
1921
1949
Jan
100
ord reg
United Shoe Mach com.26
conv
Jan
Feb
9*
♦Rio de Janeiro 6*8.1959
Jan
400
United NJREA Canal 100
Jl*
6*
13*
Jan
Jan
"is
Molasses Co-
U 8 Lines pref
U 8 Plywood Corp—
Jan
Feb
Jan
7*
1,300
Jan
Feb
♦
S3 partlc pref
United
17
17*
9*
Jan
ht
7*
*
106*
30
'it
*
SO
United Profit
♦Issue of Oct 1927
13*
Jan
100
'is
sis
Common class B
Am dep rets
13*
♦Mtge Bk of Chile 68.1931
8*
10*
2,900
82
United Lt A Pow com A—*
United
*
*
Elastic Corp—...»
United Gas Corp com
1st
Jan
♦
A Dart pref
Un Cigar-Wh el an Sts._ 10c
United
27
13*
9*
34
10*
Jan
4*
♦5*8
iii
Jan
34
*22*
19%
J25
7*
♦Russian Govt
s*
Jan
6*
15*666
13*
\7
Union Investment com...*
UnStk Yds of Omaha.. 100
Jan
27
7
1951
Jan
3*
7*
1,500
t5*
♦6*s stamped...—1958
♦MedeUln 7s stamped.
Feb
*
10
Jan
27
Jan
Lima (City) Peru—
Jan
Jan
—
tJnexoelled Mfg Co
7
Jan
25
Jan
Jan
22*
2,000
Jan
Jan
»i»
iUlen A Co ser A pref—
Series B pref
High
20*
23*
"
1*666
»i»
36 *
35
7
18
23
e22
2%
6*
6
Low
1
e22
1947
♦Secured fia
700
1*
7%
Tung-Sol Lamp Works.—1
80c conv
X6X
tl8
1952
•Ext 6*8 stmp
900
8*
6%
35 *
Jan
1,300
1
2%
'it
Trt-Contlnental warrants
Corp—1
1
Jan
»ii
High
Dan»lg Port A Waterways
•German Con Munlc 7s '47
Jan
hi
Truni Pork Stores Inc..
Tublze Chatlllon
Jan
Range Since Jan. 1,1941
for
Week
Low
Price
High
112
10c
7% preferred
100
Tonopah-Bel mont Dev.100
To do pah Mining of Nev.l
Trans Lux Corp.
1
Toledo Edison 6% pre!
Trans we8tern Oil Co
Low
of Prices
Sale
(Continued)
Shares
Week's Range
Last
bonds
Range Since Jan. 1,1941
Last
22, 1941
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
Feb.
Exchange—Continued—Page 5
81*
16.000
49
83*
76
77
11,000
16.000
75*
77*
108* 108*
103* 103*
1,000
107* 108*
103* 106*
60
60*
*58*
65
*16*
20
17*
25
*22
24
25
29*
Feb
27
Jan
Quantanamo A West 6s
1946
1958
y
22
22
Feb
22
Feb
Guardian Investors 5s
1948
y c
52
Jan
81
Jan
♦Hamburg Elec 7s
1935
z
dd
*22
26
Jan
26
Jan
♦Hamburg El Underground
A St Ry 5*8
1938
s
cccl
*18
Attention Is directed to the
new
column in this tabulation pertaining to
y
bank eligibility and rating
of bonds.
See a.
New York Curb Exchange—Concluded—Page 6
Volume 152
Bank
Friday
Elig. A
Rating
Last
BONDS
(Concluded)
See a
Price
Houston Lt A Pr 3 54s
Sale
i
for
Week
of Prices
Low
High.
1960
x
•Hungarian Ital Bk 7 Ha--1963
Hygrade Food 6a A
1949
z
c
b
70 54
6a series B
110 54
aa
1949 yb
Idaho Power 354 s
7054
71
aa
10714 107J4
bbb3
107
ser
1954
bbb3
105 X
X
bbb3
105 X
1957
-
x
1956
O...
May
y
bb
3
Indiana Hydro Else 5a
1958 y bbbl
Indiana Service fie........1950 y b
2
1st Hen A ref fie......
1963 y b
2
•Indlftnapolis Oae fie A ....1952
Indianapolis Pow A Lt 354sl970
z
bb
1
II
3
1955 yb
l
1957 y b
74 H
90
Jan
1
1
♦7s series F
1952 y b
1
Interstate Power 5S.......1957 y b
3
Debenture 6a
1952 y ccc2
Iowa-Neb LAP 5a...
1957 y bbb4
107
108
90
10514 108
67,000
12.000
5,000
14,000
26.000
17,000
9,000
10514 10514
10454 10654
9914 103
10014 10154
7214 7954
7154 7854
9154
8014
fie series B.....
.....1961
Iowa Pow A Lt 4H8
1958
♦Isarco Hydro Eleo 7s
1952
Italian
Superpower 6a
Jacksonville Qas
1963
y
20
"i'ooo
6714
69
102.000
39 X
3
aa
39
3954
103H 10314
*10254 10314
2414
2414
30
J
11,000
36.000
"lTooo
107
107
cccl
y cc
24
20
69
bbb4
x
z
1,000
20
103 X
10554 109
21
3154
1942
z
b
3
41X
Jersey Cent Pow A Lt 3X8.1965
Kansas Eleo Pow 3X8.....1966
x
a
4
105 X
x
aa
2
Kansas Gas A Bee 6s.....2022
x
a
2
4314 4414
10514 10614
*10314 109
127
127H
Lake Sup Diet Pow 3 Xl— -1966
x
•Leonard Tlets 7XS
—
*106
7,000
5,000
9,000
51,000
10454 105
10654 107
2454 26
30
3554
4354 48
10554 10754
*37666
128
127
12854
10754
cccl
*22
40
x
bbb3
Louisiana Pow A Lt 5a
x
a
10454 105
107
10814
Mansfeld
1957
•.
4
1
25
4
1952
.1947
.1971
x
y
b
x
aa
1965
x
aa
4s series G.
5,000
49,000
52
_
bbb2
x
bbb3
1955
x
bbb3
Mississippi Power 5s......1955
x
bbb2
Miss Power A Lt 6s......1957
x
bbb3
Miss River Pow 1st fis.
1951
aa
1960 y bb
2
"103"
4
bb
"164"
2
Missouri Pub Serv fis
Deb fis series B
4s series A
z
114
10814 109
107
10754
120
120
120
2
x
bbb3
1956
y
bb
x
aaa2
N E Gas A El Assn fis
y b
.1947
1948
3
4
y
1950
...
24
24
...
New Amsterdam Gas fis... 1948
5s
9714
109
1948
Nelaner Bros Realty 6s
vevada-Caiif Else fis
5054 5954
10354 106
10254 105
_
10014 10114
11314 114
aa
y
New Eng Power 3Xs—.1961 X aaa3
New Eng Pow Assn 6s ....1948 y bb 3
Debenture 5Xs
...1954 y bb
90
5.000
.
5114
5214'
10354 10454
104
10414
106
10614
10414 105
1
10254 10314
10954 110
|
97
101
aaa2
6e series A.............2022
Conv deb fis
1st A ref
7.000
15,000
100
106
104
107
18,000
2,000
28,000
10354 105
10.000
109
13.000
4,000
3,000
6,000
10254 106
110
bb
3
bb
4
stamped.....1950
y
bbb2
103 X
N Y State E A G 4X« ..—1980
1st mtge 39is..........196*
x
a
4
104 X
X
a
4
x
aaas
x
aa
York
N Y A Westoh'r Ltg 4s
2004
Debenture fis
.....1954
1953 vb
Nippon El Pow 6Xs.
3
•«>«>•
"I03"t
......
1
1956
y
bb
2
No Bost Ltg Prop 3XS...1947
Nor Cont'l Utll 5Xs
—1948
x
aa
4
y
b
3
y
bb
2
x aa
4
x
a
3
1956
x
bbb3
1948
x
bb
1941
Ogden Gas 1st fis.
x
aaa2
1946
Ohio Pow 1st mtge 354S-.--1908
Ohio Public Berv 4s......1962
Okla Nat Gas 3Xs B
Okla Power A Water fis
3
15054
150
49,000
150
4
10054
10054
9954
10454 10454
10054 10254
10054 10154
99
10054
4
3
3
5Ha series A...........1952 ybb
♦Ruhr Gas Corp 654s.....1953 z b
4
454e
ser
D_—1960
v
x
aa
Joaquin L A P 6s B...1952
♦Saxon Pub Wks 6s..
1937
♦Scbulte Real Eat 6s
1951
X
aaa2
z
cccl
z
cc
Scrlpp (E W) Co 5548
x
bbb2
.1943
Scullln Steel Ino 3a
yb
1951
3
2
x
a
1970
x
a
2
.1947
y
b
2
2025 y bb
96
aa
3
1951 ybb
So'west Pow A Lt 6s.....2022 y bb
"Hon
4
1968
2
Sou Indiana
S'west
x
Ry 4a
Pub
Serv
X
6S......1946
*5354
1
1952 yb
♦United Industrial 654s
26
59
7
♦1st
s
f 6s
.....1945
1
b
9354
12154
6654
Un Lt A Rys (Del) 6548
United Lt A Rys (Me)—
6654
1952 ybb
6s series A
61
...1962
Deb 6a series A........1973
3
x
y
b
8554
7.000
♦fie
2,000
6254
954
11754 11854
2054 2354
30
3054
30
30
1951
114
45
10254 10354
10454 10554
4954 5454
111
11354
10754 109
108 54 10954
10654 10854
10354 10654
117
8554
8,000
84
10154
10454
10154
10254
6,000
101
6.000
10354 109
10154 102
10254 103
10154 102
3
"i0154
4
y
b
3
10254
10154
cc
2
4
aa
4
x
aa
2
x
18,000
84
""84"
2
bbb3
x
aa
2
bb
2
x
bbb3
z
bb
bb
2
'I0S54
19,000
4,000
4,000
106
8854
102
4
20,000
108
"
121
654
109
Blood
10554 10854
"77000
117
6254 6454
105
*100
10554 106
98
*97
9954 100
1
V
117
'*6354
aaa2
x
10154
454
*109
11054
10554 10554
*10654 10754
*10554
y
90 54
9254
10854
9354 9854
89
43,000
3
1960
fis..
1,000
2,000
11954
10154
10354
10154
10254
10154
Wdrt Newspaper Un 6s... 1944
Wheeling Elec Co fis
..1941
Wise Pow A Light 4s
..1966
I^York Rys Co 6s stmp.._1937
♦Stamped fis
1947
West Penn Traction
8554
117
x
Washington Water Pow 354s'64
West Penn Eleo 6s..
2030
89
25,000
10854 10854
9454
"
""9554"
z
Income deb........1954
Wash Ry A Elec 4a.
2
8654
89
8554
bbb3
103
3,000
13,000
7
1
Light A Pow Co—
Debenture 6s......
2
1975 yb
2
Debenture 654 s
1974 yb
1st lien A eons 5548.....1959 x bbb3
Deb 8 f 6s
....1946
Waldorf-Astoria Hotel—
14,000
15,000
3,000
10654 10754
10754 108
12154 12154
9654
9954
6,000
10454 10554
10754 10954
103
10654
"e'ooo
"2454 *2654
34,000
10354 104
5,000
1,000
754
*11754 120
*18
2354
*22
35
*22
3,000
10254 10254
*10454 10514
60 I'¬ 5014
ll!
11214
108
10754 108
10914
109H 109
10614 10614
H)654
10554 106 54
30
6354
30.000
754
2.000
10254
43
United
10 554 10954
40
2854
ii'doo
5954
aaa4
114
6,000
6054
10314 10354
10414 10454
10714 108
"6000
2854
6554
6954
Deb 6s series A
2022 x bb
Va Pub Service 654 A.....4946 ybb
1st ref fis series B...
1950 y bb
4114
80
2454
20
4
10054 10154
10354 105
4014
80
6854
......
x
124
*112
70
|*Ulen A Co—
11154
5,000
50,000
54,000
41,000
108
4,000
10354
80
7754
7754
2254
21
Utah Power A Light Co—
1st Hen A gen 454s
...1944 xbbb3
1
80
80
70
56,000
7,000
......
6654
10754 10954
9254
9754
9554 100
*101
102
104H 105
69J4
6954
7654
1966 ybb 1
1941 z cccl
6154
80
2454 2454
10654 10654
10754 108
*11814 122
9654
9654
9754
i960 xbbb4
Texas Power A Lt fis.....1966 x a
2
6s series A
...2022 y bbb2
Tide Water Power fis
1979 ybb 3
1949
61
46
69
2854
♦United El Service 7s
8854
36
31,000
28,000
*52
112 54 114
120
11,000
7754
7754
7754
7754
77
—1946
Tlets (L) see Leonard—
Twin City Rap Tr 654s
8,000
9,000
36
21
ccc2
b
9754
104 H
103
110
11054
102*ii 10254
5054 58
10454 107
10554 106
108
7754
y
90
03
61,000
6354
90
8554
7654
7654
7654
7654
7754
7754
7754
"7754
x
84
36
b
7-4s 3d stamped.......1946
Certificates of deposit.....
♦Ternl Hydro El 654S—..1953
Texas Eleo Service 6a
19,000
11,000
3,000
1,000
*106
2
Debentures 6s... ......1951
Debenture 6a....Dec 1 1966
7-4s 2d
12,000
85
20
10054 102
81
8754
*10154 104
4
Standard Gaa A Electric—
6a (stamped)
......1948 y b
6s gold debs..,
1957
Standard Pow A Lt 6a —1957
♦Starrett Corp Ino 6s
1960
Stlnnes (Hugo) Corp—
83
5254
bbb4
1989 ib
20
11,000
8554
96
6654
10454 10454
110
110 54
I02»u 102*«t
9054
2854
10654 10854
13754 13854
6,000
8554
1957 y bbb2
Southeast PAL 6a
Sou Counties Gas 454s
9,000
20
84
2
1st 4548 aeries D
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
27
8154
2
Shawtnigan WAP 4548—1967
84
5,000
*3554 3654
10054 10054
10754 109
24
94,000
138
*18
....
120
68,000
40,000
84
138
138
z
107
162
10454 10554
10054 10254
100
10254
99
10154
7,000
*2154 29
*18
10754 10754
cccl
1950
2,000
152
84
1
z
No Amer Lt A Power—
6Xs series A
yaa
X a
.....1966
Queens Boro Gas A Eleo—
Penn A Ohio—
♦Ext 454s
10554 109
10554 10654
Conv 6s 4th stp
United Elec N J 4s
7,000
10,000
......
y
New
26,000
35,000
3
9654 10054
10054 10254
6.000
10614 10614
"92"
8954 9254 158,000
122
*120
"62*
61
6214 28,000
62
7,000
6114 6214
61
6254
6214 34,000
107
*107
'"94"
9214
9414
127666
96
14,000
9514 9714
y
...1942
.1949
♦Income 6s series A
10554 10654
10554 10654
bb
New Orleans Pub Serv—
fis stamped
105 J4
Puget Sound PAL 554s...1949 ybb
1st A ref fis ser C
...1950 ybb
25
10-54 10354
9554 9654
10754 10954
10954 11054
bbb2
Nebraska Power 4Xs...
25
77
bbb2
2030
|*Nat Pub Serv 6b ctfs..-1978
1981
1,000
88
^
x
Nassau A Suffolk Ltg 5a...1945
Nat Pow A Lt 6s A
2026
25
4,000
10154 10114
1,000
9654
9654
10914 10914
3,000
110
11014
15,000
100
103541
5.000
2
1967
1978
4X«
Minn PAL 454*
1st A rel 6a.
25
*80
bbb2
Middle States Pet 6 He.... 1946 y bb
Midland Valley BE fis
1943 y bb
MUw Gas Light
10654
Conv 6s (stamped).....1948
—1948 yb
Memphis Com ml Appeal—
Mengei Co oonv 4Xs
Metropolitan Ed 4s E
2
6% perpetual certificates
Pub Serv of Oklahoma—
Mln A Smelt—
♦7s mtges f............1941 zdd
McCord Bad A Mfg—
6ft stamped
Deb 454s
aa
Spalding (A G) 5a
10154 10654
107
10854
7654
26
bbb4
San
43
24
*
73
105 54
7054
26
2,000
71
*18
X
2554
3814
b
.1949
—
23
103
7054
a
z
..1964
s f
6754
128
107
z
Range
Public Service of N J—
20
107
4
1946
Long Island Ltg 6a.......1945
a
1st mtge 3548
debs 4s_.
x
♦Ruhr Housing 6548......1958
Safe Harbor Water 4 54s
1979
18
—
fie stamped
Jan. 1
2254
18
*1954
$
Power Corp(Can) 4 54sB—1959
•Prussian Electric 6s
1954
26.000
10514 106
10454 10514
99 54 10014
100 N 10054
7254 75
7114
7454
18
Price
Public Service Co of Colo—
International Power Seo—
♦6 His series C
♦7s series E
Since
See A
7054 74
7054 7254
10714 10854
15.000
28.000
10714
86
for
Week
(iConcluded)
of Prices
Low
High
1101411014
6,000
x
x
1st A ref. fie
Week's Range
Sale
5,000
71
1967
8 t deb 5 54s
Last
Rating
Since
1,000
11014
111 Pr A Lt 1st 6sser A.....1953
1st A ref 5 54s ser B
EU0. A
BONDS
Range
*3
y
%
Sales
Friday
Bank
Sales
Week's Range,
I
1259
11654 11854
69
6*54
105
15,000
101
"8"odo
108
101
10554 10754
9754 99
99
10054
'87000
Pacific Gas A Eleo Co—
1st 6s series B
Pacific Ltg A Pow fis.....1942
Pacific Pow A Ltg fis
1955
s
aaa4
y
bbb2
1964
1977
6s scries H
bbb2
x
aa
2
1962
Penn Electric 4s F
bbb2
x
x aa
2
10414
*10654 10754
95 54
9454
9654
ccc2
x
1971
Penn Cent LAP 4Xs
1st fis
z
1979
Park Lexington 3s
104
;
35
"105"
"108"
3,000
25J000
35
1,000
10454 105
41,000
*10654 108
10454 105
10754 10814
104
10454
10654 10654
9554 99
35
38
10454 10554
106
107
"e'ooo 104J4 10654
28,000
10754 109
Penn Ohio Edison—
Deb 6Xs series B......1959 ybb 4
Penn Pub Serv 6s C
1947 x aa 2
fis series D
1954 x aa 2
Peoples Gas L A Coke—
4e series B............1981
105 54
10514
*10714 10814
*10854 10954
bbb2
x
bbb2
aa
•Pomeranian Elec 6s
1953
Portland Gas A Coke Co—
z
b
2
1940
fis stamped extended
1950
Potomac Edison fis E
1966
4Xs scries M
1961
Potrero Bug 7 etpd——1947
z
bb
♦
Pledm't
10354
..1972
1962 y bb 4
1
Hydro El 6XS—1960 Jb
fie stamped....
108
108
102
10354
31,000
10354 104
109
11054
*103
10454
27
2754
*18
2554
17,000
10454
10354 10454
25,000
109
'I'ooo
10254 10454
27
2954
2254 2654
102
3
Phlla Eleo Pow 5Xs.
Phila Rapid Transit 68
10554 106
107
10754
▲
x
x
1961
4s series D
3,000
115
I
♦
No
par value,
a Deterred
delivery sales not Included In year's range, d Exinterest.
n Under the rule sales not included in year's range,
r Cash sales not in¬
cluded in year's range.
x Ex-dividend.
* Friday's bid and asked price.
No sales being transacted during current week.
♦Bonds being traded flat.
...
x
bb
x
a
x a
y
ccc2
8654
9554 9554
8654 8654
10954 10954
11054 11014
59
59
1,000
4.000
15.000
10,000
7,000
9354
8654
96
9154
109
10954
10954 H054
50
| Reported In receivership.
e
Cash sales transacted during the current week and not Included in
yearly range:
weekly or
-
No Sales.
59
v Under-the-rule sales transacted during the current week and not Included in
weekly or yearly range:
'•!'
Nosales.
a
.lV7-
7 ;vV;'
Deferred delivery sales transacted during the current week and not Included in
weekly
or
yearly range:
No sales.
.
Abbreviations Used Above—"cod," certificates of deposit; "cons," consolidated;
cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock;
"v t c," voting trust certificates; 'w I," when issued; "w w," with
warrants; "x-w"
without warrants.
iBank Eligibility
believe
y
and Rating Column—xIndicates those bonds which
eligible for bank Investment.
Indicates those bonds
status or some
z
believe
we
bank eligible
not
due either to rating
provision in the bond tending to make lt speculative,
we
are
Indicates issues in default, In bankruptcy, or in process of reorganization.
The rating symbols in this column are based on the ratings assigned to each
bond by the four rating agencies. The letters Indicate the quality and the numeral
Immediately foUowlng shows the number of agencies so rating the bond.
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 c
or
1
wer are
ah in defa
Issues bearing ddd or lower are in default.
Attention Is directed to the new column in this tabulation pertaining to bank eligibility and rating of bonds.
■
'
■
.
I
See note A above.
■
,
.
,
.
■
\
The Commercial dr Financial
1260
Chronicle
Feb.
22, 1941
Other Stock Exchanges
Baltimore Stock
Feb. 15 to Feb. 21, both inclusive,
Exchange
Week's Range
Last
Sale
Stocks—
'■
v
Arundel Corp
Bait Transit Co com
mmrnmrn
15%
Feb
36c
166
28c
Jan
36c
Feb
2.50
116
1.65
Jan
2.50
Feb
253
MX
Feb
71 %
Jan
34
117%
Jan
118%
Feb
108
Feb
Jen
64%
66
vtcl
mmrnmmm
100
7%
400
53
U5%
127
9%
— —-
15%
—£'
—
—
100
7%
Last
Week's Range
for
Sale
of Prices
Week
15%
Feb
17%
Jan
Price
1.15
Feb
Jan
Feb
17%
29%
Jan
71
Jan
17
Jan
18
Feb
1.00
Feb
1.05
Jan
94 %
35c
Jan
97 %
Jan
100
Feb
40c
Jan
54
51%
Feb
54 %
Jan
10
87%
21%
Jan
87 %
Jan
955
Jan
233^
Feb
73
33%
Jan
34%
Feb
29
29
10
29
70%
17%
70%
10
70
17%
1,033
1.05
1.05
100
96%
86
35c
96%
96%
51%
Phillips Packing Co preflOO
n 8 Fidelity A Guar
2
87%
87%
21%
21%
22
34
34%
35c
1
Bank.20
Jan
Friday
Jan
"51%
Ry...50
54
Stocks (Contluned)
A 5s flat
35%
41
-
B 5s
101%
40
37
Jan
Jan
100
4,000
4,000
41%
101%
33%
36% $16,000
Jan
Jan
Feb
43
Feb
101 %
Feb
Boston Stock Exchange
^cb. 15
to
Sales
Week's
Last
Range
of Prices
High
Sale
Low
Price
Par
Stocks—
Amer
sales lists
Feb. 21, both inclusive, compiled from official
Friday
for
Week
Tel
158%
mrn~mm'm
BIgelow Sanf'd Carp pf 100
Boston A Albany
100
(new) .26
Elevated
100
Herald Traveler..*
Boston
Boston
Boston A
Prior
35c
10
Bendlx Aviation com
B erghoff
89%
91%
25c
Feb
45c
Jan
Feb
168%
102%
Jan
Jan
88%
Jan
31
374
31
32%
2,693
48
49%
Feb
18%
625
5%
5%
1%
m
1%
1%
1%
1%
£ V-
-
Copper Range——
East Gas A Fuel Assn—
-
Common.
....
Burd Piston Ring com
Butler Brothers
1
._*
5
1
10
6% cumul conv nref__30
Cmpbl WyantACnFdycap*
Castle (A M) A Co com. 10
Cent 111 Pub 8er (6 pref..*
107
19
Feb
Shaft com.5
*
.
_
Jan
Jan
6%
2%
25
Consolidated Biscuit com.l
Jan
Jan
2
Jan
2%
Jan
Feb
V, 4%
4%
680
4%
2%
252
2%
70
424
-
-
-
£
—
256
3%
1
l
83
m^
85
16
Jan
7
Jan
Fen
5
Jan
Jan
3%
Jan
50
Feb
58%
Jan
34
Feb
41%
Jan
Jan
1.00
Jan
250
23
23
mrnmmmm
23%
3
'
:
■V
87%
Feb
5%
Jan
Feb
3%
23
25%
.—.100
Common
100
5% cum pref
-
-
—£
-
Mass Util Ass v t c
*
Pacific MUls Co
20
12
Feb
------
3%
100
3%
Jan
4
Jan
4%
20%
11%
900
4%
Feb
11%
17%
rnmrn'mmm
6%
117%
------
------
23
...50
Pennsylvania RR
Preferred
...100
_
25
Qulncy Mining Co..
25
Reece Button Hole MachlO
Reece Folding Mach
10
Sbawmut Assn T G—
•
Stone A Webster
*
Suburban Elec Sec—
2d preferred
—
*
Torrington Co (The)
Union Twist Drill Co
5
United Fruit Co
*
United Shoe Mach Corp.26
Utah Metal A Tunnel Co.l
System........*
(S D) Co
-.*
%
------
------
10%
6%
/
Dayton Rubber Mfg com.l
Deep Rock Oil conv pref.*
Deere A Co com—. •—♦
Diamond T Motor Car cm2
Jan
Feb
Elgin Natl Watch Co
15
Eversharp Inc com
1
Fairbanks Morse com....*
Jan
4%
Jan
Fox
4
—
-
mmmmrn
——
— —
------
119%
228
117
Feb
129
Jan
10
50
Feb
60
Feb
Gen Outdoor Adv com...*
..*
732
576
ht
Jan
Ut
Feb
32c
890
28c
Feb
37c
Jan
11%
70
11%
Feb
22
Feb
Jan
Gossard (H W) com
1%
8%
8%
60
1
1
28%
5,100
Jan
30
2%
200
Jan
2%
Feb
5%
810
27%
1%
5%
Feb
6
Jan
1%
220
1%
Jan
2
Jan
12%
Feb
16
Jan
19%
110%
Feb
23%
Jan
Jan
110%
Jan
15
Feb
19%
30
80%
Jan
96
Jan
17%
150
17%
Feb
19
Jan
9%
100
9%
Feb
11%
Jan
7
Feb
7%
Feb
Feb
22%
7
20
19%
1,035
13
Adams Oil & Gas
37%
Feb
45%
Feb
23
6%
100
20%
5%
Feb
6%
Jan
4%
400
4%
Feb
5
Jan
------
49%
60
150
49%
Feb
Jan
2%
Jan
------
33%
35%
53
33%
Feb
42
40%
2,500
Jan
Feb
4%
Jan
3%
3%
330
40%
3%
3%
Feb
3%
42%
3%
39%
48%
Feb
3%
6%
7
200
6%
Feb
8
220
16%
Feb
200
9%
Feb
14%
Feb
14
-----
2
2
-
—— —
-
6%
16%
17%
9%
v 7
------
— —
Jan
43c
43c
300
40c
Feb
C0c
j an
8
8%
100
8
Feb
8%
Jan
Inland Steel Co iap__
10
27
Feb
Jan
international Harvest com*
67
67%
$1,000
67
Feb
72%
19,000
18%
Jan
25%
25%
-----
.1
1
11%
-----
_____
101%
Jan
102%
Jan
Aviation A Transport cap, l
102%
Feb
105%
Feb
105
Feb
106
Jan
Cumulatlvl preferred.
LlbbyMcNelllALlbby cO
Lincoln Printing Co—
1
11%
200
%
2%
100
%
Feb
200
2%
Feb
6%
475
6%
Feb
25%
6%
26%
2%
8%
250
25%
Feb
29%
Jan
19%
250
19
Feb
21%
Jan
77%
90
76%
Feb
90%
Jan
46%
11%
48%
275
46%
Feb
53%
11%
500
11%
Feb
14
4%
4%
250
7%
47%
7%
47%
250
10
1
1
V
;
40
600
4
Jan
7%
Feb
Jan
Jan
Jan
4%
8%
Feb
Jan
Jan
Feb
50%
101%
Feb
106%
Jan
1
Jan
1
Jan
47
5
Feb
27%
10
Jan
20%
5%
27%
'""5%
9,650
5
Feb
7%
30
16
Jan
20
Feb
11%
Jan
20
20
25%
Jan
9%
Feb
1%
650
1%
1,250
1%
13%
Feb
14%
Jan
15%
Jan
13
14%
600
9
Jan
14%
Feb
6%
6%
150
5%
Jan
6%
Feb
24%
""14%
14
Range Since Jan. 1, 1941
Week
24%
3%
50
24%
Feb
28%
Jan
9%
48%
608
46
Feb
53%
100
45
Feb
51%
3%
Jan
4
4%
Feb
6%
Jan
5%
3%
Feb
5%
Feb
he
200
ht
Feb
ht
Feb
4%
4%
100
Jan
4%
Feb
%
%
100
%
Feb
%
Feb
3%
Jan
4%
Feb
4%
5
5%
Jan
3
Feb
.
Jan
2%
Jan
100
1,150
2,900
3%
5
Jan
45
Jan
in
Mer A Mfrs Sec Co A coml
High
Low
Shares
10
1%
13%
9%
'.
■
Midland Utilities—
Feb
3%
3%
12%
Jan
11%
13
Jan
"""4%
4%
4%
100
11%
10%
210
10
Jan
12%
Jan
6%
6%
25%
11%
6%
25%
100
6
Jan
6%
Jan
25%
Feb
27%
Jan
35
36%
717
35
Feb
39%
Jan
10
10
100
Jan
11
Jan
"29"
29
29%
250
29
Feo
32
Jan
28%
250
27%
Feb
Villi
27%
5%
6
350
5%
Jan
32%
6%
Jan
com..
9%
9%
9%
800
9%
Feb
9%
Feb
com..
11%
11%
1,000
Jan
7C,
4%
Jan
---£-£
10%
10%
50
10%
Feb
29
28%
29%
331
28%
Feb
36%
Jan
93
93
93
150
90%
157
Jan
94
Jan
Minneapolis Brew com
1
■
Feb
168%
Jan
50
"
4%
Feb
5%
Jan
9
Jan
------
8
8
250
8
Feb
mm-mmm
2
2%
700
1%
Jan
Jan
300
34
Feb
2%
35%
3
Jan
3%
36%
National Standard
an
com.
Jan
------
3%
3%
150
3%
3%
3%
1,350
3%
Feb
5%
Jan
Northwest
3%
3%
3%
1,100
3%
Jan
4%
Jan
Northwest Bancorp
For footnotes see page 1263
Jan
38%
Leath A Co—
Sales
35
Jan
76%
-
—
•
inclusive, compiled from official sales lists
34
Jan
19
—
1
35
V
%
2%
,;V %
Jan
1,675
7
Jan
38%
mm.
Jan
22%
50
r
11
mm
Indianapolis Pr A Lt com.*
20%
9
-V 9
—
mm
Indep Pneumatic Tool cap*
30
v.
1,800
101% 101%
Feb
4%
Jan
Jan
55%
4%
Jan
9%
Jan
658
4%
8
Jan
56%
985
Feb
%
55%
160%
7%
13%
56%
157
Jan
Feb
Illinois Central RR com 100
mm'm
Feb
11
Jan
100
Jan
Jan
40
70%
60%
100
Jan
20%
10%
16%
16%
Jan
Feb
250
Jan
Jan
Jan
60%
3%
Jan
8%
38%
379
3%
55%
1,000
Jan
6%
10%
8%
12
Jan
Jan
Feb
526
3
Jan
6%
10
64%
3%
Jan
150
475
61%
12
Jan
Feb
3
7%
10%
64%
12
30
,
40
1
10
mmmmmm
com_l
Allied Laboratories Inc cm*
A Ills-Chalmers Mfg. Co__»
Amer Pub Serv Co pfd.100
Amer Tel & Tel Co cap. 100
Armour A Co common—6
Aro Equip Corp com
1
Asbestos Mfg Co
1
Associates Invest Co com.*
Athey Truss Wheel cap...4
Aviation Corp (Del)
3
2
50
3%
33
"
Jan
7%
Hupp Motor Car com
Illinois Buick Co cap
com—*
Aetna Ball Bear Mfg
Jan
7
pfdlO
Harnlschfeger Corp com. 10
Helleman Brewing cap
1
Hlbb Spencer Bart com..25
Jan
Advanced Alum Castings.5
Jan
Jan
Hamilton Mfg cl A prt
35%
45
14
200
Jan
Feb
9%
Feb
14%
1%
5%
FeD
7
12%
30C
15
Feb
-----p.
Jan
14
33%
25
19%
65
-
Abbott Laboratories com *
470
16%
83
60
Middle West Corp cap..
Acme Steel Co com
Jan
14%
55
46
Jan
14
34
46
Jan
14%
Feb
High
5
Great Lakes DAD com..*
1
of Prices
Feb
Hall Printing Co com.. .10
Jan
Low
Feb
Jan
10
30%
Sale
Feb
3%
Jan
100
Jan
Feb
Price
8%
63%
850
9%
Chicago Stock Exchange
Par
Jan
50
428
400
$3.50 pref
Stocks—
9%
72%
8%
""9%
Feb
for
Jan
*
%
8%
Week's Range
Jan
73
37%
21%
Goodyear T A Rub com..*
1,445
13%
24%
Jan
22%
%
11%
23%
%
26%
Last
Jan
30
Feb
37%
20%
6%
4%
Goldblatt Bros Inc com..*
Friday
1
Feb
68
Jan
Gillette Safety Razor com •
28c
140
Feb. 15 to Feb. 21, both
Feb
27%
50
%
Feb
Gen Motors Corp com..10
500
%
400
68
3%
General Foods com
3,250
1,600
28
Jan
28%
2%
General Finance com cap.l
105
Jan
50
Jan
105
14
850
Feb
27%
34%
------
Feb
300
7%
1948
12
2%
Boston A Maine RR—
Series D 6.
50
3%
5%
2%
26%
Series B 58—......1948
12
Jan
31%
2%
55
1,000
Jan
3%
Jan
200
102% 102%
102% 102%
21%
30%
2%
3%
31%
——————
Feb
5%
2%
27%
Eastern Mass St Ry—
Series A 4%s
..1948
Feb V
7%
Houdallle-Hersbey cl B.._*
mmmm--
18%
12%
General Amer Transp com
Feb
1970
25
7%
Jan
26
Katz Drug Co com
I960
18%
■■
Feb
1
5
19%
4%
Bonds-
4%
112
19%
135
Jarvis (W B) Co cap
4s
47
Jan
17%
9%
17%
Fuller Mfg Co com
27
Jan
106
15
£
Jan
100
Jan
41
50
82
------
52c
27
Jan
%
210
12%
13%
19%
19% W 30
30
110% 110%
1%
Feb
45
£
6
80
1%
mmmmmm
25c
Feb
mm
Jan
28%
2%
5%
205
20
-
%
28%
50c
280
——
50
4%
6%
45
—
Jan
3%
Elec Household Util Corp_6
Jan
6c
3%
38
44%
rn
95%
Jan
4%
Dodge Mfg Corp com....*
------
mm
Jan
5%
43
8%
—
'
20%
5%
89%
50
63% z66%
—£
-
(Peter) Brew com...5
10
710
Jan
68
Cudahy Packing 7% prf 100
Cunningham Drg Stores2 %
ht
28c
Jan
Jan
%
27%
%
27%
Four-Wheel Drive Auto.10
— —
-
21
12
Jan
v
Feb
18%
12
16%
50
17%
108%
41
—£——££
Feb
50
150
% V
108
108
12%
117
Feb
%
"42%
116
2%
Jan
11%
5%
*91
93
19%
50
5%
21%
14%
Jan
165
93%
20%
"l7%
9%
18
4%
4%
20%
12%
20
Jan
Jan
12%
19%
5%
Jan
7%
10%
25C
m
1
Mergenthaler Linotype—»
NarragansettRacgAssnlncl
National Tun A Mines.—*
New England Tel A Tel 100
New River 6% cum pfd 100
N Y N H A Hart RR—100
North Butte
2.50
115
V 4
4
Jan
350
350
Common pt sh v t c
Feb
Feb
5C
Maine Central4
Jan
2%
Jan
Feb
3
33
200
V 5c
Jan
Feb
80
75
34
5c
180
75c
198
3%
33
34
V;
20
4
3%
20%
Jan
8%
A.50
Container Corp of Amer_20
Continental Steel com—*
4%
—
Feb
2
Consumers Co—
Jan
Crane Co com..
—
Jan
Jan
11%
3%
Consolidated Oil Corp...*
Feb
Feb
36%
8%
18%
16%
200
Jan
Feb
Commonwealth Edison—
5%
34
8
7%
Convertible preferred..*
18%
75
36%
Jan
10%
Cherry Burrell Corp com.5
Chicago Corp common...i
Jan
265
50
Jan
Jan
6
37%
—
£——
Chrysler Corp common..6
Cities Service Co com... 10
6%
£-'-
2%
Jan
16
,
1,170
V 2
Common...........50c
Chicago Flex
12%
---
18%
Feb
Feb
33
100
16
17%
18
......
*
Conv preferred
Chic Yellow Cab Co cap
5%
2%
51%
700
5%
18%
11%
Central 111 Recur Corp—
Jan
12%
*
100
1st pref
-—100
Eastern S3 Lines..—.*
Employers Group Assn...*
Gillette Safety Razor
•
Hathaway Bakeries pref—*
Helvetia Oil Co. ........ 1
Warren
com
Jan
'"ex
___.__*
4%% prior pref--—100
0% preferred....—100
Eastern Mass St Ry—
Waldorf
L)
Bruce Co (E
Feb
1%
12%
Common
Common
;
8%
8%
200
1,200
16
5
Common..
34%
50%
5%
1%
1%
6
1%
st.—100
std_.100
st—.100
Boston A Providence—.100
Calumet A Heola........6
Class C 1st pref
Class B 1st pref
5%
34%
Jan
Jan
10
Feb
Brown Fence A Wire-
Jan
V18V'.
190
1%
Class A 1st pref
High
10%
Jan
17
50
9%
Corp—
Capital
1%
450
33
B re w! ng Cor p.. . 1
Borg Warner
97%
Maine-
preferred—.—100
18%
10%
5%
-
Bliss & Laughlln Inc com.5
Jan
45
320
18%
£££'££-
17%
34%
Prior lien pref
156%
20
91%
48%
-
50
10%
— —m —;
*
5
Belmont Radio Corp
*
*
Chain Belt Co com......*
High
100
105
3,382
31
Boston Edison Co
Low
9%
9%
18%
Bastlan-Blessing Co com
Belden Mfg Co com
$7 preferred
Low
Shares
156% 160%
100% 100%
25c
*
100
Common
Range Since Jan. 1, 1941
Shares
Central 4 S W—
Range Since Jan. 1, 1941
Pneumatic Serv Co-
Amer Tel A
High
Low
9%
Barlow & Seellg Mfg A con5
Class A pref—
36
1976
1975 £££-,—
1975 -££££1
Par
Sales
4
BondsBait Transit 4s flat...
CHICAGO
Jan
Jan
31
Feb
Penna Water A Power com*
Salle St.,
Jan
1.05
mm mmm
-
North Amer Oil Co com__l
La
S.
Jan
1.05
New Amsterdam Casualty2
10
Teletype
Municipal Dept. OGO. 521
Trading Dept. OGO. 405-406
9%
15
------
Principal Exchanges
Bell System
Jan
300
mmmmmm
Members
9%
9% V,'.-. 16
82
15%
670
100
Western National
120%
Jan
1.15
MononWPenn PS 7% pf 25
...
Feb
29
17%
1.10
17%
Merch A Miners Transp..*
Owlngs Mills Distillery
Jan
15
Maryland A Pa RR com 100
Northern Central
Jan
110%
7%
7%
m
5%
6
------
— —
4
115% 116
30
30%
7%
20
108
7%
mm
mm
118%
108
Fidelity A Guar Fire
10
Finance Co of Am A com.5
Mt VerWood Mills pref
Paul R Davis &(30,
Feb
783
118
118
Davison Chemical Co com 1
Houston Oil pref..*..
17
16%
2.20
m
65%
4%% pref B
.100
4% preferred C_ _—100
Fidelity A Deposit
High
Low
15%
16%
>
Consol Gas E L A Pow—*
Eastern Sugars As com
Range Since Jan. 1, 1941
Week
Shares
35c
*
▼ t c *
c—100
1st preferred v t
of Prices
High
Low
Price
Par
Liited and Unlit ted
iSales
for
Friday
SECURITIES
CHICAGO
compiled from official sales lists
Air Inc
11
3
9%
11
Feb
14
Jan
Jan
'
The Commercial & Financial Chronicle
152
Volume
of Prices
Low
Price
Par
Stocks (Concluded)
High
Low
Shares
High
19%
19%
100
19%
Feb
22 %
Jan
11
13
310
11
Feb
13
Jan
57
*
100
100
-
59
40
54%
Feb
6036
com
*
Feb
14%
2236
50
Peoples G LtACoke cap 100
14
Feb
16
Jan
Goodrich (B F)
22
Feb
2436
Jan
Goodyear Tire A Rub
363-$
Jnn
43
Jan
Great Lakes Towing
1
*
*
"26"
*
a8%
"97 h
Quaker Oats Co common.*
100
"45%
10
.100
71%
27
Jan
c
Feb
13
Jan
Feb
*
4%
4%
100
3%
Jan
11%
43%
4%
Jan
Jan
2
Interlake Steamship
Lamson A Sessions
*
Feb
210
97%
Feb
105
Jan
McKee (A G) B
*
35%
35%
20
35%
Feb
38
Jan
120
152%
Feb
160
Jan
Medusa Portland Cement *
17
17
50
17
Feb
19
Jan
150
46%
Feb
Jan
Metro Pav Brick
a55
a55
46%
5736
com
7% pf 100
500
%
Jan
136
Jan
Miller Wholesale Drug
9%
Feb
Feb
National Acme.....
1
10
1036
101 %
Natl Mall St Cast com..*
Feb
Feb
c
3%
Feb
4%
Jan
National Refining (new)..*
21%
Jan
22 36
Jan
National Tile.
100
8%
Feb
926
Jan
c
N Y Central RR com...*
789
69%
Feb
c
Ohio Oil
1%
Jan
7826
136
Jan
300
8%
71%
1%
101%
150
350
Jan
Otis Steel...
*
*
a!8%
*
*
14%
14%
50
14%
Feb
1536
Jan
Richman Bros
6
31
32%
250
31
Fen
Jan
Standard Oil Co
Southwest Lt & Pow pref_*
100
10
100
Jan
3536
10036
Jan
Thompson Prod Inc
5%
Feb
636
Jan
Twin Coach
1436
Jan
c
Jan
U pson-Walton
Jan
Wei nberger Drug Stores
Jan
White Motor
6
Jan
Youngstown Sheet A Tube*
13%
1%
7
6
Storkline Furniture
.10
com
13%
1%
1,500
12%
1%
Feb
26
800
25%
Jan
7
820
6%
Feb
6
1
26
Stewart Warner
110
6
150
6
Jan
32
1,500
5%
20
Common
Standard Oil of Ind
5%
25%
6%
Spiegel Inc common.....2
Standard Dredge pref
100
200
Jan
2
2736
826
Sunstrand Mach T'l com.6
"32~~
29
29
Feb
36
17%
17%
350
17%
Feb
1936
22%
22%
1,550
22%
Jan
2436
35%
251
34%
Feb
40
Jan
*
1
com
*
.
_
5
*
9
50
9
Feb
55
Feb
Feb
38 %
8
Feb
7
85
Jan
23%
Jan
Feb
Feb
17%
17%
1%
%
1136
Feb
Feb
Feb
7%
Jan
Feb
Feb
1026
Feb
22%
Jan
502
6%
7%
16%
33%
Feb
3536
50
34 %
Feb
3836
Jan
4
28%
Feb
34
Feb
10
7%
Feb
9%
Feb
Feb
70 %
Feb
20
200
150
40
68
50
581
55
278
23%
Feb
2%
Jan
Jan
%
15%
Jan
Feb
Feb
Jan
252
4%
Feb
636
Jan
150
9
9
Feb
103-6
17%
42%
Feb
113
12%
Feb
110
al2% a 13%
a32% a33%
a!3%
55
30
380
a7% a7%
a56% a58%
4%
5%
a56%
1
com
2
80
31%
Feb
Jan
Feb
Jan
34%
33%
34%
Jan
Jan
"22%
a
Jan
Jan
Swift International cap. .16
Swift A Co
25
U S Steel
_*
(Ohio)-.25
8%
42
78
a636
a7
a6%
a7%
a!7% a!8%
33%
34%
a34% a34%
a28% a28%
com
Republic Steel com
42
a30% a31
7%
7%
al7% a!7%
al726 al7%
1%
2
%
%
al2
ol236
*
50
3%
22
a8%
42
*
c
cap.
Feb
Feb
69%
1%
1
;
Feb
Feb
9%
1%
Slgnode Steel StrapCommon
20 %
24%
8%
Schwitzer Cummins cap__l
Sears Roebuck A Co cap..*
Sou Bend Lathe Wks
Feb
20%
Jan
110
3%
21%
*
Serrick Corp cl B com
75
14 %
Feb
300
%
%
10%
10%
101% 101%
Rollins Hosiery Mills com 4
com
60
925
46%
5
10
Preferred.
„
Feb
2
Midland Steel Prod
6% preferred
20
1426
9%
25
Raytheon Mfg Co..
Reliance Mfg Co com
20
Jan
Feb
Feb
19
104
a
Feb
Feb
12%
11%
16%
23
al2% al3%
16% al7%
a!3%
100
i
3536
103
99
97%
152% 153
926
Process Corp (The) com..*
Sangamo Elec Co
Interlake Iron
86
Feb
9%
*
Pressed Steel Car oom
Rath Packing com
50
935
418
Feb
103
18%
1%
Perfect Circle Co com
Preferred
14%
23%
39%
38%
24%
al2% al3
Feb
30 %
80
5
High
16
50
al03
al03
*
Low
Shares
al6% al6%
a3026 a32
100
22%
Penn Elee Switch conv A 10
Penn RR capital
General Elec
Week
Firestone TAR com..10
General TAR pref
c Glidden Co com
North West IT til—
7% preferred
7% prior lien
c
for
of Prices
Low
H.gh
Price
Par
c
Northwest Eng Co cap
Range Since Jan. 1, 1941
Week's Range
Sale
for
Week
Sale
Stocks (Concluded)
Last
Range Since Jan. 1, 1941
Week's Range
Last
Sales
Friday
Sales
Friday
1261
Texas Corp caoltal
25
Feb
5
Thompson Co (J R) com.25
5
Trane Co (The) com
2
Dnlon Carb A Carbon cap
United Air Lines Tr cap..5
5%
11%
605
11
100
61%
64%
481
1336
12%
13%
U 8 Gypsum Co com
20
United States Steel com.
it"
62%
58%
118% 119%
1,850
241
118%
Feb
he
he
300
hi
Jan
7%
cum
pref
Jan
61%
Feb
7026
Jan
12%
Feb
17
Jan
97
55
watling, Lerciien & Co.
Jan
10%
12
439
61%
..100
636
Feb
61%
Jan
69%
Jan
55
Feb
70%
Jan
130
Members
New
York Stock
Detroit Stock
Ford
Jan
1%
20%
1%
300
1%
Feb
20%
450
20%
Feb
19
19%
235
19
Feb
22 36
Telephone: Randolph 5530
Jan
Westnghs El A Mfg com.50
90%
92%
417
9036
Feb
10436
Jan
4%
200
4%
Feb
5a6
Jan
70
Feb
7926
Jan
4
Feb
536
Jan
Feb
1536
DETROIT
Building
Jan
Westn Union Teleg cm .100
Chicago Stock Exchange
Exchange
Utility A Ind Corp—
36
136
22?6
New York Curb Associate
Exchange
Jan
5
Common
Convertible pref
"1%
7
Walgreen Co com
__»
"4%
Wisconsin Bankshares cm*
4%
70
Wrigley (Wm Jr) Co cap.*
100
70
4%
4%
50
12%
Yate8-Amer Machine cap_5
Zenith Radio Corp com.
13%
594
12%
Jan
Jan
Detroit Stock
Feb. 15 to Feb.
Par
Stocks—
Exchange
both inclusive, compiled from official sales lists
Feb. 15 to Feb. 21,
Friday
Range Since Jan. 1, 1941
Last
Champ Paper A Fiber
Week
Churngold...
106"
Low
_
Kroger-.........
21
*
"51%
*
1536
Jan
1636
Feb
220
63c
Feb
73c
Jan
1,721
4
Jan
136
236
336
1536
136
226
28c
28c
Jan
106
Feb
4
Jan
321
103%
Jan
107%
Feb
Detroit Gray Iron
104
13
87%
Feb
92
Jan
773
3%
95%
Jan
4
Jan
Jan
99
Jan
12%
107%
Jan
14%
Jan
com—5
Det-Michigan Stove com.l
Detroit Paper Prod com__l
Det Gasket pref
—..1
Federal Mogul com
*
Feb
107%
Feb
FrankenmutbBrew com_.l
103
Feb
103
Feb
12
9
334
Feb
8%
103
230
"T"
10
113
Jan
1026
Jan
Goebel Brewing com
Feb
;
105
113%
Graham-Paige com
22%
Feb
Jan
1
1
Grand Valley Brew
cora._l
Hall Lamp com...,
21%
21%
74
21%
Jan
28
78
28
Jan
29
Jan
25
40
25
Jan
25
Jan
25%
659
24%
Feb
30
Jan
,.*
Hoover Ball A Bear com .10
Hosklns Mfg com
236
21
160
19%
Feb
22
Jan
Houdaille-Hershey B
1
300
1
Feb
Hurd Lock A Mfg com...
Preferred.....
1026
Feb
%
Feb
Jan
60
%
30
%
Feb
61%
52%
860
51%
Feb
58
*.
..
.
Jan
4
Jan
Jan
Masco Screw Prod com...
Jan
McCIanahan Oil com
-
62
4
4
y
124
7%
8
1%
Feb
7%
1%
6
20
95
Jan
95
8%
1%
Feb
;
16
Jan
Feb
15
2
15%
Feb
95
Feb
Mill..
.. .
13
.
1036
4%
42%
City Ice
Columbia Gas.
General Motors
_.......
..10
11%
1036
3%
40%
740
13
10%
4%
42%
Feb
1136
Jan
15%
9%
Jan
1036
Feb
Murray Corp com
790
3%
40%
Feb
Feb
4%
Jan
40%
Jan
Parke Davis com
18
Feb
Feb
14
Jan
2
775
2
Feb
236
Jan
526
685
5
Feb
Jan
G1LL1S If*J RUSSELLco.
Jan
200
75c
Jan
1.00
Jan
m
mm'^.mm
40c
40c
200
35c
Jan
50c
Jan
m
mmm'm
626
1836
626
100
626
Feb
Jan
19
267
1836
Feb
726
1926
1336
1336
694
1236
Jan
1426
Jan
11
1136
547
11
Feb
1326
Jan
Jan
45c
Jan
mm
"19
1336
„
±
^
mm
m
mm
mm
^
mm'mm
mm
36c
mm m
mm
m
136
50c
50c
23
2326
'm
A. T. A: T. CLEV. 565 9c 566
Telephone: CHerry 5050
Jan
Jan
126
Jan
20c
5,500
16c
Jan
25c
136
136
100
136
Jan
126
Jan
72c
400
60c
Jan
72c
Feb
6
200
526
Feb
626
Jan
126
Jan
126
126
100
126
Jan
9
155
9
Feb
11
Jan
Feb
Jan
Feb
836
336
3036
Feb
11
2526
Cleveland Stock
Feb. 15 to Feb. 21,
■mm'm
mm
mm.
mm'mm
mm
mm mm mm
261
126
600
7
7
100
1
100
Stocks—'
Par
Price
a4736
*
1036
...3
a4
for
of Prices
Low
High
Shares
526
50
<z4736 a4736
1036
1036
a4
a436
100
alO
alO
*
2
al036
2
1
■
.
■
*
..5
...
7436
112
200
50
87
200
482
50
1263,
1436
700
1126
*
For footnotes see page
7236
112
1426
..1
m* mm mm mm mm
mm
mm
m
1
—*
-
m
mm
m
mm'mm
mm
mm
......
Jan
Jan
7
Feb
7
Feb
1
:
136
Jan
Jan
Feb
Feb
436
100
1836
436
136
136
2036
Jan
126
Jan
1126
310
11
Jan
Feb
126
335
1126
136
19
365
436
136
250
1%
Jan
Jan
Jan
Jan
65c
65c
200
50c
Jan
66c
Feb
336
300
3
Feb
436
Jan
426
426
300
426
Jan
5
Jan
836
8%
100
Feb
10
Jan
126
126
300
836
126
Feb
236
1
300
1
Jan
136
Jan
3
800
236
Jan
3
Jan
l
1%
710
1
Feb
136
Jan
226
2%
1,050
2
Jan
3
Feb
10c
10c
600
10c
Feb
13c
Feb
Jan
Angeles Stock Exchange
Feb. 15 to Feb. 21, both
inclusive, compiled from official sales lists
25
1426
1126
a2926 a3026
104
Sales
Friday
Week
526
50c
Jan
Jan
236
*
Range Since Jan. 1, 1941
Last
High
Low
426
4736
1036
436
936
2
7236
110
1436
1126
2936
Jan
6
51
Jan
Feb
1236
Jan
for
of Prices
Week
Price
Low
High
Low
Shares
High
Jan
Jan
Par
Week's Range
Sale
Stocks—
i..l
Jan
1
426
mm
Range Since Jan. 1, 1941
Week's Range
Sale
1,824
9
126
Feb
3
1
Los
798
Sales
Friday
Last
mm:mm
536
226
2526
836
136
1,790
1
1
Exchange
both inclusive, compiled from official sales lists
636
236
2626
9
1126
Jan
9
26%
4m
Jan
950
2%
mit
Jan
5
536
226
W
Jan
60c
2636
6
■
......
136
Feb
Feb
70c
*
mm'mm
"l%
Jan
Jan
Feb
18c
126
m
Wayne Screw Prod com..4
Wolverine Brewing com._l
50c
23
v
436
136
126
mm
'mm mm'"m
136
100
580
136
1
*
1
300
50c
2326
200
1%
m'm
36c
200
436
1
Warner Aircraft com
,
436
1
Walker A Co B
136
:
19c
United Specialties—
Cleveland
39c
436
126
Universal Cooler B
Union Comnerci Billding,
Jan
82c
U 8 Radiator com..
"
in
ii
■m——
Feb
82c
436
136
1136
126
United Shirt Dist com
4026
mmmmmmmrn
1836
1
2,076
42
636
4836
236
436
Udylite
Jan
Feb
1836
Tom Mcore Dist com
45c
1136
1
*
1
Jan
18
10
Tivoli Brewing com
25c
150
Std Tube B com ...1
Members Cleveland Stock Exchange
200
280
Sheller Mfg com—
Stearns (Fred'k) com
Jan
Jan
5
Scotten-Dillon com
Ohio Listed and Unlisted Securities
Feb
236
*
Reo Motor com
226
200
com.l
Pfelffer Brewing com..—*
Jan
236
Parker-Wolverine com—*
Peninsular Mtl Prod
Jan
5,640
236
Packard Motor Car com. .*
393
136
18
m
..10
80
Feb
200
12%
4026
*
Motor Products com
1736
2
42
Mid-West Abrasive com50c
Unlisted—
Feb
18
mm
m mm mm
1
1
1
Michigan Sugar com—._*
Micromatic Hone com—1
Feb :
1536
136
126
536
mm
Michigan Silica com
10
3
150
1126
m mm
»mm -
—10
Lakey Fdry A Mach com.l
15%
100
226
Kresge (S S) com—
%
-10%
95
50
Wurlitzer pref—
*
1
Kingston Products com._l
Kinsel Drug com
1
Jan
1%
...
1536
3
General Motors com____10
Feb
100
113
10
3
±mmmm+mm
Gar Wood Ind com.;
60
103
4
*
Randall B__
Amer Rolling
100
64c
Feb
•_*
__
— .
1636
63c
%
"io"
;
Moores-Coney B_
Proctor A Gamble...
Rapid..
US Printing
Jan
1636
3%
1
—2.50
...
Manischewitz
45c
19%
5
...-.*.*
Lunkenheimer
Magnavox...
Jan
25%
...
Hilton-Davis pref
Jan
Jan
30c
25
21%
*
Gibson Art.....
Jan
400
28
Formica Insulation
24
45c
20
113
113
100
Feb
30c
100
100
100
Preferred..
20
826
3%
57
Early A Daniel pref...
Jan
354
Feb
1
Continental Motors com..l
Delsel-Wemmer-Gll com 10
8%
Jan
20
20
Consumers Steel com
42
—10
20c
636
736
Jan
13
Eagle-PIcher ...
Feb
Feb
145
Jan
107% 107%
17c
526
8
20
103
100
505
736
20%
98
*
19c
6
Burroughs Add Machine.*
High
Feb
13
pref .100
Jan
19c
526
-
526
90c
Feb
96
Coca Cola A..
626
Jan
17%
3%
High
Jan
75c
16%
89
536
1,395
400
40
Cinti Union Stock Yds
Cinti Union Term
-
636
90c
21
3%
_
mi
Low
Shares
85c
17%
Cincinnati Telephone—50
_
mi mm
*
_
16%
89
3%
636
High
Brown McLaren com.-i._l
Shares
105% 106
89
50
526
Burry Biscuit com...1236c
Consolidated Paper com. 10
3%
.20
Cincinnati Street Ry
Briggs Mfg com
104% 104%
104%
pref. .100
CNOATP
City Brew com
17%
*
Cmtl Gas A Elec
Auto
5
.1
16%
20
*
100
Preferred
of Prices
Low
High
Price
Par
Amer Laundry Machine.
for
Sale
Stocks—
Week's Range
Atlas Drop Forge com
Low
Range Since Jan. 1, 1941
for
Week
of Prices
Price
Baldwin Rubber com_.._l
Sales
Sales
Friday
Last
Week's Range
Sale
Cincinnati Stock
Exchange
21, both inclusive, compiled from official sales lists
Jan
436
Jan
Jan
1026
Feb
2
Jan
Feb
79
Jan
Feb
114
Jan
Jan
Feb
1726
Jan
Feb
13
Jan
Feb
3636
Jan
60c
Bandini Petroleum Co
1
Blue Diamond Corp..—2
BolsarChica Oil cl A com 10
Broadway Dept Store Inc.*
Byron Jackson Co
*
Calif Packing Corp com..*
Central Invest Corp... 100
Aircraft Accessories
Chrysler Corp
Consolidated Oil Corp
450
126
Jan
3
100
236
136
136
Jan
126
126
126
3
3
2
136
2
488
136
136
136
100
4
4
700
4
al036
1736
1036
6
a6636
*
526
O1036 al036
1736
1736
1036
1036
06326 06636
526
536
Jan
236
326
Jan
Feb
Jan
11
Feb
236
126
536
1126
Feb
1736
Feb
254
1736
9%
Jan
11
Jan
291
63 36
Feb
68
Jan
403
526
Feb
6
Jan
30
119
4
Jan
Feb
Feb
Jan
Jan
TAe Commercial & Financial Chronicle
1262
Feb. 22, 1941
Sales
Friday
Range Since Jan. 1, 1941
Last
Par
Stocks (Concluded)
California Securities
Week's Range
for
Sale
of Prices
Week
Lehigh Coal A Navigation*
National Power A Light—*
Pennroad Corp v t c
1
1921
Established
50
—50
Pennsylvania RR
Spring Street, Los Angeles
639 South
Penna Salt Mfg
PbUa Elec of Pa $5 pref—*
MEMBER
Telephone VAndlke 1071
Los Angeles Stock Exchange
Beil
Last
Sale
Price
Par
Stocks (Concluded)
*
5%
17%
Creameries of Amer vtc..l
5%
Consolidated Steel Corp.
Preferred
Douglas Aircraft Co
*
Electrical Products Corp.4
Exeter Oil Co A com
1
066%
Farmers A Merch Natl. 100
395%
9
25c
a42
10
General Motors com
General Paint Corp com.
Preferred.. ......—.*
6%
fl34 %
Gladding McBean & Co.
Goodyear Tire A Rubber.*
Hancock Oil Co A com...*
Lane-Wells Co—
1
5%
al7%
31%
09%
Lincoln Petroleum Co.. 10c
33c
Week's Range
of Prices
Low
High
for
Week
Shares
500
5%
5%
17
17%
5%
5%
a64% 066%
345
300
16
9
Feb
9%
Feb
25c
42%
700
7%
Roberts Public Markets. .2
Ryan Aeronautical Co...l
Security Co units ben int.*
Shell Union OH Corp.. ..16
3%
a3Q%
10%
3
1
Solar Aircraft Co....
6%
Sontag Chain Stores
*
So Calif Edison Co Ltd..26
Original
25%
44%
•%
29%
preferred
25
pref B
....25
29
534% preferred C
25
So Calif Gas 6% pref A. .25
Southern Pacific Co.....*
Standard OH Co of Calif..*
a33%
8%
18%
Transamerloa Corp..—..2
4%
13%
Union OH of Calif......25
Feb
6
Feb
200
5%
Feb
Jan
634
1934
33%
1034
Jan
36c
190
1934
Jan
31%
a9%
100
3134
Feb
29c
33c
10,525
35
Feb
24
Feb
Feb
2134
Feb
2134
10
2%
Feb
Jan
93
33%
Jan
334
3734
10
5434
Feb
Feb
»1«
720
*i#
Feb
5434
34
Feb
134
3034
Jan
2534
2536
836
■■
1
—*
9
1
327
1%
26%
8
56
Feb
8
21,285
Feb
Jan
Jan
Jan
Jan
1034
11734
112 34 113%
113
318
11234
Feb
12%
15%
200
1134
1334
Jan
14
Feb
Jan
16
Jan
12H
14%
10
Coal—.20
148
Jan
a5%
1.40
30
305
325
7%
10
20c
21
Feb
28
Jan
Jan
Jan
534
Jan
134
Jan
234
Jan
100
4%
Jan
434
Fen
10%
Feb
1134
Jan
2834
Jan
185
466
20
197
26
Feb
3934
3634
Jan
3934
Jan
Feb
40
Jan
20
300
1.40
50
1.40
Jan
30
Jan
134
30
1,000
15c
900
734
934
1,873
334
Feb
3
3034
Feb
38
219
1034
Feb
1234
7%
100
10
3%
3%
a30% a30%
10%
10%
3
3%
6%
6%
25% 25%
44%
44%
29% 29%
28% 29
a32% a33%
8%
8%
18
1854
4%
4%
13
1354
both inclusive, compiled from official sales lists
Feb
Jan
Jan
15c
Feb
Feb
1054
Feb
Jan
1034
Feb
434
Jan
Jan
Jan
480
3
Feb
4
Jan
100
5%
Jan
634
Feb
1,281
2534
Feb
50
44 ^
Feb
47%
Jan
717
2934
2834
3434
Feb
3034
2934
Jan
Feb
Jai
3434
Sales
Friday
Last
Par
Stocks—
Week's Range
for
Sale
Jan
Feb
Jan
a5%
15c
Feb. 15 to Feb, 21,
Jan
534
30
15c
Pittsburgh Stock Exchange
Jan
Feb
4,670
26
26%
a37% a37%
36%
36%
10
10
Feb
20
20
31%
a9%
15c
Richfield OH Corp com...*
12J4
2%
35%
54%
~25H
Jan
338
41034
4734
634
Feb
Feb
Feb
Jan
340
2136
—*
Westmoreland
3134
50
United Gas Impvmnt com*
Westmoreland Inc
Jan
Feb
24
*16
*
Feb
30
12 34
24
*16
Preferred
182 34
118
777
Jan
25c
4%
10%
1.40
Feb
39534
4%
10%
30
68 34
Jan
60
4%
10:%
26%
36%
a5%
6834
Jan
503
21%
5%
1%
a37 %
Feb
Feb
*
Preferred
500
5%
1%
com.-.10
Pacific Gas « Elec com ..26
Pacific Indemnity Co...10
Pacific Lighting com .._..*
Pacific Western Oil Corp 10
Republic Petroleum com.l
534% pref
—.60
Rice Ranch OH CO
-1
534
2034
534
11534
Jan
2%
3536
54%
*
United Corp com
Jan
25c
21)4
Pacific Fin Corp
Feb
8
9
5%
1%
-1
17
High
Feb
25c
21%
Co..
5%
Scott Paper
Sun Oil
175
Jan
2136
1
Transit Inv Corp pref...25
9
Lockheed Aircraft Corp.-l
Menasoo Mtg
Low
1941
395% 400
a40% 042%
6%
6%
0,34% a34%
5%
5%
al6% a 17%
Loe Angeles Investment. 10
Pacific Clay Prods.......*
Range Since Jan,
25
181
Jan
234
24 34
Feb
2
22
Feb
7%
24
50
50
2nd preferred—....-.50
Sales
Friday
3036
Salt Dome Oil Corp..
2,582
1,984
336
Jan
2%
23%
17536 175%
11536 117%
30
30%
1234
12%
Jan
Jan
Feb
3034
234
634
3134
Jan
510
504
236
"lib"
High
Jan
Feb
2%
6%
22
Reading RR
1st preferred
System Teletype LA 23-24
Low
122
30%
236
636
634
2 36
22 %
PhUa Elec Power pref—.25
STOCKS—BONDS
Shares
30 36
Horn AHardart (N Y) com
Akin-Lambert Company
High
Low
Price
of Prices
Week
Price
Low
High
Allegheny-Lud Steel com.*
Preferred
100
111%
—*
7%
Byers (A M) Co com
*
Columbia Gas & Elec Co.*
55
20%
1U%
7%
8%
4%
15
Blaw-Knox Co
10%
Copperweld Steel
5
8%
3%
14%
Devonian Oil Co.
10
.1
100
Fort Pitt Brewing..
Lone Star Gas Co com ...»
Feb
11134
Feb
734
Feb
Jan
32
Feb
55
834
334
1434
1034
1134
Feb
1754
Jan
64
13
Feb
14
Feb
1,500
338
Feb
934
Jan
134
Feb
Jan
Jan
1034
Feb
4
Jan
534
Jan
105
Jan
4
50
Jan
5
Jan
98
1,015
5%
Feb
134
36
1,330
4
5%
5%
Jan
10
9%
4
1
McKlnney Mfg Co
Mountain Fuel Supply ColO
25
599
100
9%
m
High
Feb
1%
1%
98
98
Low
19%
11134
13%
13%
Koppers Co pref
Range Since Jan. 1. 1941
Shares
6
Jan
30
Pittsburgh Screw & Bolt.. *
31
230
30
Feb
3134
Jan
77%
5%
Pittsburgh Brewing pref..*
Pittsburgh Plate Glass..25
80
120
77%
Feb
96%
Jan
5%
176
534
Feb
734
Jan
1
2c
2c
3c
23,793
lc
Jan
3c
Feb
United States Glass Co—1
25c
25c
30c
500
25c
Feb
30c
Feb
San Toy Mining Co.
39
40
20
38
614
Feb
40
Feb
1934
50
195*
Vanadium-Alloys Steel...*
Feb
22 34
Jan
Jan
1,184
52
655
2,596
1,593
3,805
1
28
Westlnghouse Air Brake..*
~im
Jan
St,
Louis Stock Exchange—See page
1228.
Jan
Jan
1034
Feb
2034
Jan
Feb
534
Jan
13
Jan
1434
Jan
834
18
434
Jan
Universal Consol Oil—.10
8
8
8
175
8
Feb
9
Jan
Vega Airplane Co—-_1H
Yosemlte Port Cement pf10
6%
6%
6%
200
Feb
834
1%
1%
167
Feb
134
a4%
a4%
a434
75
5
Jan
5
5<
5c
5c
1,000
5
Jan
534
Jan
Cons Chollar G & S Mng.l
1.51
1.50
1.50
100
Jan
1.50
solicited
on
Pacific
Coast
Stock
Exchanges,
which
are
until 5:30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Jan
Black Mamm Cons Mng.10
open
Jan
Alaska Juneau Gold MnglO
Orders
Jan
1%
634
134
Feb
Schwabacher &. Go.
Mining—
Members Hew
1.20
York Stock Exchange
Broadway, New York
Cortlandt 7-4160
Private Wire to own offices In San Franclsoo and Los Angeles
Unlisted—
Amer Rad A Std Banl
a6
*
Amer Tel A Tel Co. ...100
Anaconda Copper..
1575^
22%
...60
Atchsn Topk A 8 Fe Ry 100
Atlantic Refining Co.
25
Aviation Corp
111
20%
a20%
a3%
14%
a34%
a 76%
a 17%
a44%
(The) (Del)3
Baldwin Locomotive v t c—
Bendlx Aviation Corp....6
Bethlehem Steel Corp....*
Borg Warner Corp.
6
Caterpillar Tractor Co...*
.
Columbia Gas & Elec
a4
*
Continental Oil Co (Del).6
Curtlss-Wrlght Corp
a6
033
07534
al7J4
a44J4
a334
01734
al7%
7%
734
025%
2534
3%
334
a32% a31
a34% ji3334
11%
1134
1
Class A
1
Elec Power A Light Corp.*
General Electric Co......*
General Foods Corp.....*
Goodrich (B F) Co......*
c6
157% 157%
22% 22%
2034 2034
a20% a20%
a3% a3%
14%
14%
30
Jan
7
Jan
712
15734
Jan
405
2234
7
Feb
15734
2734
Jan
180
1834
Jan
24
Jan
334
Feb
454
1834
Jan
Jan
11
50
120
14
Feb
Francisco Stock
San
Feb. 15 to Feb, 21,
a.24%
Kenneeott Copper Corp..*
Loew's Inc
..*
a30%
New York Central RR
a33
*
12%
Nor Amer Aviation Inc...l
North American Co.....*
*
13%
al5%
6%
Paramount Pictures Ino..l
1036
Ohio OH Co...
Pennsylvania RR
..50
Radio Corp of America...*
a23
4
Friday
60
35
Jan
35
Jan
Last
Week's Range
for
67
83 %
Jan
83 34
Jan
Sale
Week
01734
a44J4
50
of Prices
Low
High
ol734
734
02534
334
a3234
03434
1134
Par
Stocks—
Republic Steel Corp
..*
Sears Roebuck A Co.....*
Socony-Vacuum Oil Co..16
18%
1834
069 %
06834
834
Price
95
30
180
""434"
20
734
Feb
""434"
Jan
172
2034
Jan
Anglo-Calif Nat'i Bank .20
954
Jan
Assoc Ins Fund Inc.
"b%
Jan
Atlas Imp Diesel Engine 5
Bank of California N A..80
Jan
Calamba Sugar com.
"io"
Feb
Calif Packing Corp com..*
Preferred
50
334
3334
Feb
1134
Feb
Jan
434
3434
"ii%~
100
8%
10
20
10c
8%
8%
936
Feb
5
Jan
6%
350
Feb
Feb
10%
17%
51%
Jan
1,060
17
Feb
2036
Jan
5136
49
5134
Jan
5236
Jan
2.90
3.50
6,291
2.90
Feb
110
110
9%
17
"3.75
6334
Feb
71
26
55
26
Feb
2836
3034
3034
24
24 %
210
24
Feb
26
Jan
700
12
Feb
15
Jan
Crown Zellerbaoh com...5
12%
1,131
1234
Feb
15%
Jan
273
13 34
Feb
1734
Jan
12%
87%
86
Feb
92
Jan
165
Preferred....
*
87%
86
1634
Jan
1734
Feb
734
Feb
200
1.40
Feb
J154
Jan
Di Giorgio Fruit Crp comlO
Doernbecher Mfg Co
*
1.45
Feb
2.25
2.25
200
2.25
Feb
Feb
23
Jan
Emporium Capweil com..*
18
18
18
510
18
Feb
41
41
41
10
41
22
22
50
Jan
Jan
634
1034
2234
132
133
4
Feb
434
Jan
375
19
Feb
22*6
Jan
50
72
Jan
72
834
Feb
934
Jan
Preferred (w w)
50
Ewa Plantation Co cap.20
Fireman's Fund Ins Co. .25
Gen Metals Corp cap—236
60
6
Feb
634
Jan
General Motors com....10
138
34
Jan
3534
834
Jan
Feb
Jan
1.40
Gem Paint Corp com.....*
Gladding McBean & Co..*
Jan
37
Jan
Golden State Co Ltd
*
10
Jan
10
Jan
Hale Bros Stores Inc
*
14
150
50
634
Jan
a63%
036 %
64%
Feb
Feb
Feb
Holly Development
Feb
2134
Feb
Corp.........*
a57%
a5554 a5834
523
62
Feb
6834
334
Jan
Hunt Brothers
6%
Home F&M Ins Co cap. 10
Honolulu Oil Corp cap...*
Jan
96 %
Hawaiian Pine Co Ltd...*
3634
2134
6534
3634
Feb
80
a 18%
a6054 a6354
03554 03634
01834 al834
431
5
10
15
100
a9134 a9154
234
Feb
20.
Preferred-
Sales
Week's Range
for
Sale
of Prices
Range Since Jan. 1,1941
100
Jan
8
Jan
4836
Jan
6%
400
5
Jan
634
Feb
6
427
5%
Feb
2,300
834
Jan
736
1036
Jan
250
1334
Jan
15
Feb
593
£15)6
Feb
1636
Jan
9%
225
15%
51c
50c
2.25
5%
850
Feb
Feb
12%
100
22
Feb
50c
1
Magnin & Co I pref
100
March Calcul Machine...5
Feb
Feb
1.90
Magnavox Co Ltd
Week
22
634
10
23%
Jan
Jan
96%
12%
5
Jan
Feb
4034
40
42%
5%
22%
Feb
200
40
—.50
3
1,029
98
—10
Libby NeNeil A Libby...7
Lockheed Aircraft Corp__l
1.55
1936
44 34
6%
41%
14
L 15%
t
51c
1
Langendorf Utd Bk B...*
Philadelphia Stock Exchange
Last
com
Preferred..,
Feb, 21, both inclusive, compiled from official sales lists
Friday
429
170
37
to
720
245
6
Feb. 15
Jan
65
26
4
3
Jan
64
67
3
4
.5
com
a954
3
Jan
Coast Count G&E 1st pf 25
Cons Chem Ind A..
..*
Chrysler Corp
a954
a91%
934
Feb
Feb
03454
Westlnghouse El A Mfg.50
Jab
"3334" "Feb
""3334"
34%
a9%
U S Steel
712
110
Feb
45
a634
Warner Bros Pictures Inc.5
80
Feb
210
03334
U S Rubber Co
Jan
736
11234
1136
a6%
United Aircraft Corp
Feb
Feb
434
634
a33 %
a
10c
834
25
Tide Water Assoc Oil Co 10
Union Carbide A Carbon.*
Feb
565
Studebaker Corp
1
Texas Corp (The)......25
a6
High
10c
200
40%
6%
5%
9%
8%
a6%
.
Low
1,000
4%
Jan
25
145
10c
1
Feb
30
100
Anglo Amer Mln Corp
1834
a7034
834
a634
a34
a634
a3554
Standard Brands Inc
Standard OH Co (N J)
Range Since Jan. 1, 1941
Shares
20
a4
02334 02434
a3134 a33
a3034 o31
1234
1234
1334
1334
ol5
al534
634
634
1034
1034
02234 a23
4
bales
Jan
03434
a76J4
Central Eureka Mln com.l
Intl Nickel of Canada....*
Exchange
both inclusive, compiled from official sales lists
1100
50
| 250
►
54c
Jan
Feb
43
Jan
1234
Feb
14
Jan
408
50c
Jan
50c
Jan
|1.90
Feb
2.25
Feb
434 fJan
536
4434
Feb
490
28
5%
23%
|f[ 800
*>315
T 680
91c
Jan
40
508
*
42%
4 100
50c
Jan
20
Jan
4236
536
Feb
Feb
7
Jan
2236
Feb
28
Jan
80c
100
Jan
G'Feb
1.00
Feb
Feb
100
Par
Price
American Stores
....__*
American Tel & Tel
100
Barber Asphalt Corp
.10
Bell Tel Co of Pa pref..100
Budd (E G) Mfg Co
Budd Wheel Co
*
Chrysler Corp.
*
Preferred
"15734
iii34
......
*
~"i%
*
Elec Storage Battery..100
General Motors
3134
10
HornAHardart(PhUa)com*
"m"
For footnotes see page 1263,
I
High
936
5
Curtis Pub Co com
Low
1034
15654 16034
836
836
11134 11134
334
436
534
636
6334 6636
134
134
3236 3236
3136 3236
40% 42%
117
117
Shares
Low
Jan
16%
200
1534
Feb
1836
1.80
1.85
730
1.80
Feb
2.35
Jan
National Auto Fibres coml
Stocks—
1536
5%
5%
200
536
Feb
656
Jan
20%
20%
50
20
Feb
22 34
Jan
19
19
10
19
Feb
20
Menasco Mfg Co com....1
High
225
9%
Jan
11%
Jan
860
15636
836
11034
334
Feb
Feb
16834
Jan
N Amer Invest 6% pref100
N Amer Invest 5%% pf 100
9
Jan
Nor American OH Cons..10
Jan
Feb
Feb
Feb
Feb
119
534
734
7134
134
Jan
Jan
1.85
74
99
385
500
305
285
25
405
1,430
10
534
6334
134
3234
3134
4034
117
36
Jan
Jan
936
Jan
Jan
27 36
Jan
8 36
8%
1,135
836
Occidental Insurance Co 10
27%
27%
100
2636
5%
3%
5%
10
5
Jan
8
Jan
O'Connor (Moffatt) cl AA*
Oliver Utd Filters B
*
3%
180
336
Feb
436
Jan
Paauhau Sugar Plant
5
5
100
5
Jan
5
Feb
Feb
Feb
34
Feb
Pacific Coast Aggregates.5
1.45
1.40
1.50
1,425
1.40
Feb
1.65
3434
4834
Jan
Pae G A E Co com
25
26%
33%
29%
2536
Feb
2836
120
25%
32%
29%
4.792
Feb
26%
3336
29%
8%
Jan
Jan
Jan
15
6% 1st preferred—...25
6%% 1st preferred—26
2,318
823
3234
2936
Feb
Feb
34 34
3136
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Volume
1263
The Commercial & Financial Chronicle
152-
sales
Last
Week's Range
Range Since Jan. 1,1941
for
Canadian Markets
Sale
Stocks (Concluded)
Price
Par
Low
High
High
Low
Shares
(Continued from
36
*
55 div__
36
869
107
Pacific Light Corp com
107
20
Pacific Public Service com*
Feb
36
106?*
393*
10734
1265)
page
Jan
Jan
Feb
Jan
434
Jan
1834
Jan
434
440
173*
173*
11534 118
163
1634
Jan
Pacific Tel A Tel com._ 100
132
11534
Feo
126
Jan
Parafflne Co's pref
1013* 102
102
1013*
Feb
102
Feb
Last
Week's Range
for
Sale
of Prices
Week
434
1st preferred
100
29
30
160
29
Feb
35
1434
100
143*
Feb
18J*
*
com
Preferred
3
100
3
3
Jan
Stocks (Concluded)
Jan
5
1434
1434
Exchange
Sales
Friday
Jan
193
Stock
Toronto
Jan
1434
Philip'ne LgDst TllOOPesos
Puget Sound P & T com__*
REAECo Ltd
434
50
1434
Feb
2034
Feb
16
Jan
Paymaster
Low
Range Since Jan. 1, 1941
Shares
High
Low
High
Jan
133*
Price
Par
..1
22c
21c
22c
210
Feb
1.42
2.60
28c
Jan
Feb
1.69
Jan
Jan
3.00
Jan
Jan
Richfield Oil Corp com
1
2.05
2.15
1,165
2.05
Feb
2.30
Powell Rou
1
80c
80c
1,570
7934c
Feb
1.04
*
49*
4?*
50
454
Feb
6
Jan
1
88c
88c
88c
500
88c
Feb
9434c
Jan
834
485
8
Feb
934
"~2~82
2.70
2.85
16,460
2.70
Feb
3.40
Jan
4c
4c
500
4c
Feb
4c
Feb
10c 1034c
3c
3Xc
2,100
10c
Feb
1334c
7,000
3c
Feb
5c
Jan
97
14934
Feb
16634
Jan
Perron
Jan
Pickle-Crow.
900
734
Feb
9
Jan
334
831
3
Feb
43*
Jan
3
Feb
Premier
Feb
634
1234
Jan
Pressed Metals
20
105
Jan
105«3j
Feb
Preston
20
200
20
Feb
23 34
Jan
Quebec Mining
1
32 34
33
175
32 34
Feb
Reno Gold
1
9
8
1.150
834
734
Jan
Jan
Roche LL
Jan
3434
10 34
83*
Jan
834
15
Jan
Royal Bank...
Feb
2034
Jan
Royallte
Feb
534
1434
Jan
8t Anthony
Jan
9
*
103*
-
734
272
43*
53*
18
5.843
454
Jan
1034
20
1834
18
43*
2
90
105i0w
20
794
183*
6,877
434
13
Jan
1
1034c
3c
1
150
100
14934 155
1334
73*
2,922
100
73*
Feb
9
634
634
285
634
Feb
734
Jan
St Lawrence Corp
Ban Antonio..
4
4
303
4
Feb
5
Jan
Sand River
Jan
1
834
Jan
Senator-Rouyn
Shawlnigan
Jan
Sherrltt-Gordon
1
Jan
Sigma
3,600
1
1534
272
934c 10 34c
10c
....1
73*
183*
183*
*
10
1
13 54
25
Vega Airplane Co
8
*
E Dome...
134
Union OH Co of Calif
Universal Cons Oil.
1334
1
com
Preferred
"llx
6
143*
634
634
1
Vultee Aircraft
275
143*
1434
767
634
Wells Fargo Bk A U T..100
295
295
15
yellow Checker Cab ser 150
22
22
634
130
287
Feb
Feb
Jan
2034
Jan
300
22 34
100
31
31
6
6
Feb
31
Feb
115
6
American Tel A Tel Co. 100
866
16534
Anaconda Copper Mln._60
222
Am Rad A St Sntry
*
al58H al5654al6034
a2334 a22 3* a2334
434
43*
Anglo Nat Corp cl A com.*
2.25
2.35
Argonaut Mining Go
5
2034
2234
Atchison Top&Santa FelOO
a6 34
a6 34
Atlas Corp com
6
Bendlx Aviation Corp
Blair A Co Inc cap
1
Jan
2
Feb
5,391
2.03
Feb
2.65
Jan
3,000
5c
Feb
734c
Jan
37c
*
39c
19,000
36c
Feb
59c
Jan
10
1534
Feb
"67c
16
17
Jan
67c
70c
4,669
67c
Feb
87c
Jan
7.40
7.50
1,900
7.40
Feb
8.90
Jan
Feb
ex
6
._*
Jan
70
6
6
93H
5134c
94
100
5134C
9434
100
9134
Feb
55c
3,800
5134c
Feb
Jan
Jan
100
61c
Jan
Sladen-Malartlo
J
31c
30c
31c
3,400
30C
Feb
43c
Jan
Slave Lake
1
14c
13 34c
17c
Jan
19340
Feb
Jan
South W Petroleum
*
30c
30c
38,500
1,000
12c
2734
30c
Feb
300
Feb
Standard Paving
50c
320
50c
Feb
90c
Jan
234
Feb
334
Jan
734
168
434
Jan
534
Jan
2.25
Feb
3.00
Jan
1934
Jan
2434
Jan
50c
45
3
Jan
*
234
Stedman
*
2334
2334
73
22
Feb
25
Jan
Steel of Canada
•
61
62
40
61
Feb
70
Jan
6734
67 34
20
66
Feb
7334
Jan
1.00
93c
1.03
17,940
93c
Feb
1.78
Jan
Preferred
71
.
334
Feb
5
Jan
40
3734
Jan
8teep Rock Iron Mines...*
450
33*
33*
a3434 a3434
3
5
Feb
2
Jan
14 34 c
2.19
16
1
920
133
Jan
21
534c
38c
Siscoe Gold
200
>
Aviation Corp of Del
Jan
Feb
22
834c
25
Feb
Jan
5c
Feb
31
18
Jan
2.06
2.17
i
Simpsons pref
Unlisted—
2
2
■.„*
Sllverwoods pref
Amer Hawaiian S S Co. .10
Jan
Jan
634
103*
10520m
Standard Oil Co of Calif. _•
Equip Co
2.15
Jan
143*
63*
So Cal Gas Co pref ser A.25
Southern Pacific Co...100
Victor
1
28
Feb
734
100
Tranaamerlca Corp
Pioneer
Feb
123*
33*
Pulp Co oom.6
Spring Valley Co Ltd
2.75
243*
250
Schleelnger Co B F 7% pf25
com.
1.50
2.60
550
1234
734
»
534% pref
1.45
2.75
133*
2534
123*
Ryan Aeronautical Co
Sound view
1.46
133*
25
Manufacturing Col
Shell Union Oil
1
...1
Cons
235
25
1
com
Preferred
Rheem
37,200
1,300
3,510
Power Corp
Rayonler Incorp
Preferred...,
25
3734
Jan
80c
85c
1,607
.80
Feb
1 35
Jan
Straw Lake
»
3 34c
3 34c
334c
12,600
334c
Feb
4Hc
Jan
Bunker Hill A 8ullivan_234
1134
113*
370
U34
Feb
12 34
Jan
Sturgeon R
.......1
18c
17c
18c
5,000
17c
Jan
19c
Jan
Cities Service Co
a3 34
a3J4
29
434
Feb
534
Jan
Sud Basin
*
1.10
1.11
1,196
1.10
Feb
1.65
Jan
c203* a213*
75
Feb
2334
Jan
Sudnury Contact
1
39*c
3Xc
2,500
39*c
Feb
534c
Jan
Jan
Sullivan
5734c 57 34c
1,300
57 34c
Feb
63c
Jan
Jan
Sylvanlte Gold
1
2.55
2.55
2.65
2,635
2.50
Feb
2.90
Jan
1
3.15
3.15
3.36
4,085
3.15
Feb
3.75
Jan
1.00
1.00
100
1.00
80c
com..10
Cons Edison Co of N Y..*
Consolidated Oil Corp
a5X
*
Curtlss Wrignt Corp
a20H
1
22
6
„_1
a534
a534
35
534
Feb
734
2934
504
734
Feb
2934
Feb
934
303*
Jan
43*
Jan
Teck
3134
Feb
3454
Jan
Texas-Canadian
Domlnguez Oil Co
*
73*
2934
Elec Bond A Share Co
5
a33*
a3 3*
30
3134
465
1434
3134
1434
226
14 34
Feb
2734
Jan
534
55*
2,036
534
Feb
634
Jan
a235* 02434
50
2534
Jan
Toburn
General Electric Co
com.
Hawaiian Sugar Co..
20
554
Idaho Mary Mines Corp.. 1
Tip Top Tailors
...100
25?*
3134
Feb
3234
Feb
Toronto General Trusts 100
8c
500
6c
Jan
8c
Jan
Toronto
Mortgage
75
20
75
Feb
80
81
39
75
Jan
10c
Feb
14C
Feb
100
134
Feb
0
Feb
26c 3034c
9,800
10c
Twin
134
25
233*
Jan
2334
Jan
Union
*
123*
123*
123*
785
180
1734
Jan
Jan
34
353*
60
17
Jan
Jan
United Fuel class A pref.50
United Steel
359*
115
1734
1734
143*
Jan
15
Jan
Upper Canada
City
334
33*
10
334
334
Feb
o234
Jan
20c
23
320
22 34
Feb
33*
2434
Jan
321
434
Feb
Jan
Jan
434
*
534
63*
Schumach Wall Bd com..*
Preferred
30
*
*
a634
25
2534
com
100
334
329
303*
0634
270
744
2534
530
2934
Feb
340
Feb
300
2834
634
75
834
25
2934
25
283*
5
29
634
a634
383*
39c
Jan
Jan
1.27
Feb
2.28
Jan
1,236
3.10
Feb
4.25
Jan
30c
Feb
30c
Feb
3.50
Feb
4.10
Jan
1.43
3.15
3.10
3.15
30c
500
3.55
4,288
4
Jan
37,300
1.30
30c
al
...
....
Wendlgo
7
Jan
28
Jan
Westons
31
Jan
293*
Jan
Feb
634
Jan
Jan
834
Jan
1934
193*
20c
20c
20c
Jan
4234
Jan
48
Jan
19 34
Feb
2034
Jan
20c
Feb
260
Jan
IX
Feb
19*
Feb
934
Feb
11
Jan
90
Feb
98
Feb
13*c
Feb
1?*C
Jan
734
Feb
10
80
90
92
22
134c
434
134c
434
434
Feb
7c
7c
700
7c
Feb
9o
Jan
6.25
6.50
4,041
6.20
Feb
7.00
Jan
63*c
63*c
2,000
6c
Feb
7c
Jan
534
534
500
5X
Jan
534
Feb
1013* 10134
57,450
29,400
Jan
1019*
Feb
Feb
9934
Feb
934
Wlltsey-Coghlan
1
Winnipeg Electric pref. 100
Wood-Cadillac
York Knitting..
134
Feb
5
IX
IX
"~934
100
Ymir Yankee
Jan
39
6~25
*
Preferred
Jan
Jan
,
1,000
1
Wright Hargreaves
3734
134
568
894
Western Canada Flour...*
Feb
v
40
39
1934
...
Feb
Jan
7
3.50
3.55
40
Preferred
Jan
7
Jan
500
25
5
Feb
70
ol
Ventures...
30?*
Jan
25
a3434 03634
*
1
634
29
61
a3r,sA 036
United Aircraft Corp cap.5
United Corp of Dei
634
a034
*
.1
25
Jan
63*
253*
2934
Standard Brands Inc
1.15
1.15
1,800
1.00
5634
1,652
5634
Feb
Feb
Bond*—
154
5834
IX
1.3Q
703*
200
134
Jan
13*
Feb
War Loan, 1st
Westates Petroleum pref.l
70c
75c
1,331
70c
Feb
81c
Jan
War Loan, 2d
5
63*
63*
79
ex
Jan
634
Jan
U 8 Petroleum Co
57 34
United States Steel com..*
Utah-Idaho Sugar
Co
com
West Coast Life Insur..
*
5
a Odd lot sales.
& Ex-stock dividend,
c Admitted to unlisted
d Deferred delivery.
8 Cash -sale—not Included In range for
Ex-dividend,
y Ex-rlghts.
z Listed,
t In default,
t Title changed from
year,
x
The Wahl Co. to Eversharp,
101X
985*
9834
Toronto Stock
No par value,
trading privileges,
Inc.
Sales
Friday
Production Advanced
January—Mill Stocks Increase
Newsprint
in
Slightly
Range Since Jan. 1, 1941
slightly above
a
year ago; Newfoundland's output was steady, while shipments were
slightly lower.
Aggregate production by the three countries, at 382,496
tons, which was up 2.5%, exceeded aggregate shipments by some 25,200
tons
and mill
stocks
Of January's
increased
for
of Prices
Low
High
Week
Price
5
734
30
7
Feb
8
Jan
80c
600
80c
Jan
85c
Feb
234
979
Feb
4
33*
10
2 34
3
United States mills were
*
1
7
80c
254
23*
*
Consolidated Press A_
*
3
Corrugated Box pref.—100
40
Dalhousle
*
DeHavilland
*
100
Langley's pref
15
.......
Ontario Silknit pref
Pawnee-Kirkland
1
i::::
5
7c
13
lc
lc
1.52
by 7.8%, those to the United
those to domestic consumers
follow!
Percent.
Change
way,
lc
2.10
23*
1.40
5
2,150
2,030
30
23
534c
434c
534c
4,150
Canada—
251,032
244,273
—0.4
89,124
84,141
84,126
80,959
+3.9
32,074
29,764
32,045
30,113
382,496
357,299
373,203
355,345
261,298
Shipments
United States—
Shipments
5
Jan
Jan
30
Feb
434c
Feb
85*c
Jan
NOTICES
of the proposed issuance
of participating policies by In¬
-
—
that
their
of
become
30
John
-1.2
members of
Co.,
Tucker has
Rockefeller
Plaza
associated with them
M.
Kidder
+ 5.9
that Nelson A.
become
has
&
&
Co..
the
and that
A.
members
New
York
with
them
in
also
Stock Exchange, announce
Hatch & Co., Inc.,
De¬
partment.
—Cohu St
+0.5
Heitzmann has
their Bank and Insurance Stock
Torrey, members of the New York Stock Exchange, announce
the removal of their offices to larger quarters in
+2.5
G.
an¬
co-manager
at that office.
Strothmann, formerly with Frederick H.
associated
Exchange.
New York Stock Exchange,
become associated with them as
office,
March
Legg & Co., 42 Broad¬
New York City, members of the New York Stock
—A.
-
Aggregate—
Production.
+4.1
243,394
Production
Shipments
Jan
Jan
25
Co. of North America to be voted upon by stockholders on
—Fahnestock
1940
nounce
Production—
Jan
Jan
43*
30
CURRENT
surance
Tone
1941
Newfoundland—
Jan
45
Feb
19 has been prepared for distribution by Mackubin,
-
Jan
Jan
No par value.
—Discussion
Statistics for the month of January
.
Feb
Jan
9c
States by 1.1%, while overseas
shipments fell by 9.8%.
Shipments
17
Feb
increased accordingly.
were
shipments by Canadian mills,
Production
35
Jan
5*c
434
*
1
5c
834
2634
Jan
15
Jan
Jan
Feb
7
30c
1.40
1.40
Jan
Feb
4,500
30
1
Jan
33*
40
Feb
2234
2,400
35
35
Rogers Majestic A.......*
Supertest ord
Temlsk Mining...
165
15
5C
100
Pend-Orellle
*
243*
5c
v
Feb
22c
25
25
Feb
30
700
23c
7
7
~25~~
10
40
22c
*
...
Dominion Bridge...
Mandy
~22c
Jan
Jan
4
Consolidated Paper
High
4
4
Canadian Marconi
Low
Shares
5
*
Canada Vinegars
mills operated at 71.5% of capacity
during January to produce 261,298 tons of newsprint, ac¬
cording to figures issued by the Newsprint Association of
Canada and contained in the Montreal "Gazette" of Feb. 13.
This was 4.1% in excess of a year ago and exceeded the
month's shipments of 243,394 tons by 17,904 tons.
Ship¬
ments were equal to 66.6% of capacity, against 78.5% in
December, 66.7% a year ago. The paper goes on to report:
Productions and shipments by
Par
Stocks—
Week's Range
Can Bud Brew
Canadian newsprint
989*
Exchange—Curb Section
Sale
Canadian
101
21, both inclusive, compiled from official sales lists
Feb. 16 to Feb.
Last
-
1434
Feb
Feb
1.38
Walkers
Feb
2X
2X
Walte-Amulet
534
434
534
Jan
65
Feb
510
3
29*
Vulcan Oils
'434
534
26c
123*
34
Jan
23
Jan
2,800
Towagmac
Jan
0234
Feb
1034c
134
Jan
1
Jan
80
3934
334
15
Jan
1.80
7934
79 X
50
Gas
Jan
1.55
107
75
Feb
Riverside Cement Co cl A.*
Texas Corp com
100
1.60
Feb
*
Radio Corp of America
Studebaker Corp com
Jan
234
20
6% pref
100
363*
Pennsylvania RR Co...50
5*4% pref
5
76
Jan
Packard Motor Co com
So Cal Ed
Jan
100
1,625
01434 al534
143*
14J*
Oahu Sugar Co Ltd cap. 20
Edison com
93*
a2034 a2034
al33* 01334
1
So Calif
Feb
234
234
10
Shasta Water Co
8
100
100
Uchl Gold.
Olaa Sugar Co
Jan
25
1.60
500
03554 03554
*
North Amer Aviation
1.05
9
.*
Preferred
3134
6
Nor American Co com
Feb
8
.....
Jan
1
Montgomery Ward A Co.*
National DlstlllerR Prod
Hughes
8c
Kenn Copper Corp com..*
Mountain City Copper
4
Jan
3134
Internatl Nick Co Canada *
M J A M & M Cons
80
at
1
Wall Street.
the Irving Trust Building
The Commercial & Financial Chronicle
1264
Feb.
22. 1941
Canadian Markets
LISTED
Industrial and Public
UNLISTED
AND
Montreal Stock
Utility Bonds
Closing bid and asked quotations, Friday, Feb. 21
Last
Exchange
Friday
(American Dollar Prices)
Sales
Week's Range
for
of Prices
Week
Sale
Bid
Abltlbi P A P ctfs 60..1953
Atk
41
42
Bid
Federal Grain 6s
Stocks (Concluded)
Atk
1949
65X
67
Alberta Pao Grain 6a..1946
65
67
Gen Steel Wares 43*s_1952
65X
67
Algoma Steel 6s
88?*
70
Gt Lakes Pap Co 1st 5s '65
Lake St John Pr A Pap Co
61X
63
69
61
Gatineau..
1948
British Col Pow 43*0.1960
66 X
Canada Cement 4?*s_1951
Canada SS Lines 6s... 1967
69
71
65
Canadian Vlckers Co 6s '47
35
66 X
53*0
1961
Massey-Harrte 43*8...1954
Dom Steel & Coal 6?*8 1965
70 X
67 X
63
68
69 X
N Scotia Stl A Coal 3 Xa '63
Power Corp of Can 4 Xb '69
67 X
69
65
67
Price Brothers 1st 5S..1967
62 X
64
Quebec Power 4s
Saguenay Power—
72
Dom Tar A Chem 4 X
61X
McColl-Front Oil 4?*s 1949
1962
67
69
1966
71
69
1961
Donnacona Paper Co—
4s
.1966
49X
51
43*s series B
67
Provincial and
Municipal Issues
General Steel
Bid
Bid
Ask
Jan
1 1948
40
42
6s
Oct
4X*
Oct
1 1956
38
40
6s
Sept
15 1943
6s
Mag
1 1959
1 1962
85
87
15 1965
91
93
6s
July
Oct
4Hs
12 1949
1 1963
1 1942
84
86
4fl
June
80
82
4X8
Jan
100
101
100?* 101?*
94
95?*
Province of Manitoba—
Aug
6s
June 16 1954
67
71
6e
Dec
2 1959
67
71
90
80
82
1 1961
80
82
Prov of New Brunswick—
4%b
6s
Apr
15 1960
80
Apr
16 1961
76
79
87
85?*
83
4Xb
May
58
June
15 1943
66
68
4X8
Sept
16 1952
84
86?*
5X8
Nov
15 1946
65
67
Mar
1 1960
87
90
4X8
Oct
1 1951
57
---
4%
Feb
6%
Jan
10
88%
3%
Feb
93?*
Jan
89
3%
100
12%
12%
235
12
12
320
98%
99
80
100
35
Holllnger Gold Mines
6
Howard Smith Paper
*
100
Preferred
98%
»
Imperial Oil Ltd
Imperial Tobacco of Can
•
~~9%
6
12%
8
£1
9%
31
32%
14
85
85
85
12
12
12
14
100
...-_*
Jan
Feb
14%
Jan
Jan
Feb
100
Jan
26 X
Jan
Feb
14
Jan
Jan
7
10%
Feb
7%
15?*
Jan
Jan
13%
24%
Jan
25
Jan
31
Feb
36 X
Jan
13 %
50
650
Feb
Feb
15%
87 X
16
Jan
Jan
19
87
Jan
150
12
Feb
Jan
Jan
6 J*
650
4%
Jan
5
Jan
2Vs
*
23*
155
2%
Feb
Jan
4%
190
4X
Feb
3X
5%
4%
*
100
64
64
10
100
;
13
6%
6%
*
Montreal Cottons
Jan
9
1,435
13%
31%
Jan
Jan
11%
35
24%
13%
24?*
Indust Accp Corp
International Bronze pref25
Intl Nickel of Canada....»
Jan
3%
5
50
8
4
Feb
12
936
7%
13%
Jan
Jan
Feb
1,108
12%
90
98%
24%
175
25
9%
11%
Feb
2%
3%
12%
67
24%
Hudson Bay Mining
116
116
1
26
2,291
Mont L H & Power Cons.*
25%
25
62 X
Jan
Feb
64
Feb
116
Feb
118
Jan
25
Feb
29
Jan
Montreal Tram ways.. .100
50
50X
64
50%
Jan
50X
Jan
National Breweries
•
24%
25X
656
24%
Feb
27 X
Jan
Natl Steel Car Corp
Nor an da Mines Ltd
*
31X
31
31%
120
31
Feb
38
Jan
*
51
49%
52
._*
20
20
203*
5
14
Ottawa Electric Rys
*
Ottawa L H & Power..100
Power Corp of Canada...*
Price Bros A Co Ltd
•
Quebec Power
21%
Jan
Feb
8%
Jan
25
14
25
14
Feb
14
9%
9
Feb
10
4%
5
250
4%
Feb
5%
Jan
9%
589
9%
Feb
12%
Jan
67%
67%
5
67%
Feb
70
Jan
12
12
13
125
12
Feb
5
25
5
*
93%
100
105
St Lawrence
2%
15%
110
14%
Jan
5
Feb
95
Jan
104 X
Jan
107
2
Jan
1,870
15%
Jan
Feb
93%
37
105
Feb
Feb
5
30
93%
2
Corp
*
St Lawrence Corp A pfd.60
Preferred
Jan
Feb
5
49%
9
___*
Regent Knitting
57%
20
25
9
9X
.....
100
Rolland Paper pref
Feb
225
2,898
5
*
Saguenay Power pref..100
Railway Bonds
205
2%
3Vs
5% preferred
6s.
Jan
4%
3%
Prov of Saskatchewan—
Province of Nova Scotia—
1.25
3Vs
Ottawa Car Aircraft
Provinoe of Quebeo—
4Xn
Mar
2 1950
4fl
Feb
1 1958
Feb
2%
Ogllvie Flour Mills
1 1941
4X8
35c
Gypsum Lime & Alabas..*
Preferred..
6s
Prov of British Columbia—
200
Gurd (Charles)
Province of Ontario—
Jan
120
35c
Hamilton Bridge
McColl-Fontenac Oil
Atk
9%
80%
89
100
Lindsay (CW)
M assey-Harris
(American Dollar Prices)
province of Alberta—
High
Feb
7%
4%
4%
Wares
Lake of the Woods
Closing bid and asked quotations, Friday, Feb. 21
Low
190
35c
Intern Power pref
69
Range Since Jan. 1, 1941
Shares
7%
80
100
preferred
Intl Petroleum Co Ltd...*
Famous Players 4 ?*s.. 1951
High
TVs
Rights
Preferred
73
7%
............
Preferred
67
68
6%
Low
Price
Par
580
Jan
2%
Jan
Feb
110
17
Jan
Feb
15%
112
Feb
110
25
Closing bid and asked quotations, Friday, Feb. 21
St Lawrence Paper pref-100
35%
35%
36
231
35%
Feb
40%
Jan
(American Dollar Prices)
Shawlnigan Wat A Power. *
16%
16
16%
566
16
Jan
17
Jan
6
111
Feb
115
6
Feb
6%
Feb
Jan
10?*
Jan
Jan
Bid
Atk
Canadian Paclflo Ry—
Bid
Ask
100
110
Sher Williams of Can pf 100
Simon H & Sons
*
111
111
6
Southern Can Power
Canadian Paclflo Ry—
*
10%
90
6%
10%
4s perpetual debentures.
53%
Sept
1 1946
77
79
Steel
»
62
62
6s
Sept
15 1942
68
70
6e
Deo
1 1964
69?*
70 X
65
Dec
15 1944
65
67
4Xb
July
1 1960
65
66
6s
July
1 1944
102
Preferred
25
United Steel Corp
*
Western Grocers pref.. 100
Wilsils Ltd
*
65
4X8..
5
64 X
4Xn
102?*
Co
of
Canada
Winnipeg Electric cl A...*
Dominion Government Guaranteed
Bonds
Closing bid and asked quotations, Friday, Feb. 21
B
Bid
91 %
91X
.June 15 1955
92 X
Bid
93?*
45*0
.Feb
4?*S
1 1956
91
91?*
4X8
.July
1 1957
91?*
92?*
6a
.July
1 1969
91?*
92?*
5a....... .Oct
1 1969
94?*
1 1970
94
1 1946
July
103 X
73
Feb
Jan
3%
Jan
111
Feb
111
Feb
16%
10
18
Jan
18
Jan
90c
248
90c
162
90c
50
15
90c
Feb
90c
,
Feb
45
Jan
1.15
Jan
1.00
Jan
50
Jan
...._*
9X
9%
25
8X
Jan
9%
Feb
25
24%
24%
25
24%
Feb
24 X
Jan
Canadienne
102
70
Feb
2Vs
100
Commerce
100
...
Montreal
145
Nova-Scotia
95
145
12
145
Feb
146
Jan
150
151
35
155
Feb
162
Jan
182
151
100
182
75
180%
Feb
193
Jan
281
Jan
284
Jan
150
Feo
166
Jan
283
283
3
150
156
85
95
50
6X9
Feb
65
10
111
90c
50
62
62
Jan
Banks—
Ask
Canadlan Northern Ry—
111
"90c
85
35
2%
16%
100
Preferred
Atk
Canadian National Ry1 1951
4X8
111
*
Woods Mfg pref
Zellers-...
(American Dollar Prices)
2%
10%
.Feb
Grand Trunk Paclflo Ry—
4s....
..Jan
1 1962
3s...
1 1962
Jan
85
88
76
100
Royal
100
150?*
78
Montreal Curb Market
Feb. 15 to Feb. 21, both inclusive,
Montreal Stock
Feb. 15 to Feb. 21, both
Sale
Stocks—
Par
Agnew-Surpass Shoe
*
Preferred
Algoma Steel..
*
.......
108
1.25
7
100
Asbestos Corp....
*
Associated Breweries
Telephone
157
53*
Brit Col Power Corp cl A .*
B
*
Silk"MMs~.~_"_"
Preferred...
Cndn Car A Foundry
Preferred
Celanese
Preferred 7%
Cndn Cottons pref
5X
11
185
157
183
5%
23
1.50
453
195
175
4X
14
260
16%
4%
275
96
96
7X
50
7X
3%
17%
*
25
~~6%
23
*
100
100
*
10
6%
5
315
"~4%
Consol Mining A Smelting6
Week
Price
Low
11?*
107
1.25
7
Jan
Jan
Jan
11X
107%
Jan
High
High
Low
Shares
Bathurst Pwr A Ppr Co B*
Beauharnois Power Corp.*
43*
108
4
Feb
250
105
Feb
2
2
175
9
9
175
5
15?*
Feb
18 J*
12
Feb
12%
97?*
Jan
24?*
35?*
465
24?*
Jan
10
35%
Feb
Jan
27
Jan
Canada A Dom Sugar Co. *
Canada Malting Co Ltd..*
Can North 7% cum pfd 100
25
17
38
Jan
98
Feb
15?*
Jan
13
Jan
Canadian Breweries Ltd.
Jan
Cndn Breweries pref
*
Canadn Industries Ltd B_*
180
180
11
45
45
28
Feb
7?*
Jan
96?*
Feb
26?*
Jan
1.30
Jan
4?*
13?*
Cndn Pow & Paper Inv
*
Cndn P & P Inv 5 % cum pfd*
76
96
Feb
16%
40
15?*
7X
30
6?*
100
Jan
Jan
7%
cum pref
Commercal Alcohol Ltd..*
l".50
Feb
21X
Feb
25
180
Feb
207
Jan
41
Feb
48
Jan
153*
Jan
Jan
2%
3?*
Feb
17?*
Feb
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd
*
David & Frere Ltee cl A._*
Donnacona Pap Co Ltd A *
Donnacona Paper B
*
East Dairies 7% cm DfdlOO
~3X
Jan
2?*
1
25
10c
2
Feb
Jan
2
125
2
Feb
10
25
10
Feb
1,110
1.50
Feb
10
5X
Feb
131
3c
2%
Jan
1.50
5
3c
2?*
3c
3
Jan
50c
Jan
2%
3%
Jan
Jan
Feb
1,154
1.50
Consolidated Dlv Sec cl A *
8?*
5?*
Jan
10c
2
5
5
Jan
Feb
15
Jan
1.95
3c
4
75c
85c
150
75c
Feb
1.00
Jan
10?*
103*
45
10%
Feb
3?*
588
3X
5X
Jan
33*
3?*
40
53*
5?*
95
3%
5X
Feb
Feb
Feb
Feb
10%
3?*
6?*
Feb
585
20?*
Jan
103*
27?*
Jan
210
22?*
Feb
28?*
Jan
Fairchlld Aircraft Ltd
5
2
2
140
2
Feb
15
114?*
Feb
124
Jan
Fleet Aircraft Ltd
*
4
43*
795
4
Feb
72
110
Jan
112
15%
15
15?*
536
15
6
6
Feb
8c
"~7X
7
7?*
740
7
Feb
10 X
2
2
100
2
Jan
20c
20c
600
15c
Jan
6?*
20
6%
Feb
2%
Jan
Ford Motor of Can A
*
87
10
Jan
Jan
835
Fraser Cos Ltd.
*
2
Feb
3
Jan
25
8
Feb
8
Feb
4?*
4?*
Feb
6?*
Jan
Fraser Cos vot trust
*
Intl Paints (Can) Ltd cl A *
International Utilities B..1
Feb
5?*
Jan
Lake St JohnPAP
*
8
4%
4%
4%
1,820
4%
25
35
10?*
Feb
Jan
645
10
Jan
Jan
6
6%
Jan
Jan
70c
15
2?*
2
Jan
20?*
95c
450
10
*
7
105
Jan
75c
21?*
10c
100
Preferred
95
Jan
213*
CndnIntInvTr5%cmpf 100
Jan
Canadian Vlckers Ltd
25
98
Jan
70c
1.25
Jan
35?*
Feb
4
23%
23%
114% 114%
112% 115
10
Jan
95
160
Jan
Jan
111
Jan
104
10
244
Feb
Feb
Feb
43*
10?*
Feb
Jan
12J*
Jan
23
Jan
2.50
16 3*
4?*
Feb
5?*
Jan
Feb
12
14?*
14?*
Jan
9
Jan
16
89?*
156
2.00
7X
115
British Columbia Packers.*
45
5
106
85c
Brew&Dlst of Vancou Ltd 5
Brit Amer Oil Co Ltd...
Jan
752
4
108
Feb
Jan
Jan
Jan
285
4
*
55c
2,800
1,300
Jan
1-50
5?*
15?*
4
100
65c
10
18
17 Ji
55c
Feb
Feb
105
Abltlbi Pow A Paper Co__*
6% cum pref
Aluminium Ltd
High
Feb
8
*
Low
16?*
4?*
22%
22%
2
*
Paclflo Ry_._25
3%
17%
105
*
Cockshutt Plow
156
16%
4%
100
Cndn Ind Alcohol
Canadian
14%
50
16%
Cndn Foreign Invest
Canadian Locomotive
10
740
13%
Can Forgings class A
Canadian
265
14
»
Can North Power Corp..*
Canada Steamship (new).*
6% preferred
5
7X
15X
1.25
....100
Cndn Bronze pref
5
1.25
89 X
23
5
Canada Cement.....
150
5
Building Products A (new) *
Bulolo
108
Week
Shares
15
iox
100
Brazilian Tr Lt A Power.*
Br uck
7
Range Since Jan. 1, 1941
14%
"llx
Bathurst Pow A Paper A
Bell
1.25
UX
for
89 X
*
Range Since Jan. 1, 1941
for
of Prices
Sales
Week's Range
of Prices
Low
High
UX
100
Alberta Pacific Grain cl A *
Preferred
Price
Par
Week's Range
Sale
Stocks—
Last
Sales
Last
inclusive, compiled from official sales lists
Friday
compiled from official sales lists
Friday
Exchange
6%
6?*
Jan
6c
5
5X
Jan
9
Jan
3
Jan
5%
15?*
Jan
Jan
Jan
Jan'
2
Jan
25c
Jan
11
Jan
35
Feb
39
Jan
1
100
Jan
24
*
1
24%
Mackenzie Air Service
1
•
35X
24%
604
Distillers Seagrams
290
Dominion Bridge
Dominion Coal pref
28
Jan
14
14
14
Feb
155*
Jan
24%
25
280
MacLaren Pow A Paper..*
20
25
24?*
22J*
Feb
*
Feb
26
27?*
27?*
10
26X
Feb
31%
Jan
96?*
96?*
50
95
Jan
96J*
Feb
5?*
53*
8?*
100
5%
Jan
5X
73*
185
7%
Feb
9X
Jan
1
1
1
1
Feb
1
Feb
100
100
90
100
Jan
104
Jan
Dominion Glass
Preferred
25
100
18
18%
U7X 117%
100
151
Dominion Steel A Coal B 25
Dom Tar & Chemical
*
Dominion Textile
Dry den Paper
Foundation Co of Can
»
.♦
*
151
520
2
20
1,150
7X
7%
7%
4
4
4
245
75
75
235
4%
10%
320
4
10%
115
17?*
119
Feb
20?*
Feb
126
148?*
Feb
150
7?*
Feb
3%
Feb
9?*
4?*
Jan
Jan
Jan
M assey-H arris 5% cm pf 100
McColl-Frontenac Oil
100
Melchers Distlrs Ltd preflO
96 X
~~7X
Jan
Mitchell (Robt) Co Ltd..*
Montreal Island Pow Co.*
Page-Hersey Tubes Ltd..*
loo"
Jan
Jan
75
Feb
82
Jan
4
Feb
5?*
12?*
6%
cum
pref
Jan
10%
Jan
*
Jan
No par value,
r Canadian
market.
1
Jan
Jan
Volume
The Commercial & Financial Chronicle
152
1265
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Last
Week's Range
Sale
Stocks {.Concluded)
of Prices
High
Price
Par
Low
PwrCp ofCn6%cmlstpf 100
Feb
90
Stocks (Continued)
High
Low
Shares
Jan
98
ex
6%
Jan
6%
Jan
Consolidated
Quebec lei & Pow cl A___*
4
4
30
4
Jan
4
Jan
Cons
104
104
46
103 X
Jan
106
Feb
Consumers Gas
45
60c
Feb
75c
Jan
Cosmos
39
Feb
47 X
Jan
Cub Aircraft
19 X
Feb
20 X
Jan
Davlee
Pow6%cm prl 100
United Distillers of Can..*
85c
60c
60c
930
*
39%
39
39 H
285
Walker-G&Worts $1 cm pf*
19%
19 H
19 H
12
Walker-G <fc Worts (H)
Bakeries
11
__*
12c
*
17c
Jan
Dominion Bank
51c
3,700
48c
Jan
54c
Jan
Inspiration Mln A Dev
1
6c
Feb
7%
Jan
4
Joliette-Quebec
Macassa Mines Ltd
3%0
97%
40
93
Feb
195
8
193
Jan
200
Jan
17%
528
17
Feb
24
Feb
Feb
9%
Jan
Jan
5
Jan
Feb
4%
700
2.50
Feb
2.90
Jan
Dominion Woollens pref _20
6%
25
6%
Feb
8
32c
1,400
32c
Feb
52c
Jan
Dorval-Siscce
1
6%
1%C
1,000
l%c
Feb
1%C
Feb
2.01
400
2
Feb
2X
Jan
Duquesne Mining
1
11c 12 %c
17,000
lie
Feb
16%0
Jan
23He
Feb
25c
Jan
East Malartlc
He
Jan
l^c
Feb
Eastern Steel
lHc
500
Economic Investment
l%c
25
"22~"
35c
1%C
2c
100
2c
Jan
2C
Jan
Eldorado
1
3.60
650
3.50
Feb
4.30
Jan
Extension Oil
*
99c
4,700
205
47
l%c
FeD
13%
Jan
22
23
15
22
Feb
23
Feb
4,600
33c
Feb
52c
Jan
1,000
16%c
Jan
16%c
Jan
905
1.92
Feb
2.60
25%
891
24%
Feb
28
4%c
3%c
3%c
Feb
6c
Jan
4c
5,000
3,000
Feb
6 %C
Jan
4 %C
Jan
2.05
Falconbrldge
•
Jan
Fanny Farmer
1
25%
Feb
1.29
Jan
Federal Kirkland
1
4%C
24%
3%c
2c
Feb
Fernland
1
3%c
3%c
Feb
Firestone Petroleum
200
72c
Feb
1.10
Jan
Fleet Aircraft
*
600
5c
Feb
8XC
Jan
Ford
•
15%
*
36c
Jan
37
1,500
1.45
Jan
1.65
Jan
Francoeur
200
2.61
Feb
3.00
Jan
Gatineau Power pref..-100
Feb
3.35
Jan
5%% preferred
15
36c
2.76
2.85
200
l%c
l%c
100
2c
Jan
3c
Feb
Gen Steel Wares
68c
65c
68c
400
65c
Feb
84c
Jan
God's Lake
•
Jan
92
Feb
95
Jan
4%
110
4%
Feb
6
Jan
30 %c
30c 30 %C
2,400
25%o
Feb
39c
Jan
ll%c
11c 12%c
3,500
11%C
Feb
16%C
Jan
27c
27c
1,000
27c
Feb
29c
Jan
8%c
26,000
70
Feb
13o
4%
..
1
53c
Jan
60c
Jan
Goldale
31c
Feb
40c
Jan
Gold Belt
1
7%c
7c
*
71%
71%
54%
Wood-Cadillac Mines
..50c
58c
Feb
64C
Jan
3.10
Feb
3.70
Jan
2,900
7c
Feo
8X0
Jan
Goodyear....
Preferred
~~7c
1
7c
7Hc
Graham Bousauet
Dalhousle Oil Co Ltd
Home O! 1 Co Ltd.
1,000
25c
Jan
26c
Jan
12c
500
12c
Feb
14c
Feb
Great Lakes
Feb
2.55
Jan
Great Lakes Paper
Feb
1.73
1.80
3,050
1.73
3c
1.75
*
_
Pacalta Oils Ltd
25c
3c
1,000
3c
*
3s
Feb
v
t pref
15%
*
Feb. 15 to Feb. 21,
Week's Range
Last
Sale
Par
Stocks—
6%
100
600
60
Feb
90
Jan
4X
675
4
Feb
8
Jan
Holllnger Consolidated
Home Oil Co..
11%C
Jan
1,800
14c
15c
1,000
8%c
14c
...1
AJaxO&G
1
Alberta Pacific Cons
8%e
500
5%C
Feb
14c
Feb
16c
Feb
Howey
8%c
Feb
9c
Jan
Hudson Bay...
Hunts A
Jan
Jan
lc
Feb
1%C
Jan
Imperial Bank
58c
Feb
81c
Jan
Imperial Oil Co
*
455
2.25
Feb
2.75
Jan
Imperial Tobacco ord
7,500
5%c
Feb
3%c
Feb
1
lc
lc
1,500
Anglo Canadian
58c
58c
1,700
Anglo-Huron
*
*
2.25
2.25
2.50
Arntfleld
1
5%c
5%c
6%c
3%c
3Hc
45
3%c
1
1.72
1.65
1.77
Bagamac
1
9%c
8c
9%C
Bankfield
1
5c
5c
Aunor
Gold
Mines..
100
Bank of Montreal
Bank of Nova Scotia
100
Base Metals
*
;
Bathurst Power cl A
245
8c
Feb
2.45
Feb
16 %C
Jan
50
Feb
8c
Jan
...100
A preferred
Feb
193
Jan
279
283
Feb
International Petroleum
250
244%
Feb
6,700
8c
Feb
11%
40
10%
Feb
2%
Feb
2%
Feb
5c
2c
Jan
5c
Feb
l%o
Feb
l%c
2,086
2,000
1%C
Feb
27c
10,900
24c
Feb
37c
Jan
l%c
2c
17,000
Jan
50
Feb
2%c
5%
Feb
3%
1%C
3%
36
Feb
Jan
220
34%
Jan
2%
2%
25
2%
Feb
3%
Jan
78c
10,800
75C
Feb
1.10
Jan
4c
3%o
Feb
8c
Jan
11c
4,500
3,200
10c
Feb
15c
Jan
9
Feb
10%
Jan
Jan
Feb
36
150
9
12%
12%
980
12%
Feb
Feb
13%
2.54
1.70
1.85
5,826
1.67
l%c
500
1%C
Feb
2c
24c
25c
1,250
24o
Feb
30o
Jan
Jan
375
24%
Feb
26%
Jan
4
90
3%
Feb
4%
Feb
4
10
4
Feb
5
Jan
193
200
44
195
Feb
205
Jan
1,285
9
Feb
10%
193"
9%
9%
11%
9%
65
12
11%
Feb
13%
Jan
Jan
22c
24c
4,000
20c
Jan
25c
Jan
6%
82
6%
Feb
9%
Jan
95
114%
105
Jan
95
Feb
95
Feb
5
100
95
96
95
21
114
65
114% 114%
100
Feb
Jan
31%
13%
115%
Jan
Feb
36%
•
Feb
15%
Jan
Feb
Jan
31%
31%
13%
32%
13%
1,969
20c
100
15c
Jan
20c
27c
Jan
1,051
Jan
International Utilities B..1
Jack Walte.............I
15%c
18c
3,800
15%c
Feb
Jan
lie
20c
38c
41c
12,200
38c
Feb
41c
Feb
2c
2c
1,500
2c
Jan
2%C
Jan
Feb
Jan
13
1
Jason Mines
39c
__I
10c
1
1
1.10
Bell Telephone Co.
100
156%
13c
5,650
10c
Jan
15c
Jan
Jellicoe
1
Jan
Jan
J M Cons
lc
1.20
3,000
l%c
5,150
Feb
lc
1.10
1.04
lc
1.04
1
12,800
3.95
Jan
Jan
Kerr-Addison
Feb
8
3.05
Jan
3.30
4%
3.10
4%
45
3.20
4%
Bear Exploration
Seattle Gold
Beatty class A
Kirk Hud.
1
28c
25c
28c
4,000
Jan
30C
Feb
160%
Jan
20c
Feb
Kirk Lake
1
90c
86c
93c
12,150
86C
Feb
1.05
Jan
19%
19%
465
18%c
Feb
21c
Jan
4.70
100
5.15
Jan
157%
156
192
156
...
...
1
Bobjo..
Bralorne
8c
8c
9c
10,800
7%c
13 %C
Jan
7Xe
7%c
8c
2,800
6%c
Jan
lie
Jan
Lake Shore
1
1
Bldgood Kirkland
9.60
9.60
100
9.60
Feb
10.35
Jan
LamaqueG
,..*
20%
20%
70
20
Jan
20%
Jan
7%
Jan
_
Brantford Cordage
pref.25
Brazilian Traction
5
"iln
5
5%
468
4%
10
4
1,414
B C Power A
Class B
16%
24
70
125
*
15%
23
British American Oil
125
100
1
76c
73%C
...1
3.75
3.75
Broulan-Porcu pine
Buffalo-Ankerite
Jan
Feb
5
4%
5X
Brewers A Distillers
15%
Building Prod
*
Bunker Hill
Burlington Steel
*
1.15
1
47c
50c
Jan
•
1.70
1.79
4,450
1.25
Canada Cement
26
Jan
1.50
Jan
Feb
1.10
Jan
3.75
Feb
5.95
Jan
4%C
13%
14%
141
13%
Feb
l%c
6,000
Feb
115
l%c
8%
2,500
1.20
Feb
20c
20c
100
20c
Feb
5
100
'4%
Feb
95
Feb
20
Preferred...
50
Can Wire clA
*
Canadian Bakeries
*
*
90c
151
9%
6%
•
75c
20
75c
150
*
Can Car A Foundry
56
20
75c
Cndn Bk of Commerce. 100
Canadian Canners cl B
17%
75c
100
Preferred
Canadian Breweries
17%
56
17X
9%
7%
255
60
30
10
925
56
Jan
75c
Feb
Feb
Feb
20
65c
Feb
Feb
55c
21,000
7%
Jan
Jan
1
1%C
2c
1,900
l%c
Jan
4c
Jan
2%
Feb
3%
Jan
Jan
31%
Jan
Jan
5%
Jan
6%
100
136
5
20%
61
75c
20
Jan
Maralgo
Jan
Massey-Harris..
Jan
*
100
Preferred
95
Jan
98
6
48
47
48
515
47
Feb
51%
Jan
Mclntyre
Jan
McKenzle..
.........1
Jan
McVlttle...
1
Cndn Locomotive
Feb
82c
Jan
Feb
550
3%c
3%c
500
3 %c
Feb
3%C
Feb
48C
48c
2,650
46C
Feb
54c
Jan
25c
Moneta
1
25
C P R
Cndn Wallpaper clB
5,800
47c
Feb
15
14%
Feb
4%
4%
9
3%
___*
3%
19
19
1
2.65
2.75
1
51c
Canadian Wirebound
*
Cariboo
..........
Caetle-Trethewey
50c
14%
9'
4H
*
Canadian Wineries
47c
19
51c
841
15
200
10
600
640
55c
17
.
Jan
60
Jan
2 %c
2%c
2%c
5,000
2c
Feb
3%c
Jan
31%
32
70
31%
Feb
38%
Jan
..*
21 %C
24c
11,600
21%c
Feb
31c
Jan
2c
~~24c
2c
500
1%0
Jan
2c
Jan
3c
Feb
1
3c
3c
3,000
3c
Feb
6
1.00
1.02
300
1.00
Feb
1.18
Jan
67%
Jan
Jan
Noranaa
Jan
Mines
Norgold
•
........
Jan
Northern Canada
.1
Normetal..
Jan
Northern Star
Feb
8
Feb
9
Jan
3%
Feb
4
Feb
Preferred
49%
3c
1,000
3c
Feb
4c
30c
32c
3,470
30c
Feb
40c
Jan
42c
"~30c
2,329
Feb
3c
51
...»
42c
1,030
42c
Feb
50c
Feb
49%
52
Jan
50c
50c
40
50c
Feb
90c
Jan
5
3%
3%
3%
900
3%
Feb
3%
Jan
1
73c
73c
77c
4,375
73c
Feb
1.15
11c
11c 11%C
3,900
lie
Feb
16c
Jan
6%
Feb
6%
Feb
3
Feb
4
Feb
Feb
105
50c
......
O'Brien
...
Jan
19
Feb
20%
Jan
2.35
Jan
2.91
Jan
Omega
1
Orange Crush pref
*
6%
6%
10
._*
3c
3c
1,000
10
99%
1.15
1,200
1.10
Feb
1.65
Jan
3,800
5c
Feb
8c
Jan
51c
Feb
52c
Jan
1.65
Feb
1.65
1.70
1.95
Jan
Pacalta Oils
9c
9c
10 %c
7,000
9c
Jan
17c
Jan
1.26
1.33
10,541
1.26
Feb
1.74
Jan
Page-Hersey
Parnour
Porcupine
*
12c
12C
12c
2,000
12c
Jan
15c
Jan
...1
70c
70c
72c
5,300
69c
Feb
1.04
Jan
...—*
4%
5
280
4%
Feb
5%
Jan
Commonwealth Petroleum*
20%C
1,100
20 %c
Jan
21c
Jan
47%
Feb
*
1.30
21c
Feb
2%c
NIpLssing
1
...
41 %c
11,367
Newbec
1
Cochenour
488
3c
New Gold Rose
1
...
43%
2 %C
Jan
Chestervllle
1,570
41%
3c
Jan
Central Porcupine
1.70
42
1
Central Patricia
Chromium
*
1
.
Feb
4%
6%
"48c
1
.
21
14%
Feb
922
123
49c
24c
8,175
Feb
*
Jan
Feb
65c
Nay bob
*
9c
23c
National Steel Car
Canadian Malartlc
Feb
55c
Jan
Canadian Oil
6c
21c
Monarch Oils
9
2,500
55c
Jan
Jan
6c
22 %C
29
8
1.32
*
Feb
25
Jan
*
22
8%
1.10
McWatters
10
8
Jan
2,625
Mining Corp..
22
..*
Jan
1.15
Apr
Jan
3
Jan
1.10
0c
1.14
17o
Jan
1.75
4%
18
22
Feb
80
96
22
Feb
4
25
95
Murphy
Feb
105
96
Jan
2%
1,020
McColI
28
1.50
4%
•
2%
26%
McColl-Frontenac Oil pflOO
Jan
16%
2%
25%
Jan
163
1.00
25%
6
Jan
6%
10
%C
2.75
Morrls-Klrkland.
60
1,000
Feb
*
Moore Corp
730
15,100
%c
Feb
Jan
2%
1.01
1.25
Jan
1.75
94c
%c
96c
90c
20
22
17
n
230
..1
10
2%
Jan
51 %c
10%
1.50
lc
53 %c
Jan
16%
Jan
Jan
1
Feb
*
Class B
1.17
Madsen Red Lake
9
*
Canadian Dredge..
Jan
Feb
8,491
305
Cndn Ind A1 A
62C
1.81
150
115 1
FeD
1.75
57
10
Jan
60c
1.77
23
115
2.35
1
22%
115
Feb
1
23
100
Preferred
Jan
1.70
Mines
McL Cockshutt
*
Canadian Celanese
4.30
Macassa
300
320
Feb
Jan
25
Preferred
3.45
6%
87%
Feb
3,118
1.90
Feb
3%
17%
3.05
6%
78
343
Jan
3.45
1.50
160
4
26
24
*
78
3%
Feb
24%
23%
Maple Leaf Mill
78
8%
23%
24%
23%
Maple Leaf Gardens preflO
39
*
A
B
Jan
Feb
Canada Steamships
Jan
46
*
•
Loblaw
Jan
36
Jan
27
Jan
110
128
Jan
Feb
1.49
36
31
2.06
10%
36
128% 130
Feb
24 %c
Canada Malting
129
Jan
1.70
Malartlc (G F)
95%
Can Permanent Mtge__100
60C
Manitoba & Eastern
95%
Canada Packers
Jan
Feb
Feb
2c
Canada Cement pref -.100
*
10%
24%
Jan
15
Jan
Feb
135
Jan
-
1
12 %C
25
3.45
'
Feb
1.72
Jan
45C
12,350
Little Long Lao
Jan
53
9%
525
3
4%
20c
Calmont
9%
Feb
Feb
7%c
1,100
Laura Secord (new)
756
9
8%c
Leltch
71c
1.26
8%C
Jan
1,500
1.15
...1
Jan
3 %C
8%
*
Calgary A Edmonton
Lapa Cadillac
5%
3c
13 H
Landed Bank A Loan. .100
18%
Feb
23
4.55
44
25
44
Jan
3c
*
.
4.70
Feb
80c 101,550
4.40
19
44
9%
l%c
Buffalo-Canadian:
Cockshutt
95
13%
International Nickel
Jan
25
Jan
2%
25
100
International Mill pref. 100
182
244% 249
8c
8%c
10%
*
Jan
Int Metals pref
8c
19%
3%
Intl Met cl A
1.63
Feb
6%
Inspiration
11,750
1,425
6
100
Jan
22,384
2
281
281
100
Bank of Toronto
5%c
183% 184
1,500
Jan
14%
24%
B
Feb
9c
5%c'
Jan
184
16
4
5
1
*
4,100
15%
4
17c
9%
Amm Gold
1
1.75
25c
Feb
12c
7
Jan
25
*
Feb
11c
7
Feb
2
l%c
11c
*
Ashley
t>
•
7
Copper....
Algoma Steel
Aldermac
12%
Homestead-
6c
5%c
561
9
*
65c
6c
1,000
3%
10c
60c
*
Acme Gas...
Jan
5%c
2%0
6%c
3%
4c
4
60c
*
l%c
Feb
...
High wood.
High
Low
Shares
Feb
35
"2%
1
....
HInde A Dauch
AbitibI
Abitibi pref
High
Low
55
75c
pref...30
__.*
Hard Rock
Harker
Week
of Prices
Price
Range Since Jan. 1,1941
Jan
2,000
53%
1%0
3%
*
Hamilton Cotton
Harding Carpets
for
25
25c
Hamilton Bridge
Sales
Friday
Jan
54%
l%c
2c
1
Halcrow-flwazey
both inclusive, compiled from official sales lists
80
5c
Great West Sadd
Gunnar
Exchange
Feb
2%
Grull Wihksne
Toronto Stock
73
2
Great Lake voting trust..*
12c
*
80
l%c
1
25c
25c
*
Davies Petroleums
Jan
73
5%c
50
Grandoro
Oil—
Jan
2
500
100
Jan
94
2,200
3,900
Jan
540
94
53c
58c
Feb
90
31c
3.10
38c
Feb
53c
58c
7,300
80
31c
3.10
40c
6
15%
51
Sladen-Malartic Mines
58c
Feb
81
*
*
Feb
94
100
l%c
...1
Feb
3%
14%
Jan
80
Slscoe Gold Mines Ltd___l
Ventures Ltd
4c
1,000
1,232
Jan
80
2.75
Golden Gate...
2,000
4
4
4
4c
15%
4c
4c
25c
A
Jan
35c
33c
Jan
1,085
1.50
2.95
Feb
1.16
5c
2.
Jan
10%
47 X
72c
1.45
2.45
35
Feb
35c
2.65
6,000
1.97
5c
1
2.65
10%
16 %c 16 %c
72c
28
Jan
2.50
Feb
91c
47
Jan
10%
2.56
1
______*
Feb
Pickle Crow Gold Mines.. 1
Sullivan Cons
Jan
4
35c
1
Jan
95
4
Feb
1
Feb
7%
1
__
2%c
35
1
Sherritt-Gordon Mines
Jan
1,750
3c
270
2c
1
16%0
484
100
*
Feb
4%
500
Red Crest Gold
12c
7%
2c
Preston-East Dome
1,600
4%
*
Perron Gold Mines
Jan
12c 13 %c
4%
1.11
Pandora-Cadillac Gold
1.05
7%
2c
O'Brien Gold Mines
Feb
4
1.11
Normetal Mining Corp
70c
*
1,000
2c
1
1,000
*
97c
McKenzie-Red Lake Gold 1
Jan
80c
Dom Tar
1.11
Murphy Mines
25
Dominion Stores
2,000
47
5
Feb
Jan
2C
"98 He
Mai Gold Fields
Mclntyre-Porcupine
22
Jan
24c
2c
6
Jan
16c
l%c
l%c
l%c
Jan
22
7c
50
lc
_1
145
17
3.50
1
1
Mines
Kirkland Gold Rand
Feb
18Ho
24 X
2.62
lc
Jan
138
Feb
1,000
1,000
23%c
J-M Consolidated Gld Msl
Jan
39%
23
6c
2.00
*
14
Feb
Dominion Foundry
•
Dominion Steel class B..25
2.55
2.60
Feb
193
193
Feb
17c 18Hc
23
Eldorado Gold Mines Ltdl
Falcon bridge Nickel
100
10c
32c
East Malartlc Mines Ltd.l
11
34%
93
100
1,100
23
"
Jan
160
209
1.55
103
2%c
1
6c
*
High
Feb
140
75c
12c
1
1
Dome Mines Ltd
Low
1.25
1,300
22
10c
10c
Range Since Jan. 1, 1941
138
48c
Aldermac Copper Corp
*
Cndn Malartlc Gold Mns_*
Century Mining Corp
35%
.*
Dlst Seagram pref
Cent Cadillac Gld Mns
11%
34%
138
100
__
for
Shares
1.30
~35~~
5
Petroleum
High
1.25
*
Smelters
Denison
Mines—
Low
1.25
*
6%
of Prices
Price
Par
Conlaurum
Week's Range
Sale
Provincial Transport Co__*
Sou Can
Sales
Last
Range Since dan. 1,1941
for
Week
50
91
90
Exchange
Friday
Sales
Friday
Pandora-Cadlll ac
*
—
_..*
100
100
100
*
1.10
1
5c
5%c
No par value.
(Concluded on page 1263)
Jan
The Commercial & Financial Chronicle
1266
Quotations
Bid
ec2H* July
a 3a
Jan
o3a
June
99
99H 100H
100
100H
1 1977
1 1980
104
1976
102
1964
aZ\i% July
1
a3Hs May
1
o3H« Nov
1
o3H0 Mar
1
a3Hs Jan
16
107 H 109
107 H 109 H
107
108H
1964
I960
1976
1 1967
106H 108 H
111H 113H
a 4a
May
a4a
Nov
1 1968
a 4a
May
1 1969......
112H 114H
112H 114H
o48
May
1 1977
115
o4a
Oct
1
o4H«8ept
o4 H* Mar
1980..
117
115H 117H
..
116
1 1960
1 1962
Chicago &, San Francisco Banks
City Bonds
Bid
Ask
97H
16 1969-..-.,
Over-the-Counter Securities —1 7riday Feb. 21
on
New York
117H
116H U8H
Feb. 22, 1941
1
1
16
a4 Ha June
1
a4 Ha Feb
16
a4Ha Jan
1
a4Ha Nov 16
a4Hs Mar
1
a4Ha Mar
o4Ha Apr
n4Ha Apr
1
1
1
a4HsJune
1
a4Ha July
1
a4HeDec 16
o4Hs Dec
1
a4Ha May
o4Ha Nov
a4Ha Mar
1964.
117
1966......
1972
117H H9H
H8H 120 H
H9H 121H
1974
1976
1977......
1978..
1981
1967
1967......
1963
1965......
1967......
1971......
1979—
Par
Ask
Bid
Par
Ask
120 H 122 H
238
248
33 1-3
81
83
.....100
270
f277
100
A Trust
308
318
523
540
30
38
.
Continental Illinois Natl
122
120
Harris Trust A Savings. 100
Northern Trust Co
100
American National Bank
Bank A Trust
First National
SAN
FRANCISCO—
Bkof AmerNTASA
12H
120 H 122 H
121H 123 H
117H H9.H
120
118
New York Bank Stocks
120H 122 H
121H 123 H
124
122
123H 125H
126 H 128 H
62.00
80 1981
62.00
4H0 April 1941 to 1949.
Highway Improvement—
40 Mar A Sept 1968 to '67
134 H
Canal Imp 4s JAJ '60 to '67
45
12H
26
13
27 H
16
National City.
ioo"
.13.55
30
32
Commercial National.. 100
172
178
Penn Exchange
10
14H
17H
...60
47
17H
Peoplee National
29
30H
25H
27
Public National..
111H
Ask
40
134H
Barge C T 4H« Jan 11945.
Ask
World War Bonus—
Bid
50
National Safety Bank. 12 H
42
85
Chase.
Bid
Ask
3e 1974
Par
National Bronx Bank
16 H
15
Bank of Manhattan Co.10
Bensonhurst National ...50
New York State Bonds
Ask
Bid
Par
'
-
Bank of Yorktown__66 2-3
Bid
Ask
Bid
119
Canal A Highway—
62.10
fig Jan A Mar 1964 to '71
Highway Imp 4 Hi Sept '63
144
Canal Imp 4H« Jan 1964..
Can * High Imp 4H0 1966
141H
jmmm
•
mm
Merchants Bank
New York Trust
Authority Bonds
Bid
Bank of New York
Bid
Ask
Ask
108
4a (uncalled) 1976—.
General A Refunding—
4s
1st serMar 1'75
109
Bankers
15
MAS
6.25
104
Central Hanover
105
MAS
.
20
97
Chemical Bank A Trust-10
46
105 H
Clinton Trust
30 H
38
'77
6th series... 1975
38
mmm
ser Aug 15
100H 101H
...50
Corn Exch Bk A Tr
Trl borough Bridge—
6.25
3 Ha sf
103 H 104 H
99 H
revenue....1980
8s serial rev 1953-1975..
105
MAS
61.30
Bid
Philippine Government—
4 He Oct
1969
4Ha July 1962
60
Apr 1965
60
Feb 1962...
Ask
U S Panama 3s June 11961
104
124
106
109
102
Par
5% preferred........ 100
Govt of Puerto Rico—
101
103
4
1941
118
6s
July 1948 opt 1943.
121
106
Ha July 1952..
113
Bid
3H
17
21
80
90
100 1490
1540
Ask
Bid
Par
Ask
25
17
»
26
31H
33 H
30H
32 H
19
48
Franklin Telegraph.... 100
28H
78
New York Mutual Tel..25
20
100
114
So A Atl Telegraph
25
Sou New Eng Telep... 100
16
19
157
160
$6 50 1st pref—
111
Federal Land Bank Bonds
Bid
United States...
100
Rochester Telephone—
Etttp A Bay State Tel.. 100
Conversion 3s 1947.....
116
2H
10
.........
108
110
U S conversion 3s 1946
4Ha Oct 1956 Apr '46..
Underwriters
104 H 108 H Pao A Atl Telegraph
110
112H Peninsular Telep com
Preferred A.......
Int Ocean Telegraph...100
6 Ha Aug
Hawaii—
12
Trade Bank a Trust
H
126
Am Diet Tel eg (N J) com.*
106
100
48 H
43 H
Telephone and Telegraph Stocks
Ask
107
104
14
46 H
40 H
Empire
Title Guarantee A Tr
13
'
37 H
53 H
101H
2.49%
United States Insular Bonds
Bid
20
98 H
62.45
2 He serial rev 1946-1952
.....
51H
New York
12
10
Colonial.............25
Continental Bank A Tr.10
Inland Terminal 4H® aer D
1941.
MAS
35 H
Preferred............20
.25
48
104
Manufacturers .........20
100
101H
3 Ha 6th
mmm
294
100 289
U
12
Irving
10
Rings County........100 1650
1600
Lawyers
.........25
28H 31H
76
103 H
100 H
Ask
215
Guaranty
18
71
....35
100
195
Fulton...............100
56 H
54H
.10
.....
Brooklyn
Bid
Par
360
350
3 Ha 2nd aer May 1*76
3s
4th ser Dec 15 76
Holland Tunnel 4H» tor E
1942-1960
H
Companies
Ask
Bid
100
Bronx County
Port of New York-
California Toll Bridge—
San Franclsoo-Oakland—
1942-1960
Sterling Nat Bank A Tr 26
140
125
100
144
Public
.
1630
First National of N Y..100 1590
Par
1941
740
700
100
Fifth Avenue
61.15
Bid
Ask
.
25
Ask
3s 1966 Opt 1946...... JAJ
30 1956 opt 1946
...SAJ
I07ht 107 ht
3H« 1956 opt 1946..MAN
108H 108H
107 X 108
4s 1946 opt
1944
__JAJ
109%!110H
80 1966 opt 1946....MAN
108
4s 1904 opt 1944
JAJ
110"u ll0"u
108 H
Chain Store Stocks
PaT
Ask
Bid
Par
Bid
100
12
Reeves (Daniel) pref... 100
90
Joint Stock Land Bank Bonds
B
Ha. lHs—...
Atlantic lHs. IHa
99
Burlington
r9
*
Bid
Ask
Bid
Atlanta
Lafayette Ha, 2s
Lincoln 4 Ha
99
li"
T2 H
Denver lHs, 3s_.
First Carolina—
1
1H
100
7% preferred
23
93
8% pref
H
Ask
13 H
26
91
Lincoln 5 Ha
Kress (S H)
*
Bohack (H C) common
89
Lincoln 5s
New York 5s
„
Chicago..
3H
Ask
99
...
2H
/G Foods Ino common..*
86
United Cigar-Whelan Stores
99 H
lHs* 28...............
2H
North Carolina Ha, 1HS-.
Oregon-Washington.
99
First Montgomery—
99
H
8H
$5 preferred
16
*
17 H
100"
r41
.....
3a, 3H0-
Flshman (M H) Co Inc__* --4 7
99
First New Orleans-
Pennsylvania 1 Ha, 1 Ha...
Is, 2a.._...._......._.
99
Phoenix
99
Phoenix
4Hs
99
St. Louis..
99
6s
first Texas 2s, 2Hs——
First Trust Chicago—
la, lHs..
.....
Fletoher Hs, 3Ha
Fremont 4H0. 6Ha..
Illinois Midwest 4Ha> 5s..
Indianapolis 6s...........
72
■
H
r22
mmm
—
—
—
98
The
24
best
rl4H
.....
Southwest (Ark) 5a_.
Union Detroit 2 Ha
MORTGAGES
"Hedge" security for Banks and Insurance Co's.
99
Southern Minnesota.
Circular
15"
99
Virginian Is.............
■
100
Iowa 4 He, 4Ha
...
F.H.A. INSURED
101
San Antonio Ha, 2s
99
99
SPECIALIZING
H
101
...
on
request
99
90
STORMS AND CO.
Commonwealth Building
PITTSBURGH, PA.
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Par
Atlanta
Bid
Ask
Bid
Par
Ask
..100
86
Llucoiii..
100
4
50
54
New Y'ork.„.
100
I
6
—.100
74
78
North Carolina.......100
99
106
60
Dallas...
82
100
Atlantic...
64
Pennsjrlvanla
100
36
40
41
45
14
18
San Atltonlo
100
115
125
2
5
Dee Moines..........100
First Carollnaa.
100
7
FHA Insured
Bid
100
Virginia
—.—.......5
2H
3H
Federal Intermediate Credit Bank Debentures
Bid
H% due... ,.Mar 1 1941 6.30%
H % dated Oct 11940
due April 11941
6 .30%
H% due.....May 1 1941 6.35%
H% due;
Ask
H% due.....Aug
1 1941
Ask
Ha due......Sept 2 1941 6.40%
H% due..... Oct 11941
—
.June 2 1941 6.35%
6
Bid
6
40%
H% due.
Hs due
6
45%
Nov 1 1941
Deo
Hs due
Feb
1
Alabama 4H* mmmmm
Arkansas 4Hsr™II~IIIII
XX
6s.......
Delaware 4Hs
Fremont.........
X 102 H
District Of Columbia 4HS-
102 H
Georgia 4 Hs
Illinois 4Hs
Indiana 4 He
Louisiana 4Hs_.
Maryland 4 Hs
...
Massachusetts 4 He
...
.40%
A servicing fee from
Bid
Ask
Commodity Credit Corp—
H%-Aug
1 1941 100 7
100.9
1%
...Nov 15 1941 100.21 100.23
H%
May
11943 100.19 100.21
Federal Home Loan Banks
Ha
Ha.
—Apr
Apr
2s........ .Apr
151941 100
151942 100.9
Bid
*No par value,
As
/Flat price
maturities,
Home Owners' Loan Corp
May 15 1941 100.4
Ha
102 H
103H
103
Corp—
H% notes July 201941 100.10 100.12
1 1943 102.22 L02.28
H%
1%
Nov
...Jan
July
15 1942 100.17 100.19
11942 100.30 101
103H
4 Hs
....
101
102 H
101H 103 H
101H 103 H
H% to H% must be deducted from Interest rate.
Interchangeable.
at When Issued
to-s
6 Basis price,
r In
recelvorship.
With stock,
i
d Coupon,
s Ex
interest.
Quotation shown Is for all
Ex-dividend.
Now eelllng on New York Curb Exchange.
♦
L00.2
102.4
on
New York Stock Exchange.
Quotation not furnished by sponsor or Issuer.
t Chase Natl. Bank announced
on
each original
ciple and $1.50
U S Housing Authority—
H% notes Nov 11941.. 100
101H 102 H
102 H 103 H
102
West Virginia 4Hs
Now listed
11941 100.16 100.18
1 H% notes Feb 11944.. 102.2
102 H
103 H
103 H
102
101H 103
Virginia 4Hs
-
101
101H 103
101H 103
Texas 4H*
Insured Farm Mtges
103
^ 103 H
Nominal quotation,
n
Pennsylvania 4Hs
Rhode Island 4H«
South Carolina 4Hs
Tennessee 4Hs
s
Reconstruction Finance
H%
xx
102 H
103
101H 102H
102
4Hs
New York State 4H8----North Carolina 4He----
y
100.12
Call May 16 '41 at 100H 101.14 L01.20
1H8 Jan 3 1944—
Jan. 3 1941 at 101H 101.27 L01.31
-
100.6
100.2
Federal Natl Mtge Assn—
2s May 16 1943—
a
h o hn N M
102 H
Asked
103 H
104
5s
New Mexico 4Hs
N Y (Metrop area) iH*--
103 H
...
Minnesota 4Ha
Obligations of Governmental Agencies
Bid
102
New Jmmv 4Ufl
102 H
Florlda 4Hs
Michigan 4He
1941 6 .45%
2 1942 6.45%
102 H
103H
.....
Mortgages
Asked
on
Dee. 31
a
distribution at the rate of $77.50
$1,000 principle amount of debentures; $75.98 on account of prin¬
on account of interest.
5 H on Sept. 25, 1939.
Previously paid 5% on July 7, 1939, and
Volume
The Commercial &
1S2
Quotations
1267
Financial Chronicle
Over-the-Counter Securities—Friday Feb. 21—Continued
on
Insurance
Guaranteed Railroad Stocks
Mjhmktrt JS(n,
1g
Home Fire
18
19m
....
9
7
American of Newark— -2M
12m
13m
American Re-Insuranoe.10
40 m
42 m
(Guarantor In Parentheses)
—10
11m
13m
—25
45 m
47 m
—10
35m
37 h
Shippers... —25
96
.......
-100
607
19m
21m
...
Bankers A
—10
28m
30
—10
21 h
Boston
.
.-7
Dividend
Asked
Bid
in Dollars
Camden Fire
Carolina
City of New York
73
7m
6m
Baltimore American.. -2M
Guaranteed Railroad Stocks
Y.20
Knickerbocker
.5
Lincoln Fire
—5
Maryland Casualty
1
Mass Bonding A Ins.. 12M
Merch Fire Assur com—6
Merob A Mfrs Fire N Y—5
National Casualty
10
National Fire
—10
National Liberty
2
National Union Fire....20
New Amsterdam Cas
2
New Brunswick
—.10
New Hampshire Fire...10
New York Fire......—5
Northeastern
5
Northern
12.50
North River
2.50
Northwestern National .25
hm
m
5m
—10
Automobile
627
23m
9
8
5
City Title
98m
.100
........
6.00
70
106
110
Connecticut Gen Life- —10
26 m
10.50
25 m
Albany A Susquehanna (Delaware A Hudson)..... .100
6.00
74
78
Continental Casualty. —.5
32 m
34m
.100
—60
............
2.00
29
31
Eagle Fire
90
93
Employers Re-Insuranca 10
Excess
York Central)
Boston A Albany (New York Central)............ .100
100
Boston A Providence (New Haven)............
100
Canada Southern (New York Central)
Carolina Cllnchfield A Ohio oom (L A N-A O L)__ 100
Beech Creek (New
8.75
8.50
14
18
3.00
36
39M
5.00
87
89
6.00
73
76
Louis prel (N Y Central). .100
60
Cleveland A Pittsburgh (Pennsylvania)......
3.50
81
84
60
2.00
49
51
48
60
Cleve Cln Chicago A St
Betterment stock
...................
26
2.00
.100
Fort Wayne A Jackson pre! (N Y Central)
....
.100
Georgia RR A Banking (L A N-A O L)
Lackawanna RR of N J (Del Lack A Western)... .100
6.50
63
150
155
4.00
36
39
Michigan Central (New York Central)..
..60
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (DL4W)... .100
100
60.00
600
800
50
(Pennsylvania)
......
50
Oswego A Syracuse (Del Lack & Western)
....
Pittsburgh Bessemer A Lake Erie (U 8 Steel)..... ..50
4.50
1.50
1
10
62 m
97 M
Fireman's Fd of San Fr.25
9m
10m
Franklin Fire
29m
31m
General Reinsurance Corp 6
38 m
40 M
23
26
10
12
Travelers
34
38
2d preferred
44
47
85
90
7.00
175
178
7.00
164
167
6.64
52
55
6.00
138
143
70
3.00
100
Great American
—.5
Great Amer Indemnity
...
6.00
137
248
6.00
46
6.00
50
6.00
59
62
100
5.00
63
68
A Western)........ -60
.60
West Jersey A Seashore (Penn-Readlng)......—
3.50
20 H
23
3.00
54
56
Atlantic Coast Line 2 Ms—
....
Bonds
72 H
75M
Hartford Steam Boiler —10
54m
56 m
30 H
32 H
Bid
Ask
16M
18M
88
92
3M
26 M
29M
41H
43 M
Industrial Stocks and Bonds
Pari
Ask
12m
pflO
11m
11m
11m
3m
*
Hardware....26
Products
•
51
53 m
Permutlt Co
21h
16m
23 m
Petroleum
18 m
83 m
Petroleum Heat A
5% conv pref 1st ser_. 10
62.00
1.50
1.50
Erle 4 Ms
61.60
1.20
64.00
61 55
4s, 4^8 and 4Ms
.
2s
Kansas City Southern
Botany Worsted Mills cl A6
11.25 preferred
4s series E
10
Brown A Sharpe
3
3m
61.10
0.75
Mfg—.60
163
62.00
...
1.50
Buckeye Steel Castings..*
17
1.50
Cessna Aircraft
2^8 series G A H
1
100
10
Chic Burl A Qulncy
Pere Marquette—
61.85
1.50
Chilton Co common
61.60
1.20
1.20
61.60
1.15
3.00
Ms.
4Mb—
Shippers Car Line 5a
61.65
9t Louis S'weetern
City A Suburban Homes 10
Coca Cola Bottling (N Y) •
Columbia Baking com...*
gl cum preferred
.*
63.00
2.00
Southern Paclflo 4 Ms
3m
27
167
18m
4m
30
2Ms-2Ms and 4 Ms
2Ms
1 50
1.65
_..*
Pub
•
Manganese.2
61.60
1.25
33 oonv pref
62.40
1.75
1.10
Crowell-Colller
Southern Ry 4s.—-
-
61 50
Cuban-Amer
Lehigh A New Engl 4Ms_.
61.50
1.15
Texas A Pacific
62.00
1.50
62.00
1.50
Union Pacific 2Mb
61.80
1.40
Dentists Supply
Long Island 4 Ms
Louisiana A Ark 3Ms
Maine Central 5s
62 00
1.50
Western
62.00
1.50
62.00
1.50
Maryland 2s
Western Pacific 5s.,-
Devoe A Raynolds B com
62 00
1.60
4Ms-4MsWheellng A Lake Erie 2Mb
61.60
1.20
61.60
1.20
4s-4M8—
West Fruit Exp
Despatch
11m
13m
22 m
25m
57 m
21h
60
23 h
8m
52
55
*
14
16
28 m
32
31 x
34 m
29m
*
100
2KB, 4 Ma A 6s
1.20
61.50
...
*
72
32 m
76
32
35
Domestic Flnanoe cum pf.*
Draper Corp.
Farnsworth Telev A
Railroad Bonds
Asked
27
6s
Baltimore A Ohio 4s secured notes—
Boston A Albany 4M8-...
Cambria A Clearfield 4s
.————..
Chloago Indiana A Southern 4s
—.——1945
1945
1944
.......—-1943
—
1955
.......—.1956
1951
.............
—1961
Chicago St Louis A New Orleans 5s
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
.....
Connecting Railway of Philadelphia 4s
Cuba RR Improvement
Dayton Union Railway
and equipment
....
1995
...1951
5s...........—I960
1965
4s....—.........————1945
——
1946
Dlv A Terminal 3Ms.........1953
Indiana Illinois A Iowa 4s...........—.
.....—..1950
Kansas Oklahoma A Gulf 5s........—
....
.———1978
Memphis Union Station 5s..............
......—1959
Monongahela Railway 3 Ms
.....—
—1966
New Orleans Great Northern Income 6s..........
2032
New York A Harlem 3Ms
2000
New York A Hoboken Ferry 5s—.................—.1946
New York Philadelphia A Norfolk 4s
1948
Florida Southern
—1947
Norwich A Worcester 4Mb..
Pennsylvania A New York Canal 5s extended
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
......
Providence A Woroester 4s
....
Richmond Terminal Ry 3M»—
to.......—1949
1941
1947
...1961
—..—..1947
.................1965
4s..................—..1957
Terre Haute A Peoria 5s—...............—..—.....1942
Toledo Peoria A Western 4s.....—...........—.—1967
Toledo Terminal 4Ms...................—.————1957
Toronto Hamilton A Buffalo 4s....—......———1946
Georgia
Railroad A Canal 3Ms
.....
1951
Vloksburgh Bridge 1st 4-6s............................1968
Washington County Ry 3Ms—.....——————-1954
United New Jersey
Wort
55
58
91
93
104
72
"75"
73
78
103
60
Virginia A Pittsburgh 4s
1990
—
I
~62M
111M
/18M
"2l"
101M
102 M
83
85
49
53
58 M
60
76
78
96
98
—
Illinois Central—Louisville
Tennessee Alabama A
55
57
........
3Ms—
Hoboken Ferry 6s—
/53
/53
114
102 M
fir
13
100
35
102
"46"
Amer shs •
2m
1m
11
Preferred
Foundation Co
Akron Canton A Youngstown 5Ms
Rad.l
Shops.....*
30
Federal Bake
Bid
4m
4M
6
36 M
40
45M
47 M
6
5
18M
20 H
48
50 M
2M
13
'
m
...*
Tennessee Products
.*
Thompson Auto Arms
1
Time Inc
•
Tokhelm Oil Tank A Pump
Common
5
Trtoo Products Corp.....*
Triumph Explosives
2
United Artists Theat oom.*
United Drill A ToolClass A......—..—*
Class B
.*
United Pieoe Dye Works. •
Preferred
100
Veeder-Root Ino oom
*
Warner & Swasey
...'*
Welch Grape Juloe com 2M
7% preferred
100
Wickwire Spencer Steel..*
Wilcox A Gibbs com—..50
Worcester Salt
...100
Steel common
com...10
Dictaphone Corp
Dixon (Jos) Cruclole
5M
26 H
3M
Taylor Wharton Iron A
60
7m
9M
54
122
118
..1
Tarn pat Ino oom
6m
5m
55
Dun A Bradstreet com.—*
Merchants
Manufacturing..25
Singer Manufacturing. .100
Skenandoa Rayon Corp..*
Standard Screw——.—20
Stanley Works Inc..——25
Strom berg-Carlson—...»
Sylvama Indus Corp.—.*
Talon Inc com..........5
5m
4m
Consolidated Aircraft—
1.25
12m
4m
62.00
Pennsylvania 4 Ms series D
62.15
3s—
7M
4M
51M
25 M
Autocar Co com
62.00
Illinois Central 3s
Manufacturing...*
1.40
St Louis-San Fran 4s-4
Grand Trunk Western 6s.
3
1 50
1.20
61.50
2M
2.50
2
.20
Exploration.....1
63.25
10
6M
5M
.05
2M
61.80
Mills
Pollak
3
40
164
1M
62.15
2
38
Reading Co 4 Ms—
Express
Pilgrim
10M
12M
9M
....1
—
4M
10M
155
Conversion—.1
Power.*
Northern Paclflo 2Ms-2Ms
1.75
62.00
79
4m
N Y N H A Hartford 3s—
1.25
62.50
pref 100
12m
No W RefrLlne3Ms-4fl-
1.65
Denv A Rio Gr West 4 Ms.
Maine
12 m
Scovlll
61.55
62.35
Great Northern Ry
Amer Distilling Co 5%
American Enka Corp
18m
61.40
Growers
series
35 m
1.15
Fruit
series.——
17m
11m
1.10
Del Lack A Western 4s
preferred
New Britain Machine—..*
Ohio Match Co——*
Pan Amer Match Corp..25
Peosl-Cola Co..—.—*
5%
American Cyanamld—
1.15
1
.50
Nat Paper A Type oom—
32 m
3.00
Cllnchfleld 2>*8
17
...
100
3.50
61.60
Preferred
Art Metal Construction. 10
64.00
Chic A Northwestern 4Ms.
National Casket......—*
3
34 m
15
A com—.*
Amer Bemberg
Par
Ask
31m
*
American Arch
Bid
2
Alabama Mills Ino.—*
Arlington
61.50
1.25
,
1.75
64.50
22 M
49M
47 M
62.40
Central RR of N J 4 Ms...
4M
3M
21M
Chio"A~St~Louis" 48—I
Canadian Paclflo 4 Ms
47 M
45 M
Remington Arms com
*
Safety Car Htg A Ltg—.50
Central of Georgia 4s
Chesapeake A Ohio 4 Ms..
Chic Burl A Qulncy 2MB—
Chic Mllw A St Paul 5s.—
119M 123
Guar O0..2
4
Guarantee....—10
Westchester Fire..
2.60
S3 partlo preferred
N Y
37 H
U 8
Arden Farms com v 10
3.50
34 H
406
American Mtg 6%
64.60
7M
35 H
32 H
396
1.15
Canadian National 4 M»-5s
255
6M
100
1.50
Boston A Maine 6s
4
2M
245
250
1.50
2Ms
25M
U 8 Fire
62 00
New York Central 4Ms._.
1.25
28 M
24
U S Fidelity A
Amer
Nash Chat A St Louis 2 Ms
1.30
62.00
7M
26 H
200
61.50
1.10
61.60
15M
—5
Life Assurance.
100
61.95
61.50
Bessemer A Lake Erie 2Mb
36
6M
84 M
61.65
Baltimore A Ohio 4 Ms
86M
26 M
American
Missouri Paclflo 4Mb
38M
82 M
13M
34
llm
50
Bid
1.50
62.00
35 M
81M
3d
Ask
24 M
26M
122M 127
H5M 119M
a0m
2d
Bid
15M
5M
99M
95 M
25
Hartford Fire—
252 M
Railroad Equipment
46 M
4M
—10
Halifax
Hanover
142
10.00
Warren RR of N J (Del Lack
1
34 M
14
....
100
Canal (Pennsylvania)... .100
100
Utlca Chenango A Susquehanna (D L A W)
.100
Valley (Delaware Lackawanna A Western)...
100
vioksburg Shreveport A Pacific (Illinois Central).
United New Jersey RR A
Preferred
Sun
Globe A Rutgers
3.00
.........
25m
26 m
Globe A Republlo..—
99
18M
44M
Stuyvesant
52
pref (Terminal RR).......... .100
Seoond preferred
64
25
96
100
Tunnel RR St Louis (Terminal RR)
13
23 M
49
Pittsburgh Youngstown A Ashtabula pref (Penna).
Rensselaer A Saratoga (Delaware A Hudson)..... .100
St Louis Bridge 1st
10
59m
45m
6.00
.50
(Penna) pref—
9
10
25m
43 m
4.00
.100
Preferred
Pittsburgh Fort Wayne A Chicago
5
Fire. —15
23m
—6
8M
145
32 M
Marine—25
Marine. 10
Seaboard Surety
.—.10
Security New Haven
10
Springfield Fire A Mar—25
Standard Accident
10
Glens Falls Fire
7M
7M
Seaboard Fire A
Gibraltar Fire A Marine. 10
3M
17M
St Paul Fire A
Georgia Home
60
140
Republic (Texas)....—10
Revere (Paul) Fire...—10
Rhode Island..—.
—5
5
Firemen's of Newark—
27 M
58
Providence-Washington .10
Reinsurance Corp (N Y) .2
99
50
6M
24M
Preferred Accident
64
64 M
48
10
—.....10
5
Phoenix
119
2M
61M
Pacific Indemnity Co
50 m
49
115
9M
1M
2H
25
Paclflo Fire——
8m
7m
...
3.875
Northern Centra)
46
Fidelity A Dep of Md. —20
—10
Flre Assn of Phlla
Federal
8M
—
2
43
67
9.00
Delaware (Pennsylvania)
41
Jersey Insurance of N
American Surety
....
68
38 M
Ins Co of North
22 m
American Reserve
(IllinoisCentral)
66
79
21
Amer Fidel A Cas Co oom 6
2-6600
STOCKS
Allegheny A Western (Buff Roch A Pitts)
19M
Amer—10
76
American Home
^^gsssssszsssssar
Alabama A Vtcksburg
18
Homestead Fire
American Equitable.. ...5
Tel. RE ctor
GUARANTEED
NEW YORK
Security..—10
10
1H
-10
American Alliance..
31 H
2H
29M
Agricultural......... -.25
Yerlt Sttk Exchsmg*
Dealer* in
120 Broadway
Aetna Life.....—. —10
Ask
Bid
Bar
v—.5
Home
124m 128m
53 m
51h
26 h
25 m
Aetna
3o$«pb Walker $ Sens
Companies
Ask
Bid
Par
Aetna Cas A Surety.. -10
^
m
5m
51
com...*
Extinguisher...*
49
15
16
Gen Machinery Corp oom •
19
21
12M
2M
3M
54 M
9
10M
3
2
29M
31M
117
114
11M
12M
32
34
3M
4M
M
1
6M
7
4M
H
5M
M
2M
1H
55M
21H
58
17
18M
23M
107M
4%
5M
7
14M
Garlock Packings
Gen
Fire
7%
Glddlngs A Lewis
Machine
..—2
Tool
York Ice
Good Humor Corp
Graton A Knight com
—1
*
3M
4M
Machinery.....*
preferred—.....100
68—1961
A—1946
4Ms_—1948
Crucible Steel 3Ms—1955
Deep Rock Oil 7s
1937
Brown Co 5Ms ser
38M
41M
Carrier Corp
38
41
Harrlsburg Steel Corp
5
Interstate Bakeries oom..*
12
13 H
—•
21
35
preferred
King Seeley Corp com—.1
Landers Frary A Clark..25
Lawrence PortI Cement 100
Long BelJ Lumber..—*
35 preferred
100
1M
8M
2
23
9M
24
26
13M
14M
15M
77
80
13M
15M
54 M
14M
56 M
Ino common.. 1
83
86
.100
Muskegon Piston Rlng_2M
118
MaUory (P R) A Co
*
Marlin Rockwell Corp.—1
Merck Co
36 preferred
13M
14M
2M
37
3M
40
Bonds—
Amer Writ Paper
58 M
—.100
Great Lakes 88 Co com..*
Great Northern Pa per ..25
Preferred
45
Stamped
...
...
2M8—1950
Jones A Laughlin 3Ms 1961
Minn A Ont Pap 6s—1945
Monon Coal 5s.......1955
1 NY World's Fair 48.1941
Old Ben Coal 1st mtg 6s '48
Panhandle Eastern 3s. 1960
Pittsburgh Steel 4M*-1950
Scovlll Mfg3Ms deb—1950
Shell Union Oil 2Ms..1961
Western Auto Supp 3M» '55
Elec Auto Lite
74M
/39M
90
77
40 %
92 M
V
W%
52 %
101M 101 %
97 H
97 M
/43
/II
6M
44 M
15
8
52 M
100M 100 M
99 M 100 M
x50
105 M 106M
97 M
97 M
98 H
99M
104
100
60
65
Sugar Securities
102
118
92
94
95
96
Bid
Bonds
Ask
Stocks
Par
104
AntUla Sugar Estates—
1951
Baraqua Sugar Estates—
6s
1947
60
102
110
94
AO
1954
1989
11
1940-1942
/20
6«
106
112
96
Haytlan Corp 4s
5s
New Nlquero
105
3 Ms
75
66
For footnotes see page
34"
13
1266.
Ask
/6m
7M
18 M
19 m
Haytlan Corp com
•
Punta Alegre Sugar Corp.*
Savannah Sugar Refg—_ 1
Vertlentes-Camaguey
H
4M
Preferred
29M
1M
5M
31
5
1H
2M
West Indies Sugar Corp.. 1
3M
3X
Sugar Co
Sugar—
60
64
49
77 M
45
-
12
Bid
Assoc oom.l
—1
Eastern Sugar
The Commercial & Financial Chronicle
1268
Quotations
""Public
Investing Companies
ESTABLISHED 1879
//■
2.65
2.93
Series B-2
21.73
23.83
6.07
6.70
Series B-3
13.38
14.71
494
Series B-4
6.39
7.04
9.86
10.60
Series K-l
14.25
15.65
16.72
18.17
Series K-2
10.34
11.41
394
4%
4
594
13.84
Bankers Nat
....
.....
New York City
Teletype N. T. 1-1600
British Type Invest A—.1
Broad St Invest Co Inc..5
.08
.18
19.66
21.25
Bullock Fund Ltd
12.87
Inc
12.71
7.90
8.70
Series 8-4
2.98
3.32
Knlckbocker Fund...—.1
5.42
5.97
Manhattan Bond Fund Inc
6.86
3.18
Basic Industry Shares..10
Boston Fund
11.57
Series 8-3
Investing—
♦Common
♦5% preferred
Tel. BArclay 7-1600
1
11.28
12.37
Canadian Inv Fund Ltd..1
2.35
3.15
Bid
Par
Century Shares Trust...*
Alabama Power 17 pref—*
103
6% pref _25
Arkansas Pr & Lt 7% pf—*
Atlantlo City El 6% pref.*
Utility Stocks
Ask
5
Amer Utll Serv
91
10594
A
83
8594
Birmingham Gas—
50 94
S3.50 prior preferred..50
52
EngGAE694% Pf-*
New Eng Pr Assn 0% pf 100
%
$7 prior lien pref
*
$0 prior lien pref. _..._*
gO cum preferred
*
New Orleans Pub Servloe.*
g7
Carolina Power A Light—
$7
preferred..
—♦
Cent Indian Pow 7% pf 100
23.80
25.60
preferred
...100
7% preferred
...100
Cent Pr & Lt 7% pref. 100
Community Pow A Lt.,10
.
Consol Elec A Gas SO
7%
101
103%
109 94 112%
114 % 116%
7%
93 94
Derby Gas A El 17 pref..*
59%
94%
*
gO cum preferred
39
4194
4094
43
56
6394
6094
794
2194
6
1994
110
g4 preferred
•
Northern States Power—
(Del) 7%
57
Pow A Lt 694%—100
*
111
11294
10294 105
11294 114
36
3894
6094
6294
7894
8194
0%
7%
3.25
4 15
1
16.94
18 22
Mass Investors Trust
25
Jamaica Water Supply
•
Jer Cent P A L 7% pf--100
109
103
7% pf—100
10694 10994
11394 11694
117
11994
8394
8594
3494
3694
6594
Eastern Pipe
•
6494
11194 113
104
Peoples Lt A Pr g3 pref.25
Philadelphia Co—
23
7394
2494
76
111
Kansas Pow A Lt 49$ %
100
100
preferred
35 cum preferred
•
Pub Serv Co of Indiana—
58%
100
Kings Co Ltg 7% pref-100
29
70
Long Island Lighting—
7% preferred.
100
31
37 prior Hen pref
7294
Mass Pow A Lt Associates
preferred
1894
1994
2794
7894
Mississippi P A L go pref.*
72%
Missouri Kan Pipe Line..6
394
494
*
89
Monongahela West Penn
7% pre!
Texas Pow A Lt
United
5% pf.100
7% pf.100
Utilities
Pub
28
Mountain States Power...
5% preferred
2994
1394
5%
18%
6%
103% 106%
19%
20%
12%
13%
108 Hi 110%
46 94
112%
115
»
13694 13794
Narrag El 494% pref—60
55
Nassau A Suf Ltg 7%pf 100
19
Public
1.91
1.91
Series AA
Series A A mod
♦Crum A Forster
Bid
Amer UtUlty Serv 6s.. 1964
Appalach El Pow 394s 1970
Associated Electric 58.1961
—*
Utah Pow A Lt 37 pref...*
78%
80%
Washington Ry A Ltg Co—
Participating units
17%
18%
West Penn Power com... •
2194
West Texas UtU 36 pref..*
26%
24
23%
10194 103%
100
Income deb
Corp—
3948—1978
3948.—1978
8.72
4.25
Low Price Bond Series..
4.71
4.70
5.18
Nation.Wide Securities—
(Colo)
ser B shares
•
(Md) voting shares..25c
3.22
1.00
1.13
National Investors Corp. 1
4.77
5.13
New England Fund.—.1
10.07
10.86
N Y Stocks Inc—
Agriculture
118
28
6.50
Automobile
4.23
4.68
Aviation
26
9.22
10.16
7.18
8.77
Bank stook
3094
♦Common B shares... 10
♦7% preferred
100
5.45
7.32
8.08
6.63|
7.32
Electrical
equipment
Insurance stock
Diversified Trustee Shares
C
1
3.10
2.50
4.70
5.35
25c
1.00
1.10
9.38
10.33
7.99
6.08
6.04
6.67
Railroad
_
16.41
2.59
7.24
Metals...
_
Machinery
Oils
3.89
15.18
Deposited Insur She A...1
Dividend Shares
4.93
supplies
Chemical
112
Cumulative Trust Shares. *
Delaware Fund
3294
7.95
Building
♦Crum A Forster Insurance
2.66
2.94
5.24
Stock
No Amer Tr Shares 1953. •
5.80
6.73
4394
1.84
16.85
17.91
Series 1955
1
2.28
9.96
Balanced Fun.d
6.72
6.09
Railroad equipment
Steel
EatonA Howar d—
10.62
Series 1956
1
2.23
1
1.83
Fund..
22.65
24.35
Eqult Inv Corp (Mass)..5
Equity Corp 33 conv pref 1
Fidelity Fund Inc
*
14.85
15.99
Plymouth Fund Inc
First Mutual Trust Fund..
5.36
5.95
Putnam (Geo) Fund
16
Series 1958
1794
Fiscal Fund lno—
2.15
2.38
Insurance stk series. 10c
Fixed Trust Shares A
10
2.97
3.30
Foundation Trust Shs A.l
3 25
3.75
Fundamental Invest Inc.2
14.38
15.76
Fundament'l Tr Shares A 2
4.06
4.82
.36
12.60
5.15
6.05
103
100
5% deb series A
Bank stock series...10c
.31
11.78
10c
Quarterly lno Shares.. 10c
Representative Tr Shs.. 10
RepubUo Invest Fund
8.17
8.67
3.05
3.41
8.11
25.03
General Capital Corp
»
General Investors Trust. 1
77.10
78.06
Selected Amer Shares..294
7.46
8.13
3.48
lOo
5.39
5.97
*
12.69
13.47
Standard UtUltles Inc. 50o
.16
.21
•
5794
6094
Super Corp of Amer AA..1
2.01
26.911
4.32
4.71
4.20
Group Securities—
Agricultural shares
Scudder, Stevens and
Clark Fund Inc
1 Selected Inoome Shares.. 1
3.71
4.63
Sovereign Investors
Spencer Trask Fund
3.99
♦State St Invest Corp
Automobile shares.....
Aviation shares
3.62
Building shares
4.56
5.02
Chemical
5.27
5.80
Electrical Equipment
7.37
8.10
Food shares
3.64
4.02
6.71
shares
7.38
Trustee Stand Invest Shs—
1.99
♦Series
C
1
♦Series
D
1
1.92
1
4.87
1
4.34
Trustee Stand Oil Shs—
♦Series
A
♦Series
B
2.40
2.65
4.44
4.89
4.78
5.27
.47
.53
3.61
3.98
Trusteed Industry Shs 25c
.69
.78
3.18
3.51
U S El Lt A Pr Shares A...
1494
shares
Mining shares
Petroleum
shares
RR Equipment shares..
Steel shares
4 57
5.04
Tobacco shares
4.18
4.61
.05
Trusteed Amer Bank Shs—
25c
Class B
.15
♦Huron Holding Corp...1
1.77
B
Wellington
Fund
1
13.00
14.30
Income Foundation Fd Inc
1.23
1.34
13 15
14.14
1.90
2.13
♦Blair A Co
1.03
♦Central Nat Corp cl A..*
♦Class B
•
20
.93
♦First Boston Corp
10
1494
1594
10c
94
94
Institutional Securities Ltd
Ask
Bid
Iowa Southern Utll 4s. 1970
Ask
102% 10394
1950
103
104
1970
1.15
1.26
Investm't Co of Amer.. 10
15.99
17.29
11094
10394 10494
10294 10294
Investment
Banking
Corporations
%
194
22
1
2
♦Schoellkopf Hutton A
105
1969
Group shares
Insurance Group shares.
104
Kansas Power Co 4s. .1964
Kan Pow A Lt 394a
Kentucky UtU 4S
Assoc Gas A Eleo
—
— —
10
Incorporated Investors..5
Independence Trust 8hs.»
Utility Bonds
Gen Mtge
m
Fund
Merchandise
25%
56
6394
65%
8794
89%
10494 105%
52
5094
m
2.29
1
Bank
Amer Gas A Pow 3-6S.1953
rn-m. —
2.29
1
10
com..
♦8% preferred
•»*•«> —
8.11
8.33
Invest
Investing shares
23%
24%
1694
44%
*
Mountain States T A T J 00
15%
Corp
32.75 pref
33 pref
16
2.03
1
Accumulative series...1
B
2894
8094
9194
7594
Pub Serv
Southern Nat Gas com.7 Hi
S'western G A E
6% conv partlo pref. .50
Mississippi Power SO pref.*
preferred
100
Sierra Pacific Pow com...*
*
Mass Utilities Associates—
%7
2
11094 113
Rochester Gas A Eleo—
27
6% preferred D
S2
♦
Queens Borough G A E—
6% preferred
100
Republic Natural Gas
24%
3 49
Mass Investors 2d Fund..
National Income Series
No Amer Bond Trust ctfs.
preferred
Panhandle
9.22
3.21
D
Ohio Public Servloe—
Penna Edison g5 pref....*
Penn Pow A Lt g7 pref...*
112
23
100
pref
8.52
Chemical Fund
Series ACC mod
Northeastern El Wat A El
Line Co
11194 114
Hartford Electric Llght.25
Interstate Natural Gas
...*
7% cum preferred
100
N Y Water Serv 0% pf.100
Pacific Pr A Lt
SO cum preferred
Ind
preferred
Okla G A E 7% pref—.100
62
Federal Water Serv Corp—
SO.60 cum preferred
*
Florida Pr A Lt 17 pref..*
5394
994
106 A 108%
100
preferred
8%
7%
pref.*
Consumers Power S5 pref _•
Continental Gas A Elec—
18
62
58
1
Commonwealth Invest. _.l
Corporate Trust Shares_.l
8%
16
New York Power A Light—
11094 112%
99% 102%
Central Maine Power—
SO
Ask
New Eng Pub Serv Co—
12294 125
Birmingham Elec »7 pref.*
Bid
National Gas A El Corp.10
New
6
93
Par
7.57
10c
Maryland Fund Inc
Mutual
Public
30.49
Series 8-2
'
/: V
4
27.81
Aviation Capital lno—.1
Principal Stock and Commodity Exchanges
115 Broadway
8.58
1394
Investors Fund C_.
1
Keystone Custodian Funds
Series B-l
8.38
Ask
1194
194
Axe-Houghton Fund Inc..
'
'/
Bid
Amer Foreign Invest Inc..
Assoc Stand OU Shares...2
Jackson & Curtis
Members
Par
\
7 82
2.53
Securities
Affiliated Fund Inc
Quoted
•
ASl
7.19
2.31
♦Amerex Holding Corp..
Amer Business Shares...
*
Sold
bid
Par
Aeronautical
•
1941
22,
Over-the-Counter Securities—Friday Feb. 21—Continued
on
Utility Preferred Stocks
Bought
Feb.
494a
/12
12%
/1294
13
Lehigh VaUey Tran 6s 1960
6294
/1394
14
Lexington Water Pow 5s'68
Income deb 4His... 1978
1973
9194
1494
f22
2394
f22
f52
24
New Eng O A E Assn 5s '62
com
Water Bonds
9494
/1394
/20
f2l%
Tnc
6494
1978
Pomerov
Income deb
Income deb 4s
Conv deb 4s
Conv deb
4%$
1973
Conv deb 6s....... 1973
Conv deb 594 s
1973
8e without warrants 1940
—
_
23
Luzerne Co G A E 394 s '66
103
10394
Michigan Pub 8erv 4s. 1965
104
105
Montana-Dakota
Utll—
394
1961
1986
394s
Northern
10
Public Servloe 3948-1969
107
10794
594s series B
1946
8494
8994
10
Northwest Pub Serv 4s '70
104
105
6s series A
1946
Old Dominion Pow 58.1951
86 94
9194
10
101
10294
10594
Pittsburgh Sub Water—
10694 108
Plainfleld Union Wat be '61
87
Cent 111 El A Gas 3 94 b. 1964
Cent Maine Power 394s *70
Central Pow A Lt 394 s 1969
9194
9394
9794
Pub Serv of Indiana 4s 1969
10394 10494
Pub UtU Cons 694s...1948
107
104
108
105
6a
1950
Republic Service—
Collateral 5s
1951
f%
81%
194
83
494s...__
Sioux
Clty'o
1st 5s
7494
72
1948
105
9294
8ou Calif Gas
Consol E A G 6s A....1962
5494
5594
Sou Cities Utll 6s A... 1958
54
56
Southern Count Gas 3s '71
1C294 103
S'western Gas A El 394s *70
1962
394s. —1970
Crescent Public Service—
106
10294 10294
10594 10594
5094
5294
101
10194
10494 10594
68
7094
Cumberl'd Co PAL 394s'66
10794 10894
Dallas Pow A Lt 394s. 1967
Dallas Ry A Term 6s. 1951
U094
Tel Bond A Share 5s
1958
Texas PubUo Serv 5s_. 1961
Toledo Edison 1st 394sl968
7694
79
1970
10494 10494
El Paso Eleo 3 94a
1970
Federated Ucil 594s... 1957
105 J4 10694
Houston Natural Gas 4s
103
1st mtge 3 94«
s f debs 394s
74%
7694
10394 10494
10794 108
1st 5s series A
1958
1967
99 94
Shenango Val 4s ser B_ 1961
South Bay Cons Water—
102 94
10294
*55
Illinois Bell
inland
Telep 294s 1981
Gas Corp—
694s stamped
Iowa Pub
Serv 394s
1952
.1969
9594
10394
5s
Springfield City Water—
4s A
-.1956
69
594s
1950
10594
105
Union Water Serv 594s '51
10294
Morgantown Water 5s 1965
10594
West
10594
Western N Y Water Co—
Muncie Water Works—
1965
1st 5 94s series
1st 5s series B
New RocheUe Water—
5s series B
1951
97
94 100
594s series A
1951
100
103
99
Ohio VaUey Water 5s. 1954
Ohio Water 8erv1«> 4s. 1964
108
5s
Whtef
107
109
-1950
104
106
.1950
1951
102
-1961
1st 43
1951
A
1st conv 5s
deb 6s extended
Westmoreland Water
1950
101
94
—
1952
10294 10494
5s series B.._...
1958
101
6s series C—
I960
105
6s series A
102
1949
103
5s
Wichita Water—
1957
130
West Penn Power 3s__ 1970
108
106
I960
76
110
10294
103
New York Water Service—
Wisconsin Public S 394 s '71
71
Monongahela Valley Water
10194 10194
10094 10294
West Texas UtU 3948.1969
594s
65
10494 10594
10294
108
Texarkana Wat 1st 5s. 1958
100
1960
10694
Western Public Service—
V
1965
5s
Utica Gas A Electric Co—
9394
1950
58
9994 10294
8prlng Brook Wat Supply
10594
Monmouth Consol Water—
1956
10394 105
10594
1st A ref 5s A
1957
Kankakee Water 4948.1959
Kokomo Water Works—
5s
1958
494s
104
United Pub UtU 6s A. 1960
101
Scranton-Sprlng Brook
Water Service 5s. 1961
1970
10594
10594
10594 108
Joplln Water Works—
58
1954
—.1951
77
103
1965
—1957
1st 5s series A
Water 5s__
Scranton Gas A Water Co
1st 5s series A
1947
9094
Detroit Edison 3s
7294
A E 48-1966
Sou Calif Edison 3s
1962
CoU lno 6s (w-s)
1894
10694 10694
9294
9494
St Joseph Ry Lt Ht A Pow
Cons Cities Lt Pow A Trac
Cons Gas of Bait 294s. 1976
/1794
Richmond Water Works—
Rochester A Lake Ontario
Gulf Coast Water—
Indianapoils Water—
1st mtge 394s
1966
1961
9494
Central Publlo Utility—
Income 694s with stk *52
Cities Service deb 5s. .1963
6sserle8 B
107
103
10794
Water Service
Portland Electric Power—
1st lien coll tr 694s. -1946
1st lien colli) rust 6s. 1946
1951
6s
Peoples Light A Power—
1st Hen 3-6s
105
Calif Water Servloe 4s 1961
10594 10694
10594 10694
1970
102
1948
Butler Water Co 5s.._1957
Community
394s 1964
102
1948
94""
105
394s
1948
10794
Indiana—
84%
10194
1st consol 4s
10
10994
10294 10294
1950
1st consol 5s
N Y State Elec A Gas Corp
4s
1965
Central Gas A Eleo—
6s
10494
NY PA NJ Utilities 5s 1956
Penn Wat A Pow
1968
Atlantic County Water—
53
1958
1st A ref 5s
11
106
Atk
Peoria Water Works Co—
10594
62
9294
Bid
Ask
i
1958
55
Valley Gas
A Electric
5s
Prior lien 5s
10294 103
Parr Shoals Power 6s. 1952
Blackstone
Ashtabula Water Works—
f8
f8
1983
Sink fund lno 5-6s._ 1986
Boston Edison 2948—-1970
Cent Ark Pub Serv 5s. 1948
Bid
f8
f8
Cons ref deb 494e.„ 1958
Sink fund lno 494s_.1983
Sfino4948-594s
1955
/994
Assoc Gas A Eleo Co—
Sink fund lno 5s
494a.
Oregon-Wash Water Serv—
5s
10194 103
10594 10594
10694 10894
1957
For footnotes see page 1266
9794 10094
W'msport Water 5s—1952
10394 105
Volume
The Commercial & Financial Chronicle
152
Quotations
on
1269
Over-the-Counter Securities—Friday Feb. 21—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
In which you have Interest.
our
y«u will
monthly Bank and Quotation Record.
In this publi¬
/17)4
20
1957
/9
10)4
29
Cheseborough Bldg 1st 6s '48
Domestic
Domestic (New York and
Canadian
Out-of-Town)
Public Utility
Canadian
47
Federal Land Bank Bonds
Public Utility Stocks
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
18
3
49
1950
49)4
series
3454
51)4
3654
56 H
58)4
46)4
48)4
3
nx
1 Park Avenue—
28)4
1957
1st 3)4s
4
series BK
series F-l
series Q
Ollcrom Corp v to
19
1st 4s (w-e)
1948
Court A Remsen St Off Bid
Bonds
68
17
5)4s
6)4s
6)4s
6)4s
Colonade Construction—
,
65
31
3s
mmm
.1945
8 f deb 6s
64
Chanln Bldg 1st mtge 4s '45
Municipal Bonds—
Companies—
mmm
72
N Y Majestic Corp—
4s with stock stmp. .1956
N Y Title A Mtge Co—
29
62
1948
Brooklyn Fox Corp—
Banics and Trust
46
N Y Athletic Club 2s-1955
27
1st leasehold 3)4-5s 1944
Broadway Motors Bldg—
4-6s
Ludwlg Baumann—
1st 5s (Bklyn)
1947
1st 5s (L I)
1951
Metropol Playhouses luo—
7~"
/6
Atk
Bid
/34
The classes of securities covered are:
Certificates
Atk
B'way Barclay Ino 2s__1956
B'way A 41st Street—
probably find tbem in
cation quotations are carried for all active over-the-counter
stocks and bonds.
Bid
Alden Apt 1st mtge 3a. 1957
Beacon Hotel lnc 4s._1958
23
'
Doraet 1st A fixed 2s.
Hotel units
Industrial Stocks
Real Estate Bonds
Real Estate Trust and Land
Equit Off Bldg deb
Title Guarantee and Safe Deposit
1st Income 3s
1946
U. S. Territorial Bonds
Your subscription should be sent to
Dept. B, Wm. B. Dana Co.. 25 Spruce St., New York City.
Hearst Brisbane Prop 6s'
58
62
1956
9
*
—
10
Shernetb Corp—
1st 6)4 f(w-s)
1956
/io
36
11
30
61 Broadway Bldg—
V
^ m
m
/13)4
32
mm
-
Syracuse Hotel
Textile
due 1952
($500
44
'
•••
35
Due to the European situation some
1939
/25
27
44
46
10)4
12)4
17)4
19
33
36
1st 6)4s
50
32
33)4
1962
of the quotations shown below are
of
nominal.
Bid
Bid
Westlngbouse Bldg—
1st mtge 4s
1948
NOTICES
Atk
Anhalt 7s to.....
6
/18
Housing A Real Imp 7s '46
AntloQUla 8b
0
/60
Hungarian Cent Mut 7s '37
Hungarian Ttal Bk 7)4s '32
7
5
7
0
fUX
/17
/3J4
/3)4
J3X
f7
3
/18
1
6
/37>4
/54
/18
0
/18
2
fZ
3
/18
5
7
8
9
6s.
.
6s..
18
7)4s
/3
.15
19
15
19
/18
Bavarian Palatinate Cons
Koholyt fl)4s
1943
/18
18
Land M Bk Warsaw 8s '41
/3
Leipzig O'land Pr 0)4s '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
/18
/18
4)4
4
4
1948
38)4
/18
Merldionale Elec 7s-.1957
Montevideo
scrip
1945
Munich 7s to
Munio Bk Hessen 7s to '45
18
Buenos Aires scrip....
/45
.
0
0
7
4
6
7
...
f8X
fl7
/3)4
f8X
9
18
5
m
/3
...1946
Oberpfals Elec 7s..
1
Madgeburg 6s
4
/18
1946
Panama City 0)4s
Central German Power
1952
Panama 5%
scrip
......1956
3
/3
Poland 3s
B
78
Porto Alegre 7s
7
/30
Protestant Church
14"
I
/14
16
9
5s..
/II
9
fllX
/8
13)4
9
3
5
5
3
1
Mortgage A
1941
5s
9
3
7
7
/17
/2
/16
/2
1948
5
/3
/18
I
30
26
/6
/5)4
9
3
fl8
i
/2
no
9 ""
43"
68
Hamburg Electric 6s
/18
HO
/18
For footnotes see page 1266,
—
~
"
Co.
13 X
10
Fredericktown,
prominent
Business Administration, and joined
Herrick & Co. at that time.
& Co., 29 Broadway, New
York City, are distributing
In accordance
study of 15 investment trusts.
previous practice, they have
vested in 28 leading
their survey
His home was formerly
Knox County, Ohio.
emphasized the percentage of funds in¬
favorites. To make
industries and in 40 investment
complete, they have included a summary
of the major changes
This year, for the first time,
the tabulation of percentage investments in industry and in the 40 invest¬
ment favorities includes preferred stocks and bonds as well as common
portfolio during 1940.
'
York Stock Exchange,
announced that Randolph T. Bliss and Harvey E. Boyd are now associated
with the firm in the stock department of the Washington, D. C., office.
The stock department has just been installed at Washington with a New
York Stock Exchange ticket, and wire facilities.
18
Brown
&
Sons,
—Jacques Coe, partner in
fl8
in
and Mitchell, Herrick & Co. were consolidated.
Mr.
in 1927 immediately following his graduation
copies of their fourth annual
—Alex.
72
/18
/18
McDonald-Ooolidge &
President.
For several years
arranging security underwritings for
McDonald,
stocks.
18
/17
B.
Cleveland
made in the composite
/14
/14
n8
/35
Haiti 6s
to
with
3)4
38
......
..1950
C.
Harvard Graduate School of
—Weingarten
6)4
69
21
..1956
2d series 5s
f 18
i
German scrip
&
came
the
the staff of Mitchell,
180
5s
been
has
Keller
/18
fl9
Keller
H. Keller as Vice-President of
by
announced
was
ald-Coolidge
n8
German Central Bank
-.v
accidents occurred in clear weather and almost
corporations in this district.
He has been associated with
McDonald-Coolidge & Co. since June, 1939, when the businesses of McDon-
/9
f70
/12
exs.
40% of the fatalities and
representative
/18
1947
.1951
official reports from the
interesting facts:
78% happened when the road surface was dry.
Mr.
nx
...
than 1,300,000 others were injured in
traffic accident last year was a pedestrian.
Co.
/18
/18
/18
/7)4
40
issued annually and
analysis of the facts about accidents in which
involved in accidents had a year or more of
—Election of Eldon
f7X
8s ctfs of deposit. 1948
/32
The booklet is the eleventh in a series
Co.
Almost 86% of all fatal
/18
5
the United States last year approached the
operating experience.
III
8%
3
/52
/22
/2
fki
4s scrip..
Fort
Every third victim of a fatal
in
deposit—1957
at
More than 97% of all drivers
/18
/18
m
7s 1957
stationed
26% of the injuries in 1940.
from
R C Church Welfare 7s '40
currently
Corps,
Highlights from the annual report, based on
J7
8s
Air
Exceeding the speed limit was responsible for
m
m
7s ctfis of
field secretary of the Cleveland Chamber
C.
Rom Cath Church 0)4s '46
6%
was
States
United
the
N.
1933
Rio de Janeiro
/18
5
fa.
6s 1936
fl8
/18
3
1946
many) 7s
for many years, during the
President Frank L. Andrews
President of the Carter.
Before entering
48 States, include the following
/3
(Ger¬
Prov Bk Westphalia 6s '33
/18
/18
/18
9
6Ha
European
1968
the
1940.
—-
City Savings Bank
424 in the Woodward
in Cleveland
35,000 persons were killed and more
(
Oldenburg-Free State—
7a to
in
presents a comprehensive
/6 3
/60
1948
Frank L.
native of
He is currently President of the Washington
Men's Association.
He has one son, First Lieut. R. W.
Promotion
surance
Nat Bank Panama—
Mtge 7s
9
Dean
—No single catastrophe in
/4
Central Agrio Bank—
eee German Central Bk
a
daily average of almost 100 lives lost in automobile accidents, according to
a new booklet entitled "Here Today—" just issued by The Travelers In¬
m
(A A B) 4s...1946-1947
(C A D) 4s...1948-1949
Nat Central Savings Bk of
Hungary 7)4s
1962
National Hungarian A Ind
15
of
for many years.
Bragg,
25
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
Carter
Yorker, was
New
business Mr.
Dean,
Brown Coal Ind Corp—
0)4s
hotel
Hotel
/32
m
m
Nassau Landbank 0)4s '38
---
representative
After having been
Hotel
the
Hotel
the
the
/18
Water 7s
Dean,
period when Fay M. Thomas, now assistant to
of
of Commerce
Mannheim A Palat 78.1941
8
in Suite
headquarters
his
Mr.
Street and H, in the heart of the financial section of
capital.
of
manager
18)4
Yorker.
with the Hotel Raleigh in Wash¬
ington as sales manager since 1936, Mr. Dean resigned in mid-February
to accept the poet of Washington .representative of the Hotel New Yorker.
Prior
to
his
connection with the Hotel Raleigh Mr. Dean was sales
National's
change Bank 7s....1936
New
Hotel
the
of
make
will
loth
Building,
/3
Jugoslavia 5s funding. 1956
/18
/32
/18
8
7s
/3
Jugoslavia 2d series 5s. 1966
5
8
78..
President
Washington,
fli
Hungarian Discount A Ex¬
/18
Hotel
the
Andrews,
Atk
1951
1st 4)4s w-e
48
appointment of Harry S. Dean as the Washington
New Yorker was announced from the offices
—The
mmm
24
Waibridge Bldg (Buffalo)—
3s
1950
CURRENT
Foreign Unlisted Dollar Bonds
22
Wall A Beaver St Corp—
w-t
paid)...
1st A gen 3-4s
78
1958
2 Park Ave Bldg 1st 4-6s'40
tmmm
London Terrace Apt*—
Tel. HAnover 2-5422
1955
Trinity Bldgs Corp—
1951
Lexington Hotel units
Lincoln Bldg inc 5)4s
22
Bldg—
1st 3-5s
37
18
20
(Syracuse)
1st 3s
28
26)4
17
1957
616 Madison Ave—
3s with stock
Bldg—
1st 4s
1950
3)4s with stock
70)4
44
Lewis Morris Apt
mmmm
Roxy Theatre—
31)4
Lefoourt State Bldg—
1st lease 4-6)48
1948
8L CO., INC.
m
30
1948
1st 4-5e.
''mmm
-mm~m
00 Park Plaoe (Newark)—
1st 3)4s
1947
17"
34
42
—
3s with stock
/24
1950
Letcourt Manhattan Bldg
1943
Income
^
59
1st mtge 4s
...1957
Savoy Plaza Corp—
36
/15)4
Hotel St George 4s
54
6)4s stamped
1961
Realty Absoc Sec Corp¬
35
Harrlman Bldg let 68.1951
Inactive Exchanges
754
/5J4
Graybar Bldg 1st lshld 5s '46
Foreign Stocks, Bonds and Coupons
....
33
*49
40 Wall St Corp 6s... 1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 4s stamped
1948
Fuller Bldg debt 6e...l944
1st 2)4-4s (w-e)
1949
Quotation Record is published monthly and
BRAUNL
32
Prudence Secur Co—
se
Film Center Bldg 1st 4s
Mining Stocks
S2 William St., N. Y.
30
27
12)4
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
U. S. Government Securities
•ells for 112.50 per year.
34
25
6)4b (stamped 4s)_.1949
Mill Stocks
The Bank and
26"
600 Fifth Avenue—
Stocks
ties
23)4
106 Broadway Building—
8eo s f ctfs 4)4 s (w-s '58
m «*
3
1)4
/32
6s 1952
Deb 5s 1952 legended
50 Broadway Bldg—
Stocks
Joint Stock Land Bank Securi¬
2d mtge 6s
..1951
103 E 67th St 1st 6s... 1941
-m
Eastern Ambassador
Insurance Stocks
Investing Company Securities
_
members
of
the New
the New York Stock Exchange
firm of Baar,
the S. S. Uruguay for Rio de Janeiro, Sao Paulo,
and Buenos Aires to visit the firm's correspondents in those
Cohen & Co., left on
Montevideo
cities.
—Frederic
New
D.
Carter has
been admitted to general partnership in
"York Stock Exchange firm of John H. Lewis & Co.
formerly a
partner in the firm of Biggs,
Mohrman & Co.
the
Mr. Carter was
The Commercial & Financial Chronicle
1270
General Corporation
Feb.
1941
22,
and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
it is not always possible to arrange companies in exact
However, they
FILING
OF
The
always
STATEMENTS
REGISTRATION
SECURITIES
4659
are
as near
following additional registration statements (Nos.
4670, both inclusive) have been filed with the
to
$119,578,762.
State Bond & Mortgage Co.
a
(2-4659 Form A-2) of New Ulm, Minn.,
registration statement covering $5,000,000 accumulative savings
certificates series 1217 at $81.60, $500,000 accumulative savings certificates
series 1207 at $94.08 and $250,000 investment certificates series 1205 at
$100.
Balance Sheet Dec.
of
the
Henry N. Somsen
No underwriter has been named.
Filed
company.
Feb. 13, 1941.
Abbott Laboratories—Extra Dividend—
Directors
an extra dividend of 10 cents per share in
quarterly dividend of 40 cents per share on the
payable March 31 to holders of record March 12.
Extra of 25 cents was paid on Dec. 23, last; extras of 10 cents were paid
on Sept. 30, June 20 and March 31,
1940; extra of 15 cents was paid on
Dec. 23, 1939, and extras of 10 cents were paid on Sept. 30 and on June 30,
1939.—V. 152, p. 110.
(2-4660 Form A-2) of Mount Rainier, Md., has filed a
registration statement covering 5,000 shares of $100 par 6% cumulative
profit-sharing preferred stock, which will be offered at $110. Proceeds of the
issue will be used for bank loans, expansion and working capital.
Adam
Weir, President, has been named underwriter. Filed Feb. 13, 1941.
to
common
issued for account of certain stockholders.
W. C. Shaw is President of the
Underwriters are Smith Barney & Co. and others to be named
by amendment. Filed Feb. 14, 1941.
publicly offered at market.
25,000 shares of $1
reserved for warrants at $6 to $9.
par common stock are
If underwriters exercise warrants, shares
be publicly offered at market, estimated to be sold at minimurns of
$7 to $10.
Company's part of issue will be used for debt advance to sub¬
may
sidiary for machinery, equipment and working capital.
President of the company.
Co.
(2-4663 Form A-2) of Atlanta, Ga., has filed a
registration statement covering $101,271,000 1st mtge. bonds due 1971, to
be offered either through underwriters for distribution to public or sold to
institutional investors.
Proceeds are to be used toward redemption or
acquisition of the entire mortgage deDt and for working capital.
P. 8.
Arkwright is President of the company. No underwriter has been named.
Filed Feb. 15, 1941.
American
Participations,
Inc.
Form C-l) of Springfield,
Mo., has filed a registration statement covering 640 investment certificates
to be issued under instalment plan with or without insurance and under a
fully paid plan. Certificates will be issued under a trust agreement between
City National Bank <fe Trust Co. and the sponsor, American Participations,
Inc. Proceeds of the issue will be used for investment. Walter N. George is
President of the company. Filed Feb. 15, 1941.
United Aircraft Products, Inc. (2-4665 Form A-2) of Dayton, Ohio,
(2-4664
has filed
a registration statement
covering 75,000 shares of cum. conv.
pref. stock ($20 par) and 100,000 shares ($1 par) common stock
for conversion of the preferred.
Proceeds will be used for machinery,
equipment, plant construction, and working capital.
H. L. Bill is President
of the company.
Burr & Co., Inc.; John J. Bergen & Co., Ltd.; Krause,
Barrows & Co.; Dempsey-Detmer & Co.; Lester & Co.;
O'MelvenyWagenseller & Durst; Stroud & Co., Inc.; Sidney S. Walcott & Co., Inc.;
Hill & Co., and Young & Co.,
Inc., nave been named underwriters.
Filed
Feb. 15, 1941.
General Bottlers, Inc. (2-4666 Form A-l) of Chicago, 111., has filed a
registration statement covering 50,000 shares of cum. conv. pref. stock
($1 par) at $10 and an unstated number of common shares ($1 par), reserved
conversion
of
the
preferred.
Proceeds
will
be
used
for
plant
site,
construction, equipment and working capital.
C. J. Hill is President of
the company.
F. S. Yantis and others have been named underwriters.
Filed Feb. 15, 1941.
Associated Fund, Inc. (2-4667 Form C-l) of St. Louis, Mo., has filed
registration statement covering 10,000 Associated Fund Trust certificates.
Proceeds will be used for investment.
Harry J. O'Neill is President of the
company.
The issue will be sponsored by the depositor.
Filed Feb. 15,
1941.
a
Financial Security Fund, Inc. (2-4668 Form A-l) of Denver, Colo,
,
has filed
registration statement covering 1,500,000 Fund shares, 10 cent
par, and two types of investment certificates representing methods of
purchasing the Fund shares on fully paid and instalment plans. Proceeds
a
of the issue will be used for investment.
Charles F. Smith is President of
the company.
Investors Independence Corp., Robert J. Long & Co. and
others may be underwriters. Filed Feb. 17, 1941.
Federal Founders Corp. (2-4669 Form A-l) of
Portland, Ore. has filed a
registration statement covering 3,000 shares of $100 par common stocks
Proceeds of the issue will be used to pay for
expenses incident to incorpor¬
ating and organizing a life insurance company, to purchase stock of such
company in amount sufficient to create its required capital and surplus, to
make available to such
company through additional stock subscriptions or
by loan and amount sufficient to provide it with adequate working capital.
Oliver W
Russell is President of the company, and has been named under¬
writer.
Filed Feb. 19, 1941.
Cleveland
Ohio has filed
Graphite
a
Bronze
Co.
(2-4670 Form
A-2)
of Cleveland,
registration statement covering 30,000 shares of 5% cum.
par. Proceeds of the issue will be used for plant erection
preferred stock $100
and
transfer of macninery
burse the
ments.
The last
our
equipment to
new
Jones
&
Co.
have
been
named underwriters.
S.
Circuit Court
order of the U.
S.
Allied Kid
income and
Earnings
District
Co.—Earnings—
profits
excess
was
Dec. 31,*40
$823,860
Notes
x
&
Dec.30,*39
$777,303
1,011,372
surr.
under tr. rets.).
13,559
2,027,935
2,310,587
313,951
37,424
842,794
MIscell. accts.
Accounts payable.
Accrued accounts.
280,960
887,724
value of
rec.
93,457
of prev. commit¬
51,847
Prop, plant and
65,677
ments..
Res. for State and
equipment
Goodwill, tr.-mks.
1
1
46,364
23,760
189,437
153,269
1,302,745
1,326,860
2,143,042
Federal taxes
c
and formulae
Deferred charges..
Common stock..
Paid-in surplus
2,143,042
$5,103,701 $5,418,533
Capital surplus...
61,652
Earned surplus...
Total
$301,768
283,006
$169,116
105,304
Res .for write-down
life Insurance...
y
Dee.30,'39
released
mdse.
1,072.792
against raw
Mdse. Inventories.
Dec.31,'40
ters of credit for
skin purchases..
Cash
Liabilities—
Drafts against let¬
accts.
rec
Ad vs.
1,132,405
85,059
966,396
....$5,103,701 $5,418,533
Total.
x After
allowance for doubtful accounts and discounts of $76,973 in
1940 and $82,568 in 1939.
y After allowance for depreciation of $1,762,975
in 1940 and $2,002,629 in 1939.
c Par $5.—V. 152, p. 1122.
Allied Stores Corp.—Bank Loan Reduces
Debentures—
The
corporation on Dec. 5, 1940, obtained a $1,500,000 bank loan,
payable $250,000 on Dec. 5, 1941, and annually thereafter.
Combined
interest rate on the loan is 1.7%.
Of the total borrowed, $700,000 was
used to retire that amount of 4M% debentures on Jan. 31, while the
remaining $800,000 was used to retire certain subsidiary funded debt
and long term obligations.
Acquisition—
This corporation
has acquired all the capital stock of B. Gertz, Inc.,
Gertz-Jamaica department store at Jamaica, L. I.
Pur¬
be paid partly in cash and partly in 5% preferred stock of
Allied.
Exact amount of preferred stock involved has not been decided,
depending upon final audited figures.
The acquisition includes the store operating company only which occupies
its real estate on the basis of a rental expiring in 1971.
Annual sales volume
of Gertz-Jamaica is about $6,000,000.—V. 152, p. 1122.
which
operates
chase price will
Alpha Portland Cement Co.—Earnings—
Years Ended Dec. 31—
Net sales
1940
1939
1938
$7,655,343
6,653,676
$6,988,706
6,208,250
$6,332,660
6,160,862
Income credits
$1,001,667
239,470
$780,455
111,933
$171,798
134,323
Gross income
Income charges
Federal income taxes
$1,241,137
28,932
a294,120
$892,388
17,577
127,714
$306,122
41,074
29,941
b$918,084
958,150
$747,097
639,500
$235,106
639,975
Operating
expenses
Profit from operations
Net income
Divs. on common stock
a
No liability Incurred for
share
on
638,400
no par
profits taxes,
b Equivalent to $1.44
shares of common stock.
excess
Balance Sheet Dec. 31
given
1940
1940
1939
$
Liabilities—
Cash
1,885,538
Accounts
U. 8. Treas. bonds
Co.—Earnings—•
5 ,007,402
1 .909,904
4,378,070
Wages
146,140
125.259
Wkg. funds, advs.,
Earnings for the 6-Momh Period Ended Dec. 31, 1940
&c
$1,822,666
10,689
1,630,930
46,800
Notes & accts.
610,783
284,211
1 255,437
b Common stock..
74,243
1,323,900
61,739
80,265
12 ,344,477
30.758
8,868
a
deposits
Property
Deferred items
Total income
Interest paid
Donations
202,097
29,778
437,109
237,090
606,966
606,493
13,082,815
35,931
and
$134,247
...
taxes
$
222,887
34,266
Res.—Compens. &
other Insurance.
(less reserves)..
Inventories
1939
$
payable.
payable—
Accrued
rec.
Miscell. investm'ts
Operating profit
Miscellaneous..
31,978
30,437
ash.) .16 ,759,600
3 ,366.603
16,759,600
Com. stock (stated
value $26
Surplus
3,395,125
83,154
$143,115
Total
561
275
Federal and State income tax (estimated)
...II
/1,140
a
21,459,409 21,260,6221
Total
21,459,409 21,260.622
After depreciation and depletion $22,464,902 in 1940 and $21,504,715
b At cost 6,200 shares in 1940 and 5,100 shares in 1939.—V. 152,
in 1939.
p.
Net profit—.—
Preferred dividends
816.
$71,140
22,733
advertising, administration and genera1
expenses (exclusive of provision for depreciation),
b No provision is made
for depreciation of patterns and
drawings as the cost of additions is included
in the cost of products sold.
1939
$292,945
$1.10
Balance Sheet
Assets—
Assets—
Net sales
Provision for roll adjustments
a Cost of
products sold
b Provision for depreciation
And idla expense and sellirg,
1940
$330,739
$1.27
-
per share
Cash
Filed
♦
a
Upholds
of Appeals for the Sixth District upheld an
Court at Cleveland, approving a plan for re¬
6 Months Ended Dec. 31—
Net earnings after provision for Federal taxes on
issue of Feb. 15, page 1122.
Other income
Ry.—Court
Youngstown
organizing the Akron Canton & Youngstown Ry. and the Northern Ohio
Ry. into one corporation.
The appellant, the Railroad Credit Corp., brought the appeal as a creditor
of the Akron Canton & Youngstown Ry. objecting to that part of the plan
that gives the New York Chicago & St. Louis RR. the status of a general
creditor in the proceedings with a contingent claim of $3,000,000 against
the Akron Canton & Youngstown.
The claim was based upon a covenant by which the A. C. Y. agreed
to hold a subsidiary of the New York Chicago & St. Louis "harmless" under
a guarantee of bonds issued by the Northern Ohio Ry.—V. 152, p. 816.
per
previous list of registration statements
Aetna-Standard Engineering
&
location and to reim¬
treasury for expenditures made for property and plan improve¬
Hopkins is President of the company. F. Eberstadt & Co.,
Ben F.
Inc., and Prescott
Feb. 19, 1941.
in
and
Canton
Reorganize Two Roads into One Corporation—
The U.
5J^%
for
both
Floyd A. Knoll is
McBride Miller & Co., Inc. and McKnew &
Filed Feb. 14, 1941.
Co. have been named underwriters.
Power
the regular
Akron
Plan to
company.
Heat Elements, Inc. (2-4662 Form A-l) of Buffalo, N. Y., has filed a
registration statement covering 50,000 shares ($1 par) common stock which
will be offered through underwriters at $6; 5,000 additional shares are to be
given to underwriters by Herbert K. Stroud as additional compensation
for resale at $6: 25,000 warrants for common stock are to be given to under¬
writers as additional compensation.
Any warrants not exercised may be
Feb. 20 declared
stock,
(G. C. ) Murphy Co. (2-4661 Form A-2) of McKeesport, Pa., has filed a
registration statement covering 52,500 shares of no par common stock to be
Georgia
on
addition
State Loan Co.
31, 1940
Assets—Cash,
$218,365; accounts receivable, $202,149; inventories.
$295,548; investments and other assets, $60,655; property, plant and
equipment (net), $1,855,216; patents, patent rights and licenses, $1;
deferred expense relating to contracts on national defense program, $151,326; prepaid taxes, insurance, &c., $26,457; deferred cost on progress billing,
CV$681,818; total, $2,127,899.
Liabilities—Accounts payable, $157,027; accrued payroll, $33,097; ac¬
crued taxes (county. State, social security), $32,672; provision for Federal
and State income taxes, payable 1941, $40,840; other liabilities, $40,480;
reserves. $30,138; net credit on officers common stock contracts, $2,656;
5% cumulative preferred stock (par $100), $909,300; common stock (par
$1), $183,416; capital surplus, $649,504; earned surplus, $48,407; total,
$2,127,899.—V. 151, p. 1562.
Proceeds of the issue will be used for investment.
President
Js
alphabetical order.
possible.
as
UNDER
ACT
Securities and Exchange Commission under the Securities
Act
of
1933.
The
amount
involved
is
approximately
has filed
alphabetical position
Altorfer Brothers Co.—SI .50 Preferred
Dividend—
Directors have declared a dividend of $1.50 per share on the $3 con¬
vertible preference stock, no par value, payable April 1 to holders of record
March 15.
Like amount was paid on Dec. 20, last and dividend of 75 cents
was
paid
on
Dec. 27, 1939, this latter being the first dividend paid since
Feb. 1, 1938 when a regular quarterly dividend of
75 cents
American Participations, Inc.—Registers with SEC—
given on first page of this department.—V. 146, p. 1389.
share was
per
distributed.—V. 151, p. 3548.
*
American Can Co.
See list
(& Subs.)—Earnings—
American
Consolidated Income Account for
Calendar Years ([Incl. Subs.)
1940
1939
1938
1937
Net earnings
$31,922,983 $30,986,154 $23,109,106 $28,721,523
Dvvs. & interest receiv„_
719,851
472.510
590,017
562,675
Total earnings
Depreciation
for Fed.
Res.
1271
The Commercial & Financial Chronicle
Volume 152
2,950,000
a6,900,000
cl,018,483
4,100,000
1,019,721
dl,380,383
Foreign exchange adjust
Other deductions
el,156,515
Directors
_._$17,440.906 $18,284,964 $13,645,498
2,886,331
2,886,331
2,886,331
9,895,992
9,895,992
9,895,992
Goodwill, trade marks,
Ac., charged off
20 declared a dividend of 15 cents per
Feb.
share on the
oqlng
1
1937
1938
1939
1940
pcc
.'$26,347,592 $18,725,061 $12,207,206 $35,972,070
.'
Ac
Dividend
Sept. 30,
26, 1939,
quarterly
(& Subs.)- —Earnings—
American Steel Foundries
Calendar Years—
ftrpafiff
$17,927,833
2,886,331
9,895,992
Net income-.
on
stock, payable March 31 to holders of record March 3.
paid on Dec. 28, last, and 15 cents was paid on
last, this latter being the first common dividend paid since Dec.
when 30 cents per share was distributed; prior thereto a regular
dividend of 15 cents was paid on March 1, 1938.—V. 152, p. 817.
of 25 cents was
bl,354,677
Pref. dividends (7%)—
Common dividends
Corp.—
Sanitary
common
$29,284,198
5,701,688
f4,300,000
$32,642,834 $31,458,664 $23,699,123
7,145,413
6,673,595
6,085,142
taxes
Standard
&
Radiator
15-Cent Common Dividend—
Shares
stock
com.
2,473,998
2,473,998
$4.35
$6.08
b Includes $506,542 for settle¬
2,473,998
$6.22
2,473,998
$5.88
Includes $1,350,000 excess profits taxes,
ment of claims applicable to prior years and
a
invest, in miscell.
Common dividends
Common
► Ac., Incl. new
construction .113,126,648
Other lnvestm'ts
Cash
Accts. & bills rec
Deferred
Accts. pay.,
110,383,066
764,227
16,660,987
17,071,915
15,953,563
15,638,977
acc'd
543,007
61,849,950
1,244,791
Deferred charges
Mat'ls & prod..
Ac
Incl.
Parts
wages,
13,151,385
6,900,000
1,697,156
49,206.833
—V.
...
151,
..198,432,985
p.
Total
190,983,760
13,442,128
4,100,000
10,000,000
American Colortype
Total
1,151,941
105,146
015,080
325,991
422,372
Fed.,
for
969,058
1,510,283
767,706
940,881
57,600 Reserves
4,317,669
Capital surplus... 4,317,485
3,050,319
Earned surplus— 4,212,609
Dr452,140
c Treasury stockDr452,140
57,659
Ac., taxes
stocks of,
^
—V. 152, p.
973.
American Water Works
Output of electric energy
Works & Electric Co. for the
Extra Common Dividend— '
dividend of 10 cents per share in addition
to the regular quarterly dividend of 40 cents per share on the common
stock, both payable March 15 to holders of record Feb. 19.
Extra of 40
cents was paid on Dec. 16, last.—V. 152, p. 1123.
Directors have declared an extra
(Newark, N. J.)—Extra Div.—
dividend of five cents per share in addi¬
semi-annual dividend of 25 cents per share on the com
payable April 1 to holders of record March 4.
Like
amounts were paid on Oct. 1, last.-—V. 151, p. 403.
sales,
and
a
allowances
returns,
less
freight
Cost of sales
b Selling,
J
-—
admin. & gen. expenses
v
c
Profit before int. A
Interest
192,673
72,501
160,063
78.940
$251,978
131,056
31,212
$425,633
loss$41,926
139.587
4,932
589,710
63,495
$238,750
$26,214
$238,750 loss$46,858
_
201,988
77,322
Fed. inc. taxes.
.— — —
estimated..
Prov. for Fed. inc. taxes,
Net profit
Prov. for future
$690,807
$531,288
— — —
432,238
"$197J)77
- _
other income.
Inactive property expenses
$5,806,663
5,177,348
$6,784,107
^.616,061
477,239
$6,531,748
5,481,526
518,933
Operating profit—
Other deductions, less
1938
1939
1940
Years Ended Dec. 31—
Gross
Directors have declared an extra
tion to the regular
Corp.—Earnings—
American Writing Paper
1,000,000
2,000,000
1...
Inc.—Output
& Electric Co.,
of the electric properties of American Water
week ended Feb. 15, 1941, totaled 61,144,000
kwh., an increase of 19.7% over the output of 51,071,000 kwh. for the
corresponding week of 1940.
Comparative table of weekly output of electric energy for the last five
years follows
1937
Week End.—
1941
1940
1939
1938
50,683,000
Jan. 25
62,056,000
53,526,000 46,455,000 39,727,000
52,042,000
Feb.
1.
61,875,000
52,404,000 46,094,000 39,300,000 52,341,000
Feb.
8
61,466,000
52,899,000 45,923,000 39,717,000
52,614,000
Feb. 15
61,144,000
51,071,000 45,846.000 39,654.000
—V. 152. p. 1123.
$2,500,000
2,000,000
capital contributions to, or additional investments in
two of its subsidiary public utility companies in the
Kingsport Utilities, Inc., $100,000; Wheeling Electric
American Insurance Co.
$13,292,686
Represented
817.
American Stores Co.—Sales—
4 Weeks Ended Feb. 1—
^1
1940
Sales.....-------.$11,850,105 $11,509,841
'
following amounts:
Co., $2,458,500.
...36,528,701 33,900,888
depreciation of $14,278,899 in 1940 and
b Represented by 1,210,103 shares (no par),
c
by 22,607 shares.—V. 152, p.
15 cents per share on the common
3225.
and the making of
pulp cost fluctuations
47,296
loss$46,858
both
stock,
American Seating
-
1939
$8,452,414
6,203.996
1,465,305
1,528,667
1,401,446
$719,751
a
1937
1938
$7,029,737
5,117,059
$912,977
sales..
Cost of sales
$511,232
Admin., &c., expenses..
Operating profit
58,418,561
5,962,167
1,457,816
102,206
113,898
103,201
$1,015,183
$833,649
$614,433
Depreciation
202,552
202,822
189,295
106,988
86,000
34,526
106,988
45,800
34,041
106,988
zl48,000
58,367
$238,308
110,531
Federal taxes
expenses
$456,679
110,531
Net profit—
Dividends paid
$403,312
110,531
a
Loss
171,971
276,328
Net profit
Surplus.....
com. stk. outstand.
$346,148
$292,780
221,062
221,062
$2.07
$1.82
profits tax required,
Earnings per share
$127,777
221,062
$1.08
provision for excess
on undistributed profits.
No
z
Including
$360,418
221,062
$2.88
$35,700
a
Cash suit, value of
12,352
2,320,868
charges,
Accrued liabilities.
276,559
386,414
247,823
350,240
Deferred income..
27,651
28,871
758,734
74,641
1
758,734
69,984 Capital surplus...
50,131 Earned surplus... 1,177,440
charges..
65,218
96,976
802,077
Total
$8,055,413 $8,240,360
depreciation of $2,215,595 in 1940 and $2,125,662, in 1939.
b Represented by 221,062 no-par shares,
c Notes payable—bank and
insurance company, due $100,000 annually, 1942-45, $130,000 annually,
1946-49, $630,000 in 1950—V. 151, p. 3225,
....$8,055,413 $8,240,360
After
—
$5,972prof$135,182
b No deduction made for interest on
bonds.
Assets—
on
a
131,056
138,971
estimated
77,654
102,355
Reserves—...
531,181
Inventories.
1,375,743
b Fixed assets
6,188,634
20,429
Prepayments
Cash
on
deposit
$338,732
70,049
payable.
—
75,487
Int. on gen. mtge.
Notes A accounts
674,221
1,413,659
6,272,374
32,109
bonds
—
Prov. for Fed. and
State Inc. taxes.
bonds,
Jan. 1, 1961 2,184,275
2,316,175
Common stock..
2,080,341
2,080,341
Capital surplus—
Earned surplus—-
3,431,674
421,381
3,431,674
Gen. mtge.
corporate
due
2,800
c
value
and
1939
$214,637
50,738
Accounts
8444,887 Accruals
$539,817
hand
G'dwill,
1940
Liabilities—
1939
1940
Cash In banks and
1940
Other assets......
life Insurance
After all
trustee
Accounts payable.
1939
b .135,182
31,271
~~
-
-
c In¬
$59,132
Comparative Balance Sheet Dec. 31
— .—
12,476
2,270,657
depreciation,
b Including
525,298
—
fluctuations.——
Invest, at nominal
1939
Assets—
1940
1939
b Common stock..$3,778,615 $3,778,615
a Plant & prop'y.-$2,762.627 52,697,634
Long-term debt
cl,550,000
1,668,000
Cash....:.
578,015
243,901
600,000
100,000
Cust's
receivables 2,291.777
2,748,514 Notes pay. banks.
...
—
with
Consolidated Balance Sheet Dec. 31
Liabilities—
$148,269; 1938, $142,832.
I:
Provision for future pulp costs
receivable
Shs.
Other receivables.
manufacturing expenses, including
1940, $153,444; 1939,
$3,439: 1939, $3,179: 1938, S3.021
1940, $58,178; 1939, $58,213; 1938,
Earnings for the Quarter Ended Dec. 31
$636,746
....
Interest
to surplus
Materials, labor and
follows:
depreciation as follows;
1940,
cluding depreciation as follows:
$1,122,072
93,099
xl47,000
115,854
...-
as
1940
"*$998,577
123,495
Other income
Total income
Balance transferred
Co. (& Subs.)—Earnings—
1940
$8,870,363
6,492,080
Calendar Years—
a
Reserve
30,528,761 33,900,888
1939.
in
Co.—15-Cent Common Dividend—
Atlantic City Electric Co
Indiana General Service Co.
Indiana & Michigan Electric Co
The Ohio Power Co
Total
104,752
798,111
460,347
-
After reserve for
a
American Gas & Electric Co.—Loans to Subsidiaries—
Feb. 18 permitted to be¬
effective a declaration filed by company pursuant to the Public
Utility Holding Company Act, regarding the making of loans on open
account to four of its subsidiary public utility companies in amounts not
exceeding the maximum amounts set forth below:
Prepaid
sub.
payablePayrolls accrued..
Deposit on foreign
govt, contract--
1,035,805
3.803,712
5.007,596
Total
Dividend
The Securities and Exchange Commission on
Inventories
in
Int.
consolidated
Accounts
2,257,898
Deferred charges..
come
surtax
Min.
3,784,721
Cash...
stock, payable March 14 to holders of record March 4. and another divi¬
dend, also of 15 cents payable June 14 to holders of record June 4.
Dividend of 25 cents was paid on March 25, 1940, this latter being the
first dividend paid on the common shares since 1931.
;
It is intention of directors to give consideration at May meeting to declara¬
tion of dividends to be paid during third and fourth quarters of 1941.
x
$
$
stook..24,202,060 24,202,060
Liabilities—
3,360,805
1,145,270
securities
6,906,828
50,255,973
1939
1940
$
17,202,970 17,726,511
1
1
5,680,536
7,490,503
Investments
$2 per share on the common
Directors have declared one dividend of
Other
31
1939
U. S. Government
year.—V. 151, p. 2483.
Net
$1,157,876
1,187,496
b Common
Acc'ts receivable.-
stock,
payable March 14 to holders of record March 3.
In 1940 stock dividend of
l-10th share of American Tobacco Co. common for each share of American
Cigarette & Cigar common was paid on Nov. 7. the sole payment for that
mon
$l,368,514df$2,047,109
193 435
1,187,496
1,187,496
$2.88
$1.15
Nil
outstanding minority stockholdings.
to
198,432,985 190,983,760
& Cigar Co.—$2 Common
Directors have declared a dividend of
common
2,266 ]451
3736.
American Cigarette
—V. 151, p.
A goodwill.
Inventories
3,195,581
54,914,556
Surplus
Total—
$3,617,761
296",874
IIIIII
Real est., plant,
10-yr. 2 H % debs 10,000,000
534,004 Pref. and com.
dividends pay,
3,195,581
2,307.067
7,188,214
44,284,502 Contlng. funds.
accts.
and bills rec..
$1,368,514 a$l,750,235
$1,162,290
1,187,496
$2.48
$
Assets—
61,849,950
taxes, Ins., Ac
185,752
124,449
Consolidated Balance Sheet Dec.
41.233.300
Res. for Fed .tax
69", 579
59,700
1,781".244
1940
41,233,300
stock.
27,653
30", 818
b Appertaining
Loss,
a
$
Preferred stock.
Plants, real est.,
160,000
$2,943,534
-
Surplus
1939
Liabilities—
$
5
15,353
777,390
151.717
__
Earnings per share
Subs.)
,
8,643
131,023
110.354
of.
Shares common stock...
distributed net income.
1940
11,242
332,946
sees.
land disposed
282,834
Preferred
$271,016 for interest and exchange, $516,003 adjustments
applicable to prior years and purchase of employees'past service annuities
and $593,364 for plant retirements, &c.
e Includes $350,354 for interest on
exchange, $523,195 for purchase of employees past service annuities and
$282,966 for plant retirements,
f Includes $975,000 for surtax on un¬
1939
on
Net profit
dividends.
v
bills rocciv&blo
Assets—
$4,880,705
Loss
► d Includes
1940
$1,772,402 a$l,361,620
profit
Underwriters' comm., &c
Miscell. deductions
$848,135 interest expense and
sundry other deductions, c Includes $584,483 interest and sundry deduct¬
ions and $434,000 addition to reserve for doubtful deferred accounts and
Consolidated Balance Sheet Dec. 31 (Incl.
$1,541,286 a$l,ol0,009
231,117
148,389
$4,597,871
73,332
$4,081,286
b Net earns, of sub. cos.
10,524
Reserve for Federal taxes
986,055
Surtax on undis. profits.
Reserve provided against
out¬
standing (par $25)—
$4,007,954
Total
$43,890,157
$54,914,556 $50,255,973 $44,753,332
Earned per share
30,059,278
1,314,921
Miscellaneous income—
4,284,970
Unreg. bals. incontg.res.
Profit and loss
12,874,508
842,707
Depreciation
$863,175 def3944837l
43,890,157
79,053,557
$5,502,641
44,753,332
$4,658,583
50,255,973
16,194,096
989,679
Net profit from oper—
Balance, surplus
Previous surplus—
21,110,141
1.229,497
Costs and expenses
44,593,881
tr'marks
350,318
patents.—
Total
$8,661,806 $8,840,053
Total
$8,661,806 $8,840,053
doubtful notes and accounts of $50,129 in 1940 and
$70,933 in 1939.
b After reserves for depreciation of $772,495 in 1940 and
$563,501 in 1939.
c Represented by 416,068 no-par shares.—V.
151.
p. 2483.
1
a
After reserve for
Midland Co.—Earnings—
1940^
Net profit
595b -904
Earnings per snare of common stock
$1.7.y
After depreciation and Federal taxes.—V. 152, p. 1123.
Archer Daniels
6 Months Ended Dec.
a
a
31—
J??9
$1,355,330
$2.31
1272
The Commercial & Financial Chronicle
Anglo American Mining Corp., Ltd.—Earnings—
Atlas Press Co.—To
3 Months Ended. Dec. 31—
Revenue from sales of gold and silver bullion
Revenue from other sources
$94,584
4,699
$119,239
1,329
Total operating revenue
Operating costs—
$99,283
67,306
$120,568
99,083
Net operating profit
Divs. reed, from Carson Hill Gold Mining
Corp_>.
$31,976
14,074
$21,485
21,111
Net profit before deducting deple., deprec., &c._
$46,050
$42,596
1940
paid on March 5, 1940; 20 cents on Dec. 11, 1939 and regular quarterly
dividends of 10 cents per share were previously distributed.
In addition,
extra dividend of 10 cents was paid on Dec. 15, 1938.—V. 151, p. 3082.
an
Autocar Co .-^—Government Contract—
Company
was
recently awarded
facture tractor-trucks
112.
P.
and
a contract
chassis
for
Asbestos Corp., Ltd.—Extra Dividend—
Associated Fund,
Associated
A
Operating
Gas
&
—
Net income.
Corp.—Plans $28,000,000
construction
budget totaling $28,000,000 for 194L compared with
$25,000,000 last year has been prepared by the Associated Gas & Electric
System in anticipation of increased demands for services arising out of
better business and national defense requirements, Denis J. Driscoll and
Willard L. Thorp, co-trustees of Associated Gas & Electric
Corp., revealed
in the fifth report filed with the United States District Court Feb. 15.
Federal Judge Vincent L. Leibell, who is
conducting the reorganization
proceedings of the corporation and its parent. Associated Gas & Electric
Co., also received a report from Stanley Clarke, trustee of the
top company.
Mr. Clarke said that special counsel is now
engaged in working on a petition
setting forth all claims of the company against the subsidiary corporation
in the "Recap" plan litigation.
Another petition to determine title to funds
deposited against certain
securities before the reorganization petition was filed on Jan.
10, 1940, is
also being prepared, the companys trustee stated.
Irving Trust Co.,
Chase National Bank and the Public National Bank & Trust
Co. holds the
as
paying agency for principal interest and dividends on certain
per
Expressing the opinion that construction expenditures in previous years
were "entirely inadequate to meet normal
growth" and "opportunities for
expansion of facilities and service," the corporation's trustees said that the
over-all budget for 1941 would reach
$37,000,000, of which $7,000,000
1940.
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash,
$642,082; notes receivable, $5,959,085; receivable from
repossessions, $12,505; repossessed automobiles, $3,235;
casn surrender value of life insurance, $42,900; other receivables and in¬
vestments, $64,135; deferred charges, $34,882; lard and office building
(less depreciation), $158,062; furniture and fixtures and automobile used
in operations (less depreciation), $28,253; total. $6,945,159.
Liabilities—Collateral trust notes, $4,490,000; insurance premiums pay¬
able, $70,388; other accounts payable and accruals, $3,954; reserve for
taxes,
$67,250; reserves and deferred certificates
(dealers), $135,855;
reserve for losses, $119,338; deferred income (unearned finance
charges),
$305,109; 7% cum. pref. stock, $875,000; common stock. $240,310; earned
surplus, $327,287; capital surplus, $310,669; total, $6,945,159.—V. 151,
p. 3386.
dealers
on recourse
Automotive Gear
'
Directors
have
accumulations
several
major projects probably will be deferred.
Also, material and
equipment deliveries are being delayed more and more by the manufac¬
turers, which will make it impossible for the companies to complete all
the work they plan to do, resulting in
approximately $9,000,000 of con¬
struction being carried over into 1942."
Notes payable to banks and other similar
obligations of subsidiaries of
the corporation had been reduced to
$6,034,820 by Feb. 1, 1941, the report
noted, compared with $14,534,628 on Jan. 10, 1940, the date of the reor¬
ganization petition.
Moreover, the average interest rate at the start of
the trusteeship was half again higher than the
average rate on the smaller
amount of such obligations now
outstanding.
Group Says Revamping Is Necessary—
on
3082. '
of authorizations
from about 2,900 holders of these debentures
owning
than $6,800,000 principal amount.
In a letter mailed to debenture holders the committee
called three matters
of paramount importance in the
reorganization proceedings:
First, pro¬
tection of the rights and priorities inherent in their
position as debenture
holders of the corporation; second, consummation of a
more
a
dividend
of
$1.65 per
share
on
account
of
cum.
..-/rV;'-.-
:"V; ^
Aviation Corp.—Plan
■
Approved—Stocks to Be Issued—
The corporation,
that subject to the
following a meeting of directors, announced Feb. 18
registration statement becoming effective, it would
proceed with the offering of 1,445,555 shares of its authorized and unissued
capital stock to its stockholders at $3.50 a share.
Subscription rights
be
mailed
to
stockholders
of record
of
Feb.
24
and
will
March 10.
The
underwriting
expire
on
formed by Emanuel & Co. and Lehman Brothers
offered to proceed witn the underwriting at an
offering price of $3.50 a
share, notwithstanding adverse market conditions, it was announced.
Directors of the company, however, considered it more
advantageous, in
view of the price at which the stock is to be offered, to
proceed under the
maximum commitment of Aviation & Transportation Corp.
(which see).
The plan of exchange (outlined in V. 152. p. 974) was
approved at a
special meeting of stockholders Feb.
17.
The proposal increases the
number of shares to 7,500,000 from 5,000,000.
Price
group
for Stock Set at«$3.50—
The stockholders of record Feb. 24 will receive
rights to subscribe for
additional stock at $3.50 a share, the board of directors decided at a
meeting
held Feb. 18.
committee for Associated Gas & Electric
Corp. 4%, 4H%, 5% and
5H% convertible debentures due 1973, composed of William 8. Barstow,
John P. Campbell and O. Clement Swenson, on Feb. 19
reported the receipt
Works, Inc.—Accumulated Dividend—
declared
the
con v. pref. stock, payable March 1 to holders
of record Feb. 20.
Dividend of $1.23 % was paid on Dec. 1, last; dividends
of 82^ cents were paid on
Sept. 1, June 1 and March 1, 1940, and on Dec. 1,
1939, and a dividend of 4134 cents was paid on Sept. 1, 1939.—V. 151, p.
will
"The estimated cash required is $34,000,000, but it is estimated that
the actual expenditures will amount to
approximately $28,000,000 because
The
$136,065
76,564
$0.31
—
share of common stock
funds
Bar stow Bond
...
And interest earned, and other income—less provision for losses.
a
securities.
represents uncompleted work carryover from
$552,171
364,659
51,447
—
expenses
Preferred dividends
Earnings
Co.—Weekly Output—
Electric
$657,307
105,135
——
Income less cost of borrowings
■
Budget—
152,
'v'4'
(& Subs.)—Earnings—
Finance charges
Cost of borrowings—
department.
The Atlantic Utility Service Corp. reports that for the week ended
Feb. 14, net electric output of the Associated Gas & Electric
group was
109,517,683 units (kwh.).
This is an increase of 14,542.797 units or 15.3%
above production of 94,974,886 units a year ago.—V.
152, p. 1123,
manu¬
Government.—V.
Provision for State and Federal income taxes
Inc.—Registers with SEC—
Associated Gas & Electric
S.
„■
a
Sept. 30, 1939.—V. 151, p. 3226.
See list given on first page of this
totaling $1,248,963 to
U.
Earnings for the Year Ended Dec. 31, 1940
Directors have declared an extra dividend of 15 cents
per share in addition
to the regular quarterly dividend of 15 cents
per share on the common
stock, both payable March 31 to holders of record March 15.
Similar
payments were made on Dec. 31, Sept. 30, June 30 and March 31, 1940.
Extra of 35 cents was paid on Dec. 31, 1939, and an extra of 15 cents was
on
the
'.■'•4:
Automobile Finance Co.
paid
22, 1941
Pay 20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable March 10 to holders of record March 5.
This compares
with 25 cents paid on Dec. 10, last; 15 cents paid on June 10, last; 10 cents
1939
—'V. 151, P. 3226.
Feb.
Subscription right will expire
Additional Stock Listed
The
on
Chicago Stock Exchange
on
March 10, it
was
decided.
Chicago Stock Exchange—
on
Feb.
18 approved the
application
of
the corporation to list 1,445,555 additional shares of
($3 par) capital
stock and 4,336,665 rights evidencing subscription warrants for
capital stock.
The additional shares will be admitted to
trading
upon
official notice
of issuance and registration
becoming effective under the Securities Exchange
The rights will be admitted to trading on a when-issued basis
Act of 1934.
registration becoming effective.—V. 152,
reorganization plan
a sound
income producing security with the
recouping their investment and third, the earliest
possible completion of the reorganization and resumption of income from
upon
According to the committee's letter, one of the present obstacles to a plan
of reorganization is the assertion of claims
against Associated Gas & Electric
Corp. and its assets on the part of the Associated Gas & Electric Co.
trustee and security holders.
All such claims, so far as their content is
The stockholders of the corporation approved Feb. 14
recommendations
of the directors regarding the proposed sale and
transfer of substantially
all the assets of the company to its
subsidiary, the Aviation Corp.
About
giving
debenture
holders
Aviation
reasonable prospect of
their investments.
indicated up to the present, are without merit and
cannot succeed, in the
opinion of the committee and in the opinion of its
counsel, the letter states.
"In addition to other defenses, the acts of
management, however wrong¬
ful, should not affect the legal position and rights or the holders
of the bonds
and debentures of Associated Gas & Electric
Corp., who received them for
value and in good faith,
which the
especially after the lapse of many years during
security holders of the company have remained quiescent,"
says
the committee.
Discussing the possibility of interest payments on the debentures in view
of the excellent earnings of the Associated
System, the letter states that
such payments are not likely before final
reorganization, due to many
obstacles such as restrictions on the
receipt of income by Associated Gas
& Electric Corp. from subsidiaries,
existence of prior tax claims, the ma¬
turity of the 8% bonds of the corporation, the need for funds for various
purposes in the System, the proposed claims which
have to be litigated,
and the uncertainties
regarding the nature of the ultimate reorganization
plan.
"The best
we
can
do is make every effort toward
an
early reorganiza¬
tion," the committee says.
"We believe there is good reason for confidence
the outcome.
The corporation's consolidated
balance of income for
the 12 months ended Sept.
30, 1940, was
approximately $12,000,000,
before deducting the corporation's
expenses and
taxes.
The interest
in
charges on the present outstanding bonds and debentures of
the corpora¬
tion at the rates in effect prior to the
reorganization proceedings was about
$6,600,000.
A great part of this income is not
actually available to the
corporation, but it must be taken into account in
determining the value of
the corporation's
outstanding obligations.
"Evidence of
our
confidence in the reorganization outcome is the
fact that we have restricted ourselves
by acting as committee members,
under rules of the SEC, for
selling any of our own securities in the system,
including substantial holdings of the convertible debentures."—V.
152,
own
p.3550.
Associates Investment
Net
Co.—Earnings—
1940
income
Earnings
per
share of
common
stock
1939
$4,719,820
earnings
bNet
$4,143,019
2,828,916
d$6.05
3,007,501
c$5.60
a
Available for interest, discount.
b After reserves for taxes,
c On
Federal taxes and other charges,
456,747 shares of common stock outstand¬
outstanding.
Note—Not included in 1940 earnings is
Associated's equity in the undis¬
tributed earned surplus of two
subsidiary companies, Emmco Insurance
Co., Inc., and Associates Building Co.
Undistributed earned surplus of
Emmco Insurance Co., Inc., for 1940 was
$237,218; and for Associates
Building Co. was $16,774 —V. 151, p. 3226.
ing.
d On 418,247 shares of
common stock
Atlas Corp.—New Director—
Harry M. Durning has been elected a member of the board of
directors
corporation, it was announced on Feb. 21, following a
meeting of
the board in Jersey
City.
Mr. Durning, Collector of Customs of the
Port of New York, is Chairman of the
Finance Committee of the New York
of this
Fire Insurance Co. and
director of several other well-known
corporations,
including Howe Sound Co., Underwood Elliott Fisher
Co., Telautograph
Corp. and Permutit Co.
He is a special partner in the
brokerage firm of
Moore & Schley.—V. 151, p. 3738.
a
974.
Transportation Corp .—Stockholders
Asset Sale to Aviation Corp.-—
Ap¬
78% of the outstanding stock was voted in favor of the management's
proposal.
The meeting was held in Wilmington, Del.
The plan of exchange and the offering to stockholders of additional stock
of the Aviation
Corp. submitted to the shareholders of that company at
special meeting in Wilmington Feb. 17 was also approved.
Following the meeting, the stockholders of the Aviation and Transporta¬
tion Corp. adjourned until Feb. 24, when the recommendations of the
board with respect to final dissolution of that
corporation will be acted upon.
Consummation of the plan is subject to a
registration statement filed
with the Securities and Exchange Commission
becoming effective with
respect to the additional stock of the Aviation Corp.
This stock first will
be offered for subscription to stockholders of the Aviation
Corp.—V. 152,
p. 975.
a
Baldwin Locomotive Works—Annual
Report—
Charles E. Brinley .President, in his remarks to
stockholders, states in part1
During the year 1940 company's business showed a definite improvement
as
compared with 1939.
The value of consolidated shipments (1940)
amounted to
$51,102,729, a 62.4% increase over the value of shipments
of the previous 12 months.
In respect to new business booked by company
and its subsidiaries, the gain in 1940 was far
greater, and at the close of the
year the backlog of unfilled orders stood at the unusual total of $153,000,000.
The amount of The Midvale Co.'s orders included in this back¬
log was $42,000,000.
It should be realized, however, that many of these
orders will
be completed and shipped
time and for this
reason a
only over a considerable period of
comparison of the present backlog with backlogs
of previous years might be
term
misleading
as to
shipments.
the expected volume of near%
This extraordinary surge of new business must be attributed
chiefly to
the company's participation in the national defense
program and a con¬
siderable part of this volume is made
up of orders for material required
for the equipment of the
country's armed forces.
It should be
pointed
that, except in the case of The Midvale Co., these articles of war
things which this company does not normally make, and for the manu¬
facture of which in any considerable
quantity it was largely unprepared
and unequipped.
Military tanks, for which company received a very large order, are, for
example, a new product for the construction of which not much more than
the buildings were ready and available.
To prepare to produce these arti¬
cles rapidly and in the required
number, it was necessary to lay out and plan
out also
are
Calendar Years—
a
prove
p.
&
in detail all the processes of
production,
to select and order for future in¬
a large number of
machine tools (in this instance to be leased
Defense Plant
Corporation), and to employ and train a consid¬
erable and varied personnel.
The Baldwin Locomotive
Works, like other
stallation
from the
companies similarly engaged,
new work and to bring it to a
possible delay, but it is self-evident
program months of time for preparation are required.
For
it will be well past midyear, 1941, before
substantially increased
is making every effort to
press forward in this
successful completion with the least
that for such
this
reason
a
shipments of
war material can be realized.
While the number of steam locomotives for which we received
orders in
1940 was far below the requirements of our shops for a
economical
satisfactory and
line production, nevertheless as the
year advanced and as
heavier traffic and the need for railroad
preparedness became more evident,
orders for steam motive power
began to be forthcoming.
At the end of the
had orders on our books for 59 new steam locomotives (44 domestic
15 for export) and we look forward to more from time to time
during
year we
and
the
new year.
Volume
The Commercial & Financial Chronicle
152
Important advances have been made in the design and distribution of
our new Diesel electric
switching locomotives.
Twenty-six of these loco¬
motives were shipped to customers, with orders taken somewhat in excess
of that figure.
The invoice value of all Diesel-electric switchers shipped
during the 12 months was approximately $1,900,000.
Plans are well under
way for the construction of a Diesel-electric passenger and
freight locomo¬
tive.
During the
year the physical equipment of the various divisions of the
considerably improved.
During 1940 the total compensation for all employees in the Baldwin
organization, including subsidiaries, amounted to $19,179,687; purchases
company has been
of materials and supplies amounted to
$26,579,086; and provision for taxes
amounted to $5,309,717,
including social security taxes, $723,506, and
Federal and Pennsylvania income taxes,
$3,896,437.
All of the assets, liabilities and
operating activities
Works Co., a wholly-owned
of Standard
Steel
subsidiary,
company on June 1, 1940,
the Standard Steel Works
were transferred to the parent
and this business has since been conducted as
Division
of
the
Baldwin
Locomotive
Works.
Similarly, the selling of iron and non-ferrous castings is now conducted in
name of
Cramp Brass & Iron Foundries Division of the Baldwin Loco¬
the
motive
$3,985,265 be set aside in the capital fund and the remainder of the income ,
aggregating $12,909,832, be applied pro rata to the payment of secured
contingent interest.
The directors determined to pay the interest on and
after April 10.
"With the application of the available net income for 1940 as stated,
there remains unpaid secured contingent interest in the amount of $1,301,350
and consequently no unsecured contingent interest will be
paid on May
1, 1941."
|
V.■
■'
Payments on the several issues of bonds will be as follows:
Ref. & gen. mtge. 5s, series A, D, F
$72.67
Ref. & gen. mtge. 6s, series C
j.
87.21
Consol. mtge. 4Ms of Buffalo, Rochester & Pittsburgh Ry
27.25
First mtge. 5s of Cincinnati Indianapolis & Western RR
36.34
.
The directors also approved purchase of 2,400 additional freight cars at
estimated cost of approximately $7,500,000. and also issuance of an
equipment turst of about $6,000,000.
The Board approved also the
acquisition, under conditional sale agreements, of four Diesel passenger
an
locomotives of 4,000 horsepower each at a cost of approximately $1,400,000.
—V. 152, p. 819.
Works.
Barker Bros.
The
name of De La Verne
Engine Co., a wholly-owned sales subsidiary,
changed on May 18, 1940 to Baldwin De La Verne Sales Corp., in order
identify it more closely with the Baldwin group.
On May 31, 1940 the parent
company purchased the minority holding
(8.05%) of the capital stock of the Whitcomb Locomotive Co., thus making
that company a wholly-owned
subsidiary.
In December the company's
wholly-owned subsidiary, Baldwin-Southwark Corp. (in process of
liquidation since Jan. 1, 1940) sold a portion of
its unused Philadelphia
property to the Cramp Shipbuilding Co.
Unfilled orders (including Midvale) at the beginning and end of the
year
1940, without intercompany eliminations, were as follows:
Calendar
was
to
new
For other products (incl. locomotive
parts)
1940
Cost
1939
30 cents
incl.
$7,500,000 previously.—V. 152,
26,350,323
1,849,214
30,626,955
1,850,691
36,523
313,253
$3,263,508
52,202
189,018
$629,918
4,130
113.316
$8,205,646
461,807
586,937
71,806
©3,896,437
$3,504,727
538,237
431,532
59,920
el ,277,824
$747,363
603,128
$2,645,182
622,846
b25l",867
d445,963
373,369
d726,200
$1,197,214 loss$553,594
$922,767
_
Profit
Interest
a
Contingent
compens'n
Miscell. expenses
Prov. for Fed. income tax
__
c
1,244,586
655,187
479,048
515,390
$542,027Ioss$1032641
115,505
88,327
Net profit accr. to the
Bald. Locom. Wks_f$l ,944,073
Preferred dividends
142,679
$407,377
♦
Dependent upon profits, and the Midvale Co. in the amount of $375,000
in 1940 and $289,864 in 1939.
b Includes profit participation for officers
and other
employees accrued by Midvale Co., $198,770.
c Includes
equity of minority stockholders in loss of The Whitcomb Locomotive Co.
d Provision for Federal and Pennsylvania income taxes of
subsidiary
companies,
e And
Pennsylvania income tax and excess profits tax of
$1,748,200 in 1940.
f Equivalent to $1.75 per share of outstanding common
a
stock.
1940
;
,
...
568,111
10,974
$0.38
expenses
Incometaxes
$954,106
748,366
112,223
8,515
16,891
$52,501
10,967
10,805
Selling, delivery, administrative & general
Discounts on sales, interest paid, &c._
~$0~52
Net income....
Preferred dividends
Common dividends
Earnings
No
a
per share of common stock
liability for
1939
$927,988
743,621
101,948
10,904
al9,015
...
profits taxes.
excess
■
Including
Subsidiaries
Assets—Cash, $7,948; accounts receivable (net), $131,812; inventories,
$109,239; prepaid insurance, taxes, &c., $1,889; cash surrender value of
insurance on life of officer, $5,866; property, plant and equipment, (exclud¬
ing machinery and equipment items aggregating $32,909, some of which
may be in use, and related allowance for depreciation provided to the full
amount thereof), net, $571,763; total, $828,517.
Liabilities—Notes payable to bank, $23,500; accounts payable for ma¬
terials, supplies, machinery, expenses, &c., $46,261; accrued accounts,
$11,814; provision for income taxes, $19,015; notes payable to officer, due
one year and one day after demand, $27,000; 6% convertible cumulative
preferred stock ($25 par), $182,650; common stock ($1 par), $108,052;
capital surplus, $287,136; earned surplus, $123,089; total, $828,517.—
V. 151, p. 2341.
Bayuk Cigars, Inc.—37}/2-Cent Dividend—
Directors have declared a dividend of 37 M cents per share on the common
stock, payable March 15 to holders of record Feb. 28.
This compares with
25 cents paid during each quarter of 1940 and previously regular quarterly
dividends of 18% cents per share were distributed.—V. 152, p. 819.
Consolidated Statement of Surplus for the Year Ended Dec. 31, 1940
The
Consolidated
Other than
Midvale
Total
Capital Surplus—
Balance. Jan. 1, 1940
'
Cost of goods sold
Balance Sheet Dec. 31, 1940
Netprofit
$3,188,659
Equity of minor, stock¬
holders in net profit of
Midvale Co.....
420.
Years Ended Dec. 31—
Gross sales
$2,453,058
26,870
165,254
Int. & miscellaneous.
p.
Bartgis Bros. Co.—Annual Report—
32,282,935
1,850,468
Operating profit.$7,855,870
by $750,000, using $700,000
Co. which was purchased in
connection with the sale of 317,000 shares of stock in Bareco Oil recently.
As of Jan. 21, last, the bank indebtedness stood at $6,750,000 against
1937
ing, adm. & gen. exp.
41,397,857
Provision for deprecia'n1,849,002
Other income—Divs
distributed during 1939.—V. 151, p. 3738.
The company has reduced its bank loans
received for a promissory note of Bareco Oil
sell¬
_
were
Barnsdall Oil Co.—Reduces Bank Loans—
--$51,102,729 $31,463,045 $33,107,564 $36,586,462
of sales,
1937
$457,809
$1.56
Nil
Directors have declared a dividend of 16 cents per share on the common
stock, par $1, payable March 1 to holders of record Feb
14.
Dividends
of 20 cents were paid in the four
preceding quarters and dividends totaling
142,958,215
1938
1938
$14,619
Barlow & Seelig Mfg. Co.—15-Cent Dividend—
Consolidated Income Account for Calendar Years
Sales
1939
$320,421
$0.80
After depreciation, amortization, Federal taxes, &c.—V. 151, p. 3880
a
$153,226,484
locomotives
1940
$493,849
$1.78
Earns, per share
$10,268,269
$44,215,799
For
Corp.—Earnings—
Years—
Netprofit.'
a
Dec. 31
Jan. 1
$4,641,373
39,574,4^6
'
„
1273
Midvale
Company
Belding Heminway Co.—Earnings—
Calendar Years—
-.--$23,118,245 $16,383,495
Miscellaneous increases
45,955
45,9.55
_
ministration
$23,164,200 $16,429,451
1939
1938
1937
$1,722,465
$1,408,917
$1,636,227
1,267,293
77,470
1,163,137
76,666
998,082
63,196
1,108,418
55,385
$426,606
88,606
$482,661
39,092
$347,639
41,053
$472,424
76,626
$515,212
$521,754
$388,693
$549,050
10,858
7,848
16.450
y75,000
18,828
31,571
69,000
50,000
13,280
45,000
$421,505
341,840
Selling, general
Balance, Dec. 31, 1940
Earned Surplus—
Balance, Jan, 1, 1940
Net profit for 1940
1940
$1,771,370
$402,355
316,354
$322,243
171,695
$490,770
x487,407
$79,665
425,500
$86,001
429,200
$0.99
Gross operating profit—
$0.94
$150,548
446,100
$0.72
$3,363
464,532
$1.06
and ad¬
expense.
Depreciation
a$426,521
1,944,073
a$177,429
1,065,422
$2,298,805
3,227,737
$2,370,594
$1,242,852
$5,526,543
142,679
142,679
$2,227,915
$1,100,173
$3,728,668
Total surplus, Dec. 31, 1940—-—$25,392,115
$17,529,623
$3,728,668
-
.
.
Operating profit
Other income.
Dividends paid by:
Total income
...
Expenses of idle plantsferred stock.
..
The Midvale Co.
net
'
1.797",875
.....
Miscell. deductions
Prov. for Federal taxes.
Net prof it
Earned surplus since 1938.
a
$
Assets—
$
1940
Liabilities—
bonds
fund—
Bank loan payable
1
B. L. W. voting tr.
ctfs. A warrants
128,480
52,002
52,002
2,600,000
3,460,006
5,719,517
128,480
Other Investments
Notes A other
Advances
reserve
165,765
191,865
721,149
664,502
on
hand
7,109,057
6,590,870
215,002
instruments
accts.
rec.
and
4,206,126
Inventories
17,497,039 11,280,939
Deferred charges.87,444
69,417
1,028,309
4,962,706
26,539
7% pref. stock.. 2,328,990
Common stock..13,373,386
y
1,941,270
13,368,394
£>r3.302
a
...75,348,990 61,071,1561
in 1939.
$13 par.
(contra),
(contra),
Total
182,073
Baltimore & Ohio RR.—Bondholders to Get
on
Secured
$12,909,832—
Contingent Interest—
19 voted to pay on April 10 $12,909,832 pro rata
on secured contingent interest on its indebtedness, under a
plan for modifi¬
cation of interest charges and maturities dated Aug. 15, 1938.
It was
The directors
on
Feb.
explained that no payment of unsecured contingent interest could be made.
In
a
"The board took action with reference to the contingent interest payable
May 1, 1941, out of available net income for 1940. The board determined
1940, as provided in the supplemental inden¬
tures, to be $16,895,097.
Against the provision in the plan permitting
the setting aside from income of not to exceed 2M% or gross earnings,
which would have amounted to $4,483,068, the Board determined that
173,073
25,247
cos
56,629
37,869
113,734
106,615
receivable,
1,615
balances.
Misc. liabilities...
4,125
1,579
3,530
Common stock..
1,757,200
1,757,200
for cancellation. 7>rl49,378
Dr135,397
a
bShs.held in treas.
5,000
Capital surplus...
77,126
6~8~879
Earned surp. since
Fixed assets—
Dec. 31,1932...
branches
z
1,399,331
1,415,833
1,228,776
743,590
1,149,111
709,885
Fixed assets—
Inactive
Def'd
77,760
108.803
179,301
187,872
1
mills.
1
-
charges
a
$5,442,686 $4,490,120
Represented by 465,032
in 1940 and 35,832 in 1939.
of the Summit Thread Co.
Total.........$5,442,686 $4,490,120
shares,
b Represented by 39,532 shares
Under agreement to purchase capital stock
no par
c
x
After
reserve
for doubtful notes and accounts
of $28,773 in 1940 and
$37,552 in 1939 and reserve for discounts of $44,567
y After reserves for depreciation of $1,345,444
1939.
z After reserves for depreciation and
obsolescence of $63,449 in 1940 and $67,447 in 1939.
in 1940 and $29,194 in 1939.
in 1940 and $1,403,345 in
Dividend—
Directors at their meeting on Jan. 30 declared a dividend of 20 cents per
on the no par common stock payable March 3 to holders of record
share
Feb. 5.
Regular quarterly dividend of like amount was paid on Nov. 15,
last.—V. 152, p. 420.
statement issued the board said:
the available net income for
credit
41,114
2,233,931
S153~,78i
Active mills and
75,348,990 61,071,156
b Represented by shares of $30 par.
c Represented by shares of
d Advanced on sales contract, deposited in special bank accounts
e Including
$5,685,000 deposited in special bank accounts
f 254 shares of common stock.—V. 152, p. 819.
Pro Rata Distribution Voted
47,685
2,948,468
1939
$800,000
230,654
Ac
Accrued taxes
Accts.
Goodwill
After deducting depreciation of $28,730,564 in 1940 and $27,484,306
prof, taxes.
expenses,
wages,
Other assets
Co...
excess
1940
Notes payable....
Accounts payable.
Accrued
cCash deposited..
Total
Total
768,047
&
in & advg. to
affiliated
Earned surplus..f Treasury stock..
6.307,775
$160,021
receivable
notes
Inv.
5,513,918
Capital surplus--_23,164,200 23,118,245
2,227,915
426,521
(cur¬
notes
$166,620
accept'ces
Mdse. Inventories.
b
223,999
on
Depos. with broker
c
Sundry securitiesNotes A oth. credit
Liabilities—
1939
1940
banks,
Accts,,
trade
497,737
Whitcomb Loco¬
motive
In
rec.—trade
surplus of:
5,685,000
rent)
669,951
.
The Midvale Co.
yNo provision made for
Miscell. accts. and
capital stock in
facilities
Cash in banks and
d Cash
878,055
stockholders in
Special production
Assets—
hand A In transit
1,171,235
Equity of minority
counts receiv'le.
$116,133 pay. Jan. 31, 1938.
Cash
x
1,917,452
A
deferred credits
ac¬
3,240,088
2,570,466
share
Comparative Balance Sheet Dec. 31
6,467,900
100,000
on
reserves..
Miscell.
non-
A
rec.
sales contracts. _e7,909,058
General
current credit In¬
struments
6,467,900
-
Notes A acct. pay.
1
of
per
Includes dividend of 25 cents per share on 464,532 shares in the amount
x
2,302,000
Accrued accounts.
307,902
stk_
com.
Earnings
$
1st mtge. 5% bds.
Gen. Steel Castings
Corp.
1939
6% conv.ref.mtge.
1st mortgage bond
sinking
Shares common stock...
1939
Property,
plant
and equipment-37,380,276 37,355,053
.
Surplus
Consolidated Balance Sheet Dec. 31
1940
a
Dividends paid
Beneficial Industrial Loan Corp.
(& Subs.)—Earnings
Calendar Years—
a
Net
b Earnings per share
a
1940
——
After all charges and Federal taxes,
common stock.—V. 152, p. 113.
value
1939
$6,431,383
$2.61
income
$6,318,985
$2.56
b On 2,314.989 shares of
•
no par
The Commercial &
1274
Telephone revenues
$45,774,753
Oper. exp., taxes, &c— 35,795,400
1937
1938
1939
1940
$42,070,866 $41,167,406 $40,500,232
.32,049,380 31,238,470 30,940,657
$9,979,353 $10,621,486
608.779
327,088
$9,928,936
388,985
$9,559,575
367,033
Total gross income..,$10,588,132 $10,948,574
Int., amort, of debt disc,
on long-term debt, &c.
3,897,591
4,439,126
$10,317,921
$9,926,608
3,868,541
3,813,669
$6,690,542
6,524,680
$6,509,448
6,440,338
$6,449,380
6,371,026
$6,112,939
5,914,181
$165,862
821,149
$69,110
$78,354
800,441
$8.05
$198,758
791,224
$7.73
Operating income..__
Net non-oper. revenue.
_
r
Net income....
Dividends
Surplus.
Shs.of stk.out.ipar $100)
Earnings per share.....
808,796
$8.05
$8.15
Balance Sheet Dec. 31
S
Liabilities—
$
'v;
S
at
$533,485 of net income available to payment
will, therefore, be no payment of interest on
The available net of $533,485 is equal to approximately 1.10% on the
$48,287,000 income bonds outstanding.
However, the plan whereby debt
readjusted and fixed charges were eliminated was in effect only from
June 13, 1940, on.
The plan provided that income bond interest from any
earnings available in 1940 might be deferred.—V. 152, p. 821.
was
Co.—Earnings—
Brown
[Including Brown Corp.]
After
a
reserves
______
Loss.
x
weeks of the 1941 fiscal year, as reported by the trustees,
showed consolidated earnings before depreciation and deferred bond intreest
The first eight
Capital stock.
62,500,000
Notes
12,933,054
8,878,936
of $711,939.
3,000,000
net
839,920
207,987
Special cash dep.
343,948
15,477,850
Loans
Bonds called for
146,620
redemption
207,987
326,000
Notes payable to
sub. cos—..
104,987
102,689
Adv. bill. & pay.
sub.cos
1,150,606
1,080,807
Accts.rec.& other
assets
Mat'ls & suppl's
3,919,518
Prepayments...
Disc't on long-
3,718,775
3,299,263
731,499
4,280,470
805,017
current
Accts. pay'le
1,967,685
5,836,167
1,772,620
3,734,434
2,083,043
2,205,681
359,331
379,199
Other def. cred.
1,110,238
other curr.llab
Accrd. liabilities
4,698
Prem.
Redemp'n prem.
long-term
2,130,972
1,512,097
207,049
505,478
Invest, securities 14,436,749
14,358,996
debt..
Other def. items
-V. 152, p. 671.
Best &
on
long5,787
6,854,604
7,039,899
58,010,005
4,814,540
Surplus-*-.-.;,...
Prem.
on
cap
.stk
55,497,237
4,617,634
Res. for deprec.
in
1,111,398
1,047,004
Earnings per share on common.
$3.63
$3.42
On Jan. 30, $236,200 of preferred stock was called and paid for in cash
leaving $147,300 preferred stock outstanding, after which the Jan. 31 balance
sheet shows a strong financial position with no bank loans, $1,805,728 in
cash as compared to $1,578,548 in cash and Government bonds a year ago.
_
_
During January the volume of business was
1940.
For the first 10 days of February the volume was
January, but still behind for
$103,474 as
the fiscal year to date.—V. 151, p.
1565.
(E. L.) Bruce & Co. (& Subs.)—Earnings—
1940
$5,057,100
4,042,659
1939 ■.
$4,297,485
3,441,933
1938
$3,722,725
3,124,532
$3,337,468
$1,014,441
550,471
$855,552
523,544
$598,192
462,280
$623,222
433,570
""$463,969
$332,008
$135,912
$189,652
111,816
33,738
48,129
$102,174
85,399
$141,522
36,795
$178,317
Sales to customers (net).
1940
1939
$16,384,120 $15,607,340
^40,
against $81,607 for the first 10 days of February, 1940. The biggest months
in the past, however, were March, April, May, and June.
In one division of its manufacturing operations company has orders on
hand for future delivery amounting to over $300,000, none of which is war
work.
Sales in its 5 stores were 30% ahead in January, 1941 over last
Cost of sales
Years Ended Jan.'61—
Net sales
_
$1,284,150
....
Net profit
6 Mos. End. Dec. 31—
■,
•
Co.—Earnings—-
^
$1,534,776
25,161
22,475
$220,000 as against $183,000
6 Months Enaed Dec. 31—
Net sales
..239,126,902 246,987,078
Total
.239,126,902 246,987,078
Total
and
term debt....
353,829
$226,011 but before deferred bond int.,
with $140,024 for the similar period
Co.—Earnings—
Brown Fence & Wire
Empl. stk. plan.
term debt....
After depreciation of
earnings were $485,928 as compared
of the previous year.—V. 151, p. 2487.
15,477,850
622,075
328,000
Temp, cash Int.
Noteg rec. from
on
82,114,900
depreciation, but
for income and excess profits taxes,
before deferred bond interest,
Bonds......i..
..
1940
1939
.$24.957,570 $17,560,170
2,165,501
xl.857,476
Year Ended Nov. 30—
Net sab*—
a Net income..........
Land, bldgs
.....
of contingent interest. There
these bonds in the year 1941,
it is stated.
Tel. plant,
21.204,019
21,905,014
Ac..185,527,833 180,911,721
3,340,573
3,562,468
414% bonds, due 1970, were
issued, determined that payment or reservation of contingent interest on
these bonds for the year 1940 be deferred notwithstanding that there was
80,879,600
62,500,000
General equip..
Cash..........
on Income Bonds—
acting pursuant to provisions of the
meeting,
recent
a
indenture under which the income morrgage
1939
1940
1939
1940
Assets—
Directors
1941
RR.—Defers Interest
Boston & Maine
Telephone Co. of Canada—Earnings—
Bell
Calendar Years—
Feb: 22,
Financial Chronicle
Gross profit
Operating expenses
Net profit after depreciation, reserves and taxes...
Operating profit
charges-.
_
104,319:;
Miscellaneous
"
2,714,246
Miscellaneous income...
77,519
$220,192
63,621
Net inc. before inc. tax
$437,170
7~ $283,813
$187,573
111,200
59,820
25,446
25,588
income._.......$325^970
$223,993
$162,127
$152,730
52,876
54,331
56,100
57,106
$1.30
$0.82
$0.42
Profit
,
$359,650
—V. 152, p. 420.
income
1937
1938
1939
1940
Calendar Years—
Prov. for Federal & State
Inc.—Earnings—
Bigelow-Sanford Carpet Co.,
Net sales after cash and
discounts..$27,628,360 $25,038,398 $20,521,857
19,357,998
17,566,947
17,541,469
4,455,107
3,811,159
3,511.248
other
$29,309,102
21,359,957
4,586,232
*$530,859
830,334
$3,362,913
798,835
Cost of sales, excl. depr.
Sell., ship. & gen. exp...
Operating profit
Depreciation
_
_
.
.
$3,815,254
812,302
$3,660,292
843,922
Reduct. inventory from
cost of market
Interest
and
other
1,616,257
140,660
276,993
Interest received.
11,573
$2,661,848 x$l,501,853
8,497
10,821
$670,828
11,785
$2,985,243
760,000
$2,670,345 x$l,491,033
490,000
$682,613
120.000
154,522
29,282
operating expenses...
....
$2,973,670
....
Net inc. before Federal
income
taxes,.____
Prov. for Fed. inc. taxes
Excess profits tax...
Net income.
Earn.
begin, of year
sur.
Total..
........
Preferred
dividends....
Common
dividends....
Di
a
vs. on preferred stockEarnings per share of
common
On
a
......
150,000
$562,613
5,159,956
$2,075,243
3,525,386
$2,180,345 *$1,491,033
2.896,278
4,466,519
$5,6003)30
158,418
940,827
$5^76~623
$23)75,487
79,209
$5,722,569
158,418
1,097,631
$2,896,278
$4,466,519
Approp. for res.for inven
237,627
313,609
1,000,000
......
-
$2.10
stock.
130,000 shares.
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $377,263; customers' notes
accounts
non-
Balance......
Net
taxes
receivable,
$969,047,
and
notes
receivable, $47,346, customers'
accounts receivable (other),
$54,162; sundry accounts receivable, $4,603; advances on logs and ties,
$37,611; cotton in storage, at cost, $1,450; consignments in hands of agents,
$8,664; inventories, $2,443,507; prepaid expenses, $70,854; balances due
from officers and employees, $2 606; notes and accounts receivable (not
current), $603,049; investments, $81,576; timber and timber rights (de¬
pleted values), $103,547; land, timbered and cut over (34,059 acres),
$111,826; towneite, Bruce, Miss., $15,639; property, plant and equipment
(net), $1,584,967; patents, $1,451; total, $6,519,170.
Liabilities—Notes
payable
$400,000;
(banks),
term
loan
notes
(due
within one year), $187,500; accounts payable (trade), $197,614; accounts
payable (sundry), $51,237; officers and employees credit balances, $17,255;
security deposits from terminix licensees, $3,965; accrued liabilities, $138,362
provision for Federal and State income taxes, $159,852; term loan notes
(deferred), $562,500; unearned gross profit on sale of cut-over land, $31,493
reserve
$47,696; 7% cum. pref. stock, $1,351,600;
for accident insurance,
3J-6 % cum. pref. stock, $383,750; common stock, $650,000;
$1,267,209; earned surplus, $969,135; total, 6,519,170.
paid-in surplus,
50-Cent Dividend—
Earn.
sur.
end of yr_.
$4,501,385
Avge. number of shs. of
com. stk. outstanding
Earnings per share
x
$3,525,386
313,609
313,609
$6.45
loss$5.26
'V/'-V, ••T-'y/y.y'v.y'*:
Comparative Balance Sheet Dec. 31
Loss.
313,609
$6,11
$
Assets—
1,403,265
Notes
(less reserves).. 4,555,437
(at lower
4,267,874
1939
$
Liabilities—
Liabilities--
$
897,040
S
Acceptances under
Cash
Accts. & notes rec.
of cost or
paper
sec.
mkt.).ll,296,267 11,372,786
1,800,000
by tr. rects.
123,807
341,150
deferred—
281,703
V.
151, p. 2184.
Bullard Co.—To Pay
50-Cent Common Dividend—
of 50 cents per share on the common
payable March 31 to holders of record March 3.
This compares
with 75 cents paid on Dec. 21, last; 50 cents paid on Sept. 30 and June 28,
last; 25 cents paid on March 29, 1940, and on Dec. 23, 1939, and March 31,
1938; $1.25 paid on Dec. 22, 1937; dividends of 25 cents paid in each of the
three preceding quarters, and a dividend of $1.25 paid on Dec. 22, 1936.
—V. 152, p. 977; V. 151, p. 3229.
Directors have declared a di vidend
160,941
Accounts payable.
Reserved for State
897,743
1,076,018
and Fed. taxes..
8,666
1,587
1,289,461
Preferred stock...
2,640,300
769,716
2,640,300
or
Insur. unexpired &
exps.
....
received
9,823,244
invests.
and receivables.
y
Common stock..15,680,450 15,680,450
504,726
504,726
Capital surplus...
Earned
4,501,385
surplus
Res. for invent...
3,525,386
1,000,000
1,000,000
Bunte Brothers—$1
Dividend—
dividend of $1 per share on the common
stock, payable March 10 to holders of record March 1.
This compares
with $2 paid on March 1, 1940, and dividends of $1 paid on Dec. 1 and
March 1, 1939 and on Feb. 21, 1938.—V. 150, p. 2344.
have
Directors
declared
a
Bush Terminal Buildings
..26,637,872 27,157,538
Total
..26,637,872 27,157,538
x After deducting
depreciation and revaluation reserves amounting to
$18,926,490 in 1940 and $18,394,452 in 1939.
y Represented by 313,609
shares (no par),—V. 151, p. 3083.
Birmingham Gas Co —To Sell Bonds Privately—
The
Securities
and
Exchange Commission announced Feb. 14 that
application (File 70-249) regarding the proposed
issuance and sale on April 1, 1941, of $5,850,000 of 6Vs% first mortgage
bonds, due 1971, to Northwestern Mutual Life Insurance Co. at 105.02%
of the principal amount.
According to the application, the proceeds from the sale of the bonds
wiU be applied to the redemption, at 103.75%, of $5,850,000 5% first
mortgage gold bonds, due 1959; to the payment of a fee of $29,250 to Halsey,
Stuart & Co., Inc. for services in negotiating the sale and in assisting and
advising the company in other respects in the sale of the bonds; and to the
payment of estimated expenses of $39,910.—V. 151, p. 2671.
company
has filed
Refinance Outstanding Bonds—
Operating income.
_
Replying to our inquiry, H. F. Mason, President, states that this company
has substantially made arrangements with a local life insurance company
to borrow $800,000 at 3H% to be amortized between eight and ten years,
by a note secured by mortgage covering all its real estate.
This borrowing,
together with the funds on hand will enable the company to liquidate
on April 1
1941 the entire outstanding issue of its existing bonds, amounting
to $1,515,000.
See also Y. i52, p. 1124, 821,
Bliss & Laughlin,
Directors have declared
Inc.—25-Cent Dividend-—
dividend of 25 cents per share on the common
Dividend of 75
paid on Dec. 30, last and previously regular quarterly dividends
of 25 cents per share were distributed.—V. 152, p. 820.
a
stock, payable March 31 to holders of record March 22.
cents was
$356,646
$408,345
196,777
36,750
Total income.
.......
—
Interest & amortization
Profit
from
repurchase
after Federal income tax
Net income
_________
of
30,000
30,000
$405,337
381,770
$386,646
398,546
$438,345
398,174
$23,567
1
Other income.....
a
al938
$2,267,313
1,171,477
490,714
$2,244,175
1,187,061
480,164
*'!
Depreciation
an
Boston Wharf Co.—To
al939
208,363
— _
$2,117,221
1,077.446
476,258
206,871
$368,587
Operating revenues,
Operating expenses
Real estate tax, &c
Credit
Co.—Earnings—
1940
Calendar Years—
Total...
50 cents per share on the common
stock
for wool In tran.
Land, wat. rights,
bldgs. & equip.. 9,546,390
Non-curr.
(coin'l
& bk. l'ns)
pay.
letters of credit,
Invent,
x
113;
1940
1939
1940
313,609
$1.28
Directors have declared a dividend of
stock, payable March 14 to holders of record Feb. 28. Dividend of 25 cents
was paid on Dec. 31, last, this latter being the first dividend paid since
Aug. 1, 1930 when 62^ cents per share was distributed.—V. 152, p. 671,
loss$ll,900
$40,171
bonds,
...
—.
218,790
$242,357
_
loss$ll,900
2,870
$43,041
Revised by company.
To Vote
on
Exchange Plan—
depositary certificates representing 70,000 shares of 7%
cumulative preferred stock will meet on March 3 to vote on the exchange
features of the deposit agreement.
Under the reorganization plan of Bush Terminal Buildings Co. and Bush
Terminal Co., 70,000 shares of the buildings company's 7% preferred were
deposited under an agreement dated April, 1937.
Agreement provided that holders of the depositary certificates on March
15,1940, would receive one and one-tenth shares of 6% cumulative preferred
stock of Bush Terminal Co. in exchange for each share of the 7 % cumulative
Holders
of
preferred, unless majority of the latter class of stock voted otherwise, in
which event another meeting would be held in 1941 to determine whether
the exchange shall become effective on March 15, 1941.
The, 1940 meeting
rejected the exchange.—V. 151, p. 2934.
Volume
The Commercial & Financial Chronicle
152
Bush Terminal
Co.—Earnings—
Calendar Years—
'
Operating revenue
Expense, depreciation, &c
1275
(A. M.) Castle & Co.—Earnings-
1940
al939
$2,917.528
al938
$2,757,978
2,430,887
$327,091
331,949
423,684
30,000
2,564,371
$2,647,506
2.511,842
$135,664
140,676
417,870
Calendar Years—
Net earnings after oper.
exps.,
1940
repairs & maint.
$353,157
357 362
Interest
on funded debt ,&c
on income note
Hurricane loss
4241072
Interest
30 000
"
$96,710
Revised by company.—V.
Butler
151,
p.
13,360
2,301
$349,185
$216,406
300,000
$958,932
Dividends.
$509,662
360,000
Profit.
Shs. of stock (par $10)-.
Earnings per share
$149,662
240,000
$2.12
$109,185
240,000
$1.46
' def$83,594
$328,932
240,000
$0.90
z240,000
Federal taxes
Prov. for Fed. surtax._
Add'l provision for prior
30.000
20,000
$121,735
$327,194
year's taxes
1940
1939
1938
1937
Net profit after all chgs. "
and taxes.
x
$1,069,340
Earns, per sh. on
—V. 152, p. 671.
$0.59
com..
California Oregon Power
$1,347,749
$0.83
$718,908
$0.28
$1,673,388
$1.12
1939
xl940
revenues
Maintenance and repairs
Appropriation for retirement
$5,260,216
1,240,142
267,895
480,000
7,270
678,939
254,000
Taxes.
Provision for Federal income taxes
Net operating revenues.
Rent for lease of electric plant
$4,984,241
1.134,828
254,535
480,000
7,270
642,520
147,000
$2,331,968
238,435
reserve
Amortization of limited-term investment
one
1
Includes $4,068 excess profits tax.
old share into two new shares.
Celluloid
238.222
$2,079,866
.Dr 19,555
$2,100,437
842,500
203,223
CV3.483
85,567
19,718
$2,060,311
842,500
203.223
2,904
Cr2,742
85,567
23,285
$948,971
funded debt
Amortization of debt discount and expense
Other interest.
on
1940
Net income
x
Preliminary.—V. 152,
Sell.,
gen.
Calumet
& Hecla
Net income
$181,958
103,980
$336,694
113,869
20,000
loss$91,305
102,825
$285,939
125,475
$202,825 def$194,130
$160,463
Industries, Ltd.—Common Dividend—
Directors have declared
a dividend of $1.75 per share on the class A and
shares, payable April 30, to holders of record March 31.
paid Dec. 20, Oct. 31, July 31 and April 30, 1940 and
compares with $2.75 paid on Dec. 26, 1939; $1.75 paid on Oct. 31, 1939,
dividends of $1.50 per share paid in each of the three preceding quarters,
$1.25 paid on Oct. 31, 1938, $1.50 on July 30, 1938, and a dividend of
$1.75 paid on April 30, 1938.—Y. 151, p. 3084.
common
was
Canadian
International
Investment
Trust,
Ltd.—
252,906
131,351
Balance Sheet
Assets—Cash in banks and
Canadian
$1,335,078
799,788
1st pref. partic.
on
Copper Co.—25-Cent
Directors have declared a"dividend of 25 cents per share on the common
stock, payable March 15 to holders of record March 1.
Like amounts
were paid on Nov. 16, July 16, April 30 and Jan. 16,1940.—V. 151,
p. 2636.
Like amount
$282,382 loss$174,499
54,312
83,194
$439,189
69,513
87,500
Total income
Income deductions
Prov. for Fed. inc. tax..
Dividend—
class B
$1,254,019
878,792
193,268
stock
Consolidated
1937
1938
$833,466
799,265
208,699
$282,175
& admin. exps.
Other income.
Divs.
421.
p.
1939
$1,559,119
835,208
284,722
$439,189
$905,573
3,940
Interest charged to construction
Amortiz. of prelim, costs of projects abandoned.Miscellaneous
$4.00
Resulting from stock split-up of
Corp.—Earnings—
Gross oper. profit
Depreciation
Gross income.
z
Balance Sheet Dec. 31, 1940
$2,318,088
$2,093,533
6,903
income
Interest
630,000
Assets—Cash, $1,018,792; deposits witn life insurance companies, $120,accounts and notes receivable, &c.
(net), $836,557; in¬
ventories, $2,142,641; cash surrender value of life insurance policies.
$243,932; prepaid taxes, insurance, &c., $24,391; land, including land
held for expansion, $653,160;
buildings, machinery and equipment (less
reserves for depreciation of $913,674),
$625,405; total, $5,665,754.
Liabilities—Accounts payable,
$367,036; local taxes,
&c.,
accrued,
$39,109; capital stock and social security taxes accrued, $18,433; Federal
income and excess profits taxes, $185,744; miscellaneous accruals, $19,109;
capital stock (par $10), $2,400,000; paid-in surplus, $199,397; earned
surplus, $2,436,926; total, $5,665,754.—V. 151, p. 3082.
Calendar Years—
Net operating income
Other
240,000
52,888
220,267
48,000
875; customers'
Co.—Earnings—
Years Ended Dec. 31—
Operating
Operation
xl82,094
2935.
Brothers—Earnings—
Calendar Years—
$1,282,389
$330,635
58,736
42,133
Net profit
Netloss
a
•
1937
1938
$483,224
60,351
73,688
Depreciation
Operating income. J
Total income
1939
$754,020
62,263
$240,000;
$658,829;
trade
other
notes
and
accounts
on
as
167,714
83,587
at Dec. 31, 1940
hand, $1,840,758; U. S. Govt, securities,
receivable
(less reserves $47,814),
interest receivable, $21,667; inventories,
accounts
and
$1,576,361; mortgage on property sold, $6,000; miscellaneous investment,
$16,250; real estate, plant and equipment (less reserve for depreciation or
$4,425,266), $5,050,184; patents and licenses (less amortization), $3,089;
experimental and research expenditures
(less amortization), $486,635;
prepaid ejpenses and deferred charges, $89,864; total, $9,989,639.
Liabilities—Accounts
payable
(trade),
$208,397;
accrued liabilities,
$135,088; provision for Federal income tax, $87,500; due to affiliated
company, $92,175; 1st preferred participtaing stock (23,882 no par shares),
$2,388,200; $7 dividend preferred stock (24,551 no par shares), $2,455,100;
common stock (194,951 shares, par $15), $2,924,276; surplus (ariping from
decrease of capital Dec. 31, 1932), $1,326,572; earned surplus, $372,332*.
total, $9,989,639.—V. 151, p. 3390.
Accumulated Dividend—
Directors have declared
accumulations
holders
of
on
the
record
quarters.—V.
151,
5%
Feb.
p.
dividend of 50 cents per share on account of
a
cum.
15.
pref. stock,
Similar
$100, payable March 1 to
payments were made in previous
par
3084.
Canadian National
Ry.—Earnings—
Month of January—
1941
1940
$20,926,967 $17,601,735
17,776,573
15,929,939
Operating revenues
Operating expenses
Net
revenue
—
—
Earnings of System for
$3,150,394
Week Ending Feb.
152, p.
$4,355,727
Increase
$528,794
1124.
Canadian Pacific
Ry.—Earnings—
have declared a dividend of 35 cents per share on the
stock, par $1 payable March 1 to holders of record Feb. 17.
This
with 25 cents paid in each of the three preceding quarters; 30
cents paid on March 1, 1940; 25 cents on Dec. 1, Sept. 1 and on June 15,
1939 and 30 cents paid on March 1, 1939.—Y. 152, p. 1124.
1941
revenues
compares
Central States
—V.
152, p.
$3,474,000
1940
;
directors
common
Earnings for Week Ending Feb. 14
Gross
Increase
$2,964,000
$510,000
1124.
Pay $2 Dividend—
Central Ohio Steel Products Co.—Dividend—
The
1940
$4,884,521
Gross revenues.
Central Franklin Process Co.—To
Directors have declared a dividend of $2 per share on the common stock,
payable April 1 to holders of record March 18.
This will be the first com¬
mon dividend paid in some time.—V. 137, p. 142.
$1,671,796
14
194:1
—V.
Central Cold Storage Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 15 to holders of record March 5.
Previously regular
quarterly dividends of 12)^ cents per share were distributed.
In addition
extra dividend of 25 cents was paid on Dec. 20, last.—V. 151, p. 3230.
Utilities Corp.—Court
Refuses to Enjoin
An injunction petition filed by Frank J. Lewis, Chairman of the Federal
Reserve Bank of Chicago, seeking to impound securities of the corporation
and the Central States Power & Light Corp. or to place them in trusteeship
denied Feb. 14 by Federal Judge William H. Holly in Chicago.
was
Capital City Products Co.—To Pay 15-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable March 20 to holders of record March 10.
Like amounts
were paid on Dec. 20 and Oct. 3, last, and compares with 30 cents paid on
June 25, last, and 15 cents paid on March 30, 1940; Dec. 27, 1939, and on
Oct. 15, June 27 and April 11, 1938.—V. 152, p. 821.
Special Master John R. Heath, who has been conducting a hearing into
Corp., successor to the
bankrupt Utilities Power & Light Corp., and the Atlas Corp., the con¬
trolling top company, was granted an extension of time until April 1 in
the contract relationship of the companies to Ogden
which to file
A
a report.
contract was drawn
trustee
Cariboo Gold Quartz
Mining Co., Ltd.—Extra Div.—
Directors have declared
an extra dividend of two cents per share in addi¬
a quarterly dividend of four cents per share on the common stock,
payable April 1 to holders of record March 3.
Like amounts were
paid on Jan. 2, last; Oct. 1, July 2, April 1 and on Jan. 2. 1940.
Extras
of one cent were paid on Oct. 2, July 3 and April 1, 1939.—V. 152, p. 262.
tion to
both
up in Dec., 1939, between Mr. Lewis and the
Power & Light Corp. which Mr. Lewis provided
of the securities and control of the Central States concerns
of the Utilities
for this purchase
for $3,500,000.
Nathan
,
S. Blumberg, counsel for the
contract was void, because the
,
Ogden Corp., contended that the
sale was not consummated in the specified
time.
Ogden Corp. "fraudulently, maliciously and wilfully" tried to prevent
carrying out of the contract, counsel for Mr. Lewis contended.—Y. 151,
3390.
the
Carnegie Metals Co.—Stock Delisted—
p.
The Securities and Exchange Commission announced Feb.
17 that it had
Central U. S. Utilities Co.—Hearing Reopened—
hearing on the application (File 56-85) of Central U. S. Utilities
granted the applications of thejNew York Curb Exchange the common stock
tock Exchange to strike from listing and registration and the Pittsburgh
($1 par) of this company.
The applications stated, among other things, that the company has
turned over the property of its subsidiary and certain of its own properties
for operation under a provisional agreement to representatives of the
Mexican Labor Union.
It was further stated that the company has
terminated substantially all of its business operations and has no present
plans either for the resumption of such operations or for liquidation.
The
order granting the applications become effective at the close of the trading
session on Feb. 24.—V. 152, p. 421.
Carson Hill Gold Mining
3 Mos. End. Dec. 31—
Tons milled
Rev. from sale of bullion
Rev. from other sou ices
_
Total revenue
Operating costs
1940
96,838
$208,470
2,149
$210,619
A public
for approval of the indirect sale by it of all the public utility assets
of its wholly-controlled subsidiary, Indiana Gas Utilities Co., will be re¬
opened on Feb. 26, at the Securities and Exchange Commission's Washing¬
Co.
ton offices.
13, 1941, entered its findings and opinion and
the sale of the "Terre Haute Division" to the Terre Haute Gas Co., as
jurisdiction over the accounting treatment to be accorded the
action on the books of Central U. S. Utilities Co.—V. 151, p. 1427.
as
well
trans¬
Corp.—Earnings—
Central Vermont Ry., Inc.—Earnings—
200
1939
100,506
$226,666
1937
86,805
$203,578
214
Railway operating revenues
Railway operating expenses
1941
$519,654
418,794
$513,649
422,987
Railway tax accruals-
$100,860
24,613
$90,662
26,290
$76,247
48,773
$64,372
41,083
$27,474
4,777
Dr. 1,202
$32,251
103,602
$22,087
103,909
$71,351
$81,822
1938
98,605
$234,167
193,207
$226,666
194.139
$234,367
183,818
$203,792
171,795
$17,412
$32,527
$50,549
Month of January—
1940
$31,997
Railway operating income.
Operating profit before
deducting
deprec.,
depletion, &c
-V. 152, p. 978.
,
The Commission on Jan.
order approving the sale of the "Richmond Division" of the Indiana Gas
Utilities Co. and reserved jurisdiction on the remaining matters, including
Hire of equipment, rents, &c_
Net railway operating income.
Other income
$23,289
(William) Carter Co.—To Redeem Preferred Stock—
A notice sent to preferred stockholders states that it is the company's
present intention to call all the outstanding preferred stock for redemption
at $115 a share on June 16, 1941 upon 60 days' formal notice thereof to be
mailed on or before April 15.
The balance sheet dated Dec. 31, 1940
shows outstanding in the hands of
the public 2,917 shares of this preferred
stock, which is a 6% $100 par issue.
The directors of the company have declared
Income
Balance, deficit
—V. 152, P. 1125.
Cessna
two quarterly dividends
the preferred stock, payable $1.50 a share March 15 to holders of record
March 10, and $1.50 payable June 16 to holders of record that day.—V. 148,
274.
transfer agent
p.
1757.
T*
Aircraft Co.—Transfer Agent—
the City of New York has been appointed
for the common capital stock of this company.—V. 149,
The Chase National Bank of
on
p.
available for fixed charges.
Fixed charges
Chain Belt Co.
Comparative Income Account for Calendar Years
(& Subs.)- —Earnings—
dl938
$1,908,199
1,390,561
C1939
el940
Calendar Years—
dl937
$3,130,121
13,032.205
1.777,263
operations SI,794.954
$1,254,941
38,631
$517,638
40.219
37.280
$1 >35.173
i674.641
$554,918
118,155
$1,089,548
11,092
15,291
100,000
28.226
Other income
Total income
Fed. and State Inc. taxes
2,074,698
$3,496,540
3,046,693
988,000
914,000
948,000
895,000
Railway oper. income.
$2,467,049
Netrent^Ih_Il1A77M1
$2,582,540
1,560,467
$2,098,693
1,431,428
$2,956,597
1,620,015
Netry. oper. Income__
209.861
64,945
$989,708
$1,022,073
$667,265
$1,336,582
315,178
337,450
247,805
251,892
.^^304^886
$1,359,523
191,171
$915,070
30.985
$1,588,474
30,584
Otherincome
Additional
70,908
Total income
86,835
Miscell. deductions
for
Rent
10,363
investments
&
road
lease
195,351
185,700
1 58,637
155,610
1,586,872
476,849
1,595,492
506,351
1,604,112
508,986
1,609,858
chgs~~$1,041,021
equipment
Net
$1,039,076
$436,763
295,430
$743,833
601,394
$309,011
$335,257
$141,333
$335,109
g$2.13
....
$936,651
730,065
profit......
b$1.92
x$1.25
On
shares,
Balance, surplus
408,724
Earns, per share on com¬
stock (no par)—
mon
x
c
On
shares,
347,595
Int/on funded debt
a$2.14
Dividends
a
347,565
b On
486,705
Int.
Deficit after fixed
on
hand
$2,433,816 $1,372,562
203,788
U. S. Treas. bonds
Notes
and
accts.
receivable
Inventories
Other
curr.
Invests,
<
(net).
1939
$231,259
232,474
171,791
Accr'd property &
general taxes-
142,747
128,058
1,351,549 Accrd
1,487,193
2,094,361
179,507
2,091,630
assets.
188,047
and
1940
'Accrued
cash
&
$269,376
Liabilities—
Accounts payable,
time
and
royalties &
ferred to profit Sc loss
85,571
244,420
State income taxes
long-
101,996
74,507
Dividend payable.
121,684
121,676
134,042
149,967
Fixed assets (net).
2,339,607
1
121,917
2,345, .504
87,834
y
91,740
95,329
Surplus
Intangible assets..
Prepaid expenses..
Other assets
1
$1,387,650
715,824
395,380
395,380
395,380
$1,436,401
$1,514,571
$1,783,030
$1,111,204
Comparative Balance Sheet Dec. 31
1939
36,008
24,916
245,576
45,576
Capital stock... 4,041,129
3,020,510
4,041,129
2,711,499
Deferred Income..
Reserves
Invest. In road
Pro Forma
$47,569,047
16,791,315 16,792,949
7,049
5,544
b7
cl60,917
12,617
12,617
1,833,123
1,237,140
5,449,733
5,034,923
45,567
45,567
Eauipment—
16,478,460
7,049
b7
12,617
1,760,198
....
Improvements on leased railway property
Sinking fundsDeposits In lieu of mtgd. property sold
Miscellaneous physical property
Invests, in affiliated cos._d
5,326,732
48,448
1,232,769
3,000,000
—
—.
.....
2,138,071
2,450,000
el,146,278
1,200,000
143,059
133,643
f880,218
85,712
194,066
224,163
375,756
5,005
219,145
229,668
453,884
847,833
69,203
assets...........—...——1,496
Deferred assets
44,938
Rents & insur, premiums paid in advance
2,128
Other unadjusted debits
1,985,092
815,211
60,520
2,884
5,005
219,145
229,668
453,884
815,211
46,716
2,607
60,520
2,884
2,090,882
246,731
Cash
Demand loans and deposits
Special deposits
..............
Loans and bills receivable
Traffic and car ser vice balances receivable....
Net balance receivable from agents & condrs..
Miscellaneous accounts receivable
Material and supplies
97,966
2,607
Interest and dividends receivable
Total
$8,887,993 $7,880,403
Includes excess profits tax.
—V. 152, p. 1125.
x
y
.$8,887,993 $7,880,40.3
Total
Represented by 499,660
no par
shares.
Other current
....
....
...
Checker Cab Mfg. Corp. (&
Subs.)—Earnings—
t 1940—3 Mos.—1939
$134,525
x$143,999'
$1.24
Nil
Period End. Dec. 31—
aNetprofit..
b Earnings per share
Total
$86,883,949 $87,559,745 $75,957,571
—
1940—12 Mos.—1939
$650,713
$6.01
1939
x$375,684
Nil
After depreciation, interest, Federal income taxes and provision for
profits tax.
b On 108,361 shares of capital stock,
x Loss.—V. 151,
3883.
a
Common stock (par $100)
—
Class A stock (par $40)
Common stock (no par)
4 Weeks Ended
Feb. 8, '41 Feb. 10, *40
—V.
152,
$114,237
221,577
32,128,036
Total long-term debt...
31,928,036
Reorganization adjustment of capital..
-32 Weeks Ended
Feb. 8, '41 Feb. 10,
$549,720
$86,809
422.
p.
Audited accounts & wages payable
Interest
Chesebrough Mfg. Co.—Extra Dividend—
to
an
extra dividend of 50 cents per
matured
.....
unpaid
Funded debt matured unpaid
share in addition
the regular
were
7,460,745
395,303
864,593
86,939
13,364,443
2,736,000
333,756
73,203
158,107
Traffic & car service balances payable
Miscellaneous accounts payable—.—
Directors have declared
both
...—
Loans and bills payable
'41
$658,296
quarterly dividend of $1 per share on the common stock,
payable March 31 to holders of record March 7.
Similar amounts
paid in preceding quarters.—V. 151, p. 3084.
Unmatured Interest accrued.
liabilities
—
_....
Unadjusted credits
Additions to pro. through
Chicago & Eastern Illinois RR.—Listing of Securities—
......
Other current liabilities
Deferred
$15,354,500
18,130,000
—
i
209,522
Grants in aid of construction
Period—
Sales
Pro Forma
$22,046,100 $22,046,100
23,845,300 23,845,300
(parflOO)
p.
Co., Inc.—Sales-
1940
1940
Actual
Liabilities—
Preferred stock
excess
Chefford Master Mfg.
1940
1940
Actual
&equlpment-a Road &general.$55,044,223 $54,720,848
Other Investments.....
89,017
*587,475
expenses
Federal inc. taxes.
receivables
term
$1,119,191
395,380
<x
Assets—
commissions and wages
1939
1940
Assets—
sink.
to
508,246
Balance, deficit trans-
Chain
Consolidated Balance Sheet Dec. 31
deposits
applied
other reserve funds...
shares.
Includes the Stearns Conveyor Co. and the Baldwin-Duckworth
unfunded debt._
on
Inc.
Corp. since date of acquisition Aug. 1, 1939.
d Includes Sterns Conveyor
Co.
e Includes Sterns Conveyor Co. and Baldwin-Duckworth Chain Corp.
f Includes excess profits taxes,
g On 486,735 shares.
Demand
$3,851,597
$3,455,049
Net rev. from ry. oper
of
provision for
inventory reserve
Special charges
Prov. for revaluation of
$15,336,251 $14,288,786 $J6,382,400
11,839,711
11,242,093 12,530,803
Railway oper. revenues_$15,688,059
Railway oper. expenses. 12,233,010
Railway tax accruals
Prov. for Fed. surtax
Increase In
amount
income deferred
I?3?
1938
1939
1940
34.125
$1,293,572
313,404
Expenses
Profit from
[Chicago & Eastern Illinois Ry.)
$1,055,423
$3,855,138
2,060,184
Gross profit
1941
22.
Feb.
Chronicle
The Commercial & Financial
1276
income & surplus
Sinking fund reserves...
...—
27,366,500
5,238,398
7,458,574
423,794
835,332
96,785
15,674,519
2,736,000
10,569
52,000
122,689
7,395,859
7,943,212
354,990
363,145
7,634,914
8,030,294
def32,203,861 def34,228,181
...
Profit and loss
423,794
835,332
96,785
563,700
6,345
52,000
122,689
6,099,061
1,218,467
450,000
The New York Stock Exchange has authorized the listing of:
(a) $15,354,500 gen. mtge. income bonds, due Jan. 1, 1997; (b) 383,863 shares of class A
stock (par $40); and (c) 343,297 shares of common stock (no par), pursuant
to the plan of reorganization of Chicago & Eastern Illinois Ry. with author¬
ity to add to the list 614,180 shares of common stock on off'cial notice of
issuance upon conversion of the gen. mtge. income bonds.
The Chicago & Eastern Illinois RR. was organized in Indiana on June 27,
1940, for the purpose of acquiring the business, assets and property of
Chicago & Eastern Illinois Ry.
Treatment Provided in the Plan of Reorganization for Holders of Securities
of Old Company
The following sets forth the securities of the debtor, its reorganization
trustee and its
predecessors outstanding as of midnight on Dec. 31, 1940
(the date upon which the new company acquired the business, assets and
property constituting the debtor's estate), and the treatment provided in
the plan for the participating holders of said securities:
Outstanding
Treatment of Participating Security
Holders
(a) 5% equip, trust cer¬
tificates, series A—
(b) 5% equip, trust cer¬
$60,000
114,000
Actual figures for 1939 and 1940 reflect investment in road and equip¬
ment as deteimined in 1922 reorganization with subsequent changes in
a
Pro forma figures are based upon original cost of property other
by Interstate Commerce Commission,
in sinking fund.
c Includes $150,000 unexpended funds deposited on Jan.
10, 1941, with
trustee under gen. mtge. for sinking fund under mortgage, but excludes
$149,000 of 1st mtge. bonds series A held in sinking fund under 1st mtge.
d Of the amounts shown $3,237,997 was pledged as at Dec. 31, 1939;
$3,235,827 as at Dec. 31,1940; and $3,249,328 on basis of pro forma balance
property.
than land and value of land as found
b Excludes $4,357,600 bonds held
sheet.
<
'
■
by amount of reorganization expenses hereafter allowed
paid which are estimated not to exceed $285,000, the amount requested
in final petitions of interested parties.
f Includes $546,575 interest on gen. mtge. income bonds deposited with
the trustee under the gen. mtge. to be paid to holders of bonds when issued
—V. 152, p. 822.
e
Will be reduced
and
Undisturbed—to be assumed.
tificates, series B__
$86,883,949 $87,559,745 $75,957,571
Total
Undisturbed—to be assumed.
<c)3^% equip, trust
tificates
d)
,
Chicago Flexible Shaft Co.—$1.50 Common Dividend—
Directors have declared a dividend of $1.50 per share on the common
cer¬
series C_
792,000
_
stock, payable March 31 to holders of
Undisturbed—to be assumed.
4%
registered
serial certifi¬
of
cates
indebted¬
111,000
Payment in full in cash (paid Jan. 6,
1941 with interest).
Chicago
(e) Evansville
Felt
Ry.
1st mtge. gold bds.,
To
142,000
(0 O. &. E. I. RR. 1st
2,736,000
consols., 1934
(g) Notes held by Rail¬
road Credit Corp..
(h)
Notes
held
constr'n
by
1,697,706
Re-
Finance
Corp.
5,760,867
be
assumed
(paid Jan. 6, 1941
interest).
Payment in cash with int. at 4%
from Oct. 1, 1934, to date of rayment (paid Jan. 6,1941, with int.)
Payment in cash with int. to the date
of payment (paid Jan. 6, 1941,
with interest).
Prin. amount and int. to Jan. 1,1937
(effective date of the plan), to be
satisfied by issuance of 1st mtge.
bonds, series A, due 1967, bearing
To
ser.
A and B
8,852,700
be
surrendered
and
canceled.
(These bonds pledged as collateral
security for the notes held by the
Railroad Credit Corp.
and the
Reconstruction Finance Corpora¬
tion, and surrendered and canceled
on
payment and
said notes on Jan.
(j) Gen. mtge. 5s, 1951. 30,709,000
satisfaction
receive
for
each
of class A stock and 4 shares
mon
(k) Pref. stock (par $100)
22,046,100
To
com¬
stock.
receive
new
stock—
stock
Claims entitled
costs and expenses
(par
23,845,300
to
Eliminated from participation.
priority over existing mortgages, unsecured claims
of administration, and obligations of guaranty are not
included.
transfer
properties of the Chicago Great Western RR. to a successor company,
Chicago Great Western Railway, effective midnight Feb. 19.
The property
transfer marks the virtual conclusion of the reorganization and makes the
Great Western the second major road to have completed such proceedings.
Judge Woodward also signed certain ancilliary orders approving the
of the St. Paul Bridge & Terminal properties now leased for
$1,500,000 and also authorize the new road to borrow $6,400,000 from the
Reconstruction Finance Corporation and to pledge $9,000,000 of its first
mortgage bonds therefor.
G. A. Gladson, attorney for the reorganization committee, told the court
that interest on the new first mortgage bonds will be paid from the effective
date of the plan upon the issuance of new securities.
Interest to be paid
immediately upon the 4H% income bonds will amount to 6.8%, but he
further stated that all cumulative interest on the income bonds since the
effective date of the plan, Jan. 1, 1938, will De paid by April 1, next.
4
No definite date has as yet been set for exchange of securities, Mr.
Gladson explained after the court hearing, but it is expected within a
couple of weeks.—V. 152, p. 822.
purchase
Chicago Great Western Ry.—Acquires Properties under
Chicago Great Western RR.—V. 152,
Reorganization—See
p. 262.
Chicago
Milwaukee
St.
Paul
&
Pacific
RR.—Asks
Delay in Submission of Plan—*
The company on Feb.
common
share for share.
(1) Common
$100)
Federal Judge Woodward this week signed orders directing the
of the
of
6, 1941).
$1,000
bond
$500 gen. mtge. inc. bonds (conv.
bearing int. from Jan. 1, 1937 (the
effective date of plan) 12^ shares
To
Western RR.—Properties Transferred
Major Road to Complete Reorganization—
Great
Feb. 10—Second
with
int. from Jan. 1, 1937, to nearest
$1,000 and by payment of any
fractional part of $1,000 in cash
(paid Jan. 6, 1941 with int.).
(i) Prior lien bonds,
Year-end divi¬
in addition to
ness
1940
record March 21.
Dec. 27, last, and extra dividend of 25c
regular quartely dividend of $1.25 were paid in each of the
three preceding quarters.—V. 152, p. 1125.
dend or like amount was paid on
Trustee's
17 petitioned the U. S. Circuit Court of Appeals
Chicago for an order to restrain the Interstate Commerce Commission
submitting its reorganization plan to bondholders until disposal of
the road's court appeal of the plan.
The plan, which would eliminate the equity of common and preferred
stockholders and reduce capitalization, was approved last Nov. 13 by the
Federal court.
The road filed notice of appeal on Dec. 14 and docketed
its appeal Feb. 17.
at
from
Volume
The
for
petition
restraining order alleges that the ICC had said it
a
would
submit immediately tne plan for bondholders' approval, .despite
the road's request for a delay.
It charged also that the ICC's list of bond¬
holders was incomplete and inaccurate.—V. 152, p. 1125.
Chicago & North Western Ry.—Certificates Awarded—
Privately—Drexel & Co. and Laurence M. Marks &
Co. on Feb. 17 were awarded $5,400,000 1-10 year equip¬
ment trust certificates on their bid of
100.2387 for l7/£s,
Placed
The
interest cost to the road of 1.83%.
certificates will not be publicly reoffered.
representing
an
Salomon Bros. & Hutzler bid 100.269 for 2s; Gregory & Son, 100-105 for
2s; Harris Hall & Co. (Inc.), 100.279 for 2Hs; Halsey, Stuart & Co., Inc.,
100.18 for 2 Mis; and The First Boston Corp., 100.18 for 2>£s.—'V. 152,
p. 980.
Chicago Railway Equipment Co. (& Subs.)—Earnings
Earnings for the Year Ended Dec. 31, 1940
a
Profit from operations
$475,656
18,917
Other income
"
'
—*
—
Total income
Boss on securities matured or sold
Provision for depreciation of plant and equipment
b Provision for Federal income tax
91,000
Net profit for the year
share of
common
■
100,000
$302,969
251,289
$2.24
Dividends paid on preferred stock
per
mm.
$494,573
604
.
_
Earnings
stock
a After
deducting manufacturing, selling and administrative expenses,
b No Federal excess profits tax is payable on the earnings for the year.
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $134,084; United States treasury, State and municipal
bonds at cost, $493,019; accounts and notes receivable (net), $674,146;
inventories, $1,232,791; other assets, $22,320; land (at cost), $295,451:
buildings, machinery and equipment (net), $942,593; patterns, $26,468;
goodwill and patents, $766,757; prepaid insurance and royalties, $12,345;
total, $4,599,975.
LiabiMies—Accounts payable, $199,806; accrued wages and commissions,
$18,5597dividends unclaimed, $102; State and local taxes accrued, $32,286;
social security taxes accrued, $18,729; Federal income tax accrued, $90,671;
7% cumulative preferred stock ($25 par), $2,475,000; common stock
($25 par), $1,498,400; capital surplus, $60,496; earned surplus, $249,819;
cost of 3,379 shares of preferred
stock in treasury, Dr$43,893; total,
$4,599,975.—V. 151, p. 3884.
Chickasha Cotton Oil Co.—Earnings—
1940
1939
1938
1937
$4,268,233
3,948,048
$5,195,872
$2,863,693
2,714,010
$4,382,115
4,016.211
$320,185
30,934
$436,477
20,616
$149,683
46,573
$365,904
Other income.
$457,093
$196,256
$406,765
Interest
$351,119
14,873
*3" 878
24,672
130,881
37,500
144',741
136,864
45,000
6 Mos. End. Dec. 31Costs and expenses
Adjust, of
cap.
4,759,395
40,861
i7~506
assets
Bad debts
Depreciation
132,694
44,500
Federal and State taxes.
10",810
Shares of loss—net sales
30,753
13,613
16,039
14,090
$124,421
Net profit
$232,922
$35,477
$200,000
$0.91
$0.14
$0.78
Earns, per sh. on 255,000
shs. cap. stk. (par $10)
—V. 151. P. 3555.
Childs Co.
$0.49
7
/•
(& Subs.)—Earnings-
1938
1937
1940
1939
$16,078,323 $17,307,699 $14,125,337 $16,212,055
863,519
888,212
910,655
862,571
Miscellaneous income.-_
468,829
514,615
463,607
478,781
Calendar Years—
Restaurant sales
Building rentals
Total income....
Cost of restaurant sales.
Cost of building rentalsCost of miscell. income--
Total cost
Gross profit.
Other general expenses--
$17,404,501 $18,649,999 $15,482,378 $17,637,325
15,064,527
15,627,380
13,227,178
14,069,848
931,851
893,448
916,757
923,443
363,770
377,837
367,573
398,486
$16,360,148 $16,898,665 $14,511,508 $15,391,776
1,044,353
1,751,335
970,870
2,245,548
846,074
731,747
722,051
826,373
Net income from oper.
Total income--.
Income deductions
$198,278
11,338
$1,019,587
7,614
$248,819
11,905
$1,419,175
25,198
$209,616
402,175
Other income (net)
$1,027,202
413,747
616,580
885,419
$260,724
418,833
598,113
$1,444,373
426,561
596,010
Depreciation
Extraordinary charges &
credits
Cr89,986
Drl.019
$719,153
—
—
Net loss
$272,984
Condensed Consolidated Balance
(Including
1940
subsidiary
...
$
7,962,744
1,762,362
Alter, and impts.
to leased prop.-
3,165,040
370,311
Deposits
Sundry
notes
accts.
3,421,596
364,997
and
19,529
3,914,771
receivable
$756,222 prof$421802
Sheet Dec. 31
1940
19,299
1939
$
$
Preferred stock... 3,732,100
a Common stock—
324,416
15-yr. 5% g. debs. 5,080,000
Bonds of subslds-.
675,000
Real estate mtges. 2,799,275
Sundry curr. llabll.
11,127
Deferred liabilities
20,410
Accts. payable and
accrued llabll— 1,139,981
Curr. funded debt.
79,877
1,111,536
49,160
63,809
Deferred credits..
Mdse. inventories-
178,164
170,688
d Special reserve.-
Deferred charges. _
221,818
300,944
Sundry reserves.
Cash
Notes and accounts
receivable
3,732,100
324,416
5,271,000
690,000
2,863,175
11,128
vehicles.
Cash and marketable securities at Dec. 31, 1940 were
net current assets amounted to
$117,148,618 and
Expenditures on property,
$115,562,069.
and equipment amounted to $21,111,610, and depreciation and
amortization of $20,571,932 were charged to operations during the year.
plant
All taxes in the United
1,090,057
employees receiving more than $250 a month, supplemental to the old age
benefit provisions of the Federal Social Security Act.
To carry out the
plan, annuity contracts would be purchased. The corporation purposes to
pay initial premiums to establish the plan as applied to those now eligible
to participate.
The amount of such premiums will not exceed the total of
amounts heretofore not expended under the profit sharing and bonus plans
authorized by the stockholders April 16, 1929 and transferred to the re¬
serve for contingencies, plus the net proceeds of the insurance on the life
of the late Walter P. Chrysler which proceeds were also added to the reserve
for contingencies.
Retail sales in the United States of Chrysler, DeSoto, Dodge, and Ply¬
mouth
passenger
cars
and trucks during 1940 as
indicated
currently doing an excellent volume of business, and the immediate pros¬
pects for the future appear to be equally good. Both retail sales to the con¬
suming public and factory shipments to dealers are at high levels for this
time of the year. Stocks of unsold new cars in dealers' inventories are high,
but relative to the current rate of retail sales they are seasonally a little
lower than normal. The used car market is in a strong position.
There is evidence of concern on the part of both the dealers and the
public regarding the effect that the Defense Program may have on the
future price and availability of automobiles. How well founded this concern
may be is difficult to forecast.
This corporation is a party to the resolution
adopted by the automobile industry last autumn to subordinate its forward
tooling program to the needs of National Defense.- So far, it has not been
necessary to curtail shipments to dealers or otherwise seriously to interfere
with our regular automobile business but how long this may continue
would seem to depend upon unpredictable circumstances.
In the line of defense activities, we have received orders from the U. S.
Government for 58,000 vehicles of various descriptions, some of them
highly specialized for defense purposes, a substantial part of which has been
shipped.
Work on the tank arsenal for which a contract was awarded us
last August is proceeding on schedule, and 700,000 square feet of new
building are now under roof.
For the manufacture of airplane parts and
sub-assemblies, we have made available some 600,000 square feet of floor
space in preparation for undertaking an Important part in the program
to expand the production of Martin bombers.
A complement of able and
experienced manufacturing executives drawn from our regular staff has
been for some months making a special and intensive study of the problems
before us in this work. In this airplane program we are designated to serve
as subcontractors to the Glen L. Martin Co.
We also have taken an order
to convert the design of a foreign machine gun to American standards and
to produce two sample guns.
At the Government's request, we are pre¬
paring a proposal to manufacture these guns in substantial quantities. We
shall shortly complete educational orders for shells, shell cases, and bomb
fuses taken some time ago. We have completed an order for field kitchens.
The Air Corps is showing some interest in a new in-line liquid-cooled air¬
plane motor designed by our engineers, which we hope may contribute to
the development of the art of aircraft motor design and production.
It is the aim and intention of your management to hold this corporation
in readiness to cooperate further with the Defense Program to the extent
that our resources and capabilities permit. We fully agree with the Govern¬
ment's policy of promoting the farming out of sub-contracts for defense
work to as many smaller manufacturers as practical, in order that the full
resources of the country may be applied to meeting the emergency. We have
not expanded our facilities for producing passenger automobiles and do not
contemplate doing so or creating new facilities for any other purposes for
which existing sources can be found.
The reconstruction problems which
will arise for us when this emergency has passed are receiving such attention
as is compatible with meeting the immediate problems presented by the
Defense Program.
No adequate picture can be drawn in the confines of this report of the
energy and enthusiasm with which the Chrysler organization has attacked
the additional problems which the Defense Program has superimposed upon
their already exacting responsibilities, nor of the sacrifices in time and
comfort which they have made cheerfully in this cause. When, in the course
of time, a just appraisal can be made of the results accomplished, the
stockholders of Chrysler Corp. should have reason to share in the pride
which your management now takes in the unstinted effort which this
organization is putting forth on the Defense Program.
Consolidated Balance Sheet Dec. 31
Marketable securities at cost
Drafts against our shipments
4,584,790
7,065,489
9,739,629
3,733,198
b59,199,684
a Notes and accounts receivable
Accounts received from U. S. Govt
Inventories
c
8,361,962
4,898,168
7,166,983
63,402,667
Property, plant and equipment
67,673,980
1
Goodwill
Prepaid insurance, taxes, &c
Deferred expenses—Govt, contract
$267,629,125 $222,494,989/
Total
Liabilities
• ■ t •.
$41,411,636
$52,965,471
808,332
1,128,378
Accrued insurance and taxes
i
w 1,250,000
on
„
e23,506,000
income
Reserves
Capital stock (par $5)--Capital surplus
-
f8,500,000
25,402,382
Federal, State taxes
17,649
16,100,573
21,755,660
d21,755,660
25,958.106 * 25,958,106
115,669,128
107,960,682
Earned surplus
_
91,657
1,211,118
1,251,906
2,192,477
2,366,381
220,030
-
Accounts payable and payrolls
61,603
74,062
54,896,619
d2,335,958
2,722,039
10,684
1,228,778
532,753
hi 939
$72,565,104
2,572,374
*1940
$109,063,319
8,085,299
Assets—
Cash
2,722,039
_*
10,921
Res. for Insurance-
by new car
registration reports were 873,593 vehicles, as compared with 697,642 for
the preceding year.
Truck and commercial vehicle shipments from United
States plants were 108,251 for 1940, as compared with 81,041 in 1939.
Export and Canadian shipments were 84,480 vehicles, as compared with
85.693 vehicles in 1939.
In common with the automobile business in general, Chrysler Corp. is
19,503
Capital surplus—
Earned surplus—
income
States for 1940, including provision for
excess profits taxes, amounted to $53,177,344, an ipcrease of $25,400,783 over similar taxes in 1939.
The board of directors have adopted, subject to approval by the stock¬
holders at the annual meeting, a plan of retirement benefits for salaried
and
Adv. receipts on govt, contract
24,410
undistributed
consolidated earned surplus the
earnings of these subsidiaries in the amount of $6,162,608.
Full reserve
has been provided against the investment in Belgium.
Sales of the corporation and its wholly-owned United States subsidiaries
during the year 1940 were $744,561,238 and included sales of 1,044,290
Investments and other assets
Liabilities—
3,914,771
1,391,732
Goodwill
resulted in excluding from the
Foreign subsidiaries.
companies)
1939
1,530,138
7,889,776
b Estab. & plantsReal estate
c
all
*§
■A- s sets
1277
The Commercial & Financial Chronicle
152
$267,629,125 $222,494,989
Total
After reserves of $54,434 in 1940 and $61,089 in 1939. b ATter reserves
$2,453,744 in 1940. c After reserves for depreciation, &c. of $46,519,943
in 1940 and $47,683,366 in 1939.
d Investments in wholly-owned foreign
subsidiaries (Canada and England) not consolidated—at cost.
e Includes
excess profits taxes,
f Includes foreign income taxes, g Includes whollyowned U. 8. subsidiaries,
h Foreign subsidiaries consolidated.
a
of
Total
18.450,244
19,372,942
18,450.244 19,372,942
Total
Represents 324,416 shares of no par value,
b After depreciation of
$2,573,589 in 1940 and $2,472,179 in 1939.
c After amortization of $3,273,469 in 1940 and $3,195 in 1939.
d Reserve for preferred stock created
out of earnings for investment in real estate, &c.—V. 152, p. 1125.
a
Christiana Securities Co.—To Pay
The directors have declared a
$32.50 Dividend—
dividend of $32.50 per share
stock, payable March 15 to holders of record Feb. 24.
on
the
common
Dividend of $34.75
paid on Dec. 16, last; $33.25 per share were paid on Sept. 16, June 15
and March 15, 1940; $66.10 paid on Dec. 15, 1939, and dividends of $23.50
paid on Sept. 15, June 15 and on March 15, 1939.—V. 152, p. 980.
was
Chrysler Corp.—Annual Report—K. T. Keller, President,
states in part:
profits of the corporation and its wholly-owned United States sub¬
sidiaries for the year 1940 were $37,802,279, which is equivalent to $8.69
per share of common stock outstanding.
Provision for Federal and State
income and excess profits taxes for 1940 was $23,500,000, as compared with
$7,750,000 for 1939. (For detailed income statement see V. 152, p. 1125.)
Owing to increasing exchange restrictions and to other possible influences
of the war in Europe, foreign subsidiaries have been excluded from the
consolidated statements this year and the investments in these subsidiaries
are carried in the statement at the cost to the corporation.
This change
Net
Note—Earnings for the calendar year 1940 appeared in the "Chronicle"
Feb. 15, p. 1125.
Cities Service Co.—To Add to Holdings—
Exchange Commission on Feb. 17 permitted to be¬
The Securities and
come
effective
a
declaration filed by the company pursuant to the
Public
Utility Holding Company Act of 1935 with respect to increasing the aggre¬
gate amount or its investments in securities of and advances to the following
companies: Empire Gas & Fuel Co., Cities Service Oil Co. (Del.), Cities
Service Oil Co., Ltd., Indian Territory Illuminating Oil Co. Co., Empire
Pipeline Co., Cities Service Oil Co. (Pa.), Arkansas Fuel Oil Co., Richfield
Oil Corp., Natural Gas Pipeline Co. of America, Cities Service Gas Co.,
Penn-York Natural Gas Corp., Sixty Wall Tower, Inc., Sixty Wall Street,
and Chesebrough Building Co.; such increase to be made during the year
ending Feb. 17, 1942, and to be in an amount not to exceed $12,000,000.—
Y. 152, p. 823.
Clark Equipment
Directors have declared
Co.—l^y-Cent Common Dividend—
a
dividend of 75 cents per share
on
the common
stock, payable March 15 to holders of record Feb. 26.
This compares with
$1.25 paid on Dec. 16, last; 75 cents paid in two preceding quarters, and
The Commercial & Financial Chronicle
1278
an extra
of 25 cents in addition to
1940.—V.
151,
a
dividend of 25 cents paid on March 15,
3086.
p.
Commonwealth
&
Feb.
Southern
Plan With SEC in Connection With
Cleveland Graphite
Bronze Co—Earnings—
Calendar Years—
1940
Net sales.
1939
$10,582,219
Costs, expenses and depreciation
1938
$8,928,507
6,566,004
8,583,903
$4,954,481
4,611,492
22,
Corp.—Files
1941
Amended
Refunding Operations—
The Securities and Exchange Commission announced Feb. 13 that the
Commonwealth & Southern Corp. and its subsidiary, Georgia Power Co.,
filed
amended application
an
(File 70-207)
under the Holding Company
Act in connection with the proposed refunding of outstanding indebtedness
of the two companies.
Operating profit
$1,998,316
71,625
Total income
■_
Miscellaneous deductions
Federal income tax,
&c..
$2,362,503
56,096
$342,989
111,758
$2,069,941
216,417
531,266
........
Other income
$2,418,599
248,603
424,873
$454,747
81,526
63,563
The Commonwealth & Southern Corp. will refund
assumed obligations aggregating $46,136,000 principal amount, and Georgia
Power Co. will refund all of its outstanding indebtedness aggregating
$125,408,700 principal amount.
In addition, Georgia Power Co. will
increase its cash by $2,494,023, which may be used for construction and
other corporate purposes.
The Commonwealth &
Southern Corp. under the amended application
to sell to banks $17,000,000 of 2M% 10-year notes as follows:
$5,000,000 each to Bankers Trust Co. and Chase National Bank, New York:
$3,000,000 to National City Bank, New York; $2,500,000 to First National
Bank, New York; and $1,500,000 to Central Hanover Bank & Trust Co.
It will turn over to Georgia Power Co. $34,231,000 principal amount of that
company's 5% 1st & ref. mtge. bonds, due 1967, for $32,259,925 and
accrued interest, which represents the cost of the bonds to the parent
company.
From the funds it receives for the Georgia Power bonds, Com¬
monwealth proposes to make a contribution of $14,337,319 in cash to the
subsidiary company. The net effect of the transactions will be to increase
the cash position of Georgia Power Co. by $2,494,023. The Commonwealth
will also surrender for cancellation all of the subsidiary's preferred stock
which it holds, consisting of 7,856 shares of $6 preferred stock and 45,430
shares of $5 preferred stock. The parent company owns all of the 2,500,000
shares of common stock of Georgia Power Co. presently outstanding and no
additional shares are to be issued in connection with the proposed trans¬
proposes
Net
profit
$1,322,258
643,840
Surplus
Earnings per share
on
$309,658
322,160
$678,418
Dividends—
$1,745,123
804,800
$940,323
$5.42
def$12,502
$4.11
common..
$0.96
Registers with SEC—
See list given on first page
of this department.—V. 152,
Coca-Cola Internationa]
Calendar Years—
1940
1938
1937
$8,242,650
$7,564,946
$7,597,837
.100
273
161
109
$8,200,393
295,640
10,307
$8,242,923
209,823
10,173
$7,565,107
192,283
8,97$
$7,597,946
169,202
8,722
$7,894,446
7,894,551
$8,022,927
8,021,675
$7,363,846
7,364,770
$7,420,022
7,432,057
$1,252
def$924
def$123)35
-
—
y Taxes
Expenses
Net income
...
Dividends paid
---
Balance, surplus
y
1939
$8,200,293
Divs.rec. Coca-Cola Co.
Other income.
Total
def$105
—
Incl. $827, Delaware franchise tax.
Balance
Assets—
1940
Cash In bank..—
a
1939
$298,212
31
Liabilities—
$212,500
c
1940
Coca-Cola Co..
3,748,320
3,834,720
925,460
929,340
Reserve
for
925,460'
208,996
3,399
3,503
Fed.
Surplus.....
$4,971,992 $4,976,560
929,340
294,813
..
normal Inc. tax.
Coca-Cola Co..
1939
Common stock..$3,748,320 $3,834,720
d Class A stock.
b Class A stock of
Total..
Dec.
Sheet
Common stock of
a
1126.
p.
Corp.—Earnings —
Total...
-.$4,971,992 $4,976,560
Represented by 1,499,328 (1,533,883 in 1939), no par shares,
b Represented by
185,092 (185,868 in 1939), no
c Represented
by 187,416 (191,736 in 1939), no
d Represented by 92,546 (92,934 in 1939), no
p. 2797.
Colorado Fuel & Iron Corp.
Period End. Dec. Zl—
Costs,
nary
&
shares,
par shares,
par shares.—V.
par
electrical energy of subsidiaries of
adjusted to show general business
13, 1941, amounted
to 184,805,446, as compared with 157,632,802 for the corresponding week
in 1940, an increase of 27,172,644 or 17.24%.—V. 152, p. 1126.
conditions of territory served for the week ended Feb.
151,
Congress Square Hotel Co.—Bonds Offered—Coffin &
Burr, Inc., Charles H. Oilman & Co., Maine Securities Co.
(& Subs.)—Earnings-
-1939
1940—6 Mos.
$8,781,542 $14,742,189 $14,856,555
$8,360,150
expenses
Weekly Output—
The weekly kilowatt-hour output of
Southern Corp.,
the Commonwealth &
1940—3 Mos.—1939
Net sales
actions.
The proceeds received by Commonwealth from the sale of its notes,
together with the funds received from Georgia Power Co. for that company's
bonds and such of its treasury funds as may be required, will
be used
to redeem the following;
,
(a) $38,386,000 of Southeastern Power & Light Co. 6% debentures
series A, due Sept. 1, 2025, to be redeemed at 110;
(b) $7,750,000 of Penn-Ohio Edison Co. 5M% debentures, series B,
due Feb. 1, 1959, to be redeemed at 105.
[For details of Georgia Power Co. refunding plan see that company.]
Originally, the Commonwealth & Southern Corp. proposed to retire
$51,857,500 of assumed indebtedness.
It proposed to sell $34,231,000 of
5% 1st & ref. mtge. bonds, due 1967, of Georgia Power Co. to six insurance
companies, and to borrow $17,000,000 from banks, to use a distribution of
$6,720,883 from Tennessee Utilities Corp. (a subsidiary), and to use $356,235 of treasury funds.
ordi¬
and H. M. Payson & Co., Portland, Me., and Pierce, White
<fc
Drummond, Inc., Bangor, Me., in January offered
7,211,204
595,338
13,008,754
1,143,792
12,476,508
1,074,703
$860,219
a29,250
$589,643
55,221
$1,305,344
a54,808
Dated Nov. 1, 1940; due Nov. 1, 1961.
Coupon bonds in denom/of
$500 and $1,000, registerable as to principal.
Interest payable M-N, at
Canal National Bank, Portland, Me., trustee.
Callable in whole or in
$576,830
193,999
56,800
n..
7,339,719
581,604
$553,608
23,222
taxes
Depreciation & deple
$889,469
194,015
140,900
$644,864
387,977
78,900
$1,360,152
388,016
186,300
part (except for sinking fund) on any int. date on 30 days' notice at 107 to
and incl. Nov. 1, 1943; thereafter to and incl. Nov. 1, 1946, at 106; there¬
after to and incl. Nov. 1, 1949 at 105; thereafter to and incl. Nov. 1, 1952
Profit
Other income (net)
Total income
Interest
Federal inc. tax, &c
Excess profits tax
Loss on abandonm'ts, &c
104; thereafter to and incl. Nov. 1, 1955 at 103; thereafter to and incl.
Nov. 1, 1958 at 102; and thereafter at 101; plus int. in eacn case. Callable
at
14,200
"5",967
$1,425,000 1st mtge. sinking fund 43^% bonds at 103 and
Offering was made to residents of State of Maine only.
int.
5,425
for
Net profit..
Earns.per sh.of com.stk.
a
$320,064
$554,554
$0.98
$0.57
$158,362
$0.28
$785,836
$1.39
Includes profit on abandonments, &c.
sinking fund only at 104 to and incl. Nov. 1, 1945; thereafter to and
incl. Nov. 1, 1950 at 103; thereafter to and incl. Nov. 1, 1955 at 102; and
thereafter at 101; plus int. in each case.
In the opinion of counsel, these bonds are a legal investment for Maine
sayings banks, and free of State and municipal taxation in Maine under
To
existing l&w.
Pay 25-Cent Dividend—
Directors have declared
a
Total
dividend of 25 cents per share on the common
holders of record Feb. 14.
Like amount was
stock, payable Feb. 28 to
paid on Nov. 28, last, this latter being the first payment since March 31,
1937 when $1 per share was distributed.—V. 152, p. 422.
Columbia
a
Dec. 28*40
Earnings per share
Dec. 31 '38
$4,806,000
1,716,277
$2.80
Net profit
Class A and class B shares
Dec. 30 '39
$5,001,529
1,709,723
$3,541,700
1,709,723
$2.93
$2.07
After charges and Federal income (1940 excess profits) taxes.
Note—The net earnings for 1940 are after providing $1,819,500
a
Federal income taxes
taxes.
increase
The total
of
and
1940
$810,500 for estimated Federal
excess
for
profits
Federal tax provision of $2,630,000 represents an
approximately
$1,500,000
over
the
$1,127,157
provided for
Federal income taxes during previous year.
Interest
on
Bank
Loans
Reduced—-
The loan agreement between the company, Bank of Manhattan Co. and
Brothers, Harriman & Co. has been modified, according to in¬
formation filed with the Securities and Exchange Commission.
Under this
Brown
CBS during 1938 and 1939 had borrowed an aggregate of
$1,000,000, of which $600,000 remained unpaid on Jan. 21, 1941.
agreement,
The effect of the modification
was to
reduce the annual interest rate
on
the unpaid balances.
For the period from Jan. 21, 1941, to Dec. 22, 1941,
1M%, from 2M% previously; to 1M% from 3%, for
the period from Dec. 22, 1941 to Dec. 31, 1941; to 2% from
3%, for the
period from Dec. 31, 1941 to Dec. 31, 1942; and to 2M% from 3%, for
the period from Dec. 31, 1942 to Dec. 22. 1943.—V. 152. p. 981.
the reduction is to
Columbus
Bonds
&
Southern
Ohio
Electric
Co.—Definitive
Ready—
The company's first mortgage bonds,
3M% series due 1970, in definitive
form, are available for exchange for temporary bonds of the issue, beginning
Feb. 17, at the office of City Bank Farmers Trust Co., trustee.—V.
151,
p. 3554.
Commercial
Credit
Co.—New
Unit—
This company has incorporated a subsidiary, the Commercial Credit
Plan Industrial Bank, Inc., of Dallas, Texas, to handle certain classes of
business in that State.
As of Jan. 4, Commercial Credit acquired 950
shares of the 1,000 shares of capital stock outstanding.—V. 152, p. 981.
Commonwealth Edison Co.—Wins Tax Suit in Illinois—
Illinois Supreme Court on Feb. 15 affirmed a decree of the Cook County
Circuit Court dismissing a suit by the State of Illinois to recover $2,748,362
the unpaid balance of personal property taxes levied against Common
as
wealth Edison Co. for 1932.
The high court upheld the firm's contention that the assessments were
arbitrary, excessive, illegal and fraudulent, the decision also held that
the concern's underground cement conduits are not assessable as tangible
personal property.
The 1932 assessment of the company was $6,681,019.
and they paid $3,932,657, protesting payment of the balance of $2,748,362.
Weekly Output—
Company has furnished
us
with the following summary of weekly kilo¬
watt-hour output of electrical energy adjusted to show general business con¬
ditions of territory served by deducting sales outside of territory to other
utility companies:
Kilowatt-hour
Week Ended—
Feb. 15
1940
Increase
133,834,000
138,573,000
138,695,000
141,617,000
10.8%
Feb.
8
Feb.
1
150,696,000
Jan. 25
152,546,000
—V.
152, p. 1126.
Output
1941
147,778,000
151,017,000
9.0%
8.7f
7.7<
$1,500,000 of which $1,425,000 has been underwritten by
$75,000 is retained by the company. The
underwritten bonds
are first to be offered to Maine residents holding Con¬
Square Hotel Co. first 5 Ms of 1946 (to be called) at a preferential
price of 102 and int., and orders from Maine residents holding 5Ms of 1946
gress
will be
Broadcasting System, Inc.—Earnings—
Years Ended—
issue
the underwriters at 100 and int.
given preference over other orders for
a
limited period of time.
Purpose—The proceeds of sale of $1,425,000 of the $1,500,000 bonds,
together with other funds to be provided by the company, will be used to
pay and redeem on or before May 1, 1941, all the first mortgage 5Ms of
1946 now outstanding.
The principal amount of the 5 Ms or 1946 to be
is $2,059,000, of which $1,725,500 is publicly outstanding and
$333,500 is owned by the company and held in its treasury.
retired
History
& Property—Company, incorp. in Maine in 1896, owns and
Square Hotel and the Eastland Hotel in Portland,
Company also owns and operates radio station WCSH, having studios
in the Congress Square Hotel and transmitter in
Scarborough, Me., mar
Portland.
Although the company owns and manages other properties,
those named comprise its principal assets, and their operation constitutes
its principal business.
The present Congress Square Hotel is a seven-story building, containing
379 rooms, and covering about 42,693 square feet of land.
The Eastland Hotel, which is connected and shares facilities with the
Congress Square Hotel, was completed in 1927. The original construction
cost of this building was approximately $1,465,000.
By later additions, the
total cost became in excess of $1,500,000. The Eastland Hotel building is a
12-story modern fire-resisting structure, containing 10 stores and business
offices on the ground floor and 374 hotel rooms, the majority of which are
designed for conversion into apartments in winter.—V. 152, p. 983.
operates the Congress
Me.
Consolidated Edison
Co.
of
New
York, Inc.—Weekly
Output—
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended Feb. 16, 1941,
amounting to
152,400,000 kilowatt-hours, compared with 145,600,000 kilowatt-hours for
%.
•
the corresponding week of 1940, an increase of 4.7
To
Vote
on
.
Pension Plan—
At their annual meeting on March 17, shareholders will be asked to
ap¬
prove pension agreements for three Vice-Presidents of the system who are
scheduled to retire soon.
Stockholder approval of the pensions is necessary
because of a resolution adopted by stockholders in 1939
restricting pension
payments to employees earning more than $25,000 a year unless recom¬
mended by the board of trustees and ratified by stockholders.
In its proxy notice for the annual
meetingthe company reveals that
Holcombe, Howard W. Leitch and William C. Morris, all VicePresidents of the system, earn $25,000 or more annually and will retire
before the 1942 annual
meeting.
The board has recommended that Mr.
Morris receive an annual pension of $20,000, Mr. Leitch $13,416 and Mr.
Holcombe $10,416, and is requesting stockholder approval of the recom¬
mendations.—V. 152, p. 1126.
Walter P.
Consolidated Electric & Gas Co.—Sub. to Dissolve—
Company and its subsidiary, Southern Gas Securities Co., have filed
the Securities and Exchange Commission declarations (File 70-251)
regarding the proposed surrender by the parent, as a contribution to the
capital of the subsidiary, of all the latter's outstanding notes in the principal
amount of $4,460,659.
Southern Gas Securities Co. then proposes to liquidate and to distribute
all of its property and assets, consisting of certain inter-system securities
and cash, to the parent company as its sole stockholder, in consideration
of the cancellation and surrender of all its outstanding common stock.
The securities of Southern Gas Securities Co. presently owned by Con¬
solidated Electric & Gas Co. are pledged with the indenture trustee for the
Central Gas & Electric Co. first lien collateral trust bonds, due March
1,
1946 (assumed by Consolidated Electric & Gas Co.). The pledged securities
will be released and the property and assets to be received by Consolidated
Electric & Gas Co. upon the dissolution of the subsidiary company will be
pledged with the trustee under the indenture.—V. 152, p. 824.
with
Volume
Film
Consolidated
Directors have declared
accumulations
on
the
record March 10.
Arrears
on
Cook Paint & Varnish Co. (&
Industries, Inc.—Accumulated Div.
April 1,
1941, $9.25
were
a
distributed in preceding quarters.
share.—V.
151,
Consolidated Investment Trust—To
Trustees have declared
p.
3086.
Pay Special Div.—
special dividend of 10 cents in addition to a
regular quarterly dividend of 30 cents per share on the capital stock, both
payable March 15 to holders of record March 1.
Special of 25 cents was
paid on Dec. 16, last; specials of 10 cents were paid in three preceding
quarters; a special dividend of 20 cents was paid on Dec. 15, 1939, and a
special of 15 cents was paid on June 15, 1938.—V. 152, p. 824.
a
Corp. of America—Acquisition—
Walter P. Paepcke, President,
announced
on
Feb. 16 that this corpora¬
Period—
Reed company,
which makes corrugated shipping boxes, was ac¬
quired," Mr. Paepcke said, "as another step in the corporation's policy
to
widen progressively the geographical area of its manufacturing and
Gross profit on sales.
added.
Appointment of G. H. Linde of Philadelphia, who has been with Con¬
of the Baltimore division, also
tainer corporation many years, as manager
was announced.—V. 152, p. 824.
Continental Can Co., Inc.—Annual
1939
1937
1938
$19,198,029 $17,170,789 $17,534,315
3,545,601
3,332,026
3,041,099
4,536,297
5,596,731
5,448,666
4,888,075
442,365
348,999
1,308,466
234,080
Net operating income.$l 1.822,083
Divs. & int. rec. or accr.
$9,854,764
$7,642,222
$9,722,838
848,492
1,252,537
Sell., adm. & gen.
680,048
145,248
53,174,241
2,434,153
$2,851,412
2,282,576
$2,403,941
2,179,154
$2,584,266
2,045,906
exp__
36,057
37,649
26,957
27,985
$531,188
34,053
$197,830
32,552
$510,375
49,645
$732,620.
$565,241
7,718
$230,382
8,032
$560,020
8,723
x!42,290
Net operating income.
Other income
Total income
106,866
31,977
x94,760
$190,373
138,309
131,264
$0.24
$456,814
138,308
212,267
$1.46
Other
y
charges....
Provision for Federal &
State taxes
.
Netprofit
Preferred
138,309
164,080
$2.03
Earns, per sh.of com.stk.
x
$450,657
138,309
164.080 /
$1.43
$581,607
dividends
Common dividends
58,894,759 $10,535,107
145,005
173,274
1,647,780
bl,448,306
Total income.
..$12,502,131 $10,703,255
Int. & exch. pd. or accr.
98,811
66,510
Provision for taxes
a3,281,989
1,519,193
Approp. for invent, price
decl. or other conting.
200,000
Prov.
for exchange on
of net
rent assents of
excess profits tax in 1940 and surtax on undistributed profits
y After deducting $9,209 in 1940, $1,134 in 1939, $1,223 in 1938.
$6,240 in 1937 overprovision for prior year.
Assets—Cash, $234,519; trade accounts receivable (less reserve of $45,500), $852,763; inventories, $1,669,256; investments and other assets,
$160,810; property, plant and equipment (net), $1,999,874; trademarks,
formulae, &c., $120,000; deferred charges, $135,001; total, $5,172,223.
Liabilities—Note payable to bank, $100,000; accounts payable, $347,429;
accrued liabilities, $24,963; Federal and State taxes on income, estimated,
$151,500; $4 cum. pref. stock (34,578 no-par shares), $1,970,925; common
stock (218,774 no-par shares), $1,516,038; earned surplus and surplus
acquired from predecessor company, $1,061,368; total, $5,172,223.—
V. 151, p. 3086.
Coos Bay
Lumber Co.—Earnings—
Net
449,464
Divs.
$8,953,632
declared
cum.
$7,101,973
900,000
5,707,178
900,000
5,707,108
c192,500
8,560,512
$2,346,208
Surplus
com.
stock
$2,028,609
$494,865
$160,514
2,853.971
$2.82
2,853,971
$2.71
2,853,971
$2.17
2,853,971
$3.06
out¬
standing ($20 par)...
Earned per share
No provision for Federal excess profits tax.
b Including $1,000 surtax
undistributed profits,
c Less amount accrued to date of sale of stock.
a
on
a
Earns, per share on
S
$
a
Rl. est., bldgs. .56,666,275
Secur. invesi'ts.
Other
2,158,106
..
54,994,905
2,174,080
1940
Liabilities—
mtges.,
cum.
Prem.
on
20,000,000
debentures...
4,993,768
30,787,112
25-yr.
20,034,201
19,824,619
Pref. divs. pay.
10,175,986
12,320,544
Accts.
17,907
23,763
cos.
336,929
341,526
Prepd. ins., &c.
1,054,119
684,682
3%
s.
20,000,000
Accr. int.& disc.
Past
payable.
service
nuity
Deps. with mut'l
Accrued
21,000,000
225,000
225,000
3,601,538
2,972,011
an¬
prem...
2,805,444
Other
reserves
3,882,334
4,006,835
19,100,060
18,756,452
Capital surplus.
a
130,486,053
After
reserve
d299,839
20,299,839
126,145,0001
Total
for depletion and depreciation of
1939. b $20 par value, c Includes $2,253,963 in 1940 and
$2,603,963 in 1939, reserve for past service annuity premiums,
d After
allocating $20,000,000 to the redemption of 200,000 shares of $4.50 cum.
preferred stock, e Estimated payable in 1941.
Note—On Nov. 29, 1940 the company elected to redeem all its out¬
standing $4.50 cumulative preferred stock and on Dec. 31, 1940 deposited
Subject to the approval
of the stockholders the capital of the company will be formally reduced by
$20,000,000 and that amount will thereupon be restored to capital surplus.
—V. 151, P. 1127.
Preferred
(par $20).
Van Alstyne, Noel & Co. has entered into a firm underwriting agreement
with respect to 35,000 shares which are to be offered at $25 a share and will
have a 90-day option of an additional 25,000 shares.
Proceeds of the financing will be used to retire the $681,291 balance of
an Reconstruction Finance Corporation loan and other funded debt, and
to increase working capital to meet the needs of the company's rapidly
expanding business.—V. 152, p. 824.
Shares
Inc.—Pref. Stock Suspended from Dealings—
Cutler-Hammer, Inc.—To Pay 35-Cent Dividend—■
Directors have declared
a
dividend of 35 cents per share on the common
15 to holders of record March 5.
This compares
paid on Dec. 16 and Sept. 14, last; 25 cents paid on June 15
and March 15, 1940; 50 cents on Dec. 15, 1939, and 25 cents on Sept. 15,
1939, this latter being the first dividend paid since Dec. 15, 1937, when
25 cents per share was also distributed.—V. 151, p. 3086.
with 50 cents
Davenport Hosiery Mills, Inc.—To Pay 25-Cent Div.—
directors
The
have declared
dividend of 25 cents
a
per
share on the
stock, no par value, payable April 1 to holders of record March 20.
This compares with $1 paid on Dec. 27, last; 25 cents paid on Oct. 1, July 1
and April 1, 1940; 75 cents paid on Dec. 27, 1939; 25 cents paid on Oct. 2,
common
July 1 and on April 1, 1939 and 75 cents paid on Dec. 27, 1938.—Y. 151,
3744.
p.
Dayton Malleable Iron Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 3 to holders of record Feb. 20.—V. 138, p. 156$.
Deisel-Wemmer-Gilbert
a
Net
profit
1939
1938
$498,812
$2.42
$491,132
$2.21
Earns, per com. share..
Ex¬
After
Corp.—Earnings—
1940
$564,838
Calendar Years—
a
Inc.—Liquidating
change Stock for Continental—
Dividends—
stock, payable March
stockholders' meeting has been called for March 26, to authorize
125,000 shares of 5% cumulative convertible preferred stock
Shares,
Sugar Co.—Preferred
a dividend of $3.50 per share on the 7%
pre¬
dividend of $2.75 per share on the 5J^ % preferred stock,
"The 6M% preferred stock ($100 par) has been suspended from dealings
by the New York Curb Exchange. The issue was called for redemption on
Feb. 17, 1941 at $108.66 per share, being the sum of the par value and a
premium of $7.50 per share and a dividend accrual from Dec. 15,1940.—V.
151, p. 3743.
in trust the sum of $22,002,600 for that purpose.
Continental
$2,803,596
c$2.54
Holders of 7% preferred stock were notified on Feb. 15 that the time for
deposit of the 7% preferred stock for exchange into the new 5H% cumulative
convertible preferred stock and cash, under the plan of recapitalization
dated May 9, 1940, has been extended to the close of business of March 31.
1941.—V. 152, p. 424.
130,486,053 126,145,000
Continental Motors Corp.—Plans New Issue of
1939
$6,230,180
b$10.24
both payable March 8 to holders of record March 3.
These dividends,
which are initial dividends declared by the company under terms of re¬
capitalization plan declared operative Dec. 27, 1940, cover period from
July 1, 1940 to Dec. 31, 1940
$27,358,723 in 1940 and
$25,405,685 in
A special
an issue of
a
Cuneo Press,
4,404,524
Earned surplus.
Total
Directors have declared
ferred stock and
el75,000
wages,
taxes, &c_._.
c
shares
Exchange Date Extended—
718,338
f.
debentures...
accts.
receivable
Cash
insurance
57,079,420
sale of
5,023,577
&
S
pref.
35,018,954
& accts. rec..
1940
common
a After
depreciation, Federal income taxes, (1940 provision for excess
profits taxes), &c.
b After annual dividend requirements on 334,320 shares
of 5% cumulative convertible preferred stock now outstanding,
c After
dividend requirements on 7% preferred stock then outstanding.
For the quarter ended Dec. 31, 1940, net profit was $2,859,682 after
charges and Federal income taxes, but before excess profits taxes.—V. 152,
p. 1127.
25-yr. 3% s.f.
notes
Inventories
Notes
$
■
stock..
other invest .&
1939
bCommon stock 57,079,420
$4.50
inv.,
sec.
$1,638,588
loss403,186
(& Subs.)—Earnings—
445.197
Cuban-American
1939
Assets—
1938
$2,313,509
lossl85,765
Calendar Years—
Net profit
Consolidated Balance Sheet Dec. 31
1940
1939
$3,060,828
166,415
...
Crucible Steel Co.
$8,913,526
900,000
5,707,424
pref. stock
Common dividends
Shares
$8,635,787
$4.50
on
1940
...
Net profit after all charges and taxes.
—V. 151, p. 2493.
Crown Tellerbach Corp.—Reduces Bank Loan—
foreign
income
Net sales.
The corporation announced Feb. 9 the prepayment of an additional
$1,000,000 of long-term bank debt, representing the Aug. 1, 1942, maturity,
reducing the amount outstanding to $9,150,000 compared with $13,800,000
on April 30, 1940, the end of the previous fiscal year.—V. 152, p. 264.
|
cur¬
subsidiaries
8.445
Includes
Calendar Years—•
conversion
$2,439,018
$704,031
28,589
and accounts
812,268
& invest., &c.
on sees.
132,809
Consolidated Balance Sheet Nov. 30, 1940
Wholly Ou ned Subs.
Selling, advertising, gen.
and admin, expenses..
$2,271,132
133,820
Prov. for doubtful notes
Report—
(Incl.
Prov. for doubtful notes
and accounts.
$2,717,592
145,563
in 1937.
Consolidated. Income Account for Calendar Years
1940
$3,028,677
Total
and
Gross profit...
$21,484,296
Prov. for depr. & deplet.
3,623,117
_
Gross income from oper¬
ation of radio station.
service facilities.
"I am confident the combined abilities of the Reed and Container cor¬
poration organizations will raise substantially the speed and quality of
service to users of shipping containers in the Baltimore area," Mr. Paepcke
11 Mos .End
$7,933,404
4,904,727
Nov. 30, '38 Nov. 30, '37
$6,521,398
$6,081,439
$7,030,418
4,082,380
3,810,307
4,ol2,826
Nov. 30, '40 Nov. 30, '39
Gross sales, less disc., &c
Cost of goods sold
tion has acquired the assets of Reed Container Co. of Baltimore.
"The
-Earnings—
Subs.)
—Years Ended—
—
dividend of 25 cents per share on account
of
$2 cumul. pref. stock, payable April 1 to holders of
a
Similar amounts
Container
1279
The Commercial & Financial Chronicle
152
$2.96
depreciation, interest, Federal taxes, &c.—V. 151, p.
Detroit Edison Co.
1937
$546,655
$2.45
3557.
(& Subs.)—Earnings—
12 Months Ended Jan. 31—
utility operations
1941
1940
$66,668,065 $60,052,465
49,608,422
44,311,117
Liquidating Shares, Inc., organized to liquidate the assets of Continenta
Shares, Inc., has issued 96% of its authorized capital stock in exchange for
stock of Continental Shares, under the plan provided for by court orders
and agreements, according to F. A. Scott, President of Liquidating Shares,
Gross earnings from
Inc.
Other miscellaneous income
exchange offer for the common and founders shares and the preferred
of Continental
Shares,
Inc., expired on Feb. 15.
Scrip to be
consolidated and exchanged until March
15, 1941.
The plan provided for exchanging preferred stock of Continental
on a share for share basis for Liquidating Shares stock and one share of
->$17,234,119 $15,819,180
5,996,501
5,780,223
Cr55,201
CV76.457
Amortization of debt discount and expense——
446,647
343,058
x
Utility expenses
Income from utility operations
$17,059,643 $15,741,347
174,476
77,833
The
stock
issued for fractional shares can be
Gross corporate Income
Interest on funded and unfunded debtInterest charged to construction
Liquidating 8hares, Inc. for each 200 shares of common or founders shares
of Continental.
Of
the
shares
and
authorized capital stock of Liquidating Shares, Inc., 381,374
reserved for exchange of the preferred stock of Continental
were
12,587 shares were set aside for issuance to holders of common and
shares of Continental.—-V. 152, p. 1276.
founders
Continental Steel Corp.—To Pay25-Cent Common Div.—
Directors declared a dividend of 25 cents per share on the common stock,
payable April 1 to holders of record March 14.
This compares with 50
cents paid on Dec. 26, last; dividends of 20 cents paid on Dec. 20, Oct. 1,
July 1 and April 1, 1940; $1.25 paid on Dec. 22, 1939; dividends of 25 cents
paid in each of the three preceding quarters and $1 paid on Dec. 15, 1938,
this latter being the first common dividend paid by the company during
1938, a regular quarterly dividend of 25 cents having been last distributed
on Dec. 24, 1937.—V. 152, p. 1127. -
Net income..
x
-
$10,846,172
$9,772,355
Including all operating and maintenance charges, current appropria¬
tions to retirement (depreciation) reserve and accruals for all taxes.
Note—No provision has been made for excess profits taxes, because on
the basis of the 8econd Revenue Act of 1940, the company believes no such
taxes
are
payable.—V. 152,
p.
983.
May Change Par Value—
a special meeting on March 25 will vote on proposals
the par value of the company's capital stock from $100 to $20
replace each share now outstanding with five shares of the new
stock.
The changes will not affect the total outstanding capitalization
of the company, which is $127,226,000 as of Dec. 31 last.
Stockholders at
to change
and
to
Michigan Public Service Commission at a hearing in Lansing on Feb.
informally approved the company's application to make the changes.
17
The Commercial & Financial Chronicle
1280
that the reduction in par value and consequent reduction
In market value of the stock will bring the shares in line with the established
preferences of investors.
Detroit Edison shares are among the few still
currently quoted at more than $100 a share.—V. 152, p. 983.
Operation
Ry.—1931 Merger Reopened by ICC—
The Interstate Commerce Commission
has decided to check up on the
Rio Grande Western RR., with Interstate
approval, acquired control of the Denver & Salt
Lake Ry. in 1931.
In allowing D. & R. G. W. to acquire the D. & 8, L.,
the ICC stipulated that the D. & R. G. W. pay $155 a share for any
minority stockholders offered to it within six months.
Now, the ICC has announced reopening of the case to determine:
(1) Whether the price of $155 a share was the "bargain and sale price"
which the road paid or agreed to pay and included r'no commissions or
representations and misleading statements of fact" in the original appli¬
cation filed by I>. & R. G. W.
(4) Whether the order of approval, entered Sept. 15, 1931. should be
"rescinded, amended, or modified, and, if so, in what respect."
The ICC investigation is understood to have resulted from certain evidence
presented at Denver in recent litigation.—V. 152, p. 825.
Income taxes, State
1941
6 Months Ended Jan. 31—
"
Net
profit
Earnings per share of common stock
After depreciation, interest,
$19,400
Nil
Federal Income taxes, &c.
Common Dividend—
Directors have declared
Detroit Toledo
a
dividend of 10 cents per share on the common
& Trenton
RR.—Equipment Trust Cer¬
tificates Awarded—The company on Feb. 19 awarded to
Evans, Stillman & Co. an issue of $1,150,000 equipment trust
certificates, due in 1 to 10 years, on a bid of 98.32 for 1 ^s,
or an interest cost basis of 1.56%.
The certificates were not
reoffered to the public, having been placed privately.
this issue
follows: Halsey,
Stuart &
Co., Inc., 100.077 for l^s; Salomon Brothers & Hutzler, 99.019 for 1%b\
Lazard Freres & Co., 98.387 for lj^s; First Boston Corp., 98.78 for l%s;
Harris, Hall & Co., Inc., 98.279 for lj^s, and the Manufacturers National
Bank of Detroit, 100.0167 for 2s.—V. 152, p. 825.
bids submitted for
Devoe &
were
as
103,850
103,850
7,925
Subsidiary Deductions—
Interest on unfunded
a
debt
B common stock, payable April 1 to holders of record March 20.
Special dividends of like amount were paid on Jan. 2, last, and Jan. 2,
1940, these latter being the first dividend .paid since Oct. 1, 1938, when
25 cents per share was also distributed.
$107,592
directors
new
Parent
been
elected to the
board to succeed
K.
S.
Blackledge, E. T. Gray and A. C. Stephan.
They are: Henry W. Battle,
George P. Gray and Eric W. Peniston.—V. 152, p. 1127.
Interest on unfunded
debt
165
Arthur
Singmaster
has
been elected
a
Net
income...
$12,948
—
operations, and included in the foregoing consolidated statements, are not
available to the Eastern Minnesota Power Corp.—V. 151. p. 2672.
Easy Washing Machine Co., Ltd.—Accumulated Div.—
Directors have declared a dividend of 17M cents per share on account of
accumulations on the 7% pref. stock, par
$10, payable April 1
Co.—15-Cent Dividend—
being the initial distribution on the issue.—V. 151, p. 3395.
Ebasco Services
Inc.—Weekly Output—
For the week ended Feb. 13, 1941 the System inputs of client operating
companies of Eoasco Services, Inc., which are subsidiaries of American
Power & Light Co., Electric Power <fc Light Corp. and National Power &
Light Co., as compared with the corresponding week during 1940 were as
follows:
Thousands o) Kilowatt-Hours
1 ncrease
Operating Subsidiaries of—
1941
132,118
American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
1940
65,365
87,298
—
Eddv Paoer
%
10,982
5,548
9.1
9.3
10,986
14,4
Corp.—Earnings—
'
1940
1939
Cost of sales
$8,651,087
7,044,267
$8,577,629
7,338,962
Gross profit
Selling and administrative expenses
$1,606,820
663,282
$1,238,668
648,043
$943,539
117,479
$590,624
111,777
$1,061,018
313,493
al90,000
$702,401
307,998
66,000
$557,525
$328,404
277.477
92.492
$1.77
„
-
Other income (net)
Net profit before provision for depreciation
Federal income taxes
and
-
—
—
Earnings per share of common stock
dividend of 15 cents per share on the common
Dow Chemical Co.—Definitive Debentures
Ready—
Guaranty Trust Co. of New York announced that
10-year 2H%
de¬
bentures due Sept. 1,1950, and serial debentures due Sept. 1,1941, through
Sept. 1, 1950, in definitive form will be available at its corporate trust
department on Feb. 21, 1941, in exchange for temporary debentures.
—V. 152, p.424.
Transit
Amount
121,136
59,817
76,312
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 152, p. 1128.
a
Co.—Earnings—
(Including Duluth-Superior Bus Co.)
Years Ended Dec. 31—
1940
Operating revenue
Operating expenses
Depreciation expense
Operating taxes and licenses
.
1939
$1,091,646
$1,108,361
828,656
120,070
114,532
800,587
122,816
100.245
$3.01
No provision for excess profits tax.
stock, payable March 5 to holders of record Feb. 18.
Previously quarterly
dividends of 30 cents per share were distributed.—V. 149, p. 3259.
Duluth-Superior
to holders
of record March 15.
Like amount was paid on Jan. 2, last, and Aug. 15,
last; 35 cents was paid on April 1, 1940; 7 Vi cents on Jan. 15, 1940; and on
Nov. 15. 1939 ; 35 cents paid on Nov. 1, 1938; 70 cents on Feb. 1, 1938, and
dividends of 35 cents were paid on Oct. 1 and on March 1, 1937, this letter
Net profit
a
$21,187
Note—Because of accumulated and unpaid dividends on preferred shares
of the subsidiary, Wisconsin Hydro Electric Co., earnings arising from its
Dividends paid
Directors have declared
12,004
director of this corporation*
—V. 151, p. 845.
Doctor Pepper
173
11,979
Amortization of debt discount and expense, &c___
Provision for depreciation
Provision for Federal income taxes
Dictaphone Corp.—New Director—
82,500
Company Deductions—
Net profit from operations...
have
$115,865
82,500
Balance
Interest on funded debt
and
New Directors—
322
13,910
71,718
Preferred dividend requirements
Net sales..
dividend of 25 cents per share on the class A
457
13,735
71,718
—
Amortization of debt discount and expense, &c__.
Years Ended Dec. 31—
Raynolds, Co. Inc.—25-Cent Dividend—
Directors have declared
J.
$305,665
-
—
Interest on funded debt
1940
$192,689
$0.36
stock, payable March 15 to holders of record March 5.
Initial dividend of
like amount was paid on Oct. 15, last.—V. 151, p. 3234.
Three
43,925
110,000
138,908
$297,353
and Federal
Gross income
Detroit-Michigan Stove Co.—Earnings—
Other
421,608
35,420
115,129
132,471
8.764
General taxes
>
Whether the $155 price was "reasonable."
Whether the price included "undisclosed amounts for commissions
bonuses" and was approved by the ICC "as the result of material mis¬
(2)
(3)
a
$1,028,030
475,878
in which the Denver &
bonuses."
a
1941
22,
$1,065,014
*
Maintenance
Commerce Commission
or
(including other income)
Gross revenues
Provision for retirement reserve
Denver & Salt Lake
manner
Feb.
Preliminary Consolidated Income Account 12 Months Ended Dec. 31
It Is pointed ouc
Balance Sheet Dec. 31, 1940
Assets—Cash, $289,146; customers' accounts and notes receivable (net)#
$599,914; other receivables (current), $249,666; inventories, $1,285,673;
prepaid insurance, leasehold improvements, &c., $87,667; investment in
Rochester Folding Box Co. (a subsidiary), $214,687; other receivables and
investments, $970,235; property, plant and equipment (net), $4,291,292;
total, $7,988,280.
Liabilities—Accounts payable,
$276,364; accrued wages, taxes, &c.,
$140,669; provision for Federal income taxes, $189,868; long-term liabilities,
$354,476; deferred profit on sale of property, $77,268; capital stock (185,151
no-par shares),
$4,288,030; paid-in surplus, $1,311,223; earned surplus,
$1,352,871; treasury stock (10734 shares), $2,490; total, $7,988,280.—
V. 151,P. 3887.
Edison Bros. Stores, Inc.—30-Cent Common Dividend—
Directors have declared a dividend of 30 cents per share on the common
stock, payable March 15 to holders of record Feb. 28.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition,
$45,102
1,023
extra dividend of 50 cents was
921
$68,919
75,370
Operating income
Non-operating income
$46,125
67,230
Years Ended Dec. 31—
Profit before deprec. & Federal taxes on income—
$67,998
Gross income
Interest, &c
paid on Dec. 21, last.—V. 152, p. 984.
Electric Controller &
Manufacturing Co.—Report—
Depreciation.
Net loss..
$6,451
$21,105
Consolidated Balance Sheet Dec. 31, 1940
Assets—Fixed, $2,819,342; investments, $5,076; cash, $139,753; working
funds, $4,700; miscellaneous accounts receivable, $9,513; accrued interest
receivable, $108; materials and supplies, $44,714; special funds, $13,480;
unadjusted debits, $21,419; other assets, $320,081; total, $3,378,188.
Liabilities—Capital stock (39,182 shares at $20 per share), $783,640;
funded debt, $1,175,500; cash reserves, $9,622; accrued interest on funded
debt, $147,896; equipment notes payable, $232,850; audited accounts and
wages payable, $50,313; accrued State and local taxes, $33,636; accrued
State and Federal social security taxes, $6,776; reserve accounts, $1,431,883;
unadjusted credits, $22,376; surplus, paid in, $53; surplus appropriated for
contingencies, $100,000; deficit, $516,305; total, $3,378,188.—V. 150,
Federal taxes
on
income
Jm
Net profit
Cash dividends
Earns, per share on 70,855 shs. com. stk. (no par)_
a
Includes
excess
1940
1939
$783,744
37,939
a239,097
$224,505
37,770
28,620
$506,708
354,275
$7.15
$158,115
141,710
$2.23
profits tax.
.
Balance Sheet Dec. 31,
1940
Assets—Cash,
$187,482; marketable securities, $1,085,553; notes an
(net), $389,987; inventories, $630,577; investments
$24,703; property, plant and equipment (net), $335,747;
deferred charges, $20,272; total, $2,674,320.
Liabilities—Accounts payable, $161,925; accrued taxes and insurance,
$20,454; Federal taxes on income, $240,000; common stock (70,855 no
par shares), $354,275; capital surplus, $998,291; earned surplus, $899,375;
accounts
receivable
and other assets,
total. $2,674,320.
Duncan Electric
Mfg. Co.—30-Cent Dividend—
Directors have declared
dividend of 30 cents per share on the common
to holders of record Feb. 18.
This makes a total
a
stock, payable Feb. 28
of $1 paid in the current fiscal year ending Feb. 28.—V. 151, p. 1720.
75-Cent Dividend—
Directors have declared
a dividend of 75 cents
per share on the common
value, payable April 1 to holders of record March 20.
This
with $2.75 paid on Dec. 30, last; 75 cents paid on Oct. 1, July 1
and April 1, 1940; 50 cents paid in each of the four
preceding quarter;
75 cents paid on Dec. 30, Oct. 1 and on
July 1, 1938 and previously regular
quarterly dividends of $1 per share were distributed.
In addition, an
extra dividend of $4 was paid on Dec.
20, 1937, and an extra dividend of
$2.50 per share was paid on Dec. 21, 1936.—V. 151, p. 3887.
stock
no
par
compares
Eastern Massachusetts Street
Ry.—Accumulated Div.—
Directors have declared
a dividend of $1.50 per share on account of
1st preferred stock, series A, payable March 15 to
holders of record March 1.
Similar payments were made in the nine pre¬
ceding quarters.
Arrearages after current payment amount to $46.50 per
share.—V. 152, p. 826.
accumulations
Eastern
on
the
Minnesota
Power
Corp.—Earnings-
Earnings of Company Only for 12 Months Ended Dec. 31
1940
Gross earnings
.
:
Operation.
Maintenance
Provision for retirement
reserve
Taxes
P»Net
earnings
Interest
on
Interest
on
funded debt
unfunded debt
Amortization of debt discount and expense, &c
1939
$448,041
Dr 1,237
Electric operating revenues
Other income, incl. merchandise sales (net)
$420,423
$446,804
234,049
15,876
40,129
51,515
$421,077
205,515
17,051
35,000
53,676
$105,234
82,500
$109,835
82,500
165
173
11,979
Ely & Walker Dry Goods Co.—25-Cent Common Div.—
Directors have declared a dividend of 25 cents
per share on the common
stock, payable March 1 to holders of record Feb. 18.
A dividend of 50
cents was paid on Jan. 15, last; dividends of 25 cents were
paid on Nov. 25,
* an<* March 1, 1940; dividend of 50 cents was paid on Jan. 15,
1940 and dividends totaling 50 cents per share were distributed
during 1939.
—V. 152, p. 676.
12,005
653
Emerson Electric Mfg.
p. 676.
$10,590
$15,157
M
Exchange Buffet Corp.—Earnings—
Period End. Jan. 31—
Gross
profit.
Depreciation
Net
Net income.
Co.—Unfilled Orders—
W. Stuart Symington, President of the
company, announced that as of
Feb. 15 the unfilled orders on the company's books amounted to
$3,570,000,
the largest in the history of the company.—V. 152,
x
loss
Loss.—V.
1941—3 Mos —1940
1941—9 Mos.—1940
$15,369
26,393
$25,865
29,860
x$3,849
79,179
x$12,521
$11,024
$3,996
$83,028
$102,327
151, p. 3235.
89,807
'
Volume
The Commercial & Financial Chronicle
152
Federal Founders
Corp.—Registers with SEC—
See list given on first page of this department.
Federal
Shipbuilding & Dry Dock Co.—Contract—
Federal
Water Service
Corp.—Negotiations for Sale of
Properties of Scranton-Spring Brook Water Service Co.
Public Authority—
Water
A hearing will be held March 3
with the Securities and
Exchange
all
owns
of the
common
wanna Gas
All other
originator's
so
to
Other
common
stock of Pennsylvania Water Service
(b) 200 shares of the $6 preferred stock of Pennsylvania Water Service Co.
owed by Pennsylvania
(c) Note and advance in the sum of $91,500,
Water Service Co to Federal Water Service Corp.
16,033 shares of the $6 preferred stock of Scranton-Spring Brook
1,060
1,307
$9,684
$6,345
Rent for leased roads
Interest deductions..
Other deductions
550
The stock of Scranton-Spring Brook Water Service Co., other than its
preferred stock, which is to be redeemed as aforesaid, is to be sold by The
Sarjem Corp. or its nominee to a public authority to be formed representing
the counties of Lackawanna and Luzerne, Pa.
Such public authority is to cause to be called for redemption the bonds
of Scranton-Spring Brook Water Service Co. and thereupon dissolve such
company, receiving in dissolution its assets.
*
It is estimated that the overall cost of such assets to the public authority
will be about $49,500,000, and it is proposed that the public authority shall
obtain the necessary funds by the issuance and sale of such authority's rev¬
enue bonds to be paid solely fron the revenues of the property
acquired
and never under any circumstances to become a charge of any kind against
either Lackawanna or Luzerne counties.—V. 151, p. 2940.
Fund, Inc.—Registers with SEC—
See list given on first page of this department.—Y.
145,
p.
$3,029
1939
1938
1937
$16,689
839,894
39,190
$16,438
803,906
31,957
$19,409
682,210
31,529
250
21
102
2,922
6,373
6,238
6,458
$1,000,810
305,964
15,940
$902,397
292,945
11,756
$858,560
286,527
9,565
$739,709
278,092
8,972
$1,322,713
$1,207,098
$1,154,652
$1,026,773
1,099,338
1,046,896
1,036,195
$223,375
39,349
296,824
$160,203
40,203
68
II
Auxiliary revenue
Non-oper. revenue.Total revenue
.
391
503
$177,198
$226,521
Oper. exps. & taxes (excl.
depr. & equip, retired))
Depreciation
Interest accrued
Amortization
Equipment retired
Miscellaneous
296,806
$87,564
18,212
,
a
Net income
a
Before profit and loss on sales of underlying
$69,352
securities.—V. 151.
p.
986.
Co.—Earnings—
Years Ended Dec. 31—
1940
Operating charges
Profit from operations
1939
$1,329,819
901,816
Total gross operating income
$1,703,329
885,880
$428,003
$817,449
26,101
Corporate income
22,786
$454,104
Other income
$840,235
483,701
461,840
2.049
Income deductions
Provision for State income taxes
Loss for the year
Dividends paid
6,934
$9,785prof$349,600
115,291
Balance Sheet Dec. 31, 1940
$750,000; working funds, $2,305; accounts receivable
$69,571; crude oil, $67,713; materials and supplies, $87,548;
investments (at cost), $727,715; fixed assets (net), $1,894,622; other assets,
$114,635; total, $3,714,108.
Liabilities—Notes
payable (bank),
$50,000; accounts payable (cur¬
rent), $79,852; royalties accrued, $19,863; payroll accrued, $3,027; produc¬
tion taxes accrued, $41,571; other taxes accrued, $18,737; provision for
State income taxes, $2,049; common stock ($1 par), $768,607; earned surplus
$2,280,402; total, $3,714,108—V. 151, p. 1143.
Assets—Cash,
(current),
Foote Bros. Gear & Machine
Corp.—Final Dividend—
final dividend of 25 cents per share on the
stock, payable July 1 to holders of record June 30.
Interim
dividend of 10 cents was paid on Jan. 3, last, this latter being the first
common
dividend paid on
the common shares in some time.—V. 152, p. 827.
F#ote-Burt
Co.—Earnings—
Calendar Years—
n
Net profit after all charges and taxes
Earnings per share on common stock
—V. 151, p. 3559.
—
...
^371,708
$3.94
$168,252
$1.78
$52,908
42,296
296,996
8,272
1,455
Deficit.
$114,321
$294,657
Balance Sheet Dec. 31
1940
Assets—
1939
$
Road and equip
Misc. phys. prop..
Invest, affil.
Cash
9,615,429
15,580
15,580
133,014
cos..
1940
Liabilities—
$
9,653,715
36
502
502
56,341
158,108
wages
139,059
52,821
Int., divs. & rents
aid
565
575,214
16,951
Deferred assets
18,096
566,499
17,097
14,001
5,195
77,544
_
Misc. accts. pay..
Mat'd Int.,
dlvs.
& rents unpaid
670
16,632
curr. assets.
of
payable.
Matured
receivable
$
3,997,100
90,754
Audited accts. and
564,578
Misc. accts. receiv.
In
3,977,000
construction
133,014
661
720,682
...
Grants
1939
S
Capital stock
81,821
59,722
3,433,658
_
3,137,107
5,765,691
.
5,765,691
funded
debt unpaid
Acer'dint., divs. &
rents
Other
14
14
7,467
632,443
623,198
payable.
curr.
llablls.
Other defd. llablls.
Unadjusted credits 1,484,590
Misc. fund reserves
100,000
6,487
1,467,652
100,000
Profit & loss (debit
4,246,373
—V.
Total
11,347,966 11,123,382
150,
p.
4,129,539
11.347,966
balances)
Total
11,123,382
2575.
Franklin Simon Co., Inc.—Bank Loan—
The company on Jan. 30, 1941, borrowed $880,000 from Manufacturers
Trust Co., First National Bank of Jersey City, and Atlas Corp.
The loan
from 1942 to 1947, and interest ranges from 2% to 4%.
Of the
matures
proceeds $650,000
neps.
was used to
while the balance
was
pay
off all outstanding current bank indebted-
added to working capital.—V. 152, p. 678.
Frontier
Refining Co .—Bonds Offered—Boettcher &
Co., Peters, Writer & Christensen, Inc. and Sidlo, Simons,
Roberts & Co., Denver, Colo, are offering $175,000 1st
mtge. serial 5% bonds as follows:
Offering
Earnings for the Year Ended Dec. 31, 1940
Expenses
973,866
$118,458
40,064
296,828
7,583
.
Price
Maturity
Income: Cash dividends of record
Earnings-
1940
$17,259
948,047
32,577
Rent of equipment
Other operating income.
Amount
Directors have declared a stock distribution on both series of beneficial
shares, payable March 15 to holders of record at close of business Feb. 15,
1941.
The shares of both series will be quoted "ex" distribution at close
of business Feb. 14, 1941.
These distributions amount to 2J4% per share for insurance stock series
and 2lA% for bank stock series.
$6,395
Fort Dodge Des Moines & Southern RR.Calendar Years—
Passenger revenue
Freight revenue
Switching revenue
3195.
Fiscal Fund, Inc.—Dividend—
493
—V. 152. p. 1129.
outstanding preferred stock of Scranton-Spring Brook Water Service Co.
and for the redemption of the outstanding preferred stock of Pennsylvania
•
11,673
493
Net deficit
575
11,670
...
The Sarjem Corp. or its nominee is to arrange for the redemption of the
Water Service Co. and its dissolution.
230
Income available for fixed charges..
_
Unadjusted debits
a
$7,653
Miscellaneous deductions from income.
(e) Open account indebtedness in the sum of $1,446,502, owed by Scran¬
ton-Spring Brook Water Service Co. to Federal Water Service Corp.
(f) 975 shares of the common stock of Winton Water Co.
Directors have declared
$7,422
$10,744
income.
Total income
Other
Water Service Co.
Fohs Oil
698
$10,098
645
Mat'l & supplies..
Financial Security
$8,121
497
Special deposits...
123,000 shares of the
Co.
(d)
$10,595
Railway operating income.
Other Investment-
fees.
be sold to The Sarjem Corp. or its nominee are as
follows:
(a)
$10,823
2,702
Net rents
Federal Water Service Corp. will sell its interests in Pennsylvania Water
Service Co., Scranton-Spring Brook Water Service Co. and Winton Water
Co. to The Sarjem Corp. or its nominee for $5,525,000.
From this sum
Federal Water Service Corp. will pay off the one-day bank loan of $3,500,000 and will also pay to The Sarjem Corp. $525,000 to cover certain costs,
and
$45,839
35.015
$13,110
2,515
expenses
stock of Pennsylvania
Co."
The interests
$46,281
33,170
Net revenue from railway operations.
Railway tax accruals
turn owns all of the common stock of
As an initial step in carrying out the proposed transactions Federal
Water Service Corp. is to borrow $3,500,000 from a bank for one day.
expenses
2,282
$20,162
22,755
2,922
revenues
Total railway operating revenues.
Kailway operating
1940
$18,766
25,233
revenue
declarations and applications filed
Commission pursuant to the Public
Water Service
Scranton-Spring Brook
Water Service Co.; that the last named
company is both a holding and
operating company and owns and controls gas and water properties; that a
program has been arranged looking to the acquisition of such water prop¬
erties by a public authority to be formed
representing the counties of
Lackawanna and Luzerne, Pa.; that such acquisition is to be preceded by
separation of the Scranton-Spring Brook Water Service Co. from the gas
properties presently owned or controlled by it and by the redemption of
certain now outstanding
securities, and that the program in its entirety is
to be as more
particularly outlined below, viz.:
Federal Water Service Corp. is (a) to purchase from Scranton-Spring
Brook Water Service Co., for $104,301, all of the now
outstanding common
stock of Carbondale Gas Co., consisting of 4,000 shares (.par $25), (b) to pur¬
chase from Carbondale Gas Co. for $1,395,699, an additional 40,000 shares
of such common stock upon the original issue thereof
by Carbondale Gas
Co., and (c) to lend to Carbondale Gas Co. the sum of $2,000,000.
Carbondale Gas Co. is (a) to pay off an open account indebtedness of
$16,886 owing by it to Scranton-Spring Brook Water Service Co., (b) to
purchase from Scranton-Spring Brook Water Service Co. the outstanding
stock of Wyoming County Gas Co. for $14,200, (c) to purchase from Scran¬
ton-Spring Brook Water Service Co., at its face value, an open account
indebtedness owing by Wyoming County Gas Co. to Scranton-Spring Brook
Water Service Co. in the amount of $1,794, and (d) to purchase the gas
properties of Scranton-Spring Brook Water Service Co. for $3,362,820.
In order to obtain the release of the gas properties from the lien of a
mortgage created by Scranton Gas & Water Co. and the secondary lien of
the mortgage securing the Scranton-Spring Brook Water Service Co. first
mortgage & refunding gold bonds, series A and B, the before mentioned sum
of $3,362,820 and such additional amount as may be
necessary will be de¬
posited with the trustee under the Scranton Gas & Water Co. mortgage.
The name of Carbondale Gas Co. is to be changed to "Scranton-Lacka-
Co., which in
1941
Operating revenues—Freight
Passenger revenue
on
Utility Holding Company Act of 1935 by the Federal Water Service Corp.,
Scranton-Spring Brook Water Service Co. and Carbondale Gas Co., regard¬
ing the following matters:
It appearing that Federal Water Service
Corp., a registered holding
company,
-Earnings—
Month of January—
Company has been awarded a contract by the United States Maritime
Commission to build eight cargo ships.
The award was made on the com¬
pany's adjusted price bid of $2,765,000 each.
The ships to be built are of
the steam propelled C-2
design.
The Federal award brings the total
number of C-2 vessels built or
building to 58. —V. 152, p. 827.
to
1281
Fonda Johnstown & Gloversville RR.-
Date
$5,000
Jan.1,1942
10,000
July 1, 1942
Jan.1,1943
15,000
20,000
20,000
July 1, 1943
Jan.1,1944
Offering
Price
$1,000
1944 $1,000.00
1945
1,000.00
1945
1,000.00
1946
998.75
Maturity
$1,000
$1,005.00
Yield
Amount
4.48%
$20,000
July 1,
1,002.50
4.82%
20,000
Jan. 1,
per
1,001.25
4.93%
20,000
Date
July 1,
1,000.00
5.00%
20,000
Jan. 1,
1,000.00
5.00%
25,000
July 1, 1946
per
997.60
Yield
5.00%
5.00%
5.00%
5.03%
5.05%
Dated Jan. 1, 1941.
Paying agent and corporate trustee, United State®
National Bank, Denver, Colo.
Callable in whole or in part on 30 days'
notice at 102 and int. on any int. date.
All bonds are in denom. of $1,000
except for $10,000 maturing July 1, 1945, in $500 denom.
Company—Company was incorp. in Wyoming, June 12,1940.
Company
was incorporated to engage in the business of refining crude oil and of dis¬
tributing petroleum products at wholesale and retail.
Pursuant to an
agreement between M. H. Itobineau and members of his family, the Bay
Petroleum Corp. and Charles U. Bay, the company was formed in June
1940, and acquired from the Bay Petroleum Corp. in exchange for 99,997
shares of stock, certain properties including the Bay refinery at Cheyenne,
Wyo., certain service stations and other marketing properties located in
western Nebraska and eastern Wyoming, and all inventories, receivables
and goodwill in connection therewith.
In addition to the stock the com¬
pany also issued to the Bay Petroleum Corp. its mortgage note for $76,654,
being the cost to Bay less reserves of inventories and receivables on hand
at these properties on June 1, 1940, and assumed a $25,000 mortgage of
Bay Petroleum Corp. held by Bobbins & Co.
Immediately after the issuance of the note and stock the Robineau family
then exchanged their stock in Bat Petroleum Corp. for stock of Frontier
Refining Co. held by Bay Petroleum Corp.
Frontier Refining Co. is now entirely independent of Bay Petroleum
Corp.
The two corporations have no officers, directors or stockholders
in common, with the exception that Bay Petroleum Corp. still is the holder
of 1,929 shares of the company's stock held for exchange.
Earnings—The following is
a
condensed statement of operating result8
operating
operation
of the company since its formation as of June 1, 1940, and of the
results of the properties now owned by the company during their
by Bay Petroleum Corp.:
5
Months
Ended
Oct. 31,
Net sales and oper. revs.
♦Cost of sales & expenses
—Years Ended Dec.31—
'40 Mau 31, '40
$349,916
$312,895
315,949
285,564
1939
$808,480
760,752
1938
$989,121
977,241
$27,330
$47,727
$11,880
Net before Fed. taxes
on
*
income-
$33,966
These figures include depreciation, maintenance and repairs.
Capitalization—Company has only one class of stock authorized, 150,000
shares ($1 par) capital stock, 108,108 shares of which were outstanding on
Dec. 20, 1940.
No dividends have been paid since organization of the
company in June, 1940.
Company has outstanding as of Jan. 1, 1941, a mortgage note held by
Bay Petroleum Corp., the unpaid balance of which, including interest, is
The Commercial & Financial Chronicle
1282
$52,741, and a mortgage note held by Robbing & Co., the balance of which
is $4,916, including interest.
Both of these notes are to be discharged with
a part of the proceeds received by the company from the issuance of the
Feb.
Co. (& Subs.)—Earnings-
General Fireproofing
Earnings for Years Ended Dec. 31
1940
bonds.
Purpose—Company
will
receive
$164,500
Payment Bay and Bobbins notes
...
Estimated cost Dubbs unit.....
....
...
$57,658
149,812
Estimated balance added to working capital
Balance Sheet
Assets—Cash
hand
and in
835
Oct. 31, 1940
as at
Gar Wood
Provision for doubtful accounts
Loss
disposal of equipment—net—
on
Dividend of 55 cents
paid on Dec. 18, last, 25 cents paid on Sept. 16,
last, and previously regular quarterly dividends of 10 cents per share were
distributed.—V. 151,P. 3237.
was
Acceptance Corp.—Earnings—
12 Months Ended Dec. 31—
Net earnings after all charges
Earns, per share on class A and common stocks..
—V. 151, p. 1143.
1939
1940
.
$113,287
$1.76
.
on
Co.-—Preferred Dividend—
surplus.
share on common
Period—
Dec. 28,
Assets—Cash, $401,255; trade notes and accounts receivable (less
$52,285; total, $7,664,525.
Liabilities—Accounts payable for purchases, payrolls, payroll taxes, &e.t
$857,898; dividends on preferred stock payable, $13,162; accrued taxes,
$62,856; provision for Federal taxes on income (estimated), $789,000;
reserve, $24,668; 7%
cumulative preferred stock (par $100), $752,100:
common stock (331,660 no par shares), $1,714,000; earned surplus, $3,667,762; common stock in treasury (10,478 shares at less than cost),
Dr $216,921; total, $7,664,525.—V. 151, p. 3747.
General Motors
Gross sales, less returns
and allowances......$39,346,815
General Steel Castings
Weeks
39 Dec. 31,
52 Weeks
38 Dec. 25,
37
x
37,170,660
$1,876,531
5,496
.
38,620,315
$3,305,939
3,484
$2,278,973
$1,078,438
25,818
4,998
17,303
z$883,276
9,492
1,918
$1,445,189
34,d33
3,884
$2,357,502
$1,099,625
z$871,866
$1,481,597
936,828
936,828
936,828
936*828
4.017
50,000
Bond
,
$1,882,027
$3,309,423
$2,280,049
25,236
...
profit
&
int.
650,000
375,000
596,000
Prov.
Federal
for
$1,504,813
4,627,679
$6,929,807
702,304
952,318
$6,206,334
703,064
953,218
$6,673,328
703,064
1,270,957
$6,132,492
703,064
1,191,523
278,000
Earned surpl. end of yr $5,275,185
Shs. com. stk. outstand¬
455,829
$4,550,052
$4,699,307
1,588,697
1,588,697
1,588,697
$0.77
$0.50
$1.27
$0.50
The reserve of $340,000 provided in 1937 has been applied in 1938 in
reduction of cost of goods sold, &c. with resultant increase of like amount
in the profit from operations of the latter year.
b For tax contingencies, &c.
remaining after payment of unjust enrichment tax and interest.
Comparative Balance Sheet
Dec. 30 '39
Dec. 28 '40 Dec. 30 '39
Liabilities—
$
4,242,935
572,257
1,808,616
5,769,058
713,607
1,926,703
Accts. recelv
Cash surr. value of
Accts. pay.,
accrd.
payrolls & other
accrued llabil...
142,120
1,528,895
953,584
come taxes..
1
.26,795,309
1
26,326,6371
Total
26,795,309 26,326,637
a After reserve for doubtful accounts of $64,438 in 1940 and
$46,604 in
1939.
b After reserve for depreciation of $12,853,540 in 1940 and $12,217,168 in 1939.
c Represented
by 90,775 no par shares,
d Surplus
arising from restatement in 1938 of property accounts and depreciation re¬
serves to a basis of acquisition cost,
e Cost of 3,272 shares of preferred
stock ($337,956) and 16,102 shares of common stock ($161,409) in 1940
and 2,892 shares of preferred stock ($288,211) and 6,102 shares of common
stock ($91,023) in 1939, reacquired and held in treasury.—Y. 151, p. 2497.
General Bottlers, Inc.—Extra Dividend-—
Directors have declared an extra dividend of five cents per share in ad¬
dition to the regular quarterly dividend of 10 cents per share on the common
stock, both payable Feb. 15 to holders of
were paid on Aug. 15 last.
record Feb. 7.
first
page
deduct—reduction
Consolidated Balance Sheet Dec. 31
p.
3089.
director of this company.—V. 151,
3237.
General Electric Co.—Government Contracts—
secure.
Acc'ts receivable..
Inventories
1,809,868
1,884,773
53,832
......
Miscell. investm'ts
$26,090; electric cable, $254,703 and superchargers, $18,040,429.—V. 152,
425.
p.
General Finance Corp.
(& Subs.)—Earnings-
Years Ended Nov. 30—
Net profit after all charges and taxes.
Earns, per share on common stock..
1940
$403,346
$0.40
Liabilities—
«
3,724,436
97,482
1,336,322
1,861,852
19,694
Prem. deposit with
insurance
59,915
cos—
70,731
28,791
Treasury bonds
26,791
x Land, buildings,
machinery
and
equipment, &c.21,301,561 16,719,876
Patrns., flasks, &c 3,600,000
5,427,116
Special plant facll.
143,851
1939
$
Accounts payable.
Accrued items
Deposits
Reserve for taxes..
116,696
571,203
Operating
S
228,845
684,269
197,098
reserves
156,972
827,524
220,124
5H% first mtge.
gold bonds
17,000,000 17,000,000
$6 cum. pref. stk. .10,000,000
6,666,667
y Common stock..
456,576 13,772,430"
Capital surplus... 4,052,436 z5,373,486'
1,106,196 df14640537
Earned surplus.—
—
Patents
a
1
1
95,232
92,365
Bond discount &
expenses-
-
Total
34,413,321 29,376,665»
34,413,321 29,376,665
Total
x
After depreciation of $8,797,060 in 1940 and $12,593,522 in 1939.
Represented by 456,576 (459,081 in 1939) no par shares,
z After deduct¬
ing $126,712 cost of 2,505 shares of common stock purchased and held in
treasury,
a Including prepaid insurance, taxes, organization expenses, &c.
—V. 151, p. 2646.
y
Georgia & Florida RR.—Earnings—
1939
$339.079
$0.33
revenues
p.
(est.)
1941
1940
$22,950
$20,450
Increase
$2,500
1130.
Georgia Power Co.—Registers
$101,271,000 Bonds Privately—
a
The United States Government recently awarded this company contracts
following materials in respective amounts: Locomotive,
to manufacture the
$
Marketable
1940
1939
5,357,572
79,926
i
a
1937 and 1939, $82,948; total, $14,for depreciation resulting from
reserves
viously provided, as at Jan. 1, 1940, $4,382,002; writing back amortization
on semi-permanent equipment for the nine years ended
Dec. 31, 1939,
$265,340; balance, $10,076,143; cost of plant assets retired ($1,280,483:
deduct estimated salvage value of plant assets retired but not disposed of
at Jan. 1, 1940, $13,055), $1,267,428; reduction of reserve for investments
as
at Jan. 1,
1940, $40,000; deficit balance charged to capital surplus
account, $11,303,571.
Operating
—V. 152,
Cigar Co., Inc.—New Director—
—V. 151, P. 2645.
in
Earnings for the Week Ended Feb. 7
of this department.—V. 151,
Henry O. Von Elm, has been elected
p.
723,485;
redetermination by independent appriasal engineers of the remaining useful
life of plant assets, less depreciation on flasks, forms, dies, &c., not pre¬
Like amounts
Registers with SEC—
General
Consolidated Deficit Account, Year Ended Dec. 31, 1940
31, 1939, $14,640,537; additional provision for Federal
Cash
oth.trade names,
on
Dec.
689,146
92,500
93,500
gencies, <fce
651,542
5,000
7,000 c $8 cum. pf. stk— 9,077,500
9,077.500
Sundry invests.,&c
8,392
2,410 Com. stk. (par $5) 7,973,995
7,973,995
b Prop. & plant.. 18,063,143 19,241,979 d Surplus
2,485,515
2,485,515
Deferred charges..
216,905
215,819 Earned surplus... 5,275,185 4,550,052
"Bond Bread,"
e Treas. stock
Z>r499,365 Dr379,234
See'list given
Statement of
and State income taxes for the years
1940
companies
Mtge. receivable..
Total...
value of 2,505 shares of treasury common stock retired,
$51,562; amount transferred to preferred stock account to increase the
100,000 shares preferred stock from $6,666,666 to $10,000,000, $3,333,333: deficit as at Jan. 1, 1940, $11,303,571; capital surplus,
Dec. 31, 1940, $4,052,436.
1,278,121
Res. for tax contin¬
trademks., copy¬
rights & goodw.
Loss.
Consolidated Capital Surplus Account for Year End. Dec. 31,1940
Res. for Federal in¬
life ins. policies.
Depos. with lnsur.
$490,752
z
stated value of
Deficit,
a
Dec. 28 '40
$5,661 z$l,808,694
$1,106,196
Balance Dec. 31, 1939, $5,500,198; reduction in stated value of 456,576
shares of common stock, $13,240,704; total, $18,740,902; difference between
$3,959,905
1,578.697
ing (par $5)-.
Earnings per share
—
314,478
cost and stated
\
Prov. for adjust, of taxes
a
157,136
and
After deducting manufacturing, selling & admin, expense,
Statement of
$2,713,423
3,959,905
Inventories
J
Net profit..
x
340,000
$1,507,027
4,699,307
Assets—•
of
payable—
Prov. for contingencies.
Losses from disposition
of plant properties
410,000
a
$1,923,926
4,550,052
2,075
on notes
State income taxes
materials
Common dividends
amort,
discount and expense.
purchases of
.
$2,616,969
1,171,780
$2,326,686
1,076
applic. to 1937 on
prior years Fed. inc.
...
1937
$321,214
1,204,490
40,956,186
Int.
Total surplus
Preferred dividends
Years
1938
$2,271,548
1,193,110
Net operating profit-_
Int.
b Balance of reserve
1939
operation.. $3,119,028
depreciation..
792,342
Income from investm'ts.
Profit from operations $2,571,060
Miscellaneous income..
2,866
Net profit for year—
Previous earned surplus
14
Interest, discount, &c_.
Total
taxes, &c_.
Prov. for current years
Federal income taxes.
Prov. for loss on commit¬
for propelling machinery for
Corp.—Earnings—
Profit from
Prov. for
$39,047,191 $41,926,254 $43,235,159
of goods sold, de¬
livery, selling, adver¬
tising &adminis.exps. 36,775,755
$2,573,926
contract
a
machinery and Diesel-engine driven generators amounting to $1,475,000.
—V. 152, p. 1130.
1937 and
Cost
Total income.
Corp.—Government Contract—
Government recently awarded the Cleveland Diesel
Cleveland
1940
53
reserve
$31,500), $2,110,157; inventories, $2,652,306; investments and other
assets, $184,563; property, plant and equipment (net), $2,252,288; patents
and trade-marks
(cost, less amortization), $11,671; deferred charges,
Consolidated Income Account for Calendar
52 Weeks
40 Dec. 30,
$3,134,881
$2.23
Consolidated Balance Sheet Dec. 31, 1940
Co.—Earnings—
52 Weeks
Cash
$3,667,762
$3.25
—
submarine chasers amounting to $5,880,000 and a contract for propelling
Last previous payment was made on Dec. 28,
amounted to 35 cents per share.—V. 150, p. 3825.
General Baking
$766,341
2,805,126
459
$3,571,926
52,647
384,398
52,647
stock—
per
The United States
record March 15.
raw
common
1,628
513,591
preferred stock
Engine division,
General Alloys
3,134,881
$4,234,000
on
$59,548
$1.66
Directors have declared a dividend of 17% cents per share on the 7%
cumul. class A preferred stock, par $10, payable March 31 to holders of
ments for
—
—v,
Total--..
Balance
172,284
$1,099,119
Net profit
earned surplus
Previous
Earnings
1,847
147,426
1,517
775,961
Provision for amortization of patents
Federal taxes on income
Dividends
133
251,799
.
....
depreciation
Adjustments
$1,100,706
9,689
1,357
39
542
Interest
Pro vision for
of
Directors have declared an extra dividend of 12 M cents per share in ad¬
dition to a dividend of 1214 cents per share (or a total of 25 cents per share)
on the common stock, both payable March 15 to holders of record March 3.
General
__
Industries, Inc.—20-Cent Dividend—
Gaylord Container Corp.—Extra Dividend—
.
21.806
$2,140,718
11,740
Total income
Dividends
Directors have declared a dividend of 20 cents per share on the common
stock, payable March 24 to holders of record Feb. 24.
This will be the
first dividend paid since July 1937 when 25 cents per share was distributed.
-V. 151, p. 3237.
►
7,304,351
$1,067,395
33,311
Other income—...
Miscellaneous deduction
banks,
$24,250; notes and accounts re¬
ceivable. $48,328; inventories, $63,307; Federal and State taxes on refined
oil products in inventories, $4,825; notes and accounts receivable (not
current), $5,974; property, plant and equipment (net), $152,029; deferred
charges and prepaid expenses, $5,092; total, $303,805.
Liabilities—-Notes payable, $63,987; accounts payable, $35,234; accrued
liabilities, $29,507; provision for Federal income and excess profits taxes,
$7,500; notes payable, $20,585; capital stock ($1 par), $100,000; paid-in
surplus, $30,460; earned surplus, $21,409; common stock in treasury
(4,760 shares, at cost), Dr$4,877; total, $303,805.—V. 152, p 425.
on
8,413,702
$2,118,912
Operating profit.
follows:
as
1939
$8,371,746
administrative
Cost of products sold and selling,
and general expenses—...
from the date of the loan.
($208,305) is
-—$10,532,614
Sales—net
from the underwriters.
In addition the company proposes to procure unsecured bank loans totaling
$50,000 with the United States National Bank, Denver, Colo, and the
American National Bank, Cheyenne, Wyo., carrying 5% interest with
total repayments of $2,000 per month, the balance maturing two years
net
The intended disposition of the above funds
1941
22,
with
SEC—May
Place
Company on Feb. 15 filed with the Securities and Exchange Commission,
registration statement (No. 2-4663, Form A-2) under the Securities Act
of 1933, covering $101,271,000 of first mortgage bonds, due 1971.
The
interest rate is to be furnished by amendment to the registration statement.
The company proposes to sell the bonds either to underwriters for dis¬
tribution to the public or to 20 or 30 institutional investors who will purchase
the bonds for investment.
According to the registration statement, the net proceeds from the sale
1938
$163,960
$0.13
of the bonds, together with bank loans aggregating $13,500,000, an ad¬
investment of $14,337,319 in cash in thq common stock of the
ditional
company by the Commonwealth & Southern Corp., and sinking funds
amount of $115,194, will be applied to the redemption or acquisition
in the
of the
Voiume
company's
purposes.
The Commercial & Financial Chronicle
152
entire outstanding mortgage debt and for general
The securities to be redeemed are as follows:
Georgia Power Co., 1st & ref. 5s, 1967
Atlanta Water & Electric Power Co., 1st 5s, 1943
Borne By. & Light Co., 1st 5s, 1946...
Macon By. & Light Co., 1st consol. 5s, 1953
Athens By. & Electric Co., 1st & ref. 5s, 1950Columbus Electric & Power Co., 1st & ref. 6ss er. A, 1947
5s series B, 1954—_
Atlanta Northern By.; 1st 5s, 1954.
—
——
.*$115,166,000
779,000
627,500
718,000
273,000
1,292,700
5,527,500
100,000
Heat
—
.___
1283
Elements, Inc.—Registers with SEC—
See list given on first page of this department.
Hedley Mascot Gold Mines, Ltd.—Earnings—
—
...
-
corporate
Earnings for the Quarter Ended Dec. 31, 1940
Dry tons of
ore
milled
;
—
_
—
—
16,329
$96,430
$0.04
—
_
Net inc. after prov. for all taxes, development & exploration-__
Earnings per share
—V. 151, p. 3397.
"____
;_
*
$34,231,000 principal amount of these bonds to be reacquired from the
Commonwealth & Southern Coip. at the cost to that company.
The price at which the bonds are to be sold, the redemption provisions,
and the
of
underwriters, in the event of a public offering, will be
furnished by amendment to the registration statement.-—V. 151, p. 1130.
names
Gisholt Machine
Calendar Years—
Net income-—
Earnings
per
share
Co.—Earnings■—•
,
___
Hotel Waldorf-Astoria
b$437,163
a$969,191
c$1.63
$3.63
After provision for Federal and State income and excess profit taxes for
the period of $1,205,715.
b After provision for Federal and State income
taxes of $93,194.
c On present capitalization.
Shipments to customers in 1940 of $7,380,412 were almost double the
$3,824,892 sales of the preceding year.
Unfilled orders on hand are in
a
of $10,000,000.
To meet the demand for its products, the company added during
excess
1940
new
equipment, at a cost of approximately $625,000, and is now engaged
renovating and re-equipping a building which has been unused for some
years which will add approximately 90,000 square feet of floor space.
At
the present time the company is operating three shifts six days a week and
employment is up more than 50% over a year ago.
;
Part of the funds required by the company to meet the demand arising
out of defense needs was obtained through the sale last October of 23,127
shares of its common stock, offering of which was combined with that of a
block of outstanding shares.-—V. 151, p. 3397.
Goodman
Manufacturing Co.—50-Cent Dividend—
a dividend of 50 cents per share on the common
$50, payable March 31 to holders of record March 31.
Dividend
of $1 was paid on Dec. 20, last; 75 cents was paid on
Sept. 30, last; 50 cents
paid on June 28, last; 25 cents on March 29, 1940; $1.10 on Dec. 21, 1939;
40 cents on Sept. 29, 1939, and regular
quarterly dividends of 25 cents per
share were previously distributed.—V. 151, p. 3889.
par
(B. F.) Goodrich Co.—25-Cent Common Dividend—
Feb. 18 declared
on
a
special dividend of 25 cents per share on
the common stock, payable March 14 to holders of record March 7.
Divi¬
dend of 50 cents was paid on Dec. 20 last, this latter being the first dividend
paid on the common shares since Dec. 18, 1939, when $1 per share was
distributed.
A dividend of 50 cents was paid on Sept. 30, 1937.—V. 152,
p. 1130.
.
,
Goodyear Tire & Rubber Co. (8c Subs.)—Earnings—
S
Calendar Years—
1938
1939
1940
1939
1940
1938
$6,983,771
5,866,166
$7,280,129
6,065,236
$6,746,534
5,476,296
$1,117,606
597,589
700,000
Interest other than int. on debentures
26,684
Amortization of leasehold, &c
396,882
$1,214,892
595,800
619,092
12,624
390,375
$1,270,239
596,236
674,002
9,426
377,185
$402,999
$386,611
Operating expenses._
Income available
for taxes,
insur¬
ance, rent, int. & amortization—
Taxes, insurance, &c———
—
Net loss
$603,549
Note—The minimum rent for the year 1940 was $700,000; for
was
1939 i
$600,000, and for 1938, $500,000.—V. 151, p. 3562.
Houdaille-Hershey Corp.—Class B Dividend—
Directors have declared
a dividend of 25 cents per share on the class B
value, payable March 15 to holders of record March 5.
This
with 50 cents paid on Dec. 30, last; 25 cents on Oct. 10, last;
50 cents on June 15, last; 25 cents on March 14, 1940; 50 cents on Dec. 21,
1939, and 25 cents paid on June 26,1939, this latter being the first dividend
paid on the B shares since Dec. 15, 1937, when a regular quarterly dis¬
tribution of 37K cents per share was made.—V. 151, p. 3748.
stock,
no par
compares
Directors have declared
Directors
Corp.—Earnings—
Calendar Years—
Total gross sales and other oper. inc.
Bent.
in
stock,
This dividend is in payment of dividend accrued for quarter ending
March 1, 1939, thus leaving $2.50 a share dividends in arrears after pay¬
ment of this dividend.—V. 152, p. 3239.
1939
1940
,
———
on common..
Heywood-Wakefield Co.—Dividend Payment—
Directors have declared a dividend of 31 cents per share on the preferred B
stock, payable March 1 to holders of record Feb. 21.
1
Houston Electric Co.—Bonds Called—
Company on Feb. 21 notified holders of its first mortgage bonds, series B
6%, due June 1, 1950, that all the $2,524,300 principal amount of such
bonds outstanding have been called for redemption on April 1,1941 at their
principal amount and accrued interest.
Present holders of the series B 6% bonds may exchange their bonds, on
or before March 15, 1941, for an equal aggregate principal amount of new
first and refunding mortgage bonds, series A 5%, to be dated April 1,1941,
and to mature June 1, 1950.
Series B bonds offered in exchange should
be delivered, together with the June 1, 1941 and subsequent coupons, to
Old Colony Trust Co., agent for this company, 17 Court Street, Boston.
The company's exchange offer notice says that the new series A bonds
are redeemable only at 105% to par, as against no redemption premium on
the old series B bonds.—-V. 151, p. 2499.
•
Net salesa Net profit——
—217,540,079 200,101,704 165,928,944
10,309,788
9,838,797
6,012,423
Earnings per share of common stock-.
$3.44
$3.20
$1.34
a
—
After all charges and taxes.
Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock,
both
payable March
15
to
payments were made on March 15,
holders of record Feb. 21.
1940.—V. 152, p. 1130.
Similar
.
(The H. W.) Gossard Co.—25'Cent Dividend—
The directors
common
have declared
stock, no par
a
dividend of
25 cents per share on
See also V. 149,
Gotham Silk Hosiery Co., Inc.
Calendar Years—
(& Subs.)—Earnings-
1939
1938
1937
$237,797
$0.13
$351,159
After depreciation, interest charges, discounts, &c.,
848.
p.
2688.—V. 151,
$155,981
Nil
1940
Net profit-—loss$149,158
Earns, per share on com.
Nil
a
a
p.
SO.40
charges.—Y. 151»
.
Graham-Paige Motors Corp.—Contract—
Company was recently accrued a contract tc build machinery and equip¬
connecting rods for Weight Aeronautical Corp.
amounting to $1,803,280.—V. 152, p. 1130.
ment for manufacture of
Green Mountain Power Corp.—
Accumulated Dividend—
dividend of $1.50 per share on account of
accumulations on the $6 cumulative preferred stock, no par value, payable
March 1 to holders of record Feb. 20.
A like payment was made in each of
the nineteen preceding quarters.—V. 151, p. 2942.
The directors have declared
a
~~
Greif Bros. Cooperage
Corp.—To Delist Stock—
The Securities and Exchange Commission has announced a public hearing
Feb. 26 at its Cleveland Regional Office, on the application of corpora¬
tion to withdraw its $3.20 cumulative participating class A common stock
on
(po par) , from listing and registration on the Boston and Chicago Stock
Exchanges.—V. 152, p. 828.
■
Hackensack Water Co.
(& Subs.)—Earnings—
—
—
—
-
-
——
Federal income taxes.
—
—
Balance available for dividends
Earnings per common share
Paul, Robert N. Sims and S. K. Young.
Huyler's was organized in New York in 1881 and has been and proposes
to continue to be engaged in the business of operating restaurants, soda
fountains
and confectioneries, and the manufacture and sale
of candies,
chocolates, baked goods, pastries, ice creams, syrups, juices and other con¬
fectioneries, novelties and wines and liquors.
It maintains stores In New
York, Chicago, Philadelphia, Detroit, Washington, Boston, Baltimore,
Albany, Buffalo, Cleveland, Atlantic City and Newark, which number 24
as of Nov. 1, 1940.
'
'
Huyler's also operates a factory located at 110 East 13th St., N, Y. City,
which supplies the stores in that city and In Newark with pastry, baked
T
goods, ice cream and fountain syrups, and
candies and novelties for use everywhere.
the New York metropolitan area produce
used in the local units.
manufactures certain brands of
In general, the stores outside
the Ice cream and baked, goods
Through its industrial candy department, Huyler's sells a substantial
quantity of candy to industrial groups and manufacturing organizations.
On June 3, 1936, Huyler's of Delaware, Inc., and Huyler's filed petitions
for reorganization under Section 77-B of the Bankruptcy Act in the Court,
and the debtors were continued in possession and operation of their respec¬
tive assets and businesses by the Court by order dated June 30, 1936.
Pursuant to the plan, all of the assets of Huyler's of Delaware, Inc., have
been acquired by Huyler's.
In the course of the reorganization proceedings certain unprofitable
stores have been discontinued and certain non-operating assets have been
liquidated.
Likewise some burdensome leases have been readjusted.
Plan of Reorganization and
Financing
1939
The proceedings for reorganization of the Huyler companies were insti¬
tuted on June 3,1936, for the purpose of making provision for the liabilities
of and the claims against the Huyler companies, for safeguarding of the
$2,049,385
538,218
$2,087,635
a591,363
314,135
228,730
309,255
b4,787
of Huyler s of
Delaware, Inc., for resetting their lease structure, improving their store
operations, and finally to bring about a reorganization and enable the busi¬
ness to be carried out on a successful basis.
Such financing was also neces¬
$1,182,231
$3.50
first mortgage 4% bonds
$2.81
—
Includes non-recurring interest of
$60,705 on
made for
remained
taxable net income after deducting charges for redemption premiums and
unamortized debt discount and expense applicable to the bonds called for
no
redemption during the year.—V. 152, p. 427.
Halifax Power & Pulp Co.,
Ltd.—Earnings—
Earnings for 6 Months Ended Dec. 31, 1940
$521,344
——
Net income before income taxes—
...
87,814
—V. 136, p. 4470.
interests of the holders of the preferred and common stock
sary to provide funds for payments to be made to creditors, for recondition¬
ing of stores, for expansion and for working capital.
The plan contem¬
plated that the business of the Huyler companies would be carried on by a
corporation which might be either one of the Huyler companies or a new
corporation which would be vested with their assets. Huyler's recapitalized
in accordance with the provisions of the plan.
Financing—On June 3, 1936, simultaneously with the institution of the
Huyler proceedings, similar proceedings were instituted by Schulte Retail
Stores Corp. and its wholly-owned subsidiaries, D. A. Schulte, Inc. (N.Y.)
and D. A. Schulte, Inc. (Del.).
The reorganization proceedings also in¬
cluded the reorganization of Schulco Co., Inc., a subsidiary of D. A. Schulte,
Inc. (N. Y.).
The plan of reorganization of Schulte Retail Stores Corp.
and its two above named subsidiaries provided that the new Schulte comA. Schulte,
riy could be Inc. (N.Y.) old been recapitalized and its new corporation.
any of the has Schulte companies or a charter amended
and it will be used
(W. F.) Hall Printing Co.—Notes Called—April 1 this year $500,000 serial
bank notes now outstanding, which call will complete repayment of $1,500,000 borrowed in October, 1939.—V. 150, p. 3662.
Directors voted to call for payment on
Harbison-Walker Refractories Co.—Earnings—1940
1939
1938
1937
$2,513,936
$1,868,999
$736,434 $3,131,595
$1.71
$1.24
$0.41
$2.17
for Federal and State taxes, depreciation, depletion,&c.
Calendar Years—
a Net earnings
Earns, per share on corn—V. 152, p. 986.
Hayes Manufacturing
Corp.—May Increase Stock—
March 10 will consider increasing
stock from 1,000,COO shares to 2,000,000 shares.
Stockholders at their annual meeting on
the authorized common
*
listing of voting trust
(expiring Oct. 31, 1945) representing shares of first preferred
stock (par $i) and common stock (par $1).
The voting trustees are Joseph A. Bower, Charles J. Gregory, Winston
$3,995,571
8,743
called for redemption on April 26, 1939.
b No provision was
Federal income tax for the company in the year 1939, since there
After reserves
Huyler's, N. Y. City—Listing, &c.—
The New York Curb Exchange has approved the
certificates
$968,301
Net earnings
a
Co.—37%-Cent Dividend—
a dividend of 37 K cents per share on the common
value, payable April 1 to holders of record March 1.
This
compares with 62 H cents paid on Dec. 26 and Oct. 1 last; 37
cents paid
in two preceding quarters; 6214 cents on Dec. 19 and Oct. 2, 1939; 37 H
cents on July 2 and April 1, 1939; 52H cents on Dec. 27 and Oct. 1, 1938,
and 37M cents on July 1 and April 1, 1938.—V. 152, p. 428.
no par
1940
Interest charges (net)-Betirement--
Gross sales
Humble Oil & Refining
Directors have declared
stock,
$4,011,432
8,538
Years Ended Dec. 31—
Gross operating revenue
Gross non-operating revenue
a
Company was recently awarded a contract to build machinery and
equipment for manufacture of engine parts for Wright Aeronautical Corp.
amounting to $939,313.—V. 152, p. 1131.
the
value, payable March 1 to holders of record Feb. 13,
paid on Ncv. 18, last, and 25 cents paid on
This compares witn 50 cents
Sept. 3, June 1 and March 1, 1940.
p. 2646.
Hudson Motor Car Co.—Contract—
—V. 152. p. 1131.
Both
as
the
new Schulte company.
Huyler's of Delaware, Inc., and some of the holders of its 7%
cumulative preferred stock had filed certain claims against
Stores Corp. in connection with a
Schulte Retail
guaranty by Schulte Retail Stores Corp.
of the payment of dividends upon $4,500,000 (par) of such preferred stock
of Huyler's of Delaware, Inc., and the agreement of Schulte Retail Stores
Corp. to purchase said stock upon certain dividend defaults.
The decree
dated Nov. 18, 1940, directing consummation of plan of reorganization
provides that at or prior to the closing, to wit, the close of business Nov.
29, 1940, effective as of the close of business Oct. 31, 1940:
/
(a) Huyler's shall (1) deliver to the new Schulte company all shares of
stock of Huyler's Luncheonettes of Delaware, Inc., owned by it with all
required transfer stamps affixed; (2) deliver to the new Schulte company
a consent to an order expunging the claim of Huyler's filed in the Schulte
proceedings against D. A. Schulte, Inc., a New York corporation, in the
sum of $550; (3) deliver to or as directed by the new Schulte company 22,500
full-paid and non-assessable shares of Huyler's 2d pref. stock and 45,000
full-paid and non-assessable shares of Huyler's common stock; and (4) de-
The Commercial & Financial Chronicle
1284
liver to
directed
David A. Schulte, 10,000 full-paid and non¬
assessable shares of Huyler's 2d pref. stock and 20,000 full-paid and non¬
assessable shares of Huyler's common stock, provided that contemporane¬
ous! v therewith Mr. Schulte shall pay or cause to be paid to Huyler's
$200,000 and the new Schulte company shall (i) pay or cause to be paid to
Huyler's $450,000, (ii) pay or cause to be paid to Huyler's the sum of
$50,646, which sum Huyler's shall concurrently pay to Huyler's Luncheon¬
ettes, Inc. (N. Y.), in full settlement of all claims on the part of that com¬
pany against Huyler's; (iii) enter into an agreement with Huyler's for the
discontinuance of the use of the word "Huyler's" in connection with the
business of said Huyler's Luncheonettes of Delaware, Inc., and of Huyler's
Luncheonettes, Inc. (N. Y.)f and (iv) deliver to Huyler's a consent to an
order expunging all claims of the Schulte companies filed in the Huyler
proceedings.
(b) Huyler's and the other Huyler companies shall deliver a general re¬
or
lease of
as
claims that they
any
may have against their officers ana directors
prior to June 1, 1938, which shall include a release of
who were in office
any claims
by
that Huyler's and the Huyler companies
Schulte Heal Estate Co., Inc., Schulte Retail Stores Corp., D. A. Scnulte,
inc. (N. Y.), D, A. Schulte, Inc. (Del.), Park & Tilford, Inc., Park and
Tilford, and Schulco Co., Inc.
(c) Huyler's shall enter into an agreement with the new Schulte com¬
pany, David A. Schulte, and Joseph M. Schulte, with respect to the regis¬
tration of securities of Huyler's which may be owned by the new Schulte
company, David A. Schulte and Joseph M. Schulte,, under which the
maximum obligation of Huyler's is one-half of the expense of such regis¬
tration or $5,000, whichever is the greater.
The foregoing actions have been taken.
In connection therewith, and
pursuant to his election to pay or cause to be paid to Huyler's $200,000,
David A. Schulte has paid to
Huyler's $152,381 and Joseph M. Schulte
has paid to Huyler's $47,619, and Huyler's has delivered to Joseph M.
Schulte 2,381 shares of Its 2d pref. stock and 4,762 shares of common stock
and Huyler's has delivered to David A. Schulte 7,619 shares of its 2d pref.
stock and 15,238 shares of common stock; and pursuant to its election to
pay or cause to be paid to Huyler's $450,000, the new Schulte company has
paid to Huyler's $460,000 and Huyler's has delivered to the new Schulte
company 22,500 shares of its 2d pref. stock and 45,000 shares of its com¬
Earning per share on
—V. 151, p. 3891.
1940
as
allowed
any unsecured claims as
(excluding claims of the Huyler companies, the Schulte companies,
or any related corporations which were to be
expunged Or otherwise satis¬
fied without liability to new Huyler's) should be entitled to receive either
in cash 75% of the claims as allowed, together with three promissory notes
of new Huyler's each for 8 1-3 % of the claim maturing serially in 1, 2 and 3
years, or, in lieu of the foregoing, 85% of the claim as allowed in cash.
stock and three shares of
the
new
Huyler's
stock of Huyler's of
common
20 shares of such common stock
common
stock, and the holders of
are to receive for each
Delaware, Inc.,
share of
one
new
Huyler's
common stock.
The following is a summary of the number of shares of new
Huyler's
securities (1) to be issued and outstanding upon the consummation of the
plan, (2) reserved for conversion, (3) reserved for issuance to officers and
employees, and (4) authorized but unallocated:
1st Pref.
Shares
Issued to
2d Pref.
Interlake Steamship Co.—To Pay 25-Ce^t Dividend—
stock, payable April 1 to holders of record March 12.
This compares with
$2 paid on Dec. 23, last; 75 cents paid on Oct. 1, 1940; 25 cents paid on
July 1 and April 1, 1940; $1.90 paid on Dec. 23, 1939; $1 on Oct. 1, 1939,
previously regular quarterly dividends of 25 cents per share were
and
distributed.—V.
151, p. 3748.
International Telephone & Telegraph
Phones Gain—
Schulte company.
Issued to David A. Schulte
new
Issued to Joseph M. Schulte
To jibe issued to old stockholders of
of Del., Inc.;
22,500
7,619
2,381
Telephone operating subsidiaries of this corporation in 9 foreign countries
Telephone Co. purchased from the I. T. & T. by the National Bank of
Rumania in January do not appear in the 1941 results.
The I. T. & T.
1,127,410 telephones.—Y. 152,
p. 831.
companies at the end of January served
Interstate Bakeries
52
$910,379
18,895
439,887
140,940
58,825
51,030
Income from operations.
Depreciation
Bond & mtge. interest..
Prov. for Fed. inc. tax..
Non-recurring
charge..
Net income
common
45,000
15,238
4,762
Provision for
135,000
10,000
which it
of
to be outstanding upon con¬
summation of plan
Reserved for conversion of Huyler's 1st pref.
► stock
effective
Interstate Bakeries
32,500
of
Balance Sheet
Accts. receivable
296,429
$689,627
280,702
Due from employ.
525
566,841
719
547,346
on
a
hand
$732,289
Inventories
Prepaid Ins., taxes
45,000
32,500
80,207
66,811
30,259
4,958,186
6,884
14,402
109,472
529.071
335,984
60,546
100,855
tax. pay.
80,817
77,274
42,507
43,262
sec.
(ord'y)
39,235
40,206
110.072
102,149
347,998
Salesmen's security
29,842
5.007,346
deposits
Reserves
335,036
1st mtge. 6%
bonds
gold
d
Terminal
RR.—Equip. Trusts Offered—Harris,
high bidders Feb. 19 for $560,000
equipment trust certificates, offering 100.029 for 2s, or
optionally 98.753 for l^sThe bankers were awarded the
certificates with a 2% coupon and reoffered them at
prices
to yield from 0.50% to 2.20%, according to
maturity^
were
pfcThe certificates mature $56,000 annually Feb. 15, 1942-1951 inclusive.
Issued under the Philadelphia plan.
St. Louis Union Trust Co., trustee.
Certificates are issued for approximately 80% of the cost of 250 new all
Rteel box cars.
The issuance and sale is suoject to the approval of the
$6,777,363
a
After
reserve
$6,669,061
150,000
(no
697,116
305,442
1,662,712
Earned surplus.
580.307
553,490
$6,777,363
Total
1940
697,116
305,442
1,662,712
surplus
$6,669,061
of $25,794 in 1940 and $21,681 in 1939.
for depreciation of $2,518,024 in
2,093,100
175,000
2,085,000
Com. stk. (par $1)
Paid-in
Total....
$25,000
74,500
Acer, bond, mtge.
& other interest.
$5 pref. stock
p.
(Inc.)
Soc.
Dec. 30 '39
$25,000
_
Accounts payable.
Federal Income tax
Acer, taxes
value
sur.
(corp. life Insur.)
Other assets
600,000
122.
Illinois
81.426
56,582
Dec. 28 '40
Note payable
Accept's payable.
par)
authorized
Hall & Co.
Liabilities—
Dec. 28 '40 Dec. 30 '39
Assets—
Cash in banks and
97,500
27,500
40,000
...
Inc., the
in the above statement in the
amount of $72,450.
This provision is in respect of the estimated tax applica¬
tion to the income reflected by the statement.
d The provision for Federal income tax in the amount of $89,000 is
approximately $1,000 less than the amount included in the estimated
liability on the balance sheet as applicable to 1939, due to the fact that an
excess accrual remained therein from Dec. 31, 1938.
e Par $1.
Huyler's 2d pref.
The Huyler's first prefered stock has been placed In a voting trust
voting trust certificates are to be issued in respect thereof.—V. 152,
a
and
1937, of Schulze Baking Co.,
514% real est. note
Unallocated
p.
13,
Provision for Federal income tax appears
c
225,000
stock
(on a 3-for-l basis)
Reserved for Issuance to officers & employees
Total
b Consolidated corporation resulting from and
Dec.
210,000
(on a 5-for-l basis)
Reserved for conversion
$0.11
Corp.
Deferred charges..
45,000
$165,696
87,253
©306,192
Nil
contingencies and for Federal income taxes appears in the
formed,
was
consolidation
b Fixed assets
Estimated
$384,394
139,109
e305,742
in the amount of $49,966 and includes $18,280 for surtax on
undistributed profits.
This provision is in respect of the present corpora¬
tion as well as predecessor companies through the merger or consolidation
Cash
a45,000
$473,461
165,256
e305,442
$0.41
statement
and licenses
(on a 1 sh. for 20 shs. basis)__
Dec. 30, '39 Dec. 31, '38 bJan. 1, '38
$1,204,163
$1,084,761
$837,482
11,437
12,859
38,393
481,225
452,879
428,197
149,040
162,179
155,230
d89,000
c72,450
a49,966
$200,802
173,985
305,442
Nil
Earnings for share
a
:/;:}■.[ ,-V
Corp.—Earnings—
Dec. 28, '40
Weeks Ended—
Charges to income (net)
Huyler's
Old pref. (on a share-for-share basis)
Old
Shares
Corp.—Foreign
report an aggregate net gain of 5,882 telephones in service during January
compared with 5,880 in January, 1940.
Figures for the Spanish Telephone
Co. did not appear in the early 1940 results whereas figures for the Rumanian
Common
Shares
$14,970
$0.54
$1.00
Directors have declared a dividend of 25 cents per share on the common
allowed
Treatment of Stockholders—The holders of the preferred stock of Huyler'
of Delaware, Inc., are to receive for each share of such preferred stock a
voting trust certificate representing one share of new Huyler's first preferred
1939
$28,100
27,972 shares preferred
Shares common stock
Treatment of Creditors—The plan provided that all tax claims
should be paid in full in cash and that holders of
1941
22.
Corp.—Earnings—
•
Preferred dividends
stock.
mon
Industrial Securities
Calendar Years—
Net income after all charges
have against
may
Feb.
and $2,826,972
b After reserve
1939.—V. 152,
in
123.
Interstate Home
Equipment Co.—25-Cent Common Div.
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 15 to holders of record Feb. 28.
Dividends of 20
cents was paid on Jan. 15, last; extra dividends of five cents and quarterly
dividends of 15 cents per share were paid on Oct. 15 and July 15, last, and
previously regular quarterly dividends of 12 M cents per share were dis¬
tributed.—V. 152, p. 831.
Interstate Hosiery
Mills, Inc.—25-Cent Dividend-
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 15 to holders of record Feb. 28.
Dividends of 40
cents was paid on Dec. 28, last, and regular quarterly dividend of 25 cents
was paid on Dec. 16, last.—V. 151, p. 3891.
Interstate Commerce Commission.
Other bids for the issue were the Merchantile Commerce Bank & Trust
Co. at 99.745 for 2s and First Boston Corp. at 99.015 for 2s.—V.
152, p.
1131
Johns-Manville
Corp.—7L-Cevt Dividend—
Directors have declared
a
aividend of 75 cents per share on the common
stockj payable March 24, to holders of record March 10.
•
This compares
with $1.25
Indemnity
Insurance
Co.
of
North
America—11%
Ahead in 1940—
An
increase
of $1,371,972—-11%—in premium income over 1939 and
policies written was the result of the year-long sales campaign
conducted during 1940 by the company, the casualty member of the North
46,359
new
America group.
The method
by whicn this gain in business
was
accomplished
was
an
intensive selling campaign that ran throughout the entire year.
This cam¬
paign was made up in turn of five subsidiary campaigns, each of two months*
duration, during which special emphasis
the sale of selected
was put upon
coverages.
With an 11% increase in premium volume, $13,846,605 for 1940, against
$12,474,633 for 1939, the company is highly gratified with the results
of the campaign.—V. 137. p. 1773.
Indiana Harbor Belt
Jones &
Laughlin Steel Corp.—Listing of Bonds—
The New York Stock Exchange has authorized the listing of
and
outstanding.—V. 152, p. 832.
Joy Manufacturing Co.—30-Cent DividendDirectors have declared a dividend Jof 30 cents per share on the common
stock, payable March 15 to holders of record March 1.
Previously quarterly
dividends of 25 cents per share were distributed.—V. 151, p. 3399.
Julian &
Kokenge Co. (& Subs.)
Years End. Oct. 31—
Net sales-
11,491,522
7,098,016
Administrative
$410,851
$446,776
$4,066,597
$4,393,506
Railway tax accruals
Equip. & jt. fac. rents..
$125,813
119,112
$84,226
108,715
$1,160,988
1,323,690
$1,000,991
1,138,149
rev.
Net ry. oper. income.
Total income
Other income
Total profit
-
Other expenses
Total fixed charges
inc.
after
$253,835
4,113
$1,581,919
31,865
$2,254,366
28,870
$269,261
82,515
$207,289
65,118
$279,792
90,206
$351,776
10,836
$272,407
4,252
$369,998
4,577
12,676
589,392
124,409
571.724
118,791
Net profit
Previous balance
$257,948
8,751
37,147
$1,613,784
39,684
457,497
$2,283,236
76,917
442,613
$1,116,603
$1,763,706
x58,813
46,915
56,848
$282,128
1,682,459
$221,239
1,642,329
$308,573
$1,964,586
251,096
$1,863,568
180,691
Miscellaneous credits
$212,050
x58,743
$270,068
profits taxes, est
$169,276
3,133
37,466
Miscellaneous debits
1,713,491
$1,983,559
fixed
charges
1937
$4,124,112
3,153,805
excess
$128,677
Miscell. deduc. from inc.
Net
$165,926
3,350
1938
$3,570,952
2,716,939
528,726
117,998
Profit before other inc.
Federal income &
Other income
1939
$3,897,748
2,914,685
$341,487
expenses
and expenses
from opers..
Net
-Earnings—
1940
$3,817,330
2,846,896
572,661
131,792
$265,981
75,506
Selling expenses
1940—12 Mos.- -1939
$12,176,818$
8,110,221
$28,000,000
are issued
1st mtge. bonds, series C, S%%, due Jan. 1, 1961, all of which
Cost of sales
RR.—Earnings-
Period—
1940—Month—1939
Railway oper. revenues. $1,184,868
$1,110,891
Railway oper. expenses.
774,017
664,115
paid on Dec. 24, last: 75 cents paid on Sept. 24, and on June 24,
last; $2 paid on Dec. 22, 1939; 75 cents on Sept. 25, 1939. and 50 cents on
Dec. 23, 1938.—V. 151. p. 3399.
Dividends
183,045
1,627.905
1,527
$1,938,005
295,676
418
—V. 152, p. 429.
Balance Oct. 31-
Interlake Iron
Calendar Years—
Net
profit
Earning per share on 2,000,000 shares
(no par) stock
a
a
After
1940
Earnings
1939
1938
$829,450 def$553.978
$1,021,655
x
per
share
Provision for Federal taxes
$1,713,491
122,030
$1,682,459
131,411
$1,642,329
131,411
$2.31
$1.68
$2.35
$2.21
on
income
only.—V. 151, p. 3892.
Consolidated Balance Sheet Oct. 31, 1940
Nil
$0.41
depreciation. Federal income taxes,
$1,800,514
Shs. cap. stk. (no par)122,030
Corp. (& Subs.)—Earnings—
c.—-V.
151,
Nil
p.
2500.
Assets—Cash, $802,321; notes and accounts receivable (net), $468,226;
inventories, $754,101; accrued interest receivable, $1,274; cash surrender
Volume
The Commercial & Financial Chronicle
152
1285
g!nc°ef$2l.^
20 at 820 a share& Co., underwriting group headed by Sehroby an Inc., and including F. S. Yantis &
^?L^ccount8rece.lvabIeiSUspense'$2'082;investments in capital stock of
der Rockefeller
J
15^
con}Pam®s
and equipment (net), % consolidated, at cost, $120,647; land, buildings
$359,542; goodwill, $250,000; prepaid expenses and
deferred charges, $16,797; total,
$2,878,682.
payable, $186,204; accrued
"Accounts
ftoo noA provision l0T Federal
(122,030 no par
shares),
surplus
8tock«
balance, $355,560; earned
$2,878,682.—V. 151, p. 3892.
arising from retirement of
surplus, $1,800,513: total,
Pprind
Gross
Tier
(all sources!
earns
7*gQ77
788,977
SS^iation
Amortization"
Misc
«7»c
T
«
1C
857,858
®«j
o^o
$3,765,042
cn ri
«r
$0.61
nnA
|§'99|
etf'slc
rr'cqq
$340,236
«n rj
$0.64
19Ml§
2,116,368
i
1,303,121
irk
on^
.nc
ino'Irza
inQ,r
«q^o oa«
come tax.
#Q
19MZ%
2,147,902
r rso
$85u,878
share'rorn*
ner
QAQ
«
t
7?'to§
«9**e7a
i
rqo
fno'I??
71,523
after income tax
mon
i
103,517
NetDrofit
Earnings
«Q
ono
om
$3,899,319
7i
«c
$6.71
o-r
$6.97
Including maintenance and general property tax.
° Federal excess profits taxes are
payable by the company for
1940 income.
V. 152, p. 123.
a
.
Kansas City Southern
„
expenses.
1940
$1,304,274
816,916
revenues
„
$1,203,228
759,783
.
Net revenue from railway operations
Railway tax accruals
„
,
$487,358
110,000
Railway operating
A
$443,445
98,000
—-—
,
$377,358
income
$345,445
5?'q-m
5,971
4I'qqo
8,392
$314,483
$289,739
JolmPfTcUitverents tneC
int iacuity rents (net)
Net railway operating income
V. 152, p. 681.
Kansas Pipe Line & Gas Co.—15-Cent Dividend—
Directors have declared
dividend of 15
share on the common
payable Feb. 15 to holders of record Feb. 28.
Like amount was
paid on Nov. 15, last; dividend of 10 cents was paid on May 25, 1940 and
one of 15 cents was paid on Feb. 29, 1940.—V. 151, p. 2649.
a
cents per
stock,
;
Kennecott Copper Corp.—Svecial Dividend—
specild
Directors have declared
a
dividend of 25 cents per share in addiof 25 cents per share on the common stock.
both payable March 31 to holders of record Feb. 28.
Special
tion to the regular dividend
no par
paTd
value
onPJune 2^last—VStl5ld £^3241 °f 5° Cent8
Income Account for Year Ended
Dec. 31
; •
1940
$640,389
12,979
I
$706,763
82,172
$653,367
74,116
63 oil
56'141
—
Total income....
Administrative, general and patent
expenses....-.
Interestonbonds..".2-1.1"~73*706
Depreciation and amortization
7n'956
166,108
70,272
Federal income taxes
162 641
51 227
15 000
General contingent reserve.
-
—
Net profit...
-
$245,688
Balance Sheet
Dec*31
$205 217
'
1Q40
•*« ^T8 <?7n3???Pr0dd
731
$25,964, inventories, $341,731, other assets,
$7,352; land,
buildings, machinery and equipment (net), $1,908,608; prepaid expenses,
$23,654; patents (less reserve for amortization), $203,017; goodwill, $1;
deliver6u,
$2,884,444.
^
Liabilities
Accounts payable, $109,449; notes payable, $100,000; accrued
interest, $11,250; other accruals, $53,165; provision for 1940 Federal income
tax, $70,272; 1st mortgage 6% bonds (due Nov. 1, 1941), $125,000; 1st
mortgage 6% bonds, $1,000,000; prior preferred stocks, $244,700; preferred
class A and common stocks, $566,666; surplus, $603,941; total, $2,884,444.
151, p. 3892.
r;
Kevsto ne Steel & Wire L.O. —D^-Cpnt Dinirlpnrl
iveystone Steel & wire Co
Directors have declared
Zp-cent mviaena
dividend of 25 cents per share on the common
a
2L In!heQnPfJ±1<lvi^,ar.Ci1 Dec#t0iRh°iIdcfSo^fJe?°rd ¥ar5bJ'
rJl 16» last 20 cents on Sept# 16
with 30 cents paid on
A bis compares
f
l|
last;,25 cents
on June 15 and on March 15, 1940; 20 cents on Dec
1939;
Sept. 15 and on June 15, 1939; 20 cents on April 15, 1939; dividends cf 10 cents paid cn Feb. 1, 1939, and on Nov. 1, 1938; 40 cents on
June 27, 1938; an<f 15 cents on April 15, 1938.—V. 152, p. 681.
15 cents
on
Keystone Telephone
Th,e Products are used by contractors and others engaged in construction
or other work in connection with highways, dams, canals, levees, soil conand other projects requiring the movement of earth.
All of the company's products have been designed and developed exclulively for use with all models of tractors manufactured by the Caterpillar
Tractor Co. There are other manufacturers making products for use on
tractors manufactured by the Caterpillar Tractor Co., and in competition
with the
a
'
_
Petroleum Co.—10-Cent Dividend—
payable March 15 to holders of record March 1.
Last previous
was made on April lo,
1938, and also amounted to 10 cents
share.—V. 146, p. 4121.
stock,
distribution
Co.
Earnings
Capitalization—Upon the issuance of the new cumulative convertible
preferred stock
Earnings for the Period July 1 lo Dec. 28, 1940
x
$2,321,364
after all charges
*
...
On combined stock cf 29,154 shares of class A common
shares of class B common.—V. 151, p. 2195.
216.291
$1.36
Company on Feb. 14 received contracts for the construction of two
complete batteries of coke ovens, with by-product recovery equipment.
The two awards have a combined value of more than $10,000,000.
The
ovens are to be built for the Monessen Coke & Chemical Co. and for the
Steel
Co.
Wood Preserving Division, it is announced by
'
„
.
r^.
Lake Superior
.
^
X.
r
I
r»
J.
7^.
District Power Co.—Initial Preferred DlV.
Directors have declared an initial dividend of $1.25 per share on the
preferred stock, payable March 3 to holders of record Feb.
5%
17.-—V. 152.
p'1132'
»
.
La
<iinrlr
block,
tore"™
be
S'acouteito o?«?^pment fhJrXr Wmat?d)^803 8M?fto)
^ KM toT«
uS
™kinr
to
working capital
^
for
Yantis & Co
^
13%tsS
York—-
f.|osff
2,200 shs.
8,250 shs.
Inc., Chicago
,
the respective •
1,335 shs.
Scott Mclntyre & Co., Cedar Rapids. Iowa--— 5,000 shs.
Murdock, Dearth & White, Inc., Des Moines, Iowa 3,750 shs.
Dempsey-Detmer & Co., Chicago. --------3,500 shs.
Barrett Herrick & Co., Inc., New York ----- — - - 2,000 shs.
Ouail & Co., Davenport, Iowa.
1,500 shs.
Sutro & Co., Los Angeles--.
-—
---—
1,000 shs.
^35shs.
530 shs.
400 shs.
—::-7
Nu.mber of shares of common stock initially called for by warrants to
be receiycd.
Stock Purchase Warrants—It is provided in the underwriting agreement
that the several underwriters shall receive from the company as additional
consideration for the purchase of the convertible preferred shares, stock
purchase warrants, in such denominations as shall be requested by the
underwriters, entitling the bearers thereof to purchase at any time on or
before, but not after, the expiration of three years from the closing date
a
10^00 shares SfcoZmon
purchased
such shares
so
stockofX^mplnratm.^pe?share,^ny
and nonassessable,
to be full-paid
The stock purchase warrants contain provisions permitting the holders
thereof to exchange their warrants for other warrants of other denomina-
tions.
provisions, substantially similar to
The warrants further contain
relating to the convertible preferred shares,
the holders of the warrants against dilution of the
shares of common stock in the event of stock dividends or stock split-ups.
Gr the sale of shares of common stock, or securities convertible into shares
of common stock, or stock purchase warrants or other similar rights entitling
the holders thereof to purchase shares of common stock, at a price more
the corresponding provisions
designed to protect
favorable or less than $12.50 for each share of common stock. The warrants further contain provisions permitting the company to pay cash or
fractional shares of common stock.
The warrants further contain provisions designed to protect the holders m
issue scrip certificates in lieu of issuing
tbe event of
sale
a
or
ITanfntirelym
p
0
•
,
a
i w
v
r'nmnar.v
y*
'
Sa„e
r»
exehancre bv the company of its property
and business
or merger
K39
of the
A0Z' p 9,5
jndu8trial
Finance Corp.—Earnings—
1941
3 Months Ended Jan. 31—
1940
■
S785.961
$1,164,539
341
1
*
t
.l,_
Dinifiend—
rn
rr;„i,
ol
JO-UWLUWiaena
J!reh" & hl"k Products to.
The directors have declared a di^dend of 35 cen^ per share on t"6
$5, payable March 14 to holders of record March l. lnis
compared with 62H cents paid on Dec. 14. last; 25 cents paid in each of the
three preceding quarters; a final div. of 62Kc. paid on Dec. 14, 1939;
2^-P^jd in each of the three, preceding quarters; 75 cents paid on Dec. 14,
1938; 20'cents Paid on June 14, 1938 and 30 cents paid on March 14, 1938—V. 152, p. 682.
■ v...'.
.
Plant-Choate
Offprpd
_
_
„
.
;
.
(R. G.) Le Tourneau, Inc.—Earnings—
x
Net income.
_
$7,731,325
$389,899 $10,740,845
$1,055,837
loss50,352
1,858,228
1,816,470
——
73,456
$4.13
$4.03
3749.
Per sh. (on 450,000 shs.)
x
1940—12 Mos.—1939
1940—Month—1939
After provision for depreciation
and income taxes.—V. 151, p.
_
^
calendar Years—
1940
Net profit$9,992,766
Earn, per sh. on cap. stk.
$3.97
a After depreciation,
mated) taxes.
J939_
•
$8,062,752
J§38
41ft19A7Q1R
$3,930,460 $10,518,918
Zr
other reserves, special write-offs and (1940 eeti,
,
,
.
.
<■.
n
Munnikhuysen has been elected Vice-President of this company
and general manager of the
directors.
V. 152, p. 430.
.
37,500 shs.
140 800 shs*
Gommon stock (par $5)---------------------duu.uuusns. i4u.»uus .
Purpose—Proceeds from the sale of 37,500 shares of cumulative convertible preferred stock will amount to approximately $642,549 after
deducting underwriting discounts and commissions of $93,750 and estimated expenses of $13,701.
So far as determinable, such net proceeds
Libbey-Owens-Ford Glass Co.—Earnings—
Koppers Co.:—Contracts—New Vice-President—
F.
Outstanding
Authorized
and 109,440
x
W.
in
*0U* °f ^ COmpany' the capitali"
Sff^uiatiye convertibleprpferred stockjpar $10) 37,500 shs.
Crnnmoi^storff SarlS^
300 000 shs'
Netsales.........
———
Earnings per share
Weirton
offered and the application of the proceeds thereof
now
JaUoX^be^s^ows81^1"8
•
" Period End. Dec. 31—
Net slaes
Net income
1936
(140,800 shares).
Dividend requirements on the 1,000 shares of 7% preferred stock now
outstanding and on the 37,500 shares of convertible preferred stock now
offered will aggregate $44,500 per annum.
,
Kirsch
1939ears En$^June 35937
Net sales
$2,466,628 $1,812,668 $1,523,768 $1,551,686 $1,144,175
Net earnings.
271,202
134,034
37,236
121,087
94,006
a Earned per sh,
$1.87
$0.90
$0.21
$0.81
$0.62
a Of common stock based on present number of shares outstanding
common stock, par
682
Directors have declared a dividend of 10 cents per share on the common
per
contractual relationships existing between
Company's sales have shown an upward trend as indicated below. For
the current fiscal year ending June 30, 1941, the management expects that
total net sales will exceed $3,500,000.
Net earnings for the fiscal year
ended June 30, 1940, were the highest in the company's history.
dividend of 50 cents per share on account of
on the $4 cum. pref.
stock, and a dividend of 37H cents
share on account of accumulations on the $3 cum. pref. stock, both
payable March 12 to holders of record Feb. 28.
These will be the first
dividends paid on the preferred shares since the latter part of 1932.—
Kirby
are no
for the company's products and filled by the company.
accumulations
*
There
company.
company and the Caterpillar Tractor Co., except orders which are
placed from time to time by the Caterpillar Tractor Co. with the company
per
n
The general character of the business done
Volume of business..--—
Directors have declared
152
.
8erjation projects, airports, railroads, mining operations, land leveling
Co., Philadelphia—Accumutai°.d
Dividend—
V
m
Principal products manufactured are; Trailbuilders, bulldozers, scrapers
sno^ PlQws for such
land clearing attachments, tampers and rippers, as well as
repair parts
equipment.
F. S
1939
$692,824
13,939
—
V.
„
Schroder Rockefeller & Co., inc., New
^
totai,
and Sutro & Co
amounts
Keyes Fibre Co.—-Earnings—-
Net profit from manufacturing operations-..--.-Other income--.*.
DpsrHi Ar Whifp
Underwriting—'The names' of the severalas follows:
underwriters, and
of s^urities underwritten, are
Sept 60 and
8ept* 30and on June 29' last-—V. 151, p. 3241.
on
on
Murdoch
*7
„*
;
Transfer agents, Harris Trust & Savings Bank, Chicago and Merchants
National Bank, Cedar Rapids, Iowa.
History and Business—The business was started in 1911 and was incor-
1940
1941
_
.
Quail & Co
Ry.—Earnings—
Mmth of Jawmry—
Railway operatiag
Railway operating
Scott McTntvre Ar Co
is the manufacture and sale of earth moving equipment, to be used in conjunction with tractors manufactured by the Caterpillar Tractor Co. The
ooYn?A^«"^nQ
$?oo?'i??
7,907,145
7ia
iaa
fiS?
in^'trf
taxes
taxes_
ion
Ine
j
porated in Delaware in 1927.
,
8,144,311
«*§'£§§
178,085
180.846
o
«i«
I't?a
icn'S?
P
of
investments
Stateinc
«70/)
a'Slo
&Vrem"
income deductions
'&
Fed
wo
ifini?
charts"
of disc
itTi? en?
7n7R9?
707,627
«i
Net earnings
term
v
n
Operating expenses
vperaimg expenses
Interest
-
City Power & Light Co.—Earnings—
Fnri
Amortiz
®i,ouufoio, wwi,
V
I
Kansas
&c.,
taxes,
wages,
taxes on income, $58,744; common stock
$402,142;
Co
-S '
NlCiniyre CZ i^O., iviuraocn, IJeartn <X WOlte,
Inc., Dempsey-Detmer & Co., Barrett, Herrick & Co., Inc.,
A
now
ujjerea
a new
convertible preferred
Manufacturing
i<s<5iiP
nf
issue or
^7 nOO
o/,ouu
Co.,
<?bflrp<?
snares
stock ($1 dividend)
Inc.—Preferred
of
01
was
piimulntivp I
cumulative
offered Feb.
uiviaena
The directors have declared a dividend of 50 cents Per share on the
common stock, no par value, payable March 15 to holders of record March 3.
This compares with $2 paid on Dec. 16, last: 50 cents paid in each of the
tnree preceding quarters; $1.25 paid on Dec. 15, 1939; dividends of 50 cents
were paid in each of the four preceding quarters and dividends of 25 cents
were paid in Sept. 15, June 15 and March 15,1938.—V, 151, p. 2945.
Libby, McNeill & Libby—Selling Group Terminated—
Glore, Forgan&Co. on behalf of the selling group which offered 3,018,639
shares of common stock, announce that they terminated the selling group
ag of the c]ose of businegs Feb. 14, and that all price restrictions as to the
agreement have been removed.—V. 152, p. 833.
The Commercial & Financial Chronicle
1286
(Marcus) Loew
Liberty Aircraft Products Corp.—Earnings—
1940
Calendar Years—
Net profit
Earnings per share on common
1939
a$247.441
$1.24
;
,
S37,541
$0.30
After deductions for Federal income and excess profits taxes of $181,326
1940 and $828 in 1939.—V. 151, p. 3749.
a
in
Volume of business done
Net profit after charges and taxes-_...^_
Federal income and
a
1939
$4,233,387
1940
Calendar Years—
—
profits taxes
excess
were
$7,338,103
al37,010
92,868
$47,500 in 1940
agains
as
$22,431 in 1939.—V. 151, p. 2649.
Lima Locomotive
-Earnings—
Works, Inc.
Years Ended Dec. 31—
1939
1940
1938
$3,208,400
5,277,595
101,757
1, 1940; Dec. 15, 8ept. 30, and in June, 1939, and dividend
paid on March 31, 1939.—V. 151, p. 3400.
June 29, April
of $21 was
x$87,856
127,840
x$697,573
84,234
$456
$215,695
81,369
Provision for depreciation.
Other charges.
Loss
Other income.
Electric
Co.,
Inc.—Sale
Louisiana & North West RR.—Trustee—
Sterling National Bank & Trust Co. of New York has been appointed
$351,730 principal amount of 5% income debentures
due Jan. 1, 2008.—V. 152, p. 432.
trustee for an issue of
Louisville Gas & Electric Co.
(Del.) (& Subs.)—Earns.—
Years Ended Dec. 31—
*1940
y
$87,007
$0.41
Earnings per share
x$134,326
Nil
x Loss,
y On 211,057 shares of no par value common
Samuel G. Allen, Chairman, states:
"Unfilled orders on the books as of Dec. 31, 1940,
amounted
defense contract
x$687,035
Nil
(not including the
Since the close of the year,
18 locomotives which, combined
additional orders have been received for
with the carry-over from the previous year, makes a total of 50 locomotives,
and unfilled orders of $8,846,700 available for 1941 production.
There is
every reason to
anticipate
continuation of
a
a
year."
Comparative Balance Sheet Dec. 31
1940
$
b Land, bldgs.,ma¬
chinery, &c
2,834,005
Drawings, patt'ns,
dies, &c
133,444
Goodwill
5
Common stock..
6,331,700
6,331,710
Bills pay. (banks).
125*878
liabs..
500,000
855,176
283,975
Adv.pay. on contr.
5,140,936
c
2,853,155
Accounts
125,959
1
2,657^,968
34,255
34,255
Market secur
1939
3
Liabilities—
6,338,376
Cash
1940
1939
$
Misc.
Res.
payable.
accr.
for
Taxes
Fed.
167,571
36,075
inc.
djBills & fltects. rec. 2,909,083
1,735,696
(1937)
Res. for conting..
Inventories
2,113,381
Deferred charges..
113,180
52,221
131,802
reserve
16,253,200
b After
9,685,816
16,253,200
9,685,816
for
depreciation amounting to $4,233,028 in 1940 and
$4,134,364 in 1939.
c Represented by 211.057 no par shares,
d After
reserve of $30,000.—V
150, p. 1139.
reserve
Lincoln Service Corp.
&
1940
$487,721
Operating
5,411
5,701
$493,132
290,670
trustee
$323,132
202,353
$202,462
57,631
Common dividends
Divs. on stk. of subs, to min. interests
Federal & State income taxes (years
$130,598
41,133
$120,778
11,526
$260,094
34,417
40,603
37,500
6,918
$171,732
34,977
13,314
37,496
7,017
$132,305
34,956
1,806
37,359
3,891
25,003
6% partic. preferred dividends.
21,295
-13,157
$115,651
$57,631
$41,133
1939-8-7)
Earned
surplus (Doc. 31, before
current year's income tax pro¬
visions)
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $150,596; instalment notes receivable (less: reserve for
doubtful
notes
of $45,393),
$1,580,344; notes receivable (stockholders,
secured), $5,833; due on subscription contracts, $25,409; cash surrender
value (life insurance policy), $4,571; furniture and fixtures (less: reserve for
depreciation of $10,008), $20,724; leasehold improvements (less: reserve for
amortization of $1,025), $1,249; goodwill (excess of acquisition cost of net
assets resulting from the purchase of
capital stock in subs.), $36,188;
deferred charges, $147,619; total, $1,972,535.
Liabilities—Notes
payable (unsecured), $545,000; accounts payable.
$4,638; accrued interest on debenture bonds, $92; accrued taxes (other
than income taxes), $1,168; 7% debenture bonds, $4,600;
minority interest
in capital stock of sub. cos., $5,799;
7% cum. prior pref. stock ($50 par
value), $488,850; 6% cum. partic. pref. stock ($25 par value), $732,500;
common stock ($1 par value),
$30,000; earned surplus, $115,651; paid-in
surplus, $44,236; total, $1,972,535.—V. 151, p. 2502.
Stores, Inc.-—Sales—
Period End. Jan. 31—
Sales
1941—12 Mos.—1940
$5,968,370
$5,732,389
dividend of 30 cents per share on the common
stock, payable March 1 to holders of record Feb. 21.
Dividend of 25 cents
a
paid on Dec. 27, last, and regular quarterly dividend of 25 cents was
paid on Dec. 2, last.
Extra dividend of 25 cents was paid on Jan. 26, 1940.
—V. 151, p. 3893.
was
bonds
Inc. (& Subs.)—Earnings
1940
152, p. 124.
Robbing, Inc.—Reorganization Plan Goes to
SEC—Federal
the
1939
$620,266
$1.03
$912,031
$1.52
After all charges, including taxes.—V.
Orders
Court
Commission
to
Report
by
;v /Xs.-':
Federal Judge Alfred C. Coxe Feb. 20 ordered sent to the Securities and
Exchange Commission for report by March 25 an amended reorganization
plan, which was submitted to him by William J. Wardall, trustee.
A plan of reorganization for the drug firm has been the subject of extended
hearings recently held by Judge Coxe in the U. S. District Court, and the
document submitted Feb. 20 was said by Mr. Wardall to have the approval
of the protective committees representing security holders.
The amended plan gives the preference stockholders of the company
a larger share in the division of the equity, raising from 79.05 to
81.3% the
ratio of new common stock which they are to receive in the proposed re¬
organization. Agreement on this point had resulted, Mr. Wardall said, in
the preference stockholders withdrawing their objections to the plan.
By agreeing to review the situation before seeking final confirmation if,
because of a change in market conditions, the new securities provided for
creditors under the plan were not then worth their par value, Mr. Wardall
also met objections advanced by the debenture holders protective committee
which agreed to withdraw certain amendments which they had proposed.
Judge Coxe, in finding that the amended plan was worthy of consider¬
ation, specified that the report of the SEC, required by law as the next
step in the proceedings, be rendered on or before March 25.
If the Com¬
mission's report, which is advisory in nature rather than mandatory,
presents no further complications, the Court will be asked to authorize
submission of the reorganization plan to a vote of the creditors and stock¬
holders of the company.
Provisions of Amended Plan
Following
are
the chief provisions of the amended plan of reorganization
submitted to the Court by Mr. Wardall:
(1) The principal amount of all debt (except priority debt which is tq be
paid in cash in full) is to be paid 40% in cash, 40% in new 15-year 4%
as
sinking fund debentures and 20% in new 5J^ % cumulative preferred stock.
If, however, these new debentures and preferred stock can be underwritten
or sold at the same or better rates to net the
company par in the aggregate,
creditors will receive cash in full.
1941—Month—1940
$301,484
$283,608
Common Dividend—Directors have declared
First Mortgage 20-year 8%
Net profit
a
March 25—
7 % prior preferred dividends
for
sum of $31,797 now in the sinking fund, at prices not
and accrued interest.—V. 152, p. 432.
(before current year's
Earned surplus—Jan. 1.
Lincoln
as
McGraw-Hill Publishing Co.,
14,887
$360,623
230,025
$1,401,048
bonds to exhaust the
McKesson &
expenses
Net income
Co.,
Calendar Years—
$308,245
1,354,920
$1,403,450
Trust
to exceed par
a
of another
Total income
1,354,920
(extended to Nov. 1,1955. at the rate of 5% per annum) announced that it
will receive at the corporate trust department of its New York office up to
March 19, 1941, sealed proposals for the sale to it of sufficient of these
1938
$354,922
$2,755,968
pref. stock of Louisville Gas & Elec.
Earnings per share of common stock
realized from liquidation
company)
profit
1939
06,000
24,510
Lukens Steel Co.—Tenders—-
(& Subs.)—Annual Report-
Calendar Years—
Interest on instal. notes receivable
Other income (incl. management fees
$4,294,373
1,030,450
160,227
42,218
250,000
37,000
Preliminary.—V. 152, p. 834.
x
561,680
7,869
250,000
37,000
022,561
22,062
$2,758,370
on
Net income..
2,683,083
Total
construction
Balance-
Dividends
Bankers
Total
_
Miscellaneous
113,180
444,212
Deficit
funded debt
Amortization of flood and rehabilitation expense.
Amortiz. of contractual capital expenditures
790,000
Capital surplus-2,669,083
70,499
222,294
Amortization of debt discount and expense
Other interest-
Interest charged to
$4,073,965
220,408
$4,243,417
1,030,450
160,227
Gross income
on
637,306
$4,021,122
Net operating income
Other income
Accident insurance
3,801,735
Accident ins. fund.
131,802
1,160,874
1,172,500
Co. (Ky.) held by public
52,730
732,000
taxes
1,428
(other than income taxes)
Interest
645,715
1,300,000
1,427
1,137,132
1,370,500
Provision for Federal and State income taxes.
satisfactory volume of both
locomotive and excavating equipment orders during the remainder of the
Assets—
595,533
Maintenance
Amortization of limited-term investments
$6,362,700.
to
Operation
Appropriation for retirement reserve
stock.
1939
$12,224,283 $11,190,346
3,902,326
3,394,802
Operating revenues
Net profit
of Bonds
Exchange Commission on Feb. 17 permitted to become
effective a declaration filed pursuant to the Public Utility Holding Company
Act of 1935, regarding the issuance and sale of (a) $570,000 1st mtge.
3H% bonds, series A, due Jan. 1, 1961, to the John Hancock Mutual Life
Insurance Co. at 99 and interest, and (b) $190,000 2K% serial notes,
due annually from April 1, 1942 to April 1, 1946, inclusive, to the City
National Bank & Trust Co. of Chicago at par.
The company proposes to use the proceeds of the sale for the redemption
of its present indebtedness aggregating $477,000 and to defray in part the
ost of its construction program for 1941.—V. 151, p. 832.
The Securities and
$781,807
94.772
admin. &
&
Ice
Privately—
3,829,231
>
76,742
87,463
Cost of sales, incx. selling,
$5,291,497
$101,658
102,114
.
$6,801,764
6.557,552
142,554
Sales
Theatres, Ltd.—Accumulated Dividend
Directors have declared'a dividend of $3.50 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable March 31
to holders of record March 15.
Like amount was paid Dec. 21, Sept. 30,
Louisiana
Liberty Loan Corp.—Earnings —
s
Fe\>. 22, 1941
The amount of debt is estimated to be
$29,596,095 plus interest.
(2) Interest to the date of distribution is to be paid at the rate of 5H%
the debentures and on overdue interest instalments thereon.
Interest
will be paid at the rate of 3 % on the bank debt and at whatever rate is
on
legally owing
on
all other debt.
The trustee disclosed that he had
been
advised that a group of the larger drug and liquor creditors of McKesson,
representing approximately $5,100,000 of merchandise and expense debt,
have agreed to waive interest in excess of 3 %.
(3) A new common stock, representing more assets and earnings than the
stock now outstanding is to be created. Holders of present prefer¬
stock will be entitled to receive 2.3 shares of this new common stock
common
Lindsay Light & Chemical Co.
Calendar Years—
Net earnings
Earnings per share
—V. 151, p. 2502.
-Earnings—
ence
for
1940
$89,204
on common
1939
$68,882
$0.89
$1.20
Liquidating Finance Corp.—Officers Indicted—
The Securities and Exchange Commission on Feb. 14
reported that five
officers of the corporation were indicted on charges of
selling notes of that
company at a time when they knew it to be insolvent.
The indictment,
which
was
returned
by the grand jury of Cuyahoga County, Ohio, named
Peck, Cleveland, President;
William H. Lane,
Vice-President; Paul H. Hartman, Assistant Treasurer, both of Worcester;
May E. Rundt, Secretary, and Margaret V. Zola, Treasurer, both of
Cleveland.
The company was in the business of
trading in "pass books"
of inactive financial institutions such as trust
companies and building and
loan associations in process of liquidation.
The indictment also charged
as
each
share
of
preference stock now held, including accumulated and
unpaid dividends.
(4)
Holders of present common stock will be entitled to receive onequarter share of new common stock for each share now held.
(5) The amended plan estimates prospective earnings of $4.32 for a
normal year on the 2.3 shares of new common stock to be Issued for each
share of old preference stock and $0.47 for the one-quarter share of new
common stock to be issued for each share of old common stock. This earnings
estimate assumes the underwriting or sale of new debentures and
preferred stock with rates of 3}4% and 5% respectively.
defendants Bernard J.
that
the
defendants sold the securities in an amount greater than
registered by qualifications with the State Securities Commission.
were
holders
dividend of $2.50 per share on account of
pref. stock, par $100, payable April 14 to
of $2 were paid on Oct. 1 and
1940; dividends of $1.50 per share were paid on Oct. 30, 1939
on
of record
tne
6%
a
cum.
March 31.
Dividends
April 12,
and on April 29, 1939; $2 paid on Oct. 1, 1938; $4 on Jan. 28,
1938; $2
Oct. 28, 1937, and $4 paid on Jan. 25, 1937.—V. 151, p. 3565.
The
new
securities estimated to be issued are:
$11,800,000 of 15-year 4% sinking fund debentures as compared with the
present $15,725,000 of 20-year 5H% convertible debentures.
59,000 shares of 5H % cumulative preferred stock (par $100), as compared
with 595,712 shares of
1,685,901
shares
of
$3 series preference stock now outstanding.
new common
stock (par $18) as compared
1,263.053 shares (par $5),
Lit Brothers, Philadelphia—Accumulated Dividend—
The directors have declared
accumulations
on
new
New Securities to Be Issued
with
now outstanding.
Under the present capitalization, the interest, sinking fund and amortiza¬
tion charges on debentures in 1940 amounted to approximately $1,698,000.
Under the amended plan the estimated annual interest and sinking fund
charges will be only approximately $767,000.
that the
and
new
debentures will be underwritten
This is on the assumption
or
sold with
a
3H%
coupon
3 % annual sinking fund.
Judge Coxe set March 31 as the date for the next hearing to consider the
a
advisory report of the SEC
on
the McKesson reorganization plan.
'
I
.
Volume
The Commercial & Financial Chronicle
152
Sales—
1287
Consolidated Balance Sheet Dec. 31
i
Consolidated net sales for the month of
January rose 9.60% over sales
to preliminary figures announced on
by William J. Wardall, trustee.
Total sales for the month were
$14,136,946 compared to $12,898,863 last year.
I* Sales of the drugs and sundries department showed a comparative increaseof 11.51% over January,
1940, being $11,140,972, against $9,990,819.
Wine and liquior department sales of $2,995,974, were 3.02%
above the sales of $2,908,044 in January, 1940,
according to the preliminary
figures—V. 152, p. 989.
a
The directors
declared
have
dividend
of
50
th6
stock, par $10, payable March 15 to holders of record Feb. 28. This
compares with year-end dividend of $1 paid on Dec. 16. last; 50 cents paid
in each of the three
preceding quarters; $2 paid on Dec. 15, 1939; dividends
of 25 cents paid in each of the three
preceding quarters; 55 cents paid on
1^38; 25 cents paid on Sept. 15, 1938; 35 cents paid on June 15
a
cents
per
share
on
ferred charges—
1937.—V. 151. p. 3094.
a year-end dividend of $1.25 paid on
F. D. Oorley, President, in his remarks to shareholders states in part:
Operating results for 1940 showed a further continuation of the improve¬
which began in 1938, and each division of the business again increased
The results of the years 1940 and
its net operating profit for the year.
follows:
IQAH
Retail division
...........
Manufacturing division
Real estate division....
Profit from operations
Interest charges.
Provision for Federal income taxes
Net profit for year
Earnings
were
1 Q^Q
Tnrrpn^p
$6,789,126
1,199,520
427,385
$5,320,933
725,319
385,806
$1,468,193
474,201
41,579
$8,416,031
1,043,050
1,680,000
$6,432,058
845,500
950,000
$1,983,973
197,550
$4,636,558
$1,056,423
$5,692,981
divided into quarterly periods
as
$854,405
720,697
848,974
3,268,905
Third quarter
Fourth quarter
730,000
follows:
1940
First quarter
Sopond quarter
1939
$428,184
607,051
683,223
2,918,100
Merchandise sales and real estate income by quarters were as follows:
1Q40
First quarter....
Second quarter.-...-..
1Q3Q
Tnrrpnvp
Fourth quarter-
..
Total for year.
$20,202,550 $18,049,598
20,063,200
19,619,146
21,034,083
20,201,408
31,473,387
28,903,769
11.9%
2.3%
4.1%
8.9%
$92,773,220 $86,773,921
Third quarter.............
6.9%
Financial Matters—Company has recently concluded negotiations which
substantially reduce the interest charges on its funded debt, all of
will
which is held by one large institutional investor.
The interest rate on
$10,000,000 of first mortgage serial bonds, series 1, maturing $500,000
semi-annually from May 1, 1942 to Nov. 1,1951, inclusive, was reduced by
agreement from 4% to 3%, and the interest rate on $4,000,000 of first
mortgage serial bonds, series 2, maturing $500,000 semi-annually from
May 1, 1952 to Nov. 1, 1955, inclusive, which had been 3% until Nov. 1,
1941 and 4% thereafter, was fixed at 3% for the balance of the term. These
reductions of interest rates became effective Feb. 1, 1941, and will lower
the company's annual interest requirements by amounts ranging from
$100,000 to $140,000.
In addition, the company was granted the privilege of making optional
pre-payments, at par, of $500,000 of its first mortgage serial bonds in each
six months' period beginning Nov. 1, 1941.
At the company's request the
last $500,000 instalment of such bonds, due Nov. 1,1955, was made payable
Nov. 1, 1941, in order to expedite debt retirement.
As a result of these changes, the company is now in a position to repay
its debt, at par, twice as fast as its two indentures require such repayment.
This lends considerable elasticity to future financial plans without attaching
a penalty for the privilege of such accelerated payments.
The financial reorganization, consisting of the exchange of certain of
the former 6% cumulative preferred stock for the new 6% cumulative
preferred shares, second series and common shares, and of the purchaseand
retirement of certain 6% cumulative preferred shares, was fully consum¬
mated early in 1940.
Shareholders will observe that provision for Federal income taxes for
1940 was $1,680,000, which is $730,000, or almost 77% over the accrual
made for 1939. This provision was based upon all Federal income taxes in
effect at Dec. 31, 1940, as contained in the Second Revenue Act of 1940.
As the tax regulations interpreting and construing this law had not been
published on the date this report was printed, there necessarily exists some
uncertainty as to the exact effect of this law on the company's Federal
excess profits tax liability; however it presently appears that the company
has no liability with respect to excess profits tax.
General—The favorable results of operations during 1940 are a source of
gratification to the management, which was confronted with many unusual
and difficult problems.
We recognize that with world and domestic con¬
ditions in a turmoil these problems are more likely to increase in com¬
plexity than to decrease, also that past experience is no longer as accurate
a guide to future decisions as was formerly the case.
A sudden termination of European hostilities, or domestic events of major
economic importance not subject to accurate advance appraisal, may
render any forecast worthless. With this reservation, it nevertheless appears
to us that the outlook for an increased volume of business in consumers'
goods lines is comparatively bright for 1941. Consumer purchasing power
should enjoy at least a moderate advance as the vast sums being spent for
National Defense filter through our economic system.
At the same time,
we are faced with increasing costs of doing business, and any forecast that
ignored the necessity of obtaining greater sales volume in order to earn an
equivalent net profit would be lacking in realism.
While our situation
permits our taking advantage of any further improvement in business con¬
ditions which may develop, we are attempting to guard against any over¬
extension of our inventory position and expense level which would prove
detrimental should business activity recede.
Consolidated Income Account for Calendar Years
1940
Net sales to customers..$89,970,018
y
1938
1937
81,981,372
77,983,128
75,569,902
98,291,859
$7,988,646
$6,046,252
$4,078,264
x$650,120
427,385
385,806
209,968
Dr25,297
..I $8,416,031
$6,432,058
845,500
$4,288,232
612,257
x$675,417
665,105
Net prof, from oper
Profit from real estate
.
z
1939
$84,029,380 $79,648,166 $97,641,740
Cost of sales & oper.
expenses...
.
operations
Total profits
Interest paid
Prov.
for
amt.
-
due
1,043,050
under
—
950,000
33,737
150,000
313,930
Net profit........... $5,692,981
Preferred dividends
900,000
Common dividends
2,721,268
Earns.persh.oncom.stk.
$2.47
$4,636,558
2,040,704
583,129
$1.92
$3,492,238 x$l,654,452
446,526
2,411,931
a dividend of 25 cents per share on the common
stock, payable March 1 to holders of record Feb. 25.
This compares with
12K cents paid on Dec. 2 and Sept. 2, last; 25 cents paid in two preceding
quarters, 35 cents was paid on Dec. 1,1939, and previously regular quarterly
dividends of 25 cents per share were distributed.—V. 151, p. 1284.
w
Metropolitan Life Insurance Co.—Annual Report—
The company issued $1,708,837,245 of paid-for life insurance in 1940 and
paid its policyholders and their beneficiaries the record amount of $608,993,958, during the year, FrederickH.Ecker, Chairman of the Board, and
Leroy A. Lincoln, President of the company, announced in the annual
report for the year 1940.
As a result of the year's production, together with
the amounts of insurance revived and increased, the companys total life
insurance in
force
at
the
end
of the
year
stood at a new high
figure of $23,923,784,178, held by upwards of 28,500,000 persons in the
United-States and Canada.
Classified by kinds of insurance, the Metropolitan's issue last year was:
ordinary, $935,820,230; industrial, $595,493,124; and group, $177,523,891;
while the total In force was made up of
$12,268,031,262 ordinary insurance,
$7,505,005,064 industrial and $4,150,747,852 group.
The company also
had outstanding personal and group accident and health insurance pro¬
viding principal sum benefits of $1,538,261,000 and weekly benefits of
$21,674,382.
The payments to policyholders in 1940 were made at an average rate of
$5,024.70 a minute of each business day.
Besides adding $185,878,238 to
the statutory and contingency reserves held for the protection of all policy¬
holders, ordinary and group life policyholders received a total of $31,163,593; industrial policyholders $278,798,172; and accident and health policy¬
holders $20,032,193.
The amount actually paid out to policyholders and
beneficiaries aggregated nearly $609,000,000 and was the largest total
amount ever paid to policyholders in a single year, marking the ninth suc¬
cessive year in which such payments have exceeded a $500,000,000.
The company's assets at the end of 1940 were:
$5,357,791,636 as com¬
pared with liabilities of $5,017,551,552, special surplus funds of $16,370,000
and unassigned funds (surplus) of $323,870,084.
As the Metropolitan is a
mutual life insurance company, all assets are held for the benefit of policy¬
holders.
It was further announced that the Metropolitan has set aside a total sum
of $112,417,253 for dividends payable to policyholders in the current year,
and together with additional amounts of dividends that will accrue during
1941 on group policies the company expects during 1941 to pay out about
$117,000,000 in dividend to policyholders.
This is about the same as the
corresponding amount for 1940. The amount held for payment of dividends
to ordinary and group life policyholders is $57,881,878; for industrial policy¬
holders, $50,695,375, and for group and individual accident and health
policyholders, $3,840,000.
The aggregate sum paid or credited to date by
the company to its policyholders for dividends (and bonuses prior to
mutualization in 1915), together with the declarations for 1941, amounts
to $1,670,480,711.
The figures released by the insurance company also compared its present
position with that at the end of 1930, thus evidencing its growth during
the "depression decade."
In that period, the outstanding life insurance
increased by more than $5,000,000,GGO, while the company's payments to
policyholders totaled more than $5,250,600,000, or an average of more than
$500,000,000 a year during the period.
Middle States Telephone
P*
Nil
Midvale
Co.
(& Subs.)—Earnings—
y The provision for depreciation of buildings and equipment, &c.,
as a deduction in the foregoing statement amounts to $2,372,966
$2,464,282 in 1939, $2,349,332 in 1938, and $2,421,375 in 1937.
zlRental income from tenants $2,803,202 in 1940, $2,744,541 in 1939,
Loss,
$2,631,750 in 1938, and $2,403,074 in 1937, less operating expenses, after
merchandising divisions $2,375,817 in 1940, $2,358,735
in 1939, $2,421,782 in 1938, and $2,428,371 in 1937.
Note—Provisions for real estate, personal property, social security,
franchise. occuDation and other taxes, included as deductions, amount to
$4,327,964 in 1940 and $4,196,288 in 1939.
$2,317,397
25,583
$2,526,286
40,223
$7,712,737
Prov. for depreciation..
460,000
Profit partic. off.& empl.
375,000
Prov. for income taxes.. x3,650,000
$3,318,635
460,000
289,864
z865,000
$2,342,980
460,000
198,770
z440,000
$2,569,300
$3,227,737
1,797,875
$1,703,771
1,298,414
$1,244,210
998,721
$1,341,816
1,198,426
Balance,surplus..... $1,429,862
on 200,000
cap.stk. (nopar).
$16.14
$405,357
$245,489
$143,390
Net
earns,
from oper
$7,666,678,
$3,278,412
46,060
Other income
Total Income....
Net profit..
....
Dividends paid
....
"
43,014
460,000
255,484
y512,000
Earns.per sh.
$6.22
$6.71
x Includes $1,715,000 for Federal income tax,
$1,745,000 excess profits
tax, and $190,000 Pennsylvania income tax. y Includes $100,000 provision
for Pennsylvania income tax and $57,000 for Federal surtax on undis¬
tributed profits,
z Includes $177,000
($100,000 in 1938) provision for
$8.52
shs.
Pennsylvania income tax.
Harry L. Frevert, President, states:
"At the end of the year the dollar value of unfilled orders was $42,126,675.
About 77% of this amount represents contracts with various agencies of the
U. S. Government for purposes of National Defense.
An additional small
percentage, diffficult to determine, represents orders from prime con¬
tractors to Midvale as a subcontractor for materials also required for the
defense program."
Consolidated Balance Sheet Dec. 31
1940
Cash in banks &
cost
244,692
3,763,703
1,369,388
269,692
Acer,
1,442,026
617,858
888,870
560,129
inch
llabs.
.
.
_
Fed. & Pa. income
3,486,845
820,000
2,112,995
3,728,668
1,424,969
2,298,805
...-23,085,283
17,592,49$
taxes—curr.
Reserves
Surplus
U. S. Treas. 1H%
due June
15,1941-.
$
Advances rec'd on
contr. in process
664,502
prof, partic.
5,332,961
sees, at
6,289,711
2,624
on
hand
1939
$
IAaMUies—
Capital stock...10,574,621 10,574,621
Accounts payable.
851,257
1,296,116
z
Accounts receiv. 2.933,531
Mktle.
1940
1939
$
&
plant
equipment
6,517,927
Dep. in closed bk.
2,624
Special production
facilities
721,149
-
yr.
notes,
Deferred charges
x
p.
Total.
—
.
.
.571,094 in 1940 and $6,114,150
depreciation of
After reserve,
z Represented by 200,000 no par shares.—V.
3750.
After reserve for
1939.
151,
37,000
5,177,266
18,612
37,308
.23,085,283 17,592,498
Total
in
-.
37,000
7,258,089
Inventories
rentals charged to
1937
1938
1939
1940
Calendar Years—
included
in 1940,
Co. of Illinois.—Bonds Called
outstanding first mortgage s. f. 4K% bonds, series A due
1963 have been called for redemption on March 17 at 103 and
accrued interest.
Payment will be made at the First National Bank of
Chicago.—V. 147, p. 425.
All of the
July 1,
y
$1.04
quarterly dividend of $1 per share on
Directors have declared
Assets—
1,680,000
initial quarterly dividend of 25 cents per share
both payable March 1 to holders of record Feb. 20.
...
x
92,164,748 89,490,050
Merrimack Hat Corp.—25-Cent Dividend—
w
xProp.,
option
exercised in 1938
Provision for taxes
an
the common stock, and an initial
the preferred stock,
—V. 152, p. 684.
to
estate of James O. Mc-
Kinsey
Total..
May, McEwen Kaiser Co.—Initial Dividends—
Directors have declared
on
Marshall Field & Co.—Annual Report—
as
92,164,748 89,490.0501
After depreciation and amortization of $26,293,800 in 1940 and $25,"*
in 1939.
b Represented by 1,943,763 no-par shares.—V. 151 •
p. 3566.
a
Duncan, former Vice-President and General Manager of this
A. Russell.—
1939 compare
-.
1
Total
company has been named president to succeed the late T.
V. 152, p. 834.
ment
....
470,870
079,631
Massey-Harris Co.—New President—
James S.
1,590,103
3,940,332
3,492,341
1,680,000
650,000
500,000
684,419
1,784,688
1,893,931
523,940 Paid-in surplus—10,167,279 10,167,279
Earned surplus.
8,702,726
10,774,439
trade¬
marks, &c
Dec. 15,
salaries,
wages, &c
Accrued taxes
Curr. sk. fd. pay..
Reserves
756,077
lnvest'ts.
Goodwill,
5,449,200
16,818,815
28,350,000
Accounts payable. 3,539,952
2,934,098
Accrued
Prepayments & de¬
MIscell.
5,449,200
stock. 16,818,815
9,550,800
Funded debt.....27,850,000
10,626,126
12,846,651
.10,996,953
13,749,921
$
$
series
b Common
Notes and accounts
common
?5&Marcb 15, 1938; and
Liabilities—
6% cum. pref. stk. 9,550,800
6% cum. pref. 2d
buildings, equip¬
ment, &c._
58,245,197 59,008,572
Cash
4,354,947
6,764,999
Tax antic, warr'ts.
90,782
35,342
U. S. Treas. notes. 3,500,000
Inventories
1939
1940
$
Land, leaseh'lds,
receivable
Magma Copper Co.—50-Cent Dividend—
1939
1940
dssrts—
like period of 1940, according
i?
y
...
.
The Commercial & Financial Chronicle
1288
an
Mid-West Refineries,
payable April 1
to holders of
Net sales.
-
.
$2,875,746
2,600,685
-
Cost of products sold
Gross profit on sales
$275,060
133,272
.
Selling, general & administrative expenses
operations
-.
$141,789
5,382
_
Other income
Total income--
Other deductions
$147,171
11,249
—
Net profit before provision for Federal income taxes
;
;
$416,270
Pay 12}/fr-Cerd Dividend
$232,662
5,807
$345,399
8,743
Depreciation.
$416,465
22,555
a139.000
$406,816
21,945
80,000
$238,469
21,339
41,000
$354,142
21,089
$254,909
S3G4.871
150.000
150,000
$176,130
150,000
$282,852
200,000
$104,909
$154,871
$26,130
$82,852
$1.27
$1.52
$0.88
$1.41
_.
Earns, persh. on 200,000
shs. com. stk. (no par)
Balance Sheet Jan. 31
S.
1940
$1,203,706
payable March 25 to holders of record March 14.
Last previous
Dec. 27, 1937, and also amounted to 12>£ cents
share.—V. 146, p. 3960.
Minneapolis
Paul
St.
&
Sault
Ste.
Marie
Ry.—Re¬
204,719
1,162,156
1,098,369
1,193,445
1,329,408
862,245
15,745
a
dividend of 50 cents per share on the
Calendar
Years—
1940
To
1939
$2,892,767
529,577
$5.63
dividend of $1 per share on the common stock,
payable March 1 to holders of record Feb. 21.
Like amount was paid on
Dec. 2, last; stock dividend of 40% was paid on Sept. 30, last; dividend of
$1 per share was paid on Sept. 1 and June 1, 1940, and a dividend of 50
cents was paid on March 1, 1940.—V. 151, p. 3095.
a
Monongahela West Penn Public Service Co.—Proposes
Sale of Additional Common to Parent—To Reduce Stated Value
The
and
Exchange
Nashua
Water Works &
additional shares of
Electric Co.,
common
stock to the parent company.
Monongahela proposes to change its common stock from shares with a
value of $15 each to shares without par value and to reduce the amount
of capital to be represented by such shares from
$11,761,470 to $5,096,637.
The company will credit the amount of the reduction to its
capital surplus.
The subsidiary company also proposes to issue and sell 133,402 additional
shares of its common stock (no par) to the parent
company at $15 a share.
The proceeds from the sale of these shares will be applied to the
completion,
construction or acquisition of improvements, additions and betterments to
the subsidiary's plant and property.
According to the declaration, the transactions are being entered into to
permit Monongahela to write off amounts aggregating $7,687,591 from its
property account in compliance with the Uniform System ol Accounts and
par
orders of the Public Service Commission of West Virginia and
eral Power Commission.—V. 151, p.
3750.,****
ot the Fed¬
~
feif
Montana-Dakota Utilities Co.—10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, par $10, payable April 1 to holders of record March 15.
Dividends
of six cents were paid on Dec. 28, Oct. 1,
July 1 and
April 1,
V. 152, p. 270.
par
Total
-
shares,
—
y
—
$4,838,044 $4,629,866
Less allowance for depre¬
z Includes payroll.
'
Manufacturing Co.—Accumulated Dividend—-
have declared a dividend of $1.25 per share on account of
the first preferred stock and on the C preferred stock,
payable April 1 to holders of record March 22.
These will be the
first dividends paid since Dec., 1939.—V. 152, p. 271.
National Airlines,
Inc.—Earnings—
Net income after all charges.---.;
Earnings
per
$17,517
$0.08
—
share on 229,460 shares of $1 par common stock.
-
—V. 152, p. 1135.
National Biscuit
Calendar Years—
Gross sales-Net inc.
—V.
Co.—Earnings—
1939
1940
1937
1938
$103,670,459 $98,078,477 $97,486,8871101,942,900
10,748,826
11,933,702
12,047,038
11,895,111
after all chgs--
151,
2948.
p.
National Bond & Share Corp.—New
Directors—
Corporation has notified the New York Stock Exchange that Messrs.
George L. Burr, Ernest R. Early, William V. Griffin and Bernon S. Prentice
have been elected directors of the company.—V. 152, p. 434.
Net sales for the first four months of the current fiscal year (Oct. 1, 1940
to Jan.
31,1941)
were
$320,213
as
compared with sales for the corresponding
period last year of $290,953, an increase of over 10%. Gross profit on sales
is running slightly better than for the same period last year, according to
Norman
Daniel, Vice-President.
These sales figures cover the slack season for the paint industry.
The
heavy period of the year usually starts about March 1 and continues
throughout the summer. This year, however, the spring buying is coming in
somewhat earlier than usual, and February sales to date are showing a
substantial increase over last year.
While earnings figures on National Chemical are available only at semi¬
annual audit
periods, the company anticipates good earnings for the
current
half-year which ends March 31, 1941. —V. 150,
National
Calendar
Distillers Products Corpi.
1940
Years—
Net sales
Shares
1939
p.
2585.
(& Subs.)—Earns.
1937
1938
.$70,927,647 $59,170,887 $63,900,866 $61,938,849
Net inc. after all charges
and taxes
com.
stock
6,711,962
National
7,007,124
7.850,506
7,861,969
2,045,451
$3.28
2,045,451
$3.43
2,036,896
$3.85
2,036,896
$3.86
out¬
standing (no par)
Earns, per share
—"V. 152, p. 836.
1940.—
Fireproofing Corp.—To Reduce Plant Account—
Stockholders at their annual meeting on Feb. 27 will vote on a
Morris
&
Co.,
Ltd.,
Inc.—Preferred
proposal
to reduce
Stock
Offering Postponed—
The company
has notified stockholders that the contemplated offering
shares of preferred stock to common stockholders has been
The action was taken, O. H. Chaikley. President of the com¬
pany says, because of the decline in securities markets
generally since
of
148,991
postponed.
6.
"It is hope, however, that in the near
future, the company will be enabled
its plans either as originally contemplated or as revised to meet
changed conditions," Mr. Chaikley says.
The plan, as approved by stock¬
holders at a special meeting on Feb. 14, proposed giving the common stock¬
holders the right to subscribe for one new share of
preferred stock for each
to carry out
common
no
both
Commission
announced Feb.
19 that
Inc. and its subsidiary, Monon¬
gahela West Penn Public Service Co., have filed a declaration (File 70-253)
under the Holding Company Act regarding a proposal by the subsidiary
company to change the par value of its common stock and to issue and sell
Feb.
$4,838,044 $4,629,866
——
National Chemical & Mfg. Co.—Sales—
Securities
(Philip)
3,282,583
1,000,000
S,161,417
5,444
Represented by 200,000
x
of Shares—
American
17,151
1,000,009
ciation of $1,103,359 in 1941 and $1,017,088 in 1940.
—V. 152, p. 685, '
$3.53
Pay $1 Dividend—
Directors have declared
219,655
17,151
Common stock..
Earnings for the Five Months Ended Nov. 30. 1940
$7,137,375
1,183,102
Net profit after all taxes & charges
Earns. per share on common stock
304,377
Res. for coming's.
39,442
Co.—Earnings—
Net sales.
Federal inc. taxes-
x
accumulations on
common
stock, payable March 14 to holders of record Feb. 28.
Like amount was
paid on Dec. 13, last and previously regular quarterly dividend of 25 cents
per share were distributed.—V. 152, p. 1135.
Monarch Machine Tool
$211,341
20,302
21,541
Directors
Mohawk Carpet Mills, Inc.—50-Cent Dividend—
Directors have declared
1940
$212,392
taxes..
916,030
36,519
Total
jurisdiction by April 1, the extended time within which the Court directed
that a plan be filed.—V. 152, p. 835.
1941
Accounts payable
Profit & loss surp.
Real est., mach'y
and equipment-
Deferred assets—
organization—
Officials of Canadian Pacific Ry. and institutional holders of Soo Line
securities are said to have reached an agreement on a plan of reorganization
for the road.
It is expected this plan will be filed with the Federal Court of
z
Accrued
and
Govt,
marketable sees,
y
Liabilities—
1941
$1,400,681
Assets—
Cash
Miscell. assets.—-
per
50,200
Includes $34,000 provision for excess profits tax.
a
Mdse. inventory..
payment was made on
1938
$549,812
204.413
$403,039
3,777
Notes &accts.rec.
stock,
1939
$442,380
209,718
195
Operating profit
(net)
dividend of 121*4 cents per share on the common
a
1940
227,278
Other income
V.
Miller Wholesale Drug Co.—To
the common
on
$630,317
1941
$665,930
249,660
-
Expenses
Common dividends.
Assets—Cash, $407,848; receivables (less reserve), $222,525; inventories,
$231,024; investments and other assets, $19,019; property, plant and
equipment (less reserve), $962,021; prepaid and deferred charges, $186,231;
total, $2,028,669.
Liabilities—Accounts payable, $219,051; accrued liabilities, $116,326;
land contract, $2,500; long-term indebtedness, $5,000; preferred stock (par
$25), $875,000; common stock (par $1), $535,060; capital surplus, $41,920;
earned surplus, $233,871; total, $2,028,669.—V. 151, p. 1579.
Directors have declared
share
per
(F. E.) Myers & Bros. Co.- -EarningsQuar. End. Jan. 31—
Manufacturing profit..
$135,922
-
Balance Sheet Dec. 31, 1940
dividend of 25 cents
a
stock payable March 20 to holders of record March 1.
This compares with
40 cents paid on Dec. 14, last; 25 cents paid on Sept. 30 and June 29, last
35 cents paid on March 30, 1940; 50 cents paid on Dec. 21 and on Sept. 30,
1939; 35 cents paid on June 30 and March 31, 1939; 15 cents paid on Dec. 27,
1938; 50 cents on Dec. 15, 1938, and 25 cents on March 31, 1938.—V.
151, p. 3096.
i
Inc.—rEarnings—
Earnings for the 6 Months Ended Dec. 31, 1940
Net profit from
Directors have declared
initial quarterly dividend of *1.50 per share
the 6% preferred stock, series of 1940,
record March 15.—V. 151. P. 3095.
1941
22,
Muskegon Piston Ring Co.—2o-Cent Dividend—
Michigan Public Service Co.—Initial Pref. Dividend—
Directors have declared
on
Feb.
share held.
plant and property account of the company by $4,800,000, Greer
Mcllvain, President, stated in the current annual report.
"Our properties, as stated," he declared, "were at appraised sound values
as of July 1, 1927, plus subsequent additions at cost and less reserves for
depreciation, depletion and abandonment of a non-operated plant.
The
purpose of this action is to reduce the gross values of land, plant and equip¬
ment to March 1, 1913 values or cost and to increase the reserve for depre¬
ciation and depletion to the approximate amount of accrued depreciation
and depletion at Jan. 1, 1941.
This charge, Mr. Mcllvain points out, will increase the earned surplusdeficit.
Stockholders also will be asked to approve a proposal charging
this to the surplus account.
The proposed adjustment in the property
account will result in a reduction of approximately $56,000 in annual
depreciation charges.
*
Company entered the current year with unfilled orders totaling 55,532
tons, against 80,772 a year ago.
Backlog of unfilled orders now is 61,801
tons.—V. 150, p. 1287.
_
Underwriters for
Stock Offering Named—
The proposed issue of 148,991 shares of cumulative preferred stock has
been underwritten by a group headed by Lehman Bros, and
Glore, Forgan
The company expects to file an amendment with the
Securities and
National Life & Accident Insurance Co.—Extra Div.—
& Co.
Exchange Commission shortly showing the stock will carry a dividend rate
X %, and be offered to common stockholders at $100 a share.
The offering will be at rate of one share of cumulative
preferred for each
six common shares
held.
Among the other underwriters are:
Hayden,
Stone & Co.; Hemphill, Noyes & Co., Ladenburg, Thalmann &
Co.; Union
Securities Corp.; A. G. Becker & Co.; Lazard Freres &
Co.; Merrill, Lynch;
E. A. Pierce & Cassatt; Dominick & Dominick;
Hallgarten & Co.; G. M.-P.
Murphy & Co.; Jackson & Curtis; Schwabacher & Co.; Scott & Stringfellow;
of 4
Wertheim & Co.
and White Weld & Co.
Of the net proceeds, company expects to
apply
Directors have declared
dition
p.
an
extra
dividend of 20 cents per share.in ad¬
the regular quarterly dividend of 27
cents per share on the
stock, both payable March 1 to holders or record Feb. 20.—V. 150,
to
common
1287.
National Public Service
Corp.—Sale Postponed—
The New York Trust. Co., trustee for the company s debentures," has
postponed to April 22 from Feb. 18 the sale at public auction of a single
block of 712,411 shares of Jersey Central Power & Lisrht Co. common
to payment
stock, collateral supporting the debentures.
The stock was
scheduled to be auctioned on Sept. 10, 1936, but the sale has been
new
from time to time.—V.
approximately $11,750.000
of bank loans, approximately $1,350,000 to construction of a
building and purchase of machinery and equipment, the remainder to
other corporate purposes.
Holders of common stock of record Feb. 24 will receive
rights to subscribe,
the warrants expiring on March 6.
Earnings for the 9 Months Enaed Dec. 31, 1940
Net sales,
a
Net
b
Earnings
a
per
—
share of
common
stock
After
bOn
$65,155,852
5,235.759
_____
income.
charges, Federal income tax and provision for
893,944 shares ($10 par).—V.152,
p. 1134.
National Supply Co.
(& Subs.)—Earnings—
Calendar Years—
profits tax.
department.—V. 152, p. 1135.
Murray Corp. of America.—Contracts—
Company was recently awarded a contract to build machinery and
equipment for manufacture of airplane wing assemblies for Douglas Air¬
craft, Inc. amounting to $1,952.474.—V. 152, p. 271.
Corp.—Stop Order Issued by SEC—
Exchange Commission on Feb. 14 issued a stop order
of the registration statement (2-4480) filed
/
suspending the effectiveness
by the corporation.
$5.84
excess
(G. C.) Murphy Co.—Registers with SEC—
See list given on first page of this
Natural Resources
The Securities and
originally
postponed
151, p. 3751.
1940
a
Net profit.
a
1939
$60,617,365
1,630.297
Sales
$53,397.274
1,190,787
After all charges and income taxes.—V. 151, p. 3569.
Nehi
Corp.—Earnings—
Calendar Years—
Net sales
Net profit after all
—V. 151, P. 3569.
charges and taxes.
1940
$6,065,596
952,743
1939
$5,122,898
1,048,722
1938
$4,197,475
934,307
Volume
New
The Commercial & Financial Chronicle
152
England Gas & Electric Association—Output—
For the week ended Feb.
14, New England Gas & Electric Association
This is an increase of 1,371,282
15.32% above production of 8,953,768 kwh. for the corresponding
or
week a year ago.
Gas output is reported at 120,298,000 cubic feet, an increase of 11,951,000
cubic feet, or 11.03% above production of 108.347,000 cubic feet in the
corresponding week
New
ago.—Y. 152, p. 1136.
a year
;
Other
Balance Jan. 1, 1940
Refund of Federal income tax—1938
Class A
liability of
stock, payable March
was paid on Dec.
14, last, and dividend of 37M cents and extra of 1214 cents
was paid on the new shares now
outstanding on Sept. 16, last.
Stock divi¬
dend of 100% was paid on June 27, last.—V. 151, p. 3247.
general lien 4}4 % gold bonds due July 1, 1935 now outstanding
redemption are now being called for redemption
April 1, 1941, at 100% of the unpaid principal amount, or 90% of the
original par value, plus accrued and unpaid interest.
The bonds will be
redeemed at the principal office of the New York Trust Co., 100 Broadway,
New York, or that of the Whitney National Bank of New Orleans, La.
Holders of any bonds on which payment of the 10% of the principal amount
has not been collected in accordance with the terms of the extension
plan
and agreement dated Aug. 24, 1934, may obtain that sum at the New York
Trust Co., Agent.—Y. 151, p. 3896.
on
application
1937
135,381
134,434
121", 483
$826,569 loss$243,760
93,995
73.137
$1,057,683
143,059
$920,564 loss$170,623
172.706
w
$1,200,742
184,196
80,789
$747,858 def$170,623
388,680
64,780
$935,757
518,240
$398,856
1,487,644
$359,178 def$235,403
1,128,465
1,378.435
14,566
$417,517
960,917
138,518
Profit from oper.
Other income
$1,901,685
Net profit
Federal income tax.
$2,001,710
100,025
505,054
450,000
Federal surtax
income
Dividends
Balance, surplus
Previous surplus.
_____
Add'l taxes prior years.
Surplus Dec. 31
Earns, per com. share._
$1,886,500
$4.04
$1,487,644
$2.88
$1,128,465
Nil
1940
Assets—
1939
Marketable
securs.
Acc'ts receivable
1 ,194,669
Cap. stock (co.)_
39,200
Inventories
1, 478.528
-
_
z
Misc. acc'ts & lnv.
$1,378,435
$3.61
1939
$
liquidation
and
dis¬
Earnings—
1939
1940
$19,978,593 $18,491,458
8,875,295
9,514,437
737,686
751,423
1,500,000
1,700,000
(incl.
420,000
1,640,503
900,072
422,370
1,584,092
417,986
$5,052,158
26,637
$4,954,029
108,160
Income deductions
$5,078,795
2,187,018
$5,062,189
2,696,150
Net income available for dividends
Full preferred stock dividend requirements
$2,891,777
1,377,485
$2,366,039
1.377,485
17,100
Utility operating income
Other income (net)
Total..
-.15,359,371 14,110,698
__
depreciation
RR.—Earnings—
Gross
—
—V.
Period End. Dec. 31—
oper.
1940—Month—1939
1940—12 Mos—1939
revenues.$34,854,494 $31,801,523$370,545,875$341,086,708
25,986,976
24,204,040 278,674,980 256,884,232
$7,597,483 $91,870,895 $84,202,476
1,273,902
33,476,019
31,735,690
1,709,223
14,342,439
15,163,359
Net ry. oper. income.
$7,085,719
$4,614,358 $44,052,437 $37,303,427
4,018,496
18,183,116
16,893,421
income.
2,075,140
—
$9,160,859
402,634
4,757,990
Net inc. after fixed chg $4,000,235
$8,632,854 $62,235,553 $54,196,848
151,109
1,987,615
1,584,168
4,355,343
48,982,854
48,103,444
$4,126,402 $11,265,084
equipment
on
Feb.
$4,509,236
17 authorized the
com¬
certificates, to be issued by the Irving
trustee, and sold at 100.05* of par and dividends,
in connection with the procurement of certain
equipment.
See also V.
Trust Co. of New York
trust
$183,032
120,932
37,558
14,704
$269,472
132,382
37,300
25,728
$67,872
$16,437
$9,837
$74,062
16,664
20,419
19,504
19,266
25
26
67
25
Dividends
$84,511
96,000
$36,830
36,000
$29,274
42,000
$93,303
78,000
def$l 1,489
$830
def$12,726
$15,303
$0.70
$0.31
$0.24
$0.77
Net income from nor¬
mal
operations
Non-oper. rev., incl. inc.
from
-Note Retirement
:
The directors have extended for one month, to March 31,
which holders of the 6% notes, due Oct. 1, 1941, may
accept
retiring the notes.
same
investments
Miscell. income charges.
Earns, persh. on 120,000
shares capital stock
Balance Sheet Dec. 31
i;v'
1940
Assets—
Plant.—
306
Other investments
244,700
330,334
Cash.
Accts. receivable.
_
Interest receivable
20,080
3,189
Work'g fund ad vs.
9,243
Carrier Ins. fund..
time it was announced that the road had asked the Chesa¬
Mat'ls & supplies.
186,000
13,096
Noblitt-Sparks Industries. Inc.—75-Cent Dividend—
Directors have declared
a dividend of 75 cents per share on the common
stock, payable March 31 to holders of record March 17.
This compares
with $1 paid on Dec. 28, last; 90 cents paid on Sept. 30 last, 60 cents on
June 29 and March 30, 1940; extra of 90 cents and quarterly of 60 cents
paid on Dec. 28,1939; stock dividend of 25% and cash dividend of 70 cents
paid on Sept. 30,1939; dividend of 40 cents paid on June 30 and March 31,
1939 and dividends of 25 cents per share paid in preceding three month
periods.—V. 152, p. 992.
1939
1940
Capital stock..
$1,200,000 $1,200,000
2,678
Wages payable...
3,688
1,378
388,200 Accounts payable.
4,049
525
758
146,732 Divs. mat'd unpaid
5,795
26,623
27,818 Accrued taxes.—
76
3,744 Cap.stk. red.acct.
75
15,336
6,897 Other cur. liabilities
$830,548
18,173
phys.
the time in
the plan for
peake & Ohio Ry. to extend to March 28, 1941, its conditional offer to
accept debentures for the full amount of its holdings of these Nickel Plate
notes, and that C. & O. has agreed to this extension.
Under the plan proposed by Nickel Plate last June, the road offered
to pay holders of the three-year 6% notes, 20% in cash and 80% in new
10-year debentures due June 1, 1950.
The deadline for acceptance of the
plan was originally Dec. 31, 1940, and it was later extended until Feb. 28,
1941.
It also was announced that if holders of not less than $8,000,000
of the notes accepted the offer by Dec. 1, C. & O., which controls Nickel
Plate and holds $3,583,750 of the $12,678,750 notes, would forego its share
of the 20% cash payment and accept the new debentures for the full amount
of its holdings.
In December the C. & O. agreed to extend its offer from
Dec. 1 until Feb. 25, 1941.
To date it is understood that about $2,546,000, or about 28% of the
$9,095,000 notes held by the public, excluding C. & O. holdings, have been
exchanged.—V. 152, p. 837.
Liabilities-
1939
$812,390
prop.
Misc.
Chicago & St. Louis RR.-
1937
1938
1939
$204,240
136,581
38,399
12,823
x
v-
New York
Co.—Earnings-
1940
$343,307
188,730
41,336
45,368
Operating revenue
Operating expenses
Depreciation
Local, State & Fed. tax.
as
152, p. 992.
Offer Extended—
992.
Net income
ply to assume obligation and liability in respect of not exceeding $10,1 J4%
p.
Years End. Dec. 31—
Equipment Trust Certificates-—
The Interstate Commerce Commission
152,
Balance
$8,867,518
654,151
1,127,648
Total income.
Misc. deducts, from inc.
Total fixed charges——
income
Northern Pipe Line
oper. expenses.
Netrev. from ry. oper.
Railway tax accruals—.
Equip. & jt. facU. rents.
At the
proposed
Federal income taxes
14,110,598'
New York Central
900,000
the
I* taxes)
and special reserve of $4,927,681 in 1940 and
in 1939.
y Represented by 260,000 shares of no par value,
880 shares common stock.—V. 152, p. 434.
Other
regarding
Operating expenses
Maintenance.
Provision for depreciation
Rental of hydro-electric generating plants
1,927,354
75,106
—15,359,371
After
Liquidate—
Northern Indiana Public Service Co.
8,888
$4,800,690
Railway
Railway
70-255)
State, local, and miscellaneous Federal taxes
_.
Total
x
(less
sup¬
plies, &c_
as
(File
12 Months Ended Dec. 31—
Total operating revenues
39,200
1 927,354
; ;
notes receivable
Upon receipt of the cash payment of $90,000, Northeastern Water Cos.,
take appropriate
Water Cos., Inc.
may have remaining are to be distributed as a liquidating dividend to the
trustees.—V. 147, p. 1497.
Beebe Island Wat.
Power, &c_
Prepaid exp.,
$143,634;
The trustees propose to record the acquisition of the Northeastern Water
& Electric Corp. common
stock on its books at a carrying value not in
of
$3,224,665.
1,123,729
53,429
hand,
excess
Capital stock. __11,700,000 11,700,000
3,244,725 Accounts payable459,487
345,432
5,502,709 Dividend payable.
129,560
1,085,806 Accrued accounts. 1,101,819
236,399
49,961 Contingent reserve
211,564
211,564
1,111,127 Surplus
1,886,500
1,487,644
49,961
on
& Co. will be cancelled.
y
Pats., tr. name, &c 5 ,502,709
Cash__.__.______ l ,560,363
and
Inc. proposes to pay all of its remaining obligations and to
action to dissolve voluntarily.
Any assets which Northern
1940
Liabilities—
$
:V S
Land, buildings,
mach'y & equip. 3 478,052
banks
ing the notes payable, aggregating $1,056,767 principal amount, of North¬
eastern Water Cos., Inc. presently held by Associated Utilities Corp.
The notes are to be acquired in consideration of a credit on the convertible
obligations owing by Associated Utilities Corp. in an amount equal to
the principal amount of the notes plus accrued interest.
!
The trustees further propose to acquire from Northeastern Water Cos.,
Inc. 155,747 shares of common stock of Northeastern Water & Electric
Corp. in consideration of the cancellation of all the obligations of North
eastern Water Cos., Inc. (consisting of notes, open account indebtedness
and accrued interest) and the payment of $90,00(5 in cash.
Upon cancella¬
tion of the note of Northeastern Water Cos., Inc., dated July 14, 1937,
which is secured by the pledge of the 155,747 shares of common stock of
Northeastern Water & Electric Corp., a dividend order of Northeastern
Water Co., Inc. dated Nov. 2, 1938 Jssued in the name of W. H. Langley
Comparative Balance Sheet Dec. 31
x
in
solution of Northeastern Water Cos., Inc.
The trustees propose to effect the liquidation and dissolution by acquir¬
295,987
...
$69,695
_
for doubtful loans of $88,285), $1,576,249; cash value of life insur¬
Northeastern Water Cos., Inc.—To
$6,494,916
5.315,750
$1,046,656
647,800
Depreciation
Net
1938
$1,784,947
1,894,273
—
The trustees of Associated Gas & Electric Corp. and two subsidiaries.
Associated Utilities Corp. and
Northeastern Water Companies, Inc.,
have filed with the Securities and Exchange Commission a declaration and
Co.—Earnings—
1939
—
$33,177; other notes and accounts receivable, $5,564; notes receivable'
contra (to be offset at maturity), $625,260; furniture and fixtures, de¬
preciated value, $18,752; deferred charges, $16,710; total, $2,419,349.
Liabilities—Notes payable, $675,000; accounts payable, $10,781; accrued
taxes, $41,455; interest on debentures, $1,009; certificates of investment,
fully paid, $25; convertible debentures, 6%, due 1951, $67,300; certificates
of investment, contra (offset against notes at maturity), $625,260; unearned
interest, discounts [and [uncollected piemiums, $65,897; prior preferred
stock,$38,381; 17% cum. pref. stock, $51,500; class A common stock,
$155,854; class B common stock, $25,000; capital surplus, $592,139; earned
surplus, $69,695; total, $2,419,349.—V. 151, P. 2359.
New Orleans Public Service Inc.—Bonds Called—
$4,268,206
3,306,256
1,431
__
_
-
-
ance,
All of the
_
a subsidiary on profits for period prior
acquired by this company
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash
reserve
and not heretofore called for
Costs and expenses
General taxes
was
Balance Dec. 31, 1940—-
dividend of 3714 cents per share on the capital
15 to holders of record Feb. 28.
Dividend of $1
a
1940
dividends
common
Income tax
Newmont Mining Corp.—ZIY^-Cent Dividend—
$7,406,663
5,070,473
32
$154,521
2,810
3,801
76,781
7% preferred dividends
to time it
-
$105,346
49,142
-
-
Total surplus
Prior preferred dividends
and on June 29, last; $1.75 on March 30, 1940; $2 on Dec. 23, 1939; and
previously regular quarterly dividends of $1.50 per share were distributed.
—V. 152, p. 1136.
New York Air Brake
353,446
31,146
37,260
Net income after provision for income taxes.
,
Directors have declared a dividend of 81.75 per share on the common
stock, payable March 31 to holders of record at the close of business March
10.
Dividend of $2.25 was paid on Dec. 24, last; $1.50 paid on Sept. 28
Calendar Years—
Net sales
$527,198
deductions
Provision for Federal and State income taxes
England Telep. & Teleg. Co.—To Pay Dividend—
Directors have declared
Corp.—Annual Report-
Earnings for Year Ended Dec. 31, 1940
Operating income
Operating expenses
a.
reports electric output of 10,325,050 kwh.
kwh.,
1289
North American Finance
186,000
Other def'd credits
15
16
8,764
Carrier ins. res—
184,600
Surplus
201,861
183,832
204,709
Total-......-$1,637,205 $1,599,009
x
Total.........$1,637,205 $1,599,009
After deducting accrued depreciation of
$2,188,432 in 1940 and $2,-
155,560 in 1939.—V. 151, p. 2508.
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Feb, 15, 1941, totaled 31,944,905 kilowatt-hours, as compared with
29,264,036 kilowatt-hours for the corresponding week last year, an increase
of
9.2%.—V. 152, p. U37.
Northwest Airlines, Inc.—Listed—
Registration on the Chicago Stock Exchange of the 234,920 shares of
stock of the company became effective Feb, 14, 1941, and the
stock was admitted to trading.
Paul H. Davis <& Co. will be the specialist and odd-lot dealer.
common
Credit Plan—
a move designed to bring air travel within the reach of every budget,
Feb. 17 announced a new credit plan under which travelers
purchase transportation on instalments.
The plan, which goes into effect March 1, has also been adopted by 16
other leading airlines, all of which are members of the Air Traffic Confer¬
ence of America.
It is expected to increase air travel immediately.
1
Under the new system the user of air service can go to any airline ticket
office or travel bureau and make application for travel—credit in the
In
this company on
may
The Commercial & Financial Chronicle
1290
Feb.
proposed trip or tour, Croil Hunter, President of
N. W. A., announced.
If a routine credit inquiry indicates an ability to meet monthly payments,
it was explained, the passenger is notified that a ticket is ready and the
amount of the cost of the
1940
5
fund
2,241,148
751,971
debt.
4,885
274,628
416
Dividends payable
456,714
456,714
268,380
Matured long-term
„
Net income
x
152,
1,266,050
Acer. int. on bonds
178,048
179.190
Other accr'd liabil.
11,557
30,648
152,434
148,474
4,346,803
4,128,866
1938
„
1®?7
Years
Other interest
-
-
.
-
—
789,697
146,107
sales
expenses
7,388
188,750
723,471
48,644
for management bonus
Peoples Drug Stores, Inc.—Dividend—
$9,003,925
553,135
$9,827,695
452,460
.
.
Provision for income taxes
.
.
Net profit for year
Dividends paid
No. of shares outstanding at Dec. 31-
Earnings
per
37.500
Perron Gold
$6,799,184
$8,434,915
5,322,408
2,661,204
$3.17
$5,383,805
3,991,806
2,661,204
$2.02
share
—
$7,223,034
5,322,408
2,661.204
$2.71
Note—-The company and its subsidiaries
payable for the year 1940.
Assets—
on
1,415,379
1,000,000
1,000,000
insurance
ties, at cost
Notes
&
3,045,235
& accr'd exps...
511.807
511,807
180.043
92,159
—
789,062
114,583
757,573
137,500
Sinking fund
due
ment
accts.
receivable
.
registrar, coupon paying agent,
female descendants of Lydia E.
corporation
for appoint¬
ment of a receiver on
long-drawn
out legal battles.
The feud for control started in 1900, when Charles H.
Pinkham, son of the founder and first President, died without leaving a will.
Justice Thaxter said total capital and surplus with no allowance for good
will, are $1,312,573, and valued the stock shares at $11,700 each.
The
company is incorporated in Maine, with plant at Lynn, Mass.
(Boston
with unparelleled venom" among male and
Pinkham.
"The evidence fails to show,"
pay¬
he said, "that the
present by-laws, and there is no basis
this ground."
The suit was one of many
cur¬
1,000,000
rently
Principal amount
A 4-year litigation among officers and stockholders of the company
apparently was ended after Supreme Court Justice Thaxter at Portland,
Me., dismissed a suit seeking receivership.
It was brought by Lydia E.
Pinkham Gove, Treasurer of the company and granddaughter of Lydia E.
Pinkham, who founded the firm in her Lynn, Mass., kitchen 66 years ago,
and other officials.
They charged President Arthur W. Pinkham was a
"dictator" who disregarded wishes of half the stockholders.
Justice Thaxter's decision climaxed what he termed a "fight carried on
2,395,738
Accrued
wages
convertible lh %
redemption agent under company's serial note issue dated Jan. 1,
1941, due July 1, 1941 through Jan. 1, 1951.
Interest ranging from
0.25% to 1.90%.
Principal amount $15,000,000.—V. 152, p. 994.
9
9
Liabilities—
Cust. cred. bals...
cos...
Marketable securi¬
paying agent,
coupon
(Lydia E.) Pinkham Medicine Co.—Suit Dismissed—
Acer. Int. on debs.
Time deposits with
registrar,
trustee,
Manufacturers Trust Co. is also trustee,
Accts. pay. (trade)
9,940,939
is
Co.
$20,000,000.
1939
1940
$
9,884,208
Trust
and
estimate that no excess profits
1939
$
hand
cent per share in addition
Phillips Petroleum Co.—Trustee, &c.—
Manufacturers
Consolidated Balance Sheet Dec. 31
Cash in banks and
Mines, Ltd.—Extra Dividend—
conversion agent, and scrip agent under the company's
debenture issue dated Jan. 1, 1941, due Jan. 1, 1951.
taxes will be
1940
Dec. 23.
regular quarterly dividend of 4 cents per share on the common stock,
both payable March 21 to holders of record March 1.
Like amount was
paid on Dec. 21, Sept. 21, June 21 and March 21, 1940," extra of 3 cents
was paid on Dec. 21, 1939, and one of 1 cent was paid on Sept. 21, 1939.
—V. 151, p. 3250.
303,219
$9,606,060 $10,317,656
1,882,741
2,383,026
licenses
Total income
share on the common
Extra dividend of 25 cents
to the
I
sale of patent rights &
3.
regular quarterly dividend of like amount was paid on
1139.
Directors have declared an extra dividend of 1
$6,139,432
356,533
49,000
Profit
—V. 152, p.
195,777
87,748
Other income
In addition to
146,008
and losses
21,493
banks
Directors have declared a dividend of 40 cents per
637" 136
78.660
332,285
49,087,495 49,466,248
Total
stock, payable to holders of record March
523,639
16,625
424.889
307,083
1,754
Provision for bad debts
Sundry
60,428,881
62,915,967
$18,667,748 $19,109,125 $14,677,875
7,525,987
7,019.259
8,282.790
Manuf, profit A net oper. revs
Sell., gen. & adminis. expenses
Interest on debentures
49,087,495 49,466,248
a Represented
by 429,848 shares (no par),
b Represented by
shares, no par.
c Represents certificates for funds in reorganized
and notes receivable from former fiscai agents.—V. 152, p. 993.
1938
revs.$89,297.206 $82,025,093 $75,106,756
mfg.
plants & amort, of leased equip't... 70,629,458
on
retlrem't
annuities
Total
1939
1940
Discount
for
Res.
Earned surplus...
Net sales, royalties & other oper.
Cost of sales (incl. deprec. of
Provision
for restricted
assets—
Consolidated Income Account for Caelndar
x
81,465
1,245,322
debt
(& Subs.)—Earnings—
Owens-Illinois Glass Co.
►
312,560
993.
p.
557,080
and expense
on
Res.
1939
268,380
6,086,538
Unamort. premium
$717,007
$214,905def$l,230,297 $2,320,031
depreciation, interest, amortization, Federal income taxes, &c.
After
—V.
6,440,271
Depreciation
Res. for debt disc't
Net profit—
a
950.189
capital stock...
557,080
741,372
liability for excess profits tax.—V. 152, p. 839.
1940
Years—■
Calendar
2,065
931,418
Subscr. payable for
Otis Steel Co.—Earnings—
a
28,390
Taxes accrued
550,000 shares outstanding.
x
Note—The company has no
on
debt
1,266,050
289,784
301,999
count A expense
3,071,479
1,819.172
$2.46
$3.86
Earnings per common share..
245*322
Unamort. debt dis¬
$8,517,598
3,581,659
2,717 297
accruals—-
Gross income after retirement reserve
Restricted assets 1,
Prepaid charges.-
1940
1941
$9,707,894
-
int.
long-term
Subscr. to cap.stk.
c
Matured
for
red. of bonds...
Oklahoma Natural Gag Co.—Earnings—
$
stock.10,868,312 10,868,312
b Preferred stock. 2,130,895
2.130,895
1st ref. mtge. 4Hs
10,962,000
Ref .A col. tr. 3
8.21,862,000 10,900,000
Accounts payable
174,851
117,882
Common
109.620
Special deposits...
Sinking
1939
9
Liabilities—
a
510,152
2 045,511
Cash
The cost of the proposed trip, however, must total $50 or more to be
eligible for purchase on credit and there is to be a nominal service charge
for the creait acccommodation and cost of checking —V. 152, p. 1137.
12 Months Ended Jan. 31—
1940
1939
$
Assets—
Property account.38 ,062,102 37,605,106
299,778
Mat'ls A supplies.
324,368
5,411,040
Invest, securities. 5 044,390
775,494
Acc'ts receivable..
702,658
trip can begin at once.
Use of the plan requires no collateral and no down-payment, only the
signature of the individual is necessary, according to Mr. Hunter and other
officials of N. W, A. who worked out details of the plan.
Operating revenues
22, 1941
Consolidated Balance Sheet Sec. 31
cannot function under
1,000,000
188,750
6,835,519
7,788,808
48,644
Inventories, cost..14,818,133 13,844,991 Acer. mgt. bonus.
Acer, prop., sales
.Investm'ts & other
A other State tax
363,242
329,467
assets, at cost.. 5,595,214
5,460,057
y Property
45,481,478 45,976,746 Est.Fed .taxes (Inc.
Leased machinery,
cap. stk. Asocial
in
2,280,726
security taxes).. 2,851,951
process
of
amortization...
292,086
283,727 Long-term debt... 9,148,500 11,191,500
Res. for repairs &
Licenses, pats. A
940,715
contingencies
1,381,809
1,239,180
goodwill
842,292
120,000
150,000
Deferred charges.. 2,304,528
2,542,952 Deferred income..
"News
Bureau.")
Pitney-Bowes Postage Meter Co. (& Subs.)—Earnings
and
Sales
rental
1939
1940
9 Months Ended Dec. 31—
Capital stock
income, less discounts, returns\
($12.50 par) ...33,265,050 33,265,050
'
$3,063,293
Earned surplus
Cost
of
product
sold
and
88,518,553 87,337,453'
After
x
ances
reserve
88,518,553 87,337,453
Total
y
After
reserves
for de¬
Dividend from British affiliate.
preciation and obsolescence of $32,552,134 in 1940 and $30,334,988 in 1939.
—V. 152, p. 687.
American
Petroleum
&
Transport
Co.—Bank
Parker Rust
a
1940
J 939
$1,077,339
$957,515
$2.50
$2.22
on com.
Earnings per share on capital stock
a
1938
1937
$575,738
$1.33
$1,181,179
$2.75
After depreciation, interest, Federal income (and in 1940 excess profits
144,000
$443,545
$0.49
Including excess profits tax.—V. 151, p. 3898.
Pittsburgh & Lake Erie RR.—Earnings—
Railway oper. revenues- $2,068,142
Railway oper. expenses.
1,495,225
1940—12 Mas.—1939
$1,912,348 $23,947,038 $19,250,994
1,390,687
18,231,615
15,772,323
$572,917
314,237
0276,542
$521,661
$5,715,423
$3,478,671
220,301
3,084,989
2,042,681
Cr213,438 Cr2,961,091 Cr2,370,72b
1949—Mon(fc—1939
Period End. Dec. 31—
Net
Proof-Co.—Earnings—
Calendar Years—
Net profit....
16.453
a214,000
P* The company in January, arranged a borrowing of $2,500,000 from
the National City Bank, New York, bearing interest at 1H % and evidenced
by six promissory notes payable $400,000 on Jan. 14, 1942, and $420,000
each on Jan. 14, 1943 to 1947, Inclusive.
Of the proceeds, $503,000 will be used to pay off existing indebtedness
45% of the remainder will be advanced to a wholly owned suosidiary for
completing construction of oil pipe lines and the other 55 to be used in
payment for a tanker being constructed for Pan American.—V. 152, p. 3898.
Earns, per share
125.577
$422,383
$0.47
Loan—
a
$587,545
335.843
for doubtful notes and accounts and for claims and allow"
of $1,074,422 in 1940 and $936,662 in 1939.
Pan
$571,092
for selling.
amortization.
Expenditures for development and research.
Provision for depreciation and
Total
1.768,329
$622,250
14,133
expenses
1,912,910
396,337
131,796
$636,383
10,698.150
25,512,286 23,611,660
Paid-in surplus...10,698,150
$2,800,841
rev.
from ry. oper
Railway tax accruals
Equip. & jt. facil. rents.
$535,222
206,539
$514,798
365,853
$5,591,525
407,351
$3,806,716
$741,761
72,753
5,096
$880,651
57,973
1,865
$5,998,876
878,772
42,823
$4,316,402
$663,912
Net ry. oper. income.
Other income
$820,813
$5,077,281
$3,590,249
509,686
taxes), &c.—V. 152, p. 993.
Total income
Parker Wolverine Co.—25-Cent Dividend—
Misc. deducts, from inc.
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 20 to holders of record March 5.
Stock dividend of
10% was paid on Dec. 20, last.
Extra dividend of 50 cents in addition to
semi-annual dividend of 25 cents was paid on June 15, last.—V. 152, p. 993.
Total fixed charges
Net inc. after fixed
—V. 152, p. 842.
Peabody Coal Co.—Accumulated Dividend—
Pittsburgh Steel Co. (& Subs.)—Earnings—
Directors have declared
lations
on
of record
a dividend of $2 per share pn account of accumu¬
the 6% cum. pref. stock, par $100, payable March 10 to holders
Like amount was paid on Dec. 23, last; dividend of
Feb. 27.
stock was paid on April 26, 1940; one of $2 was paid on
and one of $1 was paid on June 1, 1939.—V. 151, p. 3571.
Penn Mercantile
r The
March 1, 1940,
.
4
»
Properties—Tenders^"
Fidelity-Philadelphia Trust Co., Philadelphia. Pa., will until March
12 receive bids for the sale to it of sufficient secured sinking fund bonds to
exhaust the sum of $5,675 at prices not exceeding par and accrued interest.
—V. 150, p.
1143.
Pennsylvania Water & Power Co. (& Subs.)—Earns.—
Years End. Dec. 31—
1940
1939
1938
1937
Gross inc. (all sources)._
Exp., maint., taxes, &c_
Renewals & replacem'ts.
Interest Ac
$6,740,402
3,152,753
548,565
923.583
$7,164,442
3,335,355
$7,345,078
3,222,262
539,895
533,022
1,115,349
1,095,557
$6,416,008
2,576,143
483,092
1,099,662
^
$2,115,501
107,465
1,719,392
$2,173,843
1,719,392
$2,494,237
107,465
1,934,316
$2,257,110
107,465
1,934,316
$288,644
$346,986
$452,456
$215,329
429,848
429,848
$4.80
429,848
429,848
$5.55
$5.00
,
NetincomeL
Preferred dividends
Common dividends ($3)
-
Balance, surplus
Shares
com.
stock
out¬
standing (no par)
Earns, per
sh.
107,465
on com
Calendar Years—
1939
1940
1938
1937
,
$522,556
a After
charges and Federal taxes,
b Equal after annual dividend
requirements on 5H% prior preferred, 5% class A preferred, and 7%
class B preferred stocks, to $1.35 a share on 5( 8,917 shares of common
stock,
c Equal after dividend requirements on 5H% prior preferred stock
to $4.18 a share on 69,434 shares of 5% class A preferred stock.—V. 152,
a
b$l,555.794
Net earnings
c$564,870 def$488,423
p. 688.
Polaroid Corp.-—New
Official—
of Schroder Rockefeller A Co.,
Inc., although continuing as a director, and will become Executive VicePresident of Polaroid Corp.
Mord M. Bogie, formerly Vice-President of
Schroder Rockefeller & Co., Inc., has been named President. Both changes
Carlton P. Fuller has resigned as President
took effect
Feb.
15,
1941.
[This item corrects the
994.]—V. 151, p. 3099.
Poor
&
one
published in the "Chronicle" of
Co.—Debentures
Sold
Feb. 8, page
Privately—Company
as
of
10-year serial debentures to
Massachusetts
Life
Insurance
Co.,
Continental Illinois
National Bank & Trust Co. and Harris Trust & Savings
Jan.
1,
Bank of
$4.67
chg
686,524
39,629
1941
sold $1,000,000
Chicago. Proceeds were used to retire outstanding
4% debentures on Feb. 1, 1941.—V. 152, p. 994.
Volume
Porto
The Commercial & Financial Chronicle
152
Rican
American
Tobacco
Co.—Class
A
Stock
Suspended From Dealings—
The
class
A
stock
common
was
suspended from dealings
on
the New
York Stock Exchange Feb. 17.
Stockholders are to receive the appraised
value of the shares, $0.82395 a share, fixed by order of the U. S. District
Court for the Southern District of New York, in proceedings under Chapter
10 of the Bankruptcy Act for the reorganization of the company.—V. 152,
994.
p.
Prattsburgh (N. Y.) Railway Corp.—Abandonment—
The
corporation, which operates the Kanona & Prattsburgh Ry. entirely
County N. Y., has applied to the Interstate Commerce
The line extends from
within Steuben
,
Commission fo" authority to abandon operations.
Prattsburg to Kanona, 11.44 miles.
The corporation proposes to abandon operation
on
the entire line and
sell the property, the proceeds to be paid to stock and bond holders.
The application indicated that revenues were insufficient to keep
line in
the
operation.
A
petition for reorganization under Section 77-B of the Federal Bank¬
ruptcy Act was filed Feb. 8 in Federal Court at Buffalo.
Listed as pe¬
titioners were eight creditors, all Prattsburgh residents.
Because of a decrease in revenues in recent years, the stockholders voted
last month to either abandon or to sell the road.—V. 123, p. 979.
1291
be attributed to World's Fair traffic." according to the annual report,
"the larger percentage is accredited to an improvement in general condi¬
tions, resulting in some measure from national defense activities.
Con¬
siderable new business was gained in various sections of the State because
of real estate developments.
Many large estates have been broken up
into building lots upon which smaller houses have been erected, tnis bring¬
ing an influx of new residents into the territory served."
Passengers carried on buses, all-service vehicles and street cars totaled
412.772.416, an increase of 6,498.307 over 1939 and passenger revenue
amounted to *>26,749,251, an increase of $1,005,683.
The fleet of oil-powered buses was increased by 242 new units during
1940 and oil engines were installed to replace gasoline engines in 100 older
type buses to improve operating efficiency.
There are now 502 oil-powered
bus^s in service, the largest fleet of this nature in the country.
The report
points out that the addition of these efficient buses has been an important
factor in the improvement of the company's business.
The total of vehicles and passengers carried on the comnany's Riverside
and Fort Lee Ferry decreased slightly in 1940 because traffic to the World's
Fair over the ferry the second year was not as heavy as in 1939.
Reorganization of Public Service Coordinated Transport and its lessor
companies including the merger of certain wholly-owned subsidiaries, was
consummated during the year.
may
Earnings of Corporation and Subsidiary Companies, Inc. Lessor Companies
Calendar Years—
Preston East Dome Mines, Ltd.—Extra Dividend—
Directors have declared
extra dividend of
2*4 cents per share in addi¬
tion to the regular quarterly dividend of five cents per share on the common
stock, both payable April 15 to holders of record March 31.
Extra of
five cents was paid on Jan. 15, last.—V. 151, p. 3407.
an
1940
Subsidiary Cos.—
Operating revenues
Operating expenses
$
140,327,251
53,041,613
Maintenance
11,469,444
Deprec. and retire, exps, 11,314,368
Taxec
26,692.043
xl937
$
1939
1938
$
$
133,898,744 126,820,863
49,468,687
48,826,450
10,694,979
11,315.032
10,283,621
10,885,169
21,983,296
23,015,115
127,185,778
47,712,656
11,344,588
10,117,909
21,137,030
Progress Laundry Co.—Extra Dividend—
Operating income
Directors have declared
an extra dividend of 10 cents per share in ad r! it ion
regular quarterly dividend of 20 cents per share on the common
payaDle March 15 to holders of record March 3.
Extra of
25 cents was paid on Dec. 2, last, and one of 10 cents on June 1, last.—V.
151, p. 3099.
stock,
both
voting trustees for election on March 1:
Arthur 11. Waterman, former
President of the Prudence Co., Inc.; John Vanneck, President of the Equit¬
as
.
other
The
Behrer,
renominated with
trustees
of the
President
'-.v.-
Mr.
-
Hawkwood include A.
Behrer-Nason Co., Inc.; Harry
M.
Hall, former
President of William A. White & Sons; William F. McDermott, President
Long Island Bond & Mortgage Guarantee Co.; Homer L. Pence,
President of Homer L. Pence, Inc.; Clinton R. Toe, attorney, and Mr.
of the
Devoy.
subsidiary of the defunct New York
Investors, Inc., of which William M. Greve was President, and an affiliate
of the defunct Prudence Co., Inc.—V. 150. p. 2591.
The Prudence-Bonds Corp.
was a
Public Service Corp. of New
Jersey—Annual Report—
The annual report shows that operating revenues of subsidiary companies
in 1940 totaled $140,327,251.
Operating revenue deductions for the year
*102,517,468 and operating income $37,809,783.
The net income,
after deductions for interest on bonds and subsidiary companies' dividends,
were
was
$23,188,425.
The preferred stock dividends of the corporation aggre¬
gated $9,850,936 leaving a balance of $13,337,489 earned on the common
stock, equal to $2.42 per share on the stock outstanding during the year
and at the end of the year.
The total tax bill for 1940 of the corporation and subsidiary companies
amounted to $28,041,529 which was in excess of the preferred and common
Taxes of subsidiary companies
41.38% of operating income
before deduction for taxes.
The 1940 tax bill was $3,730,437 more than
that of 1939.
Increased Federal income taxes, principally attributable to
the enactment of the Revenue Acts of 1940, account for $2,701,621 of the
total increase in taxes of subsidiaries.
Wages and salaries paid during the year totaled $41,728,373.
In addi¬
tion $1,393,371 was expended for welfare benefits, group insurance and
workmen's compensation.
This figure does not include social security
taxes paid to the Government also for the benefit of employees.
There
were 21,071 employees of Public Service companies on Dec. 31.
The board
of directors, by resolution, arranged for special recognition, in the form of
compensation and continuance of benefits under the company's Welfare
plan for those employees who enter military service.
There were 85,868 shareholders of the corporation on Dec. 31, 1940.
The three major operating units of the corporation registered business
gains during 1940.
Sales of electricity and gas increased every month
of the year as compared with the corresponding months of 1939Similar
results were recorded month by month respecting transportation revenue.
"A considerable percentage of these increases in business," the annual
report states, "was due to activity in the building field, resulting in more
extensions of electric lines and gas mains in 1940 than in any year for the
past several years."
Total electric sales to customers during 1940 were 2,776,743.252 kwh.,
an increase of 293,215,594 compared with 1939 and sales of gas to customers
totaled 28,656,941,200 cubic feet, an increase of 7.71% over 1939.
Sales
of electricity to power customers in 1940 increased 15.15% over 1939, resi¬
dential sales wereup7.60% and commercial sales gained 8.44%.
Theaverage annual kilowatt-hour consumption per residential customer in
1940
was 755, an increase of 38 over the previous year.
stock dividends paid
by the corporation.
amounted to 19.02% of operating revenue and
electric rate schedule which
revised
A
provided for
on
an
an
annual
estimated reduction in
This rate reduction,
basis.
became effective Jan. 1, 1940
revenue
amounting to $1,100,700
the fifteenth
in
electric rates
35,022.284
6,561,182
1,243,244
1,288,587
782,503
911,985
1,113
1,500,000
1,113
1,500,000
1,113
1,500,000
1,500,000
15
is
15
deduct'ns
&
Common stock
40"r,800
The peak
demand for electricity in 1940 was 780,100 kw. and it is
a
26.993,986
87,941
307,444
311,984
28,559,242
463,023
1,200
1,265,873
25,273,001
477,166
1,200
970,866
27,150,773
514,073
1,091,737
1,000,000
1,091,736
1,091.736
1,091,736
6,500
Expenses
Deprec. and retire,
67,287
27,081,927
483,233
14,679
14,381
Crl5,593
Cr 182,991
24,531,606
1,200
exps.
Taxes
Int.
28,491,955
Corp. of
New Jersey—
Interest
1,310,833
perpetual int.bearing certificates
Prov. for deprec. on inv.
Miscel. int. and other de¬
ductions
Adjusts, of profit and lossi
Net income
Divs.
on
■
23,188,425
25,722,729
22,733,245
1,715,944
2,023.560
3,523,872
2.587,560
1,715,944
2,0$ 3,560
3,523,872
2,587,560
2,023,560
3,523,872
2.587,560
13,207,663
13,757,982
12,107,024
14,308,302
$129,825
$2,113,811
$775,284
$372,368
$2.88
$2.34
$2.67
pref. stocks of
of New Jersey:
8% cumul. pref. stk.
7% cumul pref. stock
6% cumul. pref. stock
$5 cumul. pref. stock.
Divs.
on
com.
stock
1
mon
stock
Service
of
industrial purposes in 1940 established a new record and
1939.
Commercial gas sales showed a 6%
year and sales to residential customers increased
.90% over 1939.
Sales of gas for building heating again registered a
substantial increase over previous years—a gain of 30.84% over 1939.
In 1940 gas building heating installations increased 2,712, constituting
the largest increase in any one year.
On Dec. 31 there were 13.332 build¬
ings heated with gas supplied from Public Service system facilities.
During 1940 99 manufacturers, with an employment roll of about 13,975
persons, established locations in Public Service territory.
This is 26 more
manufacturers than were reported coming intc the territory served by
?
18.23%
over
above those in
the previous
Public Service in 1939.
At the close of
gas
meters
meters and
1940 there were 1,023,115 electric meters and 869,223
in service—a gain over the previous year of 13,130 electric
17,460 gas meters.
Transportation
showed
an
bus and street car operation for 1940
1939 of 3.91%.
"While some of this increase
revenues
Increase
over
from
.
2,023,560
3,523,872
2,587,560
►
W
Public
Corp. of New
$2.42
Jersey
x
R stated
a
On United States of America Treasury
revenue
1,715,944
1,715.944
of
P. S. Corp of N. J
Bal. carried to surplus
Earns, per share on com¬
for
comparative purposes.
bonds and notes, bank balances,
from real estate owned and from other investments.
Comparative Consolidated Balance Sheet Dec. 31
1939
1940
Assets—
Utility plant
Other pnysical property
—
Investments in associated companies (at
8,961
550,211
41,919
26,136,204
5,687
205,945
12,891,682
cost)
373,765
Other investments
41,408
18,309,894
17,112
206,720
18,729,070
3
13,917,567
Sinking funds
Cash
.
Special deposits
Working funds
-
Temporary cash investments
Notes receivable.
^
$627,181,930
260,568
$644,215,101
263,591
i
_
2
399,922
12,784,987
131,843
46,595
6,717,234
501,244
11,188,218
229,082
412,167
$715,522,313
$699,294,481
218,939,585
240
3,213,943
587,436
12,000
2,879,696
Accounts receivable (less reserves)
Interest and dividends receivable
197,785,406
238,316
38,817
Rents receivable
Materials and supplies
7,291,403
466,700
10,736.927
275,993
Prepayments
Unamortized debt discount and expense
Deferred Federal capital stock tax
Other deferred debits
Total.
Liabilities—
Long-term debt
Notes payable
Accounts payable
Dividends declared
Federal income tax accrued
Other taxes accrued
Miscellaneous accrued liabilities
Insurance
.....
—
Injuries and damages reserve
Employees provident reserve
Miscellaneous reserves
Contributions in aid of construction
y
2,539,277
1,383,707
2,890,134
1,537,564
111,933,694
21,449,300
28,908,000
58,731,200
49,424,198
358,470
30,328,219
6,629,302
22,733,993
49,424,198
358,<*70
30,310,862
125,126
23,494,351
$715,522,313
Represented by 5,503.193 no par shares,
152, p. 436
1,497,173
62,289
1,446,414
111,510,190
13,587,618
2,016,000
2,075,099
111,933,694
21,449,300
28,908,000
58,731,200
y Common stock
8% cumulative preferred stock ($100 par)
7% cumulative preferred stock ($100 par)...
6% cumulative preferred stock ($100 par)
z $5 cumulative preferred
stock..
Premium on capital stock
Operating subsidiaries capital stock
Lessor companies capital stock
Surplus
-V.
12,000
2,040,491
402,431
7,688,653
14,725,463
12,622,876
2,160,000
2,299,697
2,493,979
1,733,997
3,386,136
1,716,705
reserve
Total
420
2,870,092
727,681
434,770
10,477,683
11,388,863
1,479,618
64,721
1,587,742
113,307,421
Reserve for depreciation and retirements
Special reserve for retirement of street ry. prop.
Contingency reserve
Sales of gas for
49,430
Public Service Corp.
cially to the national defense program.
To meet this probability, the
annual report points out, the total generating capacity of the Public Service
ain
1,200
1,145,718
on
Deferred credits
were
26,838,789
by Public
Corp.
of
Service
New Jersey
Public Service
pected that this load will rise sharply during the next few years, due espe¬
system will be 1,037,700 kw. when the two new units being built at Marion
Station and another additional unit at Burlington Station are completed.
24,965,557
ties owned
Interest accrued
ex¬
1,413,331
CV146.745
Bal. applic. to securi¬
Miscellaneous current liabilities
additional turbine-generator.
1,208,801
Cr86,888
156,127
and loss
Matured long-term debt
Customers deposits
an
15
21
Point Ferry Co.
Lessor companies
Adjustments
of
profit
gen
stations of the Public Service system, as of Dec. 31,
1940, had a total generator capacity of 837,700 kw., an increase of 100,000
kw. over 1939, due to the installation at Burlington Generating Station of
,
1,123
Port Richmond & Ber¬
since 1922, was applicable to residential, commercial lighting and power,
and street lighting customers.
The five generating
6,446,035
Gas Co.:
7% cumul. prf. stk.
$5 cumul. prf. stk..
and directors' fees in 1940.
The other members of the committee are Dr. Joseph Dana Allen, prin¬
cipal of the Brooklyn Polytechnic Preparatory Country Day School;
Stephen Callahan, former Supreme Court Justice; Joseph W. Catharine,
President of the Chauncey Real Estate Co., and Edgar Ellinger, President
of Edward Ellinger, Inc., real estate.
Mr. Hawkwood and the other present voting trustees have been re¬
nominated as a result of the provisions of the reorganization plan approved
by the courts.
These trustees were appointed by Court order.
This will
be the first time that bondholders will have an opportunity to vote for
39,233,956
7,550,485
36,964,555
7,899,832
Divs. paid to the public:
Public Service Electric
able Holding Corp.; Jerome Thralls, representative of the Reconstruction
Finance Corporation and a director of Realty Associates, Inc., and the
Realty Associates Securities Corp.; William T. Cowin, President of the
Prudence Realization Corp.; Ernest H.
Hawkwood, President of the
Prudence-Bonds Corp.; Cnarles W. Devoy, President of Charles D. Devoy,
Inc., and Percival E. Jackson, attorney.
In a statement supporting these candidates, a committee headed by
George J. Atwell, President of the Thompson-Starrett Co., Inc., asserted
that the Prudence-Bonds Corp. had expended $254,000 in salaries, wages
■DrlO.232
bonds
and miscell.
Holders of $5,000,000 of bonds have nominated the following candidates
19,215
Amortization of discount
Prudence-Bonds Corp.—New Trustees—
trustees
on
39.214,741
37,794.317
Gross income...
Interest
36.873,594
90.961
35.032,516
37,809,782
Drl5,466
the
to
z
517,712
$699,294,481
no
par
shares.
The Commercial & Financial Chronicle
1292
Prudential Investors,
Inc.—Suspenderl from Dealings—
The $6 preferred stock, no par has been suspended from dealings by the
New York Curb Exchange.
Pursuant to action taken bv the directors and
holders of the common stock, the corporation has been dissolved In compli¬
with the laws of the State of Delaware.
Company has deposited with
sufficient to pay to the
of $6 preferred stock, the sum of $100.75,
being $100 plus accrued dividends from Jan. 1, 1941 to Feb. 14, 1941, the
date of distribution fixed by the directors.
The amount of $100.75 is the
full amount per share to which the holders of the $6 preferred stock will be
entitled, and dividends on the stock will cease to accrue on and after
Feb. 15, 1941.
The transfer books for the stock closed permanently at the
ance
Schroder Trust Co., its distribution agent, moneys
holder of each outstanding share
close of business
Feb. 13.
on
;v:r'/f
Liquidating Dividend—
The board of directors in dissolution has voted a distribution of
per
$6.50
share of common stock payable on March 3, 1941, to holders of record
25, 1941.
at the close of business on Feb.
This represents the
The preferred stock
first distribution in liquidation of the common stock.
was called for payment on Feb. 14, 1941.—V. 152,
22,
1941
$247,742.
Sale of certain timber lands and obsolete equipment resulted
in a profit before taxes of $60,000 or a total profit from operations and sale
of capital assets of $2,170,915 before provision for income and excess
profits taxes.
Income and excess profits taxes will equal approximately
$665,000.
During the past year the company abandoned logging operations in the
area served by the company's wholly owned subsidiary railroad, the Puget
Sound <fc Cascade Ry., removing spur tracks and logging equipment, and
disposing of the remaining timber in this particular area.
In conjunction
with this, the management thought it advisable to consider the company's
equity in the subsidiary railroad company from the standpoint of its
salvage value only.
Accordingly, the board directed that the stock owned
in the subsidiary company be written down to the value of $1 and that
the account receivable due the company from the railway company be
reduced to an amount equal to the readily obtainable salvage value of the
railway company's rail.
It is difficult at this time to give detailed figures
of the effect of these charges before the annual audit is completed, but
they are estimated at $705,000, which includes the charge-off of the com¬
pany's spur tracks in the abandoned area as well as the reduction of in¬
vestment to $1 and reduction of the account receivable from the subsidiary
salvage value of the rail.
based on the above factors, the working capital of the
had been increased by $615,000 from Dec. 31, 1939, and the
following are comparisons of working capital for the two years;
1140.
to
Public Service Co. of Colorado—Sub. to Dissolve—
p.
Feb.
company
At the year end,
The Securities and Exchange Commission on Feb. 15 ordered that the
joint declaration and application filed with it by the Public Service Co. of
Colorado and United Hydro Electric Co. pursuant to the Public Utility
Holding Company Act of 1935 be permitted to become effective.
United Hydro Electric Co., a wholly owned subsidiary of Public Service
Co. of Colorado, which is in turn a subsidiary of Cities Service Power &
Light Co., a registered holding company, proposes to liquidate and dissolve.
As a means thereof, Public Service Co. or Colorado proposes to acquire all
the assets and assume the obligations of United Hydro Electric Co.
All the
outstanding stock (2,000 shares of common and 2,000 shares of preferred)
of United Hydro Electric Co., all of which, except directors' qualifying
shares, are owned by Public Sercvice Co. of Colorado, will be surrendered
and retired. $156,139 of accounts receivable due from United Hydro Electric
Co. to public service Co. of Colorado as at Nov. 30, 1940, will be cancelled.
Among the assets to be acquired by Public Service Co. of Colorado is the
total authorized and outstanding capital stock of Green and Clear Lakes
Co., a subsidiary of United Hydro Electric Co.—V. 151, p. 2659
Earnings—
853,785
Notes payable
88,344
$133,375
532,056
396,836
Acc'ts & wages pay
190,488
Inventories------
693,627
264,987
Accrued
717,747
235,387
77,291
$110,032,133
36,164,347
7,140,511
8,274,234
23,415,107
Operating income
Other income (net)
$35,037,933
123,059
Dividends payable
Total
Total
Gross income..
$35,160,993
.,663,650 $33,047,335 $34,488,425
270,872
2,989,928
3,265,477
Maintenance
Depreciation
Taxes
$1,817,424
y
Int.
long-term
on
debt
due to use of moneys received
transferred to the construction fund.
on
77
123,251
20,964
1,281
296,227
3,098
~4~, 675
other debt to
associated
company.
_
Other interest charges._
Miscell. inc. deductions.
Net
731
132,925
112,852
1,557
120,514
Crl,703
Amort, of prem. on debt
Taxes assumed on int
Interest
824,209
2,562,500
429,041
2,681,628
3,849,384
427,574
07,188
3,308
income.__
___$27,672,737 $29,191,563 $25,715,384 $27,101,916
1,400,000
1,400,000
1,400,000
1,400,000
$5 cum.
1,503,500
1,503,500
1,500,875
1,500,000
Common dividends.____ 24,778,906
24,514,406
24,514,406
24,262,203
7%
—
annually, due to conversion of preferred stock into
past year.—V. 152, p. 275.
reduced to $68,000
now
stock during the
Quebec Power Co.—Earnings—
z
$2,983,009
1,252,414
578,973
450,000
10,000
400,000
$523,140
553,198
$627,704
553,198
$793,022
553.198
$751,622
553,198
def?30,058
288,525
$74,506
229,896
$239,824
142,238
$198,424
314,242
Total surplus
to
bond disc.,
premium and expense
$258,467
$304,402
$382,062
$512,666
Profit & loss surplus..
$258,467
$304,402
x$382,062
x$286,484
553.198
553,198
$1.13
553.198
553.198
y$1.43
y$1.36
$3,519,366
1,581,152
502,074
463,000
Depreciation
Contingent reserve
450,000
Net
revenue
Divs. on common stock.
Surplus from
prev. year-
Transf.
226,182
-
Shs.
$60,287
$1,699,897
$7,669 sr$l ,773,657
Restated,
1937
1938
$3,120,668
1,355,595
512,051
sources_
Oper. & maint. expense_
pref. dividends
pref. dividends-
com.
(nopar)
outst.
$0.94
Earns. per sh. on com
Includes lessor companies merged prior to Dec. 31, 1939.
Applicable to securities of lessor companies not owned by the company.
x
1939
1940
«3,306,470
1,470,792
506,973
158,000
450,000
93,000
Gross inc. fr. all
cum.
Deficit
from sale of capital assets and
During the year the company paid the regular preferred stock dividends
and $691,692 in common stock dividends, the latter equaling $2.25 per
share on the common stock./' Preferred stock dividend requirements are
Res. for income taxes
986,982
2,781,475
428,076
02,720
3,917
2,802,439
4,144,892
427,573
Cr 10,222
3,205
1st & ref. mtge. bonds
Amort .of debt disc.& exp
$269,553
saving under the original estimates and the term loan of $1,500,000
be used to a greater extent than approximately $1,-
000,000
Interest on bonds
of company—
Prior lien bonds._____
$446,055
to the Bellingham plant, construction of which got under way on Sept. 26
and is now nearing completion.
This 50,000-ton added unit should be
ready for operation on March 15, thus being completed in the record time
of less than six months.
The management expects to complete this unit
Calendar Years—
Gross income
$933,600
$883,823
—
Working capital-
addition to the above changes with respect to favorable increase in
In
common
z
$715,609
17,021
working capital, the company transferred $340,000 in cash from current
assets to the construction fund, covering the erection of the new addition
,523,418 $32,917,317 $34,331,462
140,232
130,017
156,963
Operating revenues
Operating expenses
taxes
authorized will not
y 1938
X 1937
1939
$104670,052 $99,039,939 $98,538,695
33,121,459
32,003,346
33,531,049
6,878,160
6,971,810
6,841,456
7,292,124
7.273,313
7,823,204
18,830,878
17.958,763
19,950,924
1940
Dec. 31 '40 Dec. 31 '39
—
5591,740
Cash
at a
Public Service Electric & Gas Co.—
Calendar Years—
Curr. LiaWs
Current Assets— Dec. 31 '40 Dec. 31 '39
A cc'ts receivable-_
y
x
Subject to deduction for income tax.
y
Before income tax deduction.
Balance Sheet Dec. 31
•
Comparative Balance Sheet Dec. 31
1940
1939
1940
SSCtS"
utility
$
■
plant-
___.
Other physical property.
Investments in associated companies
—
(at cost)
Special
54,756
19,074,553
2,975
137,035
1,069,823
1,729
8,649,644
deposits
900
____
Working funds
Temporary cash investments
137,360
13,331,530
Notes receivable
3
2
13,028,719
11,896,029
Receivables from associated companies.119,688
Interest and dividends receivable. _;
177,713
102,619
Accounts receivable
_
(less reserves)
Rents receivable
Materials and supplies.
Prepayments
_____
Unamortized debt discount and expense..___
Retirement work in progress
Deferred Federal capital stock tax._
_■__
_
Total
1,928
41,584
5,553,575
150,915
10,759,994
34,055
6,514,659
210,998
10,332,421
2,107
233,750
420
2,895,758
53,364
2,399
2,946,825
251,878
6,425,124
13,596,103
1,186,727
8,763
1,317,764
79,939,111
2,075,099
1,392,991
927,723
2,280,097
1,448,803
188,705,800
19,997,900
30,220,000
2,100
11,566,251
declared
124
Customers' deposits.
__
„,
_
—
—
Interest accrued
Reserve for depreciation
Insurance reserve
...
Injurias and damages reserve
Employees' provident reserve
Miscellaneous reserves
Contributions in aid of construction
—
Common stock
7% cumulative preferred stock ($100 par)
y $5 cumulative preferred stock
Stock liability for conversion
Earned surplus
—
30,220,000
...
Total
x
17,885,290 (17,510,290 in 1939) no
300,700 no par shares.—V. 152, p. 1140.
2,798,444
311,686
8,985,123
10,595,159
1,173,428
7,321
1,464,,051
80,204,142
2,299,697
1,333,158
1,148,271
2,447,616
1,626,786
196,205,800
19,997,900
Miscellaneous accrued liabilities
Deferred credits.
x
161,729,409
240
2,466,722
23,871
Miscellaneous current liabilities.
Federal income tax accrued
par
2,100
12,253,366
551,065,120 528,970,410
y Represented by
shares,
Puget Sound Pulp & Timber Co.—Earnings—
Calendar Years—
a
a
After
1939
1940
Net profit
$762,218
depreciation,
amortization,
Federal income and
$98,595
excess
profits
taxes and other deductions.
President Ossian Anderson states in part:
W Operations
during
1940
,
consisted chiefly of manufacturing wood pulp
and minor logging operations, these logging operations being confined to
small contract loggers in the company's timber holdings.
Pulp production
for the year 1940 was as follows:
Anacortes plant (10)^ months), 27,297
tons; Bellingham plant (12 months), 100,839 tons.
The sales of 126,938 tons resulted in an operating profit of $2,084,337
before depreciation of $221,164, leaving $1,863,173 income from operations
before income and excess profits taxes.
N Company disposed of its Anacortes plant, making delivery thereof on
Nov. 15, 1940.
Profit from this sale before income taxes amounted to
—
Store
&
666,520
4 97,500
523,837
—
Accts. receivable.-
483,276
movable
339,713
319,566
Properties, &c
20,527,695 20,294,909
Invest. In sub. co_ 7,051,276
7,060,579
Prepaid charges-78,927
74,197
Other Investments
40,175
40,175
Sinking fund
33,878
plant
1940
1939
$
$
11,349,500 11,349,500
Bonds—
12,419,500 12,579,500
Consumers' depos.
107,723
116,220
Accounts payable301,358
663,155
b
Capital stock
200,829
Accrued interest—
204,785
Dividends payable
138,299
138,299
4,783,540
258,467
4,352,490
Deprec.
and other
reserves
Surplus.
304,402
.
Adv.to Quebec Ry.
Lt. & Power Co.
Total—
307,275
304,637
Total
29,933,466 29,334,101
b 553,198 shares of no par value.
-V. 150, p. 1145.
c
29,933,466 29,334,101
Including temporary investments.
Railroads in Hands of Receivers
The
as
175,500,109
______
Payables to associated companies.
Other taxes accrued.
Call loans.
191,022
Liabilities—
Notes payable
Accounts payable
Dividends
c
225,384
•
TAabUities—
154,313
551,065.120 528,970,410
Long-term debt
$
398,048
Cash..
___493,148,675 474,632,181
1,333,604
1,336,627
3,813,500
3,804,539
Other investments.
Cash.
1939
$
Assets—
or
Trustees in 1940—
"Railway Age" in its issue of Jan. 4, 1941, reported
follows:
/
A net reduction of two
(from 109 to 107) took place during 1940 in the
total number of railway companies in receivership or trusteeship.
107 companies, 38 were Class I railways.
Ten of these, operating
Of the
12,206
in receivership, while 28, operating 62,822 miles of
road, were in trusteeship.
The following changes in status occurred during
the year 1940.
One class I company (Central of Georgia) was transferred
from a receivership to a trusteeship status, while another Class I company
(Chicago Rock Island & Gulf) was transferred from an operating trusteeship
to a lessor trusteeship status.
The Fort Smith & Western (Class II, in
receivership) was abandoned, and the Collins & Glennville (Class III, in
receivership) came out of receivership.
At the end of 1940 a total of 76,898 miles of railroad, of all classes, was
in receivership or trusteeship, a net decrease of 425 miles during the year.
This mileage represented 31% of the total railway mileage of the United
miles of road,
were
States.
Progress was made during the year in the reorganization of Class I
companies under Section 77 trusteeships.
By the end of 1940 the Inter¬
state Commerce Commission had approved reorganization plans of 13 sys¬
tems, comprising 18 of the 28 companies of Class I in trusteeship, while an
examiner of the Commission had proposed a plan for one system, comprising
two additional companies.
This plan had yet to receive Commission ap¬
proval.
Thus 14 plans, covering 20 of the 28 comapnies, had reached the
stage of final or tentative disposal by the ICC.
Court approval has been granted eight plans, of which the following five
were approved during 1940: Chicago & North Western, Chicago Milwaukee
St. Paul & Pacific, Erie, Spokane, International and W. P.
During the year the pian for the Spokane International was not only
approved by the court, but in addition was submitted to creditors for
approval, then given final court confirmation. Court confirmation (following
creditor approval) was given also to plans for the Chicago & Eastern Illinois
and the Chicago Great Western.
Under the 14 reorganization plans approved by the Commission or its
examiners, the total capital structures are reduced by 20%.
Long-term
debt, including both fixed and contingent interest debt, is reduced by
46.7%.
Total interest charges, fixed and contingent, are reduced by
about 50%.
Through the finding by the Interstate Commerce Commission that the
great majority of existing stock of the reorganized companies has "no
value," and is, therefore, not entitled to participate in reorganization,
ownership of reorganized carriers will be transferred largely to former
bondholders, through allocation to them of the stock of the reorganized
companies.
Adding the face value of existing stock declared by the Commission to
be without value, and the loss sustained by those groups of stockholders
whose claims are only partially satisfied, the total face value loss to existing
Volume
stockholders!
The Commercial & Financial Chronicle
152
n
reorganizations will amount to 97% of their present
holdings, if all the plans are finahy confirmed. However,
appeals seem likely
in at least two of the cases
approved by the courts in 1940.
Stock issues are
generally increased, with a marked trend toward the
use
of no-par common stock.
The
new
stock,
Railroad Employees* Corp. (&
Subs.)—Annual Report—
Calendar Years—
Gross earnings.
Operating
indicated, is for the most
classes of the present
creditors, in exchange for
claims, or in satisfaction of accrued interest on their
as
part allocated to certain
aU or a part of their
claims.
This
1293
the 14
determination of
"no value"
by Commission fiat, in addition to
producing^ controversy in reorganization proceedings, has given rise to a
number of collateral problems.
When a reorganized company sets up its
under the new
capitalization, what disposition shall be made of the
difference between the new
capital structure and the amount on the old
books representing investment in
the property?
Shall it be considered as
surplus, or shall it be written off the books, or shall it be
relegated to a
special account on the liability side of the balance sheet?
This account,
Liability^ Account No. 757M, is labeled "Reorganization Adjustment of
Capital,
and is largely an accounting
entry for balancing purposes.
This
problem was presented to the Commission in
respect to a revised balance
Chicago Great Western, and was set for hearing before the
sheet for the
1940
On
stocks
common
Earnings
share
per
stock
on common
$283,177
20,211
39,300
3,337
39,840
$221,591
55,773
108,100
$1.23
Net income.
Deduct, dividends paid—On preferred stock
$581,680
298,503
$416,944
25,465
57,000
6,498
106,389
Net earnings
Interest paid
Provision for doubtful notes.
Amortization of intangibles
Federal income taxes
1939
$793,343
376,399
expenses
$180,488
55,774
84,020
$0.92
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $283,656; instalment notes receivable (less, reserves for
doubtful notes of $70,547;) $2,702,177; cash value, life
insurance, $1,717;
deferred charges
(principally prepaid taxes and interest), $25,427; furniture
whole Commission
early in 1941.
The Chandler Act of
1939, designed to permit financially weak roads to
make voluntary
readjustments of their capital structures without resorting
to judicial
reorganization, automatically expired on July 31, 1940.
Six
railroads (two of which were Class I
reserves
ment
taxes accrued,
companies) inaugurated readjust¬
plans under provisions of the Act, at least five of which
(including the
companies) were carried out. A plan of financial readjustment
developed by another Class I carrier was completed, and the ICC
granted
authority to that carrier to issue new securities in exchange for outstanding
issues.
The Commission further
approved a loan by the Reconstruction
Finance Corporation to meet the cash
requirements of the plan.
two Class I
Railroads in the Hands of Receivers or Trustees
on
and
fixtures, at cost less depreciation, $28,245; intangible assets (less,
for amortization of $18,851),
$36,551: total, $3,077,774.—Liabilities—Notes payable, $1,400,000; dividend on preferred stock,
pay¬
able Jan. 20, 1941, $13,943;
sundry expenses accrued, $2,004; miscellaneous
$15,464; reserves for.Federal income and excess profits taxes,
$106,808; preferred stock (par value $12.50), $871,462; class A common
(par value $1), $134,125; ciass B common (par value $1), $5,000: capital
surplus (paid-in), $364,547; earned surplus, $164,419; total, $3,077,774.V. 151, p. 2511.
Railway & Utilities Investing Corp. (Del.)—Earnings—
Dec. 31, 1940
Earnings for the 6 Months Ended Dec. 31, 1940
m
Date of
Receivership
Trusteeship
_
Mileage
Operated
Road
Akron Canton & Youngstown
Northern Ohio
Owned,
171
Alabama Tennessee & Northern
Burlington Muscatine & Northwestern.
California & Oregon Coast
Central of Georgia
Central RR of New Jersey
19
152
218
11
215
11
15
15
1,864
1,405
_
Chicago & North Western
Chicago Attica & Southern
Chicago Indianapolis & Louisville
Chicago Milwaukee St Paul & Pacific._
Chicago Rock Island & Pacific
Chicago Rock Island & Gulf..
710
389
8,327
8,108
154
549
139
520
10,858
7,900
9,873
...
5,018
710
Chictaw Oklahoma & Gulf
Peoria Terminal
Rock
Rock
Rock
Rock
Mileage
825
b30
376
b6
"b32
Island Arkansas & Louisiana
Island. Memphis Terminal
Island, Omaha Terminal
b3
Island Stuttgart & Southern
St Paul & Kansas City Short Line
21
417
or
Apr.
Apr.
Dec.
Oct.
31, 1939
Oct.
1933
2,274
Nov.
38
Nov.
550
26
447
1,998
856
^Tvnann
Nypano
.
1933
1933
1933
1, 1935
1, 1935
1, 1937
1937
19!
1937
Earnings
per
bl939
al940
$1,696,926
share of
common
stock.
$1,605,296
$2.54
$2.70
a Net
income of wholly-owned Canadian subsidiary excluded,
b Con¬
solidated figures.
c After
providing ($911,821 in 1940) for depreciation and ($886,500 in
1940) for State and Federal income and defense taxes, and the excess profits
tax.
''
'
".V,'■"
.
Company's total assets at Dec. 31, 1940 amounted to $19,821,318
including $11,161,719 of current assets, equivalent to nearly five times the
current liabilities.
There was no banking or funded debt or other capital
obligation outstanding.
37 l^-Cent Dividend—
Jan.
Directors have'declared a dividend of 37 M cents per share on the common
stock, payable March 15 to holders of record Feb. 28.
Dividends of 75
cents was paid on Dec. 16, last, and previously
regular quarterly divi¬
dends of 25 cents per share were distributed.
Special dividend of 50 cents
July
in addition to regular 25-cent dividend was
684
679
20
15
408
Sept. 1, 1931
Apr. 20, 1933
July 23, 1938
p
20
363
Oct.
36
None
Jan.
32
July
144
June
15
1938
Sept. 25, 1937
26, 1939
1, 1938
li:
1929
1933
Jan.
1933
1933
June
1933
6,260
Apr.
June
1, 1933
1, 1936
Net sales
Dec.
1, 1937
2,
2,
15,
July 27,
Dec. 31,
193
Dec.
Dec.
1937
1, 1933
1, 1933
1. 1937
July
Apr.
7
Dec.
191
Asphalt Belt
173
32
July
Houston North Shore.
Houston & Brazos Valley
i;
18
Dec.
i. 1937
July
July
1933
27
38
38
1,101
d2
Dec.
104
65
40
Dec.
""62
62
Dec.
21
18
Dec.
602
556
29
July
314
July
...
Iberia St Mary & Eastern.....
Orange & Northwestern
;
Rio Grande City
St Louis Brownsville & Mexico
San Antonio Southern
45
317
128
53
San Antonio Uvalde & Gulf
San Benito & Rio Grande Valley
1,230
21
457
60
14
576
318
734
190
734
156
172
5,048
1,649
4,980
1,439
32
4,314
3,335
Georgia Florida & Alabama
192
184
Sea board-All Florida
Florida Western & Northern
233
33
20
Raleigh & Charleston
32
20
South Dayton
1
Spokane International
Feb.
Total income
$527,641
136,519
$803,267
152,170
$290,226
151,785
100,000
Cr38,780
127",000
24",000
$159,491
158,684
33,906
18,000
59,977
100,000
90,000
60,000
$239,902
77,806
$464,097
86,507
148,856
$1.69
Prov. for depreciation._
Interest paid.
Prov. for B'ederal taxes._
y Refund
Prov. for
raw
x
poss.
loss
Dec.
materials
Net profit....
dividends
Feb.
Apr.
May
Jan.
139
21
Aug.
Aug.
57
June
47
68
Apr.
2,409
1,952
294
294
41
1,208
1,153
f
41
99
30
1,130
78
8
30
996
78
8
13, 1937
Dec.
1,
Dec.
4,
Feb.
8,
Aug.
2,
Nov. 10,
Mar. 17,
Dec.
2,
Dec. 22,
Sept.16,
155,998
Earned per sh. on com..
As
x
$0.73
for contingencies,
reserve
y
$54,465 loss$151,099
90,226
93,334
111,308
199,849
Nil
Nil
4
On settlement of processing tax claims,
Consolidated Balance Sheet Dec. 31
Assets—
1940
Cash
1939
sundry
$750,368
1,920,071
1,892,500
3,539,739
51,627
3,540,663
42.510
&oth. taxes, &c.
107,142
107,142
Res. for contings..
debtors,
travel, advs. &c.
Inventories
......
Value life ins. pols.
Inv. In outside
cos.
preciation)
Prepaid ins. brem.
&c.
.......
Total
1939
$255,908
19,108
$234,890
131,162
167,942
20,829
Wages, com'ns and
(less de¬
Property
x
1940
Liabilities—
Accounts payable.
Divs. payable
$758,927
Gusts.' accts. rec.,
12, 1935
2,
2,
2,
14,
1,
12,
28,
30,
25,
27,
_.
less provision for Federal taxes thereon and less payments made on settle¬
ment of other claims arising in prior years.
14, 1931
Dec. 23, 1930
Nov.
7, 1931
Feb.
on
Amount appropriated-
Oct.
"57
Virginia & Truckee
1935
1936
1936
1938
May 20, 1937
July 28, 1932
Aug.
1, 1905
Dec. 16, 1929
May
5, 1938
eNov.
1, 1932
152
Coeur D'Alene & Pend D'Oreille
Talullah Falls
Wilmington Brunswick & Southern
2,
Oct. 23,
July 30,
June
3,
Aug.
4,
Feb.
side track
Chesterfield & Lancaster
Waco Beaumont Trinity & Sabine
1937
i. 1937
1933
1937
1.866
413
Western Pacific
loss$49,776
209,267
i, 1933
1925
172
Wichita Northwestern
16,497,291
$166,444
123,782
Common dividends
I:
407
Ann Arbor
i
11,932,126
$615,687
187,580
1, 1937
Rutland
Wabash
Dec.
14,032,271
Preferred
Dec.
Rio Grande Southern
St Louis Southwestern & Affiliated Cos.
Santa Fe San Juan & Northern
1937
$357,573
170,068
1937
Dec.
Pittsburgh Shawmut & Northern
1938
13,088,535
expenses
1937
Apr.
Providence, Warren & Bristol
1939
Gross profits
Other income
general
1937
41
128
Boston & Providence
St Louis San Francisco
Dec.
1937
1933
30
New York Ontario & Western
Norfolk Southern...
1940
$13,446,107 $14,647,958 $12,098,571 $16,447,515
1937
31
...
Nevada Copper Belt
New York New Haven & Hartford..
Hartford & Connecticut Western
Old Colony
Apr.
1937
1933
Dec.
1,155
International Great Southern
1933
Dec.
84
18
146
Beaumont Sour Lake & Western
Mfg. Co. (111.) (& Subs.)—Earnings—
1937
Dec.
349
32
Reliance
Calendar Years—
1937
7
7
133
"~7
_
Engineering Co.—25-Cent Div.—
1923
1937
64
Missouri Pacific RR Corp in Neb
Natchez & Southern
Dec. 15, 1939.—V. 151,
•
*****
4
-/■
Cost of sales, selling and
1,417
3,162
Marion & Eastern
Missouri-Illinois
on
m
a dividend of 25 cents per share on the common
stock, payable March 21 to holders of record March 11.
Dividend of 50
cents was part on Dec. 24, last; 37^ cents was paid on Sept. 25,
last, and
previously quarterly dividends of 25 cents per share were distributed.—
V. 152, p. 1140.
Aug.
Chester & Mount Vernon
Fort Smith Suburban
East and West Coast
Reliance Electric &
paid
md
Directors have declared
15
Boonville St Louis & Southern.
Cairo & Thebes
Seaboard Air Line
m
«
25
7,146
Austin Dam & Suburban.....
New Iberia & Northern
a*
0.18
1,512
Minneapolis St Paul & Sault Ste Marie3,224
New Orleans Texas & Mexico
Asherton & Gulf
3251.
.
50
35
15
50
Missouri Pacific
exps.
Res.
7%
362,906
466,092
48,751
24,190
accrued—
for
cum.
Fed.
inc.
pref. stk.
Common stock
Capital surplus—
x
..$6,789,162 $6,823,364
Earned
surplus.
Total
255,194
400,000
1,091,900
2,228,550
44,223
2,236,117
260,095
310,000
1,190,200
2,228,550
53,840
2,357,019
..$6,789,162 $6,823,364
$305,270 ($279,854 in 1939) is restricted on account of capital shares.
To Make Parachutes—
1931
This
1931
ington,
1931
order for
1931
will oegin manufacture of silk parachutes at its Wash¬
Ind., plant within 10 days.
It received an initial Government
10,000 chutes, with indications of further orders.
The Indiana
company
plant will turn out about 1,600 chutes
a
month.—V. 152, p. 436.
1931
1937
1933
1933
1923
1938
1931
1931
1930
1935
1922
1933
1932
1936
1935
Changed to trusteeship June 19, 1940.
b Yards tracks and sidings,
c Ceased operations March 26,1939.
d Yard switching tracks,
e Changed
o
trusteeship May 16, 1933.
f ICC has authorized abandonment of
ntire line, service on which had been remporarily suspended pending
CC decision.—V. 150, p. 701.
^
Raybestos-Manhattan, Inc.—Earnings—
Calendar Years—
Net income...*
c
1938
5:
Dec^ 3L_1940
10
21
Louisiana Southern
Meridian & Bigbee River
Minneapolis & St Louis
a
$15,922
424
Georgia & Florida
Georgia Southwestern & Gulf
Albany & Northern
Yreka Western
Jan.
41
Florida East Coast
Fonda Johnstown & Gloversville
Fort Smith Subiaco & Rock Island
Wisconsin Central
Yosemite Valley
Jan.
June
144
_
+~~A
Sugar Land
1933
Oct. 31, 1933
Aug. 31, 1933
Jan. 24, 1930
2,569
17,570
loss
Balance Sheet
1933
Oct.
Denver & Rio Grande Western
Denver & Salt Lake Western
Duluth South Shore & Atlantic
4,058
__
Assets—Securities, $2,188,663; cashin bank, $3,413; Dividends receivable,
$60; total, $2,192,136.
Liabilities—Provision for
taxes,
$1,165;
accrued expenses,
$2,885;
$3 series conv. pref. stock, $152,325; $3.50 series conv. pref. stock,
$540,675;
class A common stock (par $1),
$145,939; class B common stock (par $1),
$10,000; surplus, $1,339,147; total, $2,192,136.—V. 135. p. 2185.
June 29, 1935
June
7, 1933
79
New Jersey & New York
New York Susuqehanna & Western.
Wilkes-Barre & Eastern
Northern RR of New Jersey
Net
934
June 28, 1935
4, 1931
Dec. 30, 1933
87
26
taxes.
Loss from sale of securities
933
Aug.
31,
31,
Oct. 31,
Aug. 31,
Oct. 31,
Oct. 31,
«\
$5,705
Expenses and
933
Nov. 16,
937
Feb. 19, 1925
aDec. 19, 1932
Chicago Springfield & St Louis
Mineral Range
Erie
4,
4,
15,
Total income
Remington Arms Co., Inc.—Annual Report—
Company reports net income for 1940 of $1,945,563, compared with
$1,392,646 in 1939, an increase of about 40%.
Direct
taxes
$940,000 for
for
1939,
1940
an
were
increase
approximately $2,400,000 compared with
of about
155%.
This direct
tax
bill
is
equivalent
to 32 cents per share on the common stock.
Sales of military products amounted to about 20% of the company s
total sales, compared with less than 4% in 1939.
Sales of commercial products were 12% greater than in 1939.
This
improvement was due principally to increased sales of sporting ammunition
and firearms.
In 1940 there was a more plentiful supply of game, and
hunting regulations were liberalized, resulting in a wider public interest
in the sport of hunting.
Export sales, which amounted to 18% of the company's total business,
were about five times greater than in 1939.
Substantially all this increase
in volume was due to sales of military products to foreign governments.
As a result of the war in Europe, sales of commercial products decreased
in
many
markets,
but these losses were more than offset by increased
sales in Latin American countries.
The Commercial & Financial
1294
Due to the important program the company was called upon to undertake
interest of National defense, and because of the urgent need for
Chronicle
plant and personnel, it was deemed imperative to retire
from the cutlery business.
On Nov. 12, 1940, the trade was so notified.
$300,000 was charged against earnings for the year to provide against
anticipated loss in connection with liquidation of cutlery inventories.
At the end of 1940 there were 11,612 common stockholders and 48
preferred stockholders, as compared with 11,182 common stockholders
and 47 preferred stockholders at the end of the previous year.
At Dec. 31, 1940, E. I. du Pont de Nemours & Co. owned 60.17% of
the common stock and 99.23% of the preferred stock.
At the end of the year approximately 6,700 employees were on the
rolls of the company, an increase of about 67% over the number employed
at the end of 1939.
For the entire year the average number of employees
was
approximately 5,100, an increase of about 41% over the average
number employed for 1939.
Regarding military business, the company stated that during the latter
half of 1940, following many conferences with the British Purchasing
Commission, and after consultation with officials of the State and War
Departments of the United States Government, it was decided to undertake
expansion of facilities at the Bridgeport plant for the production of military
small arms ammunition for the Britisn Government.
This program, which
both
is now well under way.
A
formerly occupied by the
cutlery operations, are being utilized for this purpose, with the result that
new building construction has been held to a minimum.
is being financed by the British Government,
number of vacant buildings, and the spaces
Income Account for
Net
sales
Income from
operations.
Prov. for depr. & obsol.
of plants & equipment
Calendar Years
Earnings for the Quarter Ended Dec. 31, 1940
$2,290,486
Sales (net)
Cost of sales
1,801,525
$388,454
9,182
Profit
Other income
Profit
731,197
731,961
713,205
$4,277,964
17,599
$1,838,613
$919,111
6,500
$1,892,309
y61,125
$4,295,563
Earnings per
$1,849,265
xl,750,000
440,000
16,619
$925,611
7,925
232,000
$1,953,43 *
zl,630
442,000
10,652
Interest
on
bank loans--
-
Prov. for Fed. inc. taxes,
Other income charges—
Prov. for contingency--
$1,945,563
221,088
1,348,765
7,493,140
$0.23
Common dividends
common
Earnings
per
$0.86
Common stock
ma¬
chinery,
equip¬
ment, &c
$1 ,608,520 $2,326,596
1
Cash
384,572
Accounts payable.
238,350
Taxes
taxes,
88,891
82,686
payable
(currently)
25,000
60,000
13,821 Prov. for Federal
income taxes
913,433
300,478
28,518
150,000
e.
230",666
270,000
Res. for conting..
17,150
Acc'ts receivable..
759,550
63,948
7,321
10,000
5,000
1,670,192
521,427
Mortgage
b Notes
2,978
Ac.
1,104
11,617
Mtge. note rec—
703
72,664
int.,
&c
100,000
Cash surrender val.
notes
662
payable
Acer,
1,231,692
461,849
63,429
Unclaimed dlvs
163,870
'
by bank as coll.
to loan).
c$290,000 a$l,349,ll3
Notes payable
1
368,074
Pat'ts & goodwill.
1939
1940
Liabilities—
1939
1940
Assets—
Land, bldgs.,
payable
Mortgage
m
Res. for workmen's
rec.
5,742
5,742
11,588
530,461
Loan rec., officers.
Inventories
compensation.
646,222
49,841
& accrued lot—
62,193
Deferred charges..
stock—
share
$1,392,646
221,088
749,314
7,493,140
$0.15
$685,686
221,088
374,657
7,493,140
$0.06
$1,509,804
221,088
1,348,765
7,493,140
$0.17
Includes $475,000 Federal excess
profits tax.
y Includes $34,287 for
extraordinary income due to consumption of materials written off and
reported as "adjustments of inventory values" in 1933.
x Interest on
x
78,718
$249,273
Federal excess profits taxes
—
share on 290,000 shares of capital stock ($1 par).
7,988
.
Surplus
600,000
Net profit for the year
dividends
Preferred
Shares
44,645
4,125
.
Balance Sheet Dec. 31
Sundry
Total income
20,876
and
franchise
Net profit for
Advs. to salesmen,
Net income from oper.
Miscellaneous income
$397,637
-
Depreciation
Real and personal
property, social security,
capital stock taxes
Interest charges (other than on idle plant)
Provision for Federal normal income taxes
of life insurance.
760,867
100,507
Selling, general and administrative expenses
Cashier's chk. (held
1940
1939
1938
1937
$22,983,5.54 $17,147,099 $13,877,355 $16,961,671
5,038,831
2,569,810
1,651,072
2,605,514
1941
22,
Reynolds Spring Co.—Earnings—
in the
facilities,
Feb.
bank and other loans.
$3,365,522 $4,240,971
Total
$3,365,522 $4,240,971
Total.
Represented by 297,132 shs.. $1 par, less 7,132 shs. held in treasury,
b Nov. 12, 1937, company borrowed $500,000 on its demand note from an
unaffiliated company with which it transacts business.
A supplemental
agreement under same date provides for repayment of this loan in quarterly
instalments of $50,000 each, commencing April 26, 1938.
The granting
of this method of repayment, however, specifically does not prejudice the
right of the holder to demand payment at any time of the full amount
of principal due on the loan,
c $1 par.—V. 152, p. 1140.
a
Balance Sheet Dec. 31
1940
Assets—
Cash
a
1940
24,516,288
receivable
1,858,810
370,188
69,904
8,675,466
6,398,488
advances, <kc
U.
subside-
102,118
company.
303,144
Mlscell. lnvestm'ts
23,176
b Plant and prop. .10,238,339
99,741
303,144
34,367
10,038,392
Pats., tr'ra'ks, <fcc_
96,709
114,235
Defd debit items.
723,248
80,955
Total
47,378,060
Less
627,586
8.
and
436,351
Res.
for
1,956,102
bonus plan
135,641
government
970,875
6% cum. pref.stk. 3,684,800
c Common stock..
7,493,140
Surplus...
7,359,833
3,684,800
7,493,140
6,561,879
47,378,060 21,701,745
of
$309,719 in 1939 and $353,512 in 1940.
b Less reserve
for depreciation and obsolescence of $11,168,370 in 1939 and $11,943,242
in 1940.
c Represented by shares of $1 par.—V. 151, p. 3575.
a
reserve
Republic
Postponed—
The public
Steel
Corp.—$90,000,000
Offering
of Bonds
offering of $65,000,000 bonds and $25,000,000 convertible
had been tentatively scheduled for Feb. 20 has been
definite new date for the offering is ascertainable.
debentures which
postponed.
76,831
$0.58
Corp.—Earnings—
1939
1940
$11,485,764 $11,039,060
;
4.5 3,528
Operating
expenses
Depreciation
a Operating taxes
Other
—
—
$17,186,994 $16,328,756
6,710,836
6,544,574
1,292,257
1,215.455
1,550,000
1,728,499
2.519,565
2,669,467
4,639
16,560
$5,033,639
1,397,923
847,000
$4,272,658
1,559,358
202,000
$2,788,716
1,393,226
$2,511,299
1,393,226
$1,395,489
$1,118,074
—
income
Interest and incidental charges
Federal income and
excess
profits tax
Net income....
Preferred stock dividends.
No
Balance.
50-Cent Common Dividend—
—
Local, State and Federal taxes, except Federal income
P. 1141.
a
The board of directors
the
on
common
Dividends of 40
stock,
on
Feb. 17 declared a dividend of 50 cents
share
a
payable April 2 to holders of record March 10.
paid on Dec. 27, last, this latter being the first
cents was
dividend paid by the corporation since 1930, when $1.24 a share
was paid.
Since the company was formed in that year, these are the only
common dividends it has ever declared.—V. 152, p. 1140.
common
Reynolds Investing Co., Inc.—Litigations Decided—
on Feb. 18, awarded interlocutory judg¬
approximately $2,000,000 in two suits involving the Reynolds
Investing Co., Inc., and the former Continental Securities Corp.
The
Reynolds action was for $882,000 and was brought by John Gerdes and
James D. Carpenter, as trustees of the company .against Clarnece K.
Reynolds and William F. Woodward, directors, and a group headed by
Sartell Prentice and Jerome C. Brady, partners of the former firm of
Prentice & Brady, Vincent E. Ferretti and others.
The second action brought by Arthur A. Ballantine, as trustee of Con¬
tinental Securities Corp., was for the recovery of $1,106,175 allegedly
siphoned from the treasury of Continental to support the Reynolds com¬
pany
In this action Justice Walter granted judgment against Mr.
Reynolds and Mr. Woodward.
In connection with this action, Justice
Walter also granted judgment for $151,215 to the First Income Trading
Corp.
In the Continental suit the action was dismissed as to Conroy & Co., Inc.,
Alexander J. McLanahan, one of the Reynold's directors and the partners
of Granberry & Co.
Justice Walter read his 110-page decision from the bench and at its con¬
clusion suggested to the 30-odd attorneys representing the various litigants
that they submit any additions or objections to his findings later.
The
exact amount of the judgments. Justice Walter will leave to a referee to
of
determine.—V. 151, p.
Reynolds
1733.
Metals
Co.-
,
•To
Make
Aluminum
in
Pacific
Northwest—
be
produce aluminum in the Pacific Northwest.
Power, it is said, will
supplied from the Government-owned Bonneville and Grand Coulee
dams.
Washington press dispatches state:
Officials said that a 20-year contract for 40,000 kilowatts has been asked
by R. S. Reynolds, President of the company.
It has obtained permission
from the Federal Power Commission to purchase Government electricity
on a daily rate basis.
The sites for the new plant have not been selected but officials expect
that they will be built within the next 30 to 60 days and have an initial
capacity of 40,000,000 pounds of aluminum a year.
Officials revealed that production of pig aluminum in the new plants
was scheduled to begin June 15.
The Reynolds company contemplates
expanding its operations to include production of raw aluminum and the
finished product within 90 days after starting and thereafter to buy power
on a yearly basis common to most Pacific Northwest industries.
Authorities said the Reynolds company would raise total production of
aluminum for national defense in the Columbia River area to 190,000,000
pounds
a
year.
Contracts
now
signed
between
the
Bonneville
Power
(& Subs.)—Earnings1937
1940
1939
1938
$17,369,902 $15,993,717 $13,688,983
$16,619,242
802.099
608,128
515,472
750,510
$2.02
$1.53
$1.30
$1.89
shs. comstk.
—•V.
151,
p.
(no par).
3252.
Mfe. Co.—%714-Cent Dividend—
Russell
a dividend of 37 H cents per share on the common
15 to holders of record Feb. 28.
Initial dividend
Sept. 16, last.—V. 152, p. 995.
Directors have declared
stock, payable March
of 25 cents was paid on
Rutland
Period
RR.—Earnings—
End.
1940—Month
$300,575
219,773
31—
Dec.
1930—12
Afos.—1939
$3,513,726
$3,456,841
3,290,764
3.053,541
$80,802
$26,589
Crl,787
$222,962
$283,883
31,613
$403,300
$240,321
27,534
2,401
$56,000
7,686
def$92,534
47,522
$135,445
56,143
$4,397
$63,686
def$45,012
$191,588
535
1,094
7,354
6,237
33,519
33,667
403,451
406,553
Net inc. after fix. chgs. def$29,657
$28,925
$455,817
Ry. operating revenues.
Ry. operating expenses-
$279,740
260,984
from ry. opers
$18,756
$16,195
565
$1,996
Net
rev.
Railway tax accruals
Equip. & joint facil. rents
Net ry. oper. income..
Other income
Total income
Miscell. deductions from
income
x
Total fixed charges.
Includes interest accrued
Note—:This
is
a
on
combined
$221,202
outstanding bonds but unpaid.
of both receiver and
statement
corporate
transactions.
Strike
Postponed—
President Roosevelt invoked
Feb.
this
Section
10 of the Railway Labor Act on
14 to delay for at least 60 days the threatened strike of
railroad which he said "now threatens substantially
employees of
to
interrupt
New York." A
three-man board will investigate and report within 30 days.
About 1.300 employees of the railroad had voted to strike at 6 p. m.
Feb. 14 in protest against wage reductions of from 10 to 30% which the
company had ordered to become effective Feb. 15.
The salary cuts first
were ordered two years ago, but despite a long battle in which court and
mediation machinery was employed, the employer-labor differences were
interstate
commerce
within
the
States
of Vermont and
not solved.
virtually system-wide and President Roose¬
that interstate commerce in New York
"to a degree such as to deprive
that section of the country of essential transportation service."
In invoking the Act and ordering the establishment of a board of inquiry
to report to him within 30 days, the President's proclamation provided an
additional 30 days within which the parties to the controversy will act on
the recommendations presented.—V. 152, p. 843.
The strike
was
to have been
his proclamation
Administration and Aluminum Co. of America call for 150,000,000 pounds
velt declared in
annually by Sept. 1.
The two electrolytic units to be built by the Reynolds company will be
supplied with ore from bauxite mines at Sheffield, Ala.
The new plants,
officials said, will produce enough metal yearly to build 4,000 average mili¬
tary airplanes.
The deal was speeded at the request of the Office of Pro¬
duction Management to meet a potential defense shortage.—V. 152, p. 1141.
and Vermont would have been interrupted
taxes.—V. 152*
Earns, per sh. on 397,806
x
The company, it is stated, plans to begin work shortly on two new plants
to
Ruberoid Co.
Calendar Years—
Net sales
Net profit after all chges.
and taxes
Supreme Court Justice Walter
ments
$4,256,097
5,028,999
.
income
Gross
382.119
867,770
_
Maintenance
Operating income
824,348
4,083,229
259,933
heating revenues....
Total operating revenue
dep...
Total
12 Months Ended Dec. 31—
Electric revenues—
Manufactured gas revenues.
Natural gas revenues
employees under
21,701,7451
..
all charges, depreciation and taxes
Earnings per share on 131,025 shares of common stock
—V. 151, p. 3899.
Steam
Prov. for award to
contract
—
Rochester Gas & Electric
foreign
pensions,
contlng.,<kc
2,611,101
For'n
$595,999
376,894
Sales....
Net profit after
govt, contracts.21,814,797
Investment in Bra¬
zilian
579,100
Mlscell. acc'ts pay.
& accr'd liabils.
Inv. in & advs. to
Co.—Earnings—
Earnings for the Quarter Ended Jan. 31, 1941
769,046
2,102,476
taxes
1,389,579
Mlscell. acc'tsrec.,
British
$
Accrued Fed., &c.,
Accounts & notes
Inventories
Rochester Button
1939
S
1939
TAabilities—
I
s
3,172,940 Acc'ts pay., trade.
$
Volume
The Commercial & Financial Chronicle
152
St. Louis-San Francisco
Ry.—Interest
Payment—
By an order entered Feb. 13 by the U. S. District Court for the Eastern
District of Missouri, Eastern Division, in
proceedings for the reorganization
M. Krun and John G. Lonsdale, trustees, were author¬
of the company, J.
ized to pay interest
accruing to March 1, 1941, on the gen. mtge. 4% bonds
bonds of Kansas City Memphis & Birmingham RR.
and the income 5%
as
follows:
On gen. mtge. bonds int. at rate of
On inc. Donds int. at rate of
Making a total aggregate
4%
4%
$66,460
7l ,640
aggregating.
aggregating
per annum,
per annum,
amount of interest
on
both classes
of said bonds of
Interest
reason
$138,100
the income bonds has been reduced from
5% to 4%, for the
that under a plan of reorganization which has been certified to the
on
Court, the presently outstanding gen. mtge. bonds and income bonds are
equal amount of Birmingham divisional lien bonds in exchange,
carrying interest at the rate of 4% per annum from Jan. 1,
to receive an
the new bonds
Interest payments made subsequent
to Jan. 1, 1940, at the rate
of 5% per annum on the income
bonds, will be subject to adjustment in
the final order of the Court
approving a plan of reorganization.
Pursuant to the order of the
Court, the trustees will pay interest on the
bonds at the office of C. W.
Michel, Executive Eastern Representative,
120 Broadway (Room 1950) New York
City, on and after March 1, 1941,
but only upon presentation of such bonds at the
office, so that an approi
r
J*
Jiriate legend may be stamped thereon, evidencing the payment of such
nfcsriiJst.
Chairman
Petitions
to
Recover
Costs of
Suit—
prosecuted in the Supreme Court of New York, the Appellate Division and
the Court of Appeals, the final decision in the case
having been made on
Dec. 31, 1940.
All three courts decided in favor of the defendants.
In the
lower court, Justice Valente on Oct. 13, 1938, ruled that Mr. Brown had
faithfully performed all of his fiduciary duties toward the 'Frisco and was
not guilty of fraud and
negligence.
Ml The petition of Mr. Brown declared that if the court had granted him a
hearing, as requested, in 1935, before its authorization to tne trustees to
was
in fact
foundation
no
against" the 'Frisco chairman and it would
for him to defend the litigation.
J* The suit grew out of the purchase
by the 'Frisco of 183,333 shares of
Rock Island stock in 1926 at a cost of
$10,506,090. Both roads now are in
bankruptcy.—V. 152, p. 843.
not have been
necessary
Safe Harbor Water Power
Calendar Years—
Rev. from power sales..
1939
$2,793,208
2,413
$2,952,881
1,516
$2,878,957
1,770
$2,500,000
revenue
r
Total
gross revenue..
$2,795,621
$2,954,397
531,755
$2,880,727
458,640
$2,500,656
459,400
Operating expenses
Maintenance expenses.
Depreciation
_
\
J
456,430
182,776
315,811
923,863
30,946
21,000
Cr35,425
Taxes
Int. on long-term debt..
Amort, of dt. disc. & exp.
Taxes assumed on int
Int. chgd. to construct'n
Miscell. deductions
656
Approp. to
res.
156,157
279,664
932.297
31,227
21,000
143,896
188,062
943,553
54,975
18,689
147,606
283,939
940.125
38,463
22,155
427
"""781
"""534
$899,792
835,824
Cr218,924
$1,001,517
292,816
33,218
823.298
Dr8,543
$989,263
11,103
26,915
823,298
Crl42,663
$692,079
197,846
?;
20,552
588,070
Dr270,200
$692,254
$429,273
$292,816
$11,103
Net income
Previous surplus
429.273
for depr.
on common
19,911
stock.
Netsurplus adjust
Total surp. Dec. 31—.
—
Balance Sheet Dec. 31
1940
1939
3
-
$
ssels
Electric
stock
805,275
Sink, fund for red.
of bonds
101,607
23,501
97,430
61,643
count & expenses
1,185,137
1,227,216
Other def'd charges
28,630
49,596
securities.
1940
|
plant
30,013,194 28,560,412
Cash
399.754
746,454
Special deposits...
14,391
17,171
Acc'ts receivable..
177,553
268,742
Restricted funds..
97,251
106,976
Mat'ls <fc supplies.
131,254
133,742
Subscrip. to capital
Invest,
stock comprised of 60,000 shares of preferred stock
shares of common stock (par $1).
The
Schulte
Retail
Stores
(par $25) and 2,250,000
Corp., which holds all of the issued capital
stock of the corporation and other subsidiaries will transfer all of its assets
to the corporation (including the 10,000 shares of
capital stock of the
corpo¬
ration;; the corporation will
The corporation will distribute 40,025 shares of its new preferred stock and
620,783 shares of new common stock in connection with settlement of claims
against the corporation, Schulte Retail Stores Corp. and D. A. Schulte,
Inc. (Del.), as well as in settlement of all interests of the stockholders of the
Schulte Retail Stores Corp. as follows:
m
,
To Schulte Retail Stores Corp., pref. stockholders..
To Schulte Retail Stores Corp., com. stockholders._
On account of settlement of Schulco Co., Inc., claims
On account of settlement of Central Manhattan
Pref. Shs.
Com. Shs.
281,118
45,293
131,759
Properties, Inc., claims
On account of settlement of merchandise claims
On account of general claims—Against the corp
8,000
32,000
5.025
22,613
21,600
86,400
Against Schulte Retail Stores Corp
1,350
5,400
Against D. A. Schulte, Inc. (Del.)
4,050
16,200
The plan contains separate provisions for the settlement and satisfaction
of (1) Schulco claims; (2) Central Manhattan claims; (3)
Huyler guaranty
claims: (4) merchandise claims: (5) general claims (which include all landlord
claims other than those based upon leases from Schulco or Central Man¬
hattan); (6) tax claims and other priority claims; (7) intercompany claims;
(8) old Schulte preferred stock, (9) old Schulte common stock. The reason
for such separate treatment is that each of the foregoing groups of claims
and interests is believed to be sufficiently different from each of the others
require different treatment.
by Schulte
of the old A bonds ($2,168,0CP outstanding) and the old B bonds ($1,679,000 outstanding), and the liability of Schulte and the corporation upon 23
leases of real estate and the guarantees of said leases, are to be satisfied as
follows:
,
Unamort. debt dis►
reclassify the 10,000 shares ($100 par) capital stock outstanding into com.
stock and provide that the corporation shall have an authorized
capital
Schulco Claims—These claims, arising out of the guarantee
1937
1938
Miscell.
Divs.
Plan of Reorganization as Amended
The order for consummation of the
plan provides for the filing of an
amendment of the certificate of incorporation of the corporation which will
to
Corp.—Earnings—
1940
plan for the following purposes: On account of settlement of claims, 620,783
shs.; reserved for issuance upon conversion of the preferred stock, 1,475,625
shs.; to be sold for cash, 57,000 shs.; reserved for officers and employees,
75,000 shs.
The provisions of the plan as confirmed
by the court shall be binding
upon, (1) The corporation, Schulte Retail Stores Corp., and its subsidiary
D. A. Schulte, Inc. (Del.); (2) All of their stockholders,
including those who
have not as well as those who have, accepted the plan;
(3) All their creditors,
secured or unsecured, whether or not affected
by the plan and whether
or not their claims shall have been filed,
and, if filed, whether or not ap¬
proved, including creditors who have not, as well as those who have, ac¬
cepted the plan.
assume, among other things, the obligations
of the debtors in possession in the reorganization
proceedings, and Schulte
Retail Stores Corp. will thereafter be dissolved.
E. N. Brown, chairman of the board of directors of the road has filed a
petition in Federal court in St. Louis, Mo., for reimbursement of $35,241
for expenses,
principally legal fees, incurred by him in connection with a
$10,506,900 suit brought against him and the company's bankers in 1935
by trustees of the 'Frisco charging conspiracy and fraud in losses suffered
by the company on purchases of stock of Chicago Rock Island & Pacific Ry.
The suit against the 'Frisco chairman and bankers commenced in June,
1935, after preliminary examinations which started in June, 1934, and was
file the suit the court "would have been that there
for such claims as were asserted
1295
The 59,025 shares of the preferred stock will be issued
pursuant to the
plan for the following purposes: On account of settlement of claims, 40,025
shs.; to be sold for cash as hereinafter more fully set forth, 19,000 shs.;
The 2,228,408 shares of the common stock will be issued
pursuant to the
Liabilities—
1939
1st mtge.
8,194,725
805,275
sink. fd.
gold bds., 4H%
series due 1979.20,466,000 20,655,000
Accounts payable.
Divs. payable
40,104
85,543
210,000
205,824
Matured long-term
debt
3,120
4,160
Matured
int.
long-term
Int.
accr. on
on
debt.
76,748
77,456
341,857
Other def. credits.
Other
12,811
11,071
bonds
Taxes accrued
317,342
135,675
223,111
liab...
6,251
6,559
Res. for deprec'n..
1,078,242
937,028
accr.
Res. for retirement
annuities
13,698'
13,573
are
to guarantee payment of principal of
A bonds in the reduced amount of
$1,084,000 and new
bonds are to be issued
These bonds are to bear interest at 6% from
July 1, 1938 and are to mature July 1, 1958.
There will be issued to the
holders of the old A bonds and old B bonds 131,759 shares of new Schulte
common stock.
These shares are in addition to the considerations to be
received under the Schulco plan by the holders of old A bonds and old B
bonds.
Corporation will enter into an agreement with reorganized Schulco
company providing, among other things, for the management of the prop¬
erties of reorganized Schulco company by the corporatinon, the leasing of
stores in seven of said premises by the corporation or one or more of its
principal cigar store subsidairies, and the corporation will upon consum¬
mation of the plan and from time to time thereafter make various advances
and loans to or for the account of reorganized Schulco company.
There
will be issued to the corporation the class B common stock of reorganized
Schulco company, representing 40% of the total capital stock of reorganized
Schulco company and the corporation will receive 2,528 certificates of 25year scrip of reorganized Schulco company in satisfaction of the claims of
the corporation against Schulco aggregating $284,410.
pursuant to the Schulco plan.
Schulte companies upon six leases of real estate and the guarantees of said
are to be satisfied by the payment of $420,000 in cash and the
issuance of 8,000 shares of preferred stock and 32,000 shares of common
stock, the cash and stock to be paid and issued as provided in the plan
leases,
against the execution and delivery of the releases therein, provided, including
releases in favor of all of the
companies, whether or not subsidiary debtors
in the pending reorganization proceedings, which guaranteed the six leases.
Huyler Guaranty Claims—These claims, arising out of the guarantee by
Schulte of the payment of dividends upon $4,500,000 7% cumulative pref|.
stock of Huvler's of Delaware, and the agreement of Schulte to purchase
said stock upon certain dividend defaults, are to
be satisfied through the
Huyler plan.
Corporation will pay to the new Huyler
the sum of $450,000, in consideration for which the new Huyler
company is to issue 22,500 shares of new Huyler 2nd pref. stock and 45,000
shares of new Huyler com. stock.
(See under Huyler's).
financing of the
company
Merchandise Claims—These claims
are
all
against the corporation.
By
resolutions duly adopted in November, 1935, Schulte and all of the subs,
of the Schulte companies which had claims against the corporation sub¬
ordinated such claims to the claims of merchandise creditors of the corpora¬
Res. for restricted
97,251
surplus...
106,976
692,254
429,273
tion then existing or thereafter arising
The merchandise claims are believed
to be entitled to the benefit of such subordination. The merchandise claims
32,172,272 32,074.659
funds
Earned
on new
B bonds in the reduced amount of $1,184,250, which
Central Manhattan Claims—These claims, arising out of the liability of the
S
Capital stock
9,000,000
Cap. stk. subscr..
x
Corporation and subsidiaries
and interest
These claims will be satisfied by the issuance of one
share of preferred stock and 4 H shares of common stock for each $100 of
.
aggregate $5°2,440.
Total
32,172,272 32,074,6591
Total
cla'm.
Fx Represented by 100,000 (98,011 in 1939) shares (no par) of non-voting
class A
common
'
stock
~
voting class B
and
200,000 (196,024 in 1939) shares (no par)
V. 152, p. 1142.
stock.
"
common
of
Feneral Claims
(including
Landlord Claims)—The following shows the
maximum total amount in which general claims are expected to be allowed,
and the number of shares of preferred stock and common stock to be received
by the holders of general claims for each $100 of claim:
Safeway Stores, Inc.—Earnings—
Calendar Years—
a
bl940
Net profit
Earn, per sh.
a
After
on
$4,786,652
$4.76
com
Maximum
1939
1938
$4,132,140
$4.02
$3,134,805
$6.61
interest, depreciation and income taxes.
$2.62
b Preliminary.
Note—On the basis of the 1940
be
subject to Federal
excess
San Antonio Gold
preliminary figures, the company will not
profits tax for the year 1940.—V. 152, p. 843.
Mines, Ltd.—Extra Dividend—
Directors have declared
an extra dividend of three
cents per share in
addition to the regular semi-annual dividend of seven cents per share on
the common stock, both payaole April 21 to holders of record April 5.
Similar amounts
were
paid
on
Amount
1937
$6-268,360
Nov. 5, last.—V, 151, p. 2056.
Sayre Electric Co.—Bonds Called—
A total of $17,500 first mortgage 40-year 5% gold bonds, due April 1,
1947, has been called for redemption on April 1 at 105 and accrued interest.
Payment will be made at the Miners National Bank of Wilkes-Barre, Pa.—
150, p. 1294.
Holders of general claims against:
Schulte Retail Stores Corp
The corporation.
$1,440,014
2,210,887
No. of Shares
To Be Received
Pref.
Com.
.0937
.9769
.3749
3.9079
D. A. Schulte, Inc. (Del.)
446,769
.9664
3.6260
Old Schulte Preferred Stock—There are 86,498 shares of old Schulte pref
stock outstanding. For each share the holder thereof is to receive 3 M shares
of common stock of the corporation.
Old Schulte Common Stock—There are 1,132,311 shares of old Schulte
common
stock outstanding.
For each 25 shares the holder thereof is to
receive one share of common stock of the corporation.
The order of consummation provides that any of the above shares of the
preferred or common stock or the corporation not distributed in connection
with the above claims on or before Dec. 31, 1946 will be returned to the
corporation by Its authorized distributing agent.
The corporation will issue 19,000 shares of preferred s
and 57,000
shares of common stock to David A. Schulte and his designee, Joseph M.
Schulte
as
follows:
f
(D. A.) Schulte, Inc.—Listing, &c.—
of
Gen. Claims
Against
Payment of
No. of Shares
Pref. Stk.
Com. Stk.
$1,447,619
14,476
452,381
4,524
13,571
$1,900,000
To David A. Schulte
19,000
57,000
43,429
The New York Curb Exchange has authorized the listing of 59,025 shares
preferred stock (par $25), and 677,783 shares of common
stock (par $1), upon consummation of the plan of reorganization: with
To Joseph M. Schulte
authority to subsequently add to the list, upon official notice of the issuance
the following:
1,475,625 additional shares of common stock, in conversion
of shares of convertible preferred stock; and 75.CC0 additional shares of
common stock, upon official notice of issuance to officers and employees.
The 59,025 shares of the preferred stock and 2,228,408 shares of the
common stock are being issued pursuant to the ' 'plan of reorganization of
Schulte Retail Stores Corp., including, as a part thereof, the reorganization
of D. A. Schulte, Inc., (N. Y.), and D. A. Schulte, Inc. (Del.)." The court
by decree dated Nov. 18, 1940 directed the consummation of the plan on
Nov. 29,1940.
The plan also provides in connection with the financing thereof for (1) the
delivery of general releases to all former officers and directors and persons
dealing with them in accordance with the provisions of the plan and (2) the
delivery of common stock of the corporation to the preferred and common
stockholders of Schulte Retail Stores Corp. as provided above.
of convertible
The proceeds of $1,900,000 as
above stated will be credited
on
the books
of account as follows:
preferred stock account, for 19,000 shs. at (par $25)
To the common stock account, for 57,000 shares at (par $1)
To the capital surplus account
To the
$475,000
57,000
1,368,000
The Commercial &
1296
Payment to the reorganized SchulcoCo., Inc
Payment in connection with the discharge of
$94,520
Central Manhattan
420,000
Properties, Inc. claims
----Purchase of 22,500 shares of the reorganized Huyler Co. 2nd
pref. stock and 45,000 shares of common stock
Payment to the Collector of Internal Revenue in connection with
satisfaction of claimed transferee liability of the corporation. Reserve for estimated amount required for reorganization allowances
stock are being reserved for conversion
stock; 75,000 shares of common stock are being reserved for
See under "Current
Events and Discussions
Inc.—Earnings—
Sharp & Dohme,
1940
1939
1938
1937
$1,174,902
$902,271
$668,168
$999,168
$0.48
$0.13
Nil
$0.25
a After
expenses, depreciation and Federal income taxes.
jVote—No provision for excess profits tax required in 1940.
For the fourth quarter of 1940 consolidated net profit was $292,946,
Calendar Years—
Net profit.
Earn.persh. oncom.stka
common.—V. 152, p. 1142.
equal to 12 cents share on
Corp.—Listing of Debentures—
Shell Union Oil
The New York
authorized the listing of $15,000,000
which are issued and outstanding.—V.
Stock Exchange has
2H% sinking fund debentures
152, p. 996.
Silver King
Coalition Mines Co.—Earnings-
Scott Paper
Co. (& Subs.)—Earnings—
1940
1939
1938
1937
$20,397,720 $18,516,740 $16,149,640 $13,843,542
7,767,235
9,486,105
10,401,468
Calendar Years—
deprec.,
taxes but before depl.
Earns, per sh. on capital
stock..
„
Mat'Is, labor & exp., &c. 11,729,683
500,314
Repairs & maintenance.
851,247
Deprecia'n and depletion
Sell., adm. & gen. exp.
incl. freight paid on
4,851,677
goods sold
4,364,860
266,689
Int. paid & misc. exps._
Prov. for Federal tax
Prov. for Pa. income and
3,829,282
3,491,587
$2,296,646
275,990
$2,464,798
Other income.
377,032
585,618
381,338
703,649
590,927
862,840
$1,749,266
277,810
$1,622,070
184,101
$2,572,636
$2,027,076
$1,806,171
640,196
60,711
442,000
130,390
335,235
114,891
x312,000
182,104
184,232
136,500
Ltd.—Sells Bond Issue—The company has
Wood, Gundy & Co., Ltd., an issue of $1,300,000 434% bonds maturing Dec. 1, 1951, at 100.
Issue was
sold to institutions and was not publicly offered.—V. 152,
Divs.
on
stock, payable March 15 to
$1,424,951
254,193
1,235,690
149,598
1,172,356
$246,637
$563,738
653,391
per
$340,611
598,664
$2.30
667,941
$2.22
share
Including
$58,000.
x
estimated
$1,254,281
45,000
1,039,340
shs__
Balance to surplus
Common shares outst'g-
Earnings
surtax
$2.65
883",474
$370,807
a
$
Land, bldgs., &c. 9,671,322
952,166
Cash
Accts.
&
9,219,453
3,791,305
Inv't. In
1,196,656
2,379,822
Pulp & Paper Co 3,597,000
rec. on invest.
47,040
Int.
3,446,000
53,520
105,022
&c
Pats, goodwill, &c.
Deferred charges.
_
Deferred
Equip,
77,852
1
1
128,295
64,907
20,324,510 20,229,5161
12,183,686
10,010,714
11,621,019
5.108.889
1,786,645
11,094,041
9,625,486
10,828,394
4,751,831
1,710,231
11,270,041
9,692,618
10,221,960
4,552,599
1,689,750
285,303
2,121,916
267,828
1.892.890
260,984
1,764,332
281,896
1,699,342
998,274
602,628
581,989
535,205
63,548
993,540
48,548
698,350
694,920
585,978
538,035
490,835
1,065,746
642,235
975,888
496,577
907,942
490,359
883,573
495,673
608,305
11,431,869
410,559
9,772,275
356,985
8,995,809
352,328
7,894,583
Gen. & misc. expenses:
Exec. & legal depts
Acct'g & treas. dept's.
Prov. for empl. service
pensions
Empl. sickness, acci¬
dent, death & other
con¬
139,413
139,846
5,350,265
5,218,339
20,324,510 20,229,516
Total
expenses
Operating revents
d335,827
for
13,760,947
10,706,967
12,455,298
5,687,831
1,890,808
Traffic
Commercial expenses—
con¬
Div. payable.
Federal tax res've.
Reserve
1,152,826
21,489
liabilities
tingencies, &c_.
Surplus
Total
1,144,475
items._
pur.
revenues.$75,986,497 $69,392,428 $64,264,739 $62,391,224
Total oper.
Current maintenance—
Depreciation expense—
606,000
tract
Misc. advs., cl'ms,
Uncoil, oper. revenues--
3,000,000
Accts. payable
accrued
Bruns.
$76,304,644 $69,642,505 $64,535,914 $62,632,323
250,077
271,175
241,098
318,147
3,034,185
deb. bondsand
3H%
Total
5,995.596
pref. stk. 3,034,185
preferred. 3,000,000
Cum.
S4 cum.
1,555,556
4,268,117
1939
6,577,596
b Common stock
e
a After deducting reserve for depreciation and depletion,
b Represented
by 667,941 (653,405 in 1939) no par shares, including scrip equivalent to
14.98 shares,
c Includes
$108,000 ($216,000 in 1939) bonds redeemable
through sinking fund,
d Includes $240,227 payable within one year,
e Represented
by 29,820 no par shares.
benefits
Services rec'd under li¬
cense
contract
Other general expenses
Expenses
charged
con¬
struction—Cr
z
Taxes---
-
New Director—
William Clarke Mason has been elected
The election of Mr.
created by the
a
director of this company.
Mason fills the vacancy on
the board of directors
death of Clement B. Wood.—V. 151, p. 3253.
Scranton-Spring Brook Water
Service Co.—Negotia¬
tions
for Sale of Water Properties—See Federal Water Service
Corp.—V. 152, p. 844.
Seaboard Air Line Ry.-
-Bond
Groups Request Changes in
Plan—
A step toward reorganization of the road was taken Feb. 18 when repre¬
sentatives of the major bondholders' committees agreed to get together to
work out a tentative basis for the distribution of securities of the reorganized
Negotiations will get under way immediately among committees
representing holders of underlying bonds, receivers' certificates and the
company.
first and consolidated bonds and other securities.
The negotiations are the result of a hearing, before Special Master Taze¬
well Taylor on his proposed capital structure for a reorganized Seaboard, at
which Rober T. Swaine, counsel for the receivers' certificates,filed amotion
for
commitments on the allocation of securities.
Mr. Swaine recommended that:
there
Net oper. income
Net non-oper.
income--
were no
(1) The $40,000,000 40-year 3% first mortgage bonds proposed in the
Special Master's report for distribution among present security holders be
divided into (a) an indeterminate amount, not exceeding $20,000,000, of
20-year 3K% first mortgage bonds with (b) the balance of the $40,000,000
of 3s to retain the 40-year maturity but bear interest of 4% annually, of
which 3% would be fixed and 1% cumulatively contingent, the 1% con¬
tingent interest to become fixed if earned in four consecutive years.
The
3Ks would carry a 2% sinking fund.
(2) Interest on the income mortgage bonds be 4J^% instead of the
proposed 4%.
(3) Establishment of the interest rate, sinking fund and maturity of the
$8,000,000 "new money" 15-year
first mortgage bonds proposed by
the Special Master be held in abeyance for further discussion and that only
$6,000,000 of "new money" bonds be issuable at the time of reorganiza¬
tion, the balance of $2,000,000 to be issuable within one year after reorgani¬
zation, and if not so issued, cancelled.
Mr. Swaine declared that the 3 % coupon on distributable bonds amounted
to an expropriation of the property of some of the senior bondholders and
tended, insofar as earnings were concerned, to work to the benefit of the
junior securities.
He pointed out that the Interstate Commerce Commis¬
sion, except in the case of the Missouri Pacific proposed plan of reorganiza¬
tion, had set 4% as the minimum rate of interest on first mortgage bonds
and 4^% on income bonds.
He added that his proposal for a3^% rate
on some of the Seaboard first
mortgage bonds and 4%, fixed and con¬
tingent, on the balance was the result or a compromise aimed at expediting
the reorganization of the company.
Special Master Taylor, emphasizing that the pending schedules for dis¬
tribution ot securities will be purely tentative and not binding, set March 26,
In Baltimore, Md.. for the next hearing.
$14,852,688 $14,497,968 $13,072,290 $13,035,475
299,301
270,992
176,453
173,228
Income avail, for fixed
$15,151,989 $14,768,960 $13,248,743 $13,208,704
charges.
2,212,500
606,443
1,787,500
669,812
1,462,499
1,499,463
2,100,003
965,678
68,378
85,694
103,558
2,905
138,314
16,860
divs.$12,264,668 $12,225,953 $10,180,317
11,200,000
11,200,000
9,999,920
$9,987,848
9,999,920
Bond interest
Other interest
Amort, of debt discount
and expense
-
Other fixed charges
Net inc. avail.for
Divs.
on common
Surplus-.
stock.
$1,064,668
—
Shares capital
z
$1,025,953
$180,397
def$12,072
1,550,000
$7.91
1,400,000
$8.73
1,400,000
$7.27
1,249,990
$7.99
stock out¬
standing (par $100)-Earned per share
Does not include taxes
charged to construction of $374,330 in 1940;
$265,931 in 1939; $186,731 in 1938. and
$143,538 in 1937.
Comparative Balance Sheet Dec. 31
modification of the suggested capitalization.
The motion was sup¬
ported by Otis A. Glazebrook, chairman of the consolidated committee,
and Joseph France, counsel for underlying holders, with the proviso that
a
Telegraph Co.—Report-—
1937
1938
1940
1939
Local service revenues
$48,991,420 $44,877,082 $41,952,350 $40,164,499
Toll service revenues.-- 23,854,655
21,577,032
19,684,743
19,741,082
Miscellaneous revenues.
3,458,569
3,188,391
2,898,821
2,726,741
Calendar Years—
$
Liabilities—
accept's
receivable
Inventories
c
1940
1939
$
Southern Bell Telephone &
$2.20
Consolidated Balance Sheet Dec. 31
dividend of 25 cents per share on the common
holders of record March 5.
Like amount was
paid on Dec. 14, last, this latter being the initial dividend under company's
new dividend policy placing the capital stock on $1 annual dividend basis,
with extra disbursements to be made at close of each fiscal year if earnings
warrant.
Company's fiscal year ends March 31.
Previous payment was
75 cents in March, 1938.—V. 151, p. 2362.
569,984
profits amounting to
undistributed
on
1940
Assets—
Corp.—25-Cent Dividend—
Directors have declared a
$1,885,692
pref. stock
on com.
690.
Snider Packing
159,673
$1,736,522
1940 company made a net profit of
Simpson's,
Est.
Cash divs.
Dec. 31,
quarter ended
sold through
p.
capital stock taxes
prov.
for Federal
excess profits tax
$1.16
$0.32.
Nil
provided for since there is no 1940 tax
$124,965 after all taxes and depreciation but before depletion, equal to
10c. per share on 1,220.467 shares ($5 par) common outstanding.—V. 151,
p. 3100.
125,000
$2,731,487
12,9,92
the
$1,415,992
$0.38
—
a Excess profits taxes
were not
liability of this nature.
For
def$2,7l0
$387,924
a$467,076
1937
1938
1939
1940
Calendar Years—
Net profit after
Net sales.
preceding page.—V.
on a
152, p. 996.
and its subsidiaries.
jssuance to officers and employees of the corporation
History & Business—Corporation whose corporate charter is perpetual
was organized in New York on Feb. 27, 1915 and become a subsidiary on
or about Sept. 5, 1919 of the Schulte Retail Stores Corp. which was on said
date organized as a holding company under the laws of Delaware.
Corpo¬
ration has, in the main, been engaged in the operation of a chain of retail
tobacco stores; after the consummation of the plan it will directly or through
Its subsidiaries have in operation approximately 205 stores, of which 12 are
operated solely as retail liquor stores. A general line of wines and liquors
are also sold in 10 other stores of the chain.
Smokers sundries, candy and
other sundry merchandise such as golf balls, novelty clocks and watches,
&c., have for years also been sold in the retail stores and in the latter part of
1937, under a new merchandise plan, additional items of new merchandise
have been added such as men's haberdashery and a few items for women,
Including ladies stockings and umbrellas, cameras, film, study and bed
lamps, flash lights, &c., and also a few items of novelty merchandise.—V.
152. p. 130.
Co.—Iowa's Mail Order Tax Upheld by
Sears Roebuck &
Supreme Court—
600,000
and expenses
1,475,625 shares of the common
of the preferred
Proceedings to foreclose the liens securing Seaboard Air Line Ry.-AtlantaBirmingham Division first gold 4% bonds have been instituted in Florida
by the Irving Trust Co., trustee of the issue. Principal of $5,910,000 has
been in default since maturity date on May 1, 1933.
Interest due on and
since Sept. 1, 1931, also has been in default.—V. 152, p. 1142.
450,000
326,855
22, 1941
Proceedings—
Foreclosure
discharge of certain
The proceeds of $1,900,000 will be applied to the
obligations, the major items of which are as follows:
Feb.
Financial Chronicle
1940
§
3
300,952,265 276,660,860
836,717
Inv. in contr. co.
836,717
1,820,239
Other investm'ts
1,812,393
A. ssct 5**™"*
Telep. plant
1939
1940
1939
140,000,000
70,000,000
70,000,000
stock. 155,000,000
Funded debt—
Advances
$
$
Liabilities—
Common
from
7,245,457
2,800,000
3,511,021
3,825,672
604,288
506,738
A. T. & T. Co
3,292,748
144,146
3,880.468
Notes sold to tr.
122,449
of pens'n fund
Mat'l & supplies
Notes receivable
3,072,543
2,493,451
84,154
Cust's' depos. &
69,839
adv. paym'ts.
2,405,129
2,175,658
Acc'ts receivable
8,447,426
7,451,857
849,963
847.576
304,545
787,925
914,266
Acc'ts pay .& oth
current liabilis
7,111,878
5,146,253
6,989,629
5,440,204
Misc. phys. prop
Cash & spec, dep
Working funds.
Prepayments.
Dies,
Oth.
on
__
fund.d't
def.
debits
212,103
Accr'd
liabilties
not due
Deferred
-
credits
Deprec. reserve.
Surplus.321,234,449 295,771,229
Total
—V.
Total
68,856
62,655,396
3,659,188
321,234,449 295,771,229
152. P- 996.
Southern Canada Power Co.,
Operating expenses
Taxes—
i__-
Net earnings
Int., deprec. and divs—
Surplus
152,
Ltd.
-Earnings—
1941—4 Mos.—1940
p.
692.
1941—Month—1940
$241,569
$219,776
62,609
69,097
62,196
40,903
$983,369
283,340
234,593
$882,689
271,971
128,445
112,300
$109,776
111,529
$465,436
450,894
$482,273
446,541
$4,464
Period End. Jan. 31—
Gross earnings
-Y.
56,282
64,365,473
4,549,580
& misc. reserve
def$1,753
$14,542
$35,732
$116,764
Volume
The Commercial & Financial Chronicle
152
Southern
Colorado
Directors have declared
cumulations
the 7%
on
Power Co.—Accumulated
Div.—
dividend of $1
a
per share on account of ac¬
pref. stock, par $100, payable March 15 to
Similar amount was paid in preceding quarters.
cum.
holders of record Feb. 28.
—V. 152, p. 1143.
Sunshine Mining Co.—Earnings—
Calendar Years—
1940
Net inc. after all
charges
and taxes
.$2,714,266
Earns,
Southern Natural Gas
Co.—993^% oj Stock Subscribed
For—
of the total of
recently offered for
The additional stock
was
offered
eJ"8 °? record on Jan. 15.
™
on
Jan.
21 for subscription by stock-
The warrants expired
Federal
on
share
per
1939
1938
$3,173,238
$3,653,936
$5,401,457
$2.13
$2.45
$3.63
1937
-
on
1,488,820 shares
10c.)
—V. 151, p. 2514.
cap.
stock (par
announced Feb. 20 that
approximately 99.5%
484,379 shares of additional common stock which it
subscription by its stockholders had been subscribed, total proceeds from
the sale of about 482,000 shares
amounting to $4,820,000.
The proceeds will be used for
increasing the capacity of the company's
natural gas pipe line system and the
development of gas supplies.
The
company has recently completed three
producing wells in the Logansport
gas field in western Louisiana.
1297
$1.89
Sylvania Industrial Corp. (& Subs.)- -EarningsCalendar Years—
Net
profit
after
1940
Aver,
number
1939
$1,148,603
$1,340,284
$662,106
$598,431
20.780
$2.72
425,077
$3.15
215,905
$1.52
413,336
$1.37
1937
of shares
outstanding.
Earns, per share
—V.
1938
all
charges & taxes..
151, p. 3101.
Feb. 19.
Water Service Corp., which owns about
52% of the stock of the
company, purchased its pro rata part of the additional stock.
See also
V. 152, p. 692,1143.
Tacony Palmyra Bridge Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addition
regular quarterly dividend of 50 cents per share on the common and
class A stocks, all
payable March 31 to holders of record March 15. Similar
to the
Southern Pacific Co.—New Director—
William F. Bull, Secretary of this
company, has been nominated for elec-
P°84T the board 0f directors at the annual meeting
Ry.—Earnings—
—Second Week of Feb.—
1941
1940
(est.)... $3,272,557
—V. 152, p. 1143.
—Jan.
1
to
Feb,
1941
14—
a
152,
1940
After
research
1939
1938
1937
$1,79C ,000
$1,751,092
$1.02
$1,613,663
$2,571,403
$1.66
$1.05
$0.91
997.
Calendar Years—■
1940
1939
1938
$741,199
593,592
59,375
31,770
$834,371
625,947
47,733
51,219
Net ry. oper. income._
$150,095
$96,238
13,017
$56,461
12,351
$109,472
10,741
15,544
$165,639
297,895
Fixed charges, &c
Producing Co.
Calendar Years—
Gross operating income-
$109,255
275,349
$68,812
275,033
$120,213
a274,806
$206,221
1939
1938
1937
$1,768,241
986,439
$1,860,373
966,30b
$2,142,230
987,104
$762,636
11,694
$781,802
29,041
$894,067
36,525
$1,155,126
39,225
$774,331
214,379
$810,843
196,173
$930,592
148,092
$1,194,351
540,057
16,500
49,709
$614,670
177,629
$766,000
133,221
$0.63
$0.69
$0.86
$604,585
88,813
$0.68
Assets—
$
1940
$
Liabilities—
5,735,109
5,812,372
53,446
53,126
All other invest's..
635,136
634,671
Cash
507,848
509,017
1939
$
$
Capital stock
4,200,000
Mortgage debt... 4,200,000
Non-negot'le debt
to affil. cos...
4,200,000
4,200,000
assets,
incl. materials &
113,092
Deferred assets...
101,732
9,346
4,262,416
4,381
152,
11,382,6811
.11,360,627
p.
2,118,541
93,571
94,566
Int. mat'd unpaid.
1,680,200
217,600
545,440
Unadjusted credits
39,739
Accrued deprec'n.
306,839
1,470,200
Rents mat'd unpd.
liabilities
190,400
Deferred
544,167
Total
.11,360,627
11,382,681
1940
1939
1938
1937
y$2,023.203
$1,038,491
$403,799
$1,062,773
charges including Federal income taxes and excess profits
y Equivalent to $4.56 per share of common in 1940 ($3 .02 in
1939).—V. 151, P. 3577.
Standard Accident Insurance
&
Electric
Co.
of
Ohio—Preferred
Stock
pref. stock, according to
pref. stock.
a
letter sent to holders of company's 5%
"No definite indication can be given at this time of the probable date
of offering since determination to proceed with, or to indefinitely
postpone,
the
carrying out of the proposed plan will depend largely
developments during the next 30 to 40 days," the letter says.
37
^2-Cent Dividend—
Directors have declared
mon
stock, payable
a
K'-i
upon
A:?■
market
Mar^h 15 to stockholders of record at the close of busi¬
March 3.
Special dividend of $1 and regular quarterly dividend of
25 cents per share was paid on Dec. 14, last.
new
unit
which
.
will
have
1,
an
annual
Co.—Registers with SEC—
See list given on first page of this
department.—V. 149, p. 746.
dividend of 25 cents per share on the common
stock, payable March 31 to holders of record March 25. This compares with
30 cents paid on Dec. 28, last; 20 cents paid on Sept. 30, last; 10 cents on
a
June 29, last; 20 cents on Mar. 30, 1940; \2A cents on Dec. 28, 1939, and
previously regular quarterly dividends of 25 cents per share were distributed.
—V. 151, p. 3757.
Stedman Bros., Ltd.—Extra Dividend—
Directors have declared
an extra dividend of 60 cents per share in addi¬
regular quarterly dividend of 15 cents per share on the common
stock, both payable April 1 to holders of record March 20.
Like amounts
paid on April 1, 1940.—V. 150, p. 1457.
a
Accrued liabilities-
&
62,296
1,763
;
m
m m
m
65,658
profits
excess
taxes
est.
as
by
26,979
company
36,192
45,850
201,484
Contingent oil inc. ■V- 3,284
Res. for contlngs..
174,735
88,068 y Common stock..
633,856
7,025 Div. credits outst'g
1,459
Surpl. arising from
82,253
.-10,245,409
z450,000
mmmm
Prov. for Fed. inc.
9,472,443
5,337
633,855
1,460
.
70,308
Total
mm
458,721
35,491
3,050,120
_.
Total
10,297,783
5,748,581
3,291,245
5,440,659
10,245,410 10,297,783
x After reserves for
depreciation and depletion of $5,051,098 in 1940 and
$4,409,813 in 1939.
y Represented by 888,147 no par shares,
as $300,000
current and $150,000 not current.—V. 151, p. 3578.
Third
Canadian
General
Investment
Trust,
Ltd.—
Extra Dividend—
Directors
declared
have
extra
dividend
of 2M
cents per share in
addition to the regular dividend of \2lA cents per share on the common
stock, both payable April 1 to holders of record Feb. 28.
Dividend of 12 A cents was paid on April 1, 1940, one of 11 cents paid on
March 20, 1939 and dividend of 10 cents paid on March 15, 1938.—V.—
V. 150, p. 1789.
9 Months Ended—
Net profit
an
Jan. 30, '41 Jan. 25, '40 Jan. 26, '39
x
$171,684
x$169,732 loss$135,833
Inclusive of a dividend of $217,350 in 1941 and $225,000 in 1940 received
from the corporation's minority interest in Mason-Walsh-Atkinson-Kier Co.
x
Note—The net Income for the 1941 period is before provision for probable
loss
the Ida B. Wells
Housing Project in Chicago.
The completed cost
Housing Project is expected to exceed the contract
$500,000, but this is subject to the deduction of sums re¬
coverable on claims for additional compensation under the contract, which
recovery is expected to reduce this amount.
The uncertainty as to the
amount ultimately recoverable under these claims makes it impossible to
on
of the
Ida
price by
B.
Wells
some
estimate the final loss
on
the contract at this time.
The final results of the Grand Coulee Dam project, while not at present
predictable with certainty, will, in the opinion of the Management, produce
possibly $100,000 additional dividends as well as the return to the company
of its full capital investment.—V. 152, p. 998.
Tide Water Associated Oil
Co.—Earnings—
Calendar Years—
$9,550,000
Earning per share on common—.—
$1.14
■'
Preliminary,
1939
al940
b Net profit
a
(Frederick) Stearns & Co.—2o-Cent Dividend—
tion to
City Bk.ofN.Y.
Long-term debt
appraisal
Mortgage Co.—Registers with SEC—
Directors have declared
9,323,083
6,561
Other assets
See list given on first page of this department.
State Loan
150,110
57,604
1,770
assets.
Fixed assets
Deferred charges.
Accts. receiv. from
re¬
capacity of several
million gallons of 100 octane aviation gasoline, are now in preparation,
and equipment has been ordered for this first aviation gasoline plant
between the eastern seaboard and the Chicago area.
Arrangements have also been made whereby Sohio will cooperate with
the Government aviation laboratory being built at the Cleveland airport.
Under these arrangements, company is installing small tanks for production
of special fuel which can be used for testing purposes in the laboratory.
—V. 152, p. 845.
State Bond &
3,703
21,350
190,038
131,379
gffiliate of Consolidated Builders, Inc., which is completing Grand Coulee
am).
pansion Program—
Construction on company new aviation gasoline unit at its Toledo
finery will begin in June and completion is scheduled for about Nov.
according to announcement by the company.
Plans for the
curr.
445,760
1939
;■
112,182
Thompson-Starrett Co., Inc.—Earnings—
{;'■
dividend of 37 A cents per share on the com¬
ness
Ex
549,225
4,493
and
Inventories
Other
Offering
Because of developments in the securities markets, directors have deemed
it advisable to defer the proposed offering of 150,000 shares of new
4%
cum.
demand
funds
$
Accounts payable.
Notes pay. to Nat.
Earned surplus.
Deferred—
cum.
on
receiv.
Accts. receivable..
x
1940
Liabilities—
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Feb. 15,
1941, totaled 145,946,076 kilowatt-hours, as compared with 125,883,748 kilowatt-hours for
the corresponding week last year, an increase of
15.9%,—V. 152, p. 1144.
Oil
$
production--.-.
Co.—Registrar—
The Marine Midland Trust Co. of New York has neen appointed New
York registrar for 175,938 shares of common stock.—V. 152,
p. 997.
Gas
1939
$
J
band & in
accrd. interest._
all
Standard
bks.,
Working
tax in 1940.
Standard
on
Notes
Net profit
After
Balance Sheet Dec. 31
1940
Assets—
Cash
845.
Calendar Years—
x
.
140,563
Square D Co.—Earnings—
x
the terms of this contract the Atlantic loaned the company $500,000 on a
five-year note with interest at 4% payable from 20% of the net production
from the Barbers Hill properties, or 30% thereof if such production should
decline below 3,000 barrels per day
As a further consideration, the Atlantic
agreed, at the company's option, to be exercised within 18 months, to loan
the company an additional $500,000 payable upon the same terms.
This
contract is considered advantageous in affording a steady market for a fiveyear period for the oil produced at Barbers Hill and assures company of
additional money, if needed, for the development of proven properties.
320,056
deficit. 2,075,779
<
Effective as of Nov. 1, 1940, the company entered into a contract with
Atlantic Refining Co. for the sale at the average posted price for a period
of five years for the production from its Barbers Hill
properties.
Under
1,895,811
—
Aud. accts., wages,
traffic and other
'
Unadjusted accts. 4,311,614
2,153,016
Corporate
Other curr.
income
Dividends paid
1939
Inv. in rd. & eqpt.
Impts. on leased ry
profits taxes-
Earns.per sh.on com.stk.
Condensed Balance Sheet Dec. 31
(Trustee and Debtor Accounts Combined)
—V.
Income deductions
Prov. for Federal income
Net
-Earnings-
1940
Total income
$154,593
Includes $1,651 deduction from total income.
1940
Holders may
$1,856,140
1,093,504
Other income
& excess
$166,094
principal office
$559,952
177,629
Operating charges
fixed
$134,487
Total
&c.
taxes,
bonds
Net operating incomeOther income
supplies
income
Street, New York.
the
Texas Gulf
$798,188
602,488
56,366
43,096
a
Federal
and accrued interest.
The bonds will be redeemed at the
of Bankers Trust Co., trustee, 16 Wall
1937
$829,240
577,840
58,623
42,683
after
1937
$137,197
$0.60
immediately and receive the full redemption price
with interest accrued to March 17, 1941.—V.
122, p. 1171.
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals, &c
Equip. & jt. facil. rents.
loss
depreciation,
expenses,
1938
$114,815
$0.51
—V. 151, p. 2363.
surrender
Spokane International Ry.—Earnings—
Net
1939
$83,103
$0.37
$0.44
Corporation has called for redemption on March 17, 1941, all of its out¬
standing first mortgage 5% gold bonds, series A, due Feb. 1, 1958, at 105
1940
on com
p.
694.
p.
Texarkana Water Corp.—Bonds Called—
Spiegel, Inc.—Earnings—
Earn, per sh.
preceding quarters.—V. 152,
$100,547
a Net
profit
Earn, per common share
1940
$2,622,465 $19,952,919 $16,747,908
seven
4
Calendar Years—
Net profit after all chges.
—V.
made in
were
Telautograph Corp.—Earnings—
Calendar Years—
Southern
Gross earnings
distributions
on April 9.—V. 152,
b After all charges and taxes.—V.
Title Insurance Corp. of St.
1938
$8,958,971 $10,427,273
$1.05
$1.28
152, p. 439.
Louis—To Pay 25-Cent Div.
Directors have declared a dividend of 25 cents per share on the common
stock, payable Feb. 28 to holders of record Feb. 18.
This compares with
50 cents paid on Nov. 30, last; 25 cents paid on Aug. 31, last, and previously
regular quarterly dividends of 12A cents per share were distributed.—V.
151, p. 3101.
Travelers Insurance Co.—Stock Offered—An offering of
3,000 shares of stock at $400 a share, involving a total of
$1,200,000, was made in the over-the-counter market Feb. 20
by Putnam & Co., Hartford, Conn.
The Commercial &
1298
The entire issue, it was reported, had been placed.
The stock is re¬
portedly being liquidated to meet taxes and other expenses, by executors
of the estate of Patrick J. McGovern, largest individual holder.—V. 149,
p. 1341.
Co.—Div. Policy Change—
dividends.
month in
about in
connection with possible effect on invested capital when reporting for excess
profit tax purposes under the Second Revenue Act of 1940.—V. 151, p. 3102.
Income Account
before depreciation
:■
$4,598,836
3,705,966
270,507
$3,420,878
3,410,587
291,035
$5,581,66*
3,363,338
327,229
$8,483,357
5,448,641
$8,575,309
5,669,185
$7,122,500
4,585,283
$9,272,231
5,308,474
Manufacturing profit-
$3,034,716
$2,906,124
$2,537,217
$3,963,757
Sell., admin. & gen. exps
595,746
396,804
603,826
429,907
725,000
392,000
572,301
258.943
351,200
261,607
393,000
Crl9,166
Cr6J,875
Crl51,101
22,000
Drl92,711
$1,336,331
3,157,456
$1,518,266
$1,505,874
2,917,573
$2,350,486
3.048,574
$4,493,787
$4,566,840
$4,423,447
1,193,655
1,193.655
$4,937,041
1.790,482
5,253
223,733
-
-
.
(net)
• Fed. inc. taxes ext'd..
Surtax on undist. profits
(estimated)
Other charges
Minority interest prop--
Prev.
Net profit
144,392
Depreciation
70,437
Provision for income taxes
$279,096
5,691
Net profit
Dividends on
7 % preferred stock of subsidiary
$273,405
806,962
Net income
surplus, Oct. 1,1939
Balance earned
.
$1,080,367
on first pref. stock.
125,191
Total income
% paid by parent company
Dividends of
Balance
Total net sales..
Cost of sales
$467,227
26,698
—-—
earned surplus Sept. 30,
share on common
$0.13
-
earned surplus
Total surplus-Common dividends
par)
State
Includes
1,293,126
_
53,344
62,652
147,071
76,344
81,747
$3,184,136
397,885
$3,157,456
$3.81
$3,048,574
397,885
$3.78
Earnings per share
a
2,586,555
$3.36
Earned surp. Dec. 31Common stock (no
743,952
GY7.687
Sundry adjustments—
Adj. res. fordeprec'n...
Adjust, of invest, in sub.
income
397.885
397.885
$5.90
profits taxes
and also includes excess
taxes
$2,917,572
in 1940.
$955,176
1940
Earned per
1937
1939
1940
$4,288,122
3,945,350
249,884
sales
Natural gas sales.
Gasoline, oil & other sales
$493,925
Consolidated operating profit,
Miscellaneous income, net
Net income
Subs.)—Earnings—
Year Ended Sept. 30, 1940
1941
22,
for Calendar Years
1938
Consolidated Income Account
Carbon black
Underwood Elliott Fisher
Company has instituted a change in its practice of declaring
It is the plan to declare dividends at the board meeting in the
which the dividend is to be paid.
This change has been brought
Union-Buffalo Mills Co. (&
Feb.
Financial Chronicle
deducted in above amounted to
depletion
and
Note—Depreciation
$1,411,942 in 1940; $1,348,945 in
1939; $1,285,314 in 1938, and
$1,380,176
in 1937.
Consolidated Balance Sheet
Assets—Cash on hand and in banks,
Comparative Consolidated Balance Sheet
Sept. 30, 1940
1940
Notes receivable—
of subdidiary—Nuckasee
Trademarks,
Assets—
Manufacturing Co.), $81,300; 7% cumulative
preferred stock (par $100),
first
(2H %
cumulative), par
25,669,942
1,774,818
1,458,779
1,037,264
1,009,133
Investments
1,251,757
Other assets.—709,130
road
1939
1940
_
Passenger revenue-;—
Mail revenue
Express revenue.All other revenues
.
$168,164,258 $164253,371
17,671,260 18,546,352
32,718,371 30,19o,782
4,829,001
4,970,557
56,868,021 55,229,218
8,862,458
8,916,679
—
and structures expenses
equipment expenses
Maintenance of way
Traffic expenses
Transportation expenses..
...
All other expenses
—$47,215,147 $46,394,783
14,693,3 89 1 6,287,608
operations
Taxes.--.
Equipment and joint
facility rents—net charge—
transportation operations
from oil operations—net
from investments and other sources
Net income from
Income
Total income
--$19,445,880 $18,966,632
3,981,724
3,981,724
Net income from all sources.
stock
Balance for common
stock
Percent on common
*
$23,358,960 $20,233,188
3,375,188
4,384,176
8,521,642 *9,151,781
—$35,255,790 *$33769,145
15,809,910 *14,802,513
-
Fixed and other charges
Dividends on preferred
9,873,987
9,162,798
-..$15,464,156 $14,984,908
6.96
6.74
—
stock
Restated.
Operating Results—Month of January
1940
1941
Freight revenues.
$11,698,906 $ 10,070,098
1,512,052
1,307,641
—
Passenger revenues.
446,086
467,833
Mail revenues
Express revenue.
123,234
129,656
All other transportation revenue
349,849
178,801
Incidental revenues
3,038,120
424,677
General.
4,705,998
282,965
475,646
256,070
450,690
$3,410,742
1,516,400
$3,621,310
1,340,801
$1,894,342
$2,280,509
576,870
49,710
605,836
$1,267,762
Transportation
Miscellaneous operations
2,200,156
412,298
5,233,194
Traffic--—
$1,624,170
_
Net revenue from railway
Railway tax accruals
336,241
187,301
$14,337,097 $12,470,801
1,201,753
824,279
Railway operating revenues.
Maintenance of way and structures
Maintenance of equipment
operations.
—
United Electric Coal
—
Equipment rents (net)..-.-.Joint facility rents (net)
—
operating income.
846.
Net railway
-V. 152, p.
Union Twist Drill Co.—New
"W. B.
pany,
50,503
Treasurer—
succeeding J. H. Drury, resigned.—V.
of the com¬
152, p. 439.
Other deductions
United Carbon Co.—Annual Report—
Oscar Nelson,
President, states in part:
condition.
The
$3,821,215
and the current liabilities $1,355,965, a net working capital of $2,465,249.
After the deduction of all expenses, including provision for depreciation
and depletion of $1,411,941, or $3.55 per share, net profits for the year
were $1,336,330, or $3.36 per share, as compared-with earnings of $3.81
per share for the year 1939.
The operations for 1940 reflected the con¬
tinued expansion of natural gas sales and the existence of more favorable
conditions in the domestic carbon black market but were unfavorably
affected by loss of some foreign markets for carbon black on account of
Company closed the year 1940 in a sound financial
assets, including a cash balance of $1,774,818,
current
were
the conditions abroad.
The decrease in net profits of 45 cents per
was
share from the previous year
of $384,287 of which $333,000
additional estimated normal income and excess profits taxes.
taxes for the year amounted to $1,223,331, or $3.07 per share.
On
basis comparable to 1939, earnings for 1940 would have been $4.09
occasioned in part by the increase in taxes
represents
Total
a
tax
per
share.
The net
sales were divided as follows:
Carbon black, 50.5%; natural
46.5%; gasoline, oil and other, 3%.
The expenditures for additions to the property account during 1940
amounted to $2,093,276.
The major portion of this amount was used
for the acquisition and development of properties in the natural gas division.
gas,
4,524
27,100
(net)--
Federal income tax
carried
275,666
186,273
270,028
167,107
29,623
39,379
3,184,136
3,157,456
—33.527,993 31.669,306
Total
and State taxes
151, p. 3412.
y
Repre"
1941—6 Afos.—1940
$675,010
$575,556
312,79/
361,703
173,093
63,65f>
46,317
7,091
32,220
55,396
30,647
17,632
3,852
20,190
8,155
49,600
to
$110,622
$81,229
$200,155
$113,475
mine abandoned in 1933.
Note—Profit from operations for the three and six months' periods ended
Jan. 31, 1941, in the amount of $377,242 and $675,010, respectively, is
after a reserve provision in the amount of $70,000, of which $51,463 has
actually been expended to cover the cost of transferring and altering
surplus
On sale of equipment at
a
equipment now in progress.
in amounts of $70,000 will
April 30, 1941, and July
Additional provisions for the same purposes
be provided in each of the quarters
31, 1941.—V. 151, p. 3102.
ending
Co.—Compliance Limit Set—
Right to Hold Distant Utilities—
United Gas Improvement
Company Will Not Fight for
The company
indicated Feb. 20, to the Securities and
might be willing to go in compliance
mission how far it
sentence" clause of the Holding Company Act.
William Clarke Mason, attorney for the company,
Exchange Com¬
with the "death
;
said that the parent
right
Tennparticularly
corporation had no thought of attempting to sustain a claim for the
to
retain its interest in utility companies in Arizona, New Hampshire,
nessee and Kansas, along with certain non-utility properties,
the so-called "ice properties" in the Southwest.
This rough outline was presented verbally at a hearing called
SEC to help reduce the points of issue in the broad integration proceeding
by the
indicated that it would
properties
properties in
against the system. In a tentative finding the SEC
call for disposition of about half of the more than $600,000,000 of
in the system by restricting U. G. I. to a group of electric
adjoining corners of Pennsylvania, Maryland and Delaware.
A long legal discussion developed over the possible question
be raised with respect to U. G. I.'s Connecticut property, which Mr. Mason
said he felt should be regarded strictly as an investment, and should not be
which might
integration provisions!
in Public Service
considered as an operating subsidiary subject to the
He indicated a similar claim with respect to the investment
Corp. of New Jersey.
,
Another point which involved discussion concerned
Gas Works, which operates vast gas properties owned by
.
the Philadelphia
the City of Phila¬
exempted the Phila¬
the city.
Solicitor of Phila*
said that the city wanted to be heard before the SEC took any
divorce properties from U. G. I. because of the $41,000,000
delphia.
Mr. Mason said that he felt that the law
delphia Gas Works because it was in effect an agency of
In that connection G. Coe Farrier, Assistant City
delphia,
to
guarantee held by the
city in connection with
the lease.
TVeekly Output~~~"
The electric output
closed
for the week just
as follows; Week
last year, 107,935,914
152, p. 1145.
for the U. G. I. system companies
the same week last year are
and the figures for
ending Feb. 15, 1941, 121,686,866 kwh.; same week
kwh.; an increase of 13,750,952 kwh. or 12.7%.—V.
Co.—Annual Report—
President, states in part;
1940, after depreciation and taxes
Samuel Zemurray,
Net income for
Unite 1 Aircraft Products. Inc.—Registers with SEC—
See list given on first page of this department.—V. 152, p. 846
207,463
27,532
Remainder
contin¬
Cos.—Earnings—
Write off
United Fruit
McSkimmon, President, has been elected Treasurer
depletion—16,568,595 15,222,314
for
gencies, Ac
Minority Interest-
1941—3 Mos.—1940
$377,242
$326,643
Interest
steps
Railway operating income._
and
Res.
Including provisions for accruals. Federal
397,885 shares of no par value.—V.
operations-Royalties, depletion and
depreciation--.
835,679
167,572
33,527,993 31,669,306
Profit from
11,952,537
Reserve for deprec.
Surplus--
Period Ended Jan. 31—
a
Total revenues
Common stock--11,952,537
Acc'ts payable-- 1,355,965
sented by
9,901.03
9,900.75
$136,464,742 $132484,798
17,472,732 17,630,948
5,610,065
5,358,549
2,108,051
2,069,907
6,508,668
6,709,169
--
Freight revenue.
x
1,251,757
901,054 Deferred credit
1
154,159
Deferred charges.-
x
(& Leased Lines)—Earnings—
December 31—
Years ended
Average miles of
Income
764,590
con¬
tracts, Ac
Total
Union Pacific RR.
Net from
1,129,728
Inventories
3578.
Maintenance of
325,883
-----
Acc'ts receivable--
$2,635,696; 5% second preferred stock
$100, $1,709,359; common stock (par $10), $254,680
$6,931,952.—
y
$
$
Liabilities—
$955,176; capital surplus, $375,699; total,
earned surplus,
V. 150, p.
$
L'd, bldgs., equip.,
Ac. (at cost)—-27,591,731
Cash
1939
1940
1939
$
$264,063; notes and accounts receiv¬
of $10,000), $236,909; inventories, $2,002,951; other notes
and accounts receivable, $24,653; impounded cash in banks, $1,734; miscel¬
laneous investments. $200; property, plant, and equipment (less reserve for
depreciation of $4,835,964), $4,388,174; deferred charges, $13,268; total,
$6,931,952.
Liabilities—Notes payable, $495,000; accounts payable, $139,353; ac¬
crued wages and taxes, $91,210; reserve for 1940 income taxes, $70,437;
machinery payments due after Sept. 30, 1941, $92,721; deferred credit re
processing tax, $31,321; minority interest (preferred 7% cumulative stock
able (less reserve
Dec. 31
and without including
$5.10
compared
outstanding
equal
Kingdom or European earnings, was $14,920,736,
to
share on 2,925,000 shares of common stock outstanding, as
with $14,101,929, equal to $4.86 per share on 2,896,600 shares
at close of 1939.
Dividends of $4 per share, amounting to $11,654,688,
were declared and charged to earned surplus account in 1940.
The balance of the consolidated earned surplus account is $37,816,518,
as compared with $37,364,163 atthecloseof 1939.
A net charge
692 was made to earned surplus as a result of the contribution made to
the retirement trust fund for employees and the sale to the trustees of the
United
per
of $1,313,-
is the differ¬
plan of 34,000 shares of the company's own stock.
This sum
ence between a charge of $2,612,000 representing company contributions
to the plan and a credit of $1,298,307 representing partial
reversal of
previously charged to earned, surplus for writedowns of company
sale of the stock to the retirement trust fund.
There
was also charged to earned surplus $1,500,000 to provide a reserve for con¬
tingencies, this being considered desirable particularly in view of
uncer¬
tain conditions abroad.
,
, „
.
Due to the war, the assets and liabilities of the European subsidiaries
and other assets located in Europe have been eliminated from the consoli¬
dated balance sheet and there has been substituted therefor the net invest¬
ment in these enterprises.
The development of the two new divisions on the west coast of Costa
Rica is progressing satisfactorily.
The completion of these new rail and
port facilities will serve the existing banana cultivations
16,500 acres and will also make available a large quantity
good
land for future development.
,
.
.
.
In the United States and Canada banana sales in pounds increased 13%
over 1939.
Due to war conditions, business in Europe has been unsettled
amounts
stock restored upon
the
of approximately
of
banana
,
Volume
152
The Commercial & Financial Chronicle
during the entire year.
Shipments to the United Kingdom continued
until early in December, when
importations of bananas into England were
suspended by the British Government on account
of the tonnage situation.
Company s fleet operating in the Western
Hemisphere carried 55,442
passengers and transported 1,581,125 tons of
general cargo in addition to
fruit and other products.
During the year this fleet made 1,427
round trip voyages,
covering 4,617,932 nautical miles.
1940
Notwithstanding
required for different parts of the world
possible, the company has felt its duty was
maintain its fleet
unimpaired in order to furnish adequate steamship
to
service between the United States and
the Caribbean countries.
In the early part of the
year the entire British
flag fleet was chartered to
the British Government for the
duration of the war.
A charter hire fixed
for all ships of this class is
paid by the Government, and all of the
ships
are insured
in the Government War
Risk Insurance scheme.
Because of
war operations,
eight of these ships have been lost and one
damaged.
War
risk insurance on these losses
has already been either collected in
sterling
or is in the process of
being collected.^ The extent to which such insurance
exceeds the book value of the
vessels lost has been added to a
replacement
time deposits...
U.S. Govt,
Years Ended—
Jan. 4.
.
exchange
Total income
*41
Dec. 30, '39 Dec. 31, *38
Jan. 1, '38
.
105.262
215,948
468,110
286,751
Accrued liabilities. 1, 224.466
Fed. and Canadian
6.887,071
Reserves
6,316,864
Preferred stock... 7 ,822,200
Common stock
23 ,913,240
429,625
146,663
476,932
$14,920,736 $14,101,929 $10,272,747
11,654,688
11,586,388
9,413,940
$11^817,128
abandoned
447,184
^
Net
income.
Dividends
Surplus...
$3,266,048
37,364,164
Previous surplus
Previous charges restored
$2,515,541
34,431,622
11,610,388
""$206,740
$858,807
35,643,921
35,437,180
,
1,298,307
......
Bal. of reval. res've, &c.
Inventories6,781,886
Secure. & miscell.
receivables
Employees'
556,209
and
330,850
4,763
ment
Total
Surplus..
$37,816,688
standing (no par)
Earnings per share
1,097,899
2,925,000
$5.10
c2,896,600
approved by the Navy Department
stk.
c2,896,600
$4.08
Other stocks and
bonds
Leasehold
6,472,123
6,860,132
1,210,394
468,123
2,924,997
956,414
2,896,597
892,360
Insur'ce
14,668,077
398,457
payable..
Deferred income
9,750,000
11,750,000
1,265,950
15,763,246
Tax
10,823,950
sees.
$
and
other deposits
Divs.
14,192,094
Cash....
U. S. Govt.
11,078,666
reserve.
Surplus
reserve
4,622,037
Other reserves..
market'le
4,229,677
4,663,481
4,065,742
37,816,519
37,364,164
373,873
144,261
5,962,760
Deferred charges
3,155,035
$3,396,154
163,101
3,223,264
$3,358,135
163,100
3.044,703
$3,462,687
$224,730
5,765,886
$9,789
5,756,098
$150,332
5,605,765
$94,508
5,513,328
$5,990,616
$5,765,886
$5,756,098
$5,605,765
1,831,400
Pref. dividends (7%)
1,831,400
1,831,400
457,850
—
.
Previous surplus
Excess of cost over par of
Profit & loss surplus..
Shares of common out¬
2,071
standing (no par)
$2.08
$1.76
$1.74
f$7.21
Federal taxes for prior years, including interest thereon,
b No pro"
vision required for excess profits taxes.c Includes
special dividend of
$2 per share amounting to $915,700.
e Leaf tobacco,
f After deduction
of flood loss.
If flood loss was not deducted, income for the
a
year
amount to
occurred prior to that year.
The reserve, as
ments of the company, is used to reduce the
the lower
to
of cost
or
Total
186,103,699
187,026,466
Paperboard Co. (& Subs.)—Earnings—
shrinkage
applied in the financial state¬
carrying value of marketable
Profits of $45,869 on sale in
included in the above income.
Net profit.
After depreciation, Federal income taxes, &c., but
vision being made for excess profits tax in 1940.—V.
151, p. 3103.
y
no
pro¬
5,453,373
$
2,330,000
Common stock..14,943,700
Accounts payable.
467,158
14,943,700
x
771,134
Accrued taxes and
3,718,416
exps.,
mfg. stocks,
supplies, &c
Acc'ts
1939
$
2,330,000
incl. Fed.
Income
10 ,114,004 10,629,717
receivable,
taxes...
835,101
customers
811,396
(net).
Marketable sees.. 6 394,492
Capital stocks of
other companies
600,039
769,334
3,442,008
5,990,616
General reserve...
Surplus
3,418,078
5,765,886
884,169
6,488,299
600,039
and
notes
receivable
162,894
159,242
Prepaid
expenses.
65,246
64,876
Total
x
28,008,584 27,998,1321
Represented by 1,831,400 shares of
Total..
no par
28,008,584 27,998,132
value.
y
A fter depreciation
of $2,132,234 In 1940 and $2,531,446 in 1939.—V. 151,
p. 3257.
Envelope Co.—$2 Dividend—
dividend of $2 per share on the common stock,
payable March 3 to holders of record Feb. 27.
Dividends of $1 were
paid on Sept. 3 and on March 1, 1940; this latter being the first dividend
paid on the common shares since March 1, 1938, when $2.50 per share was
distributed.—V. 151, p. 1008.
a
Co.—Liquidating Dividend—
liquidating dividend of $5 per share on the com¬
pany's stock, payable March 15 to holders of record Feo. 3.
Dividend of
50 cents was paid on July 1, last, and
liquidating dividend of $5 was paid on
Jan. 2, 1940.—V. 151, p. 262.
a
United States Gypsum Co. (&
Leaf,
1940
Liabilities—
Preferred stock...
acc'ts
40 Nov. 25, 39 Nor. 26. 38
$24,875
x$573
x$374
United States Lumber
$
3 ,821,864
Other
Nov. 30,
Directors have declared
are
will, &c
186,103,699 187,026,466
United Spates
market.
1939
$
Assets—
Represented by 2,925,000 no par shares (incl. 28,400 shares held in
in 1939).
b After reserves for depreciation of $141,801,807
($152,060,998 in 1939), and revaluation of $12,283,487 ($13,602,192 in
1939).
d 28,400 shares having a market value of $2,421,100.
e After
reserves of $94,224 ($125,355 in
1939).—V. 152, p. 694.
Directors have declared
would
$3,765,923, equalling $7.86 per share on common stock,
g There
has been charged to a reserve, provided from
earnings in previous years,
a loss of $738,633 on an investment sold in
1940, all of which
Real estate, ma¬
chinery & fixt.. 6.038,647
Trademarks, good
12,082,717
10.388,849
3,800,861
6 Mos. Ended—
163.229
c3,204,950
Earns, per share on com.
Cash
Loss,
163,101
3,589,544
0702,193
y
a
x
$4,437,948
125,435
546,590
303,235
$3,915,793
522,155
380,556
Balance Sheet Dec. 31
treasury
y
$4,121,997
166,660
597,201
1940 of other marketable securities
1,523,404
9,872,385
4,798,050
United
$4,268,700
257,522
615,024
b663,349
g$3,977,376
4,377,918
1,502,419
Mat'ls & suppl's
Deferred assets-
Total
$4,218,085
279,553
.
1940
2,807,411
1937
$3,741,441
.
ugar and other
products
Merchandise...
1938
$3,933,695
335,005
4,626,057
Notes & accts.
receivable
1939
$3,836,702
381,383
Flood loss
securities
securities
e
accrued liab..
3,130,055
599,367
Inv. in European
subs. (net)...
Other
118,499,671
Customers'
3,074,451
cos.
Co.—Earnings—
1940
Operating profit
Divs., int. & misc. inc..
preferred stock—Dr..
a Capital stock.
118,499,671
Accts. payable &
960,473
being suitable for National Defense
as
tungsten ore, manganese ore,
antimony and quinine.
Four of the ships are now
oeing fabricated in the yards of the SeattleTacoma Shipbuilding Corp., Seattle,
Wash., and four in the yards of the
Western Pipe & Steel Co., San
Francisco, Calif.
The Isthmian Steamship Co., which
operates 65 ships—the largest fleet
of sea-going vessels under the American
flag—will eventually place the
new ships in its regular round-the-world
service.—V. 152, p. 1146.
$35,643,920
Dec. 30, *39
Liabilities—
11,750,000
14,
Isthmian Company plays an
important role in National Defense,
carrying cargoes of strategic materials from the Far East to American
ports.
These include tin, crude rubber,
.
Jan. 4, '41
$
S
9,750,000
Feb.
purposes.
Federal income taxes
c2,896,600
Dec. 30, '39
103,883,837 105,534,643
on
vessels, with a sustained sea speed of 16 M knots.
The construction
cost of the vessels will
approximate $2,800,000 each.
The vessels are
scheduled fo- delivery during the first six months
of 1942.
The C-3 ships, largest and fastest
cargo ships built under the Maritime
Commission's program, are about 9,300
gross tons, with a cargo capacity of
about 10.000 tons.
The plans for the construction of
the vessels have ben
Deprec. & obsolescence.
e2,325,666
$37^64~164 $3Mi"lT622
Corp.—Ship Building Contract—
Steamship Co., subsidiary of this corporation,
cargo
Consolidated Balance Sheet
Jan. 4, '41
$
Sees.of affil.
Total.........70,219,659 64,857,129
a contract with the United
States Maritime Commission for
the purchase, under the construction
differential subsidy provisions of the
Merchant Marine Act of 1936, of
eight C-3 type steam driven turbine
United States Tobacco
$4.86
$3.54
Contribution to retirement trust fund for
employees,
b Includes $353
for undistributed profits tax.
c Excluding
28,400 shares held in treasury,
d Balance of revaluation reserve on mail
ships not required restored to
surplus,
e Additional income tax assessments
and provision for contingent
claims for further additional income and other
taxes.
own
985,476
-V. 151, p. 3103.
a
d Co.'s
Surplus-
70,219,659 64,857,129
4,000,000
1,500,000
a2,612,000
Shares capital stock out¬
fund.
1,202,972
7,822,200
23,899,200
...30 ,419,598 28,096,538
equip¬
Total
e
b Fixed assets..
,191,130
12,069
Calendar Years—
losses
Reser ve for contingencies
Miscell. deductions
Insurance
1.363,857
(gross) ...38,510,504 38,247,345
Def'd charges, <fcc.
417,000
$41,928,519 $37,364,164 $40,756,623 $35,643,920
Reserve for abnormal
(.
943,790
4, 051,931
1
stock-
purch. contracts
Plant
d4,253", 895
Amt. prov. for conting.
claims for taxes
V
Income ta es...
The
property sold or
property
136,888
5,524,888
United States Steel
Foreign exchange
surplus
136,888
3,944,073
Isthmian
$26,806,899 $25,627,336 $20,473,517 $23,435,466
7,870,955
7.957,404
7,493,505
9,236,653
3,568,023
2,670,267
bl ,688.804
2,168,589
Income taxes
Interest
to
S
1,391,683
9,140,346
entered into
$25,527,860 $24,304,412 $18,914,158 $21,944,762
1,141,628
1,322,924
1,559,359
1,309.289
137,411
181,415
income.
Depreciation
on
secure.
2,608,492
1939
$
1, 460,206
2,927,743
121,729 acres of
and 4,329 acres
Consolidated Income Account
{.Including Subsidiaries)
Loss
2,573,194
Other bonds
The company has 36,724
stockholders.
Operating
1940
Liabilities—
Accounts payable.
Dividends payable
cacao
of other products.
Other income
Gain on foreign
$
Accounts and notes
receivable (net). 8.627,115
reserve.
At the close of 194C the
company had in cultivation
bananas, 93.040 acres of sugar cane,
53,346 acres of
1939
$
Assets—
Cash, demand and
company
the great demand for
tonnage
where lucrative earnings were
1299
Consolidated Balance Sheet Dec. 31
Subs.)—Earnings—
United
The
Utilities, Inc.—To Borrow $500,00"—
Securities and Exchange Commission announced
Feo.
18 that the
had filed an application (File 70-252) under the Holding Company
Act regarding a proposal to borrow $500,000 from the Continental Illinois
company
National Bank & Trust Co.
The loan is to be evidenced
by 10 promissory
each of $50,000 principal amount.
The notes are to be dated
1, 19*1, and will mature semi-annually.
They will bear interest
at the rate of 2^% per annum until maturity and at the rate of
5% per
annum after maturity until paid.
The proceeds from the loan, together with other funds, will be used to
redeem all of the outstanding AlA% sinking fund debentures of the
company
aggregating $756,100.
The company has requested the Commission to
approve the application not later than Feb. 28.
notes,
April
Consolidated Income Account for Calendar Years
1940
Net profit from oper
$13,616,895
Other profits & income..
438,504
1939
$11,011,602
375,881
1938
$7,687,272
283,908
1937
$8,410,297
290,934
Utah Idaho Sugar Co.—15-Cent Common Dividend—
Directors have declared
a
dividend of 15
cents
per share on the common
stock, payable Feb. 28 to holders of record Feb. 21.
dividend paid since 1937.—V. 151. p. 3758.
This will be the first
common
Total income
$14,055,399
Deductions from income
321,272
$11,387,483
$7,971,180
$8,701,231
125.271
78,366
116.219
2,549,153
4.132,000
2,539,614
1,356,760
2,296,318
871.000
2,265,001
Net profits for year.$7,052,974
$7,365,847
25,449,490
$4,725,497
23,659,013
$5,421,010
21,768,446
Deprec. & depletion
Fed. &Dom. inc. taxes.
Previous
earn,
surplus..
Total.
Surplus charges
Preferred dividends
Common dividends
Earn. surp. end of
Paid-in
x
surplus
Shares
common
...$29,318,065 $32,815,336 $28,384,510 $27,189,457
5,226,067
547,554
547,554
547,554
547,554
4,182.360
4,776,624
2,387,466
2,982,890
yr.$24,588,151 $22,265,091 $25,449,490 $23,659,013
5,831,447
5,831,447
5,831,447
5,831,447
stock
outstanding (par $20).
Earnings per share
x
22,265,091
899.000
1,195,662
$5.44
Does not include treasury stock,
tax.
Utility Equities Corp.—Annual Report—
The report for the year ended Dec. 31,
1940, shows net assets as of that
date of $82.55 per share of $5.50 dividend priority stock.
The priority
stock is entitled to $100 and accumulated dividends per share in involun¬
and to $110 and accumulated dividends in voluntary
tary liquidation
liquidation.
.
The net assets as shown in the respective reports amounted to $90.14 per
priority share at Dec. 31, 1939, and to $82.09 per priority share at Sept. 30,
1940.
Income Statement Year Ended Dec. 31, 1940
Income bonds
$345,303
Management expenses...
Corporate expenses
Capital stock and sundry taxes
Interest
1,194,960
$5.71
y
1,194,156
$4.08
12,128
—
-
066
1,193,156
$3.50
35,151
7,822
Includes $1,340,000
excess
profits
Excess of income over expenses
Net loss on sales of securities for year
Dividends
on
priority stock
$289,534
141,795
156,723
"The revised draft embodying
Balance Sheet Dec. 31, 1940
'
r
$786,108; dividends and interest
at market quotations,
banks,
in
Assets—Cash
$20,943; general market
total, $6,453,365.
securities,
payable
Liabilities—Account
purchased, not received,
and taxes, $10,104; $5.50
stock (10c. par), $56,754;
securities
for
receivable,
$5,646,315;
$86,388; other accounts payable, accrued expenses
dividend priority stock ($1 par), $76,999; common
surplus, $7,760,535; unrealized depreciation (net) of general market
ties owned, £>r.$l,537,416; total, $6,453,365—V. 151, p. 3258.
securi¬
Dividend—-
Upson-Walton Co.—15-Cent
dividend of 15 cents per share on the common
March 20 to holders of record March 10.
Dividend
of 30 cents was paid on Dec. 20, last; 10 cents paid in three preceding
quarters, and 30 cents paid on Dec. 20, 1939, this latter being the first
dividend paid since March 21,1938, when 10 cents per share was distributed;
prior to then, regular quarterly dividends of 20 cents were paid.—V. 151,
Directors have declared a
stock, par $1, payable
p.
Feb.
The Commercial & Financial Chronicle
1300
3257........
■
"Since that time
mission.
problems," he said.
it may be necessary to ask for a further hearing
able to secure the written approval of the various interested
parties to the definitive plan, for filing with the Commission.
We feel the
reorganization will go forward rapidly if and when the Commission grants
authority asked in the pending application."
The latter means the issuance
of securities under the terms of the plan filed by the road last December.
For these reasons, it is asked that the ICC keep the case open pending the
filing of an amended plan of reorganization.—V. 152, p. 1146.
tion of these
"Under the circumstances,
unless
we are
Walgreen Co.—Sales—
Month of
1939
1937
$25,130
$30,263
36,880
31,185
1,420 loss470,670
1930
$37,173
$66,102
$63,430 loss$409,222
1,464
9,666
10,073
3,454
3,775
30,092
35,225
$125,292
6,022
11,273
$20,218loss$459,759
1941
1940
$6,479,713
January—
$5,864,122
277.
—V. 152, p.
Industrial Corp.—Earnings—
Utility &
$66,300
Total income
—_
Interest
------
9,287
Taxes
662
32,640
Kegist. & transfer exps.
Other
expenses
Net
profit-.-
$23,512
*
Statement of Deficit
TOtal
$298,753
45,701
ended June 30, 1940
$344,455
mm mm mm m+ 'mmm mm, mm m mm — mm mm. mm
mm
mm mm mm
book amount of investments as of
June 30, 1940 to amount based on market
quotations at June 29, 1940—
as
annexed
— mm
$4,186,913
390,853
359,258
2,957,270
'
-—
3,042,263
806,506
)
Selling, general and
administrative expenses
profit.
.
...
$90,890
18,697
$109,587
35,557
36,927
payable, &c__
foundry and moving expenseProvision for Federal income taxes
— _.
on
notes
37,328
2,058
13,586
$60,444
32,876
$16,426
Net profit
for the year.
credit
Special
779,494
$68,191
24,548
$92,739
Net profit from operations
Other income (net)
-—i—
$16,426
$93,320
amortization included above,
Note—Provisions for depreciation and
$165,911 in 1939 and $156,150 in 1940.
Consolidated Balance Sheet Oct. 31,1940
1935_.$10,619,680
on hand, $26,219; customers' receivables
receivables, $1,392; inventories, $1,109,641;
$40,200; prepaid expenses, &c., $11,479;
plant and equipment (reserve for depreciation of $1,042,482), $1,115,861;
construction in progress, $17,560; patents (at clost less amortization),
in
Assets—Cash
3,668,488
—
$4,307,813
'm*''mm'*m mm mm''+l'm* —W .
cash discounts,
Surplus
(which
surplus),
created out of capital
reserve was
rr:Tly
—
Cost of sales
Write-down" of
On investments acquired prior to April 2,
Less—Balance in investment reserve
mm'
J.
Freight returns and allowances,
and excise taxes—
-
Cost of dismantling
1935,
2,
''''
1939
1940
Years Ended Oct. 31—
GrOSS S2.16S
Interest
losses on
Mfg. Co. of Wis. (& Subs.)- —Earnings-
Walker
Net
—
mm mm mm mm mm mm mm
*m <—
mm
4,757
36,940
{.Since Jan. 1, 1936)
Balance, Dec. 31, 1939 (exclusive of $5,060,325 net
sales of investments acquired prior to April
charged to investment reserve)
Add—Net loss for the six months
58,388
29,731
solve
While it is true, Mr. Atkinson
only one
Com¬
much has been accomplished toward the solu¬
Pennsylvania."
problems presented by
wrote, nearly two months have elapsed since the adjournment,
month has elapsed since the Pennsylvania filed its letter with the
':
Calendar Years—.
1940
Income—Interest—.
, $23,660
Cash dividends
_
42,441
Profit on sale of secur—(See below)
when amendments could be developed to
suoject to revision if and
tne
1941
22,
these changes was filed tentatively and
banks and
(net), $531,118; miscellaneous
cash surrender value of insurance,
1935—.
acquired since April 2,
On investments
$6,951,192
207,099
7,158,292
$11,126; total, $2,939,139.
Liabilities—Accounts
Deficit, June 30, 1940
*
——
Deduct—Liquidating dividend received in December
posit in Chicago Bank of Commerce, closed
written off in 1935)—
$7,502,746
from de-
$83,213; note payable to bank, $524,065; $3 cum. conv.
pref. stock (par $50), $980,550; common stock (50,400 shares, no par),
25,500; surplus, $117,089; total, $2,939,139.—V. 150, p. 706.
within one year),
(deposit
130
Washington Gas Light Co.
$7,502,615
Net
eased on
profit from sales of investments,
written-down book amounts
ended Dec. 31, 1940months ended Dec.
six
Deficit, Dec. 31, 1940, before
ciation of investments
tions
:
carrying investments at
Balance Sheet Dec.
Assets—Cash on hand and
interest accrued,
ceivable and
$7,486,362
Dec. 31, 1940
market quota¬
-
Deficit, based on
16,254
deducting net unrealized depre¬
depreciation of investments at
(excess of book amount over amount based on
Net unrealized
101,967
-
$7,588,329
market quotations
31,1940
demand deposits, $164,621; dividends re¬
$6,990; investments, $1,524,882; deferred
charges, $1,752; total, $1,698,246.
Liabilities—Accounts payable,
$2,750;
Valvoline Oil
Retirement accruals
598,643
476,169
821,904
514,888
400,384
518,150
470,905
414,766
608,447
442,461
Operating income
$2,063,703
$2,021,338
$1,990,143
$1,674,312
45,514
20,573
3,410
32,366
1,109,217
795,275
$2,041,911
810,114
$1,993,552
987,569
$1,706,678
946,471
Net income
Divs. on capital stock---
$1,313,942
$1,231,797
$1,005,983
stock.
637,524
611,259
497,250
pref. stock.....
241,714
160,208
f133.821
c52,621
$434,704
©425,000
$460,331
e425,000
$374,912
e,390,000
"" $239,586
$2.52
$2.52
$2.24
$1.81
Taxes
Other income
Gross income—
Deduct, from gross inc..
Divs.
$19,276;
provision for taxes,
999.
Co.—New Director—
William Henry Wood was
533,643
1,073,037
on common
Number of shares.
Earned per share.
Subs.), Rochester, N. Y.-
Years End. Dec.
1940
$413,110
Net profit
Dividends.
1937
1938
1939
$306,660
$170,694
100,000
y$346,948
Consolidated Balance Sheet Dec. 31
33,707,152 39,809,297
Fixed capital
Inv. in sub. cos...
•Cash'—...
c
Consumers'
preferred stock. 6,000,000
5,143,382
3,560,000
Profit & loss surp.
4,868,915
Capital surplus.— 6,161,396
6,895,072
672,790
856,085
Gen.mtge. 5% bds 5,199,500
5,199,500
24,316
28,055
Special deposits—
Consolidated Balance Sheet Dec.
hand and in banks, $701,540; United States
marketable stocks and bonds (at cost), $342,353;
machinery, equipment,
10,246
11,605
60,813
82,019
65,800
139,000
52,677
65,266
—
494,785
Accts. & wages pay
1,000,000
600,000
526,409
10,764
2*26,875
199~425
construe, ad vs.-
535,982
297,722
642,250
323,059
Divs.
payable
Accrued taxes
Misc. curr.liab._Deferred income.-
of $504,568),
$428,379; patents, $1; deferred charges, $3,762; total, $2,242,705.
Liabilities—Accounts payable, $83,754; accruals, $22,033; reserve for
$288,000; common stock (200,000 no par shares), $1,000,000; surplus
earned, $848,919; total, $2,242,705.—V. 150, p. 3904.
light
Customers deps. &
debit
derd
items
Govern¬
taxes,
8,500,000
Gas¬
Co.
first
mtge. 5% bonds 1,000,000
Notes pay. to bank
Georgetown
Accrued interest__
liquidation val__
accounts
value life insurance, $51,894; mer¬
assets, $11,676; real estate, plants,
trucks (less reserve for depreciation
2,720,000
Due to sub. co
Excess of In vol.
Other
31, 1940
Assets—Cash on
ment securities,
receivable, $407,451; cash-surrender
chandise inventory, $295,647; other
b
822,162
38,783
debt
discount & dep.
*
4% series s. f. mtg.
bonds
641,419
and supplies
—
2,560,000
8,500,000
mtge. bonds.
28,761
Mdse., materials
Unamortized
230,000
on
4Ji% series refdg.
82,679
stock (no par)..
$
890,198
Miscell. accts. rec.
c
1939
3,650,000
497,667
from
company.
3,650,000
726,638
_
sub.
250,400
260,000
share
per
S
Common stock..
f $4.50 cum. conv.
ac-
cMdse.accts., &c.
Acct. receiv.
e
6,863,281
887,673
counts receiv'ble
$0.85 y&i $i.73
$1.53
$2.07
y Provision for Federal income tax, surtax on undistributed profits, and
New York State franchise tax amounting to $103,000.
com.
1940
1939
1940
Prepayments
Earnings
e390,000
into common stock in June, 1937.
c From May 1,
1937, to Jan. 31, 1938, less accrued dividends, $14,882, to dates of sales of
stock,
e No
par
value shares,
f Less accrued dividends to dates of
sales of stock,
g Includes accounts of Alexandria Gas Co. and Washington
Suburban Gas Co. for the period from Aug. 1 to Dec. 31, 1939.
Liabilities—
Vogt Mfg. Corp. (&
351,000
b Prior to change
made a director of this company at the annual
11. He succeeds the late Thomas Davidson.
-Earnings
$760,207
bll7,000
.
.
Balance-..--
stockholders' meeting held Feb.
—'V. 146, p. 1093.
Van Norman Machine Tool Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, par $2.50, payable March 20 to holders of record Feb. 21.
This
will be the first dividend paid on the new $2.50 par stock, 2 shares of which
were exchanged for one snare of old $5 par stock, dividend of $1 was paid
on the old stock on Dec. 20, last, and previously quarterly distributions of
40 cents per share were made.—V. 152, p. 1146.
$7,908,799
4,768,813
$8,257,923
4,878,341
conv.
provision for stockholders' liability, closed bank, $56,000; convertible
preferred stock (par $7), $4,090,100; common stock (par $5), $5,004,595;
option warrants outstanding (granting holders thereof right to purchase
1,000,000 shares of common stock on or before Feb. 1, 1944 at $17.50 per
share), $1,000; surplus (deficit), $7,475,475; total, $1,698,245.—V. 152,
p.
$9,018,260
5,183,960
Maintenance
13,527
31, 1940——
1937
1938
Operating revenues
$10,448,876
Operating expenses...-.
6,179,850
$2,726
-
(& Subs.)—Earnings—
*1939
*1940
Calendar Years—
for the six months
and dividends, for the
Net income from interest
$378,425; payroll warrants out¬
liabilities, $128,848; note payable to bank (due
payable, trade,
standing, $1,450; accrued
Reserves
—43,823,542 43,240,8451
Total
Total
477,318
59,221
79,517
3,427,078
298,264
51,780
100,500
4,105,669
43,823,542 43,240,845
b Of $4.50 cum. pref. stock over sales price thereof,
c After reserves,
Represented by 425,000 no par shares,
f Represented by 60,000 no par
shares in 1940 and 35,600 no par shares in 1939.
e
Wabash
The
Ry.—Expects to Complete Modified
company
has notified the Interstate
it is endeavoring to
security Holders, the
obtain approval of its
Plan Soon—
Commerce Commission that
principal creditors, including
RR.
to
Wayne Pump Co. (& Subs.)—Earnings—
Reconstruction Finance Corporation and the Pennsyl¬
amended plan of reorganization which it hopes to file
with Commission by March 17.
A. K. Atkinson, Vice-President, in a letter to Oliver E. Sweet, Director
of the Bureau of Finance of the ICC, stated: "We hope to be in position
by March 17, possibly earlier, to amend our application and file a definitive
plan of reorganization, modified so as to meet the views of all major in¬
vania
Consolidated Income Account for Years
terests.
stated that at the conclusion of the hearing on Dec. 17,
parties to the proceedings, with the exception of the RFC,
approval of the plan, conditioned upon its acceptance by the
Pennsylvania and an undertaking on the part of that road to exercise its
purchase rights in respect of the new common stock to be placed in escrow.
Under the plan, the Pennsylvania, which now controls the Wabash, would
be given the right to purchase new common stock at S.6 a share.
Wabash is in equity receivership and the proceedings before tne ICC
were under Section 20A which deals with the issuance of new securities.
Ended Nov. 30
1939
1938
1937
$3,591,486
2,489,900
al60,119
$4,843,180
2,867,404
143,103
$3,323,513
2,240,192
163,619
$720,487
458,391
$919,701
388,791
$941,467
455,678
$1,812,463
388,072
$1,178,878
66,130
$1,308,493
$1,397,145
151,020
68,309
$2,200,536
159,219
$1,112,748
190,234
$1,157,472
221,547
$1,328,836
c26S,631
$2,041,317
c404,243
x$922,514
$935,925
$1,065,205
$1,637,073
579,205
579,202
579,194
868,770
$343,309
$356,722
$486,011
$768,303
bl940
an
profit from sales-Selling & admin, exps
Pro v. for depreciation.Gross
Profit from
operation.
Other income credits
$2,856,226
1,992,637
al63,313
Mr. Atkinson also
1940, all of the
indicated
continued: "Immediately after the adjournment, the prob
lems presented by the objection of the RFC were given consideration and
an adjustment entirely satisfactory to it was developed and is presented in
the revised draft of plan submitted to the Commission.
The changes
incident to this adjustment affected the position of the receivers certificates,
Series B, held by the banks and it was necessary to take up this phase vith
each of the eight banks.
When their approval was secured, we secured the
approval of other parties in interest.
Mr. Atkinson
Gross income
Income charges
Balance, surplus
Fed. & for'n inc. taxes.
_
Net profit
Divs.
on
capital stock of
Wayne Pump Co
Surplus
x
Net
earnings
of company and
domestic subsidiaries of $922,514 is
equivalent to $3-19 for eacn share of outstanding capital stock.
These
earnings include tne sum of $48,300 representing dividends received during
1940 from the English company which are shown on the income statement
Volume
as
The Commercial & Financial Chronicle
152
"dividends from
foreign subsidiary
not consolidated."
The
net earnings of company and domestic
subsidiaries on the same oasis (in¬
stock
cluding $46,800 representing dividends received from the English company)
for the fiscal year ended Nov.
30, 1939, after taxes, were $993,357 or $3.43
per share.
a
Including charge for property abandoned,
b Accounts of English and Brazilian
subsidiaries not included,
c Including surtax on
undistributed profits, approximately $28,000 in
1938 and $86,000 in 1937.
Assets—
a
xl940
Accts. receivable
b Inventories
1939
value
Instalm't contracts
rec.
c
(non-curr.)-
1,139,021
Investments
Acct.
4,885
9,769
125,625
Wisconsin Power & Light Co .—Preferred Dividends—
Directors have declared
Invests.
&
Dividend payableDue to foreign sub.
144,802
f95,247
d Plant property
1
1
Def'd chgs. & pre¬
for
88,846
of
fin'ce
6,067
300,999
110,242
289,658
Excess of bk. val.
e
1,766,776
1,995,827
3,247,951
3,226,191
$6,497,582 $6,899,737!
Total
Woodward Iron Co.—Annual
$6,497,582 $6,899,737
$1,190,397
in
1939.
Of
e
net
of
assets
S.
F.
Bowser
&
Co.
(London), Ltd., over amounts paid and payable within one year,
f In¬
vestments in and advances to foreign
subsidiary companies not consolidated.
—V.
152,
p.
Corp.- -Price
'.-v"'■
Restrictions
Report—
$9,867,000 consisting of
$6,906,500 first mortgage 5% bonds and $2,960,500 2nd mortgage cumul.
5% income bonds, of which however, $733,600 had been called for redemp¬
tion on Feb. 26, 1940.
On July 1, 1940, $288,000 first mortgage 5s were redeemed
through sink¬
ing fund.
On Sept. 1, 1940, and Dec. 2, 1940, $91,400 of 2nd mortgage
income bonds were redeemed through the sinking fund.
Of the $733,600 of 2nd mortgage income bonds called for
redemption on
Feb. 26, 1940, $549,500 were redeemed for cash and the balance converted
Excluding English and Brazilian subsidiaries.
After reserves of $137,505 in 1940 and $160,405 in 1939.
b After
reserves for obsolescence, &c., of $39,500 in
1940 and $45,324 in 1939.
c At cost, less reserves,
d After reserves for depreciation of $1,111,710 in
a
and
-
The following is taken from the president's remarks to stockholders.
On Jan. 1, 1940, company's funded debt was
x
1940
\V';a'
.
on
Carl W. Fenninger was elected a director of this
company succeeding the
late Clement B. Wood.—V. 151, p, 3260.
88,043
Capital surplus
Service
paid
were
(Alan) Wood Steel Co.—New Director—
246,877
289",658
chgs., &c_
Public
'
.
Like amounts
The First Boston Corp. and The Wisconsin Co., as
representatives of
the underwriters, state that price restrictions have been removed on
the
% bonds, due 1971, and the 5% preferred stock.—V. 152, p. 1147.
for'n
Earned surplus
Total
Removed—
unearned
Com. stk. ($1 par)
paid expenses..
Wisconsin
21,515
net curr. assets.
1,36~2~252
Patents
714,509
Res. for unrealized
Res.
1,133,299
March 15 to holders of record Feb. 28.
Dec. 16 and Sept. 15, last.—Y. 151, p. 3260.
144,800
not consol
apprec.
ad vs..
a dividend of $2.50
per share on the 6% cum.
(par $100) and a dividend of $2.91 2-3 per share on the 7%
pref. stock (par $100), both payable on account of accumulations
pref. stock
$187,764
158,125
since
on
$136,284
589,596
receiv. from
Hydril Co.of Pa.
value), $507,494; capital surplus, $550,967; earned surplus,
Dec. 31, 1932, $373,799; unrealized depreciation in
securities, Dr$406,054; total, $1,227,143.—V. 151,
par
marketable
2669.
P.
1939
*1940
Accounts payableAccrued accounts-
678.035
of
cum.
Liabilities—
".
$1,039,116 $1,096,696
1,796,008
2,177,777
1,075,534
1,306,839
($1
accumulated
Consolidated Balance Sheet Nov. 30
Cash
1301
dividend taxes (in dispute), for which funds are on
deposit, $3,966; common
company
696.
into common stock.
Western Auto Supply
Calendar Years—
Net salesi"nortiri
2,746,578
3,169,904
2,087,840
p.
Dec. 2, 1940.
converted into
$3.65
$4.22
$2.77
$3.29
Western Union
$1,283,800 into
stock; by redemption of $1,585,300 by use of corporate funds and
by redemption of $91,400 through sinking fund.
On Dec. 2, 1940, the company refunded its funded debt
by obtaining
unsecured bank loans of $2,000,000 with interest at
2% per annum and by
the issuance of $800,000 of 2}4% 1st mortgage
bonds, series A at par;
$3,450,000 of 3H% 1st mortgage bonds, series B at 99H; and $500,000
334% 1st mortgage bonds, series C at par; a total of $6,750,000.
The annual sum required for retirement of this indebtedness is
$400,000
over a period of 15 years after which any balance
remaining becomes due.
Telegraph Co.—Earnings1940
1939
$99,704,353 $95,660,403
Operating, administrative and general expenses
65,262,349
63,478,260
Repairs and maintenance
12,040,982
11,670,116
Provision for depreciation
8,198,166
8,269,999
Social security taxes and other employees' benefits
4,383,062
4,468,724
Other taxes
3,706,000
3,741,000
^
Net balance from operations, after taxes
$6,113,794
1,573,193
Miscellaneous income--
Interest on funded debt has been reduced from $493,350
per annum as of
Dec. 31, 1939, to $189,625 per annum as of Dec. 31, 1940.
Provision has been made for the issuance of up to $1,500,000 additional
1st mortgage bonds should funds be required for new construction or
$4,032,304
1,518,514
Net income
Interest
$7,686,987
4,065,406
[,621,581
financing, amounting to $6,732,750 augmented by
$150,490 of corporate funds, were used to redeem and retire all previously
outstanding first mortgage 5% bonds, totaling $6,618,500 at a premium of
$264,740.
The total amount of taxes incurred by company for the
year 1940 was
$1,008,287 which includes Federal excess profit tax of $115,542 calculated
on the invested capital method.
Earnings exempt from excess profits tax
for the year 1940 under the invested capital method are
substantially in
excess of similar exemption which would have been
provided by the alterna¬
tive average earnings method.
$1,380,114
-V. 152, p. 440.
Westinghouse Electric & Mfg. Co.—EarningsMonth of January—
1940
West
1939
$1,730,539
Net profit
—V. 152, p. 1147.
$958,741
Virginia Pulp & Paper Co.—40-Cent Common Div.
Directors have declared a dividend of 40 cents per share on the common
stock, payable April 1 to holders of record March 10.
Like amount was
paid on Jan. 2, last, and compares with 75 cents paid on Oct. 1, last; 10
cents paid in two preceding quarters and previously regular
quarterly
dividends of five cents per share were distributed.—Y. 151, p. 3905.
Willys-Overland Motors, Inc. (& Subs.)—Earnings—
3 Months Ended Dec. 3i—
i940
Net sales.
Costs, expenses, &c
Depreciation and amortization
Loss
$14,716
52,184
Interest, idle plant expense, &c
Loss
Other income.
$66,900
18,909
-
Net loss.
a
.
$4,803,121
4,606,331
211,506
$47,991
Profit—V. 152, p. 1147.
1939
$5,515,217
5,229,117
258,104
■'
a$27,996
18,271
a$9,725
26,566
a$36,291
'
acquisi¬
tion of property.
The proceeds of this
$5,550,818
4,170,704
Net income
stock.
common
1000.
Years Ended Dec. 31—
Gross operating revenues
common
As a result of the foregoing and of certain
voluntary conversions of
uncalled bonds, all previously outstanding 2nd mortgage cumulative
5%
income bonds were retired during the year by conversion of
2,475,177
Earns. per sh. on class A
and B com. shares.--
152,
bonds
1937
1938
il
charges and taxes
—V.
1939
—$53,902,633 $45,302,174 $36,335,436 $36,911,994
fiTf-Ai*
P
Preliminary to refunding the debt, $1,292,600 of 2nd mortgage income
were called
for redemption on June 17, 1940, and
$495,500 on
Of these, $1,035,800 were redeemed for cash and the balance
Co.—Earnings—
1940
Common stock outstanding has been increased during the year by
51,352
shares through conversion of 2nd mortgage cumulative 5%
and by 2,223 shares through exercise of option granted
income bonds
during 1937.
The
outstanding amounts to 334,000 shares.
There are reserved for
I future issue under terms of option above referred to, 18,731 shares.
,
stock
now
Income Account for Calendar Years
Calendar Years—
1940
1939
1938
1937
6,210,328
644,810
125,866
$7,731,211
5,099,344
733,648
86,426
$6,922,560
4,518,851
683,582
$9,237,623
5,903,051
697,326
99,114
567,554
528,124
524,797
535,730
$2,951,263
37,588
$1,283,669
40,468
$1,101,702
112,227
$2,002,401
73,065
$2,C88,851
426,346
$1,324,137
516,408
,213,928
550,541
$2,075,466
650,103
241,713
617,454
1,863
38,416
119,224
18,911
25,475
99,449
5,582
17,464
yl79,289
51,097
$1,525,214
$631,177
$532,881
x$l,177,512
$2.25
$1.97
$4.41
Gross sales—less discts.,
&c-$10,499,821
Cost of sales
Depreciation.
Depletion
Selling, general and ad¬
ministrative expenses.
Operating profit
„
Other income
Gross income
Int.
funded debt
on
Premium
5%
1st
on
mtge.
bonds retired.-.-
276,260
Amortization of debt dis¬
and expense—
Prov. for income taxes._
count
Wisconsin Hydro Electric Co.—Earnings—
,
Other deductible
Earnings for 12 Months Ended Dec. 31
1940
Operating revenues: Electric..
earnings
Operation
-
_______
-
.
....
Maintenance
Provision for retirement reserve
General taxes
-
$563,195
86,684
2)r706
$649,173
80,956
8,764
Other income, including mdse. sales (net)
Gross
85,232
7,925
$192,118
103,850
$196,459
...
Income taxes, State and Federal
.
Interest
funded debt
on
_
p.
$77,748
stock
y The company having been in reorganization under Section 77-B of
the Federal Act, as amended, during the year, no provision hp j been made
for the surtax on undistributed profits, because of the exemption
provided
under Revenue Act of 1936.
Balance Sheet Dec. 31
1940
Assets—
Trade
$13,277
54,480
stock
Net profit on sale of inv.
Miscellaneous income
$13,936
47,726
88,930
1,206
414
26
and
receivable
867,904
669,614
1,627,728
$4,702
35,056
10,733
1937
27,578
$2,325
106,482
99,800
Prop.,
plant
95,974
on
481
Total income
Interest
on
bank loans.
Common dividends
'
Surplus
$151,798
25,656
10,572
4,908
$50,973
30,334
6,284
$208,607
37,499
9,737
$110,663
108,687
•$14,355
105,798
$161,372
157,562
def$ 16,059
_
Net income..
$68,197
22,890
5,634
3,943
$1,976
def$90,443
$3,810
Balance Sheet Dec. 31,
400,000
6,350,000
Capital surplus
a
1940
Assets—Cash, $53,388; dividends on interest receivable, $5,923; accounts
on sale of securities through brokers, $21,556; marketable
securities at replacement cost, based on quoted market values,
$1,139,086;
241,480
Common stock..
Earned surplus.-Total
24,412,681 24,562,166'
Represented by 334.000
no
par
120,398
733,600
maturities of
funded debt
Reserves
$35,730
51,789
Prov. for income taxes._
607,815
bonds,
Funded debt
a
Expenses
Inc.—est
mtge.
called for red...
Curr
20,089,381 20,405,874
296,947
77,489
358,243
199,303
Fed. & States taxes
2nd
and
equipment
Deferred charges..
$
436,786
529,661
assets
1939
$
Accounts payable-
1,185,665
Invest'ts and other
1938
1940
Liabilities—
1,474,405
Accrued accounts-
1,722,601
.
notes
1939
$
Inventories
-Earnings—
1939
$4.27
above $1,177,512.
accts.
1940
334,000
com.
x Net income for the period Jan. 1 to March 31—carried to
earned surplus
prior to reorganization, $400,166; net income for the period April 1 to
Dec. 31—carried to earned surplus since reorganization, $777,346.
Total
Cash...
2669.
Wisconsin Investment Co.-
on
13,910
Net income
Dividends paid
Earnings per sh. of
103,850
951
$74,076
Calendar Years—
Interest (net)
Dividends
26,874
75.000
457
Net income
151,
257,683
13,735
_
Interest on unfunded debt
Amort, of debt discount & expense, &c.
—V.
1939
$582,000
88,83 1
261
$671,093
294,712
19,543
75,000
—
.
Gas
93,626
Total
shares in
9,133,400
3,340,000
104,494
2,804,250
9,908,009
3,032,617
9,167,075
1,941,403
24,412,681 24,562,166
1940
and 280,425 no par
shares in 1939.—V. 151, p. 3413.
Youngstown Sheet & Tube Co.—50-Cent Common Div.
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 15 to holders of record March 3.
Like amount was
paid on Dec. 16, last, and dividends of 25 cents were paid in the three
receivable, due
preceding quarters,
deposit with State of Wisconsin for privilege dividend taxes, $3,966; prepaid
expenses and other deferred items, $1,851; office furniture and fixtures
(less reserve for depreciation of $881), $1,028; stockholders' stock subscrip¬
—V. 151, P.
tions receivable for capital stock of this company at approximate
liquidation
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 15 to holders of record March 1. This compares with
50 cents paid on Dec. 16, and Sept. 16, last, 25 cents paid on June 15 and
March 15, 1940, 50 cents paid on Dec. 15, 1939, and 25 cents paid on
value, $344; total, $1,227,143.
Liabilities—Demand notes payable, bank (secured by securities having a
replacement cost
of $203,131),
$150,000; accounts payable, $31,733;
accrued taxes, $5,769; other liabilities, $9,468; Wisconsin State
privilege
the April 1, 1940, dividend being the first common
1937, when 75 cents per share was distributed.
dividend paid since Dec. 20,
3582.
Youngstown Steel Door Co.—25-Cent Dividend—
Sept. 15 and June 15, 1939 and March 15, 1938.—V. 151, p..718.
The Commercial &
1302
Feb.
Financial Chronicle
22,
1941
and the Crops
The Commercial Markets
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
Cocoa—On the 15th inst. futures
COMMERCIAL EPITOME
Friday Night, Feb. 21, 1941.
Coffee—On
lower for
net
15th inst.
futures closed 3 to 4
Santos contract,
the
with sales
For the week the Santos contract was
lots.
net
the
points
totaling 20
26 to 33 points
The Rio contract closed today 6 to 3 points net
In the trade it is expected that minimum prices
higher.
lower.
Colombia will be advanced
from
time
same
it
is
understood
again, and at the
that plans are pro¬
soon
reliably
gressing for the adoption soon of minimum prices in Brazil
on
Santos and Rio grades.
These prospects continue to
hold the actual market firm despite the fact that business
of late has been light.
Meanwhile the same outlook tends
to curtail short selling in futures.
In Brazil today the spot
price of Rio 7s was advanced 200 reis to 16.000 milreis per
10 kilos.
On the 17th inst. futures closed 1( to 8 points
higher for the Santos contract, with sales totaling 99
The Rio contract closed 4 points net higher, with
sales totaling 13 lots.
Santos coffee rose to new seasonal
highs with gains of 12 to 14 points on a moderate volume
of trading.
Cost and freight offers from Brazil were gen¬
erally unchanged as were official spot prices.
Traders
are
waiting for Brazil to make a further announcement
regarding minimum prices.
Meanwhile a further explana¬
tion of the financing to be undertaken by the National
Coffee Department of Brazil,
through Brazil's Central
Bank, indicate that the problem of "surplus coffee" is well
in nand.
Officials indicated that there would be no surplus
net
lots.
speak of from the next crop.
On the 18th inst. futures
higher for all Santos deliveries with
the exception of Mar., which closed 10 points net lower.
to
closed 2 to 6 points net
Sales of
Santos contracts totaled
57 lots.
closed 1 point higher
unchanged.
Trading was virtually featureless.
Sales
totaled only 148 lots. Switching operations accounted for 64
lots during the 2 hour session today.
In the heaviest trading
volume witnessed on the local Exchange in several months,
the cocoa futures market showed unusual strength and
to
There
was
one
*
registered gains of 23 to 35 points for the week. Reports
coming from Washington indicated that the cocoa marketings
agreement with the Latin American producers and with the
participation of the British, would become an actuality in a
few months.
The report that Great Britain favored the
agreement was believed to be the deciding factor in assuring
that the plan would be completed.
As a result of the development heavy manufacturer and commission house buying
was witnessed and considerable profit taking was absorbed
on the scale up.
Local closing today: Mar., 5.54; May, 6.62;
July, 5.70; Sept., 5.77; Dec., 5.88. On the 17th inst. futures
closed 6 to 8 points net higher, with sales totaling 377 lots.
Trading in cocoa quieted down but prices continued to forge
ahead, the market standing 7 to 8 points net higher during
early afternoon.
The turnover to that time was 300 lots.
Manufacturer buying and renewed Wall Street demand ab¬
sorbed hedge selling and profit taking.
The quota negotia¬
tions continued to be the main factor in the advance.
Ware¬
house stocks increased about 400 bags over the week-end.
They total 1,368,129 bags against 1,114,653 bags a year ago.
Local closing: Mar., 5.62; May, 5.69; July, 5.77; Sept., 5.84;
Dec., 5.95. On the 18th inst. futures closed unchanged to 2
points net lower, with sales totaling 97 lots.
The cocoa
market rested today after its recent sharp rise.
Trading
dropped to 76 lots by early afternoon when prices were 1
point lower on March to unchanged on later positions.
A
liquidation was reported in advance of first
Feb. 24. Primary markets continue reluctant
offer cocoa here.
Warehouse stocks were down 2,900
little March
notice
day
on
contract traded in Rio
to
close.
bags. They total 1,365,218 bags compared with 1,117,305
bags a year ago.
Local closing: Mar., 5.62; May, 5.69;
July, 5.75; Sept., 5.83; Dec., 5.93. On the 19th inst. futures
closed 3 to 4 points net higher, with sales totaling 275 lots.
Cocoa forged further ahead to new highs for the season and
best prices quoted since last May under a speculative de¬
mand as well as manufacturer buying based on the fears of a
tighter supply situation. Prices during early afternoon were
4 to 5 points net higher with Mar. selling at 5.66 after hitting
5.68.
Sales to that time totaled 230 lots.
While the market
Sept., which was off 2 points at the
Buying of distant months was the feature of the
coffee market today.
Dec. was bid up 8 points to 8.48c.,
a new seasonally high price.
The general market in Santos
coffee was 1 to 8 points higher during early afternoon.
Traders are waiting expectantly for news that Brazil has
fixed minimum export prices.
In the meanwhile Colombia
today raised the official minimum export prices 40c. a bag,
making the 10th advance since Nov. 22, when minimums
were established immediately after the international coffee
agreement had been signed.
On the 19th inst. futures
closed 8 to 6 points net lower for the Santos contract, with
sales totaling 57 lots.
One contract was traded in the
Rio Sept. delivery, which closed at 5.92, off 3 points from
previous close.
At the opening, gains of 4 points were
made
in
the
Santos
contracts.
President
Roosevelt
was
fears
a
market.
tight supply situation cocoa continues to reach this
Warehouse stocks increased 13,500 bag3 overnight.
They total 1,378,758 bags compared with
a
1,117,305 bags
year ago.
On the 20th inst. futures closed 13 to 9
points net higher.
Aggressive manufacturer buying and
increased Wall Street demand caused cocoa to continue its
reported to have asked Congress to pass the necessary legis¬
lation which will allow the United States to follow the
Sales totaled 663 lots.
promise contained in the inter-American agreement ratified
by the Senate early this month, and limit imports of coffee
to the agreement provision.
At the same time the Depart¬
ment of Commerce reported that entries of coffee during
the first four months of the first quota year, Oct., '40-Jan.,
'41, totaled 39.2% of the 15,900,000 bags limit to imports.
The actual market was quiet but steady after a good business
in mild coffees yesterday.
There was no change in Brazilian
prices.
On the 20th inst. futures closed 2 to 8 points net higher
for the Santos contract, with rales totaling 103 lots.
Brazil¬
ian buying played a considerable part in the market's
uptrend. In Brazil official Santos spot prices were 300 reis
higher on hard 4s; 200 reis on soft 4s; and 100 reis on type 5
Rios.
The trade is expecting some news on the ocean freight
rise.
rate from Brazil to the United States Atlantic and
Gulf ports
Today futures closed 14 to 16 points net lower
for the Santos contract, with sales totaling 56 lots. The Rio
contract closed 5 points off to unchanged, with sales totaling
only 3 lots.
Santos coffee was 1 point lower in early after¬
noon after having been 2 to 3 points higher earlier.
The
"A" contract was 2 points higher with July at 5.90c.
A
20-cent a bag increase in the Brazil-United States AtlanticGulf freight rate to SI a bag, effective for April-May, was
apparently discounted. It equals 15-100c. more a pound.
any
hour.
The first headache for the inter-American Coffee Board is
the
question of overquota shipments. Venezuela is reported
overshippecf by 10%, and is asking for advice.
Because the agreement is not yet effective and because the
United States Congress has not yet approved enabling legis¬
lation, the Inter-American Advisory Committee, when asked
for advice, suggested that no more coffee be shipped from.
to
have
Sugar—On the 15th inst. futures closed 1 point off to
unchanged.
Domestic sugar was quiet but the world con¬
tract today was easier on Mar. liquidation in advance of
first notice day Monday when 574 notices will be issued
against Mar.
That month declined to a new seasonal low
of .66c. as the market ended H point to 2 points lower.
Sales were 106 lots.
In the domestic contract trading
only 56 lots and prices were unchanged to 1
The trade is waiting for a broadening activity
in the raw market, which is expected with the improving
tone in refined.
Business was effected late on Friday in
amounted to
point lower.
the
raw
Rio coffee prices
March, 1941
May
closed
as follows:
5.50! July
5.671 September
5.83
5.90
May
July.
as follows:
7.65 September
7.84 December
8.03
was
against Philippines, which pre¬
contract,
were
with
sales totaling 246 lots.
The world sugar
3F6 points net higher, with sales totaling
contracts closed 3 to
prices closed
March, 1941
market but it
not hedged in the futures market and there¬
fore did not help today's volume of trading.
On the 17th
inst. futures closed 2 to 4 points net higher for the domestic
sumably
Venezuela.
Santos coffee
Primary markets continued reluctant sellers.
Ware¬
10,200 bags.
They total 1,388,924
bags compared with 1,112,693 bags a year ago.
London
cabled that the British Food Ministry had raised the price of
cocoa to
10 shillings a hundredweight and may control all
imports. The significance was purely local. The cable had
no bearing on the New York market.
Local closing: Mar.,
5.78; May, 5.86; July, 5.92; Sept., 5.98.
Today futures
closed 7 to 10 points net higher, with sales totaling 511 lots.
Rumors of a coming freight rate advance from South Ameri¬
can ports caused renewed demand for cocoa,
which forced
prices up 6 to 8 points to new high levels, with March at
5.84c., up 6 points.
Primary markets continued reluctant
sellers on account of the freight situation.
Warehouse stocks
decreased 1,200 bags overnight.
They total 1,387,759 bags
compared with 1,107,367 bags a year ago.
Arrivals so far
this month 391,896 bags against 312,027 during the cor¬
responding period last year. Local closing: Mar., 5.85; May,
5.93; July, 6.01; Sept.^ 6.08; Dec., 6.16.
house stocks increased
8.17
8.29
Sugar markets were strong.
Heavy trading was
wholly the result of circulation of 574 notices against Mar.
581 lots.
The Commercial & Financial Chronicle
Volume 152
contracts.
Switching into later months was done at widen¬
ing differences.
Traders faced with losses on their Mar.
position, switched into later months on the theory that
disruption of shipping in the Far East would bring a greater
demand for Cuban sugar.
Traders were waiting for a cue
from the raw market.
About 6,000 tons of Philippines,
10,000 tons of Puerto Ricos and
a
few lots of Cubas,
mostly
due before the middle of Mar., were offered at 3c. a pound.
On the 18th inst. futures closed unchanged to 2 points net
higher for the domestic contract, with sales totaling 632
lots.
The world sugar contract closed
1% to % point
lower, with sales totaling 47 lots.
Trading in the domestic
market was active at new high prices for the season.
More
than 20,000 tons had been done in the first three hours.
The buying was general, some of it
representing covering
against sales of raws.
Activity also was reported in the
sugar market.
One report said that all available raws
at 3c. a pound had been sold.
The only reported sales were
one late
yesterday when Sucrest paid 3c. a pound for 3,600
tons of Philippines due Mar. 13, and two lots
today, both
Puerto Ricos clearing Feb. 22, at 2.98c. a pound.
Con¬
firmation of reported good demand for refined sugar was
seen in
the announcement by Sucrest that after the close
of business tonight its price for Apr., May and June delivery
would be 4.50c. a pound.
Other refiners are doing a day to
On the 19th inst. futures closed 2 to
day business at 4.45c.
7 points net higher for the domestic contract, with sales
totaling 265 lots.
The world sugar contract closed % point
up to % point down, with sales totaling 60 lots.
Good
demand for refined and a firm raw market, where higher
freight rates are a factor, contributed to the strength of
futures.
Another sale was reported at 3.00c., 6,000 bags
of Puerto Ricos loading Feb. 27, to Refined Syrups.
About
the only 3.00c. sugar was a lot of Cubas due Saturday;
otherwise there were buyers at 3.00c. and sellers at 3.03
to 3.05c.
A 5 to 10c. advance in the refined price from the
current $4.45 level is expected at any time.
Refiners are
expected to limit the business to a few weeks' normal needs.
World futures were % to 1% higher during early trading.
On the 20th inst. futures closed 1 to 2 points net higher,
with sales totaling 565 lots. The world sugar contract closed
unchanged to 1 point up, with sales totaling 232 lots. In the
raw market a further sale at 3.00 cents took the only lot
offered, a cargo of Cuba due Saturday bought by National.
A cargo of Cubas, clearing March 1st, was on offer at 3.03c.,
while other sugars ranged from 3.05 to 3.10c. Offers were a
bit larger but no cheaper.
The rising ocean freight rates
were still the principal influence.
Cuban freights, last done
at 31c., were said to be 34c. per hundred pounds asked. The
spread of only about 83-100c; between the raw and net
refined price, supports the argument that an advance in
refined from the current $4.45 price is over-due.
Today
futures closed unchanged to 1 point higher, for the domestic
contract, with sales totaling 601 lots.
The world sugar
contract closed 1 % to 1 point net higher, with sales totaling
73 lots.
New seasonal highs on active buying featured the
raw
domestic futures market. Early hesitation stemmed from a
Washington official reminder that quotas could be suspended
to insure adequate supplies, while the strength shown later
reflected the firm
raw
market and
a
5c advance in refined
by Pennsylvania scheduled for Mar. 7.
Yesterday's raw
business, now that more details are known, was the best in
many months with upward of 75,000 tons done, mostly at
3.05c.
Today there are further buyers at that price, while
offers total no more than about 15,000 tons at from 3.07 to
1303
928,000 tons produced in the previous season, a decrease of
124,000 tons, or approximately 13.4%, according to advices
received by Lamborn & Co., New York.
Last year's crop,
the largest on record for Australia.
was
In
addition
to
the
cane
sugar
crop,
Australia produces
of beet sugar,
crop
last year's outturn being 1,500 tons.
of 6,000 tons of beet sugar is anticipated.
a
small quantity
For the current season a
Sugar consumption in Australia during the year ending Aug. 31, 1940,
383,000 long tons.
The surplus production is shipped mainly to
the United Kingdom.
During the year ended Aug. 31, 1940, the ship¬
totaled
ments
amounted
to
529,000 tons.
Lard—On the 15th inst. futures closed 2 to 5
lower.
It
believed
is
situation in Europe
that
uneasiness
over
points net
the
political
hasjliscouraged
a good deal of buying
interest in lard and other markets within the past few days.
It is said that Britain is a potential buyer of American lard
within the near future as the latter country has not purchased
lard in some time.
Western hog receipts today were a little
above
expectations and totaled 26,700 head against 21,600
same day last year.
On the 17th inst. futures
closed unchanged to 5 points lower. Early in the session the
market ruled fairly steady, with
prices 2 points lower to 5
points higher. The easiness of grams and the lower action of
head for the
hog prices at Chicago were factors responsible largely for the
heaviness that prevailed during most of the session in the
lard market.
Hog receipts at Chicago totaled 104,700 head,
against 99,600 head for the same day last year. Hog prices
were 5c. to 10c. lower, with sales
ranging from $7.80 to $8.10.
Western receipts totaled 104,700 head compared with 99,600
head for the same day last year.
On the 18th inst. futures
closed 5 to 7 points net higher. With other markets display¬
ing firmer tones, lard at Chicago was also firmer today. The
bulk of the support was induced by the higher action of
grains and hogs. Lard offerings were limited at the outset
of the session and scattered new buying resulted in a modest
upturn.
Hog receipts at 11 of the principal markets in the
West, including Chicago, during the past week totaled 386,386 head, compared with 443,840 a year ago.
Hog prices at
Chicago today finished 10c. to 15c. higher owing to the
lighter receipts than expected. Western marketings totaled
74,400 head, against 87,700 head for the same day a year
ago.
Sales ranged from $7.60 to $8.20. On the 19th inst.
futures closed 8 to 10 points net higher.
The opening range
was unchanged to 3 points up, prices subsequently dropping
2 to 3 points from the opening levels.
There was a sharp
recovery towards the close.
Hog prices at Chicago dropped
10 to 20c., but sold actively at the decline.
The top price
was $8.10, with the bulk of 180 to 240 pound hogs bringing
$7.80 to $8.05.
On the 20th. inst. futures closed 5 to 3
points net higher.
quite firm today, with prices keeping
within a relatively narrow range.
The opening levels were
5 to 3 points net higher, while the close was unchanged from
these opening levels.
Early action in hog trading at Chicago
pushed prices upward 10c. today but the advance was lost
as the result of heavy receipts.
Top was $8.15, with the
bulk of 180 to 240 pound hogs selling at $7.85 to $8.10.
Today futures closed 23 to 18 points net lower.
The market
opened 5 points net lower.
The lard market ruled
DAILY CLOSING PRICKS OF LARD
Sat.
May
July
September-
Mon.
6.15
6.10
6.25
6.27
6.42
...
6.42
6.62
6.57
FUTURES IN CHICAGO
Thurs.
Wed.
Tues.
6.17
6.30
6.47
6.62
Fri.
6.30
6.45
6.60
6.10
6.75
6.25
6.40
6.57
6.72
6.57
6.22
6.40
3.10c.
Prices closed
follows:
as
Pork—(Export),
2.09! September
2.15 January
March
May
July
2.24
2.24
.
—
2.201
Sugar
Beef:
Quotas
Consumption
for
Hawaii
and
Puerto
Rico
The
Sugar Division of the Agricultural Adjustment Ad¬
ministration announced Jan.
16 that the initial local
con¬
1941 in Hawaii and Puerto Rico,
established under the provisions of the Sugar Act of 1937,
are 30,410 and 69,052 short tons, raw value, respectively.
The initial 1940 quotas were: Hawaii, 30,869 tons; Puerto
Rico, 70,784 tons.
These local consumption quotas are
in addition to the Hawaiian and Puerto Rican quotas for
delivery in continental United States during the current
sumption
quotas
for
mess,
$27.25
(8-10 pieces
(export), steady.
Family (export), $22.25
25%c.; held June '40, 21% to 22%c.
checks to special packs: 14% to 17%c.
a
barrel
In Linseed oil,
good portion of the trade is believed to be covered on re¬
quirements for several months ahead, it is said.
37% Over 1939
per
Eggs: mixed colors:
Oils—Linceed oil in tank cars—8.8 to 9.0.
Sugar Exports by United States Increased
barreP;
(200-pound barrel).
Cut meats: quieter.
Pickled hams:
picnics, loose, c. a. f.—4 to 6 lb., 13c.; 6 to 8 lbs., 12%c.;
8 to 10 lbs., 12%c.
Skinned, loose, c. a. f.—14 to 16 lbs.,
19%c.; 18 to 20 lbs., 19%c.
Bellies: clear, f. o. b. New
York—6 to 8 lbs., 17c.; 8 to 10 lbs., 17 %c., 12 to 14 lbs.,
15%c. Bellies: clear, dry salted, boxed, N. Y.—16 to 18 lbs.
not quoted; 18 to 20 lbs., 12%c.; 20 to 25 lbs., 12%c.; 25 to
30 lbs., 12%c.
Butter: firsts to higher than extra and pre¬
mium marks: 26% to 31c.
Cheese: State, held '39, 25 to
year.
1940 Refined
to
family (50-60 pieces to barrel), $19.75 (200-pound barrel).
Quotations:
Refined sugar exports by the United States during 1940
totaled 152,730 long tons, as contrasted with 111,211 tons
Chinawood:
Tanks, spot—26% bid; Drums—27% bid.
Coconut: Crude: Tanks, May, forward—.03% bid; March-
an increase of 41,519 tons or a little over 37%,
according to Lamborn & Co., New York. The 1940 exports
are the largest in 15 years or since 1925 when the shipments
amounted to 351,832.
The firms announcement continued:
April—.03% bid; Pacific Coast—.02% to .03. Corn: Crude:
West, tanks, nearby—.06% bid nominal.
Olive:
De¬
natured:
Drums, spot—$2.25 bid.
Soy Bean:
Crude:
Tanks, Decatur basis—^.04% to .05; New York, l.c.L, raw—
.072 bid.
Edible:
Coconut:
76 degrees—.08% to .09.
Lard:
Ex. winter prime—8% offer; strained—8% offer.
Cod: Crude—not quoted.
Turpentine: 44 to 47. Rosins:
during 1939,
The refined sugar exports
countries.
Labrador with
United
during 1940 went to more than 70 different
France topped the list with 35,973 tons, followed by Greece and
29,625 tons and
11,350 tons, respectively.
In 1939 the
Kingdom with 22,467 tons headed the list, while Norway and
13,437 tons, respectively, followed.
$2.22 to $3.41.
<
Finland with 18,374 tons and
yesterday, including switches, 000
Crude, S. E., val. 000.
Prices closed as follows:
Cottonseed Oil sales
Australian Sugar Cane Crop for 1940-41
13.4%
Below
The current 1940-41 cane
mated
at
Previous
sugar crop
contracts.
March--.--
in Australia is esti¬
April
May
804,000 lpng tons, raw sugar,
Expected to Be
Season
as
compared with
June
-
6.22© 6.23 JulyAugust
6.26© n
6.32© 6.33 September
6.36©
October-
6.42©
6.45©
6.49©
6.51@
n
6.53
The Commercial & Financial Chronicle
1304
Rubber—On the 15th inst. futures closed 25 to 30
points
Friday
and Saturday, rubber futures also declined.
Trading, how¬
ever, was light for the short session.
Importers here feel that
the entire problem isi still shipping.
Many here have had
reports from the Far East that space for Feb. and early Mar.
shipment is not available.
Shipping quarters on the other
hand hold that the present talks now going on will lead to
the solution of the current situation in the very near future.
The actual market was quiet.
Local closing: Feb., 20.5C.
Mar,, 20.25; May, 20.11; July, 19.70; Sept., 19.45.
On the
17th inst. futures closed 28 to 30 points net higher for the
No. 1 Standard contract, with sales totaling 17 lots.
The
New Standard contract closed 24 to 27 points net higher,
with sales totaling 16 lots.
Rubber was strong in small
turnover.
Prices stood about 25 points net higher during
early afternoon on a volume of 18 lots, of which 11 were on
the old contract.
Consumers were reported evincing more
interest in rubber since the price has come down.
The
London market closed quiet and unchanged to
lower.
Singapore was l-32d. to 5-32d. higher. Local closing: No. 1
Standard: Mar., 20.55; May, 20.39;
New Standard: July,
19.94; Sept., 19.72. On the 18th inst. futures closed 10 to
20 points net higher.
Exchanging futures contracts for
actual rubber was the principal feature of the crude rubber
futures market today.
Prices on the Exchange continued
to move higher as the Far Eastern situation is still far from
being quiet.
Of the 890 tons traded in the new standard
contract today exchanges for physicals accounted for 770
tons.
There were 37 lots of exchanges in the July delivery,
20 in the Sept. and 20 lots in the Dec. position.
Sales in the
old contract totaled 350 tons.
Although there was some
business reported in the actual market, the pace is slower
compared with the activity on Monday. Offerings of rubber
from the Far East were again limited.
Local closing: Feb.,
20.66; Mar., 20.66; May, 20.57; July, 20.05; Sept., 19.90.
On the 19th inst. futures closed 49 to 35 points net higher for
the new standard contract, with sales totaling 43 lots.
The
No. 1 standard contract closed 49 to 46 points net higher,
with sales totaling 134 lots.
Speculative buying of rubber
inspired by news of troop concentrations in the Far East
adjacent to the world's great rubber plantations, have caused
the rubber market to move upward 40 to 60 points on an
increasing volume of trading.
Sales to early afternoon
totaled 141 lots, of which 112 were on the old contract. They
included the exchange of 330 tons for physical rubber. Dealer
and hedge selling provided most of the offerings.
London
closed firm % to 34d. higher.
Singapore was unchanged to
l-32d. lower.
Local closing: No. 1 Standard: Mar., 21.15;
May, 21.03.
New Standard: Mar., 21.15; July, 20.40;
Sept., 20.27.
On the 20th inst. futures closed 30 to 37 points net lower
for the No. 1 Standard contract, with sales totaling 87 lots.
The New Standard contract closed 30 to 34 points net lower,
with sales totaling 90 lots.
Trade selling and speculative
liquidation caused rubber to sell off as much as 40 points
by early afternoon, with March quoted at 20.75c for the old
contract.
Profit taking encountered diminished
buyer
resistance, causing rubber to decline when most other com¬
modities were strong.
A decline in London, caused by free
offerings from the Far East, influenced sentiment. Sales to
early afternoon totaled 64 lots, including 30 exchanged for
physical rubber. London closed l-16d to l-8d lower. Singa¬
pore was l-32d to 3.32d lower. Local closing: No. 1 Standard:
Mar. 20.78; May 20.73.
New Standard: July 20.10; Sept.
19.93.
Today futures closed 1 to 2 points off for the No. 1
standard contract, with sales totaling 35 lots.
The new
standard contract closed 1 point off to 10 points up, with
sales totaling 15 lots.
Rubber buyers were cautious. As a
result the market while firm was relatively quiet at modest
advances.
During early afternoon prices were 2 to 7 points
higher. Traders awaited clarification of the announcement
that a rubber priority committee had been appointed.
It
was
assumed that the naming of the committee was in
preparation of all possible eventualities in the disturbed Far
net lower.
East.
As the tension in the Far East eased
on
Sales this afternoon totaled 28 lots, of which 16 were
London closed unchanged to l-16d
the old contract.
on
lower.
Singapore closed unchanged.
20.76; May 20.72.
20.72; July 20.20; Sept. 20.00.
Standard: Mar.
Local closing: No. 1
New Standard: May
Hides—On the 15th inst. futures closed 10 to 17 points
higher. Again commission house and some trade buying
reported.
The spread between the June and Mar.
deliveries was still 12 to 11 points.
On Friday switches
between the two positions were done at 11 points.
Chicago
packers sold to tanners and dealers about 70,000 hides last
week at steady levels.
Most of the hides sold were native
steers at 12c.
The British took all the frigorifico extremes
and reject cows in the Argentine market last week so that
all frigorifico hides, both heavy and
light, are reported sold
up.
Local closing: Mar., 12.72; June, 12.60; Sept., 12.57;
Dec., 12.57.
On the l7th inst. futures closed 13 to 17
points net lower, with sales totaling 5 lots.
The opening
range was 5 to 6 points off.
Slight additional losses were
registered following the opening, and by early afternoon
values were about 9 points below the previous close.
Trans¬
was
^
actions amounted to 520,000
pounds.
Certificated stocks
Exchange increased
by 2,037 hides to 321,077.
Local closing: Mar., 12.55;
June, 12.47; Sept., 12.41; Dec., 12.41.
On the 18th inst.
22,
1941
futures closed 11 points lower to
4 points higher.
The 11
points loss was registered for the Mar. delivery, while the
4-point gain was made on the Dec. position.
According
to trade interests here the urgent demand for spot hides is
not as great as it was several months ago.
The futures
market is still about lc. below the actual hide market, it
Sales today totaled 88 lots, equal to
Chicago packers sold about 4,000 native
about 8,000 branded cows at llL£c.
nrices are unchanged from the preceding
pointed out.
was
3,440,000 pounds.
steers
at
today.
12c.
These
and
from
Cables
transactions.
South
America
that
state
frigorifico hides are being offered at slightly higher levels.
Local closing: Mar., 12.44; June, 12.43; Sept., 12.44; Dec.,
12.45.
On the 19th inst. futures closed 21 to 34 points net
higher, with sales totaling 158 lots.
Raw hide futures
opened about 5 points higher. Additional gains were
registered following the opening.
These were subsequently
lost and values by 12:30 p. m. were 6 points above the
previous close.
Transactions to that time were 70 lots.
Local closing: Mar., 12.65; June, 12.72; Sept., 12.78.
On the 20th inst. futures closed 4 points off to 10 points
net higher, with sales totaling 231 lots.
The opening was
unchanged from previous finals.
The market was steady
during the morning.
By 12.30 p. m. prices were 3 to 13
points higher.
Transactions totaled 131 lots.
Certificated
stocks of hides in warehouses licensed by the exchange in¬
creased by 1,237 hides to 322,314 hides.
Local closing:
Mar., 12.61; June, 12.78; Sept., 12.88; Dec., 12.95. Today
futures closed 4 points up to unchanged, with sales totaling
180 lots.
Raw hide futures were fairly steady and by
12.30 p. m. values were 4 points below the previous close.
Transactions totaled 65 lots.
ascribed
to
news
Local
closing:
Dec., 12.95.
of
further
Mar.,
Steadiness of the market
was
sales at steady prices.
June, 12.79; Sept., 12.90;
spot
12.65;
Ocean
Freights—A fair amount of new business was con¬
Charters in¬
Indies trade,
February, $5 per ton.
Two months Canadian trade, Feb¬
ruary-March, $5.75 per ton (war risk owners account). Six
to nine months West Indies—U. S. trade (bauxite), prompt
delivery Gulf, no rate. Round trip Far East trade, no other
details given.
Linseed: Montevideo to North of Hatteras,
$18 per ton; Buenos Aires to Hatteras, $17.50 per ton.
Sugar: Philippines to United States Atlantic, asking $24 to
$25.
Queensland to Halifax—St. John, $21 per ton. Time
cluded in the charter market the past week.
cluded: Time:
Three to four months West
Charter: West Indies trade, $4.75—5.25 per ton.
North of
Hatteras South African trade, $7. per ton
Canadian trade,
$6.25 per ton.
North of Hatteras—East Coast South
America, $6.25; West Coast, $7.
North Pacific to Panama,
$4.50.
Coal—The National Coal Association, from the
incomplete
loading reports from the railroads, estimates bituminous
coal production in the United States for the week ended
Feb. 15 as approximately 10,400,000 net tons.
Production
for the corresponding 1940 week, 9,100,000 tons;
1939,
8,668,000 tons. Percentage of increase: over 1940, 14.3; over
1939, 20.0.
The report of the bituminous coal division of
the Department of the Interior shows production of 10,100,ooo tons for the week ended Feb. 1st, and 10,080,000 for the
week ended Feb. 8.
Expiration of the United Mine Workers
CC. I. 0.) contract next month may bring a showdown on
wages between the union and the Government rather than
between the union and the operators.
Secretary Ickes has
given labor equal representation with the operators on the
10-man advisory committee to the Bituminous Coal Divis¬
car
ion.
on
The committee advises the Coal Division Administrator
matters of
general policy arising from the administration
of the Bituminous Coal Act.
Wool
Tops—On the 15th inst. futures closed 5 to 7 points
higher.
Wool top futures were active and higher today.
Sales were privately estimated at 100 contracts or 500,C00
pounds for the trading day of less than two hours, against
475,000 officially reported for the full day Friday.
Spot
houses and trade interests were fairly free buyers, while
selling consisted largely of realizing and profit-taking at
limits on a scale up.
At the closing there was reported to
net
be
a
considerable
unsatisfied
the level of the market.
net
of hides in warehouses licensed by the
Feb.
demand
Local
for contracts
below
closing: Mar., 128.0; May,
124.2; July, 119.2; Oct., 115.5; Dec., 112.5.
On the 17th
inst. futures closed 3 points lower to
11 points higher.
The opening range was 4 to 12 points higher, rising in the
earlier dealings to gains of 8 to 23 points.
Later, profittaking appeared and the list eased back somewhat, closing
steady at 3 points decline to 11 points up.
Sales for the
day were privately estimated at about 180 lots or 900,000
pounds, compared with 395,000 officially reported for
Saturday.
Spot certificated tops here were quoted at
127.5c. bid and 129c. offered.
Boston reported trading
slow in raw wools.
In Montana dealers were contracting
for wool on the sheep's back at prices equivalent to $1 a
pound, scoured, Boston basis.
Local closing: Mar., 128.0;
May, 123.9; July, 119.4; Oct., 115.9; Dec., 113.6.
On the
18th inst. futures closed 2 to 6 points net lower.
The
opening range was unchanged to 6 points off, with prices
moving up to around the previous closing level at one
time.
Trading was
quiet.
Profit-taking following the
recent announcements
in regard to Government buying
appeared to have been the chief factor in the setback.
.
Volume
The Commercial & Financial Chronicle
152
1305
Considerable local and speculative realizing
appeared, while
trade interests
Sales for the
70
were
day
contracts,
not
were
as
aggressive buyers
as
350,000 pounds, comparing with 945,000
officially reported for Monday.
Certificated spot tops
were
127.0c. bid, with the
offering 3^c. lower at 128.5c.
Boston reported considerable
contracting in the West by
dealers and mills,
presumably against probable Government
orders today.
Local closing: Mar., 127.4; May, 123.7;
July, 119.0; Oct., 115.3; Dec., 113.2.
On the 19th mst.
futures
closed
moved
sales
14
to
at
10
points
net lower.
Transactions
450,000 pounds.
Wool tops
fairly active trading today.
Total
about
irregularly in
on
the New York
Exchange to midday
estimated
in the trade at about 450,000
pounds of tops, against only
320,000 pounds in all of yesterday's session.
At the high
point of the morning active months registered losses of
2 to 7 points from the
closing levels of the preceding day,
while at the lows they were 10 to 16
points below yesterday's
last quotations.
Local closing: May, 122.3; July, 118.0;
Oct., 114.1; Dec., 112.1.
were
On the 20th inst. futures closed 1
point off to 1 point up.
Exceptional quiet prevailed in the Boston raw wool trade
and
Friday Night, Feb. 21,
or
estimated
were
COTTON
heretofore.
estimated around the ring at about
reflected in the local wool top futures market today.
Total transactions on the New York
Exchange to noon were
The Movement
grams
of
the
Crop,
indicated by
as
from the South tonight, is given below.
1941.
tele¬
our
For the week
ending this evening the total receipts have reached 48,964
bales, against 55,381 bales last week and 50,328 bales the
previous week, making the total receipts since Aug. 1, 1940»
2,573,969 bales, against 5,980,785 bales for the
of
1939-40, showing
period
same
decrease since Aug. 1, 1940, of 3,406,-
a
816 bales.
*
Receipts at—
Galveston
Sat.
Mon.
Tues.
Wed.
1,529
2,192
5,027
4,546
1,980
3,595
1,721
1,731
6,315
38
33
2
3
Thurs.
101
1
Fri.
646
1,008
_
Houston
New Orleans
Total
Mobile
Savannah
685
692
2,400
2,707
"'I
1,590
6,938
2,812
11,040
14,218
22,856
*210
.
210
15
3
175
22
Charleston
Lake Charles
8
Wilmington
8
200
*142
Totals this week.
10,298
8,787
9,902
200
62
235
11,820
48,964
"*31
Norfolk
4,094
4,063
was
The
following table shows the week's total receipts, the
estimated in the trade at only approximately 50,000 pounds
total since
of tops.
Trading during the forenoon was confined mainly
to the July and October
options. Local
with last year:
closing: May, 122.2;
July, 118.1; Oct., 114.1.
Today futures closed 18 to 22
points net higher.
Wool tops sold at strong prices in a
limited turnover today.
The strength of the market was
attributed chiefly to an active demand for contracts by trade
and spot houses in the face of
relatively light offerings.
Total sales
on
the New York
exchange to midday were esti¬
mated in the trade at about 200,000
pounds of tops.
No
sales were reported on the
opening, but shortly afterward
prices moved up and showed advances of 12 to 19 points over
the closing levels of the
previous day. At the best level of
the morning futures were 20 to 26
points above yesterday's
last quotations,
although the record highs attained earlier
in the week
ing:
were
not reached in todav's session.
Local clos¬
tendered
the
contract.
on
New
York
pound.
higher.
The price of crack
up
li£c.
was
firm in
quiet trading. March sold at $2.57,
Transactions to early afternoon totaled 13 lots.
In addition 20 bales
were
tendered
on
contract.
Reduction
of Japanese silk production was a factor.
The price of crack
double extra silk in the New York spot market advanced 13^c.
to $2.603^ a pound.
Prices on the Yokohama Bourse closed
5 yen lower to 41 yen
higher.
The price of grade D silk in
the spot market advanced 5 yen to 1,375 yen a bale.
Local
closing: No. 1 Contracts: Mar., 2.56; July, 2.583^; Aug.,
2.583^; Sept., 2.583^. On the 19th inst. futures closed 33^c.
to lc. net higher for the No. 1
contracts, with sales totaling
48 lots.
Buying attributed to speculators enlivened the silk
market today, sales to early afternoon being reported as 12
lots, an unusually large volume. Prices were bid up 2 to 3c.
a pound with the Mar.
position selling at $2.59.
Firmness
was ascribed to the uncertain
political situation.
The price
of crack double extra silk in the New York
spot
2c.
to
$2,623^
market
rose
pound.
Prices on the Yokohama Bourse
higher and at new seasonal highs. In the
spot market grade D silk advanced 5 yen to 1,380 yen a bale.
Local closing: No. 1 Contracts: Feb., 2.58; Mar., 2.573^;
June, 2.59; July, 2.60; Aug., 2.60; Sept., 2.60.
On the 20th inst. futures closed 3c to 6c net higher. Sales
were
a
1939-40
This
Since Aug
Stock
Week
1, 1940
This
.
Galveston
11,040
Brownsville
15,596
14,218 1,035,986
W*
147,547
8,588
22*856
693,367
10,529
*175
24,090
Houston
Corpus Christi
New Orleans
Gulf port
Mobile
524.554
m v
Beaumont.
...
Pensacola
*22
Charleston
210
Lake
Since Aug
Week
1, 1939
U
*.
Charles....
8
200
235
-
—
759,302
760
722*662
811,116
75,394
89,309
45,911
532,918
61,051
50,260
1,971
1,011
148,885
35,432
26,583
7,941
13,897
11,200
30,402
66,515
—
»
135,875
44,253
2,340
«
1940
965,010
999,018
74,453
105,359
47,682 2,039,459
26
Wilmington
—
•»
..
1,795
-L
44,622
15,517
29,099
5,600
18,150
1941
34,392 1,524,655
41,153
35,019 1,769,754
8
177,894
758
Jacksonville
Savannah
1,560
58,415
38,426
■
"
2
247
494
45,238
95,317
*
1,589
124,800
32,675
5,403
10,753
25,691
2,500
1,236
1,150
'
'
-
Boston
«•
Baltimore
-
-
-
«.«.
.
«M
-
—
—
-
—
~
m
-
«»
884
•
899
W
990
...-
14,842
48,964 2,573,969 122,734 5,980,785 3,046,096 2,804,135
*
Included in Gulfport.
In order that
double extra silk
spot market advanced 2c. to $2.59 a
the Yokohama Bourse closed 8 to 11 yen
Prices on
Grade D silk in the spot market was 10 yen higher
at 1,370 yen a bale.
Local closing: No. 1 Contracts: Feb.,
2.54M; Mar., 2.553^; May, 2.57; July, z.59; Aug.; 2.59;
Sept., 2.59.
On the 18th inst. futures closed Yi points up
to L£c. net lower, with sales
totaling 18 lots. The tone of the
silk market
Feb. 21
New York
lj^c. to 23^c. net
higher.
The raw silk market was steady in small trading,
prices gaining 1 to lL£c. during the early session.
This was
influenced by firmness in the primary markets of Japan. Sales
to early afternoon totaled
only 8 lots.
Eorty bales were
in
1940-41
Receipts to
Norfolk
Mar., 128.0; May, 124.0; July,'120.0; Oct., 116.2.
Silk—On the 17th inst. futures closed
Aug. 1, 1940, and the stocks tonight, compared
comparison
be made with other
may
give below the totals at leading ports for six
we
11,040
Orleans.
35,019
47,682
2,340
1,560
Mobile
22
210
Wilmington.
39,144
25,115
1935-36
982
845
286
649
11,349
10,074
25,169
2,936
1,365
714
581
""*247
200
_
Norfolk
1936-37
3,257
4,537
8,767
19
175
Savannah
Charleston
1937-38
1938-39
34,392
14,218
22,856
Houston
New
1939-40
1940-41
Receipts at—
Galveston
years,
seasons:
15,411
1,148
22
15,199
16,548
24,288
2,594
1,438
1,674
291
22
235
494
108
1,092
463
509
8
1,000
3,359
2,209
13,791
1,853
48,964
122,734
21,337
86,327
66,019
64,035
All others
Total this wk.
Aug. 1__ 2,573,969 5,980,785 3,055,898 6,392,456 5,524,770 5,992,290
Since
The exports
for the week ending this evening reach
of 2,208 bales, of which 500 were to Japan, 800 to
908 to other destinations.
total
a
total
China and
In the corresponding week last year
exports were 91,545
bales.
For the
to date
season
aggregate exports have been 608,082 bales, against 4,533,059
bales in the
period of the previous
same
season.
Below
are
exports for the week:
Exported to—
Week Ended
Feb. 21, 1941
Exports from—
Ger¬
Great
Britain
France
many
Italy
Japan
China
Other
Total
8 to 25 yen
totaled 71 lots, all in the No. 1 contract. Tension in the Far
was reflected in a
sharp rise of 6 to 7c in the raw silk
East
71
221
608
....
Houston.
....
New Orleans
Los
79
221
60*
Galveston
*500
80T
500
80C
90*
2,208
8,192
12,680
20,042
22.03C
7,509
12,992
1,653
14,422
91,545
53,701
Angeles
Total
Total
1940
19,089
9,512
Total
1939
6,012
1,625
9*487
1,300
market in
moderately active trading, which totaled 35 lots
to early afternoon.
Ninety bales were tendered on contract.
In the uptown spot market the price of crack double extra
silk advanced 2c to $2,643^ a pound.
Yokohama Bourse
prices advanced 4 to 10 yen. Grade D silk in the spot market
was 10 yen higher at
1,390 yen a bale. Local closing: No. 1
Contracts: Feb. 2.61; Mar. 2.623^; May 2.64; July 2.65H;
Sept. 2.65H. Today futures closed lc to 4c net lower for the
No. 1 contract, with sales totaling 71 lots.
A sharp rise in
Japanese markets was followed by fresh strength in the local
silk market.
Early gains ranged up to 23^c, with March
selling at $2.65.
Gains were not fully held, the market
standing ^ to 13^c higher during early afternoon on a turn¬
over of 48 lots,
including thirty bales exchanged for actuals.
Sixty bales were tendered on the Feb. contract. The contract
will expire next Tuesday. Spot silk was 3 to 7c higher, crack
double extra silk selling at $2.67up 3c. Yokohama Bourse
prices were 4 to 10 yen higher. Grade "D" silk in the spot
market advanced 25 yen to 1,415 yen a bale.
Local closing:
Feb. 2.60; Mar. 2.60; May 2.62; June 2.61
Sept. 2.63.
Exported to—
From,
Aug. 1 1940 to
Feb. 21, 1941
Exports from—
Britain
Ger¬
Gtreat
Galveston
France
many
Italy
Japan
China
Other
Total
21,723
1,617
415
29,892
53,647
138,621
7,499
352 114,882
261,354
Corpus Christi
23,225
1,680
600
25,505
Orleans.
113,139
2,280
41,950
157,369
Houston
New
Mobile.
Norfolk
New York—
28,461
San
Francisco
3,478
5*810
314
Boston.
Los Angeles..
28,461
....
3,478
1,787
50,788
19,564
*974
32*591
10*617
6,606
3,827
7,959
2,700
5,078
5
Seattle
Total
6,124
1,787
....
333,762
53,626
....
Total
1939-40 1540,097 606,144
33,456 406,541
Total
1940-41
358,124 346,284
350,019 225,666
In addition to
5
14,084 206,610
608,082
677,427 318,079 971,315 1533,059
592,956 52,590 192,337 2417,976
above exports, our telegrams tonight also
give us the following amounts
cleared, at the ports named:
of cotton on shipboard, not
The Commercial & Financial Chronicle
1306
tion
On Shipboard Not Cleared for—
Feb. 21 at—
Leaving
Ger¬
Other
Coast¬
many
Foreign
wise
Great
Britain
France
Slock
Total
Galveston
1,000
10,630
Houston
New
Orleans—
3,000
4,00u
961,010
288
10,918
1,200
988,100
531.718
1,200
■y.—
Savannah...-.
148,885
35,432
Charleston
Mobile
50,260
Norfolk
Other
30,**02
284,171
ports.-.
Total
1941
Total
1940—
Total
1939—
—
71,639
5,471
27",933
4,736
4,897
11,630
57,205
59,255
4,488
16,118 3,029,978
6,000 162,777 2,641,358
5,371
79.730 2,376,433
Speculation in cotton for future delivery
was
moderately
with price trend irregular and confined within a
relatively narrow range.
The news was far from bearish.
Southern mills are operating three shifts a day, suggesting
that domestic consumption might reach 750,000 bales, com¬
active,
pared with 662,000 bales in February a year ago. Spot sales
in the South are showing up well.
Sales in leading spot
markets were 21,524 bales yesterday, compared with 4,012
bales last year.
prices closed 5 to 7 points net lower.
Continued liquidation and Southern selling carried cotton
futures
prices lower today as apprehension over foreign
political conditions persisted.
There was less pressure at
the opening of the market when initial quotations ranged
from 1 point higher to 1 point lower.
Support came chiefly
from trade sources in old crop months with fairly good buy¬
ing orders uncovered on a scale down as prices eased $2 to
$2.50 a bale under the high prices for the season touched
early in Jan.
The market started to ease as offerings from
New Orleans came here as a result of a narrower spread
York and New Orleans markets.
Stale
long liquidation from domestic and foreign sources also was
in evidence while a moderate volume of Southern hedge
selling for over the week-end came in through spot houses.
The basis for spot cotton in the South continued firm, ac¬
cording to wires received in the trade.
On the 17th inst.
prices closed unchanged to 3 points up.
The opening was
slightly lower, made small gains, which were later erased
in part by hedge selling against repossessions from loan
stocks, and final prices were unchanged to 3 points higher.
The opening range was 1 to 4 points lower, with a moderate
volume of trading.
Brokers with Bombay connections sold
about 7,500 bales of July and Oct., following which there
was a fair amount of price-fixing, mostly in Mar. and
May
by leading spot and trade firms.
Advances attracted selling
from the South.
Spot firms reported the buying basis in
the South firm.
One spot firm estimated that 800,000 to
1,000,000 bales might have to be repossessed to fill mill
needs the balance of the season, depending, of course, on
mill activity.
In the loan stock now to Feb. 13, there was
2,989,557 bales, less repossessions totaling 146,423 bales.
On the 18th inst. prices closed 4 to 12 points net higher.
Growing belief that there will be no important changes in
the farm program this year and greater technical strength
brought about an advance in the local cotton market today.
The opening range was 3 to 5 points net higher, with moderate
business.
At the opening spot houses were good buyers of
May and July .
There was a dearth of hedge selling. Bom¬
bay brokers did little on either side, and it was disclosed that
the Bombay irterest is under 100,000 bales.
Gradually
prices advanced to net gains of 10 to 13 points.
The ad¬
vance
attracted some Southern selling, but not enough
to give the market a trend.
The buying of new crops
against the liquidation of old crops was a factor in the
late trading.
Little crop cotton was offered.
The selling
in near months was mostly liquidation as the t'me draws
near for tendering cotton on contract.
Spot sales in leading
spot markets were 11,765 bales, compared with 13,257 bales
last year.
On the 19th inst. prices closed 2 to 8 points net
higher.
Active trade buying to fix nrices came into the
all
tone
10.34,
to
Spot
5 points.
up
1941
houses
by Bombay.
The market maintained its firm
through the forenoon.
Price-fixing furnished the
chief support,
with buyers finding contracts rather
Cotton
bulls read favorable
ments,
which
in
news
Far Eastern
scarce.
develop¬
they said indicated lessened tension in that
quarter of the globe.
1
Today prices closed 7 points off to 6 points net higher.
Cotton had a firm undertone in an irregular market, the
feature of which
switching from
was
near
months into new
During early afternoon prices were 3 points
lower on nears to 4 points higher on distant months.
On
the opening, demand was good, with the result that first
prices were unchanged to 6 points higher, with October and
December focal centers of strength.
Buying of October was
laid to Bombay account, one broker buying about 5,000 bales.
Wall Street was an active buyer of new crop positions.
crop
positions.
Demand
in
near
months
credited
was
to mill
interests to
fix
prices, but that was met by persistent offerings by spot
firms just above the market.
Gains were extended during
the
On the 15th inst.
between the New
quickly advanced
22,
and Japanese interests were reported buyers of later months.
The selling came from the South principally, with some
offerings
'
Feb.
forenoon, advances ranging
as high as 8 points, October
registering the largest improvement.
On the
advance the market ran into scale-up selling by the South.
and December
The official
New York
quotation for middling upland cotton in the
day for the last week has been:
market each
Feb. 15 to Feb. 21—
Sat.
Mon.
Tues.
Wed.
Thurs.
10.70
Middling upland 15-16 (nom'l)_10.69
10.76
10.80
10.93
Fri-
10.86
Premiums and Discounts for Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
on contract on
Premiums
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
Feb. 20.
on
H
29-32
15-16
31-32
1 Inch
Inch
Inch
Inch
Inch
and Up
White—
.34
on
.44
on
.58
on
.64
on
.77
on
Strict Good Middling
.28
on
.38
on
.52
on
.59
on
.72
on
Good
.22
on
.31
on
.45
on
.52
on
.65
.10
on
.19
on
.33
on
.40
on
.53
on
on
.16
on
Middling Fair.
Strict
Middling
Middling
on
.21 off
.12 off
Basis
.06
.74 off
.64 off
.53 off
.47 off
.37 off
1.43 off
1.35 off
1.29 off
1.25 off
1.22 off
Middling
Strict Low Middling
Low Middling.
Extra White—
Good Middling
Strict Middling
.22 on
.31
on
.10
.19
on
Middling
.21 off
on
.45
.52
.33
.12 off
on
on
.40
on
.53 on
.06
on
.16
Even
on
.65
on
on
.74 off
.64 off
.53 off
.47 off
.37 off
1.43 off
1.35 off
1.29 off
1.25 off
1.22 off
.42 off
.34 off
.20 off
.15 off
.57 off
.48 off
.34 off
.29 off
.20 off
1.04 off
Strict Low M
.96 off
.83 off
.78 off
.72 off
iddllng
Low Middling
SpottedGood Middling
Strict Middling
aMiddling
a
.06 off
Middling spotted shall be tenderable only when and if the Secretary of Agri¬
a type for such a grade.
culture establishes
New York
Quotations for 32 Years
The
quotations for middling upland % (nominal) at New
York on Feb. 21 for each of the past 32 years have been
as
follows:
1933
*1941
10.86c.
1940
11.18c.
1932
1939
8.90c.
9.31c.
1931
1938™—
13.20c.
11.25c.
1937
1936
1935
-
.
—
fc.
-
-
1930
1929
1928
12.55c.
1927
12.40c.
—
1934
..
1926
-
—
-
-
-
6.15c.
7.05c.
1925
...24.80c.
1917
.16.45c.
1924
...30.10c.
1916
U.30c.
...11.35c.
1923
1915
8.35c
14.90c.
1922
...20.25c.
1921
...29.75c.
...18.50c.
...12.55c.
19.70c.
1920
...
„.
—
.
—
...
...
..
...
...39.35c.
1914
1913
1912
...14.20c.
1919
...25.90c.
1911
...20.35c.
1918......32.15c.
1910
...
* 1941 quotation is for 15-16.
Futures—The highest, lowest and closing prices at New
York for the past
week have been
Saturday
Monday
Feb. 15
Feb. 17
as
Tuesday
Feb. 18
follows:
Wednesday
Feb. 19
Thursday
Friday
Feb. 20
Feb. 21
cotton market near the close.
As a result sharp advances
registered, more particularly in the nearby positions,
net gains running as high as 8 points.
The opening was
3 to 5 points higher, with a paucity of
offerings the influ¬
encing factor in the rise.
Trade covering of Mar. and
May contracts furnished most of the buying power during
the early trading, while offerings came
mainly from the
South.
A certain amount of liquidation by commission
houses was reported.
Foreign interest continued negligible.
The market maintained its firm tone
during most of the
forenoon, but encountered enough selling to check the
rise.
Around midday prices were one point lower to two
points higher, with near months relatively firm.
Evidence
of the decline in spot market
activity is furnished by day to
were
day reports on spot sales.
They totaled 13,000 bales
terday, which was about what they reached on the
responding day last year.
On the 20th inst. prices closed 8
yes¬
cor¬
Mch (1941)
Range..
Closing.
April—
10.18-10.25 10.17-10.24 10.22-10.30 10.25-10.30 10.32-10.39 10.30-10.38
10.30
10.29
10.19
10.25 —
10.37
10.18
Range..
Closing.
May—
Range
Closing
10.28
10.2377
10.1877
10.16??
—
10.2977
10.357?
10.14-10.22 10.13-10.21 10.19-10.27 10.22-10.28 10.28-10.36 10.29-10.36
10.28
10.21 —
10.34
10.28 —
10.14-10.15 10.17
.
June—
Range..
Closing
10.0977
10.07n
.
10.2177
10.2777
10.2177
10.1477
July—
Range..
Closing
.
9.98-10.06 10.06-10.13 10.09-10.15 10.15-10.23 10.15-10.25
10.21-10.22 10.15-10.16
10.07 —
10.15 —
10.00-10.01 10.02 —
10.00-10.07
August—
Range—
Closing
.
10.0277
10.0477
9.99n
9.9377
9.8677
9.84??
September—
Range..
Closing.
9.8377
9.8877
9.8977
9.62- 9.69
9.68- 9.75
9.76- 9.80
9.68
9.7277
9.77- 9.78
9.6777
9.7177
9.767?
9.61- 9.66
9.69- 9.72
9.74- 9.78
9.63- 9.65
9.66
9.70
9.76
9,49- 9.53
9.61- 9.61
9.61- 9.66
9.53
9.6177
9.647?
9.7977
9.70n
9.69??
October—
9.59
9.50-
9.60
9.59-
9.67
Range..
9.55-
Closing.
9.54n
9.55
9.5377
9.537?
9.6577
Range..
9.52- 9.58
9.49- 9.56
9.57- 9.65
Closing
9.52
9.52- 9.53
to 4 points net higher.
Buying to fix prices in a market relatively bare of con¬
pushed prices 4 to 7 points higher on the New York
Cotton Exchange in moderately active trading.
The open¬
ing range was unchanged to 4 points higher, and soon had
extended those gains under persistent
demand, which did
—
9.66
—
—
November—
Range..
tracts
not encounter much
ing was
Tuesday.
selling.
The feature of the early trad¬
the strength of March.
First notice day falls on
Apparently there
trade interests this
active covering of shorts by
Under that buying the quota¬
was
morning.
Closing.
December—
Jan.
-
(1942)
Range..
Closing
.
9.507t
February—
Range..
Closing
7i
—
-
Nominal.
—
—
9.6877
—
9.7377
-
Volume
^
The Commercial & Financial Chronicle
152
Range of future prices at New York for the week ending
Feb. 21,
and since trading began
each option:
on
328,343 bales more than at the same period last
receipts of all the towns have been 115,540 bales
in the
Option for—
Range for Week
1307
same
week last year.
Market and Sales
10.17
Feb.
17 10.39
Feb.
20
8.10
May 18 1940 10.62 Jan.
10.13
Feb.
17 10.36
Feb.
20
8.00
May 18 1940 10.61
10 1941
Futures
Spot Market
9.98
July
Feb.
17 10.25
Feb.
21
8.59
7 1940 10.51 Jan.
Aug
Closed
September
9.50
November
Feb.
17
9.80
Feb.
9.49
Feb.
17
9.78
Feb. 21
21
8.70 Oct.
18
9.28
19 1940
1940 10.59
Nov. 22 1940
.
December..
Dec.
9.96
16 1941
Jan.
1942—
9.49
Feb.
17
9.66
Feb.
19
9.49
Feb.
17 1941
9.83 Jan.
Nominal
Easy
Nominal.
Saturday...
Monday
Tuesday
"Wednesday.
Thursday...
Friday.
January
St- ady
Steady
Nominal
Nominal
Total
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the
following table.
The
figures are given in bale3 of 500 lbs. gross weight.
Open
17 Feb.
15 Feb.
18 Feb.
19 Feb.
Contracts
20
Feb. 20
19,700
May
15,600
9,800
13,600
6,200
12,200
127,500
33.900
24,300
30,500
19,000
28,700
32,600
13.100
10,800
20,600
11,900
6,100
7,800
11,100
7,800
December
12,500
19,800
4,700
6,000
24,900
October
7,200
2,400
1,200
800
300
100
200
3,400
78,400
65,800
45,200
60,600 1,087,400
175,000
61,300
1942—
100
January
Total all futures
133,100
80,000
Open
New Orleans
11 Feb.
Feb.
13 Feb.
14 Feb.
15 Feb.
17 Feb.
18
400
600
600
700
3.400
3 400
1
;
Contracts
2 M00
65 832
..
87,232
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since
Aug. 1,
as
made
from telegraphic
up
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1940-41Feb. 21—
-1939-40Sines
Since
Week
Via St. Louis
Week
Aug. 1
18,395
7,675
Via Mounds, &c
Via Rock Island
293,583
170,280
Aug. 1
7,284
3,600
240,211
197,375
8,623
"200
594
13,358
1,843
3,743
3,838
13,722
103,893
394,938
4,190
19,413
5,879
114,044
552,198
36,088
989,774
34,687
1,118,330
990
239
14,864
5,836
7,002
186,828
Via other routes, &c
360,300
359,900
47,600
July
...
400
700
week.
Via Louisville
Via Virginia points
1941—
March
f.306
...
Nominal.....
Shipped—
14 Feb.
400
1,300
Steady
Steady
Barely steady..
Nominal..
....
Since Aue-
Volume of Sales for Future Delivery—The
Feb.
400
24 1941
February...
New York
Total
Contract
Spot
11 1941
August
October
SALES
Market
Closed
Jan.
June
z
New York
at
10 1941
April
May
than
Range Since Beginning of Option
1941—
March
The
year.
more
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
198
2,285
5,924
Inland, &c., from South.
30,624
380,517
Total to be deducted
30,822
388,726
8,231
207,528
5,266
601,048
26,456
910,802
Leaving total net overland *
♦
Including movement by rail to Canada.
Feb. 18
-1940-41
In
1941—
Sight and Spinners
1939-40-
Since
TnlrfYLrq
'
Wppb
3,200
2,100
3,800
1,200
2,600
4,450
32,300
May
July..
1,800
11,450
8,350
2,450
2,700
2,050
57,600
Receipts at ports to Feb. 21
2,500
8,450
4,800
3,900
7,700
3,300
59,550
October
4,600
8,750
8,150
3,450
7,200
6,350
42,050
Net overland to Feb. 21
South'n consumption to Feb. 21--180,000
600
650
1,750
500
4,500
2,050
Since
1
Ann
March
9,550
December
Total
1942—
Interior stocks in
300
"ioo
March.
Excess
over
Total all futures
Closed Feb.
z
12,700
31,500
26.850
11,500
24,700
18,200
obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices
at Liverpool:
Feb. 21—
1941
8.56d.
13.33d.
7.74d.
9.46d.
8.04d.
11.58d.
7.27d.
8.54d.
7.74d.
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
1940
7.19d.
1939
.1938
5.21d.
5.18d.
*
Movement into sight
3.97d.
5.53d.
4.02dl
10,055,143
12,466,630
1,716,841
47,958
35,643
1,102,050
years:
Since Aug.
Bales
124,133
170,735
159,640
1938—Feb. 25.
1937—Feb. 26-
1—
Bales
8,765,625
12,652.435
11,854,254
1938
1937
1936
Quotations for Middling Cotton at Other Markets
4.41d.
4.53d.
6.46d.
In.
j In.
H
15-16
In.
In.
9 87!
9 71
15-16
^
In.
15-16
^
I
%
In.
In.
9
Galveston
9.64
9 84
9, 671
New Orleans-
9.78
9 98
9. 80 10 00 10 05 10
9.59
9 79
9. 62
Movement to Feb. 23, 1940
Stocks
ments
Feb.
Week
21
Receipts
Stocks
ments
Feb.
Week
23
78'
In.
In.
73
In.
In.
9.81 10.04
9, 98
,15-16
I In.
9 .83 10.03
10.17 10.37 10 ,13 10.33
.12 10,
9,
%
9.79
9
9.93
9.99 10 14 10, 01 10 .16 10 .06|10
.13 10, 28'10.19 10 34 10
10.33
.10 10. 30 10 15 10 35 10
10.30
9.80 10 00
Montgomery.
Ship¬
Friday
15-16
>5-16
10.00 10 20 10, 00 10 20 10 .00 10
Savannah
21, 1941
Thursday
Feb. 21
Norfolk
Ship¬
Wednesday
Tuesday
Monday
Saturday
Mobile
detail below:
Receipts
919,610
237,386
in previous
Week—
Towns,
Movement to Feb.
415,433
Decrease.
1939—Feb. 24
___
the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
Towns
11,131,587
909,878
__212,797
North. spinnV takings to Feb. 21-
Week Ended
Interior
289,190
*51,804
takings
consumption to Feb. 1.
Closing Quotations for Middling Cotton on—
fine, Liverpool
the
7,930,017
1,215,248
mill
C. P. Oomra No. 1 staple, super¬
At
601,048
4,755,000
Aug. 1
5,980,785
910,802
4,240,000
122,734
26,456
140,000
234,230
$21,433
excess
Southern
Came into sight during week.
Total in sight Feb. 21
therefore
are
of
2,573,969
202,050
12.
The Visible Supply of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We
48,964
5,266
marketed
700
January
Week
Augusta
9 82|
9 80 10 00
10.19 10 44 10, 22 10
....
9.7510 00
Memphis
1
9, 75 10
9 .66
9 85 10
47,10
00, 9
9
9.99
90 10, 10 10 00 10 ,20
9
10.15
26 10
33 10 5810 .39 10
75 10
75 10 00
9 .75 10 ,00
9
10.10
86jl0.06
10.58
64,10
Season
Week
Season
Eufaula
16
209
689
42,297
1,035
94,809
339
24,209
141
2,681
51,722
116,668
43,109
15,903
53,379
27,279
512
1,641
...
Montgom'y
Selma
Ark., Blytbev.
Forest City
15,105
31,179
8,237
-.»«*
Ala., Blrm'am
—
1,417
551
29,468
132,110
1,325
1,626
181
2,211
240
9, 68
9, 88
9
85 10 05
9 .92 10 ,12
9
Little Rock..
9.55
9 75
9, 50
9 70
9
65
9. 85
9 .70
9 ,90
9 .65
9.85
9.53
9 78
9. 55
9 80
9
.65
9, 90
9 .72
9 97
9 66
9.91
27,321
1,011
9,027
72,627
737
62,164
166.909
2,358
160,749
30.537
38.817
763
36,152
86
1,942
45,214
915
53,886
81
66,070
536
34,724
2,192
1,485
38,623
2,337
42,147
67
40,537
1,085
26,021
137,959
667
9,134
665
861
97,365
2,552
1,861
3,770
1,904
New Orleans Contract Market—The
for
the
closing quotations
leading contracts in the New Orleans cotton market for
past week have been as follows:
49,491
37.661
Helena
Hope
9 .88
Dallas
Week
9.68
Houston
21
12,772
244
3,599
97,155
4,695
917
Saturday
Bluff-
3,915
50,115
135,356
5,987
88,106
1,586
38,333
129,616
Walnut Rge
388
64.108
1,397
110
62,508
Ga., Albany..
137
49
40,786
11,091
325
550
879
42,942
79
14,275
39,389
630
44,786
2,468
33,861
104,431
4,085
118,789
4,595
222,680
3,671
3,016
4,510
134,843
300
29,600
600
127,260
10,700
35,457
700
31,200
January
Little
Rock..
Newport
Pine
61
34,388
Monday
Tuesday
Feb. 15
32,742
144,215
37,999
88,655
39,233
16,023
Jones boro
Feb. 17
Feb. 18
Wednesday
Feb. 19
Thursday
Friday
Feb. 20
Feb. 21
1941—
March
10.18
July
10.296-.30a 10.36
10.236-.24a 10.25
May
10.046-.05a 10.05
Atlanta
3,217
Augusta
3,286
10,421
34,033
87,765
220,585
300
18,200
641
24,026
16,016
732
33,981
350
40,542
40
16,248
100
32,630
38,238
Spot
99,202
4,249
77,633
300
300
68,002
Futures
131,516
13,384
179,589
5,190
74,968
1,041
2,642
27,886
100,050
73
753
37,161
4,700
10.426-.43a 10.38
10.376-.38a 10.33
10.25
65,099
356
107,364
151,545
18,316
225,129
32,428
10.206-.21a 10.256-.26a 10.32
96,049
69
Athens
Columbus.
.
Macon
25
Rome
La., Shrevep't
Miss., Clarksd
6,043
2,768
Columbus..
159
1,427
Greenwood
4,941
19,387
5,126
325
80
14
19,128
425
4
114
1,366
708
615
City
7
32.901
634
46,041
18,320
7,284
5,763
26
292,324
4,793
18,395
N.C., Gr'boro
41
2,287
360
47,709
243,639
3,577
863
Mo.. St. Louis
17,440
11,570
15,337
36,336
2,988
27
1,746
9,857 332,193
95,470
2,634 103,386
3065,758 112,725 1016,959
261
21,666
34,730
53
20,103
6,576
2,621
313,556
9,080
248,007
2,014
94,073
33,414 2781,967
Jackson
Natchez
...
Vlck8burg..
Yazoo
140
1,532
93
16,602
4
26,576
1,113
20,212
7,284
15 towns •_
6,859
Gr'vllle
5,130
Tenn., Memp. 111,186
402
Texas, Abilene
415,060
Austin.....
17
B re rib am
30
10,673
223
641
58,265
729
2,078
64,664
3,918
._
Dallas
Paris
Robe town..
San
—
35
Marcos
Texarkana
213
.
653
Waco
6,778
6
10,471
8
15,513
50
2,045
748
45,258
889
314
73,670
1,299
35,000
28,593
2.630
123
4,200
77,449
795,324
485
12
3,058
55,979
39,281
7,954
48,390
38,524
1,870
50,077
26,840
7,392
29
3,280
31,762
29,066
744
1
6,518
4
2,308
614
33
3,922
14
1,613
93
36,174
55,457
1,190
28,628
100
15,182
100
—r
Total,56towns 180,173 5804,887 201,606 3173,825
*
64,624 5452.329 116,428 2845,482
Includes the combined totals of 15 towns in Oklahoma.
The
above
decreased
9.68- 9.69
9.60
9.59
9.74
9.66
9.71n
10.21-10.22
9.76- 9.77
9.83
9.736-9.74a
9.81
1942—
..
9.536-9.55a 9.556-9.57a 9.646-9.65a 9.676-9.69a 9.706-9.72a 9.766-9.78d
Tone—
n
Quiet
Quiet
Steady
Steady
Steady
Steady
Steady
-
--
Steady
Steady
Steady
Steady
Steady
Nominal.
6 Bid.
Activity
a
in
Asked.
the
Cotton
Spinning
Industry
for
January, 1941—The Bureau of the Census announced on
Feb. 20 that, according to preliminary figures 24,528,514
spinning spindles were in place in the United States
of which 22,820,724 were operated at some
month, compared with 22,817,658 for
December, 22,685,968 for November, 22,456,588 for October,
22,278,204 for September, 22,078,162 for August, and 22,880,270 for January, 1940. The aggregate number of active
spindle hours reported for the month was 9,901,190,588.
Based on an activity of 80 hours per week, the cotton spindles
in the United States were operated during January, 1941 at
cotton
Jan. 31, 1941,
time during the
on
-Oklahoma—
H. C.,
9.58-
December. 9.556-9.57a 9.566-9.58a
19,976
7,257
,
October
10.18
10.12
totals
show
during the week
that
the
21,433
interior
bales and
stocks
are
have
tonight
112.1% capacity.
This percentage compares, on the
same
basis, with 105 for December, 105.9 for November, 103.3 for
October, 96.7 for September, 90.4 for August, and 102.8
for January, 194C.
The average number of active spindle
hours per
number
spindle in place for the month was 404. The total
the number
of cotton spinning spindles in place,
The Commercial & Financial Chronicle
1308
active, the number of active spindle hours, and the average
hours per spindle in place by States, are shown in the follow¬
ing statement:
Active Spindle Hours
for January
Spinning Spindles
State
Active Dur¬
Jan. 31
ing Jan.
State—
Arkansas——
Spindle in Place
114,483
55,548
105,229
261,642
Arizona
United States
24,528,514
22,820,724
9,901,190,588
404
Cotton growing States
New England States.
18,052,130
5,759,776
716,608
17,293,448
4,909,250
7,808,534,444
433
Florida
1,886,659,746
328
Georgia———
618,026
205,996,398
287
Louisiana
Mississippi
1,758,742
450
Missouri
525,672
480,200
810,532,364
155,666,930
296
New Mexico...
3,155,352
2,998,724
1,383,880,476
439
674,996
247,172,071
366
Oklahoma——
39,856
164,311
1,021,511,043
315
South Carolina.
114,875
349
Tennessee
Connecticut
Georgia
Maine
151,868
592,112
2,735,548
132,284
270,260
233,240
330,616
272,014
5,826,186
945,400
5,554,128
833,878
5,494,184
3,244,936
Massachusetts.
Mississippi
New Hampshire
New York
.....
North Carolina
52,968,016
108,859,287
102,680,428
2,434,703,315
North
.
5,281,826
549,796
549,604
263,184,114
479
239,594
227,030
426
Virginia
639,704
631,394
All other States..
679,666
540,000
102.043,230
235,856,527
181,048,582
352
449
369
hand, active cotton spindles, and
imports and exports of cotton for the month of January,
1941 and 1940.
Cotton consumed amounted to 843,274
bales of lint and 114,144 bales of linters, as compared with
731,793 bales of lint and 90,843 bales of linters in January,
on
,;-V-\V;
-v
January consumption of cotton includes 16,000 bales dis¬
various
by
surplus
cotton
administration through
programs.
The following is the
marketing
mattress
statement.
REPORT
JANUARY
AND
COTTON
OP
EXPORTED,
ON HAND,
CONSUMED,
IMPORTED
4ND ACTIVE COTTON SPINDLES
(Cotton in running bales, counting round as half bales, except foreign, which is in
500-pound bales)
Cotton Consumed
Cotton
on
Hand
Jan. 31—
During—
Cotton
Six
In Con¬
In Public
Months
Year
suming
Storage
Ended
Jan.
Discontinued
During
ments
presses
January
(Bales)
(Bales)
(Bales)
(Number)
Exports to Canada
and
of
export payments in connection with the exportation of
products to Canada and to Cuba, under the 1941
announced on Feb. 14
by the Surplus Marketing Administration of the Department
of Argriculture.
This change went into effect on Feb. 19,
1941.
The Department's announcement added:
cotton
Cotton Products Export Program, was
Payments on exports to Canada will be discontinued because a recently
adopted Canadian Customs ruling imposes countervailing duties on entries
of United States cotton, unless the exporter States he will not claim the
United States export payment.
Payments on exports of cotton products to Cuba will be removed because
strong position of American exporters, occasioned by present world
foreign competition in the Cuban
import market, has made such assistance unnecessary.
Export payments will continue to be made on cotton products exported
to countries other than Canada and Cuba under the 1941 Cotton Products
Export Program, S. M. A. officials said.
Another change in the program provides that required notices of delivery
for export or sale for export be given the second business day following the
transaction.
It was previously required that such notice be given the next
business day after the transaction.
Total sales and deliveries of cotton products under the 1940-41 Cotton
Products Export Program, which was announced July 2, 1940, amounted to
the equivalent of approximately 320,000 bales of cotton, as of Feb. 12,1941
the
conditions which have greatly curtailed
1940-41 Cotton
Active
Establish¬ cfe at Com¬
on
Cuba Under Cotton Products Program—Discontinuance
Spindles
Jan. 31
(Bales)
12,636
Payments
Report of Cotton Consumed, on Hand, &c.,
in January—Under date of Feb. 14, 1941, the Census
Bureau issued its report showing cotton consumed in the
tributed
1,887,547.89 Cooperative Re¬
payments
7,756,649.58
25,875
1,338,359.63
5,809,208.80
Net total
617,079.38
.2,874,745 $138351,502.16
266
Census
1940.
5,331
Top Exchange—At a
meeting of the Board of Governors of the New York Wool
Top Exchange held on Feb. 14, Henry D. Davis of Boston,
Mass., was elected to membership. Mr. Davis is Treasurer
of the Davis Wool Co., Inc., woolen merchants.
418
Tennessee
United States cotton
10,886
New Member of New York Wool
311
Texas
South Carolina
Amount
403
332,887,215
2,468,196,990
Rhode Island
151
1611852
Carolina
No. Bales
—
71,585
1,800,284
Alabama..
1941
1,455,442 $69,787,372.31
$5,480,509.23 Texas..
693
33,277.61
2,630,917.21 Virginia
4,996,673.08
Total13,056,326.69
2,671,910 $128556,821.20
7,320.73 Loans
by Coop¬
7,742,407.45
eratives
308,952
14,982,877.82
4,711,262.34
3,288,675.49
Total
2,980,862 $143539,699.02
506,010.76
245,582.65 Repayments
80,242
3,849,837.23
97,390
All other States
State—
Amount
No. Bales
Alabama
Average per
Total
22,
Feb. 10, 1941.
loans made on 1940-41 crop cotton by the
Corporation and lending agencies aggregate $143,539,699.02
on 2,980,862 bales.
Cotton remaining under loan aggregates
2,874,745 bales.
Cotton loans completed and reported to the Corporation
by States are as follows:
California
In Place
Feb.
Crop in Sao Paulo (Brazil) Expected
Foreign and Domestic
Record—The Bureau of
Reach
to
Department of Commerce, an¬
following advices
American Embassy at Rio de Janeiro:
Commerce, United States
nounced this week that it has received the
1941 843,274 4,427,291 1,874,611 14,668,189 22,820,724
from the
1940 731,793 4,041,936 1,775,598 13,200,600 22,880,270
United States.
The forthcoming 1940-41 cotton crop of the Brazilian State of Sao Paulo
is expected by trade and official circles to reach record proportions provided
favorable weather conditions continue to prevail.
Although the season is
Cotton-growing States..
1941 716,990 3,787,067 1,550,009 14,368,033 17,293,448
1940 619,983 3,429,832 1,498,777 13,140,399 17,199,094
New England States...
1941 102,508
1940
91,985
517,708
496,363
1941
23,776
122,516
1940
19,825
5,035
5,399
All other States..
115,741
277,204
223,887
47,398
52,934
291,939
54,673
8,217
5,528
26,908
28,402
34,398
38,979
12,094
12,691
32,195
26,952
28,689
19,800
13,168
8,856
5,197
11,337
27,429
619,505
543,196
516,773
438,417
618,814
Included Above—
Egyptian cotton.......
1941
Other foreign cotton
1941
1940
1940
1941
Araer.-Egyptian cotton.
1940
6,082
5,644
2,487
2,208
{
1941 114,144
1940
90,843
380,000 metric tons, totals which compare with last year's figure of 307,600
The extent to which acreage planted to cotton in Sao Paulo has in¬
as compared with last season is not known, although one Brazilian
authority estimates such increase at approximately 15%.
tons.
creased
Returns by Telegraph—Telegraphic advices to us this
evening indicate that there has been considerable rain in
the western two-thirds of the cotton belt, but mostly dry
16,241
6,447
9,615
in the eastern third.
Not Included Above—
Linters..
far enough advanced to permit definite forecasts of the new crop,
unofficial estimates indicate that it may amount to between 360,000 and
not yet
85,529
4,909,250
5,062,362
618,026
Rain
Abilene
45
57
1
0.03
67
25
46
72
39
56
2
0.14
0.10
78
33
2
0.17
1
0.01
82
75
72
75
78
73
69
49
40
56
38
54
73
42
58
-
—
Brownsville
El
Country of Production
1940
1941
.
Corpus Christi
6 Mos. Ended Jan. 31
Paso
Del
1940
dry
0.02
Rio.
Fort Worth
Egypt
5,136
China
19,504
1,740
483
Mexico
San
All other.
"i"i§3
9,624
~7~628
32,783
16,922
1,433
65,981
Louisiana—New
Waco
Little
8,717
► Linters imported during five months ended Dec. 31, 1940, amounted to 74,269
equivalent 500-pound bales.
-
_.
.
Rock
.
1
Country to Which Exported
1941
1940
1941
1940
3
18,218
France
Italy
379,699
178,310
67,527
326,718
1,333,297
487,674
310,728
Germany.....
18,992
190,142
22",343
Spain
Belgium
14,668
"5",305
Other European
Japan
9,754
6,487
69,906
152,605
135,824
489.559
.
.
AH other
Total
161,019
64,649
43,067
34,228
583,190
278,208
84,789
44,690
219,195
52,184
Canada
39.470
12,459
7,809
4,611
China
1,035,416
660,131
4,169,831
123,022
Note—Linters exported, not included above were 664 bales during
January in
1941 and 31,450 bales in 1940; 14,274 bales for 6 months ended Jan.
31, 1941 and
164,572 bales in 1940.
The distribution for January, 1941 follows:
Canada, 644;
WORLD
STATISTICS
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1939 as compiled from various sources was 27,875,000
bales, counting American in running bales and foreign in bales of 478
pounds lint, while the consumption of cotton (exclusive of linters in the
United States) for the year ended July 31, 1939, was 27,748.000 bales.
The total number of spinning cotton spindles, Doth active and
idle, is about
145,000,000.
CCC
Reports
on
1940-41
Cotton
Loans—The
Com¬
modity Credit Corporation announced Feb. 12 that through
57
39
25
45
31
44
27
45
44
:
61
30
57
52
49
46
53
45
60
31
46
dry
dry
74
78
35
51
65
dry
71
44
63
57
35
69
71
65
67
0.62
2
0.98
2
0.80
2
.
-
0.24
68
60
2
0.55
Miami
Tampa
Georgia—Savannah
2
0.23
dry
33
32
25
37
55
58
49
30
29
44
45
46
0.01
63
1
0.07
61
1
0.02
67
1
0.08
46
29
36
21
0.69
58
21
34
40
0.63
0.44
64
48
40
Augusta
Macon
South Carolina—Charleston.
North Carolina—Asheville
Raleigh
Wilmington
_.
-
.
i:
1
Tennessee—Memphis
Chattanooga
.
2
dry
dry
Nashville.
52
59
31
26
54
25
40
53
22
38
in received by telegraph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Feb. 21. 1941
Feet
New
Orleans
Above
zero
of gauge.
Memphis.
Above zero of gauge.
Nashville
Panama, 20.
57
62
57
57
0.37
2
Atlanta
United Kingdom
41
35
74
64
2.28
.
Montgomery
6 Mos. Ended Jan. 31
56
65
60
1.70
1.04
Florida—Jacksonville
January
48
44
0.33
0.99
3
3
..
Birmingham
(Running Bales—See Note for Linters)
1.28
1
Orleans
Shreveport
Mississippi—Meridian
Vicksburg
Alabama—Mobile
Exports of Domestic Cotton—Excluding Linters
,
1
dry
.
Oklahoma—Oklahoma City.
Smith
0.26
2
..
Arkansas—Fort
57,427
1,534
2,036
3,304
1,237
Total
-
Antonio
2,267
423
...
British India
.
Palestine.
------
0.80
1
.
Houston
39,515
11
4,028
632
Peru
-ThermometerLow
Mean
68
1
Amarillo
(500-Pound Bales)
High
0.05
Austin
1941
Inches
Texas—Galveston
Imports of Foreign Cotton
January
Rainfall
Days
154,496
Above
Shreveport
Vicksburg
Above zero of gauge.
Above zero of gauge.
Receipts
from
the
zero
of gauge.
Feb. 23, 1940
Feet
3.0
5.8
9.7
10.7
4.2
24.6
0.4
15.0
4.2
4.9
Plantations—The following
table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Volume
reported
Week
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
1939
1938
1940
1938
1939
1938
1939
1940
nearby requirements, and millers expect that buy¬
who "missed the market" last week will now await
22.
88,143 3202,231 3536,990 3524.821 146,475 166.018
89,957 3258,633 3534,867 3508.828 140.255 225,422
98,226 178.607
29.
83.853 227,545
94.R76
73,964
88,219 173.332
65,209
Dec.
20.
86,554 210,127
85,302 257,101
61,655 240.688
27.
62,544 189,049
6.
13.
1941
Jan.
77,815
64,634
54,236
44,595
3260,298 3498,072 3496.222
3284,365 3449.968 3471,589 109,399 208,997
3323,846 3389,066 3448,226 101,106 179,786
3339,502 3346,020 3434,970 78,200 232,095
1939
1940
3.
33,323 169,951
11.
17.
41,434 181,553
31,994 196,677
24.
40,723 149,768
31.
54,214 137.532
1941
1939
1940
39,901
30,873
31.339
1939
1940
1941
7,896
nil
89,025
46,212 105,463
21,395 135,347
94,692
26,999
34,853 81,531
42,596 3301,310 3265,094 3400,270
38,827 3306,088 3189,004 3369,048
37,387 3295,489 3127,764 3329,120
43,199 3281.765 3072,688 3291,719
35,546 3262,404 3016,687 3246.532
7,605
Nil
5,798
Nil
Feb.
7.
14.
50,328 168,665
55,381 177,019
21.
48,964 122,734
16,596 108,960
21,967 117,323
29,078 3228,672 2956,982 3212,973
25,681 3195,258 2897,286 3174,825
21,337 3173,825 2845,482 3138,203
Nil
70,930
Nil
27,531
Nil
The above statement shows
(1) That the total receipts
from the plantations since Aug. 1, 1940 are 3,800,677 bales;
in 1939-40 were 6,463,492 bales, and in 1938-39 were 4,392,943 bales.
(2) That although the receipts at the outports
the past week were 48,964 bales, the actual movement from
plantations was 27,531 bales, stock at interior towns having
decreased 21,433 bales during the week.
Manchester Market—Our report
by cable tonight from
and cloths
Manchester states that the market in both yarns
is steady.
Stocks of goods are decreasing.
We
give prices
today below and leave those for previous weeks of this and
last year for comparison:
'
.
1939
1940
8K Lbs. Shirt¬
Cotton
8H Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
Twist
to Finest
d.
s.
d.
d.
d.
s.
d.
r
s.
d.
Upl-ds
8.
d.
d.
Nov.
22..
14.72
12
29..
4H@12
12
6
@12
6..
15.14
12
6
@12
9
13..
15.22
12
6
@12
20..
15.25
12
6
@12
9
9
8.38
8.41
11
14H@15
15
@15H 12
8.54
14.95
7J4
9
15H@16
7.51
9H@12
@12
3
7.95
@12
6
8.19
Dec.
12
3
8.37
Nominal
Nominal
8.59
Nominal
8.43
,
Nominal
16M@16« 12
8.53
available
Not
27—
8.78
9
@12
6
8.70
1940
1941
Jan.
6
9.29
Nominal
12
3
Nominal
12
3
4
6
8.98
8.75
8.69
Nominal
12
8.65
Unquoted
12
4H
4H
8.30
7H@12 10>*
@13
@12
@12
1H@12
1>^@12
1H
8.74
7H@12 10H
7M@12 10^
7>S@12 10M
8.56
Unquoted 12
Unquoted 12
Unquoted 12
1M@12
1H@12
1^@12
4H
4^
4^
8.30
15.68
12
7-
15.65
12
14..
15.55
12
15.49
12
16**@17Ji 12
8.77
12
7H@12 10^
7^@12 10^
7H@12 10H
7H@12 10M
3..
15.70
12
11—
15.68
12
17..
15.71
12
24„
15.63
31..
8.75
8.29
Feb.
21..
8.58
8.56
8.12
8.04
News—As shown on a previous page, the
of cotton from the United States the past week
have reached 2,208 bales.
The shipments, in detail, as
made up from mail and telegraphic reports, are as follows:
Shipping
exports
Bales
Bales
LOS
NEW ORLEANS—
To Java
ANGELES—
To Japan.,
500
To China
608
HOUSTON—
800
221
To Cuba
GALVESTON—
79
To Cuba
Total
2,208
—
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Cotton
York
are
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
are therefore obliged to omit the following tables:
in
ers
further developments.
Nov.
'
consuming trades has now
good part of
that a
covered
End.
1940
1309
The Commercial & Financial Chronicle
152
We
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts
and Shipments.
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
week and the daily closing
and futures each day of the past
Wheat—On
the
15th inst.
34 to Ye. net
in the wheat
pit collapsed today as the market sagged after an early
fractional rally.
A stronger tone of securities and trade
reports of improved flour business inspired buying that
lifted wheat as much as 3^c. early in the session.
Later,
selling was renewed, with liquidation or short operations
credited to professionals.
The disturbing war situation,
uncertainty about the farm program and the domestic
surplus wheat and crop picture continued to be the principal
bearish factors in the trade.
Milling interests expressed
belief flour purchases by big users recently were larger
than had been reported and that additional sales in the
Southwest probably accounted for 100% capacity business
at least two days this week.
On the 17th inst. prices closed
34 to iy8c. net lower.
Falling fractions to a cent a bushel,
grain futures prices at Chicago today sank to the lowest
levels for the last few months in all trading pits.
Liquida¬
tion and short selling which spread over the market was
attributed to uncertainty regarding the international situa¬
tion, was threats in the Pacific and Balkans, as well as the
shipping toll and fears of an attack on England.
A slight
expansion in wheat receipts at some terminals and sluggish
flour
demand
also
influenced
sentiment.
Independent
weakness of corn early in the session spread into other pits.
Wheat tried to advance at the opening in sympathy with
firmness of securities, gaining as much as %c. in early
dealings, but this rally faded quickly.
Receipts at the 12
principal interior terminals totaled 575,000 bushels, com¬
pared with 423,000 a week ago and 649,000 a year ago.
On the 18th inst. prices closed %, to 1 %c. net higher.
Short
covering and a moderate increase in milling demand late
today whirled wheat futures prices as much as l%c. a
bushel higher than the previous close.
Final quotations
for all commodities on the Board of Trade except soy beans
were at or near the day's peak prices after seven successive
sessions in which the closing trend was downward.
The
market fluctuated rapidly and on downturns new seasonal
low records were established for Sept. contracts in both
wheat and corn, at 7334 and 5834c., respectively.
An¬
nouncement
that the Surplus Marketing Administration
had sold 500,000 bushels of wheat to Mexico under the
present subsidy program, bringing total sales to 740,000,
was followed by a sharp rally in prices.
On the 19th inst.
prices closed % to
net higher.
Wheat prices scored
another advance of almost a cent today despite frequent
setbacks which at times pushed values below yesterday's
close.
Buying inspired by spreading of a cold wave over
much of the grain belt, small scale mill purchases and re¬
duced receipts at principal terminals, offset the effect of
lower securities prices and the threatening international
situation.
The cold wave apparently was more severe over
the South winter wheat belt than in the Southwest, but the
forecast indicated temperatures were likely to recede in
the latter area also.
However, rain and snow was reported
at several points overnight with temperatures ranging from
5
to
40 degrees.
Alternate freezing and thawing was
reported in the southern and eastern Ohio valley, with
possible harm inflicted in northern Ohio.
Current weather
experience was expected to prolong the period of freezing
and thawing.
On the 20th inst. prices closed % to l%c. net higher.
Continuing the recovery, which has been in progress the
last three sessions, wheat prices today rose more than lc.
lower.
a
Another
prices closed
attempt at price recovery
bushel to the best level in about 10 days.
ing
prospects
crop
new
in
the
Southwest,
Tuesday
Wednesday
Thursday
Friday
(
Market,
12:15
M.
P
.
Quiet
Quiet
Quiet
Quiet
Quiet
\
1
but
but
but
but
but
Steady
steady
steady
steady
Mid. upl'ds
8.52d.
8.51d.
8.50d.
8.52d.
CLOSED
8.56d.
f
i
Market
7
to
10
I
pt8.
Market,
f
4:00
•{
1
Quiet but
steady, 8
opened
P.M.
Quiet,
Steady,
1 to 2 pts.
1 to 3 pts.
Barely st'y Quiet unch. St'dy unch.
pts.
Prices of futures at
dec.
dec.
to
1
pt.
decline
to
2
pts.
was
while
not as
advance
advance
advance
Steady,
Quiet,
steady, 1
pt. dec.
steady, un¬
5 points
1 point
as
advance
decline
recovery
are
their
given below:
reported at several points in the Southwest, and
temperature readings wTere low, the cold wTave was
severe in the hard wheat belt as in the Ohio Valley.
Quiet but
changed
cover
indicating that Government officials plan no im¬
portant change in the farm program, for the time being,
attracted attention.
Moisture in the form of rain and
Quiet but
Liverpool for each day
to
hastened
who
snow
Futures
previous short sellers
commitments.
Washington
into execution numerous orders from
reports
steady
<
regard¬
and scattered
The upturn brought
mill demand accounted for the advance.
Monday
Saturday
Spot
Buying inspired
by the higher stock market, a less optimistic feeling
Today prices closed % to tyc. net lower. After advancing
much as %c. early in the session to new highs for the
move,
wheat prices today fell back lc., but closed
Profit-taking, eveningsales for the holidays, and selling stimulated by weak¬
ness of corn and rye unsettled the wheat pit.
This was
offset, however, by support that came from mills or was
inspired by early firmness of securities and additional crop
complaints from the Southwest.
The threatening interna¬
tional situation, with reports of troop movements in the
Balkans and presence of German "aid" soldiers in Spain,
unsettled the market.
The cold wave appeared to be moder¬
only slightly lower than yesterday.
up
Sat.
Feb. 15
Mon.
Tues.
Fri.
Thurs.
Wed.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Feb. 21
New Contract
March
d.
*
1941
d.
8.25
d.
8.24
d.
8.23
d.
8.23
d.
d.
d.
d.
d.
d.
8.23
8.23
8.25
8.28
9.29
8.27
8.26
8.29
8.30
8.28
8.26
8.25
8.24
8.25
8.24
•
8.25
8.26
8.25
8.25
8.25
8.25
8.27
8.30
8.30
8.29
October
•
8.21
8.20
8.19
8.19
8.20
8.19
8.21
8.24
8.25
8.23
December
*
8.18
8.17
8.16
8.16
8.17
8.16
8.18
8.21
8.22
8.20
January, 1942
*
8.17
8.16
8.15
8.15
8.16
8.15
8.17
8.20
8.21
8.19
♦
May
July
—
March
*
—
8.23
*
ating in many sections of the winter wheat belt, and there
were
the
Closed.
further
DAILY
PRICES
OF
WHEAT
Friday Night, Feb. 21, 1941.
It is
DAILY
CLOSING
PRICES
OF
Mon.
100^
No. 2-red
Flour—During the latter part of the week demand for
dour increased prior to a further 10c. advance on bakery
CLOSING
Sat.
BREADSTUFFS
grades, which developed on a rise in wheat futures.
of light moisture at some points in
Open interest in wheat, 27,762,000 bushels.
reports
Southwest.
100
WHEAT
Sat.
May
July.
September
79^
73^
74
IN
Tues.
101
NEW YORK
Wed.
Thurs.
101^
103
FUTURES
Mon.
78
73H
73 %
Tues.
79
74 H
74^
IN
Wed.
79H'
75
75^
Fri.
102^
CHICAGO
Thurs.
81 Yt
76
76
Fri.
80 K
75 H
75 X
The Commercial & Financial Chronicle
1310
Season's High and When Made
May
July
September
I
Season's Low and When Made
Nov. 15 1940 May
70
Aug
10. 1940
Nov. 18. 1910 j July
73%
Feb. 17. 1941
Jan.
7, 19411 September — 73%
Feb. 17. 1941
89%
85%
83%
DAILY CLOSING
PRICES
OF WHEAT
76 %
78%
May
July
October
FUTURES IN WINNIPEG
Man.
Sal.
Wed.
Tues.
77 X
78 %
77
78%
Thurs.
77 X
79%
77 X
79%
77 Y%
79
Corn—On
15th inst.
the
%e. to %c. net
attributed partly to hedging
sales in connection with increased receipts of 136 cars and
Weakness of
lower.
corn
bookings to arrive totaling 81,000 bushels.
Shippers sold
33,000 bushels, which helped support the market.
A pro¬
fessional operator was a seller late in the session.
The
amount of 1940 corn under loan on Feb. 8 was 61,022,000
bushels, compared with 152,333,000 a year ago.
Corn is
moving under loan at the rate of about 1,300,000 bushels
daily. On the 17th inst. prices closed V%a. to 1 VgC. net lower.
Weakness of corn was attributed to selling from commission
houses and professional dealers.
Receipts totaled 179 cars
but bookings to arrive were only 33,000 bushels and sales
20,000 bushels.
Traders expressed the belief lower tem¬
peratures may help country movement and drying out of
cribbed grain.
Some dealers regarded the price spread
between wheat and
corn
too
as
On the 18th inst.
narrow.
Corn stiffened after
the deferred contracts had sold off as much as
May
was in good demand most of the day because of
the cold
weather which was conducive to heavier feeding of livestock.
Cash demand was fair.
On the 19th inst. prices closed lc.
to l^c. net higher.
Good shipping business strengthened
corn.
The strong action of wheat also had its influence.
Fairly good shipping business yesterday was followed by
scattered sales early today, but demand was not on as large
a
May
July
September
When Mode
I
42%
44%
45%
CLOSING
48%
October
48%
49
49
44
Feb.
Feb.
Feb.
21, 1941
21. 1941
21,1941
49%
49%
49%
-—
OF BARLEY FUTURES IN WINNIPEG
Sot.
Mm.
Tues.
Wed. Thurs.
Fri.
DAILY CLOSING PRICES
May
July..
46%
46
46%
43%
46%
43%
47%
44%
46%
44%
October
Closing quotations
follows:
were as
FLOUR
Standard Mill Quotations
5.45 @ 5.701 Soft winter straights
5.20 @ 5.451 Hard winter straights
Spring patents
First spring clears
...
.
4.95 @5.30
5.20 @ 5.40
GRAIN
Oats. New York—
Wheat. New York—
2 red. c.i f., domestic
102%
Manitoba No. 1, f.o.b. N. Y. 89%
No
No
New York—
Corn
Ne 2
2 white.
49%
Rye United 8tates. c.i.f..—„ 59%
Barley. New York—
40'be feeding..
65
Chicago cash........
56-66 n
...
yellow, all rail
78%
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Flour
Wheal
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Chicago
134.000
Barley
192,000
11,000
72,000
686,000
10,660
6,000
550,000
Minneapolis
499,000
1,414,000
178,000
Duluth....
80,000
5,000
144,000
120,000
80,000
388,000
7,000
40.000
CLOSING PRICES
OF
CORN
1~7~000
Milwaukee.
Toledo
27,000
'
Buffalo....
77,000
151,000
23,000
346,000
1,000
51,000
Indianapolis
98,000
St.
Louis..
Kansas
201,000
151,000
17,000
642,000
687,000
149,000
24,000
164,000
18,000
11,000
29,000
City
Omaha
St.
60,000
24,000
17,000
147,000
...
37,000
"5", 000
84,000
45,000
49,000
Peoria..
Joseph.
Wichita
NEW YORK
IN
186,000
Rye
bush 56 lbs bush 48 lbs
278,000
Corn
profit-taking as a result of the recent advance as well as
hedging against corn taken in the country.
Today prices
closed V2C. off to Vic. up.
Corn continued to decline, losing
about V2C. in the early trading, and reflecting rather liberal
receipts of 127 cars and scattered sales from the country
against which hedges were placed in the pit.
DAILY
ilH
When Made
—-
—
heavy during most of the session, reflecting
On the 20th inst. prices closed y8 to %c. net lower.
Fri.
Sat.
bbls 196 lbs
ruled
42
43%
44 %
RYE FUTURES IN WINNIPEG
Mon.
Tues.
Wed. Thurs.
Fri.
PRICES OF
May
July
scale.
market
Thurs.
41%
43%
44%
Season's Low and
1941
CHICAGO
IN
Wed.
Tues.
42
43%
44 %
22,
Nov. 15, 19401 May
41%
Nov. 14, 1940 July
43
Jan.
10, 1941 (September— 44
52%
52%
51
DAILY
FUTURES
Mon.
43
44%
44%
Season's High nnd
VsC. to lc. net higher.
prices closed
RYE
OF
Sat.
prices closed
was
PRICES
May.——.
July
September
Fri.
-
CLOSING
DAILY
Feb.
77,000
26,000
34,000
244,000
~
11,000
lbTooo
No. 2
yellow
7834
DAILY CLOSING PRICES
July
September
Season's High and
May
July
September
66
65 X
63 %
Oats—On
Wed.
60%
59X
58%
15th
inst.
prices closed
sagged with wheat and
Fri.
79%
59%
862,000
121,000
1,864,000
3,702.000
2,199.000
3,384,000
2,426,000
1,362,000
336,000
1,067,000
81,000
1,442,000
902,000
Same wk '40
408,000
Same wk '39
538,000
Since Aug. 1
1940
11,998,000 201,898,000 165,419,000
Made
^c.
values.
Trading
3,374,000
Fri.
Aug. 16. 1940
Sept. 23. 1940
Feb. 17, 1941
to
28,000
2,158,000
60%
60%
59%
61%
60%
When
1,000
412,000
Sioux City.
78%
Thurs.
61%
60%
60
%
corn
prices closed %c. net lower.
the market
with
79%
Tues.
59%
59 X
58%
Thurs.
IN CHICAGO
Season's Low and
When Made
Nov. 18. 1910 May
54 %
Nov. 18. 1910 July
58%
Jan. 16, 1941 September
58 %
the
Oats
17th inst.
78%
FUTURES
Mm.
60%
60%
59%
—
Wed.
Tues.
77%
OF CORN
Sat.
May
lower.
Mon.
67)00
Tot. wk. '41
Sal.
1939
12,780,000 232,875,000 151,972,000
1938— 13,088,000 233,231.000 177,516.000
Total
66,810.000 19,785,000 82,134,000
70,591.000 19,067,000 68,588,000
receipts of flour and grain at the seaboard ports for
Saturday Feb. 15, 1941 follow:
the week ended
net
On the
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
light,
was
9,166,000 63,622,000
48,479,000
Rye
Barley
bush 56 lbs bush 48 lbs
ruling heavy during most of the session.
New
149,000
11,000
Boston
16,000
199,000
prices closed l/8 to %c. net higher.
Trad¬
Philadelphia
32,000
135.000
light, with the undertone steady.
On the 19th
inst. prices closed
% to
net higher.
Trading was
fairly active, with the undertone of the market firm.
Baltimore..
21,000
323,000
48.000
10,000
New Orl'ns*
22,000
12,000
57,000
16,000
240,000
2,558,000
118,000
34,000
14,000
2,000
1,585,000
14,744,000
1,591,000
303,000
116,000
106,000
219,000
1,909,000
1,313,000
143,000
83,000
179,000
1,714,000
13,949,000
9,161,000
1,263,000
558,000
562.000
On the 18th inst.
ing
was
On the 20th inst. prices closed
unchanged to ^4c. up. Oats
were about steady.
Boston dealers reported Canadian oats
were offered in that market at attractive
prices compared
with domestic oats.
lower.
Trading
DAILY
was
Today prices closed unchanged to %c.
light and without feature.
CLOSING PRICES
OF
OATS
Sat.
May
July-—
September.
—
Season's High and
M?y
July
September
38
—
34%
32%
When Made
FUTURES
Mm.
34%
81%
30%
Tues.
IN
34%
30%
30
31
Season's Low and
Nov. 15. 1940 May
Nov. 15. 1940 July
Jan. 15, 1941 September
Thurs.
35
31%
30%
Fri.
35%
31%
30%
31%
30%
28%
Aug. 16. 1940
30%
...
tic
Oct.
30
Feb.
Sat.
,,
May
34%
Mon.
34%
Tues.
34%
33%
31%
31%
31%
1941
Week
*
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
ended
from the several seaboard ports for the week
Saturday, Feb. 15, and since July 1, are shown in the
annexed statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
Exports from—
New
Portland, Me
178,000
Boston
256,000
effect
on rye
values, the latter ruling firm with a fair demand
during much of the session.
On the 19th inst. prices closed
7/i to lV^c. net lower.
Rye prices tumbled as much as
time to the lowest levels of the
season following
trading in July and Sept. contracts will
Monday except for liquidation of contracts.
York
449,000
342,000
next
May contracts will not be affected.
Trading in the new
grades will begin next Tuesday.
These changes are subject
to approval by
membership of the Exchange voting Monday.
They were made necessary by changes in official grading
standards.
On the 20th inst. prices closed
% to %c. net higher. This
market was firmer in
sympathy with wheat. Today prices
closed V2 to %c. net lower.
Losses in rye futures exceeded
other
ers
grains, and this was attributed largely to tired hold¬
liquidating, influenced by the heaviness of wheat and
and uncertainty of
developments abroad.
corn
244,000
1,000
2,000
2,000
1,000
a37,000
3,401,000
246,000
72,108,000 21,394,000 3,725,315
24,000
1,878,000
Can. Atl. ports..
Total week 1941.
185,000
1,000
Total week 1940.
Since July 1, 1939
314,000
396,000
81,000
74,000
1,690,000
59,925
2,339,000
83,202,000 21,650,000 2,917,561 3,085,000 2,904,000
Since July 1, 1940
a
185,000
35,000
397,000
Philadelphia
New Orleans
9,426,000
Complete export data
n ot
432,000
available from Canadian ports.
The visible
supply of grain, comprising the stocks in gran¬
ary at principal points of accumulation at lake and seaboard
ports Saturday, Feb. 15, were as follows:
announcement that
cease
2,000
'
1940.
1940
34%
33%
31%
weak, largely in sympathy with the depressed state of the
wheat market.
On the 18th inst. prices closed
% to y8e.
net higher.
The strong tone of the wheat market had its
one
.
Since Jan. 1
Fri.
Rye—On the 15th inst. prices closed y to %c. net lower.
Trading was light, and undertone heavy. On the 17th
inst. prices closed % to lc. net lower.
Rye futures ruled
2V£c. at
■
9. 1940
17,1941
Wed. Thurs.
35%
35%
33%
31%
—
13,600
Since Jan. 1
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Jul/-October
"1,000
1,878,000
ports.
Tot. wk. '41
34%
When Made
8,000
2,000
11,000
'
Can. Atlan¬
CHICAGO
Wed.
34
York.
GRAIN
STOCKS
Wheat
United States—
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
51,000
New York
14,000
1,000
39,000
2,000
157,000
115,000
10,000
2,000
1,000
349,000
760,000
18,000
87,000
1,000
59,000
398,000
208.000
1,000
Galveston
1,046,000
69,000
Fort Worth
8,524,000
912,000
ii9~66o
1,000
20",000
Wichita.
3,936,000
7,338,000
2,000
4,016,000
28,794,000
10,000
Philadelphia
x
Baltimore
New Orleans
...
Hutchinson.-
St. Joseph
Kansas
City
Omaha
Sioux
City
-
2,764,000
7,877,000
128,000
81,000
8,000
333,000
7,304.000 13,566,000
14,000
2,000
1,651,000
50,000
734,000
St. Louis
6,415,000
1,401,000
200,000
Indianapolis
1,761,000
1,064,000
628,000
452.000
Peoria
750,000
2,000
2,000
3,000
10,000
4,000
174,000
7,000
152,666
Volume
Wheat
"
Oats
Bushels
Bushels
283,000
afloat
Duluth
540,000
199,000
...
268,000
1,845,000
725,000
2,000
336,000
3,000
191,000
5,000
1,163,000
109,000
3,925,090
Buffalo
788,000
3,340,000
afloat
Total—Feb. 15, 1941.134,923,000 62,225,000
Total—Feb.
8, 1941.136,319,000 62,726,000
Total—Feb.
17, 1940.102,047,000 39,848,000
1,166,000
3,624,000
347,000
175,000
502,000
142,000
5,493,000
6,704,000
5,550,000
6,826,000
9,878,000 13,233,000
4,333,000
4,550,000
7,748,000
Continued mildness favored
fornia.
Philadelphia also has 1,000 bushels Argentine corn, and 289,000 bushels Aus¬
tralian wheat in store.
above:
Oats—Buffalo, 212,000 bushels; New
Erie, 258,000; total, 532,000 bushels, against 1,004,000 bushels In
Barley—New York, 36,000 bushels; New York afloat, none; Buffalo, 55,000;
Duluth, 102,000; In transit—rail (U. 8.), none; total, 193,000 bushels, against
1,590,000 bushels in 1940. Wheat—New York, 3,145,000 bushels; New York afloat,
Note—Bonded grain not included
livestock generally with much open
range.
Small Grains—In
ditions
24,000
1,249,000
Detroit
Barley
Bushels
1,467,000
3,705,000
600,000
Minneapolis
x
Rye
Bushels "
793,000
25,826,000 10,322,000
18,769,000
2,666,000
Milwaukee
"
Corn
Bushels
10,837,000 13,145,000
Chicago
1311
Chronicle
The Commercial & Financial
152
most
of the principal winter wheat belt con¬
While there was considerable alternate
areas
favorable.
continued
freezing and thawing in the southern and eastern Ohio Valley, no im¬
portant lifting was indicated, except some possible harm in northern Ohio.
In the western belt the general outlook continues favorable, although
high winds produced heavy diststorms with more or less damage in parts
of the Southwest.
Also, in Kansas it is increasingly apparent that some
harm resulted from the early season freezes, but the extent is not yet
determinable.
In Montana wheat is dormant and unprotected, while
moisture is still needed in Wyoming.
West of the Rocky Mountains
satisfactory.
conditions continue
Winter oats in the South made
mostly fair to good progress.
The seed¬
ing of spring oats was more active in the extreme southern Great Plains,
while in the Central Valleys some seeding is reported as far north as the
extreme lower Ohio River
districts.
York, 62,000;
1940.
887,000; Baltimore, 1,680,000; Port¬
afloat, 904,000; Duluth, 13,553,000;
Erie, 1,989,000; Albany, 8,307,000; in transit—rail (U. S.), 2,187,000; total, 46,027,000 bushels, against 31,084,000 bushels in 1940.
1,025,000;
THE DRY GOODS TRADE
New
1,930,000; Philadelphia,
Boston,
land, 1,115,000; Buffalo, 9,305,000; Buffalo,
Oats
Wheat
Bushels
Bushels
930,000
1,552,000
601,000
1,079,000
3,687,000
6,487,000
6,337,000
11,456,000
8, 1941.444,127,000
Total—Feb. 17, 1940.298,939,000
362.000
1,722,000
3,551,000
15, 1941.445,634,000
Total—Feb.
Barley
Bushels
1,214,000
Other Can. & other elev.295,247,000
Total—Feb.
Rye
Bushels
Corn
Bushels
Canadian—
Lake, bay, river,&seabfd 61,612,000
Ft. William & It. Arthur 88,775,000
2,515,000
2,502,000
2,844,000
5,696,000
5,782,000
7,370,000
4,333,000
6,487,000
5,493 000
2,515,000
6,704,000
5,696,000
Summary—
134,923,000 62,225,000
American
.445,634,000
Canadian
,
This
62,225,000 10,820,000
8,008,000 12,400,000
62,726,000 10,887,000
8,052,000 12,608,000
17, 1940.400,986,000 39,848,000 19.204,000 12,722,000 20,603,000
Total—Feb.
15, 1941.580,557,000
8, 1941.580,446,000
Total—Feb.
Total—Feb.
York, Friday Night, Feb. 21, 1941
Although the markets for dry goods were generally active
during the past week, a slowing down was noted in some
divisions.
This slowing down was attributable in part to
the difficulties encountered in arranging satisfactory de¬
liveries on a wide variety of items, and in part to the fact
that sizable yardages have already been contracted for by
buyers for shipment over the next several months.
Other
contributing factors included the uneasiness over the inter¬
national developments and the possible trend of future
events both in Europe and the Far East.
Meanwhile, prices
maintained firmness and moved up in a number of directions.
particularly
was
true in regard
to
sheetings. The
effort on
to keep it within
raising of prices was interpreted by many as an
the part
of mills to discourage buying or
the present at least.
As has been
the case for some time past, both merchants and millmen
have done all in their power to prevent buying of a speculative
nature and to discourage buying too far ahead.
Naturally,
exceptions are made where orders for defense orders are
involved, and in cases such as these, mills are doing all
possible to see that the goods are delivered on time.
Orders
received by dry goods selling agents during the week were
said to have covered the widest range in months, and in
reasonable bounds for
The world's
shipments of wheat and corn, as
Broomhall to the New York Produce Exchange,
for the week
1949, and July 1, 1939, are
ended Feb. 14 and since July 1,
shown in the
furnished by
following:
Corn
Wheat
Week
Since
Since
Week
Since
Since
Feb. 14,
1941
July 1,
July 1,
July 1,
1939
Feb. 14,
1941
July 1,
1940
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Exports
many
4,677.000 105,164,000 121,287,000
28.980,000
3,992,000
1,017,666 57,396,000 109,440,000
11,293,000
No. Amer.
Black Sea.
Argentina.
Australia
_
244,000
21,231,000
21,592,000
807",000
28,877,000
73,219,000
2,520,000
31,923,000
2,684,000
17,584,000
countries
6,200,000
Total...
5,694.000 172,752.000 288,584.000
1.051.000
CCC 1940 Corn Loans—Corn loans
52,628,000 129,418,000
under the 1940
pro¬
1941 totaled 61,021,870 bushels, valued
at
$37,173,484.11, the Commodity Credit Corporation
announced Feb. 15,
The number of individual loans made
totaled 64,288.
Ten loan repayments were reported for the
week ended Feb. 8 for a total of 9,409 bushels.
Loans by
gram up
to Feb. 8
States follow:
8,700,803
8,252
Illinois
$5,307,309.33
708
607,120
370,330.14
34,551
Indiana—
34,670,625
333,354
21,148,663.59
23,385
14,264.85
166
101.26
_
Iowa
445
Kansas
10
Kentucky
Michigan
1
—.
_
... _
•.
_
201,898.96
2,436
2,039,908
2,543,096.67
1,242,991.06
8,968
7,782,823
4,737,595.89
67
79,824
36,641.22
298
170,763
3,296
10
2,430,611
4,043
104,165.43
1,464,093.88
2,331.83
64,288
61,021,870
$37,173,484.11
4,178,445
Missouri
Nebraska
..
North Dakota
Ohio
South Dakota...
Wisconsin
Total
Weather
general
Report for the Week Ended
summary
of the
Feb. 19—The
weather bulletin issued by the
of the
Department of Commerce, indicating the influence
weather for the week ended Feb. 19, follows:
The week
in
brought considerable storm activity, culminating in a cold
close.
On Feb. 11-13 an extensive de¬
northern sections at its
pression of considerable energy moved from the middle Pacific area east¬
ward to the central Mississippi Valley and thence northeastward over the
Great Lakes, and, about the same time, a secondary disturbance moved
from Louisiana eastward to the south Atlantic coast.
These storms were
attended by precipitation in nearly all sections of the country, but the
amounts were mostly light, except locally in the Southeast.
At the close of the week an extensive mass of cold polar air had over¬
spread north-central areas, attended by a severe cold wave and preceded
by strong west and northwest winds and much colder weather over the
Lake region, upper Ohio Valley, and Middle Atlantic States.
By Tuesday
morning subzero temperatures had overspread the Northwest as far soutn
as northern Illinois and 20 to 30 deg. below zero were reported from northern
Minnesota and northeastern North Dakota.
The week again brought
freezing temperatures to northern Florida, but in trans-Mississippi States
the freezing line did not go farther south than southern Arkansas and
northern Texas.
in the Southeast with
In all other sections
the country another relatively warm week was experienced, with plus
departures from normal temperature ranging from 6 deg. to as many as
17 deg. from the central Mississippi Valley and lower Great Plains north¬
westward.
West of the Rocky Mountains, the weekly means were mostly
The weekly mean temperatures were subnormal
the greatest departures, 4 or 5 deg., in Florida.
deg. above normal.
precipitation was widespread, it was mostly light to moderate
Mississippi Valley eastward, with very few heavy amounts.
Practically no precipitation occurred over the Great Plains, but sub¬
stantial falls were reported from central and southern areas west of the
Rocky Mountains.
Much of California again had heavy rainfall.
The extensive depression that moved across the central Plains early in
the week brought high winds to the southwestern Plains with the topsoil
dry enough for blowing, and severe duststorms prevailed over eastern
New Mexico, extreme northwestern Texas, western Oklahoma, and ad¬
joining sections.
Some damage to winter grain resulted.
In the South, especially the area from the Mississippi Valley westward,
much soil has dried sufficiently to permit plowing and field work made
better advance.
Also, considerable was accomplished in the States south
of the Ohio and Potomac rivers.
Otherwise there was but little field
activity because of snow cover or wet soil.
Frost did some local damage
in the Southeast, but, as a general rule, winter crops made satisfactory
progress, except that it was somewhat too cool for best growth in Florida.
West of the Rocky Mountains the weather continued favorable, except
that in some sections the soild remains too wet for working which is de¬
laying spring preparations,
particularly in the northern third of Cali¬
from 3 to 8
While
the
while the bag trade bought both narrow print
sheetings in good quantities with further price
demand,
cloths and
strengthening in such constructions.
Print cloths moved
in good volume, but not at the same pace as recently and
it was obvious that buyers were encountering delivery snags
Drills were in brisk demand.
The Army
large quantities of the latter for
lining purposes, and many nulls were said to have sold up
their productions for months ahead.
Demand for ducks
was
reported as being only moderately active.
Various
all
along the line.
was
Value
Bushels
No. of Loans
Stale—
from
covering by small retailers who in turn are enjoying
unusually active consumer demand.
Wholesale dry goods markets maintained firmness, and
while activity was displayed in some divisions, a slowing
down was noted in others.
Gray goods were in active
active
an
Other
wave
At¬
instances buyers sought appreciable quantities.
tempts to purchase spot merchandise to replenish depleted
stocks were taken as confirming reports of more than usually
in
the
market for
constructions
were
with holding down
locate with mills credited
sales to the civilian trade in order to
difficult to
prevent any interruption in the steady flow of supplies to
Army.
Reports from retail centers in all directions noted
activity, with the need for additional supplies a prominent
factor.
Rayons, like a number of other varieties of goods,
were
less active during the week although the businessthe
passing
was
tinued firm.
Prices con¬
considered generally satisfactory.
Prices for print cloths
were
as
follows:
39-
7% to 7V8g.', 39-inch 72-76s, 7^c.; 39-inch 68-72s,
6^8 to 6^c.; 38^-inch 64-60s, 5to 5^c., and 38H-iach
60-48s, 4^c.
inch 80s,
sharp expansion in the Army buying
chief factor in the men's wear division.
for civilian account entered the market
Woolen Goods—The
was the
Numerous buyers
program
to check values
and deliveries but found mills reluctant to
negotiate business for the present at least.
Prices were
strong throughout and were expected to remain so as long
as the Army orders continued to maintain operations at the
prevailing high rate.
Furthermore, indications were that
labor costs would increase over the next few weeks.
Women's
wear fabrics were in active demand but
wanted deliveries
were
difficult to arrange.
Retail business in women's
garments were said to be running
upwards of 19% ahead
A continued expansion was noted in the
demand for blankets for the coming season, hosiery mills
continued active, and there was a moderate call for wool
automobile upholstery fabrics.
of
a
year
Foreign
ago.
Dry
Goods—Retail
store
buying
of
linens
during the past week was the best in the memory of many
in the trade as buyers were attracted to New York by the
15th semi-annual domestics and linen show. Prices continued
firm.
While those in the trade said that they had never
seen
the linen handkerchief business quite so good, they
buying wave would continue.
much of the handker¬
chief linens are processed, they said, might tend to restrict
buying and particularly should hostilities become imminent.
Burlaps maintained a strong undertone, with spot offerings
limited.
The difficult shipping situation still prevailed but
it was expected to be eased somewhat by announcement of
scheduling of five boats in March and April.
Domestically
lightweights were quoted at 7.00c. and heavies at 9.30c.
were
not
sure
that the present
The situation in the Far East, where
The Commercial & Financial Chronicle
State and
Specialists in
issouri
Stifel, Nicolaus & Co,Inc.
Founded 1890
105 W. Adams St.
CHICAGO
•
.DIRECT
WIRE
•
314 N. Bro
ST. LOl
City Department
Volume
The Commercial
152
Measures Introduced
on
Bank Blocked Funds—State
bank¬
ing institutions would be protected from losses resulting
from conflicting claims from German-dominated territory
under bills introduced
on
Feb.
18.
Pliny Williamson and Assemblyman D. Mallory~Stephens,
Republicans and chairmen of the respective oanks committees, introduced
the measures at the requesc of the State Banking Department.
They would require a court order or indemnity bond for the freeing of
foreign securities whose ownership is disputed.
Other changes would
further protect the cash or securities here of firms in invaded territories.
Liaoility of New York oanks would also be restricted.
Senator
United States—Higher Debt Limit
Approved—The House
approved minor Senate amendments to legislation
increasing the national debt limit to $65,000,000,000 and
sent the measure to President Roosevelt for his signature.
Feb. 17
on
The
debt limit—an increase
new
of
$16,000,000,000 over the present
$49,000,060,000 limit—is expected to provide sufficient additional borrow¬
ing power to finance defense spending up to June 30, 1942.
The bill also provides for Federal taxation of the income from future
issues of Government securities, including reissues, and the future securi¬
ties of Government-owned corporations.
It also gives the Treasury greater
flexibility in its financing operations, and provides for the sale
defense savings certificates to the po
ic on a broad scale.
of low-cost
P& Wyoming—Power Plant Bonds Must% Be jfApproved by
Voters—The Supreme Court of Wyoming ruled recently
that municipal councils do not have the power to issue
revenue
bonds to pay for electric power plants without
putting the question to a vote of the people to get their
approval.
contained in a decision on a suit brought by J. J.
Greybull, with the Mountain States Power Co. as intervener,
The ruling was
of
Whipps
against
the Town of Greybull and its officials.
The suit was appealed to the Supreme
W. Metz heard the case in the Big
P.
Court by the city after Judge
Horn District Court and ruled in
favor of Mr. Whipps.
By ordinances adopted in August, 1938, and amended in August, 1939,
Greybull City Council voted a bond issue of $140,000 to carry 5%
to pay for a municipal light plant.
The question was not put
to a vote Of the people.
-J?. 'J;,'V
Jv'., '-v:
the
interest,
Bond
Proposals and Negotiations
Alabama
1313
& Financial Chronicle
take into consideration
State.
total interest cost to the
partly of
from their dat®
the date of the maturity of the last
both the average and the
The entire issue of
serial non-callable bonds
$136,330,557.29 of bonds will consist
commencing to mature two years
partly term boDds maturing on
maturing serial bond.
The term bonds will be in the amount
and
of $1,000,000.00 multiplied
by the
of the life of the last maturing serial bond. All bonds shall
April 1, of the year of maturity.
The serial bonds will mature
in annual instalments not exceeding 35 in number and the maturities of such
bonds will be so arranged that (on the premise that the maximum amount of
$7,175,000.00 will be available each year) the amount of each annual in¬
stalment of principal, together with the interest due in that year upon all
outstanding serial and term bonds, will aggregate as nearly as
but will not exceed $6,175,000.00.
The principal of the term bonds will
number of years
mature on
practicable
applying the balance of an annual appropriation of $7,175,000.00
remaining after providing for the payment of the interest upon all of the
refunding bonds, both term and serial, and the maturity of principal of the
serial bonds, to the redemption of such term bonds annually in numerical
order beginning two years from the date thereof.
$90,804,320.24 of the
bonds will be ready for delivery not later than April 1, 1941, and in the
event they are not ready for delivery by that date the purchasers may
require delivery of interim bonds. $45,526,237.05 of the bonds will be de¬
liverable on or after April 1, 1941, but not later than July 1, 1941, at the
opt ion of the purchasers and the purchasers of such bonds may require their
delivery at any time after April 1, 1941, but before July 1, 1941, to prevent
the application of any Federal income tax law to the interest on such bonds.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, any successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds. Each bid shall be accompanied by a cashier's or certi¬
fied check payable to the order of, or endorsed payable to the order of the
State Treasurer, in an amount equivalent to 1% of the principal amount
of the bonds for which such bid is submitted.
The checks of unsuccessful
bidders are to be returned immediately upon the rejection of their bids.
The checks of successful bidders are to be held uncashed to sssure per¬
formance of their obligations under the accepted bids.
In the event any
successful bidder shall fail or refuse to accept delivery of said bonds in
accordance with such accepted bids his good faith check shall be cashed and
the proceeds accepted by the State as fully liquidated damages. No agency
or instrumentality of the United States Government, including corporations,
the capital stock of which is subscribed by the United States Government,
shall be required to post a good-faith check. The legality of the bonds will be
approved by Thomson, Wood & Hoffman, of New York, and John D.
McCall, of Dallas. Copies of such approving opinions will be furnished to
be paid by
the successful bidders.
BLYTHEVILLE SCHOOL DISTRICT (P. O. Blytheville), Ark.—
connection with the sale of the $202,000 (not
$204,000) 3H% semi-ann. refunding bonds, noted here last October, the
Superintendent of Schools states that the bonds were purchased by the:
Equitable Securities Corp. of Nashville, at par.
Dated Nov. 1, 1940.
Due on Jan. 1, 1960.
BOND SALE DETAILS—In
BONDS
ARIZONA
Municipals
Markets in
allMunicipal Issues
Steiner, Rouse & Co.
Members New York Stock Exchange
REFSNES,
NEW YORK
BIRMINGHAM, ALA.
Direct Wire
ALABAMA
ARIZONA
BIRMINGHAM, Ala.—BOND OFFERING—Sealed bids will be received
until noon on March 12, by C. E. Armstrong, City Comptroller, for the
Surchase of an issue of Denom. $1,000. Due April 1 as refunding$60,000
>ated April 1, 1941.
$1,350,000 capital improvement follows: bonds.
1946 to
in
1950, $90,000 in 1951 to 1955, and
ELY, BECK & CO.
PHOENIX, ARIZONA
SCHOOL DISTRICT (P. O. Mesa)
At the election held on Feb. 10 the voters are
issuance of $10,000 school building bonds.
LEHI
$100,000 in 1956 to 1961.
Bidder shall specify the rate of interest which the bonds are to bear, not
exceeding the legal rate of interest in the State.
The bidder shall use the
lowest rate of interest at which he will pay par or more for the bonds,
Municipals
California
expressed in multiples of
of 1%.
No split interest rate will be con¬
sidered.
In determining the highest bidder for the bonds, the net interest
cost to the city shall govern.
The bonds will not be sold for less than par,
plus accrued interest to date of delivery of the bonds and payment therefor.
Prin. and int. payable in lawful money at the Chemical Bank & Trust Co.,
New York, or at the First National Bank, Birmingham.
The bonds are secured by the full faith and credit of the city, and by the
BANKAMERICA COMPANY
Los Angeles
San Francisco
heretofore, now or hereafter conferred upon it
law.
The bonds and the interest thereon are exempt from State,
county and municipal taxation, and after maturity are receivaole in pay¬
ment of all taxes and dues to the city.
The Commission will furnish to
taxing powers of the city
New York
Representative
by
Wood & Hoffman, of New York,
approving the legality and validity of the bonds, and a certified copy of all
proceedings will be furnished showing authority to issue the bonds.
In
the event that prior to the delivery of the bonds the income received by
private holders from bonds of the same type and character shall be taxable
by the terms of any Federal income tax law, the successful bidder may, at
his election, be relieved of his obligations under the contract to purchase
the bonds and in such case the deposit accompanying his bid will be returned.
Enclose a certified check for $13,500, payable to the city.
the purchaser
Aril.—BONDS VOTED—
said to have approved the
Telephone WHitehall
52 Wall St.
3-3470
the opinion of Thomson,
FLORENCE, Ala .—BOND CALL—It is stated by
Clerk, that interest funding
8. B. Howard, City
bonds numbered 4, 22, 36, 39, 41,
46, 48, 54,
56, 58, 64, 68, 94, 95, 99, 108, 109,113,115,123,129 and 136, drawn by lot
by the Board of City Commissioners, are being called for payment on
March 25, at the First National Bank in Birmingham.^Dated Feb. 1,1937.
Due on Feb. 1, 1947.
MONTGOMERY,
Ala.—BOND
OFFERING—Sealed bids will be re¬
L. Cobbs, City Treasurer, for the pur¬
chase of a $75,000 issue of not to exceed 4% semi-annual street improvement,
series BD bonds.
Dated Feb. 1, 1941.
Denom. $1,000.
Due Feb. 1, as
follows:
$7,000 in 1942 to 1946, and $8,000 in 1947 to 1951.
Rate of
interest to be in multiples of \i of 1 % and must be the same for all of the
bonds.
Principal and interest payable at the Chemical Bank & Trust Co.,
New York.
These bonds, issued under the "Municipal Bond Code" of the
State are general obligations of the city, and will be and are additionally
secured by the primarily from assessments to be levied against the property
benefited.
The ordinance, adopted by the Board of Commissioners of the
city on Feb. 4, authorizing the issuance and sale of these bonds pledges as
security for any sums realized from the sale of the bonds, the proceeds of
the assessments to be made, against the property benefited by the paving
and improvements authorized, and also authorizes, if it should become
necessary, the transfer and assignment for the bondholder the lien of the
city tnereon, with power to enforce the same either at law or in equity.
The assignment pledged to these bonds will be sufficient to pay both prin¬
cipal and interest of the bonds, and when collected, will be deposited in a
separate sinking fund.
The bonds are to be delivered at a place to be desig¬
nated by the Board of Commissioners and the issuance, sale and delivery
of the bonds are subject to the final approving opinion of Reed, Hoyt,
Washburn & Clay of New York.
Enclose a certified check for 2% of the
ceived until noon on Feb. 25, by J.
bonds.
CALIFORNIA
Loa Angeles), Calif.—SCHOOL
received until 10 a. m. on Feb. 25
County Clerk, for the purchase of $4,000 Newhall
School District bonds.
Interest rate is not to exceed 5%, payable M-S.
Denom. $1,000.
Dated March 1, 1941.
Due $1,000 March 1, 1942 to
1945.
Rate of interest to be determined at the time of sale.
Prin. and int.
payable in lawful money at the County Treasury.
The bonds will be
sold for cash only and at not less than par and accrued interest.
Bids
will be received for all or any portion of the bonds.
All bonds sold to a
bidder bidding for a portion of the bonds shall bear the same rate of interest,
and bids for varying rates of interest for the same block or portion of the
bonds will be rejected.
Enclose a certified check for not less than 3% or
the amount of the bonds bid for, payable to the Chairman Board of
ANGELES COUNTY (P. O.
BOND OFFERING—Sealed bids will be
LOS
by L.
E.
Lampton,
Supervisors.
NORTH
RIVER
SANITARY
DISTRICT NO. 1 (P. O. Oildale)
by Chester W. O'Neill, District
Calif.—BOND OFFERING—It is stated
Secretary, that he will receive sealed bids until 7:30 p. m. on March 6, for
the purchase of $215,400 sewage disposal bonds.
Interest rate is not to
exceed 5%, payable J-D.
Dated June 1, 1941.
Denom. $1,000. one for
$400. Due June 1, as follows: $10,000 in 1942 to 1946, $11,000 in 1947 to
1960 and
$11,400 in 1961.
No bid for less than par and accrued interest.
election held on Jan. 21. Prin. and int.
These bonds were authorized at an
payable at the County Treasurer's office.
Said bonds shall be issued in
accordance with the provisions of Part 1 of Division VI of the Health and
Safety Code of the State.
Under the provisions of said code, the Sanitary Board of the district is
required annually to levy a tax upon the taxable property in the district
sufficient to pay the interest on the bonds for the year, and such portion
of the principal as is due during the year, so that the entire amount of
principal and interest of the bonds shall be paid at maturity, and, in
dition, said code provides that the payment of the principal and interest of
all bonds within 40 years from their issuance, is the obligation of the dis¬
trict, and that, If necessary to accomplish that purpose, a special tax shall
be levied.
The approving opniion of Gibson, Dunn & Crutcher of Los
Angeles, will be furnished. Enclose a certified check for 2% of the bonds,
payable to the County Treasurer.
ad¬
CITY, Calif.—BOND ELECTION—'The City Clerk and
election will be held on March 25 in order to have
the issuance of the following bonds aggregating $250,000
$150,000 port facilities, and $100,000 recreational facilities.
REDWOOD
ARKANSAS
ARKANSAS, State of—BOND OFFERING—It is stated by Governor
M. Adkins, Chairman of the Refunding Board, that the Board
until 10 a. m. on Feb. 27, for the purchase of all or
Homer
will receive sealed bids
$136,330,557.29 refunding bonds, to be issued under
4, approved Jan. 28, 1941. The bonds will be
dated April 1. 1941. Prin. and int. will be payable at the State Treasurer's
office, or at the option of the holder, at a bank or banks to be designated
by the Board in a city or cities selected by the purchaser or purchasers.
Each bid shall specify the serial maturities of the bonds and the coupon rates
of interest.
No more than four coupon rates may be specified and they
hall be in multiples of !/$ of 1 %. In determining the best bid the Board may
any part on an issue of
the authority of Act No.
Treasury states that an
the voters pass on
SAN
LUIS
OBISPO COUNTY
(P. O.
San Luis Obispo)
Calif.—
SCHOOL BOND OFFERING—Sealed bids will be received until 3 p. m. on
March 3, by Gwen Marshall, County Clerk, for the purchase of a $60,000
issue of Paso Robles Union School District bonds.
Interest rate is not to
Denom. $1,000. Due
in 1944 to 1948,
exceed 5%, payable M-S.
Dated March 1, 1941.
March 1, as follows:
$2,000 in 1942 and 1943, $3,000
1953, $5,000 in 1954 to 1956 and $6,000 in 1957. Prin.
and int. payable in lawful money at the County Treasurer's office.
The
bonds will be sold for cash only and at not less than par and accrued interest
$4,000 in 1949 to
The Commercial & Financial Chronicle
1314
to the date of
delivery. These bonds weie voted for the puprose of raising
for the purchasing of school lots, for the buillding or purchasing of
buildings, for the making of alterations or additions to the school
building or buildings other than such as may be necessary for current main¬
tenance, operation or repairs, for the repairing, restoring or rebuilding of
any school building, damaged, injured or destroyed by fire or other public
calamity, for the supplying of school buildings with furniture or necessary
apparatus of a permanent nature, for the permanent improvement of the
school grounds.
The district haw been acting as a school district under the
laws of the State continuously since July 1, 1935. Enclose a certified check
for not less than 10% of the amount of the bonds bid for, payable to the
Chairman Board of Supervisors.
money
Feb.
They were sold at par and mature Jan. 1 as follows:
1943, and $2,000 from 1944 to 1951, inclusive.
22,
1941
$1,000 in 1942 and
school
INDIANA
CENTER TOWNSHIP
O. Indianapolis), Ind.—BOND OFFERING—Henry Mueller, Township Trustee, will receive sealed bids until
2 p. m. on Feb. 28 for the purchase of $370,094.75 not to exceed 5% interest
judgment funding bonds. Dated March 1, 1941. One bond for $1,094.75,
others $1,000 each. Due as follows: $37,000, July 1, 1942; $37,000, Jan. 1
and July 1 from 1943 to 1946 incl. and $37,094.75, Jan. 1, 1947. Bidder to
(P.
single rate of interest, expresed in a multiple of M of 1%. Interest
Proceeds of the issue will be used to satisfy judgments representing
name a
J-J.
COLORADO
claims for township's poor relief requirements.
BRIGHTON, Colo.—BOND ELECTION—It is reported that
will be held
on
April 1, to vote
on
an election
the issuance of $292,000 general obliga¬
tion bonds.
CENTER, Colo.—BONDS SOLD—We are informed that $120,000 power
plant revenue bonds approved by the voters on Feb. 11 have been pur¬
chased by Brown, Schlessman, Owen & Co. of Denver as 4s.
CRIPPLE CREEK. Colo.—BOND ELECTION—An election Is said to
be scheduled for April 1 in order to vote on the issuance of the following
bonds aggregating $134,000:
refunding bonds.
$97,000 water
works purchase, and $37,000
The bonds are unlimited
tax obligations of the civil township and the successful bidder shall accept
delivery not later than March 7, 1941, at such bank or trust company in
Indianapolis as designated in the bid.
COLUMBUS, Ind .—BOND SALE—E. Ray Gress, City Clerk-Treasurer,
will receive sealed bids until 2 p. m. on Feb. 28 for the purchase of $40,000
not to exceed
4% interest fire house bonds. Dated Feb. 15, 1941. Due as
$2,000, July 1, 1942; $2,000, Jan. 1 and July 1 from 1943 to 1951
1, 1952.
Bidder to name a single rate of interest,
expressed in a multiple of M of 1 %. Interest J-J. The bonds are unlimited
tax obligations of the city and the approving legal opinion of Matson,
Ross, McCord & Ice of Indianapolis, will be furnished the successful bidder
follows:
incl.
and $2,000, Jan.
at the
BRIDGEPORT, Conn.—PROPOSED REFUNDING—Mayor Jasper
McLeavy appeared before the Legislative Finance Committee on Feb. 18
to ask authority to issue $1,588,000 refunding bonds during the next two
years.
DANBURY, Conn .—BOND OFFERING—Albert H. Henebry, City
Treasurer, will receive sealed bids until 11 a. m. on Feb. 24 for the purchase
of $140,000 series C coupon
Oct. 1, 1940.
Due $14,000
corporate construction water bonds.
Dated
annually on Oct. 1 from 1941 to 1950 incl.
single rate of interest, expressed in a multiple of M of
as to principal only.
Principal and interest
(A-O) payable at the National Shawmut Bank of Boston. The bonds will
bear the authenticating certificate of the City National Bank & Trust
Co.,
Danbury. A certified check for $2,500, payable to order of the city, must
accompany each proposal. The successful bidder will be furnished with the
opinion of Ropes, Gray, Best, Coolidge & Rugg, Boston, that the bonds are
valid and legally binding obligations of the City of
Danbury and that the
city has the power and is required by law to levy such ad valorem taxes as
may be necessary without limit as to rate or amount (except as to certain
classes of property, such as classified timber lands taxable at a limited
rate) upon all the property within the territorial limits of said city and
taxable by it. There are in fact no such classes of
property as set forth in the
exception hereinbefore mentioned within the limits of the City of Danbury,
and a certificate to that effect by
George E. Allingham, City Assessor, will
Bidder to
1%.
name
Bonds
be furnished if
so
registerable
desired.
<***
STAMFORD, Conn.—NOTE SALE—An issue of $725,000 notes wa8
Feb. 14 to the Chase National Bank of New
York, at 0.43%
discount. Due $125,000 on June 30 and $600,000 Nov. 14, 1941. The First
National Bank of Boston, only other bidder, named a rate of
0.37% for the
$125,000 maturity and 0.47% for the $600,000.
awarded
hospital bonds of 1941.
Dated March 1, 1941.
Denom. $500 and $250.
Due $2,500, July 1, 1942; $2,500, Jan. 1 and July 1 from 1943 to 1959 incl.
and $2,500 Jan. 1,1960. Payable at pleasure of the county after five years.
Bidder to name a single rate of interest, expressed in a multiple of M of
1 %.
must
The bonds are unlimited tax obligations of the county and proposals
be accompanied by a certified check for $2,700, payable to order of
the Board of Commissioners.
FORT
WAYNE, Ind.—BOND SALE—The $125,000 series Y municipal
airport bonds offered Feb. 20—V. 152, p. 1158—were awarded to R. K.
Webster & Co. of New York, as l\is, at par plus a premium of $427.50,
equal to 100.342, a basis of about 1.19%.
Dated March 1, 1941 and due
July 1 as follows: $12,000 from 1942 to 1946 incl. and $13,000 from 1947
to 1951 incl.
Second high bid of 100.78 for 1Mb was made by Paul H.
Davis & Co. and Estabrook & Co., jointly.
GREENE COUNTY
(P. O. Bloomfield), Ind.—WARRANT SALE—
$50,000 tax anticipation warrants offered Feb. 3—V. 152, p. 863—
sold as 4s, at par, to the Citizens National Bank of Linton, and the
Peoples Trust Co., Linton.
This was the only bid received.
Warrants
are due $25,000 on May 5 and Nov. 3,
1941.
The County Auditor did
not indicate the disposition of the $15,000 warrants offered at the same time.
The
were
RIPLEY TOWNSHIP SCHOOL TOWNSHIP (P. O.
Alamo), Ind.—
BOND SALE—The $7,500 building bonds offered Feb. 13—V. 152. p. 709—
were awarded to the Fletcher Trust Co. of Indianapolis, as 1 Ms, at par plus
a
Dated Jan. 1,
Second high
Kenneth S. Johnson of Indianapolis,
premium of $62, equal to 100.826, a basis of about 1.62%.
1941 and due $750 annually on Jan. 1 from 1943 to 1952 incl.
bid of 100.24 for 1M8 was made by
WAYNE TOWNSHIP (P. O. Indianapolis), Ind .—BOND OFFERING
—Herbert McClelland, Trustee, will receive sealed bids until 10 a. m. on
March 3 for the purchase of $30,276.48 not to exceed 4% interest judgment
FLORIDA
DADE COUNTY (P. O.
Miami), Fla.—BOND SALE— The $6,000,000
bonds offered for sale on Feb. 6, the award of which
deferred, as noted here—V. 152, p. 1014—were sold finally to F. L.
Dabney & Co. of Boston, Leedy, Wheeler & Co. of Orlando, and associates,
coupon semi-annual
was
as
Maurice Wolfe, County Auditor, will receive sealed bids until 11 a. m. (CST)
on March 6 for the purchase of $90,000 not to exceed 4% interest memorial
a
are
city's expense.
DECATUR COUNTY (P. O. Greensburg), Ind.—BOND OFFERING—
CONNECTICUT
follows:
funding bonds.
Dated March 1, 1941. Due $1,500. July 1, 1942; $1,500,
Jan. 1 and July 1 from 1943 to 1951 incl. and $1,776.48, Jan. 1, 1952.
Rate of interest to be expressed in a multiple of M of 1 %.
Interest J-J.
The bonds are unlimited tax obligations of the township and the successful
bidder will be furnished with the approving legal opinion of Matson, Ross,
McCord & Ice of Indianapolis. No conditional bids will be considered.
$2,000,000 park bonds
as 3 Mb, at a price of 100.06, a basis of about
3.745%,
Dated Jan. 1, 1941.
Due on July 1, 1942 to 1971.
4,000,000 causeway revenue bonds as 4Ms, at a price of 100.075, a basis
of about 4.245%.
Dated Mar. 1, 1941.
Due on Mar. 1, 1971.
(The above notice corrects the sale report given in our issue of Feb. 15.)
MIAMI
Fla.—AIRPORT
BOND AGENT APPOINTED—It is stated
by L. I. Lee, City Manager, that the city has employed Smith, Barney
& Co. of New York, to assist in
formulating a $2,750,000 airport revenue
bond issue and to find a purchaser with a view toward
sale.
It is under¬
stood that this proposal is still in the
preliminary stage.
ST. PETERSBURG, Fla.—BID REJECTED—It is stated
by T. L.
Crossland, Director of Finance, that the $660,000 coupon semi-annual
refunding bonds offered on Feb. 18—V. 152, p. 709—were not sold as the
only bid received, an offer of par on 4s, less 2%
selling fee, was rejected.
This tender was submitted by a syndicate
composed of John Nuveen &
Co. of Chicago, the Equitable Securities
Corp., F. L. Dabeny & Co. of
Boston, and Farwell, Chapman & Co. of Chicago.
This group was given
an option until 11 a. m. on Feb.
26 to purchase all or none of the bonds
?8
iZlPPH* ,Dated March 1, 1941.
to 1961, inclusive.
Due $33,000
on
March 1 in 1942
IOWA
APPANOOSE COUNTY
(P. O. Centerville) Iowa—BONDS SOLD—
by the Baum, Bernheimer Co. of Kansas City, that they
purchased on Feb. 14 a-$52,000 block of 1M% semi-ann. funding bonds,
paying a premium of $276. equal to 100.53, a basis of about 1.42%. Denom.
$1,000. Dated March 1, 1941. Due $10,000 May and $7,000 Nov. 1, 1947,
$10,000 May and Nov. 1, 1948, and $10,000 May and $5,000 Nov. 1, 1949.
Prin. and int. payable at the County Treasurer's office. Legality approved
by Chapman & Cutler, of Chicago.
It
is reported
BOONE, Iowa—BOND ELECTION—A $40,000 issue of airport bonds
Is to be submitted to
CLARINDA
SCHOOL
BONDS OFFERED FOR INVESTMENT—The successful
bidders reoffered the above bonds for general
subscription priced at 103 Yt, to yield
about 1.47%.
Legality to be approved by Thomson, Wood & Hoffman
of New York.
DISTRICT
(P. O.
31, according
Clarinda), Iowa—BOND
SALE DETAILS—The District Secretary states that the $135,000 (not
$140,000) refunding bonds sold recently, as noted here—V. 152, p. 1159—
purchased by the White-Phillips Co. of Davenport, and associates, as
2Mb, at par, and mature on Dec. 1 as follows:
$4,000 in 1941 to 1944;
$5,000, 1945 to 1948; $6,000, 1949 to 1951; $7,000, 1952 to 1956; $11,000,
1957 and 1958, and $12,000 in 1959 and 1960.
DAVENPORT,
State of—BOND SALE— The $2,650,000 Issue of 2%
highway bonds offered for sale on Feb. 15—V. 152, p. 862—was
awarded to a syndicate composed of the National
City Bank, the Bankers
Trust Co., both of New York, the Trust Co. of
Georgia, and the Citizens
& Southern National Bank, both of
Atlanta, at a price of 102.609, a basis of
about 1.60%. Due on March 15, 1948.
vote at an election scheduled for March
were
GEORGIA
GEORGIA,
semi-ann.
a
to report.
Iowa— ADDITIONAL
INFORMATION— In
connec-
tion with the offering by the First National Bank of Chicago of $218,000
2% semi-annual refunding bonds, noted hereon Feb. 15—V. 152, p. 1159—
the City Clerk now reports that the bonds were sold in a total amount of
$310,000 to a syndicate composed of Vieth, Duncan & Wood, WhitePhillips Co. and Quail & Co., all of Davenport.
Due Nov. 1 as follows:
$35,000 in 1950, $20,000 in 1951, $15,000 in 1952 and 1953, $20,000 in
1954 and 1955, $15,000 in 1956, $20,000 in 1957, $85,000 in 1959 and
$55,000 in 1960.
DES
MOINES
SCHOOL
DISTRICT
(P.
O.
Des Moines), Iowa—
BOND ELECTION—An election is said to be scheduled for March 10 in
order to have the voters pass on the issuance of $990,000 school building
bonds.
HAWAII
RUTHVEN
SCHOOL
DISTRICT
(P.
O.
Ruthven)
Iowa— BOND
SALE DETAILS— In connection with
following bonds aggregating $3,200,000, noted here last
September, it is reported that the bonds were purchased
by the Bank of
Hawaii, of Honolulu, and associates, as 2Ms, at a price of
100.24, a basis
of about 2.21%:
SALE—The $22,000 gymnasium bonds offered for sale on Feb. 17—V. 152,
p. 1015—were awarded at public auction to W. D. Hanna & Co. of Burling¬
ton, as 2Mb, paying a premium of $378, equal to 101.718, according to the
$2,400,000 refunding bonds.
800,000 refunding bonds.
election will be held
HAWAII, Territory of—BOND
the
sale
of the
Due $300,000 on Nov. 1 in 1943 to 1950 incl.
Due $100,000 on Jan. 6 in 1943 to 1950 incl.
Secretary of tne Board of Education. 1
SCOTTSBLUFF.
Iowa—BOND
on
ELECTION—It
April 1 in order to vote
on
is
stated
that
an
the issuance of $50,000
storm sewer bonds.
STORM LAKE, Iowa—BOND OFFERING—Both sealed and open bids
IDAHO
COEUR d'ALENE, Idaho—BONDS
AUTHORIZED—A $50,000 issue of
funding bonds is said
to have been authorized
ILLINOIS
COMMUNITY
HIGH
SCHOOL
City), 111.—BOND OFFERING—PL.
DISTRICT
E. Lueders,
Treasurer of the Board of Education, will receive sealed bids until
7 p m on
March 13 for the purchase of $165,000
2M% school bonds. Dated March 1.
JSilk -R^.£ec; 1 M follows: $5,000 from 1942
1948 to
to 1947 incl.; $20,000 from
1953 incl. and $15,000 in 1954. Principal and interest
(J-D) payable
the Continental Illinois National Bank &
Trust Co., Chicago
Bonds
will be ready for delivery on the
at
day of sale or the time designated there¬
after by the bidder and will be printed
by the district. A certified check for
1%, payable to order of the Township School Treasurer, is
required.
PEORIA
HEIGHTS (P. O. Peoria), 111.—BOND ISSUE
DETAILS
—The amount of 3% water bonds sold earlier in the
year to Negley, Jens
& Rowe of Peoria was
$18,000, not $15,000 as reported in V. 152, p. 863.
1942 to
1961.
mission
recently.
FAYETTE COUNTY COMMUNITY HIGH SCHOOL
DISTRICT
NO. 195 (P. O. Vandalia), 111.—BONDS
SOLD—Stifel, Nicolaus & Co.
of^St; J*""! Purchased in December, 1940, an issue of $150,000 3M%
school building bonds.
Dated Dec. 1, 1940. Denom. $1,000. Due
$15,000
yearly on Dec. 1 from 1941 to 1950 incl.
Principal and interest (J-D)
payable at the First National Bank, Brownstown.
Legality approved by
Chapman & Cutler of Chicago.
MADISON COUNTY
NO. 149 (P. O. Granite
will be received until Feb. 24 at 7:30 p .m. by G. S. Robinson, City Clerk,
for the purchase of $30,000 not to exceed 4% semi-annual airport bonds.
Dated March 1, 1941.
DeDom. $1,000 and $500.
Due $1,500 Mar. 1,
will
No bid
be
paid
for less than par and accrued interest.
directly or indirectly in connection with
No com¬
the sale.
Prin. and int. payable at the City Treasurer's office.
The purchaser will
be required to enter into a contract with the City Council and if the City
Council deems it advisable the purchaser will be required to furnish a
certified check drawn
urer,
in such amount
on
as
a
solvent Iowa bank, payable to the City Treas¬
the Council deems advisable for the fulfillment of
the contract.
WEBSTER COUNTY (P. O. Fort Dodge) Iowa—BOND OFFERING—
It is stated by V. E. Hale, County Treasurer, that he will receive bids until
Feb. 25, at 10 a. m., for the purchase of an issue of $130,000 funding bonds.
Dated Jan. 1, 1941.
Due Jan. 1, as follows:
$10,000 in 1942, $20,000 in
1943 to 1945, and $15,000 in 1946 to 1949.
Prin. and int. payable at the
County Treasurer's office.
The bonds are being sold for the purpose of
funding outstanding poor fund warrants as of Dec. 31, 1940. The bonds and
attorney's opinion are to be furnished by the purchaser.
WOODBURY
COUNTY fP. O. Sioux City). Iowa—BOND SALE—
funding bonds offered for sale at public auction on Feb. 17—
1159—were awarded to a syndicate composed of the Harris
Trust & Savings Bank of Chicago, the Iowa-Des Moines National Bank &
Trust Co. of Des Moines, and the White-Phillips Co. of Davenport, as
1Mb, paying a premium of $76, equal to 100.076, a basis of about 1.49%.
Dated Jan. 1, 1941.
Due on Nov. 1 in 1945 to 1950, inclusive.
The $12,000 Garretson Drainage District No. 1 bonds offered for sale
on the same date—V. 152, p. 1159—were awarded to the Carleton D. Beh
The $100,000
V.
152, p.
paying a premium of $26, equal to 100.216,
Dat«I Feb. 1, 1941.
Due on June 1 in 1941
of Des Moines as 3>£s,
Co.
a
basis of about 3.07%.
to 1943.
KANSAS
DETAILS
County Clerk states that the $20,000 public works relief bonds sold
to Soden & Co. of Kansas City as l^s as noted here on Dec. 28, were
purchased at a price of 101.606, and mature $4,000 from July 1, 1942 to
1946, giving a basis of about 0.78%.
—The
COFFEYVILLE, Kan .—BOND SALE DETAILS—The City Clerk
that the $70,000 park improvement bonds sold at par, as noted
152, p. 1159—were purchased jointly by R. E. Crummer & Co.
and the Dunne-Israel Investment Co., both of Wichita, as IKs.
Due
states
here—-V.
$7,000 annually for 10 years.
KANSAS, State of—ISSUANCE OF MUNICIPAL BONDS WITHOUT
POfULAR VOTE ADVOCATED—The State Legislature, which has gener¬
ally put up stiff resistance to plans for issuance of municipal bonds without
elections, recently received a proposal which directly opposes the traditional
stand.
by Rep. Guy Lamer (R., Allen), Karl W. Root (R., Atchison), and
Richard B. Stevens (R., Douglas) would allow bonds to be
issued for muni¬
puodc lioraries, or city hams with on other
authorization than the resoldtinn of the governing body of the city—
provided that the bonds should not exceed the legal limit of 1% of the
assessed tangible valuation of the community.
The bill also permits any city to build armories oy bond issues and rent
them to the Federal Government.
Under present law, only second and
third class cities may build armories, and under a Supreme Court decision
renting of armories to the Government after they are built is prohibited,
Representative Lamer said.
ajditoriums, armories,
cipal
KANSAS CITY, Kan .—BOND
NEWBURYPORT, Mass.—NOTE OFFERING—Charles E.
SALE CONTEMPLATED—It is stated
issue
by Howard Payne, City Clerk, that the date of sale for a $750,000
of airport bonds will be set shortly.
Legal opinion of Storey,
Thorndike, Palmer & Dodge of Boston.
NORTHAMPTON, Mass.—NOTE OFFERING—Albina L. Richard,
City Treasurer, will receive sealed bids until noon on Feb. 24 for the pur¬
chase of $150,000 notes.
Dated Feb. 26, 1941.
Denom. $25,000. Due
Nov. 14, 1941. Payable at the Merchants National Bank of Boston. Notes
are issued in anticipation of revenue for 1941.
The bank will certify that
the notes are issued under the authority of an order of the City Council,
the legality of which has been approved by Storey, Thorndike, Palmer &
Dodge of Boston, and that the signatures thereon are genuine. Bids stating
the rate of interest that bidders will offer for the whole, but not for any part,
of the loan must be sealed and must include interest to date of delivery.
Interest on a 360-days to the year basis is to follow and no offer to discount
the loan will be considered.
WELLESLEY,
Mass.—NOTE SALE—The Boston Safe Deposit &
awarded on Feb. 17 an issue of $200,000 notes at
Trust Co., Boston, was
0.12% discount plus a premium of $7
Due Oct. 24, 1941.
The
National Bank of Boston, second high bidder, named a rate of
plus $1.25.
Second
0.13%,
MICHIGAN
Mich.—NOTE OFFERING—O.
A.
Kasemeyer, City
Comptroller, will receive sealed bids until 7 p. m. on Feb. 24, for the pur¬
chase of $70,000 not to exceed 3% interest tax anticipation notes.
Dated
Feb. 18, 1941.
Due on or before Sept. 27, 1941.
City will furnish the
notes, and the purchaser shall furnish the legal opinion, if one is desired.
Payable at the City Treasurer s office. A certified check for 2% is required.
BAY
CITY,
BIRMINGHAM, Mich.—BOND CALL—H. H. Corson, City Treasurer,
the call for payment on April 1, 1941, of callable 1935 refunding
1, 1935, as follows: various numbered bonds of series A
aggregating $122,875; and all of other series, to wit: $96,000 AA, $134,700
D, $26,000 E, and $105,000 series F.
announces
Kan.—BONDS SOLD—The City Clerk states that $30,000
airport site purchase bonds approved by the voters last November, were
purchased by the city as an investment.
•
PRATT,
SYRACUSE SCHOOL DISTRICT (P. O. Syracuse),
Houghton,
City Treasurer, will receive sealed bids until 12:15 p. m. on Feb. 25 for the
purchase at discount of $210,000 notes issued in anticipation of revenue
for 1941.
Payable Nov. 7, 1941 at the Merchants National Bank of Boston,
or at the Central Hanover Bank & Trust Co., New York, at the option of
the holder.
BUTLER COUNTY (P. O. El Dorado), Kan.—BOND SALE
A bill
1315
The Commercial & Financial Chronicle
Volume 152
bonds dated Oct.
Kan.—BONDS
Mich.—BOND OFFERING—Lyle
CLIO,
D. Brown, City Clerk, will
Feb. 24 for the purchase of $112,000 not
3M% interest refunding bonds. Dated March 1, 1941. Coupon
bonds in $1,000 denoms.
Due March 1 as follows: $2,000 in 1942; $3,000,
1943 to 1947 incl.; $4,000, 1948 to 1952 incl.; $5,0(0. 1953 to 1962 Incl.;
$6,000 from 1963 to 1965 incl. and $7,000 in 1966. Rate of interest to be
expressed in multiples of M of 1%.
Bonds maturing March 1. 1965 and
1966 are callable on any interest date on or after March 1, 1944, in inverse
numerical order.
Prhcipal and interest (M-S) payable at the Clio State
Bank, Clio, or at such other bank or trust company as the buyer may
designate. A certified check for $2,500, payable to order of the City Treas¬
urer, is required.
City will pay the cost of printing the bonds and of an
opinion of Miller, Canfield, Paddock & Stone of Detroit, approving legality
SOLD—The Clerk of the Board of Education states that $40,000 auditorium
receive sealed bids until 8 p. m. on
gymnasium bonds have been purchased by the Columbian Securities
Corp. of Topeka, as follows: $20,000 as lj^s, due $4,000 from 1941 to
1945; the remaining $20,000 as 2Hs, due $4,000 in 1946 to 1950.
to exceed
and
WICHITA, Kan.—BOND SALE— It is stated by E. S. Worrell, Director
that bonds aggregating $172,329.57. were offered for sale on
17 and were awarded to the Fourth National Bank of Wichita, as
of Finance,
Feb.
follows:
$92,000.00 park (unlimited tax) bonds as l^s. paying a premium of $110,
equal to 100.119, a basis of about 1.23%.
Due on Feb. 1 as
follows: $9,000 in 1942 to 1949, and $10,000 in 1950 and 1951.
80,329.57 paving (limited tax) bonds as l^s, paying a premium of $640,
equal to 100.796, a basis of about 1.35%.
Due on Feb. 1
as follows:
$8,329.57 in 1942, and $8,000 in 1943 to 1951.
of the issue.
BONDS
TO BE CALLED—Proceeds of
the above issue will be used to
an
equal amount of outstanding refunding bonds, dated
1937, which are to be called for redemption on April 1, 1941.
retire
KENTUCKY
3%
coupon
Goetz & Moerlein of Cincinnati, and associates, as
on
The S350.000
Jan. 2 to Assel,
OFFERING—Myron
A.
Stevens, City
Clerk, announces that he will receive sealed bids until Feb. 25 for purchase
$29,200 2% district assessment bonds originally offered for sale
of the
Feb. 11.
on
noted here on Jan. 11,
being offered by the purchasers for general investment at prices to yield
from 1% to 2.60%, according to maturity.
Due on July 1 as follows:
$16,000 in ig43 to 1957, and $22,000 in 1958 to 1962.
are
NEWPORT, Ky.—BONDS OFFERED TO PUBLIC—An issue of $150,000
3% semi-annual water works refunding bonds is being offered by Seasongood & Mayer and Charles A. Hinsch & Co., both of Cincinnati, for general
investment at prices to yield from 1.00% to 2.50%, according to maturity.
Dated Feb. 15, 1941.
Denom. $1,000.
Due Jan. 1 as follows: $5,00o
in 1943 to 1962, and $1.>,000 in 1963 to 1967.
Prin. and int. payable at
the City Bank-Farmers Trust Co., New York, or at the Newport National
Bank.
Legality approved by Chapman & Cutler of Chicago.
LOUISIANA
CALCASIEU PARISH ROAD
La.—BOND OFFERING—Sealed
Mich.—BOND
DEARBORN,
OFFERED TO
y.—BONDS
semi-annual funding bonds of 1940 sold
COVINGTON, K
April 1,
DISTRICT NO. 1 (P. O. Lake Charles)
bids will be received until 11 a. m. on
March 4, by W. E. Holbrook, President of the Police Jury, for the purchase
of a $50,000 issue of road bonds. Interest rate is not to exceed 4%, payable
A-O.
Dated April 1, 1941.
Denom. $500. Due April 1, as follows: $500
$1,500 in 1943 and 1944, $2,000 in 1945 to 1949, $2,500 in 1950 to
1954, $3,000 in 195o to 1957, $3,500 in 1958 and 1959, and $4,000 in 1960
and 1961. The bonds were authorized at an election held on Sept. 24, 1940.
Enclose a certified check for $1,500 made payable to the President of the
in 1942,
Police Jury.
HOUMA, La.—BOND SALE DETAILS—In connection with the sale
$275,000) light and water plant revenue bonds to the
Loeb Co. of New Orleans, as noted here last June, it is now
reported that the bonds were sold as 5s. and mature Nov. 1, as follows:
$20,000 in 1940 and 1941, $21,000 in 1942 and 1943, $22,000 in 1944 and
1945, $18,000 in 1946, $13,000 in 1947 to 1953, $14,000 in 1954, and $100 in
1955 to 1964, callable after seven years in inverse order.
Prin. and int.
payable at the Louisiana Savings Bank & Trust Co.. New Orleans.
of the $250,000 (not
Ernest M.
DETROIT, Mich.—AMENDS QUESTIONS ON BALLOT—F. M.
McLaury, Deputy City Comptroller, has issued an amended report on the
questions to be considered by the voters on April 7 concerning the proposal
ownership of gas facilities.—V. 152, p.
for municipal
as
revised
are
as
1160.
The questions
follows:
extending the powers of the Public Lighting
Commission to include the operation of a municipally-owned gas plant.
2. An advisory vote on the question of acquisiton by the city through
condemnation, of such portions of the existing privately-owned gas system
1.
A Charter Amendment
which may
be required to operate a
financed from the sale of revenue
municipally-owned gas system, to be
supported mortgage bonds, no amount
court decides in condemnation proceedings (such
bonds will be issued under authority granted the Home Rule Act and the
specified
only
which
City Charter.
They will not be faith and credit bonds but will be payable
only from revenue.)
3. An advisory vote on the granting of a franchise for operation of the
gas plant to a purchaser at mortgage sale should such eventuate through
failure to service the debt.
HAMTRAMCK, Mich.—NOTE OFFERING—Albert J. Zak, City Clerk,
Feb. 25 for the purchase of $135,000
to exceed 6% interest tax anticipation notes.
Dated Feb. 1, 1941,
and due Aug. 1, 1941.
Notes will be issued in anticipation of tax col¬
lections for the fiscal year July 1, 1941, to July 1, 1942, and the full faith
and credit of the city is irrevocably pledged for payment of principal and
interest.
A certified check for 2% of the notes, payable to order of the
City Treasurer, is required.
Bids shall be conditioned upon the unqualified
opinion of the purchaser's attorneys approving the issue, and the cost of
such opinion will be paid for by the city, as will the expense of printing
the notes.
Approving order of the State Loan Board was issued Feb. 13,
will receive sealed bids until 8 p. m. on
not
1941.
LAKE TOWNSHIP
(P. O. St. Clair), Mich.—BOND
Kenower & Co. of Detroit have
SALE— Miller,
purchased an issue of $48,000 refunding
bonds of 1941.
(State of)—BOND OFFERING—G. Donald Kennedy,
Commissioner, will receive sealed bids until 2 p. m. on
$316,000 coupon highway improvement re¬
funding bonds, as follows:
$181,000 not to exceed 3MVo interest Assessment District No. 462 bonds.
MICHIGAN
State
MASSACHUSETTS
Feb.
BEVERLY, Mass.—NOTE SALE—The issue of $300,000 notes offered
19—V. 152, p. 1159—was awarded to the National Shawmut Bank of
Boston, at 0.13% discount, plus a premium of $21.
Dated Feb. 20, 1941
and due Nov. 21, 1941.
The First National Bank of Boston, next best
bidder, named a rate of 0.15%.
Feo.
Mass.—BOND SALE—The $80,000 coupon surface
bonds offered Feb. 20 were awarded to Graham,
Parsons & Co., Boston, as 1Mb, at a price of 100:056, a basis of about
1.24%.
Dated Feb. 1, 1941.
Denom. $1,000. Fully registerable. Due
$8,000 annually on Feb. 1 from 1942 to 1951, incl.
Principal and interest
(F-A) payable at the National Shawmut Bank of Boston.
Legality ap¬
proved by Ropes, Gray, Best, Cooiidge & Rugg of Boston.
Other bids, all
BROCKTON,
drainage
for
and
sewer
lMs:
Rate Bid
Bidder—
Tyler & Co.
Bond, Judge & Co—
100.899
100.503
-
100.29
National Shawmut Bank of Boston
Whiting, Weeks & Stubbs
R. L.
...
Day & Co
-
Halsey, Stuart & Co., Inc
100.26
100.14
100 078
EVERETT, Mass.—NOTE SALE—The issue of $500,000 notes offered
was awarded to the Middlesex County National Bank, at 0.19%
discount.
Dated Feb. 20, 1941 and due Nov. 7, 1941.
Other bids:
Feb. 20
Discount
0.194%
0.243%
0.25%
0.289%
Bidder—
First National Bank of Boston
National Shawmut Bank of Boston
Second National Bank of Boston (Plus
$1 premium)
Leavitt & Co
GLOUCESTER,
bonds offered Feb.
Mass.—BOND
SALE—The
19 were awarded to
$75,000
coupon
water
Tyler & Co. of Boston, as 1^8,
price of 100.933, a basis of about 1.38%. Dated Feb. 1, 1941. Denom.
$1,000. Due $5,000 annually on Feb. 1 from 1942 to 1956 incl. Principal
and semi-annual interest payable at the Merchants National Bank of
Boston.
Legality to be approved by Storey, Thorndike, Palmer & Dodge
of Boston.
Second high bid of 100.44 for 1Mb was made by the Gloucester
National Bank.
at
a
MANCHESTER, Mass .—NOTE SALE—The Second National Bank of
17 an issue of $60,000 notes at 0.13% discount
Boston was awarded on Feb.
plus
a
premium of $14.75
Due Nov. 6, 1941. Second best bidder was the
Deposit & Trust Co., Boston, which named a rate of 0.127%.
Boston Safe
Highway
26
for
the purchase of
_
Due Nov.
1, 1958.
44,000 not to exceed 3H% interest
Due May 1, 1957.
,
t
_
^
_
_
4.
^
„
.
Assessment District No. 471 bonds.
33,000 not to exceed 4% interest Assessment
Due May 1, 1957.
58,000 not to exceed 4M% interest Assessment
Due May 1, 1960.
District No. 475 bonds.
_
District No. 1120 bonds.
being issued by the State Highway Commissioner under
Act No. 59, Puolic Acts of Michigan for 1915, as amended*
Act,
to refund a like amount of bonds at a lower
rate of interest.
They will be dated March 16, 1941, and callable on any
interest date on and after Nov, 1, 1941.
Bonds will be called in inverse
numerical order.
The bonds, together with favorable legal opinion of
Miller, Canfield, Paddock & Stone of Detroit, will be furnished oy the
State Highway Department.
Bids will be considered separately for each
issue, and bids may be made for any or all of the issues.
A certified check
for 2% of the bonds bid for, payable to order of the State Highway Com¬
missioner, is required.
The bonds
are
the provisions of
known as the "Covert
MICHIGAN
(State of)—FISCAL AGENT FOR DEBT PAYMENTS—
appointed fiscal agent for the State
The National Bank of Detroit has been
for
paying principal and interest on
MUSKEGON,
highway and soldiers
bonus bonds.
Mich.—BONDS SOLD—The city purchased as 4s
system junior revenue bonds unsuccessfully offered
$70,000 sewage
December—V. 151, p. 3917.
the
last
OAK DRAIN DISTRICT, Oakland County Mich.—RE¬
PLAN APPROVED BY COURT—Matthew Carey, refunding
2406 Union Guardian Bldg., Detroit, issued the following notice
under date of Feb. 17:
__
,
.
"An interlocutory decree was entered on Peb. 6, 1941, by Frank A.
Picard, District Judge, in the District Court of the United States for the
Eastern District of Michigan, Southern Division, approving the plan of
composition, as amended, for the adjustment of the bonded indebtedness
of the Royal Oak Drain District, Oakland County, Mich.
,
"The plan of composition, as amended, provides for the issuance by said
drain district of $2,896,000 refunding bonds, to be dated as of May 1, 1937,
to mature May 1,
1967, to bear interest at the rate of 1% per annum
from May 1, 1937, to Nov. 1, 1938: at the rate of 2% per annum thereafter
to Nov
1, 1940; at the rate of 3% per annum thereafter to Nov. 1, 1949;
at the rate of 3M% per annum thereafter to Nov. 1, 1954; at the rate of
ROYAL
FUNDING
agent,
.
_
The Commercial & Financial Chronicle
1316
4% per
thereafter to Nov.
1, 1959, and at the rate of 4M% per
annum thereafter until paid.
Said bonds will be callable by lot for re¬
demption at par and accrued interest on any interest payment date upon
30 days published notice.
"Said plan also provides for the settlement of unpaid interest accrued
from Nov. 1, 1932, to May 1, 1937, by the payment in cash of the sum
of $137.50 (less expenses allowed to committees) and by the issuance of
certificates of indebtedness for the balance.
(Special provision is made
in respect to missing coupons).
Said certificates of indebtedness will be
dated Nov. 1, 1939, will mature Nov. 1, 1949, will be non-interest bearing
prior to maturity but thereafter will bear interest at the rate of 3% per
annum until paid and will be callable by lot for
redemption prior to maturity
at par upon 30 days published notice.
,TUnpaid interest accrued prior to Nov. 1, 1932, will be settled at par
1)1 us accrued interest thereon as provided in the plan of composition.
"Holders of approximately 84.2% of the outstanding bonds have
already
consented to the plan of composition, as amended.
"A copy of the amendments to the plan, as adopted Jan. 10, 1941, is
inclosed herewith.
The approving order of the Michigan Public Debt
Commission, dated Jan. 29, 1941, included the following proviso which
sets forth certain statutory powers of the Public Debt Commission:
'Provided that in order to prevent a deficiency in the fund available
for the payment of the principal and interest requirements upon the afore¬
mentioned refunding bonds and certificates of indebtedness, the Com¬
mission may from time to time prescribe an amount to be levied in excess
of the maximum levies provided in Paragraph 8 of said above
plan of
composition, as amended, in order to meet such principal and interest
requirements upon outstanding refunding bonds and certificates of in¬
debtedness, and the Commission may from time to time revise its de¬
annum
"
termination in such regard."
"Bonds are now being printed.
A hearing before Judge Picard to fix
allowances for expenses (limited to $14.92 per bond) will be held during the
first week in March, after which we can proceed with the actual exchange
of bonds and final payment of cash involved in refunding.
"Bondholders who have not already deposited their bonds with the Manu¬
facturers National Bank of Detroit should do so at once.
Transmittal
forms will be provided on request.
A receipt for bonds deposited will be
issued at once.
Entire cash payment (less expense allowance), together
with bonds and certificates, will be forwarded
immediately after Court
action
on
fees.
"Bondholders who have previously deposited, and who now hold escrow
certificates, will receive balance of cash, together with bonds and cer¬
tificates, at the same time.
ROYAL
OAK TOWNSHIP SCHOOL DISTRICT NO.
8
(P. O.
Hazel Park Branch. Royal Oak), Mich.—BOND SALE—The
$450,000
refunding bonds of 1941 offered Feb. 17—V. 152, p. 1160—were awarded
to a syndicate composed of First of
Michigan Corp., Detroit; Braun,
Bosworth &' Co., Toledo; Watling, Lerchen & Co.,
McDonald, Moore &
Hayes, Inc., Miller, Kenower & Co., and Campbell, McCarty & Co.,
all of Detroit, at a price of
100.029, for the issue to bear various interest
rates, as follows;
Serial maturities, due April 1, 1942 to 1954,
carry
interest rates of 2M% to April 1,1941;
3% to April 1,1944; 3M% to April 1,
1951, and 4% thereafter.
Maturities due April 1, 1955 to 1966, carry
interest rates of 2 M % to April
1,1941; 3 % to April 1,1944; 3 M % to April 1,
1947, and 4% thereafter.
Proceeds of this sale will be used to call for redemption a like amount
of callable 1936 refunding bonds, series
A, due April 1, 1966.
The total
interest cost for the life of the new bonds, after
deducting premium, will
be $254,303.23.
The interest cost at the rates called for in the series A
bonds would be $289,575.00, so that .saving of
$35,271.77, or 12.2%,
has been effected by the district in this
refunding.
A reserve fund averaging
$6,985 will be maintained during the life of the issue and it is estimated
that the interest earned
on
this fund in
pay for costs of the refunding.
A syndicate headed by H. V.
a
savings account will
more
than
Sattley & Co., and including Crouse & Co.;
Peninsular State Co.; Fox, Reusch & Co.; Pohl & Co., Inc.; Walter,
Woody
& Heimerdinger, also submitted a bid
showing an interest saving of $516.77
less than the successful bidder.
Due
on
ST.
Feb. 1 in 1944 to 1953.
to have authorized the issuance of
MINNESOTA
OFFERING— It is stated by Ruth
Hamilton, City Clerk, that she will receive sealed bids until 8 p. m. on
March 3, for the purchase of a $75,000 issue of
coupon sewage plant bonds.
Dated April 1, 1941.
Denom. $1,000.
Due
optional
on
for
$5,000 April 1, 1944 to 1958,
paying date.
These bonds carried by a vote of
an election held on Nov. 18, 1940.
Enclose a certified check
any interest
?79,fcJ?J3 at
10%.
®,£I£^LEY' Minn*—PRICE PAID— The
Village Clerk states that the
$15,000 community building bonds sold to two
banks, as noted here—V
152. p. 1162—were purchased as 2 Ms, at a price of
101.266, a basis of
about 2.09%. Due $1,000 on Feb. 15 in 1943 to
1957 incl.
n,QTp?r-?FMJH,E,, WS°RS COUNTY INDEPENDENT
NO.
Ill
(P. O. Baudette),
DISTRICT
SCHOOL
Minn.—PURCHASER—It is
that the $20,000 funding bonds sold
recently as 3s, at a price of
noted here—V. 152, p. 1160—were
purchased by the State Bank
of Perham.
35
®i
—BONDS SOLD—The Village Clerk reports that
$19,000 city hall and fire station bonds approved
by the voters at an election
held last November, have been
purchased by the State.
cOUNTY
(P-
O.
St.
Paul), Minn.—BOND
SALE— The
SL25'°,0(I lssu? of semi-annual public
welfare, series T, coupon bonds
152, p. 1016—was awarded to a group
composed of Halsey, Stuart & Co., Inc.; Blair &
Co., Inc., and Otis &
Co., all of New York, as 1 %s at a price of
100.556, a basis of about 1.65%.
Dated March 1, 1941.
Due on March 1 in 1942 to 1951.
offered for
The
sale
on
following is
Feb.
an
Bidder—•
IT—V.
official tabulation of the bids received:
r,,v
Halsey, Stuart & Co., Inc.; Blair & Co., Inc., and
Otis & Co., Inc.
Prrm
'
13/ w
•„
Harriman Ripley & Co., Inc.;
Mercantile-Commerce
Bank & Trust Co.; Juran,
Noody & Rice, and
J. M. Dain & Co
_
,
ss4 nti
6
9&
'
MISSISSIPPI
sale of the $25,074 2%% semi-ann. street paving bonds to Cady & Co. of
Columbus, at 100.041, as noted here on Dec. 14, it is reported that the
Planters National
Union
in the purchase.
LINCOLN COUNTY (P. O.
o%
fi
5 570 75
16Q nn
ISrSr*
Ar?Jvi
(P.
40
OFFERED
1
FOR
bonds for general subscription
DISTRICT NO.
Chisholm), Minn.—PRICE PAID—The District Clerk
Brookhaven), Miss.—BONDS OFFERED
MERIDIAN, Miss.—BONDS
SOLD—It is stated
by R.
S. Tew, City
Clerk and Treasurer, that an issue of $100,000 airport bonds was offered
on Feb. 18 and was awarded jointly to George T. Carter, Inc. and
John K.
Nunnery & Co., both of Meridian, as 2Ms, paying a price of 100.03,
basis of about 2.745%.
Dated March 1,1941.
Due $5,000 from March
1, 1942 to 1961 inclusive.
a
TUPELO, Miss.—MATURITY—The City Clerk states that the $30,000
improvement and fire department equipment bonds sold to the
Peoples Bank & Trust Co. of Tupelo, as 2Ms at a price of 100.133, as
noted here—V. 152, p. 1160—were dated Feb. 1, 1941, and mature on
Feb. 1 as follows:
$1,000 in 1942 to 1944, $2,000,> 1945 to 1953, and
$3,000 in 1954 to 1956, giving a basis of about 2.48%.
street
VICKSBURG,
Miss.—BONDS SOLD—A
$97,000
issue
of refunding
bonds was sold recently to a group composed of the First National Bank &
Trust Co., the Merchants' National Bank, and J. G. Hickman, Inc., all
of Vicksburg, paying a premium of $96.42, equal to 100.099, on the bonds
divided:
$65,000
/,;:v
1960.
as
2s, the remaining $32,000 as lMs.
'v-r'v
Due from 1941 to
MONTANA
COUNTY SCHOOL DISTRICT NO. 63 (P. O. Kinsey),
Mont.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
CUSTER
March 15, by Grace W. Noble, District
not to exceed
Clerk, for the purchase of $12,000
Dated Jan. 1,1941. Amortiza¬
6% semi-annual school bonds.
tion bonds will be the first choice and serial bonds will be the second choice
If amortization bonds are sold and issued, the entire
of the school board.
issue may be put into one single bond or divided into several bonds, as the
Board of Trustees may determine upon at the time of sale, both principal
and interest to
be payable in semi-annual instalments during a period of
20 years from the date of issue.
If serial bonds are issued and sold they will
be in the amount of $600 each; the sum of $600 of the said serial bonds will
become payable on Jan. 1, 1942, and the sum of $600 will become payable
the same day each year thereafter until all of such bonds are paid.
The bonds, whether amortization or serial bonds, will be redeemable in
on
on
any
interest payment date from and after 10 years from the date of
The said bonds will be sold for not less than their par value with
issue.
accrued interest, and all bidders must state the lowest rate of interest at
which they will purchase the bonds at par.
The Board of Trustees reserves
the right to reject any aad all bids and to sell the said bonds at privtae sale.
a certified check for $1,000, payable to the above clerk.
Enclose
RICHLAND COUNTY HIGH SCHOOL IMPROVEMENT DISTRICT
(P.
O.
Sidney)
Mont.—BOND
bonds offered for sale
& Co. of St.
Paul,
as
SALE—The $60,000 semi-ann. school
Feb. 11—V. 152, p. 455—were awarded to Kalman
2%s, according to the District Clerk.
on
NEW
JERSEY
ATLANTIC COUNTY (P. O. Atlantic
City), N. J.—BONDS SOLD—
The issue of $15,000 coupon or registered county building bonds offered
Feb. 13—V. 152, p. 865—was sold privately the following day to Christen& Co. of Atlantic City, as 3 Ms, at par.
Dated July 1,
$1,000 annually on July 1 from 1941 to 1955, inclusive
sen
1940 and due
BOGOTA, N. J .—BOND
^ FFERING—H arlan P. Ross, Borough Clerk,
$43,800
6% interest coupon or registered bonds, divided as follows:
$15,300 building bonds.
Due from 1942 to 1951, inclusive.
28,500 oridge bonds.
Due from 1942 to 1951, inclusive.
All of the bonds will be dated March 1, 1941.
Denom. $1,000, except one
of $500 and one of $300.
Combined maturities due March 1 as follows:
$4,800 in 1942; $4,000, 1943; $5,000, 1944 to 1946, incl.; and $4,000 from
1947 to 1951, incl.
Bidder to name a single rate of interest, expresed
in a multiple of H of 1%.
Prin. and int. (M-S) payaole at the Bank of
the Manhattan Co., New York.
The sum required to be obtained at sale
of the bonds is $48,300.
The bonds are unlimited tax obligations of the
borough.
The successful bidder will be furnished with legal opinion of
Hawkins, Delafield & Longfellow of New York, covering the building bonds,
and of Reed, Hoyt, Washburn & Clay of New York, as to the bridge issue.
A certified check for 2% of the bonds offered, payable to order of the
borough, is required.
will receive sealed bids until 8 p. m. on March 13, for the purchase of
not to excefed
CLIFTON,
N.
J.—BOND
OFFERING—W illiam
A.
Miller,
City
Manager, will receive sealed bids until 8:30 p. m. on March 4, for the pur¬
chase of $391,000 not to exceed 6% interest coupon or registered bonds,
divided
as
follows:
$276,000 school bonds.
Due Feb. 1 as follows:
$8,000 from 1942 to 1962,
incl. and $12,000 from 1963 to 1971, inclusive.
85,000 City hall bonds.
Due Feb. 1 as follows:
$6,000 from 1942 to
1945, incl.; $7,000 from 1946 to 1948, incl. and $8,000 from 1949
to 1953, inclusive.
30,000 water bonds.
Due $1,000 on Feb. 1 from 1942 to 1971, inclusive.
_
All of the bonds will be dated Feb. 1, 1941.
Denom. $1,000. Bidder to
name a single rate of interest, expressed in a multiple of M of 1%.
Prin¬
cipal and interest (F-A) payable at the Clifton National Bank, Clifton, or at
holder's option, at the Bankers Trust Co., New York City.
The price for
which the bonds may be sold cannot exceed $392,000.
In bidding for the
bonds, bidders must consider the entire $391,000 bonds as constituting a
single issue.
A certified check for $7,820, payable to order of the city, is
required.
Legal opinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
DELAWARE RIVER JOINT COMMISSION (P. O. Camden), N. J.
—TRAFFIC AT RECORD HIGH LEVEL IN 1940—In his report on the
operations of the joint commission during 1940, Joseph K. Costello, General
"The
over
was
as
follows:
,
Delaware River Joint Commission respectfully reports that
busiest in the 14-year history of the Delaware River Bridge.
1940
record of 14,18o,835 vehicles was set, a gain of 807,600 or 6.03%
the total in 1939.
Gross receipts were $3,340,113.26, and expenses
new
$562,054.96, leaving
£°iUNTJ. INDEPENDENT SCHOOL
associated
was
for sale
passenger
ticket
a net of $2,778,058.30.
automobiles and light trucks.
The bulk of the business
Of these, 11,361,240 paid
books
increased by 13.43% against 5.37% for those paying the
The number of trucks using the bridge showed a gratifying
The rise in the number of buses was less than M %•
"The rail transit line across the bridge was patronized by 4,655,937
20-cent toll.
gain.
compared with 4,340,095 in 1939.
This increase was 7.28%.
"Total cross-river traffic in the vicinity of Philadelphia divided among
Delaware River Bridge, the Tacony-Palmyra Bridge and the ferrie
passengers
O.
of Memphis,
the straight 20-cent toll and 1,405,595 commutation tickets on a 15-cent
basis were collected.
Compared with 1939 figures,the use of commutation
2%
5 749 25
INVESTMENT—The successful bidders reat prices to yield from
0.30% to 1.75%, according to maturity.
BONDS
n
Trust Co.
Legality approved by Charles & Trauernicht of St. Louis.
"A
2%
Bank &
Dated Feb. 1,1941.
PUBLIC—An issue of $100,000 2 M % coupon general obligation refunding
bonds is being offered by Weil & Arnold of New Orleans, for general invest¬
ment.
Interest payable A-O.
Dated Oct. 3, 1940. Denom. $1,000. Due
Oct. 3, as follows: $5,000 in 1942 to 1955, and $6,000 in 1956 to 1960.
Principal and interest payable at the County Depository, Brookhaven.
was the
First
bonds.
COLUMBUS. Miss.—BOND SALE DETAILS—In connection with the
Manager, states in part
2%
First National Bank of
Chicago; Northern"Trust Co.";
First of Michigan Corp., and Thrall
West Co.,
Minneapolis
Boston Corp.; Harris Trust &
Savings Bank";
F. S. Moseley & Co., and C. S. Ashmun Co
Stranahan, Harris & Co., Inc.; B. J. Van Igen &
Co., Inc.; Schwabacher & Co.; Bond, Judge &
Co.,
Inc., and Park-Shaughnessy &Co__
on
poor relief
Clarkfieldj, Minn.—BOND SALE—The $33,000 refunding bonds offered
for sale at public auction on Feb. 15—V. 152, p. 1160—were awarded
jointly to E. J. Prescott & Co. and the Allison-Williams Co., both of
Minneapolis, according to the District Clerk.
Dated March 1, 1941.
Due on March 1 in 1942 to 1949, inclusive.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 5 (P. O.
Warren),
SALE—The $245,000 coupon
refunding bonds offered
BRECKENRIDGE, Minn.—BOND
$275,000
YELLOW MEDICINE COUNTY SCHOOL DISTRICT NO. 43 (P. O.
Feb.
associates.
1941
PAUL, Minn.—BONDS AUTHORIZED—'The City Council is said
Mich.—BOND
10—V. 152, p.1016—were awarded to a
group composed of Watling,
Lerchen & Co.; Miller, Kenower & Co., and Hood, Truettner &
Thisted,
all of Detroit, at a price of
100.076, at various interest rates, a net interest
cost of about 2.929%, as follows:
For $50,000 maturing $10,000 Oct. 1,
1941 to 1945, as 2M8; $125,000
maturing Oct. 1, $10,000 in 1946 to 1948.
$15,000 in 1949 to 1953, $20,000 in 1954, as 3s; and $70,000
maturing
Oct. 1, $20,000 in 1955 to 1957, and
$10,000 in 1958, at 2% % to Oct. 1,
1947, 3% to Oct. 1, 1949, and 4% thereafter to maturity.
The next
highest bid was made by the First of Michigan Corp. of Detroit and
22,
funding and refunding bonds sold to the Wells-Dickey
Co. of Minneapolis, as 2s, as noted here—V. 152, p. 1016—were pur¬
chased for a premium of $434, equal to 100.228. a basis of about 1.97%.
full
WARREN
TOWNSHIP
(P. O. Van
Dyke). Mich. — TENDERS
WANTED—William Lawson, Township Clerk, will receive sealed tenders
until 10 a. m. on March 4 of 1937 refunding
bonds, series A, B, and C,
dated Jan. 1, 1937, and 1937 certificates of
indebtedness, series 1, la,
2, and 2a, dated Aug. 2, 1937.
Amount on hand in the various sinking
funds are as follows:
1937 refunding bonds, series A and B
$2,166.78;
series C, $4,678.42; certificates of
indebtedness, series 1 and la, $3,392.11;
series 2 and 2a, $13,857.07.
Offerings should be firm for five days and
tenders should fully describe the securities
offered, including serial numbers,
their par value, and amount for which
they will be sold to the township.
Feb.
that the $190,000
states
the
Volume
Market and South streets, Philadelphia, increased by 5.65%.
Of the
total traffic, the Tacony-Palmyra Bridge received 11.88% and the Delaware
River Bridge 76.23%.
One of the ferries showed a 2.35% increase and
at
the other, 0.94%.
"The traffic gain
in 1940 again brought forcibly and painfully to the
motoring public an acute consciousness of the inadequacy of the bridge
approaches in both Philadelphia and Camden.
During the year a number
of conferences
were held for the purpose of trying to get some relief from
congestion.
In the first full year of bridge operation, 1927, total
bridge traffic was 8,593,201.
Although this annual total has risen to more
than 14,000,000 cars, facilities for distribution of traffic have not been
the
improved "with the exception of cutting off a portion of the sidewalk at
Seventh and Penn streets, Camden in June, 1940."
„
GARFIELD, N. J —REPORT ON PROPOSED BOND EXCHANGE—C.
H. Ellin, Secretary of the State Sinking Fund Commission, informed
the State
Funding Commission under date of Feb. 5 "that the exchange of bonds
held by the various State funds is contingent upon City of Garfield's com¬
plying with all the conditions laid down by the State Funding Commission
in its approval of the refunding plan.
It is also understood that the City
of Garfield will endeavor to complete the entire refunding of bonds in the
hands of other bond holders so that at least 80% of the refunding may be
completed by Dec. 31, 1941."
MIDDLESEX COUNTY (P. O. New Brunswick), N. J .—BOND SALE
H. B. Boland & Co. of New York were successful bidders at the offering
of $580,000 coupon or registered improvement and voting
offered Feb. 20—V. 152, p. 1161, taking an aggregate of
machine bonds
$576,000 bonds
as 2s, at a price of $580,101.60, equal to 100.70, a basis of about 1.90%.
The offering comprised three issues, all dated March 1, 1941 and the com¬
bined maturity schedule is as follows: $38,000 from 1942 to 1945 incl.;
$40,000, 1946 to 1948 incl.; $41,000, 1949 to 1951 incl.; $37,000, from
1952 to 1955 incl.; and $33,000 in 1956.
The purchasers re-offered the
bonds at price to yield from 0.40% to 2%, according to maturity.
Other
bids
were as
1317
The Commercial & Financial Chronicle
152
follows:
No.
Int.
Bonds
Bidder—
Bid for
Adams & Mueller, and J. S.
Rippel & Co
Phelps, Fenn & Co., Inc., VanDeventer Bros, and
Ira Haupt & Co
Dougherty, Corkran & Co., Mercantile-Commerce
Bank & Trust Co., J. A. Rippel, Inc. and Butcher
Rate
2%
579
Rate
Bid
100.204
100.346
578
580
& Sherrerd
2.10%
2.10%
100.14
2.10%
100.11
2.20%
100.55
___
_
M. M. Freeman & Co., Inc. and C. A. Preim & Co_
Harriman Ripley & Co., Inc. and Blyth & Co., Inc.
2.20%
100.37
2.20%
100.31
2.25%
2.30%
578
580
100.52
2.20%
100.34
100.159
JERSEY (State of)—LOCAL MUNICIPALS AWARDED— Of
$1,683,400 fully registered short-term New Jersey municipal bonds
on Feb.
14 by the Teacher's Pension and Annuity Fund—
V. 152, p. 1017, a total of $1,247,000 were awarded to various purchasers.
The firm of Julius A. Rippel, Inc., of Newark, was the largest single pur¬
chaser, having been successful in the bidding for issues aggregating $506,000.
NEW
the
offered for sale
UNION COUNTY (P. O. Elizabeth), N. J .—OTHER BIDS—Follow¬
ing is a list of the bids submitted for the $164,000 coupon or registered
general improvement bonds awarded Feb. 14 to the Fidelity Union Trust
Co. of Newark, as reported in—V. 152, p. 1161:
No
Bidder—
Fidelity Union Trust Co. of Newark
_-
-
'
Of Bonds
163
National State Bank of Elizabeth
H. B. Boland & Co.
'
—
164
164
IfltCTCSt
'
Rate
2%
2%
2.10%
100.107
2%
2.10%
100.159
2M%
& Co
100.029
AUTHORITY (P. O. Freeport), N. Y.—
BILL WOULD CREATE AGENCY— Under the provisions of A. Intro. No.
FREEPORT
HOUSING
993, now before the General Laws Committee of the Assembly, the housing
authority is created to undertake slum-clearance and low-rent housing in
the village, subject to approval of a majority of the voters, and to issue
bonds for such
purpose.
HEMPSTEAD (Village of),
N. Y.—BOND OFFERING—Lael Von Elm-
Village Clerk, will receive sealed bids until 2 p. m. on Feb. 28 for the
purchase of $61,000 not to exceed 6% interest coupon or registered bonds,
divided
follows:
as
$10,000 series A water bonds.
Due $1,000
to 1951, incl.
5,000 series B water bonds.
Due $1,000
to 1946, incl.
46,000 refunding bonds of 1941.
Due Feb.
and 1950, and $10,000 from 1951 to
yearly on Feb. 1 from 1942
yearly on Feb. 1 from 1942
1 as follows:
1953, incl.
$8,000 in 1949
Denom. $1,000.
Bidder
to name a single rate of interest, expressed in a multiple of 34 or l-10th of
1 %.
Principal and interest (F-A) payable at the West Hempstead National
Bank, West Hempstead, or, at the option of the holder, at the Bank of
New York, New York City.
The bonds are unlimited tax obligations of
the village and the approving legal opinion of Hawkins, Delafield & Long¬
fellow of New York City will be furnished the successful bidder.
A cer¬
tified check for $1,220, payable to order of the village, is required.
In the
event that prior to the delivery of the bonds the income received by private
holders from bonds of the same type and character shall be taxable by the
terms of any Federal income tax law, the successful bidder may, at his
election, be relieved of his obligations under the contract to purchase the
bonds and in such case the deposit accompanying his bid will be returned.
be dated Feb.
All of the bonds will
Halsey, Stuart & Co., B. J. Van Ingen & Co. and
Campbell, Phelps & Co
580
Blair & Co., Inc., Goldman, Sachs & Co. and
Minsch, Monell & Co
—577
Shields & Co., Stroud & Co., Coyler, Robinson &
Co. and Granbery, Marache & Lord--_-_-_
577
Lehman Bros., Eastman, Dillon & Co., Dolphin &
Co., Inc. and Charles Clark & Co
678
E. H. Rollins & Sons, Inc., A. C. Allyn & Co., Inc.,
Bacon, Stevenson & Co. and MacBride, Miller
& Co
579
>'
Phelps, Fenn & Co., Inc.; Northern Trust Co. of
Chicago; R. W. Pressprich & Co.; R. H. Moulton &
Co.; Boatmen's National Bank of St. Louis; C. F.
Childs & Co.; Minsch, Monell & Co.; Dougherty,
Corkran & Co.; Stroud & Co.; Martin, Burns &
Corbett; Chace, Whiteside & Symonds; J. M. Dain
& Co. and Lyons & Shafto
Chase National Bank, New York; Manufacturers &
Traders Trust Co., Buffalo; Chemical Bank & Trust
Co., New York; Geo. B. Gibbons & Co., Inc.; Stone
& Webster and Blodget, Inc.; E. H. Rollins & Sons;
W. E. Hutton & Co.; A. G. Becker & Co.; Roosevelt
&Weigold, and Hannahs, Ballin& Lee
Smith, Barney & Co.; First Boston Corp.; Harriman
Ripley & Co., Inc.; Union Securities Corp., New
York; Kidder, Peabody & Co.; Mercantile-Com¬
merce Bank & Trust Co., St. Louis; L. F. Roth¬
schild & Co.; Eastman, Dillon & Co.; R. L. Day &
Co.; Illinois Co., Chicago; Wisconsin Co., Mil¬
waukee; Wells-Dickey Co., and E. Lowber Stokes
1, 1941.
HEMPSTEAD HOUSING AUTHORITY, N. Y.—MAY BE ESTAB¬
of the above authority to undertake slum-clearance
LISHED—Creation
and low-rent housing
for in A.
Intro.
projects and to issue bonds for such purpose
No. 994, referred to the General
is provided
Laws Committee of the
Assembly.
N. Y —BOND SALE—The $121,125 coupon or regis¬
18—V. 152, p. 1161—were
R. D. White & Co., New
York, jointly, as 2 Ms at a price of 100.179, a basis of about 2.23%.
Dated
March 1, 194i, and due March 1 as follows:
$6,125 in 1942; $6,000,
1943 to 1946, incl.; $7,000, 1947 to 1950, incl., and $9,000 from 1951 to
1957, incl.
Reoffered to yield from 0.60% to 2.25%, according to maturity.
LANCASTER,
tered
municipal
building bonds offered Feb.
awarded to the Marine Trust Co. of Buffalo and
Other bids:
Rate Bid
Int. Rate
Bidder—
A. C. Allyn & Co., Inc., and E. H. Rollins
Manufacturers & Traders Trust Co
Premium
$545.20
Blair & Co., Inc., and
Buffalo Savings Bank
84.00
234.52
Roosevelt & Weigold,
& Sons, Inc
100.138
234%
2.30%
George B. Gibbons & Co., Inc.
Inc
______
234%
234%
2.60%
100.281
J ar
100.43
^
164
2.20%
951.20
164
2.20%
Blair & Co., Inc., and MacBride, Miller & Co.
Estabrook & Co., and Campbell Phelps & Co.
Union County Trust Co., Elizabeth-..
164
164
164
258.47
675.0U
524.80
102.27
Halsey, Stuart & Co., Inc
164
2.25%
2.25%
2.25%
2.30%
Mamaroneck), N. Y.—BOND SALE—-The
$65,000 coupon or registered series I general bonds of 1941 offered Feb. 18—•
V. 152, p. 1161—were awarded to Halsey, Stuart & Co., Inc., New York,
1.70s, at par plus a premium of $44.20, equal to 100.069, a basis of about
1.68%.
Dated March 1, 1941, and due March 1 as follows: $10,000 from
1942 teH&945, incl., and $5,000 from 1946 to 1950, incl.
Other bids:
Bidder—
Int. Rate
Premium
152.52
First National Bank of Boston
165.00
A. C.
B. J. Van Ingen & Co.; J. S. Rippel & Co., and
H. T. Greenwood & Co_.
...
_
MAMARONECK
Minsch, Monell & Co., Inc., and Dougherty.
Corkran & Co..
Plainfield Trust
2.50%V
Co
O.
(P.
2.20%
2.20%
-
George B. Gibbons & Co., Inc
County Trust Co. of White Plains
Government Bonds
Housing Authority Bonds
NEW YORK,
N.' V.—BOND
N. Y.
NEW YORK STATE BRIDGE
york
OFFERING—Arthur J. Ogden, City
his bid will be returned.
Y.—REPORT ON SALE OF PENSION BONDS—In
pension fund bonds to the Water
Bond Sinking Fund—V. 152, p. 1161, Frank M. Davis, City Comptroller,
advises that $455,000 registered bonds were sold as 4s at par.
The re¬
maining $45,000 bonds of the total authorized issue will be sold in the
future provided that funds are needed to reimburse retiring members from
the police and firemen's pension systems for their contributions.
The
bonds sold are dated Feb. 15,1941, and mature Feb. 15, as follows:
$68,250
in 1942; $91,000 in 1943 and 1944, and $102,375 in 1945 and 1946.
The
city is paying 4% interest on these bonds, because the TYater Bond Sinking
Fund was created on a 4 % actuarial earnings basis, and the city is compelled
to make up any annual deficit in the earnings of the Fund by inclusion
*
in the budget of the amount of the deficiency.
Therefore there Is no
advantage to be gained by issuing the bonds at the current low rate of
interest, and being forced later on to make up the deficiency.
N.
connection with the report of the sale of
O. Buffalo), N. Y.—OTHER BIDS—The $3,700,
awarded Feb. 14 to Halsey, Stuart & Co., Inc.,
and associates, as 2s, at 100.336, a basis of about 1.94%, as
reported in V. 152, p. 1161, were also bid for as follows:
000 home relief bonds
New York,
Int. Rate
Bidder—
Lehman Bros.; Marine Trust Co. of
Rate Bid
Buffalo; Salomon
Hutzler; Ladenburg, Thalmann & Co..;
Goldman, Sachs & Co.; Estabrook & Co.; Kean,
Taylor & Co.; Hemphill, Noyes & Co.; Eldredge &
Co.; A. C. Allyn & Co., Inc.; Schoellkopf, Hutton
& Pomeroy; Charles Clark & Co.; R. D. White &
Co.; O'Brian, Mitchell & Co. and Sage, Rutty & Co.
Bros.
&
AUTHORITY (P. O. Catskill), N. Y.
BY SENATE—The State Senate
APPROVED
(S. Int. No. 493, Print.
Bear Mountain Bridge
indebtedness.
general of 1941 bonds. Dated Feb. 1, 1941. Denom. $1,000. Due $10,000
annually on Feb. 1 from 1942 to 1951 incl.
Bidder to name one rate of
interest, expressed in a multiple of 34 of 1-10th of 1 %. Principal and interest
(F-A) payable at the City Treasurer's office.
The bonds are unlimited
tax obligations of the city and the approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder.
A certified check for $2,000, payable to order of the City Comp¬
troller, is required. In the event that prior to the delivery of the bonds the
income received by private holders from bonds of the same type and char¬
acter shall be taxable by the terms of any Federal income tax law, the
successful bidder may, at his election, be relieved of his obligations under the
contract to purchase the bonds and in such case the deposit accompanying
ERIE COUNTY (P.
BILL
approved and sent to the Assembly the Ryan bill
No. 860), to provide for the refinancing of the
Comptroller, will receive sealed bids until 11 a. m. on Feb. 25 for the pur¬
chase of $100,000 not to exceed 5% interest coupon or registered series I
BUFFALO,
183.00
YORK (State
—REFUNDING
BINGHAMTON,
130.00
of)—BILL PROVIDES FOR $200,000,000 HIGH¬
$200,000,000 bond issue for highway
and parkway construction and reconstruction bonds and the creation of a
sinking fund from gasoline tax revenues to service the obligations has been
introduced in both branches of the State Legislature.
Measure is sponsored
in the Senate by Arthur H. Wicks, of Kingston, and in the Assembly by
Harry A. Reoux, of Warren County.
NEW
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
new
-
WAY BONDS—A bill providing for a
Tilney & Company
76 BEAVER STREET
___
Roosevelt & Weigold, Inc
$136.50
105.03
2.40%
2.50%
2.70%
-
R. D. White & Co
Municipal Bonds
Par
2.10%
,,
Allyn & Co., Inc., and E. H. Rollins & Sons,
Inc.
NISKAYUNA, N. Y.—BOND SALE—The $14,300 coupon or registered
awarded to the Manufacturers
Buffalo, as 2.30s at par plus a premium of $34.18,
equal to 100.239, a basis of about 2.27%.
Sale consisted of:
bonds offered Feb. 19—V. 152, p. 1162—were
& Traders Trust Co.,
$6,300 Water
March
District
No.
5
extension bonds of 1941.
Due $350 on
1 from 1942 to 1959, incl.
8,000 Sewer District No. 1 extension bonds of 1941.
Due March
follows:
$800 in 1942 and $400 from 1943 to 1960, incl.
All of the bonds
are
dated March 1,
1941.
Bidder—
Schnectady Trust Co
Roosevelt & Weigold, Inc
Union Securities Corp
E. H. Rollins & Sons, Inc
George B. Gibbons & Co., Inc
Other bids:
Int. Rate
1 as
Prem.
Par
$40.04
22.88
38.00
41.47
DISTRICT (P. O. Pleasant Valley),
234%
—
2.60%
2.70%
2.75%
3.10%
>
PLEASANT VALLEY FIRE
Y.—BOND OFFERING—Lewis L. Erhart, Secretary of the Board of
bids until 2 p. m. on Feb. 25 for the
purchase of $12,000 not to exceed 6% interest coupon or registered fire house
bonds.
Dated March 1, 1941.
Denom. $1,000. Due $1,000 on March 1
from 1942 to 1953 incl.
Bidder to name a single rate of interest, expressed
in a multiple of 34 or l-10th of 1%.
Principal and interest (M-S) payable
at the Poughkeepsie Trust Co., Poughkeepsie, with New York exchange.
The bonds are general obligations of the district, payable from unlimited
taxes and will be approved as to legality by Dillon, Vandewater & Moore
of New York City.
A certified check for $240, payable to order of the
district, is required.
'
N.
Fire Commissioners, will receive sealed
AUTHORITY (P. O. MeBRIDGE CONSTRUCTION—
to issue up to $200,000 bonds
to finance construction of a bridge over the Hudson River between Mechanio
ville, Saratoga County, and Schaghticoke, Rensselaer County, is provided
for in a bill introduced in the State Senate by Gilbert T. Seelye, of Burnt
Hills, and referred to the Finance Committee.
Of the cost of the project,
50% is to be borne by Rensselaer County, 40% by Saratoga County and
10% by City of Mechanicville.
The bridge may be financed by direct
appropriations of the counties and the city, involving issuance of 18-month
certificates of indebtedness in anticipation of tax collections, or by the
RENSSELAER-SARATOGA
BRIDGE
chanicville), N. Y.— WOULD FINANCE
Creation of the above authority with powers
issuance and sale of bonds.
CENTER HOUSING AUTHORITY,
ESTABLISH AGENCY—Under the provisions
ROCKVILLE
WOULD
2%
100.17
No.
992, introduced in the General
N. Y.—BILL
of A. Intro.
Assembly by J. D. Bennett of Rock-
The Commercial & Financial Chronicle
1318
Feb.
22, 1941
ville Center and referred to the General Laws
Committee, the above au¬
thority Is created to undertake slum-clearance and low-rent housing in the
village, subject to approval of the electorate, and to issue bonds for such
until their respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be on a form to be furnished with additional information and
purposes.
must
WALDEN,
N.
Y.—BOND
SALE—The $27,000 coupon or registered
water works bonds offered Feb. 20—V. 152, p.
1162—were awarded to
C. F. Childs & Co. and Sherwood & Co., both of New York,
jointly, as
2.20s at par plus a premium of $90, equal to 100.333, a basis of about
2.16%.
Dated Jan. 1, 1941, and due Jan. 1 as follows:
$1,500 from
1942 to 1947, incl., and $2,000 from 1948, to 1956, incl.
Other bids:
Bidder—
Int. Rate
E. H. Rollins & Sons, Inc
Halsey Stuart & Co., Inc
Roosevelt & Weigold, Inc
Gremmel & Co
—
—
—
Union Securities Corp
Manufacturers & Traders Trust Co...
George B. Gibbons & Co., Inc
Allyn & Co., Incr._„
A. C.
WASHINGTON COUNTY
BRIDGE
FINANCING—A
Rate Bid
100.279
100.224
100.19
100.133
2.30%
2.40%
2.40%
2.70%
-
2.20%
2.20%
254%
254%
214%
214%
R. D.White & Co
Marine Trust Co. of Buffalo
100.08
100.289
100.269
bonds
be accompanied by a certified check upon an incorporated bank or
payable unconditionally to the order of the State Treasurer
The approving opinion of Masslich & Mitchell, New York City,
will be furnished the purchaser.
trust company,
for $250.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
his election, be relieved of his obligations under the contract to
purchase the bonds and in such case the deposit accompanying his bid will
may, at
be returned.
NORTH
100.16
100.14
100.188
introduced
in
the
Assembly
by
Henry
Neddo, of Whitehall, and referred to the Internal Affairs Committee auth¬
orizes the county to issue $300,000 bonds for bridge construction
purposes.
YONKERS, N. Y.—BILL PROVIDES FOR LARGE BOND ISSUE—
Under the provisions of a bill introduced in the Senate and referred to the
Committee, the city is authorized to issue up to $1,179,000 not
exceeding 6% Interest 20-year bonds.
Of the proceeds, not more than
$1,000,000 is to be used to fund a portion of the operating deficit incurred
by the city in 1939 and prior years, and not more than $179,000 used to
Cities
N.
Dak.—
;
COUNTY
WILLIAMS
(P. O. Williston), N. Dak.—CERTIFICATE
OFFERING—It is stated by Morton Mortensen, County Auditor, that he
will receive sealed bids until 2 p. m. on March 5, for the purchase of a
$200,000 issue of certificates of indebtedness.
Interest rate is not to exceed
Denom. $5,000.
Due on or before Jan. 10,
7%, payable semi-annually.
1943.
The certificates will not be sold for less than par.
A certified check
for 2% of the bid is required.
OHIO
satisfy
a portion of a judgment, with interest, entered in the office of the
Clerk of the U. S. Court, "for moneys illegally paid by the First National
Bank of Yonkers and its conservator to the
city, together with judgments
for costs of the action."
Maturity of the bonds would be limited to 20 years.
(P. O. Alsen),
quired.
(P. O. Hudson Falls), N. Y.—PROPOSE
bill
DAKOTA
SPECIAL SCHOOL DISTRICT
ALSEN
BOND OFFERING—Sealed bids will be received until 2 p. m. on Feb. 24,
by J. D. Goertzen, District Clerk, at the County Auditor's office in Langdon
for the purchase of $13,000 not to exceed 314% semi-annual refunding bonds.
Due on or before Jan. I, 1950.
A certified check for 2% of the bid is re¬
ceived until 11 a. m.
COUNTY (P. O. Springfield), Ohio—BOND OFFERING—
Harold M. Fross, County Auditor, will receive sealed bids until noon on
Feb. 21, for the purchase of $29,677.61 254% poor relief deficiency bonds.
Dated March 1, 1911.
One bond for $1,677.61, others $1,000 each.
Due
as follows:
$2,677.61 April 1 and $3,000 Oct. 1, 1946, and $3,000 April 1
and Oct. 1 from 1947 to 1950, incl.
Bidder may name a different rate of
interest, expressed in a multiple of K of 1%.
A certified check for $300,
payable to order of the Board of County Commissioners, is required.
following bonds aggregating $258,000, dated March 1, 1941, and maturing
on March 1 in the years hereinafter stated without
option of prior payment:
the city to submit a bond issue to the electors in order to provide $3.000,000
for a new bridge to replace Central Viaduct was introduced in the State
NORTH
BURLINGTON,
CAROLINA
C.—BOND OFFERING—Sealed bids will be re¬
on Feb. 25, by W. E.
Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the
purchase of the
N.
$123,000 water bonds, maturing annually, $2,000, 1943 to 1951 and $5,000,
1952 to 1972, all inclusive.
•
40,000 street improvement bonds, maturing annually, $4,000, 1942 to
1951, inclusive.
95,000 public improvement bonds, maturing annually, $2,000, 1943:
$3,000, 1944 to 1958, incl.; $4,000, 1959: $5,000, 1960; $5,000,
1961; $4,000, 1962 to 1967, incl., and $2,000, 1968 to 1972, incl.
Denom. $1,000; principal and interest (M-S), payable in New York
City
In legal tender; general obligations; unlimited tax;
coupon bonds registerable
as to principal alone*
delivery on or about March 14, 1941, at place of
purchaser's choice.
There will be no auction.
A separate bid for each issue (not less than
par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of 54 of 1 %; each bid may name one rate for part
of the bonds of any issue (having the earliest
maturities) and another rate
for the balance, but no bid may name more than two rates for
any issue,
and each bidder must specify in his bid the amount of the bonds of each
The bonds
rate.
will
be awarded to the
bidder offering to purchase the
bonds at the lowest interest cost to the
city, such cost to be determined by
deducting the total amount of the premium bid from the aggregate amount
of interest upon all of the bonds until their
respective maturities.
Bids must be
must
on
a
form to be furnished with additional information and
be
accompanied by a certified check upon an incorporated bank or
unconditionally to the order of the State Treasurer
$5,160.
The approving opinion of Masslich & Mitchell, New York
City, will be furnished the purchaser.
trust company, payable
for
In the event that prior to the
delivery of the bonds the income received
by private holders from bonds of the same type and character shall be tax¬
able by the terms of any Federal income tax law, the successful bidder
may,
at his
election, be relieved of his obligations under the contract to purchase
the bonds and in such case the deposit
accompanying his bid will be returned.
FAYETTEVILLE, N. C.—BOND OFFERING—Sealed bids will be
11 a. m. on Feb. 25, by W. E.
Easterling, Secretary of the
Local Government Commission, at his office in
Raleigh, for the purchase
of the following bonds, dated Feb.
1, 1941, and maturing on Feb. 1 in the
received until
years hereinafter stated, without option of prior payment:
There will be
auction.
A separate bid for each issue (not less than
par and accrued interest)
is required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of 54 of 1%: each bid may name one rate for
part of the bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bid
may name more than two
no
issue, and each bidder must specify in his bid the
rates for any
amount of the bonds of
The bonds will be awarded to the bidder
offering to purchase
the bonds at the lowest interest cost to the
city, such cost to be
each rate.
by deducting the total
determined
amount
of the
premium bid from the aggregate
amount of interest upon all of the bonds until
their respective maturities.
Bids must be on a form to be furnished
with additional information
and must be accompanied by a certified check
upon an incorporated bank
or trust company,
payable unconditionally to the order of the State Treas¬
for $7,620.
The approving opinion of Masslich &
Mitchell, New
York City, will be furnished the purchaser.
urer
In the
event that prior to the
delivery of the bonds the income received
by private holders from bonds of the same type and character shall
be
by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the
contract to
purchase the bonds and in such case the deposit
taxable
accompanying his
will be returned.
*•
bid
"IREDELL COUNTY
(P. O. Statesville), N. C.—BOND SALE—The
aggregating $128,000, offered for sale on Feb. 18
to the Wachovia Bank & Trust
Co. of Winston-Salem, and Lewis & Hall of
Greensboro, paying a premium
of $28, equal to 100.021, a net interest
cost of about 3.15%, as follows:
$70,000 refunding bridge and road bonds, divided as follows:
$30,000 as
354s. due on March 1, 1963; the remaining *40,000 as
3s, due on
March 1, $10,000 in 1963 and $30,000 in
1964.
58,000 school building bonds as 3 54s, due on March 1 in 1944 to
1961.
coupon semi-annual bonds
7?Y-
p>
NORTH
H62-—were awarded jointly
CAROLINA, State of—SINKING
FUND BONDS OFFERED
Feb. 21, by Charles M.
Johnson,
State Treasurer, for the purchase of various State of
North Carolina bonds
—Sealed bids
were
received until
noon on
aggregating $650,000, held by the State Sinking Fund Commission.
ROANOKE
RAPIDS, N. C.—BOND OFFERING—Sealed bids will be
received until 11 a. m. on Feb. 25,
by W. E. Easterling, Secretary of the
Local Government Commission, at his office in
Raleigh, for the purchase
of $12,500 jail bonds, dated Feb.
1, 1941, maturing annually, Feb. 1
in
numerical order, lowest numbers
first, $500, 1942 to 1946 and $1 000
1947 to 1956, all inclusive, without option of
pa^nent.
prior
Denom
$500; principal and interest (F-A), payable in New York
City in legal
tender; general obligations; unlimited tax; coupon bonds
registerable as to
principal alone; delivery on or about March 10, at place of
choice.
There will be
Bidders
are
purchaser's
no
auction.
requested to
name
the interest
rate or rates, not
exceeding
multiples of 54 of 1 %.
Each bid may name one rate for
part of the bonds (having the earliest maturities), and another
rate for the
balance, but no bid may name more than two rates, and each bidder
must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at
the lowest Interest
cost of the city, such cost to be determined
by deducting the total amount
of the premium bid from the
aggregate amount of interest upon all of the
6%
CLARK
CLEVELAND,
Legislature
Ohio—PROPOSED
bill
authorizing
Feb. 10.
on
COLUMBUS,
Ohio—BOND SALE— The $608,400 deficiency bonds
20—V. 152. p. 1018—were awarded to the State Teachers
System as 2s at par plus a premium of $18,300, equal to
103.007, a basis of about 1.43%.
Dated March 15, 1941. and due Sept. 1
as follows:
$121,400 in 1945; $121,000 in 1946 and $122,000 from 1947
to 1949, incl.
Second high bid of 101.151 for l»As was made by a group
composed of Field, Richards & Co., First Cleveland Corp., and McDonaldCoolidge & Co.
offered
Feb.
Retirement
COLUMBUS
GROVE, Ohio—BONDS NOT SOLD—The $20,900 3TV%>
lateral sanitary sewer bonds offered Feb. 15—V. 152, p.
sold, because of an error in the advertising of the issue.
will
soon
1018—were not
A new offering
be made.
DAYTON, Ohio—PROPOSED BOND ISSUE—The city is seeking auth¬
ority from the State Taxation Department to issue $154,872 poor relief
bonds.
EAST
LIVERPOOL,
Ohio—OTHER
BIDS—The
$88,000
unsecured
indebtedness and poor relief bonds awarded Feb. 10 to BancDhio Sacurities
Co. of Columbus, as 154s, at par plus a premium of $808, equal to 100.918,
a basis of about 1.31%—V. 152, p. 1162, were also bid for as follows:
Bidder—
*
Fox, Reusch & Co
Einhorn & Co., Inc
Braun, Bosworth & Co
LAKE
Int. Rite
IX %
1X%
154%
154 %
Otis & Co
Premium
$591.00
247.28
53.00
568.00
COUNTY
(P.
O.
Painesville), Ohio—BOND SALE—'The
hospital building bonds offered Feb. 14—V. 152, p.
154s. at
par plus a premium of $273, equal to 100.14, a basis of about 1.41%.
Dated Feb. 15, 1941 and due $10,000 on April 1 and $9,500 on Oct. 1 from
1942 to 1951, incl.
Other bids, included the following:
$195,000 memorial
1019—were awarded to Halsey, Stuart & Co., Inc., Chicago, as
Bidder—
Int. Rate
IX%
154%
Seasongood & Mayer
Rale Bid
100.113
100.08
McGUFFEY, Ohio—BOND SALE POSTPONED—The proposed sale of
$11,600 6% water works system bonds, originally scheduled for Feb. 22—
V. 152, p. 1019—has been postponed to Feb. 26.
MINISTER, Ohio—BOND OFFERING—Alfred B. Fischer, Village
Clerk, will receive sealed bids until noon on March 4, for the purchase of
$25,000 2% sewer system bonds.
Dated March 1, 1941.
Denom. $625.
Due $625 on May 1 and Nov. 1 from 1942 to 1961, incl.
Interest M-S.
Bidder may name a different rate of interest, expressed in a multiple of
54 of 1%.
A certified check for $250, payable to order of the Village
Treasurer, is required.
NORTH
OLMSTED, Ohio—BOND SALE—1The $3,000 land purchase
bonds offered
Co.
Feb.
18—V.
152, p. 714—were awarded to Siler,
Roose &
of Cincinnati as
454s at a price of 100.033, a basis of about 4.49%.
Dnted Feb. 1, 1941. and due $200 on Oct. 1 from 1942 to 1955, inclusive.
SANDUSKY, Ohio—BOND OFFERING—C. F. Breining, City Trea¬
will receive sealed bids until noon on March 3, for the purchase of
$65,000 3% sewer bonds.
Dated March 15, 1941.
Denom. $1,000.
Due
Sept. 15 as follows:
$3,000 from 1942 to 1956, incl. and *2,000 ftom 1957
to 1966, incl.
Bidder may name a different rate of interest, expressed in a
multiple of >4 of 1 %. Interest M -3. A certified check for $1,000, payable
to order of the city, is required.
Legal opinion of Squire, Sanders &
Dempsey of Cleveland will be furnished the successful bidder
surer,
TOLEDO, Ohio—OTHER BIDS—The following other bids, all fo*
2J4s. were submitted for the $313,412 deficiency bonds awarded Feb. 11
to C. F. Childs & Co. of New York, and associates, as 2s, at a price of
100.14, a basis of about 1.98%, as reported in —V. 152, p. 1163:
Bidder—
Rate Bid
Provident Savings Bank & Trust Co.; VanLahr, Doll & Isphording; Weil, Roth & Irving Co., and Siler, Roose & Co
BancOhio Securities Co.; Otis & Co. and Merrill, Rurben & Co—
Stranahan, Harris & Co., Inc.; Ryan, Sutherland & Co., and
Braun, Bosworth & Co
Fox, Reusch & Co.; P. E. Kline, Inc.; Katz & O'Brien; Phol & Co.;
Edward Brockhaus & Co.; Commerce Union Bank, Nashville,
and Ford R. Weber & Co.
WARREN
100.87
100.851
100.677
100.409
COUNTY
(P. O. Lebanon), Ohio—BOND ISSUE DE¬
$20,000 courthouse improvement bonds sold to
Ryan,
Sutherland & Co. of Toledo, as 1
at a price of 100.22, as repo'ted in
—V. 152, p. 1019—mature as follows:
$1,000 Sept. 15. 1942; $1,000
March 15 and Sept. 15 from 1943 tp 1951, incl. and $1,000 March 15, 1952.
TAILS—The
OKLAHOMA
OCHELATA, Okla.—BONDS NOT SOLD—The Town Clerk states that
the $10,000 water works bonds offered on Feb. 14—V. 152, p. 1163—were
not sold as no bids were received.
Due $1,000 in 1944 to 1953, inclusive.
OKLAHOMA CITY, Okla.—BOND ISSUANCE CONTEMPLATED—
It is said that
city officials
are
planning the issuance of $125,000 airport
bonds.
per annum in
BOND ISSUE—A
First Cleveland Corp
$291,000 water bonds maturing annually, $8,000, 1944 to 1953, $10,000
1954 to 1957, $20,000 1958 to 1965, all Inclusive, and
$11,000 1966.
90,000 public improvement bonds maturing annually, $2,000 1944 to
1953 and $5,000 1954 to 1967, all inclusive.
Denom. $1,000; prin. & int. (F-A), payable in New York
City in legal
tender; general obligations; unlimited tax; coupon bonds
registerable as to
principal alone; delivery on or about March 11, at place of purchaser's
choice.
,
OREGON
HOOD RIVER COUNTY SCHOOL DISTRICT (P. O. Hood River),
Ore.—BOND SALE—The $5,000 semi-ann. refunding bonds offered for
sale
on
land,
Feb. 19—V.
as
152, p. 1163—were awarded to Fordyce & Co. of Port¬
1Mb, paying a price of 100.11, a basis of about 1.47%.
Dated
Due $2,500 on March 1 in 1945 and 1946.
March 1, 1941.
Volume
The Commercial & Financial Chronicle
152
PORTLAND, Ore.—BOND OFFERING—It
is stated by Will E.
Gibson,
City Auditor, that he will receive sealed bids until 11a. m. on March 12,
for the purchase of a $500,000 issue of U. S.
highway W-99 extension bonds.
Interest rate is not to exceed 3%, payable M-S.
Denom. $1,000.
Dated
March !, 1941.
Due March 1. as follows: $62,000 in 1944 to 1947, and
$63,000 in 1948 to 1951.
Competitive bidding shall be partially or wholly
upon the rate of interest, and the rate of interest will be fixed
according to the
bid of the successful bidder but not
exceeding the rate above specified.
iTin. and int. payable in lawful
money at the
City Treasurer's office, or
City.
The bonds will be
and are issued under the
authority of Section 349 of the City Charter, adopted May 17, 1940, and
at the fiscal agency of the State in New
York
sold at not less than par and accrued
interest,
pursuant to Ordinance No. 74945.
the
The bonds are general obligations of
city, and shall be sold subject to the prior approving opinion of Storey,
Thorndike, Palmer & Dodge of Boston, df-delivery is demanded outside
the city, delivery shall be at the expense of the purchaser.
Enclose a
certified check for 2% of the face value of the amount of bonds bid for,
payable to the city.
PORTLAND, Ore.—BOND OFFERING—It is reported that the city
i"eceive geajed bids until 11 a. m. on March
12, for the purchase of a
$500,000 issue of water front development bonds, the remainder.of an
authorized issue of $1,250,000.
Bidders will compete on the interest rate, but the city will not pay more
than 3%.
The bonds will be issued in $1,000 denom. and will be dated
March 1, 1941.
They will be numbered from 751 to 1,250, inclusive, and
retired
serially until 1951. The first bonds will be retired March 1,
1944 and $62,000 will be paid off that
^
year
which the city will retire
$63,000
and the next three years, after
a year.
REDMOND, Ore.—BOND SALE—The $15,000 park bonds offered for
sale on Feb. 18—V. 152, p.1163—were awarded to the Federal Securities
Co. of
Portland,
1Mb, at a price of 100.19, a basis of about 1.69%.
Dated Feb. 15, 1941.
Due $3,000 on Aug. 15 in 1942 to 1946 incl.
as
"Our plan contemplates the offering of a general refunding issue of
$244,000,000 serial bonds at 2H%, maturing in varying amounts from
1954 to 1957,
said Dr. Harr.
"If the whole issue were negotiated and outstanding bonds exchanged
therefor, the long-term savings to the city would amount to more than
$164,000,000.
Immediate savings would total $3,600,000 annually."
While the plan itself was not disclosed, it is understood to be similar
in its general form to one suggested last fall by Councilman Clarence K.
Crossan.
Both
for 1 % of the bonds is required.
ERIE,
Pa.—BOND
LITIGATION
EXPLAINED—Answering
an
inquiry for information regarding the proposed litigation Involving certain
outstanding bonds, City Solicitor Edward M. Murphy wrote under date of
Feb. 10 to Graham, Parsons & Co. of Philadelphia, as follows:
"In response to your inquiry of the 7th instant, I beg leave to
reply as
Any
hearings at
program
for immediate refinancing of the entire bonded debt of
"IF," it was pointed out by officials
It can succeed only if bondholders
for others at a lower rate of interest
The City Treasurer took full cognizance of this in pointing out:
"The success of the issue depends on the willingness of bondholders to
exchange high coupon bonds for the new issue.
The most compelling
reason is the probability that Congress will shortly prohibit the issuance
of tax-exempt securities.
This issue would offer a last opportunity for
investors to obtain tax-free bonds.
"We believe the plan will prove
valuable
authorized issue is actually exchanged.
will be worth while."
PITTSBURGH,
even if only a portion of the
Any savings which can be effected
SALE—The
Pa.—BOND
$1,800,000
bonds
offered
Feb. 18—V. 152, p. 1019—were awarded to a syndicate composed of
E. H. Rollins & Sons, Inc., Philadelphia; Glover & MacGregor, Pittsburgh;
Stroud A Co. and Charles Clark & Co., both of Philadelphia; Alfred O'Gara
Co., Chicago: Edward Lowber Stokes & Co. and Dolphin & Co., Inc.,
Rambo, Keen, Close & Kerper, Inc., of of Philadelphia,
basis of about 1 88%.
Sale consisted of:
There
are
All of the bonds bear date of Feb. 1, 1941, and were re-offered at prices
to
yield from 0.40% to 2%, according to maturity.
6leaded it. entered the holders of outstanding special paving in June, 1940.
onds have
All of suits against the Cityof Erie, commencing improvement
negotiating with all of the hoi ders of outstanding full faith and
credit bonds and am requesting them to intervene in this case as parties
defendant in order to especially raise the constitutional question as to
impairment of the obligation of their contracts.
You will readily realize
that If these Acts are constitutional. they certainly will impair the obliga¬
tion of the contracts of the bondholders who purchased their bonds relying
upon the City of Erie financial statements.
These special improvement
bonds were never listed as debts of the City of Erie, and the rulings of the
Department of Internal Affairs do not require such listing.
I am also
negotiating with owners of real estate in the City of Erie who have large
holdings, and asking them to intervene in this law suit as parties defendant.
Decisions in Pennsylvania hold that a municipality has no constitutional
rights, and my purpose in having the property owners and bondholders
intervene is strictly to raise constructional questions."
am
DISTRICT,
Pa.—BOND SALE—'The $20,000
2% building bonds offered Feb. 14—V. 152, p. 867-—were awarded to
Mackey, Dunn A Co. of Philadelphia at a price of 103.70, a basis of about
1.62%.
Dated Feb. 1, 1941, and due $1,000 on Feb. 1 from 1942 to 1961,
incl.
Second high bid of 101.46 was made by Burr & Co. of Philadelphia.
HARMAR TOWNSHIP (P. O. Freeport Road), Harmarville), Pa.—
BOND OFFERING—James w. Anderson, Township Secretary, will receive
sealed bids until 8 p. m. on March 10 for the purchase of $20,000 coupon
township bonds.
Dated March 16, 1941.
Denom. $1,000.
Due $2 000
on March
15 from 1943 to 1952, incl.
Bider to name a single rate of
interest, expressed in a multiple of H of 1%.
The bonds are free of all
taxes (except gift, succession and inheritance taxes) levied pursuant to any
present or future law of the Commonwealth of Pennsylvania and sale is
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
Township will furnish the approving legal opinion of
Burgwin, Scully & Churchill of Pittsburgh, and provide the bonds, all at
its own expense.
A certified check for $500, payable to order of the
Township Treasurer, is required.
Other bids:
Rate Bid
Bidder—
Int. Rate
Harriman Ripley & Co., Inc.; Kidder, Peabody A Co.;
Yarnall A Co.; W. H. Newbold's Son A Co; Merrill
Lynch; E.
A. Pierce A Cassatt* Singer, Deane A
Scribner;
and B. J. Van Ingen A Co., Inc
A Savings Bank: First Boston Corp.;
Lazard Freres A Co.; Moore, Leonard A Lynch; and
2%
100.837
Wisconsin Co
2%
100.659
Trust
Phelps, Fenn A Co., Inc.; R. W. Pressprich A Co.;
Dougherty, Corkran A Co.; Boatmen's National
Bank; C. F. Chllds A Co.: R. L. Day A Co.; Equit¬
Securities
Stern Bros. A
also
attempt to
cast the burden of paying such bonds upon cities and municipalities.
"We are trying a test case, and the city has raised the question of the
constitutionality of these Acts and the application of the statute of limita¬
tions.
In the present suit of D. N. McBrier vs. City of Erie the bonds
were issued in September, 1926, payable in five years.
Then on the theory
of negligence the six-year statute of limitations will apply, and we have so
2s, at a price
$500,000 series A funding bonds.
Due $25,000 annually on Feb. 1 from
1942 to 1961, incl.
1,300,000 funding bonds.
Due $65,000 annually on Feb. 1 from 1942 to
1961, incl.
§art. You are, of Pennsylvania whereinthe number of decisions legally
upreine Court no doubt, familiar with
cities have been held of the
Assembly, passed in 1929, 1931 and 1933, which
as
of 101.15, a
able
.
HARRISON
of the municipal budget
Philadelphia depends upon a capital
when the Crossan plan was offered.
are willing to exchange their bonds
but for a longer term.
Harris
SCHOOL
outgrowth
banker.
follows:
HANOVER
an
They obtained the collaboration of A. Webster Dougherty, investment
"The City of Erie has outstanding approximately $425,000 worth of
special paving improvement bonds.
These are not full faith and credit
bonds, but by their terms they are payable only out of the assessments
against abutting properties.
"
"The plaintiffs seek to recover the principal of the bonds, together with
interest from September, 1926, on the theory of negligence on the city s
"I
were
both of Philadelphia; S. K. Cunningham A Co., Pittsburgh; Fox, Reusch
& Co.. Inc., Cincinnati; George E. Snyder & Co., Walter Stokes & Co. and
BARRETT TOWNSHIP (P. O. Canadensis), Pa.—BOND OFFERING
—Sealed bids will be received by the Secretary of the Board of Supervisors
until 7 p. m. on March 3, for the purchase of $6,000 not to exceed 5%
interest bonds.
Denom. $1,000.
Due Dec. 16 as follows:
$1,000 from
1941 to 1944, incl.
and $2,000 in 1945.
Interest J-D.
A certified check
three Acts of
plans
which Councilmen asked for some method to reduce the fixed charges
which Philadelphia is obliged to pay annually on Its bonds.
Dr. Harr promised to work on a plan with Controller Robert O. White.
&
PENNSYLVANIA
liable for negligence in the collection of such assessments.
1319
,
.
Corp.j__Martin, Burns A Corbett;
Co.; E. W. A R. C. Miller A Co.; and
2%
100.336
2.10%
100.217
2.10%
100.20
2.10%
100.056
Thomas A Co
Halsey, Stuart A Co., Inc.; Ladenburg, Thalmann A
Co.; Blair A Co., Inc.; Goldman, Sachs A Co.; and
First of Michigan Corp
- .
Chemical Bank A Trust Co.; Blyth A Co.; Salomon
Bros. A Hutzler; Northern Trust Co. of Chicago;
Mercantile-Commerce Bank A Trust Co.; L.
F.
Rothschild A Co.; Eldredge A Co.; and D. T.
Richardson A Co
Union Trust Co. of Pittsburgh; Mellon Securities Corp.;
Mellon National Bank; Bankers Trust Co. of New
York;
Chase
National
Bank
of New York;
and
Drexel A Co
H. Rollins A Sons, Inc., syndicate managers,
announced Feb. 21 that the entire issue had been sold.
BONDS ALL SOLD—E.
SHARON,
Feb.
offered
Pa.—BOND SALE—The $100,000 coupon funding bonds
152, p. 867—were awarded to the First National
price of 100.196, a basis of about 1.46%.
$10,000 annually from 1942 to 1951, incl.
15—V.
Bank of Sharon, as 1 %&, at a
Dated March 1, 1941, and due
Other bids:
•
Rate Bid
Int. Rate
Bidder—
100.076
1H%
Singer, Deane A Scribner
S. K. Cunningham A Co—
Halsey, Stuart A Co., Inc
Dolphin A Co., Inc
Phillips, Schmertz A Co—
J£0-395
2%
2%
2M%
—
Stroud A Co
100.604
100.799
LassaSe "^BOTOUgh
SPRINGDALE, Pa .—BOND OFFERING—John A.
Secretary, will receive sealed bids until 8 p. m. on March 4 for the purchase
of $55,000 coupon refunding bonds.
Dated March 1, 1941. Denom.
$1,000.
Due March 1 as follows: $5,000 from 1948 to 1953, incl.; $10,000
in 1954 and 1955, and $5,000 in 1956.
Rate of interest to be expressed in a
multiple of \i of 1 %.
The bonds are free of all taxes except, gift, succession
and inheritance taxes levied pursuant to any present or future law of the
Commonwealth of Pennsylvania and the sale of the bonds is subject to the
approval of the Pennsylvania Department of Internal Affairs.
Legality
to be approved by Burgwin, Scully A Churchill of Pittsburgh.
A certified
check for $1,000, payable to order of the Borough, is required.
a
WASHINGTON. Pa .—BOND
SALE—The issue of $100,000 funding
TOWNSHIP
(P. O. Natrona), Fa.—BOND SALE—
The issue of $6,000 coupon bonds offered Feb. l7—V. 152, p. 1019—was
awarded to the First National Bank of Natrona.
Dated March 1, 1941.
PATTON TOWNSHIP SCHOOL DISTRICT (P. O.
Pitcairn, R. D.
A. Griffith, District Secretary,
Feb. 28 for the purchase of $50,000
coupon refunding and funding bonds.
Dated March 1, 1941.
Denom.
$1,000.
Due March 1 as follows: $6,000 from 1944 to 1949, incl., and
$7,000 in 1950 and 1951.
Bidder to name a single rate of interest, ex¬
pressed in a multiple of M of 1%.
Principal and interest payable at the
Turtle Creek Bank A Trust Co., Turtle Creek, free of all taxes levied pur¬
suant to any present or future Pennsylvania law, except gift, succession and
inheritance taxes, and exempt from Federal income tax under present laws.
Bonds are registerable as to principal only and the issue will refund $35,000
of maturing bonds and pay $15,000 floating debt incurred for permanent
improvements.
Direct general obligations of the district as a whole,
payable from ad valorem taxes levied on all property in the district taxable
for school purposes, and will be legal investment for savings banks and trust
funds under present Pennsylvania laws.
The successful bidder will be
furnished the approving opinion of Burgwin, Scully A Churchill of Pitts¬
burgh for which the district will pay.
Enclose a certified check for $1,000,
payable to the District Treasure!*.
No. 1), Pa .—BOND OFFERING—Joseph
will receive sealed bids until 8 p. m. on
PHILADELPHIA, Pa.—MAY DELAY WATER BOND OFFERING—
Mayor Lamberton announced Feb. 17 that flotation of the first $5,000,000
in the $18,000,000 issue to improve the municipal water plant
might be delayed until the end of May.
"This delay in offering the bonds," he emphasized, "will not In any
way delay start of the work.
Its sole purpose is to save the city a couple
of months* interest on the bonds.
"I conferred this afternoon with Controller Robert C. White, City
Solicitor Francis F. Burch, and Director of Public Works John H. Neeson.
Dr. White explained that during March and April we will receive heavy
payments in real estate taxes.
"We will be able to borrow some of this money temporarily and save
two months' interest on the bond issue."
Mr. Neeson, the Mayor added, will let his first contracts under the
water program early in April, and work will begin by April 15.
d
UcbWlS
Ui dJJOUb
A .-jft yn
•
l'dtcu xvxo/igii
a
,
x ui a
X
,
$5,000 in 1942 and 1943, and $10,000 from 1944 to
high bid of 100.293 for lj^s was made by Schmidt,
delphia.
J
1952, incl. Second
Poole A Co., Phila¬
Other bids:
Bidder—
InhJ%le
1$%
Chaplin A Co
Mackey, Dunn A Co
1
E. H. Rollins A Sons, Inc
Im
}£1.337
oov
*
191.28
Halsey, Stuart A Co., Inc
———
RHODE
CENTRAL FALLS, R.
the Governor's signature
%
—
1H%
100.269
ISLAND
I.—PROPOSED BOND ISSUE—A bill awaiting
authorizes the city to issue $300,000 funding
bonds.
SOUTH
CAROLINA
FAIRFIELD COUNTY SCHOOL DISTRICT NO. 16 (P. O. Winn.boro), S. C.—MATURITY—It is reported that the $10,000 refunding
bonds sold to the Bank of Ridgeway as 2 Mb at par, as noted here—V. 152,
p.
1163—are dated MarchJ,
1941, and mature $1,000 in 1942 to 1951, incl,
of bonds
REFUNDING
PLAN SUBMITTED
TO COUNCIL—The so-called
Harr-Wbite-Dougherty plan to refinance outstanding municipal bonds at
a substantial saving to the city has been completed and turned over to
Bernard Samuel, President of City Council, it was announced Feb. 15
by City Treasurer Luther Harr.
Mi
SOUTH
DAKOTA
ABERDEEN, S. Dak.—BONDS SOLD—It is reported that $90,000 2%
seml-ann. refunding bonds were purchased on Feb. 13 by Gefke-Dalton A
Co. of Sioux Falls, at par.
Due as follows: $3,000 In 1943 to 1947; $5,000,
1948 to„1950, and $10,000 in 1951 to 1956.
^
TENNESSEE
COVINGTON, Tenn.—BOND CALL—W. B. Simonton, Town Re¬
corder, is calling for payment on May 1, a block of $50,000 5% high school
bonds, dated May 1, 1930, numbered from 1 to 50, maturing on May 1
in 1941 to 1950.
KNOXVILLE, Tenn.—BOND ISSUANCE APPROVED—The Legisla¬
have approved the issuance of $250,000 hospital bonds.
ture is said to
The Commercial & Financial Chronicle
1320
MARSHALL COUNTY (P. O. Lewisburg),
Tenn.—BOND OFFERING
bids will be received until noon on March 6, by J. M. Taylor,
County Judge, for the purchase of a $65,000 issue of 2% coupon semi¬
annual funding of 1941 bonds.
Denom. $1,000.
Dated March 1, 1941.
Due on March 1 as follows: $3,000 in 1942 to 1947, $5,000 in 1948 to 1956,
and $2,000 in 1957.
The bonds will be sold to the highest responsible
bidder, but will not be sold for less than par and accrued interest to date
of delivery.
Principal and interest payable in lawful money at the Chemical
Bank & Trust Co., New York, First National Bank, Lewisburg, or the
Peoples & Union Bank of Lewisburg, at the option of the holder.
The pur¬
chaser will bear the cost of preparation and printing of the bonds.
Bids are
subject to bonds having been legally and regularly issued.
When the bids
shall have been opened the County Judge retains the option to publicly
cry the sale of the bonds to the highest and best bidder.
The enactment,
at any time prior to the delivery or the bonds, of Federal legislation which
in terms, by the repeal or omission of exemptions or otherwise, subjects to
—Sealed
Federal income tax the interest
a
on
bonds of a class or character which
includes these bonds, will, at the election of the
purchaser, relieve the pur¬
obligations under the terms of the contract of sale and
entitle the purchaser to the return of the amount deposited with the bid.
Enclose a certified check for $750.00 payable to the County Trustee.
chaser from
Feb.
22,
1941
general obligations, issued pursuant to the constitution
and statutes of the State, including among others the charter of the city
and pursuant to an ordinance duly adopted by the council of the city. The
full faith and credit of the city are pledged for the payment of the principal
and interest on said bonds, and there shall be raised annually by taxes
upon all taxable property in the city, a sum sufficient to pay the principal
and interest on the bonds as such become due.
The proceeds derived from
the sale of the bonds shall be deposited by the City Treasurer in a special
account in the First National Bank, Danville, to be used only for the pur¬
The bonds
of paying and retiring the following outstanding bonds of the city
pose
as
are
the same respectively become due:
Oct. 1, 1911, due Oct. 1,
bonds dated
$150,000 electric light and power
1941; $30,000 street improvement
1, 1911, due Oct. 1, 1941; and $20,000 refunding C
bonds dated July 1, 1911, due July 1,1941. The fund shall not be deposited
in the general bank account of the city, and shall not be subject to disburse¬
ment except for the foregoing special purposes. The bonds will be ready for
delivery on or about March 1, and will be delivered in any city designated
B
bonds dated Oct.
by the purchaser.
■
Vvv
his
PBWILLIAMSON COUNTY (P. O. Franklin), Tenn .—BOND OFFERING—It is stated by D. B. Graham, County Judge, that he will receive
sealed bids until 10 a. m. on April 15, for the purchase of $25,000 jail bonds.
Denom. $1,000.
HARRISONBURG, Va .—BOND SALE DETAILS—In connection with
the sale of the $150,000 2M% semi-annual refunding bonds, and the
$37,500 2%% semi-annual public improvement bonds to C. F. Cassel &
Co. of Charlottesville, as noted here—V. 152, p. 150—the City Auditor
reports that the First National Bank of Harrisonburg was associated with
the above-named in the purchase of the bonds at 100.575, a basis of
about 2.20%.
KEMPSVILLE MAGISTERIAL SCHOOL DISTRICT (P. O. Princess
INDEPENDENT SCHOOL DISTRICT (P. O. Athens),
Texas-—BOND SALE DETAILS—It is stated that the $103,000 refunding
—was
as
the $175,000
152, p. 1020
fulfill legal
We understand that they will be reoffered shortly.
requirements.
bonds sold
to Dewar, Robertson & Pancoast of San
noted here—V. 152, p. 716—were purchased as follows:
$35,000 3% refunding an,d construction bonds.
Due on July 1 as follows:
$3,00o in 1942 to 1946, and $4,000 in 1947 to 1951.
55,000 3 Vi % refunding and construction bonds. Due on July 1 as follows:
$5,000 in 1952 to 1956, and $6,000 in 1957 to 1961.
13,000 3 H % refunding and construction bonds. Due on July 1 as follows:
$5,000 in 1962 and 1963, and $1,000 in 1964 to 1966.
Denom. $1,000. Dated Jan. 1, 1941. Prin. and int. (J-.J) payable at the
American National Bank of Austin. Legality approved by Gibson & Gibson
Of Austin.;.:
HI
J
WASHINGTON
SPOKANE COUNTY SCHOOL DISTRICT NO. 81 (P. O. Spokane).
Wash.—MATURITY—The County Treasurer reports that the $li7.000
school bonds sold to the State
are
due on Nov. 1 as follows:
a recent
WISCONSIN
election the voters
said to have approved by a wide margin a proposal to issue $290,000 in
revenue bonds to burchase the electric light and power distributing system
are
operated in Brenham by the Lower Colorado River Authority.
CHILDRES5 INDEPENDENT SCHOOL DISTRICT (P. O. Child¬
ress), Texas—BONDS SOLD—A $56,000 issue of 3M% semi-annual
refunding, series of 1941 bonds is said to have been purchased at par by
R. A. Underwood & Co. of Dallas.
Due on March 1 in 1950 to 1956.
CLARKSVILLE
Clarksville),
INDEPENDENT
Texas—BOND
SCHOOL
DISTRICT
OFFERING—Sealed bids
will
be
(P.
O.
received
until 7 p. m. on Feb. 28, by E. C. O'Neill, President of the Board of Trustees,
for the purchase of a $50,000 issue of school house bonds.
Interest rate
is not to exceed
4%, payable M-S.
Dated March 10, 1941.
Denom. $500.
Due March lu, as follows: $1,500 in 1942 to 1949, $2,000 in 1950 to 1958,
and
$2,500 in 1959 to 1966.
Any rate or rates named must be in multiples
of M of 1 %.
Bidders are required to name the rate or combination of two
rates with their bid which is nearest par and accrued interest.
Prin. and
int. payanle at place preferred by purchaser.
It is the intention of the
Board of Trustees
to
sell
the bonds at the lowest interest cost
litigation pending
threatened and is not in default.
or
The district will
furnish the printed bonds, a copy of the proceedings, the approving opinion
of Gibson & Gibson, of Austin, or of Chapman & Cutler, of Chicago, and
'ill deliver the bonds to the bank
him.
It is
March 15.
EAU CLAIRE COUNTY (P. O. Eau
designated by the purchaser without cost
anticipated that delivery can be effected by approximately
a certified check for $l,00d, payable to the district.
Enclose
COCHRAN COUNTY (P. O. Morton), Texas—BONDS SOLD—It is
reported that $7,000 2M% semi-annual road, series 1940-A bonds have
been purchased at par by Crummer & Co. of Dallas.
Due $1,000 on Feb. 15
in 1943 to 1949, inclusive.
Claire), Wis.—BOND OFFERING
by John H. Nygaard, County Clerk, that sealed bids will
be received until 10 a. m. on March 1 for the purchase of $100,000 non¬
—It is stated
Interest rate is not to exceed 3%,
payable A-O.
Dated April 1, 1941.
Denom. $1,000.
Due April 1 as
$66,000 in 1947, and $34,000 in 1948.
Interest rates bid must
be in multiples of % of 1%, and must be the same for all of the bonds.
Prin. and int. payable at the County Treasurer's office.
The bonds are
authorized under the provisions of Section 67.13 of the Wisconsin Statutes
and will be sold to the highest responsbile bidder at not less than par and
accrued interest.
The basis of determination of the best bid will be the
lowest interest bid and (or) interest cost to the county.
The opinion of
The Attorney General of the State of the legality of the issue will be fur¬
nished to the successful bidder and any additional legal opinion to be
secured shall be furnished at the expense of the successful bidder.
The
expense of furnishing, printing and delivery of bonds shall be paid by the
purchaser.
Enclose a certified check for not less than 2% of the par
value of the bonds, payable to the County Treasurer.
taxable highway improvement bonds.
follows:
MONROE COUNTY (P. O. Sparta), Wis.—BOND
that will
bring a price of approximately, but not less than par and accrued interest.
Alternate proposals will be considered on bonds with 15-year option.
All
bids must be submitted on a uniform bid blank.
These bonds are being
offered subject to an election to be held on Feb. 27.
The district has no
1.90s, at par, as noted here last November,
$5,000 in 1942; $6,000, 1943 to 1951; $7,000,
as
1952 to 1959, and $8,000 in 1960 to 1963.
,
BRENHAM, Texas—-BONDS VOTED—At
to
of
construction
Antonio,
now
sale
semi-annual school bonds, scheduled for Feb. 18—V.
postponed because the maturities designated did not
coupon
ATHENS
and
POSTPONED—The
Va .—BOND SALE
Anne),
TEXAS
SALE—The $40,000
semi-ann. county asylum addition, series A bonds offered for
152, p. 868—-were awarded to Paine, Webber & Co. of
Chicago, at public auction, paying a premium of $1,135, equal to 102.837,
a basis of about 1.37%.
Due $5,000 from 1942 to 1949 incl.
2%
coupon
sale
on
Feb. 14—V.
MUSCODA, Wis.—PRICE PAID—The Village Clerk states that the
$17,000 4% semi-ann. sewage system mortgage revenue bonds sold to T. J.
Grace of Chicago, as noted here—V. 152, p. 868—were purchased at a price
of 98.60, a basis of about 4.13%. Due on Jan. 1 in 1944 to 1966.
SHAWANO COUNTY (P. O. Shawano), Wis.—BOND SALE—The
$100,000 1 M %-l M % semi-ann. refunding bonds offered for sale on Feb. 14
—VI152, p. 1020—-were awarded at public auction to Mullaney, Ross & Co.
of Chicago, paying a price of 101.001, a net interest cost of about 1.39%.
Dated Feb. 1, 1941. Due $25,000 from Aug. 15, 1942 to 1945 incl.
.
CORSICANA,
Texas—BOND
ELECTION CANCELLED—The City
Secretary states that the election scheduled for Feb. 11 on the issuance of
$400,000 gas plant revenue bonds, was cancelled.
DALHART, Texas—PURCHASERS—In connection with the sale of
the $357,000 3% and 4% refunding bonds to Crummer & Co. of Dallas, as
noted here—V. 152, p. 1164—it is stated by the City Secretary that Raus-
WYOMING
LARAMIE, Wyo.—BOND OFFERING— It is stated by H. R. Bath,
City Treasurer, that he will receive bids until March 4 for the purchase
of
a
$256,000 issue of refunding bonds.
the bidder.
cher. Pierce & Co. of Dallas, were associated with the above firm in the
purchase, paying par.
.DEL RIO,
Texas—ADDITIONAL INFORMATION—In connection
refunding bonds aggregating $491,660, exchanged with the original
holders through R. K. Dunbar & Co. of Austin, as noted here—V. 152,
with the
p. 1020—'it is now reported that these bonds are divided as follows:
$310,660 5% series A bonds. Due Nov. 1, as follows: $660 in 1941, $1,000
in 1942 to 1944, $2,000 in 1945 to 1947, $3,000 in 1948 to 1952,
$5,000 in 1953, $12,000 in 1954, $9,000 in 1955, $16,000 in 1956,
$14,000 in 1957, $19,000 in 1958, $18,000 in 1959, $17,000 in
1960, $21,000 in 1961, $24,000 in 1962 and 1963, $27,000 in
1964, $28,000 in 1965, $29,000 in 1966 and $23,000 in 1967.
■
_
60,000 4M% series B bonds. Due Nov. 1 as follows: $1,000 in 1941 and
1942, $2,000 in 1943 and 1944, $1,000 in 1945 and 1946. $2,000
in 1947, $1,000 in 1948 and 1949, $2,000 in 1950 to 1952, $1,000
in 1953, $5,000 in 1954, $9,000 in 1955, $3,000 in 1956, $6,000 in
1957, $2,000 in 1958, $4,000 in 1959, $6,000 in 1960, $3,000 in
1961» $1,000 in 1962, and $2,000 in 1963.
121,000 4% series C bonds.
Due on Nov. 1 as follows: $8,000 in 1941
to 1943, $9,000, 1944 to 1948, $10,GOO. 1949 to 1951, and $11,000
in
1952 to
■
.
Interest rate is to be named by
: v^/
CANADA
ALBERTA (Province of)—OFFERS INTEREST PAYMENTS. E.
Low, Provincial Treasurer, is advising holders of debentures which matured
Feb. 15, 1940, that interest will be paid at the rate of 2M% in respect of
the half-year ending Feb. 15, 1941, being at the rate of $12.50 and $6.25,
respectively, for each $1,000 and $500 denomination.
Holders will be paid
paid interest on presentation of their debentures for notation thereon at
any branch of the Imperial Bank of Canada, in the Dominion of Canada.
BONDED DEBT—Albert's net funded and unfunded debt at Dec. 31
$148,327,414 according to an interim financial statement issued
by the provincial government.
The report, covering the nine
Dec. 31, 1940, showed an increase of $422,280 in the net
funded and unfunded debt.
The net funded debt amounted to $142,408,totaled
Feb.
15
months ended
541, a decrease of $462,576, and the unfunded debt $5,918,872, an increase
$904,837 in the nine-month period.
of
CANADA
(Dominion of)—TREASURY BILLS
SOLD—An issue of
$40,000,000 Treasury bills was sold on Feb. 13 at an average yield of 0.624%.
Dated Feb. 14, 1941 and due May 16, 1941.
V
1953.
QUEBEC (Province of)—$15,000,000 BONDS PUBLICLY OFFERED
LA
GRANGE, Texas—BONDS SOLD—It is reported that $8,500 2M %
semi-annual water main extension
par by a local bank.
Due $500
on
refunding bonds have been purchased at
Jan. 10 in 1942 to 1958, inclusive.
RUNNELS COUNTY (P. O. Ballinger), Texas—WARRANTS VOTED
'—A $50,000 issue of
2% court house improvement warrants is said to have
been purchased jointly by R. K. Dunbar & Co. of
Austin, and William N.
Edwards & Co. of Fort Worth.
Due on Feb. 15 in 1942 to 1947.
SAN
MARCOS,
is said to
Texas—BONDS
AUTHORIZED—The
City
Council
have passed an ordinance authorizing the issuance of $175,000
light plant
revenue
bonds.
VAN INDEPENDENT SCHOOL DISTRICT (P. O.
Van), Texas—
BONDS SOLD—An issue of $100,000 building bonds have been
purchased
Feb°\£
fjlf
" * PrtCe. °f 10°-33'
VIRGINIA
^
BIG
STONE
GAP, Va.—BONDS NOT SOLD—The $100,000 not
to
exceed 4% semi-annual street and bridge refunding bonds offered on Feb.
18—V. 152, p. 1164—were not sold as all bids received were
rejected, ac¬
cording to the Town Treasurer.
Due
on
March 1 in 1943 to 1962.
W DANVILLE,
Va.—BOND OFFERING—Sealed bids will be received
27, by C. A. Coley, City Auditor and Clerk, for the
purchase of $200,000 coupon refunding "N" bonds. Interest rate is not to
exceed 4%, payable M-S.
Dated March 1, 1941.
Denom. $1,000.
Due
$10,000 March 1, 1943 to 1962.
Bidders are invited to name the rate of
interest which the bonds are to bear, which must be the same for all of the
bonds, and the rate named must be in a multiple of 1-100 of 1%.
The
price offered by the bidder must not be less than $200,000. The bonds will
until
noon
on
Feb.
be awarded to the bidder whose bid offers the lowest interest cost to the
city
over the life of the bonds after deducting the premium offered, if any.
Prin. and int. payable at the City Treasurer's office.
—A
syndicate headed by the Bank of Montreal recently made public
offering in Canada of $15,000,000 sinking fund bonds.
Subscriptions
were solicited for 3M%
bonds, due Feb. 1, 1951, callable on and after
Feb. 1, 1950, at a price of 99.50, to yield 3.81% to maturity, or 4% bonds
due Feb. 1, 1956, callable on and after Feb. 1, 1954, priced at par to yield
4% to maturity.
Bonds of each series are callable at the Province's option
as a whole but not in part on the dates specified or on any subsequent
interest payment date.
All of the bonds will be dated Feb. 1, 1941,
with the 3Ms in denom. of $1,000 and $500, and the 4s in amounts of
$1,000, $500 and $100.
Principal and interest (F-A) payable in lawful
money of Canada in the cities of Quebec, Montreal, Toronto, Winnipeg
and Vancouver, at the holder's option.
Coupon debentures registerable as
to principal.
Legal opinion of Meredith, Holden, Heward & Holden of
Toronto.
In the opinion of counsel, the debentures will be direct obliga¬
tions of the Province and will be a charge as to principal and interest upon
the Consolidated Revenue Fund.
The proceeds of this issue will be used
to reimburse the fund for expenditures charged against such fund.
A
sinking fund of an amount equal to at least 1% of the face value of the
outstanding debentures of this issue will be provided annually.
SYNDICATE MEMBERS—The offering was made on behalf of the
Province by a large group of Canadian banks and investment houses.
This
syndicate, in addition to the Bank of Montreal, also included among its
membership the following:
Banque Canadienne National; The Canadian
Bank of Commerce; L. G. Beaubien & Co., Ltd.; Royal Securities Corp.,
Ltd.; Collier, Norris & Henderson, Ltd.; Nesbitt, Thomson & Co., Ltd.;
The Ro: al Bank of Canada; La Banque Provinciale du Canada; The Bank
of Nova Scotia; A. E. Ames & Co., Ltd.; The Dominion Securities Corp.,
Ltd.; Wood
Gundy & Co., Ltd.
SUDBU RY,
have
a
Ont.—BOND SALE—J. L. Graham & Co. of Toronto
purchased $40,000 3% local improvement bonds at a price of 97,
Due serially on March 1 from 1942 to 1951, incl.
basis of about 3.60 %.
TORONTO, Ont.—TREASURY BILLS SOLD—The Toronto Trans¬
portation Commission has purchased an issue of $750,000 2% Treasury
bills, due May 1, 1941.
@FedFRASER